September 2023: In private arbitration, David Millstein and Gerald Richelson successfully obtained and defended a valuation of a minority shareholder interest in Hundred Acre Wine Estates of $4.23 million from a valuation panel per Cal. Corp. Code. Section 17707.03. The minority member sought a valuation of his interest in excess of $40 million and alleged various breaches of fiduciary duty involving the failure to distribute profits against our client. The arbitrator affirmed the valuation panel’s $4.23 million appraisal and concluded the buyout included the value of any derivative breach of fiduciary claims asserted by the minority member. The Superior Court affirmed both the $4.23 valuation and arbitration award dismissing the derivative claims. The minority member eventually acquiesced to the buyout upon abandoning his appeal.