An essential guide to business valuation and bankruptcy Business Valuation and Bankruptcy helps you-whether you are an accountant dealing with a troubled company, a lender, an investor, a bankruptcy and restructuring lawyer/financial advisor, or a private equity player-to focus on solving everyday and case determinative disputes when creditors, lenders, and debtors have differing views of value. Introducing valuation issues early on in the restructuring/bankruptcy process so you can plan accordingly, this book offers * Many real life case examples, case descriptions, and tables to demonstrate…mehr
An essential guide to business valuation and bankruptcy Business Valuation and Bankruptcy helps you-whether you are an accountant dealing with a troubled company, a lender, an investor, a bankruptcy and restructuring lawyer/financial advisor, or a private equity player-to focus on solving everyday and case determinative disputes when creditors, lenders, and debtors have differing views of value. Introducing valuation issues early on in the restructuring/bankruptcy process so you can plan accordingly, this book offers * Many real life case examples, case descriptions, and tables to demonstrate the applicable sections of the Bankruptcy Laws * A review of the methods, applications, pros and cons of restructuring with the basic tools to understanding it * A description of the life cycle of a troubled company and the various stages of a restructuring * An analysis of the valuation issues that confront practitioners in the real world of application of the law Business Valuation and Bankruptcy is written in terms that are common to bankruptcy professionals and is essential, timely reading for players in the bankruptcy and restructuring environment.Hinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
IAN RATNER, CPA, ABV, ASA, CFE, of GlassRatner Advisory & Capital Group LLC, is a nationally recognized financial advisor, focused in the area of forensic accounting, litigation support, business valuation, and bankruptcy consulting. He has a proven track record as an expert advisor and has led high-profile and complex assignments including failed transactions, SEC investigations, financial reporting frauds, large corporate bankruptcies, and countless commercial litigation matters. In many of these cases, he is asked to decipher contradictory valuation opinions and testimony by getting behind the numbers relied on by others. Ian has testified as an expert on dozens of occasions in state and federal courts in various jurisdictions around the country. GRANT T. STEIN is partner in the law firm of Alston & Bird LLP in the Bankruptcy, Reorganization and Workouts Group. He is a Fellow of the American College of Bankruptcy, Chair and past president of the Southeastern Bankruptcy Law Institute, and is identified as a top practitioner in Chambers USA: America's Leading Lawyers for Business, The Best Lawyers in America, and Super Lawyers magazine. During his more than twenty-five years of practice, he has amassed extensive bankruptcy and litigation experience dealing with valuation questions. JOHN C. WEITNAUER is a partner with the law firm of Alston & Bird LLP in the Bankruptcy, Reorganization and Workouts Group. In 2006, he was co-trial counsel for plaintiffs in a jury trial that involved many business valuation issues, and obtained a verdict stating that over $965,000,000 in transfers were made with the actual intent to defraud the plaintiffs, with $350,000,000 in punitive damages. He has been included in The Best Lawyers in America reference books since 1995. He is profiled in Chambers USA: America's Leading Lawyers for Business. He is a Contributing Editor of two bankruptcy treatises, Norton Bankruptcy Law and Practice and the Bankruptcy Litigation Manual.
Inhaltsangabe
Preface ix Chapter 1 Introduction 1 The Troubled Company Continuum 1 Operational and Financial Disstress 3 The Troubled Company Response 3 Valuation in Reorganization or Bankruptcy 5 Conclusion 6 Chapter 2 Industry Practitioners and Standards 7 Professional Organizations and Business Valuation Standards 7 Business Valuation Practitioners and Certifications 14 Conclusion 19 Notes 19 Chapter 3 The Basics of Business Valuation 21 The Purpose of the Valuation 21 Standard of Value 22 Premise of Value-Going Concern or Liquidation 23 Valuation Approaches 25 Fundamentals 29 Conclusion 38 Notes 38 Chapter 4 Income Approach 39 Discounted Cash Flow Method 41 Capitalized Cash Flow Method 57 Conclusion 58 Note 59 Chapter 5 Market Approach 61 Guideline Company Method 61 Comparable Transaction Method 73 Conclusion 81 Chapter 6 United States Bankruptcy Code 83 Introduction to the Structure of the Bankruptcy Code 83 Commencement of a Bankruptcy Case and Filing of Schedules 84 Chapter 7 of the Bankruptcy Code 85 Chapter 11 of the Bankruptcy Code 85 Avoiding Powers under the Bankruptcy Code-Preferences 94 Avoiding Powers under the Bankruptcy Code-Fraudulent Transfers 95 Valuation Principles from the Bankruptcy Courts 95 Conclusion 96 Notes 96 Chapter 7 Valuations in Bankruptcy as of the Date of the Hearing 97 Introduction 97 Relief from the Automatic Stay and Adequate Protection 98 § 363 Sales 100 Use of Cash Collateral 105 Disclosure Statement 105 Plan Confirmation-Feasibility 105 Plan Confirmation-Best-Interests-of-Creditors Test 106 Plan Confirmation-Cram Down 106 Conclusion 111 Notes 111 Chapter 8 Valuations in Bankruptcy at a Time in the Past-Avoidance Actions 121 Overview 121 Avoidance Actions-Preferences 121 Avoidance Actions-Fraudulent Transfers 123 The Applicable Legal Tests for Insolvency 128 Insolvency Test: Valuation of Debts 129 Insolvency Test: The Valuation of Assets 132 Proof of Insolvency by Retrojection 135 The Insolvency Test: Comparing Assets and Debts 135 Is the Public Market's Assessment in the Past Conclusive Proof of Solvency, Even If the Company Later Fails? 135 Use of Hindsight in the Valuation Process 136 Conclusion 143 Notes 143 Chapter 9 Solvency Opinions 149 Introduction 149 Who Uses Solvency Opinions? 149 Solvency Opinion Preparation 151 Solvency Metrics 153 Case Studies 155 Conclusion 157 Notes 157 Chapter 10 Daubert 159 Challenges to Experts or Their Testimony 159 Lack of Relevance 171 Practical Lessons from Daubert Cases for Experts and Lawyers 171 Conclusion 173 Notes 173 Appendix AICPA Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset 179 Index 255
Preface ix Chapter 1 Introduction 1 The Troubled Company Continuum 1 Operational and Financial Disstress 3 The Troubled Company Response 3 Valuation in Reorganization or Bankruptcy 5 Conclusion 6 Chapter 2 Industry Practitioners and Standards 7 Professional Organizations and Business Valuation Standards 7 Business Valuation Practitioners and Certifications 14 Conclusion 19 Notes 19 Chapter 3 The Basics of Business Valuation 21 The Purpose of the Valuation 21 Standard of Value 22 Premise of Value-Going Concern or Liquidation 23 Valuation Approaches 25 Fundamentals 29 Conclusion 38 Notes 38 Chapter 4 Income Approach 39 Discounted Cash Flow Method 41 Capitalized Cash Flow Method 57 Conclusion 58 Note 59 Chapter 5 Market Approach 61 Guideline Company Method 61 Comparable Transaction Method 73 Conclusion 81 Chapter 6 United States Bankruptcy Code 83 Introduction to the Structure of the Bankruptcy Code 83 Commencement of a Bankruptcy Case and Filing of Schedules 84 Chapter 7 of the Bankruptcy Code 85 Chapter 11 of the Bankruptcy Code 85 Avoiding Powers under the Bankruptcy Code-Preferences 94 Avoiding Powers under the Bankruptcy Code-Fraudulent Transfers 95 Valuation Principles from the Bankruptcy Courts 95 Conclusion 96 Notes 96 Chapter 7 Valuations in Bankruptcy as of the Date of the Hearing 97 Introduction 97 Relief from the Automatic Stay and Adequate Protection 98 § 363 Sales 100 Use of Cash Collateral 105 Disclosure Statement 105 Plan Confirmation-Feasibility 105 Plan Confirmation-Best-Interests-of-Creditors Test 106 Plan Confirmation-Cram Down 106 Conclusion 111 Notes 111 Chapter 8 Valuations in Bankruptcy at a Time in the Past-Avoidance Actions 121 Overview 121 Avoidance Actions-Preferences 121 Avoidance Actions-Fraudulent Transfers 123 The Applicable Legal Tests for Insolvency 128 Insolvency Test: Valuation of Debts 129 Insolvency Test: The Valuation of Assets 132 Proof of Insolvency by Retrojection 135 The Insolvency Test: Comparing Assets and Debts 135 Is the Public Market's Assessment in the Past Conclusive Proof of Solvency, Even If the Company Later Fails? 135 Use of Hindsight in the Valuation Process 136 Conclusion 143 Notes 143 Chapter 9 Solvency Opinions 149 Introduction 149 Who Uses Solvency Opinions? 149 Solvency Opinion Preparation 151 Solvency Metrics 153 Case Studies 155 Conclusion 157 Notes 157 Chapter 10 Daubert 159 Challenges to Experts or Their Testimony 159 Lack of Relevance 171 Practical Lessons from Daubert Cases for Experts and Lawyers 171 Conclusion 173 Notes 173 Appendix AICPA Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset 179 Index 255
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