Ask a trial lawyer what he or she would give to have an expert witness as effective as Mona Lisa Vito, the third-generation mechanic/out-of-work hairdresser whose testimony on positraction saved the day in Judge Chamberlain Haller’s courtroom. Their answer will tell you everything you need to know about the importance of expert witnesses.
In business divorce litigation, the expert appraisers often are the key witnesses. There are many different ways that owners of a closely-held business can find themselves litigating a special proceeding in which the sole question before the court is the appraised value of the business: the death or retirement of a partner under Partnership Law 73, a buyout election under BCL 1118, a member’s withdrawal under LLC Law 509, and—of course—the cash-out merger. And all these valuation proceedings turn largely on the testimony of the expert appraiser hired to value the business.Continue Reading Challenges to Expert Appraisers in Valuation Proceedings