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On the Effective Date, Hudson Bay and Iroquois shall be deemed to have waived and released the Reorganized Debtor from paying the Cash Collateral Claim and shall be further deemed to waive rights to distribution, but not voting rights, any Class 3 Unsecured Claim based upon any potential deficiency.
(iii) Voting. Class 2 is an Impaired Class. Therefore, the Holders of the Senior Noteholder Claims are entitled to vote to accept or reject the Plan.
4.3. Class 3 (General Unsecured Claims)
(i) Classification: Class 3 consists of all General Unsecured Claims.
(ii) Treatment: The Holders of Class 3 General Unsecured Claim shall receive (i) their pro rata share of the Reorganized Debtor Common Stock issued in the Reorganized Debtor Stock Distribution, which shares shall represent 6% of the Reorganized Debtor Common Stock on the Effective Date, treating the Reorganized Debtor Convertible Preferred Stock on an as-converted basis without regard to the 9.99% beneficial ownership blocker; and (ii) the Liquidating Trust Interests in full and final satisfaction of all Class 3 Claims against the Debtor and the Debtor’s estate.
(iii) Voting: Class 3 is an Impaired Class. Therefore, the Holders of General Unsecured Claims in Class 3 are entitled to vote to accept or reject the Plan.
4.4. Class 4 (Interests).
(i) Classification: Class 4 consists of Holders of the Debtor’s Interests.
(ii) Treatment: On the Effective Date, the Holders of Class 4 Interests shall receive, subject to acceptance of the Plan by the Class 3 General Unsecured Claims, on account of their Existing Common Stock Interests in the Debtor, 2% of the Reorganized Debtor Common Stock on the Effective Date, treating the Reorganized Debtor Convertible Preferred Stock on an as-converted basis without regard to the 9.99% beneficial ownership blocker and shall be subject to dilution as a result of the Reorganized Debtor Stock Distribution to Class 2 and Class 3 Creditors under the Plan.
(iii) Voting: Class 4 is an Impaired Class. Therefore, the Holders of Interests in Class 4 are entitled to vote to accept or reject the Plan.
4.5. Reservation of Rights. Except as otherwise provided in the Plan or the Confirmation Order, the Debtor’s or Reorganized Debtor’s rights and defenses, both legal and equitable, with respect to any Claims, Interests or Administrative Expense Claims, including, but not limited to, all rights with respect to legal and equitable defenses to setoffs or recoupments, shall be unaffected and unaltered. From and after the Effective Date, the Reorganized Debtor shall be deemed to be the successor in interest to the Debtor with respect to all such rights and defenses.
12-12553-jmp Doc 74 Filed 01/22/13 Entered 01/22/13 15:24:50 Main Document
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