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LATEST NEWS

21 / February 2020

Delaware Court of Chancery says no to expert’s novel approach to beta calculation

In an appraisal proceeding in which the Delaware Court of Chancery favored the discounted cash flow analysis as the means with which to determine fair value, the court had sharp words for the company expert’s decision to introduce a new way for calculating equity beta. Read more >>
Posted in: Business Valuation Law News Written by: Sylvia Golden
Categories: shareholder dissent/oppression
Tags: beta discounted cash flow (DCF) expert testimony fair value private company valuation statutory appraisal weighted average cost of capital (WACC)
09 / August 2018

DOL urges court to uphold judgment against trustee in Brundle ESOP litigation

In the ongoing Brundle v. Wilmington Trust ESOP saga, which is now in the appeals stage, the Department of Labor recently filed an amicus brief in support of the district court’s $29.8 million judgment against the ESOP trustee. The case arose out of a plan participant’s claim that the ESOP trustee breached its fiduciary duties to the plan by causing the ESOP to pay more than fair market value for the employer’s stock. Read more >>
Posted in: Business Valuation Law News Written by: Sylvia Golden
Categories: ESOP valuations
Tags: adequate consideration beta breach of ERISA fiduciary obligations control premium employee stock ownership plan (ESOP) erisa fair market value (FMV) projections Stout Risius and Ross trustee Wilmington Trust
27 / July 2017

Court adheres to earlier ESOP liability and damages rulings

In a controversial ESOP case that turned on the trustee’s oversight of the pretransaction valuation work, the defendant trustee recently filed a motion for reconsideration. It argued the court had committed errors related to its liability and damages findings. Although the court owned up to some mistakes, including a misunderstanding of the concept of beta, it ultimately stuck to its earlier decision. Read more >>
Posted in: Business Valuation Law News Written by: Sylvia Golden
Categories: ESOP valuations
Tags: beta economic damages & lost profits employee stock ownership plan (ESOP) fair market value (FMV) fiduciary duty liability motion for reconsideration overpayment risk analysis Stout Risius and Ross trustee valuation advisors Wilmington Trust