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valuation date price data reflected in those IPO studies because
they, together with the restricted stock studies, would have
provided a more accurate base range and starting point for
determining the appropriate lack-of-marketability discount than
the base range that he determined. Mr. Howard and Mr. Pratt both
explained in their rebuttal reports that the restricted stock
studies examine stock that, although restricted for a period of
time, is freely tradable after that period expires. They point
out that the IPO studies, rather than the restricted stock
studies, may be more indicative of the lack-of-marketability
discount to be applied in the present case because the IPO studies
examine the price differences between stock, like ADDI&C stock,
that is not freely tradable and stock of the same corporations
after it becomes freely tradable in an IPO. The average median
price discount (adjusted for industry price/earnings multiples)
for years prior to the valuation date (viz, 1975 through 1991)
only, based upon an IPO study undertaken by Willamette Management
Associates for those years as well as 1992 and 1993, was
approximately 52 percent. The average median price discount for
years prior to the valuation date (viz, 1980 through 1991) only,
based upon an IPO study undertaken by Robert W. Baird & Company
for those years as well as 1992 through 1995, was approximately 47
percent. On the record before us, we find that, in determining
the lack-of-marketability discount that is applicable here without
regard to ADDI&C's built-in capital gains tax, the prevaluation
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