On May 4, 2005, the Delaware Supreme Court, in what has been called the “sempiternal appraisal action” thoroughly recorded in the annals of Delaware corporate law, decided Cede & Co. v Technicolor, Inc., for the sixth time that it has been appealed from the Court of Chancery.
Law review articles have been written about the prior decisions and it is a challenge to condense the latest decision into a short post on a blog. The opinion includes citations to the prior decisions. After a 31-page discussion, and commending the trial court for its careful analysis, the Supreme Court affirmed in part, but remanded so that the judgment could conform to the “law of the case” which required a 15.28% discount rate and a prejudgment interest rate of 10.32% compounded annually.