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1993-02-25_GENERAL DOCUMENTS - C1981017
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1993-02-25_GENERAL DOCUMENTS - C1981017
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Last modified
1/26/2021 9:04:43 AM
Creation date
5/1/2012 9:46:22 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
2/25/1993
Doc Name
2nd motion for authorization to use cash collateral
From
US District Court
To
Mid-Continent Resources, Inc.
Permit Index Doc Type
General Correspondence
Media Type
D
Archive
No
Tags
DRMS Re-OCR
Description:
Signifies Re-OCR Process Performed
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UNITED STATES BANKRUPTCY COURT FOR THE <br /> DISTRICT OF COLORADO <br /> In re: ) <br /> ) <br /> MID-CONTINENT RESOURCES, INC . ) Case No. 92 11658 PAC <br /> T. I .N. 36-1475193 ) (Chapter 11 ) <br /> ) <br /> Debtor. ) <br /> SECOND MOTION FOR AUTHORIZATION TO USE CASH COLLATERAL <br /> Mid-Continent Resources , Inc. , debtor in possession <br /> ( "Resources" or the "Debtor" ) , through its attorneys , Holden & <br /> Jessop, P.C. , moves the Court for authorization to use cash <br /> collateral in the amount and for the purposes described below. <br /> The following is stated in support of this Second Motion for <br /> Authorization to Use Cash Collateral (the "Second Motion" ) : <br /> I . General Background <br /> 1 . Resources filed a voluntary petition under <br /> Chapter 11 of the Bankruptcy Code with this Court on February 12 , <br /> 1992 , Case No. 92 11658 PAC. Resources is administering its <br /> bankruptcy estate as debtor-in-possession. <br /> 2 . Since the Summer of 1002 , the general focus of <br /> bankruptcy administration has been a piecemeal liquidation of <br /> Resources ' equipment and property. It is anticipated that the <br /> total proceeds from the liquidation of Resources ' estate <br /> eventually will be in excess of five million dollars . <br /> 3 . The ultimate objective of the case is to reach an <br /> agreement between secured and unsecured creditors regarding the <br /> allocation of liquidation proceeds . Discussions on this point <br /> have occurred among the Debtor, the Unsecured Creditors ' <br /> Committee, the Mined Land Reclamation Board, and the Debtors ' <br /> principal secured creditor. No agreement regarding an allocation <br /> of proceeds exists at this time, but active negotiations are <br /> occurring. It is anticipated that the Debtor will be filing a <br /> liquidating plan on or before June 30, 1993 which will address <br /> the allocation issue and which will allow for distributions to <br /> unsecured as well as secured creditors . <br /> 4 . On February 25 , 1993 , Resources filed a Motion for <br /> Authorization to Use Cash Collateral (the "First Motion" ) . The <br /> C:\WP51\LINDA\MIDCON\2NDCASBC.MOT <br /> May 17, 1953 <br />
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