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Rebuttal of no goodwill

by Jeffrey Denning

BV and family law experts, I'm in a strange case and situation and would like some basic suggestion(s) after browsing details below: We provided a conclusion of value using an asset approach and NAV method for a small fabrication shop. Biz owns the real estate it occupies and has some fabricating and machining equipment. The subject biz is in a down cycle for the past 3 years. The marine and rec boating industry demand is down and their key customer is down worse. We found no goodwill, namely no residual income in our income approach and method. Standard is FMV and it's for a Florida divorce. Other side has a rebuttal expert that has not issued a report. Their 1st Expert The primary opposing expert used an income approach with a sale-leaseback assumption and other wild normalizing adjustments that arrived at goodwill and then that expert did not classify or bifurcate the goodwill. Stated "No reduction in value has been made for personal goodwill, if any." Apparently the rebuttal to our work from their 2nd expert is to try to supplement and/or rescue the first opposing expert. Their 2nd Expert She is providing deposition testimony on Monday. She is a reputable BV expert. It does not appear that she has valued the business. Can you fathom that, without valuing it, she will try to state that there is some goodwill and that it should be classified and bifurcated between enterprise and personal? Have you ever seen such a situation? How would you prepare the attorney to question the rebuttal expert re how she can classify and bifurcate goodwill if she hasn't valued the business? And hasn't interviewed the primary owner-operator? Any input will be appreciated, Jeff Jeff Denning, CPA, ABV Forensic Accounting and Valuation Services jeff.denning(a)creativeplanning.com<mailto:jeff.denning@creativeplanning.com> Direct: 239.433.5554 ext. 122 | Fax: 239.433.0127 creativeplanning.com<https://www.creativeplanning.com/> 8961 Conference Drive, Suite 1, Ft. Myers, FL 33919 [cid:image001.png@01DD4768.4EB3CCC0] MarkhamNorton is proud to be part of Creative Planning. Click here to securely upload files.<https://exchange-taxpayer.safesendreturns.com/DropOff/004h004a5h000>

Sept. 18, 2026

Re: Scott Decker/Decker Farrell & McCoy

by Karen Kaseno

Question for mostly the California people. Anyone ever heard of this person and his firm? Any intel would be helpful. You can send it only to me. THANKS. Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 [signatureImage][signatureImage] ________________________________ From: Michelle Gallagher via Listserv <listserv(a)ercllc.net> Sent: Monday, 14 September 2026 12:33:28 To: Ron Seigneur <ron.seigneur(a)cpavalue.com>; ERC List Serve (listserv(a)ercllc.net) <listserv(a)ercllc.net> Subject: [Listserv] Re: test Ron – your test emails are going through, so you should be good to go! Michelle F. Gallagher, CPA/ABV/CFF | Strategic Partner Michigan: 616.284.3714 Florida: 239.317.3101 Mobile: 517.930.2948 Email: mgallagher(a)adamyvaluation.com<mailto:mgallagher@adamyvaluation.com> Website: www.adamyvaluation.com<http://www.adamyvaluation.com/> [cid:image009.jpg@01DD445E.5E803CE0] ADAMY VALUATION<http://adamyvaluation.com/> ________________________________ The contents of this e-mail message and any attachments are confidential and the information herein may also be legally privileged. This transmission was sent in good faith, for the sole purpose of delivery to the intended recipient. If you have received this transmission in error, any use, reproduction or dissemination of this transmission is strictly prohibited. If you are not the intended recipient, please immediately notify the sender by reply e-mail or phone and delete this message and its attachments, if any. From: Ron Seigneur via Listserv <listserv(a)ercllc.net> Sent: Friday, August 28, 2026 7:01 PM To: ERC List Serve (listserv(a)ercllc.net) <listserv(a)ercllc.net> Subject: [Listserv] test test Ron V-card<http://cpavalue.com/vcf/Ronald%20L.%20Seigneur.vcf>| Web site<http://cpavalue.com/> | Bio<http://cpavalue.com/sg-about-us/bios/ronald-seigneur-2/> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image010.jpg@01DD445E.5E803CE0] Ron L. Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file ________________________________ Disclaimer Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Seigneur Gustafson LLP would be pleased to perform the requisite research and provide you with a detailed response.. Such an engagement may be the subject of a separate retention agreement that would define the scope and limits of the desired consultation services. THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. ________________________________ Connect with me: [cid:image011.jpg@01DD445E.5E803CE0] <http://www.linkedin.com/in/ronseigneur> P Please consider the environment before printing this e-mail! P Thought for the quarter: “I used to have a handle on life, but it broke” – Anonymous Last quarters thought: "Choose to be optimistic, it feels better." — Dalai Lama [Diagram Description automatically generated] [cid:image013.png@01DD445E.5E803CE0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image015.png@01DD445E.5E803CE0] [cid:image016.png@01DD445E.5E803CE0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image017.jpg@01DD445E.5E803CE0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Sept. 16, 2026

Re: test

by Michelle Gallagher

Ron - your test emails are going through, so you should be good to go! Michelle F. Gallagher, CPA/ABV/CFF | Strategic Partner Michigan: 616.284.3714 Florida: 239.317.3101 Mobile: 517.930.2948 Email: mgallagher(a)adamyvaluation.com<mailto:mgallagher@adamyvaluation.com> Website: www.adamyvaluation.com<http://www.adamyvaluation.com/> [cid:image009.jpg@01DD445E.5E803CE0] ADAMY VALUATION<http://adamyvaluation.com/> ________________________________ The contents of this e-mail message and any attachments are confidential and the information herein may also be legally privileged. This transmission was sent in good faith, for the sole purpose of delivery to the intended recipient. If you have received this transmission in error, any use, reproduction or dissemination of this transmission is strictly prohibited. If you are not the intended recipient, please immediately notify the sender by reply e-mail or phone and delete this message and its attachments, if any. From: Ron Seigneur via Listserv <listserv(a)ercllc.net> Sent: Friday, August 28, 2026 7:01 PM To: ERC List Serve (listserv(a)ercllc.net) <listserv(a)ercllc.net> Subject: [Listserv] test test Ron V-card<http://cpavalue.com/vcf/Ronald%20L.%20Seigneur.vcf>| Web site<http://cpavalue.com/> | Bio<http://cpavalue.com/sg-about-us/bios/ronald-seigneur-2/> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image010.jpg@01DD445E.5E803CE0] Ron L. Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file ________________________________ Disclaimer Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, Seigneur Gustafson LLP would be pleased to perform the requisite research and provide you with a detailed response.. Such an engagement may be the subject of a separate retention agreement that would define the scope and limits of the desired consultation services. THIS MESSAGE CONTAINS INFORMATION WHICH MAY BE CONFIDENTIAL AND PRIVILEGED. UNLESS YOU ARE THE ADDRESSEE (OR AUTHORIZED TO RECEIVE FOR THE ADDRESSEE), YOU MAY NOT USE, COPY OR DISCLOSE TO ANYONE THE MESSAGE OR ANY INFORMATION CONTAINED IN THE MESSAGE. IF YOU HAVE RECEIVED THIS MESSAGE IN ERROR, PLEASE ADVISE THE SENDER BY REPLY E-MAIL TO ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> AND DELETE THE MESSAGE. THANK YOU. ________________________________ Connect with me: [cid:image011.jpg@01DD445E.5E803CE0] <http://www.linkedin.com/in/ronseigneur> P Please consider the environment before printing this e-mail! P Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [Diagram Description automatically generated] [cid:image013.png@01DD445E.5E803CE0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image015.png@01DD445E.5E803CE0] [cid:image016.png@01DD445E.5E803CE0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image017.jpg@01DD445E.5E803CE0] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Sept. 14, 2026

Re: ERC- 2026 ERI Renewal

by Cheri McCallister

Hi Jamie and Nick, Please forward the invoice to me. Thank you, T 303.980.1111 D 720.665.9003 T 877.775.2676 F 303.308.6969 [sgblackgoldsigblock] Cheri M. McCallister Business Office Manager cheri.mccallister(a)cpavalue.com<mailto:cheri.mccallister@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd., Suite 200 Lakewood, CO 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rbfd3e3632a1f4fea8791de1e3177f681> to send a secure file. On Sep 3, 2026, at 10:39 AM, Ron Seigneur <ron.seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com>> wrote: Jamie – we will renew this again for the next cycle. Fyi only to Brenda, Ryan and David. See below. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> <image001.jpg> Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: “I used to have a handle on life, but it broke” – Anonymous Last quarters thought: "Choose to be optimistic, it feels better." — Dalai Lama <image002.png> <image013.jpg> <image009.png> <image010.jpg><image011.png> One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 <image014.jpg> More info or to register at: https://events.aicpa-cima.com/CannabisConf From: Jamie Badger via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Thursday, September 3, 2026 9:20 AM To: listserv(a)ercllc.net<mailto:listserv@ercllc.net> Cc: Nick Balgaard <nbalgaard(a)gfkcpa.com<mailto:nbalgaard@gfkcpa.com>> Subject: [Listserv] ERC- 2026 ERI Renewal All – following are the participants who have shared in the cost of the ERI (Salary Assessor) subscription. This is one we divide the total cost by the participants, so the per person cost is dependent on that. WHAT YOU NEED to DO (by 9/18/2026): 1. If you have your own ERI subscription, or simply don’t care about this subscription – you can ignore this and have a nice day ☺ 1. If you are on this list, you need to reply to me (only) to confirm your renewal (Note: with this number of participants we had last year, the cost will be around $375/ea) 1. Charlie Burak 2. Don DeGrazia 3. Jeff Denning 4. Jerome Johnson 5. Greg Kaseno 6. Clay Price 7. Ron Seigneur/Brenda Clarke 8. Sheri Fiske Schultz 9. Diane Womack 10. Clay Danielson 1. If you are not on this list and want to be added, please reply to me (only) Once we have the list finalized, we will send invoices. Thank you, Jamie Badger JBadger(a)gfkcpa.com<http://JBadger@gfkcpa.com/> Direct Dial: (517) 664-9386

Sept. 14, 2026

Re: GA Group-Exciting News

by Karen Kaseno

Hello everyone- I am not sure that I did an official announcement of my new employment situation or not. My firm was acquired by GA Group in mid-August. You can google the press release if you are interested. GA Group is looking to venture more into the Family Law Litigation space and actively looking for existing firms or people to partner with in this area. If you are interested or know any family law litigation people that might be interested in a move please contact me directly. I would love to share more information with you about the opportunity. Karen PLEASE NOTE- The Kaseno CPA Firm, LLC was acquired by GA Group on August 17, 2026. All the same people- all of the same great service—just a new name! [Image] www.gagroup.com<http://www.gagroup.com/> [Image] <http://www.linkedin.com/company/great-american-group> Karen J. Kaseno, CPA, CVA, CFE, MAFF Managing Director Litigation Support Direct: (760) 753-7515 Email: kkaseno(a)gagroup.com<mailto:kkaseno@gagroup.com> 445 Marine View Avenue, Suite 300 Del Mar, CA 92014 [signatureImage][signatureImage] ________________________________ From: Dr. Michael Crain via Listserv <listserv(a)ercllc.net> Sent: Wednesday, 09 September 2026 04:50:18 To: Ron Seigneur <ron.seigneur(a)cpavalue.com> Cc: Serve ERC <listserv(a)ercllc.net> Subject: [Listserv] Re: spam calls Rondo: I made my iPhone’s setting (Settings > Phone) to silence numbers not in my Contacts and send to voice mail. For the spam calls that leave a message, I read the call transcript quickly and delete the voice message. Occasionally, I turn off the setting when expecting a call back from someone not in my contacts. Dr. Michael A. Crain, CPA, CFA, ABV, CFE On Sep 8, 2026, at 4:15 PM, Ron Seigneur via Listserv <listserv(a)ercllc.net> wrote: ERC brain trust – I know this is not a BVFLS related post so I apologize up front, but I wanted to ask if any others are getting bombarded with spam calls on your cell phones. I seem to be getting a bunch every day on home remodeling, auto insurance, unclaimed Medicare benefits, etc. and am looking for ways to tamp it down absent changing my cell phone number. Anyone else having this issue or have suggestions on how to minimize spam. I am on an Android for whatever that is worth buy my wife is on Apple and she is also getting a lot of spam calls. Thanks in advance. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> <image001.jpg> Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: “I used to have a handle on life, but it broke” – Anonymous Last quarters thought: "Choose to be optimistic, it feels better." — Dalai Lama <image002.png> <image003.jpg> <image004.png> <image005.jpg> <image006.png> One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 <image007.jpg> More info or to register at: https://events.aicpa-cima.com/CannabisConf _______________________________________________ Listserv mailing list -- listserv(a)ercllc.net To unsubscribe send an email to listserv-leave(a)ercllc.net

Sept. 10, 2026

Re: spam calls

by Dr. Michael Crain

Sept. 9, 2026

Re: spam calls-from Jim Andersen

by Jim Andersen

Ron et al- I have my business account-Hemming-and have a gmail account. I virtually ignore everything in gmail. Hemming's stuff is bullet proof-mimecast screens everything out. My way of dealing with phone noise is that if you are not in my contact list-I don't answer the phone-Linda does the same thing. I am currently going through my contact list and deleting a lot of old contacts-do that once a year. That is just how Jim and Linda handles our "stuff". Favor and recommendation-please always leave your name on text messages-if not-and you are not in my contact list-I will never respond. Jim [cid:image008.png@01DD3F9F.5C670BF0] Jim Andersen 1605 4th Street, Santa Rosa CA 95404 Office: 415-836-4096 | Mobile: 707-291-0584 andersenj(a)hemming.com<mailto:andersenj@hemming.com> www.hemming.com<http://www.hemming.com> From: Ron Seigneur via Listserv <listserv(a)ercllc.net> Sent: Tuesday, September 8, 2026 1:13 PM To: ERC Serve (listserv(a)ercllc.net) <listserv(a)ercllc.net> Subject: [External] [Listserv] spam calls ERC brain trust - I know this is not a BVFLS related post so I apologize up front, but I wanted to ask if any others are getting bombarded with spam calls on your cell phones. I seem to be getting a bunch every day on home remodeling, auto insurance, unclaimed Medicare benefits, etc. and am looking for ways to tamp it down absent changing my cell phone number. Anyone else having this issue or have suggestions on how to minimize spam. I am on an Android for whatever that is worth buy my wife is on Apple and she is also getting a lot of spam calls. Thanks in advance. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<https://url.us.m.mimecastprotect.com/s/-qjXC2kEr0Up8WzzS1h33i5wC8G/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<https://url.us.m.mimecastprotect.com/s/-qjXC2kEr0Up8WzzS1h33i5wC8G/> [cid:image009.jpg@01DD3F9F.5C670BF0] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image010.png@01DD3F9F.5C670BF0] [Diagram Description automatically generated] [cid:image012.png@01DD3F9F.5C670BF0] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image014.png@01DD3F9F.5C670BF0] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image015.jpg@01DD3F9F.5C670BF0] More info or to register at: https://events.aicpa-cima.com/CannabisConf<https://events.aicpa-cima.com/CannabisConf> Disclaimer The information contained in this communication from the sender is confidential. It is intended solely for use by the recipient and others authorized to receive it. If you are not the recipient, you are hereby notified that any disclosure, copying, distribution or taking action in relation of the contents of this information is strictly prohibited and may be unlawful. This email has been scanned for viruses and malware, and may have been automatically archived by Mimecast Ltd, an innovator in Software as a Service (SaaS) for business. Providing a safer and more useful place for your human generated data. Specializing in; Security, archiving and compliance. To find out more visit the Mimecast website.

Sept. 8, 2026

Re: spam calls

by Jeffrey Urbach1

Take a look at Incogni. I split a family plan with my son and it covers up to 5 phones. It’s cut down a lot of calls, some inevitably get thru, but the volume we used to get has been greatly reduced. They also work at removing you from these public database vacuum cleaners. The dark web- we are all vulnerable. I’ve given up on privacy. It’s all out there for the taking. Regards, Jeffrey D. Urbach, MBA, CVA, CFE,CPA/ABV/CFF Partner Business Valuation & Matrimonial Litigation Services [image001.jpg] 1581 Highway 27, STE 201 Edison, NJ 08817 Office 732.777.1158 Cell 732.692.0009 Fax. 732.777.1161 www.ua-cpas.com<http://www.ua-cpas.com/> ________________________________________ RULE 1:40 QUALIFIED MEDIATOR Collaborative Law Trained LinkedIn http://linkedin.com/in/jeffurbachcpanj Via mobile device.Please excuse any autocorrect typos. IDENTITY THEFT WARNING: PLEASE DO NOT submit any of your sensitive personal or confidential information via unsecured email. All such information should be sent by other communication means such as our Citrix Sharefile system. (Call for a secure link.) Please arrange for the SECURE delivery of such information for your own identity and confidentiality protection. Please do not hesitate to contact me with any questions. Unless the above message ("this message") expressly provides that the statements contained therein ("the statements") are intended to constitute written tax advice within the meaning of IRS Circular 230 §10.37, the sender intends by this message to communicate general information for discussion purposes only, and you should not, therefore, interpret the statements to be written tax advice or rely on the statements for any purpose. The sender will conclude that you have understood and acknowledged this important cautionary notice unless you communicate to the sender any questions you may have in a direct electronic reply to this message. On Sep 8, 2026, at 4:17 PM, Ron Seigneur via Listserv <listserv(a)ercllc.net> wrote: ERC brain trust – I know this is not a BVFLS related post so I apologize up front, but I wanted to ask if any others are getting bombarded with spam calls on your cell phones. I seem to be getting a bunch every day on home remodeling, au External sender <listserv(a)ercllc.net> Make sure you trust this sender before taking any actions. ERC brain trust – I know this is not a BVFLS related post so I apologize up front, but I wanted to ask if any others are getting bombarded with spam calls on your cell phones. I seem to be getting a bunch every day on home remodeling, auto insurance, unclaimed Medicare benefits, etc. and am looking for ways to tamp it down absent changing my cell phone number. Anyone else having this issue or have suggestions on how to minimize spam. I am on an Android for whatever that is worth buy my wife is on Apple and she is also getting a lot of spam calls. Thanks in advance. Ron V-card<https://linkprotect.cudasvc.com/url?a=http%3a%2f%2fcpavalue.com%2fcfwebstor…>| Web site<https://linkprotect.cudasvc.com/url?a=http%3a%2f%2fwww.cpavalue.com%2f&c=E,…> | Bio<https://linkprotect.cudasvc.com/url?a=http%3a%2f%2fwww.cpavalue.com%2fcfweb…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<https://linkprotect.cudasvc.com/url?a=http%3a%2f%2fwww.cpavalue.com%2f&c=E,…> <image001.jpg> Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: “I used to have a handle on life, but it broke” – Anonymous Last quarters thought: "Choose to be optimistic, it feels better." — Dalai Lama <image002.png> <image003.jpg> <image004.png> <image005.jpg> <image006.png> One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 <image007.jpg> More info or to register at: https://events.aicpa-cima.com/CannabisConf<https://linkprotect.cudasvc.com/url?a=https%3a%2f%2fevents.aicpa-cima.com%2…> _______________________________________________ Listserv mailing list -- listserv(a)ercllc.net To unsubscribe send an email to listserv-leave(a)ercllc.net

Sept. 8, 2026

spam calls

by Ron Seigneur

ERC brain trust - I know this is not a BVFLS related post so I apologize up front, but I wanted to ask if any others are getting bombarded with spam calls on your cell phones. I seem to be getting a bunch every day on home remodeling, auto insurance, unclaimed Medicare benefits, etc. and am looking for ways to tamp it down absent changing my cell phone number. Anyone else having this issue or have suggestions on how to minimize spam. I am on an Android for whatever that is worth buy my wife is on Apple and she is also getting a lot of spam calls. Thanks in advance. Ron V-card<http://cpavalue.com/cfwebstore/email/Ronald%20L.%20Seigneur.vcf>| Web site<http://www.cpavalue.com/> | Bio<http://www.cpavalue.com/cfwebstore/index.cfm?fuseaction=feature.display&fea…> T 303.980.1111 D 720-665-9000 T 877.775.2676 F 303.308.6969 www.cpavalue.com<http://www.cpavalue.com/> [cid:image001.jpg@01DD3F9C.38191980] Ron Seigneur MBA CPA/ABV ASA CVA Partner Ron.Seigneur(a)cpavalue.com<mailto:ron.seigneur@cpavalue.com> Seigneur Gustafson LLP 940 Wadsworth Blvd, Ste 200 Lakewood, Colorado 80214 Beyond the Number$ Click here<https://cpavalue.sharefile.com/r-rae8c2e26109748438e5529327a88b0a6> to send a secure file Thought for the quarter: "I used to have a handle on life, but it broke" - Anonymous Last quarters thought: "Choose to be optimistic, it feels better." - Dalai Lama [cid:image002.png@01DD3F9C.38191980] [Diagram Description automatically generated] [cid:image004.png@01DD3F9C.38191980] [A book cover of a financial valuation AI-generated content may be incorrect.] [cid:image006.png@01DD3F9C.38191980] One of Forbes Top CPAs in Valuation Services in America 2025 and Top CPAs in Colorado 2026 [cid:image007.jpg@01DD3F9C.38191980] More info or to register at: https://events.aicpa-cima.com/CannabisConf

Sept. 8, 2026

Re: Where to find low-rated bond yields?

by John Schumacher

Rob, for whatever its worth and in case helpful, BDO recently audited my fair value measurements on a portfolio of contingent notes. The debtor had a lot of debt on its balance sheet and they requested that I perform a “synthetic credit rating analysis” of the debtor? They seemed to imply that it was somewhat straightforward to add this to the scope of the valuation. They referenced in a call using CapIQ tools/resources. I am not sure I performed the analysis they wanted, as I never assigned a credit rating to the debtor in this case. I did find the attached template of CapIQ, and I in fact applied this template. I used the template to support that the debtor’s credit health scored inferior to the GPCs I was using for the WACC, which fed into my risk neutral conversion. In my judgement, this then supported the source I ultimately used for the counter-party credit risk factor (rate on mezz debt they had issued a few years prior), and BDO ultimately accepted this after further audit procedures on the mezz debt issuance. John John Schumacher, CFA Email: jschumacher(a)truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis <levis(a)levisconsult.com> Sent: Sunday, September 6, 2026 10:58 PM To: Dr. Michael Crain <craincpa(a)gmail.com> Cc: John Schumacher <JCS(a)tfpov.com>; LLC ERC <listserv(a)ercllc.net>; Dan Grosdidier <Dan(a)levisconsult.com> Subject: Re: [Listserv] Re: Where to find low-rated bond yields? Thanks, Mike. Rob Please excuse my typos and misspellings. Thank you. Sent from my iPhone On Sep 6, 2026, at 21:50, Dr. Michael Crain <craincpa(a)gmail.com<mailto:craincpa@gmail.com>> wrote: If you have the information, you analyze the default risk of each note’s debtor. Otherwise, you are making an educated guess of which ratings to assign to the notes. Dr. Michael A. Crain, CPA, CFA, ABV, CFE On Sep 5, 2026, at 5:05 PM, Rob Levis <levis(a)levisconsult.com<mailto:levis@levisconsult.com>> wrote: Thank you, Mike and John. The Estate has numerous Notes with varying degrees of security and terms. I am thinking the yields on specific categories of bonds as determined by the rating agencies is the most sensible approach and which category is applicable to the Notes in the portfolio will depend upon the facts regarding each of the Notes. I don’t think a specific “Guideline Company” type of an analysis will add much value to the exercise. Thoughts? Thank you, all, in advance. Rob Levis, Grosdidier & Associates, LLC Main: 719.226.3702 | Cell: 719.651.7295 www.levisconsult.com<http://www.levisconsult.com/> From: Dr. Michael Crain <craincpa(a)gmail.com<mailto:craincpa@gmail.com>> Sent: Saturday, September 5, 2026 12:08 PM To: John Schumacher <JCS(a)tfpov.com<mailto:JCS@tfpov.com>>; Rob Levis <levis(a)levisconsult.com<mailto:levis@levisconsult.com>>; LLC ERC (listserv(a)ercllc.net<mailto:listserv@ercllc.net>) <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan(a)levisconsult.com<mailto:Dan@levisconsult.com>> Subject: Re: [Listserv] Re: Where to find low-rated bond yields? Rob: I believe John’s comments about CapIQ for aggregate yields by agency rating is the most obvious choice. If you want yields of specific bond issues, I recall there is a public source as well as CapIQ. I would need to look up the source(s) for specific issues as it’s been a while. Also, I am not sure what you want if you mean bonds with very poor credit ratings and be anything other than high yield. Dr. Michael A. Crain, CPA, CFA, ABV, CFE From: ERC listserve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Reply-To: John Schumacher <JCS(a)tfpov.com<mailto:JCS@tfpov.com>> Date: Friday, September 4, 2026 at 3:17 PM To: Rob Levis <levis(a)levisconsult.com<mailto:levis@levisconsult.com>>, ERC listserve <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan(a)levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Re: Where to find low-rated bond yields? Rob, If you have CapIQ and were amenable to using a composite rate, the “IQ_Full_CURVE_Annual” data element allows you to specifically select one of four different ratings below investment grade rating: 1. HY 2. BB 3. B 4. CCC I just did a lookup using 9/1/26 as the pricing date, AllCorp as the Sector, 20-Yr. as the tenor, USD as the currency and got a yield of 20.014% Not sure if there is additional reporting out of CapIQ to tell you how many bonds are part of their composite rates/yield curves. I know I have also used CapIQ’s screening tool for getting yields at a bond level, but it has been awhile. I seem to recall it was good at capturing yields as of bond issuance, but less so on implied yields from bond trading activity. Hope that helps. John John Schumacher, CFA Email: jschumacher(a)truefinancialpov.com<mailto:jschumacher@truefinancialpov.com> | Direct: 312.933.2148 True Financial POV, LLC From: Rob Levis via Listserv <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Sent: Friday, September 4, 2026 11:00 AM To: LLC ERC (listserv(a)ercllc.net<mailto:listserv@ercllc.net>) <listserv(a)ercllc.net<mailto:listserv@ercllc.net>> Cc: Dan Grosdidier <Dan(a)levisconsult.com<mailto:Dan@levisconsult.com>> Subject: [Listserv] Where to find low-rated bond yields? Brain Trust, Any idea where I can find yields on high yield junk bonds with very low credit ratings? It appears the credit rating agencies don’t publish these regularly. As always, any input greatly appreciated in advance. Rob Robert W. Levis, CPA, ASA, CFE 90 South Cascade Ave, Suite 1230, Colorado Springs, Colorado 80903 Main: 719.226.3702 | Cell: 719.651.7295 600 17th Street, Suite 2800 South, Denver, CO 80202 Main: 303.505.5563 <image001.png>

Sept. 8, 2026