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We turn first to the asset approach/liquidation model used
by Mr. Chaffe. Under that approach, Mr. Chaffe considered a
liquidation model of Marrero Land on the valuation date under
which he assumed that its assets were sold on that date at their
respective fair market values. The aggregate fair market value
on the valuation date of the remaining unimproved real properties
that Mr. Chaffe used was that value determined by Mr. Egan.
Although Mr. Chaffe considered the asset approach/liquidation
model, he concluded that it was not an appropriate approach to
use in determining the value of decedent's interest in Marrero
Land, which was a minority interest that had no ability to force
the Company's liquidation or the disposition of its assets. The
results that Mr. Chaffe obtained under the asset approach/liq-
uidation model were used by him only as an indication of an
outside limit or range of value.
Under the market approach, Mr. Chaffe analyzed and compared
certain financial data of five publicly traded guideline com-
panies and Marrero Land. Mr. Chaffe made adjustments for dif-
ferences between those companies and Marrero Land and, by im-
plicit weighting, concluded under the market approach that the
marketable, minority value of the common stock of Marrero Land
using publicly traded guideline companies was $17,100,000.
Because Marrero Land's primary asset on the valuation date
was real estate, Mr. Chaffe also did a comparison under the
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