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At confirmation, CFBI did not ]mow how much an annuity <br />contract would cost, and, in fact, knew that it would be <br />impossible to predict such cost with absolute accuracy. However, <br />in an effort to give creditors and other interested parties. some <br />idea of what it ou cost, CF6I's actuary estimated the <br />contribution that would have been necessary to purchase an <br />annuity at the time the Plan of Reorganization was filed <br />(December 1, 1992). <br />The Disclosure Statement for the Plan of Reorganization <br />states on page 35: <br />[. ] It is estimated by Debtors' actuaries that t:he <br />cost of purchasing these annuities could be ~poroximat~~l <br />$2.6 million, although the exact amount cannot be dete.~pi <br />.) <br /> <br />Thus, it was crystal clear that this $2.6 million estimate was <br />just that -- an estimate. <br />CF6i has filed this Motion because it believes that recent <br />estimates exceed the initial estimate by an amount warranting new <br />notice to both the Court and interested parties. In addition, <br />CF&I wishes to dispel any notion that the contribution at :issue <br />simply involves contributing enough to purchase the least <br />expensive annuity contract available without consideration of <br />CF6i's fiduciary obligations. Finally, no matter what anmiity <br />contract is purchased, this increased contribution will af:Eect <br />the recoveries of general unsecured creditors, the largest of <br />whom is PBGC. <br />6 <br />