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Assets Value
Cash & equivalents, notes & accounts receivable $71,310
Inventory, prepaids & c.v.--insurance 33,434
CamRon stock 1474,515
Equipment 2,000
Unimproved land 121,000
Dina Terrace & Dina Tower
Land (at book value) 137,961
Improvements 1,801,084
Total Dina Terrace & Dina Tower 21,939,045
Total assets 2,641,304
Less liabilities (1,089,825)
Net asset value 1,551,479
Shares outstanding 136.895553
Per-share value $11,333.30
1On Dec. 31, 1974, CamVic held 610 shares (61 percent) of
CamRon. For purposes of the Buy-Sell Agreement, CamRon's value
was calculated as follows:
Assets Value
Cash & equivalents, notes & accounts receivable $300,742
Inventory, prepaids & c.v.--insurance 5,063
Ferguson stock 50,000
Equipment 3,000
Mobile home park 300,000
Hillenbrand nursing home 950,000
Land improvements 25,000
Total assets 1,633,805
Less liabilities (855,912)
Net asset value 777,893
CamVic's ownership 61%
CamVic's equity in CamRon $474,515
Despite the above valuation, both parties agree that Ferguson's
stock was virtually worthless at this time.
2Dina Terrace and Dina Tower are residential apartment
complexes. For purposes of his valuation, Mr. Hughes computed
the value of Dina Terrace and Dina Tower (excluding the land) by
increasing rents for 1974 by a projected 6-percent inflation to
project 1975 rents of $352,217, adding laundry income of $8,000,
deducting operating expenses of $144,087, and capitalizing (at a
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