FCG Valuation Case E-Flash Dawkins v. Hickman

Authored by John Walker and Chris D. Treharne, ASA, MCBA, BVAL of Gibraltar Business Appraisals, Inc. a member firm of FCG Issue 13:12

Dorothy Dawkins, Plaintiff v. Hickman Family Corporation and Perry Hickman, Defendants
United States District Court for the Northern District of Mississippi Eastern Division Cause No. 1:09-CV-164, Judge: Hon. Sharion Aycock, June 13, 2011

In a Mississippi oppressed shareholder case, the court determined the fair value of shares of Hickman Family Corporation (the “Company” or “HFC”). The court also dismissed the petition for dissolution filed by the plaintiffs after allowing the Company and its shareholders to purchase the dissenting shareholders’ interests at fair value.

The Takeaway
This case is not particularly significant in terms of issues commonly addressed in statutory fair value cases (e.g., application of discounts for lack of control or lack of marketability). Instead, its significance lies in the court’s recognition of the business appraiser’s presentation and how his work product affected the decision making process.

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