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To that amount, Mr. Wilkins adds the present value of the
payments due under the initial user leases, $4,331,327, to
arrive at the aggregate present value of the equipment,
$5,267,715, an amount slightly in excess of the alleged
acquisition cost of the equipment, $5,170,392. Thus, the
premise of the Appraisal is that the fair market value of
the equipment sold to the Roscrea Trust is equal to the
present value of the payments due under the initial user
leases, $4,331,327, plus the aggregate present value of the
residual values of the equipment upon the expiration of
the initial user leases, $936,388.
However, upon expiration of each of the initial user
leases, the computer equipment covered by that lease
remained subject to one of the two master leases, and the
unitholders could do nothing with that equipment until
expiration of the master leases in 1990, other than to
share with Equilease, the lessee under the master leases,
any contingent rents realized. Thus, in view of the fact
that all of the equipment is subject to one of the two
master leases, the Appraisal is wrong in valuing the
equipment at the expiration of the initial user leases.
Significantly, there is no evidence in the record that
petitioners, the Trustee, or any of the other unitholders
raised an issue with the seller of the equipment, the
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