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lb. Authorization by the Court to spend funds exceeded available cash, so payment <br /> to Pitkin was deferred. My letter to James B. Holden dated August 24, 1993 (Pitkin's <br /> Exhibit D) explains the cash shortage. <br /> 17. Sale of real estate properties owned by Resources have been of substantial benefit <br /> to Resources in that they have provided funds which have been used to meet Resources' <br /> obligations, including payments to creditors and to the State of Colorado; specifically the <br /> Colorado Department of Minerals and Geology. <br /> 18. Sale of the Industrial Park yielded sufficient funds for payment of Pitkin's claim <br /> and other administrative expenses. Of these, only Pitkin's claim has not been paid. <br /> 19. The plan effective date was July 13, 1994. <br /> 3 <br />