Estate of H.A. True, Jr. - Page 5




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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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