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occurring in March 2000. Although Powderhom has performed some reclamation, no bond <br />release has been requested or granted and the majority of reclamation has not been <br />completed. It is uncertain how or whether reclamation will continue given Powderhorn's <br />status as a debtor in bankruptcy. To the best of counsels' knowledge, Powderhom has made <br />no attempt to acquire funds from other sources to establish a financial ability to complete <br />reclamation of the site. ~ It is also uncertain whether Powderhom will continue to exist as a <br />corporate entity. Powderhorn's only business concern was the mining operation and that has <br />ceased except for reclamation efforts. The Division has no information or evidence to <br />suggest that any reorganization plan will include the continued existence of Powderhom. <br />In addition to Powderhotn's financial bankruptcy, the Division is addressing the <br />financial situation of the financial warrantor for the Powderhom site. Frontier issued a $2.6 <br />million corporate surety bond to ensure that reclamation is done at Powderhorn's mine site. <br />The Division also holds a $300,000 bond from Utica Insurance Company. <br />On June 6, 2000, days before Powderhom filed its petition in bankruptcy, the United <br />States Department of Treasury issued a notice in the Federal Registry that it had revoked <br />Frontier's Certificate of Authority under 31 U.S.C. § § 9304-9308. In so doing, the <br />Department of Treasury determined that Frontier was no longer "financially and otherwise <br />qualified to do the business provided for in [31 U.S.C. § § 9304-9308]" and no longer "able <br />~ On January 10, 2001, the Division requested that Powderhom inform the Division how <br />Powderhom will accomplish reclamation and where it will obtain funding for reclamation; <br />Powderhom did not respond to the Division's request. <br />