Valuation

News & Analysis as of

CFTC Extends No-Action Relief to Swap Dealers and Major Swap Participants from Compliance with Reporting Obligations

On June 15, CFTC Division of Market Oversight published a letter extending the time-limited relief provided by previously issued no-action letter 14-90, expiring on June 30, 2015, to June 30, 2016. The relief applies to the...more

Tips & Traps When Talking to Potential Investors

The fundraising process requires countless hours to develop and refine an investor pitch. While the majority of that time will be focused on how to find and raise money from the best investors on the best terms, it is...more

Appraisers’ Failure to Perform Assessment of Property’s Existence or Damage is Reversible Error

In Lee v. California Capital Insurance Co. (No. A136280; filed 6/18/15), a California Court of Appeal held that it was error for an appraisal panel to assign loss values to items simply because they were listed in the...more

Calculating Title Insurance Claims: Reduction in Value vs. Insured Claim

After a mortgagor filed bankruptcy, a lender brought claims under a ship mortgage insurance title policy. [See, First Am. Bank v. First Am. Transp. Title Ins. Co., 759 F.3d 427 (5th Cir. 2014).] The lender appealed the...more

Settlement with Large Firm Audit Partner Reaffirms SEC’s Emphasis on Related Party Disclosures

The SEC’s Division of Enforcement has made a concerted effort in recent months to warn auditors and other corporate “gatekeepers” that it intends to scrutinize the adequacy of related party disclosures in financial filings. ...more

SEC Answers Money Market Reform Questions

The SEC responded on April 22, 2015, to industry questions regarding its 2014 money market reform rules (Rules) through a frequently asked questions (FAQ) format. The 15-page release answers 53 questions on various topics. ...more

Capital Raising? 2014 Observable Trends for Seed and Early Stage Financings – AlleyWatch Reviewed Approximately 200 Capital...

As counsel to scores of companies in capital raising mode at any point in time, my colleagues and I regularly are asked questions by entrepreneurs regarding the valuations and other terms they should expect to receive from...more

Private Company Valuations are Not Comparable to Public Company Valuations

There has been a great deal written about the growing number of venture backed companies with billion-dollar valuations. While valuations are clearly high discussions about venture valuations can be misleading, because the...more

EU Customs Practice Group

In This Issue: - EU CUSTOMS POLICY: ..Commission Report on Customs 2013 programme - TARIFFS: ..Duty suspension and tariff quotas ..EU duty suspension for certain heavy oils ..FTA update -...more

February 2015: International Arbitration Update

Accounting for “Country-Risk” in Assessing Damages in Investor-State Arbitration: Gold Reserve Inc. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB(AF)/09/01, Award (Sept. 22, 2014). The careful treatment of the...more

Delaware Courts’ Recent Decisions on Appraisal May Discourage Opportunistic Appraisal Arbitrageurs

In determining fair value, Delaware Court of Chancery and Delaware Supreme Court take cues from deal price. On February 12, 2015, the Delaware Supreme Court affirmed the Court of Chancery’s ruling in Huff Fund Investment...more

Orrick Technology IPO Insights - Q4 2014

Welcome to the Q4 2014 issue of Orrick Technology IPO Insights, a quarterly publication highlighting trends in U.S. information technology company IPOs. We isolate technology companies in order to analyze and present...more

How Low Can You Go? Here’s A Clue: RPTL 720(1)

As The Desmond Hotel & Conference Center was gearing up for it’s New Year’s Eve celebration, on December 31, 2014, the Appellate Division (Third Department) handed down a decision in Village Square of Penna, Inc. v Board of...more

Seeking fair value: BVI Court provides guidance for appraisers valuing shares

This week the BVI Court issued important guidance to accountancy professionals, BVI companies and their shareholders as to how shares should be valued following a squeeze-out, merger or dissent from other restructuring...more

Valuing Rail Corridors

In the aftermath of last year’s Rails-to-Trails Decision, Marvin M. Brandt Revocable Trust v. United States, 572 U.S. ___ (2014), the valuation of rail corridors may become increasingly necessary.  Typically there are three...more

SEC Approves Amendments to NASD Rule 2340 and FINRA Rule 2310 to Address Values of Direct Participation Program and Unlisted Real...

The Financial Industry Regulatory Authority has issued Regulatory Notice 15-02 regarding the Securities and Exchange Commission’s approved amendments to National Association of Securities Dealers (NASD) Rule 2340 (and...more

Prokupek v. Consumer Capital Partners LLC, C.A. No. 9918-VCN (Del. Ch. Dec. 30, 2014)

In this letter opinion, the Court of Chancery dismissed the plaintiff’s complaint seeking inspection of certain financial documents of the defendant, a Delaware limited liability company (the “Company”), in connection with a...more

The valuation process for LIHTC projects in financial distress – Part I

Note: This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects. In a previous post, we wrote about the...more

Monster Bites Back, Accuses Beats of Monstrous Scam

It’s a monster movie cliché – near the end, when the monster is “dead,” the dust is settling and the heroes are patting each other on the back, the monster rises from the dead and goes on one more rampage before it expires....more

Bank, CFO Settle Accounting Charges with SEC

The SEC filed settled accounting actions with a financial institution and its CFO, keyed to a restatement. The accounting issue focused on deferred tax assets and the failure to have the related reserve. In the Matter of...more

New Valuation Guidance: A Reminder of Directors’ Responsibilities

In the December 2014 issue of Fund Directions, Investment Management partner Jay Baris discusses in the “Learning Curve” column challenges faced by mutual fund directors as they struggle to comply with new valuation guidance...more

MD Insurance Commissioner Holds Hearing on Draft Proposed Changes to COMAR 31.15.12 – Valuation of Motor Vehicles

On Friday November 21, 2014, the Maryland Insurance Commissioner held a hearing to gather information from the industry on the draft proposed changes to COMAR 31.15.12 – Valuation of Motor Vehicles. The draft proposed...more

Wealth Management Update - November 2014

November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The November Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

Future Equity Financings in Early Stage Company Valuations

The Fair Value Forum offers up a topic for discussion surrounding the issue of how to best reflect the impact of future rounds of equity financings in the valuation of an equity interest in an early stage technology or...more

Total Loss Valuations: Class Certified By Louisiana Federal Court

Insurers or their vendors generally use software to perform valuations of vehicles for total losses on auto insurance claims. This software will typically use databases of recent sales or prices offered for comparable...more

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