Piemonte v. New Boston Garden Corp.

The plaintiffs were stockholders in Boston Garden Arena Corporation (Garden Arena), a Massachusetts corporation whose stockholders voted on July 19,1973, to merge with the defendant corporation in circumstances which entitled each plaintiff to "demand payment for his stock from the resulting or surviving corporation and an appraisal in accordance with the provisions of [G. L. c. 156B, §§ 86-98].” G. L. c. 156B, § 85, as amended by St. 1969, c. 392, § 22. The plaintiffs commenced this action under G. L. c. 156B, § 90, seeking a judicial determination of the "fair value” of their shares "as of…