8/3/2019 Madsen's 1999 bankruptcy - 2003 Document

http://slidepdf.com/reader/full/madsens-1999-bankruptcy-2003-document 1/6

 

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0

?<

Icj`x @+ Hrnxx$ Ocr Kn+ 11=1<8NXON_K JCD@GNK$ Q+C+?=?= Knrwe H`kwrcd C|`kp`$ Xpmw` ?311Qen`kmu$ Crmynkc 5013?*?6=7W`d`qenk`9 %<1?- <71*=111

Lchxmjmd`9 %<1?- <71*=101@*jcmd9 obh`hlAnjdcv+hnj

Hnpkx`d lnr _no`rw Q+ Co`d`$ Hecqw`r 6 Wrpxw``

PKMW@G XWCW@X OCKB_PQWH] HNP_W LN_

WE@ GMXW_MHW NL C_MYNKC 

Mk r`

BD@MKXW_PQ IN_G@K JCGX@K$

G`ownr+

Hecqw`r 6 Qrnh``gmkfx

Hcx` Kn+ ==*31710*QEU*XXH

CQQDMHCWMNK WN CQQ_N\@@JQDN]J@KW NL QN_W@_ _NF@_XGCEDJCK , FN_GNK

_no`rw Q+ Co`d`$ Wrpxw`` %—Wrpxw``‚-$ wernpfe hnpkx`d$ e`r`o} r`sp`xwx

`kwr} nl ck Nrg`r$ qprxpckw wn 33 P+X+H+ ¦¦ 8?6%c- ckg 018 ckg L`g+ _+ Ockbr+ Q+

?137$ wn cqqrn|` `jqdn}j`kw nl D}kk E+ Opwd`r ckg Qnrw`r _nf`rx Gcedjck ,

Fnrgnk$ Q+H+ cx xq`hmcd hnpkx`d lnr we` Wrpxw``+ We` Wrpxw`` cdxn r`sp`xwx wecw

xphe `jqdn}j`kw o` `ll`hwm|` cx nl we` lmdmkf nl wemx Cqqdmhcwmnk+ We` lnddnvmkf mx

r`d`|ckw9

3+ G`ownr lmd`g emx \ndpkwcr} Q`wmwmnk pkg`r Hecqw`r 6 nl Wmwd` 33$

Pkmw`g Xwcw`x Ockbrpqwh} Hng` nk Cpfpxw 81$ 3===$ ckg we` Wrpxw`` o`hcj` we`

gpd} cqqnmkw`g Hecqw`r 6 Wrpxw``+

?+ Nk Kn|`jo`r 3<$ ?113$ wemx Hnprw `kw`r`g mwx Cj`kg`g Nrg`r 

cqqrn|mkf c hnjqrnjmx` o`wv``k we` G`ownr ckg we` Wrpxw`` r`fcrgmkf knk`u`jqw

q`rxnkcd qrnq`rw} nl we` `xwcw`+

8+ Nk Cqrmd 8$ ?11?$ pqnk G`ownr&x g`lcpdw pkg`r we` hnjqrnjmx`$ we`

Wrpxw`` lmd`g c Knwmh` nl G`lcpdw nl X`wwd`j`kw Cfr``j`kw ckg Mkw`kw wn X`my` Knk*

@u`jqw Q`rxnkcd Qrnq`rw}+

Hcx` ?9==*ob*31710*XXH Gnh 3?3 Lmd`g 17.?5.18 @kw`r`g 17.?5.18 339?0973 G`xhJcmk Gnhpj`kw Qcf` 3 nl <

8/3/2019 Madsen's 1999 bankruptcy - 2003 Document

http://slidepdf.com/reader/full/madsens-1999-bankruptcy-2003-document 2/6

 

*

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0

?<

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0 

?<

7+ Nk Ipd} 30$ ?11?$ we` Wrpxw`` r`sp`xw`g we` Hnprw `kw`r Ipgfj`kw

mk emx lc|nr+

0+ Nk Cpfpxw ?1$ ?11?$ wemx Hnprw `kw`r`g Ipgfj`kw mk lc|nr nl we`

Wrpxw`` ocx`g nk we` G`ownr&x g`lcpdw mk qc}j`kwx qprxpckw wn we` X`wwd`j`kw

 Cfr``j`kw+

<+ Mk we` j`ckwmj`$ pqnk mklnrjcwmnk ckg o`dm`l$ we` G`ownr jn|`g wn

 Cpxwmk$ W`ucx+

6+ We` Wrpxw`` vmxe`x wn `jqdn} D}kk Opwd`r nl Qnrw`r _nf`rx

Gcedjck , Fnrgnk$ Q+H+ %/Qnrw`r Lmrj/-$ cx xq`hmcd hnpkx`d wn qprxp` hndd`hwmnk

cfcmkxw we` G`ownr mk W`ucx+ We` Wrpxw`` cxx`rwx wecw Jr+ Opwd`r ckg we` Qnrw`r Lmrj

cr` lcjmdmcr vmwe we` hdcmj ckg cr` v`dd spcdmlm`g wn r`qr`x`kw we` Wrpxw`` mk wemx

jcww`r+

5+ Wn we` o`xw nl Wrpxw``”x bknvd`gf`$ k`mwe`r Jr+ Opwd`r knr we`

Qnrw`r Lmrj ec|` ck} hnkk`hwmnk vmwe we` hr`gmwnrx$ nr ck} nwe`r qcrw} mk mkw`r`xw$ nr 

ck} nl we`mr r`xq`hwm|` cwwnrk`}x$ nr ck} q`rxnk `jqdn}`g mk we` nllmh` nl we` Pkmw`g

Xwcw`x Wrpxw``$ ckg r`qr`x`kwx kn mkw`r`xw cg|`rx` wn we` Wrpxw`` nr we` ockbrpqwh}

`xwcw`+

=+ We` Wrpxw`` vmxe`x wn `jqdn} Jr+ Opwd`r ckg we` Qnrw`r Lmrj$ ven

ecx hnkxmg`rcod` `uq`rm`kh` mk jcww`rx nl wemx hecrchw`r ckg cr` v`dd spcdmlm`g wn

qrn|mg` xphe x`r|mh`x$ cw enprd} rcw`x cx x`w lnrwe o`dnv9

D}kk E+ Opwd`r Qcrwk`r '350+11

D}kk C+ Brcwxcx Cxxnhmcw` '301+11

Qcrcd`fcdx.D`fcd Cxxmxwckwx '70 * '<1+11

31+ We` qc}j`kw nl ck} l``x nr hnxwx wn Jr+ Opwd`r nr we` Qnrw`r Lmrj

vmdd o` nkd} pqnk cqqdmhcwmnk ckg lprwe`r Nrg`r nl wemx Hnprw+

33+ Jr+ Opwd`r `xwmjcw`x wecw we` l``x mkhprr`g mk we` hndd`hwmnk nl we`

 ipgfj`kw lrnj Jr+ Jcgx`k vmdd o` o`wv``k '?$111+11 ckg '8$111+11+

Hcx` ?9==*ob*31710*XXH Gnh 3?3 Lmd`g 17.?5.18 @kw`r`g 17.?5.18 339?0973 G`xhJcmk Gnhpj`kw Qcf` ? nl <

8/3/2019 Madsen's 1999 bankruptcy - 2003 Document

http://slidepdf.com/reader/full/madsens-1999-bankruptcy-2003-document 3/6

 

*

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0

?<

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0 

?<

3?+ Mk r`wprk lnr we` con|`*gmxhdnx`g hnjq`kxcwmnk crrckf`j`kwx$ Jr+

Opwd`r ckg we` Qnrw`r Lmrj vmdd qrn|mg` d`fcd x`r|mh`x lnr hndd`hwmnk nl we` Ipgfj`kw+

38+ Ocx`g pqnk we` G`hdcrcwmnk nl D}kk Opwd`r cwwche`g e`r`wn$ we`

Wrpxw`` o`dm`|`x wecw Jr+ Opwd`r ckg we` Qnrw`r Lmrj gn knw endg nr r`qr`x`kw ck}

mkw`r`xw cg|`rx` wn wecw nl we` Wrpxw``$ we` G`ownr$ nr we` `xwcw` mk we` jcww`r pqnk

vemhe we`} cr` wn o` `kfcf`g$ ckg wecw we`mr `jqdn}j`kw vnpdg o` mk we` o`xw

mkw`r`xw nl wemx `xwcw`+

VE@_@LN_@$ Wrpxw`` qrc}x wecw we` `jqdn}j`kw nl D}kk Opwd`r ckg

Qnrw`r _nf`rx Gcedjck , Fnrgnk$ Q+H+$ pkg`r we` w`rjx xq`hmlm`g$ o` cqqrn|`g o}

wemx Hnprw+

GCW@G wemx ?5we gc} nl Cqrmd ?118+

NXON_K JCD@GNK$ Q+C+

.x. I Hrnxx %(11=1<8-Icj`x @+ Hrnxx?=?= K+ H`kwrcd C|`+$ (?311Qen`kmu$ CY 5013?*?6=7

 Cwwnrk`}x lnr Wrpxw``

Hnq} nl we` lnr`fnmkf jcmd`g wemx ?5we gc} nl  Cqrmd ?118$ wn9

Pkmw`g Xwcw`x Wrpxw``Q+ N+ Onu 8<361Qen`kmu$ CY 501<6*<361

_no`rw Q+ Co`d`Q+ N+ Onu 0765J`xc$ CY 50?33*0765Hecqw`r 6 Wrpxw``

D}kk _+ Opwd`r$ @xs+QN_W@_ _NF@_X GCEDJCK , FN_GNK$ Q+H+?<11 \mc Lnrwpkc$ Xpmw` 381

 Cpxwmk$ WU 6567<Qrnqnx`g Xq`hmcd Hnpkx`d lnr Wrpxw``

Hcx` ?9==*ob*31710*XXH Gnh 3?3 Lmd`g 17.?5.18 @kw`r`g 17.?5.18 339?0973 G`xhJcmk Gnhpj`kw Qcf` 8 nl <

8/3/2019 Madsen's 1999 bankruptcy - 2003 Document

http://slidepdf.com/reader/full/madsens-1999-bankruptcy-2003-document 4/6

 

*

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0

?<

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0 

?<

Inek Jcgx`kMKW@_KCWMNKCD FDNOCD QNXMWMNKMKF$ MKH+6?1 Orcynx Xwr``w$ Xw` (011

 Cpxwmk$ WU 65613

.x. _`o`hhc I+ JhF``$ HDC

Hcx` ?9==*ob*31710*XXH Gnh 3?3 Lmd`g 17.?5.18 @kw`r`g 17.?5.18 339?0973 G`xhJcmk Gnhpj`kw Qcf` 7 nl <

8/3/2019 Madsen's 1999 bankruptcy - 2003 Document

http://slidepdf.com/reader/full/madsens-1999-bankruptcy-2003-document 5/6

 

*

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0

?<

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0 

?<

G@HDC_CWMNK NL D]KK E+ OPWD@_$ QP_XPCKW WN L@G+ _+ OCKB_+ Q+ ?137%C- 

M$ D}kk E+ Opwd`r e`r`o} g`hdcr` cx lnddnvx9

3+ M cj c qcrwk`r cw Qnrw`r _nf`rx Gcedjck , Fnrgnk$ Q+H+ %we`

/Qnrw`r Lmrj/-$ ckg c j`jo`r nl we` W`ucx Ocr Cxxnhmcwmnk gpd} dmh`kx`g wn qrchwmh`

mk we` Xwcw` nl W`ucx+

?+ _no`rw Q+ Co`d`$ Wrpxw`` %—Wrpxw``‚- mk we` con|`*hcqwmnk`g

ockbrpqwh} qrnh``gmkf$ vmxe`x wn `jqdn} j` wn chw cx Wrpxw``&x xq`hmcd hnpkx`d mk

we` hndd`hwmnk nl c Ipgfj`kw cfcmkxw Bd`mkxwrpq Inrg`k Jcgx`k %/G`ownr/-+

8+ Wn we` o`xw nl j} bknvd`gf`$ k`mwe`r M knr we` Qnrw`r Lmrj ec|` ck}

hnkk`hwmnk vmwe we` G`ownr$ emx hr`gmwnrx$ nr ck} nwe`r qcrw} mk mkw`r`xw$ nr ck} nl we`mr 

r`xq`hwm|` cwwnrk`}x ckg chhnpkwckwx$ we` Pkmw`g Xwcw`x Wrpxw``$ nr ck} q`rxnk

`jqdn}`g mk we` nllmh` nl we` Pkmw`g Xwcw`x Wrpxw``+ Xenpdg ck} jcww`rx o`

gmxhn|`r`g vemhe jc} r`|`cd qnw`kwmcd hnkldmhwx$ wemx G`hdcrcwmnk vmdd o` cj`kg`g wn

gmxhdnx` wenx` jcww`rx+

7+ We` enprd} rcw`x vemhe vmdd o` hecrf`g wn we` `xwcw` o} we` Qnrw`r 

Lmrj cr` x`w lnrwe o`dnv9

D}kk E+ Opwd`r Qcrwk`r '350+11

D}kk C+ Brcwxcx Cxxnhmcw` '301+11

Qcrcd`fcdx.D`fcd Cxxmxwckwx ' 70+11 * ' <1+11

0+ We`x` enprd} rcw`x cr` xpoi`hw wn q`rmngmh cgipxwj`kwx wn r`ld`hw

`hnknjmh ckg nwe`r hnkgmwmnkx ckg vmwe r`xq`hw wn wenx` o`dnv we` d`|`d nl qcrwk`r$

wn r`ld`hw we`mr mkhr`cx`g `uq`rm`kh` ckg `uq`rwmx` mk wemx cr`c nl dcv+

<+ M o`dm`|` wecw we` Qnrw`r lmrj vmdd mkhpr l``x o`wv``k '?$111+11 ckg

'8$111+11 mk hndd`hwmnk we` ipgfj`kw+

6+ M jcb` wemx g`hdcrcwmnk pkg`r q`kcdw} nl q`ripr}+

Hcx` ?9==*ob*31710*XXH Gnh 3?3 Lmd`g 17.?5.18 @kw`r`g 17.?5.18 339?0973 G`xhJcmk Gnhpj`kw Qcf` 0 nl <

8/3/2019 Madsen's 1999 bankruptcy - 2003 Document

http://slidepdf.com/reader/full/madsens-1999-bankruptcy-2003-document 6/6

 

*

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0

?<

3

?

8

7

0

<

6

5

=

31

33

3?

38

37

30

3<

36

35

3=

?1

?3

??

?8

?7

?0 

?<

GCW@G wemx ?5we gc} nl Jcrhe ?118+

.x. D}kk E+ Opwd`r 

D}kk E+ Opwd`r 

Hcx` ?9==*ob*31710*XXH Gnh 3?3 Lmd`g 17.?5.18 @kw`r`g 17.?5.18 339?0973 G`xhJcmk Gnhpj`kw Qcf` < nl <