Court Rejects Potential Acquirers’ Expressions of Interest, Relies Solely on...
The first and last time I wrote about the AriZona Iced Tea dissolution case — likely the biggest ever of its kind in New York — was four years ago, when 50% owner and co-founder John Ferolito filed his...
View ArticleRestaurant’s Cash-Skimming Majority Owners Forced to Buy Out Minority...
The under-reporting of cash receipts a/k/a skimming by restaurant owners and other cash-intensive businesses costs many billions of dollars in lost tax revenues each year and, when detected by audit,...
View ArticleTop Ten Business Divorce Cases of 2014
I’m pleased to present my seventh annual list of the past year’s ten most significant business divorce cases. This year’s crop includes noteworthy rulings on a variety of issues in dissolution,...
View ArticleCourt’s Rejection of Marketability Discount in Zelouf Case Guided by...
The question is, will the Zelouf case prove to be an outlier or the beginning of a sea change in the way New York courts view the marketability discount in fair value proceedings? Last October I wrote...
View ArticleAppellate Court Upholds 0% Marketability Discount in LLC Fair Value Case
When it comes to fair-value jurisprudence, the Brooklyn-based Appellate Division, Second Department, works in mysterious ways. Take, for instance, its 2010 Murphy decision, in which it noted without...
View ArticleShould Business Appraisers Rely on Case Precedent for Discounts?
I recently had a fair value appraisal hearing at which the opposing business valuation expert’s report and testimony in support of his proposed percentage discount for lack of marketability (DLOM)...
View ArticleThe DLOM Debate Heats Up
The discount for lack of marketability (DLOM) is one of the most hotly debated and heavily litigated issues in New York fair value proceedings involving dissenting shareholder appraisals and oppressed...
View ArticleCourt Applies 25% Marketability Discount Despite “Strong Indicators of...
On the heels of last week’s post titled The DLOM Debate Heats Up, a timely new ruling by a New Jersey intermediate appellate court adds yet another interesting twist to the application of the discount...
View ArticleThreading the Fair-Value Needle: Court Finds Major Flaws in Both Sides’...
One of my favorite quotes from the realm of business valuation is found in a Delaware Chancery Court decision about 20 years ago in which, commenting on the vast disparity between the appraisals...
View ArticleThe Birthing of New York’s Marketability Discount in Fair Value Cases: A...
My late grandfather, Samuel S. Tripp, had a remarkable career in the law spanning almost 70 years. He was admitted to the bar in 1928 after graduating from NYU School of Law. As a second year lawyer...
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