- 34 -
conclude that Renier’s operating assets had a value of $606,019
on the valuation date.
3. Valuing Renier’s Nonoperating Assets
Finally, to arrive at a total value for Renier, each expert
added to his income valuation of Renier’s operating assets his
estimate of the asset value of Renier’s nonoperating assets. The
biggest discrepancy in the experts’ valuation of the nonoperating
assets concerns their computation of Renier’s excess working
capital. (Under both experts’ methodology, their estimate of
excess working capital is added to nonoperating assets.) Because
we previously rejected Mr. Sliwoski’s estimate of Renier’s
working capital requirements, we adopt Mr. Kramer’s figure and
conclude that Renier had excess working capital of $362,038. The
experts largely agreed with respect to the value of Renier’s
remaining nonoperating assets, which Mr. Sliwoski valued at
$105,036 and which Mr. Kramer, using primarily Mr. Sliwoski’s
figures, valued at $108,887.21 To the extent Mr. Kramer’s value
exceeds Mr. Sliwoski’s, we consider the amount conceded by the
estate and therefore conclude that Renier had nonoperating assets
totaling $470,925.
21 The remaining nonoperating assets consisted of a
residence and two cars. Mr. Sliwoski valued the residence at
$81,686 and the two cars at $9,500 and $13,850, respectively, for
a total of $105,036. Mr. Kramer valued the residence at $86,975
and the two cars at $8,938 and $12,974, respectively, for a total
of $108,887.
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