In re Bowman

OPINION OF THE COURT

Edward J. Greenfield, J.

This proceeding appears to raise an issue of first impression, to wit: whether under the Business Corporation Law, the right of a stockholder who objects to a proposed merger or certain other specified corporate action to receive payment of the fair value of his shares is confined to stockholders of record or whether the right is also available to objecting stockholders whose shares are registered in the name of a nominee or fiduciary. As a substantial proportion of publicly held corporate stock is registered in what is known as "street name”, i.e.,…