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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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