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Case 14-33427 Doc 269 Filed 12/19/15 Entered 12/19/15 22:42:25 Desc Imaged <br />Certificate of Notice Page 9 of 20 <br />BID PROCEDURES <br />Set forth below are the bid procedures (the "Bid Procedures") to be employed with <br />respect to the prospective sale(s) (the "Sale(s)") of mining equipment and inventory of Camp <br />Bird Colorado, Inc. ("CBCI") in connection with jointly administered cases of CBCI and <br />Federal Resources Corporation ("FRC") (collectively, the "Debtors"), Bankruptcy Case No. 14- <br />33427 (the "Bankruptcy Case"), pending in the United States Bankruptcy Court for the District <br />of Utah (the "Bankruptcy Court"). The Debtors will seek entry of an order from the <br />Bankruptcy Court authorizing and approving Sale(s) of the assets to the Qualified Bidder(s) (as <br />hereinafter defined) as the Debtors, in the exercise of their business judgment, may determine to <br />have made the highest or otherwise best offers to purchase the Equipment (the "Successful <br />Bidder(s)"). <br />Stalking Horse Bid <br />The Debtors have received a "stalking horse" bid proposal from Richard Ciardo, or his <br />designee (the "Purchaser") as set forth in that certain Term Sheet (the "Agreement"),2 a copy <br />of which will be provided along with these Bid Procedures. The Purchaser has proposed to buy <br />the mining equipment and inventory as specified in the Agreement (the "Equipment"). The <br />Equipment that Purchaser proposes to buy do not include "Business Records" and the "Motion <br />Flow Equipment" as those terms are defined in the Agreement. <br />Under the Agreement, Purchaser has offered to purchase the Equipment for consideration <br />in the amount of at least $87,000.00 (the "Purchase Price") as follows: (a) $10,000 earnest <br />money deposit, and (b) $77,000.00 to be paid no later than the third business day after the <br />"Effective Date" as defined in the Motion. The Purchaser also has agreed to pay all <br />commissions in connection with the sale, so there will be no offsets or reductions from the <br />purchase price. <br />In the event the Effective Date does not occur on or before December 15, 2015, the <br />earnest money deposit is fully refundable. <br />Reservation of Rights <br />The Debtors reserve the right to entertain bids for the Equipment, or to sell the <br />Equipment in other lots as the Debtors determine in the exercise of their business judgment if an <br />alternative sale would result in the highest or otherwise best collective value for the Equipment. <br />2 All capitalized terms not otherwise defined herein shall have the same meaning as in the Agreement. <br />23119107.4 <br />1 <br />