Medieval Attractions N.V - Page 108

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          Information about the valuations was provided to A. Gelabert in             
          letters dated March 1987.  The letters also stated:                         
               We define fair market value as the price at which                      
               property is exchanged between a willing buyer and a                    
               willing seller, neither being under compulsion to act                  
               and both having reasonable knowledge of relevant facts                 
               and market conditions.  Our estimate of fair market                    
               value does not reflect synergies and efficiencies that                 
               a specific buyer may contribute.                                       
          In a November 16, 1987, letter, C&L advised A. Gelabert that the            
          fair market value of MANV as of September 30, 1987, had increased           
          to $14 million.  C&L valued MANV goodwill as of September 30,               
          1987, at $13,696,767.  The companies that C&L used as comparables           
          in its valuation included TGI Friday’s, Inc.; International                 
          King’s Table; Jerrico; and Vicorp.                                          
               MSI was incorporated in Florida by Allen on January 20,                
          1987.  MDT was incorporated in California on or about August 3,             
          1987.  MSI and MDT were going to be the U.S. operating companies            
          as required by the C&L plan for a three-tier corporate structure            
          for the Medieval Times companies.                                           
               MABV and Medieval Times, B.V. (MTBV), were incorporated in             
          The Netherlands on September 29, 1987, and July 31, 1987,                   
          respectively.  MABV and MTBV were to be the middle tier in the              
          three-tier structure proposed by C&L.                                       
               Throughout 1987 and until December 12, 1988, the various C&L           
          offices involved in implementing the three-tier restructuring               
          plan corresponded with drafts of agreements, promissory notes,              
          and timetables in anticipation of the section 351 transfers.  In            




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