- 34 -
Using the matrix as a guide, we would have arrived at a sum
of 29 percent after considering the six factors. Factoring in
the studies cited in the reports of the experts, considering the
record in these cases, and recognizing the imprecise nature of
the process in which we are engaged, we hold that a 30-percent
discount is appropriate to reflect the lack of marketability and
minority discounts connected with the 187.5 shares of Godfrey.
Accordingly, we hold that the 187.5 shares of Godfrey had a
discounted value of $3,358,20912 on September 15, 1997, the date
of decedent’s death.
To reflect the foregoing,
Decisions will be entered
under Rule 155.
12 Fair market value of Godfrey of $24,000,000, divided by
938 outstanding shares equals $25,586.35 per share, times 187.5
shares equals $4,797,441, less 30 percent ($1,439,232) equals
$3,358,209.
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