- 46 -
the Common Stock. Petitioners objected to admission of the
Interstate Valuation on the basis that it is hearsay.
Petitioners also objected on the ground that Rule 143(f)
precludes admission of the document because the Interstate
Valuation constitutes an opinion of an expert who did not prepare
an expert report and who was not present at trial to present
testimony and be subjected to cross-examination.
Proceedings in this Court are conducted in accordance with
the Federal Rules of Evidence. Sec. 7453; Rule 143. Generally,
"Hearsay is not admissible" in Federal courts, unless otherwise
explicitly provided by the Federal Rules of Evidence. Fed. R.
Evid. 802. Hearsay is "a statement, other than one made by the
declarant while testifying at the trial or hearing, offered in
evidence to prove the truth of the matter asserted." Fed. R.
Evid. 801(c).
Respondent contends that the Interstate Valuation is not
hearsay because it constitutes an admission by petitioners.
Petitioners counter that the Interstate Valuation does not
constitute an admission.
Rule 801(d) of the Federal Rules of Evidence expressly
excludes from hearsay, among other things, a statement if
(2) Admission by party-opponent. The statement is
offered against a party and is (A) the party's own statement
in either an individual or a representative capacity or (B)
a statement of which the party has manifested an adoption or
belief in its truth, or (C) a statement by a person
authorized by the party to make a statement concerning the
subject, or (D) a statement by the party's agent or servant
concerning a matter within the scope of the agency or
employment, made during the existence of the relationship,
Page: Previous 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 NextLast modified: May 25, 2011