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KAPLAN v. FIRST HARTFORD CORP.

Civil No. 05-144-B-H.

484 F.Supp.2d 131 (2007)

Richard E. KAPLAN, Plaintiff v. FIRST HARTFORD CORPORATION and Neil Ellis, Defendants.

United States District Court, D. Maine.

April 2, 2007.

Attorney(s) appearing for the Case

Larry C. Kenna, Robert Rothberg, Choate, Hall & Stewart, Boston, MA, Thomas C. Newman, Sarah A. McDaniel, Murray, Plumb & Murray, Portland, ME, for Plaintiff.

Peter W. Culley, Gavin G. McCarthy, Pierce Atwood LLP, Joseph H. Groff, III, Jensen, Baird, Gardner & Henry, Portland, ME, for Defendants.

FINDINGS OF FACT AND CONCLUSIONS OF LAW

HORNBY, District Judge.

This lawsuit is an effort by a 19% shareholder to realize fair value from his ownership of a publicly held, but thinly traded, Maine corporation. In his view, fair value is higher than the price the market will pay for his shares. Although the corporation is public, its shares are not listed on an exchange. A 43%1 shareholder controls the corporation. The 19% shareholder...

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