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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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