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HOLDEN & JESSOP, P.C. <br /> ATTORNEYS AT LAW <br /> s kC`- <br /> 303 EAST 17T- AVENUE, SUITE 930 n <br /> DENVER, COLORADO 80203-1264 <br /> (303) 860-7700 <br /> FACSIMILE (303) 860-7233 <br /> February 24, 1993 <br /> VIA HAND DELIVERY <br /> Stephen W. Seifert <br /> Fairfield and Woods, P.C. <br /> 1700 Lincoln Street, Suite 2400 <br /> Denver, Colorado 80203 <br /> VIA HAND DELIVERY <br /> Frank R. Johnson <br /> Assistant Attorney General <br /> 1525 Sherman Street, Fifth Floor <br /> Denver, Colorado 80203 <br /> VIA FEDERAL EXPRESS <br /> Cheryl R. Tama <br /> Winston & Strawn <br /> 35 West Wacker Drive <br /> Chicago, IL 60601 <br /> Re: Mid-Continent Resources ( "Resources" ) <br /> Dear Gentlemen and Ms. Tama: <br /> This letter updates my letter of January 19 (addressed <br /> to Messrs. Seifert and Crumbaugh) concerning the possible sale of <br /> Resources' assets to Redstone Development Company ( "Redstone" ) . <br /> You will recall that Redstone, headed by Garth Boswell, <br /> has been working with Alta-Bates & Company, Inc. , headed by <br /> Ernest Tietjen, as a source of financing. It is becoming <br /> increasingly clear that Alta-Bates is not a credible financing <br /> source. <br /> The sale contract between Resources and Redstone called <br /> for the deposit into escrow, on or before February 7 , of cash or <br /> a cash equivalent equal to the purchase price and the reclamation <br /> bond. We were advised that Alta-Bates had deposited an insurance <br /> bond into escrow, and then had numerous contacts with Alta-Bates <br /> to determine what was in fact deposited. Bob Delaney's <br /> memorandum of February 18, a copy of which is enclosed, <br /> summarizes some contacts he had trying to determine whether Alta- <br /> Bates had any substance. <br />