Exhibit 10.2

 

AMENDMENT NO. 1 TO COMMITMENT AGREEMENT

 

As of June 29, 2004

 

To the Subscribers under the

Commitment Agreement referred to below

 

Ladies and Gentlemen:

 

Reference is made to the Commitment Agreement, dated as of February 23, 2004,
entered into by and among Oglebay Norton Company and the other parties (the
“Subscribers”) signatory thereto (the “Agreement”). Defined terms used but not
otherwise defined herein shall have the meaning ascribed to them in the
Agreement. The Company has agreed to amend the Agreement (1) to provide for the
sale of an additional $5 million of Preferred Shares to those Subscribers having
a Standby Commitment, (2) to change the date on which the non-completion of the
Restructuring Transaction will become a Termination Event from August 31, 2004
to October 15, 2004, (3) to change the date prior to which the Registration
Statement shall be declared effective from August 23, 2004 to September 23,
2004, (4) to reflect the fact that the filing of the Registration Statement does
not require the Bankruptcy Court’s prior authorization, (5) to reflect the fact
that the shares of Common Stock to be issued to the holders of the Subordinated
Notes may be included in the Registration Statement, (6) to reflect the fact
that no stockholders agreement shall be entered into among the Subscribers and
the Company and that a registration rights agreement may be entered into among
the Company and the Subscribers under certain conditions set forth herein, and
(7) to amend the provision that releases from its rights and obligations under
the Agreement any Subscriber that does not consent to the amendment of the
Agreement. The total of $85 million of Preferred Shares will represent
approximately 74.4% of the equity of reorganized Oglebay before dilution for the
Management Options and the Warrants.

 

Upon receipt of the Requisite Subscribers’ consent as described herein, the
Agreement shall be amended as follows:

 

1. Paragraph (D) of the Preliminary Statements of the Agreement shall be amended
by adding thereto the following:

 

“In addition, the Company will issue and sell to those holders of Subordinated
Notes having a Standby Commitment (as defined herein) and the Third Party
Investors, and those holders of Subordinated Notes and Third Party Investors
shall purchase, additional Preferred Shares for an aggregate purchase price of
$5 million.”

--------------------------------------------------------------------------------

As of June 29, 2004

Page 2

 

2. The following sentence is added as the penultimate sentence of Section 1(a)
of the Agreement:

 

“In addition to the Preferred Shares having an aggregate purchase price of $80
million that are subject to the Offering and notwithstanding the provisions of
Exhibit A to this Agreement, each Noteholder having a Standby Commitment and
each Third Party Investor agrees to purchase, and the Company agrees to issue
and sell to such Noteholders and Third Party Investors, a pro rata portion of
that number of Preferred Shares having an aggregate purchase price of $5
million, such pro rata portions to be based upon such Subscribers’ respective
Standby Commitment Amounts.”

 

3. The references to “$80 million” in Section 1(b) of the Agreement and under
“Offering of New Convertible Preferred Stock” in Exhibit A of the Agreement
shall be deleted and replaced by “$85 million.”

 

4. The reference to “August 23, 2004” in Section 2 of the Agreement shall be
deleted and replaced by “September 23, 2004.”

 

5. Sections 6(a)(xi) and (6(a)(xii) shall be deleted in their entirety and
replaced by the following:

 

“(xi) the issuance of the shares of Common Stock to the holders of the
Subordinated Notes in respect of the cancellation thereof in accordance with the
Plan shall be exempt from the registration requirements of the Securities Act by
virtue of Section 1145 of the Bankruptcy Code or shall be included in the
Registration Statement; and

 

(xii) if requested by the Requisite Subscribers, the Company shall enter into
customary registration rights agreement with any Subscribers or other persons
who may be deemed to be underwriters providing demand and piggy-back
registration rights, subject to customary restrictions, such agreement to be
reasonably satisfactory in form and substance to the Requisite Subscribers.”

 

6. Section 6(b)(i) of the Agreement shall be deleted in its entirety and
replaced by the following: “(i) [intentionally omitted].”

 

7. Section 7(a)(vii) of the Agreement shall be deleted in its entirety and
replaced by the following:

 

“(vii) the Restructuring Transaction is not completed by October 15, 2004”

--------------------------------------------------------------------------------

As of June 29, 2004

Page 3

 

8. The second sentence of Section 8 of the Agreement shall be deleted in its
entirety and replaced by the following:

 

“Notwithstanding the foregoing, no such amendment of this Agreement or any
waiver or consent hereunder shall, unless in writing and signed by a Subscriber
affected thereby, be effective as to such Subscriber to do any of the following:
(i) increase or decrease the Commitment Amount or decrease the Commitment Fee of
such Subscriber; (ii) decrease the percentage ownership specified under
“Existing Senior Subordinated Notes” in Exhibit A to the Agreement; (iii) change
the definition of “Required Subscribers”; or (iv) amend this Section 8 of the
Agreement.”

 

9. In order to give effect to the increase from $80 million to $85 million the
aggregate purchase price of the Preferred Shares to be purchased by the
Subscribers in accordance with Section 1(a) of the Agreement, as amended hereby,
the respective Commitment Amounts and Commitment Fees of those Subscribers
listed on Schedule I attached hereto shall be increased to the respective
Increased Commitment Amounts and Increased Commitment Fees set forth opposite
the names of such Subscribers on Schedule I.

 

The delivery to the Company of this letter duly executed by you will evidence
your agreement to the amendments to the Agreement set forth above. These
amendments will become effective upon delivery to the Company of copies of this
letter duly executed by the Requisite Subscribers. If the Company does not
receive a copy of this letter duly executed by you, you will be deemed not to
have consented to the proposed amendments set forth in this letter and will be
released from all of your rights and obligations under the Agreement in
accordance with Section 8.

 

The provisions of Section 14 of the Agreement relating to counterparts and
facsimile signatures shall be applicable to this Amendment No. 1 to the
Agreement.

--------------------------------------------------------------------------------

As of June 29, 2004

Page 4

 

Except as amended hereby, the Agreement shall remain in full force and effect in
accordance with its terms.

 

Very truly yours,

OGLEBAY NORTON COMPANY

By:

 

/s/ Julie Boland

--------------------------------------------------------------------------------

Name:

 

Julie Boland

Title:

 

Vice President, Chief Financial

Officer and Treasurer

 

--------------------------------------------------------------------------------

NOTEHOLDERS:

 

SUBSCRIBERS

 

Airlie Opportunity Fund, L.P.    

By:

 

/s/ Adam Goodfriend

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$3,705,000

 

Commitment Amount:

$7,870,326

 

Commitment Fee:

$304,596

Name:

 

Adam Goodfriend

 

Title:

 

Managing Director

 

 

Address:

c/o Airlie Opportunity Fund, L.P.

115 East Putnam Avenue

Greenwich, CT 06830

Fax: (203) 661-0479

  Airlie Opportunity Fund Cayman, LTD    

By:

 

/s/ Adam Goodfriend

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$1,045,000

 

Commitment Amount:

$2,219,836

 

Commitment Fee:

$85,912

Name:

 

Adam Goodfriend

 

Title:

 

Managing Director

 

 

Address:

c/o Airlie Opportunity Fund Cayman, LTD

115 East Putnam Avenue

Greenwich, CT 06830

Fax: (203) 661-0479

  Robert T. Clutterbuck Trust    

By:

 

/s/ Robert T. Clutterbuck

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$655,000

 

Commitment Amount:

$524,000

 

Commitment Fee:

$10,480

Name:

 

Robert T. Clutterbuck

 

Title:

 

Trustee

 

 

Address:

Kensington Oval

Rocky River, OH 44116

Fax: (440) 356-5259

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 6

 

Thomas G. Berlin    

/s/ Thomas G. Berlin

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$7,120,000

 

Commitment Amount:

$10,650,361

 

Commitment Fee:

$361,638

 

Address:

23811 Chagrin Blvd. 275

Beachwood, OH 44122

Fax: (216) 514-3344

  Stifel Nicolaus & Company, Incorporated    

By:

 

/s/ Ronald J. Kruszewski

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$655,000

 

Commitment Amount:

$524,000

 

Commitment Fee:

$10,480

Name:

 

Ronald J. Kruszewski

 

Title:

 

Chairman and Chief Executive Officer

 

 

Address:

501 N. Broadway

St. Louis, MO 63102

Fax: (314) 342-2115

  Christopher R. Siegel    

By:

 

/s/ Christopher R. Siegel

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$300,000

 

Commitment Amount:

$792,399

 

Commitment Fee:

$32,420

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 7

 

H. Sheppard Boone    

By:

 

/s/ H. Sheppard Boone

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$400,000

 

Commitment Amount:

$871,859

 

Commitment Fee:

$33,993

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  Neil Janovic    

By:

 

/s/ Neil Janovic

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$400,000

 

Commitment Amount:

$320,000

 

Commitment Fee:

$6,400

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  Adam Janovic    

By:

 

/s/ Adam Janovic

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$150,000

 

Commitment Amount:

$120,000

 

Commitment Fee:

$2,400

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 8

 

Thomas Boucher     By:  

/s/ Thomas Boucher

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

 

$10,000

 

Commitment Amount:

$597,423

 

Commitment Fee:

$29,631

Thomas DiTosto     By:  

/s/ Thomas DiTosto

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$320,000

 

Commitment Amount:

$807,183

 

Commitment Fee:

$32,679

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  Connecticut General Life Insurance     By:  

/s/ Leon Meyers

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$2,000,000

 

Commitment Amount:

$1,600,000

 

Commitment Fee:

$32,000

Name:   Leon Meyers   Title:   Senior Vice President  

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 9

 

Evan Janovic    

By:

 

/s/ Evan Janovic

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$300,000

 

Commitment Amount:

$240,000

 

Commitment Fee:

$4,800

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  Robert Altman    

By:

 

/s/ Ronald Altman

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$500,000

 

Commitment Amount:

$400,000

 

Commitment Fee:

$8,000

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  John Dougherty    

By:

 

/s/ John Dougherty

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$1,000,000

 

Commitment Amount:

$1,902,637

 

Commitment Fee:

$71,132

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 10

 

Ramer 1990 Living Trust    

By:

 

/s/ Lawrence Ramer

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$200,000

 

Commitment Amount:

$160,000

 

Commitment Fee:

$3,000

Name:

 

Lawrence Ramer

 

Title:

 

Trustee

 

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  Ingalls & Snyder Value Part. L.C.    

By:

 

/s/ Thomas Boucher

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$8,700,000

 

Commitment Amount:

$20,988,419

 

Commitment Fee:

$840,621

Name:

 

Thomas Boucher

 

Title:

 

General Partner

 

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  Shannah Ferguson    

By:

 

/s/ Shannah Ferguson

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$620,000

 

Commitment Amount:

$496,000

 

Commitment Fee:

$9,920

       

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 11

 

Theresa M. Foote    

By:

 

/s/ Theresa M. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$400,000

 

Commitment Amount:

$320,000

 

Commitment Fee:

$6,400

   

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  Kenneth J. Foote IRA    

By:

 

/s/ Kenneth J. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount:

$80,000

 

Commitment Fee:

$1,600

Name:

 

Kenneth J. Foote

         

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

  William Robert Thomas Trust    

By:

 

/s/ Shirley A. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$150,000

 

Commitment Amount:

$120,000

 

Commitment Fee:

$2,400

Name:

 

Shirley A. Foote

 

Title:

 

Trustee

 

 

Address:

c/o Ingalls & Snyder LLC

61 Broadway

New York, NY 10006

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 12

 

Abigail Foote Thomas Trust    

By:

 

/s/ Shirley A. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$200,000

 

Commitment Amount:

$160,000

 

Commitment Fee:

$3,200

Name:

 

Shirley A. Foote

 

Title:

 

Trustee

 

 

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

  Lynn Foote    

By:

 

/s/ Lynn Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount:

$544,836

 

Commitment Fee:

$24,842

       

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

          Steadfast LLC    

By:

 

/s/ Steven M. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount:

$80,000

 

Commitment Fee:

$1,600

Name:

 

Steven M. Foote

 

Title:

 

Manager

 

 

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 13

 

Blythefield Farms LLC    

By:

 

/s/ Kenneth J. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount:

$80,000

 

Commitment Fee:

$1,600

Name:

 

Kenneth J. Foote

 

Title:

 

Manager

 

 

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

  Richard Groenendyke    

By:

 

/s/ Richard Groenendyke

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$120,000

 

Commitment Amount:

$96,000

 

Commitment Fee:

$1,920

       

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

                  Heritage Mark Foundation    

By:

 

/s/ Kenneth J. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$2,300,000

 

Commitment Amount:

$1,840,000

 

Commitment Fee:

$36,800

Name:

 

Kenneth J. Foote

 

Title:

 

Trustee

 

 

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 14

 

Bradford Shingleton Trust     By:  

/s/ Brad Shingleton

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$175,000

 

Commitment Amount:

$140,000

 

Commitment Fee:

$2,800

Name:   Brad Shingleton   Title:   Trustee  

 

Address:

  c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006   Fax: (212)
269-4177   Elizabeth A. Shingleton Trust     By:  

/s/ Shirley A. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount:

$80,000

 

Commitment Fee:

$1,600

Name:   Shirley A. Foote   Title:   Trustee  

 

Address:

  c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006   Fax: (212)
269-4177   Jennifer C. Shingleton Trust     By:  

/s/ Shirley A. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount:

$80,000

 

Commitment Fee:

$1,600

Name:   Shirley A. Foote   Title:   Trustee  

 

Address:

  c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006   Fax: (212)
269-4177  

--------------------------------------------------------------------------------

As of June 29, 2004

Page 15

 

Rebecca M. Shingleton Trust     By:  

/s/ Shirley A. Foote

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$75,000

 

Commitment Amount:

$60,000

 

Commitment Fee:

$1,200

Name:   Shirley A. Foote   Title:   Trustee  

 

Address:

  c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006   Fax: (212)
269-4177   Brad Shingleton     By:  

/s/ Brad Shingleton

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$150,000

 

Commitment Amount:

$120,000

 

Commitment Fee:

$2,400

        Address:   c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006  
Fax: (212) 269-4177                   David Shuldiner     By:  

/s/ David Shuldiner

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$75,000

 

Commitment Amount:

$60,000

 

Commitment Fee:

$1,200

        Address:   c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006  
Fax: (212) 269-4177                  

--------------------------------------------------------------------------------

As of June 29, 2004

Page 16

 

Kenneth P. Singleton     By:  

/s/ Kenneth P. Singleton

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount:

$80,000

 

Commitment Fee:

$1,600

        Address:   c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006  
Fax: (212) 269-4177           CFG Trust     By:  

/s/ Cheryl F. Groenendyke

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$250,000

 

Commitment Amount:

$200,000

 

Commitment Fee:

$4,000

Name:   Cheryl F. Groenendyke   Title:   Trustee  

 

Address:

  c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006   Fax: (212)
269-4177   Martin L. Solomon     By:  

/s/ Martin L. Solomon

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$150,000

 

Commitment Amount:

$1,094,264

 

Commitment Fee:

$51,113

        Address:   c/o Ingalls & Snyder LLC   61 Broadway   New York, NY 10006  
Fax: (212) 269-4177                  

--------------------------------------------------------------------------------

As of June 29, 2004

Page 17

 

WCI Steel, Inc. Defined Pension Benefit Plan

By: Banc One High Yield Partners, LLC

   

By:

 

/s/ James P. Shanahan, Jr.

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$100,000

 

Commitment Amount

$80,000

 

Commitment Fee:

$1,600

Name:

 

James P. Shanahan, Jr.

 

Title:

 

Manager

 

 

Address:

 

c/o Banc One High Yield Partners, LLC

 

8044 Montgomery Rd.

 

Suite 555

 

Cincinnati, OH 45236

 

Fax: (513) 985-3217

   

Legacy Aggressive High Yield Fund

By: Banc One High Yield Partners, LLC

   

By:

 

/s/ James P. Shanahan, Jr.

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$150,000

 

Commitment Amount:

$120,000

 

Commitment Fee:

$2,400

Name:

 

James P. Shanahan, Jr.

 

Title:

 

Managing Director/General Counsel

 

 

Address:

 

c/o Banc One High Yield Partners, LLC

 

8044 Montgomery Rd.

 

Suite 555

 

Cincinnati, OH 45236

 

Fax: (513) 985-3217

 

Southern UTE Permanent Fund

By: Banc One High Yield Partners, LLC

   

By:

 

/s/ James P. Shanahan, Jr.

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$151,000

 

Commitment Amount:

$120,800

 

Commitment Fee:

$2,416

Name:

 

James P. Shanahan, Jr.

 

Title:

 

Manager

 

 

Address:

 

c/o Banc One High Yield Partners, LLC

 

8044 Montgomery Rd.

 

Suite 555

 

Cincinnati, OH 45236

 

Fax: (513) 985-3217

 

--------------------------------------------------------------------------------

As of June 29, 2004

Page 18

 

Southern UTE Growth Fund

By: Banc One High Yield Partners, LLC

    By:  

/s/ James P. Shanahan, Jr.

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$90,000

 

Commitment Amount:

$72,000

 

Commitment Fee:

$1,440

Name:   James P. Shanahan, Jr.   Title:   Manager  

 

Address:

  c/o Banc One High Yield Partners, LLC   8044 Montgomery Rd.   Suite 555  
Cincinnati, OH 45236   Fax: (513) 985-3217    

Pacholder High Yield Fund, Inc.

By: Banc One High Yield Partners, LLC

    By:  

/s/ James P. Shanahan, Jr.

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$2,250,000

 

Commitment Amount:

$2,563,473

 

Commitment Fee:

$74,174

Name:   James P. Shanahan, Jr.   Title:   Secretary  

 

Address:

  c/o Banc One High Yield Partners, LLC   8044 Montgomery Rd.   Suite 555  
Cincinnati, OH 45236   Fax: (513) 985-3217  

One Group Income Bond Fund

By: Banc One High Yield Partners, LLC

    By:  

/s/ James P. Shanahan, Jr.

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$500,000

 

Commitment Amount:

$400,000

 

Commitment Fee:

$8,000

Name:   James P. Shanahan, Jr.   Title:   Manager  

 

Address:

  c/o Banc One High Yield Partners, LLC   8044 Montgomery Rd.   Suite 555  
Cincinnati, OH 45236   Fax: (513)-985-3217  

--------------------------------------------------------------------------------

As of June 29, 2004

Page 19

 

One Group High Yield Bond Fund

By: Banc One High Yield Partners, LLC

    By:  

/s/ James P. Shanahan, Jr.

--------------------------------------------------------------------------------

 

Principal Amount of Subordinated Notes

Beneficially Owned:

$4,250,000

 

Commitment Amount:

$6,487,528

 

Commitment Fee

$222,376

Name:   James P. Shanahan, Jr.   Title:   Manager  

 

Address:

  c/o Banc One High Yield Partners, LLC   8044 Montgomery Rd.   Suite 555  
Cincinnati, OH 45236   Fax: (513)-985-3217   THIRD PARTY INVESTORS     John
Stein     By:  

/s/ John Stein

--------------------------------------------------------------------------------

 

Commitment Amount:

$1,008,039

 

Commitment Fee:

$55,402

 

Address:

  507 Carew Tower   Cincinnati, OH 45202   Fax: (513)-241-1026   Steven N. Stein
    By:  

/s/ Steven N. Stein

--------------------------------------------------------------------------------

 

Commitment Amount:

$1,108,039

 

Commitment Fee:

$55,402

 

Address:

  507 Carew Tower   Cincinnati, OH 45202   Fax: (513) 241-1026  

--------------------------------------------------------------------------------

As of June 29, 2004

Page 20

 

Robert L. Gipson    

By:

 

/s/ Robert L. Gipson

--------------------------------------------------------------------------------

 

Commitment Amount:

$3,324,116

 

Commitment Fee:

$166,206

       

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

   

Fax: (212) 269-4177

    Thomas L. Gipson    

By:

 

/s/ Thomas L. Gipson

--------------------------------------------------------------------------------

 

Commitment Amount:

$3,324,116

 

Commitment Fee:

$166,206

       

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

   

Fax: (212) 269-4177

    Gator Investment Company    

By:

 

/s/ Adam Janovic

--------------------------------------------------------------------------------

 

Commitment Amount:

$1,108,039

 

Commitment Fee:

$55,402

Name:

 

Adam Janovic

 

Title:

 

Member

         

Address:

 

c/o Ingalls & Snyder LLC

   

61 Broadway

   

New York, NY 10006

   

Fax: (212) 269-4177

   

--------------------------------------------------------------------------------

As of June 29, 2004

Page 21

 

Fledgling Associates LLC    

By:

 

/s/ Edward Stern

--------------------------------------------------------------------------------

 

Commitment Amount:

$5,540,194

 

 

Commitment Fee:

$277,010

Name:

 

Edward Stern

 

Title:

 

Manager

 

 

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

  Nikolaos Monoyios    

By:

 

/s/ Nikolaos Monoyios

--------------------------------------------------------------------------------

 

Commitment Amount:

$3,324,116

 

Commitment Fee:

$166,206

   

 

Address:

 

c/o Ingalls & Snyder LLC

 

61 Broadway

 

New York, NY 10006

 

Fax: (212) 269-4177

 

--------------------------------------------------------------------------------

SCHEDULE I

 

Subscriber

--------------------------------------------------------------------------------

  

Principal Amount of

Subordinated Notes

Beneficially Owned

--------------------------------------------------------------------------------

  

Increased

Commitment Amount

--------------------------------------------------------------------------------

  

Increased

Commitment Fee

--------------------------------------------------------------------------------

Noteholders                     

Airlie Opportunity Fund, L.P.

   $ 3,705,000    $ 7,870,326    $ 304,596

Airlie Opportunity Fund Cayman, LTD

   $ 1,045,000    $ 2,219,836    $ 85,912

Thomas G. Berlin

   $ 7,120,000    $ 10,650,361    $ 361,638

Christopher R. Siegel

   $ 300,000    $ 792,399    $ 32,420

H. Sheppard Boone

   $ 400,000    $ 871,859    $ 33,993

Thomas Boucher

   $ 10,000    $ 597,423    $ 29,631

Thomas DiTosto

   $ 320,000    $ 807,183    $ 32,679

John Dougherty

   $ 1,000,000    $ 1,902,637    $ 71,132

Ingalls & Snyder Value Part. L.C.

   $ 8,700,000    $ 20,988,419    $ 840,621

Lynn Foote

   $ 100,000    $ 544,836    $ 24,842

Martin L. Solomon

   $ 150,000    $ 1,094,264    $ 51,113

Pacholder High Yield Fund, Inc.

   $ 2,250,000    $ 2,563,473    $ 74,174

One Group High Yield Bond Fund

   $ 4,250,000    $ 6,487,528    $ 222,376 Third Party Investors              
      

John Stein

          $ 1,108,039    $ 55,402

Steven N. Stein

          $ 1,108,039    $ 55,402

Robert L. Gipson

          $ 3,324,116    $ 166,206

Thomas L. Gipson

          $ 3,324,116    $ 166,206

Gator Investment Company

          $ 1,108,039    $ 55,402

Fledgling Associates LLC

          $ 5,540,194    $ 277,010

Nikolaos Monoyios

          $ 3,324,116    $ 166,206