The 78th Annual ASA International Appraisers Conference concluded last week in Las Vegas, Nevada. At the event, more than 750 participants met to discuss the latest in valuation trends and best practices. This year's conference featured more than 40 sessions of the most comprehensive educational programming available, taught by the world’s preeminent thought-leaders.
During one of the breakouts, Gordon Brothers' Kevin Otus, Rob Hamner and Robert Maroney explored the realities faced during the disposition of Qimonda’s state-of-art 300mm semiconductor fab located in Richmond, VA, and the benefits of a wind down following a more measured approach.
Rather than selling the tools under a “fire sale” scenario, the team was able to maximize the value of the assets by combining financing with industry expertise. By extending the marketing period, the team was able to target end-users world-wide, resulting in significantly higher recoveries for the client. The sale of a large lot of tools to Texas Instruments, as well as the sale of other significant assets (including a $30 million wafer scanner) to Asian and European semiconductor manufacturers, would not have occurred without the additional “runway” provided by this sales approach. This case study provides a valuable lesson to appraisers considering the valuation of specialized assets under a forced versus orderly liquidation scenario.
Gordon Brothers employs the most accredited appraisal team in the industry, including 27 Accredited Senior Appraisers (ASAs) along with the most experienced team of high tech appraisers and liquidators in the industry.