7.1 The Plan will be effectuated by funds provided to Debtor from his salary, commissions, and bonuses and, as to some creditors, by the transfer of free trade stock in Wicklund Holding Company, now known as Plasticon International, Inc. to those creditors having claims against Debtor due to his guaranty or co-signing on indebtedness owed by Wicklund Holding Company.
AMENDMENT TO THIRD AMENDED PLAN OF REORGANIZATION
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF FLORIDA
PANAMA CITY DIVISION
IN RE:
JAMES N. TUREK, CASE NO. 02-20411-PCY5
CHAPTER 11
Debtor.
/
AMENDMENT TO THIRD AMENDED PLAN OF REORGANIZATION
COMES NOW the Debtor, James N. Turek, by and through his undersigned attorney and in an effort to correct certain inaccuracies or omissions set forth as to several classes of creditors provides the following amendments to the treatment of these creditors.
Class 3: Claim of Community Trust Bank
This class consists of a secured claim in the present principal amount of $164,045.41, which claim is secured by a first mortgage on rental property owned jointly by Debtor and his wife and located in Lexington, Kentucky. This claim will by satisfied by payment of same in full, pursuant to the contract terms, with interest at the current contract rate of 4.75% per annum, amortized over a period of sixteen years, with payments in the amount of $1,131.13 per month, together with attorneys fees and costs as may be approved in these proceedings and in such future amounts as may be required as a result of this creditors loan index rate, beginning on the first day of the month which immediately follows the Effective Date. The Purchaser under the Lease Purchase Agreement in connection with this property and previously approved by the Bankruptcy Court has defaulted.
Debtor has entered into a new purchase agreement providing for the sale of the property secured by this claim for $330,000.00. Although an updated appraisal has indicated the present value of the property to be in the amount of $335,000.00, damage to this properties roof will cost an amount in excess of the difference in the purchase price and the appraised value.
Notice of the intent to sell this real property pursuant to the new purchase agreement is being filed as of the date of this amendment. In the event the purchase agreement is approved by the Bankruptcy Court, upon closing, this claim will be satisfied in full, whether prior to or after termination of these proceedings
Class 5: Claims of Eastern Savings Bank
A. This class consists of a secured claim in the amount of $557,642.241 as of January 1, 2005, together with any interest and other charges due under the note and mortgage. This claim is secured by a first mortgage on real property owned by Debtor’s wife and located in Lexington, Kentucky. Both Debtor and his wife are obligors under the mortgage. This claim will by satisfied by payment of same in full, together with interest at the current rate of 9.99% per annum, amortized over a period of fifteen years, with payments in the approximate amount of $5,989.04 per month, together with insurance and tax escrow payments, beginning ten days after the Effective Date.
B. This class consists of a secured claim in the amount of $230,734.832 as of January 1, 2005, together with any interest and other charges due under the note and mortgage. This claim is secured by a first mortgage on real property owned jointly by Debtor and his wife and located in Bay County, Florida. This claim will by satisfied by payment of same in full, together with interest at the rate of 8.5% per annum, amortized over a period of fifteen years, with payments in the amount of $2,272.14, per month, beginning on the tenth day after the Effective Date with a final balloon payment of the principal balance remaining due after five years.
Class 14: Claim of Stoll, Keenon & Park, LLP
This class consists of a claim in the approximate amount of $184,222.323, of which amount approximately $115,783.62 is secured by a third mortgage on real property owned by Debtor and his wife and located n Lexington, Kentucky. The remaining balance of approximately $68,438.70 -
Notes:
1. Amount due as of January 1, 2005 to be supplied by creditor, which may modify the secured and unsecured portions of creditors claims.
2. Amount due as of January 1, 2005 to be supplied by creditor, which may modify the secured and unsecured portions of creditors claims.
3. Amount due as of January 1, 2005 to be supplied by creditor, which may modify the secured and unsecured portions of creditors claims.
- is unsecured as a result of the prior liens of the Lafayette County Kentucky Tax Collector, Community Bank and Trust and Marlin Rob, Inc. based on the lease purchase contract amount of
$330,000.00. The unsecured portion of this claim will be dealt with in Class 18. The secured portion of this claim will be satisfied by payment in full, together with interest at the rate of 8% per annum, amortized over a period of fifteen years with payments in the approximate amount of $1,106.49 per month, beginning on the tenth day of the month which immediately follows the Effective Date, with a balloon payment of the principal balance remaining due at the end of 5 years. The Purchaser under the Lease Purchase Agreement in connection with this property and previously approved by the Bankruptcy Court has defaulted. Debtor has entered into a new purchase agreement providing for the sale of the property secured by this claim for $330,000.00.
Although an updated appraisal has indicated the present value of the property to be in the amount of $335,000.00, damage to this properties roof will cost an amount in excess of the difference in the purchase price and the appraised value. Notice of the intent to sell this real property pursuant to the new purchase agreement is being filed as of the date of this amendment. In the event the purchase agreement is approved by the Bankruptcy Court, upon closing, this claim will be satisfied in full, whether prior to or after termination of these proceedings and at the closing of said sale the funds remaining after payment of any real property taxes and the First (Class 3) and Second (Class 12)
Mortgages shall be paid to this Creditor.
Class 18: Unsecured Claims
This class consists of the claims of ten unsecured creditors holding claims in the total amount of approximately $287,395.23, which claims will be satisfied in full, together with interest at the rate of 2½% per annum from the Effective Date. Said payment will be amortized over a period of fifteen years with monthly payments over a period of five years beginning on the first day of the second month following the Effective Date with a balloon payment of the remaining principal at the end of the five year period. Said creditors and the amount of their claim are listed at Exhibit “A”to the Third Amended Plan of Reorganization..
Class 19: Administrative Class Unsecured Claims Under $5,000
This class consists of the claims of six unsecured creditors holding claims in the total amount of approximately $7,301.23, which claims will be satisfied in full without interest by quarterly payments for one year, beginning on the first day of the month immediately following the Effective Date pursuant to the chart attached as Exhibit “B”to the Third Amended Plan of Reorganization.
ARTICLE V
GENERAL PROVISIONS
5.1 The initial distributions to be made by the Debtor pursuant to this Plan to Administrative and Class 16 Administrative creditors shall be made by the Debtor’s Attorney with funds to be provided him by Debtor.
ARTICLE VII
MEANS TO EFFECTUATE PLAN
7.1 The Plan will be effectuated by funds provided to Debtor from his salary, commissions, and bonuses and, as to some creditors, by the transfer of free trade stock in Wicklund Holding Company, now known as Plasticon International, Inc. to those creditors having claims against Debtor due to his guaranty or co-signing on indebtedness owed by Wicklund Holding Company.
Dated this 24th day of March, 2005.
/s/ C. Edwin Rude, Jr.
C. EDWIN RUDE, JR.
Florida Bar No. 0157985
322 McDaniel Street
Tallahassee, Florida 32303-6249
Telephone (850) 224-2422
Facsimile (850) 224-0762
Attorney for Debtor |
