Laserfiche WebLink
The amount remaining after these distributions in the <br /> table above would be $1,495, 000. With respect to general <br /> unsecured creditors in Class 9, the Plan provides for the <br /> distribution of 23% of this amount, or $343, 850, less the $50,000 <br /> distributed to Classes 7 and 8, for a resulting distribution of <br /> $293, 850, or about 2 cents on the dollar. <br /> The remaining Net Proceeds, in the amount of <br /> $1, 151, 150, would be distributed to the Class 4 claim of Sanwa. <br /> Real estate taxes are increasing about $50, 000 per <br /> month. The figure used above for real estate taxes assumes <br /> payment on March 1, 1994 . <br /> The figure used above for Pitkin Iron and G&A is <br /> somewhat arbitrary. The Third Cash Collateral Motion sought <br /> $245, 000 for Pitkin through December (much of which is <br /> reclamation related and would be charged against the Reclamation <br /> Account) . The Third Cash Collateral Motion also sought (and <br /> obtained) approval for $52,500 for G&A through December. <br /> Proposed Funds to be Allocated for Reclamation under Amended Plan <br /> Amount to be allocated for reclamation. Resources <br /> proposes to amend the Plan to increase the allocation of funds <br /> for reclamation to $2.5 million (including proceeds of the <br /> Rockdust Plant) . Resources would proceed with a sale of the <br /> Rockdust Plant, but the risk of a poor result from that sale <br /> would be shifted from the DMG to the bankruptcy estate. <br /> This allocation is in addition to the $250,000 which is <br /> allocated for other environmental remediation, such as PCB <br /> removal, water quality, underground tank removal, and so on. <br /> Additional value is provided under the Plan by <br /> M&E/King, who is contractually obligated to provide certain <br /> services at no charge to the estate. These services include (i) <br /> removal of all structures located at the Mine Site, including <br /> structures located at upper portals and at the rail load-out <br /> facility, excluding concrete pads and cinder block or concrete <br /> buildings, on or before July 1, 1994; and (ii) removal of all <br /> metallic scrap, tires, wood, or other non-metallic scrap, <br /> excluding hazardous materials such as asbestos or PCB's, from the <br /> Mine Site and load-out facility. M&E/King is required to use <br /> reasonable efforts to coordinate its salvage activities with the <br /> Division's reclamation requirements. <br /> The Reclamation Bond estimates that removal of <br /> structures, exclusive of foundations, will cost $500,000. <br /> Resources thus estimates the value allocated to <br /> reclamation under the proposed amended Plan as follows: <br /> 4 <br />