0000927089-12-000023.txt : 20120228 0000927089-12-000023.hdr.sgml : 20120228 20120228125226 ACCESSION NUMBER: 0000927089-12-000023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120120 ITEM INFORMATION: Bankruptcy or Receivership ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120228 DATE AS OF CHANGE: 20120228 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: 12645712 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-8k0212.htm imp-8k0212.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) January 20, 2012


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 January 20, 2012 and February 21, 2012, the Company filed its unaudited Reports for the months of December 2011 and January 2012 with the OUST as required by the OUST Guidelines.  Copies of the Reports are attached as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K.
 
The Reports are limited in scope, cover a time period which is shorter or otherwise different from that which is required for reports filed pursuant to the Exchange Act, and have been prepared solely for the purpose of complying with reporting requirements of the Guidelines of the OUST, the Bankruptcy Court (U.S. Bankruptcy Court, Southern District of California), and the Bankruptcy Code, 11 U.S.C. §§ 101 -1532 and therefore do not comply with the requirements of the Exchange Act.  The financial information contained in the Reports 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.

    As previously reported, the Company and Holdco Advisors L.P. filed a proposed plan of reorganization (the “Plan”) with the Bankruptcy Court on October 27, 2011.  If the Plan is confirmed by an order of the Bankruptcy Court, based upon assets available for distribution, creditors of the Company will not be paid in full under the Plan. Consequently, the Company predicts that, after payment to the Company’s unsecured creditors, there will be no assets available for distribution to the holders of the Company’s common stock (the “Stockholders”).  With no available assets to distribute to the Stockholders, as contemplated in the Plan, the Company expects the Bankruptcy Court to extinguish the Company’s common stock upon approval of the Plan.

 
 
 
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 Reports are 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 they 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 Reports 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 December 2011. 
99.2    Monthly Operating Report for the month of January 2012. 


 
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:  February 28, 2012
  
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 December 2011. 
99.2    Monthly Operating Report for the month of January 2012. 








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. 25
    FOR THE MONTH ENDING:
    DECEMBER 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                                                                                     
       
 

 
 
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:    12/31/11                             
$
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
   $ 9,395,919.38  
         
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR
GENERAL ACCOUNT REPORTS
   $   9,295,277.01  
             
3.  
BEGINNING BALANCE:
   $ 100,642.37  

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
   $ 17,431.67  
    OTHER (SPECIFY) Account refunds    $  359.72  
   
OTHER (SPECIFY) Transfer from money market account
   $ 470,024.29  
 
   
TOTAL RECEIPTS THIS PERIOD:
   $ 487,455.96  
5.  
BALANCE:
   $ 588,098.33  

6.  
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
  
       
   
    TRANSFERS TO OTHER DIP ACCOUNTS
   $ 14,015.52  
   
    DISBURSEMENTS
   $ 223,898.70  

    TOTAL DISBURSEMENTS THIS PERIOD:
   $ 237,914.22  
         
 
7.  
ENDING BALANCE:
   $ 350,184.11  
             
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
12/06/11
1338
Mary Jane Mulson
Janitorial services
210.00
12/06/11 1339 888 Prospect LJ, LLC Office rent
5,205.13
12/07/11 1340 Takeo Sasaki Consulting -- accounting services
1,131.00
12/07/11 1341 Ace Parking Management Parking services
125.00
12/07/11 1342 Mellon Investor Services Stock transfer agent
136.13
12/08/11 1343 Postmaster PO box fee
55.00
12/06/11 1344 UPS Postage
44.96
12/13/11 1345 Freedom Voice Telephone services
180.46
12/07/11 1346 Public Storage Storage services
211.00
12/07/11 1347 Verizon Wireless Telephone services
165.85
12/14/11 1348 Stutman, Treister & Glatt Legal fees
96,913.08
12/13/11 1349 Ernst & Young Auditing services
6,216.00
12/14/11 1350 Akin Gump Strauss Hauer & Feld Legal fees
81,769.29
12/16/11  1351 Silver, Freedman & Taff Legal fees
18,490.42
12/19/11  1352 FTI Consulting Auditing services
12,154.00
12/15/11  1353 Epiq Systems Solicitation services
881.38
12/27/11  Bank Debit Torrey Pines Bank Wire transfer fee
10.00
         
         
 
       TOTAL DISBURSEMENTS THIS PERIOD                                 $ 223,898.70
Add additional pages as necessary to include all disbursements.
 
 
 
6
 
 
 
 

 
GENERAL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:    12/31/11                             
$
350,184.11

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
1354   12/28/11   $210.00
1355   12/28/11   $125.00
1356   12/28/11   $2.70
1357   12/28/11   $195.45
1358   12/28/11   $2,764.28
1359   12/28/11   $5,205.13
1360   12/28/11   $60.00
1361   12/28/11   $180.44
1362   12/28/11   $83,757.46
1363   12/28/11   $79,664.47
1364   12/28/11   $472.00
1365   12/28/11   $6,912.02
1366   12/28/11   $8,857.75
1367   12/28/11   $180.43
1368   12/28/11   $56,448.40
1369   12/30/11   $211.00 
         

Total outstanding checks
  
<246,646.53
 > 
       
Bank statement adjustments**
      
       
Adjusted bank balance
   $ 103,537.58  
 
 
 

 
 
*
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.
 

 
 
 
 
 
7
 
 
 
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                                                                                      
       

 
 
8
 
 
 

PAYROLL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  12/31/11                                      
  $ 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  

 
 
 
9
 
 

 
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.2 (TORREY PINES PAYROLL ACCOUNT)
 
1.  
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
   $ 508,923.57  
             
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
   $ 507,829.29  
             
3.  
BEGINNING BALANCE
   $ 1,094.28  
             
4.  
RECEIPTS:
    TRANSFERRED FROM OTHER ACCOUNT
      (Torrey Pines Bank general and money market account)
   $ 14,015.52  
             
5.  
BALANCE
   $ 15,109.80  
             
6.  
LESS: DISBURSEMENTS DURING CURRENT PERIOD
        

 
DATE
CHECK NO.
PAYEE
AMOUNT
12/14/11 Payroll fee NPS Payroll Services 58.00
12/14/11 Transfer payroll 12/1 to 12/15 NPS Payroll Services 1,877.79
12/14/11 Transfer payroll 12/1 to 12/15 NPS Payroll Services 5,037.72
12/29/11 Payroll fee NPS Payroll Services 126.50
12/29/11 Transfer payroll 12/16 to 12/31 NPS Payroll Services 1,877.79
12/29/11 Transfer payroll 12/16 to 12/31 NPS Payroll Services 5,037.72
       
       
       
       

TOTAL DISBURSEMENTS THIS PERIOD:
   $ 14,015.52  
 
7.  
ENDING BALANCE:
   $ 1,094.28  
8.  
PAYROLL ACCOUNT NUMBER                                                                                 
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130,
San Diego, California 92121                                                                                      
       

 
 
10
 
 
 

PAYROLL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  12/31/11                                      
  $ 1,094.28  

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
   $ 1,094.28  

 
*
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.
 
 
 
11
 
 


I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
C. (TAX ACCOUNT)
 
1.  
TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS
   $ 30,054,878.91  
             
2.  
LESS:  TOTAL DISBURSEMENTS PER ALL PRIOR TAX ACCOUNT REPORTS
   $ 0.00  
             
3.  
BEGINNING BALANCE
   $ 30,054,878.91  
             
4.  
RECEIPTS:
TAX REFUNDS
   $ 0.00  
             
    OTHER - Interest    $  11,983.09  
             
5.  
BALANCE
   $ 30,066,862.00  
             
6.  
LESS: DISBURSEMENTS DURING CURRENT PERIOD
        

DATE
CHECK NO.
PAYEE
AMOUNT
       
       
       

TOTAL DISBURSEMENTS THIS PERIOD:
   $ 0.00  
 
7.  
ENDING BALANCE:
   $ 30,066,862.00  
             
8.  
TAX ACCOUNT NUMBER                                                                                                           
       
   
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130
San Diego, CA 92121                                                                                                       
       
 
 
 
12
 
 
 
 

TAX ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  12/31/11                                     
  $ 30,066,862.00  

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
   $ 30,066,862.00  

 
 
 

 
 
13
 
 
D. SUMMARY SCHEDULE OF CASH

ENDING BALANCE FOR PERIOD:

GENERAL ACCOUNT - Bk of America
   $ 0.00  
GENERAL ACCOUNT - Torrey Pines Bk    $  103,537.58  
PAYROLL ACCOUNT - Bk of America
   $ 0.00  
PAYROLL ACCOUNT - Torrey Pines Bk    $   1,094.28  
TAX ACCOUNT - Torrey Pines Bk
   $ 30,066,862.00  
OTHER ACCOUNTS*:
  Torrey Pines Bank
  4350 Executive Drive, Suite 130
  San Diego, CA 92121
  Money Market Account                                        
  $ 764,733.70  
 
 Torrey Pines Bank
  4350 Executive Drive, Suite 130
  San Diego, CA 92121
  Rabbi Trust Assets
  Money Market Account                                        
  $  6,941,151.38  
OTHER MONIES*:_______________
   $    
PETTY CASH**
   $  250.00  
TOTAL CASH AVAILABLE
   $ 37,877,628.94  
    NOTE: Attach copies of monthly accounts statements from financial institutions for each account.
 
 

 
 
14
 
 
 

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
   $  12,333.34  

 
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:
$
$
  

 
 
15
 
 

 

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
 3/15/12  3/15/12 
Worker Compensation
   State Fund  $1,000,000/occurrence  2/15/12  11/15/11
 
          
           
           

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  01/29/10  $325.00  $0.00
3/31/10   $165,607.22  $1,625.00
 04/07/10,
 05/13/10 
 $325.00,
 $1,300.00 
  $0.00
6/30/10   $260,256.53  $1,950.00  08/17/10   $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   $1,206,199.31  $6,500.00  03/09/11  $6,500.00  $0.00
 
*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.
 
 
 
16
 
 
 
 
 
03/31/11  $807,345.48  $4,875.00  05/19/11  $4,875.00  $0.00
06/30/11   $658,623.79   $4,875.00   08/03/11  $4,875.00  $0.00
09/30/11   $734,784.89   $4,875.00   11/02/11  $4,875.00  $0.00 
12/31/11  $974,652.89  $4,875.00    $0.00  $4,875.00

 

VII.    SCHEDULE OF COMPENSATION PAID TO INSIDERS
 
Name of Insider
Date of Order Authorizing Compensation
Authorized Gross Compensation*
Gross Compensation Paid During the Month
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
      
       
       
       




 
17
 
 

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
     13,633.34       467,127.09  
Payroll - Other Employees
     0.00       128,944.97  
Payroll Taxes
     197.68       40,698.39  
Other Taxes (Itemize)
     0.00       0.00  
Depreciation and Amortization
     0.00       0.00  
Lease Expense
     10,410.26       140,482.55  
Insurance
     0.00       187,184.83  
Telephone and Utilities
     902.63       22,454.55  
Repairs, Maintenance, Janitorial, Office, Plant Service
     420.00       13,882.94  
Travel and Entertainment (Itemize)
                
          Mileage, Parking and Auto       0.00       4,653.30  
          Meals      0.00       868.42  
          Airfare      0.00       12,500.00  
          Miscellaneous Operating Expenses (Itemize)                 
          Insurance - Employees      0.00       (136,144.58 )
    Salary Savings Plan Expense       0.00        12,223.20  
          Workers Compensation Insurance      0.00       7,372.41  
          Parking Services      250.00       8,950.00  
          Storage and Moving      422.00       13,419.00  
          Bank Service Charges      10.00       3,983.68  
          Payroll Fees      184.50       3,737.63  
          Office Supplies      0.00       485.21  
          Postage and Shipping      102.66       2,243.81  
    Dues and Subscriptions       0.00        1,254.00  
          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        10,000.00  
          US Trustee Fees      0.00       28,280.58  
Total Operating Expenses
     26,533.07       975,373.56  
                 
Net Gain/(Loss) from Operations
      (26,533.07 )       (975,373.56 ) 
                 
Non-Operating Income:
                
Interest on Cash Accounts
     16,155.77       232,231.03  
Gain (Loss) on Sale of Assets
     0.00       29,384.84  
 
                
 
 
 
18
 
 
 
 
 
    Prudential Stock Dividends     0.00      1,332.10  
    Mark to Market on CSV of Life Insurance Policies     0.00      158,385.18  
    Income Taxes     0.00      2,703,141.71  
          Interest on Income Tax Refunds    0.00     588,627.56  
   Total Non-Operating income   16,155.77     3,713,102.42  
             
Non-Operating Expenses:
            
Interest Expense
     0.00       0.00  
Legal Expense
     286,501.68       4,760,200.37  
Audit and Accounting
     76,678.50       745,511.82  
          Consulting      19,199.56       171,689.98  
          Other (Itemize)      0.00       (2,872.17 ) 
Total Non-Operating Expenses
     382,379.74       5,674,530.00  
NET INCOME/(LOSS)
     (392,757.04 )      (2,936,801.14 ) 
(Attach exhibit listing all itemizations required above)
 

 
 
19
 
 

X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
 
   
Current Month End
        
ASSETS
            
Current Assets:
            
Unrestricted Cash
     37,877,628.94        
          Security Deposit Held by Landlord      30,971.51        
Total Current Assets
             37,908,600.45  
                 
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      64,257.64          
          Investment in ITLA Mortgage Loan
          Securitization 2002-1
     75,000.00          
          Current and Deferred Income Taxes      6,989.46          
          Delaware Franchise Taxes      99,945.00          
          Prepaid Expenses, Net      36,464.00          
          Interests in Insurance Policies      441,240.00          
          Other      35,873.82          
                 
Total Other Assets
             807,055.31  
                 
TOTAL ASSETS
             38,715,655.76  
                 
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
     99,489,227.98          
 
Total Prepetition Liabilities
           99,489,227.98  
TOTAL LIABILITIES
           99,489,227.98  
               
EQUITY:
              
Prepetition Owners' Equity
     (57,741,774.08 )         
Postpetition Profit/(Loss)
     (2,936,801.14 )         
Direct Charges to Equity
     (94,997.00 )         
TOTAL EQUITY
             (60,773,572.22 ) 
                 
TOTAL LIABILITIES & EQUITY
             38,715,655.76  
 
 
 
20
 
 

 

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 January 12, 2012, the Debtor filed its "Revised Second Amended Disclosure Statement re Chapter 11 Plan of Reorganization Proposed by Holdco Advisors L.P. and Debtor Imperial Capital Bancorp, Inc., a Delaware Corporation Dated January 15, 2012" (the "Revised Disclosure Statement").  A hearing to consider the adequacy of the Revised Disclosure Statement is scheduled for January 25, 2012.
 
 
4.        Describe potential future developments which may have a significant impact on the case.
The Debtor has filed two adversary proceedings against the FDIC-R, and has objected to the proofs of claim asserted by the FDIC-R.  The outcome of the Debtor/FDIC-R litigation will determine the amount available for distribution to creditors.
                                                                                                                                                                                                                                       
 
 
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:  January 20, 2012                                     
   
/s/ Anthony Rusnak
  
     
Principal for debtor-in-possession
  



 
21
 
 

 EX-99.2 3 ex99-2.htm ex99-2.htm
Exhibit 99.2

 
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. 26
    FOR THE MONTH ENDING:
    JANUARY 2012

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                                                                                     
       
 

 
 
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:    01/31/12                             
$
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
   $ 9,883,375.34  
         
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR
GENERAL ACCOUNT REPORTS
   $  9,533,191.23  
             
3.  
BEGINNING BALANCE:
   $ 350,184.11  

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
   $ 12,665.66  
    OTHER (SPECIFY) Account refunds    $  0.00  
   
OTHER (SPECIFY) Transfer from money market account
   $ 0.00  
 
   
TOTAL RECEIPTS THIS PERIOD:
   $ 12,665.66  
5.  
BALANCE:
   $ 362,849.77  

6.  
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
  
       
   
    TRANSFERS TO OTHER DIP ACCOUNTS
   $ 15,353.28  
   
    DISBURSEMENTS
   $ 237,807.28  

    TOTAL DISBURSEMENTS THIS PERIOD:
   $ 253,160.56  
         
 
7.  
ENDING BALANCE:
   $ 109,689.21  
             
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
01/04/12
1354
Mary Jane Mulson
Janitorial services
210.00
01/03/12 1355 Ace Parking Management Parking services
125.00
01/03/12 1356 UPS Postage
2.70
01/05/12 1357 Time Warner Cable Internet services
195.45
01/09/12 1358 Mellon Investor Services Stock transfer agent
2,764.28
01/03/12 1359 888 Prospect LJ, LLC Office rent
5,205.13
01/06/12 1360 CT Corporation Service of process
60.00
01/04/12 1361 Verizon Wireless Telephone services
180.44
01/05/12 1362 Akin Gump Strauss Hauer & Feld Legal fees
83,757.46
01/09/12 1363 Stutman, Treister & Glatt Legal fees
79,664.47
01/03/12 1364 Ernst & Young Auditing services
472.00
01/05/12 1365 Silver, Freedman & Taff Legal fees
6,912.02
01/09/12 1367 Freedom Voice Telephone services
180.43
01/09/12 1368 FTI Consulting Auditing services
56,448.40
01/05/12 1369 Public Storage Storage services
211.00
01/23/12 1370 Takeo Sasaki Consulting - accounting services
1,198.50
01/30/12 1371 Mary Jane Mulson Janitorial services
210.00
01/25/12 Bank Debit Torrey Pines Bank Wire transfer fee 10.00
         
 
       TOTAL DISBURSEMENTS THIS PERIOD                                 $ 237,807.28
Add additional pages as necessary to include all disbursements.
 
 
 
6
 
 
 
 

 
GENERAL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:    01/31/12                             
$
109,689.21

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
1366   12/28/11   $8,857.75
         
         
         
         

Total outstanding checks
  
<10,257.75
 > 
       
Bank statement adjustments**
      
       
Adjusted bank balance
   $ 99,431.46  
 
 
 

 
 
*
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.
 

 
 
 
 
 
7
 
 
 
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                                                                                      
       

 
 
8
 
 
 

PAYROLL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  01/31/12                                      
  $ 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  

 
 
 
9
 
 

 
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.2 (TORREY PINES PAYROLL ACCOUNT)
 
1.  
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
   $ 522,939.09  
             
2.  
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
   $ 521,844.81  
             
3.  
BEGINNING BALANCE
   $ 1,094.28  
             
4.  
RECEIPTS:
    TRANSFERRED FROM OTHER ACCOUNT
      (Torrey Pines Bank general and money market account)
   $ 15,353.28  
             
5.  
BALANCE
   $ 16,447.56  
             
6.  
LESS: DISBURSEMENTS DURING CURRENT PERIOD
        

 
DATE
CHECK NO.
PAYEE
AMOUNT
01/12/12 Payroll fee NPS Payroll Services 58.00
01/12/12 Transfer payroll 1/1 to 1/15 NPS Payroll Services 3,094.86
01/12/12 Transfer payroll 1/1 to 1/15 NPS Payroll Services 4,706.81
01/24/12 Payroll fee NPS Payroll Services 63.00
01/30/12 Payroll fee NPS Payroll Services 143.00
01/30/12 Transfer payroll 1/16 to 1/31 NPS Payroll Services 2,643.79
01/30/12 Transfer payroll 1/16 to 1/31 NPS Payroll Services 4,706.82
       
       
       
       

TOTAL DISBURSEMENTS THIS PERIOD:
   $ 15,416.28  
 
7.  
ENDING BALANCE:
   $ 1,031.28  
8.  
PAYROLL ACCOUNT NUMBER                                                                                 
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130,
San Diego, California 92121                                                                                      
       

 
 
10
 
 
 

PAYROLL ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  01/31/12                                      
  $ 1,031.28  

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
   $ 1,031.28  

 
*
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.
 
 
 
11
 
 


I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
C. (TAX ACCOUNT)
 
1.  
TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS
   $ 30,066,862.00  
             
2.  
LESS:  TOTAL DISBURSEMENTS PER ALL PRIOR TAX ACCOUNT REPORTS
   $ 0.00  
             
3.  
BEGINNING BALANCE
   $ 30,066,862.00  
             
4.  
RECEIPTS:
TAX REFUNDS
   $ 0.00  
             
    OTHER - Interest    $  11,823.06  
             
5.  
BALANCE
   $ 30,078,685.06  
             
6.  
LESS: DISBURSEMENTS DURING CURRENT PERIOD
        

DATE
CHECK NO.
PAYEE
AMOUNT
       
       
       

TOTAL DISBURSEMENTS THIS PERIOD:
   $ 0.00  
 
7.  
ENDING BALANCE:
   $ 30,078,685.06  
             
8.  
TAX ACCOUNT NUMBER                                                                                                           
       
   
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130
San Diego, CA 92121                                                                                                       
       
 
 
 
12
 
 
 
 

TAX ACCOUNT
BANK RECONCILIATION*
 
Balance per bank statement dated:  01/31/12                                     
  $ 30,078,685.06  

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
   $ 30,078,685.06  

 
 
 

 
 
13
 
 
D. SUMMARY SCHEDULE OF CASH

ENDING BALANCE FOR PERIOD:

GENERAL ACCOUNT - Bk of America
   $ 0.00  
GENERAL ACCOUNT - Torrey Pines Bk    $  99,431.46  
PAYROLL ACCOUNT - Bk of America
   $ 0.00  
PAYROLL ACCOUNT - Torrey Pines Bk    $   1,031.28  
TAX ACCOUNT - Torrey Pines Bk
   $ 30,078,685.06  
OTHER ACCOUNTS*:
  Torrey Pines Bank
  4350 Executive Drive, Suite 130
  San Diego, CA 92121
  Money Market Account                                        
  $ 765,131.88  
 
 Torrey Pines Bank
  4350 Executive Drive, Suite 130
  San Diego, CA 92121
  Rabbi Trust Assets
  Money Market Account                                        
  $  6,944,765.49  
OTHER MONIES*:_______________
   $    
PETTY CASH**
   $  250.00  
TOTAL CASH AVAILABLE
   $ 37,889,295.17  
    NOTE: Attach copies of monthly accounts statements from financial institutions for each account.
 
 

 
 
14
 
 
 

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
   $  12,333.34  

 
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:
$
$
  

 
 
15
 
 

 

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
 3/15/12  3/15/12 
Worker Compensation
   State Fund  $1,000,000/occurrence  2/15/12  11/15/11
 
          
           
           

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  01/29/10  $325.00  $0.00
3/31/10   $165,607.22  $1,625.00
 04/07/10,
 05/13/10 
 $325.00,
 $1,300.00 
  $0.00
6/30/10   $260,256.53  $1,950.00  08/17/10   $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   $1,206,199.31  $6,500.00  03/09/11  $6,500.00  $0.00
 
*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.
 
 
 
16
 
 
 
 
 
03/31/11  $807,345.48  $4,875.00  05/19/11  $4,875.00  $0.00
06/30/11   $658,623.79   $4,875.00   08/03/11  $4,875.00  $0.00
09/30/11   $734,784.89   $4,875.00   11/02/11  $4,875.00  $0.00 
12/31/11  $974,652.89  $4,875.00  02/03/12  $4,875.00  $0.00

 

VII.    SCHEDULE OF COMPENSATION PAID TO INSIDERS
 
Name of Insider
Date of Order Authorizing Compensation
Authorized Gross Compensation*
Gross Compensation Paid During the Month
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
      
       
       
       




 
17
 
 

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
     13,633.34       480,760.43  
Payroll - Other Employees
     0.00       128,944.97  
Payroll Taxes
     1,518.94       42,217.33  
Other Taxes (Itemize)
     0.00       0.00  
Depreciation and Amortization
     0.00       0.00  
Lease Expense
     0.00       140,482.55  
Insurance
     0.00       187,184.83  
Telephone and Utilities
     0.00       22,454.55  
Repairs, Maintenance, Janitorial, Office, Plant Service
     210.00       14,092.94  
Travel and Entertainment (Itemize)
                
          Mileage, Parking and Auto       0.00       4,653.30  
          Meals      0.00       868.42  
          Airfare      0.00       12,500.00  
          Miscellaneous Operating Expenses (Itemize)                 
          Insurance - Employees      0.00       (136,144.58 )
    Salary Savings Plan Expense       0.00        12,223.20  
          Workers Compensation Insurance      0.00       7,372.41  
          Parking Services      0.00       8,950.00  
          Storage and Moving      0.00       13,419.00  
          Bank Service Charges      10.00       3,993.68  
          Payroll Fees      264.00       4,001.63  
          Office Supplies      0.00       485.21  
          Postage and Shipping      0.00       2,243.81  
    Dues and Subscriptions       0.00        1,254.00  
          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        10,000.00  
          US Trustee Fees      0.00       28,280.58  
Total Operating Expenses
     15,636.28       991,009.84  
                 
Net Gain/(Loss) from Operations
      (15,636.28 )       (991,009.84 ) 
                 
Non-Operating Income:
                
Interest on Cash Accounts
     15,835.35       248,066.38  
Gain (Loss) on Sale of Assets
     0.00       29,384.84  
 
                
 
 
 
18
 
 
 
 
 
    Prudential Stock Dividends     0.00      1,332.10  
    Mark to Market on CSV of Life Insurance Policies     0.00      158,385.18  
    Income Taxes     0.00      2,703,141.71  
          Interest on Income Tax Refunds    0.00     588,627.56  
   Total Non-Operating income   15,835.35     3,728,937.77  
             
Non-Operating Expenses:
            
Interest Expense
     0.00       0.00  
Legal Expense
     576,543.48       5,336,743.85  
Audit and Accounting
     48,988.36       794,500.18  
          Consulting      10,921.58       182,611.56  
          Other (Itemize)      0.00       (2,872.17 ) 
Total Non-Operating Expenses
     636,453.42       6,310,983.42  
NET INCOME/(LOSS)
     (636,254.35 )      (3,573,055.49 ) 
(Attach exhibit listing all itemizations required above)
 

 
 
19
 
 

X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
 
   
Current Month End
        
ASSETS
            
Current Assets:
            
Unrestricted Cash
     37,889,295.17        
          Security Deposit Held by Landlord      30,971.51        
Total Current Assets
             37,920,266.68  
                 
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      51,591.98          
          Investment in ITLA Mortgage Loan
          Securitization 2002-1
     75,000.00          
          Current and Deferred Income Taxes      6,989.46          
          Delaware Franchise Taxes      99,945.00          
          Prepaid Expenses, Net      36,464.00          
          Interests in Insurance Policies      441,240.00          
          Other      35,873.82          
                 
Total Other Assets
             794,389.65  
                 
TOTAL ASSETS
             38,714,656.33  
                 
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
     100,124,482.90          
 
Total Prepetition Liabilities
           100,124,482.90  
TOTAL LIABILITIES
           100,124,482.90  
               
EQUITY:
              
Prepetition Owners' Equity
     (57,741,774.08 )         
Postpetition Profit/(Loss)
     (3,573,055.49 )         
Direct Charges to Equity
     (94,997.00 )         
TOTAL EQUITY
             (61,409,826.57 ) 
                 
TOTAL LIABILITIES & EQUITY
             38,714,656.33  
 
 
 
20
 
 

 

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 January 12, 2012, the Debtor filed its "Revised Second Amended Disclosure Statement re Chapter 11 Plan of Reorganization Proposed by Holdco Advisors L.P. and Debtor Imperial Capital Bancorp, Inc., a Delaware Corporation Dated January 5, 2012" (the "Revised Disclosure Statement").  The Court conducted a hearing to consider the Revised Disclosure Statement on January 25, 2012.
 
 
4.        Describe potential future developments which may have a significant impact on the case.
The Debtor has filed two adversary proceedings against the FDIC-R, and has objected to the proofs of claim asserted by the FDIC-R.  The outcome of the Debtor/FDIC-R litigation will determine the amount available for distribution to creditors.
                                                                                                                                                                                                                                       
 
 
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 21, 2012                                     
   
/s/ Anthony Rusnak
  
     
Principal for debtor-in-possession
  



 
21