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valuation methods and opinions more correct than those of
respondent's expert.
Based simply on comparable market data used by each of the
experts and in the First Albany report, the average market price
of shares of stock in regional banks similar to Wilber Bank was
approximately $22 per share.
With respect to respondent's expert's valuation, we find his
comparable market analysis contradictory and the explanation
thereof somewhat cursory. We do, however, agree with
respondent's expert's opinion regarding his more positive picture
of Wilber Bank's financial position. Although Wilber Bank did
experience an increase in the amount of nonperforming loans in
1990, we are not convinced that such loans reflected for Wilber
Bank a permanent downturn in profitability. In general, the
shares of stock in Wilber Corp were in demand and the regional
investment community regarded Wilber Corp to be in excellent
condition.
In view, however, of the loyalties of the shareholders of
Wilber Corp, we find respondent's scenario, in which hypothetical
investors would purchase decedent’s entire block of 201,408
shares of stock as well as an additional 27.2 percent of the
shares and thereby gain a 51-percent controlling interest in
Wilber Corp, an unlikely scenario unsupported by the facts.
In this case, there is no credible evidence that decedent's
block of 201,408 shares of stock in Wilber Corp should be
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