Charlestown Reorg Plan

7/27/2019 Charlestown Reorg Plan

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CHRISTOPHER E. PRINCE (State Bar No. 183553)[email protected] A. LESNICK (SBN 177594)[email protected] R. CAHILL (SBN 233798)[email protected]

LESNICK PRINCE LLP185 Pier Avenue, Suite 103Santa Monica, CA 90405Telephone: (213) 493-6496Facsimile: (213) 493-6596

Attorneys forCharlestown Capital Advisors, LLC andHartland Asset Management Corporation

UNITED STATES BANKRUPTCY COURT

CENTRAL DISTRICT OF CALIFORNIA

SAN FERNANDO VALLEY DIVISION

In re

MERUELO MADDUX PROPERTIES, INC., etal.,

Debtor.

Case No. 1:09-bk-13356-KT

Chapter 11

CHARLESTOWN CAPITAL ADVISORS,LLCS AND HARTLAND ASSETMANAGEMENT CORPORATIONS FOURTHAMENDED CHAPTER 11 PLAN OFREORGANIZATION DATED OCTOBER 14,2010

Confirmation HearingDate: January 26, 2011Time: 9:30 a.m.Place: Courtroom 301

21041 Burbank Blvd.Woodland Hills, CA 91367

0913356101022000000000002


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representations regarding the accuracy of the Debtors statements.

Except for statements attributable to the Debtors or where otherwise noted, statements in this

Charlestown Plan and the accompanying Charlestown Disclosure Statement are attributable to the

Charlestown Proponents and not to any other party.

II.

A.DEFINITION OF TERMS AND RULES OF INTERPRETATION

Unless otherwise defined herein, or the context otherwise requires, the following terms shall

have the respective meanings set forth below:

Definition of Terms

620 S. Gladys Avenue Encumbered Real

Property

means the real property located at 620 S.Gladys Avenue, 830-838 6th Street, and 647-649 Ceres Avenue, Los Angeles, California,APNs 5147-030-005, 5147-030-006, 5147-030-007, 5147-030-008, 5147-030-009, 5147-030-037, 5147-030-050, 5147-030-053, 5147-030-054, 5147-030-055, 5147-030-061 and 5147-030-062.

620 S. Gladys Avenue Unencumbered Real

Property

means the real property located at 643 and 644

South Gladys Avenue, Los Angeles, California,APNs 5147-030-064 and 5147-029-045.

729 E. Temple Street Real Propertymeans the real property located at 729 E.Temple Street, 718-736 Jackson Street, and 223Center Street, Los Angeles, California, APNs5173-015-006, 5173-014-001 and 5173-014-002.

788 S. Alamedameans 788 South Alameda, LLC, a Californialimited liability company and a Debtor inPossession in Chapter 11 Case number1:09bk-13395.

788 S. Alameda Real Propertymeans the real property located at 788 SouthAlameda Street, Los Angeles, California, APN5166-031-014.

815 E. Temple Street Real Propertymeans the real property located at 815 E.Temple Street, 210 & 234 Center Street, and740 Jackson Street, Los Angeles, California,APNs 5173-022-001, 5173-022-002, 5173-022-


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004, 5173-022-005 and 5173015-003.

905 8th Streetmeans 905 8th Street, LLC, a California limitedliability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13396.

905 8th Street Real Property means the real property located at 905 E. 8thStreet, Los Angeles, California, APN 5146-029-039.

1119 S. Olive Street Real Propertymeans the real property located at 1117-1119 S.Olive Street, Los Angeles, California, APNs5139-020-006 and 5139-020-007.

1124 S. Olive Street Real Propertymeans the real property located at 1124 S. OliveStreet, and 218 W. 11th Street, Los Angeles,California, APNs 5139-019-011 and 5139019-015.

1339 E. 7th Street Real Property means the real property located at 1339 E. 7thStreet, Los Angeles, California, APNs 5147-035-004, 5147-035-005, 5147-035-006.5147035-007 and 5147-035-008.

1248 Figueroa Streetmeans 1248 Figueroa Street, LLC.

1248 Figueroa Street Collateralmeans the MG 2529 Santa Fe Avenue RealProperty

1500 Griffith Avenue Real Propertymeans the real property located at 1467 and1500 Griffith Avenue and 833 E. 15th Street,Los Angeles, California, APNs 5132-025-018,5132-026-028 and 5132-026-030.

1510 Griffith Avenue Real Propertymeans the real property located at 1510 GriffithAvenue, Los Angeles, California, APNs 5132-025-004, 5132-025-006 and 5132-025-017.

2131 Humboldt Encumbered Real Propertymeans the real property located at 2131Humboldt Street, Los Angeles, California,APNs 5447-009-018 and 5447-009-019.

2131 Humboldt Unencumbered Real Propertymeans the real property located at 350-354 N.Avenue 21 Street, Los Angeles, California,

APN 5447-009-020, and at 336-346 N. Avenue21, Los Angeles, California, APNs 5447-009-007, 5447-009-008, and 5447-009-009.

2640 Washington Boulevardmeans 2640 Washington Boulevard, LLC, aCalifornia limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13397.

2640 Washington Boulevard Real Propertymeans the real property located at 2640 E.Washington Boulevard, LosAngeles, California, APN 5168-017-012.


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Administrative Claimmeans any right to payment constituting a costor expense of administration of the Chapter 11Cases of a kind specified under Section 503(b)and entitled to priority under Section 507(a)(2)of the Bankruptcy Code, including, without

limitation, any actual and necessary costs andexpenses of preserving the estates of theDebtors, any actual and necessary costs andexpenses of operating the respective businessesof the Debtors, any indebtedness orobligationsincurred or assumed by any of theDebtors in connection with the conduct of theirrespective businesses, including, withoutlimitation, all compensation and reimbursementof expenses to the extent Allowed by theBankruptcy Court under Section 330 or 503 ofthe Bankruptcy Code, and any fees or chargesassessed against the estates of the Debtors

under Section 1930 of chapter 123 of Title 28of the United States Code.

Alameda Produce Marketmeans Alameda Produce Market, LLC, aDelaware limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13394.

Alameda Produce Market Encumbered Real

Property

means the real property located at 1312 E. 7thStreet, Los Angeles, California, APN 5146-009-003 (the "7th Street Produce Market"), and theproperty located at 761 Terminal Street, LosAngeles, California, APNs 5146-009-004 and5146-009-005 ("Alameda Square").

Alameda Produce Market Unencumbered RealProperty

means the real property located at 1215 E. 7thStreet, Los Angeles, California, APN 5147-034-015.

Allowed Claim or Allowed Interest means a Claim against or Interest in a Debtor tothe extent thata. a proof of the Claim or Interesti. was timely Filed and served upon aDebtor and no objection to the Claim or Interest

is Filed within the time fixed by the BankruptcyCourt for such objections;ii. is deemed Filed under applicable law(e.g., filed on the Schedules as noncontingent,nondisputed and liquidated) or pursuant to aFinal Order of the Bankruptcy Court and noobjection to the Claim or Interest is Filed withinthe time fixed by the Bankruptcy Court for suchobjections;iii. is Allowed pursuant to subparagraph bof this definition; oriv. is Allowed under the Charlestown Plan.


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b. If a Debtor or other party in interest filesan objection to a proof of Claim or Interestwithin a time fixed by the Bankruptcy Court,the Claim or Interest shall be Allowed to theextent ofi. any amount of such Claim or Interest to

which no party objected; orii. any amount otherwise authorized byFinal Order or the Charlestown Plan.

Allowed Class Claimmeans an Allowed Claim in the particular Classdescribed.

Allowed Class Interestmeans an Allowed Interest in the particularClass described.

Allowed Priority Tax Claimmeans a Tax Claim against a Debtor to theextent thata. a proof of the Tax Claim

i. was timely Filed and served upon a Debtorand no objection to the Tax Claim is Filedwithin the time fixed by the Bankruptcy Courtfor such objections; orii. is deemed Filed under applicable law(e.g., filed on the Schedules as noncontingent,nondisputed and liquidated) or pursuant to aFinal Order of the Bankruptcy Court and noobjection to the Tax Claim is Filed within thetime fixed by the Bankruptcy Court for suchobjections; oriii. is Allowed pursuant to subparagraph bof this definition; oriv. is Allowed under the Charlestown Plan.b. If a Debtor or other party in interest files anobjection to a proof of Tax Claim within a timefixed by the Bankruptcy Court, the Tax Claimshall be Allowed to the extent ofi. any amount of such Tax Claim to which noparty objected; orii. any amount otherwise authorized byFinal Order or the Charlestown Plan.

APNmeans a county assessor's parcel number.

Ballots means each of the ballot forms distributed withthe Disclosure Statement to each Holder of anImpaired Claim or Impaired Interest (other thanto Holders of Impaired Claims or ImpairedInterests deemed to have rejected theCharlestown Plan or otherwise not entitled tovote on the Charlestown Plan), upon which is tobe indicated, among other things, acceptance orrejection of the Charlestown Plan.

Balloting Procedures Order Means the order of the Bankruptcy Court


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governing the solicitation and tabulation ofvotes from Holders of Impaired Claims andInterests.

Bankruptcy Codemeans Title 11 of the United States Code, 11U.S.C. 101 et seq., as in effect on the date

hereof or hereafter amended if suchamendments are made applicable to the Chapter11 Cases.

Bankruptcy Courtmeans, (a) the United States Bankruptcy Courtfor the Central District of California (SanFernando Valley Division), having jurisdictionover the Chapter 11 Cases; (b) to the extentthere is no reference pursuant to Section 157 ofTitle 28 of the United States Code, the UnitedStates District Court for the Central District ofCalifornia; and (c) any other court havingjurisdiction over the Chapter 11 Cases.

Bankruptcy Rulesmeans the Federal Rules of BankruptcyProcedure as promulgated by the United StatesSupreme Court under Section 2075 of Title 28of the United States Code, and local rules of theBankruptcy Court, as the context may require.

BofAmeans Bank of America, N.A.

BofA Collateral re MMP 760 S. Hill Streetmeans, collectively, [1] the MMP 760 S. HillStreet Real Property and, [2] approximately$6,560,893 in cash held in BofA accountnumber 1459360078, approximately $200,000of which the Debtors contend is not BofAcollateral.

BofA Collateral re MG Southparkmeans the MG Southpark Real Property.

Business Daymeans any day on which commercial banks areopen for business, and not authorized to close,in the City of Los Angeles, California, exceptany day designated as a legal holiday inBankruptcy Rule 9006(a).

Canpartnersmeans Canpartners Realty Holding Co., IV

LLC.

Berkadiameans Berkadia Commercial Mortgage, Inc. (assuccessor to Capmark Finance, Inc.), specialservicer for Wells Fargo Bank, N.A., successorby consolidation to Wells Fargo BankMinnesota, N.A. as Trustee for the RegisteredCertificate holders of GMAC CommercialMortgage Securities, Inc., Mortgage Pass-Through Certificates 2002-Cl.


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Berkadia Collateralmeans, collectively, [1] the Santa Fe CommerceCenter Real Property and [2] cash deposited bySanta Fe Commerce Center with and held byBerkadia for the benefit of and account of SantaFe Commerce Center in the approximateamount of $600,000.

Cashmeans legal tender of the United States ofAmerica and equivalents thereof.

Cash Election Holders Holders of MMPI Interests who, under theterms of the Charlestown Plan, elect to receivea cash distribution on account of their Interests.

Cathaymeans Cathay Bank, a California bankingcorporation.

CBT

means California Bank & Trust.

CBT Collateralmeans, collectively, [1] the 788 S. AlamedaReal Property and [2] the cash located in CBTaccount number 2120351811 in theapproximate amount of $7,514.

Chamlianmeans, collectively, Vahan Chamlian andAnoush Chamlian.

Chamlian CollateralChamlian Collateral means the 2131Humboldt Encumbered Real Property.

Chapter 11 Casesmeans the Chapter 11 cases of the Debtors.

Chinatown Planmeans any plan of reorganization Confirmed inthe Chapter 11 Case of Chinatown.

Chinatownmeans Meruelo Chinatown, LLC, a Californialimited liability company, a Debtor inPossession in Chapter 11 Case number 1:09-bk-21622.

Chinatrustmeans Chinatrust Bank, USA.

Chinatrust Collateralmeans the MG 3185 E. Washington Boulevard

Encumbered Real Property.

Classmeans a class of Claims or Interests designatedpursuant to the Charlestown Plan.

Clerkmeans the Clerk of the Bankruptcy Court.

Collateralmeans any property or interest in property of aDebtor's Estate subject to a Lien to secure thepayment or performance of a Claim as of thePetition Date, which Lien is not subject toavoidance under the Bankruptcy Code or


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applicable non-bankruptcy law or otherwiseinvalid under the Bankruptcy Code orapplicable non-bankruptcy law.

Commencement Datemeans March 26, 2009 for MMP 12385 SanFernando Road and March 27, 2009 for 788 S.

Alameda, 905 8th Street, 2640 WashingtonBoulevard, Alameda Produce Market, MBP,Merco Group, Meruelo Farms, Meruelo WallStreet, MG 4th Street Center, MG 146 E. FrontStreet, MG 425 W. 11th Street, MG 620 GladysAvenue, MG 1211 E. Washington Boulevard,MG 1308 S. Orchard, MG 1500 GriffithAvenue, MG 2001-2021 W. MissionBoulevard, MG 2040 Camfield Avenue, MG2529 Santa Fe Avenue, MG 3185 E.Washington Boulevard, MG 5707 S. Alameda,MG Ceres Street Produce, MG Little J, MGOverland Terminal, MG Southpark, MM 3rd

and Omar Street, MM 230 W. Avenue 26, MM336 W. 11th Street, MM 420 Boyd Street, MM500 Mateo Street, MM 555 Central Avenue,MM 817-825 S. Hill Street, MM 915-949 S.Hill Street, MM 1000 E. Cesar Chavez, MM2415 E. Washington Boulevard, MM 5500Flotilla Street, MM Construction, MM MissionBoulevard, MMP 306-330 N. Avenue 21, MMP760 S. Hill Street, MMP 1009 N. Citrus, MMP1060 N. Vignes, MMP 1919 Vineburn, MMP2131 Humboldt Street, MMP 2951 LenwoodRoad, MMPLP, MMP Ventures, National ColdStorage, Santa Fe & Washington Market, SantaFe Commerce Center, and Wall Street Market,the date on which each of the preceding Debtorsfiled their respective petitions for reliefcommencing the Chapter 11 Cases.

Confirmationmeans the conclusion of the ConfirmationHearing.

Confirmation Datemeans the date on which the ConfirmationOrder is entered on the Docket.

Confirmation Hearingmeans the hearing to consider confirmation of

the Charlestown Plan pursuant to Section 1128of the Bankruptcy Code.

Confirmation Ordermeans the order entered by the BankruptcyCourt confirming the Charlestown Planpursuant to Section 1129 of the BankruptcyCode.

Creditorhas the meaning ascribed to it in Section101(10) of the Bankruptcy Code.


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Creditors' Committeemeans the official committee of unsecuredcreditors' appointed in the Chapter 11 Cases ofthe Debtors by the Office of the United StatesTrustee, as its composition may be changedfrom time to time by the addition, resignationand/or removal of its members.

Cure Paymentsmeans the distribution of Cash as, and to theextent, required for the cure of any and allleases and executory contracts pursuant toSection 365 of the Bankruptcy Code inconnection with any assumed leases andexecutory contracts.

DGCLmeans the Delaware General Corporation Law.

Debtorsmeans, collectively, Meruelo MadduxProperties, Inc., a Delaware corporation, and its53 related jointly administered debtor entities.

Debtors in Possessionmeans the Debtors in their capacities as debtorsin possession in the Chapter 11 Cases pursuantto Sections 1107(a) and 1108 of the BankruptcyCode.

Disbursing Agentmeans the Person responsible for makingdistributions under the Charlestown Plan,including the Reorganized Debtors, or suchPerson(s) as the Reorganized Debtors mayemploy in their sole discretion, to serve asDisbursing Agent. The Disbursing Agent shallbe the Chief Accounting Officer of MMPI.

Disclosure Statementmeans the written disclosure statement, dated asof February 26, 2010, that relates to thisCharlestown Plan, as approved by theBankruptcy Court pursuant to Section 1125 ofthe Bankruptcy Code, as such disclosurestatement may be amended, modified orsupplemented from time to time.

Disputedmeans, with reference to any Claim, or Interest,or any portion thereof, any Claim or Interestproof of which was timely and properly Filed

and in either case or in the case of anyAdministrative Claim, Claim or Interest that isdisputed under the Charlestown Plan or as towhich the Debtors have interposed a timelyobjection and/or request for estimation inaccordance with Section 502(c) of theBankruptcy Code and Bankruptcy Rule 3018,which objection and/or request for estimationhas not been withdrawn or determined by aFinal Order, and any Claim or Interest proof ofwhich was required to be Filed by Order of theBankruptcy Court but as to which a proof of


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claim or interest was not timely or properlyFiled.

Distributionmeans a distribution to a Holder of an AllowedClaim pursuant to this Charlestown Plan.

Docket means the docket in the Chapter 11 Casesmaintained by the Clerk.

Effective Date means the first business day after the thirtieth(30th) day after the Confirmation Order shallhave become a Final Order. If a stay of theConfirmation Order is in effect, the EffectiveDate shall be extended to the first Business Dayon which no such stay is in effect but in noevent shall the Effective Date be later than onehundred twenty (120) days after theConfirmation Date; and provided further that

the Bankruptcy Court may extend the deadlinefor the Effective Date to occur following (a)submission of a stipulation signed by theaffected parties or (b) notice and hearing on theCharlestown Proponents motion.

Estatesmeans, collectively, the estates created in eachof the Debtors' Chapter 11 Cases under Section

541 of the Bankruptcy Code.

Federal Judgment Ratemeans the interest rate on federal judgmentsand is based on the weekly average 1-yearconstant maturity Treasury yield, as publishedby the Board of Governors of the FederalReserve System, for the calendar weekpreceding the first day on which the defendantis liable for interest. The Federal Judgment Ratewas 0.64% for the week ended immediatelyprior to the Petition Date of the Debtors.

File or Filed

means filed with the Clerk in the Chapter 11

Cases.

Final Ordermeans an order or judgment of the BankruptcyCourt as entered on the Docket in the Chapter11 Cases, or other court of competentjurisdiction, the operation or effect of which isnot stayed, reversed or amended, and as towhich order or judgment (or any revision,modification, or amendment thereof) the time toappeal or seek review or rehearing has expiredand as to which no appeal or petition for reviewor rehearing was filed or, if filed, remains


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pending.

Flower Planmeans any plan of reorganization Confirmed inthe Chapter 11 Case of MM 845 S. Flower.

FNBN

means FNBN CML-ComI, LLC.

FNBN Collateralmeans the MMP 2951 Lenwood Road RealProperty.

GAAPmeans Generally Accepted AccountingPrinciples in the United States of America as ineffect on the date of this Charlestown Plan,including those set forth in (i) the opinions andpronouncements of the Accounting PrinciplesBoard of the American Institute of CertifiedPublic Accountants, (ii) statements andpronouncements of the Financial AccountingStandards Board, (iii) such other statements by

such other entity as approved by a significantsegment of the accounting profession and (iv)the rules and regulations of the SEC governingthe inclusion of financial statements (includingpro forma financial statements) in periodicreports required to be filed pursuant to Section13 of the Exchange Act, including opinions andpronouncements in staff accounting bulletinsand similar written statements from theaccounting staff of the SEC.

General Unsecured Claimmeans any Claim that is not an AdministrativeClaim, Priority Claim, Tax Claim,Intercompany Claim, Guaranty Claim orSecured Claim.

Guaranty Claimmeans a Claim against multiple Debtors,whether the Claim is a guarantee, indemnityagreement, claim for obligations for whichanother Debtor is the primary obligator, jointand several obligations or otherwise.

Holdermeans the holder of a Claim or Interest.

Impairedmeans, when used in reference to a Claim or

Interest, a Claim or Interest that is impairedwithin the meaning of Section 1124 of theBankruptcy Code.

Imperialmeans Imperial National Bank, a division ofCity National Bank, a national bankingassociation.

Inside Equity Interests means any Interest in MMPI held by a personwho is or was an Insider of a Debtor prior to theEffective Date.


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Insider has the meaning set forth in Section 101(31) ofthe Bankruptcy Code.

Insider Litigation means any action or proceeding brought by oron behalf of the Debtors or the ReorganizedDebtors against a person who is or was anInsider of the Debtors prior to the EffectiveDate.

Insider Cash Election Holders Holders of Insider Equity Interests who, underthe terms of the Charlestown Plan, elect toreceive a cash distribution on account of theirInterests.

Insider Stock Retention Holders Holders of Insider Equity Interests who, under

the terms of the Charlestown Plan, elect toretain their Interests.

Instrument means any share of stock, security, promissorynote or other "instrument," within the meaningof that term, as defined in Section 9105(1)(i) ofthe UCC.

Intercompany Claimsmeans all Claims asserted by any Debtor(s) orMM 845 S. Flower or Chinatown against anyother Debtor(s).

Interesthas the meaning set forth in Section 101(16) ofthe Bankruptcy Code for "equity security."

Kennedy Fundingmeans Kennedy Funding, Inc.

Kennedy Funding Collateralmeans the MM Mission Boulevard RealProperty.

Legendarymeans Legendary Investors Group No. 1,L.L.C. (as successor to East West Bank oncertain loans).

Lien has the meaning set forth in Section 101(37) ofthe Bankruptcy Code.

Loan Documentsmeans, collectively, any and all writingsbetween a Debtor and a Creditor or any otherentity, establishing, fixing or describing theterms and conditions of the debtor creditorrelationship between such Debtor and theCreditor, regardless of form, title or substance.

Local Bankruptcy Rulesmeans the local rules of the Bankruptcy Court,as applicable from time to time in the Chapter


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11 Cases.

Los Angeles Tax Claimmeans the claim of Los Angeles County againsta Debtor's estate for real property taxes.

LTIP Units

means all long term incentive plan units in

MMPLP.

MBPmeans Meruelo Baldwin Park, LLC, aCalifornia limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13386.

MBP Real Propertymeans the real property located at 13853, 13822and 13916 Garvey Avenue, 13904 Corak Streetand 3060 Feather Avenue, Baldwin Park,California, APNs 8555-018-002, 8555-018-003,8555-017-013, 8555017-021, and 8555-017-026.

Merco Groupmeans Merco Group, LLC, a California limitedliability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13406.

Merco Group Real Propertymeans the Sci-Arc Real Property and the Sky-Arc Real Property.

Merco Group Personal Propertymeans the cash in East West Bank accountnumber 80360027 in the approximate amountof $24,898.

Meruelo Farmsmeans Meruelo Farms, LLC, a Californialimited liability company and a Debtor inPossession in Chapter 11 Case number 1:09-bk-13358.

Meruelo Wall Streetmeans Meruelo Wall Street, LLC, a Californialimited liability company and a Debtor inPossession in Chapter 11 Case number 1:09-bk-13366.

Meruelo Wall Street Real Propertymeans the real property located at 419 E. 9thStreet, Los Angeles, California, APN 5145-011-015.

MG 4th Street Centermeans Merco Group 4th Street Center, LLC,a Delaware limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13399.

MG 4th Street Center Real Propertymeans the real property located at 900, 910 and926 E. 4th Street and 405-411 S. Hewitt Street,Los Angeles, California, APNs 5163-022002,5163-022-003, 5163-022-001, 5163-022-005,5163-022-022 and 5163-022-023.


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MG 146 E. Front Streetmeans Merco Group 146 E. Front Street,LLC, a California limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13380.

MG 425 W. 11th Street

means Merco Group 425 West 11th Street,

LLC, a California limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13400.

MG 425 W. 11th Street Real Propertymeans the real property located at 425 W. 11thStreet, Los Angeles, California, APNs 5139-008-010 and 5139-008-001.

MG 620 Gladys Avenuemeans Merco Group 620 Gladys Avenue,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13401.

MG 801 E. 7th Street means Merco Group 801 E. 7th Street, LLC,a Delaware limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13378.

MG 801 E. 7th Street Real Propertymeans the real property located at 648 StanfordAvenue, Los Angeles, California, APN 5147-029-030.

MG 1211 E. Washington Boulevardmeans Merco Group 1211 E. WashingtonBoulevard, LLC, a Delaware limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-13382.

MG 1211 E. Washington Boulevard Real

Property

means the real property located at 1211 and1225 E. Washington Boulevard, Los Angeles,California, APNs 5131-003-002, 5131-003-010,5131-003-011, and 5131-003-024.

MG 1308 S. Orchardmeans Merco Group 1308 S. Orchard, LLC,a Delaware limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13384.

MG 1308 S. Orchard Real Propertymeans the real property located at 1308 S.

Orchard, Los Angeles, California, APN 5056-004-007.

MG 1500 Griffith Avenuemeans Merco Group 1500 Griffith Avenue,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13398.

MG 2001-2021 W. Mission Boulevardmeans Merco Group 2001-2021 WestMission Boulevard, LLC, a California limitedliability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13403.


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MG 2001-2021 W. Mission BoulevardEncumbered Real Property

means the real property located at 1875 WestMission Boulevard, Pomona, California, APN8707-019-004.

MG 2001-2021 W. Mission Boulevard

Unencumbered Real Property

means the real property located on W. Mission

Boulevard, Pomona, California, APN 8707-019-005.

MG 2040 Camfield Avenuemeans Merco Group 2040 Camfield Avenue,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13375.

MG 2529 Santa Fe Avenuemeans Merco Group 2529 Santa Fe Avenue,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13404.

MG 2529 Santa Fe Avenue Real Property means the real property located at 2529 S. SantaFe Avenue, Los Angeles, California, APN6302-008-010, also known as Santa Fe Plaza.

MG 3185 E. Washington Boulevardmeans Merco Group 3185 E. WashingtonBoulevard, LLC, a Delaware limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-13373.

MG 3185 E. Washington BoulevardEncumbered Real Property

means the real property located at 3185 E.Washington Boulevard, Los Angeles,California, APN 5169-020-003.

MG 3185 E. Washington BoulevardUnencumbered Real Property


MG 5707 S. Alamedameans Merco Group 5707 S. Alameda LLC,a California limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13381.

MG 5707 S. Alameda Real Propertymeans the real property located at 5701 S.Alameda Street (1862 E. 55th Street) and 5707to 5715 S. Alameda Street and 5716 Alba

Street, Los Angeles, California, APNs 5105-009-002, 5105-009-008, 5105-011-014, and5105-011-015.

MG Ceres Street Producemeans Merco Group Ceres Street Produce,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13385.

MG Ceres Street Produce Real Propertymeans the real property located at 758 CeresAvenue, Los Angeles, California, APNs 5146-003-032, 5146-003-033, 5146-003-034 and


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5146-003-035.

MG Little Jmeans Merco Group Little J, LLC, aCalifornia limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13405.

MG Overland Terminalmeans Merco Group Overland Terminal,LLC, a California limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13434.

MG Southparkmeans Merco Group Southpark, LLC, aCalifornia limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13407.

MG Southpark Real Propertymeans the real property located at numerousstreet addresses, including 1150 S. Grand

Avenue, Los Angeles, California, APNs 5139-019-040, 5139-020-016, 5139-020-022, 5139-020-024, 5139-024-003, 5139-024-014, 5139-024-015, and 5139-024-016.

MM 3rd and Omar Streetmeans Meruelo Maddux 3rd & Omar Street,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13359.

MM 3rd and Omar Street Real Propertymeans the real property located at 470 3rdStreet, Los Angeles, California, APNs 5147-004-013, 5147-004-016, 5147-004-017 and5147-004-019.

MM 230 W. Avenue 26means Meruelo Maddux 230 W. Avenue 26,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13389.

MM 230 W. Avenue 26 Real Propertymeans the real property located at 210-212, and230 W. Avenue 26, Los Angeles, California,APNs 5205-014-013, 5205-014-017 and 5205-014-018.

MM 336 W. 11th Street means Meruelo Maddux 336 W. 11th Street,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13402.

MM 336 W. 11th Street Real Propertymeans the real property located at 336 W. 11thStreet, Los Angeles, California, APN 5139-020-025.

MM 420 Boyd Streetmeans Meruelo Maddux 420 Boyd Street,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Case


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number 1:09-bk-13360.

MM 420 Boyd Street Real Propertymeans the real property located at 420 BoydStreet, Los Angeles, California, APNs 5147-006-001, 5147-006-002, 5147-006-003, and5147-006-008.

MM 500 Mateo Streetmeans Meruelo Maddux 500 Mateo Street,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13361.

MM 555 Central Avenuemeans Meruelo Maddux 555 CentralAvenue, LLC, a Delaware limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-13439.

MM 817-825 S. Hill Streetmeans Meruelo Maddux 817-825 S. HillStreet, LLC, a Delaware limited liability

company and a Debtor in Possession in Chapter11 Case number 1:09-bk-13391.

MM 817-825 S. Hill Street Real Propertymeans the real property located at 817 S. HillStreet, 325 S. Hill Street, and 820 S. OliveStreet, Los Angeles, California, APNs 5144-018-021, 5144-018-027, 5144-018-028 and5144-018-032.

MM 845 S. Flowermeans Meruelo Maddux 845 S. FlowerStreet, LLC, a Delaware limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-21621.

MM 915-949 S. Hill Streetmeans Meruelo Maddux 915-949 S. HillStreet, LLC, a Delaware limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-13362.

MM 915-949 S. Hill Street Real Propertymeans the real property located at 915-949 S.Hill Street, Los Angeles, California, APNs5139-004-004, 5139-004-005, 5139-004-006,5139-004-007, 5139-004-008, 5139-004-009, 513 9-004-020 and 5139-004-024.

MM 1000 E. Cesar Chavez means Meruelo Maddux -- 1000 E. CesarChavez, LLC, a Delaware limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-13393.

MM 1000 E. Cesar Chavez Real Propertymeans the real property located at 1000, 1016,1028, and 1030 E. Cesar Chavez, Los Angeles,California, APNs 5410-007-004, 5410-007-022,5410-007-006, and 5410-007-007.

MM 2415 E. Washington Boulevardmeans Meruelo Maddux 2415 E.Washington Blvd., LLC, a Delaware limited


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liability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13365.

MM 2415 E. Washington Boulevard Real

Property


MM 5500 Flotilla Streetmeans Meruelo Maddux 5500 Flotilla Street,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13367.

MM Constructionmeans Meruelo Maddux Construction, Inc., aCalifornia corporation, and a Debtor inPossession in Chapter 11 Case number 1:09-bk-13388.

MM Managementmeans Meruelo Maddux Management, LLC, aDelaware limited liability company, and a

Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13390.

MM Mission Boulevardmeans Meruelo Maddux Mission Boulevard,LLC, a Delaware limited liability company anda Debtor in Possession in Chapter 11 Casenumber 1:09-bk-13369.

MM Mission Boulevard Real Propertymeans the real property located at 2001-2021W. Mission, Pomona, California, APN 8707-019-003.

MMP 306-330 N. Avenue 21means Meruelo Maddux Properties 306-330N. Avenue 21, LLC a Delaware limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-13370.

MMP 306-330 N. Avenue 21 Real Propertymeans the real property located at 306-330 N.Avenue 21, Los Angeles, California, APNs5447-009-003, 5447-009-004, 5447-009-005and 5447-009-006.

MMP 760 S. Hill Streetmeans Meruelo Maddux Properties 760 S.Hill Street, LLC, a Delaware limited liabilitycompany and a Debtor in Possession in Chapter

11 Case number 1:09-bk-13363.

MMP 760 S. Hill Street Real Propertymeans the real property located at 760 S. HillStreet and 325 W. 8th Street, Los Angeles,California, APNs 5144-014-046 through 5144-014-139.

MMP 1009 N. Citrusmeans Meruelo Maddux Properties 1009North Citrus Avenue, Covina, LLC, a Delawarelimited liability company and a Debtor inPossession in Chapter 11 Case number 1:09-bk-13372.


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MMP 1009 N. Citrus Real Propertymeans the real property located at 1009 N.Citrus Avenue, Covina, California, APNs 8421-025-017 and 8421-025-020.

MMP 1060 N. Vignes

means Meruelo Maddux Properties 1060 N.

Vignes, LLC a California limited liabilitycompany and a Debtor in Possession in Chapter11 Case number 1:09-bk-13374.

MMP 1060 N. Vignes Real Propertymeans the real property located at 1060 N.Vignes, Los Angeles, California, APN 5409-014-001.

MMP 1919 Vineburn Streetmeans Meruelo Maddux Properties 1919Vineburn Street, LLC, a Delaware limitedliability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13364.

MMP 1919 Vineburn Street Real Property means the real property located at 1919Vineburn, Los Angeles, California, APNs 5215-014-005 and 5215-014-006.

MMP 2131 Humboldt Streetmeans Meruelo Maddux Properties 2131Humboldt Street, LLC, a Delaware limitedliability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13371.

MMP 2951 Lenwood Roadmeans Meruelo Maddux Properties 2951Lenwood Road, LLC, a Delaware limitedliability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13383.

MMP 2951 Lenwood Road Real Propertymeans the real property located at 2951Lenwood Road, Barstow, California, APNs0421-313-540000, 0421-313-550000, 0421-313-560000, 0421-313-570000, and 0421-313-580000.

MMP 12385 San Fernando Roadmeans Meruelo Maddux Properties 12385San Fernando Road, LLC, a Delaware limitedliability company and a Debtor in Possession inChapter 11 Case number 1:09-bk-13338.

MMP 12385 San Fernando Road Real Property means the real property located at 12361 and12385 San Fernando Road, Sylmar, California,APNs 2611-007-011, 2611-007-020, and 2611-007-021.

MMPImeans Meruelo Maddux Properties, Inc., aDelaware corporation, and a Debtor inPossession in Chapter 11 Case number 1:09-bk-13356.

MMPI AcquisitionMeans MMPI Acquisition, LLC, a DelawareLLC


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MMPI Existing Common Stockmeans all authorized shares of common stock ofMMPI existing as of the Petition Date.

MMPLPmeans Meruelo Maddux Properties, L.P., aDelaware limited partnership, and a Debtor inPossession in Chapter 11 Case number 1:09-bk-

13387.

MMP Venturesmeans MMP Ventures, LLC, a Delawarelimited liability company, and a Debtor inPossession in Chapter 11 Case number 1:09-bk-13392.

National Cold Storagemeans National Cold Storage, LLC, aCalifornia limited liability company and aDebtor in Possession in Chapter 11 Casenumber 1:09-bk-13376.

Order

means an order or judgment of the Bankruptcy

Court as entered on the Docket.

Ordinary Course Professionalsmeans any attorneys, accountants, and otherprofessionals or professional service providerssuch as public relations and communications'consultants, architects, engineers, titlecompanies, surveyors, real estate closingprofessionals, real estate brokers, environmentalconsultants, design consultants, informationtechnology consultants, life/safety consultants,property managers, marketing and businessconsultants utilized by the Debtors in theordinary course of the Debtors' operation anddevelopment of properties and developmentprojects.

Other Priority Claimmeans any Claim, other than an AdministrativeClaim or a Tax Claim, entitled to priority inright of payment under Section 507(a) of theBankruptcy Code.

Personmeans any individual, corporation, generalpartnership, limited partnership, limited liabilitypartnership, limited liability company,association, joint stock company, joint venture,

government or political subdivision, officialcommittee appointed by the United StatesTrustee, unofficial committee of creditors orequity holders, or other entity (as defined in theBankruptcy Code).

Petition Dateshall have the same meaning asCommencement Date.


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PNL Pomonameans PNL Pomona, L.P., a Delaware limitedpartnership.

PNL Pomona Collateralmeans, collectively, [1] the MG 2001-2021 W.Mission Boulevard Encumbered Real Property,[2] approximately $946,816 in insurance

proceeds received and to be received inconnection with property casualties (subject toreductions for Court approved expenditures),and [3] the cash in the amount of $49,508previously held in an account maintained byPNL for the benefit of MG 2001-2021 W.Mission Boulevard.

Postpetition Tax Claims means Administrative Claims and other Claimsby a governmental unit for taxes against any ofthe Debtor (and for a reasonable rate of interestrelated to such taxes) for any tax year or period,

all or any portion of which occurs or fallswithin the period from and including thePetition Date through and including theEffective Date.

Priority Claimmeans an Allowed Claim entitled to priorityunder Sections 507(a)(3) through 507(a)(7) ofthe Bankruptcy Code, and includes Priority TaxClaims.

Priority Tax Claimmeans any unsecured Claim of a governmentalunit of the kind specified in Sections 502(i) and507(a)(8) of the Bankruptcy Code.

Pro Ratameans, with respect to any Distribution onaccount of an Allowed Claim or AllowedInterest, a proportionate share, so that the ratioof the consideration distributed on account ofan Allowed Claim or Allowed Interest in aClass to the amount of such Allowed Claim orAllowed Interest is the same as the ratio of theamount of the consideration distributed onaccount of all Allowed Claims or AllowedInterests in such Class to the amount of allAllowed Claims or Allowed Interests in such

Class.

Property Level Debtorsmeans any Debtor which held title to realproperty on the Commencement Date.

Quarterly Distribution Date means the 15th of the first full month after theEffective Date and the 15th of every thirdmonth thereafter.

RULPA means the Delaware Revised Uniform Limited


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Partnership Act.

Record Datemeans the date designated by the BankruptcyCourt set forth in the Disclosure Statement asthe date for determining the holders of Claimsand Interests entitled to vote to accept or reject

the Charlestown Plan.

Record Date Holdermeans a holder of MMPI Existing CommonStock as of the Record Date.

Reinstatedshall have the meaning set forth in Section1124(2) of the Bankruptcy Code.

Reorganized Debtormeans a Debtor or any combination of Debtors,whose Chapter 11 Plan is confirmed or anyamended plan or plans of reorganization.

Reorganized MMPI

means MMPI from and after the Effective Date

of the Charlestown Plan.

Retained Claims and Defensesmeans all causes of action and claims held by orcapable of assertion by the Debtor or its Estate,including, without limitation, all avoidanceactions, all Section 510 actions, suits, accounts,controversies, agreements, promises, rights tolegal remedies, rights to equitable remedies,rights to payment and claims, whether known,unknown, reduced to judgment, not reduced tojudgment, liquidated, unliquidated, fixed,contingent, matured, unmatured, disputed,undisputed, and whether asserted or assertable,directly or derivatively, that the Debtors or theirEstates could assert immediately prior to theEffective Date, but excludes all such causes ofaction, claims or defenses released, waived orextinguished by the Debtors pursuant to thisCharlestown Plan or a Final Order of theBankruptcy Court.

Santa Fe & Washington Market means Santa Fe & Washington Market, LLC, aDelaware limited liability company and aDebtor in Possession in Chapter 11 Case

number 1:09-bk-13379.

Santa Fe & Washington Market Encumbered

Real Property

means the real property located at 1910-1922Santa Fe Avenue, Los Angeles, California,APNs 5168-005-004 and 5168-005-010.

Santa Fe & Washington Market Unencumbered

Real Property

means the real property located at 303 S. HewittStreet and 2425 E. 12th Street, Los Angeles,California, APNs 5163-012-007, and 5168-003-014.


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Santa Fe Commerce Centermeans Santa Fe Commerce Center, Inc., aCalifornia corporation and a Debtor inPossession in Chapter 11 Case number 1:09-bk-13368.

Santa Fe Commerce Center Real Property

means the real property located at 2445, 2460

and 2535 E. 12th Street, Los Angeles,California, APNs 5168-003-013, 5168-005-021and 5168-004-001.

Santa Fe Commerce Center Personal Propertymeans the funds deposited by Santa FeCommerce Center with Berkadia presently inthe approximate amount of $600,000 for andaccount of the benefit of Santa Fe CommerceCenter.

Scheduledmeans set forth on the Schedules filed by theDebtors in their respective Chapter 11 Cases.

Schedules means the schedules of assets and liabilitiesfiled by any Debtor pursuant to Section 521 ofthe Bankruptcy Code and Bankruptcy Rule1007, including any amendments andmodifications thereto through the ConfirmationDate.

SECmeans the United States Securities andExchange Commission.

Secured Claim means any Claim secured by Collateral to theextent of the value of such collateral, asdetermined in accordance with Section 506(a)of the Bankruptcy Code, or, in the event thatsuch Claim is subject to setoff under Section553 of the Bankruptcy Code, to the extent ofsuch setoff.

Securities Actmeans the Securities Act of 1933, as amended,or any successor statute, and the rules andregulations promulgated thereunder.

Service Level Debtorsmeans MMPI, MMPLP, MMP Ventures, MMConstruction, and MM Management.

Sci-Arc Real Property

Charlestown Plan

means the real property located at 960 E. 3rdStreet, Los Angeles, California, APN 5163-016-011, owned by Merco Group.

means this coordinated Chapter 11 plan ofreorganization as it may be amended ormodified, from time to time, together with alladdenda, exhibits, schedules, supplements orother attachments, if any.


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Charlestown Proponentsmeans Charlestown Capital Advisors, LLC andHartland Asset Management, Inc. as proponentsof a Chapter 11 plan of reorganization for theDebtors.

Sky Arc Real Property means the real property located at 950 E. 3rdStreet, Los Angeles, California, APNs 5163-016-012, 5163-016-013, 5163-016-014, ownedby Merco Group.

Stanfordmeans The Stanford Group, L.P.

Stanford Collateralmeans the 905 8th Street Real Property.

Stock Retention Holders Holders of Interests in MMPI who, under theterms of the Charlestown Plan, elect to retaintheir Interests.

Subscription Agreementhas the meaning ascribed to such term inSection IV.F of this Charlestown Plan.

Treasury Billsmeans the United States Government SecuritiesTreasury Bills with constant maturities aspublished in the Federal Reserve StatisticalRelease H. 15 on the first business day of eachJanuary, April, July and October.

UCBmeans United Commercial Bank, a division ofEast West Bank.

UCB Collateral re 2640 Washingtonmeans, collectively, [1] the 2640 WashingtonBoulevard Real Propertyand [2] the cash in the East West Bank reserveaccount bearing account number 80365810 inthe approximate amount of $9,410.

UCB Collateral re Meruelo Wall Streetmeans, collectively, [1] the Meruelo Wall StreetReal Property and [2] $480,000 of the $518,825in the East West Bank / UCB interest reserveaccount bearing account number 18296574.Other funds in that account are not UCBcollateral.

Unimpairedmeans with reference to a Class of Claims orInterests, that the Class is not Impaired. AnUnimpaired Class is not entitled to vote on theCharlestown Plan.

Voting Agentmeans the Person designated by the BankruptcyCourt to receive and tabulate Ballots and takesuch other actions as specified in the BallotingProcedures Order.


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Voting Deadlinemeans the date on which Ballots must bereceived by the Voting Agent under the BallotProcedures Order.

Wall Street Marketmeans Wall Street Market, LLC, a Californialimited liability company and a Debtor in

Possession in Chapter 11 Case number 1:09-bk-13377.

B.1.Interpretation of Terms And Computation Of Time

Capitalized terms used, but not defined, in the Charlestown Plan, shall have the meaning

assigned to that term in the Bankruptcy Code, the Bankruptcy Rules or the Local Bankruptcy Rules,

if applicable.

Defined Terms

2.For purposes of the Charlestown Plan: (a) whenever it appears appropriate from the context,

each term, whether stated in the singular or the plural, shall include both the singular and the plural;

(b) any contract, instrument, release or other agreement or document entered into by a Reorganized

Debtor in connection with the Charlestown Plan which refers to "being in a particular form" or "on

particular terms and conditions" means that such document shall be substantially in such form or

substantially on such terms and conditions; provided, however, that any change to such form, terms,

or conditions which is material to a party to such document shall not be made without such party's

consent or an order of the Bankruptcy Court; (c) any reference in the Charlestown Plan to an existin

document or exhibit Filed or to be Filed means such document or exhibit, as it may have been or (to

the extent otherwise permitted, hereafter) may be amended, modified or supplemented from time to

time; (d) unless otherwise specified in a particular reference, all references in the Charlestown Plan t

paragraphs, Articles and Exhibits are references to paragraphs, Articles and Exhibits of or to the

Charlestown Plan; (e) the words "herein," "hereof," "hereto," "hereunder" and others of similar

import refer to the Charlestown Plan in its entirety rather than to only a particular portion of the

Charlestown Plan; (f) captions and headings to Articles and paragraphs are inserted for convenience

of reference only and are not intended to be a part of or to affect the interpretations of the

Rules of Interpretation


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Charlestown Plan; (g) the rules of construction set forth in Section 102 of the Bankruptcy Code shal

apply; and (h) all exhibits to the Charlestown Plan are incorporated into the Charlestown Plan, and

shall be deemed to be included in the Charlestown Plan, provided that they are Filed no later than th

commencement of the Confirmation Hearing.

3.In computing any period of time prescribed or allowed by the Charlestown Plan, the

provisions of Bankruptcy Rule 9006(a) shall apply.

Time Periods

III.

The following is a schedule designating the Classes of Claims and Interests under the

Charlestown Plan. In accordance with Section 1123(a)(1) of the Bankruptcy Code, Administrative

Claims and Priority Tax Claims have not been classified and are excluded from the following

Classes. The below schedule includes Claims that are or may be disputed. No distribution shall be

made on account of any Claim or Interest which is not an Allowed Claim or an Allowed Interest and

then only to the extent that the Claim or Interest is an Allowed Claim or Allowed Interest in that

Class and has not been paid, released or otherwise satisfied before the Effective Date. The schedule

was adopted from a similar schedule in the Debtors proposed disclosure statement. The Charlestow

Proponents make no representations regarding the accuracy or completeness of the Debtors

information.

CLASSIFICATION AND TREATMENT OF CLAIMS AND INTERESTS

A.The categories of Claims and Interests listed in the chart below classify Claims (except for

Administrative Claims and Priority Tax Claims) and Interests for all purposes, including voting,

confirmation and distribution pursuant to the Charlestown Plan. The amounts listed for each Class in

the chart below represent the Debtors' estimate of the amount of the Allowable Claims asserted in

Summary of Claims and Interests Against Each Debtor


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each Class. The amounts listed for the Secured Claims of Los Angeles County represent the amount

owed as of April 30, 2010, under the terms of the Debtors' proposed Settlement with Los Angeles

County. The Charlestown Proponents expressly reserve all rights to object to the amount, character

and enforceability of any Claim or Interest, whether or not listed in the chart below.

Class Description of Class Impaired/

Unimpaired

1. Meruelo Maddux Properties, Inc.1

1A Secured Claim of Oliver, Sandifer - $436,901 Unimpaired.

1B Priority Benefits Claims - $46,362 Unimpaired.

1C-1

Unsecured Insider Claims

Impaired.

1C-2AUnsecured Guaranty Claims - $102,245,154 plus$1,274 Impaired.

1C-2B Unsecured Guaranty Claims - $92,453,017 Impaired.

1C-3 General Unsecured Claims - $7,668,891 Impaired.

1 E Non-Insider Equity Interests Impaired.

1 F Insider Equity Interests Impaired.

2. Meruelo Maddux Properties, L.P.

2C-21 Unsecured Guaranty Claims - $41,001,926 Impaired.

2C-2 General Unsecured Claims - $1,869,6382

Impaired.

2D Intercompany Claims - $452,881,601 Unimpaired.

2EEquity Interests of MMPI (99.6%) and Holders ofLTIP Units (0.4%) Impaired.

3. MMP Ventures LLC

3C General Unsecured Claims - $652 Impaired.

3C Intercompany Claims - $2,509 Unimpaired.

3E Equity Interests of MMPLP (100%) Unimpaired.

1The Debtors are listed in the order of the Service Level Debtors and then the Property Level Debtors.2Berkadia has filed duplicative unsecured claims for "money had and received, money lent, unjust enrichment, and

interference with contract" for $1,443,668.40 (the `Berkadia Unsecured Claim") against 53 of the 54 Debtors. The Debto

have indicated that they will object to the Berkadia Unsecured Claim. In the table below, the classes of "General Unsecu

Claims" list the amount of general unsecured claims asserted by claimants, exclusive of the disputed Berkadia Unsecure

Claim. Notwithstanding the foregoing, the claim is included in the Class 2C-3.


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4. Meruelo Maddux Construction, Inc.

4CGeneral Unsecured Claims - $652

Impaired.

4DIntercompany Claims - $10,588

Unimpaired.

4E Equity Interests of MMPLP (100%) Unimpaired.

5. Meruelo Maddux Management LLC

5BPriority Benefits Claims - $151,247

Unimpaired.


Impaired.

5DIntercompany Claims - $4,296,137

Unimpaired.

5EEquity Interests of MMPLP (99%) and MMCI (1%)

Unimpaired.

6. Meruelo Maddux 555 Central Avenue LLC

6CGeneral Unsecured Claims - $10,102

Impaired.


Unimpaired.

6EEquity Interests of MMP Ventures (100%)

Unimpaired.

7. Merco Group Overland Terminal LLC


Impaired.

7D

Intercompany Claims - $1,093,202

Unimpaired.


Unimpaired.

8. National Cold Storage LLC

8CGeneral Unsecured Claims $4,545

Impaired.


Unimpaired.

9. Wall Street Market LLC


Impaired.


Unimpaired.


Unimpaired.

10.Meruelo Maddux Properties 1009 N. CitruxAvenue, Covina, LLC

10ALos Angeles County Secured Tax Claim - $118,420

Impaired.


Impaired.


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Unimpaired.


Unimpaired.

11. Meruelo Maddux 230 W. Avenue 26 LLC

11A Los Angeles County Secured Tax Claim - $163,484 Impaired.

11C-1Unsecured Claims Tenant Security Deposits -$24,610 Unimpaired.

11C-2General Unsecured Claims - $3,952

Impaired.


Unimpaired.


Unimpaired.

12.Meruelo Maddux Properties 306-330 N. Avenue21 LLC


Impaired.



Impaired.


Unimpaired.


Unimpaired.

13.Meruelo Maddux 817-825 S. Hill Street LLC

13A

Los Angeles County Secured Tax Claim

$350,917 Impaired.


Impaired.


Unimpaired.


Unimpaired.

14.Meruelo Maddux 1000 E. Cesar Chavez LLC


Impaired.



Impaired.

14D14D Intercompany Claims - $6,804,902

Unimpaired.


Unimpaired.

15.Meruelo Maddux Properties 1060 N. Vignes LLC


Impaired.


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Impaired.


Unimpaired.


Unimpaired.

16. Meruelo Maddux 2415 E. Washington BoulevardLLC


Impaired.


Impaired.


Unimpaired.


Unimpaired.

17.Meruelo Maddux 5500 Flotilla Street LLC


Impaired.

17DIntercompany Claims - $611,663

Unimpaired.


Unimpaired.

18.Meruelo Maddux Properties 12385 San FernandoRoad LLC


Impaired.


Impaired.

18D


Unimpaired.


Unimpaired.

19.Merco Group 146 E. Front Street LLC

19C-1General Unsecured Claims - $652

Impaired.


Unimpaired.


Unimpaired.

20.Merco Group 801 E. 7t Street LLC


Impaired.


Impaired.


Unimpaired.


Unimpaired.

21.Merco Group 1211 E. Washington Boulevard LLC


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21A-1Los Angeles County Secured Tax Claim - $245,814

Impaired.

21A-2RoofCorp of CA, Inc. - $37,500

Impaired.


21C-2 General Unsecured Claims - $31,231 Impaired.


Unimpaired.


Unimpaired.

22.Merco Group 1380 S. Orchard LLC


Impaired.


Impaired.


Unimpaired.


Unimpaired.

23.Merco Group 2040 Camfield Avenue LLC


Impaired.


Unimpaired.


Unimpaired.

24.

Merco Group Ceres Street Produce LLC


Impaired


Impaired.


Unimpaired.


Unimpaired.

25.Meruelo Baldwin Park LLC


Impaired



Impaired.


Unimpaired.

25EInterests of MMP Ventures (100%)

Unimpaired.

26.Santa Fe & Washington Market LLC


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Impaired.


26C-2

General Unsecured Claims - $4,591

Impaired.


Unimpaired.


Unimpaired.

27.Merco Group 5707 S. Alameda LLC

27ALos Angeles County Secured Tax Claim re $112,423

Impaired.



Impaired.


Unimpaired.


Unimpaired.

28.Meruelo Maddux 3r and Omar Street LLC


Impaired.

28A-2Legendary Secured Claim - $2,559,658

Impaired.


28C-2 General Unsecured Claims - $2,772 Impaired.


Unimpaired.


Unimpaired.

29.Meruelo Maddux 336 W. 11t Street LLC


Impaired.

29A-2Legendary Secured Claim - a pledge of the Debtor'sReal Property to secure the obligations of 620Gladys Avenue, LLC (see Class 46A-2 below).

Impaired.

29A-3Grand Avenue Lofts, HOA Secured Claim -$270,000 Impaired.

29A-4Grand Avenue Lofts, LLC / CIM Urban RE FundGP II, LLC Secured Claim - 0 Impaired.


Impaired.


Unimpaired.


Unimpaired.


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30.Meruelo Maddux 420 Boyd Street LLC


Impaired.

30A-2Legendary Secured Claim - $5,950,000

Impaired.

30C-1 Unsecured Claims Tenant Security Deposits -$21,463 Unimpaired.


Impaired.


Unimpaired.


Unimpaired.

31.Meruelo Maddux 500 Mateo Street LLC

31C-General Unsecured Claims - $1,657

Impaired.


Unimpaired.


Unimpaired.

32.Meruelo Maddux Properties 760 S. Hill StreetLLC


Impaired.

32A-2Bank of America Secured Claim - $28,108,094

Impaired.


Unimpaired.

32C-1

Unsecured Claims Tenant Security Deposits

$39,061 Unimpaired.


Impaired.


Unimpaired.

32E Equity Interests of MMP Ventures (100%)Unimpaired.

33.788 S. Alameda LLC


Impaired.

33A-2California Bank & Trust Secured Claim -$7,153,799 Impaired.


Unimpaired.



Impaired.


Unimpaired.

33E Equity Interests of MMP Ventures (100%)Unimpaired


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34.905 8t Street LLC


Impaired.

34A-2The Stanford Group LP Secured Claim - $1,950,000

Impaired.



Impaired.


Unimpaired.


35.Meruelo Maddux 914-949 S. Hill Street LLC


Impaired.

35A-2Imperial Capital Bank Secured Claim - $9,007,827

Impaired.


Impaired.

35C-2Tenant Security Deposits - $30,000

Unimpaired.


Unimpaired.


Unimpaired.

36.Alameda Produce Market LLC

36A-1-a

Los Angeles County Secured Tax Claim re Alameda

Produce Market Encumbered Real Property -$421,457

Impaired.

36A-1-bLos Angeles County Secured Tax Claim re AlamedaProduce Market Unencumbered Real Property -$37,263

Impaired.

36A-2Cathay Bank Secured Claim - $48,815,711

Impaired.

36A-3Cathay Bank Secured Claim - $9,848,944

Impaired.


Unimpaired.



Impaired.


Unimpaired.

37.Merco Group 1500 Griffith Avenue LLC

37A-1-aLos Angeles County Secured Tax Claim re 1500Griffith - $109,864 Impaired.

37A-1-bLos Angeles County Secured Tax Claim re 1510Griffith Avenue - $78,830 Unimpaired.


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37A-2Legendary Secured Claim - $6,396,500 joint andseveral obligation with 4th Street Center, LLC, andalso secured by the 4th Street Center Real Property(see Class 44A-2 below).

Impaired.

37A-3Murakami Secured Claim - $2,945,000

Impaired.



Impaired.


Unimpaired.


38.Meruelo Maddux Properties 1919 Vineburn StreetLLC


Impaired.


Impaired.



Impaired.


Unimpaired.


Unimpaired.

39.Meruelo Maddux Properties 2131 Humboldt StreetLLC

39A-1-a

Los Angeles County Secured Tax Claim Against

2131 Humboldt Encumbered Real Property -$263,168

Impaired.

39A-1-bLos Angeles County Secured Tax Claim Against2131 Humboldt Unencumbered Real Property -$145,353

Impaired.

39A-2Chamlian Secured Claim - $7,000,000

Impaired.



Impaired.


Unimpaired.


Unimpaired

40.Merco Group 2529 Santa Fe Avenue LLC


Impaired.

40A-21248 S. Figueroa Secured Claim - $3,134,825

Impaired.



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Impaired.


Unimpaired.


Unimpaired.

41. 2640 Washington Boulevard LLC


Impaired.

41A-2East West Bank as successor to UCB Secured Claim- $6,066,073 Impaired.



Impaired.


Unimpaired.


Unimpaired.

42.Meruelo Maddux Properties 2941 Lenwood RoadLLC

42A-1FNBN Secured Claim - $8,983,643

Impaired.

42CGeneral Unsecured Claims - $6,281,773

Impaired.


Unimpaired.


Unimpaired

43.

Merco Group 3185 E. Washington Boulevard LLC

43A-1-aLos Angeles County Secured Tax Claim re 3185 E.Washington Boulevard Encumbered Real Property -$191,130

Impaired.

43A-1-bLos Angeles County Secured Tax Claim re 3185 E.Washington Boulevard Unencumbered RealProperty- $969

Impaired.

43A-2Chinatrust Secured Claim - $9,541,565

Impaired.


Impaired.

43C-2Unsecured Claims Tenant Security Deposits$250,000 Unimpaired.


Unimpaired.


Unimpaired.

44.Merco Group 4t Street Center LLC


Impaired.

44A-2Legendary Secured Claim - joint and severalobligation with 1500 Griffith Avenue, and alsosecured by 1500 Griffith Avenue (see Class 37A-2

Impaired.


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above).


Impaired.

44C-2General Unsecured Claims Tenant SecurityDeposits - $4,500 Unimpaired.

44D


Unimpaired.


Unimpaired.

45.Merco Group 425 W. 11t Street LLC


Impaired.

45A-2Legendary Secured Claims - $5,340,000

Impaired.


Impaired.


Unimpaired.


Unimpaired.

46.Merco Group 620 Gladys Avenue LLC

46A-1-aLos Angeles County Secured Tax Claim re 620 S.Gladys Avenue Encumbered Real Property -$311,811

Impaired.

46A-1-bLos Angeles County Secured Tax Claim re 620 S.Gladys Avenue Unencumbered Real Property -$113,033

Impaired.

46A-2Legendary Secured Claim re 620 S. Gladys Avenue- $5,380,688 which is also secured by the MM 336

W. 11th

Street Real Property (see Class 29A-4above).

Impaired.



Impaired.


Unimpaired.


Unimpaired.

47.Merco Group 2001-2021 W. Mission BoulevardLLC


Impaired.

47A-2PNL Pomona LP Secured Claim to be determined

Impaired.


Impaired.


Unimpaired.


Unimpaired.

48.Merco Group Little J LLC


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48A-1-aLos Angeles County Secured Tax Claim re 1119 S.Olive Street - $52,446 Impaired.

48A-1-bLos Angeles County Secured Tax Claim re 1124 S.Olive Street - $64,262 Impaired.

48A-2Legendary Secured Claim - a pledge of the Debtor'sReal Property to secure the obligation for payment

under a loan made to Merco Group which is alsosecured by the Sky-Arc Real Property (see Class50A-2 below).

Impaired.


Impaired.

48C-3Tenant Security Deposit Claims - $7,000

Unimpaired.


Unimpaired.

48DEquity Interests of MMP Ventures (100%)

Unimpaired.

49.Merco Group Southpark LLC


Impaired.

49A-2Bank of America Secured Claim - $20,000,000

Impaired.

49C-1General Unsecured Claims - $1,308,981

Impaired.

49C-2Tenant Security Deposit Claims - $31,000

Unimpaired.


Unimpaired.


Unimpaired.

50. Merco Group LLC

50A-1Los Angeles County Secured Tax Claim $380,214

Impaired.

50A-2Legendary Secured Claim re Sky-Arc Real Property-$15,000,000 which is also secured by the Little JReal Property (see Class 48A-2 above)

Impaired.

50A-3Legendary Secured Claim re Sci-Arc Real Property -$10,108,209 Impaired.


Impaired.


Unimpaired.


Unimpaired.

51.Meruelo Farms LLC

51A-1-aLos Angeles County Secured Tax Claim re 815 E.Temple Street - $94,319 Impaired.

51A-1-bLos Angeles County Secured Tax Claim re 729 E.Temple Street - $208,977 Impaired.


Impaired.


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51A-3Pacific Commerce Secured Claim - $3,350,000

Impaired.


Impaired.


Unimpaired.

51E Equity Interests of MMP Ventures (100%) Unimpaired.

52.Meruelo Wall Street LLC


Impaired.

52A-2East West Bank as successor to UCB Secured Claim- $20,850,859 Impaired.


Impaired.



Impaired.


Unimpaired.


53.Meruelo Maddux Mission Boulevard LLC


Impaired.

53A-2Kennedy Funding, Inc. Secured Claim - $8,800,000

Impaired.

53C

General Unsecured Claims - $15,539

Impaired.


Unimpaired.


54.Santa Fe Commerce Center, Inc.


Impaired.

54A-2Berkadia Secured Claim - $10,170,904

Impaired.

54A-3RoofCorp of CA, Inc. Secured Claim - $111,377

Impaired.



Impaired.


Unimpaired.

B.1.General Provisions For Treatment Of Claims And Interests

Unclassified Claims (Applicable to all of the Debtors)


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Certain types of claims are not placed into voting classes; instead they are unclassified. They

are not considered impaired and they do not vote on the Charlestown Plan because they are

automatically entitled to a specific treatment provided for them in the Bankruptcy Code. As such, th

Debtors have not placed the following claims in a class. The treatment of these claims is provided

below.

a.Administrative Claims are claims for costs or expenses of administering the Debtors' Chapte

11 Cases which are allowed under Bankruptcy Code Section 507(a)(2). The Bankruptcy Code

requires that all Administrative Claims be paid on the Effective Date of the Charlestown Plan, unles

a particular claimant agrees to a different treatment.

Administrative Claims

(1)Subject to the bar date provisions herein and additional requirements for professionals and

certain other entities set forth below, the surviving Reorganized Debtor shall pay to each Holder of a

Allowed Administrative Claim, on account of its Administrative Claim and in full satisfaction

thereof, Cash equal to the Allowed amount of such Administrative Claim on the Effective Date or as

soon as practicable thereafter, unless the Holder agrees or shall have agreed to other treatment of suc

Claim. Payment on an Administrative Claim which arose in the ordinary course of each Debtor's

business, including Ordinary Course Professionals, will be made when such payment would have

become due in the ordinary course of each Debtor's business or under the terms of the Claim in the

absence of the Chapter 11 Cases.

General

(2)On or before the Effective Date, all fees payable pursuant to 28 U.S.C. 1930, as determined

by the Bankruptcy Court at the hearing on Confirmation, shall be paid in Cash equal to the amount o

such Administrative Claim.

Payment of Statutory Fees

(3)(a) General ProvisionsBar Date for Administrative Claims

Except as provided below for (i) non-tax liabilities incurred in the ordinary course of busines

by each Debtor and (ii) Postpetition Tax Claims, requests for payment of Administrative Claims mu


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be Filed and served on counsel for the Reorganized Debtor no later than forty-five (45) days after th

Effective Date, or such later date, if any, as the Bankruptcy Court shall order upon application made

prior to th

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