Piemonte v. New Boston Garden Corp.

387 N.E.2d 1145 (1979)

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Nature of the Case

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Facts

Ps were stockholders in Boston Garden Arena Corporation whose stockholders voted on July 19, 1973, to merge with Defendant Corporation in circumstances that entitled each plaintiff to demand payment for his stock from the resulting or surviving corporation and an appraisal in accordance with statutory law. The matter as per statute went to trial with considerable expert testimony taken from each side. The judge used the Delaware Block approach and gave consideration to the market value of the Garden Arena stock to the value of its stock based on its earnings, and to the net asset value of Garden Arena's assets. The judge came up with a total value per share of $75.27. Each party has appealed.