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1994-02-01_GENERAL DOCUMENTS - C1981017 (4)
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1994-02-01_GENERAL DOCUMENTS - C1981017 (4)
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Last modified
2/1/2021 8:36:52 AM
Creation date
5/3/2012 9:33:15 AM
Metadata
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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
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4 .3 .4 Timing of Distributions and Expenditure of Funds. <br /> The distribution of funds to be provided pursuant to <br /> Section 4 . 3 .2 of the Plan shall be timed to permit the <br /> timely performance of the Reclamation Plan according to <br /> a reclamation schedule to be negotiated among the Debtor, <br /> the DMG, and the MLRB. In general, the reclamation <br /> schedule shall provide for the completion of principal <br /> reclamation activity at the Mine Site prior to December <br /> 1, 1996 . Funds received by the MLRB pursuant to Sections <br /> 4 .3. 1 and 4 . 3.2 of the Plan shall be expended by the MLRB <br /> pursuant to the Reclamation Plan and such reclamation <br /> schedule. <br /> 4 .3.5 Residual Funds . In the event that the Mine Site <br /> is fully reclaimed without expending all funds <br /> distributed to the MLRB under the Plan, the balance of <br /> such funds shall be used, first, to complete any <br /> distributions owed to Class 9 under the Plan; second, to <br /> supplement the funds reserved for Class 6 claims pursuant <br /> to Section 4 .4 of the Plan; and third, to pay Sanwa on <br /> account of Sanwa's Class 4 claim. <br /> 4 .3.6 Disposition of Pending Lit icration Against Third <br /> Parties. Upon the Effective Date, the DMG and MLRB shall <br /> dismiss without prejudice or, at the option of the DMG <br /> and MLRB, shall suspend litigation entitled Division of <br /> Minerals and Geology, Department of Natural Resource s <br /> State of Colorado v. John A. Reeves Robert Delaney, <br /> Diane Delaney, and Mid-Continent Minerals Corporation, <br /> Case No. 93 CV 201, Ds.strict Court, Pitkin County, <br /> Colorado. The DMG and MLRB may condition dismissal of <br /> such litigation on an agreement from the defendants <br /> therein tolling any applicable statute of limitations. <br /> Such litigation shall be - re-filed or otherwise resumed <br /> only if (i) funds are not provided within the times <br /> required by Section 4 .3 . 4 of the Plan, or (ii) all funds <br /> required to be provided pursuant to Sections 4 .3. 1' and <br /> 4 .3.2 of the Plan are in fact provided but such funds* <br /> prove to be insufficient to complete the Reclamation <br /> Plan. Failure to make payments pursuant to this <br /> subsection and subsection 4 .3 . 4 shall not constitute an <br /> event of default under the Plan. <br /> 4 .3.7 Assumption of Reclamation by Purchaser. Nothing <br /> in the Plan shall preclude the sale of property within <br /> the Mine ; Site "on terms requiring the assumption of <br /> reclamation obligations by the purchaser, which terms <br /> shall be subject to approval of the MLRB and the <br /> Creditors ' Trustee. In the event of such assumption, the <br /> amounts otherwise payable to the Class 5 claimants shall <br /> be reduced by the value of the obligations assumed, as <br /> determined by the MLRB and the Creditors' Trustee. <br /> 9 <br />
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