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acquired no going concern value, and we sustain petitioner’s
assignment of error.
II. Testimony
A. Reliance on Expert Testimony
Both petitioner and respondent rely heavily, if not
exclusively, on expert testimony to establish fair market value.
As its expert witness as to valuation, petitioner called David C.
Moody. As her expert witness as to valuation, respondent called
Richard H. Knoll. Messrs. Moody and Knoll each provided a
written report, which were both admitted into evidence. Like the
parties, we rely heavily on expert testimony in making our
finding as to the value of the bill of sale assets. We found
Mr. Moody to be convincing, and we agree with his conclusion as
to the value of the bill of sale assets. We had difficulty with
the testimony of Mr. Knoll, who, in any event, did not have an
opinion as to the amount of going concern value allegedly
acquired by UtilCo. We were not persuaded by his testimony and
do not accept his conclusions as to value. We shall set forth
some of our reasons for agreeing with Mr. Moody and disagreeing
with Mr. Knoll.
B. David C. Moody
Mr. Moody is licensed in the State of Maine as an engineer
and as a real estate appraiser. He is experienced in the
appraisal of electric and water utility properties, including
hydroelectric plants. Like Mr. Knoll, Mr. Moody rejected a
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