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Changing Assignments from Fairness Opinion to Business Valuation Commercial damages matters can be challenging and require a flexible mind when “wrapping your brain” around the issues and facts of a particular case. Beginning in the first quarter of 2019 and running through October 2020, I had an assignment which began with a simple fairness opinion letter and ended with my testifying at trial to defend my ...

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Intended and Actual Losses

Briefing on Criminal Fraud Economic Loss Calculations One of the more exciting and challenging parts of our profession is learning about our judicial system. Professionals whose practice involves economic loss calculations should consider educating themselves on the similarities and differences between “actual” and “intended” losses prior to providing expert testimony or offering an opinion. In my research, ...

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Distance Mediation

How to Increase Settlement Rates Long before the COVID-19 pandemic, distance mediation was used; however, not extensively and historically, settlement rates were significantly lower than traditional “face-to-face” mediations. With social distancing now in place, mediating by phone and/or video conferencing is getting a closer look. Although the mediation process essentially remains the same for distance med ...

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COVID-19 and Bottom-Line Impacts in Trademark Litigation

A Q&A with Joel Steckel The immediate economic impacts of the COVID-19 pandemic extend beyond their most visible manifestations in the shutting of businesses and the dramatic rise in unemployment. A more subtle consequence that has arisen in the marketplace pertains to companies’ reputations. Brands and the public’s perception of them are impacted not only by a firm’s own actions but also by the actions ...

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The Internal Revenue Code’s §170

Charitable Contribution Deductions (Part II of II) The Tax Cuts and Jobs Act of 2017 and subsequent tax acts, such as the CARES Act, have complicated charitable giving and estate planning. This second part of this two-part article provides an overview of the limits placed on conservation easements. In this second of a two-part article, the limits on the value and legality of conservation easements, charitab ...

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Planning and Conducting a Management Interview

Relating to a Business Interruption Claim (Part II of II) It remains unclear whether business interruptions caused by the current novel Coronavirus pandemic will be covered under business interruption insurance policies because insureds and insurance companies are still arguing whether the pandemic and/or related state and/or local government shutdown orders qualify as “physical damage.” While litigation on ...

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Planning and Conducting a Management Interview

Relating to a Business Interruption Claim (Part I of II) It remains unclear whether business interruptions caused by the current novel Coronavirus pandemic will be covered under business interruption insurance policies because insureds and insurance companies are still arguing whether the pandemic and/or related state and/or local government shutdown orders qualify as “physical damage.” While litigation on ...

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The Internal Revenue Code’s §170

Charitable Contribution Deductions (Part I of II) The Tax Cuts and Jobs Act of 2017 and subsequent tax acts, such as the CARES Act, have complicated charitable giving and estate planning. This two-part article provides an overview of the current state of the law as it concerns both. In this first part, the author focuses on charitable deductions. A charitable contribution deduction is allowable for a contri ...

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Is There an Ability to Recover for Business Losses

Related to Property Contaminated by COVID-19 Not only has the COVID-19 pandemic impacted the health of hundreds of thousands of people globally, but the government response to this health crisis has also created a significant financial burden on businesses across the country. State and local officials issued “stay at home” orders which required the majority of residents to stay at home in states and countie ...

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Pay for Delay

Quantifying the Lost Opportunity of Being First (Generic Entrant) to Market The authors in this article explore the scale of first mover advantage in generic pharmaceuticals and the methods behind quantifying the value of being first generic to market, or the loss when being prevented from doing so. They discuss, how much is it worth to be the first generic entrant to the market? Introduction The recent Eur ...

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R.D. Clark and Sons, Inc., et al. v. James Clark, et al.

Connecticut Appellate Court Affirms Trial Court’s Decision Not to Tax-Affect Earnings In a dispute over the buyout of the minority shares in a family business, the Connecticut appellate court addressed several important valuation issues. Notably, the appellate court upheld the trial court’s decision not to tax-affect the company’s earnings in determining the fair value of the shares, even though both the pl ...

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Chapter 11 Bankruptcy

Expert Assignments and the Impact of COVID-19 COVID-19 has had a dramatic impact on the global economy. As the economic crisis deepened, the Wall Street Journal reported, “The nation’s bankruptcy industry is bracing for a wave of business collapses triggered by the coronavirus pandemic as its ranks have been thinned by a decade of economic growth.” Working on business bankruptcy assignments in 2020 will pre ...

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COVID-19—Proximate Cause

and its Impact on Lost Profits Calculations These are challenging times. Financial experts are faced with economic uncertainty and differing projections from various sources as to what the “new normal” will look like. Regardless of the economic circumstances, financial experts are hired to estimate lost profits. These calculations must be made with reasonable certainty. But to be reasonably certain, proxima ...

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Three Good Reasons to Add Personal Injury Damages Services to Your Practice

Personal Damages Calculations and Exposure to COVID-19 Financial experts who, in the past, have been reluctant to take on personal injury economic damages as part of their practice should reconsider that decision today. Not only is the field growing and on the verge of a potentially huge boom driven by the COVID-19 crisis, there are plenty of resources to help you quickly get up to speed performing these ty ...

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Construction Claims

Their Potential Impact on Valuing a Construction Contractor Construction claims may impact the value of a construction company. In this article, the author discusses the issues that arise and the methodologies that may impact the valuation. A construction claim is a demand made by the contractor to the owner for additional revenue for construction work performed on a construction project which is beyond the ...

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How to Survive an Effective Cross-Examination

Skillsets Needed to Excel as an Expert During Cross-Examination For those financial experts awaiting their first opportunity to testify, as well as for those not certain of their skillsets, the author shares his tips on how to be impressive on the witness stand. As an attorney-CPA credentialed in business valuation, I have had the opportunity both to be the “expert” sitting in the witness chair and to be th ...

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Should the Discount Rate for Contingent/Unliquidated Liabilities be Low, Medium, or High?

Valuing Liabilities Differs from Valuing Assets Valuing contingent/unliquidated liabilities raises some interesting questions. Do contingent/unliquidated liabilities have liability-specific risk? If yes, does liability-specific risk result in lower or higher obligations? Why do contingent/unliquidated liabilities related to lawsuits tend to settle as opposed to go through verdict and appeals? This article a ...

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Economic Damage Measurements

Lost Profits and Loss of Business Value—Differences and Correlation in Terms of the Harmful Impact to Plaintiff’s Claims When a plaintiff suffers, or believes to have suffered, economic damages as a result of a defendant’s actions in a civil matter he/she and their attorney are faced with determining the amount of economic damage suffered. A damages remedy is provided to restore the plaintiff to the same ec ...

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Lost Profits and Discount Rates

What Do the Courts Want? Finding the methodology for determining the appropriate discount rate in a lost profits case can be a convoluted journey. The numerator (the lost profits) may be adjusted through modeling. The denominator (the discount rate) may be a risk-free rate, a rate of return on investments, or the rate of return commensurate with generating the lost profits had no wrongful act occurred. And, ...

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Problem Solving

Without An Elephant One question: Would you like to learn a technique that might make the problem-solving process work more efficiently and perhaps, just perhaps, produce better results? In this article, Nancy Yeend presents the W-I-N method. Of course, you know how to solve problems—that is what you do for a living. One question: Would you like to learn a technique that might make the problem-solving proce ...

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