This issue is addressed by Espen Robak, President of Pluris, in the cover story of Valuation Strategies (January 2007). “Lemons or Lemonade? A Fresh Look At Restricted Stock Discounts,” presents a ground-breaking new study of the LiquiStat database, with major implications for how restricted securities are valued.
In the same issue of Valuation Strategies, editor John A. Bogdanski noted that “traditional techniques for measuring the discount, in widespread use for many years throughout the business appraisal community, have lately been found wanting in several respects.” Pointing out how the Tax Court has been particularly active in this area, the editorial further states:
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