200.96
RESOLUTION APPROVING AMENDED DISCLOSURE STATEMENT AND
AUTHORIZING BALLOT REGARDING
AMG INDUSTRIES, INC.
RESOLUTION NO. 200, 96
INTRODUCED BY: Mrs. Carol Pulver
WHO MOVED ITS ADOPTION
SECONDED BY: Mr. Theodore Turner
WHEREAS, AMG Industries, Inc., a New York Corporation, has
filed a Voluntary Bankruptcy Petition for Reorganization under
Chapter 11 of Title 11 of the United States Code on May 10, 1995,
and
WHEREAS, the Town of Queensbury is the holder of an impaired
Claim or Equity Interest in the proposed Chapter 11 Plan of
Reorganization in the amount of $350,692.45, and
WHEREAS, the Town Board of the Town of Queensbury has received
an Amended Disclosure Statement regarding the Plan of
Reorganization of the Debtor, AMG Industries, Inc., and
WHEREAS, a hearing to consider the confirmation of AMG's
Amended Chapter 11 Plan has been scheduled for May 31, 1996 and a
ballot to accept or reject the Chapter 11 Plan needs to be
completed by the Town of Queensbury, and
WHEREAS, the Town Board of the Town of Queensbury has reviewed
the Amended Disclosure Statement and Amended Plan (a copy of the
same being presented at this meeting) and desires to accept the
Chapter 11 Plan,
NOW, THEREFORE, BE IT
RESOLVED, that the Town Board of the Town of Queensbury, after
due consideration, hereby authorizes and approves the Amended
Disclosure Statement and Amended Plan of Reorganization referenced
hereinabove and presented at this meeting, and hereby authorizes
and directs the Town Supervisor to complete the ballot to accept
the Chapter 11 Plan and to take such other and further steps as
may be necessary to implement the terms and provisions of this
Resolution.
Duly adopted this 6th day of May, 1996, by the following vote:
AYES : Mrs. Pulver, Mrs. Monahan, Mr. Turner, Mrs. Goedert,
Mr. Champagne
NOES : None
ABSENT: None