Harold Simon v. Electrospace Corporation

Summary

The New York Court of Appeals affirmed the plaintiff's entitlement to a commission under the retainer agreement and revised the damages calculation to 5% of the gross value of the merger transaction, measured by the market price of the shares issued to Electrospace stockholders at the time of the breach. The court held that the merger fell within the scope of the retainer and that damages must be measured at the time of breach, not by net asset value or speculative future values.