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Elements affecting value that depend upon events or a combination
of occurrences which, while within the realm of possibility, are
not reasonably probable, are excluded from this consideration.
Olson v. United States, supra at 257.
Petitioner claims that the fair market values of the subject
assets were "significantly less" than the amounts included in the
Allocation Agreement. Petitioner supports its statement with the
testimony of its two experts, Arthur J. Tonna (Tonna) and
Gilbert E. Matthews (Matthews). Tonna has worked for more than
40 years in the brewing industry, approximately 18 years of which
he has been employed as the senior or executive vice president of
the operations of a major brewer. He has participated in major
brewery sales, including brands, and he has purchased the used
facilities and equipment of breweries undergoing liquidation.
He has previously testified in this Court as an expert on the
value of brewery equipment and machinery. Matthews received a
bachelor of arts degree from Harvard in 1951, and he received a
master's degree in business administration from Columbia in 1953.
From 1970 through 1995, he chaired the valuation committee for
Bear Stearns, and he was responsible for more than 1,000 of the
firm's valuation opinions, most of which concerned the purchase
or sale of companies in a wide range of industries. He has
authored a book on fairness opinions and common stock valuations,
and he has previously testified as an expert on valuation before
this and other Federal courts.
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