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September 22, 1992 <br /> Page 6 <br /> a release has some value to Sanwa, in the elimination of the <br /> nuisance factor if nothing else. <br /> Conclusion <br /> It is time to bring the case to a head. if Sanwa <br /> wishes the case to proceed in bankruptcy, it must enter into an <br /> agreement to share liquidation proceeds with other creditor <br /> groups. If Sanwa wishes to retain all proceeds of liquidation, <br /> that is tantamount to a decision to proceed by foreclosure rather <br /> than through bankruptcy, and the Bankruptcy Court in all <br /> likelihood will dismiss the Chapter 11 case. <br /> For their part, the Committee and the Division need to <br /> decide whether they are willing to settle out potential <br /> litigation claims against other parties in exchange for a portion <br /> of Resources, assets. <br /> x Suggest that Neil give me a call to discuss this. If <br /> Sanwa is prepared to renew discussions for sharing the <br /> liquidation proceeds, we should schedule a meeting with <br /> representatives of Sanwa, the Committee, and the Division. <br /> Very truly' yours, <br /> - k" <br /> J e B. Holden <br /> JBH:ka <br /> cc: Bob Delaney <br /> L'd dossX I W3Q-10H W620:£0 26. 22 d3S <br />