From the very first days of elementary school, teachers have been imploring students to show and explain their work. Such good advice continues to be relevant in the world of valuation as the matter of MSKP Oak Grove, LLC v. Carol Venuto, et al. clearly highlights. more...
In the previous issue of Case In Point (published May 4, 2016), the featured case, Sumner Redstone v. Commissioner of Internal Revenue (“Redstone Decision”) focused on the tax court’s decision to deny the petitioner’s valuation of the closely held shares at issue based on a transaction nearly 12 years after the valuation date. more...
In this video from our Spotlight On series, Managing Director Bruce Dubinsky discusses common mistakes attorneys make in selecting expert witnesses. more...
In this video from our Spotlight On series, Managing Director Chris Bakewell discusses topical issues related to intellectual property disputes including the importance of having an advisor with real world experience. more...
On May 31, 2016, Vice Chancellor Laster issued an opinion in the Dell appraisal matter, concluding that the fair value of Dell’s common stock on the closing date of its going-private transaction was $17.62 per share, over 28% higher than the merger price of $13.75 per share. more...
The Delaware Court of Chancery issues a number of significant opinions and decisions and has become an authoritative voice on valuation-related matters. The high volume of business cases results in the Court issuing numerous opinions, many of which address business and security valuation and economic damages. more...
Duff & Phelps' Panama Papers Task Force members Polly Greenberg and Daniel Wager co-authored this white paper, "The Panama Papers," in conjunction with the webcast that was held on Tuesday May 3rd. more...
It is said that the famous Greek tragedy playwright Sophocles once proclaimed: “the long unmeasured pulse of time changes everything.” When it comes to valuing the shares of closely held companies, the passage of time can indeed change everything. more...
Recently, multiple data breaches were reported at a number of U.S. law firms. These incidents highlight a real and growing concern for data security at law firms. Significant threats are posed not only from external hacker intrusions but also from internal sources. more...
Much has been written about the dispute in Momentive over how to determine cramdown interest rates, but two key issues appear to get lost in the shuffle. Michael Vitti discusses the difference between market and cramdown interest rates with regard to the Momentive bankruptcy. more...
“Roaches check in, but they don’t check out” is an apt analogy for many equity investments in financially distressed companies. These owners typically cannot take distributions due to restrictions in credit agreements. Cash that was previously ‘checked in’ to the business cannot be ‘checked out.’ more...
Lawsuits can have a long tenure in the court system, starting with the complaint and ending with a final decision. In the case of Wisniewski v. Walsh in New Jersey, that time period was nearly twenty years.1 While many issues in the matter were affirmed relatively quickly, one lingering issue remained on appeal: the discount for lack of marketability. more...
Directors are under ever closer scrutiny. Duff & Phelps and The Institute of Directors have partnered to produce a practical guide for directors on their fundamental duties. The pocket guide, which all IoD members will have received in March, serves as a good introduction to how directors can navigate the pressures of responsibility.more...
Taking a Deeper Look into Momentive - Michael Vitti Published on Harvard Law School's Bankruptcy Roundtable
Much has been written about Momentive. Nevertheless, some relevant questions are not often addressed, if at all. I recently attempted to answer some of these questions in a recently published article: more...
Many bankruptcy practitioners have focused on the recent decisions in Momentive that forced secured creditors to refinance prepetition loans at below market interest rates. Most of these practitioners’ publications focus on the courts’ findings and the potential implication on future matters. more...
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