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marketability at both the Powhatan Associates and WVI levels. The
discounts they used were as follows:
At Powhatan Associates Level
1989 1990
Lack of control 5% 5%
Lack of marketability 10 10
At WVI Level
1989 1990
Lack of control 20% 50%
Lack of marketability 10 10
In contrast to these discounts, Mr. Gampel used the following
discounts:
At Powhatan Associates Level
1989 1990
Lack of control 15% 15%
Lack of marketability 30 30
At WVI Level
1989 1990
Lack of control 20% 30%
Lack of marketability 30 30
We have duly considered and studied the factors and reasoning
used by the experts in determining their respective discount
amounts. In this regard, we found Mr. Gampel’s reasoning to be
well founded and more persuasive than that of Ms. Maiden and Ms.
Kalmar. Mr. Gampel used empirical studies and factors (stated
supra pp. 24-26) that we believe appropriate in formulating his
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