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Mr. Stryker gave equal weight to the respective values that
he determined under the cost approach and the market approach and
determined that the fair market value of decedent's interest in
Marrero Land on the valuation date was $23,600 (rounded) per
share, or $3,933,412.17
In determining the fair market value of decedent's interest
in Marrero Land on the valuation date, Mr. Chaffe, who also was
the estate's stock valuation expert, took into account factors
unique to Marrero Land that were similar to the factors con-
sidered by Mr. Stryker. Mr. Chaffe determined that fair market
value by using the following approaches: (1) A market approach
using comparative analyses to publicly traded (a) guideline
companies and (b) real estate investment trusts (REIT's) and real
estate operating companies (REOC's); (2) an income approach
utilizing a discounted cash flow model; and (3) an asset approach
utilizing a liquidation model (asset approach/liquidation model).
17Although Mr. Stryker considered in his valuation process
the book value price set forth in amended article VI, he did not
use that price in determining the fair market value of decedent's
interest in Marrero Land on the valuation date because his de-
termination of that fair market value was less than that price.
He concluded that no person would decide to buy decedent's in-
terest in Marrero Land at book value pursuant to amended article
VI, since that value would have been higher on the valuation date
than the fair market value of that interest that he determined.
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