The battle began in earnest more than 40 years ago: How do we determine discounts for lack of marketability (DLOM)? In the 1970s, valuation experts applied a “benchmark method.” The following decade, experts touted a “pre-IPO method.” By the latter half of the 1990s, the “quantitative marketability discount method” exploded onto the scene. And early in the millennium, the “restricted stock comparative analysis”1 ascended as the courts' discount methodology of choice. Each method
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