Thu.Aug 03, 2023

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Why Do Investors Vote Against Corporate Directors?

Harvard Corporate Governance

Posted by Reena Aggarwal, Sandeep Dahiya, and Umit Yilmaz (Georgetown University) , on Thursday, August 3, 2023 Editor's Note: Reena Aggarwal is the Robert E. McDonough Professor of Finance and Director, Georgetown Center for Financial Markets and Policy, Sandeep Dahiya is the Akkaway Professor of Entrepreneurship, and Umit Yilmaz is a Postdoctoral Fellow at Georgetown University.This post is based on their recent paper.

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Accounting firm specialization: Unleashing the power of focused expertise

ThomsonReuters

In the rapidly evolving landscape of the tax and accounting industry, specialization has emerged as a solid differentiator, providing firms with a distinct competitive edge. As clients’ needs become more diverse and complex, offering cookie-cutter services is no longer sufficient. Instead, firms are embracing specialization to tailor their expertise and solutions to match the unique requirements of their target clients. 1.

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Shareholder Proposal Developments During the 2023 Proxy Season

Harvard Corporate Governance

Posted by Ronald O. Mueller, Elizabeth A. Ising and Thomas J. Kim, Gibson, Dunn & Crutcher LLP, on Thursday, August 3, 2023 Editor's Note: Ronald O. Mueller , Elizabeth A. Ising and Thomas J. Kim are Partners at Gibson, Dunn & Crutcher LLP. This post is based on a Gibson Dunn memorandum by Mr. Mueller, Ms. Ising, Mr. KIm, Lori Zyskowski, Julia Lapitskaya and Geoffrey Walter.

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$40M Cannabis Redevelopment Site In Pontiac Michigan Ends In Massive Federal Lawsuit

Benzinga

A huge cannabis development site is up for sale as Pontiac and the property's developer battle it out in federal court. The bitter litigation marks the likely end to a $40 million development plan that sought to turn an abandoned Kmart into a site for cannabis and other retail businesses. In addition to the legal kerfuffle, allegations of bribery by the city's current administration against previous officials, including a former mayor have seeped out.

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How to Leverage Intent Data for Better Outcomes

Speaker: Susan Spencer, Principal of Spencer Communications

Intent signal data can go a long way toward shortening sales cycles and closing more deals. The challenge is deciding which is the best type of intent data to help your company meet its sales and marketing goals. In this webinar, Susan Spencer, fractional CMO and principal of Spencer Communications, will unpack the differences between contact-level and company-level intent signals.

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How advancements in technology can impact your firm’s profitability

ThomsonReuters

These questions can be related to changes in regulatory and compliance standards , ESG , and general business advice. As a result of the explosion of new tools and software available, accounting firms have a significant opportunity to improve their reputational status through enhanced advisory service offerings. The industry is already seeing a trend toward client service expanding beyond the scope of tax reporting to stakeholder reporting, tax optimization advice, and business performance analy

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What's Going On With Walt Disney Stock Thursday?

Benzinga

Walt Disney Co (NYSE: DIS ) is trading lower Thursday amid reports of CEO Bob Iger roping in former executives Kevin Mayer and Tom Staggs to figure out ESPN as its dismal revenue weighs on the company. Iger's trusted Mayer and Staggs, co-CEOs of Candle Media, are working with ESPN President Jimmy Pitaro on the strategic options for ESPN and, to a lesser degree, Disney's other linear cable networks, CNBC reports.

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Role of a CFO in a Startup

Redpath

If growth is the goal of your startup, engaging an expert in finance early on is critical. By bringing a fractional CFO on board from the beginning, you provide them with a clean slate to implement effective financial processes which will become prudent when time for reporting and analysis. This not only prevents the need for later intervention by a financial management expert to modify or correct inadequate or improper accounting practices, but it also significantly increases your chances of lo

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Colorado Antitrust Reform Carries Broad State Impact

National Law Review M&A

During its 2023 legislative session, the Colorado General Assembly repealed the state's prior antitrust law — the Colorado Antitrust Act of 1992 — and passed the Colorado State Antitru

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The CPA’s Role In Selling A Business

A Neumann & Associates

Your Certified Public Accountant (CPA) can play an important role in the specialized team assembled to sell your business. An effective team also includes a qualified M&A Advisor, Certified Business Valuation Firm, Transaction Attorney and Lender. While the specific responsibilities of your CPA may vary depending on your unique circumstances and the scope of engagement, these contributions are required during the business sale process: 1.

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NFL star Tom Brady takes stake in Birmingham City football club

Financial Times M&A

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

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Statement of Cash Flows vs. Cash Flow Statement

Speaker: Wayne Spivak - President and Chief Financial Officer of SBA * Consulting LTD, Industry Writer, and Public Speaker

The old adages that "cash is king" and "you can’t spend profits" still hold true today. But however well-known these sayings might be, it requires a change in mindset to properly implement a cash flow management system that predicts your business's runaway as accurately as possible. Key to this new mindset is understanding the difference between the Statement of Cash Flows, a historical look at the source and uses of cash, and the Cash Flow Statement, which uses transaction history and forward-l

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Behind the scenes of Mississippi’s school turnaround with Carey Wright

Mckinsey and Company

Mississippi’s former state superintendent of education shares how she achieved significant gains in student outcomes and discusses her hopes for the future of Mississippi schools.

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Chinese deal activity in US slumps to lowest level in 17 years

Financial Times M&A

Geopolitical tensions and national security issues curb enthusiasm for merger and acquisition investments

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NYTimes 'Sandbagged' LIV And PGA In Doc Fight, Judge Says

Law 360 M&A

A California federal judge chastised an attorney for the New York Times on Thursday, saying the media organization "sandbagged" LIV Golf and the PGA Tour by making late arguments about unsealing documents in the golf giants' legal clash.

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KKR in talks to buy publisher Simon & Schuster for more than $1.6bn

Financial Times M&A

Paramount has been shopping the company since regulators blocked proposed deal with Penguin Random House

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Mastering Intent Data: Understanding its Importance & Best Practices

Speaker: Joe Apfelbaum, CEO of Ajax Union

In this webinar, Joe Apfelbaum, CEO of Ajax Union and business strategist, will take you through the ABCs of intent data. You'll learn how to effectively use it to drive business results, with practical tips on how to leverage both company and contact intent data to maximize your marketing efforts. Whether you're a seasoned marketer or just getting started, this webinar is a must-attend for anyone looking to stay ahead in the ever-evolving world of digital marketing.

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Comment on PAREA Program & Its Negative Impact on Diversity by Dave Towne

Appraisers Blog

From what I’ve heard, PAREA is presently being ‘tested’ in only one state in the US, which decided to support the PAREA program 100%. Was any mention made of which state that is?

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GAM urges shareholders to accept Liontrust takeover as outflows rise

Financial Times M&A

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

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IT Risk Assessments: A Process Your CIO or CISO Will Thank You For

Audit Board

This article originally appeared on the ISACA Blog. Information technology (IT) risk assessments focus attention on critical information assets, highlight connections between cyber threats and risks, and map key controls to known threats. Assessing IT risk also demonstrates compliance with regulations and adherence to frameworks. Finally, IT risk assessments provide leaders with a basis for decision-making, including prioritizing security investments.

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Adani’s Ambuja Cements buys Sanghi Industries in $600mn deal

Financial Times M&A

First major acquisition by Indian tycoon since criticisms in short seller Hindenburg’s January report hit group’s stock market value

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Valuation Multiples for a Coffee and Snack Shop

Peak Business Valuation

Coffee and snack shops sell snacks and beverages such as coffee, juices, smoothies, sodas, donuts, bagels, etc… Many coffee shops include both sit-down and take-out services. According to IBIS World , there are about 72,000 coffee and snack shops in the United States. In recent years, the coffee and snack industry generated over $54 billion dollars in sales revenue.

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Australian regulator blocks ANZ bank’s $3.2bn Suncorp takeover

Financial Times M&A

News, analysis and comment from the Financial Times, the worldʼs leading global business publication

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Frew to Speak to the FENG Houston Chapter

Auto Dealer Valuation Insights

Andy Frew, ASA, ABV will be speaking to the Houston Chapter of the Financial Executives Networking Group on Tuesday, August 8, 2023, in Houston, Texas. His session is titled “Business Valuation for M&A: Purchase Price Allocations and Fairness Opinions.” In this session, Andy will discuss purchase price allocations (PPAs) and fairness opinions, and how finance executives and boards of directors can.

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Meeting sustainability ambitions with Power Platform and Generative AI

Avanade

With digital technology playing a vital role in sustainability, Cesar Calvo Cobo explores what’s possible with the Power Platform and Generative AI in helping organizations meet their sustainability goals.

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Womack Attending Advanced Family Law 2023

Auto Dealer Valuation Insights

Scott A. Womack, ASA, WAFF will be attending the “Advanced Family Law 2023” conference sponsored by the Family Law Section of the Texas State Bar on August 7-10, 2023, in San Antonio, Texas. Scott Womack, Senior Vice President, leads the firm’s Litigation Group. As part of his corporate litigation practice, Scott has deep experience in family law litigation (traditional litigated divorce and.

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This Holding Company Wants To Buy Psychedelics-Focused Enterprise And Natural Products Brand

Benzinga

Panacea Life Sciences Holdings, Inc. (OTCQB: PLSH ) has entered into a letter of intent with Melodial Global Health (formerly Creso Pharma ) to acquire Sierra Sage Herbs , maker of the G re en Goo, Southern Butter and Good Goo natural products and Halucenex , a company researching novel psychedelic compounds. The deal would extend Panacea’s footprint into natural first aid and body care products, and establishes a strong tie with Melodial through a significant stock ownership stake.

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Chancery's Fee Ruling In Dell Is On The Money, Experts Say

Law 360 M&A

The $266.7 million fee award Delaware's Chancery Court granted shareholder attorneys in the $1-billion Dell settlement represents a win for those seeking incentives for class counsel doggedness and a setback for corporate and institutional investors hoping to prune attorney fees after mega awards, experts told Law360.

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Redpath Listed as a 2023 IPA Top 200 Firm

Redpath

Saint Paul, Minnesota (August 3, 2023 ) - Redpath and Company (Redpath) has been recognized by INSIDE Public Accounting (IPA) as a Top 200 Firm in the U.S.

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Comment on Appraiser Countersuing Black Homeowners for Defamation by Pat Turner

Appraisers Blog

The Maryland appraiser has filed a motion to dismiss and a countersuit against the black homeowners, claiming defamation.

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How to Value a Business in the Tires & Rubber Industry

Equilest

To delve deeper into the intricacies of valuing a Business in the Tires & Rubber Industry and gain valuable insights, continue reading below Introduction Valuing a business in the Tires & Rubber industry is crucial for various reasons. Whether you're a potential investor, a buyer, or a seller, understanding the true worth of a business helps in making informed decisions.

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Comment on AMC Engagement Letter: Appraisers Do Not Include Your Invoice by Baggins

Appraisers Blog

In reply to Baggins. SWBC amc 2016 / Those guys kept forgetting to include counter offers with sales contracts, then agents and underwriters were all mad at me for not considering any counter offer as valid. Well I’d have to know about counter offers in the first place to consider their validity. Threw me under the bus multiple times. Geesh.

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How Financial Statement Fraud Affects People’s Desire to Become Accountants

Reynolds Holding

Financial statement fraud has many negative effects, including a reduction in people’s willingness to participate in the stock market. It may also cast accountants in a negative light because they prepare and audit financial statements – sometimes even fraudulent ones. In a new study, we examine the impact of fraud on people’s willingness to join the accounting profession, which is a key input into the production of accounting information, which is the output.

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Comment on AMC Engagement Letter: Appraisers Do Not Include Your Invoice by Baggins

Appraisers Blog

In reply to Baggins. TSI 2010. This was interesting to include because initially all these amc’s had engagement terms demanding the appraiser keep their compensation secret from borrowers, lenders, or often times both. A consequence of improperly co mingled fees, free reign to rake junk fees undisclosed. And it’s been that way ever since.

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What is the Difference Between a "Funding Valuation" and a "Purchase Valuation"?

Equilest

To delve deeper into funding and purchase valuations continue reading below Table of Contents Introduction to Valuation Methods What is Funding Valuation? What is Purchase Valuation? Factors Considered in Funding Valuation Market Opportunity and Traction Team and Expertise Unique Selling Proposition (USP) Revenue and Financial Performance Methodologies for Funding Valuation Discounted Cash Flow (DCF) Method Comparable Company Analysis Considerations in Purchase Valuation Assets and Liabilities

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Comment on Appraiser Countersuing Black Homeowners for Defamation by Baggins

Appraisers Blog

In reply to Mary T Thompson. Mary, Hank, Steve, Ken, and anyone else listening. Please remember, this sort of discovery would never be possible in the future, if there is an automatic valuation model developed ‘value opinion’, as opposed to that sourced from an individually licensed appraiser. [link] Please don’t forget to write at least a simple letter objecting to the use of AVM valuations, point out their flaws, provide suggestions for better managing this technology etc.

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X4 Pharmaceuticals Closes $115 Million Loan Facility with Hercules Capital

Benzinga

BOSTON, Aug. 03, 2023 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (NASDAQ: XFOR ), a leader in the discovery and development of novel small-molecule therapeutics to benefit people with rare diseases of the immune system, today announced the closing of a $115 million loan facility with Hercules Capital, Inc. (NYSE: HTGC ) ("Hercules"). The company also announced that it drew down $22.5 million upon the transaction's closing.

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