Overview

Shareholder disputes continue to arise and have a long history of covering key valuation topics across a variety of venues. The rapid growth of cryptocurrencies and AI has introduced novel valuation and liquidity questions that resonate with traditional shareholder disputes. This panel will explore cutting-edge legal and valuation debates at the intersection of these areas, bringing together legal and economic perspectives to examine how tribunals and courts have approached such challenges, and what lessons can be drawn for future cross-border arbitration and Korea’s dynamic financial markets. The panelists will highlight examples from the US, other countries, and the latest academic research from leading economists. Lunch will be provided for registered attendees.

The panel discussion will address:

• Recent trends in shareholder disputes across a variety of venues and industries

• The interplay between valuation date as a legal construct and as an economic measurement, including the age-old question of ex-ante versus ex-post, and unique considerations for highly volatile and risky assets when assessing damages

• How liquidity discounts can differ in cryptocurrency disputes compared to traditional shareholder cases, including insights from the recent FTX bankruptcy

• Korea-specific perspectives, including parallels between the “kimchi premium” in cryptocurrency trading and the longstanding “Korea discount” in equity markets, highlighting how legal standards and economic rationales align to inform these disputes

• The challenges of valuing AI-driven and other early-stage technology firms, and whether approaches such as risk-adjusted net present value (rNPV) can provide a more reliable framework than traditional discounted cash flow (DCF) methods

Moderator

• Rohit Bhat – Freshfields LLP

Welcome Remarks

• Nick Lingard – Freshfields LLP

Speakers

• Mark Berberian – Analysis Group

• Sup-Joon Byun – Kim & Chang

• Saemee Kim – Lee & Ko

• John Choong – Freshfields LLP

• Hyun Lee – Analysis Group

• Seokchun Yun – 42Dot