Uv industries inc liquidating trust

Rated 3.94/5 based on 935 customer reviews

During this time, UV Industries milled and refined ores of copper, lead and zinc at the Midvale property.

The residues, or tailings, of these processes were pumped from the mill and piled or impounded at various locations throughout the site.

In 1979, UV Industries conveyed most of its assets, including the Midvale property, to Sharon Steel Corporation.

UV Industries was subsequently dissolved, and all remaining assets were transferred to the Liquidating Trust.

Section 13.03 prohibited Sharon from utilizing the set-aside provision within Section 6.01, see supra, and prohibited U. Trust from distributing the deposited sums to the then holders of the Notes. ("Nest"), representative of the Selling Class, filed a Motion for Partial Reargument (treated by the district court as a motion for modification of judgment), seeking reconsideration of its request for reasonable and necessary attorneys' fees and expenses. Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied.Unless otherwise indicated, images are representative of the piece(s) you will receive. However, we remand to the district court a request for attorneys' fees made by Nest & Co., the representative of the appellant class. Trust refused to distribute these amounts to the then holders of the Notes pursuant to Section 13.031 of the U. Trust Indenture (the "Indenture"), which prohibited payment of any monies on the Notes in the event of a default in payment of principal or interest on a senior indebtedness. If this default triggered Section 13.03, then Section 2.032 of the Indenture, which established a mechanism for distributing interest payments on the Notes in the event of a default in payment, was also triggered. Trust declared a special record date of June 30, 1983 for payment of this accrued interest and, of course, interest on this interest. With respect to this aspect of the appeal, we affirm the judgment of the district court for reasons stated infra. Trust's refusal, the trustees of an issue of senior indebtedness (the "Senior Notes") had already issued notices of default on the Senior Notes.

Leave a Reply