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for a home. No appraisal exists. The Debtor estimates the value <br /> of the parcel in the range of $150,000 to 200,000. <br /> Mine Site. A real estate agent who has brokered the sale <br /> of other mountain property for the Debtor, and who is active in <br /> marketing recreational property in the vicinity of the Mine, has <br /> recommended a listing price of $2,495,000 on the Mine, exclusive of <br /> peripheral properties within the Mine permit area such as the Rail <br /> Loadout Site, the Rockdust Plant, and the Debtor's office. For <br /> purposes of estimating value, the Debtor has arbitrarily reduced <br /> the value to $2,000,000. <br /> Based on the foregoing estimates of value, the estimated <br /> liquidation value of the Debtor's principal assets are summarized <br /> as follows: <br /> Cash on hand $ 335,205 <br /> Equipment 1,200,000 <br /> Carbondale Industrial Park 1,125,000 <br /> Rail Loadout Site 750,000 <br /> Coke Oven Tract 175,000 <br /> Mine Site 2,000,000 <br /> Total: $5,585,205 <br /> These estimates of value obviously contain considerable <br /> uncertainties. The Debtor has made estimates of value throughout <br /> its bankruptcy case and shared these values with the Official <br /> Creditors' Committee, Sanwa, and other groups. These estimates <br /> periodically have been revised to take into account the results of <br /> actual sales and other information. In general, the Debtor's past <br /> estimates of equipment values have been higher than realized, while <br /> its estimates of real property values have been lower than <br /> realized. <br /> Some assets may take several years to liquidate. In <br /> particular, the Debtor would expect equipment sales to continue <br /> over a period of years. Moreover, because of the practical <br /> difficulties involved in selling the Mine during the pendency of <br /> reclamation efforts, the Debtor would expect few sales within the <br /> Mine permit area during the next two years, although some of the <br /> peripheral properties, such as the Rail Loadout Facility, might be <br /> sold more quickly. <br /> The foregoing estimate of liquidation proceeds does not <br /> take into account all costs of sale. The Carbondale Industrial <br /> Park is the subject of sales negotiations that do not involve a <br /> real estate commission. However, other sales of real property <br /> should be assumed to require payment of real estate commissions. <br /> There may be other costs of sale, such as title policies and <br /> environmental audits, for which no allowances have been made. In <br /> 36 <br />