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1994-02-06_GENERAL DOCUMENTS - C1981017
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1994-02-06_GENERAL DOCUMENTS - C1981017
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2/1/2021 10:31:42 AM
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Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
2/6/1994
Doc Name
Case No. 9211658 Debtors Disclosure Statement for Second Amendment Plan of Liquidation
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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The Plan provides that any funds distributed to the MLRB <br /> which are in excess of costs and expenses of carrying out the <br /> Reclamation Plan shall first be used to make any remaining <br /> distributions to Class 9 creditors and then shall be available to <br /> pay costs of Environmental Remediation. See Section III.B.6 below, <br /> "Environmental Claims. " If funds are not needed for either <br /> purpose, the funds shall be distributed to the Class 4 claim of <br /> Sanwa. <br /> Except as provided above, Class 5 claimants shall receive <br /> no other payment under the Plan, as the holder of administrative <br /> claims, general unsecured claims, or otherwise. <br /> With respect to pending litigation brought by the <br /> Division against the Debtor's corporate parent and certain <br /> officers, directors, and employees, the Plan requires the Division <br /> and the MLRB to dismiss that litigation without prejudice or, at <br /> the option of the Division and the MLRB, to suspend that litigation <br /> without dismissal. Dismissal of the litigation may be conditioned <br /> on an agreement by defendants to toll any applicable statute of <br /> limitations. The litigation may be re-filed or otherwise resumed <br /> only if funds are not provided as required by the Plan, or if the <br /> funds are provided but prove to be insufficient to complete the <br /> Reclamation Plan. <br /> 6. Class 6 -- Environmental Claims <br /> Class 6 consists of claims of governmental units for <br /> "Environmental Remediation. " The Plan defines Environmental <br /> Remediation as remediation which is required by applicable law but <br /> which lies outside the express terms of the Debtor's reclamation <br /> plan. Environmental Remediation includes such matters as removal <br /> of asbestos, underground storage tanks, and PCB-contaminated items, <br /> and monitoring and treatment of water discharging from the mine. <br /> Enviromental Remediation is not limited to the Debtor's Mine, but <br /> applies to any remediation required at properties in addition to <br /> the Mine, the Carbondale Industrial Park and the Fabrication Shop, <br /> until such time as such property is sold. Class 6 specifically <br /> includes claims of the Colorado Department of Health relating to <br /> water quality, including any fines or penalties for violation of <br /> any applicable statute, regulation, or rule pertaining to <br /> environmental reclamation or interim maintenance. Class 5 <br /> reclamation claims are specifically excluded from Class 6. <br /> The Plan provides for the reservation of $250,000 by the <br /> Creditors' Trust, to be used to pay ongoing costs of Environmental <br /> Remediation as such remediation is required. <br /> Except as provided above, Class 6 claimants shall receive <br /> no payment under the Plan, as the holder of administrative claims, <br /> general unsecured claims, or otherwise. <br /> 22 <br />
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