CMA Consolidated, Inc. & Subsidiaries, Inc. - Page 116

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                         Fair Market Value                                            
          Equipment     Nov. 1, 1994     Aug. 31, 1995   Sept. 28, 1995               
          K-Mart        $1,651,272       $1,093,247       $1,041,105                  
          Shared         2,396,764        1,394,450        1,188,847                  
               Daley further opined that, as of September 28, 1995, the K-            
          Mart and Shared equipment would have the following estimated                
          residual values on the dates shown below and could be expected to           
          produce no rental income during the purported over lease residual           
          interest periods, as follows:                                               
          Estimated Residual Value                                                    
          3-1-97    7-1-97                                                            
          or        or             Over Lease Int. Pds.1                              
          Equipment   4-1-97    8-1-97   5-1-00  Proj. Rental Income                  
          K-Mart      --     $378,486   $194           -0-                            
          Shared   $120,920     --       -0-           -0-                            
          1The over lease periods are:  (1) From Nov. 1, 2002, through                
          Feb. 28, 2004, in the case of the K-Mart equipment, and (2) from            
          May 1, 2000, through Feb. 28, 2002, in the case of the Shared               
          equipment.                                                                  
                                                                                     
          b.  Evaluation and Comparison of the Experts                                
               In many respects, the experts’ reports were terse and                  
          lacking in adequate detail and explanation.  In particular,                 
          Svoboda’s opinions as to fair market value and projected future             
          rental income were premised on questionable and purely                      
          speculative judgments.  We found Daley’s report to be short on              
          some details, but more objective and less speculative.                      
               Although Svoboda agreed with Daley that the Shared computer            
          equipment would have no value by the start of the residual lease            
          period, Svoboda claimed “it would be reasonable” to expect that             





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