- 14 -
not yet finished its report as of June 16, 1994. As discussed
infra, the sellers also testified in this Court that they did not
see the report before selling their stock.
That testimony speaks loudly to the fact that they were not
knowledgeable sellers who aimed to realize the fair market value
of their stock. Ms. Branch testified:
Q Would it be fair to say that at the time
of your sale of your Seminole stock you did
not know its precise value?
A No. I mean--
Q It would be fair to say that you didn't
know its value?
A No, I had no idea what the value was.
It's a family business. How are you going to
know what the value of a family business is?
* * * * * * *
Q Ms. Branch, at the time of the sale of
your Seminole stock, do you have any
recollection as to whether the--as to whether
you had a valuation report for Seminole--for
your Seminole stock?
A I did not get the Merrill Lynch report
that's mentioned in here, no.
Q So you never had the Merrill Lynch report.
A No, but the letter quoted Merrill Lynch as
having appraised the stock at that price.
THE COURT: Which letter are you talking
about?
THE WITNESS: The one from Max offering
to buy my shares.
* * * * * * *
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011