In voluntary corporate dissolution proceeding, Severson exercised his right under Cal. Corp. Code section 2000 to purchase Mart's shares at their fair value to avoid dissolution.
Section 2000 Fair Value Assumes a Hypothetical Seller's Covenant Not to Compete
This was a voluntary corporate dissolution proceeding.
Actual Noncompete Agreement Not Relevant to Fair Value Determination
The California Court of Appeals, District 1, reversed the lower court’s determination of fair value in this voluntary dissolution proceeding.