A resource for collaboration in divorce–and a practice development opportunity?
James Feldman and Howard Klein, speaking at BVR’s Divorce Summit, commented that the growing trend toward collaborative settlement is particularly helpful for high profile couples, same sex couples, CEOs, and others who prefer not to have all their personal information broadcast via litigation. “You need to know that the couple is psychologically prepared for this [...]
Are you a Thornhill person?
The ongoing Thornhill case in Colorado has raised the interesting issue of a 33% marketability discount applied a majority share (“I’m getting calls from lawyers asking if I’m a Thornhill guy, meaning that that they think I’ll give discounts to any majority position, jokes Ron Seigneur, speaking at today’s lunch panel at BVR’s Advanced Divorce [...]
Pluris Valuation licenses securities valuation data to IDC
Interactive Data Corporation (IDC)—the provider of financial market data, analytics and related solutions—is now offering daily valuations for Municipal Auction Rate Securities (ARS), including Student Loan Auction Rate Securities (SLARS), from Pluris Valuation Advisors, LLC, a specialist in market-based valuations of illiquid securities. “Since the auctions for these securities began to fail last year, we [...]
California court considers new rule against double dipping
The husband owned a produce company in California, valued at $5.6 million, ostensibly under the capitalization/excess earnings method. After a marriage of “long duration and substantial standard of living,” the trial court awarded the wife $20,000 per month in spousal support plus half ($2.8 million) of the business. The husband appealed, urging a blanket prohibition [...]
How the best experts get to the top, and stay there
Litigation consulting continues to be a strong revenue source for many business valuation practices. In his current online newsletter, John Borrowman (Borrowman Baker, Franklin, TN) talks to some of the most highly regarded expert witness in the BV community to see how they stay at the peak of their game—and on top of attorney referral [...]
What’s the one critical question to ask management?
Consider the following recent comments by courts on the importance of conducting management interviews to verify financial data and provide credible support for expert value conclusions: • “An expert must independently verify facts given to him, rather than accepting [them] at the word of … counsel.” MDG Int’l v. Aussie Gold, Inc., 2009 WL 1916728 [...]
Court adopts 47.5% combined discounts in latest FLP case
With the help of longtime financial and legal advisors, a wealthy Texas widow established a family limited partnership (FLP), to be funded with $250 million in corporate investment bonds. Just days after signing the formal papers, however–and before she could transfer the assets–the 90 year-old died, and her advisors “stood down,” believing the failure to [...]
Don’t work for sleazy lawyers
Asked if appraisers should reveal past “failures” to the lawyers who hire them for new cases, attorney Stephen Kolodny confirmed that the fact that a court disagreed with or criticized your past work is not admissable. But, Kolodny wants to “know what lawyers you’ve worked for before I hire you. There are lots of sleazy [...]
Are written reports essential in divorce cases?
“I’ve never seen a case where the valuation expert didn’t submit a written report; a report that’s been made available to the other side well before the trial,” says Judge Howard Lipsey. Judge Jacquiline Silbermann says she always gets the reports admitted as evidence and reads them before “because I’m always trying to get to [...]
A spirit of cooperation is good when going into domestic relations court
Judge Howard Lipsey, speaking at BVR's Advanced Divorce Valuation Summit inChicago this morning, points out that he's most happy with financial effortswhen "they're speaking the same language." This means that he'd rather havethe two opposing experts sit in a room before they testify to align theiropinions, rather than "being embarrassed on cross-examination." David Foster, CEOBVR [...]
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