Articles, Errors in Valuations, Tax-Affecting

How the Court Undervalued the Plaintiffs’ Equity in Ferolito v. AriZona Beverages, Part II

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By Gilbert E. Matthews, CFA, Sutter Securities, Inc. (San Francisco, Calif., USA)

The subject of New York statutory fair value law and the application of discounts for marketability on minority shareholder interests is, as one expert litigator and author in the field called it, “highly complex and technical.” He went on to say that, “we will continue to see both theoretical and empirically based attacks on DLOM in fair value proceedings by New York lawyers and their appraisal experts.” Recently, a trial court judge called DLOMs “an area of heated debate” and pointed out that “more compelling appellate resolution of these issues would surely be welcomed by all.”

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