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Show 'DAfLY HERALD Wednesday, November 3, 2004 Geneva Steel Continued from B6 But Hutchings believes there is "less than a 50 percent chance of a compromise occur- ring because Geneva has "very Z definite plans' on how the prop-- l should be managed erty "Both Silver Point and Gene-- j va want to give the unsecured Z X J creditors equity interest in the property. But the problem is that Geneva has done this be-fore. After they gave equity in-- t terest to the creditors, they filed bankruptcy a second time, which put those equity holders, thousands of them, into a disadvantaged position." Typically, shareholders get.paid only after secured and unsecured creditors are paid in full with inter- - in the fourth year: , est. Anderson's plan proposes to pay up front $85 million to settle the claims of the three secured the U.S. governcreditors ment's Emergency Steel Loan Guarantee board, Albert Fried & Co. LLC and Silver Point Citibank as well as $8 million in administrative expenses. Some $40 million will be paid to the unsecured creditors over a four-yeperiod $20 million in the third year and $20 million ar "We can probably pay the unsecured creditors earlier in the second and third year. But we want to be conservative in our estimates," Hutchings said. "We're offering cash to the unsecured creditors without insisting that they take an equity interest. We're not playing equity games with them." But Beckett disputed Hutchings' views, saying Geneva isn't likely to file bankruptcy again because its income is derived from the sale of its land and assets, and it now has relatively lower operating expenses. "After the first bankruptcy IS filing, Geneva had significant operating expenses and still had a steel mfll to operate and their 25 percent of equity to the unse- cured creditors, or the option to take 20 cents on the dollar for their claims," he said. Separately, Beckett said the Pension Benefit Guarantee Corp., or PBGC, one of the unsecured creditors with $20 milbon in claims for benefit payments it made to some 700 former Geneva workers, hasnt filed a proof of claim since Geneva Steel's sec- -' ond bankruptcy filing in November 2001. That's because PBGC is still paying out benefits, Beckett said "But it has to file before the Chapter 11 disclosure statement is approved by the judge," income depended on the price of steel, which collapsed. That caused the second bankruptcy Beckett said. But like Hutchings, Beckett' also saw challenges in the upcoming negotiating efforts. "The three plans are all very different. At this point, we believe Geneva Steel provides the most to unsecured creditors because it gives them the option to take 80 percent equity in the property, or an option to take 20 cents on the dollar for their' claims," Beckett said. "Silver Point gives , he said The PBGC is a ot agency that took over Geneva's pension fund after the plant filed Chapter 11 in 2001 and is responsible for paying out 60 percent of pension benefits claimed by the union workers. These payments are calculated based on the workers' age and the number of y ears worked Hutchings said the Anderson plan proposes to pay $10 million of PBGCs $20 million claim. In addition, it also proposes to pay an unspecified number of workers with current and ongoing medical and dental claims of less than $1,000. Marci Adele Breinholt OBITUARIES 1976-20- 04 Marci Adele Breinholt, 28, re-turned home to her Heavenly Father October 30, 2004 in Erda, UT. She was born June 26, 1976 in Salt Lake City, UT to Dan & Valerie Breinholt. Married Oris Pereira, Salt Lake City. Later divorced. Marci taught us the meaning of courage during the past three years as she battled mesothelioma, a rare and deadly form of cancer. Marci will always be our "hero". Marci loved the film industry, in particular working with the Sundance Film Festival. She also cherished her visits to Hawaii and the More on B4, B3 Johnie Kent Bridge "Jaws" SOUTH JORDAN Johnie Kent Bridge, 49,died on Oct. 29, 2004 in San Diego, qal- if ornia of an heart attack. Born May 19, - 1955 in Salt Lake City, i' .Utah to Ray-- . f I mond Taylor and Evelyn J Tueller Bridge. y " He was a member of the IDS Church and worked for over 30 years with Utah Pipe Trade Local 57. He en--'. fishing, hunting and the love joyed - of his life was football, but the love for his family always came first. ;.- - J ; Survived by wife Sharon; children Brook (Kyle) Lankford, Amber (Dust in) Marino, Jeremiah (Adriana) Bridge, Blu Bridge, Jed Bridge, Larry (Jenny) Farnworth, Tyler (Veronica) Farnworth, Joshua Farnworth and Zachary Farnworth; mother and brothers and sisters Pam (Buck) Pero, Ray (Lisa) Bridge and Joni (Mike) Deni-soPreceded in death by his fa, ther. Funeral Services will be held Fri. at 11:00 A.M. in the Highland Stake Center 10227 So. 4000 W. Friends may call Thurs. evening from P.M. at the Broomhead Funeral Home 12600 So. 2200 W. and one hour prior at the church. Interment Redwood Memorial Estates. . serene calm of the ocean. Marci always brought a ray of sunshine to those who knew her. She will be remembered for her unique sense of humor j and the love that she had for her family and friends. We love you, Marci. We will always remember you Heaven's a much brighter place now that you're home. Marti's family would like to thank Dr. Michael P. Collins, Dr. William E. Nibley, Dr. William T. Sause and all of their respective staffs who loved and comforted Breinholt, Provo. Stepsister, Keri Reed, Eagle Mtn , Stepbrothers, Bret Randall, South Jordan, Todd Randall. West Valley City, and Jason Randall, Pleasant Grove. Marci through this battle with cancer. Special thanks to Sonia Pereira's family for all their love and support. Marci is survived by her parents, Ken and Valerie Webb, Erda, Dan & Linda Breinholt, Orem: Sister Carrie Breinholt of San Francisco: Grandparents; Wayne & Esther Morgan, West Jordan, Marjorie 'W" Denise & Morgan Walton, Denver. Preceded in death by a grandfather, Don Breinholt, and step grandparents and uncle Rick Walton. Funeral services will be held Friday, November 5, 2004 at 11:00 am at Jenkins-Sof- f e South Valley, 1007 W. South Jordan Pkwy. (10600 So.) where friends may call from am. and Thursday November 4th from pm. 6-- 8 VCNTOnwireless We never stop working for your 6-- 8 N. Marie ST. GEORGE age 66, passed away 1 2004, in St. George, UT, many individuals for good, particularly her husband, who considered her his best friend and sweetheart for more than fifty years. She will after a probe greatly missed. longed illness. Surviving family include her husShe was born band, Paul Hedman, St. George, UT; sisters, Marion (Gordon) Glover, St. August 28, George, UT, and Kathleen (Paul) Alberta, Watts, Bountiful, UT; brother, Gori don (Virginia) Godfrey, Salt Lake Canada, to Bertrand City, UT; daughters, Zelda (Tom) Richard GodHawk, Seattle, WA, and Carol Leigh (Curtis) Fisher, Spanish Fork, UT; frey and Rosezella . son, Damon Hedman, Fullerton, CA; foster-soPoul (Bettina) Jensen, Glenn Godfrey, When Marie was approximately Randers, Denmark; seven grandchilone year old, her family moved to dren, Christopher (Velancy) Fisher, Northern Utah where she was Spanish Fork, UT, David (Elizabeth) raised and educated. She attended Turner, Auburn, WA, Misha Turner, Bremmerton, WA, Russel (Mia) elementary and secondary schools in Midvale, UT, was a graduate of Fisher, Orem, UT, Marie Turner, Jordan High School, received an Provo, UT, William Turner, Associates of Arts degree from the Clearfield, UT, and Grace Turner, University of Utah, and a Bachelor's Clearfield UT; five foster grandchildren, Hans, Charlotte, Amanda, Degree from Brigham Young UniCatherine Marie, and Benjamin versity. She married Paul Hedman on Jensen, Randers, Denmark; and two Christina and May 29, 1957, in the Salt Lake TemCaden, Eagle Mountain, UT. ple. Over their 47 years of marriage, Funeral services will be held Satshe lived with her husband and children in many locations across the urday, November 6, 2004 at 11:00 U.S.: Van Nuys, Woodland Hills, and a.m., at Spilsbury Mortuary, 110 S. Bluff St., St. George. Friends and Redlands, CA; Brigham City, Orem, and Provo, UT; Arlington, VA; family may call Friday, November 5, from 6:00- - 8:00 p.m., and again on Gaithersburg, MD; and Dayton, OH. 0 She and her husband retired to St. am, prior Saturday from to services, both at the mortuary. A George, UT, in 2001. of will . brief graveside service be held Marie was an active member The Church of Jesus Christ of LatteMonday, November 8, 2004, at 10KX) a.m. at the Mountain View Memorir-day Saints where she served in al Estates Cemetery, 3115 E. 7800 S., many callings, including approxiSalt Lake City, UT. Arrangements mately 30 combined years as Ward are made under the direction of Choir Director in many different wards across the USA. Spilsbury Mortuary, (435) The family wishes to express apMarie loved to teach and was a certified elementary school teacher. preciation to all the doctors, nurses, and staff in the LDS Hospital Liver One of her most memorable teaching experiences was when she Transplant Program, and to the floor nurses and staff at the LDS taught "I Am a Child of God" to the Hospital who have taken such exgrades in Saint Luke's cellent care of Marie during many Parochial School in the Washington D.C. area. Marie also enjoyed adhospital stays these past three ventures, like traveling years. Gratitude is also expressed to the nurses, aides, and staff at the St. in an old Volkswagen with only an boy as a navigator. George Care Center for making Marie's last few weeks as comfortAnd then there was the time when able as possible. In lieu of flowers, Marie and Damon's flight into the family requests that contribuWashington, D.C, was diverted to tions be made in Marie's name to Dulles Airport where it was met by the Liver Transplant Program at many emergency vehicles with red LDS Hospital, Eighth Ave. & C lights flashing. An unscheduled Street, Salt Lake City, UT 84143. landing where the pilot came into Friends and family are invited to the cabin reading his instruction offer their condolences at ' book had preceded this. Then there www .spilsburymortuary .com. was the tornado watch! Click on the dove. Obituaries are Marie loved her family very also available at our Web site. Click much and worried constantly over on the rose. ..their welfare. 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