Pabst Brewing Company - Page 28

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               Respondent supports her determination with the testimony of            
          her expert, Robert S. Weinberg (Weinberg).  Weinberg is the                 
          president of R.S. Weinberg & Associates (RSWA), a consulting firm           
          that he founded in 1971 to assist senior management in developing           
          an analytical basis for corporate strategy.  He earned bachelor             
          of science and master's degrees in economics from New York                  
          University and Columbia University's Graduate School of Business,           
          respectively.  He began working in the brewing industry in 1966,            
          as a vice president of Anheuser Busch in charge of long-term and            
          strategic planning, and he remained at Anheuser-Busch until he              
          founded RSWA.                                                               
               Each expert ascertained his valuations by using a different            
          methodology.  Tonna valued the breweries by reviewing data that             
          he amassed on the sales of nine other breweries between 1974                
          through 1991, which he believed to be comparable to the breweries           
          before us.  He subjectively extrapolated the values of the                  
          subject breweries from the range of the selling prices listed in            
          the data.  Tonna's report does not fully describe the property              
          that was the subject of each reviewed sale, and it does not                 
          explain the methodology that he used to value the brands of beer.           
               Matthews arrived at his valuations by assuming that the fair           
          market value of the Transferred Assets equaled the difference               
          between:  (1) The fair market value of petitioner and Olympia               
          combined and (2) the fair market value of the assets not                    
          transferred to Heileman (i.e., the fair market value of the new             

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