EXHIBIT 1
000-000-0000
xxxxxxxx@xxxxxxxx.xxx
[Xxxxx Day Letterhead]
August 12, 2003
Xxxxxxx X. Xxxxxx, Esq.
Xxxxxxx & Foelich Ltd.
000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Re: X. Xxxxxxxx Xxxxxxxx Loan from
European Metal Recycling Ltd. ("EMR")
Dear Xx. Xxxxxx:
XXX asked us to communicate with you, as counsel to Xxx Xxxxxxxx.
As you know, EMR lent $10,000,000 to Xx. Xxxxxxxx. The loan plus
interest at 4% is due on August 31, 2003. EMR expects repayment on the maturity
date.
As part of settling the loan or independent of it, EMR is prepared to
purchase 826,000 of the shares of the Metal Management that Xx. Xxxxxxxx has
reported he owns at $13.50 per share, for an aggregate amount of $11,151,000.
The purchase would be subject to approval of the Metal Management Board and each
party's acknowledgment that it is purchasing/selling the shares without reliance
on information from the other.
We look forward to hearing from you.
Very truly yours,
/s/Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx
