C. Rosser Massey, III, M.D.,
Court of Appeals of Virginia,
Record No. 1589-22-2,
opinion on January 30, 2024
This case involves a minority member
interest-holder in an outpatient
surgery center. The interest-holder
sought redemption of most of his interest
following his withdrawal from the
practice. The issue is which of
two appraisals controlled the value of
the subject interest. The trial
court chose the draft appraisal that
concluded an enterprise value. The
other appraisal was on a minority interest
basis and was for another
purpose. The appeals court
reversed and remanded to the trial
court to decide which appraisal, if
either, represents fair market value
of the company under the operating
agreement.
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