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8. The Walsenburg Property has been the subject of an appraisal as of August 15, <br />1992, wherein the Walsenburg Property was valued at between $607,800.00 which is the <br />forced liquidation value and $830,000.00 which is the orderly liquidation value. <br />9. Although the proposed sale price is less than the appraised value of the <br />Walsenburg Property, it has been offered for sale for over a year by CF&I. Since We early <br />part of 1993, at least fifteen (15) parties have been contacted and provided with information <br />about the Property. Of the fifteen, CF&I commenced negotiations with seven or eight <br />entities, but the offers from those entities have been withdrawn, were never finalized, or <br />were not as favorable as the offer from Farrell-Cooper Mining Company. In addition, <br />although the $488,567.25 offer from Farrell-Cooper Mining Company represents the highest <br />offer CF&I has received to date, the proposed sale is subject to higher and better offers. <br />WHEREFORE, CF&I requests the Court enter an Order approving the sale of the <br />Walsenburg Property to Farrell-Cooper Mining Company, under the Contract, or such other <br />sale on the same terms at a higher price that may result if higher and better offers are <br />received. <br />tt <br />Respectfully submitted this ~ ~ day of July, 1994. <br />RAY, QUINNEY & NEBEKER <br />By ~~ ~ ~. ~ti <br />Weston L. Hams <br />Elaine A. Monson <br />e~n3~,~m <br />4 <br />