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Pursuant to section 502(e)(2), claims for reimbursement or contribution that become fixed postpetition must be determined, and be allowed or disallowed, as if the contingency had been resolved prepetition.
The purpose of section 502(e) is to protect the bankruptcy estate against the risk of double payment on claims.
The other half of the site formerly consisted of grasslands and approximately 50 randomly-sized pits and wastewater ponds containing varying amounts of sediment.
The site is joined on its northern and eastern borders by Gladys Creek.
In February 2006, EPA filed a proof of claim in the Trust’s bankruptcy proceeding seeking the recovery of past and estimated future cleanup costs incurred in connection with the site. “We are very pleased that as a result of vigorous enforcement in the bankruptcy court, the United States was able to achieve a substantial recovery,” said Robert G.
Under the settlement agreement, the APCO Liquidating Trust and the APCO Missing Stockholder Trust have agreed to pay million to the United States in order to resolve the U. Dreher, Acting Assistant Attorney General for the Environment and Natural Resources Division. taxpayers and the environment.” The ORC Site was operated by Anderson-Prichard Oil Corporation and APCO Oil Corporation as an oil refinery from 1920 until about 1978, and then in a limited capacity by Oklahoma Refining Company until 1987.
Disallowance of Contingent Claims for Contribution or Reimbursement Section 502(e)(1) of the Bankruptcy Code disallows certain contingent claims asserted by codebtors for contribution or reimbursement.
Shortly thereafter, APCO Liquidating Trust and the APCO Missing Stockholder Trust (the “Debtors”) were formed pursuant to an order of the Court of Chancery of the state of Delaware.
The papers are voluminous and the disputes many and complicated.
Unfortunately, the Legislature has deemed it fit to prescribe motion proceedings in matters where an order is sought for the business rescue of a company.
APCO Liquidating Trust is a successor in interest to APCO Oil Corporation.
Bankruptcy Court for the District of Delaware approved a settlement agreement for APCO Liquidating Trust to pay the U. Environmental Protection Agency (EPA) million in past and future response costs for cleanup activity at the Oklahoma Refining Company Superfund Site located in Cyril, Okla.