Insights

October 16, 2023
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The Michel-Shaked Group’s Israel Shaked and Paul Dionne published Part I of a two-part article in the September 2023 issue of the American Bankruptcy Institute Journal which discussed the changes, if any, in the field of corporate valuation as a result of the pandemic. Specifically, this article focused on the discounted cash flow (DCF) method and how it may have been changed across the pre-pandemic, pandemic and post-pandemic time periods....

September 29, 2023
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The Michel-Shaked Group’s Israel Shaked and Paul Dionne published Part I of a two-part article in the September 2023 issue of the American Bankruptcy Institute Journal which discussed the changes, if any, in the field of corporate valuation as a result of the pandemic. Specifically, this article focused on the discounted cash flow (DCF) method and how it may have been changed across the pre-pandemic, pandemic and post-pandemic time periods....

June 16, 2023
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The Michel-Shaked Group provided consulting and rebuttal expert testimony in the Diamond Sports Group (Diamond) bankruptcy proceeding. Diamond argued that the contract rates for local broadcasting rights between the Four MLB Teams and Diamond were unreasonable. Following a two-day bench trial in the United States Bankruptcy Court for the Southern District of Texas, Bankruptcy Judge Christopher Lopez ruled in favor of MLB and the teams, determining that that the contract rates were reasonable. ...

April 06, 2022
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The Michel-Shaked Group’s Israel Shaked, and Brad Orelowitz published an article in the February 2022 issue of the American Bankruptcy Institute Journal discussing beta, the measure of a company’s systematic risk, and its application to valuation. The article describes how to calculate beta and situations where accurately determining this metric may require extra attention, such as highly distressed companies, recent IPOs, private companies, and instances of extreme economic volatility....

August 10, 2021
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Retained by the Official Committee of Unsecured Creditors of Chesapeake Energy Corporation, The Michel-Shaked Group led by Israel Shaked and Stephen Kempainen, provided consulting and expert testimony regarding the valuation of Chesapeake Energy Corporation upon the company’s expected emergence from bankruptcy. The case was tried in the United States Bankruptcy Court for the Southern District of Texas before Judge David Jones. ...

April 13, 2021
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The importance of the discount rate, and the sensitivity of valuation conclusions to even small changes in the discount rate, requires increased scrutiny of discount rate assumptions by all parties to the dispute.  In normal times, it is important for a valuation professional to bring substantial support for the assumptions and inputs into his/her discount rate calculation. However, during periods of abnormal market conditions, such as the COVID-19 pandemic, it becomes even more imperative for valuation professionals to substantiate their assumptions and ensure that inputs are normalized....