MPI Case Alert: Cahill & Morrissette
Developments in the Cahill and Morrissette cases in June 2018 are expected to have significant ramifications on the structuring of split-dollar life insurance arrangements and may also have broader implications on intergenerational wealth planning and family entity structuring.
In a recent decision in New Jersey Superior Court involving cross claims of shareholder oppression pursuant to N.J.S.A. §14A:12-7, the Court found it appropriate to apply a marketability discount to the value of the privately-held company stock at issue in determining the buyout price to the oppressive shareholder.
Vice Chancellor Laster’s recent decision in the Delaware appraisal action involving Dell, Inc. determined that Dell’s stock was valued at $17.62 per share, or some 26% above the going private offer worth $13.96 per share.
The Honorable Yvonne Gonzalez Rogers, in the Northern District of California, issued an order last week granting class status to an action brought under Rule 10b-5 of the Securities Exchange Act against Advanced Micro Devices, Inc.
Redstone: Tax Court Upholds a 43 Year Old Gift Tax Deficiency
In December 2015, the Tax Court rendered its opinion on Sumner Redstone v. Commissioner of Internal Revenue, and Sumner Redstone is on the hook for not filing a gift tax return for an event that transpired 43 years ago.
