Valuation

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class="pull-left"><a id="print-btn-d" href="https://www.cornerstone.com/print-page/?post_id=2270&type=practice-detail" onclick="window.open(this.href); return false" class="btn btn-primary grd-btn icons-btn solid-btn mb-5"><i class="icon-file-pdf-o1"></i><span>Print PDF</span></a></div> </div> </div> </div> </div> </section>  <div class="sticky-container" data-sticky-container> <div class="sticky-menu-section" data-sticky data-margin-top="106" data-sticky-class="is-sticky"> <div class="container"> <div class="row"> <div class="sticky-container-rel"> <a href="#" class="sticky-nav-mobile"><span>Select Tab</span></a> <ul> <li><a data-toggle="tab" href="#1" class="active">Overview</a></li> <li><a data-toggle="tab" href="#2" class="">Experts</a></li> <li><a data-toggle="tab" href="#3" class="">Capabilities</a></li> <li><a data-toggle="tab" href="#4" class="">Cases</a></li> <li><a data-toggle="tab" href="#5" class="">Professionals</a></li> <li><a data-toggle="tab" href="#6" class="">Publications</a></li> </ul> </div> </div> </div> </div>  <section class="wysiwyg-print wysiwyg-section padding-sm pb-md-0" id="1"> <div class="container"> <div class="row"> <div class="col-md-12 "> <div class="text-block"> <table style="border-collapse: collapse; width: 100%;"> <tbody> <tr> <td style="width: 50%;">Our staff and experts have in-depth expertise in valuation issues and applications, including discounted cash flow models, comparable company/comparable transaction methodologies, option pricing, and other advanced techniques.</td> <td style="width: 50%;">We approach valuation matters using sound finance and economics principles applied to the circumstances of each case.</td> </tr> </tbody> </table> </div> </div> </div> </div> </section> <section class=" not-print experts-section " id="2"> <div class="filter-container-section grid-experts"> <div class="container"> <div class="row justify-content-end"> <div class="col-md-6"> <div class="experts-grid-block"> <h2 class="mobile-show">Our extensive network includes top experts from academia and industry.</h2> <ul class="nav-btn-slider"> <li> <a href="https://www.cornerstone.com/experts/stuart-gilson/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2021/12/Stuart-Gilson.jpg?lossy=0&strip=1&webp=1')"></div> <h4>Stuart C. Gilson</h4> </li> <li> <a href="https://www.cornerstone.com/experts/amy-hutton/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2021/12/Amy-Hutton.jpg?lossy=0&strip=1&webp=1')"></div> <h4>Amy P. Hutton</h4> </li> <li> <a href="https://www.cornerstone.com/experts/frederick-van-zijl/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2021/12/Rick-Van-Zijl.jpg?lossy=0&strip=1&webp=1')"></div> <h4>Frederick G. Van Zijl</h4> </li> <li> <a href="https://www.cornerstone.com/experts/douglas-skinner/" class="full-link"></a> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2023/09/Douglas-Skinner.jpg?lossy=0&strip=1&webp=1')"></div> <h4>Douglas J. Skinner</h4> </li> </ul> </div> </div> <div class="col-md-6 expert-show-main-container"> <div class="text-block expert-container-hidden showexpertcontainer"> <h2 class="desktop-show">Our extensive network includes top experts from academia and industry.<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Stuart C. Gilson</h3> <h6 class="itelic"><p>Steven R. Fenster Professor of Business Administration,<br /> Harvard Business School,<br /> Harvard University</p> </h6> <p>Stuart Gilson is an expert in corporate restructuring and valuation. He has deep expertise in bankruptcy and financial distress issues, credit and financial statement analysis, and corporate transactions—including business valuation in M&A settings.</p> <p>Professor Gilson has provided expert testimony in numerous matters, including multiple trials. He has addressed such topics as corporate restructuring; asset and business valuation; M&A; solvency; fraudulent conveyance; and substantive consolidation. He has consulted on solvency and valuation issues in a variety of industries, such as education, energy (including alternative energy), finance, healthcare, insurance, retail, technology, and transportation.</p> <p>Professor Gilson’s research and consulting focus on the operational, financial, and legal strategies that companies use to revitalize their business, improve performance, and create value. He is the author of the book <em>Creating Value through Corporate Restructuring: Case Studies in Bankruptcies, Buyouts, and Breakups</em>, which he developed from a class he has taught for the last twenty years in Harvard’s M.B.A. curriculum.</p> <p>Professor Gilson has written more than eighty Harvard Business School case studies and teaching notes used in business schools throughout the world. He has also taught extensively in Harvard Business School’s Executive Education programs and received multiple academic research and teaching awards. <em>Turnarounds and Workouts</em> magazine has recognized Professor Gilson as one of the top ten outstanding bankruptcy academics.</p> <p>Professor Gilson’s research is published in leading academic and practitioner journals and cited by national news media. His work has received several honors, including the prestigious Graham and Dodd Award from the CFA Institute. He was an associate editor of <em>Financial Management</em> and the <em>Journal of Corporate Finance</em>.</p> <p>Professor Gilson has also served on the advisory and corporate boards of several for-profit and nonprofit organizations and has provided expert advice on bankruptcy law reform in the U.S. and internationally.</p> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/experts/stuart-gilson/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> <div class="text-block expert-container-hidden "> <h2 class="desktop-show">Our extensive network includes top experts from academia and industry.<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Amy P. Hutton</h3> <h6 class="itelic"><p>Professor of Business Administration,<br /> Carroll School of Management,<br /> Boston College</p> </h6> <div class="blue-body"> <p>Amy Hutton is an expert in securities, financial statement analysis, corporate governance, and business valuation. Her research focuses on corporate disclosure, capital market accounting, and the role of financial intermediaries in capital markets.</p> </div> <div class="text-faded"> <p>Professor Hutton testifies and consults on class certification, price impact, damages, and financial accounting issues in a variety of litigation and regulatory investigation matters. She has assessed questions of valuation, solvency, and factors contributing to financial distress in the context of corporate bankruptcy.</p> <p>As a result of her research, Professor Hutton was named to the Congressional Review Board, opining on the Security Industry Association’s “best practices for equity research.” She won the American Accounting Association’s inaugural Distinguished Contribution to Accounting Literature Award for her co-authored article “Causes and Consequences of Earnings Management: An Analysis of Firms Subject to Enforcement Actions by the SEC.”</p> <p>Professor Hutton was an editor for the <em>Accounting Review</em> and continues to serve as a referee for several leading peer-reviewed accounting and finance journals. She has held faculty appointments at Dartmouth’s Tuck School of Business and Harvard Business School.</p> </div> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/experts/amy-hutton/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> <div class="text-block expert-container-hidden "> <h2 class="desktop-show">Our extensive network includes top experts from academia and industry.<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Frederick G. Van Zijl</h3> <h6 class="itelic"><p>President, RVZ Strategic Advisors;<br /> Former Managing Director, Fortress Investment Group;<br /> Former Head of U.S. Leveraged Finance, Barclays Capital;<br /> Former Managing Director, Goldman Sachs</p> </h6> <div class="page-main"> <div class="flexgrid"> <div class="flexgrid-col flexgrid-col-primary flexgrid-col-2of3"> <div class="section-row"> <div class="grid-row"> <div class="grid-col col-spaced-content"> <div class="user-content "> <div class="blue-body"> <p>Rick Van Zijl has more than thirty-five years of experience as a financial services professional. Mr. Van Zijl has held senior roles at leading global investment banks, where he led high-profile transactions. He also served as an investor at a major hedge fund. As an expert witness, he has addressed valuation, access to capital markets, solvency, and leveraged finance, among other issues. His industry experience includes financial institutions, industrials, media, quick service restaurants (QSR), retail, and telecommunications.</p> </div> <div class="text-faded"> <p>Mr. Van Zijl has arranged and invested in customized debt and equity structures to finance buyouts, growth, acquisitions, recapitalizations, and restructurings. He has underwritten scores of debt capital market transactions, and has been involved in all stages of debt issuance, including origination, structuring, and syndication. Mr. Van Zijl has deep experience with leveraged loans, high-yield bonds, bridge financing, and mezzanine and distressed debt. His experience includes leading the debtor-in-possession (DIP) financing for the Lehman Brothers bankruptcy and working on such notable restructuring transactions as Xerox and Solectron.</p> <p>As president of RVZ Strategic Advisors, Mr. Van Zijl consults on topics related to private equity and credit financings in the insurance, lease finance, and asset management industries. Previously, as a managing director at Fortress Investment Group, he evaluated and underwrote investment opportunities in distressed assets, in the specialty finance, media, and infrastructure industries.</p> <p>Mr. Van Zijl founded and headed the leveraged finance business at Barclays Capital, where he oversaw all noninvestment-grade credit origination and private equity and credit investing in the United States. In that role, he also chaired the firm’s Americas Credit Committee and served on the Americas Investment Banking and Global Investment Committees. Before joining Barclays, Mr. Van Zijl was a managing director at Goldman Sachs, with responsibility for all due diligence, structuring, underwriting, and approval processes for subject transactions in the leveraged finance group.</p> </div> </div> </div> </div> </div> </div> </div> </div> <div class="grid-row"> <div class="grid-col grid-col-1of1"> <div class="grid-col-inner"></div> </div> </div> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/experts/frederick-van-zijl/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> <div class="text-block expert-container-hidden "> <h2 class="desktop-show">Our extensive network includes top experts from academia and industry.<div class="title-bottom-text dark"></div> </h2> <div class="large-para"> <h3 class="sec-font bold">Douglas J. Skinner</h3> <h6 class="itelic"><p>Sidney Davidson Distinguished Service Professor of Accounting,<br /> University of Chicago Booth School of Business</p> </h6> <div class="page-main"> <div class="flexgrid"> <div class="flexgrid-col flexgrid-col-primary flexgrid-col-2of3"> <div class="section-row"> <div class="grid-row"> <div class="grid-col col-spaced-content"> <div class="user-content "> <div class="blue-body"> <p>Douglas Skinner is a leading authority on financial reporting and disclosure, capital markets, corporate finance, and valuation. An experienced expert witness, Professor Skinner has testified on numerous corporate finance–related matters, both in deposition and at trial. He has evaluated loss causation, damages, market efficiency, and price impact.</p> </div> <div class="text-faded"> <p>In his research, Professor Skinner addresses a range of subjects related to corporate finance, financial accounting, and corporate governance, including the capital market effects of corporate disclosures and financial reporting. He has assessed various factors that affect corporate disclosure choices, the role that manager incentives play in financial reporting, and the determinants of firms’ payout policies.</p> <p>Professor Skinner’s articles have appeared in leading accounting and finance journals, including the <em>Accounting Review</em>, the <em>Journal of Finance</em>, and the <em>Journal of Financial Economics</em>. He coedits the <em>Journal of Accounting Research</em> and was previously coeditor of the <em>Journal of Accounting and Economics</em>. He has received several best paper awards, including the Jensen Prize from the <em>Journal of Financial Economics</em> and the BlackRock Prize from the <em>Review of Accounting Studies</em>. His research has also been cited in the <em>New York Times</em>, the <em>Wall Street Journal</em>, and the <em>Financial Times</em>.</p> <p>Honored multiple times for excellence in teaching, Professor Skinner teaches graduate (M.B.A. and Ph.D.) courses that cover financial accounting, managerial (cost) accounting, financial statement analysis, corporate finance, and empirical methods in accounting research.</p> <p>Professor Skinner is a professorial fellow in the Faculty of Business and Economics at the University of Melbourne. Before joining the University of Chicago, he served for over a decade as the KPMG Professor of Accounting at the Ross School of Business, University of Michigan.</p> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/experts/douglas-skinner/" class="btn-primary btn grd-btn">View Bio</a> </div> </div> </div> </div> </div> </div> <div class="text-center cmp-big-button"> <a class="btn big-button" href="https://www.cornerstone.com/experts/?keyword=&expertise%5B%5D=2270&letter=&order=#listing-section-block">View All Practice Experts</a> </div> </section> <script type="text/javascript"> function submitForm(str) { document.getElementById("myForm").action = str; document.getElementById("myForm").submit(); } </script> <section class="not-print tabbed-listing" id="3"> <div class="container"> <div class="row justify-content-center"> <div class="col-sm-8 title-section text-center"> <h2>Valuation Capabilities</h2> <div class="large-para"> </div> </div> </div> <div class="row tabbed-listing-container"> <div class="col-lg-6"> <div class="tab-nav-container"> <a class="nav-tabs-dropdown vertical-tab-trriger"> <img src="" class="tab-img"> <span class="vertical-tab-text-active">tab</span> </a> <ul class="nav nav-tabs" id="tabLisitng" role="tablist"> <li class="nav-item" role="presentation"> <a class="nav-link active" id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab1" data-toggle="tab" href="#home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-1" role="tab" aria-selected="true"> Business Valuation: Corporate Transactions, Appraisals, and Entire Fairness Disputes</a> </li> <li class="nav-item" role="presentation"> <a class="nav-link " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab2" data-toggle="tab" href="#home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-2" role="tab" aria-selected="false"> Specific Business Assets: Intellectual Property, Financial Reporting, and Tax Valuations</a> </li> <li class="nav-item" role="presentation"> <a class="nav-link " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab3" data-toggle="tab" href="#home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-3" role="tab" aria-selected="false"> Solvency, Bankruptcy, and Corporate Restructurings</a> </li> <li class="nav-item" role="presentation"> <a class="nav-link " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab4" data-toggle="tab" href="#home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-4" role="tab" aria-selected="false"> Valuation of Complex Securities and Specific Interests</a> </li> <li class="nav-item" role="presentation"> <a class="nav-link " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab5" data-toggle="tab" href="#home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-5" role="tab" aria-selected="false"> Contract Valuation</a> </li> <li class="nav-item" role="presentation"> <a class="nav-link " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab6" data-toggle="tab" href="#home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-6" role="tab" aria-selected="false"> Industries</a> </li> </ul> </div> </div> <div class="col-lg-6"> <div class="tab-content" id="tabLisitngContent"> <div class="tab-pane fade show active" id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-1" role="tabpanel" aria-labelledby="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab1"> <div class="text-block regular-para"> <p>Cornerstone Research consults in matters involving business valuation for public or privately held companies. We have worked on matters related to mergers and acquisitions, initial public offerings, private placements, spin-offs, hostile-takeovers, financings and going-private transactions.</p> <p>In these contexts, we have addressed valuation issues using discounted cash flow models, comparable company/comparable transaction methodologies, option pricing, and other advanced techniques. We carefully consider available market evidence, including the contemporaneous actions of market participants and trading data, as a check on our assumptions and conclusions. Cornerstone Research also has experience with valuation issues in the context of entire fairness disputes and appraisal matters in the Delaware Chancery Court and other venues.</p> </div> <div class="bottom-action"> </div> </div> <div class="tab-pane fade " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-2" role="tabpanel" aria-labelledby="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab2"> <div class="text-block regular-para"> <p>Our consultants and experts have expertise in the valuation of goodwill and intellectual property. Combined with our expertise in securities, we provide our clients with practical approaches to the valuation of specific assets, including patents, trade secrets, product lines, operating divisions, and subsidiaries.</p> </div> <div class="bottom-action"> </div> </div> <div class="tab-pane fade " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-3" role="tabpanel" aria-labelledby="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab3"> <div class="text-block regular-para"> <p>Cornerstone Research’s valuation expertise encompasses matters arising from corporate restructurings, such as reorganizations, bankruptcies, solvency and credit rating opinions, divestitures, and buyouts. We also have experience in assessing the impact of a fraudulent conveyance and market and policy factors on a firm’s value or ability to operate as a going concern.</p> </div> <div class="bottom-action"> </div> </div> <div class="tab-pane fade " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-4" role="tabpanel" aria-labelledby="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab4"> <div class="text-block regular-para"> <p>Cornerstone Research has expertise in the valuation of warrants, options, debt instruments, credit derivatives, and convertible and preferred securities. We have also evaluated specific interests such as minority shareholder stakes in both public and private firms.</p> </div> <div class="bottom-action"> </div> </div> <div class="tab-pane fade " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-5" role="tabpanel" aria-labelledby="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab5"> <div class="text-block regular-para"> <p>Our consultants and experts have evaluated noncompete agreements, technology development agreements, joint venture agreements, and supply and purchase agreements using techniques such as Monte Carlo simulations.</p> </div> <div class="bottom-action"> </div> </div> <div class="tab-pane fade " id="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-6" role="tabpanel" aria-labelledby="home-22332a9c-bfbb-4481-9ab4-dc7ba975629e-tab6"> <div class="text-block regular-para"> <p>Our valuation experience spans an array of industries, including financial services, healthcare and pharmaceuticals, energy and infrastructure, manufacturing, metals and mining, oil and gas, professional services, real estate and construction, and others.</p> </div> <div class="bottom-action"> </div> </div> </div> </div> </div> </div> </section> <section class="not-print case-studies" id="4"> <div class="container"> <div class="row"> <div class="col-md-12 title-section text-center mb-md-2"> <h2>Featured Cases</h2> </div> </div> </div> <div class="case-study-slider-container nav-btn-slider slick-slider-nav-center"> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/chan-v-arcsoft-inc/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>Chan et al. v. ArcSoft Inc et al.</p> </div> <div class="regular-para"> After a two-week trial, the jury awarded plaintiffs only a fraction of the damages calculated by the plaintiffs’ expert. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/chan-v-arcsoft-inc/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/de-jaray-et-al-v-lattice-semiconductor-corp/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>De Jaray et al. v. Lattice Semiconductor Corp.</p> </div> <div class="regular-para"> In this trial, the jury denied all the plaintiffs’ claims. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/de-jaray-et-al-v-lattice-semiconductor-corp/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/omni-logistics-llc-v-forward-air-corporation/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>Omni Logistics LLC v. Forward Air Corporation</p> </div> <div class="regular-para"> After more than two months of litigation and moments before the commencement of trial, the parties moved forward with this acquisition. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/omni-logistics-llc-v-forward-air-corporation/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/in-re-tesla-motors-inc-stockholder-litigation/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>In re Tesla Motors Inc. Stockholder Litigation</p> </div> <div class="regular-para"> Rick Van Zijl’s trial testimony cited extensively in Delaware Court of Chancery ruling in favor of Elon Musk. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/in-re-tesla-motors-inc-stockholder-litigation/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/in-re-oracle-corporation-derivative-litigation/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>In re Oracle Corporation Derivative Litigation</p> </div> <div class="regular-para"> The Delaware Court of Chancery’s Vice Chancellor ruled entirely in favor of Cornerstone Research’s clients, the defendants in this high-profile der... </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/in-re-oracle-corporation-derivative-litigation/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/in-re-twitter-inc-v-elon-musk-et-al/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>In Re Twitter Inc. v. Elon Musk et al.</p> </div> <div class="regular-para"> In addition to supporting the three testifying experts, Cornerstone Research conducted research and consulted to counsel on a number of issues. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/in-re-twitter-inc-v-elon-musk-et-al/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/energy-industry-arbitration/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>Energy Industry Arbitration</p> </div> <div class="regular-para"> The arbitration panel ruled that the energy company was owed the entire amount of tortious interference damages that Professor Johnson calculated. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/energy-industry-arbitration/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/reynolds-american-inc-v-third-motion-equities-master-fund-ltd-et-al/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>Post-Merger Appraisal Trial Win</p> </div> <div class="regular-para"> The North Carolina Business Court judge found in favor of the merged company in this appraisal litigation. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/reynolds-american-inc-v-third-motion-equities-master-fund-ltd-et-al/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/frederick-hsu-living-trust-v-odn-holding/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>Frederick Hsu Living Trust v. ODN Holding Corp. et al.</p> </div> <div class="regular-para"> The Delaware Court of Chancery found in favor of our client, a private equity firm, after a ten-day trial. </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/frederick-hsu-living-trust-v-odn-holding/" class="inline-btn">Learn More</a> </div> </div> </div> <div class="case-study-slides"> <div class="case-container-block"> <a href="https://www.cornerstone.com/insights/cases/mooney-v-diversified-business-communications/" class="full-link"></a> <span class="small-label">Case</span> <div class="large-para"> <p>Mooney et al. v. Diversified Business Communications et al.</p> </div> <div class="regular-para"> The Superior Court of Massachusetts ruled in favor of the majority shareholder, finding the opposing damages expert’s assumptions “not to be true.” </div> <div class="bottom-action mt-3"> <a href="https://www.cornerstone.com/insights/cases/mooney-v-diversified-business-communications/" class="inline-btn">Learn More</a> </div> </div> </div> </div> <div class="container mt-md-5 mt-3"> <div class="row"> <div class="col-md-12 text-center"> <a href="/about/cases?category%5B%5D=valuation&order=" class="btn btn-primary grd-btn" target="_self"><span>View All</span></a> </div> </div> </div> </section> <section class="not-print featured-expert padding-md" id="5"> <div class="container"> <div class="row justify-content-center"> <div class="col-xl-5 "> <div class="pr-xl-5 regular-para text-block pb-3 pb-xl-0 pr-xl-5"> <h2>Selected Professionals</h2> <p><p>Our staff consultants contribute expertise in economics, finance, accounting, and marketing, as well as business acumen, familiarity with the litigation process, and a commitment to provide outstanding support.</p> </p> <div class="bottom-action desktop-show"> <a href="https://www.cornerstone.com/professionals/?keyword=&expertise%5B%5D=2270&letter=&order=alp#listing-section-block" class="btn btn-primary grd-btn" target="_self"><span>View Selected Professionals</span></a> </div> </div> </div> <div class="col-xl-5"> <div class="featured-container grid"> <ul> <li> <a class="full-link" href="https://www.cornerstone.com/professionals/frank-schneider/"></a> <div class="featured-img-text"> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2021/12/Frank-Schnieder.png?lossy=0&strip=1&webp=1')"></div> <h6>Frank Schneider</h6> <div class="expert-text"><p>Vice President</p> </div> </div> </li> <li> <a class="full-link" href="https://www.cornerstone.com/professionals/allie-schwartz/"></a> <div class="featured-img-text"> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2021/12/Allie-Schwartz.png?lossy=0&strip=1&webp=1')"></div> <h6>Allie Schwartz</h6> <div class="expert-text"><p>Vice President</p> </div> </div> </li> <li> <a class="full-link" href="https://www.cornerstone.com/professionals/paul-zurek/"></a> <div class="featured-img-text"> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2023/06/Paul-Zurek.png?lossy=0&strip=1&webp=1')"></div> <h6>Paul Zurek</h6> <div class="expert-text"><p>Vice President,<br /> Cornerstone Research</p> </div> </div> </li> <li> <a class="full-link" href="https://www.cornerstone.com/professionals/ronnie-barnes/"></a> <div class="featured-img-text"> <div class="expert-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2024/02/Ronnie-Barnes.png?lossy=0&strip=1&webp=1')"></div> <h6>Ronnie Barnes</h6> <div class="expert-text"><p>Vice President</p> </div> </div> </li> </ul> <div class="bottom-action mobile-show mt-4 text-center"> <a href="https://www.cornerstone.com/professionals/?keyword=&expertise%5B%5D=2270&letter=&order=alp#listing-section-block" class="btn btn-primary grd-btn" target="_self"><span>View Selected Professionals</span></a> </div> </div> </div> </div> </div> </section> <section class=" not-print latest-content" id="6"> <div class="container"> <div class="align-items-center row"> <div class="col-md-8 title-section"> <h2>Featured Publications</h2> </div> <div class="col-md-4 text-md-right text-center"> <a href="/insights?category%5B%5D=valuation&order=" class="inline-btn" target="_self"><span>View All</span></a> </div> </div> </div> <div class="latest-content-slidercontainer"> <div class="latest-block-slider"> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/reports/trends-in-large-corporate-bankruptcy-and-financial-distress/"></a> <span class="small-label">17 September 2024</span> <h3>Trends in Large Corporate Bankruptcy and Financial Distress</h3> <div class="small-para"> <p>This report examines trends in Chapter 7 and Chapter 11 bankruptcy filings.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/press-releases/large-corporate-bankruptcy-filings-surged-in-first-half-of-2023/"></a> <span class="small-label">26 September 2023</span> <h3>Large Corporate Bankruptcy Filings Surged in First Half of 2023</h3> <div class="small-para"> <p>Increase in large corporate bankruptcy filings driven by companies in retail trade, services, and manufacturing.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/reports/trends-in-large-corporate-bankruptcy-and-financial-distress-midyear-2023-update/"></a> <span class="small-label">26 September 2023</span> <h3>Trends in Large Corporate Bankruptcy and Financial Distress—Midyear 2023 Update</h3> <div class="small-para"> <p>The increase in large corporate bankruptcies in the first half of 2023 marked a reversal from a gradual decline in filings since the start of 2021.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/reports/appraisal-litigation-in-delawaretrends-in-petitions-and-opinions-20062022/"></a> <span class="small-label">5 April 2023</span> <h3>Appraisal Litigation in Delaware—Trends in Petitions and Opinions, 2006–2022</h3> <div class="small-para"> <p>Court-awarded premiums have also fallen sharply as court rulings have relied more on market evidence and deal price.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/press-releases/new-cornerstone-research-report-volume-of-2022-delaware-shareholder-appraisal-petitions-returns-to-pre-boom-levels-as-court-decisions-have-made-appraisal-litigation-riskier/"></a> <span class="small-label">5 April 2023</span> <h3>Volume of 2022 Delaware Shareholder Appraisal Petitions Returns to Pre-Boom Levels as Court Decisions Have Made Appraisal Litigation Riskier</h3> <div class="small-para"> <p>Court-awarded premiums have also fallen sharply as court rulings have relied more on market evidence and deal price.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/press-releases/2023-wwl-thought-leaders-usa-commercial-litigation-expert-witnesses/"></a> <span class="small-label">27 January 2023</span> <h3>2023 WWL: Thought Leaders USA – Commercial Litigation – Expert Witnesses</h3> <div class="small-para"> <p>Ilya Strebulaev of Stanford Graduate School of Business (GSB) is recognized among expert witnesses in U.S. commercial litigation.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/articles/interview-with-ilya-strebulaev/"></a> <span class="small-label">19 January 2023</span> <h3>Q&A with Ilya Strebulaev</h3> <div class="small-para"> <p>WWL interviewed Professor Strebulaev about expert witness work, venture capital trends, and advice he gives to developing corporate finance experts.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/press-releases/wwl-consulting-experts-financial-advisory-and-valuation-quantum-of-damages-2022/"></a> <span class="small-label">13 October 2022</span> <h3>WWL Consulting Experts: Financial Advisory and Valuation – Quantum of Damages 2022</h3> <div class="small-para"> <p>René Stulz and Ronnie Barnes have been named to this select list of world-leading consulting experts on the quantum of damages.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/press-releases/large-corporate-bankruptcy-filings-continue-to-decrease-through-first-half-of-2022/"></a> <span class="small-label">7 September 2022</span> <h3>Large Corporate Bankruptcy Filings Continue to Decrease through First Half of 2022</h3> <div class="small-para"> <p>Most industry groups saw bankruptcy filings decline from mid-2020 pandemic highs.</p> </div> </div> </div> <div class="latest-slides"> <div class="flex-block"> <a class="full-link" href="https://www.cornerstone.com/insights/reports/trends-in-large-corporate-bankruptcy-and-financial-distress-midyear-2022-update/"></a> <span class="small-label">6 September 2022</span> <h3>Trends in Large Corporate Bankruptcy and Financial Distress—Midyear 2022 Update</h3> <div class="small-para"> <p>Following the spike in large corporate bankruptcy filings triggered by the COVID-19 pandemic, filings in 2021 and the first half of 2022 fell to le...</p> </div> </div> </div> </div> </div> </section> <section class="not-print full-width-cta" id=""> <div class="container"> <div class="row"> <div class="col-md-8"> <div class="text-block large-para"> <h2>How can we help you? </h2> <p>For more information or assistance with a specific matter, please contact us.</p> </div> </div> </div> </div> <div class="col-md-4 full-width-cta-img"> <div class="bg-img lazyload" style="background-image:inherit;" data-bg-image="url('https://b2951156.smushcdn.com/2951156/wp-content/uploads/2021/12/iStock-12986921271.jpg?lossy=0&strip=1&webp=1')"></div> <a href="/Contact-Us/" class="btn-primary btn grd-btn btn-white-text" target="_self"><span>Contact Us</span></a> </div> </section> </div> </main>  <div 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