Peimonte v. New Boston Garden Corp.

377 Mass. 719, 387 N.E.2d 1145 (Mass. 1979)

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Nature of the Case

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Facts

The Ps were stockholders in Boston Garden Arena Corp., whose stockholders voted on July 19, 1973, to merge with the D corporation in circumstances which entitled each P to demand payment for his stock from the resulting or surviving corporation and an appraisal in accordance with the pertinent provision. On July 18, 1973, Garden Arena owned all the stock in a subsidiary corporation that owned both a franchise in the NHL (Boston Bruins) and a corporation that held a franchise in the AHL (Boston Braves). It also owned and operated Boston Garden Sports Arena, indoor auditorium, and a corporation that operated food and beverage services. The lower court judge concluded that the price of shares was $75.27 per share value. P objected.