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VALUE OF THE PURCHASED ASSETS <br />11. The Purchased.Assets were valued as part of the <br />comprehensive evaluation performedf~by Valuation Research <br />Association in connection with-the Plan. .A copy of the valuation <br />report prepared by VRC was introduced as.Exhibit 2 at the Plan <br />confirmation hearing held on.January 27, 1993. Exhibit 8 to the <br />Disclosure Statement submitted with the Plan shows that the <br />orderly sale value of the PPE.of..Albuquerque Metals Company was <br />$693,000 and that the orderly sale,value,of-the PPE of Denver <br />Metals Company was $1,129,000. <br />12. The Reorganized .Debtors solicited bids for the <br />-~ <br />sale of the Purchased Assets. DJJ!s-bid was the highest bid <br />received. - <br />13. The purchase price to be paid by DJJ for the PPE <br />of Albuquerque and Denver Metals exceeds the orderly liquidation <br />value by approximately $1,000,000. Accordingly, the Reorganized <br />Debtors believe that the price to be received for the PPE is <br />supported by evidence and is in line with what could reasonably <br />be realized for the PPE. The inventory purchased will be <br />purchased by DJJ at fair market value as. determined by market <br />prices for scrap on the closing date. The receivables may also <br />be purchased by DJJ on the closing date. <br />•.;: <br />5 <br />