Laserfiche WebLink
confirmation of the Plan is not likely to be followed by the need for further <br />reorganization of the Debtor or any successor, other than what is proposed in the Plan. <br />The Plan proposes a Capital Contribution and a liquidation provided in Paragraph C. <br />of Article I hereinabove. RPL believes there will be sufficient cash on hand to make <br />the payments required to be made on the Effective Date. Therefore, the Debtor believes <br />the Plan is feasible and it is unlikely that there would be any further need for financial <br />reorganization. <br />B. The Voting Process. <br />i. Requirements. The Court must also make certain findings related to the <br />voting process and the results of the voting. The requirements for confirmation of the <br />Plan related to voting include the following: <br />a. At least one class of claims that is impaired under the Plan has <br />accepted the Plan. <br />b. In the event a member of an impaired class has not accepted the <br />Plan, the Court must find that confirmation of the Plan is in the " best interest" of that <br />member's class. <br />C. That each impaired class has accepted the Plan. However. even if <br />fewer than all impaired classes vote to accept the Plan. the Court may confirm the Plan <br />under certain conditions. The voting process. the counting of votes. the " best interest" <br />test and confirmation without acceptance by all impaired classes are discussed in <br />greater detail below. <br />ii. Parties Entitled to Vote. All creditors and interest holders in an impaired <br />class are entitled to vote to accept or reject the Plan. A class is impaired if the legal, <br />equitable or contractual rights attaching to the claims are modified other than by the <br />curing of default and restating maturities or by payment in full in cash. Under the Plan, <br />all classes are entitled to vote, except for Class 4 which is deemed to reject the plan. <br />iii. The Classification of Claims and Interests is Proper. The Co de require s <br />that a plan of reorganization place a creditor's claim or equity holder's interest only in a <br />class with other claims or interests that are "substantially similar." RPL believes that the <br />Plan's classification system meets the Code standard and will ask the Court to approve the <br />classification system. <br />iv. Counting of Votes. The Code defines acceptance of a Plan by a class <br />of claimants as acceptance by holders of two-thirds in dollar amount and a majority <br />in number of claims of that class. For the purpose of counting votes, only those <br />17 <br />