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One of the key provisions of the Permit is that <br />Powderhorn have in place reclamation bonds in the requisite <br />amount of coverage from financially sound bonding companies. <br />(See, Declaration, ~ 19.) For the following reasons, <br />Frontier's financial viability is now open to question, such <br />that the State of Colorado needs to look to the proceeds of <br />the sale of the Machinery and Equipment in order to finance <br />the reclamation which Debtor Powderhorn is required to <br />perform. <br />On June 6, 2000, the United States Department of the <br />Treasury issued a notice in the Federal Register that it had <br />revoked Frontier's Certificate of Authority under 31 U.S.C. <br />§~ 9304-9308. See, 65 F.R. 35998-35999 (June 6, 2000). <br />(See, Declaration, ~ 15.) <br />In its Quarterly Statement as of September 30, 2000 <br />submitted to the New York Insurance Department (copy attached <br />as Exhibit D), Frontier reported the following financial <br />facts: <br />(a) a loss for the year ending December 31, 1999 of <br />$111,759,600.00, against a "surplus as regards policyholders" <br />for the year ending December 31, 1999 of only 5199,575,913.00; <br />l2 <br />