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termination dates as having been sold, whether or not they were
listed on Schedule I. Dr. Schallheim also based his conclusion on
the fact that Andantech-U.S. did not receive any rent payments from
Comdisco.
Thompson Ryan, one of petitioners’ experts, testified that had
the projected residual values of the computers been realized, and
had Comdisco exercised its early termination option, then the
pretax return for RD Leasing would have been 6.6 percent, as
reflected in the September Projections. John Deane, one of
respondent’s experts, agreed with Mr. Ryan’s calculation; however,
Mr. Deane believed a 6.6-percent return was at, or slightly below,
the low end of what an investor would consider acceptable in 1993.
The other experts (Ralph Page, Mary O’Connor, and Patrick
Callahan for petitioners and Susan Middleton and Peter Daley for
respondent) opined as to the reasonableness of the projected
residual values of the computers. Petitioners’ experts testified
that the price paid for the computers was fair and that the
projected residual values were attainable. Not surprisingly,
respondent’s experts believed otherwise.
Mr. Daley was the publisher of two industry reports-–the DMC
End-User Market Value Report and the DMC Residual Value Report.
The information contained in these reports was based on computer
(and related equipment) sales between dealers; hence, the amounts
reflected in the DMC reports were wholesale (marked up by 10
percent), rather than retail, prices. On the basis of the
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