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Chapter 10 - Fair ValueA second independent appraisal came back.

$4.08 million.

Close to the original $3.95 million.

Nowhere near $5.4 million.

The trust had options.

Buy at fair value.

Continue leasing.

Let the lender foreclose and negotiate with a future owner.

Kendrick’s financial emergency was real.

But it did not automatically become Foster Ridge Ranch’s emergency.

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That became the institutional lesson.

Urgency did not create entitlement.

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