SeaGlass Technology and The Hedge Fund Association recently published the results of their 2025 Cybersecurity survey. They received over 400 responses from hedge fund managers, investors, and service providers. Summary […]
Introduction The SEC Division of Examinations identified four examination Pillars for the new fiscal year: promote compliance, prevent fraud, inform policy, and monitor risk. At the same time, the Division
ASA International Conference 2025 – Volatility Adjustments Recap I recently attended the ASA International Conference in San Juan, Puerto Rico, where valuation professionals and thought leaders gathered to share insights
ASA International Conference 2025 – Volatility Adjustments Recap Read More »
The quiet error no one sees until it’s too late Efficiency and cost management are important to any professional advising an estate. In this role, many fiduciaries choose to rely
On January 16, 2025, the SEC instituted administrative and cease-and-desist proceedings against an $80 billion hedge fund. The proceedings were initiated pursuant to Section 21C of the Securities Exchange Act
OpenAI is transitioning from a non-profit organization with a for-profit subsidiary to a fully for-profit corporation. Microsoft, as the largest investor in OpenAI’s for-profit subsidiary, has invested a total of
How Much Is Microsoft’s Investment in OpenAI Worth? By: Jon Tang, Managing director Read More »
In the ever-evolving landscape of mergers and acquisitions, middle market transactions continue to play a pivotal role. To shed light on the intricacies and challenges of navigating these deals, Empire
I recently read Prof. Jeffrey Edward Green’s Bob Dylan: Prophet Without G-d. So, the song “Rainy Day Women #12 and 35” (colloquially known as, “Everybody Must Get Stoned”) was on
A valuable opportunity afforded to sellers of privately held company stock to an Employee Stock Ownership Plan (“ESOP”) is the ability to defer the capital gains tax on the sale
Overview of Key Concepts When it comes to valuing a privately held business, IRS Revenue Ruling 59-60 establishes the framework of approaches, methods, and factors to be considered when estimating
Empire is thrilled to sponsor and present at the 2024 ASA Spring Fair Value Conference Chaired by our own Bill Johnston! Both Bill and Senior Managing Director, Mark Shayne will
2024 ASA spring Fair Value Conference – New York, NY Read More »
Are you ready? No, not for what will surely prove to be one of the mostinteresting presidential election years in our nation’s story butrather I am talking about the greatest
Venture capital investment activity and valuations broadly declined in 2023; however, the impact of tighter capital market conditions was not felt evenly across the development cycle. Pre-Seed and Seed valuations
Venture Capital: 2023 Year in Review & 2024 Outlook By: Owen Uscher, Senior Manager Read More »
Valuations for estate and gift tax reporting purposes often encompass a wide variety of business interests and financial assets. Wealthy individuals and family offices are generally supported by a team
Untangling a knot of assets for valuations By: Andrew Olander, Senior Manager Read More »
Historically, LP-led transactions have dominated the secondary fund transaction market. Recently, many GP sponsors have entered this market and represent nearly half of the overall market (see sidebar). This has
The Evolving Landscape of the Secondary Fund Market By: Chris Payne, Managing Director Read More »
Over the past year, various cryptocurrency projects have seen massive declines in market value. Bitcoin (“BTC”) and Ethereum (“ETH”), the standard bearers of cryptocurrencies, have seen their respective prices decline
Over nearly 15 years of direct involvement in the valuation of private equity fund and real estate fund carried interests for gift tax purposes, experience has taught me that there
The U.S. Tax Court (“Court”) recently issued Tax Court Memorandum 2023-24 with respect to Estate of Cecil v. Commissioner. This long-awaited decision relates to 2010 intra-family stock transfers of the
Millions of people around the world recently watched one of the biggest spectacles in sports: the Super Bowl. Whether you are an avid Chiefs or Eagles fan, or just a
So, You Want to Own A Sports Team By: Kevin Kane, CFA, ASA, Senior Managing Director Read More »
the sting On April 10, 2023, the founder and former Chief Investment Officer (CIO) of Infinity Q Capital Management (“Infinity Q” or “IQ”) — a New York-based investment advisor with
On August 23rd, the SEC adopted significant new rules for private fund advisors. These rules address fund compliance, reporting, management, accounting, valuation, and engagement with LP’s and investors (Final rule:
