Manichaean Capital, LLC v. SourceHOV Holdings, Inc.

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January 30, 2020

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shareholder dissent/oppression
beta, daubert, weighted average cost of capital (WACC), admissibility, closely held corporation, statutory appraisal, discounted cash flow analysis, projections, cost of equity, guideline companies, cost of debt
Manichaean Capital, LLC v. SourceHOV Holdings, Inc.
2020 Del. Ch. LEXIS 38, 2020 WL 496606
US
State Court
Delaware
Court of Chancery
Timothy J. Meinhart (petitioners); Prof. Gregg Jarrell (respondent)
Slights

Summary

In appraisal proceeding, Court of Chancery adopts petitioner expert’s DCF-based model for calculating fair value, making slight adjustment to expert’s size premium; on beta calculation, court finds respondent expert’s novel approach “does not survive judicial scrutiny” and raises Daubert issues.
Manichaean Capital, LLC v. SourceHOV Holdings, Inc.
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Court Case Digests
January 30, 2020

In appraisal proceeding, Court of Chancery adopts petitioner expert’s DCF-based model for calculating fair value, making slight adjustment to expert’s size premium; on beta calculation, court finds respondent expert’s novel approach “does not survive judicial scrutiny” and raises Daubert issues.