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iiiiuiiiiiiiiiiii <br />STATE OF COLORADO <br />DIVISION OF MINERALS AND GEOLOGY <br />Depanmrnl ni Natural Resources <br />71I 4 Shcrn,an 51 . Rnnm 215 <br />Dcnvcr, Qdorarlo ft020J <br />Phony Illl R Hfifi~)Sfi7 <br />FA% 11071 R]2 RIOG <br />Date: February 14, 1996 <br />To: Steve Brown <br />From: David Berry <br />1~ _ ~' <br />Re: Possible Bankruptcy Filing -Twin Pines Investment, Limited Partnership <br />Twin Pines No. 2 Mine -Permit No. C-83-058 <br />~~ <br />DEPARTMENT' OF <br />NATURAL <br />RESOURCES <br />Roy Rnmer <br />Governor <br />lames S Lu~hhead <br />Eaecueve Dr.eno~ <br />Michael B. Long <br />Dinsirnr Duenor <br />We request your advice regarding the possible impacts of a bankruptcy filing by the above- <br />referenced permittee, on our ability to forfeit and redeem the financial warranty for the Twin Pines <br />No. 2 Mine. The company president, Mr. Chris Reed, has informed us that Twin Pines <br />Investment, Limited Partnership, is considering a bankruptcy filing and abandonment of the mine <br />site. He has expressed his desire to communicate and cooperate with us regarding this matter to <br />the extent possible. Mr. Reed plans to meet with his associates in about two weeks to discuss the <br />possible bankruptcy filing. <br />Will a bankruptcy filing in any way jeopardize our ability to quickly forfeit and redeem the <br />existing bond of $22,260.00? A copy of the instrument is attached for your review. A copy of <br />the company's structure information is also attached. Would having the operator change the bond <br />from a certificate of deposit to a cash bond provide more assurance for us? Mr. Reed has <br />requested our input on this matter prior to his meeting with his business associates, since he is <br />interested in preventing a bankruptcy filing from interfering with timely redemption of the bond by <br />the Division. <br />We would like a verbal response from you by Febnrary 22, if possible. Please call me or <br />Susan McCannon if you have questions. <br />DAB/bjw <br />Attachments <br />c: Susan McCannon <br />Larry Routten <br />~w~eROwrJ.nAa <br />