Laserfiche WebLink
& Faught, PLLC and Simmons Legal Services attorney's fees for services provided to the <br />Debtor and its officers individually. Additionally, the Debtor owed Susan Spielman for <br />accounting services. The total of these miscellaneous claims is approximately $2.200,000.00 <br />with Fognani & Faught being the largest single creditor at approximately $1,347 .000.00. <br />IIl. ESTATE ASSETS. <br />The assets of the Debtor include the following: <br />Cash. The Debtor holds approximately $25,000.00 in cash which are proceeds <br />of a financial warranty returned to the Debtor by the State of Colorado. This financial <br />warranty is associated with the Debtor's Reclamation Permit. The financial warranty <br />secures the Debtor's environmental clean-up duties under the Reclamation Permit. <br />The Debtor is not allowed access to the financial warranty as it serves in the nature of <br />a bond which must be continually posted over the entire life of the Reclamation Permit. <br />The financial warranty would also be unavailable for liquidation or administration in <br />a chapter 7 case. However, the Debtor has received occasional distributions of interest <br />earned by the financial warranty. As the Reclamation Permit is currently suspended <br />no further distributions of interest are anticipated until and unless the Reclamation <br />Permit is reinstated. <br />Reclamation Permit or Permit. The Debtor owns an interest in a Rule 11 2 -b <br />Reclamation Permit (permit no. M-1984-049) issued by the Colorado Department of <br />Natural Resources, Mine Land Reclamation Division together with all rights to the <br />financial warranty ("Financial Warranty ") posted in connection therewith. This permit <br />is currently suspended but might be reinstated which is RPL's intention follow <br />confirmation. The value of this permit is unknown. <br />Corporate Shell and Tax Attributes. The Debtor was a publicly traded entity <br />prior to bankruptcy. All trading in its stock was suspended and the Debtor was delisted <br />prior to the bankruptcy. The corporate shell remains as a viable Nevada corporation, <br />but will not again be a public entity and will be reorganized as provided in Paragraph <br />C. of Article I hereinabove. The Debtor also holds extensive tax losses or net operating <br />losses (" NOLs"). The value of the NOLs is calculated from the Debtor's tax returns, <br />balance sheets and profit and loss statements as follows: <br />YEAR <br />AMOUNT <br />2004 <br />$5,898 <br />2005 <br />$12,819 <br />10 <br />