UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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 28, 2020
RAIT Financial Trust
(Exact name of registrant as specified in its charter)
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Maryland |
1-14760 |
23-2919819 |
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(State or other jurisdiction |
(Commission |
(I.R.S. Employer |
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of incorporation) |
File Number) |
Identification No.) |
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Two Logan Square, 100 N. 18th St., 23rd Floor, Philadelphia, Pennsylvania 19103 |
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(Address of Principal Executive Offices, and Zip Code) |
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(215) 207-2100 |
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Registrant’s telephone number, including area code: |
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N/A
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 (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Not applicable |
Not applicable |
Not applicable |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
As previously disclosed, on August 30, 2019, RAIT Financial Trust (“RAIT”) and its affiliates RAIT Funding LLC, RAIT General, Inc., RAIT Limited, Inc., Taberna Realty Finance Trust, RAIT JV TRS, LLC, and RAIT JV TRS Sub, LLC (together, the “Debtors”) filed voluntary bankruptcy cases (the “Chapter 11 Cases”) under chapter 11, Title 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Chapter 11 Cases are jointly administered under the caption In re: RAIT Funding, LLC, a Delaware limited liability company, et. al. As previously disclosed in a Current Report on Form 8-K filed by RAIT on November 19, 2019 (the “11/19/19 8K”), during the pendency of the Chapter 11 Cases, in lieu of filing Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K under Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), RAIT intends to follow the modified reporting procedures (the “Modified Reporting Procedures”) outlined in Exchange Act Release No. 9660 (June 30, 1972), the Securities and Exchange Commission’s (the “Commission”) Staff Legal Bulletin No. 2 (April 15, 1997) and the Commission’s related no-action correspondence, as described in the 11/19/19 8K.
On February 28, 2020, the Debtors jointly filed a monthly operating report for the period from January 1, 2020 to January 31, 2020 (the “Monthly Operating Report”) with the Bankruptcy Court. In accordance with the Modified Reporting Procedures, a copy of the Monthly Operating Report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The Monthly Operating Report, court filings and other information related to the Chapter 11 Cases are available at a website administered by the Debtors’ noticing and claims agent, Epiq Corporate Restructuring, LLC, at https://dm.epiq11.com/rait, or www.deb.uscourts.gov, the official Bankruptcy Court website. The information set forth in these websites is not incorporated into this report.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “can,” “could,” “may,” “potential,” “should,” “will,” “plans,” “continuing,” “ongoing,” “expects,” “intends to,” and similar words or phrases. Although RAIT believes that the expectations reflected in these forward-looking statements are reasonable, these statements are not guarantees of future performance and involve risks and uncertainties that are subject to change based on various important factors, some of which are beyond our control. These risks, uncertainties and contingencies include, but are not limited to, (i) the length of time the Debtors will operate under the Chapter 11 Cases; (ii) risks associated with third-party motions in the Chapter 11 Cases; (iv) the potential adverse effects of the Chapter 11 Cases on the Debtors’ liquidity, results of operations or business prospects; (v) increased legal, advisor and other costs related to the Chapter 11 Cases and other litigation and the inherent risks involved in a bankruptcy process; and (vi) the effect of the Chapter 11 Cases on the trading price and value of RAIT securities. For additional discussion of these risks, refer to the section entitled “Risk Factors” and elsewhere in the RAIT’s Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Commission on March 26, 2019, Amendment No. 1 to RAIT’s Annual Report on Form 10-K/A for the year ended December 31, 2018, filed with the Commission on April 30, 2019, RAIT’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019, filed with the Commission on November 7, 2019 and RAIT’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019, filed with the Commission on November 7, 2019. In light of the significant uncertainties inherent in any forward-looking information included herein, the inclusion of such information should not be regarded as a representation by RAIT or any other person that RAIT’s expectations, objectives or plans will be achieved in the timeframe anticipated or at all. RAIT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as may be required by law. All forward-looking statements attributable to RAIT are expressly qualified by these cautionary statements.
Cautionary Statement Regarding Financial Operating Data
The Debtors caution investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any securities of the Debtors. The Debtors prepared the Monthly Operating Report solely for purposes of complying with the monthly operating reporting requirements applicable in the Chapter 11 Cases. The financial information contained in the Monthly Operating Report is unaudited, limited in scope, and as such, has not been subject to procedures that would typically be applied to financial statements in accordance with accounting principles generally accepted in the United States of America. These unaudited financial statements were prepared using certain assumptions and estimates. These assumptions and estimates are subject to revision. Further, the amounts shown in this statement may differ materially due to adjustments in accruals, changes in facts and circumstances, changes in estimates, further analysis, and other factors. Accordingly, there can be no assurances that, from the perspective of an investor or potential investor in RAIT’s or its subsidiaries’ securities, the financial information contained in the Monthly Operating Report is complete.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are included as part of this report:
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Exhibit |
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Description |
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99.1 |
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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.
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RAIT Financial Trust |
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March 4, 2020 |
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By: |
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/s/ Alfred J. Dilmore |
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Name: Alfred J. Dilmore |
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Title: Chief Financial Officer, |
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Treasurer and Chief Accounting Officer |
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 1 of 16
Exhibit 99.1
X
In re
:
Chapter 11
RAIT FUNDING, LLC,
a Delaware limited liability company, et. al. (1)
:
:
Case No. 19-11915 (BLS)
UNITED STATES BANKRUPTCY COURT THE DISTRICT OF DELAWARE
:
:
Debtors.: Jointly Administered
X
Monthly Operating Report
For the Period From January 1, 2020, to January 31, 2020
DEBTORS' ADDRESS: Two Logan Square
100 N. 18th Street, 23rd Floor Philadelphia, Pennsylvania 19103 (Attn: John J. Reyle)
Patrick A. Jackson (Del. Bar No. 4976) Joseph N. Argentina, Jr. (Del. Bar No. 5453)
222 Delaware Avenue, Suite 1410
Wilmington, DE 19801
Tel: (302) 467-4200
Fax: (302) 467-4201
Patrick.Jackson@dbr.com
Joseph.Argentina@dbr.com
Michael P. Pompeo
Brian P. Morgan
1177 Avenue of the Americas, 41st
Floor
New York, NY 10036-2714
Tel: (212) 248-3140
Fax: (212) 248-3141
Michael.Pompeo@dbr.com
Brian.Morgan@dbr.com
REPORT PREPARER: RAIT FUNDING, LLC
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
/s/ Alfred Dilmore 02/28/2020
Alfred Dilmore Date
Chief Financial Officer
Notes:
(1) The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number (if applicable), are as follows: RAIT Funding, LLC, a Delaware limited liability company (9983); RAIT Financial Trust, a Maryland real estate
investment trust (9819); RAIT General, Inc., a Maryland corporation (9987); RAIT Limited, Inc., a Maryland corporation (9773); Taberna Realty Finance Trust, a Maryland real estate investment trust (3577); RAIT JV TRS, LLC, a Delaware limited liability company (3190); and RAIT JV TRS Sub, LLC, a Delaware limited liability company (4870). The mailing address for all Debtors is Two Logan Square, 100
N. 18th Street, 23rd Floor, Philadelphia, Pennsylvania 19103 (Attn: John J. Reyle).
FORM Cover Page
PAGE 1 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 2 of 16
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF DELAWARE
RAIT FUNDING LLC Case No. 19-11915 (BLS)
DebtorReporting Period: 01/01/20 - 01/31/20
Monthly Operating Report
|
Required Documents |
Form No. |
Document Attached |
Explanation Attached |
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Schedule of Cash Receipts and Disbursements |
MOR-1a |
x |
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Bank Account Reconciliation/Information |
MOR-1b |
N/A |
x |
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Schedule of Professional Fees Paid |
MOR-1c |
x |
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Copies of Bank Statements |
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N/A |
x |
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Cash Disbursements Journals |
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N/A |
x |
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Statement of Operations |
MOR-2 |
x |
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Balance Sheet |
MOR-3 |
x |
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Status of Post-Petition Taxes |
MOR-4a |
N/A |
x |
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Copies of IRS Form 6123 |
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N/A |
x |
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Copies of Tax Returns Filed During Reporting Period |
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N/A |
x |
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Summary of Unpaid Post-Petition Debts |
MOR-4b |
x |
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Listing of Aged Accounts Payable |
MOR-4b |
x |
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Accounts Receivable Reconciliation and Aging |
MOR-5a |
x |
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Debtor Questionnaire |
MOR-5b |
x |
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FORM MOR
PAGE 2 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 3 of 16
Global Notes and Statements of Limitations and
Disclaimers Regarding the Debtors' Monthly Operating Reports
This Monthly Operating Report ("MOR") includes activity for the following Debtors:
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Debtor |
Case No. |
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RAIT Funding, LLC |
19-11915 (BLS) |
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RAIT Financial Trust |
19-11916 (BLS) |
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RAIT General, Inc. |
19-11917 (BLS) |
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RAIT Limited, Inc. |
19-11918 (BLS) |
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Taberna Realty Finance Trust |
19-11919 (BLS) |
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RAIT JV TRS, LLC |
19-11920 (BLS) |
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RAIT JV TRS SUB, LLC |
19-11921 (BLS) |
On August 30, 2019 (the “Petition Date”), RAIT Funding LLC and 6 of its affiliates (collectively, the “Debtors”), each commenced a voluntary case under chapter
11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Debtors are authorized to operate their businesses and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On September 4, 2019, the Bankruptcy Court entered an order authorizing the joint administration of these cases pursuant to Bankruptcy Rule 1015(b).
These following notes and statements and limitations should be referred to, and referenced in connection with, any review of this MOR.
1. Basis for Presentation. This MOR has been prepared solely for the purpose of complying with the monthly reporting requirements in these chapter 11 cases and is in a format the Debtors believe is acceptable to the United States Trustee. The financial statements and supplemental information contained herein are preliminary, unaudited and may not comply in all material respects with accounting principles generally accepted in the United States ("GAAP"). In addition, certain of the financial statements and supplemental information contained herein represent consolidated information (e.g., RAIT Financial Trust and its consolidated subsidiaries). The unaudited consolidated financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with GAAP, and upon application of
such procedures the financial information could be subject to material change. The MOR should not be relied upon by any persons for information relating to current or future financial conditions, events, or performance of any of the Debtors.
The information furnished in this report includes normal recurring adjustments, but may not include all adjustments that would typically be made for financial information in accordance with GAAP.
The consolidated results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of the Debtors' operations, their financial position and the schedule of receipts and disbursements in the future. The Debtors caution readers not to place undue reliance upon the MOR. There can be no assurance that such information is complete and the MOR may be subject to revision.
2. Accuracy. The financial information disclosed herein was not prepared in accordance with federal or state securities laws or other applicable non‐bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder. Persons and entities trading in or otherwise purchasing, selling, or transferring the claims against the Debtors should evaluate this financial information in light of the purposes for which it was prepared. The Debtors are not liable for and undertake no responsibility to indicate variations from securities laws or for any evaluations of the Debtors based on this financial information or any other information.
3. Liabilities Subject to Compromise. Liabilities subject to compromise have been reported at the amounts recorded on the Debtors' books and records as of the date of the report. The amounts classified as liabilities subject to compromise in the financial statements included herein are preliminary and may be subject to future adjustments depending on Bankruptcy Court actions, developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, reconciliation of claims, and other events.
4. Reservation of Rights. The Debtors reserve all rights to amend or supplement the MOR in all respects, as may be necessary or appropriate. Nothing contained in this MOR shall constitute a waiver of any of the Debtors' rights or an admission with respect to their chapter 11 cases.
5. Reporting Period. Unless otherwise noted herein, the MOR generally reflects the Debtors' books and records and financial activity occurring during the applicable reporting period. Except as otherwise noted, no adjustments have been made for activity occurring after the close of the reporting period.
6. Consolidated Entity Accounts Payable and Disbursement Systems. Cash is received and disbursed by the Debtors as described in the Motion of Debtors for Entry of Interim and Final Orders (I) Authorizing The Debtors To (A) Continue To Operate Their Cash Management System, (B) Honor Certain Prepetition Obligations Related Thereto, (C) Maintain Existing Business Forms, And (D) Continue To Perform Intercompany Transactions, (II) Suspending The Requirements Contained In Section 345(B) Of The Bankruptcy Code, and (III) Granting Related Relief [Docket No. 4, 32 and 122].
FORM Notes
PAGE 3 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 4 of 16
Global Notes and Statements of Limitations (cont.)
7. Debtor & Non-Debtor Activities. To the best of the Debtors’ ability, the information shown in this MOR is for the 7 Debtor entities. In that regard, MOR-2 (Statement of Operations) and MOR-3 (Balance Sheet) include individual data for Debtors, with aggregated activity for all non-Debtors, and aggregated intercompany eliminations across Debtors and non-Debtors. Historically, financial statements have only been produced by the Debtors on a consolidated basis (e.g., RAIT Financial Trust and its consolidated subsidiaries), and accounting processes and general ledger activity have occurred to support preparation of these consolidated financial statements, and not stand-alone financial statements for each Debtor. Accordingly, each Debtor’s individual information within MOR-2 and MOR-3 may not be in accordance with GAAP. As such. relying upon an unconsolidated view of each Debtor may be misleading and is being shown only for the purposes of complying with MOR reporting requirements.
8. Sale of Substantially all Assets. On August 30, 2019, the Debtors entered into an Equity and Asset Purchase Agreement to sell substantially all of its assets to CF RFP Holdings LLC, an entity owned by funds managed by affiliates of Fortress Investment Group LLC. The sale was effectuated through a sale process under Section 363 of the United States Bankruptcy Code. On December 23, 2019, the Debtors closed on that sale. The sale was approved pursuant to a court order [Docket #268]. While the transaction is reflected in this MOR with the sale of assets and collection of the purchase price in cash, the purchase price allocation and other technical accounting aspects of the sale as required by GAAP, are preliminary and subject to material revision in future periods.
FORM Notes
PAGE 4 OF 16
Case 19-11915-BLS
Doc 459
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Page 5 of 16
|
RAIT FUNDING LLC |
Case No. |
19-11915 (BLS) |
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Debtor |
Reporting Period: |
01/01/20 - 01/31/20 |
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MOR-1a |
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Schedule of the Debtors' Cash Receipts and Disbursements |
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For the Period From January 1, 2020, to January 31, 2020 |
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($ in thousands) |
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Bank Balance 12/31/2019 |
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$ |
165,880 |
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Receipts: |
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Cash Receipts |
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190 |
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Total Receipts |
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$ |
190 |
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Disbursements: |
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Operating Disbursements |
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Payroll and Benefits |
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(628 |
) |
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Professional Fees - Recurring |
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(160 |
) |
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Litigation Related Costs |
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- |
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Corporate Overhead |
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(226 |
) |
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REO Maintenance |
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- |
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Other |
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(10 |
) |
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Total Operating Disbursements |
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$ |
(1,023 |
) |
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Non-Operating Cash Items |
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Professional Fees - Restructuring |
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(1,021 |
) |
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Principal & Interest |
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- |
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Transaction Related Expenses |
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- |
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Sale Proceeds |
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- |
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Total Non-Operating Cash Flow |
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$ |
(1,021 |
) |
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Net Cash Flow |
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$ |
(1,854 |
) |
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Ending Bank Balance 01/31/2020 |
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$ |
164,026 |
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Outstanding Checks |
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(90 |
) |
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Ending Book Balance 01/31/2020 |
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$ |
163,936 |
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FORM MOR-1a
PAGE 5 OF 16
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RAIT FUNDING LLC Case No. 19-11915 (BLS)
Debtor Reporting Period: 01/01/20 - 01/31/20
MOR-1b
Bank Reconciliation
As of January 31, 2020
The Debtors hereby submit this attestation in lieu of providing copies of bank statements, bank reconciliations, and cash disbursement journals.
Attached to MOR-1a is a listing of all Debtor bank accounts, by account number, with period ending book balances. The Debtors affirm these accounts are reconciled monthly in accordance with the Debtors' ordinary course accounting practices and are available to the United States Trustee upon request. Further, the Debtors affirm that cash bank statements and cash disbursement journals are maintained in accordance with the Debtors' ordinary course accounting practices and are available to the United States Trustee upon request.
/s/ Alfred Dilmore 02/28/2020
Signature of Authorized Individual Date
Alfred Dilmore Chief Financial Officer
Printed Name of Authorized Individual Title of Authorized Individual
FORM MOR-1b – Bank Rec
PAGE 6 OF 16
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Page 7 of 16
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RAIT FUNDING LLC |
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Case No. |
19-11915 (BLS) |
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Debtor |
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Reporting Period: |
01/01/20 - 01/31/20 |
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MOR-1b (cont.) |
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Book Balances |
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As of January 31, 2020 |
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($ in thousands) |
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Entity |
Bank |
Account No. (1) |
Description |
Ending Book Balance |
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RAIT Financial Trust |
Citibank NA |
*2169 |
Operating |
$ |
28,064 |
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|
RAIT Financial Trust |
Citibank NA |
*1136 |
MMA |
|
120,933 |
|
|
RAIT Financial Trust |
Citibank NA |
*0232 |
MMA |
|
6,537 |
|
|
Taberna Realty Finance Trust |
Citibank NA |
*0397 |
Operating |
|
8,351 |
|
|
RAIT Funding LLC |
Citibank NA |
*5657 |
Operating |
|
43 |
|
|
RAIT JV TRS LLC |
Citibank NA |
*9356 |
Operating |
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8 |
|
|
RAIT Financial Trust |
Wilmington Trust |
*4000 |
Escrow |
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- |
|
|
Taberna Realty Finance Trust |
Wilmington Trust |
*9000 |
Escrow |
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- |
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Total Debtors Book Cash |
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$ |
163,936 |
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(1) Represents last four digits of account number
FORM MOR-1b - Book Balances
PAGE 7 OF 16
Case 19-11915-BLS
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Page 8 of 16
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RAIT FUNDING LLC |
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Case No. |
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19-11915 (BLS) |
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Debtor |
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Reporting Period: |
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01/01/20 - 01/31/20 |
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MOR-1b (cont.) |
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Estimated US Trustee Fees |
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As of January 31, 2020 |
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($ in actuals) |
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Entity |
Case No. |
Jan. '20 Disbursements |
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U.S. Trustee Fee Q1-2020(1) |
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RAIT Financial Trust |
19-11916 (BLS) |
$ |
2,044,028 |
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TBD |
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RAIT Funding, LLC |
19-11915 (BLS) |
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- |
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TBD |
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RAIT JV TRS LLC |
19-11920 (BLS) |
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- |
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TBD |
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RAIT General, Inc. |
19-11917 (BLS) |
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- |
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TBD |
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RAIT Limited, Inc. |
19-11918 (BLS) |
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- |
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TBD |
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RAIT JV TRS SUB, LLC |
19-11921 (BLS) |
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- |
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TBD |
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Taberna Realty Finance Trust |
19-11919 (BLS) |
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- |
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TBD |
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Estimated US Trustee Fees |
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$ |
2,044,028 |
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TBD |
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(1) Actual U.S. Trustee quarterly fee will be determined at 1Q quarter end.
The Debtors accrue an estimate each month.
FORM MOR-1b - UST Fee
PAGE 8 OF 16
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Page 9 of 16
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RAIT FUNDING LLC |
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Case No. |
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19-11915 (BLS) |
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Debtor |
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Reporting Period: |
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01/01/20 - 01/31/20 |
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MOR-1c |
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|
Schedule of Professional Fees Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
For the Period From January 1, 2020, to January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Professional Fees Paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Check/Wire |
|
Current Period Payments |
|
|
Amount Paid Since Filing |
|
|||||||||||||||
|
Professional |
Period Covered |
Payor |
Number |
Date |
|
Fees |
|
Expenses |
|
Total |
|
|
Fees |
|
Expenses |
|
Total |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cole Schotz |
- |
- |
- |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
$ |
18 |
|
$ |
0 |
|
$ |
18 |
|
|
Drinker Biddle & Reath LLP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/30/2020 Payment |
Nov. '19 |
RAIT Financial Trust |
Wire |
01/30/2020 |
|
|
248 |
|
|
3 |
|
|
252 |
|
|
|
|
|
|
|
|
|
|
|
|
01/31/2020 Payment |
Dec. '19 |
RAIT Financial Trust |
Wire |
01/31/2020 |
|
|
273 |
|
|
20 |
|
|
293 |
|
|
|
|
|
|
|
|
|
|
|
|
Drinker Biddle & Reath LLP Total |
Nov. - Dec. '19 |
|
|
|
|
|
521 |
|
|
24 |
|
|
545 |
|
|
|
953 |
|
|
38 |
|
|
991 |
|
|
EPIQ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
01/06/2020 Payment |
Aug. - Sep. '19 |
RAIT Financial Trust |
Wire |
01/06/2020 |
|
|
4 |
|
|
- |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
01/17/2020 Payment |
Dec. '19 |
RAIT Financial Trust |
Wire |
01/17/2020 |
|
|
106 |
|
|
- |
|
|
106 |
|
|
|
|
|
|
|
|
|
|
|
|
01/30/2020 Payment |
Oct. - Nov. '19 |
RAIT Financial Trust |
Wire |
01/30/2020 |
|
|
2 |
|
|
- |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
EPIQ Total |
Aug. - Dec. '19 |
|
|
|
|
|
112 |
|
|
- |
|
|
112 |
|
|
|
359 |
|
|
- |
|
|
359 |
|
|
FTI Consulting Inc. |
- |
- |
- |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
181 |
|
|
0 |
|
|
181 |
|
|
KPMG, LLP |
Sep. - Oct. '19 |
RAIT Financial Trust |
Wire |
01/30/2020 |
|
|
109 |
|
|
0 |
|
|
109 |
|
|
|
109 |
|
|
0 |
|
|
109 |
|
|
Kramer Levin Naftalis & Frankel LLP |
- |
- |
- |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
257 |
|
|
6 |
|
|
263 |
|
|
M-III Partners, LP |
Aug. - Oct. '19 |
RAIT Financial Trust |
Wire |
01/6/2020 |
|
|
346 |
|
|
17 |
|
|
364 |
|
|
|
346 |
|
|
17 |
|
|
364 |
|
|
U.S. Trustee Fee |
- |
- |
- |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
7 |
|
|
- |
|
|
7 |
|
|
UBS Securities, LLC |
- |
- |
- |
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
2,356 |
|
|
63 |
|
|
2,418 |
|
|
Total |
|
|
|
|
|
$ |
1,088 |
|
$ |
41 |
|
$ |
1,130 |
|
|
$ |
4,584 |
|
$ |
125 |
|
$ |
4,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORM MOR-1c
PAGE 9 OF 16
FORM MOR-2
PAGE 10 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 10 of 16
|
RAIT FUNDING LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Case No. |
|
19-11915 (BLS) |
|
|
|
|
||
|
Debtor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reporting Period: |
|
01/01/20 - 01/31/20 |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOR-2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Statement of Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Period From January 1, 2020, to January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity |
RAIT FUNDING, LLC |
|
RAIT FINANCIAL TRUST |
|
RAIT GENERAL, INC. |
|
RAIT LIMITED, INC. |
|
TABERNA REALTY FINANCE TRUST |
|
RAIT JV TRS, LLC |
|
RAIT JV TRS SUB, LLC |
|
Non-Debtors |
|
Eliminations |
|
Total |
|
||||||||||
|
Case No. |
19-11915 |
|
19-11916 |
|
19-11917 |
|
19-11918 |
|
19-11919 |
|
19-11920 |
|
19-11921 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment interest income |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
Investment interest expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Net interest margin |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
Property income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Fee and other income |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Total revenue |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Real estate operating expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(7 |
) |
|
- |
|
|
(7 |
) |
|
Property management expenses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
General and administrative expenses |
|
- |
|
|
(920 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(920 |
) |
|
Provision for losses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Depreciation and amortization expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Total expenses |
$ |
- |
|
$ |
(920 |
) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(7 |
) |
$ |
- |
|
$ |
(927 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating (Loss) Income |
$ |
- |
|
$ |
(920 |
) |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(7 |
) |
$ |
- |
|
$ |
(927 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income (expense), net |
|
- |
|
|
162 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
162 |
|
|
Gains / (losses) on assets |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Gains (losses) on extinguishments of debt |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Reorganization items, net |
|
(0 |
) |
|
(650 |
) |
|
- |
|
|
- |
|
|
(0 |
) |
|
- |
|
|
(1 |
) |
|
- |
|
|
- |
|
|
(652 |
) |
|
Income (loss) before taxes |
$ |
(0 |
) |
$ |
(1,409 |
) |
$ |
- |
|
$ |
- |
|
$ |
(0 |
) |
$ |
- |
|
$ |
(1 |
) |
$ |
(7 |
) |
$ |
- |
|
$ |
(1,417 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit (provision) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
$ |
(0 |
) |
$ |
(1,409 |
) |
$ |
- |
|
$ |
- |
|
$ |
(0 |
) |
$ |
- |
|
$ |
(1 |
) |
$ |
(7 |
) |
$ |
- |
|
$ |
(1,417 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORM MOR-2
PAGE 10 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 11 of 16
|
RAIT FUNDING LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Case No. |
|
19-11915 (BLS) |
|
||
|
Debtor |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reporting Period: |
|
01/01/20 - 01/31/20 |
|
||
|
MOR-3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Entity |
RAIT FUNDING, LLC |
|
RAIT FINANCIAL TRUST |
|
RAIT GENERAL, INC. |
|
RAIT LIMITED, INC. |
|
TABERNA REALTY FINANCE TRUST |
|
RAIT JV TRS, LLC |
|
RAIT JV TRS SUB, LLC |
|
Non-Debtors |
|
Eliminations |
|
Total |
|
||||||||||
|
Case No. |
19-11915 |
|
19-11916 |
|
19-11917 |
|
19-11918 |
|
19-11919 |
|
19-11920 |
|
19-11921 |
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
43 |
|
$ |
155,534 |
|
$ |
- |
|
$ |
- |
|
$ |
8,351 |
|
$ |
8 |
|
$ |
- |
|
$ |
6 |
|
$ |
- |
|
$ |
163,942 |
|
|
Other assets(1) |
|
100 |
|
|
5,858 |
|
|
- |
|
|
- |
|
|
4,979 |
|
|
- |
|
|
539 |
|
|
454,891 |
|
|
(454,857 |
) |
|
11,510 |
|
|
Total assets |
$ |
143 |
|
$ |
161,391 |
|
$ |
- |
|
$ |
- |
|
$ |
13,330 |
|
$ |
8 |
|
$ |
539 |
|
$ |
454,897 |
|
$ |
(454,857 |
) |
$ |
175,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities & Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indebtedness |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(0 |
) |
|
0 |
|
|
(0 |
) |
|
Accrued interest payable |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
Accrued Expenses |
|
- |
|
|
4,370 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(0 |
) |
|
- |
|
|
4,370 |
|
|
Accounts payable |
|
- |
|
|
10 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(0 |
) |
|
(0 |
) |
|
- |
|
|
10 |
|
|
Deferred taxes and other liabilities(2) |
|
- |
|
|
7,946 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
30 |
|
|
- |
|
|
7,977 |
|
|
Liabilities not subject to compromise |
$ |
- |
|
$ |
12,326 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(0 |
) |
$ |
30 |
|
$ |
0 |
|
$ |
12,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities subject to compromise |
|
23,750 |
|
|
123,498 |
|
|
- |
|
|
- |
|
|
18,671 |
|
|
- |
|
|
1 |
|
|
- |
|
|
- |
|
|
165,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
$ |
23,750 |
|
$ |
135,825 |
|
$ |
- |
|
$ |
- |
|
$ |
18,671 |
|
$ |
- |
|
$ |
1 |
|
$ |
30 |
|
$ |
0 |
|
$ |
178,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding |
|
- |
|
|
2,874 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
2,874 |
|
|
Additional paid in capital |
|
- |
|
|
2,071,010 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
522,818 |
|
|
(491,324 |
) |
|
2,102,504 |
|
|
Accumulated other comprehensive income (loss) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
12,673 |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
12,673 |
|
|
Retained earnings (deficit) |
|
(54,533 |
) |
|
(1,001,456 |
) |
|
- |
|
|
- |
|
|
(657,446 |
) |
|
- |
|
|
(5,420 |
) |
|
(253,874 |
) |
|
(148,155 |
) |
|
(2,120,884 |
) |
|
Non-controlling interest |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
876 |
|
|
(876 |
) |
|
- |
|
|
Intercompany contributions/distributions |
|
30,926 |
|
|
(1,046,862 |
) |
|
- |
|
|
- |
|
|
639,433 |
|
|
8 |
|
|
5,958 |
|
|
185,047 |
|
|
185,498 |
|
|
8 |
|
|
Total equity |
$ |
(23,607 |
) |
$ |
25,566 |
|
$ |
- |
|
$ |
- |
|
$ |
(5,340 |
) |
$ |
8 |
|
$ |
538 |
|
$ |
454,866 |
|
$ |
(454,857 |
) |
$ |
(2,826 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities & equity |
$ |
143 |
|
$ |
161,391 |
|
$ |
- |
|
$ |
- |
|
$ |
13,330 |
|
$ |
8 |
|
$ |
539 |
|
$ |
454,897 |
|
$ |
(454,857 |
) |
$ |
175,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
(1) Other assets for Taberna Realty Finance Trust includes an estimate of the purchase price allocable to the assets of Taberna Realty Finance Trust that were sold on December 23, 2019; estimate is preliminary and is subject to further review.
(2) Other liabilities for RAIT Financial Trust includes an estimate of the purchase price allocable to the assets of Taberna Realty Finance Trust that were sold on December 23, 2019; estimate is preliminary and is subject to further review.
FORM MOR-3
PAGE 11 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 12 of 16
1
|
RAIT FUNDING LLC |
Case No. |
19-11915 (BLS) |
|
|
|
Debtor |
Reporting Period: |
01/01/20 - 01/31/20 |
|
|
|
|
|
|
|
|
|
Supplemental Schedule |
|
|
|
|
|
Reorganization Items |
|
|
|
|
|
For the Period From January 1, 2020, to January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
Professional fees - restructuring |
|
$ |
631 |
|
|
US Trustee fees |
|
|
21 |
|
|
Total |
|
$ |
652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Schedule |
|
|||
|
Liabilities Subject to Compromise |
|
|||
|
As of January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
|
|
|
|
|
Senior note claims |
|
$ |
123,393 |
|
|
Subordinated RAIT Funding junior note claim and RAIT parent subordinated guaranty claim |
|
|
23,750 |
|
|
Subordinated Taberna note claims |
|
|
18,671 |
|
|
General unsecured claims |
|
|
107 |
|
|
Total |
|
$ |
165,921 |
|
|
|
|
|
|
|
FORM Supp Sch
PAGE 12 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 13 of 16
RAIT FUNDING LLC Case No. 19-11915 (BLS)
Debtor Reporting Period: 01/01/20 - 01/31/20
MOR-4a
Status of Post-Petition Taxes
As of January 31, 2020
The Debtors have paid and are paying all undisputed post-petition taxes as they come due. Copies of filed tax returns and IRS forms, if applicable for this reporting period, are available to the U.S. Trustee upon request.
/s/ Alfred Dilmore 02/28/2020
Signature of Authorized Individual Date
Alfred Dilmore Chief Financial Officer
Printed Name of Authorized Individual Title of Authorized Individual
FORM MOR-4a
PAGE 13 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 14 of 16
|
RAIT FUNDING LLC |
|
|
|
|
|
|
|
|
|
Case No. |
|
19-11915 (BLS) |
|
||
|
Debtor |
|
|
|
|
|
|
|
|
|
Reporting Period: |
|
01/01/20 - 01/31/20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOR-4b |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Unpaid Post-Petition Accounts Payable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
Current |
|
1-30 Days |
|
31-60 Days |
|
Over 60 days |
|
Total A/P |
|
|||||
|
Corporate expenses |
$ |
10 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
10 |
|
|
Total Accounts Payable |
$ |
10 |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORM MOR-4b
PAGE 14 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 15 of 16
|
RAIT FUNDING LLC |
|
|
|
|
|
|
|
|
|
Case No. |
|
19-11915 (BLS) |
|
||
|
Debtor |
|
|
|
|
|
|
|
|
|
Reporting Period: |
|
01/01/20 - 01/31/20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOR-5a |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Receivable Balance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
($ in thousands) |
Current-30 Days |
|
31-60 Days |
|
61-90 Days |
|
Over 90 Days |
|
Total A/R |
|
|||||
|
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
Total Accounts Receivable |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Accrued AR |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
Credit Balance Adjustment |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
(-) Allowance for Doubtful Accounts |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
Total Net Accounts Receivable |
|
|
|
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts Receivable Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning A/R Balance, Net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(-) Total AR Cash Collections During the Period |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
(+) Change in Allowance for Doubtful Accounts |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
(+) Credit Balance Adjustment |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
(+) Net Sales During the Period Related to AR |
|
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
Ending A/R Balance, Net |
|
|
|
|
|
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORM MOR-5a
PAGE 15 OF 16
Case 19-11915-BLS
Doc 459
Filed 02/28/20
Page 16 of 16
RAIT FUNDING LLC Case No. 19-11915 (BLS)
Debtor Reporting Period: 01/01/20 - 01/31/20
MOR-5b
Debtor Questionnaire
For the Period From January 1, 2020, to January 31, 2020
|
|
Yes |
No |
|
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. |
x |
|
|
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below (1). |
|
x (see note below) |
|
3. Have all post‐petition tax returns been timely filed? If no, provide an explanation below. |
x |
|
|
4. Are workers' compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. |
x |
|
|
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001‐3. |
|
x |
Notes:
(1) Answer is specific to only Debtor related funds. Non-Debtor entities are continuing to disburse funds in the normal course.
FORM MOR-5b
PAGE 16 OF 16