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HOLDEN & JEBBOp, PC. <br /> AMANCYS At LAW <br /> 303 LAST 11.r AVLNUL,SUITL 010 <br /> oeNVeR, COLORADO AOeO.S-1e04 <br /> 13031 000•f1OO <br /> FACEIMIL[: 1301)8190.7=1 <br /> May 12, 1994 <br /> VIA FACSIMILE AND MAIL <br /> Cheryl A. Linden <br /> Assistant Attorney General <br /> 1.525 Sherman Street, 5th Floor <br /> Denver, Colorado 80203 <br /> Re: Mid-Continent Resources, Inc. ( "Resources" ) <br /> Dear Cheryl: <br /> I am writing to update you on several topics. <br /> Implementation of Plan. You will recall that at the <br /> confirmation hearing on April. 11, Judge Clark denied an objection <br /> to confirmation filed by the members of the Harker family, who <br /> are former shareholders of Resources. The Harkers appealed the <br /> confirmation order and sought a stay pending appeal. on May 6 <br /> Judge Clark stayed the confirmation order pending her <br /> consideration of the motion for stay pending appeal. She <br /> indicated that this might take thirty days. <br /> Yesterday, Resources communicated a settlement offer to <br /> the Harkers, which if accepted would result in a withdrawal of <br /> their appeal and thereby would permit the confirmation order to <br /> become final. My impression .is that the parties are not far <br /> apart in the 'oettlement discussions. The funds for settlement <br /> would come from sale of a parcel which is not owned by Resources <br /> but which is subject to the Harkers' judgment lien. The <br /> settlement would not affect any distributions under the Plan. <br /> Sale of Carbondale Industrial Park. I recently <br /> provided you with my letter to Bob Emerson, attorney for the Town <br /> of Carbondale, confirming that the Town has withdrawn from <br /> negotiations to purchase the Carbondale Industrial park. <br /> Resources was ambivalent about the Town's previous purchase offer <br /> because it was conditioned on the granting of a railroad right of <br /> way, which could have indefinitely delayed a closing. <br /> Since the Town dropped out Resources has been contacted <br /> by four parties interested in purchasing the property. I am <br /> enclosing a proposal received yesterday from Wayne Rudd and Brad <br /> Hendricks to purchase the property for $1,231,000 cash, within 60 <br /> Z"d dOSS3t '8 W3QIOH Wd10:E0 b6. 2T MW <br />