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purchased an option to purchase parcel B in April 1989. In July
1989, Midland purchased an extension of the option acquired in
April 1989. The option, which contained numerous contingencies,
was permitted to lapse by Midland on November 15, 1989.
5. Respondent's Appraisal Reports
During the special administration of decedent's estate, two
appraisals of parcels A and B were conducted. These appraisals
were conducted by Dilmore and Young, both professional real
estate appraisers with noteworthy credentials. Dilmore and Young
were unaffiliated with each other at the time the appraisals were
performed, and neither collaborated with the other while
conducting his appraisal.
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