The $30 million settlement expected from Adnan Khashoggi will go a long way toward settling Triad America Corp.'s debts by giving unsecured creditors an average of 40 to 50 cents back for every dollar owed to them.

Some creditors may even be paid in full, said Danny C. Kelly, attorney for Triad America trustee R. Todd Neilson.Two local creditors - First Security Bank and Zions First National Bank - have a good chance of getting full payment for all of their secured loans to Triad America. However, half of the $4.5 million debt owed to Zions is unsecured, and Zions will have to wait in line just like every other unsecured creditor for payment of that loan, Kelly said.

Elation over the long-awaited settlement is apparently all the creditors will have to live on for awhile. "It will be years before all claims are settled," Kelly said, noting attorneys will try for an interim settlement by 1989.

A press conference is scheduled Wednesday or Thursday to announce the details of the settlement that should net between $30 and $35 million for creditors, Kelly said.

First Security has agreed to accept 190 acres of undeveloped land and cash from sales of an oil company as payment for a $12.9 million debt owed to the bank. The land is adjacent to the Salt Lake International Center, west of the Salt Lake International Airport, Kelly said.

The cash will come from the sales of assets of Edgington Oil Co. Inc. and from the $30 million settlement Khashoggi has agreed to make.

The settlement with First Security is subject to approval by the bankruptcy court and Newedge, the company that owns Edgington Oil.

First Security has a good chance of successfully collecting on its loan because it had liens on the property and claims to the Edgington proceeds, Kelly said.

"That is why First Security could - and I underscore `could' - be paid in full. Even that is tentative, like everything else is tentative right now."

The debt payment plans being arranged for several creditors are almost as fragile as a house of cards. The whole set of arrangements could still collapse before any creditor receives a penny.

A motion in bankruptcy court to have the bankruptcy cases of Triad's various subsidiaries consolidated into one case was postponed Tuesday while creditors objecting to the consolidation hammered out last-minute negotiations with Neilson. The judge postponed the trial until Wednesday when Neilson told him tentative agreements have been reached with the 10 parties objecting to the consolidation.

Attorneys worked Tuesday to put all of the agreements in writing. If the 10 creditors are satisfied that the consolidation of the cases does not harm their chances of getting paid, they will withdraw their objections and the cases will be consolidated without a trial.

If the cases are consolidated, creditors for all of the bankrupt subsidiaries of Triad America will probably receive some of Khashoggi's settlement, Kelly said. That means Triad Center's creditors have a shot at some of the money, he said.

If the bankruptcy cases are not consolidated, "some creditors down at Triad Center may get none of that settlement, right now. They could get zero percent and someone who has a claim against Triad America could get a whole bunch," Kelly said.

Zions has agreed to take title to 60 acres of undeveloped land at the Salt Lake International Center as partial payment for a $4.5 million debt, Kelly said. The value of the land will be credited to a $2.4 million loan to a Triad American subsidiary, he said.

"Zions is a partially secured creditor," Kelly said. "They will receive the value of their collateral, but the part of Zions claim that is unsecured will receive the same percentage distribution out of Triad America that all other unsecured claims will receive," Kelly said.

First Security is likely to fare better in its claims than Zions because "First Security has a lot of collateral, Zions has some," Kelly said.

If there is a consolidation trial it is expected to last through the week.

Kelly said when Khashoggi comes up with the approximately $30 million he has promised, he's off the hook. "Once he pays that amount, it's over," Kelly said. "We will release Khashoggi from any further claims."

Khashoggi was forced to the bargaining table when Neilson and his assistants successfully tied up all of Khashog-gi's U.S. holdings and had a hold put on a $51.5 million judgment the Khashoggi family won against Northrop Corp.

Simply, the Khashoggi family could not collect the tens of millions Northrop owed them or do any business in the United States until Saudi tycoon Adnan Khashoggi paid off some of Triad America's debts.

Khashoggi's representatives haven't said where he's getting the money for the settlement.

"We don't care where he gets the money as long as it's legitimate," Kelly said. There is speculation that he will use the money the court awarded him from Northrop Corp.

Although Khashoggi will be released from responsibility after this settlement, Neilson will continue to pursue claims against other companies and people who either owe Triad money or who may have diverted money belonging to the company.