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3. Summary of Proposed Values and Court’s Determinations
of Values of Interests in Belle Fourche
Value as of Book value Statutory Kimball Final Lax Respondent’s Court’s
June 4, 1994 reported onnotice value reports report position values
return
Entity Value
(Controlling Basis) N/A N/A N/A N/A $17,484,650$18,684,650
Less: Minority Discount N/A N/A N/A N/A N/A N/A
Marketable Minority Value N/A N/A $13,654,361 N/A N/A N/A
Less: Marketability (5,461,744) (3,736,930)
Discount N/A N/A 40% N/A N/A 20%
Nonmarketable Minority
Value N/A N/A 8,192,617 N/A N/A 14,947,720
Value of 68.47% Interest
Owned at Dave True’s
Death 747,723 19,801,518 5,609,485 4,100,000 11,971,740 10,234,704
Value as of
June 30, 1994
Entity Value
(Controlling Basis) N/A N/A N/A N/A 17,484,650 18,684,650
(1,748,465) (1,868,465)
Less: Minority Discount N/A N/A N/A N/A 10% 10%
Marketable Minority
Value N/A N/A 13,654,361 N/A 15,736,185 16,816,185
Less: Marketability (5,461,744) (1,573,618) (4,540,370)
Discount N/A N/A 40% N/A 10% 27%
Nonmarketable Minority
Value N/A N/A 8,192,617 N/A 14,162,567 12,275,815
Value of 17.23%
Interests (total)
Transferred to True
Sons 183,593 4,982,916 1,411,588 N/A 2,440,210 2,115,123
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