Thorne v. Bauder
In Thorne v. Bauder, 981 P.2d 662, 664 (Colo. Ct. App. 1998), the court found that an appraisal by a broker was material and subject to disclosure.
The court noted that the opinion was given by a professional disinterested expert, it was made for the purpose of determining the fair market value of all the capital stock, and had been requested by the purchasers a few months before they purchased the stock. Thorne, 981 P.2d at 665.
The court also found that the reliability of the appraisal was enhanced by the fact that the broker had recently sold a neighboring business and was familiar with the market. Id.