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Cheryl A. Linden <br /> February 1, 1994 <br /> Page 6 <br /> The alternative way to cleanse the property is for <br /> Resources to sell the property free of liens in its bankruptcy <br /> case. Resources has provided the Division with one offer and, as <br /> indicated in Bob Delaney's letter to Steve Renner dated January 10, <br /> there may be higher and better offers coming from other prospective <br /> purchasers. We will communicate any offers which we receive. <br /> If there is a sale offer that the Board thinks should be <br /> accepted, I suggest that you see where you are in your foreclosure <br /> process and that we proceed by bankruptcy sale if that would be <br /> faster. <br /> If the Board proceeds -by foreclosure, Resources expects <br /> the Board to bid the fair market value of the property, as required <br /> by C.R.S. S 38-38-106. Joel Cantrick, counsel for the defendants <br /> in the litigation brought by the Division, has advised me that his <br /> clients reserve all defenses under that statute. <br /> Very truly yours, <br /> J s B. Holden <br /> JBH:je <br /> cc: Robert Delaney <br /> John Reeves <br /> Dean Massey <br /> Joel Cantrick <br />