Estate of John L. Baird - Page 17




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               (4) The choices available to a Louisiana fractional interest           
          holder with less than 80-percent ownership are to:                          
                    (a) Sell the fractional interest but incur the                    
               additional expense of advertising and/or locating a                    
               buyer;                                                                 
                    (b) buy out the other interests.  This process can                
               involve expenses and delays related to locating fractional             
               interest holders, recording expenses, deed preparation,                
               title opinions, and the possibility of perfecting title with           
               respect to ancestral predecessors of current owners;                   
                    (c) attempt voluntary partition in kind, which is often           
               “complex, rancorous, and protracted”.  It has been Mr.                 
               Steele’s experience that the problems encountered increase             
               as the number of fractional owners increases.  In some                 
               instances it may reach a point where agreement becomes                 
               impossible;                                                            
                    (d) bring suit for partition in kind or by licitation.            
               This process will result in “significant legal expense” and            
               delays.                                                                
               (5) The delay associated with partition is at least 1 year,            
          but it is more likely to take several years.  In the interim                
          expenses are being incurred and the investment in the fractional            
          interest is “frozen”.                                                       








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