Unreported Cases 1093
1995] UNREPORTED CASES 1093 interest and bank overdrafts should be considered by the Court at all. I discuss each disputed item individually. 1. Accrued Interest Petitioners contend that Respondent improperly took into account an accrued interest liability shown on the June 30, 1989, balance sheet. Paone and Lawson used the March 31, 1989, balance sheet, which does not show the accrued interest liability. As I previously discussed, the Court can consider the information on the June 30, 1989, balance sheet in this appraisal action. Kovacs noted a relevant factor, then made a proper deduction. 2. Working Capital Loans Kovacs' categorized some of working capital interest as an expense to be deducted from cash flow. The remainder of working capital interest, which Kovacs described as fixed working capital, he treated as debt. As I have already discussed, Kovacs' approach to working capital interest provides a more reliable indication of Silgan's value. 3. Senior Notes ir principle amount. In his report, Lawson states that the market of these notes probably exceeds their principle amount because of es in interest rates. Lawson's effort to slightly adjust the value of :bt has merit, but I decline to alter the figure that the parties' experts I upon. 4. Other Long-Term Liabilities Kovacas made another revision to management's projections ming long-term liabilities. Paone used the figure employed by xement in 1989, but Kovacs adjusted it to reflect long-term ties reflected in Silgan's books prior to the merger. Lawson rs with Kovacs inclusion of these liabilities, but he discounts them sent value.
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