1994-03-11_GENERAL DOCUMENTS - C1981017

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through the granting of a deed of trust on the Rockdust Plant. The deed of trust, in favor of the MLRB and OSM, is senior to all other liens on the property other than the statutory lien for property taxes. 5 . Resources hereby seeks authorization pursuant to 11 U.S.C. 5363 (b) to sell the Rockdust Plant pursuant to the following offers: a. Pete Lien & Sons, Inc. has offered to purchase the equipment at the Rockdust Plant for $300, 000, including exterior conveyors, equipment located inside the plant, and steel structures associated with the equipment, bins, or buildings. The terms of sale are cash payment upon the entry of a final order authorizing the sale, as set forth in more detail in an Agreement for Sale of Equipment attached hereto as Exhibit B. b. Dale Eubank has offered to purchase the Rockdust Plant, including real estate but excluding the property to be sold to Pete Lien & Sons, Inc. , for $147, 600. The terms of sale are cash payment upon the entry of a final order authorizing the sale, as set forth in more detail in a Real Estate Sale Contract attached hereto as Exhibit C. 6. The Real Estate Sale Contract requires Resources shall to remove all limestone and magnetite from the property within six months of Court approval of the sale. This work will be performed by Pitkin Iron Corporation, the lessee/operator of the facility, at no cost to Resources. The contract also requires Resources to remove personal property, conveyors, and structures, within six months of Court approval of the sale, and to remove buildings, machinery, and the remainder of the property, to foundations, within one y n_ear of Court approval of the sale. This work will be per orme y Pete Lie & Sons, Inc. as part of the Agreement for Sale of Equipment, at no cost to the estate. The contract also requires Resources to remove trash, scrap metal, waste materials, and all other debris within six months of Court approval of the sale. Removal of scrap will be performed by M&E Equipment Company pursuant to a Court-approved contract, at no cost to the estate. With respect to waste materials, soil samples are currently being taken and Resources does not anticipate that any hazardous wastes will be 'found. 7. These offers represent the culmination of extensive efforts by Resources to solicit bids for the property. Neither offeror has any connection with Resources, any affiliate of Resources, or any officer or director of Resources or its affiliates. 2