My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
1994-06-03_GENERAL DOCUMENTS - C1981017
DRMS
>
Day Forward
>
General Documents
>
Coal
>
C1981017
>
1994-06-03_GENERAL DOCUMENTS - C1981017
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/3/2021 1:56:44 PM
Creation date
5/1/2012 10:06:00 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
6/3/1994
Doc Name
Case No. 11658 Notice Pursuant to local Bankruptcy Rule 202 of Motion for Authorization to sell
Permit Index Doc Type
General Correspondence
Media Type
D
Archive
No
Tags
DRMS Re-OCR
Description:
Signifies Re-OCR Process Performed
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
14
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
approval, sale would be to Rudd on the terms set forth in the <br />Rudd contract. In the event that a higher offer is received <br />prior to Court approval on terms no less favorable than the Rudd <br />Contract, including price, conditions precedent, title <br />conditions, and date of closing, the sale would be to the highest <br />bidder. <br />12. The proposed sale price for the Industrial Park <br />represents appraised fair market value and exceeds the amount set <br />forth in the liquidation projection in the Debtor's Disclosure <br />Statement, which was $1,125,000. <br />13. Exhibit B, Section 1 (d) of the Rudd Contract <br />requires an environmental audit report which currently is being <br />performed. The Rudd Contract also requires the removal of <br />underground storage tanks and removal of hazardous substances, if <br />any. The Debtor has already removed underground storage tanks. <br />The Debtor is aware of no hazardous substances on the site, and a <br />preliminary audit has found no such substances. The Debtor <br />anticipates that the environmental audit will cost approximately <br />$10,000, and that the cost of remediation, if any, will not <br />exceed $25,000. In the event that the Debtor does not agree to <br />perform any required environmental remediation, Exhibit B, <br />Section 1 (d)(iii) of the Rudd Contract permits the Debtor to <br />rescind the contract. The estate is thus protected against <br />paying for remediation expenses if those expenses substantially <br />exceed what is anticipated by the Debtor. <br />14. The Debtor seeks authorization to sell the <br />Industrial Park on terms consistent with the confirmed Plan: <br />a. Section 3.1 of the Plan provides that Class 1 <br />claims for property taxes are unimpaired. Section 6.3 <br />of the Plan provides that "The Creditors' Trust shall <br />pay property tax claims in Class 1 from the proceeds of <br />property on which the property taxes are owed, or as <br />necessary to prevent loss of title to tax certificate <br />holders." Through July 1994, accrued property taxes on <br />the Industrial Park total $185,477.47. The Debtor <br />seeks authorization to pay all accrued property taxes <br />on the Industrial Park at closing. r <br />b. Section 2.5 of the Plan recites that Class 5 <br />reclamation claims "pertaining to the Mid- Continent <br />Quarry are secured by a senior lien on the Carbondale <br />Industrial Park, limited in amount to $7,000." Section <br />4.3.1 of the Plan provides that the MLRB, on behalf of <br />the Colorado Department of Natural Resources, Division <br />of Mineral Geology and the United States Department of <br />Interior, Office of Surface Mining Reclamation and <br />Enforcement, shall receive, with respect to that lien, <br />"$7,000 in cash on the Effective Date, which shall <br />3 <br />
The URL can be used to link to this page
Your browser does not support the video tag.