Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 63




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          conclusions in wholesale fashion.  As a consequence, Mr.                    
          Cronkite’s market approach, too, offers only a modicum of                   
          guidance in valuing the subject note.                                       
               Mr. Thomson’s Approach:  We now address Mr. Thomson’s                  
          approach, which weighed five factors in arriving at a 10-percent            
          discount for the Marsh note.  We deal with each of these                    
          components seriatim, beginning with the factor addressing                   
          collateral coverage.  Mr. Thomson opined that collateral coverage           
          on the Marsh note was good and cited both the $1 million note               
          secured by deed of trust and the underlying mobile home park in             
          support of this assertion.  The estate raises several points in             
          response to Mr. Thomson’s position on coverage, one of which                
          involves the existence of a senior lien on the mobile home park.            
               As previously mentioned, Mr. Cronkite’s report references a            
          first trust deed in the amount of $10 to $11 million; Mr.                   
          Cronkite testified at trial that this statement was based on his            
          discussion with Mr. Marsh and that he had seen no documents                 
          related to the encumbrance.                                                 
               We pause here to note that the estate attempted at trial to            
          introduce public records from the Los Angeles County Recorder’s             
          Office relating to the alleged first lien.  Respondent’s                    
          objection to these documents was sustained on the grounds that              
          the information was requested from the estate during discovery,             
          was not provided, and should have been stipulated and/or                    






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