Opinion
Case No. 01-61119 (DHA), Jointly Administered
March 29, 2002
W.H. Schwarzschild III, WILLIAMS MULLEN, Richmond, VA., Counsel for Shion Sakiama, et al.
Dion W. Hayes, McGUIREWOODS LLP, Richmond, VA., Counsel for the Reorganized Debtors.
Upon the Motion dated March 4, 2002, (the "Motion"), of the above-captioned debtors and debtors in possession (collectively, the "Debtors"), Pursuant to Section 7.5 of the Debtors' Confirmed Second Amended Second Modified Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code for Order: (A) Estimating Allowed Claims in Classes 4, 5 and 6; and (B) Approving Disputed Claims Reserves in Classes 4 and 6; and it appearing that the Court has jurisdiction over this matter; and it appearing that due notice of the Motion has been provided as set forth in the Motion, and that no other or further notice need be provided; and all objections to the Motion having been overruled as set forth herein; and it further appearing that the relief requested in the Motion is in the best interests of the Debtors and their creditors; and upon all of the proceedings had before the Court; and after due deliberation and sufficient cause appearing therefor, it is
ADJUDGED, DECREED AND ORDERED that:
1. The Motion is granted.
2. All capitalized terms used but not defined herein have the meanings ascribed to such terms in the Motion.
3. The Court hereby estimates, for purposes of the Plan, the Class 4 Total to be $31,389,339.32.
4. The Court hereby estimates, for purposes of the Plan, the Class 5 Total to be $4,821,676.02. The Court also estimates the amount of the Allowed Insured Claims to be zero and the amount of the Tort Claims Estimate to be the same amount as the Class 5 Total.
5. The Court hereby estimates, for purposes of the Plan, the Class 6 Total to be $574,299,183.60.
6. For purposes of a Disputed Claims reserve for Class 4 (or 6), under the Plan, the Court hereby authorizes and directs the Reorganized Debtors and the Disbursing Agent to reserve for Disputed Glass 4 (or 6) Claims on account of the total amount of the Disputed Claims as reflected in the applicable proofs of claim. Specifically, in Class 4 (or 6), until a Disputed Claim becomes an Allowed Claim entitled to a distribution under section 7.4 of the Plan, the Debtors shall maintain a Disputed Claim reserve amount for such Disputed Claim in the amount of the Unsecured Securities the holder of the Disputed Claim would be entitled to receive if the Disputed Claim in its entirety became an Allowed Claim (i.e., the Disputed Claim reserve in Class 4 (or 6) for each Disputed Claim shall be the Class 4 (or 6) Distribution multiplied by (the amount of the Disputed Claim divided by the sum of all Disputed Claims and Allowed Claims in Class 4 (or 6) (as determined on the date of the Disputed Claim reserve calculation))). However, neither the Debtors not the Disbursing Agent shall be required to segregate a Disputed Claim reserve for each Disputed Claim but shall maintain the Disputed Claims reserve for Disputed Claims in Class 4 (or 6) in the aggregate. Further, if a Disputed Claim becomes disallowed, no further reserve on account of that Claim is necessary.
7. The Reorganized Debtors and the Disbursing Agent are authorized and directed to proceed with respect to the determination of claims and the administration of Plan distributions to Classes 4, 5 and 6 in accordance with this Order, the Court's February 1, 2002 Order Confirming Debtors' Second Amended Second Modified Joint Plan of Reorganization under Chapter 11 of the Bankruptcy Code, and the applicable provisions of the Plan.
8. The Court retains jurisdiction over these matters and the parties affected hereby to enforce compliance with this Order.