In re Estate of Bittner (Bittner II)

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January 21, 2016

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5812 Eating and Drinking Places
722513 Limited-Service Restaurants
breach of fiduciary duty
expert testimony, discount for lack of marketability (DLOM), minority interest, discount for lack of control (DLOC), stock buyback, stock valuation
In re Estate of Bittner (Bittner II)
2016 Pa. Super. Unpub. LEXIS 179
US
State Court
Pennsylvania
Superior Court
Joshua Lefcowitz (executors); none (appellants)
Olson

Summary

Appeals court affirms probate court’s ruling that ambiguous shareholder agreement requiring determination of fair market value of decedent’s minority interest in closely held companies accommodated use of discounts for lack of marketability and control.
In re Estate of Bittner (Bittner II)
PDF, Size: 80 KB

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Shareholder Agreement Sparks Suit Over Discount Use in FMV Calculation

Legal and Court Case Update
April 2016

Appeals court affirms probate court’s ruling that ambiguous shareholder agreement requiring determination of fair market value of decedent’s minority interest in closely held companies accommodated use of discounts for lack of marketability and control.