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GENERAL50983
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Last modified
8/24/2016 8:37:25 PM
Creation date
11/23/2007 6:25:47 PM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
M1977376
IBM Index Class Name
General Documents
Doc Date
6/19/1995
Doc Name
NOTICE OF HEARING ON MOTION BY REORGANIZED CF&I STEEL CORP 06/15/95 FOR ORDER AUTHORIZING
Media Type
D
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No
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<br />4. On February 12, 1993, pursuant ro an Order Canfuming Debtors' and <br />Railroad Trustee's Fint Amended and Resisted Joint Plan of Reorganization Doled December <br />1, 1992, the Debron' Plan was eonfianed (the 'Confirmed Plan'). <br />5. This Court has jurisdiction ovu this matter pursuant to 28 U.S.C. qs <br />157 and 1334 and SeGion 86 of she Confirmed Plan. <br />Factual ?+ckgrc~d <br />6. Since prior ro the 6me CF&I commenced its banlwptcy cue, CF&I <br />has ban engaged in coverage litigation against various insurutce companiu, including Aeua <br />Cuualty & SurUy Company, American Home Assurance Company, Conlinenul Insurance <br />Company, Fircman's Fund Insurance Company, Ffanford Accident and Indemnity Company, <br />Insurance Company of Noah America and Saurity Insurance Company (wllatively she <br />'Insurance Companies') in Ne master of .F [ c »I nrmnsion vs Aema ~< ~ahv & <br />SumAV Comoaav. er d. pending in the Superior Coors of New lerxy, Law Division, Mercer <br />County, Docks No. 486-0470 (the 'Coverage Action'). In she Coverage Action, CF&I <br />alleges, inter aria, that ceruin liability insurance policies require the Insurance Companies to <br />indemnify and defrnd CF&1 with rupat ro terrain claims made against CF&1 by Ne U.S. <br />Environmenul Proration Agency (the 'EPA'), by the New York Sure Department of <br />Fnvironmenul Conswation (she 'NYSDEC•) and various private parries alleging drat CF@I <br />is liable for certain alleged property damage at and arising from arum sires IaratM in New <br />Jersey and New York (Ne •Underlying Claims'). <br />-3- <br />7. The Underlying Claims have since been resolved antl allowed by this <br />Court as follows: <br />EPA 527,098,870 <br />NYSDEC (Claim Widtdrawn) 0 <br />Niagara Mohawk Powu Company 500.000 <br />527,598,870 <br />8. The Underlying Claim of Ote EPA svu resolved pursuant to a <br />Stipuution and SeRlemUrt between CF&1 and the EPA entered into in September/Ocrober of <br />1992. Among other things, the Stipulation and Sel0emenr provided for the EPA m have an <br />allowed pre-petition general unsaured claim without priority against CF&1 in the amount of <br />527,098,870; howevu, undo Iht Stipulation and Settlement the EPA expressly rexrved all <br />i <br />claims, demands and causes of action against any person, firm, corporation or entity not a <br />t party ro the Stipulation and Setdement. Mormver, the Stipulation and Settlement did not <br />spai(cally address the issue of entidement ro any insurance proceeds recovered with respat <br />so Ne Coverage Action. At Ne Gme of the Stipulation and Settlement no such xttiement <br />procads existed. An Order Approving Stipulation and Settlement Between CFd:I Suxl <br />Corporation and United Srates Pnvironmensal Proration Agency wu signed by this Court on <br />11/25/92 and was entered on December 1, 1992. <br />9. Reorganized CFki his now rcxlved the Coverage Action with the <br />Insurance Companies punuant ro xttlements (the 'Coverage Action Settlements'), all but <br />one of which are still subjat to Ilankrupscy Court approval, which approvals Reorganized <br />~ _4_ <br />,. <br />~ { , <br />
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