EX-99.1 2 efc7-2325_ex991.htm efc7-2325_ex991.htm
Exhibit 99.1


UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF GEORGIA
NEWNAN DIVISION


       
 
}
CASE NUMBER
 
}
02-10835
 
 
}
   
The NewPower Company, et. al.
}
JUDGE
W. Homer Drake, Jr.
 
}
   
DEBTORS
}
CHAPTER 11
       
 
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)

FOR THE PERIOD

FROM  7/31/2007 to 8/31/2007

Comes now the above-named debtor and files its Periodic Financial Reports in accordance with the Guidelines established by the United States Trustee and FRBP 2015.

   
Paul Ferdinands
   
Attorney for Debtor
      
Debtor's Address
 
Attorney's Address
and Phone Number
 
and Phone Number
      
P.O. Box 17296
 
191 Peachtree St.
Stamford, Ct 06907
 
Atlanta, GA 30303
Tel: (203) 329-8412
 
Tel: (404) 572-4600
      
      
      





     
Case Number:  02-10835
Post Petition
   
 
Totals
   
For Period from July 31,2007 - August 31, 2007
     
       
Opening Cash Balance -7/31/07
$1,722
   
       
Inflows:
     
Customer Collections
     
Collateral Returned
     
-Sureties
     
-Security  Deposits
     
Sale Proceeds/Interest Income/Other
4
   
Total Inflows
4
   
   
Distribution of Outflows
Outflows:
 
NewPower
The NewPower
Post Petition:
 
Holdings, Inc.
Company
       
Professionals - Bankruptcy
10
10
 
Consulting Fees
     
Lockbox Fees
0
0
 
Supplies & Misc
     
Rent
2
2
 
Insurance
     
Utilities (Heat, Hydro, Phone, etc.)
0
0
 
Payroll (inlcuding tax payments & fees)
35
35
 
T&E Reimbursements
     
State Tax Payments
     
Distribution to Equity
     
Total Outflows
47
47
 
 
 
   
Net Cash Flows
(43)
   
       
Closing Cash Balance
$1,679
   
       
Amount of Cash Balance in  Reserve for
     
Classes 8 -12
     



         
 Attachment 1
NewPower Holdings, Inc.
         
Case Number: 02-10835
         
Monthly Accounts Receivable Aging and Reconciliation
     
For Period from July 31,2007 - August 31, 2007
       
Amounts in $000's
         
           
           
Accounts Receivable at Petition Date:
$      75,200
       
           
           
Beginning of Month Balance*  - Gross
$      13,476
(per 7/31/07 G/L)
   
PLUS:  Current Month New Billings
-
       
LESS:  Collections During the Month
-
       
 
 
       
End of Month Balance - Gross
$      13,476
(per 8/31/07 G/L)
   
Allowance for Doubtful Accounts
(13,476)
       
 
 
       
End of Month Balance - Net of Allowance
$        -
       
           
                               Note:         
The accounts receivable aging below relates only to deliveries to customers subsequent to the June 11, 2002 petition date.
           
           
           
 
AR Aging for Post Petition Receivables
 
           
 
Current
> 30 days
> 60 days
Total
 
           
 
$                -
$                -
$             111
$             111
 
 

 
   
 Attachment 2
NewPower Holdings, Inc.
   
Case Number: 02-10835
   
Monthly Accounts Payable and Secured Payments Report
   
For Period from July 31,2007 - August 31, 2007
   
Amounts in $000's
   
 
See attached System Generated A/P reports as of 8/31/2007 (Attachments 2A and 2B).
 
Beginning of Period Balance
$        83
(per 7/31/07 G/L)
PLUS:  New Indebtedness Incurred
7
 
LESS:  Amounts Paid on A/P& taxes
(31)
 
 
 
 
End of Month Balance
$        59
(per 8/31/07 G/L)



 
Exhibit 2A

The New Power Company
Vendor Balance Detail
As of August 31, 2006
 
Type
 
Date
 
Amount
 
Balance
Archivesone
           
0.00
 
Bill
 
08/16/2007
 
494.34
 
494.34
 
Bill Pmt -Check
 
08/16/2007
 
-494.34
 
0.00
Total Archivesone
       
0.00
 
0.00
AT&T
           
0.00
 
Bill
 
08/16/2007
 
41.30
 
41.30
 
Bill Pmt -Check
 
08/16/2007
 
-41.30
 
0.00
Total AT&T
       
0.00
 
0.00
epiq Systems
           
0.00
 
Bill
 
08/16/2007
 
392.16
 
392.16
 
Bill Pmt -Check
 
08/16/2007
 
-392.16
 
0.00
Total epiq Systems
       
0.00
 
0.00
Kaster Moving Co. Inc.
           
0.00
 
Bill
 
08/16/2007
 
82.50
 
82.50
 
Bill Pmt -Check
 
08/16/2007
 
-82.50
 
0.00
Total Kaster Moving Co. Inc.
       
0.00
 
0.00
King and Spalding
           
0.00
 
Bill
 
08/16/2007
 
993.00
 
993.00
 
Bill Pmt -Check
 
08/16/2007
 
-993.00
 
0.00
Total King and Spalding
       
0.00
 
0.00
Sidley Austin Brown & Wood
           
0.00
 
Bill
 
08/16/2007
 
4,904.40
 
4,904.40
 
Bill Pmt -Check
 
08/16/2007
 
-4,904.40
 
0.00
Total Sidley Austin Brown & Wood
       
0.00
 
0.00
US Postal Service
           
0.00
 
Bill
 
08/16/2007
 
236.00
 
236.00
 
Bill Pmt -Check
 
08/16/2007
 
-236.00
 
0.00
Total US Postal Service
       
0.00
 
0.00
TOTAL
       
0.00
 
0.00
               
               
         
7143.7
   
         
-7143.7
   



 
Exhibit 2B

The New Power Company
Unpaid Vendor Detail
As of August 31, 2006

Name
 
Balance
     
     
Franchise Tax Liability
 
55,465.00
Payroll Tax Liablility
 
3,215.12
   
58,680.12

 


 
       
   Attachment 3
NewPower Holdings, Inc.
           
Case Number: 02-10835
           
Inventroy and Fixed Assets Report
           
For Period from July 31,2007 - August 31, 2007
       
Amounts in $000's
           
             
Inventory Report
           
             
Inventory Balance at Petition Date
$        15,587
         
             
             
Inventory at Beginning of Period
$          -
(per 7/31/07 G/L)
     
PLUS:  Inventrory Purchased
-
         
LESS:  Inventory Used or Sold
-
         
 
 
         
End of Month Balance
$          -
(per 8/31/07 G/L)
     
             
             
Inventory is generally costed at the lower of cost or market.  By the end of July 2002 we had sold all of our gas inventory either to retail customers or financial buyers as part of our asset sales.
             
Fixed Asset Report
           
             
Book Value at Petition Date
$            ,238
         
             
Our fixed assets at petition date consisted of office furniture and equipment.  These assets were transferred to our lessor in June 2002 as part of the settlement of our lease obligation.
             
Fixed Assets at Beginning of Period
$                  -
         
Less:  Depreciation Expense
-
         
Less:  Dispositions
-
         
Add:  Purchases
-
         
 
 
         
Fixed Assets at End of Period
$                      -
         
 



   
 Attachment 4
Page 1 of 16
     
Name of Debtor :
NewPower Holdings Inc.
 
Case # :
02-10835
   
Reporting Period:
8/01/2007-8/31/2007
   
       
Name of Bank:
JP Morgan Chase
   
Branch:
New York ABA # 021000021
 
Account Name:
The New Power Company Concentration Account
Account Number:
     
Purpose of Account:
Concentration Account
 
       
Beginning Balance
$    589,624.18
     
Total Deposits
$        3,684.47
     
Total Payments
$          22,179.27
     
Closing Balance
$        571,129.38
     
Service Charges
      151.41
     
       
First Check issued this Period
N/A
 
Last Check issued this Period
N/A
 
Total # of checks issued this Period
N/A
 





 
Attachment 4
Page 2of 16
   
Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
 
     
Name of Bank:
JP Morgan Chase
 
Branch:
New York ABA # 021000021
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
Money Market
 
     
Beginning Balance
 $        1,153,085.62
   
Total Deposits
 $               1,969.14
 
Interest Income
Total Payments
 $             26,210.96
 
Payroll Taxes
Closing Balance
 $        1,128,843.80
   
Service Charges
 $                            -
   
     
First Check issued this Period
 
N/A
Last Check issued this Period
 
N/A
Total # of checks issued this Period
N/A




 Attachment 4
Page 3 of 16
 
Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
JP Morgan Chase
Branch:
Syracuse, NY
 
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
Controlled Disbursements (A/P)
     
Beginning Balance
$0.00
 
Total Deposits
$22,027.86
 
Total Payments
$22,027.86
 
Closing Balance
$0.00
 
Service Charges
 N/A
 
     
First Check issued this Period
201093
 
Last Check issued this Period
201101
 
Total # of checks issued this Period
9
 



 Attachment 4
Page 4 of 16

Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
   
Reporting Period:
8/01/2007-8/31/2007
 
       
Name of Bank:
JP Morgan Chase
 
Branch:
New York ABA # 021000021
Account Name:
The New Power Company Reserve Account
Account Number:
     
Purpose of Account:
Reserve for Shareholder Distributions



 Attachment 4
Page 5 of 16

Name of Debtor :
NewPower Holdings Inc.
   
Case # :
02-10835
     
Reporting Period:
8/01/2007-8/31/2007
   
         
Name of Bank:
JP Morgan Chase
   
Branch:
Syracuse, NY
     
Account Name:
NewPower Holdings, Inc. - Refund Disbursement A/C
Account Number:
       
Purpose of Account:
Controlled Disbursements (Customer Refunds)
 
         
Beginning Balance
$0.00
     
Total Deposits
$0.00
     
Total Payments
$0.00
     
Closing Balance
$0.00
     
Service Charges
 N/A
     
         
First Check issued this Period
NA
   
Last Check issued this Period
NA
   
Total # of checks issued this Period
NA
   
         
         
 
ACCOUNT CLOSED
   



 Attachment 4
Page 6 of 16

Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
JP Morgan Chase
Branch:
New York ABA # 021000021
Account Name:
NewPower ACH Account
Account Number:
   
Purpose of Account:
ACH (T&E)
 
     
Beginning Balance
$0.00
 
Total Deposits
$0.00
 
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
 N/A
 
     
First Check issued this Period
N/A
Last Check issued this Period
N/A
Total # of checks issued this Period
N/A
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 7 of 16
 
Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
First Union/ Wachovia
Branch:
Herndon, VA  ABA # 051400549
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
Natural Gas Collections
     
Beginning Balance
$0.00
 
Total Deposits
$0.00
 
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
 N/A
 
     
First Check issued this Period
N/A
Last Check issued this Period
N/A
Total # of checks issued this Period
N/A
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 8 of 16
 
Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
First Union/ Wachovia
Branch:
Charlotte, NC ABA # 053000219
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
Power/ IBM Collections
     
Beginning Balance
$0.00
 
Total Deposits
$0.00
 
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
$0.00
 
     
First Check issued this Period
N/A
Last Check issued this Period
N/A
Total # of checks issued this Period
N/A
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 9 of 16
 
Name of Debtor :
NewPower Holdings Inc.
 
Case # :
02-10835
   
Reporting Period:
8/01/2007-8/31/2007
 
       
Name of Bank:
JP Morgan Chase
 
Branch:
New York ABA # 021000021
 
Account Name:
NewPower Holdings, Inc. - Payroll Account
Account Number:
     
Purpose of Account:
Payroll
   
       
Beginning Balance
$0.00
   
Total Deposits
$0.00
   
Total Payments
$0.00
   
Closing Balance
$0.00
   
Service Charges
 N/A
   
       
First Check issued this Period
N/A
 
Last Check issued this Period
N/A
 
Total # of checks issued this Period
N/A
 
       
       
 
ACCOUNT CLOSED
 



 Attachment 4
Page 10 of 16

Name of Debtor :
NewPower Holdings Inc.
 
Case # :
02-10835
   
Reporting Period:
8/01/2007-8/31/2007
 
       
Name of Bank:
JP Morgan Chase
 
Branch:
New York ABA # 021000021
 
Account Name:
NewPower Enron Segregated A/C
Account Number:
     
Purpose of Account:
Concentration Account
 
       
Beginning Balance
$0.00
   
Total Deposits
$0.00
   
Total Payments
$0.00
   
Closing Balance
$0.00
   
Service Charges
 N/A
   
       
First Check issued this Period
N/A
 
Last Check issued this Period
N/A
 
Total # of checks issued this Period
N/A
 
       
       
 
ACCOUNT CLOSED
 



 Attachment 4
Page 11 of 16

Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
Royal Bank of Canada
Branch:
Ontario Transit # 00192
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
CAN$ Operating A/C
     
Beginning Balance
$0.00
CAN$
Total Deposits
   
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
$                      -
 
     
First Check issued this Period
NA
 
Last Check issued this Period
NA
 
Total # of checks issued this Period
0
 
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 12 of 16

Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
First Union/ Wachovia
Branch:
Charlotte, NC ABA # 053000219
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
Power/AES Collections
     
Beginning Balance
$0.00
 
Total Deposits
$0.00
 
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
 N/A
 
     
First Check issued this Period
N/A
Last Check issued this Period
N/A
Total # of checks issued this Period
N/A
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 13 of 16

Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
Royal Bank of Canada
Branch:
Ontario Transit # 00192
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
US$ A/C
 
     
Beginning Balance
$0.00
 
Total Deposits
$0.00
 
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
 N/A
 
     
First Check issued this Period
N/A
Last Check issued this Period
N/A
Total # of checks issued this Period
N/A
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 14 of 16

Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
JP Morgan Chase
Branch:
New York ABA # 021000021
Account Name:
The New Power Company
Account Number:
   
Purpose of Account:
WildCard ATM Settlement
     
Beginning Balance
$0.00
 
Total Deposits
$0.00
 
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
 N/A
 
     
First Check issued this Period
N/A
Last Check issued this Period
N/A
Total # of checks issued this Period
N/A
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 15 of 16

Name of Debtor :
NewPower Holdings Inc.
Case # :
02-10835
 
Reporting Period:
8/01/2007-8/31/2007
     
Name of Bank:
JP Morgan Chase
Branch:
Syracuse, NY
 
Account Name:
NewPower Holdings, Inc.
Account Number:
   
Purpose of Account:
Controlled Disbursements (A/P)
     
Beginning Balance
$0.00
 
Total Deposits
$0.00
 
Total Payments
$0.00
 
Closing Balance
$0.00
 
Service Charges
 N/A
 
     
First Check issued this Period
None
Last Check issued this Period
None
Total # of checks issued this Period
None
     
     
 
ACCOUNT CLOSED



 Attachment 4
Page 16 of 16

Name of Debtor :
NewPower Holdings Inc.
 
Case # :
02-10835
   
Reporting Period:
8/01/2007-8/31/2007
 
       
Name of Bank:
Credit Suisse Asset Management
 
Branch:
466 Lexington Ave.  NY, NY 10017-3140
Account Name:
NewPower Holdings, Inc.
 
Account Number:
     
Purpose of Account:
Short Term Cash Mgmt Portfolio
 
       
Beginning Balance
$0.00
   
Total Deposits
$0.00
   
Total Payments
$0.00
   
Closing Balance
$0.00
   
Service Charges
 N/A
   
       
First Check issued this Period
N/A
 
Last Check issued this Period
N/A
 
Total # of checks issued this Period
N/A
 
       
       
 
ACCOUNT CLOSED
 



Exhibit 5
 
The New Power Company
Check Detail
August 2007

Num
 
Date
 
Name
 
Original Amount
             
201102
 
08/13/2007
 
CT Commissioner of Revenue Services
2,995.83
wire
 
08/13/2007
 
United States Treasury
 
24,929.08
201103
 
08/15/2007
 
M. Patricia Foster
 
3,704.73
201104
 
08/16/2007
 
Kaster Moving Co. Inc.
 
82.50
201105
 
08/16/2007
 
Archivesone
 
494.34
201106
 
08/16/2007
 
King and Spalding
 
993.00
201107
 
08/16/2007
 
Sidley Austin Brown & Wood
 
4,904.40
201108
 
08/16/2007
 
epiq Systems
 
392.16
201109
 
08/16/2007
 
AT&T
 
41.30
201110
 
08/16/2007
 
US Postal Service
 
236.00
201113
 
08/29/2007
 
M. Patricia Foster
 
3,704.73



Exhibit 6
 


NewPower Holdings, Inc.
   
Case Number: 02-10835
   
Monthly Tax Report
   
For Period from July 31,2007 - August 31, 2007
Amounts in $000's
   
     
Taxes Paid During the Month
   
     
     
Employment Taxes
 
27.9
     
     
     
     
Taxes Owed and Due
   
     
Payroll Tax Liability
 
3.2
     



Exhibit 7A

NewPower Holdings, Inc.
   
Case Number: 02-10835
   
Summary of Officer Compensation / Summary of Personnel and Insurance Coverages
For Period from July 31,2007 - August 31, 2007
   
Amounts in $000's
   
     
     
Summary of Officer Compensation
   
     
See supplemental attachment.
   
     
Personnel Report
   
 
 Full Time
Part Time
# of Employees at beginning of period
 
1
# hired during the period
            -
            -
# terminated/resigned during period
            -
            -
# employees on payroll - end of period
0
1
     
# of employees on temporary consulting assignments
 
0
     
Confirmation of Insurance
   
     
See supplemental attachment.*
   
     
* Omitted
   



Exhibit 7B
(Supplemental)
 
 
Payments made to insiders 8/01/07 - 8/31/07
       
Payments are in gross amts
   
       
Title
 Amount
Date
Type
       
President & CEO
 $ 5,208.33
8/15/2007
Salary for pay period 8/01 -8/15
 
 $ 5,208.33
8/29/2007
Salary for pay period 8/16 -8/31
       
 
 
   
 
 $ 10,416.67
   



Attachment 8
 
NewPower Holdings, Inc.
Case Number:  02-10835
Significant Developments During Reporting Period
For Period from July 31, 2007 - August 31, 2007