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role in the valuation, Mr. Cronkite testified: “I relied
primarily on an expert in the field to establish what the fair
market value of the note was. I did some checking on that for
reasonableness, determined that his analysis was reasonable.”
Mr. Cronkite also answered in the affirmative to an inquiry
asking: “So, then, you essentially took your value of the note
from Mr. Marsh, or based a good part of your conclusions on Mr.
Marsh’s own opinion?”
We, however, know almost nothing about the qualifications of
Mr. Marsh beyond the fact that he was involved in lending the $1
million to Carson Harbor Village, Ltd., and was payee of the note
for that amount and beneficiary of the related deed of trust. We
are equally uninformed about the nature of the discussions that
led to his appraisal. To wit, we are unaware of whether the
figures were merely an offhand estimate or followed a period for
study or evaluation. Mr. Marsh did not appear or testify at
trial. Accordingly, we are asked to accept his opinions, as
reported by Mr. Cronkite, without any opportunity to probe their
foundation or any assurances that he was qualified to render
them. We also note that his independence for purposes of
offering a neutral opinion is not free from doubt. Furthermore,
although Mr. Cronkite stated that he checked Mr. Marsh’s analysis
for reasonableness, he gave no indication whatsoever of the
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