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period was, in our opinion, a reasonable period of time following
the valuation date.
Petitioner failed to show that the market price of the stock
on the valuation date was an inaccurate reflection of the true
value of the Trust's block of stock. The relative size of the block
of stock at issue in relation to the amount of Applied Power stock
outstanding, plus the monthly and yearly trading volumes for the
stock of Applied Power, plus the fact that the entire block of
stock was sold within an acceptable period of time after the
valuation date (and on 3 trading days) suggest that only a minimal
blockage discount is warranted. In our opinion, the depressing
effect on the market of the Trust's sale of its stock is not
commensurate with the 22.5-percent blockage discount estimate of
Mr. Kleeman.
To summarize, we conclude that a 50-cent-per-share or 3.3-
percent blockage discount (as advocated by Mr. Davis) is warranted
herein. Thus, the value of petitioner's 280,507 Applied Power
common stock on the valuation date was $4,102,414.88, or $14.625
per share.
To reflect concessions and to permit petitioner to claim
additional administrative expenses pursuant to section 2053,
Decision will be entered
under Rule 155.
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