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A California fairness hearing can be a faster, cheaper alternative to federal registration under the Securities Act of 1933.  Although fairness hearings can be used in a variety of situations, they are most often used by publicly traded companies using their own securities to acquire another company.  According to the Department of Corporations, the approximate market value of the securities offered and sold during Fiscal Years 1998 - 2007 (ending 06/30/07) is $44.64 billion.