October 1, 2007
Kelley Drye, on behalf of its client French American Vintners, defeated Taittinger CCVC's motion to enjoin a valuation of shares of the stock of Domaine Carneros, a winery in Napa County, California. The Domaine Carneros shareholders' agreement gives French American Vintners the right to purchase Taittinger's shares of Domaine Carneros at fair market value as determined by Domaine Carneros' certified public accountants. Both sides submitted real estate and business valuations and were in the process of making oral presentations to the valuator. Kelley Drye represented French American Vintners throughout this process. The valuations submitted by the parties are $30 million apart. In the midst of the valuation process, Taittinger CCVC filed a motion to enjoin the proceeding claiming that the valuator was biased. The valuation process was interrupted while the parties briefed the issue of the injunction and presented arguments to the California Superior Court. The Court denied the injunction, allowing the valuation proceeding to continue.
This matter was led by Partner Robert Crotty with assistance from Partner Jeffrey Katz.