- 3 -
4. A confidential private placement
memorandum dated October 1, 1990,
prepared by Goldman, Sachs & Co. and
Alex. Brown & Sons, Inc.; and
5. A prospectus for CompUSA (the successor
company of SWI) dated December 17,
1991, prepared by Kidder, Peabody &
Co., Inc., and the First Boston Corp.
Petitioners argue that these documents are irrelevant
to our determination of the value of SWI stock as of
June 30, 1989, insofar as they relate to events or
conditions arising after that date. Petitioners maintain
that only events or conditions which are reasonably
foreseeable to a hypothetical buyer and seller on the
valuation date can be considered in determining the value
of the subject property on that date. Petitioners also
argue that even if the documents are relevant, they should
not be admitted into evidence because they create an undue
risk of prejudice and confusion of the issues which
outweighs their probative value. Respondent, on the other
hand, contends that the documents are relevant because they
represent subsequent evidence of the value of SWI stock on
the valuation date. Respondent points out that all of the
documents were drafted by disinterested third parties
incident to a sale or issuance of SWI stock, and that
they were drafted for purposes other than litigation.
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