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continues, if they represent any other interest, or, as he puts
it, they represent a noncontrolling interest.
While we agree with Mr. Tack that the type of controlling
interest to which he refers is usually worth more than that of
another interest in the same company, we disagree with him that
corporate stock may be pigeonholed into one of two values. The
element of control is not as cut and dried as Mr. Tack would have
it seem. Although the per-share value of a block of stock that
guarantees the holder that he or she can name all board directors
is usually greater than that of a block of stock that carries
with it the ability to name no directors, the per-share value of
the latter block may not necessarily be the same as that of a
block that carries with it the right to name one but not all
directors. Nor is the per-share value of the one-director block
necessarily the same as a block that carries with it the right to
name two but not all directors. The long and short of stock
valuation is that the unique facts of each case dictate the value
that attaches to a block of stock, and the per-share value of one
block may differ from the per-share value of another block even
when neither block represents a majority interest in the
corporation. An important factor to consider in determining
whether extra value inheres in one minority interest vis-a-vis
another is the extent to which the holder of the minority
interest has the ability, by virtue of his or her ownership
interest in the company, to influence the company's practices or
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