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Voting Control of LLC Shrinks Valuation Discount

May 2013 | Issue 66 The primary issue in Estate of Koons v. Commissioner (T.C. Memo. 2013-94, April 8, 2013) was the determination of the fair market value, at the date of his death, of John Koons’ 50.5% interest (47% voting) in a company called Central Investment LLC.  Central had been established as an entity [...] More...

Discounted Stock Options are Deferred Compensation, Says Court

April 2013 | Issue 65 Introduction A discounted stock option is one whose exercise price, at time of grant, is lower than the then fair market value of the underlying stock.  The IRS has maintained that discounted stock options will be treated as deferred compensation, pursuant to Section 409A of the Internal Revenue Code.  Such [...] More...

Market Value Trumps Dodgy DCF in Verizon Case

March 2013 | Issue 64 Introduction On November 17, 2006, Verizon Communications spun off its Yellow Pages subsidiary, Idearc, Inc.  The debt load assumed by Idearc in the transaction ultimately proved to be too heavy a burden and, 28 months later, the company went into bankruptcy. U S Bank NA, as Trustee of the Idearc [...] More...

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Clients

PARTIAL LIST OF CLIENTS

The following are among the firms that have referred or retained us to serve their clients.

LAW FIRMS

Archer & Greiner, P.C.
Ballard Spahr LLP
Blank Rome LLP
Capehart Scatchard
Cooley LLP
Cozen O’Connor
Dechert LLP
Dickstein Shapiro LLP
Dilworth Paxson LLP
Duane Morris LLP
Earp Cohn P.C.
Eckert Seamans
Flaster/Greenberg
Goodwin Procter LLP
Greenberg Traurig LLP
Hangley Aronchick Segal & Pudlin
Klehr Harrison Harvey Branzburg LLP
Kulzer & DiPadova, PA
Langer, Grogan & Diver P.C.
McCarter & English, LLP
Montgomery, McCracken, Walker & Rhoads, LLP
Morgan, Lewis & Bockius LLP
Morris James LLP
Morris, Nichols, Arsht & Tunnell LLP
Obermayer Rebmann Maxwell & Hippel, LLP
Parker McCay PA
Pepper Hamilton LLP
Potter Anderson & Corroon LLP
Richards, Layton & Finger
Saul Ewing LLP
Schnader Harrison Segal & Lewis LLP
Smith Katzenstein & Jenkins LLP
White and Williams LLP
Young Conaway Stargatt & Taylor, LLP

ACCOUNTING FIRMS

Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co.
Bowman & Company LLP
EisnerAmper LLP
J. H. Cohn LLP
Crowe Horwath LLP
Deloitte
Ernst & Young
Fesnak and Associates LLP
Horty & Horty, P.A.
Isdaner & Company LLC
KPMG LLP
McGladrey LLP
Nihill & Riedley, P.C.
Parente Beard LLC
PricewaterhouseCoopers LLP
Voynow, Bayard and Company

INVESTORS AND FINANCIAL INTERMEDIARIES

Allen & Company LLC
Boenning & Scattergood, Inc.
Brandywine Trust Company
Glenmede Trust Company
Goldman Sachs
Janney Montgomery Scott LLC
Lubert-Adler
Meridian Venture Partners
Milestone Partners
New Venture Partners
PNC Financial Services Group, Inc.
Pitcairn Financial Group
Safeguard Scientifics, Inc.
SEI
Shipley Raidy Capital Partners, LP
UBS AG

GOVERNMENT

Internal Revenue Service
U.S. Department of Justice
U.S. Department of Labor