The Delaware Court of Chancery has appointed an appraiser to evaluate a joint venture between Ira Rennert and Ronald Perelman after the two investors sued each other over the entity’s financial and management operations. Both parties had rejected three other appraisers before Vice Chancellor John W. Noble appointed Valuation Research Corp. to determine the venture’s appropriate value.
Perelman filed the first lawsuit in the battle between the two investors. He alleged Rennert used the venture to improperly lend money to a separate company he owned. Perelman’s lawsuit was quickly met by a countersuit in which Rennert contended Perelman diverted as much as $175 million of the venture’s capital to his own subsidiaries.
