Laserfiche WebLink
counsel, Spencer Fane LLP, will assert a claim for administrative expenses in the range of <br />$40,000.00At the present time, one interim application is pending and has not yet been <br />granted by the Court. The Chapter 11 Trustee' s is serving as his own counsel and his <br />anticipated compensation is $75,000.00. This compensation will be for both his <br />services as Chapter 11 Trustee and as counsel. He has agreed to cap all of his fees at <br />$75,000. Among the services provided as Chapter 11 Trustee are filing of monthly <br />operating reports, calculation and payment of quarterly fees to the United States <br />Trustee, maintenance and oversite of estate assets and bank accounts, and <br />communication with all parties in interest regarding the status of the estate and the <br />Plan proposed by RPL. His services as counsel to the estate include his review and <br />comment on the Plan and Disclosure Statement filed by RPL, claims review and <br />general attorney services as and when needed by the estate. <br />iv. Class I (Priority Claims). The Allowed Class I Claims will be paid in full <br />in cash on the Effective Date. RPL does not believe that anything is owed to the holder of <br />this claim. However, if anything is owed, it will be paid by the Chapter 11 Trustee on the <br />Effective Date. Class I is not impaired and is not entitled to vote. This class is listed in the <br />amount of $1,000 as a place holder in case a qualifying claim is asserted. However, no <br />such claim is anticipated. <br />V. Class 2 (Todd C. Hennis, San Juan Corp, Salem Minerals, Inc.). The <br />Allowed Secured Claims of Pride of the West, LLC, Todd C. Hennis, San Juan Corp and <br />Salem Minerals, Inc. (collectively "San Juan"), shall be treated as follows: The Class 2 <br />claim shall retain its liens on the Permit and Financial Warranty but shall be required to <br />forebear from any and all enforcement of such liens for a period of three years from the <br />Effective Date unless there is a default of the Plan and/or the Joint Venture Agreement <br />as set forth below. The Debtor and Reorganized Debtor stipulate and agree that San Juan <br />holds a validly perfected pre -petition lien on the Permit and Financial Warranty which is <br />not subject to avoidance and/or set off. San Juan shall waive and release any and all rights, <br />including any security interest in the interest proceeds from the Financial Warranty held by <br />the Estate. San Juan shall also waive Proofs of Claim no. 9 and I 0 filed as general <br />unsecured claims which shall be deemed allowed. Class 2 is impaired and is entitled to a <br />vote. <br />vi. Class 3a (General Unsecured Claims held by Non -insiders). Class 3a <br />consists of general unsecured claims which are held by non -insiders of the Debtor. RPL <br />proposes that the Class 3a Claimants will be paid pro rata by the Chapter 1 1 Trustee once <br />administrative expenses and Class 1 is paid in full. Class 3a claims are impaired and are <br />entitled to vote. However, even if this Class votes against the Plan, the Plan can be <br />confirmed pursuant to Section 1 129(b) of the Code because the two junior classes, general <br />unsecured claims held by in siders of the Debtor and the Debtor' s equity interests, are not <br />retaining anything under the Plan. The anticipated distribution to both classes of unsecured <br />creditors is currently $34,000 (consisting of $9,000 in loan proceeds and $25,000 of the <br />13 <br />