Cede & Co. V. Technicolor

This is an interlocutory appeal in a sempiternal appraisal action. The petitioners-appellants (collectively "Cinerama") seek a determination of the fair value of 201,200 shares of the common stock of respondent-appellee ("Technicolor") as of January 24, 1983.  On October 21, 1996, this Court reversed the Court of Chancery's October 19, 1990 opinion and October 27, 1995 judgment fixing the fair value of Technicolor stock at $21.60 per share.  This Court held that the Court of Chancery committed legal error when it failed to value Technicolor on the merger date as it was then "operating pursuant to the Perelman Plan," but instead valued the company "on the date of the merger 'but for' the Perelman Plan; or, in other words, by valuing Technicolor as it was operating on October 29, 1982, pursuant to the Kamerman Plan."