- 7/16/2010 - Vote Daily for Dog Park Video!
- 6/30/2010 - Tacoma resident is one of 59 contestants vying for half-million dollar donation
- 6/18/2010 - Life Jacket Program at Point Defiance Marina
- 5/28/2010 - Vision Presented for Restoration of People’s Pool
- 5/28/2010 - Point Defiance Kiosk Relocation and Rejuvenation
- 4/30/2010 - Thank you voters!
- 4/30/2010 - Online voting could help rejuvenate historic site in time for centennial celebration
- 4/30/2010 - North End neighbors present Park Board with vision for community garden space
- 4/24/2010 - Thousands of volunteers anticipated on Parks Appreciation Day April 24
- 4/2/2010 - Point Defiance Park’s Five Mile Drive, Fort Nisqually & Off-leash area Closed Due to High Wind
Board receives update, takes vote on Asarco claim options
Jul 30, 2009
During their July 27 Board meeting, commissioners were briefed on the status of the district’s $5 million dollar claim with Asarco which filed for bankruptcy in 2005.For background, in 2008 Metro Parks entered into a mediation process with Asarco and reached an agreement to settle the district’s claim that Asarco did not complete required park development obligations that were included in agreements and development plans approved by Asarco, Metro Parks, Town of Ruston and City of Tacoma in 1996 and 1997.
Metro Parks Tacoma has yet to receive payment on the district’s claim, which is pending approval by the bankruptcy court of a reorganization plan for Asarco. The proposals are basically pay-out plan options for all the claims.
The bankruptcy court has provided copies of the three competing plans, and has requested claimants such as Metro Parks vote to accept or reject each plan, and also to rank them in preferred order for the court’s consideration.
One plan for reorganization, called the Debtors’ Plan, is proposed by Asarco and is premised on a sale of Asarco assets to Sterlite, a global mining company based in India. Additional funds to pay claims under this plan could come from other litigation between Asarco and its parent company Grupo Mexico. This plan would allow Metro Parks to receive approximately 72% of its claim, but has the potential of allowing full payment of the claim, plus interest.
The second plan for reorganization, the Parent Plan, is proposed by Grupo Mexico and is dependent on Grupo Mexico receiving a loan which it has not yet applied for. This plan has the potential to pay 100% of our claim, but it is opposed by the unions representing Asarco employees and may result in work stoppages.
The third plan, the Harbinger Plan, could allow Metro Parks to receive 100% of it’s claim, plus interest. This plan is not supported by either an earnest money deposit or an executed purchase and sale agreement. This Plan, as well as the Debtor’s Plan, has the support of Asarco employee unions.
The Board of Commissioners received a briefing from legal counsel Mike Johns regarding the potential benefits and risks associated with each of the plans prior to their unanimous vote to support only the Debtor’s Plan, and to rank the plans with Debtor #1, Harbinger #2, and the Parent’s Plan #3.
The district is among many litigants casting ballots on the plan options due back to the courts on August 5. Metro Parks’ staff will report back to the Board once the bankruptcy courts make a determination regarding the reorganization plan for Asarco.