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Mr. Herber then considered certain additional factors which
led him to reduce the minority interest discount to 15 percent.
First, Mr. Herber claims that decedent’s 5.09-percent stock
interest in RBI is “a substantially larger interest than typical
minority interests in publicly traded shares in banks and this
would result in a minority interest discount which would tend to
be somewhat lower than” the indicated range of 18.4 to 19.6
percent for banking interests. Mr. Herber offers no independent
evidence or empirical data to verify these conclusions, and we
are unpersuaded that he appropriately relied on this factor in
his discount analysis.
Second, alluding to the lack of concentration of ownership
in RBI stock, Mr. Herber claims that because decedent held a
relatively large minority interest, 5.09 percent, and because no
single individual controlled the company (with an interest
greater than 50 percent), “the divided interest of the larger
shareholders would tend to keep the applicable minority interest
discount also at the lower range of the market studies for
minority interest discount.” We are not convinced that
decedent’s interest in RBI stock represents a relatively large
minority interest or that the holder of that size interest faces
less of a challenge in controlling the company. Mr. Herber’s
suggestion appears purely speculative. In any event, Mr. Herber
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