Peter Mahler (Farrell Fritz) just blogged about a major NY court decision “in a high stakes fair value case in which DLOM and BIG discounts took center stage.”  In his article “Court Rejects Marketability Discount, Applies "Murphy Discount" for Built-In Gains, in Determining Fair Value of Shares in Real Estate Holding Corporations” Mahler writes:

An epic corporate governance and stock valuation battle between rival siblings, fighting over a Manhattan real estate portfolio worth upwards of $100 million, generated an important ruling last week by New York County Supreme Court Justice Marcy S. Friedman.  Justice Friedman's decision in Matter of Giaimo (EGA Associates, Inc.), 2011 NY Slip Op 50714(U) (Sup Ct NY County Apr. 25, 2011), and the underlying, 184-page Report & Recommendation by Special Referee Louis Crespo dated June 30, 2010, are must reading for business appraisers, attorneys and owners of closely held real estate holding corporations who are involved in, or who are contemplating bringing or defending against, a "fair value" proceeding under New York's minority shareholder oppression or dissenting shareholder statutes. 

“The Report at pages 80-117 recites in detail testimony by the parties' respective business appraisal experts as to the fair value of EGA and FAV as going concerns,” Mahler adds.