RE: TOXIC INSPECTION REPORT FOR PCB · TOXIC INSPECTION REPORT FOR PCB Iowa Malleable Iron Company 120192IA00701 9th Street & Kirkwood Avenue VII-93T-360 Fairfield, IA 52556 515/472-3116

TOXIC INSPECTION REPORT FOR PCB

Iowa Malleable Iron Company 120192IA007019th Street & Kirkwood Avenue VII-93T-360Fairfield, IA 52556 515/472-3116

INTRODUCTION

*The inspection is a Neutral Based Assignment by the Kansas City RegionVII Office. The inspection was performed under the cooperativeagreement between the State of Iowa 'and the U.S. EPA Regional Officeto determine compliance with the PCB regulations codified in 40 CFR,Part 761.

*• **

SUMMARY OF OBSERVATIONS '. .

1) Failure to maintain Annual Documents for 3 known PCB transformersfrom 1978 through 1991.

2) Failure to conduct quarterly leak.inspections and maintain leaklogs for such inspections on 3 known PCB transformers from 1978through December 1992.

3) Improper disposal of PCB oils from oil leak at Square Dtransformer Ser #33934 containing 199 gallons of Askerel.

4) Ten sets of documents including photographs were obtained. Nosamples were taken.

HISTORY OF BUSINESS

The business was started at its present location in 1929 manufacturingmalleable and ductile castings for firms like John Deere and othersuch firms. The company formerly owned a plant in Galesburg,Illinois, which has been closed. The company currently has 190fulltime employees and is operating under a Chapter 11 Bankruptcyorder. The acting president and CEO is Gean Bisbee. Mr. Dennis Mooksaid he was not authorized to release revenue information, but suchinformation could be obtained .:f necessary by contacting thepresident. The persons X net and dealt with during the inspectionwere Dennis A Mook, Plant Engineer, and Charles Myers, Parts JupplyManager. Mr. Mook has been Plant 'Engineer for 5 months and theposition was vacant for 6-8 months before Mr. Hook accepted theposition. Mr. Myers has been with the firm for 17 years.•INSPECTION

At 12:00 noon on Tuesday, December 1, 1992, I presented my credentialsto Dennis A. Mook, Plant Engineer, and Charles Myers, Parts SupplyManager. I explained the Neutral Scheme Inspection Program and thepurpose of my visit. I asked if the company attorneys or the companypresident should be advised of my visit. Mr. Mook said that would not

be necessary and he would sign any necessary forms. I issued a Noticeof Inspection and a TSCA Inspection Confidentiality Notice. Mr. Hooksigned both forms and he was provided copies. The history and purposeof the PCS Monitoring Program was discussed at this time. A blankTitle III Compliance Checklist was left with them for completion.

The firm owns 3 PCB transformers identified as follows: General?lectric Transformer Ser #H-887587, containing 156 gallons of oil,data plate marked Pyranol; Allis Chalmers transformer Ser #2862395,285 gallons of oil, data plate marked Chlorextol; and Square D'transformer Ser #33934, 199 gallons of oil, data plate marked Askerel.These transformers are located as shown on Attachment 2 and identifiedin Attachment 3, 2 pages, page 2 and Photos 1, 2, 3. The -firm owns 1substation located southeast of the melting department and containsGeneral Electric transformer Ser #0-590464, 1700 gallons of oil, dataplate marked 10 C oil, Photo 4. The firm also owns Allis Chalmerstransformer Ser #537286 and the green label certifies this transformerto contain less than 50 PPM PCB , Photo 7. The pad mount transformershown in Photo 6 is owned by the Iowa Electric Company. The firm alsoowns 2 dry transformers. These 2 oil filled transformers and the 2dry transformers are located as shown on Attachment 2. The firm ownsa total of 186 large low voltage capacitors. The capacitors arelocated as follows. There are 80 capacitors in a vault east of themelting area in 4 metal cabinets. These capacitors were installed in1961 and are a mixture of PCB and non-PCB capacitors due toreplacement requirements. The 1 doorway to the vault is marked withthe PCB ML mark arid the cabinets containing the capacitors are markedwith the small PCB ML mark (see Attachment 2 for vault location). Thenew plant built in 1991 contain a total of 106 large low voltagecapacitors. These capacitors are marked with the blue non-PCB labelon the data plates (Photo 8).

The firm owns 8 large dry switch banks, and 2 electromagnets of thedry type. There are no oil filled heat transfer systems. There are3 cooling towers on the premises and Mr. Myers said to the best of his'knowledge hexavalent chromium has never been used as a treatmentchemical in the cooling towers.

Hydraulic equipment consists of a hydraulic furnace, shears, pressesand fork lift units. I asked how waste oils were disposed of and wasadvised that waste oils are held in drums and picked up by Willett andCompany, Inc. for recycling or disposal. Oils used are hydraulic oilsand general lubricating oils. Vehicles consist of a pickup truck, aPlymouth caravan, a dump truck, and a Ford tractor. Vehicles areserviced at local service stations. I aske*d about chemicals and Mr.Myers said no chemicals are used in the manufacturing process and thatsome sludge conditioning and rust inhibiting chemicals and used in thecooling towers. Other chemicals used are maintenance type chemicalssuch as paints and household type cleaners. MSDS are available forall chemcials used.

I asked to see the firm's PCB annual documents from 1978 through 1992.

A search of files failed to reveal such information. Mr. Myers saidsuch documents may have been maintained by personnel since retired butagain we could not find any information. I asked if quarterlyinspections for leaks had been done and inspection logs kept. Asearch of the files failed to reveal any inspection leak logs.Quarterly leak inspections are required for the 3 PCB transformers dueto data plate information and the transformers sit directly on theconcrete floor with no secondary containment as noted during thephysical survey. I asked if the Fire Department had been notified inwriting of the PCB transformers and was provided the information shownin Attachment 3, 2 pages. I also obtained a statement from 2 longtime employees of the firm who are also long term members of theFairfield Fire Department (Attachment 4). I asked to see any PCBsampling analysis results and was provided the information shown inattachment 5, 5 pages, Attachment 6, 6 pages, and Attachment 7, 3pages. These appear to be only dielectric fluid analysis reports. Iwas also provided a sampling report for G.E. transformer Ser D-590464showing PCB contaminated oil of 220 PPM PCB which was disposed of forthe firm by G.E of Eldridge, Iowa (Attachment 8, 2 pages). I asked tosee any manifests and destruction certificates for oils or capacitorsand was provided the information shown in Attachment 8, 2 pages,Manifest #81996, but we were unable to locate a destructioncertificate for the oil shown (Attachment 9, 6 .pages show manifestsand destruction certificate for capacitors disposed of in 1985, 1986and 1987. Attachment 10, 2 pages are manifests for capacitordisposal, but we were unable to locate destruction certificates forthese manifests. I asked about a Storage for Disposal area and Mr.Myers said in all the times he has been involved with disposing ofcapacitors, pick up of the' drums of capacitors was accomplished within30 days- of the time capacitors were removed from service.

Mr. Hook and Mr. Myers accompanied me during a physical survey of thefirm's premises and assets. Mr. Mook was unable to complete thephysical inspection with Mr. Myers and this inspector due to anemergency. The business is located in a complex of brick and metalbuildings and covers almost 1 city block containing offices,manufacturing areas, maintenance areas, and shipping and receivingareas. The manufacturing area at the northwest cornc' of the premiseswas built during 1991. We looked at the G.E. transformer Ser #H-887587 located as shown on Attachment 2 in the anneal area. Thetransformer is marked with the PCB ML mark, the date plate (Photo 1)reads "PyranolH. No leakage was noted at this transformer on the dateof inspection. We also looked at the Allis Chalmers transformer Ser#2862395 (Photo 2) and the Square D transformer Ser #33934 (Photo 3).

. The data plate on the Allis Chalmers reads "Chlorextol" and the dataplate on the Square D transformer reads "Askerel*1. The 2 transformersare located in a vault located as shown on Attachment 2. Thetransformers are marked with the PCB ML mark as are the 2 doors to thevault. No leakage was noted at the Allis Chalmers transformer on thedate of inspection. A leak was noted at Square D transformer Ser#33934 (see Photo 4). I advised of the spill clean up policy andduring the closing conference Mr. Mook said this was the first he had

been made aware of such a leak and that cleanup would be initiated assoon as possible. Mr. Hook was not with Mr. Myers and me when wenoted the leakage. We looked at the south side capacitor room whichis marked as mentioned earlier in the report. We looked at the 3,000KVA G.E. transformer outside the building southeast of the meltingarea (Attachment 2). Transformer is Ser #00590464 and the data platereads M10C" oil. This transformer was rebuilt by General ElectricCompany, Eldridge, Iowa during 1988 (Attachment 8, 2 pages, Photo 6).We looked at the transformer cabinet marked Ser #906009714 at thesouth side of the new addition (Attachment 2 and Photo 6). Thistransformer is owned by the Iowa Electric Company and no leakage wasnoted at this transformer on the date of inspection. We also lookedat the Allis Chalmers transformer Ser #537286. This transformer isalso located at the south side of the new addition and is certified bygreen label to contain less than 50 PPM PCB (Attachment 2 and Photo7). We looked at replacement capacitors and all are marked with theblue non-PCB data plate (Photo 8). We were unable to gain access tothe interior of the capacitor cabinets east of the melting area(Attachment 1) without shutting down power to a large portion of theplant. There was no evidence of leakage at these capacitor banks onthe date of inspection.

An estimated 15-20 small motor starting capacitors were noted onvarious machines during the inspection. No large high or low voltagecapacitors other than those mentioned earlier were noted in theelectrical system. .Oil noted was recently purchased drums ofhydraulic oil, Mobile 6 Glycol, and general lubricating oil andgrease. A small amount of waste oil was being held for disposal onthe date of inspection. Chemicals noted during the inspectionappeared to be properly marked and stored.

CLOSING CONFERENCE

The Closing Conference was held in Mr. Mook's office on December 1,1992. Mr. Myers was also present during a portion of the ClosingConference. I provided a copy of 40 CFR, Part 761 (7-1-91 edition)along with blank document forms to each of the gentlemen. I pointedout the Storage for Disposal requirements and the spill .-/can uppolicy. Mr. Mook said clean up of the spill area would be instigatednot later than December 2, 1992. He also said that to actually repairthe leak, about three-fourths of the old plant would have to be shutdown and that such repairs could l>e accomplished during the firm'smaintenance shut down during July. I advised that the spill area mustbe cleaned up immediately and some form of .containment be used underthe leak until such time as the leak could be repaired. I advisedthat an approved drum be obtained and a proper storage for disposalarea be set up and accumulated oil from such leakage could be held onthe premises for 9 months. I advised that anytime oil is added to thedrum, a written log showing the amount of oil and the date of suchadditions be maintained. I also advised that a daily inspection ofthe leaking transformer be accomplished and a Leak Log of suchinspections be maintained until the leak has been repaired. I again

pointed out the Storage for Disposal requirements and provided a blankcopy of EPA Form 7710-53 (12-89) for their information and use. Iasked about an inventory of capacitors owned and Mr. Mook said thatinformation would be obtained over the weekend after the capacitorbanks could be deenergized.

Mr. Mook provided a sketch of the premises (Attachment 1), Fire.Department Information dated April 2, 1986 (Attachment 3, 2 pages), astatement from 2 members of the Fairfield Fire Department (Attachment4), Dielectric Oil Quality Report for 1989 (Attachment 5, 5 pages),Dielectric Oil Quality Report 1990, (Attachment 6, 6 pages),Dielectric Oil Quality Reports, 1991, (Attachment 7, 3 pages),Manifest and PCB Sampling Results for oil from 6.E. transformer Ser#0-590464 (Attachment 8, 2 pages) Manifests and Destruction Documentsfor Capacitors (Attachment 9, 6 pages), Manifests for 8 drums ofcapacitors, no Destruction Documents (Attachment 10, 2 pages) and 4pages of photographs. I issued a Declaration of CBI, a Receipt forSamples and Documents, and a Summary of Observations. Mr. Mook signedall the forms and he was provided copies. I thanked Mr. Mook for histime and cooperation, then departed. Note: I contacted Mr. Mook bytelephone at 10:00 p.m. on December 4, 1992 and advised him of theadditions to the Summary of Observations. He said cleanup of the PCBoil spill had already been initiated and arrangements were being madeto deenergize the capacitor banks for inventory on Saturday, December5, 1992. Note: At 10:30 P.M. on Monday, December 7, 1992. Icontacted Mr. Mook by phone to obtain information on the capacitorsowned by the firm. Mr. Mook said the capacitor vault in the southside of the plant contained 80 capacitors, but he could not say howmany PCB transformers were in the capacitor cabinets due toreplacement and changes since 1961. The firm has disposed ofcapacitors from undated manifest (Attachment 10, 2 pages, Page 2)through 1989. Mr. Mook said the inventory of capacitors showed 106blue labeled non-PCB capacitors in the new addition constructed during1991 (Attachment 9, 6 pages and Attachment 10, 2 pages). He againadvised that the PCB oil spill had been cleaned up and containmentprovided under the leak until such time as the leak could be repaired.He also said a Daily Leak Inspection Program and a Daily InspectionLog had been initiated and arrangements made to create a Storage foiDisposal area if necessary. He said samples had been taken from thespill area after cleanup and were being sent off on December 7, 1992.I asked for a copy of the spill cleanup actions report and a copy ofany sampling results. Mr. Mook said such information would beforwarded to the Iowa Department of Health when available.

Signed ffT^Â^ 2*. :/%4'0£&"______ Dateirt D. LeggStJ R. S.

EPA State Inspector

RDL/lcb

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ATTACHMENTS

1) Sketch of Premises2) Sketch of Premises Showing Transformer and Capacitor Locations3) Fire Department Information Dated April 2, 1986, 2 pages4) Statement From 2 Members of the Fairfield Fire Department5) Dielectric Oil Quality Report, 1989, 5 pages6) Dielectric Oil Quality Report, 1990, 6 pages7) Dielectric Oil Quality Report, 1991, 3 pages8) Manifest and PCB Sampling Results for Oil from 6.E. TransformerSer #0-590464, 2 pages9) Manifests and Destruction Documents for Capacitors, 6 pages10) Manifests for 8 Drums Capacitors, No Destruction Documents, 2pages11) Photos, 4 pages12) FTTS form

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AH3 FETICIDES BRANCH * iCONTROL SECTIOI'

j . TOXICS INSPECTION REPORT FOR PCS

Iowa Malleable Iron Co. 110593IA009019th 6 Kirkwood Avenue VII-94T-309Fairfield, IA 52556 515/245-8491

INTRODUCTION

This is a for cause follow up inspection requested by Region VII.A TSCA incident report, worksheet and telephone conversation record(Attachment 00) describes information and instructions with regardto an initial NSR inspection conducted on 12-1-92 under docket VII-93T-360 for above facility. The inspection was performed undercooperative agreement between the State of Iowa and the U.S. EPARegional Office to determine compliance with PCB regulationscodified at 40 CFR Part 761.

The for cause follow up request from Region was faxed to State 11-4-93, and was received at 11:17 a.m. The inspection was completed11-5-93.

SUMMARY OF OBSERVATIONS

1) Failure to maintain annual documents for calendar years 1978through 1992 as specified at 40 CFR, Part 761.180(a).2) Failure to perform quarterly inspections on PCB transformersas specified at 40 CFR, Part 761, 30(a)(1)(ix).3) Failure to repair, and clean leaking PCB transformer asspecified at 40 CFR, Part 761.30(a)(1)(x).

No samples or documents, photos only.

HISTORY OF BUSINESS

The company started in 1929 manufacturing iron castings.Information obtained during the 12-1-92 NSR inspection, VII-93T-360, it was learned the company was operating under Chapter 11.Currently the firm is in receivership to Norwest Bank, 666 Walnut,P.O. Box 837, Des Moines, Iowa 50304. The plant is closed undersecurity by Pinkerton Guard Services. See contacts list at end ofreport.

INSPECTIONI

I arrived at the site to conduct the for cause reinspectionrequested by Region at 8:00 a.m. on Friday, November 5, 1993. Ipresented my credentials to Pinkerton Security guard, Mr. CarrollLemley and explained the nature of my visit (Pinkerton office phone515/469-3781). Mr. Lemley informed me he was not authorized topermit entry to anyone without approval from Mr. Sid Copeland,Norwest Bank officer (Phone: 515/245-8491). I contacted him andidentified myself also explained the reason and circumstances for

inspection. He said he could not give permission, so advised bycounsel, without consent of principal shareholder Mr. Tom Louden,800 S. Cromwell, Fairfield, la 52556 (Phone 515/472-4487). Hecould not be reached or contacted. Recording said he was out oftown. I left message. I called Dave Phillippi with update forinstructions. He advised to standby for check with regionalcounsel. Agreement was reached with company's officials andattorney giving consent for inspection. I advised Mr. Sid Copelandthat I would provide him with copies of Inspection forms andSummary findings on my return.

The security guard accompanied me on the physical inspection. Thevault to the PCB transformer had ML. The leaking unit is a Square-D transformer identified by nameplate (Photo 1) SN 33934 ascontaining 199 gallons of "askarel" dielectric fluid, it had ML(Photo 2). The source of the leak is bottom valve (Photo 3). Thefloor was cleaned but release still exists. Pans were placedunderneath with small amounts of oil in primary pan and second iscontaminated. No inspection log and inadequate containment, leakstill exists (Photo 4). The other two PCB transformers showed noevidence of leaks and were marked. No inspection logs for themeither. They. *ure identified as a G.E. SN H887587 with 156 gallonsof "pyranol" and an -AlTis-Chalmers SN 2862395 with 285 gallons of"chlorextol". These -3 VCB transformers are in 2 locations. TheSquare-D and Allis-Chalmers are within 100 feet of each other invault. The units are energized. The condition does not pose anyimmediate risk to small maintenance crew since it is in no accesslocked vault. No records or any documents, i.e., annual,inspections or cleanup history was available at site. Conditionsof non-compliance noted by initial inspection, except floor cleanedand pan placement, remain unchanged. After completing inspection,findings were transmitted to Dave Phillippi and Sid Copeland. Iadvised Mr. Copeland of required compliance provisions and need forcorrective action and that Summary of Observations with specificregulatory reference will be provided him on my return to DesMoines.

CLOSING CONFERENCE

On Monday, November 8, 1993, I called Mr. Copeland and discussedthe deviations noted on Summary. I also told him that before Ileft the site, the guard had mentioned that the transformers andpower to the plant was to shut down the week of 11-8-93 and thatthis might be the time for repair. He said he will take thisinformation into account. I also told him that the forms and acopy of 40 CFR, Part 761 will be delivered by local courier mail tohim today 11-8-93. The docket number and Region VII phone numberwere also given to him.

I was also able to contact Mr. Tom Louden and advise ofproceedings. He was provided all stated relevant information. Hesaid he would contact Mr. Copeland and company attorney to

coordinate action I explained to him is required. He, as Mr.Copeland, did not know who has custody of requested documents. Iasked them to advise as soon as possible or contact Region.

LIST OF CONTACTS ,

1) Carroll Lemley, Security Guard, Ph: 515/469-37812) Sid Copeland, Norwest Bank Loan Officer, Hail Station 4061,666 Walnut, P.O. Box 837, Des Moines, IA 50304, Ph: 515/245-84913) Tom Louden, Principal Shareholder, 800 S. Cromwell, Fairfield,IA 52556, Ph: 515/472-44874) Don Neiman, Company Attorney, 801 Grand Avenue, Des Moines, IA50309, Ph: 515/246-5877

Signed Dat.Al WendtEPA State Inspector

AW/lcb

ATTACHMENTS

00) TSCA Incident Report1) Photos2) FTTS

QUARTERLY RECORDOF

PCS TRANSFORMER INSPECTION

CHECK ONEJAN - MARCH REPORT V «\ <\ \APR - JUNE REPORT ' 'JULY - SEPT REPORT ____OCT - DEC REPORT

INSPECTION RESULTS SERVICING RESULTS

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1 DATE OF INSPECTION. THE QUARTERLY INSPECTIONS MAY TAKE PLACE ANY TIME DURING THE THREE MONTH PERIODS, ASLONG AS THERE IS A MINIMUM OF 30 DAYS BETWEEN INSPECTIONS.

2 DATE OF ANY CLEAN UP, CONTAINMENT, REPAIR, OR REPLACEMENT (CLEAN UP MUST BE INITIATED NO LATER THAN 48 HOURSOF ITS DISCOVERY.)

3 DESCRIPTION OF ANY CLEAN UP, CONTAINMENT, OR REPAIR PERFORMED.A RESULTS OF CONTAINMENT AND DAILY INSPECTION REQUIRED FOR UNCORRECTED' ACTIVE LEAKS.

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41 1 5IN Tim usrnip STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF IOWACENTRAL DIVISION

l i H E••JULil'«4l99Z*

Cleric, U.S. BsnVruptcY CourtDCS MoirCS. IOV/3

In Re

IOWA MAU.GABLE IRON COMPANY. INC

Debtor

Chapter 11Ctie No. 91-3107-C

' INTRRIM ORDER PURSUANTTO 6B£2(d),363.3&t(e*| A 1121(d)Ol' Till! UANKKUPTCY CODH AUTHORQ2NG DtarrORTO OTTTAIN POST-PETITION FINANCING,

CRANf U13SS, A SUCURTIY INTCRGST A PROVIDING SUPCRPRJORITY CLAIM STATUSA AntlQlJATli l'R<Tn«:n«N, VKOVU11NG 1"OR MOnillCATION OP AUlXJMAniC !>TAY UNOUR

O1H.TA1N aROJKiSrANOJS. A UVtmKG ANY UXIVMS1ON Ol'TlUJ UXCLUSlVrtY I'tUUODS

At DCS Moines, in uid District on this _ day of July, 1992,

This mailer comet before the Coun for a hearing on the emergency motion of lo** Malleable Iron Company, Inc, debtor, anddcbtor-in-pouession ("Debtor*)- pursuant to 11 U5.C SS62(d), 363.364(c) A 1121(d) for an interim order (1) aathoraJng the debtorto obtain post-petition financing (2) panting liens and security interests (3) providing superprioriry claim status and adequate protection,(•») providing for modification of the automatic stay under certain circumstances, and (S) limiting any extension of the debtor's exclusivitypcriois (the 'motion*). The Debtor, appearing by DonaU p. Neiman, Csq, the United State* Trustee appearing by its counsel, JohnWaters, and the Non-exi Bank Iowa, NA, appearing by its counsels, Jon Sullivan aad Paul Tylcr, the matter proceeded to finaldetermination. The Coun, taxing considered the motion and after due deliberation and after being fully advised in the premises find* thatsufficient cause exists for granting the motion and, consistent therewith, makes the following findings, conclusions of law. and orders.

TUU COURT FINDS:

(a) On Jury 7.1992 (the'Petition Date*) the debtor commenced the instant case under Chapter 11 of the Bankruptcy Codein this Coun. Pursuant to ilU07 A 1108 of the Bankruptcy Code, the debtor has reauuotod to possession of its assets and fcas continuedto Of<ratc and manage its business as a dcbiot-in-pomuion.

(b) Priorto the Petition Date, the debtor and American National tbat ATnot Company and Norwcst Bat* lowa,NAâs successor by w*y of mercer with Norwcst Bank DCS Moines. HA, **ere parties to • certain loan aod security agrccntCDt. datedSeptember 1.19S9, (as amended from time to time, including the second amendment lo real estate mortgage and security agreement datedJune . 1992), and related securiry agreements, instruments and documents pursuant to which there casts a Cry of Fairficld IndustrialDevelopment Revenue Bond indebtedness due to American National Bank A Trust Company, as trustee for those bonds m the amountof V:.-UX«99.97 (the 'Prc-petition IDR Loan*) and a discretionary line of credit epeming loan with Norwcst Bank Iowa, NA, in theprincipal amount of 5965,000.00 (the *Pre-petition Line of Credit Loan*) (the Prc-pcthion IDR Loan Ind the Prc-peiitSon TJne of CreditLoan, shall be hereinafter referred to collectively as the 'Prc-pctition IndebtednessoT). To secure the Pre-petition Indebtednesses, thedebtor granted to American National Dank A Trust Company, as trustee, and Norwcst Hank lo»-a. NA, mortgages, security interests inliens in substantially all of its assets, including all of its (i) accounts receivable, (ii) general intangibles, (ili) equipment, (tv) inventory,and the proceeds and products of all of the foregoing. The Pre-petition Indebtednesses are perfected by the Tiling of real CJT<.-- -.iongagcsand security agreements with the State of Iowa, as »x« as in other jurisdictions.

(c) The debtor has presented evidence to the Coun evidencing the «cal estate located in Faif field. Iowa at a value as ofApnl IS. 1W2. in the amount ol Jl ttS,000.00. being th« market %«1uc of the land and improvements, and the amount of &4S*.COO. bcir.gthe otOcrly liquidation value. The debtor has also presented evidence to the Coun evidencing the total appraised in place value (beingappraised a* an ongoing business value) of its machinery and equipment as of August 77.1991. in the amount of SO91.600.00, and thetotal appraised liguidation value of the same machinery and equipment in the amount of Sl£$7.000.00. The debtor also holds existingaccounts receivable in excess of Jl.600.000.00. The Coun accepts these appraisals without prejudice to cither pany to dispute or refutethe appraisals at a further bearing.

(d) An immediate needs cnsts for the debtor to obtain funds in order to continue with the operation of its business.Without the fu«<lt. the debtor wilt not toe abk to pay wages, safeties and operating crpcnscs 05 purchase inventory and supplies. Thedebtor dews not have the unencumbered funds necessary to meet payroll or other necessary eipensc* tor the continued operation of itsbusiness, flankers Capital * Division of Bankers Leasing Association. Inc, has indicated a willingness to advance funds to the debtor on

JUl 1 «i 992!* CCVtl

lo*a Malleable Iron CompanyGate No- 9M107-C

a secured basis provided it receives a ftrvt security interest in the debtor's itccn-aulcs and the proceed generated therefrom, to secure theindebtedness so advanced.

(c) The debtor is unable pursuant to SJW(a) or $364(b) of the Bankruptcy Code to obtain unsecured credit allowableas an administrative expense under &OX*>Xl) °* lhe Bankruptcy Code and the ability of the debtor to continue the operation of itsbusiness, to remain a viable entity and to reorganize under Chapter 11 of the Bankruptcy Code, depends upon the debtor's obtaining

advances and other financial accommodations of the nature sought from Bankers Capital pursuant to the Bankers Capital loan documents*and terms and conditions of this order.

(f) The relief requested in the motion is necessary, essential and appropriate for the continued operation of the debtor's— business and the management and the prescrvationôf its assets and is otherwise necessary to avoid immediate and irreparable harm to

the estate pending a final hearing thereon.

(g) The debtor has provided actual written notices delivered by courier or facsimile transmission of the hearing on themotion and the terras of this order to American National Bank Si Trust Company. Noiwcst Bank Iowa. NX, the 20 largest unsecuredcreditors of the debtor, the attorney for the creditors committee and the L'S.Trustee for this district. Such notice is appropriate, adequateand proper under the circumstance* of this Chapter 11 case as set fonh in this motion and as presented to this Court.

. (h) The post-petition financingarrangcmcni described in the motion and set fonh herein has been entered into by BankersCapital ami the debtor in good faith (as such term is defined in EJW(a) of the Bankruptcy Code).

(i) In order to obtain agreement of American National Batik £ Trust and Norwen Bank Iowa. NX, to allow the post-petition financing arrangement described in this motion and set fonh herein to be approved, the debtor has agreed to maintain thecollateral secured position of said creditors and provide for certain forms of adequate protection and other relief as further set fonh below,including, without limitation, the limitation on any extension sought by the debtor of fas csdusMty period under 11 UJS.C. fllXL.

fj) Good, adequate and sufficient cause has been shown to justify the granting of the relief requested herein, pendinga final hearing on the debtor's motion.

If IS ORDERED. ADJUDGED AND DECREED THAT:

(1) The motion is granted subject to the terms and conditions set fonk. •I!

(2) The debtor is hereby authorised and directed to borrow froea Bankets Capital, a division of Bankers Leasing$|s Association, Inc. up to the sum of 1700.000.00 and to secure said borrowings by a Crst and prior security interest and/or safe of the debtor'sf| accounts receivable and the proceeds, based upon up to the maximum of iSTS.OOO of selected prcpctiiioo receivables to be specifically

identified within seven (7) days after the entry of this order. The Debtor shaa be authorized to enter into the security agreement and/orsale of the identified accounts receivables with Bankers Capital provided the overall darge to the Debtor (including interest and aQapplicable fees) docs not exceed a 34% interest rate charge to the Debtor. To the eitcnt required by Bankers Capital, the Debtor is

- authorised to cause the accounts receivable so factored to be deposited directly into an authorized Debtor-in-Tostf ttion Bank account witha financial institution acceptable to Bankers Capital and to the US Trustee. The debtor shaU deposit immediately upon receipt, andthereafter maintain, all of it* funds, monies, cash, deposits, accounts, and other casheqi almri m the cash collateral account establishedat Norwcst IXjnk Iowa. 1

(3) The debtor shall funher agreed to maintain the 31.000.000.00 borrowing based inventory during an time of theseprocccdinp as adequate protection for Norwcst Bank Iowa. NX and American National Bank It Trust Company and to the extent thatthe debtor should allow the inventory level to fall below this amount, the debtor shall cither pay over to said creditors the amount ofshortfall or obtain sufficient other inventory to maintain the $1.000.00000 inventory level The Debtor shall also cause to be paid overto Norv.e»t Dank U»w». NX., all proceeds of the non-factored accounts receivables ta the aggregate amount of not less than S72S.OOO whensuch non-factored receivables are received by the Debtor. Norwest Dank lo»*. NX4 shall also be granted a secondary Ken on the post-petition receivables subject to a first lien in favor of any pott petition Under. These concessions to Norwest Bank Iowa, NX, art in theform of adequate protection for the release of the SSTSjOOO selected prc-peiition accounts receivable*. If the debtor becomes in defaultof this provision and fails to cure the default after thirty (30) days written notice thereof, the debtor shall consent to the turnover of thecollateral to the secured creditors or to the conversion of this case to a case under Chapter 7. •

(4) The prior claims of the American National Bank A Trust Company and Norwest Dank Iowa. NX. as successor byway of merger of Norwest Dank Des Moines. NX, in the accounts receivable be and the same a heif by subordinated to Bankers Capital,a division of DanVers Leasing Association. Inc., subject only to the requirement that the debtor con'tinuc'to maintain sufficient inventoryand receivable levels and compliance with the provisions set fonh is paragraph three (1) above so as to afford prior secured creditor's

'o«a Malleable Iron CompanyGate Koa 9M207-C

3

m division of (V>nVcrt Luting Association. Inc.. subject only to the requirement thai ihc debtor continue to maintain sufficient inventoryand receivable levels and compliance with the provisions set forth is paragraph three (3) above so at to afford prior secured creditor'sadequate protection for the indebtednesses due them.

(5) The debtor be and the same is hereby authorized to execute such security agreements, notes, and financing agreementsas arc deemed necessary by Danker* Capital in order to grant (o Bankers Capital the Uca that it requires. An aged accounts rcceivabkreport thjll be furnished to Rankers Capital and to Notvcst Dank Iowa. N.A, no less than every IS days, evidencing Ihe receivable* andthe collection of all receivables. Debtor shall maintain at all times sufficient collateral, i.e, inventory, equipment, fixtures, real estate andreceivables, to protect American Kational Dank & Trust. as trustee, and Nor»xst Dank tow*. MA. on the indebtedness to said inMituiions.

(6) The provision of this order and any action taken pursuant hereto shall survive the entry of an order confirming anyChapter 11 plan or which may be entered convening the Chapter 11 case from Chapter 11 to Chapter 7 and the terms and provisions ofthis O'dcr. as well as the priorities and payment, liens and security interests granted pursuant to this order shall continue in this or anysuperseding case under the Bankruptcy Code and such priorities and payments, liens and security interests shall maintain their priority asprovided by this order.

(7) Without limiting the unsecured creditor** interest, Korwest Dank Icwa. XA. and/or Danker* Capital and ivs agents.upon 24 hours telephonic notice of each requested access, shall be given continuous access during reasonable business hours to an thebooks, records and documents of the debtor that arc not subject to an attorney/client privilege, including, without limitation, the following:Check registers (general disbursements, other disbursements), sales journals, general ledgers, general entries, payroll journals, shippingregisters, duliurvemcnt distribution rcgfotcrs. aged account receivable, aged account payable*, bank reconciliation, source documentationin support including invoice* and purchase orders, shipping documents and contracts.

(8) The terms and provisions of this order shall be binding upon the debtor and it* successors and assign*, including, butnoi limited to. a receiver, trustee or examiner appointed ia this or in any succeeding case or in any case related hereto.

(9) This order shall not prejudice or lonh American National Dank & Trust Company or Notwcst Dank Iowa, XA, toseek other or additional protection with respect to the coQncnL

(10) Final hearing on the motion, pursuaet to Dankruptry Rule 4001. shall be held by the Coun on August ~?S \ 1992,at *? '. Q Q o'clock. O- m. ia the Courtroom oa the 3rd Moot of the Federal Courthouse. East 1st & Locust. Des Moines, lo*m.

(11) Service of this order (including notice of the date, time and place of the final hearing on the motion contained herein),Ihe motion and upon request, the exhibit* attached to the motion, by Ihe debtor upon (!) counsel for the official unsecured creditorscommittee, if any (ii) *U panics who have filed requests for notice under Bankruptcy Rule 2002. (iii) the 20 largest unsecured creditor*of the debtor, (iv) counsel to American National Daok £ Trust Company, (v) couasd to Notwest Dank Iowa. NA, (vi) counsel toDanker* Capital, • division of Bankers Leasing Association,lac, and (vS) the United SuocsTrustee, by First Oa** Mail on or before July13.1992. shall constitute good and sufficient notice thereof.

(12) Objections, if any. to the relief soaglN te the motion shall be ia writing, shall set fonh with eanicolarity the ground*for such objection of the other statement of position, shall be Wed »ith the Clerk of the Bankruptcy Coun. and the Office of the UchcdStates Trustee for the Southern District of Io*a. and shall be personally served upon the attorneys-for the debtor. Bradshav. Fovtcr.Proctor £ Fjitgrave. P.C. 601 Grand Avenue. Suite 3X0. DCS Moincs. lc~-a 50505-2727. Attention: Donald F. Nciman, Esq.. to that theyarc »cccivcd on or before Ausust

*•DATED: 1992.

Prepared as to Form & Content By:

Donald F. Nciman. Esq.ID <r4Cl.i2.3011KOI Grand Avenue. Suite 3700DCS Moines. IA 50309-2727Telephone: (SIS) 246-SS77

, / BANKRUPTCY JUDGE

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