New cases added to Business Valuation Law
These new cases and others are being added to the Business Valuation Law database this week:
Wilson v. Wilson, 2010 WL 4723461 (W. Va.)(Sept. 21, 2010) West Virginia Supreme Court finds that construction management fees, conditioned on completion of a project, are analogous to attorney contingency fee contracts and subject to same rules of equitable division.
Experts: Kenneth Apple (wife)
Judge: Workman
State/Jurisdiction: West Virginia
Court: Supreme Court
Type of case: marital dissolution
SV Investment Partners v. Thoughtworks, Inc., 2010 WL 4547204 (Del. Ch.)(Sept. 8, 2010) Delaware Chancery finds that “funds legally available” for corporate stock redemption requires more than calculating a balance sheet surplus valuation.
Experts: Laura Stamm
Judge: Laster
State/Jurisdiction: Delaware
Court: Chancery Court
Type of case: securities
In re Citigroup, Inc. Securities Litigation, 2010 WL 4484650 (S.D.N.Y.)(Nov. 9, 2010) Court denies motion to dismiss subprime asset litigation, based on plaintiff’s allegations that Citigroup overvalued its collateral debt obligations and understated its risk.
Experts: [unnamed]
Judge: Stein
State/Jurisdiction: federal/New York
Court: U.S. District Court, New York
Type of case: securities
In re Capmark Financial Group, 2010 WL 4313046 (Bkrtcy. D. Del.)(Nov. 1, 2010) Bankruptcy court confirms reorganization plan based in large part of “put option” approach to valuing corporate insider guaranties.
Experts: Dr. Timothy Luerhman and Edwin Litolff (debtors); Bradley Geer (creditors committee)
Judge: Sontchi
State/Jurisdiction: federal/Delaware
Court: bankruptcy
Type of case: bankruptcy
Balicki v. Balicki, 2010 PA. Super. 134 (July 30, 2010)
Pennsylvania statute requires family courts to consider tax and other cost ramifications associated with each asset to be divided in divorce.
Experts: [unnamed]
Judge: Allen
State/Jurisdiction: Pennsylvania
Court: court of appeals
Type of case: marital dissolution
Ho Myung Moolsan, Co. Ltd. v. Manitou Mineral Water, Inc., 2010 WL 4892646 (S.D.N.Y.)(Dec. 2, 2010) Court strikes expert’s $133 million lost profits damages for lack of any documentary evidence regarding actual sales made by the plaintiff.
Experts: Don Smith (plaintiff)
Judge: Holwell
State/Jurisdiction: federal/ New York
Court: U.S. District Court
Type of case: contract
In re Boston Generating, 2010 WL 4922578 (Bkrtcy. S.D.N.Y.)(Dec. 3, 2010)
Court authorizes $1.1 billion asset sale of the debtors, despite DCF by lenders’ expert that shows $13.8 billion value.
Experts: Judah Rose (lenders)
Judge: Chapman
State/Jurisdiction: federal/ New York
Court: bankruptcy
Type of case: bankruptcy
In re Marriage of Hagar, 2010 WL 4807559 (Iowa App.)(Nov. 24, 2010)
Court declines to accept “calculation of value” by CPA expert in divorce, because it relied on industry rules of thumb and lacked required level of judgment compared to complete valuation.
Experts: Ron Helle (husband)
Judge: Eisenhauer
State/Jurisdiction: Iowa
Court: Court of Appeals
Type of case: marital dissolution
Graves v. Tomlinson, 2010 WL 4825624 (Tex. App.-Hous.(14 Dist.))(Nov. 30, 2010) Husband presents two experts to value wife’s three health care businesses, a forensic accountant to normalize the records and a business valuation expert to assess value under all three approaches.
Experts: Bill Stewart (wife); Gregory Schuelke and David Palmer (husband)
Judge: Boyce
State/Jurisdiction: Texas
Court: Court of Appeals
Type of case: marital dissolution