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Showing 273–288 of 385 results
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10 questions to help you evaluate a valuation report
July / August 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 1000
Abstract: Not all business valuation reports are created equal. So it’s critical that attorneys scrutinize information prepared by valuation experts — both their own and their opponents’ — for signs of weakness or susceptibility to challenge in court. This article offers 10 questions to ask when reviewing a report, including whether the expert has the right qualifications and uses the appropriate valuation standards; whether his or her calculations are reasonable; and whether market multiples have been adjusted.
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Early fraud detection: How the SEC uses data mining
July / August 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 481
Abstract: The most effective strategy for combating fraud is a combination of prevention and early detection. Increasingly, organizations are turning to risk analytics, such as data mining, to uncover fraudulent activity. This article specifically shows how the Securities and Exchange Commission (SEC) has had great success using data mining to detect fraudulent hedge fund activity.
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Recession troubles linger — How distressed businesses are valued
July / August 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 653
Abstract: Distress sales and auctions may offer bargains, but rock bottom prices shouldn’t cloud one’s business judgment. Acquisition due diligence is very important. This article shows how valuators can modify their appraisal approach to avoid over- or undervaluing a distressed business. A sidebar lists three financial metrics that can help buyers evaluate whether asking prices make sense.
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Developing a theory of damages? Read the contract!
July / August 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 698
Abstract: This article discusses a case in which a federal court allowed most of a damages expert’s testimony regarding lost profits, but wouldn’t allow the expert to testify regarding the “residual value” of the plaintiff’s business relationship with the defendant. That element of damages conflicted with the terms of the parties’ contract, which contained a nonassignment clause. This case illustrates why, when breach or wrongful termination of a contract is involved, it’s critical for lawyers and their damages experts to consider the contract’s provisions when developing their theory of damages. Citation: Allstate Sweeping, LLC v. City and County of Denver, 1:2010cv00290, Feb. 10, 2010 (Colorado District Court)
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Digging for treasure: How to unearth hidden assets
May / June 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 360
Abstract: The global economy, combined with electronic banking and other technological advances, has made it easier than ever for litigants to conceal assets. Fortunately, financial experts have a number of techniques at their disposal to uncover these assets. This brief article discusses common tracing techniques, along with three net worth analysis methods.
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Helping businesses through worst-case scenarios — Key-person discounts estimate the value of a VIP
May / June 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 742
Abstract: If a business depends greatly on just one or two people, a valuation discount may be appropriate to reflect the risk of damage to the business should such a key person die or otherwise leave the company. To determine whether the discount is warranted, a valuator will examine a wide variety of factors. This article lists those factors and explains how the valuator determines an appropriate discount.
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Medical practice valuations may have dangerous side effects
May / June 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 1071
Abstract: The complex regulatory regime that governs health care relationships and transactions has a big impact on the valuation process — especially when a medical practice is being valued prior to sale. Concepts such as fair market value (FMV) and “commercial reasonableness” are critical to compliance with federal regulations. As a result, considerations of investment value or strategic value, which are common in other industries, may be inappropriate in the health care arena. This article shows how to correctly apply the income, market and asset approaches for a medical practice valuation, while a sidebar explains how a valuation serves as a powerful tool for diagnosing potential compliance issues.
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Patent infringement damages — Reasonable royalties can exceed expected profits
May / June 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 709
Abstract: The U.S. Court of Appeals for the Federal Circuit continues to push the boundaries of reasonable royalty damages in patent infringement cases. This article looks at a case in which the court upheld a jury award based on reasonable royalties that were more than three times the plaintiff’s expected profits. It explains why the court ruled that a patentee’s profit expectations do not serve as a cap on reasonable royalties. Citation: Powell v. Home Depot, No. 2010-1409, -1416 (Fed. Cir. 11/14/2011)
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What’s the value of intellectual property?
March / April 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 515
Abstract: A valuator’s conclusions depend on many factors, but these are particularly complex for intellectual property (IP) valuations. This article explains that the valuator must know what type of interest is being valued, and whether it’s being valued on a stand-alone basis or as part of an aggregation of assets. An IP asset’s value is also heavily influenced by its remaining useful life.
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When divorce enters the picture — A qualified valuation expert can make a huge difference
March / April 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 745
Abstract: When a married couple parts ways and one or both spouses own an interest in a business, it’s critical that they retain valuation experts — or perhaps a joint expert — to value not only the business interests, but also other marital assets. This article explains why valuations in divorce differ from other types of valuations, along with the difference between an “expert” and a “consultant.” It also examines how appraisers handle goodwill and forensic accounting issues in a divorce valuation.
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Boltar illustrates the dangers of expert advocacy
March / April 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 937
Abstract: In litigation, it’s critical for valuators and other expert witnesses to be objective, unbiased and reasonable. Experts who act as advocates for a party — and attorneys who urge them to do so — are asking for trouble. This article looks at a case in which a taxpayer’s experts greatly overvalued their client’s property, and the specific reasons why the Tax Court chastised them. A sidebar offers ways to ensure a valuation expert’s objectivity. Citations: Boltar, LLC v. Commissioner, No. 25954-08, April 5, 2011 (U.S. Tax Court)
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Owner salaries and how they affect lost profits
March / April 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 713
Abstract: On paper, a company’s profits may bear little relationship to its actual financial performance, since C and S corporations often treat salaries differently. This can affect a company’s ability to recover lost profits damages, depending on state law. This article looks at the seemingly anomalous results that can occur if a company pays out most of its earnings as owner salaries. Citations: Anesthesiologists Associates of Ogden v. St. Benedict’s Hospital, 884 P.2d 1226, 1238, 1994 (Supreme Court of Utah). Bettius & Sanderson, P.C. v. National Union Fire Insurance Co., Nos. 87-3036, 87-3043, Feb. 17, 1988 (4th Cir.)
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A financial expert’s role in employment litigation
January / February 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 367
Abstract: Financial experts play a critical role in wrongful termination cases and other types of employment litigation — particularly in estimating damages. This article lists five key areas in which experts can get involved, including calculating base earnings, evaluating mitigation opportunities and discounting to present value.
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The perfect exit strategy — Don’t let your clients leave it to chance
January / February 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 577
Abstract: At some point in time, every business owner will retire and either sell his or her ownership interest or leave the company to others. The key to a seamless transfer is to identify an exit strategy that addresses the needs of not only the departing owner, but also the company in question. This article describes the ins and outs of creating an effective exit strategy, and looks at the various legal options available, depending on the owner’s goal for the business.
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Estimating a defendant’s profits in IP cases
January / February 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 684
Abstract: In certain types of intellectual property (IP) litigation, plaintiffs are entitled to recover (in addition to or in place of their own lost profits) damages based on the profits the defendant enjoyed as a result of its infringement. This article discusses how sales among infringing and noninfringing activities might be apportioned and costs allocated.
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Tax Court to valuators: Explain yourself!
January / February 2012
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 1026
Abstract: Courts today no longer accept valuation experts’ opinions without careful scrutiny. This article discusses one case in which the court found that the estate expert’s valuation erroneously relied primarily on the discounted cash flow (DCF) method and “tax affected” the company’s earnings — that is, reduced the company’s projected earnings to reflect an assumed corporate tax burden. A sidebar discusses whether it’s advisable or not to tax affect earnings. Citations: Estate of Gallagher, T.C. Memo. 2011-148 (June 28, 2011). Gross v. Commissioner, T.C. Memo. 1999-254 (July 29, 1999)