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1994-03-11_GENERAL DOCUMENTS - C1981017
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1994-03-11_GENERAL DOCUMENTS - C1981017
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2/2/2021 6:51:07 AM
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DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
3/11/1994
Doc Name
Case No. 92 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
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DRMS Re-OCR
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Signifies Re-OCR Process Performed
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8 . The sum of the above-described offers compares <br /> favorably with the estimated value of $400, 000 used for the <br /> Rockdust Plant in Resources ' Disclosure Statement. <br /> 9 . Resources hereby seeks authorization pursuant to 11 <br /> U.S.C. 5363 (f) to sell the Rockdust Plant free and clear of any <br /> interests in such property of entities other the estate, excepting <br /> only Garfield County's statutory liens for property taxes, with <br /> „ liens to attach to the proceeds of sale in order of existing <br /> priority. Property taxes would be paid at time of sale from the <br /> sales proceeds. Since the MLRB and OSM jointly hold a senior <br /> consensual lien on the property to secure an approximate $3, 000,000 <br /> obligation, all sales proceeds after payment of property taxes <br /> would attach to the MLRB's and OSM's senior lien. <br /> 10. Excepting the liens of MLRB and OSM and tax liens, <br /> the following creditors have, or may have, an interest in the <br /> Rockdust Plant: <br /> a. Sanwa Business Credit Corporation ( "Sanwa" ) holds a <br /> consensual lien on the Rockdust Plant which is junior to <br /> the consensual lien of the MLRB and OSM. <br /> b. Prior to Resources ' bankruptcy filing, numerous <br /> transcripts of judgment were recorded in the real <br /> property records of Garfield County, thereby creating <br /> judgment liens on Resources' real property located in <br /> that county. Additionally, several mechanics' liens were <br /> recorded in the real property records of those counties. <br /> These liens are junior to the lien held by Sanwa. <br /> 11. This Motion and a Notice under Local Rule 202 are <br /> being provided to the foregoing lien creditors, the Official <br /> Creditors' Committee, the U.S. Trustee, and parties or counsel who <br /> have otherwise requested notice in the case. <br /> 12. The value of the Rockdust Plant, established at <br /> $500, 000 through the pending offers, is less than the estimated <br /> $3, 000, 000 reclamation obligation which the Rockdust Plant secures. <br /> Accordingly, liens junior to the MLRB and OSM have no value. <br /> 13. 11 U.S.C. 9506 (d) provides that a lien which does <br /> not secure value is void. 11 U.S.C. §363 (f) (4) provides that a <br /> sale may occur free of liens or other interests when the interests <br /> are in bona fide dispute. All liens junior to the MLRB and OSM are <br /> in bona fide dispute because they secure no value. In addition, if <br /> any of the persons holding liens do not timely object to this <br /> Motion, such lack of timely objection may be deemed a consent to <br /> the proposed sale of the Rockdust Plant pursuant to 11 U.S.C. <br /> §363 (f) (2 ) . <br /> 3 <br />
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