Laserfiche WebLink
and equity security holders and public policy. Compensation of any <br /> insider of the Debtors that will be employed or retained by the <br /> reorganized company also must be disclosed. <br /> The proposed Plan is a liquidation plan, and the <br /> activities of the Debtor after the Effective are limited to <br /> supervision or the performance of the Mine reclamation plan. No <br /> compensation is paid by the Debtor to its officers and directors. <br /> The Plan also offers to have Louis M. LaGiglia, the Debtor's Vice- <br /> President and Treasurer, serve as Trustee of the Creditors' Trust. <br /> In the event that Mr. LaGiglia is selected to serve in such <br /> capacity, he shall serve without compensation. <br /> 5. Plan Lawfully Implemented <br /> The Debtor must not be prohibited by law from taking any <br /> action necessary to carry out the Plan. <br /> 6. Regulatory and Other Approvals <br /> Any regulatory commission with jurisdiction over a <br /> debtor's rates must approve any rate changes contemplated by a <br /> plan. The Debtor knows of no such commission or jurisdiction. <br /> 7. Best Interests of Creditors <br /> The Plan must be accepted by each creditor in an impaired <br /> class of creditors, or the Plan must distribute to such creditor <br /> property that has a value not less than the amount that would be <br /> distributed to such creditor in a Chapter 7 liquidation of the <br /> Debtors on the Plan's Effective Date. See Section V.A, <br /> "Alternatives to Plan -- Chapter 7 Liquidation, " on page 38 above. <br /> 8. Priority Claims <br /> The Plan must provide for the full cash payment of (i) <br /> administrative expenses allowed under Section 503(b) of the <br /> Bankruptcy Code, unless the holder of such claim has agreed to <br /> different treatment, and (ii) priority tax claims, within six years <br /> of the date of tax assessment, together with interest thereon. The <br /> Plan so provides. <br /> 9. Acceptance by an Impaired Class <br /> At least one impaired class of claims, excluding <br /> insiders, must accept the Plan. Such classes include Classes 2, 4, <br /> 5, 6, 8, 9, and 11, and thus, at minimum, at least one of these <br /> classes will need to accept the Plan if it is to be confirmed. <br /> 40 <br />