Valuation/Lit. sup./Fraud/M&A
Showing 1329–1344 of 1413 results
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Security measures – Calculating damages in securities fraud cases
September / October 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 938
Abstract: When it comes to calculating damages, few types of litigation are more challenging than securities fraud. On any given day, a security’s price may be influenced by many factors, from the economy as a whole to industry trends to company-specific events. A damages expert must consider the legitimate market factors and isolate the impact of fraud or other wrongdoing. This article discusses the laws that govern securities fraud matters and looks at the expert’s role in determining the value of a security but for the misstatement or omission of a material fact, providing a brief example to illustrate the process. (Updated 8/29/12)
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When do subsequent events count?
September / October 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 541
Abstract: Events that occur after the valuation date — such as key person losses, natural disasters or post-valuation transactions — complicate business appraisals. Fortunately, experienced business valuators understand how to navigate the treacherous waters of subsequent events. This brief article explains some considerations that may cause a valuator to factor a subsequent event into the analysis. Even though valuators generally disregard events that occur after the valuation date, numerous exceptions to this rule exist.
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Partner with a valuator — for better and worse
September / October 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 603
Abstract: Hiring a valuator early in the bankruptcy process can help preserve asset values, improve the chances of a successful turnaround and maximize liquidation proceeds. For distressed businesses contemplating bankruptcy, liquidation value is an important benchmark. This article discusses the ways valuators can be invaluable advisors throughout the bankruptcy process, helping stakeholders evaluate the viability of purchase offers, management buyouts and reorganization plans.
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Convenience has a price — The ins and outs of marketability discounts
September / October 2008
Newsletter: Viewpoint on Value
Price: $225.00, Subscriber Price: $157.50
Word count: 1026
Abstract: Marketability discounts capture the inconvenience, time and costs associated with selling a private business interest. This article explains what marketability discounts are and how they work, using a hypothetical example to illustrate. Because such discounts are matters of professional judgment and can vary from one assignment to the next, the article points out that only experienced valuation professionals are equipped to handle them. A sidebar clarifies the difference between marketability and illiquidity discounts.
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Court delivers another lesson on FLP structuring
September / October 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 572
Abstract: This article summarizes the most recent important court ruling on FLPs. The court, in Bigelow v. Commissioner, found that the decedent’s gross estate must include the full fair market value of property that had been transferred to the FLP. This ruling reinforces the notion that, when it comes to FLPs, substance is more important than form.
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New accounting standard could change merger negotiations
September / October 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 879
Abstract: Late last year, the Financial Accounting Standards Board (FASB) issued a revision of the accounting rules for mergers and acquisitions. FASB Statement No. 141R, Business Combinations, revises the earlier FASB Statement No. 141. As this article explains, it expands the scope of covered business combinations, revises the treatment of transaction costs and addresses the recognition of intangible assets, bargain purchases and contingencies. These changes could affect the value of a combination deal.
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Killing billing fraud schemes
September / October 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 854
Abstract: Motivated by the potential for big rewards, occupational thieves have come up with a variety of billing fraud schemes. But businesses and their legal advisors can help prevent large losses and possibly enhance their chances of a successful prosecution if they understand how fraud experts uncover them. This article describes how pass-through, personal purchase, pay-and-return and shell company schemes work, and how to spot them.
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Ask the Advisor – Q: How is the dollar’s declining value likely to affect the sale of my business?
August / September 2008
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 470
Abstract: This column addresses issues relating to the declining dollar. These include how a weak dollar is helping some U.S. businesses that have substantial overseas operations and hurting those that rely on imported supplies or overseas labor. It also talks about why foreign buyers may be more — or less — inclined to buy a U.S. company these days.
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Uncover your company’s key value drivers
August / September 2008
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 804
Abstract: Many tangible and intangible qualities can enhance a buyer’s perceived value of a company, help close the deal and even land a higher-than-expected purchase price. These key value drivers vary by company, industry and buyer needs, but often include proprietary technologies, market position, brand names, diverse product lines and patented products. But most buyers also look for companies with solid, diversified customer bases, realistic growth strategies and effective management.
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Price management – Addressing an overlooked aspect of integration
August / September 2008
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 824
Abstract: Business buyers sometimes focus their efforts too narrowly on finding cost reduction efficiencies and pay little attention to revenue-generating activities such as price management. As this article explains, price management is an essential component of the integration process. Prices must be reviewed and adjusted as quickly as possible because most price benefits are realized in the first 12 months following closing.
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Sunny days or storm clouds? A look at what’s on the M&A horizon
August / September 2008
Newsletter: Merger & Acquisition Focus
Price: $225.00, Subscriber Price: $157.50
Word count: 856
Abstract: Analyst predictions that M&A activity would slow in 2008 have proved accurate. During the first quarter, tighter credit markets reduced the availability of relatively cheap financing that had buoyed M&As for the previous few years. This article discusses how the softened economy has affected large and middle-market deals and both domestic and international mergers. It also explains why private-equity firms are likely to represent less of a competitive threat to corporate buyers in the near term.
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Allocating value to different types of stock
Summer 2008
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 587
Abstract: A privately held company’s capital structure must be taken into account when calculating its value and the value of its stock. But this can be complicated because, increasingly, companies are financed with hybrid mixes of capital, including common stock and several classes of preferred stock. This article discusses the role of rights in valuing stock, and the three general methods of allocating value to different classes. (Updated 8/22/12)
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How normalized earnings paint a true-to-life financial picture
Summer 2008
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 601
Abstract: To reach an accurate business value, a company needs to work with a professional valuator to determine its normalized earnings. This article explains why normalized earnings provide a more complete view of a company’s financial position and facilitate easier comparison with other companies. Among the types of adjustments discussed are revenue, depreciation, compensation, related-party transactions and inventory.
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Catching employee corruption before it corrupts a company’s finances
Summer 2008
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 713
Abstract: In the 2012 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) estimates that occupational fraud costs the typical organization 5% of its revenue every year. But, if owners know the signs of corruption, they can nip these schemes in the bud and minimize financial losses. This article provides tips on how to spot such schemes as bribery and extortion and talks about employee lifestyle changes that should raise a red flag. (Updated 8/21/12)
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New search-and-retrieval tools make it easier to target electronic data
Summer 2008
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 989
Abstract: As companies generate and store growing stockpiles of data, the search for relevant electronically stored information (ESI) during discovery becomes more and more daunting. Fortunately, the range of search-and-retrieval technologies has also expanded. This article discusses emerging discovery tools, including keyword searches and Boolean operators, statistical techniques, and concept tools. It suggests that no single search-and-retrieval technology is superior for every scenario.
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Cruise line faces rough seas in court
July / August 2008
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 542
Abstract: This brief article looks at a series of court decisions involving Celebrity Cruises Inc. that provide insight into the “yardstick method” of computing lost profits. The case also illustrates the importance of presenting direct evidence to support a damages claim.