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Steve Hecht is a go-to trial lawyer for hedge funds, institutional investors, family offices, university endowments, venture funds and other investors interested in utilizing the legal process to create value for their own investors. Whether by activist litigation, fiduciary duty claims, or appraisal and other valuation strategies, Steve has extensive experience across the gamut of options for shareholders.  He regularly tries cases in Delaware Chancery Court and around the country for clients seeking outsized returns. Steve is a partner of Rolnick Kramer Sadighi LLP.

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This newest piece from Law.com [$$] analyzes the most recent appraisal decision from the Delaware Chancery Court, Regal Entertainment Group, in which the court awarded stockholders a 2.6% premium to merger price.  The valuation determination followed from the court’s pegging Regal’s fair value to merger price less synergies, while adding back the increase in

This recent piece from Forbes provides an interesting look into how Michael Dell scored a huge windfall by opportunistically taking Dell private while the stock was undervalued.  Although the Delaware trial court had acknowledged a valuation much higher than the take-private price, the Supreme Court reversed mainly on policy grounds, on the rationale that public

Cannalaw Conference Wrap-up:  What’s Next for Marijuana?

The conference closed with a look ahead to the future of the cannabis industry, patent issues, and emerging psychedelic market.  What will we see with regards to patent enforcement?  Only two cannabis related lawsuits have been filed to date, one that died.  However, there is speculation that

The M&A panel at yesterday’s Cannalaw conference addressed what valuation techniques are being used to determine the purchase price of a marijuana company.  While in recent years the traditional valuation metrics would normally be utilized – whether multiples of sales, revenues or EBITDA, for instance – the current market is experiencing a supply/demand imbalance, as

Financial Inclusion:  Banking in the Legal Cannabis Industry

The panel focused on the challenges of cannabis banking, including availability, compliance issues and whether the proposed Safe Banking Act will pass.  The major problem that large banks face is not with the illegality of cannabis, but with the compliance costs.  Large banks must file a

RKS is covering the the Cannalaw Summit, a conference covering a range of topics including cannabis valuation.  Beyond the newest US states to legalize recreational cannabis use, Mexico is proceeding with legalization steps in what observers said could become “the world’s largest cannabis market.”  The summit kicked off yesterday covering an industry “with projections of

IRS & Business Taxation of the Cannabis Industry

Given the rapid developments in the cannabis space — with 15 states having now legalized recreational marijuana and 21 states allowing medicinal use — approaches to the valuation of cannabis companies continues to evolve.  In this new piece by EisnerAmper, the firm makes the case for utilizing any combination of an Asset Approach, Income

New Law Enforcement Challenges: Is it Marijuana or Hemp? - Cannabis Business Times

As reported in this Law360 piece, “Illegality Nixes Most of Marijuana Investment Scheme Suit,” a Colorado judge dismissed an investor’s fraud claim against the principal behind an investment vehicle whose strategy revolved around the Colorado cannabis industry.  The court found that the relief sought would violate the Controlled Substances Act, underscoring the perils of