Are you a Thornhill person?


The ongoing Thornhill case in Colorado has raised the interesting issue of a 33% marketability discount applied a majority share (“I’m getting calls from lawyers asking if I’m a Thornhill guy," meaning that that they think I’ll give discounts to any majority position, jokes Ron Seigneur, speaking at today’s lunch panel at BVR’s Advanced Divorce Valuation event.) Seigneur plans to keep BVWire readers current on this case since it seems to challenge a lot of current practice. “Even though this is a case from the western slope of Colorado, my sense is that there will be spillover into other state laws. While there are precedents in Colorado, going as far as the Supreme Court, that suggest that shares of professional practices can be discounted to value to the holder, this is the first time this model has been affirmed for a typical operating company.

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