Estate of George A. Lehmann, Deceased, Walter G. Kealy, Jr., Personal Representative - Page 18

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            failure to consider a hypothetical willing seller of an interest                          
            in the partnership weakens his analysis.                                                  
                  Zitelman's assertion at trial that the fact the lessee is                           
            not a major hotel chain also depresses the value and accordingly                          
            increases the discount rates lacks merit.  In light of the                                
            lessee's other options for developing the property, we do not see                         
            the financial success or lack thereof in the hotel business as a                          
            significant risk.                                                                         
                  Zitelman's calculations are also inaccurate.  First, we                             
            found several errors in the calculations of the partnership's                             
            rental income.  Zitelman ignored the appreciation in the fair                             
            market value of the unencumbered land between the valuation date                          
            and January 1, 1993, for purposes of calculating the expected                             
            rent due.  Zitelman claimed to be treating the fair market value                          
            of the unencumbered land as appreciating at a rate of 2.6 percent                         
            per year, yet he estimated the value of that land, as of the                              
            valuation date, to be $5,479,883 and used that amount without                             
            adjustment for estimating the rental income for the period of                             
            January 1, 1993, through December 31, 2002.  Moreover, Zitelman                           
            calculated the net cash-flow to be received during the period                             
            after decedent's death through December 31, 1992, but he failed                           
            to include any part of that cash-flow in the total values                                 
            assigned to decedent's interest.  See appendix B.  In addition,                           
            Zitelman treated the net cash-flows arising from the lease as                             
            being received upon the last day of the year.  The lease                                  




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