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NOV 2 5 1996 <br /> Pitkin County <br /> 20 November, 1996 <br /> Mid-Continent Resources Inc. <br /> Attn: Robert Delaney <br /> PO Box 790 <br /> Glenwood Springs,CO 81602 <br /> RE: Mid-Continent Resources Inc. Property Taxes <br /> Dear Mr. Delaney: <br /> Thank you for your letter of November 7, 1996. The Treasurer's Office has <br /> recalculated taxes in connection with your letter to Carol Foote of the same date, and I <br /> am enclosing an exhibit prepared by the Treasurer's Office which shows your <br /> computations of interest, page A-5, which are erroneous, and the actual computations <br /> of interest as prepared by the Treasurer's Office, correcting the past interest <br /> computation. The net result is that the total amount outstanding now for taxes and <br /> interest on the two outstanding schedules is $687,709.40. <br /> I have reviewed your November 7, 1996 letter with the Board of County <br /> Commissioners, the Treasurer and the Assessor. Your offer if unacceptable. The <br /> following settlement offer is being submitted pursuant to Rule 408, Colorado Rules of <br /> Evidence. <br /> First, last summer Lou LaGiglia provided me with confidential information <br /> indicating that the Creditor's Trust had received in excess of $500,000.00 in proceeds <br /> from the salvage activities. I requested then,and never received,an accounting of some <br /> sort to determine how much of those proceeds were generated from the sale of personal <br /> property, equipment or improvements subject to Pitkin County's tax liens. I have <br /> already prepared a motion to reopen the bankruptcy case to request just such an <br /> accounting, in order to determine what amounts under schedules 7863 and 4062 <br /> should have been paid already. In addition, the pleading I have prepared requests that <br /> the court determine that the escrow funds be applied towards personal property taxes <br /> and taxes on improvements which should have been paid from such proceeds, that the <br /> balance then be applied to the remaining amounts due under schedule 7863 and that <br /> our first lien position with respect to schedule 7863 be recognized with respect to all <br /> remaining real property Mid-Continent still owns. <br /> Administration County Commissioners County Attorney Finance and Use Tax <br /> 530 E. Main,Suite 301 Suite 301 Suite 302 530 E. Main,Suite 201 <br /> Aspen, CO 81611 530 E. Main Street 530 E. Main Street Aspen,CO 81611 <br /> (970) 920-5200 Aspen,CO 81611 Aspen,CO 81611 (970)920-5220 <br /> ®PRINTED ON FAX 920-5198 (970) 920-51 50 (970)920-5190 FAX 920-5230 <br /> RECYCLED PAPER <br />