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JUL 08 '93 05:55PN HOLDEN & JESSOP P.6
<br /> Neil Wolf
<br /> Stephen W. Seifert
<br /> Frank R. Johnson
<br /> July 8, 1993
<br /> Page 5
<br /> The Rail Loadout Site has been appraised at $747,000.
<br /> Pat Fitzgerald, a broker who previously has marketed property for
<br /> Resources, estimates the value at $1.2 million.
<br /> The Carbondale Industrial Park, whose value previously
<br /> was estimated at between $500,000 and 1,000,000, has been
<br /> appraised at $1,231,300. Estimates from two brokers, Mason &
<br /> Morse and Fitzgerald, range from $850,000 to 1,310,000.
<br /> The Fabrication Shop, whose value was estimated by
<br /> Resources at between $300,000 and 500,000, has been appraised at
<br /> $432,000 under the label "Mine Service Tract. " Estimates from
<br /> Mason & Morse and Fitzgerald range from $395,000 to 300,000.
<br /> In addition, Don Sullivan, who sold the 160 parcel, has
<br /> recommended a listing price of $2,495,000 on the Mine Site proper
<br /> (i.e. , what was originally described as the Mine Site, less the
<br /> Rail Loadout Site which also includes Resources' office) .
<br /> A revised estimate of liquidation values, (i)
<br /> incorporating the recent appraisal and the recommended listing on
<br /> the Mine Site, (ii) discounting all unsold property 10% for costs
<br /> of sale, (iii) eliminating the Rockdust Plant, which under the
<br /> Plan goes directly to the MLRB, and (iv) transferring $1,750,000
<br /> of liquidation proceeds to the Reclamation Account and the
<br /> Environmental Truest as per the Plan, would thus indicate the
<br /> following:
<br /> Equipment $2,000,000
<br /> Mine Site 2,245,000
<br /> Rail Loadout Site 672,000
<br /> Carbondale Industrial Park 1,108,000
<br /> Fabrication Shop 389,000
<br /> Coke Oven Tract 135,000
<br /> 160 Acre Tract 160,000
<br /> Net to Creditors' Trust: $6, 709,000
<br /> Less Transfers Under Plan: 14750.4000
<br /> $4,959,000
<br /> These estimates of value obviously contain
<br /> uncertainties. Nonetheless, I would observe that compared to the
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