9th Circuit Reverses PA&E District Court Decision

Business Valuation UpdateVol. 2 No. 12
Legal and Court Case Update
December 1996
8712 Architectural Services
541310 Architectural Services
ESOP valuations
adequate consideration, erisa

Howard v. Shay (US Appeals Court)
100 F.3d 1484, 1996 U.S. App. LEXIS 30228
November 22, 1996
Federal Court
9th Circuit
United States Court of Appeals
Dick May (for Howard)<br>Donald Erickson (for Shay)<br>Jim Wolf (for Shay)


Pacific Architect and Engineers Inc. (PA&E ) ESOP sold its 40% stock interest to a family trust established by the stockholder, Edward Shay, who owned the other 60%.

See Also

Howard v. Shay (US Appeals Court)

At issue is the valuation of a real estate holding company.