VLB
Showing 321–336 of 385 results
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Valuing pass-through entities vs. C corporations
July / August 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 638
Abstract: Valuing interests in pass-through entities can be deceptively complex. This complexity stems from a mismatch between the data commonly used to value privately held companies and the tax benefits associated with pass-through entities. But, in recent years, several analytical models have been developed which provide a more accurate picture of a pass-through entity’s economic benefits.
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Single price quote supports $10 million lost profits award
July / August 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 752
Abstract: A U.S. Court of Appeals affirmed a jury award of nearly $10 million in lost profits. Notably, the plaintiff’s damages expert based his calculation on a single price quote by the plaintiff that had never been accepted by the defendant. This case confirms that companies are entitled to compensatory damages not only for designs and other confidential information they develop, but also for the profits their intellectual property is expected to generate.
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Business contingencies – What are they and why should you care?
July / August 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 753
Abstract: In a perfect world, business contingencies — that is, gains or losses arising from an anticipated event — wouldn’t exist. In this imperfect world, however, they must be factored into many appraisals. In cases where a firm number is required, a valuator must use his or her best judgment to quantify contingent gains or losses. In other instances — such as business transactions, mergers and acquisitions, or divorce valuations — an appraiser can help the parties design provisions that adjust the terms once the contingency has been resolved.
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Zubulake revisited: New guidance on e-discovery
July / August 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 935
Abstract: A recent court case shows that sanctions can not only be awarded for deliberate destruction of discoverable data, but also when a party is grossly negligent. The court found that “failure to issue a written litigation hold constitutes gross negligence….” A sidebar to this article lists specific examples of gross negligence.
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Guidance issued on valuation of partial interests
May / June 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 524
Abstract: After a six-year development period, the American Society of Appraisers (ASA) recently added a new procedural guideline to its Business Valuation Standards: PG-2 — Valuation of Partial Ownership Interests. Although not a binding standard, PG-2 offers valuable guidance to ASA members and other business valuators on this difficult and often controversial subject. This article looks at some of the highlights.
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Lucent sheds light on patent infringement damages
May / June 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 497
Abstract: Courts are generally loath to disturb a jury’s verdict on damages. But an appeals court threw out a $350 million patent infringement award that wasn’t supported by substantial evidence.This caseillustrates the need for detailed expert testimony, which will establish credible evidentiary facts and conclusions and, thus, support a claim for patent infringement damages.
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What’s behind the veil? – Digging for the truth in alter-ego cases
May / June 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 741
Abstract: When a plaintiff can’t collect a judgment from a corporation and seeks to obtain it from the corporation’s owners, it may try to show that the corporation and its shareholders lack separate identities — that is, the corporation is the owners’ alter ego. Key factors in determining an alter-ego relationship include not only this lack of separateness, but also financial dependence of the corporation upon its shareholders or parent, and undue influence upon a corporation.
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Struggling economy presents business valuation challenges
May / June 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 1046
Abstract: In bad times, appraisers may face a disconnect between the income and market approaches, creating a wide gap between valuations. The challenge becomes reconciling these differences. This article explains how to approach valuation for both profitable and distressed companies, and notes that the purpose of a business valuation can have a big impact on the valuation methods that are used. A sidebar looks at one case in which a court rejected the uses of the discounted cash flow method by both the creditors’ and the debtors’ experts.
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Putting a price on technology
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 487
Abstract: Valuing technology-related intellectual property (IP) can be an enormous challenge for lawyers and valuation experts. It considers the degree of legal protection associated with technology IP as well as the economic benefits a company is expected to derive from that protection. Typically, valuation experts analyze the various economic benefits associated with a technology IP asset separately, and will use different approaches depending on whether a patent is associated with developed technology, in-process research and development, or future technology. There are a variety of contexts in which the need to value technology IP can arise.
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Marketability discounts – Appraisers relying less on empirical study averages
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 824
Abstract: With the widespread availability of public market databases, spreadsheet software and other analytical tools, valuators are no longer relying solely on empirical study averages to determine marketability discounts. They’re now placing greater emphasis on how to identify what truly affects marketability and how to better match empirical data to the specific attributes of each subject company. However, though pre-IPO and restricted stock studies may be somewhat under siege, their data is still worthwhile. Research has generated several insightful hypotheses.
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Lost profits or lost value?
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 655
Abstract: Lost profits and lost business value are common measures of damages in commercial litigation. They’re also a common source of confusion. What do they have in common? How are they different? Can a plaintiff recover both? This article offers some answers. A basic understanding of the similarities and differences between lost profits and lost business value can help build a case for business damages or challenge an opponent’s calculations.
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Clues abound – The tax return as an investigative tool
March / April 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 919
Abstract: Tax returns can be a highly effective investigative tool in fraud and divorce cases, shareholder litigation, and other situations in which a defendant may have hidden assets. In fact, virtually every page of a tax return can provide clues to hidden assets. Income from wages, taxable refunds of state or local taxes, and retirement plan distributions are just a few of the items on a 1040 that a valuator will review. A sidebar to this article shows how to determine if a tax return is legitimate.
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Nonpublic information considered in valuing securities
January / February 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 607
Abstract: In one recent case, a district court held that it was reasonable for a jury to conclude that material nonpublic information possessed by the defendants affected the fair market value of certain securities. The case is significant because it seems to offer a novel interpretation of the phrase “reasonable knowledge of relevant facts” in the definition of fair market value. The decision suggests that even nonpublic information can be a “relevant fact.”
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Start early, end strong – Tax planning in litigation
January / February 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 580
Abstract: Tax planning at the beginning of a case can have a significant impact on the eventual financial outcome. There’s a substantial difference between an award or settlement that’s subject to income tax and one that’s not. Most cases involve a combination of taxable and nontaxable claims; the ultimate tax treatment of an award or settlement depends on how it’s allocated among those claims. For example, some damages are excluded from income — and, even for those that aren’t, the distinction between wage and nonwage damages is important. It pays to give some thought to tax issues early so as to secure the most tax-advantageous result for a client.
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Gazing into the crystal ball – How contingencies affect a business’s value
January / February 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 762
Abstract: As part of the definition of “fair market value,” both parties in a transaction must have “reasonable knowledge of the relevant facts.” But a host of contingencies are often among the relevant facts, which means that valuators need to look into the future to arrive at fair market value. Both contingent losses and contingent gains must be considered, and they differ in their accounting treatment. For the valuator, the challenge is to quantify any contingencies and adjust the company’s value accordingly.
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The expert’s role in accountant liability cases
January / February 2010
Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report
Price: $225.00, Subscriber Price: $157.50
Word count: 1144
Abstract: In lawsuits involving business failures, it’s increasingly common for shareholders and other plaintiffs to name the business’s accountants or auditors as defendants. An accountant’s liability depends on several factors, but it’s first important to know the applicable professional standard he or she uses. This article discusses those standards, along with the accountant’s level of responsibility for the financial statements. A sidebar discusses the extent of an auditor’s responsibility to uncover fraud.