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going concern were not involved in the sale.
That the intangibles are important factors in determining price is apparent from prior decisions of the Board. As previously stated herein the United-Western Route 68 Case, supra, the Board found that intangibles have a real value which cannot be ignored in determining price. In the same case the Board recognized the value of increased productivity of a route as a result of an acquisition when it stated that:
"It seems clear from the record that what United was purchasing was the earning power of route No. 68 which United believed would be much more productive if operated by itself than if operated by Western."
It is clear that Colonial's intangibles have value justifying added consideration. It remains to be determined if the consideration to be paid for these intangibles is reasonable.
While no precise appraisal of Colonial's assets is possible on the basis of facts on record, it appears that its fixed assets would bring in the neighborhood of $4,300,000 on the open market. Thus Eastern under the agreement would be paying approximately $5,300,000 for Colonial's intangibles. 
National in an analysis on brief sets forth various payments in excess of book value approved by the Board in prior acquisition cases. In comparing the consideration Eastern would pay with that provided in prior agreements, National predicated Eastern's price on stock

Transcription Notes:
Underline: United-Western Route 68