An application for foreclosure of the IIF and its land was filed in federal court in 1880. Negotiations to relieve the debt were held with various potential investors, including Sanford and Alexander St. Clair-Abrams, but did not come to fruition. Disston and five associates, meanwhile, entered into a land reclamation contract with the Internal Improvement Fund in January 1881. The contract stipulated that Disston and associates would be deeded half of whatever land his Atlantic and Gulf Coast Canal and Okeechobee Land Company reclaimed around Lake Okeechobee, the Kissimmee, Caloosahatchee and Miami Rivers. Congressman and Disston family friend, William D. "Pig Iron" Kelley, described Disston's first contract: "He instituted broad preliminary investigations from which he received satisfactory reports; he surveyed the entire field of the proposed work, and with Napoleonic instinct and foresight saw in the proposition an opportunity to promote his country's welfare by the reclamation of a more than kingly domain.