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1 <br /> Cheryl A. Linden <br /> February 23, 1994 <br /> Page 2 <br /> activity. Steve Renner wrote Delaney on February 16 stating that <br /> the Division does not wish to accept or reject a bid, and that the <br /> Division urges Resources to continue negotiating a sale of the <br /> plant. Chemstar Lime Company recently submitted an offer to <br /> purchase the equipment and buildings (but not the real estate) for <br /> $255,000. We believe that Pete Lien will submit a new offer very <br /> shortly to purchase the equipment and structures for $300,000. <br /> Lien's offer, as discussed with him, would give him 6 months to <br /> remove the equipment and one year to remove the structures, but the <br /> payment would be made in cash upon Bankruptcy Court approval. <br /> Lien indicated he would submit the offer after reviewing <br /> it with his corporate board, and assuming that the offer comes in, <br /> Resources promptly will submit it to the Court for approval. That <br /> would put pressure on Chemstar to improve its offer or drop out. <br /> With respect to the land on which the Rockdust Plant <br /> sits, we have received an offer from Dale Eubank for $147,600, to <br /> be paid in cash within 90 days of contract execution. A copy of <br /> his offer is enclosed. The only problem' IIsee is that he wants <br /> structures to be removed within 6 months, wh}le Lien is asking for <br /> a year. We are anticipating a second offer from a client of a real <br /> estate broker, John Buchanan, in the range of $200,000. We propose <br /> to wait on Lien's offer in order to confirm that proceeding with <br /> separate sales of land and equipment makes sense. Taking the <br /> pending offers together, it appears that we will generate around <br /> $450,000 to 500,000 from the plant. <br /> With respect to the sale of the Carbondale Industrial <br /> Park, I am enclosing a letter received yesterday from the Town of <br /> Carbondale's attorney, Bob Emerson. The letter narrows the <br /> differences although the problems described in my previous letter <br /> to Emerson basically remain. <br /> Finally, is anything happening with respect to review of <br /> the reclamation schedule? I have reviewed a memo from Greg Lewicki <br /> setting forth a schedule for completing reclamation by November <br /> 1996, with more than $1 million of bond reduction to be <br /> accomplished during 1994 . In view of Sandy Brown's January 25, <br /> 1994 memo to Mike Long expressing the need to "realistically <br /> adjust" the reclamation schedule contained in the Board's May 22, <br /> 1991 order, Resources would like to work this out prior to <br /> confirmation of the Chapter 11 Plan, as the Plan contemplates. <br /> Ver truly ycprs, <br /> - 11�V—ffkl <br /> J s B. Holden <br />