- 174 -
1994. Dr. Caldwell did not testify at trial because the parties
eventually stipulated the values of the oil and gas properties on
the basis of discussions between Dr. Caldwell and respondent’s
expert, Mr. Gustavson, supra p. 155-156.
D. Petitioners’ Expert, Michael S. Hall
Michael S. Hall (Mr. Hall) is president of Hall and Hall
Mortgage Corp., Denver, Colorado, which provides farm real estate
financing and appraisal services. He is a C.P.A., a Certified
General Appraiser in Colorado and Wyoming, and a qualified expert
witness in U.S. Bankruptcy Court. Mr. Hall prepared an expert
witness report (H&H report) that valued the land and improvements
of True Ranches as of January 1, 1993, and June 3, 1994; he also
testified at trial.
E. Respondent’s Expert, John B. Gustavson
Respondent’s only expert witness with respect to interests
in the disputed companies was John B. Gustavson (Mr. Gustavson),
of Gustavson Associates, Inc., Boulder, Colorado. Mr. Gustavson
is a minerals appraiser and a Certified Professional Geologist
who has valued over 100 oil and gas properties. He is not an
expert in business valuations.
Mr. Gustavson submitted an expert witness report (Gustavson
report) regarding the fair market values of oil and gas
properties and assets owned by True Oil and assets owned by Belle
Fourche as of January 1, 1993, and June 4, 1994. The Gustavson
report did not value 100 percent of the equity interests or the
Page: Previous 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 NextLast modified: May 25, 2011