1993-10-05_GENERAL DOCUMENTS - C1981017 ‎(3)‎

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Date: 10/5/1993
• Doc Name: Debtor's disclosure statement
• From: US District Court
• To: Mid-Continent Resources, Inc.
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

beyond--thii�.`fiue.'�r"ar:'term- of:-the M&E Contract. `The ;five-yeas~ term
of the .RISE`..Contract:,`be au on, September 1 1992:
M&E..`-.makes;...*nonthly. reports to the `Debtor .zegardini q the
Collection:.*of --funds based- on the ongoing. sales of -the Equipment.
Through June 9OSeptember .30; 1993, Equipment sales under the"'M&E
Contract have netted $1;2941. 207, 160 for the estate.
Projecti©us taf'$mounts to be realized 'from the: egiiipment
liquidation'.'program...-are ::set .forth in Section -V.A, ",Projection of
Liquidation:ProCeede," :on. .page-_ below. '
C. Sales of Real Property
The Debtor obtained Court authorization to employ Holiday
West Realty, Inc. of Glenwood Springs, Colorado (the "Broker" ) in
accordance with the terms of an exclusive listing agreement to sell
a 160 acre property known as the Pasture Tract. The Debtor desired
to employ the Broker based on the Broker's real estate expertise
and familiarity with sales of mountain properties in the same
geographical area. The exclusive listing agreement provided for a
listing price of $180,000, a sales commission of 7% and a six month
exclusive listing period. The Pasture Tract sold in December 1992
and a net of $159,500.40 was realized for the Debtor's bankruptcy
estate.
a ate dtb
the: sale': ;of t ;::::tithi :: >patz*els ':bf::i.-real :proper The
right-flwar crxnsetg>;` .>ap ?ri� ate`iy 1;5:_.acre$ :_'_::;::2t::ss< poset
at, tmheinst?;: >ares.>th oasi < ;to ':°sa�Qat:::,s c lbi seisale -agreed
-The..
enact net;' rlii: h<::. ti:l ;'<be
realized < e_:Iet :' :;: et': iowri: itl ::;ti
shall'.;<be::, e:sed<`: ,...: :....
.1 :... ? >>gu .tla. . i:deed•:. n........:....,.....v
T <>< cpd< * tpe `chzzetitlt: iie ::::=conrot`
�iiproveme�nts.::::.:thereon:_; of::: :::s
waehnse,::<: ;<> otagv>:r :.: F? seL`vice:.hui.l.ding:.and >chanli.ink::and
bariedn: >�a�re,<:' se `> >:; i�c:ing.j.;,:;:,commonl ::.;:referred:<:.to as::::::the
•.f`abri cati: : S i :......> ....,Peebt-dr:.!:has...moved -to..sell:*'. parcel:::<fc�x
b s n -:and subject
commiss >estate taxes : :aid :::athe ::<::.:closini adjustne >< :eadt::::iiet: �vh%ch>•>will..be:.reali:zed..b tt e;:t}eatoxs
�.:.>::;
not :::v�, M ., k_:,h.n..............:...:.......... ....... <. .vw..:...,h. ..v.>..k:,.....
•.yet::��. Ito .«
D. Reclamation of Mine Site
Regulatory framework. The Colorado Surface Coal Mining
Reclamation Act [C.R.S. S 34-33-101 et s_g. , hereinafter the "Act"
provides the regulatory scheme for reclamation of coal mines in
C:\WP51\JSH\1UDCON\D1SCLOS.STM
October 6, 1993 12