Laserfiche WebLink
James B. Holden <br /> Page 2 <br /> tors are authorized to enter the property for reclamation pur- <br /> poses. <br /> 3 . Disbursement of the funds is to be done by a Creditor's <br /> Trustee, who is to be chosen by representatives of Sanwa and of <br /> the three largest Class 9 claimants. Considering that the Divi- <br /> sion and the Board are the largest recipients of funds under the <br /> liquidation plan, they should have a vote on selection and super- <br /> vision of the Creditor's Trustee. You mentioned in a prior con- <br /> versation that you did not think giving the Division and the <br /> Board a voice in this matter would be a problem. <br /> In addition to these issues regarding the liquidation plan, the <br /> Board had some thoughts on the motion to sell the rockdust plant <br /> in two separate transactions (real estate and equipment) . The <br /> Board wants to be certain about a few issues regarding these con- <br /> tracts: <br /> 1. Mid-Continent received authorization from the bankruptcy <br /> court to pay property taxes out of cash collateral. Have any of <br /> the taxes been paid under this authorization? Also, are the <br /> taxes imposed on just the real estate, or is it the real estate <br /> and the improvements thereon, such as the rockdust plant? If the <br /> taxes are split between the real property and the improvements, <br /> what is the specific amount of taxes owing on each? <br /> 2 . The Board and the Division want to make certain that the <br /> amounts offered on the rockdust property are in line with what <br /> the property is worth. Has Mid-Continent done any appraisal of <br /> the real estate and rockdust plant, together or separately? The <br /> Board and Division would like any appraisal, evaluation, or <br /> information taken into consideration in determining to submit for <br /> court approval the sales contracts now pending before the bank- <br /> ruptcy court. As you are aware, any objection to the contracts <br /> must be submitted on or before April 4 , 1994 . Therefore, if it <br /> is possible, please submit to me any documents or analysis used <br /> in determining the adequacy of the offers submitted by Pete Lien <br /> and Dale Eubanks. <br /> If you have questions, please call me at 866-5117 . Thank you for <br /> your cooperation in this matter. <br /> M-C 02585 <br />