EXHIBIT 1
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[▇▇▇▇▇ Day Letterhead]
August 12, 2003
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Esq.
▇▇▇▇▇▇▇ & Foelich Ltd.
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▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Re: ▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Loan from
European Metal Recycling Ltd. ("EMR")
Dear ▇▇. ▇▇▇▇▇▇:
▇▇▇ asked us to communicate with you, as counsel to ▇▇▇ ▇▇▇▇▇▇▇▇.
As you know, EMR lent $10,000,000 to ▇▇. ▇▇▇▇▇▇▇▇. 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 ▇▇. ▇▇▇▇▇▇▇▇ 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/▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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