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of the Hoyt ranch properties in 1986 and 1989. He related that
during his visit in 1986, when he had been retained as an expert
for the Bales case, he saw about 3,000 cattle and estimated there
to have been a total of perhaps 6,000 cattle present.
Mr. Hunsley opined that the cattle in the Hoyt herd were in
the top 25 percent of the Shorthorn breed. He further opined
that the Hoyt Shorthorn cattle had an average value of $4,000 per
head during 1987 through 1992. Mr. Hunsley noted that in the
Bales case, he had also concluded the cattle he had seen during
his 1986 visit were worth $4,000 per head. He maintained that
the general market prices for Shorthorn cattle had not changed
significantly during 1987 through 1992.
The Court does not accept Mr. Hunsley’s conclusions with
respect to the value of the Hoyt herd cattle during 1987 through
1992. Among other things, Mr. Hunsley did not address how his
opinions might have to be revised if (1) a large number of the
breeding cattle a partnership purportedly purchased did not, in
fact, exist, or (2) the parentage or registered status of a
partnership’s cattle was suspect or unknown. In addition, the
Court has major reservations concerning some of the assertions
Mr. Hunsley made regarding the Hoyt organization cattle. On
cross-examination by respondent’s counsel, Mr. Hunsley denied
knowing of any irregularities with respect to cattle the Hoyt
organization registered with the ASA. He specifically denied
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