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<br /> <br />- <br /> <br />- <br /> <br />Gale A. Norton <br />Attorney General <br /> <br />Raymond T. Slaughtar <br />Chief Deputy Attorney.General <br /> <br />Timothy M. Tymkovlch <br />Solicitor General <br /> <br />will' ~tutl' uf Q!ulllrabll <br />DEPARTMENT OF LAW <br /> <br />O""'Cli 01' THt ATTOIltNI't QC....CJlA... <br /> <br />STATI! SI!RVICES aU/LDINa <br />1 S:ZS Sho'",.n Stroot. Sth Fl..' <br />C."...." COloradO 80203 <br />Ph.no (303) a8e-4500 & a88.361 I <br />FAX (3031 aee.Sail <br /> <br />April 22, 1993 <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Members, ewCB <br /> <br />Jennifer L. Gimbel~~ <br />First Assistant A~rney General <br /> <br />Clinton Ditch and Reservoir Co.; Breckinridge Ski Corp. <br />Assignment ot Keystone Resorts Management, Inc. <br /> <br />FROM: <br /> <br />RE: <br /> <br />...... <br /> <br />...... <br /> <br />This item has been included on the agenda pursuant to the notice <br />adding agenda items for the May meeting. As is explained in the <br />attached letter, Keystone Resorts Management, Inc. is purchasing <br />the assets of Breckinridge Ski Corp. Recall that both . <br />Breckinridge Ski Corp. and Keystone Resorts are two of the larg- <br />est stockholders in Clinton Ditch and Reservoir Co. With. this <br />transfer, Breckinridge will be assigning its shares of stock in <br />the Clinton DitCh and Reservoir Co. to Breckinridge and assuming <br />the responsibility of the loan requirements to the CWCB. The <br />documents signed by Breckinridge Ski,corp. pledging its stock as <br />'security for the Clinton loan transaction require Board approval <br />of any assignment of that security. That approval is being <br />sought now. <br /> <br />On April 16, Chuck and I met with representatives of Keystone <br />Resor~s. Currently the Board holds Breckinridge's stock in Clin- <br />ton Ditch and Res. Co. in the amount of 900 shares of Series I <br />stock and 615 shares of Series a, to secure $701,100 of the Clin- <br />ton loan. Keystone originally pledged its l350 shares of Series <br />I stock and 3000 shares of Series 2 stock to secure $2,173,500.00 <br />of the Clinton loan; Keystone will submit a document to the <br />Board agreeing to abide by the agreements between Breckinridge <br /> <br />:... <br />~ <br />