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3. Summary of Proposed Values and Court’s Determinations of Values of Interests
in True Oil
Value as of Book value Statutory Kimball Final Lax Respondent’s Court’s
January 1, 1993 reportd onnotice value reports report position values
return
Entity Value
(Controlling Basis) N/A N/A N/A N/A $39,650,000 N/A
(3,965,000)
Less: Minority Discount N/A N/A N/A N/A 10% N/A
Marketable Minority
Value N/A N/A $37,253,000 N/A 35,685,000 $35,685,000
Less: Marketability (14,901,200) (3,568,500) (10,705,500)
Discount N/A N/A 40% N/A 10% 30%
Nonmarketable Minority
Value N/A N/A 22,351,800 N/A 32,116,500 24,979,500
Value of 24.84%
Interests (total)
Transferred to True Sons 5,226,00613,940,210 5,552,187 N/A 7,977,739 6,204,908
Value as of
June 4, 1994
Entity Value
(Controlling Basis) N/A N/A N/A N/A 34,200,000 N/A
Less: Minority Discount N/A N/A N/A N/A N/A N/A
Marketable Minority
Value N/A N/A 34,623,000 24,820,000 N/A 30,780,000
Less: Marketability (13,849,200) (11,169,000) (9,234,000)
Discount N/A N/A 40% 45% N/A 30%
Nonmarketable Minority
Value N/A N/A 20,773,800 13,651,000 N/A 21,546,000
Value of 38.47% Interest
Owned at Dave True’s
Death 5,538,423 20,041,717 7,991,681 5,251,540 13,156,740 8,288,746
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