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-32- <br />voting information and proxies received from or on behalf of the Secured Noteholders in respect <br />of the Plan, without the Applicants or the Monitor being required to distribute the Alternate Plan <br />and solicit votes on the Alternate Plan to all beneficial Secured Noteholders in the manner <br />described in the Meetings Order. <br />80. As of the date of this Second Report, being January 14, 2015, the Applicants have <br />not filed the Alternate Plan. To the extent that the Plan is amended or in the event that the <br />Alternate Plan is filed, the Monitor will comment on such an occurrence in a subsequent report. <br />Realizable Value of the Cline Group's Assets <br />81. As more particularly described in the Pre - Filing Goldfarb Affidavit, the <br />Applicants have concluded that the amounts owing under the Secured Notes exceed the current <br />realizable value of the Cline Business (as defined in the Pre - Filing Goldfarb Affidavit). The <br />Monitor believes that this is a reasonable conclusion given that: <br />(a) despite the efforts of the Applicants and Moelis, the Sale Process did not result in <br />any indications of interest; <br />(b) the Pre - Filing Report and the Pre - Filing Goldfarb Affidavit, both dated December <br />2, 2014, articulated the Applicants' view that the amounts owing under the <br />Secured Notes exceed the realizable value of the Cline Business and, to date, the <br />Monitor is not aware of any Person or party that has opposed or questioned this <br />view; <br />(c) the presently depressed prices of metallurgical coal and the protracted downturn <br />in the metallurgical coal market, as more particularly described in the Pre - Filing <br />Goldfarb Affidavit; and <br />