Opinion ID: 1119615
Heading Depth: 3
Heading Rank: 3

Heading: Valuation and Distribution of Katrina Ann, Inc.

Text: Jeff also appeals the valuation and distribution of a partnership that he and Shannon jointly owned during their marriage. Katrina Ann, Inc. was a salvage venture initiated by Jeff and Shannon to purchase a sunken boat and some salvage equipment. By the time of trial, the business was essentially defunct. Jeff testified that the corporation was valueless and might even be more of a liability than an asset because of the possibility that the boat could injure someone or begin to leak oil. But he also testified that the business owned a gear locker, float bags, and other miscellaneous gear with a value he estimated to be $5,000. Jeff stated that he could see no reason why he could not sell the float bags and miscellaneous gear. Thus, the only testimony before the court established that the business had assets of $5,000 that could be liquidated. The superior court committed no error in valuing Katrina Ann, Inc. at $5,000. Jeff also appeals the court's distribution of Katrina Ann, Inc. to him. But Jeff testified at trial that he did not care which party received Katrina Ann, Inc. His distribution argument is actually a restatement of his contention that Katrina Ann, Inc. was improperly valued: He argues that [t]he court should have awarded the Katrina Ann, Inc. to either Shannon or Jeff, but at a zero value. Instead, the Court valued [Katrina Ann, Inc.] at $5,000.00 [and] made Jeff take it at that inflated value. Accordingly, this argument must fail for the same reasons the valuation claim does.