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iii iiiiiiiiiii <br />DATE: March 18, 1996 <br />TO: Susan and Mike <br />FROM: Larry ~ <br />RE: Twin Pi es <br />I spoke with Chris Reed about the possibility of forfeiting the Twin Pines bond. He will be <br />meeting with his investment partners this weekend. I explained to him that we could <br />probably get through the NOV/ FTACO/Show Cause process in time to get to the April <br />Board hearing. I also told him we would make it very clear to the Board that the company <br />had reclaimed the site according to the reclamation plan, that there was enough bond left <br />in place to maintain the site, and that the operator had been very diligent in meeting all of <br />their obligations. I said there was basically no way we could get around the enforcement ~ f~ <br />process if we were considering forfeiting the bond. ~~ rnl~~ ~Q' <br />I told him the Board had vacate jbe- ' penalty in a similar case recently (O Mine). I ~ ~ ~ <br />told him that I saw no reason-they would not consider this case in the same light, although <br />I could not speak for the'~oard. <br />I also told him,w"e were concerned about the possibility the bond money co t'd be tied up <br />in the event df bankruptcy. He said he is not interested in filing bankru if he can avoid <br />it. If the bond is forfeited and there are no sizeable civil penal ' , ' sounds as though they <br />would n~t file for bankruptcy. <br />Chris sal er about presenting this scenario to his partners if Susan or I <br />bounced this idea off Mike personally. He wants to be sure Mike doesn't have a different <br />,t~,p idea. He also asked if there was wa Mike could get a reading from the Board about <br />owC t~e~ wou view such a proceeding. ~I told him I'd pass those requests on. <br />Please let me know if you have any additional thoughts on this. I told Chris I'd call him <br />back on Friday. <br />c:\wp51\031896 <br />rn~~- <br />~ ~ ~ ~ ~ <br />~ -~:d <br />"~`~ ~ <br />1J IrnC~ <br />