- 38 - addition, we found his analyses to be flawed in certain respects. By way of illustration, like Mr. Brennan, Dr. Vinso used statis- tical analyses of the ratios of officer compensation to sales based on survey data to compute the amount of compensation to which Mr. Ruf was entitled. Rather than utilizing the ECS survey data on which Mr. Brennan relied, Dr. Vinso relied on survey data collected by Robert Morris Associates (RMA). As was true of the ECS survey data Mr. Brennan used, the RMA survey data Dr. Vinso used appears to have been obtained from companies that were not comparable to petitioner. At trial, Dr. Vinso admitted that, because no information was provided in the RMA survey data for the asset range that included petitioner (i.e., $10 million to $50 million), he used the ratios that were derived from companies with assets ranging from $1 million to $10 million.23 In summary, we have not found the analyses performed or the opinions expressed by any of the experts upon whom the parties rely to be persuasive or reliable. We are unwilling to accept their respective opinions regarding Mr. Ruf's compensation during the years at issue. Character and Condition of the Company The third category of factors identified by the Court of 23 We also note that some of the criticisms that Dr. Barren expressed during his testimony concerning Mr. Brennan's use of survey data to calculate reasonable compensation apply equally to Dr. Vinso's use of survey data for that purpose.Page: Previous 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Next
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