Appraisal Economics Inc. has completed the valuation of the economic rights contained in a private placement of common stock for a publicly traded biopharmaceutical company. The company develops therapies for the treatment of cancer and other serious diseases, focusing on cell cycle biology. In addition to its existing commercial products, the company has a pipeline of small molecule investigational drugs through Phase 3 trials. We valued the rights contained in the private placement derived from a lawsuit related to patent infringement, including the valuation of common stock warrants. We valued the warrants using the Black Scholes option pricing model and valued the patent infringement lawsuit using probability analysis and assessment of contingent claims.

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Appraisal Economics Inc. valued the virtual museum and archive of a Washington, D.C. based not for profit. This particular 501(c)3 non-profit client builds and maintains for the public an exclusively web-based museum detailing the history of financial regulation in the United States. With over 5,000 historical papers, photographs, and recorded interviews, some dating back to the late 1700s, the museum has received over 1 million visitors. The museum is free to the public and funded solely by charitable donations. Appraisal Economics was engaged to value the intellectual property and determine the fair market value of the museum for management planning purposes.

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Appraisal Economics Inc. has completed a valuation of a 7.5 megawatt wood-burning biomass cogeneration facility that is part of a vertically integrated timber operation located in South America. This facility is a hybrid design that utilizes traditional combustion methods with ground breaking gasification technology. Energy generated is sold to the Uruguayan power grid via a long term power purchase agreement. Appraisal Economics was engaged to estimate the fair market value of the facility for financial reporting.

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Appraisal Economics Inc. has valued a publicly traded developer and manufacturer of a critical component in photovoltaic and thin-film solar panels. Our client’s highly sophisticated product is an input to many of the world’s largest solar energy panel manufacturers. We valued the business enterprise to assess whether the company’s goodwill was impaired under ASC 350. We also valued the intangible assets to test for impairment under ASC 360.

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Appraisal Economics Inc. has completed the valuation of several auction rate securities for a publicly traded firm in the digital media industry. Auction rate securities offered borrowers long-term financing and had provided investors with short-maturity assets with yields generally above those offered by money market funds or commercial paper. In 2008, when the credit markets began to experience severe dislocations, the demand for these once liquid securities disappeared and many current investors were unable to sell their existing holdings. Despite the limited availability of transactions from which to derive estimates of fair value, institutional investors are required to periodically mark their holdings to market. We valued these securities to facilitate the client’s quarterly SEC reporting requirements.

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Appraisal Economics has completed the valuation of a New Jersey based information technology consulting firm engaged in the sale, service, and support of computer hardware and software, as well as providing various business consulting services including system configuration and optimization. We were initially engaged to determine the fair market value of the company’s common stock in connection with its sale to a newly established employee stock ownership plan (ESOP). Since the initial valuation, we have provided periodic updates to assist the company in complying with specific ERISA regulatory reporting requirements. Please click for more information about business valuations.

Appraisal Economics Inc. has completed a valuation of a large paper manufacturing facility in the United States that produces paper towels, tissues, and napkins. These paper products are sold as both brand name and generic labels by numerous retailers throughout the country. The facility’s assets include a machine to process wood pulp into rolls of paper, and equipment to convert these rolls into finished products. Appraisal Economics was engaged to estimate the fair market value of the facility for property tax litigation support.

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Appraisal Economics Inc. has completed a valuation of the tangible and intangible assets of six limestone aggregate quarries and a concrete block manufacturing facility, located throughout Kentucky, after the acquisition by a global supplier of building materials. The quarries produce crushed stone and asphalt, primarily for sale in the coal mining, and road and commercial construction industries. The assets are comprised of inventory, land, machinery and equipment, mineral reserves, permits and certifications, and goodwill. Appraisal Economics was engaged to estimate the fair market value of the assets for financial reporting under Financial Accounting Standards Board (FASB) Accounting Standards Codification 805 (ASC 805), Business Combinations.

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Appraisal Economics Inc. has completed a valuation of one of the largest optical retailers in the United States. We were engaged to provide a solvency opinion to the company’s Board of Directors in connection with a $325 million refinancing, recapitalization, and issuance of a dividend. Our solvency analysis involves performing a business enterprise valuation, sensitivity analysis, and the five tests of solvency. The five tests of solvency include determining whether (i) the afair market value of the assets are greater than total liabilities, (ii) the present saleable value of assets are greater than total liabilities, (iii) ability to pay liabilities as they mature or otherwise become due, (iv) the capital remaining in the business (post-transaction) is adequate for the business operations, and (v) sufficient surplus is remaining to issue a dividend under Delaware law.

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Appraisal Economics Inc. has completed a valuation of a ten property hotel portfolio. The hotels, located in the Manhattan and Chicago markets, are part of a luxury boutique hotel chain owned by a closely held company with over 100 years of experience in the hospitality and service industries. The company also provides management services to five unrelated hotel properties. We were engaged to estimate the fee simple market value of the hotels for gift and estate tax planning. Additionally, we determined the fair market value of a minority interest in the company after adjusting for lack of control and lack of marketability discounts.

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