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a. Kimball Report ............. 217
b. Initial and Final Lax Reports ...... 218
c. Gustavson Report and Respondent’s
Position ............... 221
d. Court’s Analysis ............ 224
2. Marketability Discounts .......... 233
a. Kimball Report ............. 233
b. Initial and Final Lax Reports ...... 235
c. Respondent’s Position .......... 235
d. Court’s Analysis ............ 236
3. Summary of Proposed Values and Court’s
Determinations of Values of Interests
in Belle Fourche ............ 240
C. Eighty-Eight Oil ............... 241
1. Marketable Minority Interest Value .... 241
a. Kimball Reports ............. 241
b. Final Lax Report ............ 241
c. Respondent’s Position .......... 242
d. Court’s Analysis ............ 243
2. Marketability Discounts .......... 246
a. Kimball Reports ............. 246
b. Final Lax Report ............ 247
c. Respondent’s Position .......... 247
d. Court’s Analysis ............ 247
3. Summary of Proposed Values and Court’s
Determinations of Values of Interests
in Eighty-Eight Oil ........... 250
D. Black Hills Trucking ............. 252
1. Value of Total Equity on a Marketable
Basis .................. 252
a. Kimball Report ............. 252
b. Initial and Final Lax Reports ...... 253
c. Respondent’s Position .......... 255
d. Court’s Analysis ............ 256
2. Marketability Discounts .......... 261
a. Kimball Report ............. 261
b. Initial and Final Lax Reports ...... 262
c. Respondent’s Position .......... 262
d. Court’s Analysis ............ 263
3. Summary of Proposed Values and Court’s
Determinations of Values of Interests
in Black Hills Trucking ......... 266
E. True Ranches ................. 268
1. Marketable Minority Interest Values .... 268
a. H&H Report ............... 268
b. Kimball Reports ............. 270
c. Final Lax Report ............ 270
d. Respondent’s Position .......... 272
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Last modified: May 25, 2011