Estate of George C. Blount, Deceased, Fred B. Aftergut, Executor - Page 59

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               Mr. Hitchner estimated the income-based value for BCC as               
          ranging from $4,803,513 to $6,403,513, without indicating where             
          in the range he believed the income-based value fell.  He also              
          provided a range of values under two different asset-based                  
          approaches:  The adjusted book value and modified adjusted book             
          value approaches.  The values provided for the adjusted book                
          value approach were $8,891,024 and $8,478,254 for the fiscal                
          years ended 1997 and 1998, respectively.  The values provided for           
          the modified adjusted book value approach were $7,596,838 and               
          $7,052,766 for the fiscal years ended 1997 and 1998,                        
          respectively.  As with the income-based approach, Mr. Hitchner              
          did not indicate where in the ranges he believed the asset-based            
          value fell.  To derive his final value for BCC, Mr. Hitchner                
          indicated that he gave the most weight to the modified adjusted             
          book value approach, and equal but lesser weight to the income              
          and the adjusted book value approaches.  He did not disclose the            
          precise weighting for each approach.  Mr. Hitchner’s “concluded”            
          value for BCC was $7 million.                                               
               Upon a careful review of the entire record, we are persuaded           
          that, exclusive of their respective treatments of the proceeds              
          from decedent’s life insurance, each expert’s analysis contains a           
          miscalculation of sufficient magnitude that it requires                     
          adjustment in reaching a final value.  With respect to Mr. Fodor,           







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