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<br />contract prices had CFI purchased an annuity contract on (1) <br />October 18, 1993, and (2) December 10, 1993. <br />CF&I also will present at the hearing on this Motion updated <br />annuity quotes that will be provided by the insurers one to two <br />business days prior to the hearing date. Moreover, CF&I has <br />given interested parties (in its Notice of Hearfnq) the <br />opportunity to request and receive these updated quotes prior to <br />the hearing (either by telephone or facsimile). At all times, <br />the Court and interested parties must bear in mind that the <br />quotes presented at the hearing and the final quotes will :be <br />different than the quotes discussed in the two examples below.s <br />CF6i initiated the insurer evaluation process in the :middle <br />of August. With the technical assistance of its consultant, <br />Towers Perrin, CFSI requested 24 insurers to submit annuity <br />contract price quotes. Hughes Aff. 1 8. <br />1. October 18. 1993 Ouotes <br />On October 18, 1993, the insurance companies submitted <br />preliminary bids for annuity contracts. Based on Towers Perrin's <br />evaluation of the insurers solicited, CF6I, as Plan fiduciary, <br />narrowed its selection down to four very highly rated and very <br />SDUe to the fluctuation in annuity prices, and the upcoming <br />February 27, 1994, deadline, CF6I respectfully requests the Court <br />to issue a ruling on this Motion as quickly as possible. In the <br />event the Court immediately grants CF6I the relief requested, <br />CF&I believes that the actual annuity purchase could take place <br />within several days after the hearing (depending on how quickly <br />the assets can be liquidated). In that event, the updated quotes <br />presented at the hearing should fairly represent the final <br />quotes. <br />8 <br />