Litigation & Dispute Resolution

May 13, 2015

Statutory Fair Value

Statutory “fair value” is the standard of value for valuation in the dissenters’ rights and shareholder oppression statutes of the majority of states. Disagreements over the applicability (or not) of certain valuation premiums or discounts provide the source of significant differences of opinion between counsel for dissenting shareholders and, unfortunately, between business appraisers. However, in this whitepaper on statutory fair value, we hope to outline sufficient valuation and finance theory so we can begin to examine cases, i.e., judicial interpretations of what fair value means. With the proper background, we will be able to understand and to interpret what the courts have said in the context of valuation theory.

This e-book consists of a series of posts originally published on the blog Valuation Speak between February 2011 and January 2012. 

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Mercer Capital Professionals to Present at TSCPA’s 2026 Forensic and Valuation Services Conference
Mercer Capital Professionals to Present at TSCPA’s 2026 Forensic and Valuation Services Conference
Three Mercer Capital professionals will be featured speakers at the Tennessee Society of CPAs’ 2026 Forensic and Valuation Services Conference, taking place October 27-29, 2026, at TSCPA’s offices in Brentwood, Tennessee. Barbara Walters Price, Nikki McNeel, and David W. R. Harkins, CFA, CPA, ABV, CFF, will present consecutive sessions during the afternoon of Wednesday, October 28.Designed for CPAs working in forensic accounting, business valuation, and litigation support, the three-day conference will offer technical updates and practical guidance from professionals across the field.Barbara Price and Nikki McNeel will present “From Expertise to Opportunity: Marketing Strategies for Valuation Professionals.” Their session will explore how valuation professionals can communicate their expertise, create useful content, strengthen outreach, and market their skills alongside billable work. They will also discuss how AI is increasing the importance of credibility, judgment, and an authentic professional voice.David Harkins will follow with “The Art of Defining the Engagement: Turning Inquiries into Engagements.” His session will trace the process from the initial client conversation through the signed engagement letter, with practical guidance on gathering information, discussing fees and timelines, defining scope, managing expectations, and reducing scope creep.Barbara Walters Price serves as Chief Marketing Officer of Mercer Capital and is also a member of the firm’s Board of Directors. She leads the firm’s marketing strategy and oversees corporate communications, business development, digital strategy, and thought leadership initiatives. Price frequently speaks and writes about professional services marketing and leadership, particularly within the business valuation profession.Nikki McNeel is the Brand Manager at Mercer Capital, where she oversees the firm’s brand design and continuity across digital, web, and print platforms. She supports the firm’s broader marketing efforts, including website development, newsletters, social media, conferences, webinars, and corporate communications. McNeel also serves on Mercer Capital’s AI Committee, helping guide the firm’s evaluation and thoughtful implementation of artificial intelligence tools.David W. R. Harkins, CFA, CPA, ABV, CFF, is a Vice President at Mercer Capital and leads the firm’s Auto Dealership Industry team. He provides valuation and litigation support services for family law, commercial litigation, gift and estate tax planning, mergers and acquisitions, fairness and solvency opinions, and employee stock ownership plans. Harkins also publishes research in Mercer Capital’s Value Focus: Auto Dealer Industry newsletter and contributes regularly to the firm’s Auto Dealer Valuation Insights blog.For more information about the conference, visit the TSCPA conference website.
A Financial Perspective and Overview of Marital vs. Separate Property in Divorce-Part 3
A Financial Perspective and Overview of Marital vs. Separate Property in Divorce

Part 3: Illustrative Examples

Part 3 applies these concepts through two examples which are hypothetical and simplified to illustrate the financial analysis that an expert may perform. The examples do not determine whether an asset or change in value is marital or separate. The applicable law, relevant dates, and facts of each matter govern counsel in that determination.
A Financial Perspective and Overview of Marital vs. Separate Property in Divorce-Part 2
A Financial Perspective and Overview of Marital vs. Separate Property in Divorce

Part 2: Valuation, Financial, and Forensic Considerations

In Part 1, we discussed the general distinction between marital and separate property. Part 2 takes a closer look at the valuation, financial, and forensic issues that can complicate the analysis of marital vs. separate property: tracing assets over time, evaluating commingling or potential transmutation, identifying liabilities, and analyzing changes in value. The relevance and treatment of these issues vary depending on jurisdiction and the applicable legal framework.

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