Estate of Mary D. Maggos - Page 40

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          Value of 56.7 Percent of PCAB Shares (Aggregated Minority                   
               After making the appropriate adjustments, detailed above,              
          BVS’ discounted cash-flow analysis and CFC’s capitalization of              
          cash-flows analysis produce a very narrow range of values.  As              
          stated above, the value of 100 percent of PCAB is approximately             
          $8,600,000.  The corresponding value for a 56.7-percent interest            
          is approximately $4,900,000.  We therefore find $4,900,000 to be            
          the best estimation of the value of 56.7 percent on an aggregated           
          minority basis.                                                             
               Our conclusion is also generally supported by more                     
          contemporaneous evaluations that were made by Robert Shircliff.             
          On brief petitioner states:                                                 
               Between 1983 and 1989, there were three occasions on                   
               which the parties retained neither by Petitioner nor                   
               Respondent attempted to place a value on PCAB: the 1983                
               Shircliff Report; the Worksheet prepared by Shircliff                  
               in 1987; and Pepsi-Metro’s 1989 purchase of 100% of the                
               stock of PCAB.  Unlike the various valuation experts                   
               retained by parties for litigation purposes for this                   
               preceding and the District Court Litigation, the person                
               performing these valuations had no advocacy role.  Each                
               had every reason to get the number right.                              
               The 1983 Shircliff report valued the operating business at             
          $6,438,000.  Petitioner’s expert calculated an adjustment to the            
          1983 Shircliff report “to reflect growth in net sales between               

               27We use the term “aggregated minority basis” to mean the              
          value of the company as a whole multiplied by the relevant                  
          percentage of ownership.                                                    

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