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assets and intellectual property. He is an Accredited Senior
Appraiser of the American Society of Appraisers and a Chartered
Financial Analyst of the Association for Investment Management
and Research. Mr. Kimball personally had appraised interests in
three closely held oil and gas companies before True Oil, and WMA
had appraised interests in three others. Also, WMA had appraised
interests in closely held pipeline and oil tool manufacturing
companies.
Mr. Kimball submitted two expert witness reports (Kimball
reports) and testified at trial regarding the values of interests
in the True companies as of January 1, 1993, June 4, 1994, and
June 30, 1994. He also prepared a rebuttal to respondent’s
expert reports.
Messrs. Lax and Kimball valued many of the same interests as
of the same dates but came to different conclusions regarding
value. Petitioners introduced both experts’ appraisals of value
into evidence and did not choose between them.
C. Petitioners’ Expert, Dr. Robert H. Caldwell
Dr. Robert H. Caldwell (Dr. Caldwell) is co-founder of The
Scotia Group, Inc., Dallas, Texas, which provides domestic and
international oil and gas advisory services. He has a Ph.D. in
geology and is a Certified Petroleum Geologist.
Dr. Caldwell prepared expert witness reports (Scotia
reports) for trial that computed the fair market value of True
Oil’s oil and gas properties as of January 1, 1993, and June 4,
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