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23 / May 2024

Power Panel: Trends and Issues in Business Valuation

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LATEST NEWS

13 / October 2017

Management forecasts receive close scrutiny from courts

In assessing the soundness of valuations, courts in a variety of cases have been paying close attention to the management projections appraisers have used or decided not to use in performing their value analyses. If courts are scrutinizing projections for reliability and plausibility, experts hoping to prevail in the litigation context must do so as well. Read more >>
Posted in: Business Valuation Law News Written by: Sylvia Golden
Categories: management forecasts
Tags: bankruptcy employee stock ownership plan (ESOP) expert valuation fair value forecast management projections projections reliability statutory appraisal
07 / August 2017

‘Fanciful’ projections make DCF unreliable valuation tool in Delaware appraisal case

Management projections are the sine qua non of a discounted cash flow analysis, and, in a recent statutory appraisal action involving the pet product giant PetSmart, the Delaware Court of Chancery found they did not cut the mustard. The court called the projections, “at best, fanciful,” and concluded the most accurate measure of fair value was the merger consideration. Read more >>
Posted in: Business Valuation Law News Written by: Sylvia Golden
Categories: statutory appraisal action
Tags: auction bottom-up projections discounted cash flow (DCF) discounted cash flow analysis fair value management projections mergers and acquisitions (M&A) pet product industry retail sales price top-down projections valuation expert
28 / October 2016

Defense expert testimony supports ESOP valuation and fairness opinions

A recent ESOP decision involving allegations of breach of fiduciary duty and engaging in a prohibited transaction turned on whether the ESOP trustee’s financial advisor had performed proper due diligence and issued defensible fairness and valuation analyses. Read more >>
Posted in: Business Valuation Law News Written by: Sylvia Golden
Categories: case law analysis company-specific risk expert testimony fair market value (FMV) going-concern value management forecasts public company comps valuation experts valuation method
Tags: breach of fiduciary duty company-specific risk premium (CSRP) comparable companies analysis discounted cash flow analysis due diligence duff & phelps employee stock ownership plan (ESOP) erisa expert testimony fair market value (FMV) fairness opinion management projections prohibited transaction