- 18 - training, or education, may testify thereto in the form of an opinion or otherwise. Pursuant to Fed. R. of Evid. 702, the Court must assure that scientific evidence is not only relevant, but also reliable. Daubert v. Merrell Dow Pharm., Inc., supra at 589. Daubert, however, is not limited to evidence that is scientific only in the laboratory sense. Recently, in Kumho Tire Co. v. Carmichael, 526 U.S. ___, ___, 119 S. Ct. 1167, 1171 (1999), the Supreme Court made clear: “Daubert’s general holding--setting forth the trial judge’s general ‘gatekeeping’ obligation--applies not only to testimony based on ‘scientific’ knowledge, but also to testimony based on ‘technical’ and ‘other specialized’ knowledge.” Dr. Bajaj's testimony (as well as Mr. McCoy's) was of a technical nature. Therefore, Daubert is applicable here, and we have a gatekeeping role to perform. As we have said, value is a question of fact. See supra sec. II. Dr. Bajaj has an opinion as to that fact, arrived by applying certain tools of financial analysis, primarily a discounted cash-flow analysis, which is a method of analysis also employed by Mr. McCoy. Petitioners do not claim that a discounted cash-flow analysis is an unreliable tool for determining the present value of one or more future cash-flows (e.g., the distributions of cash Dr. Bajaj assumed G&J would continue indefinitely). We have for many years relied on aPage: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Next
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