American Business Appraisers News: Fall 2007 Principals’ Meeting
ABA held its second semi-annual Principals’ meeting September
14-16, 2007. It was hosted by ValuPath
Advisors, Inc. in Fayetteville, AR.
Saturday began with Ashok Abbott’s talk about quantifying the effects of differences in liquidity of publicly traded stocks on the valuation of blocks of those securities and how that information can be extrapolated into an analysis of the marketability discounts on privately traded securities. Dr. Abbott’s presentation included how this relates to Bajaj and other analyses of lack of marketability. Discussion continued to incorporate the issues of specific company risk raised by Keith Pinkerton and Pete Butler, how that risk relates to the overall continuum of observed and targeted discount rates, and, ultimately, whether the venture capital discounts rates include the effects of marketability/liquidity.
Mark Schwartzman and Steve McMorrow presented a panel discussion on valuations of asset-holding companies.
Tracey Jeffers hosted a chuckwagon dinner at her farm on Saturday evening.
Steve McMorrow led a discussion on ABA’s Vision at Sunday’s Board Meeting. He stated, “The foundation for ABA is laid. We are here to grow, revitalize ABA, and energize each other to build our respective practices.” Discussions were also held regarding budget, templates, web page, products and membership.
The San Antonio meeting, hosted by Mark Schwartzman, will be on Friday, February 29 through Sunday, March 2, 2008. ABA will hold its elections for the next Board at that meeting. ABA's Fall Meeting, to be held in Philadelphia, is tentatively scheduled for the weekend of October 17, 2008.
