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Judge Stands By His Deal Price Valuation

June 2014 | Issue 74 Introduction In a recent Delaware dissenting shareholder case, Vice Chancellor Glasscock was called upon to perform an appraisal in order to determine the fair value of the stock of a company involved in a merger.  Instead of using the methods normally employed to perform such an appraisal, such as an [...] More...

Preferred Shareholders Prevail in Trados Transaction

April 2014 | Issue 73 Trados, Inc. was sold to another company for $60 million in July of 2005.  The sale proceeds were distributed as follows; Trados management received $7.8 million, preferred shareholders received $52.2 million and common stockholders received nothing. Certain common stockholders sued.  The story is told in a Delaware Chancery matter called [...] More...

Tax Court Takes a New Valuation Line on Built-in Capital Gains

March 2014 | Issue 72 U.S Tax Court Judge David Gustafson was faced with the task of determining the fair market value of an interest in an investment company named Pearson Holding Co. (“PHC”).  The case is Estate of Richmond v. Commissioner T.C. Memo 2014-26 (February 11, 2014). At the time of her death, December [...] More...

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Testimonials

“I did not think that I needed another meeting this morning; but, was I ever wrong. John Hempsted’s concise and content-rich remarks … on BUY SELL AGREEMENTS was ‘one for the record books’. In short, he educated me on the ins and outs of them… at a considerable cost savings from using another service provider…. and stimulated me to create one for my business and family by 2Q 2013.”

G. A. Taylor Fernley, President & CEO – Fernley & Fernley

“As a business owner holding 100% of the stock in my company, John Hempstead’s presentation challenged me to understand that change is inevitable and to recognize that setting the process for valuing my business NOW would lead to reduced conflict and an equitable sale price at the time I choose to turn over the business to a successor or new owners. The upfront investment is small compared to the knowledge and peace of mind that the years of work will not be transferred without appropriate compensation to me and continued value to the new owners.”

Herb Hess, CEO – CNE, Inc.

“We have always received great service from Hempstead. They have done several valuations for us, have done them very efficiently and have produced a very professional product. I highly recommend their work.”

Aric Spitulnik, Controller – TESSCO Technologies Incorporated

“We frequently need assistance in the estate, gift, and other tax areas of the law. We are consistently pleased with the thorough, prompt and detailed appraisal services provided by Hempstead & Co. to our clients as well as the ease with which they work with us and our clients.”

Frank Demmerly, Esq. – Archer & Greiner, P.C.

“Our company hired Hempstead & Co. to determine a fair market valuation of our stock. We thought that they did a great job for us. They took time to understand our business, their report was finished on time and we were very satisfied with the results.”

Ed Wagman, John Wagman – Monarch Products, Inc.

“You delivered exactly what we requested – on time and on budget.”

William J. Newman, Jr., Esq. – Christian & Barton LLP

“We were initially referred to Hempstead in connection with valuation work needed due to an IRS controversy matter. John Hempstead and Mark Penny have a very good reputation with the IRS and this credibility went a long way in helping to resolve the controversy.

“We have subsequently engaged Hempstead & Co. for a variety of entity valuation projects, mostly in support of foreign affiliates’ values.

“Campbell intends to use Hempstead & Co. for future valuation work and we would recommend the firm to others.”

Richard Landers, V.P. Taxes – Campbell Soup Company

“We highly recommend considering Hempstead to provide your valuation services.”

Bill Steller – Phillips Mushroom Farms

“As a CPA in practice for over 35 years, I have referred many clients to Hempstead & Co. with confidence. My clients have been very satisfied with the depth and diversity of their appraisal reports. I find that their reports are of the highest quality as well as extremely professional when facing the IRS.”

Gregory J. Facemyer, CPA – Bridgeton, N.J.

“Ours was a complex transaction that involved first a restructuring of the company and then a valuation of the newly created non-voting shares.

“We feel that Hempstead & Company’s complete and thorough research provided the necessary underpinnings to ensure the credibility of our judgments.”

Arthur Lukach, President – Micromold Products Incorporated

“I was impressed with the quickness and depth in which Hempstead learned the relevant aspects of my clients’ business and the quality of the analysis. I look forward to the next opportunity to work with Hempstead and to recommend Hempstead to my clients and colleagues.”

Jeffrey P. Resnick, Esq. – Sherman, Silverstein, Kohl, Rose & Podolsky, P.A.

“We worked with Mark in an arbitration concerning a business break-up. He displayed true expertise, preparing a valuation report which provided ample support for its conclusions and by testifying effectively at the arbitration, which assisted in winning a favorable outcome for the client. I’ll certainly engage Mark in the future.”

Robert Herskovits, Esq. – Gusrae, Kaplan, Bruno & Nusbaum PLLC

“Our organization consists of a complex structure of diverse entities encompassing real estate operations and ownership, as well as heavy construction and manufacturing. We turned to Hempstead & Co. for business valuations critical to our needs relative to ownership succession planning. We have not regretted our decision. Their work has been professional and timely. Their reports are clear and precise, and I look forward to continuing our relationship.”

Dean Glick, Vice President Taxes – High Company LLC