Mixed Feelings

OK, the 11th Circuit came out with Cox Enterprises v. News-Journal. I have mixed feelings about this one because it's hard to take a bad case up on appeal. The lower court clearly got it wrong. Their valuation method hasn't been acceptable since Weinberger v. UOP. Discounted cash flow is clearly preferable in finance. With respect to the other part as to whether to give a "penalty" because of bad mangaement, the Cede v. Technicolor cases in Delaware pretty much answered the question. But unfortunately, the 11th Circuit was confronted with the question as to whether the lower court abused its discretion, and not whether the lower court got it wrong.