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general creditors would be about 12 cents on the <br />dollar. <br />If the mine is salvaged rather than sold to a new <br />operator, the foregoing "trade down" strategy needs to be <br />reconsidered. Instead of pointing to benefit to general <br />unsecured creditors, we can justify bankruptcy administration as <br />a means to carry out reclamation of the mine. Some portion of <br />the proceeds of the sale of mine land and equipment would need to <br />be made 4vailable for payment of reclamation expenses, thereby <br />satisfying the state's claim for such payment. The "trade down" <br />to the state probably would not exceed the amount that would have <br />been traded to general unsecured creditors in any event, and I <br />see no need to leave additional money on the table for unsecured <br />creditors if the state's reclamation claims are provided for. <br />There are advantages to Sanwa in all of this. <br />Negotiations can be conducted with a single party, the Mined Land <br />Reclamation Division, instead of with a large and diverse group <br />of trade vendors. Moreover, at least some of the value traded to <br />the state for payment of reclamation costs may improve the <br />marketability of the mine and therefore would provide some return <br />to Sanwa. A negotiated resolution also may protect Minerals and <br />Coal & Coke. It therefore may be desirable for Resources, Sanwa, <br />and the Division to reach an accommodation on payment of <br />reclamation expenses, even if the nature and priority of the <br />state's claims may reasonably be disputed. <br />