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3. Summary of Proposed Values and Court’s Determinations of Values of Interests
in Black Hills Trucking
Value as of Book value Statutory Kimball reports Final LaxRespondent’sCourt’s
June 4, 1994 reported on notice report position values
Guideline co. NAV method
return value
Entity Value
(Controlling Basis) N/A N/A N/A $10,933,730 $10,933,730 $10,933,730 $10,933,730
Less: Minority (1,093,373)
Discount N/A N/A N/A 10% N/A N/A N/A
Marketable Minority
Value N/A N/A $5,953,417 9,840,357 N/A N/A N/A
Less: Marketability (2,679,038) (4,428,161) (2,186,746)
Discount N/A N/A 45% 45% N/A N/A 20%
Nonmarketable Minority
Value N/A N/A 3,274,379 5,412,196 N/A N/A 8,746,984
Value of 58.16% 30% 70%
Interest Owned at
Dave True’s Death 951,467 6,359,055 2,774,727 3,179,53016,359,057 5,087,246
1 Mr. Lax applied a 50-percent reduction to controlling marketable equity value to arrive at the value of1
the subject interest. He did not consider the reduction to be a marketability discount.
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