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When payment of the redemption price has been made
to the Guarantor, the paying agent should surrender
converted Debentures for cancellation to the Trustee.
From March 4, 1987, to March 26, 1987, debentures having an
aggregate face value of $29,150,000 were delivered to the agents
and were exchanged upon delivery for 667,314 shares pursuant to
the indenture. Of this total, debentures with a face value of
$23,000 were delivered by the standby purchasers. The value of
the shares delivered in exchange for debentures was $41,879,710.
In connection with these exchanges, Metals paid $6,242 in lieu of
fractional shares and incurred expenses in the amount of
$288,769.
After February 24, 1987, and before April 21, 1987,
debentures with a face value of $25,000 were delivered to the
agents and were redeemed for cash. As of April 21, 1987,
debentures having an aggregate face value of $598,000 were
unaccounted for. These debentures ceased to accrue interest as
of March 26, 1987, and, if and when surrendered for redemption,
have been or will be redeemed in cash for their face value plus
interest accrued to March 26, 1987. Chemical Bank, as indenture
trustee, opened Chemical Bank account number 506-032647 as the
bond account to redeem the debentures. As of October 25, 1994,
the account was still open as not all debentures have been
presented for redemption.
On March 25, 1987, RMECC delivered $30,248,474.81 to account
number 506-032647 by wire transfer. This amount represented the
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