Which of these two fragments is more readable?

$self->{catalina_base} = $ENV{'CATALINA_BASE'};
if (!defined $self->{catalina_base}) {
    $self->{catalina_base} = $self->getTomcatHome() ;
}
if (!defined $self->{catalina_base}) {
    CCM::Util::error ("CATALINA_BASE unset and TOMCAT_HOME undefined", 3);
}

or

$self->{catalina_base} = $ENV{'CATALINA_BASE'} || $self->getTomcatHome()
   || CCM::Util::error ("CATALINA_BASE unset and TOMCAT_HOME undefined", 3);

Update: or

$self->{catalina_base} = (
   $ENV{'CATALINA_BASE'}
   or $self->getTomcatHome()
   or CCM::Util::error ("CATALINA_BASE unset and TOMCAT_HOME undefined", 3)
);