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Fax Put 15,000 Acres of Trees on the Chopping Block


305 W. Shotwell Street
Bainbridge, GA 31717
Fax: (912)246-5794

105 W. Anderson Street
Monticello, FL 32344
Fax: (904)997-1065

September 11, 1996

On behalf of Tennessee Valley Resorts (TVR) we are pleased to offer for sale all merchantable pine and hardwood timber and pulpwood 12" DBH and above on approximately + 14,466 acres in White County, Tennessee, also known as the Bridgestone\Firestone Tract. A location and tract map is enclosed. The following terms, conditions, and information are involved:

Seller: Tennessee Valley Resorts (TVR) is vested with a contract to purchase + 14,466 acres.

Timber: Hatcher and Eiland, Inc. of Birmingham, Alabama, and Marietta, Georgia, completed a cruise of the property in May 1995. The volumes of timber established at that time were:

A copy of their cruise is available upon request. A title policy has been purchased by the Seller and a copy is also available upon request.

Terms: Purchaser will pay an advance payment of $12,000,000.00 at closing, which must be on or before October 15, 1996.

Per ton prices by product and/or species will be used to deplete the advance payment on a weekly basis. When said advance payment has been epleted, weekly stumpage payments will be made to Seller as timber is cut. In the event the advance payment is not cut out due to insufficient volumes, the difference will be refunded from Seller to Purchaser.

A mutually agreeable Timber Cutting Contract will be for a ten (10) year period.


Please submit bids by fax on the enclosed bid form by 5:00 P.M. E.S.T. on Wednesday, September 18. 1996.

For further information call Michael Dooner or Tom Sipp at 912-246-5785.


Michael J. Dooner


In the above fax, the following were listed on the letter head:

Thomas C. Sipp, Michael J. Dooner, David S. Lewis, Robert D. Chesser, J. Brent Williams,
Terry R. Lewis, Joseph A. McGlincy, Holmes A. Hendrickson, Michael A. Ward

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