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GENERAL33643
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Last modified
8/24/2016 7:55:30 PM
Creation date
11/23/2007 7:41:57 AM
Metadata
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Template:
DRMS Permit Index
Permit No
M1977376
IBM Index Class Name
General Documents
Doc Date
5/18/1993
Doc Name
MEMO DECISION & ORDER RELATED TO DESTORS OBJECTION DATED 10/02/92 TO CLAIM OF MLB DEBOTS MOTION DATE
Media Type
D
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No
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production. There is a remote and highly unlikely possibility of future benefit if CF&I <br />retained and reclaimed the Quarry, found a buyer. for the Quarry and distributed the <br />proceeds to unsecured creditors. Even if it could be argued that the Lionel test should be <br />applied to a liquidating chapter 11 case, the costs CF&I must incur to reclaim, maintain and <br />preserve the Quarry compared to the overall liquidating posture of the case or benefit to <br />creditors, leads to the conclusion that there is no good business reason or justification for <br />retaining the Quarry. Realistically, retention of the Quarry will only diminish the funds that <br />are presently available to the estate's general creditors. CF&I has met its prima facie <br />burden for abandonment by showing the Quarry is burdensome, or that it is of <br />inconsequential value and benefit to the estate. That showing cannot be rebutted by the <br />speculative nature of any possible future benefit to be derived by the reorganized debtor. <br />Recognizing that CF&I, az the moving party, has satisfied its burden to make <br />out a prima facie case for abandonment based on the lack of realizable equity in the Quarry, <br />that showing may be rebutted on the bazis that the abandonment would contravene state law <br />designed to protect public health and safety from identified hazards. Tn Midlanac, Justice <br />Powell, writing for the majority, held that: "[N]either the Court nor Congress has granted a <br />trustee in bankruptcy powers that would lend support to a right to abandon property in <br />contravention of state or local laws designed to protect public health or safety." Midlantic, <br />474 U.S. at 502. Contrary to Colorado's position that CF&I bears the burden of proving <br />that there is no threat to public health and safety, the court finds that it is the burden of the <br />parry opposing abandonment to prove that abandonment is improper under the Midlantic <br /> <br />
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