Amendment to Tender-Offer Statement – Going-Private Transaction — Sch. 13E-3
Filing Table of Contents
Document/Exhibit Description Pages Size
1: SC 13E3/A Midland Fabricators & Process Systems for Unifab 45 235K
International, Inc.
6: CORRESP ¶ Comment-Response or Other Letter to the SEC 4 8K
2: EX-99.C2 Appraisal of Leasehold Property 56 140K
3: EX-99.C3 Appraisal of Properties at Port of Iberia 116 355K
4: EX-99.C4 Appraisal of Machinery 46 106K
5: EX-99.C5 Appraisal of Primary Machinery and Equipment 34 99K
Assets
Exhibit (c)(4)
UNIFAB INTERNATIONAL
ASSET VALUATION
BY: THE WFA GROUP
5625 Northwest Central, Suite 100D Houston, TX 77092
Febuary 19, 2002
Bank One
201 St. Charles, LA3-5261
New Orleans, Louisiana 70170
Attn: Mr. Richard Broussard, First Vice President
APPRAISAL
As requested, an appraisal of certain assets of UNIFAB INTERNATIONAL has been
conducted by WFA/COLLATERAL REVIEW SERVICES, INC. This appraisal sets forth our
findings and conclusions which are based upon an investigation of conditions
affecting value and are subject to the Appraisal Overview; Purpose, Function and
Scope; Conditions and Definitions contained in the following report.
The values stated in this report are reflective of the appraiser's opinion as of
the date of inspection (or date of this report if no inspection) and the
appraiser makes no assumptions or predictions as to effect of future events on
these values.
This information is confidential and should be disclosed only to persons with a
need to know as determined by the original purchaser.
WFA is under no obligation to provide additional information and/or
clarification of report contents to anyone other than the addressee.
Thank you for the opportunity to be of service to you. Please contact us for any
explanation or further review.
Respectfully submitted,
/s/ Grady A. Joiner
Grady A. Joiner
Executive Vice President
/jaj
Enclosure
THE WFA GROUP
FOREWORD
Founded in 1984, THE WFA GROUP (WFA) offers varied financial services for
commercial lenders and their borrowers. WFA provides accounts receivable,
notes/contracts receivable and inventory field exams, inventory valuations,
machinery & equipment appraisals and business valuations, in addition to bank
presentations and seminars. We also offer a management consulting division which
services small business in numerous consulting areas.
Our COLLATERAL EXAM DIVISION provides exam services for pre-loan survey on new
credits, loan portfolio maintenance on operating credits and in the asset review
area on special credits. It also provides on-going monitoring of bank lines of
credit secured by this collateral through our Red FlagsM Analysis & Collateral
TrackersM Programs. These programs keep a lender better informed of their
collateral status on borrowing base credits. This division assists banks and
non-bank lenders in their secured lending function by validating the trade
assets used as collateral, prove up the integrity of the borrowing base and
protect lenders against loan losses.
Our APPRAISAL/VALUATION DIVISION provides machinery and equipment appraisals and
also values product inventories. Appraisals follow guidelines established by the
Uniform Standards of Professional Appraisal Practices (USPAP) and American
Society of Appraisers (ASA). BUSINESS VALUATIONS cover a wide range of business
types and provide a Fair Market Analysis of tangible and intangible assets for
stock sale, asset sale or financing of a business for continued operation.
Our FINANCIAL SERVICES DIVISION provides Internal Operational AssessmentssM for
banks and financial services for borrowers that need professional management
assistance in the areas of financing, accounting, management and operations.
WFA's combined staff experience evolves from numerous years in the areas of
collateral management, asset-based lending, commercial banking, accounting,
project management and consulting. Professional memberships include the American
Management Association, American Society of Appraisers, National Association of
Credit Management, Association of Certified Fraud Examiners, State & National
Banking Associations. In addition, WFA has spoken to numerous banking groups,
regulators and has published books and articles for national banking audiences,
including those written for secured lending magazines, journals and newspapers.
Our client base represents the entire financial services industry, domestic and
foreign banks, including non-bank entities and the FDIC. WFA examines, appraises
and values over $900 million in collateral annually.
APPRAISAL
FULL INSPECTION
(See Purpose and Scope of Appraisal)
February 19, 2002
UNIFAB INTERNATIONAL
New Iberia, Louisiana
MACHINERY & EQUIPMENT
ORDERLY LIQUIDATION VALUE
FORCED SALE LIQUIDATION VALUE
INSPECTION EFFECTIVE: 0 1/15/02 -FULL INSPECTION
APPLICATION BY
Grady A. Joiner
INDEX
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RECAPITULATION - Orderly Liquidation Value.................................................. 1
RECAPITULATION - Forced Sale Liquidation Value.............................................. 2
EXHIBITS & FIXED ASSET LISTINGS ............................................................ ME 1-27
CERTIFICATE OF APPRAISER ................................................................... 3
APPRAISAL OVERVIEW ......................................................................... 4
PURPOSE AND SCOPE OF APPRAISAL ............................................................. 5
CONDITIONS OF APPRAISAL .................................................................... 6
TERMS & DEFINITIONS ........................................................................ 7-10
CONDITION CODES ............................................................................ 11
QUALIFICATIONS ............................................................................. 12-13
Grady A. Joiner
PHOTOGRAPHS ................................................................................ 14
RECAPITULATION
UNIFAB INTERNATIONAL
New IBERIA, LOUISIANA
FEBRUARY 19, 2002
ORDERLY LIQUIDATION VALUE
TOTAL FOR REPORT
*** $12,468,385 ***
(TWELVE MILLION, FOUR HUNDRED SIXTY-EIGHT THOUSAND,
THREE HUNDRED EIGHTY-FIVE DOLLARS)
WFA/Collateral Review Services, Inc. VL - 1
RECAPITULATION
UNIFAB INTERNATIONAL
NEW IBERIA, LOUISIANA
FEBRUARY 19, 2002
FORCED SALE LIQUIDATION VALUE
TOTAL FOR REPORT
*** $9,400,830 ***
(NINE MILLION, FOUR HUNDRED THOUSAND,
EIGHT HUNDRED THIRTY DOLLARS)
WFA/Collateral Review Services, Inc. VL-2
EXHIBITS AND FIXED ASSET LISTINGS
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LOC. QTY ITEM DESCRIPTION COND OLV FSLV
---- -------- ----------- ---- --- ----
NI 1 CRANE 1980, Grove Mod. RT58C, S# 46422 F $ 26,000 $ 15,500
NI 1 TRACTOR John Deere Mod. 650, w/ 36" bush hog, F $ 2,900
S# Unk $ 4,900
NI 1 CRAWLER DOZER 1994, Komatsu Mod. D37P-5, rops, 4 G $ 27,000 $ 19,000
way blade,
w/Allied winch, S# 3228
1976, Manitowoc Mod. 4100W Vicon
crawler crane, 100' boom,
NI 1 CRANE 40' jib, Martin Decker TOTCO, high G $ 895,000 $ 790,000
gantry, and etc., S# 413053,
complete rebuilt in 1998
NI 1 LOT/SPEADER BARS 11 various heavy duty G $ 13,200 $ 7,900
spreader/lifting bars
NI 1 MANIPULATOR Ransome Mod. 12x3012'vertical, 30' G $ 27,700 $ 16,000
horizontal, S# 628199
Gaffey 30 ton double beam gantry
NI 1 CRANE crane,electric pendent control, G $ 27,000 $ 18,500
75' beam, mounted on tracks, S# Unk
Includes the following: l-Ransome
NI 1 LOT/PIPE ROLLS 10000 lb. power roll, F $ 46,000 $ 27,600
1 1-idler rolls, S#'s Unk.,
NI 1 CRANE 1998, Manitowoc Mod. 2250, crawler G $1,485,000 $1,350,000
crane, 180' boom, 40' jib, S# 2251023
Shop made torch/manipulator, on steel
NI 1 MANIPULATOR platform and F $ 5,100 $ 3,060
70' of rail track
To include the following : 1-Pipe
roller system w/ 32-24" steel
NI 1 PIPE ROLLER SYSTEM rollers, l- hydraulic winch, 175' G $ 25,500 $ 15,300
double I-beams, 2-pipe roller
movers, mounted on 40' rail track,
all shop made
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ME-1
Includes the following: 1-Weld Wire
NI 1 LOT PIPE ROLLS 10000 lb. power roller, G $17,000 $10,200
3-idlers
NI 1 TANK 10000 gallon diesel storage tank G $ 4,500 $ 2,700
NI 1 LOT SAND HOPPERS To include the following: 1-8 ton G $ 5,950 $ 3,570
stationary, 1-8 ton portable,
2-10 ton stationary, 1-40 ton
stationary, Mod. Unk 1-40 ton
overhead hopper gravity feed
NI 1 AIR COMPRESSOR Sullair Mod. 25-100L, 100 psi, S# G $ 6,500 $ 3,900
30986BGG, w/volume tank
NI 4 AIR COMPRESSORS Joy Mod WIN 112, S#'s Unk, all need S $ 1,200 $ 720
major repair
NI 1 TRAILER 14'x60' portable modular office G $ 6,500 $ 3,900
trailer, central heat & air and etc.
NI 2 TRAILERS 28'x60' double wide portable modular G $27,000 $16,200
office trailer, central heat &
air and etc.
NI 1 TRUCK International tractor w/ 40' flat bed P $ 2,000 $ 1,200
trailer,
used as yard equipment only
NI 1 TRAILER Mfg. unknown, 10', dual axle, F $ 500 $ 400
gooseneck, no serial number
NI 1 MANIPULATOR Panjiris Mod. 1000 Manip, track G $25,500 $19,000
mounted, w/ dual Lincoln NA-4
wire feeds, Lincoln Ideal Arc
DC-1000, S# U1970501099, Lincoln
AC-1200, S# U19502119
NI 2 BRIDGE CRANE Kranco 15 ton A frame overhead G $47,000 $22,000
cranes, 75' beam
mounted on tracks
NI 1 CRANE Grove Mod. RT58C, S#Unk P $15,000 $ 7,000
ME-2
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NI 1 AIR Palatek Mod. 20DK, w/off shore frame, S#
COMPRESSOR 95L007 G $ 12,600 $ 7,560
NI 1 LOT MISC. EQUIPMENT To include the following: 6-30'portable
light stands, 20-4' portable light stands,
35-portable junction boxes,
pipe racks and etc., G $ 21,000 $ 12,590
NI 1 WELDER Miller Dimension 450, S# Unk G $ 1,780 $ 1,070
NI 5 WELDER Miller CP-302, S# Unk G $ 7,200 $ 4,320
NI 42 WELDER Miller SRH 444, S#'s Unk G $ 22,680 $ 13,610
NI 1 WELDER Lincoln DC-400, S# Unk G $ 1,350 $ 810
NI 14 WELDER Miller 250 TS, S#'s Unk G $ 16,635 $ 9,980
NI 2 WELDER Miller Dimension 452, S# Unk G $ 2,705 $ 1,625
NI 5 WELDER Miller CP-252 TS, S#'s Unk G $ 6,060 $ 3,635
NI 1 WELDER Miller CP-300, S# Unk G $ 1,350 $ 870
NI 4 WELDER Miller SRH 333, S# Unk G $ 1,680 $ 1,010
NI 2 WELDER Lincoln DC-600, S#'s Unk G $ 3,920 $ 2,350
NI 3 WELDER Airco 400 Bumble Bee, S#'s Unk G $ 2,760 $ 1,650
NI 2 WELDER Miller Goldstar 452, S#'s Unk G $ 2,590 $ 1,555
ME-3
NI 1 WELDER Thermal Arc Pak 40, S# Unk G $ 2,920 $ 1,750
NI 2 WELDER Miller Deltaweld 452, S#'s Unk G $ 2,705 $ 1,625
NI 1 WELDER Profax P-300SG, S#'s Unk G $ 1,100 $ 660
NI 1 PIPE THREADER Ridgid Mod. 535, w/ tools and G $ 2,000 $ 1,200
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dies
NI 1 CRANE 1971, Manitowoc 4100 Vicon, 150' boom,
30' jib, crawler crane,S# 41054 G $295,000 $225,000
NI 1 CRANE 1983, Manitowoc 3900 Vicon, 140' boom, 30'
jib, crawler crane, S# 391285 G $345,000 $285,000
NI 1 BRIDGE CRANE Gaffey 10 ton double beam, 55', electric
pendent control, w/shaw box G $ 16,200 $ 9,720
NI 1 BRIDGE CRANE Landel 5 ton double beam, 55', electric
pendent control, w/shaw box G $ 8,640 $ 5,785
NI 1 BRIDGE CRANE Robbins & Myers 10 ton double beam, 55',
electric pendent control G $ 16,200 $ 9,720
NI 1 BRIDGE CRANE Landel 10 ton double beam, 55', electric
pendent G $ 11,800 $ 7,130
NI 1 LOT MISC. EQUIPMENT Includes the following: shop made pipe
loading rack approx. 100' long w/rails and
20-24' rollers electric drive, 1-shop made
pipe cutter, 1-drill press, 1-ridid 535
pipe threader, 1-Carolina CBT-5-1200 50
tons H-frame press, 1-anvil, 3-work tables,
3-panjiris positioners (small), 2-shop made
positioners, 1-lot of 1000 lb. Idlers no
make a model visible, 1-2 ton jib w/wright
elevator hoist G $ 58,400 $ 35,040
ME-4
NI 1 THREADER Landis, Mod. Unk, Max. 6" pipe threader G $ 4,400 $ 2,640
NI 1 WELDER Shop made track welder wlLincoln G $ 7,820 $ 4,695
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DC-600,single head Lincoln LN9N wire
feed, mounted on track rails
NI 1 POSITIONER Aronson Mod. SHD100A, 120000 lb., S# 80419 G $ 75,000 $ 48,000
NI 1 POSITIONER Panjiris Mod. BETA, S# 81-2050-2 G $ 11,600 $ 6,960
NI 1 PIPE CUTTING SYSTEM Vernon Tool Company dual head pipe cutting
torch line, computer operated, w/ 60' pipe
conveyor outside, 40' pipe conveyor
inside, 20' catch conveyor, Hypertherm Max
200 G $132,000 $ 95,000
NI 1 AIR COMPRESSOR Emglo Mod. 452TV, 10 hp, w/ air dryer,
horizontal tank, S# V9C811 PTZT G $ 2,400 $ 1,440
NI 3 JACKS Panjiris Hydraulic V jacks, w/ interpack
pump, S#'s Unk G $ 8,925 $ 5,355
NI 2 BRIDGE CRANE Landel 5 ton double beam, 60', electric
pendent control G $ 17,280 $ 10,365
NI 1 LOT MISC. EQUIPMENT To include the following: 1-Miller SRH
444 wl SA 22 wire feed, 1-Jet drill
press, l-Jet dual wheel pedestal grinder,
l-Wilson 100
ton H-Frame press, l-Alkota steam cleaner
Mod. 3102A F $ 10,120 $ 6,070
NI 1 TRACTOR Ford Mod. 6600, S# Unk F $ 4,370 $ 2,620
IngerSoll Rand Mod. P-750-W-CU, 750 cfm
NI 1 AIR COMPRESSOR compressor F $ 8,000 $ 4,800
NI 4 ICE MACHINES Manitowac Mod. S-970 & C-970, S# Unk G $ 4,800 $ 2,880
NI 1 WELDER Miller CP-250TS, S#Unk G $ 1,190 $ 710
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ME-5
NI 4 WELDER 1-Deltaweld 452, 1-CP-302, 1 - Miller 250,
and 1 Miller Mod. # Unk (in need of repair) P $ 1,405 $ 850
NI 2 TURNING ROLLS Weld Wire, Mod. Unk, 10000 lb. Power
turning rolls G $ 15,000 $ 9,000
NI 2 BRIDGE CRANE Landel 20 ton double beam, 75', w/ Yale
hoist G $ 54,000 $ 32,400
NI 2 BRIDGE CRANE Landel 5 ton single beam, 75', electric
pendent control G $ 18,360 $ 11,015
NI 1 JIB CRANE 30'x40' w/1/2 ton electric hoist G $ 325 $ 195
NI 1 ABRASIVE SAW Savage/Campbell 20" Mod. 22 A, 20' table,
S# 801954 G $ 900 $ 540
NI 1 PUNCH Center Engineering Mod. MM61P, w/ 20' roll
conveyor, S# 2927980 F $ 1,600 $ 1,280
NI 1 LOT MISC. EQUIPMENT Includes the following: 1-18" chop saw,
1-Jet drill press, 3-work tables, l-vise, &
etc. F $ 3,500 $ 2,100
NI 1 PIPE THREADER Ridgid Mod. 535, with tools and dies G $ 2,000 $ 1,200
NI 3 WELDER Miller CP-252TS, S# Unk G $ 3,635 $ 2,180
NI 2 WELDER Miller SRH 444, S#'s Unk G $ 1,080 $ 650
NI 1 WELDER Miller CP- 250 TS, S#'s Unk G $ 1,190 $ 710
NI 3 WELDER Miller CP-300, S# Unk G $ 4,045 $ 2,425
NI 1 WELDER Miller Mark 111-2 8 pak, S# KE-673042 G $ 5,440 $ 3,265
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ME-6
NI 1 DRILL PRESS Modog Mod. RBM-28B, S# 4925 G $ 900 $ 540
NI 4 BRIDGE CRANE Landel 20 ton double beam, 100', electric
pendent G $150,000 $ 88,000
NI 10 BRIDGE CRANE Landel 20 ton double beam, 60', electric
pendent control G $240,000 $150,000
NI 1 MANIPULATOR 20'x6', trac/torch plasma cutting system G $ 9,075 $ 5,445
NI I BANDSAW Wells Saw Mod. F-15, w/20' in feed conveyor G $ 3,510 $ 2,105
NI 1 WELDER CXA shape cutter trac/welder on rail tracks
w/ Miller SRH 444 F $ 4,950 $ 4,200
NI 1 LOT TURNING ROLLS Includes the following: 1-10000 lb. Weld
Wire power roller, 10-Weld Wire 10000 lb.
idlers G $ 42,500 $ 25,500
NI 1 MANIPULATOR Cauyuga 10'x10' manipulator, single head
Lincoln NA-3N wire feed, l-Lincoln Ideal
Arc AC-1200 &
Lincoln Ideal Arc DC-1000 G $ 15,000 $ 9,000
NI 4 TURNING ROLLS 4 sets Panjiris power turning rolls and
idlers 5000 lb. G $ 10,800 $ 6,480
NI 1 PIPE THREADER Ridgid Mod. 535, w/ dies, tools and 2 pipe
vices G $ 2,000 $ 1,200
NI I MANIPULATOR Wire Weld Mod. 141450, 15'x 12' manipulator
w/dual Lincoln NA-4 & NA-3N wire feed
heads, l-Lincoln Ideal Arc DC-1000,
1-Lincoln Ideal Arc AC-1200 G $ 30,400 $ 18,240
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NI I GRINDER Cincinnati 24" surface grinder, Mod Unk F $ 7,500 $ 4,500
NI 1 CUTTING SYSTEM Kolke Sanso Kogyo Mod. K-25000,
tracer/cutter, w/3 computer controlled
heads and 30' burn table G $100,000 $ 90,000
ME-7
NI 1 CUTTING SYSTEM CXA shape cutter w/ Gruman Co-Ordinated
Tracing System,
3 heads and 30' burn table G $ 54,000 $ 54,000
NI 1 BRAKE Pacific, 1971, Mod. K500, 500 ton, 12'
deck, max 5/8" S# 5147 G $ 58,000 $ 48,600
NI 1 CUTTING SYSTEM Custom made cutting torch platform w/
Aronson 10000 lb. turning
roll and idler G $ 13,600 $ 8,160
NI 1 WELDER Lincoln Ideal Arc DC-600, w/ Lincoln LN-8
wire feed and
Invincible Flux Recovery System G $ 4,585 $ 2,750
NI 2 WELDER Miller VIII-2, 8 pak welders, S# HD 689614
& 1 Unk G $ 10,880 $ 6,530
NI 6 WELDER Miller SRH 444, S#'s Unk G $ 3,240 $ 1,945
NI 1 WELDER Lincoln DC-1000, S# Unk G $ 2,050 $ 1,260
NI 3 WELDER Miller CP-250 TS, S#'s Unk G $ 3,565 $ 2,140
NI 3 WELDER Miller Deltaweld 452, S#'s Unk G $ 4,055 $ 2,435
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NI 1 WELDER Miller CP-300, S# Unk G $ 1,350 $ 800
NI 1 WELDER Memco 302, S#Unk G $ 800 $ 480
NI 1 WELDER Miller SRH 222, S# Unk F $ 320 $ 190
NI 1 WELDER Miller Goldstar 452, S# Unk G $ 1,295 $ 775
NI 1 RADIAL ARM Carlton 6' arm 19" column, Mod Unk G $ 9,200 $ 5,520
ME-8
NI 1 SHEAR HTC Mod. 500-10A,10' deck, max -1/2" S#
A1075930 G $ 28,080 $ 16,850
NI 1 LOT TURNING ROLLS To include the following: 1-200 ton Ransome
power turning roll, 2-200 ton Ransome idlers G $ 53,000 $ 31,800
NI 1 FORKLIFT 1986 Clark Mod.CCS30MB, 5000 lb. Lift, S#
G138MB-0048-5521-FA G $ 6,000 $ 3,600
NI 1 LOT MISC. EQUIPMENT Includes the following: 2- 5 ton jib
cranes, 1-1 ton jib crane, 5-24" fans, jack
stands, steel work tables, G8 old roller &
idler, etc. F/P $ 6,815 $ 4,090
NI 2 BRIDGE CRANE Landel 10 ton, double beam, 75', electric
pendent control G $ 28,560 $ 17,135
NI 1 BRIDGE CRANE Landel 5 ton, double beam, 75', electric
pendent control G $ 9,180 $ 5,510
NI 4 BRIDGE CRANE Gaffey 25 ton, double beam, 75', electric
pendent control G $107,200 $ 64,320
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NI 1 PIPE TROLLEY Shop made 20'x30' electric powered pipe
rail trolley w/ Kone 2 ton hoist G $ 4,000 $ 2,400
NI I PLATE ROLL Bertsch Mod. 24, S# Unk, 13/4" max G $225,000 $160,000
NI I PLATE ROLL Bertsch Mod. 34, S# Unk, 4" max G $420,000 $335,000
NI 1 MANIPULATOR Aronson Mod. S 16VR47CL-SK, 30'x20' sub
arc, w/ dual head Lincoln NA-3N wire feed,
l-Lincoln AC-1200,1 Lincoln DC-1500,
on track system G $ 50,000 $ 30,000
NI 2 TURNING ROLLS Wire Weld 12000 lb., 2-power rolls & 2
idlers G $ 50,000 $ 4,865
ME-9
NI 1 MANIPULATOR 20'x20' manipulator sub arc, Mod. Unk, w/
single head Lincoln NA-3N wire feed,
l-Lincoln Ideal Arc DC-1500 G $ 44,000 $ 26,400
NI 1 PIPE WELDING SYSTEM To include the following: Shop made 75'x35'
grated platform w/12 Ransome power rollers,
3 sets Ransome pipe kickers, 1 Ransome
Rerounder, 16 24" rollers, l 9'x35'
manipulator on rails, 3-Lincoln
AC-1200, 3-Lincoln DC-1000, 4-Lincoln NA-3N
wire feeds, 4
Invincible Flux Recovery System, 4-5 ton CM
electric hoist G $400,000 $250,000
NI 1 WELDER Linde VCR801 CV, S#Unk G $ 11,120 $ 6,675
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NI 1 WELDER Miller CP-300, S#Unk G $ 1,350 $ 810
NI 5 WELDER Miller CP-250 TS, S#'s Unk G $ 5,940 $ 3,535
NI 1 WELDER Miller CP-252 TS, S# Unk G $ 1,215 $ 725
NI 1 WELDER Miller SIZE 444, S# Unk G $ 540 $ 325
NI 1CUTTING SYSTEM ESAB Slicer, 14' pattern cutting system w/
3 computer controlled heads, 50' rail
track, no table G $115,000 $ 75,000
NI 1 MANIPULATOR Ransome 12'x12' sub arc, w/ single head
Lincoln NA-3N wire feed, 1-Lincoln
AC-1000,1-Ideal Arc DC-1000 Invincible Flux
Recovery System, S# 628199 G $ 24,840 $ 14,905
NI 1 PIPE WELDING SYSTEM Includes the following: 14'x90' grated
platform, w18 power rollers, 1.20'x20'
manipulator, 3-Lincoln NA-3N wire feeds, I
- Lincoln
AC-1200,1-Lincoln DC-1000, Invincible Flux
Recovery System,
1-side, rail w/ Lincoln DC-1000,1-Lincoln
NA-3N wire feed G $145,000 $100,000
ME-10
NI 1 MANIPULATOR 20'x15' w/ Lincoln DC-1000, Invincible Flux
recovery System G $ 37,620 $ 22,570
NI I MANIPULATOR Mfg. unknown 10'x8' w/ Miller FC 75E F $ 2,100 $ 1,860
NI 1 BRIDGE CRANE Kone, 10 ton, double beam, 75', electric
pendent control G $ 14,280 $ 8,570
NI 1 BLAST SYSTEM BCP Auto Blast System Mod. A4-6814, S#
1745, w/ 40' infeed and
exit table, return system, Palatex 60DA air
compressor G $111,250 $ 66,750
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NI 1 LOT MISC. EQUIPMENT To include the following: 1-16' air
manifold, 2-8' air manifolds,
pipe racks, hangers, jib crane w/ 2 ton
electric hoist G $ 6,000 $ 3,600
NI 1 BRIDGE CRANE Anchor 10 ton, double beam, 35', electric
pendent control G $ 7,020 $ 4,215
NI 2 BRIDGE CRANE 3 ton mono beam, 75', electric pendent
control G $ 7,200 $ 4,320
NI I BRIDGE CRANE 5 ton mono beam, 75', electric pendent
control G $ 4,860 $ 2,915
NI 2 WELDER Miller Mark 111-2 8 pak, S# KB-0745401 Unk G $ 10,880 $ 6,530
NI 1 MANLIFT Grove MZ66B, S# Unk Scrap Value P $ 5,000 $ 3,000
NI 7 WELDER Miller SRH 444, S#'s Unk G $ 3,780 $ 2,270
NI 1 WELDER Miller CP-252TS, S# Unk G $ 1,215 $ 730
NI 2 WELDER Miller CP-302, S#'s Unk G $ 2,880 $ 1,730
NI 2 WELDER Miller Deltaweld 452, S#'s Unk G $ 2,705 $ 1,625
ME-11
NI 2 WELDER Miller CP-250 TS, S#'s Unk G $ 2,375 $ 1,425
NI 1 WELDER Lincoln DC-400, S#Unk G $ 1,350 $ 810
NI 1 WELDER L-Tec V1-360-1, S# Unk G $ 720 $ 435
NI 1 PIPE THREADER Ridgid Mod 535 w/ dies & tools G $ 2,000 $ 1,200
NI 1 BANDSAW Jet Mod. HBS-1018W, horizontal bandsaw G $ 2,200 $ 1,315
NI 1 CRANE Manitowac, 1976, 4100W Vicon crawler crane,
140' boom, 30' jib,
high gantry, S# 413052, complete rebuilt
1998 G $890,000 $785,000
NI 1 CRANE Manitowac, 1982, 4000W Vicon G $340,000
[Download Table]
crawler crane, 160'boom, $ 290,000
S# 40733
NI 1 CRANE Manitowac, 1970, 4000W Vicon G $ 925,000 $ 800,000
crawler crane, 160' boom, 30' jib,
S# 40345, complete rebuilt (1999)
NI 1 CRANE Manitowac, 1969, 4000W, crawler G $ 275,000 $ 195,000
crane, 160'boom, S# 40257
NI 1 BRIDGE CRANE Aceco 10 ton, double beam, 45', G $ 8,100 $ 4,860
electric pendent control,
NI 1 AIR COMPRESSOR Ingersol Rand 5 hp, vertical tank F $ 500 $ 300
NI 1 ROD OVEN Keef Mod. R-1000, S# Unk G $ 700 $ 420
ME-12
APS 1 FURNACE 1976, Huber Construction Co. G $ 125,000 $ 80,000
15'x15'x50' gas fired car bottom
stress relieving furnace, 2000
degree, w/Brady & Honeywell
control center PLC controls, track
load
APS 1 CRANE 1979, Galion Mod. 150-A, 15 ton F $ 14,800 $ 8,880
RT, S# 8097
APS 30 TURNING ROLLS 30 sets of Panjiris & Aronson F $ 364,500 $ 218,700
power turning rolls and idlers,
average size 50 ton
APS 1 PLATE ROLL Bertsch Mod. 34, S# M8742 G $ 430,000 $ 340,000
[Download Table]
APS 2 BURNERS Cypress Weld hole G $ 10,500 $ 6,300
burners,mounted on shop made
12'x12' manipulator
APS 1 CUTTING SYSTEM ESAB Avenger #1-12 pattern G $ 108,000 $ 64,800
burner, S# 96-V152-4179, w/ 7
heads, Vision 2000 controls,
50'x12' water table
APS 2 BRIDGE CRANE Landel 50 ton, double beam, 70', G $ 85,000 $ 55,000
pendent control
APS 1 BRIDGE CRANE Landel 10 ton, double beam, 70', G $ 14,280 $ 8,570
electric pendent control 1993,
AccuShear Mod. 850010,10' deck,
max 1/2", S# 1988
APS 1 SHEAR 1993, AccuShear Mod. 850010, 10' G $ 19,440 $ 11,665
deck, max -1/2" S# 1988
APS 1 MANIPULATOR Preston Eaton 10'x10', single head G $ 11,880 $ 7,130
sub arc w/Miller Control 2 wire
feeder, Invincible Flux Recovery
System, Lincoln DC-1000
APS 1 IRON WORKER Piranha Mod. P90, w/dyes and G $ 14,040 $ 8,425
punches, S# P-90-606
APS 1 MANIPULATOR 1999, Weld Wire Mod. WW1414, G $ 29,120 $ 17,475
S#99S3991, 14'x14' w/four head,
3 Lincoln NA-4,1-NA-3N wire
feed, l-Lincoln AC-1200,1Lincoln
DC-1000
ME-13
[Download Table]
APS 4 MANIPULATOR Ransome Mod 12'x12', single head G $ 162,000 $ 97,200
sub arc, Lincoln wire feed NA-
4 & NA-3N,1-Lincoln AC-
1200,1-Lincoln DC-1000
APS 1 RADIAL ARM Cincinnati Bickford 5' arm 17" G $ 4,860 $ 2,915
column, w power clamping,
S#5E149
APS 1 MANIPULATOR Panjiris Mod. 144HD, L-Tec single G $ 7,000 $ 4,200
head sub arc, L-Tec PCM 250,
Invincible Flux Recovery System
APS 5 ROD OVENS Phoenix Mod 13 rod ovens G $ 800 $ 480
APS 1 MANIPULATOR Panjiris Mod. 172, Linde single G $ 8,000 $ 4,800
head sub arc, Miller 652,
Invincible Flux Recovery System
APS 2 POSITIONER Preston Easton Mod. PA-30HD-6, G $ 10,500 $ 6,300
2500 lb.
APS 5 POSITIONER Ransome & Panjiris 1000 lb. G $ 11,250 $ 6,750
APS 2 BRIDGE CRANE 3 ton mono beam, 35', electric G $ 5,400 $ 3,240
pendent control
APS 15 WELDER Miller CP-250 TS, S#'s Unk G $ 2,970 $ 1,785
APS 1 WELDER Linde Plasma Arc PCM-100, S# Unk G $ 8,100 $ 4,860
APS 15 WELDER Miller SRH 444, S#'s Unk G $ 11,120 $ 6,675
APS 1 WELDER Linde VCR801 CV, S# Unk G $ 480 $ 290
APS 1 WELDER Linde V1-400, S# Unk G $ 4,000 $ 2,400
ME-14
APS 1 WELDER L-Tec PCM 250, S# Unk G $ 4,000 $ 2,400
APS 1 WELDER L-Tec PCM 70, S# Unk G $ 520 $ 325
[Enlarge/Download Table]
APS 10 WELDER Miller Deltaweld 452, S#'s Unk G $ 13,520 $ 8,115
APS 9 WELDER Miller Deltaweld 450, S#'s Unk G $ 12,130 $ 7,280
APS 8 WELDER Miller Deltaweld 451, S#'s Unk G $ 10,815 $ 6,490
APS 5 WELDER Miller CP-300, S#'s Unk G $ 6,740 $ 4,045
APS 1 WELDER Miller MP-30E, S# Unk G $ 540 $ 325
APS 1 WELDER Miller 652, S# Unk G $ 1,890 $ 1,135
APS 1 WELDER Miller 650, S# Unk G $ 1,620 $ 975
APS 1 CRANE 1939 American Bridge straight leg G $ 64,800 $ 38,880
Mod. 2509, 100 ton hoist w/
20 ton aux. Hoist, Cummings engine,
35' boom, S# 7807-7815
APS 1 FORKLIFT 1998, Case Mod 586E RT, S# G $ 25,600 $ 15,360
JJG0251856
APS 1 AIR COMPRESSOR Sullair Mod. 900DPQ-CAT, 900 G $ 8,000 $ 4,800
cfm, S# 004-108695
APS 1 CRANE 1978, Manitowac 4000W Vicon G $ 235,000 $ 200,000
crawler crane, 180' boom, 30',jib,
S# 40642
APS 1 FORKLIFT Clark Mod. C-500-YS80, 8000 lb. G $ 6,400 $ 3,840
Lift, gas, two stage mast
ME-15
APS 1 CRANE 1974, Galion Mod. 150-A, 15 ton RT, G $ 11,600 $ 6,960
S# 7789
APS 1 AIR COMPRESSOR Sullair Mod. 25-150H rotary screw G $ 8,000 $ 4,800
compressor, S# 34700FGH,125 PSI
APS 4 BUILDINGS Mfg. Unknown, portable paint/blasting F $ 8,925 $ 5,335
buildings, 40'x50'x20'
[Enlarge/Download Table]
APS 1 AIR COMPRESSOR Sullair Mod. 25-150H rotary screw G $ 8,000 $ 4,800
compressor, S# 8861KLF, 125
psi, skid mounted
APS 4 TANKS Can-San 5 ton sand blasting tanks G $ 14,400 $ 8,640
APS 2 STORAGE UNITS Mfg. Unknown, 40' steel storage G $ 3,200 $ 1,920
containers
APS 1 AIR COMPRESSOR Leroi Mod. B50SS, rotary screw, S# G $ 3,600 $ 2,160
4046X106
APS 1 FORKLIFT Taylor Mod. Y-16, 16000 lb lift, S# F $ 9,600 $ 5,760
3-55-2329
APS 3 PIPE THREADER Ridgid Mod 535 w/ dies & tools G $ 6,000 $ 3,600
APS 1 PLASMA CUTTER L-Tec PCM-250, S# Unk G $ 4,000 $ 2,400
APS 1 LOT BEVELERS To include the following sizes: G $ 4,770 $ 2,860
2-12", 2-6" 3-3",1-18",1-24"
APS 1 BANDSAW Do-All Mod. C-12, horizontal band G $ 4,960 $ 2,075
saw, S# 144-58247
ME-16
APS 1 LOT MISC. To include the following: Reed G $ 86,200 $ 51,720
EQUIPMENT Printice 12"x30" engine lathe, 6-up
Kess flux oven, 3-sand hoppers, 1-25
ton overhead sand hopper, 1-3 8 "x24"
reach in bead blaster, I - Sullair 5
hp horizontal tank compressor
APS
2 AIR COMPRESSOR Grimmer Schmidt, Mod. E1805X, M1805H G $ 13,600 $ 8,160
APS Racine Mod. 657050U, 5000 psi, max 3" G $ 14,850 $ 8,900
1 PIPE BENDER bend
SUBTOTAL $ 2,056,320 $ 1,382,920
[Download Table]
ME-17
SD 1 Forklift F $ 4,000 $ 2,400
Sold Hyster, 5000 Lb lift, , Mod. Unk
1 Boom Truck Auto Car w/20' oil field bed, gin
SD Sold poles 2-20 ton Tulsa winches, yard F $ 8500 $ 5,100
use only
SD 1 Sandpot
Sold Mfg. Unknown, 8 ton portable sandpot G $ 2,800 $ 1,680
SD 1 Crane Galion Mod. 150-P, Series A, 15 ton, F $ 15,000 $ 9,000
Sold S# Unk
SD 5 Welder
Sold Esab 352 CV, S#'s Unk G $ 6,800 $ 4,080
SD 4 Welder
Sold Miller SRH 444, S#'s Unk G $ 2,160 $ 1,295
SD 3 Welder
Sold Miller Goldstar 452, S#'s Unk G $ 3,890 $ 2,335
SD 1 Welder
Sold Miller CP-250TS, S#Unk G $ 2,285 $ 710
SD 1 Welder
Sold Miller SRH 333, S# Unk G $ 420 $ 250
SD 1 Steam Cleaner Alkota Mod 3102A, steam/pressure G $ 960 $ 575
Sold washer
1 Bridge Crane Gaffey w/10 ton Spacemaster II hoist,
SD Sold single beam, 24' electric pendent G $ 13,500 $ 8,100
control
SD 1 Radal Arm Cincinnati Bickford 6' arm, 19' G $ 5,615 $ 3,370
Sold column, S# Unk
1 Bandsaw 1979, Wells Saw Mod. F-15-2,
SD Sold horizontal bandsaw, S#A120F91, 40' in G $ 3,510 $ 2,110
feed conveyor
ME-18
1 Lot Misc. To include the following: 4-Miller
SD Equipment S-32-P wire feeders, 4-SA60 wire G $ 7,040 $ 4,225
Sold
[Enlarge/Download Table]
feeders
SD 1 Forklift 1985, Taylor Mod. Y-18-BWD, 18000 G $ 14,000 $ 8,400
Sold lb.. Lift, S#S-35-10616
SUB-TOTAL (SUPERIOR DERRICK) $ 89,380 $ 53,630
ME -19
LC 1 Crane 1965, Manitowoc 4000 W, 140' boom, G $ 190,000 $ 160,000
30' jib, S#40010
LC 3 Welder Miller Mark III-2 8 pak, S#JK 639888, G $ 20,400 $ 12,240
KE 633573, JK 661645
LC 1 Yard Truck Yard Hustler w/ 36' trailer yard use F $ 8,000 $ 4,800
only
LC 1 Excavator 1994, Hitachi Mod. EX 200LC-3, G $ 35,200 $ 29,920
S#140-79860
LC 1 Truck International Mod. F 1964, F $ 3,600 $ 2,880
VIN#AF195JCA24857-4, yard use only
LC 1 Air Compressor Quincy Mod. QSI-750 ALA310 rotary G $ 42,500 $ 35,425
screw, S#96600H
LC 3 Bridge Crane Proserve 20 ton, double beam, 100' G $ 112,000 $ 66,000
electric pendent control
LC 2 Welder Miller Dimension 452, S#Unk G $ 4,000 $ 2,400
LC 1 Welder Miller Regency, S#Unk G $ 1,080 $ 650
LC 10 Welder Miller CP-302, S#'s Unk G $ 18,000 $ 10,800
LC 9 Welder Miller SRH 444, S#'s Unk G $ 4,860 $ 2,915
LC 2 Welder Miller DialArc 250, S# Unk G $ 760 $ 455
LC 4 Welder Miller Goldstar 452, S#'s Unk G $ 5,185 $ 3,110
[Enlarge/Download Table]
LC 5 Welder Miller SRH 333, S#;s Unk G $ 2,100 $ 1,260
ME-20
LC 3 WELDER Profax P-300-SG, S#'s Unk G $ 3,300 $ 1,995
LC 1 WELDER Lincoln Ideal Arc R3R300, S# Unk G $ 400 $ 240
LC 1 WELDER ESAB SVI-4501, S# Unk G $ 3,350 $ 2,010
LC 1 WELDER Airco MW 450EC, S# Unk G $ 1,040 $ 625
LC 1 WELDER Miller SRH 404, S# Unk G $ 460 $ 275
LC I WELDER Millermatic Vintage power source/wire G $ 1,490 $ 895
feeder, S# Unk
LC 1 LOT WIRE To include the following: 10-Miller G $ 9,200 $ 5,520
FEEDERS 22-A, 1-Miller WC-115A, 1- Linde LN-9
LC 1 TRAILER 32' van trailer used for storage, Mod P $ 300 $ 250
Unk
LC 1 TURNING ROLLS 1-10000 lb power turning roll, G $ 11,600 $ 6,960
2-idlers,
LC Ramco Mod. RS90P, horizontal band G $ 675 $ 405
1 BANDSAW saw, S# 119711
LC 1979,,Dresser/Galion Mod. 150-F, 15 G $ 27,600 $ 24,840
1 CRANE ton, S# 8434
LC
2 WELDER Miller XMT-304, S#'s Unk G $ 3,595 $ 2,155
LC
1 PIPE THREADER Ridgid Mod 535 w/ dies & tools G $ 2,000 $ 1,200
LC
1 TRACTOR Ford T-5900, S# X02965 G $ 5,500 $ 3,300
[Enlarge/Download Table]
ME-21
LC 1 CRANE 1982, Case Mod. 3330 Drott, S# 6225491 G $ 12,420 $ 10,555
LC 1 AIR COMPRESSOR Ingersoll Rand 175 cfm, S# F $ 3,600 $ 2,160
125-887-V81-957
LC 1 MOWER Tiger Slope mower, 48" deck, S# Unk G $ 2,800 $ 1,680
LC 1 AIR COMPRESSOR Sullair 185 cfm, S#Unk F $ 5,510 $ 3,305
Proserve 20 ton, double beam, 70', G $ 54,000 $ 32,400
LC 2 BRIDGE CRANE electric pendent control
LC 1 PIPE CUTTING Vernon Tool Company dual head pipe G $ 181,000 $ 120,000
SYSTEM cutting torch line, Mod MPM
20224-6068, computer operated, w/ 80'
pipe conveyor
outside, 40' pipe conveyor inside,
16'x16' roll out,
LC 1 LOT BEVELERS To include the following: 2-24", G $ 10,000 $ 6,000
2-20", 1-9", 3-12", 1-6"
LC 1 LOT CRANES 6 jib cranes w/ 6-Jet 1 ton hoists G $ 5,185 $ 3,110
LC 1 CUTTING SYSTEM Miller Spectrum 1250 DC Plasma G $ 3,765 $ 2,260
Cutting System, S# KF992947
LC 1 AIR COMPRESSOR Quincy Mod. QST-50ANA32-SQ, G $ 8,960 $ 5,375
horizontal tank, S# 85923
[Enlarge/Download Table]
LC 1 TRAILER 36' gooseneck trailer F $ 7,000 $ 4,200
1978, Freightliner 5400, 14 yard F $ 3,900 $ 3,120
LC 1 DUMP TRUCK dump, Vin# CB113HP146380
LC 1 BACKHOE 1994, Case 580 Super K, S# JJC0179867 G $ 21,200 $ 18,500
ME-22
LC 1 TRAILER 52'x8' office trailer w/central heat F $ 6,500 $ 3,400
and cooling, Make Unk,
Texas tag # 017713
LC 1 BACKHOE 1995, Cat Mod. 416B, S# 8ZKO3246 Unk $ 25,000 $ 22,000
LC 1 AIR COMPRESSOR Sullair, 185 cfm, 125 psi, S# Unk $ 5,510 $ 3,305
E04-115108
LC 3 WELDER Lincoln 350, diesel engine trailer Unk $ 3,620 $ 2,170
mount
LC 1 WELDER Lincoln 400, diesel engine trailer Unk $ 3,895 $ 2,335
mount
LC 1 WELDER Miller 250, diesel engine, trailer Unk $ 3,100 $ 1,860
mount
ME-23
RS 1 Truck 2001, Chevrolet Silverado 1500, G $ 13,060 $ 7,835
Sold VIN#2GCEC19V011332642
RS 1 Trailer Wells Cargo utility trailer, Unk $ 2,400 $ 1,840
Sold VIN#1WC200C16Y2039153, 5'x15'
[Download Table]
RS 1 Truck 2000, Chevrolet Silverado 1500,
Sold VIN#2GCEC19V0Y1400769 Unk $14,580 $ 8,750
RS 1 Vehicle 1999, Ford Crown Victoria 4D LX,
Sold VIN#2FAFP74W7XX101566 Unk $10,820 $ 6,495
RS 1 Truck 1998, Ford F-150 Super Cab,
VIN#1FTZX1769WNA42309 G $10,540 $ 6,325
RS 1 Truck 1998 Dodge Ram 1500 Swept,
VIN#1B7HC16X6WS685610 Unk $ 7,940 $ 4,765
RS 1 Truck 1998, Dodge Ram 1540 Swept,
VIN#1B7HC16X9WS688159 Unk $ 7,940 $ 4,765
RS 1 Truck 1998, Chevrolet C2500 Extended Cab,
VIN#1GCGC29R5WE187232 Unk $10,000 $ 6,000
RS 1 Truck 1998, Chevrolet C2500 Extended Cab,
VIN#1GCGC29R5WE191042
1998, Chevrolet Tahoe 4 door, Unk $10,000 $ 6,000
RS 1 Vehicle
Sold VIN#1GNCS13W4W2178799 Unk $11,240 $ 6,745
RS 1 Vehicle 1998, Lincoln Navigator 2 WD,
Sold VIN#5LMRU27L8WL44127 Unk $17,840 $10,705
RS 1 Vehicle 1997, Lincoln Towncar 4D Executive,
Sold VIN#1LNLM81W7VY605740 G $11,240 $ 6,745
RS 1 Vehicle 1997, Ford Expedition XLT,
VIN#1FMEU17LXVLA15025 Unk $11,260 $ 6,755
ME-24
RS 1 Truck 1997, Ford F-150 Super Cab,
Sold VIN#1FTDX1760VNA54180 G $ 9,340 $ 5,605
RS 1 Vehicle 1996, Chrysler LHS 4D Sedan,
Sold VIN#2C3HC560TH300726 G $ 6,780 $ 4,065
RS 1 Vehicle 1996, Ford Taurus Sedan 4D GL,
Sold VIN#1FALP52U7TA180698 Unk $ 4,440 $ 2,665
[Download Table]
RS 1 Truck 1996, Ford F-450 Super Duty,
Sold VIN#FDLF47F2TEB65497 Unk $10,240 $ 6,145
RS 1 Truck 1995, Ford F-150 Super Cab Special,
Sold VIN#1FTEX15N3SKA55061 Unk $ 5,500 $ 3,300
RS 1 Vehicle 1995, Chevrolet Suburban C1500,
Sold VIN#1GKEC16K8SJ700653 Unk $ 9,460 $ 5,675
RS 1 Vehicle 1995, GMC Suburban C1500,
VIN1GDEC16K3SJ700339 Unk $ 9,460 $ 5,675
RS 1 Vehicle 1994, Mercury Sable 4D Sedan GS,
Sold VIN#1MELM50U8RA645891 Unk $ 3,200 $ 1,920
RS 1 Truck 1994, Chevrolet C1500fleet,
Sold VIN#1GCDC14ZGRE198292 G $ 5,260 $ 3,155
RS 1 Truck 1994, Ford F-150 Style Special,
Sold VIN#1FTDF15Y7RNB46822 G $ 4,320 $ 2,595
RS 1 Truck 1994, Chevrolet C1500 Fleet,
Sold VIN#1GCDC14Z1RZ226063 G $ 5,260 $ 3,155
RS 1 Truck 1994, GMC C1500 Fleet,
Sold VIN#1GTEC14K2RE503348 Unk $ 5,260 $ 3,150
RS 1 Truck 1994, Ford F-150 Style Special,
Sold VIN#1FTDF15Y3RNB46851 Unk $ 4,320 $ 2,590
RS 1 Truck 1993, Dodge D150 Sweptline,
Sold VIN#1B7HE16Y1PS262583 Unk $ 4,520 $ 2,710
ME-25
RS 1 Vehicle 1993, Ford Crown Victoria 4D
Sold LX,VIN#2FACP74W0PX146450 G $ 3,660 $ 2,195
RS 1 Truck 1993, Ford F-150 Style Special,
Sold VIN#2FTDF15Y0PCB06858 Unk $ 3,600 $ 2,160
RS 1 Truck 1992, Chevrolet C1500 Fleetside, Unk $ 4,320 $ 2,595
Sold VIN#1GCDC14Z8NZ187384
RS 1 Vehicle 1992, Buick LaSabre 4D Custom,
Sold VIN#1G4WP53L2NH511408 Unk $ 3,500 $ 2,100
[Download Table]
RS 1 Vehicle 1992, Ford Taurus 4D Sedan GL,
Sold VIN#FACP524U7NA208826 G $ 2,060 $ 1,235
RS 1 Truck 1991, Chevrolet C1500 Fleetside,
Sold VIN# 1GCDC14Z2MZ168246 Unk $ 2,720 $ 1,630
RS 1 Truck 1991, Nissan Pickup Standard,
Sold VIN#1N6SD11S0MC334839 Unk $ 2,720 $ 1,630
RS 1 Truck 1991, Chevrolet C1500 Fleetside,
Sold VIN#1GCDC14ZXM200490 Unk $ 3,620 $ 2,895
RS 1 Truck 1990, Ford F-350 Crewcab,
Sold VIN#2FTJW35H4LCA5811 Unk $ 4,340 $ 2,605
RS 1 Truck 1990, Chevrolet C2500 Extended Cab,
Sold VIN#2GCFC29K0L1173155 Unk $ 4,600 $ 2,760
RS 1 Truck 1990, Chevrolet C1500 Fleetside,
Sold VIN#1GCDC14K7LE157543 Unk $ 3,440 $ 2,065
RS 1 Truck 1989, Ford F-250 Styleside,
Sold VIN#1FTHF25H0KNB50286 Unk $ 3,180 $ 1,910
RS 1 Truck 1988, Ford F-150 Styleside,
Sold VIN#1FTEF15Y0JNA99674 Unk $ 2,440 $ 1,465
1 Truck
RS Sold 1984, Datsun Kingcab,
VIN#1W6NDO6S5EC367112 Unk $ 1,740 $ 1,130
ME-26
RS 1 Truck
Sold 1978, Dodge Pickup, VIN#D14AB8S145458 Unk $ 500 $ 250
RS 1 Truck 1976, Chevrolet Pickup, D150,
Sold VIN#CCD146A142440 Unk $ 350 $ 185
RS 1 Van 1996, Dodge Ram 3500,
Sold VIN#2B5WB35Z9TK101627 Unk $12,000 $ 7,200
RS 1 Trailer Wells Cargo storage wagon SW8,
Sold 5' x 15', VIN#1WC200C19VOY1400769 Unk $ 2,400 $ 1,840
[Download Table]
RS 1 Trailer Custom built, 16' Utility trailer, Unk
VIN#TST510814SPLA $ 1,150 $ 690
SUB-TOTAL (ROLLING STOCK) $ 288,560 $ 174,670
ROLLING STOCK NOT SOLD $ 55,880 $ 33,530
$ 232,680 $ 141,140
TOTAL FIXED ASSETS $12,468,385 $9,400,830
ME-27
CERTIFICATE OF APPRAISER
I certify that:
1) to the best of my knowledge the statements of fact contained in this
report are true and correct.
2) the reported analyses, opinions and conclusions are limited only by the
reported assumptions and limiting conditions, and are my personal,
unbiased professional analyses, opinions and conclusions.
3) I have no present or prospective interest in the property that is the
subject of this report and I have no personal interest or bias with
respect to the parties involved.
4) My compensation is not contingent upon the reporting of a predetermined
value or direction in value that favors the cause of the client, the
amount of the value estimate, the attainment of a stipulated result, or
the occurrence of a subsequent event.
5) My analyses, opinions and conclusions were developed, and this report has
been prepared, in conformity with the Uniform Standards of Professional
Appraisal Practice.
6) Where applicable to the Purpose and Scope of this appraisal, I have
personally made an.inspection of the property that is the subject of this
report. (See Purpose and Scope)
7) No one provided significant professional assistance to the person signing
this report.
WFA/COLLATERAL REVIEW SERVICES, INC.
WFA/COLLATERAL REVIEW SERVICES, INC. VL - 3
APPRAISAL OVERVIEW
The appraisal assignment as evidenced by this report was conducted at the
request of the client reflecting the client's choice of purpose and scope, and
does not seriously contradict the appraiser's advice unless so stated.
There are three basic types of appraisals relative to property inspection: Full
Inspection, Limited Inspection and No Inspection.
If the specified scope is other than Full Inspection, the client and any reader
of this report should understand the limitations and assumptions inherent in the
specified scope and that "Limited" or "No" inspection can equate to limited
information and added assumptions as to existence, usage and conditions.
Certain information provided to the appraiser by the client or any agent of the
client is assumed to be provided in good faith and be free of any known errors.
The listed property, in general, is being utilized for its intended purpose
Which the appraiser assumes to be (within reason) the "highest and best" use as
designed, unless specified below. Any property not inspected is valued based on
this assumption.
MARKET OVERVIEW
UNIFAB International uses a variety of equipment including construction,
manufacturing and fabrication. The market for this type equipment is down 15% -
20% from a high of two years ago.
RESOURCES
In conducting this appraisal many sources of information were used.
Including:
1. WFA records and files
2. The Evaluator books
3. The Green Guide
4. The Book
5. Machinery Trader web site
6. Manufacturers and Manufacturers representatives.
WFA/Collateral Review Services, Inc. VL - 4
PURPOSE, FUNCTION AND SCOPE OF APPRAISAL
The purpose and function of this appraisal is to provide an estimate of value of
subject property as described by the "Exhibits and Fixed Asset Listing"
enclosed. This appraisal is stated in teirits of:
Orderly Liquidation Value
FORCED SALE LIQUIDATION VALUE
REMOVED
(For lending security)
and is based on one or more approaches to value as
indicated below and described in the "Definitions"
section of this report.
MARKET/SALES APPROACH
COST APPROACH
(Income Approach was considered and determined not applicable)
The scope of this appraisal assignment has been determined by the
clients requirements and is subject to limiting conditions and
definitions set fourth in this report.
This appraisal is classified as a:
APPRAISAL - FULL INSPECTION
Where applicable, property inspection was conducted by
the appraiser or designated representative under
advisement of the appraiser.
Assumptions
1. All assets listed do exist and are owned by subject firm.
2. There have been no modifications to these assets that would have
significant impact on value.
3. Asset conditions are good.
WFA/Collateral Review Services, Inc. VL - 5
CONDITIONS OF APPRAISAL
TYPE INSPECTION - The type of inspection performed is determined by the purpose
and scope as established between the client and appraiser. The standard method
is to inspect all property if reasonable. Options may also include limited
inspection or no inspection. (See Definitions - Purpose and Scope of Appraisal
VALUE CONCEPT - The value concept used for this appraisal was chosen by the
client and may or may not be the most favorable concept for this particular
application. (See Definitions - Value Concept and Purpose and Scope)
APPROACH TO VALUE - Several approaches to value should be employed by the
appraiser. Under certain conditions one or more approaches may be omitted if
determined to have no practical application to the subject property.
(See Definitions-Approaches to Value and Purpose and Scope)
APPRAISAL FEE - The appraiser signing this report is compensated based on a fee
determined to be reasonable for the work performed and is not contingent on the
value outcome. Further, the appraiser has no other financial interest in the
property being appraised.
CONDITION OF PROPERTY - The condition of the subject property/assets has been
assumed to be adequate relative to original design considering age and normal
use unless otherwise noted. This typically applies to Limited Appraisals where
individual asset conditions are not considered.
(See Definitions-Conditions)
OWNERSHIP - All property/assets listed in this report are assumed to be free and
clear of any liens or encumbrances and ownership thru valid purchase, title, or
other means has not been determined and can not be assumed to have been
determined by inclusion in this report.
APPRAISER RIGHTS - The appraiser has the right to recall all copies of this
report to correct any omission or error. Any omission or error is unintentional
and should be brought to the appraiser's attention for correction. Further,
under no circumstances shall the appraiser's liability exceed the actual fee
charged for the appraisal. The conclusions of value stated in this report are
the opinion of the appraiser based on certain facts and information. Therefore
the appraiser warrants only that the value conclusion is an estimate based on
his/her interpretation of this information and limiting conditions as set forth
in this report.
WFA/Collateral Review Services, Inc. VL - 6
TERMS AND DEFINITIONS
FAIR MARKET VALUE (FMV) - "The value expressed in cash or cash equivalent which
a willing buyer would he justified in paying and a willing seller would be
warranted in accepting if each is: 1) well informed or well advised; 2)
motivated by reactions of typical users; 3) free from undue stimulus; 4)
financially capable of ownership and/or use; 5) allowed a reasonable length of
time in which to test the market."
For all assets appraised, it also represents the amount a reputable and
qualified appraiser, unaffected by personal interest, bias or prejudice, would
recommend to a prospective purchaser as a proper price or cost in light of
prevailing conditions.
This definition IMPLIES Removed Value, where removed means all items listed in
the itemized report are assumed to be sold on a "piecemeal basis as is and where
is" with the buyer being responsible for removal at their own expense.
ORDERLY LIQUIDATION VALUE (OLV) - "The estimated amount in cash or cash
equivalent which could be realized over a period of 90 to 120 days at a sale
conducted in an orderly and controlled manner by an objective party using
limited marketing efforts as dictated by the time requirements and held under
economic conditions equivalent to those in place as of the date of this report.
This definition IMPLIES Removed Value, where removed means all items listed in
the itemized report are assumed to be sold on a "piecemeal basis as is and where
is" with the buyer being responsible for removal at their own expense.
FORCED SALE LIQUIDATION VALUE (FSLV) - "The estimated amount in cash or cash
equivalent which could be realized at a controlled, professionally marketed and
conducted public auction or sale using immediate and contiguous disposition held
under economic conditions equivalent to those in place as of the date of this
report.
This definition IMPLIES Removed Value, where removed means all items listed in
the itemized report are assumed to be sold on a "piecemeal basis as is and where
is" with the buyer being responsible for removal at their own expense.
No consideration is given to the effect of the sale/removal of items on the
value of other items the sale since the order of sale is not under control of
the appraiser and buyer motivation m change based on the order of sale.
WFA/Collateral Review Services, Inc. VL - 7
FAIR MARKET VALUE - IN PLACE (FMV-IP)- "The value expressed in cash or cash
equivalent which a willing buyer would be justified in paying and a willing
seller would be warranted in accepting if each is: 1) well informed or well
advised; 2) motivated by reactions of typical users; 3) free from undue
stimulus; 4) financially capable of ownership and/or use; 5) allowed a
reasonable length of time in which to test the market."
Value consideration is given to the property IN PLACE for the purpose of
continued use. This includes added value for transportation, installation,
set-up, permitting, etc. In-Place value assumes ownership of or legal right to
use of any facility in which subject property resides and that the subject
property will be utilized to its highest and best use.
No consideration is given to the effect of the sale/removal of individual items
on the value of other items in the sale since it is assumed all assets are sold
as a group.
ORDERLY LIQUIDATION VALUE - IN PLACE (OLV-IP)- "The estimated amount in cash or
cash equivalent which could be realized over a period of 90 to 120 days at a
sale conducted in an orderly and controlled manner by an objective party using
limited marketing efforts as dictated by the time requirements and held under
economic conditions equivalent to those in place as of the date of this report.
Value consideration is given to the property IN PLACE for the purpose of
continued use. This includes added value for transportation, installation,
set-up, permitting, etc. In-Place value assumes ownership of or legal right to
use of any facility in which subject property resides and that the subject
property will be utilized to its highest and best use.
No consideration is given to the effect of the sale/removal of individual items
on the value of other items in the sale since it is assumed all assets are sold
as a group.
FORCED SALE LIQUIDATION VALUE - IN PLACE (FSLV-IP) - "The estimated amount in
cash or cash equivalent which could be realized at a controlled, professionally
marketed and conducted public auction or sale using immediate and contiguous
disposition held under economic conditions equivalent to those in place as of
the date of this report.
Value consideration is given to the property IN PLACE for the purpose of
continued use. This includes added value for transportation, installation,
set-up, permitting, etc. In-Place value assumes ownership of or legal right to
use of any facility in which subject property resides and that the subject
property will be utilized to its highest and best use.
No consideration is given to the effect of the sale/removal of individual items
on the value of other items in the sale since it is assumed all assets are sold
as a group.
WFA/Collateral Review Services, Inc. VL - 8
REPLACEMENT COST (RPLC) - An amount expressed in cash or cash equivalent which
one would pay to obtain, transport and install the same item or closest matching
in performance, to the item being appraised. This value may be greater than
original cost depending on inflation, availability, location, etc.
REPRODUCTION COST (RRDC) - An amount expressed in cash or cash equivalent which
one would expect to pay to transport and install a newly constructed replica
(including all design and engineering costs) of the subject asset.
COST APPROACH - An estimate of value based on replacement cost less
depreciation. Depreciation may be physical deterioration due to age and use;
decreased functionality due to technology, changes in product standards, etc.;
or economic factors such as management decisions, depressed market conditions
for the product(s) produced by the item or government regulations. This approach
is best used as a support for other approaches.
MARKET/SALES COMPARISON APPROACH - Value based on comparison with similar items
sold or listed for sale in the common market for this type of item. Comparison
is made on "like levels" such as unconditional sale to fair market or auction
sale to forced liquidation value, etc. Other factors may or may not be applied,
such as comparable age, condition, location, etc. Comparisons are made on a
"closest like kind" basis where exact comparisons are not available.
INCOME APPROACH - This approach to value is NOT often used for individual items
of machinery and equipment but can provide a guide' and is useful in conjunction
with other approaches. The income approach supports an estimate of value based
on analysis of future earnings and remaining life of subject property.
FULL INSPECTION - A full inspection indicates all items listed have been
inspected. While most items are considered to be inspected individually, some
"Lots" may be inspected as such and not by individual piece due to their size,
quantity and relative weight to the overall appraisal.
LIMITED INSPECTION - Specific items are selected for inspection and considered
representative of all items in terms of condition, care and accuracy to records
provided. This is most common with rental assets that may be difficult to
inspect due to location. Items not inspected are reflected as "UKN" condition.
WFA/Collateral Review Services, Inc. VL - 9
NO INSPECTION - In some cases an appraisal of property may be conducted based on
information provided to the appraiser by the client without physical inspection.
Assumptions are often made by the appraiser in conducting such an appraisal.
ENVIRONMENTAL IMPACT - The appraiser makes no environmental impact studies
relative to subject property and does not imply any compliance or lack of
compliance to environmental laws by the values assigned in this report. While a
value may reflect the effects of compliance, the appraiser is not responsible to
monitor, report or in any way control compliance to environmental issues.
VALUE ANALYSIS
The values stated in this report are based on the stated approaches to value and
reference material as listed below. Every item listed may not have applicable
information within all the stated approaches and therefore may be limited to
only one approach. The listed references were used as an aid in determining the
value characteristics and contribute to the conclusion of value(s).
1. WFA records and files relating to value. These may be prior projects/research
reflecting values, costs, trends, formulas, etc.
WFA/Collateral Review Services, Inc. VL - 10
CONDITION CODES
These condition codes apply to Full and Limited Inspections only and are used to
describe the apparent condition of an item or items at the time of inspection.
WFA/COLLATERAL REVIEW SERVICES, INC. cannot assume responsibility for any latent
defects not discernible upon inspection. Equipment not functional in the
ordinary course of business will be so stated in this report.
VG - Very good, excellent condition with no requirement for repairs and
usually considered above average; would be longer than average
before any required maintenance.
G Good condition, usually considered average to that which would be
expected for an item of like age and utility; would require standard
continued maintenance.
F Fair condition, generally considered below average but operable;
could use repairs or improvement; questionable continued or extended
use.
P Poor condition, may or may not work and in all likelihood requires
maintenance for even the most limited use; needs immediate
attention.
S Salvage condition, considered as such where function is completely
diminished and the property is considered usable for parts only.
X - The property has no function and is not adequate for salvage.
Value relates to material content only.
UKN- Unknown at the time of application. This is used where a
determination could not be made for various reasons. This could mean
the item was not totally accessible or conditions made proper
inspection difficult.
WFA/Collateral Review Services, Inc. VL - 11
QUALIFICATIONS GRADY A. JOINER
THE WFA GROUP
WFA/COLLATERAL REVIEW SERVICES, INC.
EXPERIENCE & BUSINESS BACKGROUND
Executive Vice President
The WFA Group
WFA/Collateral Review Services, Inc.
Appraisal Services
1984 - Current
Receivables / Inventory Reviews
Appraisals / Valuations
Manager of Data Processing
Texas Instruments, Inc.
Exploration Group
Southeastern U.S. / Latin American Division
1978 - 1985
MEMBERSHIPS
American Society of Appraisers
NACM of South Texas, Inc.
Texas Bankers Association
WFA/Collateral Review Services, Inc. VL - 12
EDUCATION
Finance and Accounting
Executive Development Program
Jesse H. Jones Graduate School of Administration
Rice University
APPRAISAL AND RESEARCH ASSIGNMENTS
Machine Tools
Fabrication Equipment
Industrial Equipment
Food Processing / Restaurant Equipment
Trucking / Automotive
Packaging Equipment
Farming / Greenhouse
Printing Equipment
Electronics
Office Equipment / Furnishings
Medical / Dental Equipment
Commercial Audio/Video Equipment
Heavy Construction Equipment
Laundry & Dry-Cleaning Equipment
Mining and Railroad Equipment
Aircraft and Aircraft Support Equipment
Special Use Equipment
Various Product Inventories
REFERENCES AND /OR SPECIFIC ASSIGNMENTS FURNISHED UPON REQUEST.
WFA/Collateral Review Services, Inc. VL - 13
[PHOTOGRAPHS OMITTED]
Dates Referenced Herein and Documents Incorporated by Reference
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