Jointly Administered Under Case No. BK-N-01-31627-GWZ.United States Bankruptcy Court, D. Nevada.
April 22, 2005
WINSTON STRAWN LLP, McDONALD CARANO WILSON LLP, Sylvia Harrison, Attorneys for the Plan Committee, Reno, Nevada.
ORDER ESTIMATING CLASS 7 CLAIMS FOR PURPOSES OF TENTH DISTRIBUTION TO HOLDERS OF ALLOWED CLASS 7 CLAIMS
GREGG ZIVE, Chief Judge, Bankruptcy
On April 15, 2005, the hearing on the Plan Committee’s (the “Committee”) Motion for Order Estimating Aggregate Amount of Allowed Class 7 Claims for Purposes of Tenth Distribution Pursuant to Debtors’ Second Amended Plan, as Modified (the “Tenth Estimation Motion”), was held before this Court in the above matter. By the Tenth Estimation Motion, the Committee sought an estimation by the Court of what the aggregate amount of
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Allowed Class 7 Claims 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.
A response regarding the Tenth Estimation Motion was filed by Consorcio DSD/Somor (the “Consorcio Objection) on April 4, 2005. After reviewing all the pleadings related to the Tenth Estimation Motion and good cause appearing therefore;
IT IS HEREBY ORDERED 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 $985 million for purposes of the tenth distribution to Holders of Allowed Class 7 Claims. The tenth distribution will commence in May 2005, pursuant to Section 8.3 of the Plan. This estimation may be subject to reconsideration after notice and 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 July 15, 2005, at 2:00 p.m., at which time the Court may hear the next estimation motion should one be timely filed by the Committee.
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On the basis of this Court’s previous Orders estimating the aggregate Allowed Class 7 Claims, authorized distributions to holders of Allowed Class 7 Claims have included 3,446,044 shares of common stock, 2,139,534 of Tranche A Warrants, 2,445,178 of Tranche B Warrants, and 1,321,719 of Tranche C Warrants.