8512008 Informal Interpretation

(redacted)

December 17, 1985

Mr. Patrick Sharpe
Room 301
Federal Trade Commission
6th Street & Pennsylvania Avenue, N.W.
Washington, D.C. 20580

Dear Mr. Sharpe:

This letter will confirm our telephone conversation of December 17, 1985, during which we discussed whether a real estate appraisal is a study that must be filed in response to Item 4(c) of the Notification and Report For.

You concluded that a real estate appraisal is not a study with respect to the competitive aspects of a transaction described in the instructions to Item 4(c) and need not be filed with the Notification and Report Form.

Sincerely yours,

(redacted)

(redacted)

STAFF NOTES: Staff concensus [sic] disagrees - real estate appraisal could be deemed a 4-c document. Attempted to call 12-26-86 - left message (called twice).

Note: I talked to (redacted) on 12-17-85 and told him that I had never seen an appraisal as a 4-c document and that it probably was not a 4-c. However, I did mention that this was my opinion and if he wanted an informal option by the staff that he should write a letter.

After discussing this issue with staff, I told (redacted) that this is not a yes or no answer. This (a real estate appraisal) could conceivably be a 4-c document. He is suppose [ sic] to make the cut on whether a document is a 4-c based on the rules. He is in the best position to make that determination. Patrick Sharpe 12-30-85

Notes: A real estate appraisal is a document that establishes an estimate of value of a piece of real property with improvements as of a certain date. This document (appraisal) was prepared by the acquired company. Competion [sic] - the act of competing in business, A rivalry in business for customers or markets.