June, 2019

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Quantive Welcomes Susan Trivers!

Quantive

We are so pleased to announce that Susan Trivers has joined the Quantive Team! Susan brings 20 years of experience working with small to medium business owners to help them increase the financial value of their company.

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A Play by Play from a NY Valuation Case

Appraisal Rights

Valuation litigation plays out in a number of different business contexts. Readers of this blog will be well familiar with one of them: appraisal rights (a/k/a/ dissenters rights) actions brought when a public company is being acquired by another entity. But valuation disputes requiring the determination of fair value come up in many other contexts often not involving public companies, but instead private businesses.

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Appraisal Action Leads to Adverse Bankruptcy Action

Appraisal Rights

For public company shareholders, a cashout merger offer (even one at a too-low price) tells you that someone wants your shares and intends to pay you cash for them. And, at least in US actions, it is the rare public-company focused appraisal case that concerns collections. Indeed, if an acquirer is paying cash for a public company, the idea of collections barely registers.

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Episode #4: Interview with Nathan Olson

Quantive

Who knew that family law and business valuation could intersect? Specifically, when the clients are spouses who own a business together. We discuss how a business valuation can come into play when it comes to divorce proceedings and what the timeline looks like for a family law attorney when handling these cases.

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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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A Law Firm Reaction Roundup: Aruba

Appraisal Rights

We’ve covered before some reactions to the Aruba decision. In the time since the decision, numerous law firms have provided further commentary on the decision, including: Ropes & Gray. White & Williams. Fried Frank. Locke Lord. Cadwalader. Potter Anderson. Sullivan & Cromwell. Wilkie Farr. Skadden (.pdf).

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How Long is a Valuation Good For?

Quantive

It’s a logical question from business owners: how long is a valuation good for? The short answer: probably for about a year. The longer answer: it depends. Context is critical Business valuations are always completed for 1) a particular purpose and 2) at a specific point in time. While a valuation will take into account […].

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Paper: MBOs Take Advantage of Industry Weakness

Appraisal Rights

Appraisal is a remedy for shareholders who believe a merger is being consummated at below fair value. Appraisal is also a check on management and boards of directors – specifically, providing a ‘backcheck’ on whether the shareholder fiduciaries are achieving fair value for the company. Management buyouts are an acute case of mixed incentives for company insiders, and accordingly are a place where the appraisal remedy is particularly critical.

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HLS Forum Blog: Aruba Makes Dell Compliance – i.e., Process – the Focus

Appraisal Rights

The HLS Forum on Corporate Governance has this blog post discussing Aruba’s aftermath, and in particular, whether Aruba has returned the core focus of appraisal to a Dell compliance analysis – something we’ve discussed before.

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Appraisal Notices: A “Do-over” isn’t necessarily available…

Appraisal Rights

We’ve covered the Mobile Posse case before , specifically, how it shows the importance of getting the basics right regarding appraisal notices. The Delaware Litigation blog provides more on Mobile Posse , including a recap of whether a post-suit “do over” is available: “The company sought a “do-over” or a mulligan for its statutory errors, because it purported to send proper notices required by DGCL Section 262–only after suit was filed.

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State Investment Agency Says: Vote For Appraisal

Appraisal Rights

The State Board of Administration of Florida’s proxy guidelines join a number of others in suggesting that investors vote FOR appraisal rights when available. For institutional investors, appraisal rights are a critical shareholder protection, especially in instances where the merger process raises questions or where market dislocation results in a value gap between merger and closing.

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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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Was the Aruba Decision Driven by a “Struggle” about Dell and DFC?

Appraisal Rights

Legal news site Law360 ran this analysis [$$$] of Aruba, focusing on whether the decision should be seen as a fight between valuation methodologies, or between two courts trying to fulfill their respective roles. The Chancery Court, left to apply the Delaware Supreme Court’s precedent to complex fact situations and manage cases from their infancy through decision, may be struggling with the Dell and DFC decisions.