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Debtor. Following the satisfaction of their judgment lien, the <br />Earkers have agreed to withdraw their pending appeal. It is <br />anticipated that the lien will be satisfied on June 6, 1994, and <br />that the appeal will be withdrawn immediately thereafter. <br />5. At that point, the order confirming the Plan will <br />become final, and the Plan will become effective as soon as the <br />Debtor has sufficient funds to make the cash distributions <br />required by Section 6.1 of the Plan. <br />6. Section 6.1 of the Plan requires the Debtor to pay <br />all claims in Classes 3, 5, 7, 8, and 11 and all administrative <br />claims shall be paid by the Debtor from the Debtor's cash assets <br />existing on the Effective Date. In the event that any such <br />claims are not allowed claims on the Effective Date, e.c., <br />professional claims that have not yet been allowed by the Court, <br />the Debtor shall reserve funds for such claims. After these <br />distributions are made and the Plan becomes effective, the Debtor <br />shall transfer any remaining funds to the Creditors' Trust. <br />7. The distributions to Classes 3, 5, 7, 8, and 11 <br />total approximately $66,775. Unpaid professional fees total <br />about $200,000, including holdbacks and fees which have not yet <br />been submitted for allowance. <br />8. The Debtor is the owner of an approximate 14 acre <br />parcel of real property located in the Town of Carbondale, <br />Garfield County, Colorado, referred to on the Debtor's bankruptcy <br />schedules as the "Carbondale Industrial Park" (herein, the <br />"Industrial Park "). A legal description of the parcel is <br />attached hereto as Exhibit A. The parcel is improved with a <br />machine shop, a truck repair shop, and a truck wash facility. <br />The property was appraised in 1993 as having a fair market value <br />of $1,231,300. <br />9. The Debtor has received an offer from Wayne Rudd, <br />Brad Hendricks, and Thomas Eleskan ( "Rudd ") to purchase the <br />Industrial Park for the sum of .1,231,300, as set forth in the <br />Contract to Buy and Sell Real Estate, a copy of which is attached <br />hereto as Exhibi.. E (the "Rudd Contract"). The contract is <br />ccnditioned on Bankruptcy Court approval within sixty days of May <br />25, 1 9 9 4, which is July 24, 1994. <br />10. The Rudd Contract represents the culmination of <br />extensive efforts by the Debtor to solicit bids for the <br />industrial Park. Rudd has no connection with the Debtor, any <br />affiliate of the Debtor, or anv officer or director of the Debtor <br />or its affiliates. <br />11. The Debtor seeks authorization pursuar.. to 11 <br />U.S.C. S 363(b) to sell the Industrial Park on terms no less <br />favorable than as set forth in the Rudd Contract. In the event <br />that no other offers are received prior to the date of Court <br />2 <br />