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Business Valuation and Bankruptcy. Wiley Finance

  • ID: 2209327
  • Book
  • 272 Pages
  • John Wiley and Sons Ltd
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Praise for Business Valuation And Bankruptcy

"For the restructuring lawyer or anyone else seeking a cogent and accessible exposition of the first principles of valuation and how valuation issues fit in the bankruptcy process, this timely and clearly written book is the natural place to turn."
Professor Douglas G. Baird, The University of Chicago Law School, Scholar in Residence for the American College of Bankruptcy

"There are no easy business valuation issues in bankruptcy. However, armed with this treatise, bankruptcy professionals and courts can confront the valuation challenges in a thoughtful and deliberate manner. I found this book a remarkable effort in addressing the issues presented in distressed business valuations. The work is thoughtful, broad in scope, detailed in areas where necessary, and a substantial contribution to the literature. I was especially impressed that the book has much to offer to attorneys, judges, and valuation professionals. I highly recommend the work to any serious student of business valuations in bankruptcy."
Professor Jack F. Williams, Georgia State University College of Law, author, lecturer, and American Bankruptcy Institute Resident Scholar

"An excellent guide to the wide variety of valuation issues that professionals face on a daily basis, in the insolvency world. This work provides us with a wide range of analyses, taking us from the initial stages of an engagement, determining a company′s viability, up through the entire insolvency process. An essential tool for any bankruptcy professional"
John Ames,Greenbaum Doll & McDonald PLLC,President, American Bankruptcy Institute (2007 2009)

"I have read several books on valuation principles and theory. Business Valuation and Bankruptcy is by far the best written, best organized, and most approachable. The valuation methodologies and theories are explained in plain language, and the inclusion of the application of those methodologies and theories to the Bankruptcy Code and reported cases is immensely helpful. I have asked our entire Business Reorganization Team to read Business Valuation and Bankruptcy, and I intend to keep it handy as a reference."
Paul Steven Singerman, Berger Singerman, former chair of the Florida Bar Bankruptcy Commitee

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Chapter 1 Introduction.

The Troubled Company Continuum.

Operational and Financial Disstress.

The Troubled Company Response.

Valuation in Reorganization or Bankruptcy.


Chapter 2 Industry Practitioners and Standards.

Professional Organizations and Business Valuation Standards.

Business Valuation Practitioners and Certifications.



Chapter 3 The Basics of Business Valuation.

The Purpose of the Valuation.

Standard of Value.

Premise of Value – Going Concern or Liquidation.

Valuation Approaches.




Chapter 4 Income Approach.

Discounted Cash Flow Method.

Capitalized Cash Flow Method.



Chapter 5 Market Approach.

Guideline Company Method.

Comparable Transaction Method.


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 – Fraudulent Transfers.

Valuation Principles from the Bankruptcy Courts.



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


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.



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


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 Proof of Solvency, Even If the Company Later Fails?

Use of Hindsight in the Valuation Process.



Chapter 9 Solvency Opinions.


Who uses Solvency Opinions?

Solvency Opinion Preparation.

Solvency Metrics.

Case Studies.



Chapter 10 Daubert.

Challenges to Experts or Their Testimony.

Lack of Relevance.

Practical Lessons from Daubert Cases for Experts and Lawyers.




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


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Ian Ratner
Grant T. Stein
John C. Weitnauer
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