Asset Valuation

New York Law Journal

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Prepare for the Next Real Estate Bubble

Elliot M. Ogulnick and Harry C. Steinmetz of accounting, tax, and advisory firm WeiserMazars write: The most recent real estate bubble burst under the weight of a market saturated with overpriced properties and subprime mortgages. Unfortunately, this bubble likely won't be the last. When real estate values again spike to unsustainable levels, will your clients be prepared? What methods should real estate owners and investors use to establish accurate values for their properties before a bubble and what issues should they be prepared for if properties fall into bankruptcy?

Identify and Valuate Intangible Assets and Intellectual Property

Craig Jacobson, director of valuation and forensic services at Citrin Cooperman & Company, reviews some of the reasons to separately value intangible assets (which are already baked into the conclusion of enterprise value); two common standards of value; and the cost, income, and market approaches which are commonly used to value intangible assets, and provides examples of valuations that arise frequently, such as customer lists and patents.

Admissible and Persuasive Valuations of Debtors-in-Possession

James C. Thoman, a partner at Hodgson Russ, and Craig T. Lutterbein, an associate with the firm, write that expert opinion testimony is often the key to successfully contesting the enterprise value of a debtor in possession. After an expert has demonstrated that his opinion testimony is admissible as evidence, the second hurdle is convincing the court that his opinion is the correct opinion. As one recent decision demonstrates, the failure of an expert to apply accepted valuation methodologies in a nonbiased manner will prevent a court from seriously considering the expert's testimony.

Significant Reform Initiatives Target Investment Management

Paul Hastings partner Domenick Pugliese discusses four significant reform efforts that have directly targeted funds and their advisers: money market fund reform, registration requirements for hedge fund advisers, higher net worth requirements for clients who are charged performance fees by their advisers and for investors in hedge funds, and CFTC regulation of investment advisers managing mutual funds that are deemed to be functioning as "commodity pools."

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