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of the words “Medieval Times” and the Rocaberti shield. The
California marks were successfully registered in California in
May and October 1987. The Florida marks were successfully
registered in March 1987. The applications for California and
Florida named Manver as the applicant.
LL applied to register the marks with the U.S. Patent and
Trademark Office in September 1987. The marks were successfully
registered in November and December 1988. The applications named
Manver as the applicant. In January 1989, Onate sent a letter to
Sans stating that the new registered marks should be included on
all documents printed in the future. In February 1989, Sans
informed Bellows about the requirement to include the registered
marks on all future printing.
II. Section 351 Transfers
As part of the plan to restructure the Medieval Times
companies, C&L prepared a valuation of the tangible and
intangible assets of Medieval Times. As of January 31, 1987, C&L
concluded that the fair market value of MANV’s assets was
$6,174,800 and the value of MTNV’s assets was $4,358,380. The
amount of fair market value attributed to goodwill was $5,582,577
for MANV and $3,670,936 for MTNV. The valuation reports stated:
Goodwill is defined as that favorable disposition which
customers entertain toward a particular enterprise
which may induce them to continue giving their
patronage to it. The existence of goodwill of an
enterprise is evidenced by earnings in excess of those
normally encountered in that company’s particular
industry.
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