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NYSE. Most of those partnerships were making distributions to
their partners (distributing limited partnerships) as of the
valuation date. In examining the trading transactions of the
limited partnership units, Mr. Pratt focused on those transactions
involving publicly registered limited partnerships that, like
ADDI&C, were not making distributions to partners (nondistributing
limited partnerships) as of the valuation date. After studying
the data relating to the trading transactions of the limited
partnership units, Mr. Pratt made a number of different
calculations regarding the amounts of discounts from net asset
value at which those units were trading, including separate
calculations of the median amounts of the discounts from net asset
value at which limited partnership units of distributing limited
partnerships and nondistributing limited partners were trading.
Although Mr. Pratt reproduced in an exhibit to his expert report
the data from the document (source document)21 that he had used in
making those calculations, he did not use the average discount
that was printed in the source document and that was based on the
average of the range of trading prices for each of those units
that were reflected in that document. Instead, Mr. Pratt admitted
21 Mr. Thomson included in his rebuttal report a copy of the
source document from which Mr. Pratt obtained data with respect
to the publicly registered limited partnership units that he
examined. That document provided the name of the limited
partnership, the value per limited partnership unit, the range of
prices at which that unit traded, and the average discount
reflected in the trading price from the value of that unit, which
was computed by using the average of that range of prices.
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