In the Matter of Selma K. Friedman, Respondents v. Beway Realty Corp., Appellants

Summary

The New York Court of Appeals reversed the trial court’s appraisal valuation, holding that the trial court erred by applying a minority discount to the unmarketability discount in determining fair value of dissenting minority shareholders under Business Corporation Law § 623. The court affirmed that a minority discount is impermissible and remanded for a new determination of the appropriate unmarketability discount.