Case No. BK-N-01-31627-GWZUnited States Bankruptcy Court, D. Nevada
August 6, 2002
Murphy Sheneman Julian Rogers, Patrick A. Murphy, Todd J. Dressel, Gabriel M. Block, San Francisco, CA. McDonald Carano Wilson McCune, Bergin Frankovich Hicks LLP, Sylvia Harrison, Michael A.T. Pagni, Reno, Nevada, Attorneys for Plan Committee.
Michael Wiles, Attorneys for Sithe Mystic Development LLC, Sithe Fore River Development LLC, and Sithe/Independence Power Partners, L.P.
Skadden, Arps, Slate, Meagher Flom LLP, Skadden, Lionel Sawyer Collins, Jennifer A. Smith, Attorneys for the Reorganized Debtors.
ORDER ESTIMATING CLASS 7 CLAIMS FOR PURPOSES OF SECOND DISTRIBUTION
GREGG W. ZIVE, United States Bankruptcy Judge
On July 22, 2002, the hearing on the Plan Committee’s (the “Committee”) Motion for Order Estimating Aggregate Amount of Allowed Class 7 Claims for Purposes of Second Distribution Pursuant to Debtors’ Second Amended Plan, as Modified (the “Second Estimation Motion”) was held before this Court in the above-captioned cases. By the Second Estimation Motion, the Committee sought an estimation by the Court of what the aggregate amount of Allowed Class 7 Claims [1] would be after the resolution of all Disputed Class 7 Claims in order to permit distribution to the current holders of Allowed Class 7 Claims without requiring a reserve in an amount equal to all Allowed Class 7 Claims and Disputed Class 7 Claims.
Various parties submitted objections to the Second Estimation Motion to which the Committee submitted a Reply on July 18, 2002. After reviewing all the pleadings related to the Motion, receiving testimony and evidence submitted by the parties, hearing the arguments of counsel, and weighing all the admitted evidence, and good cause appearing therefor;
IT IS HEREBY ORDERED, ADJUDGED AND DECREED that to preserve the right to equal treatment of all Class 7 Claimants as provided under 11 U.S.C. § 1123(a)(4), the Court sets its estimate of what the aggregate amount of Allowed Class 7 Claims would be after all Disputed Class 7 Claims have been resolved as $2,669,000,000 for purposes of the second distribution to Holders of Allowed Class 7 Claims. The second distribution will commence in August 2002, pursuant to Section 8.3 of the Plan. This estimation may be subject to reconsideration after notice and a hearing.
IT IS FURTHER ORDERED that, in accordance with Section 8.2(b)(i) of the Plan, a status conference regarding the estimation of the aggregate Allowed Class 7 Claims will be heard before this Court on October 21, 2002, at 2:00 p.m., at which time the court may hear a third estimation motion should one be timely filed.
On the basis of this Court’s previous Order Estimating Class 7 Claims for Purposes of Initial Distribution, the initial distribution to Holders of Allowed Class 7 Claims included 798,131 shares of common stock, 492,676 Tranche A Warrants, 563,056 Tranche B Warrants, and 304,355 Tranche C Warrants.