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THE JUDGE WOULDN’T IGNORE THIS “ROUNDING ERROR”

June 2017 | Issue 86 Background Constellis Group,  Inc. is a private security firm.  In December 2013, the Company formed an Employee Stock Ownership Plan (“ESOP”), which purchased 100% of Constellis’s voting stock.  Wilmington Trust NA was named Trustee of the ESOP.  Less than a year after the ESOP was created, the ESOP sold all […] More...

NEW JERSEY COURT USES VALUATION DISCOUNT TO PUNISH “BAD BOY”

March 2017 | Issue 85 Introduction Richard and Steven Parker are brothers who ran a flower business in Scotch Plains, New Jersey.  Richard is the President of Parker Interior Plantscapes (“PIP”), which installs and services plants and flowers in commercial settings.  Steven is the President of Parker Wholesale Florists (“PWF”), which is a garden center.  […] More...

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...

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Michael D. Cunningham, ASA

QUALIFICATIONS AS AN APPRAISER OF CORPORATE SECURITIES

Michael Cunningham, holds the designation of accredited senior appraiser (ASA) in the American Society of Appraisers, and serves as a Senior Appraiser at Hempstead & Co. LLC. He participates in the appraisal of closely held firms for numerous purposes including transaction planning, tax reporting, and financial reporting. Mr. Cunningham also provides financial consulting and analysis to assist in the litigation and resolution of bankruptcy, divorce and tax cases.

Since November 2006, Mr. Cunningham has worked on projects for clients engaged in consulting, construction, chemical manufacturing, education, information technology, insurance, and natural resource extraction and distribution, among other activities. Mr. Cunningham also has experience with appraising holding companies that own operating companies, corporate securities or real estate. Clients have included start-ups, family-owned businesses and publicly traded companies as well as companies in distress.

Prior to working at Hempstead, Mr. Cunningham had significant experience as a financial analyst building pro forma financial models, performing market research and preparing documents to support business acquisitions.  He has served as Project Manager on many consulting assignments helping to development business and marketing plans for companies and non-profit organizations in the Philadelphia region.

Mr. Cunningham is a member of the Sustainable Business Network of Philadelphia and the Philadelphia Estate Planning Council.

Mr. Cunningham graduated cum laude with a B.A. in Urban History from the University of Pennsylvania and holds an M.B.A. in International Business from Temple University.