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intangibles represented 40% of the purchase price. In the TWA-Marquette Case intangibles represented 93% of the purchase price. In the instant proceeding intangibles would represent approximately 55% of the total price.

An additional fact to be considered is the determinable value entailed in Colonial's LaGuardia lease and in its trained employees. As previously concluded herein these intangibles are worth approximately $1,650,000. These in addition to other intangibles previously mentioned herein are assets which should redound to the benefit of the surviving entity and, in turn, the stockholders.

There are also other methods of measuring the reasonableness of the consideration in the Eastern-Colonial agreement. Although Eastern would not receive Colonial stock in trade, in view of the fact that the number of shares of Eastern stock to be issued to Colonial is on the basis of the outstanding Colonial shares, the relative value of the two stocks provides a measure of the reasonableness of the consideration. The relative values of the outstanding capital stock of the two companies can be measured in two ways, by comparison of the book values and the market values of the stocks at the time the agreement was made.

As of December 31, 1954, the date Colonial's last balance sheet prior to negotiation of the agreement, Colonial's net book value was