1994-06-27_GENERAL DOCUMENTS - C1981017 ‎(2)‎

• Permit No: C1981017
• IBM Index Class Name: GENERAL DOCUMENTS
• Doc Date: 6/27/1994
• Doc Name: Case 92 11658 Debtors Second Amended Plan of Liquidation
• Permit Index Doc Type: General Correspondence
• Media Type: D
• Archive: No

power of attorney. Net Proceeds of property sold by the
Creditors ' Trustee pursuant to his power of attorney
shall be retained by the Creditors ' Trust and distributed
in accordance with the provisions of the Plan. The
Creditors ' Trustee, in his discretion, may terminate the
lease of the Mid-Continent Quarry, thereby returning the
property to the lessor, if the Creditors ' Trustee
determines that the detriments of retaining that property
outweigh the benefits of such retention.
6.2 . 3 Administration of Creditors ' Trust. The
Creditors ' Trust shall be administered by a Creditors '
Trustee, supervised by two Creditors ' Representatives.
(i) One Creditors ' Representative shall be
selected by Sanwa, and the other shall be selected
by the three largest Class 9 claimants.
(ii) The Creditors ' 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,
a Certified Public Accountant who is the Debtor's
Vice-President and Treasurer, serve as Creditors '
Trustee. If the Creditor Representatives select
Mr. LaGiglia to serve as Trustee, he shall serve
without compensation.
(iv) If both Creditors' Representatives wish to
have an individual other than Mr. LaGiglia serve as
Creditors ' Trustee, then, unless otherwise agreed
among the Creditors ' Trustee and the Creditor
Representatives, the Creditors ' Trustee shall be
entitled to reasonable compensation for services
performed, and such compensation shall be charged
Pro Rata against the distributions to Sanwa and
Class 9.
(v) If one but not both Creditors ' Representatives
wishes to have an individual other than Mr.
LaGiglia serve as Creditors ' Trustee, then an
individual other than Mr. LaGiglia shall be
selected as Creditors' Trustee. In that event,
unless otherwise agreed between the Creditor
Representatives, the Creditors' Trustee's
compensation shall be charged either against the
distribution to Sanwa or the distribution to Class
9, depending upon whether the Creditor
Representative wishing an individual other than Mr.
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