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Snell &Wilmer <br />LLP. <br />uw ores <br />1200 Seventeenth Street, Suite 1950 <br />Tabor Cen[et <br />Denver Colorado 80202 <br />(303)634-2000 <br />Fax: (303) 634-2020 <br />Robett D. Comer (303) 634.2015 <br />lntemer rcomet®swlaw.com <br />January 26, 2001 <br />VIA HAND DELIVERY AND FACSIMILE TRANSMISSION <br />Cheryl A. Linden, Esq. <br />Robert D. Clark, Esq. <br />Assistant Attorney General <br />1525 Sherman Street, 5th Floor <br />Denver, CO 80203 <br />Re: First Fortnightly Report, NOV # CV-2000-010 <br />S&W File No. 38283.0001 <br />Deaz Cheryl and Bob: <br />owvm.oa.onAOo <br />nao+uC AaaoNA <br />TU(SON, ARQONA <br />mvwe,cwtnoaNw <br />SALTLAKECrn', VfNi <br />Fax: 303-866-3558 <br />Fax: 303-866-5671 <br />This letter constitutes Powderhorn's first Fortnightly Report pursuant to your letter of <br />January 12, 2001. Powderhom appreciates the willingness of the Colorado Division of Minerals <br />and Geology (DMG) and the Colorado Attorney General to allow Powderhom to work towazd <br />resolving the financial assurance issue created by the federal delisting of Frontier Insurance <br />Company ("Frontier"). <br />The report contains three parts as identified in your letter. Part I identifies the efforts <br />taken by Powderhom during the period between January 16 to 26, 2001, to obtain a replacement <br />bond, including contact information. Part II identifies the steps taken by Powderhor during this <br />period to have Frontier obtain an alternative form of financial assurance. Part III identifies other <br />activities undertaken by Powderhom during this period to resolve this matter. <br />Preliminary Activities <br />Powderhom's first activities during this period involved organizing an action team and <br />assigning primary responsibilities to accomplish the requirements imposed by the State's Action <br />Plan. Powderhor and its executive staff will be involved in seeking a replacement bond. This <br />effort will be led by Mike Jamison. Members of the Dechert law firm will be involved in <br />pursuing aFrontier-based remedy. This effort will be lead by Ethan Fogel and Tom Munno. <br />Any Powderhom team member will be involved, as appropriate, in conducting activities <br />necessary under the "Other efforts" category. For instance, as is reported below, Mr. Fogel has <br />approached the Secured Lender Group with respect to this matter. Bob Comer and Denise <br />Txo.f <br />Snell & Wilmer is a member of LEX MUNrn, a leading ass~xiation of independent law firms. <br />