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If by any chance the debtor is of Native American ancestry be mindful
of the obscure federal nonbankruptcy exemptions under Title 25 that may
exempt such lease interests if they stem from Indian tribal land.
Mark T. Jessee
Law Offices of Mark T. Jessee
"A Debt Relief Agency"
50 W. Hillcrest Drive, Suite 200
Thousand Oaks, CA 91360
(805) 497-5868 (805) 497-5864 (Facsimile)
NOTICE TO RECIPIENT: THIS E-MAIL IS MEANT FOR ONLY THE INTENDED
RECIPIENT OF THE TRANSMISSION, AND THIS COMMUNICATION IS INTENDED TO BE
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On Thu, 12 Apr 2012 17:17:57 +0000, "James T. King" wrote:
In a chapter 13 you have much better control over the valuation as the
trustee has no motivation to do an independent analysis. An appraisal
is always good since you may be responding to a creditors objection.
As Jason says there are numerous factors to take into account in
making that determination of projected value, value to the hypothetical
chapter 7 estate, costs of administration etc. But if you provide some
reliable, thoughtful evaluation of the asset you most likely not face
an objection or contradictory evidence by the trustee.
Behalf Of Jason Wallach
Sent: Thursday, April 12, 2012 10:13 AM
To:
cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] oil, gas and mineral rights valuation in
potential Ch. 13
While I suppose a five times annual income multiplier is as good a
guess as any, there could be factors affecting the "asset" value
including likely depletion, environmental issues, volatility from year
to year, etc. I would ask client to come up with a number, put it on
the schedule as "estimated" and then let trustee try to evaluate the
value, and decide whether it is worth objecting.
Same issue comes up with streams of recording or songwriting royalties.
Jason Wallach
jwallach@gladstonemichel.com
On Apr 12, 2012, at 10:07 AM, Sharon Hughes wrote:
I had a case with such rights. Look back 5 years and averaged.
Chapter 7 trustee
sold the rights as they were not exempted.
Best Regards,
Sharon C. Hughes
Hughes & Dunstan, LLP
21650 Oxnard Street, Suite 1960
Woodland Hill, CA 91367Tel: 818-715-9558x1
Fax: 818-715-9559
Email:
schug98@aol.com
A/V rated by The Martindale-Hubbell Law Directory
www.hughesanddunstan.com
-----Original Message-----
To: cdcbaa
Sent: Thu, Apr 12, 2012 9:27 am
Subject: [cdcbaa] oil, gas and mineral rights valuation in potential Ch. 13
Potential client has oil, gas and mineral rights that he
inherited through his deceased parents of which he shares 50% annual
royalties between himself and his surviving sister. He receives on
average $1,000 a month in income and he inherited these rights about a
year ago.
How do you value the fair market value of this asset on Schedule "B" in
a Ch. 13 case.
If in fact valuation should be done via appraisal, does anyone have an
appraiser that is well versed in valuation of oil, gas and mineral
rights. The deed does not specify which particular minerals.
Sincerely,
Lindsey B. Green, Esq.
Gumm & Green, LLP, Attorneys at Law
5743 Corsa Ave., Suite 111
Westlake Village, CA 91362
phone: 818 707 4233
fax: 818 707 4262
e-mail-Lindsey@gummandgreen.com
start="
5ldq6pwshlog@webmail.mysuperpageshosting.com"
charsetF-8
p{margin: 0;padding: 0;}If by any chance the debtor is of
Native American ancestry be mindful of the obscure federal nonbankruptcy
exemptions under Title 25 that may exempt such lease interests if they
stem from Indian tribal land.
Mark T. JesseeLaw Offices of Mark T. Jessee"A Debt Relief
Agency"50 W. Hillcrest Drive, Suite 200Thousand Oaks, CA 91360(805)
497-5868 (805) 497-5864 (Facsimile)NOTICE TO RECIPIENT: THIS E-MAIL IS
MEANT FOR ONLY THE INTENDED RECIPIENT OF THE TRANSMISSION, AND THIS
COMMUNICATION IS INTENDED TO BE PRIVILEGED BY LAW. IF YOU RECEIVED THIS E-MAIL
IN ERROR, ANY REVIEW, USE, DISSEMINATION, DISTRIBUTION, OR COPYING OF THIS
E-MAIL IS STRICTLY PROHIBITED. PLEASE NOTIFY US IMMEDIATELY OF THE ERROR BY
RETURN E-MAIL AND PLEASE DELETE THIS MESSAGE FROM YOUR SYSTEM. THANK YOU IN
ADVANCE FOR YOUR COOPERATION.
On Thu, 12 Apr 2012 17:17:57 +0000, "James T. King"
<
king@kingobk.com> wrote:
The post was migrated from Yahoo.