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Gold/Mining/Energy : coastal caribbean (cco@) -- Ignore unavailable to you. Want to Upgrade?

To: ocerg who wrote (541)	9/4/1998 2:01:00 PM
From: Edwin S. Fujinaka	Respond to of 4686

I believe that the leases run until 2036 or thereabouts. I think they are renewable if there is actual production going on at the time of expiration. I got a call from Jack Miller of Miller Brothers in Michigan. He said that the $90 million judgement in his favor against the State of Michigan was upheld by the Michigan Appeals Court and was headed toward the State Supreme Court when the State's Attorney General wrote a letter stating that the State had really run out of options and they should settle. After getting approval from the legislature (both the Michigan House and Senate) the State ultimately paid off. Jack couldn't remember the exact amount, but the payout to Miller Brothers and the original leaseholders totalled around $90 million. Apparently they gave up the $30,000/day interest that had been accruing. This is very encouraging news for us CCO shareholders in my estimation.