Estate of Lynn M. Rodgers, deceased, First National Bank of Commerce, Executor - Page 49




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          that Mr. Moore's opinion as to the fair market value of dece-               
          dent's interest in Marrero Land is reliable, and we shall not               
          rely on it.                                                                 
               In determining the value of decedent's interest in Marrero             
          Land on the valuation date, the estate's stock valuation expert             
          Mr. Stryker examined, inter alia, the history, ownership, man-              
          agement, employees, and financial condition of Marrero Land, as             
          well as the outlook for the Company, as of that date.  Mr.                  
          Stryker considered each of the following three principal ap-                
          proaches to value prescribed by the Uniform Standards of Pro-               
          fessional Appraisal Practice:  The cost approach, the market                
          approach, and the income approach.  Mr. Stryker used the cost               
          approach and the market approach.  He considered but did not use            
          the income approach because the management of Marrero Land had              
          not prepared long-term income projections for the Company.                  
               Under the cost approach, Mr. Stryker used the net asset                
          value method to determine the fair market value of decedent's               
          interest in Marrero Land.  He determined the net asset value of             
          Marrero Land on the valuation date by using, inter alia, the                
          value of the remaining unimproved properties determined by Mr.              
          Egan.  Mr. Stryker discounted that net asset value by 40 percent            
          based on his analysis of the Company and of data relating to the            
          discount from net asset value at which certain publicly traded              
          real estate operating entities were being freely traded on the              





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