GENERAL45099 - Laserfiche WebLink

Home Browse Search

For Approval to Sell Prnpe,-ty, alan± a.,3 F~,ipmPnt of Albu~,ueargue Metals Company Free and Clear of Liens, Interests, Encumbr:inc.es Claims (the "Motion"). Copies of the Motion and the Purchase are available from the undersigned counsel for customary mailing and copying charges. The major terms anti conditions of the sale are summarized below: a. The total purchase price for the PPE i:: $900,000. A $250,000 cash deposit will be placed in escrow by Acme ten days after the execution of the Purchase Agreement. The balance of the purchase price will be paid by Acme in cash at closing. At clot>ing, the escrowed amount shall be released to the Reorganized Debtors. b. AMC and CF&I have agreed to provide tittle to the PPE free and clear of claims, liens and encumbrances as set forth and as subject to the exceptions in paragraph 3 of the Purchase Agreement. c. The Purchase Agreement states that clo;oing of the transaction is subject to approval of the Bankruptcy Court. Closing shall take place on tkce 11th day following the entry of the Bankruptcy Court'~o order approving this sale. d. The properties are sold by AMC and CF&I'. "as is" and without warranties of any nature. Upon completion of the purchase and sale under the Puz•ch+sse Agreement, Acme waives and releases any claims ox' causes of action that it has or may have against AMC and CFI including any for environmental contamir.,at.ion of the property to be sold. e. The sale of the PPE to Acme is subject to the receipt by CF&I and AMC or higher or better offers prior to the entry of an order by the Bankruptcy Court approving the sale. If a higher or better offer is accepted, Acme is entitled to a fee in the maximum amount of $100,000 to reimburse Acme for all actual out-of-pocket expenses incurred by Acme in its attempt to purchase the PPE. 2