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APPLICATION OF VISION HARDWARE GROUP, INC.

No. 13385.

669 A.2d 671 (1995)

In the Matter of the Application of VISION HARDWARE GROUP, INC., a corporation of the State of Delaware, for a Determination, Pursuant to Section 262 of the General Corporation Law, of the Value of Certain Shares of the Stock of its Predecessor, Better Vision Hardware Group, Inc.

Court of Chancery of Delaware, New Castle County.

Decided: July 26, 1995.

Attorney(s) appearing for the Case

R. Franklin Balotti, Daniel A. Dreisbach, and Todd C. Schiltz, of Richards, Layton & Finger, Wilmington (Sheila Mosmiller Vidmar, Esquire, of Piper & Marbury, Baltimore, Maryland, of counsel), for Vision Hardware Group, Inc.

David A. Jenkins, of Smith, Katzenstein & Furlow, Wilmington, for Respondents.

ALLEN, Chancellor.

This appraisal action raises the following issue: in determining the "fair value" of the shares of a company, under Section 262 of the Delaware General Corporation Law, does one value debt owed by the company at its book value or at a market value. Actually the evidence raises this issue in a narrowed form: where the company itself is on the brink of bankruptcy and without ability to refinance its debt, how should its debts be valued for appraisal...

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