Estate of Mary D. Maggos - Page 37

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          the companies used for comparison had operating characteristics             
          like PCAB’s.  PCAB’s operations involved the sale of a very high            
          percentage of product bottled elsewhere.  We are not convinced              
          that this is typical of other bottlers.  Consequently, we find              
          the market transaction analysis to be unpersuasive.                         
          Acquisition Analysis                                                        
               BVS reviewed the sale of PCAB 2 years subsequent to the                
          valuation date to provide evidence of value.  The 1989 sale price           
          for 100 percent of PCAB was $13,900,000.  This price is the                 
          unadjusted base price called for in the contract for sale.                  
          Petitioner argues that a more appropriate amount would be                   
          $12,436,085, which is the amount specified in a subsequent                  
          closing agreement between Nikita Maggos and respondent as the               
          price obtained for the stock.  The BVS report states that due to            
          the period of time between the valuation date and the 1989 sale             
          “we placed no weight on this analysis, but present the                      
          information to provide additional information by which to                   
          evaluate the accuracy of our conclusions.”                                  
          Petitioner’s Expert                                                         
               Petitioner employed the services of Corporate Financial                
          Consultants (CFC).  CFC also valued 567 shares of the common                
          stock of PCAB as of May 1, 1987.  Mr. Kenneth McGraw, a principal           
          of CFC, is the author of the CFC report and testified at trial.             

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