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J <br /> 1 <br /> 10. Feasibility <br /> The Plan must not be likely to be followed by the <br /> liquidation of the Debtor, unless the Plan proposes such <br /> liquidation. The Debtor's Plan is a plan of liquidation and thus <br /> the Debtor believes this standard is not applicable. <br /> 11. Court Fees <br /> The Plan must provide for the payment of Court fees. The <br /> Plan so provides. <br /> 12. Retirement Benefits <br /> The Plan must provide for the continuation of the payment <br /> of retirement benefits, for the duration of the time that the <br /> Debtor is committed to provide such benefits. The Debtor's <br /> corporate parent, Minerals, maintains a pension plan which includes <br /> the employees of its several subsidiaries. That plan, in which the <br /> Debtor does not have an interest, covers the Debtor's salaried and <br /> hourly employees. The plan was partially terminated when the <br /> Debtor ceased operation of its Mine and terminated its employees. <br /> Employees with accrued benefits of $3,500 and less were cashed out <br /> under the plan. Benefits for employees with larger accrued <br /> benefits have been annuitized and are not affected by the Plan. <br /> The pension plan is administered by New York Life Insurance Company <br /> and actuarial services are performed by TPF&C, a well respected <br /> firm in the pension field. The most recent actuarial report which <br /> was for the plan year beginning on March 1, 1990 indicates that the <br /> plan was sufficiently funded at that time. <br /> 13. Confirmation Without Acceptance by All Classes <br /> The Bankruptcy Code contains provisions for confirmation <br /> of the Plan even if the Plan is not accepted by all impaired <br /> classes, so long as at least one impaired class of claims has <br /> accepted it. These provisions permit confirmation of the Plan so <br /> long as the Plan is "fair and equitable" with respect to each <br /> impaired non-accepting class. For a class of unsecured creditors, <br /> the relevant standard is provided by Section 1129(b) (2) (B) of the <br /> Bankruptcy Code. The Plan is "fair and equitable" as to a class of <br /> unsecured claims if it provides that (i) each holder of a claim <br /> included in the rejecting class shall receive or retain on account <br /> of that claim property which has a value, as of the effective date, <br /> equal to the allowed amount of the claims; or (ii) the holder of <br /> any claim that is junior to the claims of such class will not <br /> receive or retain any property under the Plan on account of such <br /> junior claim. Because the Plan does not provide for property to be <br /> received or retained by junior classes of insider claims, former <br /> and present shareholders, and shareholder interests, , the Debtor <br /> believes the "fair and equitable" standards for unsecured creditors <br /> can be satisfied with respect to unsecured classes. <br /> 41 <br />