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purchased a DC-4 for $625,000, Resort paid $525,000, and Colonial purchased its DC-4B, appraised by Eastern at $625,000, for $700,000.

National attacks Eastern's appraisal of its flying equipment on the ground that its values assigned are higher than the appraised values submitted in the prior Eastern-Colonial Acquisition Case, supra. For example, it is pointed out that Eastern's appraisal of DC-3 aircraft at $80,000 each is substantially above the estimated value of $63,880 as set forth in the prior case. National also maintains that Eastern's appraisal of DC-4 aircraft at $485,000 each is in excess of the sales price of 10 DC-4 which Eastern sold in March 1951, with spare parts, for $450,000 each.

Any appraisal of the value of assets, of course, contains a certain amount of conjecture. Because of fluctuations in the supply and demand of aircraft current prices vary. Eastern's estimate of the value of DC-3 aircraft does not appear substantially out of line with the current quotations of individual aircraft.

While Eastern's appraisal of DC-3 aircraft on an individual basis does not seem unreasonable it should be noted that Eastern would be purchasing in a "package deal" and it is questionable whether the aggregate of the values of the individual aircraft provides a fair measure of the value of all of the aircraft to be purchased. As