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b. Dale Eubanks will buy the rockdust plant including the <br /> real estate for $147,600. <br /> 3. The Division has no objection to the contract concern- <br /> ing the sale of equipment to Pete Lien & Sons, Inc. The Divi- <br /> sion, however, objects to the sale of the real estate based on <br /> the proffered contract with Dale Eubanks. <br /> 4 . The Division has requested from the debtor all informa- <br /> tion used to evaluate the above offers on the rockdust plant. <br /> The Division is also currently seeking its own information on the <br /> value of the real estate. Thus, pending receipt of this informa- <br /> tion, the Division objects to the debtor 's motion as to the sale <br /> of the real estate portion of the property based on the amount of <br /> the sale price. <br /> 5. In addition to the adequacy of the price offered on the <br /> real estate, the Division takes issue with the requirement in the <br /> contract that the debtor clean-up the property and that $40, 000 <br /> be retained from the proceeds of the sale to ensure that such <br /> clean-up occurs. Although various entities will perform most of <br /> the removal required by the contract (apparently pursuant to <br /> agreements outside the subject contract) , removal of waste mate- <br /> rial must still be performed at the expense of the debtor. The <br /> debtor states that it is performing soil samples to determine the <br /> extent of any contamination. <br /> The Division has reason to believe that the contamination <br /> was caused by the debtor 's sister corporation, Pitkin Iron Corpo- <br /> ration, which operated the rockdust plant. The officers of that <br /> corporation include Robert Delaney and John Reeves, who are also <br /> officers of the debtor corporation. The Division objects to the <br /> requirement that the debtor, and ultimately the Division; absorb <br /> the expense of any clean-up, and to the requirement that $40,000 <br /> be retained to ensure that such clean-up occurs. <br /> For the foregoing reasons, the Colorado Division of Min- <br /> erals and Geology objects to, and requests a hearing on, that <br /> portion of the debtor ' s Motion for Authorization to Sell Rockdust <br /> Plant Free and Clear of Interests of Entities Other Than the Es- <br /> tate, which concerns the sale of the real estate to Dale Eubanks. <br /> Dated this 4th day of April, 1994. <br /> GALE A. NORTON <br /> Attorney General <br /> -2- <br />