divergence between them, a detailed choice-of-law analysis would be required to identify the applicable law governing the particular issue in question. In Mr Pyle's view, Nevada law and Delaware law did not substantially differ with respect to their provision for the consequences of the merger. Accordingly, on his understanding, he could reach his opinions without conducting a detailed choice-of-law analysis. Nevertheless, I was left with the impression that more could have been said to explain to the Court the interaction of Delaware and Nevada law. However, for reasons that I have explained this does not go to a substantive issue, because the relevant choice-of-law analysis takes place by reference to Australian choice-of-law rules, and in the case of the status of X Corp, that directs attention to Nevada. There was no suggestion that the law of Nevada, to which Australian law gives effect, would itself conduct any choice-of-law analysis before applying the provisions of § 92A.250(1).
157 There were some aspects of Mr Pyle's evidence that provided less assistance. For example, Mr Pyle was asked to address in his supplementary report the relevance of X Corp's representations to the Commissioner for the purposes of Delaware and Nevada law. Mr Pyle opined that the statements made by X Corp's solicitors were relevant, because they indicated that X Corp's solicitors believed that X Corp did have an obligation to respond to the reporting notice. Mr Pyle noted, however, that he did not view these statements as "a binding judicial admission", and cited a decision of the United States Court of Appeals for the 9th Circuit. Senior counsel for X Corp made much of this in cross-examination. Mr Pyle did not explain in his report how or why the statements would be relevant to the content of the law. Viewed charitably, his opinion was one as to how an American court would treat those statements as evidence, perhaps allied with some preclusive doctrine. During cross-examination, Mr Pyle properly and readily accepted that these statements did not affect the existence of the obligation to respond to the reporting notice. While this aspect of Mr Pyle's evidence was not of assistance, I regarded Mr Pyle as honest and ready to make appropriate concessions. In my view, nothing about this aspect of the evidence undermines Mr Pyle's opinion as to the correct construction of § 92A.250(1)(d).
Conclusions on expert evidence
158 On the critical issue of the proper construction of § 92A.250(1)(d), I do not accept Mr Bogatz's opinion that "liabilities" is confined to pecuniary liabilities on its plain meaning, or otherwise. I prefer Mr Pyle's evidence on this issue. Mr Pyle took a synoptic view of the operation of Nevada law, in its context and having regard to the public policy aims that he discerned as
