-7- experts, namely, Hein, Janet M. Labenz (Labenz), and Z. Christopher Mercer (Mercer), also prepared an expert report under Rule 143(f). Hein’s expert report (Seim Johnson report) was merely the appraisal with a February 8, 2003, cover letter stating in relevant part that “Our opinion is the same opinion as it was as of December 31, 1996". The cover letter also stated that Seim Johnson had been engaged with the management of the [Glenwood] Bank to value the [estate’s 116 Glenwood Bank] shares as of December 31, 1996. * * * We have inquired as to significant items for the last quarter of 1996 that would have a material effect on the valuation of the stock from the time of Mrs. Noble’s death and the date of our original valuation. We were informed that there are no such items which would have materially affected the valuation from the time of death to the valuation date. Labenz’s expert report (Labenz report) was accepted into evidence as a rebuttal to the opinion of respondent’s expert. The Labenz report addressed the differences between the Shenehon report and the Seim Johnson report. The Court with no objection from respondent recognized Mercer as an expert on the valuation of financial institutions and with no objection from respondent accepted Mercer’s expert report (Mercer report) into evidence. The Mercer report concluded that the fair market value of the estate’s 11.6-percent interest in Glenwood Bank was $841,000. The Mercer report generally arrived at this fair market value through a two-step process. First, the Mercer report ascertained the marketablePage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011