Sample new case abstracts added to BVLaw
Now available on BVLaw:
Palmerino v. Palmerino, 2011 WL 1450359 (Mass. App. Ct.)(April 15, 2011)(unpub.) Massachusetts court precludes discounts in valuing marital business in divorce, and says that while income approach is preferred, net asset value may be appropriate in the absence of determinable market value.
Experts: David Gannett (joint expert); Felix Betro (husband’s expert)
Judge: Rubin
State/Jurisdiction: Mass.
Court: Court of Appeals
Type of case: marital dissolution
Stratte-McClure v. Morgan Stanley, 2011 WL 1362100 (S.D.N.Y.)(April 4, 2011) Court finds that Morgan Stanley failed to disclose its subprime exposure and losses, but dismisses complaint for lack of adequate allegations of loss causation, with leave to file amended claims.
Experts: none
Judge: Batts
State/Jurisdiction: federal / N.Y.
Court: U.S. District Court
Type of case: securities litigation
Giaimo v. Vitale, 2011 WL 1549064 (N.Y. Sup.)(April 25, 2011)(unpub.) New York court confirms application of marketability discount and discount for built-in-capital gains to statutory fair value determination of real estate holding company.
Experts: Z. Christopher Mercer (petitioner); Joan Lipton and Jeffery Baliban (respondent)
Judge: Freidman
State/Jurisdiction: New York
Court: court of appeals
Type of case: dissenting shareholder
In re Answers Corp. Shareholders Litigation, 2011 WL 1366780 (Del. Ch.)(April 11, 2011) DE Chancery Court approves sale of hard-to-value internet company, even though lack of any long-term forecasts prevented DCF analysis, and fairness opinion had to rely on market approach despite lack of truly comparable public companies.
Experts: Mary O’Connor (plaintiffs); UBS (company defendant)
Judge: Noble
State/Jurisdiction: Delaware
Court: Chancery
Type of case: dissenting shareholder
Peterson v. Jackson, 2011 WL 14519606 (Utah App.)(April 14, 2011) Court confirms fair value determination of CPA firm based on income, market, and asset-based approaches; a former buy-in transaction concerning the same firm; and a non-compete agreement that effectively transferred personal goodwill to the enterprise.
Experts: Brad Townsend (departing shareholder); Tyler Bowles (company)Judge: Voros
State/Jurisdiction: Utah
Court: Court of Appeals
Type of case: judicial dissolution