Episode Details

Fairness opinions are offered as protection for investors in deals, especially when there is a danger of self-dealing. While that is a noble motive, fairness opinions, in practice, have becomes shields that managers and boards use against accountability. It is better to have no protection than fake protection, but for fairness opinions to serve their purpose, judges have to step up to the plate and there have to be consequences for bad behavior on the part of appraisers, managers and directors.
Blog Post: http://bit.ly/2cwsX4p
Fairness Checklist: http://www.stern.nyu.edu/~adamodar/pc/blog/fairvaluequestions.docx

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