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JUL 08 '93 05:56PM HOLDEN & JESSOP P.7 <br /> Neil Wolf <br /> Stephen W. Seifert <br /> Frank R. Johnson <br /> July 8, 1993 <br /> Page 6 <br /> estimate made by Resources a year ago, we now place greater <br /> weight on the value of real property, both within and without the <br /> Mine Site, and legs weight on Equipment. <br /> The Plan proposes to spend $1,5001000 on Mine Site <br /> reclamation and $2501000 for other environmental remediation, <br /> including remediation at the Carbondale industrial Park and the <br /> Fabrication Shop. It is reasonable to assume that if this work <br /> is not performed, the property either will be unmarketable or, at <br /> minimum, a purchaser will deduct the costa of reclamation and <br /> remediation, estimated at a worst case, from the purchase price. <br /> To me, this confirms that spending money to reclaim the <br /> Mine site benefits all creditors, and not just the MLRB. To the <br /> extent that the return from the Mine Site, Rail Loadout Site, the <br /> Carbondale Industrial Park and the Fabrication Shop approaches <br /> $4,414,000, the expenditure of $1,750,000 for reclamation and <br /> environmental remediation makes sense for Sanwa and general <br /> creditors, even leaving aside all issues regarding the relative <br /> priority of the MLRB19 claim. <br /> Despite the fact that I already see some provisions in <br /> the plan that need to be clarified, I am hopeful that the Plan as <br /> drafted has defined the liquidation and distribution process in <br /> this case better than it has been defined before. I assume that <br /> you will have some points to raise about the Plan as filed, just <br /> as I have done above. Please contact me with any questions or <br /> comments about the Plan. <br /> very truly your*, <br /> N H4�� <br /> s B. Holden <br /> Enclosure <br /> cc: Bob Delaney <br />