News & Analysis as of

Fair Market Value

N.C. Supreme Court Holds Real Estate Brokers May Testify on the Issue of Fair Market Value

by Ward and Smith, P.A. on

In a recent opinion, the North Carolina Supreme Court expanded the possibilities of allowable testimony about a property's fair market value. In its decision in North Carolina Department of Transportation v. Mission...more

Delaware Court Of Chancery Denies Stay Of Columbia Pipeline Appraisal, Finding That Pendency Of An Appeal Of Aruba Networks Did...

by Shearman & Sterling LLP on

On March 7, 2018, Vice Chancellor J. Travis Laster of the Delaware Court of Chancery denied a motion to stay or extend discovery filed by an appraisal petitioner in light of Vice Chancellor Laster’s recent ruling in Verition...more

Proposition 13 Ballot Initiative Qualifies for Signature Gathering

Proponents of The California Schools and Local Communities Funding Act of 2018 have received clearance from the California Attorney General to gather signatures in support of a ballot initiative to revoke Proposition 13...more

Delaware Court Of Chancery Uses DCF Analysis To Arrive At Fair Value Below Deal Price, Even Though Deal Process Was Not "Dell...

by Shearman & Sterling LLP on

On February 23, 2018, Vice Chancellor Sam Glasscock III of the Delaware Court of Chancery ruled, based on his own discounted cash flow (“DCF”) analysis, that the fair value of AOL Inc. (“AOL”) was below the deal price paid by...more

The Reasonable Probability Increment Continues to Boost Just Compensation For Wetlands Condemnation in Galarza v. City of New York

by Farrell Fritz, P.C. on

Early this year, the Supreme Court of New York, Richmond County issued a comprehensive opinion in Galarza v. City of New York, 58 Misc.3d 1210(A), reaffirming and clarifying the nuances of condemnation, takings and just...more

DOL Enters into Another Settlement Agreement with ESOP Trustee

by Holland & Knight LLP on

• The U.S. Department of Labor (DOL) closed out 2017 by entering into yet another settlement agreement with the trustee of an employee stock ownership plan (ESOP). • The latest agreement (the Alpha Agreement) requires...more

Delaware Chancery Court Finds Unaffected Market Price to Be Fair Value in a Post-Dell Appraisal Decision

by White and Williams LLP on

On February 15, 2018, in the statutory appraisal proceeding of Verition Partners Master Fund Ltd. v. Aruba Networks, Inc., the Delaware Court of Chancery decided that the “most persuasive evidence” of Aruba Networks’ fair...more

Delaware Appraisal Litigation: The Court of Chancery Holds That a Company’s Unaffected Market Price Constitutes “Fair Value”

by Dechert LLP on

In a recent appraisal decision, Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. (Aruba Networks), the Delaware Court of Chancery awarded 30% less to the shareholders than they would have received had they not...more

Delaware Law Updates – The Delaware Supreme Court Underscores The Significance Of The Deal Price.

by McCarter & English, LLP on

The Delaware Supreme Court, sitting en banc, recently reversed in part and remanded the Court of Chancery’s decision regarding the appraisal of Dell, Inc. (“Dell”)[i], which builds upon another recent appraisal decision in...more

Delaware Court Of Chancery Applies Dell And DFC To Find "Fair Value" Of Widely Traded Company With No Controlling Stockholder Is...

by Shearman & Sterling LLP on

On January 26, 2018, Vice Chancellor J. Travis Laster of the Delaware Court of Chancery ruled in a post-trial opinion that the thirty-day average unaffected market price was the best evidence of the fair value of Aruba...more

CEO’s Statements Preclude Reliance on Deal Price in Appraisal Proceeding

The recent decisions by the Delaware Supreme Court regarding appraisal rights decisions in DFC and Dell provide that the appraisal statute requires that the trial judge must consider “all relevant factors,” and that no...more

Delaware Chancery Court in Aruba Appraisal Finds Fair Value to be the Pre-Announcement Market Price: 30% Below Deal Value

by Morrison & Foerster LLP on

In 2015, Hewlett Packard acquired Aruba for a negotiated price of $24.67 per share, or about $2.8 billion. Several stockholders sought appraisal. On February 15, the Delaware Court of Chancery found that, for purposes of...more

Income, from Whatever Exchange, Mine, or Fork Derived: The Basics of U.S. Cryptocurrency Taxation

In this first of (we hope) many posts on the interesting and myriad tax issues arising in the world of cryptocurrency and blockchain technology, we focus on the very basic U.S. federal income tax consequences of...more

Champing At The Bit: Can You Pay Your Workers In Bitcoin?

by Fisher Phillips on

For the first time, a large, publicly traded company—Japanese web-business GMO Internet—has announced that it will soon offer its employees the chance to receive their pay in the world’s most popular cryptocurrency: bitcoin....more

Court Rejects Short-Swing Profits Claim Relating to Share Withholding to Satisfy Taxes

by Hodgson Russ LLP on

On January 26, 2018, the United States District Court for the Northern District of Oklahoma granted summary judgment to WPX Energy, Inc. (the “Company”) and its CEO and general counsel in relation to a plaintiff’s claim that...more

It’s That Time Again! Property Tax Appeals In Connecticut: Know When To File

by McCarter & English, LLP on

The deadline for appealing Connecticut local property taxes is again approaching. For many cities and towns, that date is February 20 unless the town has extended the deadline. If a property owner does not file a tax appeal...more

Key Developments in Delaware Corporation Law in 2017

Developments in appraisal law, the application of Corwin v. KKR Financial Holdings LLC in post-closing damages actions and the potential expansion of Kahn v. M&F Worldwide Corporation (MFW) — a case examining the standard of...more

Blog: New Jersey Adopts Regulations Targeting Gifts and Payments from Pharmaceutical Manufacturers to Prescribers

by Cooley LLP on


Dell Appraisal Decision Overturned – Deal Price Given Substantial Weight

by Fox Rothschild LLP on

In a long awaited and highly anticipated ruling, the Delaware Supreme Court overturned the Court of Chancery’s decision in the Dell appraisal action, Dell v. Magnetar Global Event Driven Master Fund, No. 565, 2016 (Del. Supr....more

Delaware Supreme Court Reaffirms Importance of Deal Price in Dell Appraisal Reversal

by White & Case LLP on

Reaffirming the importance of deal price in appraisal proceedings involving wellshopped transactions, the Delaware Supreme Court reversed the 2016 Chancery Court decision which held that Michael Dell and Silver Lake Partners...more

Supreme Court Reverses Chancery's Dell Appraisal Decision

by Morris James LLP on

In one of the most anticipated opinions of 2017, Delaware’s Supreme Court reversed the Court of Chancery’s appraisal decision valuing Dell, Inc.’s shares after its management-led buyout in 2013. In its unanimous en banc...more

Many are now looking for IRS Guidance on Virtual Currency

by Foodman CPAs & Advisors on

Due to its unprecedented level of value appreciation, Bitcoin investors, consumers and businesses are looking for IRS Guidance. IRS recognizes that “virtual currency” may be used to pay for goods or services, or be held for...more

Delaware Supreme Court Clarifies Significance of Deal Price in Appraisal Cases

• For the second time in 2017, the Delaware Supreme Court reversed a Chancery Court’s decision to assign little or no weight to deal price in appraisal cases • In both cases, the court remained firm in its decision not to...more

Delaware Supreme Court reinforces the importance of deal price in appraisal proceedings

by Hogan Lovells on

In Dell Inc. v. Magnetar Global Event Driven Master Fund, Ltd., the Delaware Supreme Court reversed the Court of Chancery’s determination in an appraisal proceeding relating to the 2013 management-led buyout of Dell Inc....more

Delaware Supreme Court Reverses Court of Chancery’s Dell Appraisal Decision; Suggests that Deal Price Was the Best Evidence of the...

by Ropes & Gray LLP on

In Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd., et al., the Delaware Supreme Court reversed and remanded the Court of Chancery’s valuation of Dell in an appraisal case arising from the 2013 management buyout...more

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