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sold its 116 Glenwood Bank shares after decedent died and that
relative to certain assumptions in the QMDM analysis as of
September 2, 1996, the selling price for those 116 shares should
have been approximately $1.9 million, rather than the $1.1
million actually received. The Mercer report “ignored” this
postdeath sale because hypothetical investors would not have
known about it when decedent died.
OPINION
I. Preliminary Statement
Neither party called a fact witness to testify at trial.
(Each expert who testified at trial testified solely as an expert
and not as both a fact witness and an expert witness.) Nor did
either party introduce at trial any exhibit other than the expert
reports, the two stipulated exhibits, and a statement listing one
of the expert’s qualifications. Most of the facts which we find
in this case come from the stipulation of facts and the two
accompanying exhibits. While the parties invite the Court to
find additional facts solely from data relied upon by the experts
in forming their expert opinions, we decline to do so. As the
Court has stated previously in a similar setting:
Much of the purported data that * * * [the expert]
relied upon in reaching his conclusion also never made
its way into evidence. Although an expert need not
rely upon admissible evidence in forming his or her
opinion, Fed. R. Evid. 703, we must rely upon admitted
evidence in forming our opinion and, in so doing, may
not necessarily agree with an expert whose opinion is
not supported by a sufficient factual record. The mere
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