Class 10: Kitch Dutchas Wagner Denardis & Valitutti
(“Kitch Drutchas”)
This class consists of a secured claim in the amount of $40,000.00, which claim is secured
by the assignment of and position of free trade stock in Wicklund Holding company given by Debtor
for security. This claim ill be satisfied by payment of same in full with payment in two installments,
with the first payment in the amount of $20,000.00 being made upon the Effective Date and a second
payment of $20,000.00, together with interest at the rate of 7% per annum from the date of the first
payment shall be paid on or before six months after the Effective Date. Upon payment of the
$40,000.00 referenced herein, the stock held by Kitch Drutchas as security will be returned to the
Debtor, without prejudice to the party’s right to agree upon a sale of all or a portion of the stock to
satisfy the $20,000.00 payments or the entre $40,000.00 claim if it is financially feasible to do so.
Class 11, A-D: Claims of the LFUCG- Division of Revenue
A. This class consists of the secured claims for real estate taxes n the amounts of
$2,681.00 and $4,671.60 for a total amount of $7,352.60, for the years 2001 and 2002 respectively.
Said claims are secured by a statutory lien on real property owned by Debtor and his wife and
located in Lexington, Kentucky. These two claims will be satisfied by payment in full together with
interest at the rate of 7% amortized over a period of five years with payments in the amount of
$145.59 per month amortized over a period of five years.
B. This class consists of the secured claim for real estate taxes in the amount of
$6,319.50 and $10,973.87, for a total of $17,293.37, for the years 2001 and 2002 respectively. Said
claims are secured by a statutory lien on real property owned by Debtor’s wife and located in
Lexington, Kentucky.
These two claims will be satisfied by payment in full together with interest
at the rate of 7% amortized over a period of five years, with payments in the amount of $342.43 per
month.
Class 12: Claim of Marlinrob, Inc.
This class consists of a secured claim in the amount of $34,353.68, which claim is secured
by a second mortgage on real property owned jointly by Debtor and his wife and located in Lexington, Kentucky. This claim will be satisfied by payment in full, together with interest at the rate of 7% per annum, amortized over a period of fifteen years with payments in the amount of $308.78 per month, beginning on the tenth day of the month immediately following 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.
Class 13: Claim of National City Bank
This class consisted of the secured claim in the amount of $13,908.50, which claim is secured
by a lien on a 1998 Chevrolet Blazer. This claim was satisfied in full by payments on same pursuant
to a Consent Order providing for adequate protection payments and by satisfying the remaining debt
due on Debtor’s default in full.
Class 14: Claim of Stoll, Keenon & Park, LLP
This class consists of a claim in the approximate amount of $184,222.321, of which amount
$111,877.55 is secured by a third mortgage on real property owned by Debtor and his wife and
located n Lexington, Kentucky. The remaining balance of $72,344.77 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 $355,000.00 (a recent appraisal obtained
by Community Bank and Trust values this property in the amount of $335,000.00). 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 4.25% per annum, amortized over
a period of twenty five years with payments in the amount of $692.78 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 15 years. 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. 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.
_____
1. Amount due as of January 1, 2005 to be supplied by creditor, which may modify the
secured and unsecured portions of creditors claims.
____
...
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 |
