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Dell Appraisal Spawns a Multitude of Valuation Approaches

February 2017 | Issue 84 Introduction A Delaware Chancery appraisal case involving computer company Dell Inc. gave rise to a multitude of valuation measurements.  It is instructive to see how the court sorted through them in coming up with its final appraisal conclusion.  The case is In re Appraisal of Dell Inc., 2016 Del. Ch. LEXIS […] More...

Future Expected Investment Strategy Determines Value of FLP Interest

January 2016 | Issue 83 The estate of Helen P. Richmond held a 23.44% interest in Pearson Holding Co. (“PHC”), a family investment company.  The estate valued this holding at $3,150,000, later adjusted to $5,046,000.  The IRS valued it at $7,330,000.  This difference of opinion was aired in US Tax Court in a case called Estate […] More...

Do Attached Strings Affect the Value of a Gift?

October 2015 | Issue 82 Steinberg v. Commissioner, 145 T.C. No. 7 (Sept. 16, 2015) explores how a contingent liability accepted by a donee can impact the value of a gift for gift tax purposes. Introduction In 2007, Petitioner Jean Steinberg, age 89, entered into a net gift agreement under which she gave her four […] More...

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J. Mark Penny, ASA

QUALIFICATIONS AS AN APPRAISER OF CORPORATE SECURITIES

Mr. Penny, who holds the designation of senior member in the American Society of Appraisers (ASA), prepares valuation analyses of privately held firms for numerous purposes including recapitalizations, equitable distributions, estate planning, employee stock ownership plans, mergers and acquisitions, fairness opinions, purchase price allocation and calculation of economic damages. Mr. Penny is also experienced in estimating the value and useful life of intangible assets including goodwill, customer lists, franchises, trademarks, tradenames and professional degrees.

Mr. Penny has prepared valuations for a wide range of businesses including manufacturing companies, communications firms, various professional practices, small businesses and agricultural enterprises.

Mr. Penny has been qualified as an expert witness and testified in New Jersey, New York, Pennsylvania, Delaware and Florida. He has lectured on the topic of business valuation on behalf of the National Center for Employee Ownership and before estate planning groups.

Employment History

  • 1985 to date – Hempstead & Co. LLC – business valuation and merger and acquisition consultants. Associate, later Partner and Managing Director.

Educational Background

  • 1984 – MBA with concentration in finance, Temple University
  • 1981 – BA economics, University of Pennsylvania