GENERAL36287 - Laserfiche WebLink

Home Browse Search

• III IIIIIIIIIIIIIIII COLORADO OFFICE: 1700 Lincoln, Score 3550 Dcm'rc Colorado 811203 Telephone: (303)830-0800 Facsimile: (.i03) 830-0809 December 5, 1996 DEC -- 6 ~a4s Cheryl Ann Linden, Esq. Attorney General's Office 1525 Sherman Street Denver, CO 80203 RE: Jimmy Dean Braley, Sr., Chapter 7 Case No. 95-12008 RJB BMW File No. THCO 0001 Dear Ms. Linden: • \\'1'OM1NG OFFICE: 211 \Vest 19th Street, Suite 31(I Cheyenne, \Vvomin~ 82001 Telephone: (307)778-8178 OFFICE OFTHE NAIL R.4L~IZE~j~ ~ ~~ This letter is to confirm our recent telephone conversation on certain concerns and issues you have raised regarding the Trustee's Motion to Sell Property Free and Clear of Liens, Claims and Encumbrances and Other Interests Pursuant to Section 363 (b) and (f) (the "Motion") and the proposed Real Estate Cash Sale Agreement (the "Contract") now pending before the Bankruptcy Court. Paragraph 24 of the Contract states that the proposed sale is subject to an existing Reclamation Bond (the "Bond") on the real property, which is secured by a Deed of Trust in the amount of $47,500 in favor of the Bond's surety, Pioneer General Insurance Co. You have raised objections to language in Paragraph 24 which may allow a buyer to satisfy or resolve the reclamation obligations by paying only the Bond amount. You have advised that your client, the Colorado Division of Minerals and Geology ("CDMG") now estimates that the reclamation obligations for the real property to be approximately $71,000, not $47,500. Accordingly, CDMG will require that the eventual purchaser of the real property satisfy and resolve all applicable environmental reclamation obligations related to the real property as a pre-condition to closing the sale. This would entail the posting of a bond or other security in the current estimated amount of $71,000 to replace the present Bond. The proposed purchasers of the real property, Kim Haarberg and Jim Anttonen, are aware that the going-forward reclamation obligation is estimated to be approximately $71,000. I am advised that they have been in contact with CDMG regarding this issue and have made arrangements for a new bond.