Business Valuation and Bankruptcy (Wiley Finance Series) / Edition 1

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Overview

The bankruptcy process is not always well understood from apractical level by those making business decisions and evaluatingstrategic alternatives. Business Valuation and Bankruptcyhelps you—whether you are an accountant dealing with atroubled company, a lender, an investor, a bankruptcy andrestructuring lawyer, financial advisor, or a private equityplayer—to understand case-determinative issues whencreditors, lenders, and debtors have differing views of value. Itlets you understand the context of the issues and get far below thesurface of the analysis you will be making.

Introducing valuation issues early on in therestructuring/bankruptcy process so you can plan accordingly, thisbook offers:

  • A description of the life cycle of a troubled company and thevarious stages of a restructuring
  • An analysis of the valuation issues that confront practitionersin the real-world application of the law
  • Coverage of the key principals in practice
  • An in-depth look at the legal environment in which both thevaluation testimony is received and how the testimony is measuredto determine its admissibility

Written by practitioners who have practical experience in thecourtroom as experts and lawyers, as well as at the negotiatingtable, Business Valuation and Bankruptcy is packed with manyreal-life examples to demonstrate the applicable sections of thebankruptcy laws.

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Product Details

  • ISBN-13: 9780470462386
  • Publisher: Wiley
  • Publication date: 11/23/2009
  • Series: Wiley Finance Series , #521
  • Edition number: 1
  • Pages: 262
  • Sales rank: 1,082,618
  • Product dimensions: 6.30 (w) x 9.00 (h) x 1.20 (d)

Meet the Author

Ian Ratner, CPA, ABV, ASA, CFE, of GlassRatner Advisory& Capital Group LLC, is a nationally recognized financialadvisor, focused in the area of forensic accounting, litigationsupport, business valuation, and bankruptcy consulting. He has aproven track record as an expert advisor and has led high-profileand complex assignments including failed transactions, SECinvestigations, financial reporting frauds, large corporatebankruptcies, and countless commercial litigation matters. In manyof these cases, he is asked to decipher contradictory valuationopinions and testimony by getting behind the numbers relied on byothers. Ian has testified as an expert on dozens of occasions instate and federal courts in various jurisdictions around thecountry.

Grant T. Stein is partner in the law firm of Alston &Bird LLP in the Bankruptcy, Reorganization and Workouts Group. Heis a Fellow of the American College of Bankruptcy, Chair and pastpresident of the Southeastern Bankruptcy Law Institute, and isidentified as a top practitioner in Chambers USA: America's LeadingLawyers for Business, The Best Lawyers in America, and SuperLawyers magazine. During his more than twenty-five years ofpractice, he has amassed extensive bankruptcy and litigationexperience dealing with valuation questions.

John C. Weitnauer is a partner with the law firm ofAlston & Bird LLP in the Bankruptcy, Reorganization andWorkouts Group. In 2006, he was co-trial counsel for plaintiffs ina jury trial that involved many business valuation issues, andobtained a verdict stating that over $965,000,000 in transfers weremade with the actual intent to defraud the plaintiffs, with$350,000,000 in punitive damages. He has been included in TheBest Lawyers in America reference books since 1995. He is profiledin Chambers USA: America's Leading Lawyers for Business. He isa Contributing Editor of two bankruptcy treatises, NortonBankruptcy Law and Practice and the Bankruptcy LitigationManual.

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Table of Contents

Preface.

Chapter 1 Introduction.

The Troubled Company Continuum.

Operational and Financial Disstress.

The Troubled Company Response.

Valuation in Reorganization or Bankruptcy.

Conclusion.

Chapter 2 Industry Practitioners and Standards.

Professional Organizations and Business Valuation Standards.

Business Valuation Practitioners and Certifications.

Conclusion.

Notes.

Chapter 3 The Basics of Business Valuation.

The Purpose of the Valuation.

Standard of Value.

Premise of Value - Going Concern or Liquidation.

Valuation Approaches.

Fundamentals.

Conclusion.

Notes.

Chapter 4 Income Approach.

Discounted Cash Flow Method.

Capitalized Cash Flow Method.

Conclusion.

Notes.

Chapter 5 Market Approach.

Guideline Company Method.

Comparable Transaction Method.

Conclusion.

Chapter 6 United States Bankruptcy Code.

Introduction to the Structure of the Bankruptcy Code.

Commencement of a Bankruptcy Case and Filing of Schedules.

Chapter 7 of the Bankruptcy Code.

Chapter 11 of the Bankruptcy Code.

Avoiding Powers under the Bankruptcy Code –Preferences.

Avoiding Powers under the Bankruptcy Code - FraudulentTransfers.

Valuation Principles from the Bankruptcy Courts.

Conclusion.

Notes.

Chapter 7 Valuations in Bankruptcy as of the Date of theHearing.

Introduction.

Relief from the Automatic Stay and Adequate Protection.

§ 363 Sales.

Use of Cash Collateral.

Disclosure Statement.

Plan Confirmation – Feasibility.

Plan Confirmation – Best Interests of Creditors Test.

Plan Confirmation – Cram Down.

Conclusion.

Notes.

Chapter 8 Valuations in Bankruptcy at a Time in the Past -Avoidance Actions.

Overview.

Avoidance Actions – Preferences.

Avoidance Actions - Fraudulent Transfers.

The Applicable Legal Tests for Insolvency.

Insolvency Test: The Valuation of Debts.

The Insolvency Test: Valuation of Assets.

Proof of Insolvency by Retrojection.

The Insolvency Test: Comparing Assets and Debts.

Is the Public Market's Assessment in the Past Conclusive Proofof Solvency, Even If the Company Later Fails?

Use of Hindsight in the Valuation Process.

Conclusion. 

Notes.

Chapter 9 Solvency Opinions.

Introduction.

Who uses Solvency Opinions?

Solvency Opinion Preparation.

Solvency Metrics.

Case Studies.

Conclusion.

Notes.

Chapter 10 Daubert.

Challenges to Experts or Their Testimony.

Lack of Relevance.

Practical Lessons from Daubert Cases for Experts andLawyers.

Conclusion.

Notes.

Appendix.

AICPA Statement on Standards for Valuation Services No. 1,Valuation of a Business, Business Ownership Interest, Security, orIntangible Asset.

Index.

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