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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 .................. 217
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Last modified: May 25, 2011