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III IIIIIIIIIIIII III <br />STATE OF C_v~v~~0 <br />Roy Romer, Govel <br />DEPARTMENT OF NATURAL RESOURCES <br />MINED LAND RECLAMATION DIVISION <br />DAVID C. SHELTON, Director <br />DATE: October 21, 1987 .t/ / <br />T0: Fred Banta \ ~" <br />FROM: Peter O'Connor~/ <br />RE: PEERLESS RESOURCES' BANKRUPTCY PETITIOtJ (CASE N0. 8662846M); <br />PERt1IT N0. C-84-067 <br />As a follow-up to my October 21, 1987 memo to you, I finally got ahold <br />of the attorney representing two of the creditors (tlelco, Inc. and Burnett <br />Construction Company) to find out his views. The attorney is Alan Merson <br />who stated that he has refiled the motion to convert from Chao ter 11 to <br />Chapter 7. A hearing has been scheduled for PJOVember 9, 1987 at 1:30 p.m. <br />to review this motion. <br />Pertaining to the reorganization plan, P1r. tlerson stated the disclosure <br />statement is needed before it is feasible to review the plan. The only <br />thing Mr. Merson could state was that it appears operations will be shifted <br />from Peerless Resources to Durango Coal. Durango Coal would operate the <br />mine with Peerless Resources relegated to primarily abook-keeper status. <br />It appears there is some seriousness towards this end considering Sam Arness <br />did pay off past lease payments of about 520,000.00 owed to Mrs. De Luzio. <br />Mr. Pierson stated his clients are interested in being paid and would not <br />proceed with the conversion request if a viable reorganization plan could <br />be agreed upon. The conversion motion is primarily to get something <br />done be it whatever assets are left in the company or a viable reclamation <br />plan. <br />cc: Mike Savage <br />Dave Berry <br />s rs <br />423 Centennial Building, 1313 Sherman Street Denver, Colorado 80203-2273 Tel. (303) 866-3567 <br />