Business Valuation Resources, LLC

Implied Minority Discounts in Statutory Fair Value: The Doctrine that Just Won’t Die

Date: Friday, March 19, 2010
10:00am-11:40am PT / 1:00pm-2:40pm ET

Earn 2 CPE credits
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Teleconference $99.00
On Demand Pack* $90.00
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Featuring (click image for more information):

Matthews Wachter
Gil Matthews
Sutter Securities Inc.
Michael Wachter
University of Pennsylvania
School of Law

Why You Should Attend

The Delaware Chancery Court (DCC), it appears, may be living in the past.  Despite new thinking on issues related to implied minority discounts, the DCC has tenaciously maintained that enterprise values for comparable guideline public companies must inherently be adjusted for control premiums.  Though the experts who initially imbued this thinking into the DCC have since changed their minds, the Court has held fast, creating an environment where legal standards regarding fair value are opposed to the guidance of the profession’s top experts.

In “Implied Minority Discounts in Statutory Fair Value: The Doctrine that Just Won’t Die”, expert appraiser Gil Matthews and Michael Wachter, legal scholar, and close watcher of the DCC, will guide listeners through this sticky situation and the challenges it creates for anyone adjusting for minority discounts.  Through their presentation attendees will see the emergence and divergence of this issue, its wider repercussions, and will be challenged to review their thinking on minority discounts and other control adjustments.


  • Introduction: An overview of the Delaware Chancery Court (DCC)
  • Reasoning behind the issue:
    • Legal standards on control and "going concern"
    • Why and when the "Implicit Minority Discount" (IMD) is used
  • Origins of the issue:
    • A review of case law pertaining to the use and acceptance of the IMD
    • Experts roles in shaping the story
  • Placing the issue in context:
    • What the Court's methods mean for adjustments
    • Reconciling expert guidance with legal standards
  • Q&A with Gil Matthews and Michael Wachter

Learning Objectives

  • Learn the origins of the DCC's approach to the IMD and their rationale for maintaining that standard
  • Learn how new thinking on minority adjustments differs from the DCC's
  • Understand how the DCC's legal standards affect your valuations

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CPE Credits for Unlimited Listeners

Have as many eyes and ears take advantage of your registered connections as possible:CPE credit is available for an unlimited number of listeners to any registered line.

To add listeners for CPE credit, contact customer service ( or (503) 291-7963) with main registrant's name, the names of the persons to receive credit, and their email addresses. We welcome as many eyes and ears to take advantage of those connections as possible.

CPE Information

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

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