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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
Description:
Signifies Re-OCR Process Performed
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6.3.6 accumulation of Funds. As cash is paid into the Creditors'Trust, <br /> the Creditors' Trustee shall not be required to immediately distribute <br /> such funds, but, to the extent permitted by the Creditors' <br /> Representatives,may accumulate funds for periodic distribution in order <br /> to avoid expenses associated with insubstantial distributions. <br /> 79. Conjunctive with liquidation of the bankrupt estate and the mostly partial <br /> satisfaction of creditors' claims, the principal purpose of the PLAN is reclamation, in <br /> accordance with state and federal law, of the Coal Basin mine property. <br /> DMG Reclamation Bond <br /> 80. As required by statute,the Coal Basin mining operation was permitted.The <br /> reclamation permit issued by the Colorado Mined Land Reclamation Board was secured <br /> by a performance bond which was, in turn, collateralized by senior lien on the so-called <br /> Rockdust Plant. This plant manufactured rockdust (crushed limestone) used to inert <br /> exposed coal surface, in underground coal mines. <br /> 81. In connection with Coal Basin mine property reclamation activities, <br /> Creditors' Trustee has in cash or credits for the use and benefit of the Division of Minerals <br /> and Geology, Colorado Department of Natural Resources ("DMG") and/or its reclamation <br /> fund, paid or accrued an aggregate equivalent to the sum of$2,384,112.81 <br /> 82. Despite Creditors' Trustee's requests DMG has neglected or refused to <br /> account for or as to the disposition of funds provided(PLAN§6.3.4,Answer¶78,ante).The <br /> PLAN also states (§4.35): <br /> 4.3.5 Residual Funds. in the event that the Mine Site is fully reclaimed <br /> without expending all funds distributed to the MLRB under the Plan,the <br /> balance of such funds shall be used,first,to complete any distributions <br /> owed to Class 9 under the Plan; second, to supplement the funds <br /> resen-ed for Class 6 claims pursuant to Section 4.4 of the Plan;and third, <br /> to pad- Sanwa on account of Sanwa's Class 4 claim. <br /> 83. The effect of the PLAN is to "cap" or set a maximum amount owed by the <br /> Creditors' Trust to DmG for Coal Basin mine property reclamation (up to$3,000,000, PLAIN <br /> §4.3.5)based upon cost,and value of reclamation work performed by the State of Colorado <br /> less(a)cash proceeds from the sale of the so-called Rockdust Plant and its real property(id. <br /> §4.3.2), (b) the value of the remedial work performed by M&F,/King (id. §4.3.2(ii)),and (c) <br /> the value of remediaLlreclamation work performed by MCR (id. § 4.3.2(iii)). Specifically <br /> PLAN section 4.3.2 provides: <br /> 4.32 augmentation of Reclamation Bond. The assets pledged to the <br /> CIVIL No.97 cv 131-3 -14- AMENDED ANSWER&COUNTERCLAIMS <br />
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