Brown v. Brown

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NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION

Argued September 20, 2001

Defendant James Brown (“James”) appeals from the financial terms of a divorce judgment, challenging the amounts awarded to plaintiff Ellen Brown (“Ellen”) as permanent alimony, child support, equitable distribution, counsel fees, and expert witness fees. In this appeal, we hold that under the rationale of Balsamides v. Protameen Chemicals, Inc., 160 N.J. 352, 368 (1999), and Lawson Mardon Wheaton, Inc. v. Smith, 160 N.J. 383, 397 (1999), which adopt the position of the American Law Institute as set forth at 2 ALI Principles of Corporate Governance � 7.22(a) and comment e thereto, neither marketability nor minority discounts apply to the valuation of defendant’s 47�% interest in a closely-held corporation for purposes of equitable distribution. For this and other reasons, we remand for reconsideration and further findings with respect to the equitable distribution of James’s interest in his family’s business, as well as the counsel fee and experts’ fee awards to Ellen.

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Brown v. Brown

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