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1997-07-09_GENERAL DOCUMENTS - C1981017
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1997-07-09_GENERAL DOCUMENTS - C1981017
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Last modified
2/27/2021 7:11:38 PM
Creation date
5/2/2012 12:32:16 PM
Metadata
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Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
7/9/1997
Doc Name
Amended Answer & Counterclaims
From
District Court County of Pitkin
To
DMG
Permit Index Doc Type
General Correspondence
Media Type
D
Archive
No
Tags
DRMS Re-OCR
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Signifies Re-OCR Process Performed
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75. Article VI of the PLAN, captioned "Execution and Implementation of the <br /> Plan", contains the basic concept for liquidation of all MCR bankruptcy estate assets. It <br /> states (PLANN§ 6.2.1): <br /> 6.2 Creditors' Trust. The Creditors' Trust shall be established on the <br /> Effective Date in accordance with the following terms and provisions: <br /> 6.2.1 Property Transferred into or Controlled by the Creditors'Trust.On <br /> the Effective Date, the following property shall be transferred into the <br /> Creditors'Trust:(i)all cash of the Debtor after payment of or reserve for <br /> the sums required under Section 6.1 of the Plan; and (ii) all choses in <br /> action,including all avoidance powers of the Debtor arising under the <br /> Bankruptcy Code. In addition, on the Effective Date, the Creditors' <br /> Trustee shall be given an irrevocable power of attorney vesting the <br /> Creditors_Trustee with full and exclusive power and authority to convey <br /> title to the following property: (i) the Mine Site; (ii) the Carbondale <br /> Industrial Park; (iii)the Coke Oven Property; (iv) the Fabrication Shop; <br /> (v)the Mid-Continent Quarry; (vi) all equipment; and(vii)all other real <br /> and personal property of the Debtor, excepting only (a) the Rockdust <br /> Plant,which is to be disposed of as provided by Section 4.3.1 of the Plan; <br /> and (b) the Marblehead Quarry,which is to be abandoned pursuant to <br /> Section 6.4 of the Plan. [Double underscoring added.] <br /> 76. Disposition of MCR's property,including Coal Basin mine equipment and <br /> improvements,subject to the Creditors'Trustee's irrevocable power of attorney,is provided <br /> for by the PLAN (§6.2.2): <br /> 62.2 Disposition of Property Transferred into or Controlled by <br /> Creditors'Trust.Property transferred pursuant to the Creditors'Trustee's <br /> power of attorney shall be transferred free and clear of liens and claims, <br /> except for the statutory lien of real property taxes.Pending such transfer, <br /> all creditors of the Debtor shall be enjoined from all efforts to collect their <br /> claims from the property which is subject to the Creditors' Trustee's <br /> power of attorney. Net Proceeds of property sold by the Creditors' <br /> Trustee pursuant to his power of attorney shall be retained by the <br /> Creditors'Trust and distributed in accordance with the provisions of the <br /> Plan.The Creditors'Trustee,in his discretion,may terminate the lease of <br /> the Mid-Continent Quarry,thereby returning the property to the lessor, <br /> if the Creditors'Trustee determines that the detriments of retaining that <br /> property outweigh the benefits of such retention. <br /> 77. Liquidation of assets held subject to the Creditors'Trustee irrevocable power <br /> of attorney is also provided for by the PLAN (§6.2.5): <br /> CIVIL No.97 Cv 131-3 -12- AMENDED ANSWER&COUNTERCLAIMS <br />
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