Laserfiche WebLink
17. In its Quarterly Statement as of June 30, 2000 <br />submitted to the New York Insurance Department, Frontier <br />reported the following financial facts: <br />(a) a loss for the year 2000 to date of 531,998,997.00, <br />against a "surplus as regards policyholders" for the year 2000 <br />to date of only $157,198,981.00. <br />18. As reported in the October 9, 2000 issue of <br />Property/Casualty Best Week, at page 5, the stock of <br />Frontier's parent, Frontier Insurance Group, was trading at 75 <br />cents per share on October 6, 2000, and "Frontier [Insurance <br />Group] stock has been on a downward slide since November 1999, <br />dropping from a 52-week high of 59.125 a share to a low of <br />$0.261 a share." <br />19. Based upon the foregoing, upon information which <br />Frontier may provide, and upon other information which the <br />Division of Minerals and Geology may gather, the Division of <br />Minerals and Geology may issue a Notice of Violation to <br />Powderhorn, declaring Powderhorn and Frontier to be out of <br />compliance with the Colorado Coal Act and the Permit for <br />failure to have a reclamation bond in place from financially <br />sound bonding companies in the full requisite amount of 52.9 <br />million. <br />