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1997-07-31_GENERAL DOCUMENTS - C1981017 (2)
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1997-07-31_GENERAL DOCUMENTS - C1981017 (2)
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2/28/2021 9:49:01 AM
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DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
7/31/1997
Doc Name
Civil Action No. 97-CV-131 Plaintiff Reply to Defendants Amended Answer and Counterclaim
From
District Court County of Pitkin
To
Mid-Continent Resources Inc
Permit Index Doc Type
General Correspondence
Media Type
D
Archive
No
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DRMS Re-OCR
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S990.000.00. and Pitkin County's proportionate share of that would have been <br /> S524,700.00. <br /> 68. The Disciosure Statement also provides, on page 30, a portion of <br /> Subsection C relating to the Creditors' Trust. as follows: <br /> The Plan defines -Net Proceeds" as "the cash proceeds of property sold <br /> under the Plan. after payment of reasonable fees, commissions, title <br /> insurance, advertising expenses. property taxes, or similar costs of sale <br /> and. with respect to the Creditors' Trust. the Trustee's fees and other <br /> reasonable costs of administering the Creditors' Trust." <br /> Real and personal property taxes on the property controlled by the <br /> Creditors' Trust shall be paid at the time of sale of the propertv. as a cost <br /> of sale. or at such earlier time as might be deemed advisable in the <br /> discretion of the Creditors' Trustee. Emphasis added.) <br /> 69. On page 37 of the Disclosure Statement. under paragraph B. "Projection of <br /> Distribution from Creditors' Trust." MCR has included the following language: <br /> The amounts required to be distributed to various classes of creditors have <br /> been estimated in Section lI of this Disclosure Statement. Using those <br /> estimates, with rounding, the distributions to creditors other than Sanwa is <br /> (sic) as follows: <br /> Class 1 (property taxes): S 1.100.000.00. <br /> Again, using the fifty-three percent (539c) for Pitkin County. Pitkin County's distribution <br /> as represented is S583.000.00. <br /> 70. In MCR's Objection to Plaintiffs' Motion to Reopen the Bankruptcy Case, <br /> MCR made a representation. in paragraph 7. "as the real property located within Tax <br /> Schedule 7863 is sold, the real property taxes due on that property will be paid." MCR <br /> further states, in paragraph 9. referencing Schedules R007863 and P004062, that <br /> "Resources generally intended to pay the taxes due on those certificates." <br /> 71. Defendants' actions in approving the secured claim filed by Pitkin County, <br /> incorporating these claims in the Plan, discussing such claims in their Disclosure <br /> Statement, failing in any way to object to the claim or the underlying taxes at any time <br /> prior to the initiation of this litigation. and affirmative representations to the Bankruptcy <br /> Court that such taxes would be paid and that the Plan required them to be paid. preclude <br /> Defendants from challensina the validity of the amount of taxes due under either <br /> Schedule 7563 or 4062. or the interest charted thereon, under the doctrines of res <br /> judicata, collateral estoppel. waiver, and/or estoppel. <br />
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