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LAWSON MARDON WHEATON INC. v. SMITH

716 A.2d 550 (1998)

315 N.J. Super. 32

LAWSON MARDON WHEATON INC., formerly known as Wheaton Inc., Plaintiff-Respondent, v. Douglas Frederick SMITH, a/k/a Douglas F. Smith and Anthony D. Smith, Trustee for Douglas Frederick Smith, Defendants, and Susan Huffard Ball; P. Phillippi Huffard, IV; Trevor Lansing Huffard; Whitney Lancaster Huffard; Courtney Montagu Huffard; Robert D. Robertson, a/k/a Robert Shaw; Frank H. Wheaton, III, a/k/a Frank H. Wheaton III; Frank H. Wheaton, III, custodian for Christopher Bainbridge Wheaton; Ada A. Strasenburgh; James A. Strasenburgh; John B. Strasenburgh; John Griffin Strasenburgh; John B. Strasenburgh, Trustee for John Griffin Strasenburgh, Jr.; John B. Strasenburgh, Trustee for Blair Baldwin Strasenburgh; Louise Houghton Strasenburgh; John B. Strasenburgh, Trustee for Sarah Houghton Strasenburgh; John B. Strasenburgh, Trustee for Toby E.A. Strasenburgh; Sally Strasenburgh Applegate Lane; John B. Strasenburgh, Trustee for Samuel Church Applegate; John B. Strasenburgh, Trustee for Amos Eighmy Applegate; John B. Strasenburgh, Trustee for George Guthrie Applegate; John B. Strasenburgh, Trustee for Allison Webb Strasenburgh; and John B. Strasenburgh, Trustee for Oliver James Strasenburgh, Defendants-Appellants.

Superior Court of New Jersey, Appellate Division.

Decided August 26, 1998.

Attorney(s) appearing for the Case

Frederick L. Whitmer, Morristown, for all defendants-appellants except Frank H. Wheaton, III, Individually and as Custodian for Christopher Bainbridge Wheaton and Amanda Elizabeth Wheaton and Robert D. Robertson, a/k/a Robert Shaw (Pitney, Hardin, Kipp & Szuch, attorneys; Mr. Whitmer, on the brief).

Marc J. Sonnenfeld, Philadelphia, PA, for defendants-appellants Frank H. Wheaton, III, Individually and as Custodian for Christopher Bainbridge Wheaton and Amanda Elizabeth Wheaton and Robert D. Robertson, a/k/a Robert Shaw (Morgan, Lewis & Bockius, attorneys; Robert A. White, Princeton, and Mr. Sonnenfeld, on the brief).

Jesse A. Finkelstein, Wilmington, DE (Richards, Layton & Finger) of the Delaware bar, admitted pro hac vice, for plaintiff-respondent (Kenney & Kearney, and Mr. Finkelstein, attorneys; Joseph H. Kenney, Cherry Hill, appearing and with Mr. Finkelstein on the brief).

Before Judges KING, MUIR, Jr., and CUFF.

The opinion of the court was delivered by CUFF, J.A.D.

Twenty-six shareholders of closely held Wheaton Inc. invoked their right to an appraisal and purchase of their shares pursuant to N.J.S.A. 14A:11-1 to -11. They had dissented from a corporate restructuring. Their appeal of the valuation of those shares primarily raises the issue of whether a discount to reflect the lack of marketability of the shares of this closely...

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