Valuation/Lit. sup./Fraud/M&A

Showing 1297–1312 of 1353 results

  • Ask the Advisor – Q: What is a fairness opinion and do I need one?

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 490

    Abstract: This column explains how a fairness opinion assesses whether a transaction is fair to shareholders and others involved by comparing the deal with similar ones and evaluating any meaningful differences. Although buyers and sellers use these opinions to shield themselves from shareholder lawsuits, the article cautions that they are not foolproof against litigation, nor do they necessarily reflect the full value of a proposed deal.

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  • Focus on the future – Anticipating acquisition success with strategic due diligence

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 600

    Abstract: Sometimes buyers conduct due diligence too quickly — or too narrowly — and focus only on a company’s historical performance, rather than on how it’s likely to perform once the deal is complete. For an advance look at an acquisition’s potential success or failure, buyers should consider conducting strategic due diligence. This includes looking closely at the health of a company’s market, its customer loyalty, competitive positioning and management effectiveness. (Updated 9/27/12)

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  • New accounting rules may affect your M&A deal

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 899

    Abstract: New accounting rules issued by the Financial Accounting Standards Board (FASB) could require M&A participants to perform more extensive valuation work. They might also increase costs and lengthen the negotiation process. This article explains how the rules require buyers to scrutinize certain provisions in some transactions, report transaction fees differently, provide more upfront recognition of deal contingencies, and even terminate some marginal deals.

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  • The journey ahead – Map out succession, retirement and estate plans before you exit your business

    June / July 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 960

    Abstract: To ensure a smooth exit from the workplace, business owners must establish their retirement and estate plans well before they’re ready to sell or transfer their business. And if they don’t already have a succession plan, it’s essential to do that now to ensure the future success of the company and its employees. This article lists issues owners should consider to ensure they’ve protected their own financial security, heirs and the business they’ve built.

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  • How do taxes “affect” S corporation valuations?

    May / June 2008
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 449

    Abstract: For many years, “tax-affecting” the earnings of S corporations and other pass-through entities was a widely accepted valuation practice. But that changed in 1999, when the Tax Court ruled in Gross v. Commissioner that tax-affecting was inappropriate when valuing a minority interest in an S corporation. However, this brief article discusses recent cases which show that, though courts won’t accept full tax-affecting to reflect remote risks, tax-affecting can still be appropriate in the right circumstances.

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  • Something to prove – Courts increase burden on experts

    May / June 2008
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 787

    Abstract: This article summarizes three recent cases that highlight the critical role that burden of proof can play in cases involving expert financial testimony. The cases illustrate how important it is for litigants to engage qualified experts and to avoid taking shortcuts when performing damages or valuation analysis. A qualified expert can meet burden-of-proof standards by performing a thorough analysis that will stand up in court. Citations: J.P. Morgan Chase & Co. v. Commissioner, 458 F.3d. 564 (7th Cir. 2006). Morgan Stanley v. Coleman, 955 So. 2d. 1124 (Fla. App. 2007). Estate of Thompson, 499 F.3d. 129 (2d Cir. 2007).

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  • Fraud’s a factor in solvency analysis

    May / June 2008
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 899

    Abstract: In bankruptcy cases, a lot hinges on whether the debtor was insolvent when certain transactions took place. For example, some payments and transfers the debtor made within a specified time before filing for bankruptcy may be recovered as fraudulent transfers if the debtor was insolvent at the time of the transaction. This article discusses a recent case that addresses issues regarding fraud’s impact on insolvency. Citation: Edgewater Medical Center v. Edgewater Property Company, 373 B.R. 845 (Bankr. N.D. Ill. 2007).

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  • A financial expert’s role in alter-ego cases

    May / June 2008
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1147

    Abstract: Operating as a corporation encourages investment by insulating shareholders’ personal assets against liability for corporate debts. But protection isn’t absolute. A plaintiff unable to collect a judgment from a corporation may ask a court to invoke its powers to “pierce the corporate veil” and hold owners responsible. This article explains how valuation experts can provide insight into whether particular corporate practices, such as shared services or related-party transactions, are appropriate or indicate an improper “alter-ego” relationship.

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  • Valuators in the field

    May / June 2008
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 397

    Abstract: Site visits are an important part of the valuation process. Not only do they enhance a valuator’s understanding of business operations, but they also provide an opportunity to conduct face-to-face management interviews. This brief article lists what valuators look for during site visits, including asset and facility condition and whether there are any capacity issues.

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  • Appraising appraisals — How to read a valuation report

    May / June 2008
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 551

    Abstract: To understand an appraisal opinion, readers must wade through unfamiliar financial jargon, subjective assumptions and pages of complex mathematical computations. And comparing two widely divergent analyses to ascertain which opinion is more reliable is even more challenging. This article highlights some key elements that should appear in a comprehensive, reliable valuation report.

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  • Taxpayer victory in the battle over built-in capital gains tax

    May / June 2008
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1072

    Abstract: Built-in capital gains tax is an economic reality for C corporations. Recent Tax Court rulings have forced the IRS to concede that hypothetical investors consider imbedded tax liabilities when buying and selling C corporations. This article discusses a recent case, Estate of Jelke v. Commissioner, which provides an example of the ongoing debate as to whether valuators should apply dollar-for-dollar or discounted reductions for built-in capital gains tax liabilities. Citations: Estate of Jelke v. Commissioner, U.S. Court of Appeals for the 11th Circuit, No. 05-15549, Nov. 15, 2007. Estate of Davis v. Commissioner, 110 T.C. 530, 1998. Estate of Eisenberg v. Commissioner, 155 F.3d. 50, 57, 2d. Cir., 1998. Estate of Jameson v. Commissioner, 267 F.3d. 50, 57, 2d Cir., 1998. Estate of Dunn, 301 F.3d. 339, 5th Cir., 2002.

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  • FIN 46 may affect valuations of partnership interests

    May / June 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 575

    Abstract: Several years ago, the Financial Accounting Standards Board released Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities. This interpretation requires the consolidation of business enterprises with certain related entities on their financial statements. This article talks about the implications of FIN 46 when valuing partnership interests for litigation purposes, including consolidating a variable interest entity.

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  • Federal court denies IRS access to taxpayer’s work product

    May / June 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1112

    Abstract: A recent federal court decision lends support to taxpayers’ efforts to protect their tax accrual workpapers from disclosure to the IRS. The ruling in U.S. v. Textron Inc. (D.R.I. 2007) could prove critical in light of a relatively new accounting standard, FIN 48, which requires corporate taxpayers to document their uncertain tax positions and make related public disclosures. But because the years at issue in Textron occurred before the standard’s effective date, it remains unclear whether required public filing disclosures required will waive work product privilege.

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  • Ask the Advisor – Q: How can I prepare my business for a tighter credit cycle?

    April / May 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 481

    Abstract: This column suggests ways businesses can prepare for and better weather tightened credit conditions. These include keeping lenders informed, managing liquidity and working with a credit arranger to negotiate and develop credit terms and documents.

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  • Put your money where your mouth is – Communicating effectively with M&A stakeholders

    April / May 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 714

    Abstract: Clearly communicating an M&A with employees, investors and other stakeholders can mean the difference between a good deal and no deal. Market perceptions play a critical role in how mergers progress, so both sellers and buyers need to develop a formal communications plan that will help relieve anxiety about impending changes and drum up internal and external support. The plan should cover the timing and form of communications, explaining the benefits of the transaction and responding to frequently asked questions. (Updated 7/31/12)

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  • Does your business measure up? Benchmarking financial performance

    April / May 2008
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 850

    Abstract: Benchmarking — or comparing a company’s financials to those of industry peers and its own historical performance — can help business sellers determine value and achieve a fair sale price, and may give buyers insight into the future profitability of a potential acquisition. This article explains which data is most important to potential acquirers and how sellers can prepare it to give the clearest picture of the business. It also provides a list of benchmarking data sources.

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