DHL Corporation and Subsidiaries - Page 35

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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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