To me, it looks like the letter was sent by Energy Source to shareholders. ("To the Holders of Common Stock...", "Very truly yours, Energy Source...))
Pages 6, 7, and 8 are the actual letter. Note at the bottom of page 8, the enclosures are an envelope and the letter of transmittal (pages 1-5). Energy Source "signed" the letter at the bottom of page 8.
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