Pabst Brewing Company - Page 34

                                       - 34 -                                         
          assets less the $64,150,375 value of the other Transferred Assets           
          that are not in dispute herein.  We do not believe that the                 
          record supports such a valuation.  Once again, we are not                   
          persuaded that a hypothetical seller would sell the subject                 
          assets at this price.                                                       
               Nor are we persuaded by the valuation conclusions of                   
          Weinberg.  We observe that Weinberg is knowledgeable about the              
          beer industry.  The fact that Weinberg is knowledgeable about               
          this industry, however, does not compel us to credit his                    
          testimony on the Transferred Assets' fair market value for                  
          Federal income tax purposes.  At trial, we informed respondent's            
          counsel that we considered Weinberg to be knowledgeable on the              
          beer industry, but that we had serious doubts as to his ability             
          to render a persuasive opinion on the fair market value of the              
          subject assets.  We continue to harbor such doubts after                    
          thoroughly considering Weinberg's testimony with the benefit of             
          the record as a whole.  First, Weinberg's expertise centers on              
          advising clients in the brewing industry on new opportunities,              
          and we do not find that he has expertise in valuing assets for              
          Federal income tax purposes.  The thrust of Weinberg's expertise            
          centers on marketing, economics, and the like, rather than on the           
          ascertainment of fair market value for Federal income tax                   
          purposes.  We also note that Weinberg had never previously                  
          testified as an expert on the appraisal or valuation of breweries           
          or brewing companies.                                                       

Page:  Previous  22  23  24  25  26  27  28  29  30  31  32  33  34  35  36  37  38  39  40  41  Next

Last modified: May 25, 2011