LAWSON MARDON WHEATON, INC., formerly known as Wheaton Inc., formerly known as Wheaton Industries, 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, Custodian for Amanda Elizabeth Wheaton, 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.
Supreme Court of New Jersey.https://leagle.com/images/logo.png
Argued May 3, 1999.
Decided July 14, 1999.
Attorney(s) appearing for the Case
Frederick L. Whitmer, Morristown, for defendants-appellants Susan Huffard Ball, P. Phillippi Huffard, IV, Trevor Lansing Huffard, Whitney Lancaster Huffard, Courtney Montagu Huffard, 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 (Pitney, Hardin, Kipp & Szuch, attorneys; Mr. Whitmer and Thomas R. Hower, on the briefs).
Marc J. Sonnenfeld, a member of the Pennsylvania, Massachusetts, Florida and District of Columbia bars, Philadelphia, PA, for defendants-appellants Robert D. Robertson, a/k/a Robert Shaw, Frank H. Wheaton, III, Custodian for Amanda Elizabeth Wheaton, Frank H. Wheaton, III, and Frank H. Wheaton, III, Custodian for Christopher Bainbridge Wheaton (Morgan, Lewis & Bockius, attorneys; Robert A. White, Princeton, on the briefs).
Jesse A. Finkelstein, a member of the Delaware bar, Wilmington, DE, for plaintiff-respondent (Kenney & Kearney, attorneys, Cherry Hill; Mr. Finkelstein, Joseph H. Kenney, Cherry Hill, and Allen A. Etish, on the brief).
Supreme Court of New Jersey.
The opinion of the Court was delivered by GARIBALDI, J.
In this appeal, we consider how a court in a statutory appraisal action should determine the "fair value" of the shares of stock held by dissenting shareholders in a family-held corporation. Specifically, in calculating "fair value" should the court apply a discount reflecting the lack of marketability or non-marketability of those shares ("marketability discount"). We also determine whether the "extraordinary...
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