Law360, New York ( February 27, 2015, 12:48 PM EST) -- On Feb. 12, 2015, the Delaware Supreme Court affirmed the Court of Chancery's ruling in Huff Fund Investment Partnership v. CKx Inc. in a decision that could potentially slow the surge in appraisal proceedings. In recent years, "appraisal arbitrage" has developed into a burgeoning industry among hedge funds seeking to take advantage of favorable case law on valuation, standing to assert the right with respect to shares acquired post-meeting and a beneficial statutory interest rate. Such arbitrageurs buy shares in a transaction about to close and file suit claiming that the fair value of the company is higher than the deal price. They hope to cash in on a higher court-determined price plus default interest at 5 percent above the Federal Reserve discount rate, compounded quarterly.[1]...