Appraisal Rights
AUGUST 1, 2017
Today the Delaware Supreme Court reversed and remanded the appraisal decision of the Chancery Court in the highly watched DFC Global case. A more detailed post will follow, but we wanted to flag the ruling in the meantime. The court declined DFC Global’s request to impose a presumption by “judicial gloss” that would peg fair value at the merger price in cases involving arm’s-length mergers.
Burch & Co.
AUGUST 1, 2017
FINRA Sponsorship-. As a FINRA member firm, Burch & Company regularly receives calls from experienced advisors interested in obtaining a FINRA license which requires sponsorship. Many of these professionals have an idea of which particular license that they would like to be sponsored for based on their work focus. As the licensing landscape has changed over the years, advisors may not fully understand which license may be the required given their different lines of business.
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Appraisal Rights
AUGUST 15, 2017
As reported in today’s Law360 [$$], the Delaware Chancery Court chose lead counsel and consolidated several petitions in the Stillwater Mining appraisal case. As reported in the article, Vice Chancellor Laster stated during yesterday’s hearing that “he would clarify rules for keeping non-lead attorneys in the loop on key documents and proposals,” and that his ruling reflected “an evolving court position on balancing the rights and responsibilities of law firms collaborating in class appraisal p
Appraisal Rights
AUGUST 10, 2017
In a recent article on PolicyHolder Pulse attorneys from Pillsbury explore whether Directors and Officers (“D&O”) insurance covers, or could be considered to cover, Delaware appraisal claims. Critical to this analysis is whether an appraisal case raises issues of “Wrongful Acts” by the Board – including, for example, collusive behavior, or other process defects.
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Appraisal Rights
AUGUST 8, 2017
As we have posted before , the Delaware Supreme Court rendered its much-awaited ruling in the DFC Global case on August 1. Here’s a more detailed breakdown of the key elements of that ruling. I. No Judicial Presumption Imposing Mandatory Merger Price Ruling. The Court started off its opinion by rejecting DFC Global’s request to establish “by judicial gloss” a presumption that fair value would be tethered to merger price in certain cases involving an arm’s-length M&A transaction.
Appraisal Rights
AUGUST 7, 2017
Law360 [$$] recently carried an analysis by a trio of Delaware attorneys regarding the impact of 2016’s prepayment amendment to Delaware appraisal law. Part of the August 2016 amendments allowed M&A targets to prepay dissenting shareholders an amount of their choosing, thereby stopping the accrual of interest on that portion of the merger price/amount at issue.
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