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GENERAL43723
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Last modified
8/24/2016 8:12:33 PM
Creation date
11/23/2007 12:36:54 PM
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Template:
DRMS Permit Index
Permit No
C1981041
IBM Index Class Name
General Documents
Doc Name
US BANKRUPTCY COURT DMG OBJECTION TO THE LENDERS MOTION FOR ADEQUATE PROTECTION AND FOR RELIEF
Permit Index Doc Type
GENERAL CORRESPONDENCE
Media Type
D
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r <br /> <br />At the same time, if the Debtor Quaker Coal Company and its <br />subsidiaries fail to confirm or consummate plans of <br />reorganization, the operating coal mines retain greater value <br />as collateral for the Lenders if they remain in operation and <br />preserve their going concern value. <br />Creditor Division of Minerals and Geology has an <br />approximately $3 million claim against both the Debtor <br />Powderhorn Coal Company and the Debtor Powderhorn Properties <br />Company (collectively, "Powderhorn") for reclamation and <br />environmental remediation at Powderhorn's site in Colorado.3 <br />On November 6, 2000, this Bankruptcy Court entered an <br />Agreed Order under 11 U.S.C. § 363, authorizing the sale of <br />all of the Debtor Powderhorn's machinery and equipment in <br />Colorado (the "Machinery and Equipment"). The motion <br />requesting the § 363 sale contemplates that the Debtor <br />Powderhorn will sell all of its machinery and equipment that <br />has any economic value. <br />In their Motion for Adequate Protection And for Relief <br />From Stay, the Lenders seek to be paid all of the <br />approximately S2 million in estimated proceeds of the <br />3 <br />
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