My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
1994-02-01_GENERAL DOCUMENTS - C1981017 (4)
DRMS
>
Day Forward
>
General Documents
>
Coal
>
C1981017
>
1994-02-01_GENERAL DOCUMENTS - C1981017 (4)
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/1/2021 8:36:52 AM
Creation date
5/3/2012 9:33:15 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
C1981017
IBM Index Class Name
GENERAL DOCUMENTS
Doc Date
2/1/1994
Doc Name
Debtor's 2nd amended plan of liquidation
From
US District Court
To
Mid-Continent Resources, Inc. & DMG
Permit Index Doc Type
General Correspondence
Media Type
D
Archive
No
Tags
DRMS Re-OCR
Description:
Signifies Re-OCR Process Performed
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
20
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
(i) all cash of the Debtor after payment of or reserve <br /> for the sums required under Section 6. 1 of the Plan; and <br /> (ii) all choses in action, including all avoidance powers <br /> of the Debtor arising under the Bankruptcy Code. In <br /> addition, on the Effective Date, the Creditors ' Trustee <br /> shall be given an irrevocable power of attorney vesting <br /> the Creditors ' Trustee with full and exclusive power and <br /> authority to convey title to the following property: (i) <br /> the Mine Site; (ii) the Carbondale Industrial Park; (iii) <br /> the Coke Oven Property; (iv) the Fabrication Shop; (v) <br /> the Mid-Continent Quarry; (vi) all equipment; and (vii) <br /> all other real and personal property of the Debtor, <br /> excepting only (a) the Rockdust Plant, which is to be <br /> disposed of as provided by Section 4 .3. 1 of the Plan; and <br /> (b) the Marblehead Quarry, which is to be abandoned <br /> pursuant to Section 6. 4 of the Plan. <br /> 6.2.2 Disposition of Property Transferred into or <br /> Controlled by Creditors ' Trust. Property transferred <br /> pursuant to the Creditors ' Trustee's power of attorney <br /> shall be transferred free and clear of liens and claims, <br /> except for the statutory lien of real property taxes . <br /> Pending such transfer, all creditors of the Debtor shall <br /> be enjoined from all efforts to collect their claims from <br /> the property which is subject to the Creditors' Trustee's <br /> power of attorney. Net Proceeds of property sold by the <br /> Creditors' Trustee pursuant to his power of attorney <br /> shall be retained by the Creditors' Trust and distributed <br /> in accordance with the provisions of the Plan. The <br /> Creditors' Trustee, in his discretion, may terminate the <br /> lease of the Mid-Continent Quarry, thereby returning the <br /> property to the lessor, if the Creditors' Trustee <br /> determines that the detriments of retaining that property <br /> outweigh the benefits of such retention. <br /> 6.2.3 Administration of Creditors ' m ust. The <br /> Creditors' Trust shall be administered by a Creditors ' <br /> Trustee, supervised by two Creditors ' Representatives . <br /> (i) One Creditors ' Representative shall be <br /> selected by Sanwa, and the other shall be selected <br /> by the three largest Class 9 claimants . <br /> (ii) The Creditors ' Trustee shall be selected by <br /> the Creditors' Representatives and may be removed <br /> by the Creditors' Representatives in the exercise <br /> of their reasonable discretion. <br /> (iii) The Debtor offers to have Louis M. LaGiglia, <br /> a Certified Public Accountant who is the Debtor' s <br /> Vice-President and Treasurer., serve as Creditors ' <br /> Trustee. If the Creditor Representatives select <br /> 12 <br />
The URL can be used to link to this page
Your browser does not support the video tag.