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<br />I <br />I <br />I <br /> <br /> <br /> <br />I John E. Hayes <br />Herbert C. Phillips <br />I James S. Maloney <br /> <br /> <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />HAYES, PHILLIPS & MALONEY, P.C. <br />Attorneys at Law <br />Suite 450, The Market Center <br />1350 Seventeenth Street <br />Denver, Colorado 80202-1517 <br />(303) 825-6444 <br />Telecopier: (303) 825-1269 <br /> <br />M. Susan Lombardi <br />Bradley N. Shefrin <br /> <br />MEMORANDUM <br /> <br />Of Counsel <br />Kathleen E. Haddock <br /> <br />TO: <br /> <br />INTERESTED PARTIES <br /> <br />HAYES, PHILLIPS & MALONEY, P.C., HERBERT C. PHILLIPS,~ <br />ESQ. <br /> <br />FROM: <br /> <br />DATE: <br /> <br />July 26, 1994 <br /> <br />RE: <br /> <br />CASTLE PINES NORTH METROPOLITAN DISTRICT <br /> <br />This firm represents the Castle Pines North Metropolitan <br />District (the "District"). In the past few weeks we have received <br />a number of inquiries from various interested parties as to the <br />current status of the District. In the interest of providing all <br />parties with the same information, the District and this firm have <br />drafted this status report. <br /> <br />As most of you are no doubt aware, in November of 1993, the <br />District filed a petition in the United states Bankruptcy Court <br />seeking adjustment of the District's debts. This filing followed <br />several weeks of intensive negotiations between the District's <br />representatives, representatives of developers owning property in <br />the District, homeowners and an informal committee of holders of <br />the District's bonds. These negotiations culminated in the <br />execution of a letter agreement setting forth, in general terms, a <br />proposed settlement between the District and its bondholders. <br /> <br />In cooperation with the official creditors committee <br />appointed by JUdge Brumbaugh in the Chapter 9 case, the District <br />prepared its First Amended Plan for Adjustment of Debts (the <br />"Plan"), and First Amended Disclosure statement (the "Disclosure <br />statement"). The Plan contemplated the District's issuance of <br />exchange bonds to all holders of the District's outstanding bonds. <br />These exchange bonds would be secured by mill levies to be assessed <br />by the District according to the following schedule: <br /> <br />7/26/94-pss <br />A: \STATUS. HEH <br />