Appraisal

News & Analysis as of

Can Technology Preserve Government Rights of Entry?

As we await the California Supreme Court’s decision in the Property Reserve case (see related posts here and here), many government agencies are faced with the question of what they will do if the justices deem the current...more

Blog: Dell Decision and Recent Amendments to Delaware’s Appraisal Statute

Section 262 of the DGCL provides a statutory remedy for stockholders who do not vote in favor of certain M&A transactions (generally cash mergers) to petition the corporation to buy their stock at a price equivalent to the...more

Delaware Enacts Annual Update to Its Corporate Statutes

With the legislative session drawing to a close, Delaware Governor Jack Markell has signed into law the annual amendments to the General Corporation Law and the Alternative Entity Statutes. In addition to more technical...more

Amendments to Delaware General Corporation Law Will Affect Appraisal Actions and “Intermediate-Form” Mergers

On June 16, 2016, Delaware Governor Jack Markell signed into law House Bill 371, which amends the Delaware General Corporation Law (DGCL) with respect to, among other things, appraisal proceedings and “intermediate-form”...more

Dell Decision Grants Claimants Fair Value Award Above Merger Price

Delaware law has long made clear that the price established for a company in a market transaction, while a relevant factor, does not necessarily equate to the fair value that shareholder claimants are entitled to receive in...more

Delaware Chancery Court Rejects MBO Merger Price as Best Evidence of Fair Value in Appraisal Proceeding

In In re Appraisal of Dell Inc., No. 9322 VCL, 2016 Del. Ch. LEXIS 81 (Del. Ch. May 31, 2016) (Laster, V.C.), the Delaware Court of Chancery determined that the fair value of the common stock of Dell Inc. (“Dell” or the...more

National Registry for Appraisal Management Companies on the Horizon

On May 20, 2016, the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC) issued a proposed rule to implement collection and transmission of the appraisal management company (AMC) annual...more

Appraisal Risk Back In The Spotlight After Dell

The Delaware Court of Chancery (the "Court") recently ruled that the fair value of Dell Inc. shares at the time of the 2013 US$24.9 billion buyout of Dell Inc. by CEO Michael Dell and Silver Lake Partners was US$17.62 per...more

In re Appraisal of Dell Inc., C.A. No. 9322 (Del. Ch. May 11, 2016) (Laster, V.C.)

In this opinion, the Court of Chancery held that, through the “Byzantine and path-dependent system by which stockholders voted on a proposed merger,” fourteen mutual funds sponsored by T. Rowe Price & Associates, Inc. (“T....more

Court Of Chancery Explains When Merger Price Not Is The Appraised Value

This decision explains when a price in a management lead buy out that is close to a merger price set after a shopping of a company may still not be the “fair value” required by Delaware appraisal law....more

Dell Shareholders' Appraisal Claims Denied After Voting Mishap

In July 2015, the Delaware Court of Chancery issued an opinion in In re Appraisal of Dell, Consol. C.A. No. 9322-VCL, holding that the technical missteps of a custodial bank necessarily required the court to deny certain...more

Court Of Chancery Resolves Appraisal Voting Requirement

It is well understood that to be entitled to the appraisal of your stock you need to not vote for the merger. However, in the complex world of how shares are held by beneficiaries and depositories, it is easy to overlook the...more

Summary of HUD's Lean 232 Program Email Blast Office of Residential Care Facilities (ORCF) April 2016

In an effort to summarize the highlights of the LEAN Email Blasts that we receive, and rarely have time to review in a timely fashion, we at Pepper Hamilton are providing this quick synopsis of the latest LEAN update. Our aim...more

Appraisals for commercial lease extensions: A step-by-step guide

It’s near the end of your commercial lease, and the tenant jumped through all of the hoops (which are strictly enforced) to extend the term for another five years. Previously, the rent was not an issue; the tenant paid...more

Eminent Domain for California’s Social Infrastructure

While much of the focus in California lately has been on eminent domain for transportation projects, there’s some new condemnations moving forward in both Northern California and Southern California for social — or community...more

Nutter Bank Report, March 2016

The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group. - Headlines 1. FDIC Issues Final Rule to Assess Large Banks a Deposit Insurance Surcharge 2. Regulators Clarify...more

2016 M&A Report

Our 2016 M&A Report offers a detailed review of, and outlook for, the global M&A market. Other highlights include a comparison of deal terms in public and private acquisitions; updates on takeover defenses and public company...more

Wealth Management Update - March 2016

March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

"Proposed Delaware General Corporation Law Amendments Would Address Appraisal Proceedings, Short-Form Mergers, Court of Chancery...

On March 16, 2016, the Corporation Law Council of the Delaware State Bar Association announced proposed amendments to the Delaware General Corporation Law (DGCL) intended to address appraisal proceedings, Section 251(h)...more

Conservation Easements FTW! Or, Eagles 1; IRS 0

What’s a real estate developer to do when its pristine development site, with beautiful ocean views and room for between 164 and 410 upscale residential units that *NEED NOT BE BUILT, is clogged with wildlife, including bald...more

DELAWARE CORPORATE LAW AND LITIGATION: WHAT HAPPENED IN 2015 AND WHAT IT MEANS FOR YOU IN 2016

Delaware has long been known as the corporate capital of the world, and it is now the state of incorporation for 66 percent of the Fortune 500 and more than half of all companies whose securities trade on the NYSE, Nasdaq...more

[Event] Nossaman's 2016 Eminent Domain Seminar - March 3rd, Costa Mesa, CA

Nossaman LLP invites you to join us for a complimentary afternoon seminar with Nossaman’s Eminent Domain attorneys alongside various industry experts. During this program, our expert panelists will provide the latest insight...more

When Policyholders Aren't Entitled To Preaward Interest

Most property insurance policies contain an appraisal clause that provides that if the parties cannot agree on the amount of loss, either party may demand an appraisal. An appraisal panel consisting of two party-appointed...more

Court Of Chancery Addresses M&A Discovery

Hamilton Partners L.P. v. Highland Capital Management L.P., C.A. 6547-VCN (February 2, 2016) - Discovery of financial information in M&A litigation, including appraisal actions, often involves two issues...more

Summary of California Appellate Decisions - January 2016

Insurance Coverage; Vandalism and Malicious Mischief Exclusion - Hung Van Ong v. Fire Insurance Exchange (2015) 235 Cal.App.4th 901, 185 Cal.Rptr.3d 524 - Facts: The insured had a vacant apartment building....more

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