Download or read book Solvency Opinions written by Andrew Smith and published by Andrew Smith. This book was released on 2008-07 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Solvency Opinions Asolvency opinion, by design, aims to assure the directors of the Company, and/or the lenders in the transaction, that the transaction will not likely subject the Company, and its? other creditors, to undue financial distress. Houlihan Smith
Download or read book Solvency Compendium written by and published by Andrew Smith. This book was released on 2008-07 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: A solvency opinion provides assurance to a company's Board of Directors and/or the lenders that the transaction will not likely subject the Company and its unsecured and other creditors to undue financial distress. Houlihan will undertake a solvency opinion engagement for companies involved in highly leveraged transactions. Examples include leveraged buyouts, leveraged recapitalizations, leveraged dividends or other such situations where there may be minimal equity involved. Houlihan has also completed solvency opinions for spin-off transactions in conjunction with capital restructuring and significant debt refinancing.The Federal Bankruptcy Code defines "insolvent" as the condition in which the total of a person's debts exceeds the value of its property at a fair valuation. Recent case law suggests that the fair valuation of property is its value on a going-concern basis. A solvency letter expresses an independent expert opinion on a borrower's ability to remain solvent under the burden of additional liability, to pay debts as they mature, and to continue operations as a going-concern in dynamic economic conditions.In connection with a leveraged recapitalization, interested parties such as new secured lenders and sellers will often, due to fraudulent conveyance concerns, seek an independent determination and opinion as to the impact of the acquisition debt on working capital, cash flow, and equity value. Houlihan is highly familiar with the Tests of Capitalization and Solvency and is able to efficiently and cost-effectively provide analysis that provides a layer of comfort to interested parties.
Download or read book Minimizing the Risk of Fraudulent Transfer Avoidance written by Irina Fox and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Avoidance of leveraged transactions as fraudulent transfers has proliferated in the aftermath of the recent financial crisis and during the resultant economic recession. When planning leveraged deals, such as buyouts, spinoffs, and intercorporate guarantees, corporate boards rely on solvency opinions prepared by outside financial advisors. If a leveraged transaction is challenged in court by a shareholder, the business judgment rule provides a highly deferential standard of judicial review of corporate decisions, as long the decision was well-informed and not tainted by fraud, illegality, or self-interest. If the same transaction is subject to fraudulent transfer avoidance, courts routinely employ a probing analysis, informed by 20/20-hindsight and according no deference to directorial decision making. Highlighting the irreconcilable discrepancy in the standards of judicial review, this Article argues that under the current legal regime the most reasonable solution from a planning perspective would be to structure the leveraged deal in reliance on a good-faith solvency opinion procured from an independent expert. This Article reviews examples of post-financial crisis avoidance actions, identifies the most frequently recurring legal criticisms of solvency opinions, and provides tips for ensuring that the solvency opinion obtained contemporaneously with the transaction will minimize risk of avoidance in the future.
Download or read book Executive s Guide to Fair Value written by Alfred M. King and published by John Wiley & Sons. This book was released on 2008-04-11 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Executive's Guide to Fair Value: Profiting from the New Valuation Rules "The advent of fair value reporting is not your Momma's (or your Papa's) kind of accounting. If you're a financial professional above the age of twenty-five who is working in industry, read this book. From choosing a fair value specialist to the perils of 'made as instructed' valuations to purchase price allocations to impairment testing to that SEC tripwire, customer relationships, fair value expert Al King gets it right. And he does so with neither jargon nor literary anesthesia. As a former CFO myself, all I can say is WOW!" -Warren D. Miller, CFA, ASA, CMA, CPA, Cofounder, Beckmill Research A hands-on guide for financial executives needing to understand the appraisal process Executive's Guide to Fair Value: Profiting from the New Valuation Rules brings senior level executives up to speed on what fair value really means. This new book addresses a full range of issues facing auditors and executives, including litigation and the "true" determination of value, estimating the value of working capital, and how to estimate the value and life of intangible assets. Complete with advice on the latest FASB rules and regulations, Executive's Guide to Fair Value: Profiting from the New Valuation Rules provides the most up-to-date and reliable information on: The latest fair value rules and how they impact both preparers and users of financial statements The role and responsibility of the appraisal specialist, including best practice tips for choosing and evaluating an appraiser Testing customer relationships for impairment A thorough knowledge of what fair value accounting is and how it can impact your corporation and its profitability Practical applications, including incentive compensation and equity-based compensation In basic, nontechnical language, Executive's Guide to Fair Value: Profiting from the New Valuation Rules will help all financial executives and auditors succeed in understanding the new fair value accounting rules that corporations must now follow. The result is a resource that professionals can rely on to understand the importance of valuation and the concepts that define it.
Download or read book Troubled Leveraged Buyouts written by and published by . This book was released on 1989 with total page 454 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Solvency written by Arne Sandstrom and published by Chapman and Hall/CRC. This book was released on 2005-09-19 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Until now there were no published analyses of the recent solvency work conducted in Europe, specifically the risk categories proposed by the International Actuarial Association (IAA). Answering the insurance industry's demand in the wake of the EU Solvency II project, Solvency: Models, Assessment and Regulation provides a concrete summary and review of solvency and inspires additional work in the field. Following an introduction to the concept, the first section of the book provides a historical review of solvency, detailing solvency regulation and accounting within the EU. A review of the steps leading to Solvency II looks at accounting, supervision, the actuarial field, the first phase of Solvency II, international approaches to banking, and the solvency systems of 12 major nations. The second section explores the current basis for solvency modeling, focusing on the valuation of assets and liabilities, dependency and various conservative approaches, as well as a baseline and benchmark approach. This section also provides examples of risk structure and the effects of diversification. The final section discusses groups and internal modeling as it relates to EU Solvency II. It addresses insurance groups, financial conglomerates, reinsurance, the importance of internal modeling and stress testing, and the current state of the second phase of EU Solvency II.
Download or read book Solvency Capital Risk Measures and Cosmonotonicity written by Jan Dhaene and published by . This book was released on 2004 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Distressed Investment Banking written by Henry Furlow Owsley and published by Beard Books. This book was released on 2005 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The definitive work on the role of the investment banker in a troubled company situation.
Download or read book Decisions of Courts and Opinions Affecting Labor written by United States. Bureau of Labor Statistics and published by . This book was released on 1918 with total page 1446 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Handbook of Advanced Business Valuation written by Robert F. Reilly and published by McGraw Hill Professional. This book was released on 1999-09-15 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt: International cost of capital...blockage discounts . . . valuation issues unique to ESOPs...specific valuation issues for sports teams...capital structure in emerging growth companies...methods for calculating equity risk premiums...These days, understanding the complex issues in advanced business valuation requires a team of experts. The HANDBOOK OF ADVANCED BUSINESS VALUATION is your team of valuation experts—nationally recognized practitioners and legal minds from across the country who provide authoritative answers and innovative solutions to your most perplexing valuation questions. Structured in a user-friendly, general-to-specific arrangement, The HANDBOOK OF ADVANCED BUSINESS VALUATION represents a broad cross section of the latest conceptual thinking on the subject. Only in this thought-provoking volume will you find: Abstracts and interpretations of recent empirical studies in lack of marketability, blockage, and more; In-depth treatment of specialized valuation issues from many industries—including healthcare, technology, and sports franchises; Lucid, intuitive explanations of complex and esoteric procedures for intercompany transfer pricing analyses and ad valorem property tax appraisals. Like its predecessor volume VALUING A BUSINESS—which covered basic business valuation concepts and practices in authoritative, all-encompassing fashion—The HANDBOOK OF ADVANCED BUSINESS VALUATION provides a new benchmark of advanced, contemporary discussions for investors and experienced business valuation practitioners. Valuation experts from PricewaterhouseCoopers, Ernst & Young, Willamette Management Associates, Arthur Andersen, American Appraisal Associates, and more combine their expertise in this well-written, thoughtful, and convincing reference—one with absolutely no close rival in the flourishing field of business valuation and security analysis.
Download or read book Opinions in SEC Transactions written by and published by . This book was released on 1995 with total page 886 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Law of Expert and Opinion Evidence Reduced to Rules written by John Davison Lawson and published by . This book was released on 1883 with total page 682 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book S P s insurere solvency review life written by and published by . This book was released on with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Annotated Companies Legislation written by Nigel Boardman and published by Oxford University Press, USA. This book was released on 2010 with total page 2314 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to companies legislation in a convenient paperback volume. Written from the perspective of the 2006 regime, it gives detailed section-by-section commentary alongside the Companies Act 2006 and surviving parts of the previous legislation as well as including the text of relevant statutory instruments.
Download or read book Explanatory Notes to the Companies Act written by N N and published by BoD – Books on Demand. This book was released on 2010 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: These are the official explanatory notes to the Companies Act 2006 (as revised 2009), which help to understand how to set up a company in the U. K.
Download or read book How to Write it written by Sandra E. Lamb and published by Random House Digital, Inc.. This book was released on 2006 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides examples and advice on writing announcements, condolences, invitations, cover letters, resumes, recommendations, memos, proposals, reports, collection letters, direct-mail, press releases, and e-mail.
Download or read book Third Party Legal Opinions Course materials written by and published by . This book was released on 1991 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt:
