NotethattheminorityinterestsinSevillearecomputedtobe
49% of the book value of equity at Seville.
TheminorityinterestsinLatinWorksarecomputedas15%of
the book value of equity in LatinWorks, which is $250
million(capitalinvestedminusdebtoutstanding).Itwouldbe
purechanceifthevaluefromthisapproachwereequaltothe
true value of equity, estimated earlier, of $1,529 million.
Wecanseefromthediscussionofhowbesttovalueholdings
in other firms that we need a substantial amount of
information to value cross holdings correctly.
Partial-Information