Quote:
Originally Posted by Colin May
Metlej doesn't have a chance of winning. The judge also tossed his bid, saying that the property was not sold at market value because Metlej was willing to pay an amount more than any other bid. It's just a nuisance suit. When you sign an agreement with a person or a body you are supposed to ensure that they have the legal capacity to conclude the transaction. This was one of several cases where staff have played "Damn the torpedos, full steam ahead"
|
Well, sounds like court has an unusual conception of FMV. It is not crystallized; it changes, sometimes quickly.
The best approximation of FMV, is what a person, at arm's length, is willing to pay for an item.
If one party is willing to "pay more" than any other bid, than that would seem to suggest a FMV higher than any current bids; whatever, in the end, that party pays (and is not subsequently bid up by anyone else) is the best estimate of FMV.
Threaded Mode