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in the Lax and Kimball reports, even though the reports covered
roughly the same period and allegedly relied on the same tax
return information. Because of the Lax report’s substantiation
problems, we conclude that the Kimball reports provide more
reliable conclusions of value. Second, we find that the Kimball
reports used guideline companies that were more comparable to
Eighty-Eight Oil. Three of the six guideline companies chosen by
Mr. Lax engaged in oil and gas exploration and production and not
in oil and gas marketing activities. These companies may have
been appropriate comparables for True Oil or Smokey Oil, but not
for Eighty-Eight Oil. Third, respondent provides no reasoned
justification for choosing Mr. Kimball’s January 1, 1993, value,
but using Mr. Lax’s significantly higher June 3, 1994, value.
We also reject respondent’s swing vote argument concerning
Dave True’s 38.47-percent interest owned at death, for the
reasons stated in our analysis of True Oil. See supra pp. 201-
202.
On the basis of the foregoing, we accept Mr. Kimball’s
marketable minority value for Eighty-Eight Oil of $31,069,285 as
of June 4 and June 30, 1994.
Although we have accepted Mr. Kimball’s marketable minority
values, based on the agreement of the parties and our problems
with respondent’s reliance on the final Lax report, we note
certain facts that cast doubt on the reliability of Mr. Kimball’s
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