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�� ✓ <br /> �F" <br /> HOLDEN & cJESSOP, PC. <br /> ATTOONZYS AT LAW <br /> 201 CAST If.r AVLNUC, SUITC 220 <br /> OIENVCR, COLORADO 80203-IE64 <br /> 11031 OSO-7?00 <br /> ►AC S I M I Lt: 11011 660-Tt]] <br /> March 23, 1994 <br /> VIA FACSIMILE <br /> Cheryl A. Linden <br /> Assistant Attorney General <br /> 1525 Sherman Street, 5th Floor <br /> Denver, Colorado 80203 <br /> Re: Mid-Continent Resources, Inc. ( "Resources") ; sale of �z <br /> rockdust plant �6 66� <br /> �q11 <br /> Dear Cheryl: t, <br /> In response to your question yesterday concerning the <br /> proposed gale of the rbckdust plant, Resources proposes to sell the <br /> real property to Dale Eubank for $147,600. This is less than the <br /> previous offer of $200,000 from Mid-Valley Design/Business Center. <br /> The Mid-Valley offer floundered on the terms of sale, which at the <br /> last minute were conditioned on approval by Garfield County of the <br /> purchaser's development plans for the site. This would have <br /> delayed the scale for a minimum of four months, and perhaps longer, <br /> and during that time would have created uncertainty about whether <br /> the sale could in fact be closed. <br /> Resources believes that it is desirable to close a sale <br /> of the rockdust plant sooner and with more certainty than the Mid- <br /> Valley offer would have permitted, so that the proceeds are <br /> available for use on reclamation when the 1994 reclamation season <br /> begins. <br /> The only other active prospective purchaser was Chemstar <br /> Lime, which in February offered to purchase both land and equipment <br /> for $315,000, compared to $447,600 under the separate offers from <br /> Eubank and Pete Lien & Sons. <br /> Mid-Valley's broker, John Buchanan, contacted me <br /> yesterday to advise that Mid-Valley is preparing a new offer which <br /> will delete the previous contingencies, at a price somewhere <br /> between the earlier $200,000 offer and Eubank's offer. I advised <br /> Buchanan that any new offer needs to be submitted immediately, <br /> since the deadline for objection to the Eubank sale is April 4 . <br /> Buchanan advised that he would be faxing me an offer. <br /> Obviously, Resources and the State would jointly benefit <br /> from a bidding war between' Eubanks and Mid-Valley. I will <br /> Z-d dOSS3l '8 W30l0H WU92:80 b6. 62 NdW <br />