SAN FRANCISCO When you think of appellate judges’ skill sets, verbal, written and analytical proficiency are probably the first things that come to mind. Last week, though, two Ninth Circuit judges showed off their mathematical chops, throwing an algebraic gang tackle on a casino lawyer arguing a $9 million investment dispute.
Seven hedge funds and money managers sued Archon Corp. after the company redeemed its preferred stock in 2007. Archon, which has operated a series of casinos over the past 20 years, including the Sahara Hotel, used a complicated formula to value its stock. It set the liquidation value at “the sum of (i) $2.14, plus (ii) an amount equal to all accrued but unpaid dividends,” with dividends “initially set at 8 percent of (i) $2.14 plus (ii) accrued but unpaid dividends.”
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