Gonsalves v. Straight Arrow Publishers, Inc.

701 A.2d 357 (1997)

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Gonsalves v. Straight Arrow Publishers, Inc.

Delaware Supreme Court
701 A.2d 357 (1997)

  • Written by Brett Stavin, JD

Facts

In a share-valuation action, both Laurel Gonsalves (plaintiff) and Straight Arrow Publishers, Inc. (SAP) (defendant) presented expert-witness testimony from appraisers regarding the fair market value of SAP shares. Gonsalves’s expert, James Kobak, stated that SAP’s earnings in 1985 were the appropriate earnings base from which to gauge SAP’s value because SAP instituted a repositioning plan that year. SAP’s expert, Martin Whitman, proposed a five-year earnings base, which blended the earnings over the period 1981 through 1985. The Delaware Chancery Court took an either-or approach in which it viewed the two experts’ opinions as absolutes from which the court had to choose one and discredit the other. The Chancery Court did not consider any alternatives, such as a two- or three-year earnings base. The Chancery Court chose SAP’s expert’s opinion. On appeal, Gonsalves argued that it was improper for the Chancery Court to simply adopt SAP’s expert’s opinion in its entirety without exercising any independent judgment.

Rule of Law

Issue

Holding and Reasoning (Walsh, J.)

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