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62-C5-72-386008
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e. The
Trusts termination and wind-up expenses and costs (including attorneys fees)
incurred by the Trust and Trustees after December 2013 (Fees and Expenses)
shall be allocated between the Certificate Holders and the Reversioner as
follows:
(i)
Where the Fees and Expenses relate to matters
equally benefitting the Certificate Holders and the Reversioner as determined
by the Trustees,16 such Fees and Expenses shall be equally charged
to the Certificate Holders and the Reversioner;
(ii)
Where the Fees and Expenses relate to matters
primarily concerning the Certificate Holders as determined by the Trustees17
such Fees and Expenses shall be charged to the Certificate Holders; and
(iii)
Where the Fees and Expenses relate to matters
primarily concerning the Reversioner as determined by the Trustees18
such Fees and Expenses shall be charged to the Reversioner.
f. The
Fees and Expenses allocable to the Certificate Holders shall be paid from the
royalties accruing to the Certificate Holders before April 7,
16 For
example, the preparation and filing of the Trustees Petition for Instructions
in this proceeding and general Trust termination and wind-up expenses.
17 For
example, expenses allocable to the Trusts royalty income before April 7, 2015,
matters related to the certificates of beneficial interest (shares), and the
funding and termination of the pension plan.
18 For
example, matters related to the review and response to requests made by the Reversioner
since December 2013, expenses allocable to the Trusts royalty income after
April 6, 2015, and the attorneys fees and costs related to the October 7 and
November 24, 2014 hearings, and the responses to the Reversioners filings in
those proceedings.
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2015, and from Trust reserves thereafter. The Fees and Expenses
allocable to the Reversioner before April 7, 2015, shall be charged to the
Principal Charges Account. The Fees and Expenses allocable to the Reversioner
after April 6, 2015, shall be paid by the royalties accruing to the Reversioner
after April 6, 2015.
3. To the
extent consistent with this Order for Judgment, the Court encourages the
Trustees and the Reversioner to enter into discussions to agree upon matters
related to the eventual transfer of the non-cash Trust property to the
Reversioner.
4.
Consistent with prior calendar years, the Trustees shall have audited financial
statements prepared for the calendar year 2015 and shall file their Annual
Report for that calendar year (2015 Annual Report) with the Court for
approval by March 2016. As soon as practicable after the Courts approval of the
2015 Annual Report, the Trustees shall have final audited financial statements
prepared for filing with the Court for the approval of the Trustees final
accounting and discharge. Final distributions and conveyances to the Trusts
beneficiaries shall be made upon order of this Court.
5. Given the
uncharted territory through which they must navigate in winding up the affairs
of this unique Trust, the Trustees are to provide an informal interim report to
the Court on November 15, 2015 (and at such other times as
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may be
requested by the Court) regarding the status of the wind-up process and the
tasks and actions that have been completed and those that remain to be
completed (Trustees Interim Report). The Trustees Interim Report shall be
made available for review by any Trust beneficiary upon request. If any Trust
beneficiary has a question as to the progress of the wind-up process, s/he may
make inquiry to the Trustees or the Court.
Let
judgment be entered accordingly.
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Dated:
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26 January 2015
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BY THE COURT:
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/s/ Margaret M. Marrinan
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Margaret M. Marrinan
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Judge of District Court
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