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

In general, such reclamation schedule shall provide for
the completion of principal reclamation activity at the
Mine Site prior to December 1, 1996. Funds received by
the MLRB pursuant to Sections 4 .3. 1 and 4 . 3 .2 of the Plan
shall be expended by the MLRB pursuant to the Reclamation
Plan and such reclamation schedule.
4 .3.5 Residual Funds . In the event that the Mine Site
is fully reclaimed without expending all funds
distributed to the MLRB under the Plan, the balance of
such funds shall be used, first, to complete any
distributions owed to Class 9 under the Plan; second, to
supplement the funds reserved for Class 6 claims pursuant
to Section 4 .4 of the Plan; and third, to pay Sanwa on
account of Sanwa's Class 4 claim.
4 .3.6 [deleted]
4 . 3.7 Assumption of Reclamation by Purchaser. Nothing
in the Plan shall preclude the sale of property within
the Mine Site on terms requiring the assumption of
reclamation obligations by the purchaser, which terms
shall be subject to approval of the MLRB and the
Creditors ' Trustee. In the event of such assumption, the
amounts otherwise payable to the Class 5 claimants shall
be reduced by the value of the obligations assumed, as
determined by the MLRB and the Creditors' Trustee.
4 .4 Class 6 . Pursuant to Section 6.3 . 3 of the Plan, the
sum of $250, 000 shall be deposited into the Environmental Account,
as a subfund in the Creditors' Trust, to be used to pay ongoing
costs of Environmental Remediation as such costs are incurred.
Class 6 claimants shall receive no other payment under the Plan, as
holders of administrative claims, general unsecured claims, or
otherwise.
4 .5 Class 8 . Each Allowed Claim in Class 8 (general
unsecured claims exceeding $200 but not exceeding $10, 000) shall be
paid by the Debtor cash equal to five percent of the Allowed Claim,
on the Effective Date.
4 . 6 Class 9. Each Allowed Claim in Class 9 (general
unsecured claims exceeding $10, 000 ) shall be paid by the Creditors '
Trust in accordance with Section 6.2 of the Plan. This treatment
is subject to satisfaction of the conditions set forth in Sections
7 .2, 7 . 3, and 7.4 of the Plan.
4 .7 Class 10. The Class 10 claims (Pitkin Iron
Corporation) shall be voluntarily subordinated to Class 9 claims
and shall receive or retain nothing under the Plan. This treatment
shall not apply to any Allowed Claim of Pitkin Iron entitled to
administrative priority pursuant to Section 503 of the Code.
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