Articles -- summary
 
"HYPOTHECATION IMPAIRMENT AS A COMPONENT OF A DISCOUNT FOR LACK OF MARKETABILITY"

Written by Joseph Labray, ASA, Senior Business Advisory Analyst in the Business Valuation Services unit of Wells Fargo Private Client Services, Minneapolis, Minnesota, and published in the Business Valuation Review, September 2002.

Unlike stock in publicly traded companies, the inability to use privately-held stock as collateral imposes on the stockholder an opportunity cost, which is one component of the discount for lack of marketability. This article suggests a methodology for measuring this component without reference to restricted stock studies, pre-IPO studies or assumptions regarding holding periods.

"VALUATION OF INTELLECTUAL PROPERTY ASSETS : THE FOUNDATION FOR RISK MANAGEMENT AND FINANCING"

Written by Zareer Pavri, formerly with PricewaterhouseCoopers LLP, and presented at an INSIGHT Conference in Toronto, April 1999.

Among other things, the article:

(1) discusses what financial institutions look for in an IP valuation;
(2) focuses on the 'Relief from Royalty' method for establishing fair market value of IP; and
(3) provides the market's perspective of a royalty rate based on economic contributions of IP to a business enterprise.
 
"WHERE THE VALUE IN A TRADEMARK LIES"

Written by Zareer Pavri, formerly with Price Waterhouse LLP, the article appeared in the CA Magazine, February 1987. The article outlines various methods to value a trademark.

"EARN-OUTS: WHEREIN BOTH THE BUYER AND SELLER GET HAPPY"


Written by Zareer Pavri, formerly with Price Waterhouse LLP, the article appeared in Canadian Business, September 1983. Earnouts are designed to bridge the pricing gap between what the seller is asking and what a buyer is willing to pay.

"VALUATION OF A CABLE TELEVISION SYSTEM"

Written by Zareer Pavri, formerly with Price Waterhouse LLP, the article appeared in Cable Communications Magazine, August 1983. The article discusses various methodologies used to value a cable television system on a going-concern basis