Group A bought Dell stock with the intention of legally seeking a higher appraisal. But Delaware corporate law has a strange feature of saying appraisal seekers must own their shares continuously after demanding appraisal. But in this case, Group A's bank had changed ownership of the stock with another bank "behind the scenes", which caused a Delaware judge to reluctantly rule Group A's appraisal rights void.
Thanks! My eyes tend to glaze, reading about arcane finance.
So how come Group A's bank isn't liable for any loss that A incurred?
They might be - it will presumably depend on their contract (or possibly another lawsuit). This was purely a ruling on group A's application for appraisal.
Thanks. Contract or not, the bank was arguably negligent. Unless the court's interpretation was unprecedented.