ARTICLE 6
MEANS FOR EXECUTION OF THE PLAN
6.1 Any actions required to be taken by the Debtor on the Effective Date may be taken by the Debtor before the Effective Date or immediately following the date of Final Confirmation.
6.2 On or before the date of Final Confirmation or the Effective Date, as this Plan provides, the Debtor will transfer to the Disbursing Agent funds sufficient to make the payments required by this Plan. The Disbursing Agent shall be the Reorganized Debtor.
6.3 The Debtor's obligations under this Plan will be satisfied out of the issuance of new stock in sufficient amount to satisfy the Claims of creditors.
6.4 The Corporate Charter and By-Laws of the Debtor will be amended, if necessary, in accordance with the terms of this Plan.
6.5 It is an integral and essential element of this Plan that all securities to be the issued to the holders of Allowed Claims and Interests of the Debtor and the common stock to be issued to the new investors pursuant to this Plan, shall be exempt from registration under the Securities Act of 1933, as amended, pursuant to section 1145 of the Bankruptcy Code.
6.6 It is the expressed intent of the Debtor to file with a NASDAQ Securities Broker Dealer to sponsor these securities to the over the counter pink sheets or bulletin board, if qualified. In the event a market develops for the securities of the Debtor, any party receiving securities under this Plan (or a transferee of any securities issued under this Plan), unless otherwise restricted, shall be limited in pledging, shorting, hypothecating or selling, more than 25% of the holders’ securities in any three month period during the first 12 months from the date the Debtor’s securities become tradeable.
6.7 As specified in Section 1125(e) of the Bankruptcy Code, persons 6.7 As specified in Section 1125(e) of the Bankruptcy Code, persons that solicit acceptances or rejections of this Plan and/or that participate in the offer, issuance, sale or purchase of securities offered or sold under this Plan, in good faith and in compliance with the applicable provisions of the Bankruptcy Code, are not liable on account of such solicitation or participation for violation of any applicable law, rule, or regulation governing the solicitation of acceptances or rejection of this Plan or the offer, issuance, sale or purchase of securities.
ORDER CONFIRMING DEBTOR'S PLAN OF
REORGANIZATION - Page 11
Doc 77 PDF file
scribd.com |
