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<br />Cattle P'WertY By aK..~„".n CF&1 Steel Corporation, Ne slue of Nc miners) righu u <br />odguWly appraised have litely diminished in value, and givrn CFI's liquidation objective, <br />Stagg Fiiginxring opircd Nat it would nor be impudent for CF&I m consider a sale based <br />an the vane of wrfax righu ardy. <br />17. AlUaugh Uie proposed sale prix for Ure NeW CuOe Property is Iess than the <br />iniriil appraised value, CF&1 bclievn s number of tattoo uia Nat justify the propsed <br />fa00,000 purchase prix, including G) Ure developmrnu oorarrning the )tam flat affect Ure <br />salve of Ure NeW Castle Property, (u) Ure acknowledged reductions in the value of Ne New <br />Castle Property by the party performing Ne initial appnisil, pii) that Ure offer of Burning <br />Mountain is approtinumly midway between are initial oNrrly liquidation and forsasd sale <br />value and it Urt highest and ben offer rexivtd by CF&1 in more Uun one and one-hilt yeah <br />(dhc than at Iht auebOn talc Which faded m CIOY), (iv) Ilul Ure offer is subject m higher <br />sod bnter offm, and (v) Uut CF&I wiU be rNieved of future rnilnlenanx, insurance and taa <br />o6liptiont with respect m the New Castle Pmpeny. Based on the foregoing factors, CF&I <br />believer, !n iu business judgment, that the proposed file of the New Cagle Prtgerty m <br />Burning Mountain, or m arrother party malting a higher sod better offer, is in the but <br />intout of the esum of CF&1's sod iu credimn. <br />Ig. If higher and beau offm are relYivdl by CFk1 prior m the hearing on this <br />more and will accept the highea offs, subject b Ure offeror'a payment of tatrrea money <br />equal m f 100,000, and will pressmt arch higher and 6euu oRen m the Coup for approval. <br />wHERFFORE, CF&I requesu the Coup enter an Order approving the rile of Ure <br />New Castle Pagcry m Burning Mountain, or nth other de If sudr other rile is for a <br />higher prix. <br />Rapegfully IrNmitled Wt ]rd day of November, 1991. <br />RAY, QUINNEY & NIDFJCFR <br />By W¢4'j yy. l . ,Vannti~ <br />Weston L )fortis <br />wrrvr wen <br />Marion, CF&1 will conduct an auction tale among all patio Out have offered (400,000 or <br />