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1994-07-28_GENERAL DOCUMENTS - C1981017
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1994-07-28_GENERAL DOCUMENTS - C1981017
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Last modified
2/4/2021 10:55:39 AM
Creation date
5/1/2012 10:05:53 AM
Metadata
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Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
7/28/1994
Doc Name
Confirmation of Resources Chapter 11 plan and receipt sale of a number of assets
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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HOLDEN & JESSOP, P.C. <br /> ATTORNEYS AT LAW <br /> 303 EAST 17T- AVENUE, SUITE 930 ;no <br /> DENVER, COLORADO 80203-1264 <br /> (303) 860-7700 <br /> FACSIMILE' (303) 860-7233 J U L Z 8 1994 <br /> OFFICE OF THE <br /> A771July 28 , 1994 NATURAL R�,SOUj ES LION <br /> Via Hand Delivery <br /> Cheryl A. Linden <br /> Assistant Attorney General <br /> 1525 Sherman Street, 5th Floor <br /> Denver, Colorado 80203 <br /> Re : Mid-Continent Resources, Inc . ( "Resources" ) <br /> Dear Cheryl : <br /> With the confirmation of Resources' Chapter 11 Plan and <br /> the recent sale of a number of assets, reclamation of Resources' <br /> mine in Coal Basin has entered a new phase . <br /> Formerly, the Division was demanding that reclamation <br /> proceed, but Resources was in bankruptcy and had very limited funds <br /> available . Nonetheless, Resources did proceed with reclamation, <br /> expending funds as authorized by the Bankruptcy Court . During the <br /> Summer of 1993 , Resources spent several hundred thousand dollars in <br /> furtherance of reclamation. <br /> With a Plan now having been confirmed, the expenditure of <br /> funds is governed by the terms of the Plan and is no longer subject <br /> to Bankruptcy Court approval . As of July 12 , 1994 , all assets of <br /> Resources are under the control of a Creditors' Trust . The Trust <br /> is required to sell all assets of Resources and distribute 69% of <br /> the net proceeds to the MLRB to fund reclamation. This continues <br /> until the distributions to the MLRB reach $3 million, subject to <br /> certain adjustments for work already performed and work to be <br /> performed by a salvage crew at no cost . The Division previously <br /> has estimated the cost of performing the approved mine reclamation <br /> plan to be $3 million. <br /> Substantial funds now are available for reclamation and <br /> substantially more funds will be available before the end of the <br /> Summer. Within thirty days, the Division should be holding <br /> approximately $1 million cash which is earmarked for reclamation of <br /> Resources' mine . Pursuant to the Chapter 11 Plan, additional funds <br /> will be turned over to the Division as the liquidation of <br /> Resources' assets progresses . <br />
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