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More calls for the BV profession to take a stance on DLOM

In the February 10 issue of BVWire, we highlighted the article “NY’s Unfair Application of Shareholder-Level Marketability Discounts,” written by Gil Matthews (Sutter Securities).

BV profession needs "one clear voice" in New York DLOM matter

A prior post that highlighted the article “NY’s Unfair Application of Shareholder-Level Marketability Discounts,” written by Gil Matthews and Michelle Patterson (both with Sutter Securities) has sparked calls for the BV profession to speak with “one clear voice” on this issue.

Call for change in New York’s DLOM stance gains steam

A "new note" in the hotly debated NY DLOM issue was sounded in an article in the January issue of Business Valuation Update. In the article, “NY’s Unfair Application of Shareholder-Level Marketability Discounts,” Gil Matthews and Michelle Patterson (both with Sutter Securities) write that New York “stands alone in that it favors (and some lower courts believe requires) the imposition of a marketability discount on dissenting shareholders in fair value determinations. There is broad consensus that DLOMs should seldom, if ever, be permitted in appraisal or oppression cases.”

DLOM dominates top 10 BVU downloads

Controversy and debate over the discount for lack of marketability (DLOM) is the dominant theme in the top 10 Business Valuation Update articles downloaded the most during the past year.

Attorney calls for BV profession to clarify DLOM in fair value cases

A blog post by Peter Mahler in the New York Business Divorce blog discusses an article in Business Valuation Update, “NY’s Unfair Application of Shareholder-Level Marketability Discounts.”

Call for change in New York’s DLOM stance gains steam

New York's out-of-step position with respect to the discount for lack of marketability in fair value proceedings is a hotly debated issue—and it’s getting even hotter.

Mercer wants a common framework for statutory fair value determinations

Many readers commenting on the (mis)application of a marketability discount in New York statutory appraisal actions agree the problem lies with judges.

Preview of the June issue of Business Valuation Update

Here’s what you’ll see.

Preview of the March issue of Business Valuation Update

A fingertip guide to what’s going on in the BV world is a new regular feature in Business Valuation Update.

Practitioners weigh in on ongoing DLOM debates

BVWire’s coverage of recent developments in DLOM has sparked some lively discussions.

Preview of the January issue of Business Valuation Update

Coverage continues of the BV conference season.

DLOMs in N.Y. Statutory Fair Value Cases—A Follow-Up to Matthews

As an appraiser, I have had the opportunity to prepare many valuations for New York statutory fair value cases, and I have testified in some of them. I’d like to weigh in on the topic of discounts for lack of marketability (or DLOMs) as a follow up to the ...

NY’s Unfair Application of Shareholder-Level Marketability Discounts

The statutory standard of value in dissenting shareholder cases in most states is “fair value.” New York and 47 other states use the “fair value” standard in appraisals. As a valuation measure, most states interpret fair value as the shareholder’s pro ra ...

Business Valuation Update Yearbook 2017 Excerpt

Book Excerpts

BVR has you covered with the Business Valuation Update Yearbook 2017. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation including IRC Sec. 2704, DLOM, cost of capital, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.

Pitfalls in fairness opinion valuations

This article is excerpted from a longer paper prepared by Gil Matthews for presentation at the ABA Family Law Section's National Business Valuation Conference to be held May 3-5 in San Francisco, Cali ...

Valuation Issues in Shareholder Dissent and Oppression

Imagine, if you will, a valuation world where everything is the same, but slightly different: The fair value definition is not that of financial reporting; discounted cash flow methods are utilized a great deal, but deeply scrutinized by the court; a separate and deep lineage of cases set the precedent; and judges question valuation techniques on discounts and premiums in great detail. This world is no dream: It's the world of shareholder dissent and oppression ...

Most States Reject Discounts in Appraisals and Oppression Cases—But There Are Important Exceptions

This article discusses, on a state-by-state basis, the rejection and acceptance of discounts for minority interest and lack of marketability in appraisals and in oppression and voluntary withdrawal cases. Discounts for lack of marketability at the shareholder level are rejected in most jurisdictions, but some states, including California and New York, still permit them.

Update on DLOM, Fair Value, PTEs at NYSSCPA BV Confab

The 2017 conference season has started! BVR attended the annual business valuation conference of the New York State Society of CPAs (NYSSCPA) in New York City. As usual, it covered some of the profession’s hottest topics. Committee chair Jeffrey Gibralter ...

Emerald Partners v. Ronald P. Berlin, et al.

The Delaware Court of Chancery determined that a fairness opinion, obtained in conjunction with a stock for stock merger, was a fair representation of value to the shareholders. The shareholders brought suit against the defendant, contesting the valuatio ...

Statutory Fair Value in Dissenting Shareholder Cases: Part II

This article continues the discussion of statutory appraisal that was presented in Part I in the prior issue of Business Valuation Review. Fair value, the predominant standard of value employed by state courts to value dissenters' shares in appraisal cases is, is determined by state law. In most states, fair value is the shareholder's pro rata portion of the value of a company's equity. This article discusses the approaches used by the Delaware courts' views ...

Fairness opinions

FAIRNESS OPINIONS Gilbert E. Matthews Chairman and Senior Managing Director Sutter Securities Incorporated 1 Sansome Street, Suite 3950 San Francisco, CA 94104 (415) 288 ...

Business Valuation Year in Review 2016

It was an eventful year for the business valuation profession in 2016, both from a U.S. and global perspective. Here is a wrap-up of some of the more notable developments, some of which set the stage for 2017 and beyond.

March 2016 BVU Issue

Free Downloads

Download the March 2016 issue of the Business Valuation Update that includes articles on complications with event studies in securities litigation, DLOMs in NY statutory fair value cases, and more.

BVLaw Review: The Top Valuation Cases of 2022

Here is our pick for the most noteworthy valuation cases that emerged over the past year. They include state and federal court decisions covering many areas of law that enhanced our understanding of valuation issues as they arose in a litigation setting.