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be selective in deciding what parts of an expert's opinion, if
any, we accept. Helvering v. Natl. Grocery Co., 304 U.S. 282,
295 (1938).
Herbert T. Spiro (Spiro) testified for respondent. F.
Foster Shriner (Shriner) testified for the estate.3 Shriner and
Spiro estimated, and computed the present value of, future
returns an investor would receive from an investment in WSA.
They did so by calculating the present value of the stream of
estimated future cashflows to WSA. Spiro concluded that the fair
market value of the shares at issue was $1,904,403 on September
28, 1995; Shriner concluded that it was $920,800.
B. Spiro’s and Shriner’s Expert Reports
We believe that Shriner’s approach for estimating the value
of WSA stock (before applying a discount for lack of
marketability) was more thorough than Spiro’s. Spiro did not
speak with anyone from MCC or investigate the pending
3 Kevin M. Stipe also testified for the estate. However,
the estate does not rely on Stipe’s estimate even though it was
more favorable to the estate than Shriner’s estimate. We do not
consider Stipe’s estimate of value.
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