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1992-08-26_GENERAL DOCUMENTS - C1981017
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1992-08-26_GENERAL DOCUMENTS - C1981017
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Last modified
1/23/2021 10:26:06 AM
Creation date
10/4/2012 11:11:00 AM
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Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
8/26/1992
Doc Name
Bid Documents (IMP) (1 of 2)
Permit Index Doc Type
General Correspondence
Media Type
D
Archive
No
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DRMS Re-OCR
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Signifies Re-OCR Process Performed
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Minutes, February 26-27, 1992 33 <br /> The Division suggested that neither revocation nor forfeiture is <br /> necessary at this time, because the lease or sale agreement is still <br /> pending and the Division believes that the site will be maintained <br /> through the finalization of the lease, and because Mid-Continent has <br /> expressed an interest in initiating site reclamation should the <br /> negotiations fail . <br /> Staff recommended that the Board continue this matter to the May 1992 <br /> Board Meeting, with the Division providing informal monthly updates to <br /> keep the Board informed, regarding bankruptcy proceedings , the sale <br /> agreement, site maintenance and compliance with the rules . Staff said <br /> the Division would return to the Board, in case a formal action is <br /> required prior to the May Board Meeting. The Board asked to be <br /> provided with a summary of this matter prior to it being heard at a <br /> future Board Meeting, if the Board grants a continuance. <br /> Mr. Jim. Holden, the bankruptcy counsel for the operator, stated that <br /> the operator filed Chapter 11 on February 12, 1992. He said the <br /> Division's estimated 33 million claim has been included in that filing- <br /> as an undisputed claim. Mr. Holden said the operator is continuing <br /> negotiations, in order for Geneva Steel to lease or purchase the <br /> site. He said it is understood that some reclamation issues will be <br /> dealt with on an ongoing basis. <br /> Mr. Holden said the matter of who would provide maintenance at the <br /> site, during the months it will take the lease/sale agreements to be <br /> finalized had been discussed with Geneva Steel . He said that the <br /> operator and Geneva Steel had established an arrangement, in principal , <br /> for financing the cost of maintaining the site during. that time.. ..Mr. - <br /> Holde'n said .that p.i cigres-s'=i s being made"'-thfough' the nego�tiati6ns. and:.he_, <br /> believes the matter will be resolved with Geneva Steel . At that time , <br /> the reclamation obligation will be assumed by a new operator who is <br /> anticipated to be a subsidiary of Geneva Steel . <br /> Mr. Holden said it is expected that a letter of intent will be issued <br /> within a week to 10 days and that a lease/sale agreement will be <br /> complete within a month. That information will be presented to the <br /> bankruptcy court. <br /> Mr. Roger Hendriksen , with Geneva Steel , said he agreed with the <br /> information presented by Mr. Holden. He said they are in the process <br /> of negotiating a term sheet, but that no written agreements have been <br /> made at this time . Mr. Hendriksen clarified that Geneva Steel is a <br /> public company located in Provo, Utah, and the decisions regarding the <br /> Mid-Continent issue will be made by representatives at the Utah office <br /> who are also involved in the negotiations. <br /> The Board expressed a concern regarding the rock dust plant and asked <br /> to be provided with status information during the May Board Meeting, as <br /> this relates to the Board' s legal claim. Staff suggested that an <br /> update could be provided at the March 1992 Board Meeting, regarding the <br /> status of the rock dust plant. <br />
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