1993-07-02_GENERAL DOCUMENTS - C1981017 (2)

Home Browse Search

6 .2 .2 Property Transferred into Creditors ' Trust. The following property shall be transferred into the Creditors ' Trust: (i) the Mine Site; (ii) the Carbondale Industrial Park;- (iii) the Coke Oven Property; Jiv) the _fabrication Shho, ; (iv) all equipment; (-v)' al-1 cho-ses--in-action,% and (v) all other real and persona property o t e Debtor, excepting - only (a) the Rockdust Plant,h MM rae blehead Quarry, the Mid-Conti, ._Quarry, whicff are to be transferred to—A,,; -Fie Reclamation Account, and (b) such cash as is required to be distributed by the Debtor under the Plan. 6 .2 . 3 Property Taxes . Property transferred to the Creditors ' Trust shall be subject to real and personal property taxes, which shall paid at the time of sale of the property, as a cost of sale, or at such earlier time as might be deemed advisable in the discretion of the Trustee. 6. 2 .4 Transfer Free of Liens and Claims. Property transferred to the Creditors ' Trust shall be transferred free and clear of liens and claims, except for the statutory lien of real property taxes. 6.2.5 Administration of Creditors ' Trust. The Creditors' Trust shall be administered by a Trustee, appointed pursuant to Section 1123 (a) ( 7 ) of the Bankruptcy Code, and supervised by two Creditors ' Representatives . (i) One Creditors ' Representative shall be selected by Sanwa, and the other shall be selected by the Official Creditors ' Committee appointed in the Case. (ii) The Trustee shall be selected by the Creditors ' Representatives and may be removed by the Creditors ' Representatives in the exercise of their reasonable discretion. (iii) The Debtor offers to have Louis M. LaGiglia, the Debtor's Vice-President and Treasurer, and a Certified Public Accountant, serve as Trustee. If the Creditor Representatives select Mr. LaGiglia to serve as Trustee, he shall serve without compensation. -9-