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The Due Diligence Imperative

Healthcare Regulatory Environment (Part III of VI) In the March/April 2018 issue of The Value Examiner, the author underscores the importance of undertaking rigorous due diligence to better understand the regulatory burdens and operational risks notwithstanding efforts to repeal and replace. ...

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Application of the Sales Projection Method

In Measuring Trustee Breach of Fiduciary Duty Damages (Part I of II) The prudent investment of trust assets can minimize the potential for trustee fiduciary litigation risk, in addition to maximizing the trust beneficiaries’ economic interest in the trust. However, trust beneficiaries may initiate a breach of fiduciary duty tort claim when they feel that the trustee has breached any investment management fi ...

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Want a Better Practice?

Perform a File Autopsy! We live and die in/by our engagements. Bet you never thought of it that way. But really, tell me life isn’t just peachy when you’re working on a fun/interesting/profitable case. And that life doesn’t just suck when you’re not. Wouldn’t it be nice to have more peaches? In this article, Rod Burkert shares his After Action Review process that enables practitioners to (re)focus on cases ...

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Chasing the Elusive Butterfly of Volatility

Accepting and Rejecting Data from Public Company Data Valuation analysts who, for whatever reason, eschew the publicly traded guideline company method but who would like to use option models for various aspects of the valuation assignment, face a conundrum. All option models require, as an input, a volatility factor in percentage format. Since the only place to derive such a volatility factor (usually defin ...

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The SWS Group, Inc., Chancery Court Appraisal Decision

Fair Value Not Based on the Merger Price (Part II of II) This is the second of a two-part article (read part one here) that focuses on the SWS Group, Inc. case and the interplay between merger price and fair value. In earlier cases, the Delaware Court of Chancery rejected a merger price indication in favor of its own discounted cash flow analysis. Yet, in the SWS Group, Inc. appraisal decision, instead of a ...

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The SWS Group, Inc., Chancery Court Appraisal Decision

Fair Value Not Based on the Merger Price, Part I of II This is a two-part article that focuses on the SWS Group Inc. case and the interplay between merger price and fair value. In earlier cases the Delaware Court of Chancery rejected a merger price indication in favor of its own discounted cash flow analysis. Yet, in the SWS Group, Inc., appraisal decision, instead of a decision supporting a higher fair val ...

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Do Not Be Too Quick to Discount

A Discount for Controlling Interests This article examines studies and judicial decisions addressing the use of DLOMs where there are controlling, 100% ownership interests, followed by review of a recent client assignment that illustrates the importance of being well versed with the valuation theory in this area. ...

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Case Law Update

Revenge Porn, Ugg, VirnetX, and Apple This case law highlights a number of patent, copyright, and business valuation cases litigated in the first quarter of 2018. The revenge porn case highlights a distressing but potential opportunity for litigation support professionals. The VirnetX v. Apple and Deckers Outdoor Corporation v. Romeo & Juliette, Inc. cases highlight the perils of patent litigation and f ...

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Federal Circuit Provides Guidance

On Patent Damages and Apportionment In two recent cases, the U.S. Court of Appeals for the Federal Circuit provided important guidance when applying apportionment principles to calculate reasonable royalty damages.  See Finjan, Inc. v. Blue Coat Systems, Inc., 879 F.3d 1299 (Fed. Cir. 2018); Exmark Mfg. Co. v. Briggs & Stratton Power Products Group, LLC, 879 F.3d 1332 (Fed. Cir. 2018).  The Federal Circ ...

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How is the Section 199A Deduction determined?

Underlying Policy Identified The pass-through entity, that legal entity structure that has given valuators consternation over the years, is back in the news thanks to the Tax Cut and Jobs Acts (TCJA) signed into law at the end of 2017. According to the Joint Commission on Taxation, business owners filed 35.3 million pass-through returns in 2015. Another 1.6 million returns were file by C corporations. The T ...

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“Left of Bang”

Behavior Detection in Forensics The United States Marine Corps (USMC) has deployed behavior detection techniques for years, most recently in counterterrorism actions. Marines are taught the techniques during their Combat Hunter Course so that bad guys can be detected before they can do bad things. “Left of bang” means before the bad things happen; “right of bang” means that bad things have already happened, ...

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The New Tax Bill

A Run-Down on What is Changing President Donald Trump signed the Tax Cuts and Jobs Act (TCJA) presented to him by Congress on December 22, 2017. Debate on the provisions of the bill dominated the last quarter of 2017. It was first presented on November 2, 2017 by Texas Congressman Kevin Brady, chair of The House Ways and Means Committee. Two weeks later, November 16, the House passed the Bill and forwarded ...

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Commercial Damages and Lost Profits

Case Study of a Real Estate Developer For most lost profits cases, the losses begin at the date of the harmful act and end when the injured party is returned to the position it would have had “but for” the alleged damaging act of the defendant. However, not every lost profit matter is a breach of contract where beginning and ending dates can be easily defined. Sometimes losses may not occur until a period i ...

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The Due Diligence Imperative

Healthcare Reimbursement Environment, Part II of VI In the January/February 2018 issue of The Value Examiner, the author provides readers with an overview of the U.S. healthcare reimbursement system and details the due diligence process as it relates to reimbursement. This brief article is an excerpt, which is part of the series on healthcare reimbursement, where the author provides more in-depth explanatio ...

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