Asset Valuations

News & Analysis as of

Four T’s at Four: What Breweries Need to Know About Their IP Before They Consider an Exit

“Forties at 4” was a time-honored Friday tradition among my engineering classmates in college. After our last class, several of them would purchase Miller (if we could find it in a 40 oz) or Old English or some other malt...more

IRS Proposes Regulations to Limit Valuation Discounts for Family Businesses

On August 2, 2016, the Internal Revenue Service and the Treasury Department issued proposed regulations intended to substantially limit the use of discounts in valuing intra-family transfers of interests in family-controlled...more

Alternate valuation date Flexible postmortem planning a plus when markets are volatile

Many people may assume that filing a federal estate tax return is pretty cut-and-dried. The executor or professional representative completes the return, pays the requisite amount of tax, if any, and that’s the end of the...more

Insight on Estate Planning - August/September 2016

In This Issue: - Alternate valuation date: Flexible postmortem planning a plus when markets are volatile - The write stuff: A letter of instructions - Making the most of your GST tax exemption - Estate...more

SEC Charges Private Fund Administrator with Gatekeeping Failures

The Securities and Exchange Commission (SEC) announced two administrative settlements in June with a fund administrator that provided accounting and fund administration services to several private funds based on its alleged...more

The UK has voted to leave the EU: What now?

The British public have voted that the UK should leave the EU. The EU Referendum vote (the Leave Vote) does not by itself result in an automatic UK exit from the EU. The EU Treaty provides for a framework for a...more

Changes Coming to the Long-Term Tax Exempt Rate Used in Calculating Section 382 Limitations - Tax Update Volume 2016, Issue 1

Changes to the formula for determining the long-term tax-exempt rate used in a section 382 limitation calculation after a company undergoes an ownership change may lower the amount of net operating losses the company can use...more

Strategic Considerations for Bridging the Bid-Ask Spread in Upstream M&A During Oil Price Volatility

Oil prices fell on Monday after producers failed to reach agreement on a production cap that would have contracted supply. West Texas Intermediate (WTI) dropped almost 7 percent in early trading, and, although it pared back...more

Oil price turbulence benefits the opportunistic

The prolonged turbulence in oil prices has brought cost reduction programmes, the shelving of projects, and insolvencies in the oil field services (OFS) and exploration and production (E&P) sectors — and has presented a once...more

Energy Sector Alert Series: Five Essentials for Managing Deal Risk

In this eight-week alert series, we are providing a broad look at current and emerging issues facing the energy sector. Attorneys from across the firm will discuss issues ranging from environmental disclosures and risk...more

Jawbone Successfully Leverages Patent Portfolio as Collateral in Fund Raising Efforts

Fitness device maker Jawbone was recently featured in a Re/code article announcing that the company had raised $165 million in new funding. The article mentioned another aspect of the Jawbone’s fundraising efforts; the...more

Bridging the Week - January 2016 #4

Kraft Foods Seeks to Appeal Trial Court Ruling on CFTC Manipulation Theories: Kraft Foods Group, Inc. and Mondelez Global LLC requested permission from the federal court hearing the enforcement action by the Commodity Futures...more

PECO Logistics, LLC v. Walnut Investment Partners, L.P., et al., C.A. No. 9978-CB (Del. Ch. Dec. 30, 2015) (Bouchard, C.)

In this opinion, the Court of Chancery resolved a dispute regarding a put right in an LLC agreement between PECO Logistics, LLC (“PECO”), a Delaware limited liability company, and two of its preferred equity holders, Walnut...more

Court Rejects Private Equity Group’s Claims on Put Price in LLC Agreement

The Delaware Court of Chancery recently explained the calculation of a put price for units in PECO Logistics, LLC v. Walnut Investment Partners, L.P. The LLC Agreement provided as following methodology for calculating...more

On Valuing Cherubs, Cuties, and Halos

Picking up where we left off yesterday discussing brand valuation, I’ve recently taken great interest in the branding of fresh fruits and vegetables — they seem to be the ultimate commodity, a perfectly ripe environment for...more

Who Decides What Your Brand’s Worth?

On this Cyber Monday, I’m left wondering, will we ever have a day when the metrics and automated tools available are so accurate and reliable that intangible assets like brands (and trademarks) regularly will be valued,...more

"SEC Announces Enforcement Results for Fiscal Year 2015"

The Securities and Exchange Commission (the “SEC”) recently announced its enforcement results for fiscal year 2015. The release touted high-impact and first-of their-kind actions, as well as an increase in the number and...more

Orrick's Financial Industry Week in Review

Federal Reserve, OCC, FCA, FHFA and FDIC Adopt Joint Final Rule on Swap Margin Requirements - On October 22, the Office of the Comptroller of the Currency (the "OCC"), the Federal Reserve Board (the "Board"), the Farm...more

Canadian Investment Fund Regulatory Review for Q3 - 2015

The Canadian investment fund industry has been the subject of various regulatory developments in the third quarter of 2015. This bulletin provides a summary of certain key takeaways that will be useful for investment fund and...more

SEC Enforcement Continues to Pursue Hedge Fund Advisers

The SEC continues to pursue enforcement actions against hedge fund managers for alleged self-dealing, undisclosed conflicts of interest, and valuation issues. As we’ve previously reported (here and here), the SEC has stepped...more

Fees: Increasing Requirements for Disclosure Continue

Outside money managers are facing increasing scrutiny about the value they provide, particularly since the 2008 financial crisis. In a previous publication from September 2014, we wrote that the US Securities and Exchange...more

SEC Issues Wells Notice to Pimco Over Fund Valuations

On Monday, August 3, 2015, Pacific Investment Management Co. LLC (Pimco) announced that it had received a Wells notice from the Securities and Exchange Commission concerning the valuation of certain nonagency mortgage-backed...more

Potential Limitations on Gift Tax Strategies Coming Soon

Valuation discounts have been a significant component of estate planning for many years. By contributing assets to a family entity and gifting or selling an interest in the entity to family members, you can effectively...more

New Regulations Expected this Fall May Limit Valuation Discounts in Certain Asset Transfers

For high-net worth individuals – particularly those whose assets include closely-held business interests or family investment entities – anticipated changes in the valuation of those assets for estate and gift tax purposes...more

A Compilation of Enforcement and Non-Enforcement Actions

Non-Enforcement - States are Accommodating Crowdfunding Offerings While the SEC Continues to Ponder Crowdfunding Rules - The SEC first proposed rules in October 2013 for the crowdfunding exemption which was included in...more

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