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Appraisal Economics
The subject of “discounts” is the most contentious issue in business valuation and property valuation today. In marital property division, the relative high or low values of the individual properties balance against each other as the parties settle (and squabble over) the allocation of assets. For example, it is common to see the husband (assumed to be the in-spouse, or business owner) argue for a “low” value for the business, whereas the wife (assumed to be the out-spouse, who will not take the business asset) would argue for a “high” business value. Discounts from a total property value (or, a proportionate ownership per share value) seemingly lower value in an arbitrary manner, usually spurring a nasty and expensive fight with dueling appraisers.
Application of a “Blockage Discount” is a valuation procedure grounded in simple supply and demand economics. It is being used with increasing frequency to value various types of property. Matrimonial attorneys need to know what this special kind of discount really means, how to ask for one when the facts and circumstances demand it, and how to attack an unsophisticated appraiser who carelessly employs or ignores it.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.