Assess whether related-party sales should be backed out of valuation (5b09e4)

SITUATION Carve-out stranded-cost model arrived with a contractor who actually wrote the core code for working-capital true-up analyst. That is a M&A Due Diligence Separation and Integration decision on related-party sales should be in a cross-border deal with earnout-heavy structure.

DECISION Working-capital true-up analyst in a cross-border deal with earnout-heavy structure must choose Proceed / Reprice / Walk / Hold using carve-out stranded-cost model after a contractor who actually wrote the core code.

HYPOTHESES TO TEST 1. Carve-out stranded-cost model reads as Proceed once a contractor who actually wrote the core code is lined up to the same M&A Due Diligence population. 2. Carve-out stranded-cost model is closer to Reprice after a contractor who actually wrote the core code; Proceed would over-claim this Separation and Integration extract. 3. Walk is still live in carve-out stranded-cost model for working-capital true-up analyst in a cross-border deal with earnout-heavy structure. 4. Carve-out stranded-cost model is missing the fact working-capital true-up analyst needs after a contractor who actually wrote the core code; stop this M&A Due Diligence close.

ANALYSIS REQUIRED 1. Separate a one-off add-back from a recurring earnings issue in carve-out stranded-cost model. 2. Map reps, earnout mechanics, and integration risk a cross-border deal with earnout-heavy structure would inherit. 3. Tie quality-of-earnings, working-capital, and contingent items in carve-out stranded-cost model to related-party sales should be. 4. For this M&A Due Diligence Separation and Integration file, read carve-out stranded-cost model against a contractor who actually wrote the core code and write the one fact that would move related-party sales should be for working-capital true-up analyst.

RECOMMENDATION Choose Proceed / Reprice / Walk / Hold on this M&A Due Diligence / Separation and Integration packet (carve-out stranded-cost model after a contractor who actually wrote the core code). The follow-on Separation and Integration action is what working-capital true-up analyst does next: implement the option, assign an owner, and log the missing fact.

COMMAND RETURNS - Bottom-line M&A Due Diligence option on related-party sales should be, then the evidence in carve-out stranded-cost model, then the action for working-capital true-up analyst - Hypothesis scorecard against carve-out stranded-cost model: supported / rejected / untestable - Separation and Integration finding in carve-out stranded-cost model that a second reviewer can re-perform - Missing page in carve-out stranded-cost model after a contractor who actually wrote the core code, if any