Donald J. Janda - Page 15



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          a study prepared by Melanie Earles and Edward Miliam which                  
          asserted that marketability discounts allowed by the Court over             
          the past 36 years averaged 24 percent.                                      
               Before arriving at his conclusion, Mr. Schneider remarked              
          that he believed that “a bank would be a highly marketable                  
          business and that the stock would be highly marketable.”  He also           
          noted in his report that the Company did not have a sole                    
          shareholder owning more than 50 percent of the Company.  At                 
          trial, Mr. Schneider testified that the Company was marketable              
          because the Bank had strong profitability.  Evaluating these                
          characteristics in conjunction with marketability discounts                 
          arrived at in the studies discussed by Shannon Pratt and allowed            
          by this Court in its prior opinions, Mr. Schneider concluded that           
          a 20-percent discount for lack of marketability was appropriate.            
               As for Mr. Schneider’s report, we believe that he merely               
          made a subjective judgment as to the marketability discount                 
          without considering appropriate comparisons.  Mr. Schneider                 
          looked at only generalized studies which did not differentiate              
          marketability discounts for particular industries.  Further,                
          although he stated that each case should be evaluated in terms of           
          its own facts and circumstances, Mr. Schneider seems to rely on             
          opinions by this Court that describe different factual scenarios            
          from the instant cases and generalized statistics regarding                 
          marketability discounts previously allowed by the Court.                    
          Finally, Mr. Schneider has failed to fully explain why he                   






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