- 122 - We have been convinced that, to some extent, the success of the DHL worldwide network is attributable to name recognition and, to some extent, to cost, know-how, and other benefits attributable to the operating infrastructure in place. The parties have left us with a blunt tool with which to cleave the trademark from the other intangibles. The extreme differences in the parties’ experts’ results and variables have not helped to fine-tune our thinking. We accept respondent’s approach to measuring the intangibles and conclude that the value of all the unbooked intangibles is $300 million. On the basis of our best judgment and after considering the record and opinions of all experts, we conclude that the worldwide rights to the trademark had a $150 million value as of 1990, without considering any impairment to the quality of DHL’s ownership. Our valuation considerations, however, do not end here because DHL’s ownership of the worldwide trademark is subject to imperfections and open to question. We must consider those imperfections and factor them into the value that a willing buyer would pay. It is axiomatic that a willing buyer would not pay full value to a seller whose ownership of the asset is, in any manner, questionable. Although we have found that, as between DHL and DHLI, the license agreement was sufficient to place worldwide ownership in DHL, as a legal and technical matter, there may be problems in asserting DHL’s rights to the trademark in more than 100 foreign countries where the trademark has beenPage: Previous 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 Next
Last modified: May 25, 2011