I'm teaching appraisal rights this week in Mergers and Acquisitions. Is there a more tattered body of law in the corporate/securities area? In part because it's gotten all bollixed up with the law governing freeze-out mergers and in part because it's got a slew of historical barnacles and in part because it was a stupid idea from the outset, this is a doctrine that could only be fixed by ripping it out of the law books and starting over from scratch. A project for the future.
In the meanwhile, today I must tackle the complexities of discounted cash flow valuation and the puzzling question of how courts should handle "elements of value arising from the accomplishment or expectation of the merger," a mystery about which I have blogged before. Ugh.