Business Valuation and Bankruptcy (Wiley Finance Series) »

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.

The bankruptcy process is not always well understood from a practical level by those making business decisions and evaluating strategic alternatives. 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 understand case-determinative issues when creditors, lenders, and debtors have differing views of value. It lets you understand the context of the issues and get far below the surface of the analysis you will be making.

Introducing valuation issues early on in the restructuring/bankruptcy process so you can plan accordingly, this book offers:

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

Written by practitioners who have practical experience in the courtroom as experts and lawyers, as well as at the negotiating table, Business Valuation and Bankruptcy is packed with many real-life examples to demonstrate the applicable sections of the bankruptcy laws.

Ch. 1 Introduction 1

Ch. 2 Industry Practitioner's and Standards 7

Ch. 3 The Basics of Business Valuation 21

Ch. 4 Income Approach 39

Ch. 5 Market Approach 81

Ch. 6 United States Bankruptcy Code 83

Ch. 7 Valuations In Bankruptcy as of the Date of the Hearing 97

Ch. 8 Valuations ln Bankruptcy at a Time In the Past - Avoidance Actions 121

Ch. 9 Solvency Opinions 149

Ch. 10 Daubert 159

Appendix: AICPA Statement on Standards for Valuation Services No.1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset 179

Index 255