Document:

Exhibit 10.3

               Memorandum of Understanding (Wise Metals Co., Inc.)
<PAGE>

                               This memorandum of understanding supersedes any
                       and all other correspondence and discussions related to
                       the proposed transaction between Avalon Aluminum and Wise
                       Metals Co., Inc. The parties, Avalon Aluminum and Wise
                       Metals Co., Inc., or its nominated subsidiary, agree that
                       in order for Avalon Aluminum to purchase the assets and
                       business of the Reynolds Metals "Alloys" complex under
                       the agreement dated October 28, 1998 between
                       Avalon-Borden Companies and Reynolds Metals Company, the
                       parties, Avalon Aluminum, Avalon-Borden Companies and
                       Wise Metals Co., Inc. agree;

                                 1. that Wise Metals Co., Inc. shall assume
                                    responsibility and control of the
                                    negotiations between Avalon Aluminum and the
                                    Reynolds Metals Company, and
                                 2. Wise shall arrange to provide Avalon
                                    Aluminum with the funds necessary to
                                    consummate the transaction between Avalon
                                    Aluminum and the Reynolds Metals Company.

                               In consideration for the foregoing, it is agreed
                       between Avalon Aluminum, Avalon-Borden Companies and the
                       Wise Metals Co., Inc. that Wise Metals Co., Inc. shall
                       receive 98% of the issued and outstanding common stock in
                       Avalon Aluminum and that subject to the option granted
                       Avalon-Borden Companies and subject to the consummation
                       of the purchase by Avalon Aluminum from Reynolds Metals
                       Company, of the "Alloys" complex, Avalon-Borden Companies
                       shall receive 2% of the issued and outstanding common
                       stock in Avalon Aluminum and reimbursement for its
                       documented, direct expenses incurred through the date of
                       closing, or a fee of $1,000,000, and said expenses. The
                       reimbursement of expenses shall be paid on the day of
                       closing and $1,000,000 in fees shall be paid to equal
                       installments on the 1st and 2nd anniversary dates of the
                       closing. This election shall be decided by Avalon-Borden
                       Companies no later than the date of closing. In the event
                       that Wise Metals Co., Inc., elects to sell or enter into
                       any transaction which requires Avalon-Borden to tender
                       its shares in Avalon Aluminum, Avalon-Borden shall
                       receive the fair market value for the shares tendered,
                       payment for which may be in the form of shares of stock
                       in a new company.
<PAGE>

                      This memorandum Constitutes the entire agreement between
                      the parties, Avalon Aluminum, Avalon-Borden Companies and
                      Wise Metals Co., Inc.

                      Signed and agreed this date - December 2, 1998 between,

                      /s/ John Cameron
                      -------------------------------
                      John Cameron
                      President
                      Wise Metals Co., Inc.

                      /s/ Das Borden
                      -------------------------------
                      Das Borden
                      C.E.O.
                      Avalon-Borden Companies
                      Aluminum

                      /s/ Bobby Irons
                      -------------------------------
                      Bobby Irons
                      President
                      Avalon Aluminum

<PAGE>
                    SUPPLEMENT TO MEMORANDUM OF UNDERSTANDING

         This Supplement supplements that certain December 2, 1998 memorandum of
understanding between Wise Metals Co., Inc. and Avalon-Borden Companies, Inc.
and Avalon Aluminum. The December 2, 1998 memorandum of understanding
contemplated a two percent (2%) ownership of Avalon Aluminum by Avalon-Borden
(or a $1 million fee) and the payment of an expense reimbursement to
Avalon-Borden upon a purchase by Avalon Aluminum of the "Alloys Complex" from
Reynolds Metals Company pursuant to an October 28, 1998 Reynolds Metals Company
letter of intent.

         Wise has determined that it desires for the purchase to be made by a
liminted liability company rather than by Avalon Aluminum and other changes have
been negotiated in the October 28, 1998 letter of intent. Accordingly, the
purpose of this Supplement is to agree that the expense reimbursement provisions
for the benefit of Avalon-Borden and the provisions that afford Avalon-Bordon an
between a $1 million fax or a two percent (2%) ownership interest shall remain
applicable notwithstanding negotiated departures from the October 28, 1998
letter of interest and regardless of the entry that Wise designates to
consummate the purchase such that Avalon-Bordon (unless it elects, instead, to
receive the $1 million fee) will be entitled to be a two percent (2%) ownership
of the entity that Wise designates to acquire the "Alloys Complex".

         Signed and agreed this December 9th, 1998.

                                        WISE METALS CO., INC.

                                        By: /s/ GEORGE P. STOE
                                            ---------------------------
                                        Title: Executive V.P.
                                               ------------------------

                                        AVALON-BORDEN COMPANIES, INC.

                                        By: /s/ DAS A. BORDEN
                                            ---------------------------
                                        Title: CEO
                                               ------------------------

                                        AVALON ALUMINUM CORPORATION

                                        By: /s/ BOBBY E. IRONS
                                            ---------------------------
                                        Title: President
                                               ------------------------Exhibit 10.4
      Consent, Assignment and Assumption Agreement (Wise Metals Co., Inc.)

<PAGE>
                  CONSENT, ASSIGNMENT AND ASSUMPTION AGREEMENT

         Reference is made to the letter agreement dated October 28, 1998
between Reynolds Metals Company ("Reynolds") and Avalon-Borden Companies, Inc.
(Avalon-Borden"), as amended by the letter agreements between Reynolds and
Avalon-Borden dated November 2, 1998 and November 5, 1998 (as amended, the
"Letter of Intent").

         Avalon-Borden, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, does hereby assign and transfer to
Wise Alloys LLC effective as of the date hereof all of Avalon-Bordan's right,
title and interest in and to the Letter of Intent, provided that Avalon-Borden
shall remain bound by paragraphs 16, 17, 18, 21 and 22 of the Letter of Intent
notwithstanding such assignment and transfer.

         Wise Alloys LLC for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, does hereby assume and agree to
discharge and perform when due, Avalon-Bordan's obligations under the Letter of
Intent.

         Wise Metals Co., Inc. for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, does hereby agree to guarantee
the obligations of Wise Alloys LLC under the Letter of Intent.

         Reynolds hereby consents to the assignment, assumption and guaranty
referred to in the preceding three paragraphs.

         IN WITNESS WHEREOF, each of Avalon-Borden, Wise Alloys LLC, Wise Metals
Co., Inc. and Reynolds has caused this Consent, Assignment and Assumption
Agreement to be duly executed on its behalf as of December 9, 1988.

AVALON-BORDEN COMPANIES, INC.               WISE ALLOYS LLC.

By: /s/ MAURICE C. MITCHELL                 By: /s/ GEORGE P. STOE
    ------------------------                    ----------------------------
    Maurice C. Mitchell                         George P. Stoe
    President                                   Executive Vice President

WISE METALS CO., INC.                       REYNOLDS METALS COMPANY

By: /s/ GEORGE P. STOE                      By: /s/ JOHN B. KELZER
    ------------------------                    -----------------------------
    George P. Stoe                              John B. Kelzer
    Executive Vice President                    Vice PresidentExhibit 10.5
              Mutual Release Agreement (Wise Metals Group, L.L.C.)
<PAGE>
                                                        April 28, 1999 (5:03 pm)

                            MUTUAL RELEASE AGREEMENT

         THIS MUTUAL RELEASE AGREEMENT ("Agreement"), made this 29th day of
April,1999, effective as of March 30, 1999, by and among Avalon-Borden
Companies, Inc. a Delaware corporation ("Avalon"), Das Borden, the chief
executive officer of Avalon ("Borden) and Wise Metals Group LLC, a Delaware
limited liability company (the "Company") provides as follows:

         WHEREAS, pursuant to a Letter of Intent dated October 28, 1998 (as
amended November 2, 1998 and November 5, 1998, together the "LOI") between
Avalon and Reynolds Metals Company ("Reynolds"), Avalon expressed its intention
to purchase the Reynolds Alloys rolling mill and its Alabama and Southern
Reclamation facilities and Sheffield coil coating facility as well as the
operations conducted or formerly conducted at such facilities; and

         WHEREAS, Wise Metals Co., Inc. ("Wise") and Avalon entered into a
memorandum of understanding on December 2, 1998 (as amended by a December 9,
1998 supplement, together the "MOU"), which in material part, provided that at
Avalon's election, made no later than the Second Closing under the Asset
Purchase Agreement contemplated in the LOI and in fact executed by Wise Alloys
LLC ("Wise Alloys") and Reynolds as of December 30, 1998 ("Purchase Agreement")
Avalon could either (i) acquire a two percent (2%) interest in Wise Alloys or
(ii) receive One Million U.S. Dollars ($1,000,000) from Wise in two (2) equal
annual tranches, on the first and second anniversary of the Second Closing, plus
in both cases reimbursement by Wise of direct and substantiated expenses
incurred in connection with the LOI, which reimbursement would be paid by Wise
on the date of the Second Closing; and

         WHEREAS, pursuant to a Consent, Assignment and Assumption Agreement
dated December 9, 1998 between Wise Alloys, Wise, Avalon, and Reynolds: (i)
Avalon agreed to assign and transfer all of its right, title and interest in the
LOI to Wise Alloys; (ii) Wise Alloys agreed to assume and discharge when due
Avalon's obligations under the LOI; and (iii) Wise agreed to guarantee the
obligations of Wise Alloys under the LOI; and

         WHEREAS, Wise formed Wise Alloys pursuant to the Delaware Limited
Liability Company Act, by causing to be filed a Certificate of Formation with
the Office of the Secretary of State of the State of Delaware on December 9,
1998; and

         WHEREAS, pursuant to an Operating Agreement executed on December 29,
1998, effective as of December 9, 1998 (the "Operating Agreement"), Wise, as the
sole Member of Wise Alloys, capitalized Wise Alloys, with an initial Captial
Contribution of One Million Five Hundred Thousand U.S. Dollars ($1,500,000) and
made additional Capital Contributions to enable Wise Alloys to execute the
Purchase Agreement and proceed to the Second Closing, which Second Closing
occurred on March 31, 1999;

<PAGE>
         WHEREAS, pursuant to the Assignment and Assumption of Limited Liability
Company Interest Agreement dated March 26, 1999, Wise transferred 100% of its
membership interest in Wise Alloys to the Company; and

         WHEREAS, Avalon announced its intention to elect to receive a 2%
interest in Wise Alloys in lieu of One Million U.S. Dollars ($1,000,000), to be
effective as of the Second Closing, plus reimbursement by Wise of expenses as
recited above; and

         WHEREAS, a good faith dispute has arisen among the parties with respect
to the terms and conditions of such 2% interest in Wise Alloys which the parties
wish to resolve as proved herein.

         NOW, THEREFORE, in consideration of the mutual promises of the parties
hereto, the warranties and covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be legally bound, the parties hereto agree as
follows:

         1.   RELEASE FEE. In exchange for the release of all claims as
provided in Paragraph 3(a) below, the Company hereby agrees that it shall
deliver as a release fee the sum of $1,387,500.00 in accordance with the terms
of this Paragraph 1. The Company shall deliver to Avalon, by 1:00 p.m. C.D.T. on
Friday, April 30, 1999, the sum of $1,387,500.00 by wire transfer to the account
of Avalon, as follows:

                First Metro Bank
                406 W. Avalon Avenue
                Muscle Shoals, Alabama
                ABA Routing No. 0622-03955
                For Deposit to: Borden Companies, Inc.
                Account No. 00010626

         2.   REIMBURSEMENT OF EXPENSES. The Company shall reimburse Avalon for
its direct and substantiated expenses in the agreed total amount of $283,132.96
incurred in connection with the contract rights in the LOI assigned to Wise
Alloys. The Company shall deliver to the account of Avalon the sum of
$283,132.96 by wire transfer as provided in Paragraph 1, above, by 1:00 p.m.
C.D.T. on Friday, April 30, 1999.

          3.   MUTUAL RELEASE.

               (a)  Borden individually and Avalon and his/its successors or
assigns (collectively, the "Releasor"), hereby, voluntarily and knowingly
release, acquit, discharge and covenant not to claim against Wise, the Company,
Wise Alloys, or any subsidiaries, affiliates, shareholders, members,
predecessors or successors of the foregoing entities (collectively, the
"Release") from any and all claims, demands, liens, agreements, contracts,
covenants, actions, suits, causes of action, obligations, controversies, debts,
disputes, costs, expenses, damages, judgments, orders and liabilities

                                      - 2 -
<PAGE>
of whatever kind or nature, in law or in equity, by statute or otherwise whether
now known or unknown, vested or contingent, suspected or unsuspected, which have
existed or may have existed, or do exist or may exist, of any kind which the
Releasor now may have against the Releasee (the "Claims"), including but not
limited to claims with respect to the LOI, the MOU and the Purchase Agreement,
except that Releasor does not release the Company from its obligations under
this Agreement.

                     Releasor represents and warrants that it has not
transferred or assigned any Claims by operation of law or otherwise; that it has
full power and corporate authority to execute, deliver and perform this Release;
that such execution, delivery and performance has been duly authorized by all
necessary corporate action; and that this Release is valid and binding on and is
enforceable against Releasor.

                     Nothing in this Paragraph 3 (a) is intended to release any
claim that Releasor may have in the future for matters asserted against Releasor
by third parties that arise solely from the acts or omissions of Releasee,
regardless of when such acts or omissions are alleged to have occurred.

              (b)    The Company (for the Releasee) hereby, voluntarily and
knowingly releases, acquits, discharges and covenants not the claim against
Releasor, or any subsidiaries or affiliates, shareholders, members, predecessors
or successors of the foregoing entities (collectively, "A/B") from any and all
claims, demands, liens, agreements, contracts, covenants, actions, suits, causes
of action, obligations, controversies, debts, disputes, costs, expenses,
damages, judgments, orders and liabilities of whatever kind or nature, in law or
in equity, by statute or otherwise whether now known or unknown, vested or
contingent, suspected or unsuspected, which have existed or may have existed, or
do exist or may exist, of any kind which the Release now may have against A/B,
except that the Company does not release A/B from its obligations under this
Agreement.

                     The Company represents and warrants that by operation of
law or otherwise it can effectively release the claims of Release against A/B;
that it has full power and authority to execute, deliver and perform this
Release; that such execution, delivery and performance has been duly authorized
by all necessary company action; and that this Release is valid and binding on
and is enforceable against the Company.

                     Nothing in this Paragraph 3(b) is intended to release any
claim that the Company (for the Releasee) may have in the future for matters
asserted against the Company by third parties that arise solely from the acts or
omissions of Releasor, regardless of when such acts or omissions are alleged to
have occurred.

         4.   FURTHER ASSURANCES. The parties hereby agree to execute and
deliver such other documents, certificates, agreements, instruments, and other
writings and to take such other actions as may be reasonably necessary in order
to consummate expeditiously the transactions contemplated by this Agreement.

                                      - 3 -
<PAGE>

         5.   NONDISCLOSURE. Borden and Avalon hereby agree that, except with
the prior written consent of the Company, they will not disclose to any person
or entity the content or existence of this Agreement of the content or existence
of the negotiations relating thereto.

         6.   COMMENTS CONCERNING LAW. This Agreement may be executed in
counterpart, each completed set of which when so and delivered by all the
parties, shall be original, but all such counterparts shall but one and the
instrument. This Agreement shall be governed by and construed in accordance with
the laws of the State of Maryland without giving effect to its conflict of laws
principles.

         7.   ENTIRE AGREEMENT. This Agreement represents the sole and entire
agreement between the parties on the subject hereof. IN WITNESS WHEREOF, the
undersigned have entered and delivered this Mutual Release Agreement on the date
set forth above, effective as of March 30, 1999.

                                        WISE METALS GROUP LLC

                                        /s/ JOHN J. CAMERON
                                        -------------------------------
                                        By: John J. Cameron
                                        Title: President/CEO

                                        AVALON-BORDEN COMPANIES, INC.

                                        /s/ JAMES M. BOHANNON
                                        -------------------------------
                                        By: James M. Bohannon
                                        Title: Chairman of the Board

                                        INDIVIDUALLY

                                        /s/ DAS BORDEN
                                        -------------------------------
                                        Das Borden

                                       - 4 -

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