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3. Summary of Proposed Values and Court’s Determinations of Values of Interests
in True Ranches
Value as of Book value Statutory Kimball Final Lax Respondent’sCourt’s values
January 1, 1993 reported on notice value reports report position
return
Entity Value
(Controlling Basis) N/A N/A $41,003,000 N/A $41,003,000 $41,003,000
Less: Minority (10,250,750) (4,100,300) (6,150,450)
Discount N/A N/A 25% N/A 10% 15%
Marketable Minority
Value N/A N/A 30,752,250 N/A 36,902,700 34,852,550
Less: Marketability (10,763,288) (10,455,765)
Discount N/A N/A 35% N/A N/A 30%
Nonmarketable
Minority Value N/A N/A 19,988,962 N/A N/A 24,396,785
Value of 24.84%
Interests
Transferred to True
Sons 3,265,647 12,193,990 4,965,258 N/A 9,166,631 6,060,161
Value as of
June 4, 1994
Entity Value
(Controlling Basis) N/A N/A 45,297,509 44,643,191 45,297,509 45,297,509
Less: Minority (11,324,377) (26,785,915) (6,794,626)
Discount N/A N/A 25% 60%1 N/A 15%
Marketable Minority
Value N/A N/A 33,973,132 N/A N/A 38,502,883
Less: Marketability (11,890,596) (11,550,865)
Discount N/A N/A 35% N/A N/A 30%
Nonmarketable
Minority Value N/A N/A 22,082,536 17,857,276 N/A 26,952,018
Value of 38.47%
Interest Owned at
Dave True’s Death 5,777,943 20,283,447 8,495,152 6,869,694 17,425,952 10,368,441
1 Combined minority and marketability discount1
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