Estate of Juanita F. Sirmans, Deceased Dan L. Sirmans, Executor - Page 7

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             testified, "nobody knew exactly where the road was going                 
             to go".  Mr. Sirmans' attorney, Mr. Phillips, suggested                  
             taking the property off the market and investigating the                 
             possibility of borrowing against the property.                           
                  After several inquiries of mortgage brokers and                     
             financial institutions, Mr. Sirmans learned that banks                   
             would consider lending approximately 30 to 50 percent                    
             of the value of the property.  As a prerequisite, the                    
             banks would require a recent appraisal of the property and               
             would require Mr. Sirmans to guarantee the loan personally.              
                       After these initial inquiries, Mr. Sirmans                     
             contacted several appraisers.  He asked for an appraisal of              
             the subject property that would be "a very attractive or                 
             high appraisal, so that it would be an appealing loan for a              
             bank to consider".  At least one appraiser refused to                    
             provide an appraisal on that basis.                                      
                  Mr. Sirmans discussed the appraisal with a                          
             representative of Bay Area Appraisal Services (BAAS) and                 
             that firm agreed to appraise the decedent's 56.5 acres.                  
             Thereafter, BAAS issued a letter dated June 18, 1990, and                
             an appraisal report of the decedent's property (BAAS                     
             appraisal) in which it valued the decedent's property at                 
             $791,000 as of the date of the letter, 81 days before the                
             decedent's death.  The BAAS appraisal concluded that the                 

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