9
Date: Thursday, July 9, 2020
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

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Featuring  (click image for bio)

James F. Joyner III
CPA, CVA/ABV, CPC, AIFA, CRM, CPVA
Richard Pearl
McDermott Will & Emery LLP

About This Program

Join James F. Joyner and attorney Richard Pearl for unique insight into ESOPs and valuation principles. The general trend in ESOP transactions and valuation has been to acquiesce to fundamental changes because of the threat of litigation, even though ERISA or valuation principles do not require changes. Many defendants have been unable to adequately educate courts on some key issues. Get both the valuation and attorney perspective on how to address these issues.

Agenda

  • What are differences among various standards of value?
  • How is the FMV standard relevant to ESOPs? [e.g., FMV is the standard for ESOP transactions, and accounting, distribution, reporting purposes, and damages estimates]
  • The basic logic of an ESOP lawsuit
  • ERISA context for ESOPs (legislative history and Congressional publications pertaining to the ESOP structure, goals of an ESOP, and the FMV standard)
  • Does FMV matter if the fiduciary “good faith” requirement has been violated?
  • What is fair? What is a market? What is value?
  • Are rulings in ESOP trials based on FMV? When Treasury Dept sues? When DOL sues?
  • Are courts correctly understanding FMV as the standard of value for employer stock in ESOP transactions?
  • Are courts correctly understanding FMV as the standard of value for seller notes in ESOP transactions? For damages?
  • Control for ESOPs: DOL vs IRS (Vinoskey and the 6th fiduciary process agreements (Farmer’s National)
  • Control for ESOPs: DOL vs Delaware appraisal litigation
  • What is the case for applying large marketability discounts to ESOP (non-controlling) transactions?

Learning Objectives

  • Describe the differences among various standards of value used ins ESOP litigation
  • How is the FMV standard relevant to ESOPs? [e.g., FMV is the standard for ESOP transactions, and accounting, distribution, reporting purposes, and damages estimates]
  • Restate the basic logic of an ESOP lawsuit.
  • List recent cases involving control for ESOP litigation
  • Explain the case for applying large marketability discounts to ESOP (non-controlling) transactions?

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)

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