Laserfiche WebLink
Page 2 <br /> settlement negotiations. Since MCR has raised the possibility of distribution, the Division <br /> requests written confirmation that any distribution would not occur until after the Pitkin County <br /> lawsuit is settled or tried. Please let me know in the next two weeks whether this confirmation is <br /> agreeable to you. <br /> Also, given that the proposed sale of Trust property to the limited liability corporation <br /> that Mr. Delaney is creating may significantly and adversely affect the amount of funding <br /> available to the Division under the liquidation plan, the Division requests a copy of the appraisals <br /> of the parcels of property that the LLC would acquire. In addition, the Division expects that the <br /> Creditors' Trustee and the Creditors' Representatives will thoroughly and independently assess <br /> the propriety of entering into such sales to ensure that they are in the best interests of the <br /> creditors and meet trust responsibilities. <br /> As to retained funds, the Division suggests that the Trustee place them in an escrow <br /> account under an escrow agreement, an action that was used in your tax dispute with Pitkin <br /> County. Placing retained funds in an escrow account will also help to preserve the parties' <br /> positions during the course of settlement negotiations. <br /> The Division is optimistic that the parties can amicably resolve pending issues regarding <br /> reclamation of the mine site. Such a cooperative approach will accomplish a cost savings to the <br /> Creditors'Trust and DMG in litigation expenses and accomplish the ultimate goal of the parties - <br /> timely and effective reclamation of the site. During the course of negotiations the parties should <br /> attempt to resolve matters on a basis that will allow reclamation to continue. This may require <br /> discussion of use of the retained or escrow amounts during the pendency of negotiations in order <br /> to allow for the bidding and performance of reclamation tasks. <br /> Please let me know your thoughts about the issues presented by this letter. The Division <br /> looks forward to working with you on these matters. <br /> Sincerely, <br /> �',l D ,l.0 <br /> 6 f 74 k <br /> CHERY A. LINDEN <br /> First Assistant Attorney General <br /> Natural Resources Section <br /> (303) 866-5127 <br /> (303) 866-3558 (FAX) <br /> cc: Mike Long <br /> Steve Renner <br />