Modifications to First Amended Jointly Proposed Plan of Reorganization of President Riverboat Casino-Missouri, Inc.

Summary

This document outlines agreed changes to the First Amended Jointly Proposed Plan of Reorganization for President Riverboat Casino-Missouri, Inc., a debtor in Chapter 11 bankruptcy. The modifications are made by the debtor, the Official Committee of Unsecured Creditors, and certain creditors (SunAmerica Inc. and MacKay Shields LLC). The changes clarify the rights and protections of parties involved in claim distributions and confirm that the bankruptcy court must enter a confirmation order for the plan to proceed. The document is filed with the U.S. Bankruptcy Court for the Eastern District of Missouri.

EX-2.4 3 ex2p4.txt EXHIBIT 2.4 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MISSOURI EASTERN DIVISION In re: ) Case No. 02-53005-172 ) ) (Jointly Administered) PRESIDENT CASINOS, INC., et al., ) ) Chapter 11 Proceedings before Debtors. ) the Honorable James J. Barta ) PRESIDENT RIVERBOAT CASINO- ) MISSOURI, INC. ) ) ) ) MODIFICATIONS TO FIRST AMENDED JOINTLY PROPOSED PLAN OF REORGANIZATION OF PRESIDENT RIVERBOAT CASINO-MISSOURI, INC., DATED JUNE 23, 2005 ------------------------------------------ COMES NOW President Riverboat Casino-Missouri, Inc. ("PRC-MO" or "Debtor"), Debtor and Debtor in Possession in the above-captioned chapter 11 bankruptcy case (the "Chapter 11 Case"), the Official Committee of Unsecured Creditors (the "Committee") and creditors SunAmerica Inc. and MacKay Shields LLC (together with their successors and assigns, the "Proposing Creditors," and together with the Debtor and the Committee, the "Plan Proponents"), pursuant to the provisions of 11 U.S.C. Section 1127(a), and hereby modify the First Amended Jointly Proposed Plan of Reorganization dated June 23, 2005, (the "Plan") as follows: 1. Section 6.13 of the Plan is hereby stricken in its entirety and the following inserted in lieu thereof: "6.13. No Recourse to Distribution Trustee, Disbursing Agent or Professionals. Notwithstanding that the Allowed amount of any particular Disputed Claim may be reconsidered under the applicable provisions of the Bankruptcy Code and Bankruptcy Rules or Allowed in an amount for which there is insufficient Cash in the Distribution Trust to provide a recovery equal to that received by other holders of Allowed Claims in the relevant Class, no such holder shall have recourse against the Distribution Trustee, Disbursing Agent or the Professionals, or their successors or assigns. Nothing in this Plan, however, shall modify any right of a holder of Claim under Section 502(j) of the Bankruptcy Code." 2. Paragraph (b) of Section 9.1 of the Plan is hereby stricken in its 90 entirety and the following inserted in lieu thereof: "(b) The Bankruptcy Court shall have entered the Confirmation Order." 3. Paragraph (a) of Section 9.2 of the Plan is hereby stricken in its entirety and the following inserted in lieu thereof: "(a) The Bankruptcy Court shall have entered the Confirmation Order." Respectfully submitted, COUNSEL TO THE PLAN PROPONENTS /s/ Mark V. Bossi ------------------------------- David A. Lander, Esq., #3635 Mark V. Bossi, Esq., #2765 Cheryl A. Kelly, Esq., #3539 Brian W. Hockett, Esq., #498697 THOMPSON COBURN LLP One U.S. Bank Plaza Suite 2600 St. Louis, Missouri 63101 Telephone No.: 314 ###-###-#### Facsimile No.: 314 ###-###-#### COUNSEL FOR THE DEBTORS /s/ David A. Warfield ------------------------------- David A. Warfield, #4142 BLACKWELL SANDERS PEPER MARTIN LLP 720 Olive St., Suite 2400 St. Louis, MO 63101 Telephone No.: 314 ###-###-#### Facsimile No.: 314 ###-###-#### COUNSEL FOR THE PROPOSING CREDITORS 2