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and that the aggregate fair market value of Marrero Land's assets
was $69,309,588.12
We shall now consider the views of the parties' respective
stock valuation experts, each of whom determined the fair market
value of decedent's interest in Marrero Land on the valuation
date. We turn first to respondent's stock valuation expert, Mr.
Moore. Mr. Moore applied the following three approaches in
valuing decedent's interest in Marrero Land: Discounted net
asset value approach, public market multiples approach, and
liquidation value approach. In arriving at a value under the
discounted net asset value approach, Mr. Moore applied a real
estate company discount of 30 percent to the net asset value of
Marrero Land as of the valuation date. Mr. Moore determined that
net asset value by relying on, inter alia, Mr. Guice's determina-
tion of the aggregate fair market value of the remaining unim-
proved real properties on that date. He then applied a 35-
percent lack-of-marketability discount and arrived at a value for
decedent's interest in Marrero Land as of the valuation date of
$8,364,731. Mr. Moore considered the discounted net asset value
approach to be "quite realistic".
12We have considered all of the contentions of respondent
regarding Mr. Egan's valuation of the remaining unimproved real
properties that are not discussed herein, and we find them to be
without merit.
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