Peter Mahler on the New York Business Divorce blog writes a new post: The Marketability Discount in Fair Value Proceedings (in New York): An Emperor Without Clothes?
To remind you of the story of The Emperor’s New Clothes:
An Emperor who cares for nothing but his appearance and attire hires two tailors who promise him the finest suit of clothes from a fabric invisible to anyone who is unfit for his position or “just hopelessly stupid.” The Emperor cannot see the cloth himself, but pretends that he can for fear of appearing unfit for his position; his ministers do the same. When the swindlers report that the suit is finished, they mime dressing him and the Emperor then marches in procession before his subjects, who play along with the pretense. Suddenly, a child in the crowd, too young to understand the desirability of keeping up the pretense, blurts out that the Emperor is wearing nothing at all and the cry is taken up by others. The Emperor cringes, suspecting the assertion is true, but holds himself up proudly and continues the procession. (Source: Wikipedia)
Peter’s post raises several questions, including: Who is the Emperor? Who are his ministers? Who are the subjects? Who is the child in the crowd? And who are the swindling (or let me use the term, misleading) tailors?
There is much more to the post than the title. I suggest that you take a look at Peter’s current post, another recent post he wrote on the topic, and the string of posts on statutory fair value on this blog for background.