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Reserve Statistical Release, to the 10-percent rate born by the
Marsh note. He concluded that the spread of 87 basis points was
reasonable. Mr. Cronkite indicated that he did not research
interest rates, the estate has offered no alternative evidence or
position, and we have no grounds for doubt of Mr. Thomson’s
assumptions on this matter.
Turning to the two factors that Mr. Thomson felt would
increase any applicable discount, we begin with that pertaining
to maturity date and extensions. Mr. Thomson indicated that,
given the repeated annual extensions of maturity, there existed a
lack of assurance that the note would be paid in full at its
upcoming due date. He viewed this circumstance as one which
would favor an increase in discount. Again, the estate has not
challenged the foregoing premise, and we note Mr. Cronkite
testified with similar import. Mr. Cronkite stated: “whether
there’s a pending maturity date, I think is kind of moot. I
believe everyone thought it wouldn’t--it wouldn’t be paid at the
maturity date.” We find Mr. Thomson’s analysis of maturity
issues to be logical.
The remaining factor identified by Mr. Thomson as tending to
support an increased discount focuses on environmental concerns.
Both parties and their experts are in agreement insofar as the
notion that environmental issues relating to the mobile home park
detract from the value of the Marsh note. The estate, however,
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