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Delaware Court Determines ISN Value, Despite Divergent Expert Opinions

By Cynthia L. Jones, CFA October 12, 2016

The Delaware Court of Chancery recently determined the value of ISN Software Corporation stock to be $98,783 per share, 158% more than the merger price. ISN did not rely on a financial advisor, investment bank, or fairness opinion, but self-determined that its stock was fairly valued at $38,317 per share. Petitioners Polaris and Ad-Venture objected, and promptly filed suit.

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MPI Comments on Proposed IRS Regulations

After more than a year of speculation and rumors, on August 4, the Internal Revenue Service (“IRS”) issued proposed regulations under Internal Revenue Code §2704 (the “Proposed Regs”). Clearly, the goal of the Proposed Regs is to limit (or eliminate outright) the application of discounts for lack of control and lack of marketability when valuing interests in family controlled entities for gift, estate and generation-skipping tax purposes.

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MPI Welcomes New Employees

MPI announces the addition of seven new faces to our team. These team members will be working closely with our senior staff to provide analytical support required on client related engagements in our Tax-Based Valuations, Transaction Advisory, Financial Reporting and Litigation Support business.

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Delaware Court Delivers on Dell Value

Vice Chancellor Laster’s recent decision in the Delaware appraisal action involving Dell, Inc. determined that Dell’s stock was valued at $17.62 per share, or some 26% above the going private offer worth $13.96 per share.

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More Changes to the Impairment Test Coming?

On May 12, 2016, the FASB issued a proposed Accounting Standards Update (Update) that would remove Step 2 from the goodwill impairment test. The Update, if adopted, would be applicable to public entities and not-for-profit entities and would be very similar to the accounting alternative for private companies, which was promulgated by the Private Company Council (PCC) and endorsed by the FASB in late 2013.

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