Save the Date: Current Topics in Business Valuation Seminar

The American Society of Appraisers, New York City Chapter 30 will host the Eighteenth Annual Current Topics in Business Valuation – 2010 Seminar on Friday, May 7, 2010 at the midtown Manhattan offices of PricewaterhouseCoopers at 300 Madison Avenue, 24th Floor, New York, New York 10017. Scott Nammacher, ASA and Bill Johnston, ASA will co-chair the seminar again this year.

Registration is $275 per person if paid by April 30, and $325 thereafter or at the door. No refunds after May 1. Registrants will receive a binder of speaker outlines and educational materials. Click the Pay Now button at right to pay with your Visa, MasterCard, American Express, Discover or Bank account through PayPal. (No PayPal account required!) Or pay by check payable to "NYC Chapter of ASA,".

RSVP: Ms. Annie Bell, Empire Valuation Consultants, Inc., 350 5th Ave Ste 5513, New York, NY 10118. Telephone (212-714-0122); Fax (212-714-0124).

The seminar, which is expected to qualify for 8 hours ASA and CPE credit, will cover the how-to aspects of unusual engagements and advanced aspects of evolving areas within the field. It will be ideal for business appraisers and others at all levels.

Complete seminar details will be available soon. Please check back here or subscribe to this page for updates.

March Meeting: Data Retention and Security

The March Chapter Meeting will be held on Thursday, March 18, 2010 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:00 pm; all ASA members are welcome. The general meeting starts at 6:30. The guest speaker will be Mark G. McCreary, Esq., a partner in the nationwide firm of Fox Rothschild LLP, headquartered in Philadelphia. Mr. McCreary will talk about Data Retention and Security.

A graduate of Villanova University, Mark took his J.D. at Southern Methodist University School of Law.  His practice focuses on intellectual property and the law of the Internet, as well as general corporate and securities law.  Privacy law, and data collection, retention and protection counseling are among his specialties. In his practice, he prepares privacy policies, handles privacy issues, including those related to the privacy of consumer financial information, prepares data security plans, and assists with data breach responses and notifications.  Often quoted on privacy and security, he offers his Privacy Desk Reference for download, is an author of Fox Rothschild's Privacy Compliance & Data Security blog, and has written more than a dozen articles and papers.

Mr. McCreary’s talk will focus on privacy issues specific to the appraisal and valuation industries, including compliance with applicable laws, best practices, practical considerations, pitfalls, data breach response, and common workplace issues.

His discussion of Data Retention and Security will be of interest to all ASA appraisers. Please register early for this educational and productive evening which qualifies for one hour of ASA Continuing Education Credit.

Dinner is $35 per person for members and guests. Make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Monday, March 15 to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

Business Valuation Seminar: April 2010

The Philadelphia Chapter of the American Society of Appraisers (ASA) will hold its annual Business Valuation Seminar at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA on Friday, April 30, 2010. The program includes how-to sessions conducted by leading thinkers on such topics as IRC 409A and SFAS 123R, intellectual property valuation, reasonable compensation, and lack of marketability discounting.

Mark L. Zyla, ASA, a Managing Director of the Atlanta Georgia firm of Acuitas, Inc. will present A Case Study in 409a and 123R Valuations from 8:30-10:30 am. Mr. Zyla is the author of Fair Value Measurements: Practical Guidance and Implementation (Wiley, 2009) and co-author of AICPA courses Fair Value Accounting: A Critical New Skill for All CPAs and Accounting for Goodwill and Intangible Assets. His presentation will explore current valuation methods, option pricing models and probability return models, discounting for lack of control and lack of marketability, and compare IRS 409A vs. auditor's SFAS 123R expectations.

P.J. Pankaj Patel, ASA, a Senior Vice President, and Edward P. Hamilton, a Vice President, at the Princeton, NJ Valuation Research Corp. will discuss Valuing Intellectual Property And Other Intangible Assets For Financial Reporting Purposes In A Business Combination from 10:15-11:30 am. Mr. Patel who took his B.S. at the University of Toronto and M.B.A. at Canisius College specializes in the valuation of intangible assets including in-process R & D, software, trademarks, patents and copyrights. Mr. Hamilton, whose baccalaureate is from Rowan University in physics, holds an M.B.A. from Temple University. He focuses on the valuation of intellectual property and intangible assets such as trademarks, technology, software, customer relationships and in-process R&D. Using valuation case studies in consumer products, software, technology, and defense companies, Messrs. Patel and Hamilton will discuss valuing brands, customer relationships and technology, including use of the relief from royalty and excess earnings methods and the 25%/33% rule in valuing intellectual property.

Jim Bowers, a Vice President, and Jeff Bacher, a Senior Consultant, at the Philadelphia office of the Hay Group, will present a program on Reasonable Compensation from 11:30 am to 12:15 pm. Mr. Bowers, who took his B.S. at Pennsylvania State University and holds a M.I.L.R. from Cornell, specializes in executive compensation, global job evaluation and general rewards, with a focus on the chemical, pharmaceutical, and energy industries. Mr. Bacher is a Senior Executive Compensation Consultant for Hay and has over twenty years consulting and executive experience. Their presentation will focus on the nuts and bolts of reasonable compensation, including tools to determine reasonableness, and factors that would undermine the presumption of reasonableness.

John J. Barton, ASA, President of Brandywine Valuation Consultants, LLC in Lyndell, PA will discuss Techniques for Estimating the Discount for Lack of Marketability from 1:15-4:40 pm. Mr. Barton holds a B.A. from LaSalle University, an M.A. in literature from Fordham University and an M.B.A. from LaSalle in Finance and Accounting. A specialist in the analysis of closely-held stock, preferred stock, intangible assets, and debt securities, he has taught business valuation courses for ASA, the Big Four accounting firms, the IRS, and at Villanova University. Mr. Barton's discussion of the discount for lack of marketability will use a case study approach focused on these analytical processes:

• FMV Opinions Restricted Stock Study
• Valuation Advisors IPO Study
• Quantitative Marketability Discount Model
• Option Models

 

Program Schedule
Registration, Buffet Breakfast	8:00 am-8:30 am
Morning Session*	8:30 am-12:15 pm
Lunch	12:15 pm-1:15 pm
Afternoon Session*	1:15 pm-4:40 pm

*Morning and Afternoon Sessions include Refreshment Break

 

Seminar Fees. Seminar fees include breakfast, snacks and lunch.

Early Registration	Register by March 31
ASA Members	$225
All others	$245
Regular Registration	Register after March 31
ASA Members	$250
All others	$270

 

Additional Information. The program qualifies for eight hours of Continuing Education Credit (CEC) for ASA members and for members of other professional organizations which recognize NASBA credit. A seminar brochure, including additional information, biographies of the presenters, a registration form, refund and cancellation policies is available in PDF format [262 KB]. For all other questions, including CEC eligibility for your organization, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500, or Joanne Paciello at asaphiladelphia@verizon.net.

January Meeting: The State of ASA

The January Breakfast Meeting will be held on Wednesday, January 20, 2010 at the Doubletree Guest Suites in Plymouth Meeting, PA at at 8:00 am. The guest speaker will be ASA Region 1 Governor, Timothy A. Griffith, ASA, who will explore The State of ASA in what he characterizes as “listening visit” – an opportunity to answer questions and gather information.

Timothy A. Griffith is a commercial real estate appraiser, preparing real property appraisals for major lending instructions, non-profit organizations, corporations, attorneys, private individuals, and estates. He holds a State Certified General Real Estate Appraisal License in the states of New Jersey, New York, and the Commonwealth of Pennsylvania. He holds a Masters of Science in Real Estate Valuation Analysis from New York University and has taken professional development courses offered by the Appraisal Institute, the International Association of Assessing Officers, and the American Society of Appraisers.

Governor Griffith’s visit is sure to be interesting, and qualifies for one hour of ASA Continuing Education Credit. The Breakfast is FREE for ASA Philadelphia members and $25 for guests. Family members, colleagues, and associates are welcome! Make checks payable to ASA Philadelphia Chapter 35. Please RSVP by January 16 to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

Spring 2010: 15-hr USPAP 2010-2011 Course

The Philadelphia Chapter of the American Society of Appraisers will sponsor a 15-hour, 2-day, all-discipline USPAP 2010-2011 Course on Thursday, April 15, 2010 and Friday, April 16 from 9:00 am to 5:30 pm each day.  The course will be held at the Marriott SpringHill Suites, 430 Plymouth Rd, Plymouth Meeting, PA 19462 (Phone: 610-940-0400), which offers discounted rates for ASA members and those taking the USPAP class. (Map)

This 15-Hour USPAP Course presents an overview of the USPAP 2010-2011 regulations and guidelines, and fulfills the requirements of appraisal societies for designation, and for USPAP continuing education.  This course satisfies the June 2011 PA State License Continuing Education renewal requirement for Real Property Appraisers.

The cost of the 2-day course is $275 per person and includes a Continental breakfast and afternoon snack each day, and a copy of the 2010-2011 USPAP Book, a $75 value.

Seating is limited to 30 participants, so please register early for the course, which meets the USPAP Requirements for re-accreditation and continuing education for most ASA appraisers.

Make checks payable to ASA Philadelphia Chapter 35 and mail to Executive Secretary Joanne Paciello, 8 Terrace Rd, Plymouth Meeting, PA 19462.  RSVP by email, phone (610-277-1366) or fax (610-277-1366).

November Meeting: Multidisciplinary Appraisers Roundtable

The November Chapter Meeting will be held on Wednesday, November 18, 2009 at Johnnie’s Italian Restaurant, 4201 Comly Street, Philadelphia, PA 19124 (215-533-9920).. The Board of Directors will meet at 5:00 pm; all ASA members are welcome. The general meeting starts at 6:30 and will consist of roundtable discussions, led by senior appraisers in each discipline, of current issues and future directions.

Real Property led by Robert J. Luciani, ASA

• USPAP Revisions effective January 2010
• Home Valuation Code of Conduct: Unintended consequences; myths and realities
• Fannie Mae 1004MC Market Conditions form
• Broker Price Opinion: purpose, function, and use

Personal Property led by Susan M. Golashovsky, ASA

• Digital Signatures: Methods and responsibilities ( with handout)
• Art Advisory Panel's "Preferred Item Format ..."

Machinery & Equipment led by Charles C. Dixon, ASA

• Fair Value under 141R
• Orderly liquidation value
• Auction value
• Bank financing

Gems & Jewelry led by David M. Rosen, ASA

• FMV research and reporting
• Finding and evaluating comparables
• The Paths to professional advancement

Business Valuation led by Andrew M. Wilusz, ASA

• Cost of capital
• Marketability vs. Liquidity
• Guideline companies
• Financial reporting

The roundtable discussions are sure to be of interest to all ASA appraisers. Please register early for this educational and productive evening which qualifies for one hour of ASA Continuing Education Credit.

Dinner is $35 per person for members and guests. Make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Sunday, November 15 to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

September Meeting: ASA Direction & Structure

The September Chapter Meeting will be held on Wednesday, September 16, 2009 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:00 pm; all ASA members are welcome. The general meeting starts at 6:30. The guest speaker will be John J. Barton, ASA, CPA  of Brandywine Valuation Consultants, LLC. Mr. Barton will talk about The Strategic Direction of ASA and its Chapter Structure.

John Barton performs valuations for transactions, tax matters, corporate restructuring, and litigation.  A graduate of LaSalle and Fordham Universities with a masters in literature (Fordham) and an M.B.A. in Finance and Accounting, he is an adjunct instructor of finance in Villanova University’s MBA Program. He is also an instructor of ASA Principles of Valuation courses both here and abroad.

Mr. Barton is the current Chairman of ASA’s Business Valuation Committee, and also serves on the International Membership Committee, as well as on a Subcommittee, the Board of Examiners. He is a Practitioners’ Publishing Company author and a frequent speaker at professional societies on valuation topics.

Mr. Barton's discussion of The Strategic Direction of ASA and its Chapter Structure will be of interest to all ASA appraisers. Please register early for this educational and productive evening which qualifies for one hour of ASA Continuing Education Credit.

Dinner is $35 per person for members and guests. Make checks payable to ASA Philadelphia Chapter 35. Please RSVP by Monday, September 14 to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

ASA 2009 International Conference

Get the 2009 ASA International Conference brochure.

May Meeting: Best Practices for Insurance Claims

The May Chapter Meeting will be held on Wednesday, May 20, 2009 at the Doubletree Guest Suites in Plymouth Meeting, PA. The Board of Directors will meet at 5:00 pm; the general meeting starts at 6:30. The guest speaker will Anthony W. Hinkle, Esq., Managing Partner of the Philadelphia/Blue Bell Office of Cipriani & Werner. Mr. Hinkle will talk about The Do's and Don't of Claims.

A member of the American, Pennsylvania and Philadelphia County Bar Associations, Mr. Hinkle took his B.A. in economics and psychology at Wabash College, and earned both his J.D from the University of Pittsburgh School of Law and an M.S. from Carnegie Mellon University's Heinz School in a dual-degree program.

Mr. Hinkle is admitted to practice in all Pennsylvania State Courts, local United States District Courts, and the United States Third Circuit Court of Appeals. He concentrates on insurance liability litigation, including product, motor vehicle, and premises liability matters. A significant part of his practice is also devoted to employer/employee relations and to commercial contract and construction litigation.

Mr. Hinkle's discussion of The Do's and Don'ts of Claims will be of interest to appraisers in all disciplines. Please register early for this educational and productive evening which qualifies for one hour of ASA Continuing Education Credit.

Dinner is $35 per person for members and guests. Make checks payable to ASA Philadelphia Chapter 35. Please RSVP by May 16 to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

Update: Current Topics in Business Valuations Seminar

The American Society of Appraisers, New York City Chapter 30 will host the Seventeenth Annual Current Topics in Business Valuations – 2009 Seminar on Friday, May 8, 2009 at the Hilton Hotel in New York at 1335 Avenue of the Americas, New York, NY 10019 (Phone: 212-586-7000). Scott Nammacher, ASA and Bill Johnston, ASA will again co-chair the seminar this year.

Register before April 17 and pay only $350 per person. Regular registration thereafter or at the door is $400. No refunds after May 1. Registrants will receive a binder of speaker outlines and educational materials. Click the Pay Now button at right to pay with your Visa, MasterCard, American Express, Discover or Bank account through PayPal. (No PayPal account required!) Or pay by check payable to "NYC Chapter of ASA,".

RSVP: Ms. Annie Bell, Empire Valuation Consultants, Inc., 350 5th Ave Ste 5513, New York, NY 10118. Telephone (212-714-0122); Fax (212-714-0124).

The seminar, which is expected to qualify for 8 hours ASA and CPE credit, will cover the how-to aspects of unusual engagements and advanced aspects of evolving areas within the field. It will be ideal for business appraisers and others at all levels. The impressive line-up of speakers, panelists and topics promises a lively and informative day.

• Bank Valuations in Today's Environment
  Andrew K. Gibbs, CFA, CPA/ABV
• Horizon Values: Does, Don'ts and Methods to Keep Your Analysis Consistent
  Jeffrey Dunn
• Financial Reporting Update: Q & A on Current Issues
  Stamos Nicholas
• Valuing Debt Instruments: Intrinsic and Relative Valuation Methods
  John D. Moore, VP & Timothy J. Doherty, CFA, VP
• Underwater Option Re-pricing or Exchange Valuation Techniques and Issues
  Cindy Ma, Ph.D, CPA, CFA

Complete seminar details will be available within the week. Please check back here or subscribe to this page for updates.

Fall 2009: Personal Property Seminars

The American Society of Appraisers in cooperation with the Rhode Island School of Design in Providence, RI will offer two daylong seminars in the school's continuing education Appraisal Studies in Art + Antiques certificate program. Shirley Sue Swaab, ASA of ASA's Philadelphia Chapter will be the instructor for both seminars.

• Thursday, September 10, 2009: Ivory and Its Look-A-Likes
• Friday, September 11, 2009: Identifying Ceramics: Hard Paste Porcelain, Soft Paste Porcelain, Creamware, Pearlware, Stoneware and Faience

Ms. Swaab, who is celebrated for teaching by using examples, will employ over 100 pieces of ivory and ceramics during the two daylong seminars. For more information, call 215-635-2260.

March: Real Property Seminar

The Northern New Jersey Chapter of the American Society of Appraisers and the New Jersey North Chapter of the National Association of Independent Fee Appraisers will jointly sponsor a two-hour Real Property Seminar on The Home Valuation Code of Conduct and Fannie Mae Form 1004 MC. The seminar will be held on Monday, March 23, 2009 from 4:00-6:00 pm at the Wilshire Grand Hotel, 350 Pleasant Valley Way, West Orange, NJ 07052. Robert J. Luciani, ASA, IFA, a real property appraiser practicing in Philadelphia, will conduct the seminar, which will be followed by a Chapter Dinner Meeting.

The housing bubble and subsequent melt-down has led to two new requirements for appraisals submitted to the federal mortgage agencies.

• The new Home Valuation Code of Conduct (HVCC), effective May 1, 2009, applies whenever the primary lender plans to sell the loan to Fannie Mae or Freddie Mac. It's designed to prevent conflicts of interest.
• Beginning April 1, 2009, appraisal reports submitted to Fannie Mae will require Form 1004 MC, a Market Conditions Addendum. Its purpose is to illuminate neighborhood market trends and conditions.

Mr. Luciani will explore the HVCC and 1004 MC requirements and relate them to current USPAP obligations for appraisers.

The program qualifies for two hours of ASA Continuing Education Credit. Dinner is $35 person. Please RSVP Chapter Secretary Lynn Magnusson, AM by phone (973-425-1550), fax (973-425-1553) or email, and mail her your check payable to "ASA Northern New Jersey Chapter 73" by Monday, March 16.

NYC: Current Topics in Business Valuation

The seventeenth annual Current Topics in Business Valuations seminar, presented by the New York City Chapter, qualifies for 8 hours ASA and CPE credit, and covers the how-to aspects of unusual engagements and advanced aspects of evolving areas within the field. It's ideal for business appraisers and others at all levels. The impressive line-up of speakers, panelists and topics promises a lively and informative day. For more information and to register online visit the ASA NYC Calendar.

Business Valuation Seminar: April 2009

The Philadelphia Chapter of the American Society of Appraisers (ASA) is sponsoring a two-day Business Valuation Seminar on Thursday, April 23 and Friday, April 24, 2009 at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA. The first day will cover the theory and practice of Monte Carlo Simulation. The second, programmatically independent, day will cover Real Options Valuations. Participants may register for one or both days. The instructors will be David Ewert, Ph.D and Kevin P. Couillard, ASA, who teach similar workshops in ASA's CAVS series.

Overview. As business valuation appraisals become more complex -- and third-party scrutiny escalates -- appraisers need models and tools that accurately portray the impact of uncertainty. The workshops will use hands-on exercises and case studies to examine the effect of uncertainty on value. Each day's program will qualify for eight hours of ASA Continuing Education Credit.

Monte Carlo Simulation. Monte Carlo methods, which rely on repeated random sampling, are often used to calculate the value of companies, corporate projects, and securities investments. Compared to so-called "what if" scenarious, which manually assign a few discrete values covering a wide range (such as best case, worst case, and most likely case), Monte Carlo simulation produces thousands of narrowly clustered outcomes, yielding more accurate, less uncertain valuation predictions.

Real Options Valuation. In real options valuation (ROV), the general ideas from financial options pricing theory -- the valuation of puts, calls and complex derivatives -- are applied along with some of the mathematics, such as Monte Carlo simulation, to the valuation of investments such as R&D projects, new drugs, mineral rights, or patents. The benefit of ROV as a technigue for evaluating investments under conditions of uncertainty, is that it provides a way of capturing value that otherwise goes unrecognized in traditional NPV analysis.

David Ewert, Ph.D is President of Atwood Conger & Ewert, LLC, an Atlanta, GA firm that provides financial and project management training and consulting services. An engineering graduate of Iowa State University, he earned an MS at the University of Minnesota, and a PhD in finance at Stanford University. Dr. Ewert is Professor Emeritus of Finance and Director Emeritus of the Executive MBA program at Georgia State University. A co-author of "Obtaining Unsecured Loans" for the Dow Jones Irwin Treasurer's Handbook, he has presented financial management seminars on six continents.

Kevin P. Couillard, ASA is Executive Director of FairValue Advisors, LLC, an Alpharetta, GA professional services firm specializing in business valuation, litigation support and management advisory services. A chemical engineering graduate of the Georgia Institute of Technology, Mr. Couillard earned an MBA in finance from Georgia State University, and is a Chartered Financial Analyst (CFA). He specializes in the valuation of businesses, limited-market business interests, and intangible assets and providing expert testimony regarding valuation matters.

Daily Timetable
Registration, Buffet Breakfast	7:30 am-8:00 am
Morning Session*	8:00 am-12:15 pm
Lunch	12:15 pm-1:15 pm
Afternoon Session*	1:15 pm-5:30 pm
*Morning and Afternoon Sessions include Refreshment Break

Seminar Fees. The seminar registration fee is $325 per day. The fee includes breakfast, snacks and lunch.

Additional Information. A seminar brochure, including additional information, a registration form, refund and cancellation policies is available in PDF format [18 KB]. Brief biographies of the instructors are also available [PDF: 22 KB]. For all other questions, including continuing education credits for your organization, please contact the seminar organizer, Bob Haas at rhaasjr@rmha.com or (215) 887-6500.

January Meeting: Reducing Referral Anxiety

The January Breakfast Meeting will be held on Wednesday, January 21, 2009 at the Doubletree Guest Suites in Plymouth Meeting, PA at at 8:00 am. The guest speaker will be Steve Bauer, founder of The Referral Academy in Erdenheim, PA, who will talk about Reducing Referral Anxiety.

A graduate of Bucknell University and Villanova's MBA program, Steve Bauer's experience stems from 8 years at The CIT Group and 17 with The Three Marketeers, the promotions and marketing firm he owns with his wife, Beth. Steve's thesis is that anxiety often blocks referrals to the best opportunities. His breakfast talk will explore some of the causes of referral anxiety and the methods that can be used to reduce it. Expect a lively meeting! An active volunteer with community and professional organizations, Steve says he enjoys interacting with business professionals in the classroom, and through coaching and consulting.

Reducing Referral Anxiety is sure to be interesting, and qualifies for one hour of ASA Continuing Education Credit. The Breakfast is FREE for members and $25 for guests. Family members, colleagues, and associates are welcome! Make checks payable to ASA Philadelphia Chapter 35. Please RSVP to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).

May: Ivory and Its Look-A-Likes

The Philadelphia ASA Chapter will sponsor an all-day hands-on seminar in which participants will learn to distinguish Ivory and Its Look-A-Likes on Friday, May 16, 2008 from 8:30 am to 3:30 pm at the Historic Joseph Ambler Inn at 1005 Horsham Rd, North Wales, PA 19454  . Instructor Shirley Sue Swaab, ASA, who is a member of the International Ivory Society, has appeared at museums and historical societies from New Jersey to Florida, from Washington, DC to California. Her hallmark is the use of items from her own collections to create hands-on presentations.

Ms. Swaab will use the morning session of Ivory and Its Look-A-Likes to explain the basics of ivory identification. The afternoon session will be devoted to hands-on identification of ivory, real and fake, from over 150 samples. Participants may bring in their own samples for examination, and should come equipped with a magnifying glass.

This hands-on seminar costs $175 for ASA, AAA, and ISA members, $195 otherwise, and includes Continental breakfast, lunch, and morning and afternoon snack breaks. The program qualifies for 7 hours of ASA Continuing Education Credit. For more information and to register, please view the seminar brochure, then call Ms. Swaab at 215-635-2260.

April: Business Valuation Seminar

The Philadelphia ASA Chapter is sponsoring a daylong Business Valuation Seminar on Friday, April 18, 2008 starting at 8:30 am (registration: 8:00 am) at the Doubletree Guest Suites Hotel in Plymouth Meeting, PA. The seminar will covers tools and techniques, contemporary analyses, and case studies in evolving areas of business valuation.

A synopsis of the program follows. (Full details are in the seminar brochure.)

8:00 AM: Registration

8:30 AM: Theory and Application of the Van Vleet SEAM Model

Daniel R. Van Vleet, ASA, Managing Director at Duff & Phelps in Chicago, will discuss his SEAM Model for S Corporation valuation. A nationally recognized expert on the valuation of businesses, fractional equity interests, S Corporations, and other pass-through entities, Mr, Van Vleet is the author of many articles on advanced business valuation concepts and a contributor to several valuation textbooks.

10:15 AM: Coffee Break

10:30 AM: Van Vleet SEAM Model Cont'd

12:15 PM: Lunch Break

1:15 PM: Blockage Discounts -- Where Theory & Practice Meet

Lester Barenbaum, Ph.D., Managing Director at Financial Research Associates in Bala Cynwyd and Professor of Finance at La Salle University, and Walter Schubert Ph.D., also a Professor of Finance at Lasalle University, will discuss blockage discounts and the recent Court decisions that have pushed the concept from a notion to an empirically determined discount. Popular guest speakers, Messrs. Barenbaum and Schubert are, with Robert Feder, co-authors of The Family Lawyer's Guide to Stock Options published by the American Bar Association (2007).

2:30 PM: Coffee Break

2:45 PM: Trapped-In Capital Gains

John J. Barton, ASA, the Principal of Brandywine Valuation Consultants in Lyndell, PA, will discuss trapped-in capital gains in the valuation of C and S Corporations and partnerships. Active in the ASA, Mr. Barton currently serves as Vice Chairman of the Business Valuation Committee, and has taught ASA valuation courses around the world. A frequent speaker at professional meetings and conferences, he has written for Practitioners' Publishing Company.

4:00 PM: An Insider’s Understanding of Real Estate Appraisals

John E. Doyle, MAI of Doyle Real Estate Advisors in Philadelphia will examine real estate appraisals from a business valuation viewpoint. Licensed in 11 states, Mr. Doyle serves as a reviewer of commercial appraiser reports for HUD. He has also has provided legal testimony and case management service for many of Philadelphia's largest law firms.

5:00 PM: Seminar Closes

Business Valuation Seminar Registration Fees
	ASA Members	Non-Members
Individuals	$245	$275
Same firm, multi-party	$220	$250

Registration includes Continental breakfast, full buffet lunch, and morning and afternoon snack breaks. The program qualifies for 7 hours of ASA Continuing Education Credit. Seating for this popular seminar is limited, so please register early to avoid disappointment.

Please mail registration checks -- payable to "ASA Philadelphia Chapter" -- to Executive Secretary Joanne Paciello at 8 Terrace Rd, Plymouth Meeting, PA 19462 by April 4. The registration form and full details of the seminar are contained in the seminar brochure. Additional information is available from Ms. Paciello by email, phone (610-277-1366) or fax (610-277-1366), and from seminar coordinator Robert M. Haas, Jr., ASA by or phone (215-887-6500).

January Meeting: Breakfast with Monica Malpass

The January Breakfast Meeting will be held on Wednesday, January 16, 2008 at the Doubletree Guest Suites in Plymouth Meeting, PA at 8:00 am. The guest speaker will be WPVI TV-6 Action News lively and knowledgeable co-anchor, Monica Malpass who will talk about The Media and the Future of Philadelphia.

Monica Malpass, who has a B.A. in Journalism from the University of North Carolina at Chapel Hill and a M.A. in Political Science from Villanova University, also anchors the political discussion program Inside Story, and authors WPVI's political podcasts, blogs, and web book reviews. An award-winning journalist -- recently inducted into the Broadcast Pioneers Hall of Fame -- Monica is the veteran of many national and international assignments, including coverage of every election since 1988. A spokesperson for the Philadelphia Free Library, she is active in civic and charitable organizations, including the Children's Hospital of Philadelphia and the American Heart Association.

Breakfast with Monica Malpass is sure to be interesting, and qualifies for one hour of ASA Continuing Education Credit. The Breakfast is FREE for members and $25 for guests. Family members, colleagues, and associates are welcome! Make checks payable to ASA Philadelphia Chapter 35. Please RSVP to Executive Secretary Joanne Paciello by mail to 8 Terrace Rd, Plymouth Meeting, PA 19462, email, phone (610-277-1366) or fax (610-277-1366).