'Fair value' of shares in a joint venture company or closely held corporation may not equate to market value; it may require consideration of the special value of the shares to the purchaser and may preclude the application of a minority discount. The test for whether a 'substantial dispute' exists for the purposes of an arbitration clause is whether the contention is bona fide and not a specious pretext, not the heavier prima facie case test applied in company winding-up proceedings.
The full text is available to signed-in members, including the 3 later cases that cite this judgment.
1 of the 3 citing cases carry a classified treatment. How each court treated it is available to signed-in members.