- 47 -
decedent's interest in Marrero Land on the valuation date. Mr.
Moore admitted at trial that if he had not been instructed to
ignore amended article VI and the voting trust, he would have
applied an additional 15-percent discount in determining the fair
market value of decedent's interest in Marrero Land, approxi-
mately four percent to six percent of which was attributable to
the voting trust.
Mr. Moore acknowledged at trial that, in valuing decedent's
interest in Marrero Land, he placed the greatest weight on its
net asset value as of the valuation date, determined by using,
inter alia, Mr. Guice's value for the remaining unimproved real
properties. That was the case not only under Mr. Moore's dis-
counted net asset value approach, but also under his public
market multiples approach and his liquidation value approach.13
In this connection, Mr. Moore had only one material criticism of
the respective valuation analyses by Mr. Chaffe and Mr. Stryker
that were within the realm of his expertise as a stock valuation
expert.14 According to Mr. Moore, in their respective expert
13To the extent Mr. Moore relied on his liquidation value
approach, which does not appear to be the case despite his having
indicated that such an approach is "significant", we find such
reliance to be unwarranted. That is because decedent's interest
in Marrero Land as of the valuation date was a minority interest
that could not force the liquidation of the Company.
14Most of Mr. Moore's rebuttal report attempted to rebut Mr.
Egan's valuation analysis of the remaining unimproved real
(continued...)
Page: Previous 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 NextLast modified: May 25, 2011