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Snell&Wilmer <br />L.L.P. <br />Cheryl A. Linden, Esq. <br />Robert D. Clark, Esq. <br />February 9, 2001 <br />Part II. Efforts Involving Frontier <br />As reported in our first Fortnightly Report, attorneys for the Company had a lengthy <br />conversation with Mr. William Gorton (outside counsel for Frontier) in which they discussed <br />options by which Frontier could cure the problem caused by Frontier's de-listing by the United <br />States Treasury Department. Mr. Gorton has yet to reply to the Company's attorneys. The <br />Company, however, has contacted Frontier directly and has asked to meet with Frontier in <br />Pittsburgh on Tuesday, February 13. <br />Part III. Other Efforts <br />Despite the Company's request for a prompt response, we have received no further <br />communications from the Lender Group concerning the January 24, 2001 meeting and the <br />January 25, 2001 letter. We will continue to seek a response from the Lender Group. <br />On February 7, 2001, Powderhorn and other parties to the Quaker Chapter 11 proceeding <br />received a complicated settlement proposal from the State of Colorado. Powderhorn appreciates <br />the significant effort by the State to seek to broker a mediated resolution to this matter. The <br />Powderhorn group is evaluating the proposal and anticipates having a response to the State no <br />later than the date on which the next fortnightly report is due. We are in receipt of the response <br />by the Lender Group as well. <br />Please let me know should you have any questions regazding this report or any other <br />aspect of this matter. <br />Very truly yours, <br />Snel Wilmer <br />~~ <br />Robert D. Comer <br />Enclosure <br />cc: Michael B. Long, Division Director, State of Colorado, Division of Minerals & Geology <br />(Via Hand Delivery) <br />RDC <br />>m.~ <br />