About this Event
In 2018, BigInch terminated its former president Blake Hartman, triggering the required purchase provision of the parties’ shareholder agreement. Hartman’s shares were initially appraised at around $3.5 million but the appraiser then used the marketability and minority discounts to reduce their value to $2.4 million. On Hartman’s petition for declaratory judgment, the Parke Circuit Court granted summary judgment to BigInch. The Court of Appeals reversed, holding that neither open market valuation discount could apply to a closed market sale like this one. Hartman v. BigInch Fabricators & Constr. Holding Co., Inc., 148 N.E.3d 1017 (Ind. Ct. App. 2020), vacated. The Indiana Supreme Court has granted a petition to transfer and assumed jurisdiction over the case.