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Contested Valuation in Corporate Bankruptcy: A Collier Monograph

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Valuation is the principle that pervades chapter 11 of the Bankruptcy Code, but it is a mercurial concept, especially in the pressured environment of corporate reorganization. Corporate valuation is ultimately determined not by the marketplace but by bankruptcy courts evaluating evidence and hypothesizing how the markets, if efficient and unbiased, would appraise a particular asset or enterprise. While the bankruptcy case law provides certain guiding principles, there is considerable room for further development. As parties have pressed more and more sophisticated valuation theories on the bankruptcy courts, the law has been propelled forward and the theory and practice of bankruptcy valuation is maturing at a rapid pace.


Written and edited by 40 of the nation's leading lawyers, bankers, consultants and distressed investors, Contested Valuation in Corporate Bankruptcy thoroughly discusses valuation as a legal principle and explores the nuances of the current case law. After opening with a look at valuation and its relation to the overall chapter 11 process, the monograph examines a variety of topics, including:


•   avoidance theories;
•   enterprise valuation;
•   market pricing;
•   valuation procedure;
•   discounted cash flow analysis;
•   liquidation value;
•   tax aspects of valuation;
•   discovery;
•   valuation experts; and
•   settlement.

Authors / Contributors

Table of Contents

Preface 

FREDERICK D. MORRIS, Goldman, Sachs & Co

Foreword

HON. D. MICHAEL LYNN, U.S. Bankruptcy Court, N.D. Tex.

Ch. 1 Valuation and the Chapter 11 Process

DEBRA I. GRASSGREEN, Pachulski Stang Ziehl & Jones LLP

PAMELA M. EGAN, Pachulski Stang Ziehl & Jones LLP

Ch. 2 Valuation and Theories of Avoidance

J. ERIC IVESTER, Skadden, Arps, Slate, Meagher & Flom LLP

Ch. 3 The Enterprise Value of Corporate Debtors

ROBERT STARK, Brown Rudnick LLP

JEREMY B. COFFEY, Brown Rudnick LLP

Ch. 4 Market Pricing in Solvency Valuation and Testing

GREGORY A. HOROWITZ, Kramer Levin Naftalis & Frankel LLP

Ch. 5 Value Allocation

MICHAEL J. SAGE, Dechert LLP

Ch. 6 Valuation Procedure, the Influence of Equity, and the Inclination Toward Settlement

SHARON L. LEVINE, Lowenstein Sandler PC

S. JASON TEELE, Lowenstein Sandler PC

Ch. 7 The Role of Historical Performance and GAAP Data in Enterprise Valuation

ANDREW E.C. SCRUTON, FTI Consulting

Ch. 8 Discounted Cash Flow Analysis

P. ERIC SIEGERT, Houlihan Lokey

ANDREW TURNBULL, Houlihan Lokey

Ch. 9 Comparable Public Companies Analysis

RUSSELL A. BELINSKY, Duff & Phelps Securities, LLC

JOHN P. MADDEN, Duff & Phelps Securities, LLC

MATT GATES, Duff & Phelps Securities, LLC

Ch. 10 Comparable Transactions Analysis

FLIP HUFFARD, The Blackstone Group

HANK HSU, The Blackstone Group

Ch. 11 Toward a Deeper Understanding of "Comparable"

RAJ SINGH, Raymond James & Associates, Inc

ROBERT SCHWARTZ, Raymond James & Associates, Inc

ANDRÉS PÉREZ, Raymond James & Associates, Inc.

Ch. 12 Markets, Uncertainty and the Role of Judgment in Bankruptcy Valuation

ANDERS J. MAXWELL, Peter J Solomon Company, L.P.

Ch. 13 Liquidation Value

MITCHELL H. COHEN, Gordon Brothers Group

KENNETH S. FRIEZE, Gordon Brothers Group

Ch. 14 Tax Aspects of Valuation and the Value of Tax Attributes

PATRICK M. COX, Brown Rudnick LLP

Ch. 15 Valuing Contingent Estate Causes of Action

JEFFREY S. SABIN, Bingham McCutchen LLP

CAROL WEINER LEVY, Bingham McCutchen LLP

Ch. 16 Value-Oriented Discovery

ERIC WINSTON, Quinn Emanuel Urquhart & Sullivan LLP

STEVEN R. STROM, Jefferies & Company

Ch. 17 Selecting and Compensating a Valuation Expert

MATTHEW S. BARR, Milbank, Tweed, Hadley & McCloy LLP

ANDREW M. LEBLANC, Milbank, Tweed, Hadley & McCloy LLP

Ch. 18 Admission of an Expert Valuation Opinion

KRISTOPHER M. HANSEN, Stroock & Stroock & Lavan LLP

JAYME T. GOLDSTEIN, Stroock & Stroock & Lavan LLP

Ch. 19 Preserving Appellate Rights and Issues for Post-Trial Briefing

STEVEN WILAMOWSKY, Bingham McCutchen LLP

STEPHANIE W. MAI, Bingham McCutchen LLP

Ch. 20 Settling the Valuation Question

MARSHALL S. HUEBNER, Davis Polk & Wardwell

DAMIAN S. SCHAIBLE, Davis Polk & Wardwell