- 74 -
upon the basis for Mr. Marsh’s ranges nor provided any exegesis
for his derivation therefrom of a 33.33-percent discount for the
Marsh note.
Faced with this limited record, we observe that both sides’
treatments of discount ranges leave something to be desired in
terms of support and explanation. Nonetheless, we again are
satisfied that Mr. Thomson has submitted the more convincing
position. We know that he is a licensed real estate broker and
appraiser, and his testimony tied the selected range to data
regularly received from professionals in the real estate
brokerage field. In contrast, we reiterate that Mr. Marsh’s
alleged expertise in this area is not established by the record.
We additionally repeat our concern about the complete absence of
information as to the underpinnings for his views. We therefore
accept Mr. Thomson’s 5- to 15-percent range.
Within the above-stated range, however, we seek a discount
reflective of one factor tending to decrease and two tending to
increase the applicable figure, rather than an even split of
factors. Accordingly, we conclude that 12 percent, or two-thirds
of the spread from 5 to 15 percent (rounded), is an appropriate
discount. The fair market value of the Marsh note is thus held
Page: Previous 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 NextLast modified: May 25, 2011