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PERMFILE102602
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PERMFILE102602
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Entry Properties
Last modified
8/24/2016 9:56:26 PM
Creation date
11/24/2007 9:00:53 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
M1978039HR
IBM Index Class Name
Permit File
Doc Date
7/1/1997
Doc Name
IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF COLO
Media Type
D
Archive
No
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<br />26. The modifications to Section 7.2(b) are designed to clarify the circumstances under <br />which, and the means by which, the Liquidating Trustee may designate the Benton state to continue <br />to hold title to shazeholdings and Colorado Baseball 1993, Inc. or Colorado Baseball Management, <br />Inc. and the effect of the Benton Estate continuing to hold such Assets. Specifically, the language <br />clarifies that the Benton Estate will continue to be deemed the shareholder, but that the Liquidating <br />Trustee is deemed the representative of the Benton Estate (or any other Estate) in regards to the <br />Baseball Interests. Such modifications constitute clarifications of the existing language of Section <br />7.2(b) and, accordingly, do not adversely effect the recovery of any Creditor. <br />27. The modifications to Sections 7.3(a) and (e) are changes required by the Court's ruling <br />regarding the objection to confirmation filed by the United States Trustee. The changes to 7.3(a) are <br />primarily to delete language discharging the non-individual Debtors, and the primary change to 7.3(e) <br />is to delete the release by third parties of the professionals in the Cases and the Committee. In <br />addition, certain clarifying language regarding the effect of the discharge by Mr. Benton and Mr. <br />Benton's ongoing responsibilities are discussed in the modifications to Section 7.3(a). The Proponent <br />submits that these changes are either technical in nature or enhance the treatment of creditors <br />generally under the Plan. <br />28. The modification to Section 7.7 clarifies concerns expressed by certain objecting <br />parties that the Plan might be construed to waive statute of limitation defenses to avoidance actions <br />under Section 546 of the Bankruptcy Code. This is not a defense that exists as of the Petition Date, <br />it being a statute of limitations that runs by its express provisions from the Petition Date. Since <br />Section 7.7 did not originally purport to deal one way or another with respect to defenses which arise <br />;l$!r[ the Petition Date, this modification is merely a clarification and does not adversely affect any <br />parry in interest. <br />29. The modification to Section 7.9 is made at the request of the Rockies Parties and is <br />merely an affirmation of what the Committee believes is the governing law affecting the Baseball <br />Interests once they are held by the Liquidating Trust. This simply clarifies that the Plan did not seek <br />to provide any enhancement of the rights of the Liquidating Trustee. <br />30. The modification to Section 10. I of the Plan is a technical modification to delete <br />words which were intended to have been deleted earlier. This modification brings the language of <br />the Plan in compliance with the provisions of the Disclosure Statement and is consistent with the <br />treatment of executory contracts used to develop the estimate of Creditors' recoveries in the <br />Disclosure Statement. Accordingly, no party in interest is adversely affected by this change. <br />31. The changes to Section 12.3 of the Plan are designed to clarify the wording of such <br />section to make clear that the only Claims deemed waived by Affiliates by virtue of such section are <br />Claims whose waiver would have no effect on third parties. As such, the modification does not <br />adversely affect any parties in interest. <br /> <br />DK 9a SSB.J 1680 00]0"1 , <br />_~ <br />
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