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Microcap & Penny Stocks : PLNI - Game Over -- Ignore unavailable to you. Want to Upgrade?

To: scion who wrote (226)	12/2/2005 12:48:53 PM
From: scion	Read Replies (1) \| Respond to of 12518

ARTICLE III DESIGNATION AND TREATMENT OF UNIMPAIRED CLAIMS Administrative Claims: These claims consist of all allowed administrative expenses, as so defined in the Bankruptcy Code, which consist of fees and expenses of professionals employed pursuant to Court authorization and any fees due to the United States Trustee's Office. These claims shall be paid in full in cash at closing within ten days of the Effective Date, upon the Court’s award, or as otherwise agreed to between the parties. In connection with these Chapter 11 proceedings, Debtor’s Attorney has not previously applied for fees and costs. It is anticipated that Debtor’s Attorney will apply for an final award of attorneys fees and costs in prior to hearings on confirmation of Debtor’s Plan. It is anticipated that the total of fees and costs for Debtor’s Attorney will not exceed Seventy Five Thousand Dollars ($75,000.00). Class 1: Claim of Bank One Financial Services, Inc. This class consists of a secured claim in the amount of Thirty-one Thousand, Two Hundred One Dollars and Thirty Six Cents ($31,201.36). This creditor is currently receiving payments under an adequate protection order and after Debtor’s September 2003 payment, the balance will be $30,327.09, together with attorneys fees in the amount of $825.00 awarded by the Court for a total of $31,152.09. This claim will by satisfied by payment of same in full, together with interest at the rate of 7% per annum, amortized over a period of ten years, with a balloon payment of the principal balance remaining due after five years, and monthly payments in the amount of $361.70, beginning on the first day of the month immediately following the Effective Date. Class 2: Claim of Central Bank & Trust Co. This class consists of a secured claim in the amount of $20,318.70, which claim is secured by a Certificate of Deposit owned by Debtor’s wife. This claim will by satisfied by payment of same in full, together with interest at the rate of 7% per annum, amortized over a period of ten years with monthly payments in the amount of $235.92, beginning on the tenth day of the month immediately following the Effective Date with a balloon payment in seven years. Class 3: Claim of Community Trust Bank This class consists of a secured claim in the present principal amount of $164,945.41, together with interest and late charges in the amount of $19,917.29 for a total of $184,862.70, 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, together with interest at the current contract rate of 4.25% per annum, amortized over a period of seventeen years, with payments in the amount of $1,274.17, 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 rental property and previously approved by the Bankruptcy Court has defaulted. Debtor has identified a potential new purchaser and an updated appraisal has been ordered. In the event a purchase agreement is reached with a new purchaser during these Chapter 11 proceedings, approval of same will be sought and if approved, upon closing, this claim will be satisfied in full. In the event a sale occurs after termination of these proceedings, at the closing of said sale this claim will be satisfied in full. ... IN RE: JAMES N. TUREK, CASE NO. 02-20411-PCY5 CHAPTER 11 Debtor. ... Dated this 27th day of January, 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