Spring 2005

• IPOs do not generally create liquidity opportunity — DLOM still valid for controlling interests
• Buy-sell agreement’s terms dismissed, effect discounted
• Unopposed but incomplete evidence of value is not enough to support verdict
• Inadequate valuation report disregarded
• Lack of reliable valuation ends in forfeit of issue
• Enterprise goodwill, personal goodwill distinguished

Summer 2005

• Going concern premise is the way to value interest of wrongfully departing minority partner where business continues to term
• Nebraska Supreme Court allows goodwill as an asset in a professional corporation
• Chancery court charts own course in appraisal action
• Court rejects DCF and uses comparable public company method
• Court finds fraudulently operated companies difficult to value

Fall 2005

• Management overlay must be factored into valuation of an affiliated entity
• Analysis leads chancery court to seek its own valuation
• Transfers of stock to business trusts not included in descendent’s gross estate
• Husband’s earlier sale valuation damages his later divorce valuation