The Trapp Family Lodge, Inc. (TFL), was incorporated in 1962 as a holding company for certain assets

Question:

The Trapp Family Lodge, Inc. (TFL), was incorporated in 1962 as a holding company for certain assets of the Von Trapp family, including the Trapp Family Lodge, a resort hotel in Stowe, Vermont, and other assets, including certain royalty rights related to the family's story as portrayed in a Broadway musical and movie, The Sound of Music.
A majority of TFL shareholders approved a merger with a new corporation in 1994, and the merger took place on January 28, 1995. The dissenting shareholders, holding of the corporation's outstanding shares, were paid $33.84 per share as fair value by the TFL board of directors. The dissenting shareholders brought suit seeking a higher price as fair value. After the trial court set the fair value of $63.44, TFL appealed. What are the rights of dissenting shareholders who object to a merger? [In re 75,629 Shares of Common Stock of Trapp Family Lodge, 725 A.2d 927 (Vt. 1999)]

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...