Opinion ID: 1403214
Heading Depth: 2
Heading Rank: 1

Heading: Terms of the Appraisal

Text: Petitioners' contend that the Appraiser failed to conform to the agreed-upon guidelines in conducting the appraisal. We agree with Petitioners that by failing to make normalization adjustments, the Appraiser did not comply with the income approach, and the Appraisal should be vacated. As noted, in his order, Judge Russo required the parties to agree on an impartial corporate appraiser to compute the corporation's value. The parties did so. In an Engagement Letter to Respondents' attorney, Appraiser outlined the terms and objectives of the valuation. Under the terms of the letter, Respondents acknowledged that Appraiser's services and work product would be subject to the terms of the letter, including the attached Exhibit 1. Exhibit 1 provided that the analysis would be done in accordance with the Statement of Standards for Valuation Services of the American Institute of Certified Public Accountants (AICPA) and National Association of Certified Valuation Analysts (NACVA).