Puklich v. Puklich A buyout dispute between siblings who owned several businesses generated a noteworthy decision from the North Dakota Supreme Court on the use of valuation discounts. Reviewing the applicable case law, the high court found the trial court, in determining the fair value of one sibling’s minority share in a closely held corporation,  Continue Reading »

Lucchesi v. Lucchesi In divorce cases, appreciation of separate property is one of the most complex issues whose analysis can be challenging for attorneys and valuators. A recent Tennessee appeals court decision is noteworthy for explaining the framework courts in this jurisdiction use to decide whether the non-owner spouse has a claim to the increase  Continue Reading »

Hall v. Hall A Florida divorce case prompted an important discovery ruling from the appellate court as to a nonowner spouse’s right to access documents and information regarding the owner spouse’s interest in a large medical practice. The wife was one of 75 owners in a large medical practice that had 200 physicians. After she  Continue Reading »

In re Appraisal of Jarden Corp. The Delaware Court of Chancery’s recent decision to use the unaffected market price as fair value prompted the petitioners to file a motion for reargument. In its original opinion, the court, as part of its comprehensive analysis, reviewed the opposing experts’ discounted cash flow calculations and, finding neither entirely  Continue Reading »

In re Appraisal of Columbia Pipeline Grp., Inc. In a statutory appraisal case featuring a publicly traded company, the Court of Chancery, after an exhaustive evaluation of the sale process, found the deal price was the best evidence of fair value. It said neither side met its burden of proof to justify a downward or  Continue Reading »

Stillwater Mining Co. Nine days after his ruling in Columbia Pipeline, Vice Chancellor Laster again found the deal price was the most reliable indicator of fair value in a statutory appraisal case involving a publicly traded mining company. The Court of Chancery’s analysis in Columbia Pipeline served as a template for this case, but the  Continue Reading »

Lee v. Argent Trust Co. The private plaintiff alleged a number of violations by the ESOP trustee and other defendants. The plaintiff maintained the trustee participated in a prohibited transaction and breached its fiduciary duties. By the plaintiff’s calculation, the ESOP overpaid for company stock. The district court dismissed the suit and, in so doing,  Continue Reading »

Remy v. Lubbock Nat’l Bank A fairly routine ESOP case that is being litigated in the 4th Circuit has raised a novel legal issue in this jurisdiction as to the financial liability of co-fiduciaries and nonfiduciaries, including the ESOP appraiser. The plaintiffs in the main case sued the defendant, Lubbock National Bank (Lubbock), over its  Continue Reading »

County of Maricopa v. Office Depot Inc. Several sessions at the recent AICPA conference in Las Vegas highlighted the importance of expert discovery in litigation and noted that draft reports continue to be a hot-button issue. A recent contract dispute, litigated in federal court, in which the defendant tried to exclude the opposing expert for  Continue Reading »

Amazon.com, Inc. v. Commissioner The 9th Circuit recently affirmed the U.S. Tax Court’s 2017 decision in favor of Amazon in this key transfer pricing case, finding the governing regulations limited the definition of “intangible” to independently transferable assets. This interpretation supported the Tax Court’s favoring the comparable uncontrolled transaction (CUT) method over the discounted cash  Continue Reading »