Delaware law blogger Francis Pileggi flags Highfields Capital, Ltd. v. AXA Financial, Inc., 2007 WL 2410295 (Del. Ch., Aug. 17, 2007), an opinion by VC Stephen Lamb that addresses in considerable detail yet with excellent clarity the appraisal remedy. Lamb provides a concise review of the relevant legal principles governing a Delaware appraisal proceeding, reviews the testimony of experts, rejects the expert tetimony from both sides, and then crunches the numbers himself. The analysis is at too high a level of detail for inclusion in KRB's Business Associations casebook. Faculty who use our casebook in advanced courses (e.g., I'll be using it to teach Corporate Finance next Spring), however, ought to consider this case as supplemental teaching material. As Pileggi observed:
This case can serve as a helpful tutorial on Delaware appraisal actions and the DCF as well as other valuation methods considered by the Delaware courts. Footnotes 20 through 30 contain an excellent collection of seminal Delaware cases on appraisal proceedings and the corresponding standards that the courts apply in these cases.
