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Despite intense criticism, the Appellate Division, Second Department, has stood apart from the Court of Appeals and other courts in its application of the lack-of-marketability discount when determining the value of closely held corporations. This discount takes into account the illiquidity of the shares due to the absence of a public market in which the shares can easily be converted into cash.1 Given the illiquidity, a reasonable investor in an arms-length transaction would generally pay less for the shares of a privately held corporation than those of a comparable public corporation.

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