Pope & Talbot, Inc., & Subsidiaries - Page 38

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          undervalues them.  The evidence indicates that petitioner                   
          operated these nurseries for the purpose of providing seedlings             
          to petitioner for reforestation.  We believe that the most likely           
          buyer would be the owner of a tree farm and similarly operate the           
          nurseries as a source of supply rather than a profit center.                
               After considering the above factors and the other evidence             
          before us, we conclude that the value of the Port Gamble townsite           
          and related properties (including the nurseries) was between $2.5           
          and $3 million.                                                             
               In sum, we have reviewed the voluminous valuation evidence             
          with respect to the individual assets, introduced through both              
          the testimony and reports of seven different experts.  All the              
          experts were qualified, but we are aware of the bias reflected in           
          their assessments.  Given the vastly disparate values assigned to           
          the various assets by each party’s experts, we have narrowed                
          these values to a reasonable range of values based upon all the             
          evidence.  Our valuation ranges are as follows:                             
                                                  Approximate                         
          Asset                       Fair Market Value                               
               Timber & timberland                $30-40 million                      
               Development property               10-12 million                       
               Port Ludlow community              4.2-4.7 million                     
               Port Gamble townsite and                                               
               tree nurseries                    2.5-3 million                        
               Total                           $46.7-59.7 million                     








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