The shareholders of Endicott Johnson who had dissented from a proposed merger of Endicott with McDonough Corporation brought a proceeding to fix the fair value of their stock.
At issue was the proper weight to be given the market price of the stock in fixing its fair value. The shareholders argued that the market value should not be considered because McDonough controlled 70 percent of Endicott's stock and the stock had been delisted from the New York Stock Exchange. Are the shareholders correct?