0000927089-11-000071.txt : 20110318 0000927089-11-000071.hdr.sgml : 20110318 20110318145158 ACCESSION NUMBER: 0000927089-11-000071 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110218 ITEM INFORMATION: Bankruptcy or Receivership ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110318 DATE AS OF CHANGE: 20110318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IMPERIAL CAPITAL BANCORP, INC. CENTRAL INDEX KEY: 0001000234 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 954596322 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33199 FILM NUMBER: 11698035 BUSINESS ADDRESS: STREET 1: 888 PROSPECT STREET STREET 2: SUITE 110 CITY: LA JOLLA STATE: CA ZIP: 92037 BUSINESS PHONE: 8585510511 MAIL ADDRESS: STREET 1: 888 PROSPECT STREET STREET 2: SUITE 110 CITY: LA JOLLA STATE: CA ZIP: 92037 FORMER COMPANY: FORMER CONFORMED NAME: ITLA CAPITAL CORP DATE OF NAME CHANGE: 19970218 FORMER COMPANY: FORMER CONFORMED NAME: IMPERIAL THRIFT & LOAN ASSOCIATION DATE OF NAME CHANGE: 19950907 8-K 1 imp-8k031011.htm imp-8k031011.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported) February 18, 2011


IMPERIAL CAPITAL BANCORP, INC.
(Exact name of registrant as specified in its charter)

 
 
Delaware
 
1-33199
 
95-4596322
(State or other jurisdiction
 
(Commission File No.)
 
(IRS Employer
jurisdiction of incorporation)
     
Identification Number)


888 Prospect Street, Suite 300, La Jolla, California
 
92037
(Address of principal executive offices)
 
(Zip Code)


Registrant's telephone number, including area code:    (858) 551-0511




 
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

9  
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
9  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
9  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
9  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 
 
 

Item 1.03  Bankruptcy or Receivership.

As a result of factors which Imperial Capital Bancorp, Inc. (the "Company") has previously disclosed, during the period in which the Company is unable to file reports which comply with the requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company intends in lieu thereof to file, under cover of Current Reports on Form 8-K, copies of the monthly operating reports (each, a “Report”) which are required to be submitted to the Office of the United States Trustee (“OUST”).
 
On February 18, 2011, the Company filed its unaudited Report for the month of January 2011 with the OUST as required by the OUST Guidelines.  A copy of the Report is attached as Exhibit 99.1 to this Current Report on Form 8-K.
 
Each Report is limited in scope, covers a time period which is shorter or otherwise different from that which is required for reports filed pursuant to the Exchange Act, and has been prepared solely for the purpose of complying with reporting requirements of the Guidelines of the OUST, the Bankruptcy Court, and the Bankruptcy Code, 11 U.S.C. §§ 101 -1532 and therefore does not comply with the requirements of the Exchange Act.  The financial information contained in each Report is preliminary and unaudited and does not purport to show the financial statements of the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and, therefore, may exclude items required by GAAP.  The Company cautions readers not to place undue reliance on the Reports.  The Reports (i) may be subject to revision, (ii) are in a format required by the Bankruptcy Court, the OUST and the Bankruptcy Code and should not be used for investment purposes, and (iii) should not be viewed as indicative of future results.  Based upon the amount of the Company’s assets and liabilities at the date of the filing of the Company's voluntary Chapter 11 petition, it is believed that the Company’s equity securities will have no value and that any Chapter 11 plan approved by the Bankruptcy Court will not include distributions to the Company’s shareholders of cash or property of value.
 
 
 
2
 
 
 
This Current Report on Form 8-K includes certain statements which may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that its expectations will be achieved.  Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  For forward-looking statements herein, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and other protections under the Federal securities laws.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

Limitation on Incorporation by Reference

The attached Report is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.  Registration statements and other documents filed with the Securities and Exchange Commission shall not incorporate the attached Report or any other information set forth in this Current Report on Form 8-K by reference, except as otherwise expressly stated in such filing.

Item 9.01 Financial Statements and Exhibits.
 
(d) Exhibits

EXHIBIT
NUMBER
 
DESCRIPTION
99.1
 
Monthly Operating Report for the month of January 2011. 


 
3
 
 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


IMPERIAL CAPITAL BANCORP, INC.



Date:  March 18, 2011
 
By:
/s/ Anthony A. Rusnak                                          
     
Anthony A. Rusnak
     
Chief Operating Officer, General Counsel
     
and Secretary




 
4
 
 

EXHIBIT INDEX
 

EXHIBIT
NUMBER
 
DESCRIPTION
99.1
 
Monthly Operating Report for the month of January 2011. 







EX-99.1 2 ex99-1.htm ex99-1.htm
Exhibit 99.1

 
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
SOUTHERN DISTRICT OF CALIFORNIA

In Re:
 
IMPERIAL CAPITAL BANCORP, INC., a
Delaware corporation
 
Debtor(s).
    CHAPTER 11 (BUSINESS)
    CASE NO. 3:09-bk-19431
    OPERATING REPORT NO. 14
    FOR THE MONTH ENDING:
    JANUARY 2011

I. CASH RECEIPTS AND DISBURSEMENTS
A.1 (BANK OF AMERICA GENERAL ACCOUNT*)

1.  
TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
  $ 5,952,722.52  
         
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR
GENERAL ACCOUNT REPORTS
   5,952,722.52  
             
3.  
BEGINNING BALANCE:
  $ 0.00  

4.  
RECEIPTS DURING CURRENT PERIOD:
   
             
   
ACCOUNTS RECEIVABLE - PRE-FILING
  $ 0.00  
   
ACCOUNTS RECEIVABLE - POST-FILING
  $ 0.00  
   
GENERAL SALES
  $ 0.00  
   
OTHER (SPECIFY) Payments on residual interests
  $ 0.00  
   
OTHER** (SPECIFY) Refunds
  $ 0.00  
 
   
TOTAL RECEIPTS THIS PERIOD:
  $ 0.00  
5.  
BALANCE:
  $ 0.00  

6.  
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
 
       
   
    TRANSFERS TO OTHER DIP ACCOUNTS
  $ 0.00  
   
    DISBURSEMENTS
  $ 0.00  

    TOTAL DISBURSEMENTS THIS PERIOD***:
  $ 0.00  
         
 
7.  
ENDING BALANCE:
  $ 0.00  
             
8.  
GENERAL ACCOUNT NUMBER                                                  
       
   
DEPOSITORY NAME AND LOCATION Bank of America, 1655 Grant Street Bldg A, 10th Floor,
Concord, CA 94520-2445                                                                                     
       
 
*
All receipts must be deposited into the general account.
 
 
*   All receipts must be deposited into the general account.
**Include receipts from the sale of any real or personal property out of the ordinary course of business; attach an exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale. 
***This amount should be the same as the total from page 2.

 
 
1
 
 
 

TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
 
DATE
CHECK NUMBER
PAYEE
PURPOSE
AMOUNT
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
       
 
         
 
TOTAL DISBURSEMENTS THIS PERIOD          $      0.00
Add additional pages as necessary to include all disbursements.
 
 
 
2
 
 
 

 
GENERAL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:    01/31/11                             
$
0.00

Plus deposits in transit (a):

Deposit Date
Deposit Amount
__________
$_____________
__________
$_____________
__________
$_____________

Total deposits in transit
   

Less outstanding checks (a):

Check Number
 
Check Date
 
Check Amount
 
 
 
 
 
         
         
         
         
         
         
         
         
         

Total outstanding checks
 
<0.00>
 
       
Bank statement adjustments**
     
       
Adjusted bank balance
  $ 0.00  
 
 
 

 
 
*
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
 
**Please attach a detailed explanation of any bank statement adjustment.
 

 
 
3
 
 
 

I. CASH RECEIPTS AND DISBURSEMENTS
A.2 (TORREY PINES BANK ACCOUNT)

1.  
TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
  $ 6,540,041.86  
         
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR
GENERAL ACCOUNT REPORTS
   6,398,904.58  
             
3.  
BEGINNING BALANCE:
  $ 141,137.28  

4.  
RECEIPTS DURING CURRENT PERIOD:
   
             
   
ACCOUNTS RECEIVABLE - PRE-FILING
  $ 0.00  
   
ACCOUNTS RECEIVABLE - POST-FILING
  $ 0.00  
   
GENERAL SALES
  $ 0.00  
   
OTHER (SPECIFY) Payments on residual interests
  $ 2,288.26  
    OTHER (SPECIFY) Account refunds     116.00  
   
OTHER (SPECIFY) Transfer from money market account
  $ 162,000.00  
 
   
TOTAL RECEIPTS THIS PERIOD:
  $ 164,404.26  
5.  
BALANCE:
  $ 305,541.54  

6.  
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
 
       
   
    TRANSFERS TO OTHER DIP ACCOUNTS
  $ 34,748.08  
   
    DISBURSEMENTS
  $ 78,889.03  

    TOTAL DISBURSEMENTS THIS PERIOD:
  $ 113,637.11  
         
 
7.  
ENDING BALANCE:
  $ 191,904.43  
             
8.  
GENERAL ACCOUNT NUMBER                                                  
       
   
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130,
San Diego, CA 92121                                                                                     
       
 
 
 
 
4
 
 
 


TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
 
DATE
CHECK NUMBER
PAYEE
PURPOSE
AMOUNT
01/03/11
1127
Ernst & Young
Tax services
18,724.80
01/03/11 1132 Coffee Ambassador Office expense
95.86
01/07/11 1133 888 Prospect LJ, LLC Office rent
5,205.13
01/12/11 1134 Public Storage Storage services
194.20
01/24/11 1137 Freedom Voice Telephone services
174.59
01/18/11 1138 UPS Postage
115.12
01/20/11 1139 Mellon Investor Services Stock transfer agent
2,748.75
01/20/11  1140  Time Warner Cable  Internet services 
186.36
01/19/11  1141  San Diego Gas & Electric  Utilities
1,196.56
01/20/11  1142 U.S. Trustee Trustee fee
5.58
01/25/11  1143 Lincoln National Insurance Company Health insurance premiums
41.00
01/20/11 1144 Lincoln National Insurance Company Health insurance premiums
188.95
01/20/11 1145 Lincoln National Insurance Company  Health insurance premiums 
17.00
01/27/11 1147  Mary Jane Mulson Janitorial services
160.00
01/14/11 Bank Debit Torrey Pines Bank Wire transfer fee
30.00
01/14/11 Bank Debit Akin Gump Strauss Hauer & Feld Wire transfer for legal fees
49,795.13
01/25/11 Bank Debit Torrey Pines Bank Wire transfer fee
10.00
         
       TOTAL DISBURSEMENTS THIS PERIOD                                 $ 78,889.03
Add additional pages as necessary to include all disbursements.
 
 
 
5
 
 
 
 

 
GENERAL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:    01/31/11                             
$
191,904.43

Plus deposits in transit (a):

Deposit Date
Deposit Amount
__________
$_____________
__________
$_____________
__________
$_____________

Total deposits in transit
   

Less outstanding checks (a):

Check Number
 
Check Date
 
Check Amount
1135
 
01/05/11
 
$1,400.00
1136   01/13/11   $76.45
1146   01/18/11   $194.29
1148   01/28/11   $5,205.13
1149   01/28/11   $185.05
1150   01/28/11   $350.00
         
         
         
         

Total outstanding checks
 
<7,410.92
       
Bank statement adjustments**
     
       
Adjusted bank balance
  $ 184,493.51  
 
 
 

 
 
*
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
 
**Please attach a detailed explanation of any bank statement adjustment.
 

 
 
 
 
 
6
 
 
 
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.1 (BANK OF AMERICA PAYROLL ACCOUNT)
 
1.  
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
  $ 117,770.84  
             
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
  $ 117,770.84  
             
3.  
BEGINNING BALANCE
  $ 0.00  
             
4.  
RECEIPTS:
    TRANSFERRED FROM GENERAL ACCOUNT
  $ 0.00  
             
5.  
BALANCE
  $ 0.00  
             
6.  
LESS: DISBURSEMENTS DURING CURRENT PERIOD
       

 
DATE
CHECK NO.
PAYEE
AMOUNT
       
       
       
       
       
       
       
       
       
       
       
       

TOTAL DISBURSEMENTS THIS PERIOD:
  $ 0.00  
 
7.  
ENDING BALANCE:
  $ 0.00  
8.  
PAYROLL ACCOUNT NUMBER                                                                                 
DEPOSITORY NAME AND LOCATION Bank of America, 1655 Grant Street Bldg A, 10th Floor,
Concord, California 94500-2455                                                                                      
       

 
 
7
 
 
 

PAYROLL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  01/31/11                                      
  $ 0.00  

Plus deposits in transit (a):

Deposit Date
Deposit Amount
__________
$_____________
__________
$_____________
__________
$_____________

Total deposits in transit
 
0.00

Less outstanding checks (a):
 
Check Number
 
Check Date
 
Check Amount
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

    Total outstanding checks
 
<0.00>
 
       
Bank statement adjustments**
     
       
Adjusted bank balance
  $ 0.00  


 
*
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
 
**Please attach a detailed explanation of any bank statement adjustment.
 
 
 
8
 
 

 
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.2 (TORREY PINES PAYROLL ACCOUNT)
 
1.  
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
  $ 294,260.64  
             
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
  $ 293,864.18  
             
3.  
BEGINNING BALANCE
  $ 396.46  
             
4.  
RECEIPTS:
    TRANSFERRED FROM OTHER ACCOUNT
      (Torrey Pines Bank general account)
  $ 34,748.08  
             
5.  
BALANCE
  $ 35,144.54  
             
6.  
LESS: DISBURSEMENTS DURING CURRENT PERIOD
       

 
DATE
CHECK NO.
PAYEE
AMOUNT
01/13/11 Payroll fee NPS Payroll Services 64.00
01/13/11 Transfer payroll 1/1 to 1/15 NPS Payroll Services 4,200.68
01/13/11 Transfer payroll 1/1 to 1/15 NPS Payroll Services 11,058.83
01/28/11 Payroll fee NPS Payroll Services 149.00
01/28/11 Transfer payroll 1/16 to 1/31 NPS Payroll Services 5,868.68
01/28/11 Transfer payroll 1/16 to 1/31 NPS Payroll Services 11,058.82
       
       
       
       
       
       

TOTAL DISBURSEMENTS THIS PERIOD:
  $ 34,748.08  
 
7.  
ENDING BALANCE:
  $ 396.46  
8.  
PAYROLL ACCOUNT NUMBER                                                                                 
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130,
San Diego, California 92121                                                                                      
       

 
 
9
 
 
 

PAYROLL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  1/31/11                                      
  $ 396.46  

Plus deposits in transit (a):

Deposit Date
Deposit Amount
__________
$_____________
__________
$_____________
__________
$_____________

Total deposits in transit
 
0.00

Less outstanding checks (a):
 
Check Number
 
Check Date
 
Check Amount
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

    Total outstanding checks
 
<0.00>
 
       
Bank statement adjustments**
     
       
Adjusted bank balance
  $ 396.46  


 
*
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
 
**Please attach a detailed explanation of any bank statement adjustment.
 
 
 
10
 
 


I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
C. (TAX ACCOUNT)
 
1.  
TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS
  $ 0.00  
             
2.  
LESS:  TOTAL DISBURSEMENTS PER ALL PRIOR TAX ACCOUNT REPORTS
  $ 0.00  
             
3.  
BEGINNING BALANCE
  $ 0.00  
             
4.  
RECEIPTS:
TRANSFERRED FROM OTHER ACCOUNT -- Torrey Pines MM
  $ 74,336.21  
             
    OTHER - Interest    $  3.67  
             
5.  
BALANCE
  $ 74,339.88  
             
6.  
LESS: DISBURSEMENTS DURING CURRENT PERIOD
       

DATE
CHECK NO.
PAYEE
AMOUNT
       
       
       

TOTAL DISBURSEMENTS THIS PERIOD:
  $ 0.00  
 
7.  
ENDING BALANCE:
  $ 74,339.88  
             
8.  
TAX ACCOUNT NUMBER                                                                                                           
       
   
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130
San Diego, CA 92121                                                                                                       
       
 
 
 
11
 
 
 
 

TAX ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  1/31/11                                     
  $ 74,339.88  

Plus deposits in transit (a):

Deposit Date
Deposit Amount
__________
$_____________
__________
$_____________
__________
$_____________

Total deposits in transit
 
0.00

Less outstanding checks (a):
 
Check Number
 
Check Date
 
Check Amount
         
         
         
         
         
         
         
         
         
         
         
         
         
         
         

    Total outstanding checks
 
<0.00>
 
       
Bank statement adjustments**
     
       
Adjusted bank balance
  $ 74,339.88  


 
*
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
 
**Please attach a detailed explanation of any bank statement adjustment.
 
 

 
 
12
 
 
D. SUMMARY SCHEDULE OF CASH

ENDING BALANCE FOR PERIOD:

GENERAL ACCOUNT - Bk of America
  $ 0.00  
GENERAL ACCOUNT - Torrey Pines Bk     191,904.43  
PAYROLL ACCOUNT - Bk of America
  $ 0.00  
PAYROLL ACCOUNT - Torrey Pines Bk     396.46  
TAX ACCOUNT
  $ 74,339.88  
OTHER ACCOUNTS*:
  Torrey Pines Bank
  4350 Executive Drive, Suite 130
  San Diego, CA 92121
  Money Market Account                                        
  $  3,749,177.55  
 
 Torrey Pines Bank
  4350 Executive Drive, Suite 130
  San Diego, CA 92121
  Money Market Account                                        
   6,892,072.61  
OTHER MONIES*:_______________
  $    
PETTY CASH**
  $  250.00  
TOTAL CASH AVAILABLE
  $ 10,908,140.93  
    NOTE: Attach copies of monthly accounts statements from financial institutions for each account.
 
*Specify the fund and the type of holding (i.e., CD, Savings Account, Investment securities, etc.), and the depository name, location, and account number.
 
**Attach exhibit itemizing all petty cash transactions.
 

 
 
13
 
 
 

II. STATUS OF PAYMENTS TO SECURED CREDITORS, LESSORS,
AND OTHER PARTIES TO EXECUTORY CONTRACTS
 
CREDITOR, LESSOR, ETC.
FREQUENCY OF PAYMENTS
(Mo./Qtr.)
AMOUNT OF PAYMENT
POST-PETITION PAYMENTS NOT MADE (NUMBER)
TOTAL DUE
888 Prospect LJ, LLC
 Monthly  $5,205.13  None  None
         
         
         
     
TOTAL DUE
  None

III. TAX LIABILITIES
 
FOR THE REPORTING PERIOD:
GROSS SALES SUBJECT TO SALES TAX
  $  0  
TOTAL WAGES PAID
  $  30,715.34  

 
TOTAL POST-PETITION AMOUNTS OWING
AMOUNT DELINQUENT
DATE DELINQUENT AMOUNT DUE
FEDERAL WITHHOLDING
$ 0.00
$0.00
 
STATE WITHHOLDING
$
$
 
FICA - EMPLOYER'S SHARE
$
$
 
FICA - EMPLOYEE'S SHARE
$
$
 
FEDERAL UNEMPLOYMENT
$
$
 
STATE WITHHOLDING
$
$
 
SALES AND USE
$
$
 
REAL PROPERTY
$
$
 
OTHER: (SPECIFY)
$
$
 
TOTAL:
$
$
 

 
 
14
 
 

 

IV. AGING OF ACCOUNTS PAYABLE AND ACCOUNTS RECEIVABLE
 
 
ACCOUNTS PAYABLE*
(POST-PETITION ONLY)
    ACCOUNTS
    Pre-Petition
    RECEIVABLE
    Post-Petition
30 days or less
None
None  None 
31 - 60 days
     
61 - 90 days
     
91 - 120 days
     
Over 120 days
     
TOTALS:
     

V. INSURANCE COVERAGE
 
   
NAME OF
CARRIER
AMOUNT OF COVERAGE
POLICY
EXPIRATION
DATE
PREMIUM PAID
THROUGH:
General Liability
 
Hartford
$1,000,000/occurrence
3/15/11  3/15/11 
Worker Compensation
  State Fund  $1,000,000/occurrence  2/15/11  February 2011 
 
         
           
           

VI. UNITED STATES TRUSTEE QUARTERLY FEES
(TOTAL PAYMENTS)
 
Qtrly Period Ending
Total Disbursements
Qtrly Fees
Date Paid
Amount Paid
Qtrly Fee Still Owing
12/31/09
 $3,100.00  $325.00  1/29/10  $325.00  $0.00
3/31/10   $165,607.22  $1,625.00
 4/7/10,
 5/13/10 
 $325.00,
 $1,300.00 
 $0.00
6/30/10   $260,256.53  $1,950.00  8/17/10   $1,950.00  $0.00
9/30/10   $708,521.61  $4,875.00  11/19/10  $4,875.00  $0.00
12/31/10   $1,206,189.31  $6,500.00    $0.00  $6,500.00

 
*Post-Petition Accounts Payable should not include professionals' fees and expenses which have been incurred but not yet awarded by the Court. Post-Petition Accounts Payable should include professionals' fees and expenses authorized by Court Order but which remain unpaid as of the close of the period of the report.
 

 
 
15
 
 

VII.    SCHEDULE OF COMPENSATION PAID TO INSIDERS
 
Name of Insider
Date of Order Authorizing Compensation
Authorized Gross Compensation*
Gross Compensation Paid During the Month
Joseph W. Kiley, III
3/11/10 $10,000/month  $10,000 
Anthony Rusnak  3/11/10 $148,000/year, plus additional amount in insider compensation request 
$12,333.34
 
       
       
       
 
* Please indicate how compensation was identified in the order (e.g., $1,000/wk, $2,500/mo)


VIII.   SCHEDULE OF OTHER AMOUNTS PAID TO INSIDERS
 
Name of Insider
Date of Order Authorizing Payment
 
Description
Amount Paid During the Month
None
     
       
       
       




 
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IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
 
   
Current Month
   
Cumulative Post-Petition
 
Sales/Revenue:
           
Gross Sales/Revenue
    0.00       0.00  
Less: Returns/Discounts
    (0.00 )     (0.00 )
Net Sales/Revenue
    0.00       0.00  
                 
Cost of Goods Sold:
               
Beginning Inventory at cost Purchases
    0.00       0.00  
Less: Ending Inventory at cost
    (0.00 )     (0.00 )
Cost of Goods Sold (COGS)
    0.00       0.00  
                 
Gross Profit
               
Other Operating Income (Itemize)
    0.00       0.00  
                 
Operating Expenses:
               
Payroll - Insiders
    22,333.34       22,333.34  
Payroll - Other Employees
    8,382.00       392,335.42  
Payroll Taxes
    3,819.74       30,342.64  
Other Taxes (Itemize)
    0.00       0.00  
Depreciation and Amortization
    0.00       0.00  
Lease Expense
    5,205.13       83,226.12  
Insurance
    0.00       185,198.83  
Telephone and Utilities
    1,742.56       16,232.74  
Repairs, Maintenance, Janitorial, Office, Plant Service
    160.00       8,766.34  
Travel and Entertainment (Itemize)
               
          Mileage, Parking and Auto       56.00       4,636.27  
          Meals      20.45       868.42  
          Airfare      0.00       12,500.00  
          Miscellaneous Operating Expenses (Itemize)                 
          Insurance - Employees      130.95       (136,992.45 )
    Salary Savings Plan Expense       0.00        13,154.34  
          Workers Compensation Insurance      0.00       5,567.74  
          Parking Services      350.00       6,850.00  
          Storage and Moving      194.20       10,887.00  
          Bank Service Charges      40.00       3,748.68  
          Payroll Fees      213.00       2,339.13  
          Office Supplies      108.76       326.69  
          Postage and Shipping      200.65       1,194.70  
    Dues and Subscriptions       0.00        260.00  
          Employee Expense      0.00       (58.05 )
          Advertising      0.00       (3,200.00 )
          Taxes and Licenses      0.00       1,214.00  
          Fines, Penalties and Late Charges      0.00        2,815.63  
    Director Expense       0.00        5,000.00  
          US Trustee Fees      5.58       8,780.58  
Total Operating Expenses
    42,962.36       678,328.11  
                 
Net Gain/(Loss) from Operations
     (42,962.36      (678,328.11
                 
Non-Operating Income:
               
Interest on Cash Accounts
    7,774.91       61,780.75  
Gain (Loss) on Sale of Assets
    0.00       29,384.84  
 
               
 
 
 
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    Prudential Stock Dividends     0.00      1,332.10  
    Mark to Market on DSV of Life Insurance Policies     0.00      158,385.18  
    Income Taxes     0.00      2,703,141.71  
   Total Non-Operating income    7,774.91      2,954,024.58  
             
Non-Operating Expenses:
           
Interest Expense
    0.00       0.00  
Legal Expense
    183,533.38       2,292,567.99  
Audit and Accounting
    25,730.00       469,176.60  
          Consulting      2,748.75       76,010.07  
          Other (Itemize)      1,400.00       (3,371.55
Total Non-Operating Expenses
    213,412.13       2,834,383.11  
NET INCOME/(LOSS)
    (248,599.58     (558,686.64
(Attach exhibit listing all itemizations required above)
 

 
 
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X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
 
   
Current Month End
       
ASSETS
           
Current Assets:
           
Unrestricted Cash
    10,900,730.01        
          Security Deposit Held by Landlord      30,971.51        
Total Current Assets
            10,931,701.52  
                 
Other Assets (Net of Amortization):
               
Due from Insiders
    0.00          
Other (Itemize)
               
          Cash Improperly Withheld in former ICB account
          (City National Bank) 
    47,285.39          
          Residual Interest in Securities      268,160.90          
          Investment in ITLA Mortgage Loan
          Securitization 2002-1
    75,000.00          
          Current and Deferred Income Taxes      29,297,406.00          
          Delaware Franchise Taxes      99,945.00          
          Prepaid Expenses, Net      48,011.33          
          Interests in Insurance Policies      441,240.00          
          Other      35,873.82          
                 
Total Other Assets
            30,312,922.44  
                 
TOTAL ASSETS
            41,244,623.96  
                 
LIABILITIES
               
Postpetition Liabilities:
               
Accounts Payable
    0.00          
Taxes Payable
    0.00          
Professional fees
    0.00          
Secured Debt
    0.00          
Total Postpetition Liabilities
            0.00  
                 
Prepetition Liabilities:
               
Secured Liabilities
    0.00          
Priority Liabilities
    0.00          
Unsecured Liabilities
    99,640,081.68          
 
Total Prepetition Liabilities
          99,640,081.68  
TOTAL LIABILITIES
          99,640,081.68  
               
EQUITY:
             
Prepetition Owners' Equity
    (57,741,774.08        
Postpetition Profit/(Loss)
    (558,686.64        
Direct Charges to Equity
    (94,997.00        
TOTAL EQUITY
            (58,395,457.72
                 
TOTAL LIABILITIES & EQUITY
            41,244,623.96  
 
 
 
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XI. QUESTIONNAIRE
 
1.
Has the debtor-in-possession made any payments on its pre-petition unsecured debt, except as have been authorized by the court?
X        No.
____   Yes.   Explain ________________________________________________________________________________________________
_________________________________________________________________________________________________________________

 
2.
Has the debtor-in-possession during this reporting period provided compensation or remuneration to any officers, directors, principals, or other insiders without appropriate authorization?
X         No.
_____  Yes.  Amount, to whom, and for what period? _______________________________________________________________________________
______________________________________________________________________________________________________________________________

 
3.       State what progress was made during the reporting period toward filing a plan of reorganization:

On October 4, 2010, the Debtor filed a liquidating plan with the Court.  The Debtor and Official Committee of Unsecured Creditors are negotiating the terms of an amended plan.
 
 
4.        Describe potential future developments which may have a significant impact on the case.

The Debtor has filed two adversary proceedings against the FDIC, and has objected to the priority proof of claim asserted by the FDIC.  The outcome of the Debtor/FDIC litigation will determine the amount available for distribution to creditors.  The Debtor and Official Committee of Unsecured Creditors and the FDIC have exchanged settlement proposals.                                         
                                                                                                                                                                                                                                       
 
 
5.
Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period.  NONE
 
6.        Did you receive any exempt income this month, which is not set forth in the operating report?
           X       No.
           ____  Yes. Please set forth the amounts and the source of the income.
    ______________________________________________________________________________________________________________________
    ______________________________________________________________________________________________________________________
    ______________________________________________________________________________________________________________________
 
    I, Anthony Rusnak, Chief Operating Officer (Name and title), declare under penalty of perjury that I have fully read and understood the foregoing debtor-in-possession operating report and that the information contained herein is true and complete to the best of my knowledge.

Date:  February 18, 2011                                     
   
/s/ Anthony Rusnak
 
     
Principal for debtor-in-possession
 



 
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