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On November 25, 1988, American Cemetery Consultants
submitted an appraisal of Woodbine to Gregg Kunkowski. According
to this appraisal, which used both income valuation and net asset
valuation methods, Woodbine at that time had a fair market value
of $696,038. The gross and net assets of Woodbine were valued as
follows:
Cash (as of 10/1/88) $20,000
Accounts receivable ($428,601 @ 41.6%) 172,298
Office building 100,000
Residence 75,000
Service building 80,000
Storage building 40,000
Equipment and furnishings 17,000
Uninsured office and grounds equipment 26,000
Salable inventory: grave spaces 12,518
Salable inventory: mausoleum crypts 42,992
Salable inventory: cremation niches 14,205
Undeveloped land 219,555
Roads, landscaping, etc. 43,200
Gross Asset Valuation 1 878,681
Less: Debt to McCleskey Mausoleum Co. 175,000
Net Asset Valuation 703,681
1The correct sum of these figures is not $878,681 but $862,768, which1
brings the net asset valuation figure closer to the price of $680,000
ultimately agreed upon and paid.
American Cemetery Consultants viewed this result as supporting
the valuation resulting from the income valuation method.
On or about March 14, 1989, Howard and Alice Berger entered
into a settlement agreement, which resolved the issues of
alimony, equitable distribution, counsel fees, and costs. Under
the terms of the settlement agreement, the Berger family assets
be divided as follows:
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Last modified: May 25, 2011