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-14- <br />Review of Status of Claims Procedure for Directors and Officers <br />40. The Claims Procedure Order also called for Claims against the current and former <br />Directors and Officers of the Applicants. <br />41. The Monitor did not receive any Director /Officer Claims on or before the Claims <br />Bar Date and, in accordance with the Claims Procedure Order any and all such Claims shall be <br />forever extinguished and barred without any further act or notification and the Directors and <br />Officers shall have no liability whatsoever in respect of such Director /Officer Claims. <br />Review of Status of Claims Procedure for Secured Noteholders <br />42. As described in further detail in the Pre- Filing Report, the Claims Procedure <br />Order provides that the aggregate of amounts owing by Cline under the Secured Notes and the <br />guarantees executed by New Elk and North Central in respect of the Secured Notes up to the <br />Filing Date (the "Secured Noteholders Allowed Claim ") shall be determined by the Applicants, <br />with the consent of Marret. For the purposes of the Claims Procedure Order, the Meetings Order <br />and the Plan, the Secured Noteholders Allowed Claim has been allowed for both voting and <br />distribution purposes against the Applicants as follows: <br />(a) a portion of the Secured Noteholders Allowed Claim to be agreed to by the <br />Applicants and Marret is allowed as an Affected Secured Claim (as defined in the <br />Claims Procedure Order) against the Applicants (collectively the "Secured <br />Noteholders Allowed Secured Claim "); and <br />(b) a portion of the Secured Noteholders Allowed Claim to be agreed to by the <br />Applicants and Marret is allowed as an Affected Unsecured Claim (as defined in <br />