Opinion
No. 03-14059.
July 7, 2005
BUCKNELL STEHLIK SATO STUBNER, LLP, Edwin K. Sato, Attorneys for Olympic.
ORDER APPROVING FINAL DISTRIBUTION ON GENERAL UNSECURED CLAIMS
THIS MATTER arises upon the Motion to Approve Final Distribution on General Unsecured Claims ["Motion"] filed by reorganized debtor Olympic Pipe Line Company ["Olympic"] and was originally noted for hearing July 8, 2005. Due and proper notice of the Motion was provided to required parties in interest as evidenced by Affidavit of Mailing dated June 14, 2005 and filed herein. By signature below, counsel for Olympic represents that no objection or other response to the Motion was served by the Response Date of July 1, 2005. The Court, having considered the Motion, all papers and evidence submitted in support of or opposition to the Motion, the records and files of this case, and being otherwise duly advised, finds and concludes that the Motion should be granted for good cause shown. It is accordingly ORDERED :
1. The Motion is granted;
2. Olympic is authorized, without further notice or order, to make a final distribution from the Trade Creditors Payment Fund against Allowed General Unsecured Claims and Allowed Construction Lien Claims, as defined in its confirmed plan of reorganization ["Plan"] in this case.
3. The funds remaining in the Trade Creditors Payment Fund after completion of such final distribution against Allowed Claims shall remain held in trust pending the determination of Claims that might be allowed and payable from the Trade Creditors Payment Fund, including the Claims of the City of Bellevue, King County; George and Peggy Thoeny; American Int'l. Specialty Lines Insurance; National Ben Franklin Insurance; Somerset Marine Insurance; and Plem Co. [collectively, the "Remaining Claims"]. Olympic shall remain authorized to make an 80% disbursement against any Remaining Claim at such time as that Claim becomes an Allowed General Unsecured Claim according to the terms and procedures provided in the Plan.
4. No disbursement of funds from the Trade Creditors Payment Fund shall be made against subordinated Shareholder Trade Claims without prior entry of an order approving such disbursement following notice and opportunity for hearing provided to the holders of Remaining Claims that, at the time of such disbursement, either have not been finally allowed or disallowed as General Unsecured Claims, or if finally allowed, have not been paid in accordance with the Plan.