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Tennessee embraces ‘modern’ valuation methods in fair value determination

In a key valuation decision, the Tennessee Supreme Court recently overruled precedent on how to determine fair value in a dissenting shareholder suit.

Athlon Sports Communications, Inc. v. Duggan (II)

Court overrules precedent requiring exclusive use of Delaware block method to determine fair value in dissenting shareholder cases; trial courts may use other, more “modern” methods, including forward-looking DCF analysis, state high court says and remands for reevaluation of earlier ruling.

Delaware Block Method No Longer Mandatory in Tennessee Fair Value Proceedings

Court overrules precedent requiring exclusive use of Delaware block method to determine fair value in dissenting shareholder cases; trial courts may use other, more “modern” methods, including forward-looking DCF analysis, state high court says and remands for reevaluation of earlier ruling.

Tennessee Sticks With Delaware Block Method in Judicial Appraisals

Appeals court says trial court followed applicable law when it used Delaware block method to determine fair value of dissenting shareholders’ interests; court declines to change law on valuation, saying reversal must come from state Supreme Court.

Tennessee Sticks With Delaware Block Method in Judicial Appraisals

Appeals court says trial court followed applicable law when it used Delaware block method to determine fair value of dissenting shareholders’ interests; court declines to change law on valuation, saying reversal must come from state Supreme Court.

Athlon Sports Communications, Inc. v. Duggan (I)

Appeals court says trial court followed applicable law when it used Delaware block method to determine fair value of dissenting shareholders’ interests; court declines to change law on valuation, saying reversal must come from state Supreme Court.

Appraiser Lacks Necessary Valuation Expertise, Dissent Says

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Appraiser Lacks Necessary Valuation Expertise, Dissent Says

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Shaffer v. Visaggio’s, Inc. (I)

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Shaffer v. Visaggio’s, Inc. (II)

Court majority finds appointed appraiser’s fair value determination meets legal requirements applicable to dissenting shareholder proceeding; dissent says appraiser lacked valuation expertise and ignored proper business valuations from parties’ experts.

Dissent Case Cites Delaware Law But Applies Its Own Interpretation

A bank consolidation gave rise to minority stockholders' appraisal rights, which Berens exercised.

Berens v. Ludwig

At issue is the plaintiff's claim that the comptroller's, the defendant, appraisal of his stock in a bank was conducted in an arbitrary and capricious manner and the appraisal should be set aside.

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