Jim McCutcheon Auctoneering Company
Old St. Marys Pike
P.O. Box 4268
Parkersburg,WV 26104
Phone 304/485-6561
Fax 304/485-7877
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QUALIFICATIONS OF APPRAISING COMPANY
The Jim McCutcheon Auctioneering Company specializes in the appraisal of timber, energy, construction and industrial machinery, trucks, trailers, aircraft, antiques and restauruanr equipment. jim McCutcheon Auctioneering Company manages numerous absolute auctions each year, totalling in the millions of dollaos. Many of these auctions are conducted at our own facility which is one of the finest in the United States. This "hands-on" experience is the heart of the appraisal expertise.
An extensive research library consisting of the actual auction results of not only Jim McCutcheon Auctioneering Company but of all the major auctions in the country is maintained. the library also contains retail sales of equipment which is constantly updated.
James M. McCutcheon started business in Parkersburg, Wes Virginia in 1953. The qualification for appraising comes from extensive hands-on experience.
The McCutcheon Companies have joint ventured, built and developed in excess of $30 million worth of commercial and multi and single family properties in the West Virginia and Indiana areas.
Mr. McCutcheon graduated Iowa School of Auctioneering in 1960, is a former instructor at Parkersburg Community College and has served in the West Virginia Legislature. At the present time, he is President and CEO of International LEasing, Inc.m, International Contractors, Inc,., Leased Housing Developers, II, and International Petroleum Investors, Inc. He id the individual owner and operator of the Jim McCutcheon Auctioneering Company and a quarter horse and Black Angus cattle farming operation.
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Jim McCutcheon Auctioneering Company
Old St. Marys Pike
P.O. Box 4268
Parkersburg, WV 26104
Phone 304/485-6561
Fax 304/485-7877
Page 3
STATEMENT OF LIMITING CONDITIONS
THE FAIR MARKET VALUE appraisal are prices which can be expected from a private treaty sale, allowing adequate time for a buyer and seller to have a meeting of the minds, with the assets being in like condition as they are now. It is set forth to the best of the appraiser's knowledge and experience. National and economic conditions and/or government actions effecting prices in general could affect the indicated prices in particular.
WE DETERMINE value by visual inspection. The items are photographed and/or video taped and a panel of McCutcheon's staff then reviews each item in the appraisal. All pertinent information is placed on permanent file in our office. The appraisal is established through the experience of the appraisers, utilizing a vast library of product information, and actual sales made by the McCutcheon Company at auction or by private treaty. the final decision is made by the fee appraiser.
QUESTIONS AND/OR COMMENTS regarding this appraisal are welcome and should be directed to the fee appraiser.
EVEN THOUGH ii is the firm belief of the Fee Appraiser that the information furnished in this appraisal report and the conclusions drawn from this information are true and correct, they are not guaranteed.
THE FEE APPRAISER is not required to give testimony or appear in court, with reference to the property in question, unless arrangements have been previously made.
THE FEE APPRAISER assumes no responsibility for matters of a legal nature affecting the property appraisal or the title, nor does the appraiser render any opinions as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership.
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CONDITION
THE FEE APPRAISER has used the following codes to identify the condition of the items:
N = New
E = Excellent - Has seen very little or limited use
V = Very Good - Above average condition; may have been overhauled or have not had enough use to require overhaul
G = Good - Average condition, with no known defects except as noted; in operating condition, but may need some repair or parts replacement soon
F = Fair - Has seen considerable service and may require repair or replacement of worn parts
P = Poor - Has seen hard service; needs repairs to be reliable, and may not be operational
S = Salvage
THE FEE APPRAISER CERTIFIES he has no interest heretofore or contemplated in the future, in the personal property appraisal.
He has personally inspected the property contained in this report to the extent that was reasonably possible.
To the best of his knowledge and belief, all statements and information included in this appralsal are true and are based upon his objective findings. No pertinent information has been knoingly withheld or deleted in this report.
Neither his employment nor compensation for preparing this appraisal report is contingent upon the value of the property appraised.
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ITEM QUANTITY DESCRIPTION CONDITION EACH MARKET PICTURE
VALUE
1 1 1974 ASSEMBLED (Frehauf) F 1,500.00 1
ALIA-ISAI float trailer,
40' overhaul, 40' flat
deck, tandem axle,
10:00x20 tires.
2 1 1974 ASSEMBLED van F 1,500.00 2
trailer, SN 312D2AAE
D2006, tandem axle, 10:
x20 tires.
F
3 1 1982 ASSEMBLED 35 ton 5,500.00 3
lowboy trailer, SN WV
78989, 34' overall, 22'
flat deck, 10:00x15 tires.
G
4 1 (8) float trailers, SN 18,000.00 none
N/A. There are a total of
eight float trailers that
appraiser is unable to
identify. As there are
no serial numbers
visible, appraiser has
appraised value at
$2,250.00 each, based on
an average condition FAIR.
PAGE 6
ITEM QUANTITY DESCRIPTION CONDITION EACH MARKET PICTURE
VALUE
F
5 1 1978 FORD 9000 flat bed
truck, SN U91TV882110,
odometer reading 131,824
miles, GM DETROIT 6-71
diesel engine, SPICER
Airmatic 8 speed
transmission, 222' wheel
base, tandem rear axles,
12,000 lb. front and
38,000 lb. rear axles,
GARWOOD 30,000 lb. winch,
18' ...
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