It’s been five (count ’em, five) years and more since Judge Mark V. (“Vittorio Emanuele”) Holmes’ famous dissent in Oakbrook. Back then no one else agreed that valuation was the key to syndicated conservation easement swindles and historic façade fakery, relying instead upon “very contestable readings of what it means for an easement to be perpetual” and nitpicking appraisers and appraisals.

See my blogpost “They Always Must Be With Us,” 5/12/25.

Judge Ronald L. (“Ingenuity”) Buch devalues the syndicated conservation easement claimed by Mize Farm, LLC, Focus on Design, Inc., Tax Matters Partner, Docket No. 8979-23, filed 12/1/25, with an off-the-bencher.

Both Mize and IRS stip out all the appraiser-appraisal and textual-regulatory argy-bargy, except Judge Buch tosses one of Mize’s appraiser’s expert report and expert status because of footfaults and finger-fehler, but he testifies as fact witness anyway. Doesn’t help; this GA boondockery isn’t worth $10 million, or even $6 million, more likely not even the $425K IRS concedes. Walmart snapped up the only decent retail/industrial site for miles around.

The whole case goes off on valuation, as Judge Holmes argued it should.

Like the Man said, “I tell you, this man went down justified.”