Laserfiche WebLink
allow processing and adjudication of worker's compensation claims <br />against CFI Steel Corporation in Colorado. As grounds for this <br />motion, the Director states as follows: <br />1. On November 7,1990, CF&I Steel Corporation filed a <br />voluntary petition under Chapter 11 of the Bankruptcy Code, 11 <br />U.S.C. §1101 et seq. in the United States Bankruptcy Court <br />for the District of Utah, Central Division, Case No 90B-6729, <br />which is jointly administered with other petitions of CF&I under <br />Case No. 90B-6721. <br />2. CF&I filed an emergency motion on November 7, 1990 <br />requesting authority to continue to pay all worker's compensation <br />claims arising after September 14, 1985. Such motion was granted <br />by this Court and CFfiI was authorized to pay all amounts due on <br />account of worker's compensation claims arising after September <br />14, 1985, as such claims become due, whether such claims have <br />been determined or adjudicated or are determined or adjudicated <br />in the future. <br />3. For periods after September 14, 1985, CF&I was self <br />insured in the State of Colorado for Worker's Compensation. In <br />consideration of the self-insurance permit issued by the State of <br />Colorado, and any renewals therefor later granted, CF&I agreed to <br />and did set up reserves to insure and protect the payment of <br />compensation and all other benefits provided for by the worker's <br />Compensation Act of Colorado. As part of that agreement, CF&I <br />deposited reserves in the form of a certificate of deposit issued <br />by Colorado National Bank into a trust fund placed with the Colo- <br />rado National Bank of Denver as Trustee. The deposited reserves <br />constituted a trust fund for the express payment of compensation <br />or other benefits for which CFSI may become liable under the <br />worker's Compensation Act of Colorado. The trust fund is free <br />and clear from all control of CF&I and subject to withdrawal or <br />disposition by the Executive Director of the Colorado Department <br />of Labor and Employment, for payment of compensation and other <br />benefits and subject to the sole control of the Executive Direc- <br />tor. Forming the basis of the agreement, attached as Exhibit 1, <br />(Self-Insurers Reserve Trust Agreement) was a Certificate of <br />Deposit issued by the Colorado National Bank. <br />4. Prior to September 14,1985, CF&I was also self insured <br />in the State of Colorado. Fireman's Fund Insurance Company <br />issued a Guaranty Bond for Self-insuring employers to the State <br />of Colorado for the use and benefit of claimants entitled to ben-. <br />efits under the Worker's Compensation Act. The Guaranty Bond, <br />attached as Exhibit 2, became effective October 28, 1983, and <br />covered all pre-September, 1985 claims. <br />-2- <br />