- 12 - 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 aPage: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011