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1993-01-14_GENERAL DOCUMENTS - C1981017
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1993-01-14_GENERAL DOCUMENTS - C1981017
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Last modified
1/25/2021 12:30:17 PM
Creation date
5/1/2012 9:46:17 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
1/14/1993
Doc Name
Representative of the 3 major credit camps
From
Holden & Jessop, P.C.
To
Winston & Strawn, Fairfield & Woods, P.C. & Assist, Attorney Gen.
Permit Index Doc Type
General Correspondence
Media Type
D
Archive
No
Tags
DRMS Re-OCR
Description:
Signifies Re-OCR Process Performed
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Cam- !"�. <br /> D� Mi 14 1993 <br /> HOLDEN 8c JESSOP, P.C. <br /> i �1� L 4 LJ ATTORNEYS AT LAW <br /> 303 EAST 17- AVENUE, SUITE 930 <br /> DENVER, COLORADO 8 0 2 0 3-12 64 <br /> (303) 860-7700 <br /> FACSIMILE 1303) 860-7233 <br /> January 13 , 1993 <br /> David G. Crumbaugh <br /> Winston & Strawn <br /> 35 West Wacker Drive <br /> Chicago, IL 60601 <br /> Stephen W. Seifert JAN 151993 <br /> Fairfield and Woods, P.C. <br /> 1700 Lincoln Street, Suite 2400 D;' I <br /> Denver, Colorado 80203 MINERAL; <br /> Frank R. Johnson <br /> Assistant Attorney General <br /> 1525 Sherman Street - 5th Floor <br /> Denver, Colorado 80203 <br /> Re: Mid-Continent Resources ( "Resources" ) <br /> Gentlemen: <br /> I am writing you, as representatives of the three major <br /> creditor camps, to provide an update on various topics which were <br /> discussed at the November 5 meeting held in Steve Seifert 's <br /> office. In particular, I want to discuss (i) the status of <br /> liquidation efforts, (ii) our current estimate of liquidation <br /> values and reclamation costs; (iii) pending negotiations for sale <br /> of the mine to a new operator; (iv) a Chapter 11 plan; and (v) <br /> Resources' request for use of cash collateral. <br /> Liquidation of Equipment <br /> Since November 5, Resources has received its first <br /> payment of net equipment sales proceeds from M&E Equipment, in <br /> the amount of $86, 761. These funds are invested at Central Bank <br /> of Denver, and are collateralized with federal securities in the <br /> manner required by 11 U.S.C. S 345 . The existence of liquidation <br /> proceeds, for the first time in this case, gives rise to cash <br /> collateral issues, which are discussed later in this letter. <br /> Winter has caused M&E to suspend operations at the site <br /> until Spring, but M&E is continuing its efforts to market the <br /> equipment described in M&E's brochure. <br /> One troublesome matter is that Resources now expects <br /> that the probable net to the estate from equipment sales will be <br />
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