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Value Shift Turns Nest Egg into Goose Egg

March 2015 | Issue 78 Bright beginnings We’ve seen this happen all too often.  Harry Jones* goes to work for Virus Systems, an early-stage biotech firm.  His compensation package includes 100,000 shares of Virus common stock. Virus’ accountant needs a valuation for the stock as of the date of grant so that he can record […] More...

Arizona Beverages Partners Air Widely Divergent Value Views

December 2014 | Issue 77 Introduction This valuation proceeding arose out of a four-year litigation struggle between John Ferolito and Domenick Vultaggio, the co-founders of AriZona Beverages. AriZona is the largest privately-owned beverage company in the United States. Stated simply, the case involved the valuation of the AriZona entities (“AriZona” or “company”); a collection of […] More...

Personal Goodwill, is it Part of Company Value?

September 2014 | Issue 76 PERSONAL GOODWILL, IS IT PART OF COMPANY VALUE? Background Franklin Adell died on August 13, 2006. Included in his estate was a 100% interest in a company called STN.Com, Inc. (“STN”). The estate initially valued STN at $9.3 million. The IRS issued a notice of deficiency which valued STN at […] 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