Emerging Trends in Economic Damages, Business Valuation and Lost Profits - Webcast
June 2015
Emerging Trends in Economic Damages, Business Valuation and Lost Profits
Co-sponsored by the Colorado Society of CPAs and Colorado Bar Association CLE
Program Description:
- Cost of Capital Update - What's New and What's Not New
- Lost Profits and Economic Damages
- The Courts as Gatekeeper of Expert Testimony
- The Good, the Bad & the Ugly of Financial Expert Testimony
- Optimizing Relationships Between Legal Counsel and Financial Experts
- Direct and Cross Examination
- A View from the Bench
AGENDA:
8:00 – 8:20 am
Registration and Continental Breakfast
8:20 – 8:30 am
Opening Remarks
Ronald L. Seigneur, CPA/ABV ASA, CFF CVA, Managing Partner, Seigneur Gustafson LLP, and Gary Abrams, Executive Director, Colorado Bar Association CLE
8:30 – 9:30 am
Cost of Capital Update: What's New and What's Not New
This session will focus on the building blocks to cost of capital, together with recent changes in approach and resources. The topics covered will include:
- The evolution of the build-up model and its components
- Why you need to know what is in the new Duff & Phelps 2014 Valuation Handbook
- The Implied Private Company Pricing Line 2.0
- Fannon/Sellers – adjusting cost of capital for pass thru entities
- An overview of methods and models to determine the elusive company specific risk
- Views from the bench – perspectives of the Delaware Chancery Court and beyond
Ron L. Seigneur, MBA CPA/ABV ASA CVA CFF CGMA, Seigneur Gustafson LLP
Stacey D. Udell, CPA/ABV, CFF, CVA, Gold Gerstein Group LLC
9:30 – 10:40 am
Lost Profits and Economic Damages: A Case Study Approach
This session will use a real case to demonstrate the economic principles of a lost profits claim with an overlay of legal theory. The case study will address the interplay between lost profits and lost business value as well as the use and misuse of ex-ante and ex-post data in a damages claim. Those attending should gain insight from the following learning outcomes:
- Identify the appropriate measure of damages in a lost profits claim
- Understand the application of economic principles such as cash flow identification, risk and growth in the context of a damages analysis
- Ascertain the differences and applications of ex-post and ex-ante data in a damages analysis
- Recognize the strengths and weaknesses of various inputs and positions in the analysis for subsequent follow up
- Learn how to pull it all together in a cohesive manner
Neil Beaton, CPA/ABV/CFF, ASA, CFA, Alvarez & Marsal Valuation Services
10:40 – 10:50 am
Networking Break
10:50 am – 12:05 pm
Case Law: The Courts as Gatekeeper of Expert Testimony & The Good, the Bad & the Ugly of Financial Expert Testimony
This session will provide case law regarding the court's role as gatekeeper of expert witness testimony and examples of cases regarding the credibility of financial expert witness testimony:
- Provide an overview of the history and evolution of the courts role as gatekeeper of expert witness testimony - Shreck and Daubert
- Provide case law examples of the good, bad and ugly financial expert witness testimony
Robert W. Levis, CPA/ABV ASA, Levis Consulting
Edward A. Gleason, Esq., Lewis Roca Rothgerber LLP
Erin M. Jensen, Esq., Howard Jensen & Dulaney LLC
12:05 – 12:45 pm
Lunch Break - On Your Own
12:45 – 2:00 pm
Optimizing Relationships Between Legal Counsel and Financial Experts
This session will focus on the key elements that often define a productive and responsive working relationship between litigation attorneys and the financial experts they retain on behalf of their clients. Given recent initiatives to provide expedited access to the courts and the now, now digital world we practice in, this session will touch on tips and tactics to optimize the working relationships between professionals. Those attending should gain insight from the following learning outcomes:
- Evaluate retention alternatives for the financial expert in terms of who retains and who pays the fees
- Determine best practices for communicating deadlines, exchanging information, and reviewing draft work product
- Understand the pros and cons of using a neutrally appointed expert and tactics to optimize that relationship for all parties
- Identify the elements that often derail the timing and budget for what the financial expert has been tasked to do
- Learn what professional standards impact the financial professional based on the designations they hold
John Tatlock, Esq., The Harris Law Firm
Ron L. Seigneur, MBA CPA/ABV ASA CVA CFF CGMA, Seigneur Gustafson LLP
2:00 – 3:15 pm
Direct and Cross Examination
The direct and cross-examination of an expert at trial can often make or break a case. In this session, a seasoned litigation attorney and two experts will discuss the best and worst things an expert can do.
Topics will include:
- Handling errors in an expert report
- Dealing with an expert’s lack of experience
- Techniques to deal with hard questions
- Preparation for direct and cross examination
- Delivering a cogent and pithy direct
William J. Leone, Esq., Fulbright & Jaworksi LLP, and Norton Rose Fulbright
Neil Beaton, CPA/ABV, CFF, ASA, CFA, Alvarez & Marsal Valuation Services
Stacey D. Udell, CPA/ABV, CFF, CVA, Gold Gerstein Group LLC
3:15 – 3:30 pm
Networking Break
3:30 – 4:30 pm
A View from the Bench
Honorable Ann B. Frick, 2nd Judicial District
4:30 pm
Adjourn
Registration Fees
| Non Member | $399.00 |
| CPA Member | $349.00 |
| CBA Member | $349.00 |
| CBA Litigation Section Member | $309.00 |
| New Lawyer (in practice 5 years or less) | $279.00 |
| CLEACCESSPASS--ELITE Pass Holder | $0.00 |
- General Credits: 8.00
- Ethics Credits: 0.00
- EDI Credits:
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