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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 been
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