Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 61




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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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