In the initial post in this series on statutory fair value, we introduced the ideas that fair value is, in part, an equitable concept, and that appraisers are not in a position to make “equitable” decisions.
Appraisers cannot decide matters of equity, but we can provide good and clear valuation evidence to courts in statutory fair value matters. In this post, we will address what appraisers call “levels of value.” Courts are generally familiar with some of the concepts, but I do not believe that most courts are familiar with the growing understanding of the levels of value concept in the appraisal profession. This lack of understanding creates confusion and increases the difficulty of presenting valuation evidence in statutory fair value proceedings.
This is the first in a series of posts on the topic of Statutory Fair Value and Business Valuation. In this post, we examine the concept of statutory fair value, especially as it is defined in the state of Delaware as well as the difference between the concepts of “fair value” and “fair market value.”
Welcome to 2016! There will be changes to the focus of the blog in 2016. Read more about the changes here.
Peter Mahler writes the New York Business Divorce blog. Last week, he published his eighth annual list, the Top Ten Business Divorce Cases for 2015. I was interested and pleased to discover that the number one case on the list was that of Chiu v. Chiu, a case in which I testified as an expert witness in 2012.
Overview of a Two Part Series Morgan Stanley and Citigroup entered into a joint venture (JV) dated as of May 31, 2009, with Morgan Stanley owning 51% and Citigroup owning the remaining 49% of the common member interests in Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). The JV was evidenced by the Amended and Restated […]
Differences in standards of value between appraisers (yes, it happens), or differences in interpretation of what a particular standard of value means, can create enormous and seemingly irreconcilable differences in conclusions.