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MAY _ <br /> MEMORANDUM <br /> To: Steve Seifert <br /> Cheryl Tama <br /> Frank Johnson <br /> cc : Bob Delaney <br /> John Reeves <br /> Lou LaGiglia <br /> From: Jim Holden <br /> Date: May 17 , 1993 <br /> Re: Mid-Continent Resources; outline of Chapter 11 plan <br /> Judge Clark has entered an order requiring Resources to <br /> file a plan and disclosure statement by June 30. This memo <br /> outlines my thoughts on the plan, and expands on the Creditors ' <br /> Committee Term Sheet prepared by Steve Seifert, the terms of <br /> which generally are acceptable to Resources. The details of this <br /> Plan have not been reviewed by Resources ' management, and <br /> therefore this outline should be considered a working draft, <br /> subject to revision by all parties, including Resources. <br /> Implementation of Plan y <br /> The Plan will establish the Mid-Continent Resources, <br /> Inc. Creditors ' Trust (the "Creditors ' Trust" ) and the Mid- <br /> Continent Resources, Inc. Reclamation Trust (the "Reclamation <br /> Trust" ) and the Mid-Continent Resources, Inc. Environmental Trust <br /> (the "Environmental Trust" ) . r 7 <br /> Reclamation Trust and Environtal Trust. Resources <br /> shall select the trustee of the Recl ama tion Trust and the <br /> Environmental Trust, who may be an a loyee of Resources or its <br /> corporate affiliates. Resources sWil administer the reclamation <br /> plan and shall perform such other environmental remediation as is <br /> required by law. <br /> The Plan Trustee shall have no obligations with respect <br /> to mine reclamation or environmental cleanup, other than to <br /> transfer funds from the Creditors ' Trust to the Reclamation Trust <br /> and the Environmental Trust to the extent required by the Plan <br /> ( see "Classification of Claims and Treatment of Claims -- Class <br /> Two: Environmental Claimants, " below) . <br /> The rockdust plant, including real property and <br /> fixtures or equipment located therein, and the Mid-Continent <br /> Quarry and the Marblehead Quarry, shall be transferred to the <br /> Reclamation Trust free and clear of liens and creditors ' claims. <br /> The proceeds of such property shall be held by the Reclamation <br /> Trust and used to pay costs of reclamation. The property held by <br /> the Reclamation Trust may be sold without further Court order but <br />