- 62 -
21(...continued)
[Q. by Calkins, on direct] Now, Dr. Hakala, we’re
going to Exhibit 57-P, which is Ms. Ding’s rebuttal to your
report.
A Okay
Q Ms. Ding assigns a number of errors in her report,
and we’ll briefly go through each of these errors.
At page 2, error number one, she addresses the use
of the Penell [Panel/Aspen] Publishing Survey, criticizing
the data and the size of the company.
Could you comment on that?
A There’s some validity to the limitations on the use
of the Penell, since I used fabricated metal wood products
and business services.
I did pick the right types of industries, but the
survey is too broad to probably be as applicable as I would
like.
It’s informative, but it’s certainly not
determinative of my ultimate opinion in the case.
Q So, when she says this data is not valid--
A It’s valid. It’s used all the time in the real
world to sort of condition what you’d make in a small,
closely-held company, but the issue is that you have to sort
of condition the data for what industry and sector you’re
in, and that element of her criticism I think has some
validity, a lot of validity.
* * * * * * *
Q [By Mayo, on cross] Okay. The first thing you did
was you went to a survey called Pennell [Panel] Aspen
Publishing Survey.
A Yes.
Q And that was a survey of compensation of CEO’s.
(continued...)
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