There is sufficient testimonial and documentary evidence in the record to support the special referee's finding that counterclaim defendants offered a "cash value exchange" to investors based on reducing the PTC equity value ($376.4 million) by the 15% holdback amount from a proposed acquisition ($60 million) to reach a cash buyout equity value of $316.4 million and a per share price of $140.387.
The court correctly found that counterclaim plaintiff Zenni is entitled...
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