_GENERAL DOCUMENTS - C1981017 ‎(232)‎

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Name: Bid Documents ‎(IMP)‎ 1998 Correspondence
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

Mr. Michael Long
Mr. Kevin Riordan
April 20, 1998
Page - 2
Fax:[phone] Nov 17 '98 16:06 P.03
meeting in Denver, and subsequent meetings are in the nature of
compromise without prejudice to the parties in Case No. 97CV13a-
3, District Court, Pitkin County, Colorado, presently scheduled
for trial to commence August 7, 1998. In view of settlement
talks, it was agreed that counsel would contact the Court to
request changes in the Trial Management Order so as to
- accommodate the settlement negotiations.
As a matter relevant to settlement, I explained that a
decision had been made by the Mid- Continent principals to form a
Limited Liability Company (tentatively Midcon Realty, LLC. herein.
'LLC") which will purchase from the Bankruptcy Trustee the
remaining parcels of Mid - Continent Resources real estate
consisting of the balance of the Prep Plant tract, the Coke Oven
tract, and the Unit Train Loadout tract. From the proceeds, the
Trustee will retain for reclamation an amount equal to $3,000,000
t less $882,504 for Mid- Continent and M&E /King work, and less
amounts previously paid to DMG. The amount so retained will be
disbursed according to negotiated settlement, or according to
Decree of the District Court if negotiations fail. The remainder
of the net purchase price, less an amount retained by the Trustee
for Trust administration and legal costs, will be distributed to
other creditors in accordance with the Bankruptcy Liquidation
Order.
Eighty -five acres are expected to be transferred to the
U. S. Forest Service on an exchange transaction (the Winter Park
exchange) during the latter part of April, 1998.
As to the remaining 265 acres in the Prep Plant tract,
the preferred alternative will be to sell to the U. S. Forest
Service on an exchange transaction provided settlement is reached
on several issues. In the alternative, this property will remain
in private ownership either'in the LLC, or a grantee, with
primary emphasis on recreational uses.