- 5 - II. Belle Fourche .................. 158 III. Eighty-Eight Oil ................. 161 IV. Black Hills Trucking ............... 164 V. True Ranches ................... 166 VI. White Stallion .................. 168 OPINION ........................... 169 I. Expert Opinions ................. 169 II. Experts and Their Credentials .......... 171 A. Petitioners’ Expert, John H. Lax ....... 171 B. Petitioners’ Expert, Curtis R. Kimball .... 172 C. Petitioners’ Expert, Dr. Robert H. Caldwell .. 173 D. Petitioners’ Expert, Michael S. Hall ..... 174 E. Respondent’s Expert, John B. Gustavson .... 174 III. Preliminary Matters Regarding Valuation ..... 175 A. Respondent’s Alleged Concessions Regarding Valuation Discounts ............ 175 B. Role of Burdens and Presumptions in Cases at Hand ............... 180 C. Petitioners’ Aggregation and Offset Argument . 183 IV. Valuations of True Companies in Dispute ..... 186 A. True Oil ................... 186 1. Marketable Minority Interest Value .... 186 a. Kimball Reports ............. 186 b. Final Lax Report ............ 191 c. Gustavson Report and Respondent’s Position ............... 193 d. Court’s Analysis ............ 196 2. Marketability Discounts .......... 204 a. Kimball Reports ............. 204 b. Final Lax Report ............ 207 c. Gustavson Report/Rebuttals and Respondent’s Position ......... 207 d. Court’s Analysis ............ 208 3. Summary of Proposed Values and Court’s Determinations of Values of Interests in True Oil ................ 215 B. Belle Fourche ................ 217 1. Value of Total Equity on a Marketable Basis .................. 217Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011