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iiiiiiiiiiiiiiuiii 999 Snell ~ Wilmer L.L.P. MEMORANDUM TO: Mike Long, Director, Division of Minerals and Geology (Via E-Mail) FROM: Robert D. Comer DATE: July 25, 2001 RE: Powderhorn Coal Company -July Monthly Report Enclosed please find a copy of the July 2001 monthly report for the Powderhorn Coal Company. Please let me know should you have any questions. Powderhorn Coal Comaanv July Progress Report to the Colorado Division of Minerals and Geology Reorganization The Reorganization Plan ("Plan") and Disclosure Statement ("Statement") were filed on June 1, 2001. In response, Quaker has received a number of objections to the Plan, including an objection from the State of Colorado. In response, Quaker has amended its Statement to address certain of the objections, including that of the Slate of Colorado. Powderhorn has solicited further comment from the State regarding the Statement During July 2001, several largely administrative hearings were had before the Bankruptcy Court for the Eastern District of Kentucky. In addition, the Company submitted updated financials to Mr. Clark and Ms. Linden on July 19, 2001. A copy of the Five Year Plan documents submitted to Mr. Clark is attached. The continued hearing on the Statement is scheduled to be heard on August ]0, 2001. Reclamation The contract for plant demolition was signed on July 6, 2001. Work was begun ai plant demolition on July 9, 2001. Plant demolition is expected to be completed in October 2001. Final grading of the refuse at CRDA-2 was begun in early July and should be completed by the end of the month. At that point, Powderhorn will begin to place the cover material on CRDA-2 with final grading, seeding and mulching to be completed in late Fall 2001. As part of this process, Powderhorn is cutting a drainage ditch along the north side of CRDA-2 to control surface runoff. 11671 I