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<br /> <br />proposed readjustment on December 23, 1983, with supplemental <br />objections filed on September 20, 1984. By Decision dated <br />October 22, 1985, the BLM denied objections filed by Powderhorn <br />to the proposed readjustment terms. Powderhorn appealed the <br />BLM Decision to the Interior Board of Land Appeals ("IBLA") on <br />February 1, 1986. On January 9, 1967, the IBLA issued an Order <br />affirming the BLM Decision of October 22, 1985. <br />on March 10, 1987, Powderhorn filed a Complaint in the <br />United States District Court for the District of Colorado <br />(Powderhorn Properties Company, et al. v. Hodel, Case No. <br />87-K-350), seeking a declaratory order reversing the IBLA <br />Decision. Although the Solicitor's Office for the Department <br />of the Interior has opposed the Complaint, all parties, includ- <br />ing the Court, agreed on July 2, 1987, to stay the case pending <br />a final decision in Coastal States Energy Company v. Hodel and <br />FMC Wyoming Corp. v. Hodel. <br />For the purposes of this Application, it is assumed the <br />Lease will be readjusted effective January 1, 1984. Neverthe- <br />less and despite such assumption, Powderhorn shall not be <br />deemed to have waived any arguments it has raised or hereafter <br />may raise in Powderhorn Properties Company, et al. v. Hodel, <br />contesting the application of the Federal Coal Leasing Amend- <br />ments Act of 1976 ("FCLAA") requirements to pre-FCLAA leases, <br />including the Lease. <br />The recoverable reserves, as of the January 1, 1984 <br />readjustment date, were established to be tons. This <br />- 3 - <br />