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Ae� ������ l��G- <br /> VVTINSTON & STRAWN <br /> BYO(N.rwt510Mt� !S VY66T MMCJOgi OwVE New Vowr oFFWF <br /> mIAS K Va"Ml CA"" GHICAGQ LLJNM GMS-rM "s Mrft <br /> 1d vcwR.n NiYN <br /> (Ma)M54M ma ssa� <br /> MM��04 &C OPP= <br /> NEAL L WOLF FacsoftE 0"15""700 +.os grNM W.W. <br /> f�21 SSA-t212 ww+oti ca snees+IN <br /> r.e000 <br /> August 6, 1993 <br /> James B. Holden, Esq. <br /> Holden 6 Jessop, P.C. <br /> 303 Bast 17th avenue <br /> Suite 930 <br /> Denver, Colorado 80203 <br /> Ste: In re Kid-Continent- Resources, Inc. , <br /> Case No. 92 11658 CFAQ <br /> Dear Jim: <br /> On behalf of Sanwa Business Credit rporation <br /> (`Sanwa") , we have reviewed the Debtor's Plan dated July 2, <br /> 1993, and your letter of explanation dated July 8, 1993. While <br /> we are satisfied that the Plan substantially incorporates the <br /> settlement concepts previously discussed by the Debtor, Sanwa and <br /> the creditors' committee, we have the following comments and <br /> suggestions: <br /> (1) The Plan should- provide for discharge of all debts <br /> as provided in Bankruptcy code S 1161. The Debtor will "engage <br /> in business after consummation 'of the plan" to the extent that it <br /> will be administering and coordinating reclamation and <br /> environmental remediation. <br /> (2) Paragraph 6.1 provides that cash payments to be <br /> made on the Effective Date shall be paid from Debtor's cash on <br /> hand at that time. Paragraph 1.13 provides that the Effective <br /> Date will be 30 days after entry of a Final Order. What is the <br /> total amount of cash to be paid on the Effective Date and will <br /> the Debtor have sufficient cash on hand to sake those payments? <br /> The Effective Date should be re-defined to occur when the Debtor <br /> has sufficient funds. <br /> L Capitalized terms in this letter which are not otherwise <br /> defined shall have the meaning ascribed to then in the Plan. <br /> 200 ' 39dd 62 :9 : 66 , 9 9nd <br />