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Lipscomb emphasizes that "while some authors have proposed CVM as a potential 'fourth approach [to value],' the real value of the CVM is as a component of the existing traditional approaches." However, the introduction to his 2011 JREL article states, "Real estate appraisal practice stresses three traditional approaches (cost, sales comparison, and income) to value contaminated properties.
PW's main legal defense was that the 1986 contract (correctly interpreted) did require the EJ companies to bear these costs and not JREL. PW also raised several other defenses, for example, the denial of any loss caused by the alleged breaches, and reliance upon the "booking agent" exception in paragraph 7.2 of the contract.
His claim is now against PricewaterhouseCoopers because he says it was its failure to report which made it impossible for Sir Elton to recover the money from JREL. Mr Howard said the hearing must investigate the duties and responsibilities of JREL under the management agreement, and who was responsible for paying tour agents - Sir Elton or his management company.
His case was that under a management agreement, "several millions" which he paid out in touring expenses should have been met by JREL.
The star - worth pounds 160million - then went on to sue Mr Haydon, former managing director of JREL. He claimed Mr Haydon, 45, was negligent in allowing JREL to charge him tour expenses which he said the company should have paid.
He claimed Mr Haydon, 45, acted negligently by allowing JREL to charge him tour expenses.
Sir Elton said he believed someone from JREL had leaked the letter.
He alleges that Mr Haydon was negligent in allowing JREL to charge him overseas tour expenses, including booking agents, accountants and producers.
As a result he instructed Andrew Haydon, then JREL managing director, to hire private investigators to discover if the letter was leaked.
He alleges Mr Haydon was negligent in allowing JREL to charge him tour expenses.
By then, he had doubts over whether JREL was up to the job.
He said that in one year, John Reid earned pounds 15 million commission from Sir Elton while his company, John Reid Enterprises (JREL), took pounds 73.5 million between 1980-88.
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