Do CPA Firm Agreements Trump Statutory FV Value of Retiring Partner’s Shares?

Business Valuation UpdateVol. 17 No. 11
Legal and Court Case Update
November 2011
8721 Accounting, Auditing, and Bookkeeping Services
judicial dissolution

Showell v. Pusey
2011 WL 3860419 (Del. Ch.)
September 1, 2011
US
State Court
Delaware
Court of Chancery
Jennings P. Hastings (plaintiff); Clyde G. Hartman (defendant)
Glasscock

Summary

Delaware Chancery Court resolves ambiguities in CPA firm operating agreement to find that its provisions for liquidation value, rather than statutory fair value as a going concern, control buyout price for retiring partner.

See Also

Showell v. Pusey

Delaware Chancery Court resolves ambiguities in CPA firm operating agreement to find that its provisions for liquidation value, rather than statutory fair value as a going concern, control buy-out price for retiring partner.