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F• <br /> � \d <br /> FAXED-CONFIRMATION COPY ONLY <br /> GALE A. NORTON STATE OF COLORADO STATE SERVICES BUILDING <br /> Attorney General 1525 Sherman Street- 5th Floor <br /> DEPARTMENT OF LAW Denver, Colorado 80203 <br /> STEPHEN K. ERKENBRACK Phone (303) 866-4500 <br /> Chief Deputy Attorney General OFFICE OF THE ATTORNEY GENERAL FAX (303) 866-5691 <br /> TIMOTHY M. TYMKOVICH <br /> Solicitor General <br /> October 6, 1995 <br /> James B . Holden <br /> Holden & Jessop, P.C. <br /> 303 East 17th Avenue <br /> Suite 930 <br /> Denver, Colorado 80203-1264 <br /> RE : Mid-Continent Resources - bankruptcy issues <br /> Dear Jim: <br /> The Division has received and reviewed Resources' newest <br /> proposal to fund the liquidation plan. This plan entails the <br /> parent company of Resources, Mid-Continent Minerals, borrowing $2 <br /> million from Sanwa, then giving the funds to the trustee, mostly <br /> for distribution under the liquidation plan. Under the proposal, <br /> the DMG is to receive approximately $1 . 29 million. This amount <br /> is, according to Resources, the amount still owed to the DMG <br /> under the plan, apparently taking into account credits for <br /> performed reclamation and distributions . <br /> In addition, Resources' proposal requests the Division to <br /> conform reclamation to the proposed use of the land, i .e . , sale <br /> and development of the property, in all probability by Redstone <br /> Corporation. <br /> The DMG is willing to consider Resources' newest proposal to <br /> fund the liquidation plan, especially in the light of the <br /> Division' s goal to get this site reclaimed. However, as you are <br /> aware, Division staff time and resources are limited and staff <br /> assigned to this mine site is presently engaged in ensuring that <br /> reclamation for this year be completed. Consequently, before the <br /> Division can allocate the time to analyzing the proposal in <br /> detail , the Division must be certain that Sanwa has agreed to <br /> this arrangement . Given that Sanwa has not yet approved the <br /> proposal , a meeting prior to October 20, 1995, would be <br /> premature . Also, Michael Long informed me that he is not <br /> available to discuss this matter prior to October 20; he will be <br /> out of town for the week of October 16 and the Board meets during <br /> the week of October 23 for several days . <br />