Wally Findlay Galleries International, Inc. and Subsidiaries - Page 19

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                         A few of the many important names often                      
                    associated with the gallery in the press and                      
                    magazine articles are the Duke and Duchess of                     
                    Bedford, Prince Ranier and the late Princess                      
                    Grace of Monaco, the Duke and Duchess                             
                    d'Orleans, Baron and Baroness David de                            
                    Rothschild, * * *.                                                
                         These openings and the enthusiastic                          
                    review of them have made Wally Findlay                            
                    Galleries, Paris, widely known in Europe.  In                     
                    turn, this international recognition, added                       
                    to the longer established dominance of Wally                      
                    Findlay Galleries in America, has made Wally                      
                    Findlay Galleries a unique organization in                        
                    the art world.                                                    
                         Soon after the opening of the gallery at                     
                    2, Avenue Matignon, the second Wally Findlay                      
                    Galleries operation in Paris was established                      
                    at the George V Hotel.  Here rotating                             
                    exhibitions have provided additional exposure                     
                    for our contemporary artists and have                             
                    resulted in developing important new partrons                     
                    [sic] from the constant flow of distinguished                     
                    visitors to this elegant hotel.                                   
                    *      *      *      *       *      *       *                     
                         A number of years ago an art gallery was                     
                    opened in Jeddah, Saudi Arabia.  From this                        
                    gallery's inception, Wally Findlay Galleries,                     
                    Paris, has been one of its principal                              
                    suppliers of paintings.                                           
               This description was composed at a time when, for purposes             
          of this litigation, petitioners maintain that the French                    
          subsidiary had long since ceased to contribute any value to the             
          Wally Findlay Group.  Even if we grant that the purpose of this             
          material is to excite an investor's interest, the portrait it               
          provides is difficult to reconcile with petitioners' contention             
          that none of the substantial goodwill of the group was                      
          attributable to the French subsidiary.  The fact that WFGI                  

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Last modified: May 25, 2011