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C RmYiELD AND WOOD CPC. ` �� care C.FuBer <br /> Howard Hdme _ _ Job Frew <br /> Robert S.Slosky ATTORNEYS AND COUNSEIARS ,3��_% s _::,:_ y C.Smith <br /> James L.Stone Daniel N.Goldvrem <br /> Michael M.McKmstry --` - - John M.Tanner <br /> Jac K.Sperling Nei T.Duggan <br /> Robert L.Loeb,Jr. One Norwest Center, State 2400 Pao!V.Fie <br /> Darnel R.Frost 1700 L[lcoln Street Bnan S.Tooley <br /> en W.Stephen Seifert Abee D.Madden <br /> Mary In Gross Denver, Colorado 80203-4524 Douglas J.Bedter <br /> Robert A.Holmes Brent A.Wane <br /> John J.Silver Telephone: (303)830-2400 Ttmas M.ire <br /> Thomas P.Kearns Telecopier: (303)830-1033 Of COUDW <br /> R0000 A.Dodson George C Keely <br /> Mary E.Moser Robert L.&nus,Jr. <br /> Christine K.Tr= Glen E.Grunwald <br /> Brent T.Johnson <br /> Craig A.Umbaugh <br /> Stephen H.Leonba dt July 29, 1993 <br /> HAND DELIVERED <br /> James Holden <br /> Holden & Jessop, P. C. <br /> 303 E . 17th Ave . <br /> Suite 930 <br /> Denver, Colorado 80203 <br /> Dear Jim: <br /> RE: In re Mid-Continent Resources, Inc . <br /> I have reviewed the Plan of Liquidation filed on about July 2 , <br /> 1993 , by the Debtor as well as the Disclosure Statement filed on <br /> about July 20, 1993 , by the Debtor. This letter sets forth my <br /> preliminary questions and comments on both those documents . I am <br /> conveying my questions and comments to the Committee by copy of <br /> this letter. It is always possible that other questions and <br /> comments will arise thereafter, in which event we will communicate <br /> them to you. <br /> First, as a general proposition, I think that the Plan <br /> embodies the spirit of the compromise offered by the Committee to <br /> Sanwa. I am concerned, however, that the Plan is overly-protective <br /> of and generous to the MLRD as to its reclamation claims . For <br /> instance, not only does the MLRD get the collateral for which it <br /> bargained to secure its bond, but it gets $1 . 5 million in cash and <br /> another property as well . It receives these properties and funds <br /> without having to suffer any reduction in the value of those items <br /> for "its share" of the costs of administration or priority <br /> unsecured claims . <br /> Likewise, the MLRD will receive the benefit of the use of <br /> equipment for which the estate has paid several tens of thousands <br /> of dollars in adequate protection payments already, and for which <br /> it still owes some $35 , 000, which will be paid out of the <br /> Creditors' Trust; meanwhile, the Creditors' Trust will receive only <br />