EX-99.01 2 a2040255zex-99_01.txt EXHIBIT 99.01 Exhibit 99.01 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ SUMMARY OF CASH RECEIPTS AND CASH DISBURSEMENTS (1) --------------------------------------------------- For Month Ending January 31, 2001 ---------------- BEGINNING BALANCE IN ALL ACCOUNTS $ - ------------ RECEIPTS: 1. Receipts from operations $ 18,119 ------------ 2. Other Receipts $ 26,008 ------------ 3. Miscellaneous Receipts $ 77,212 ------------ 4. Sale Of Assets (3) $ 20,000,000 ------------ 5. Foothill Funding $ 579,000 ------------ 6. General Motors Funding $ 432,000 ------------ DISBURSEMENTS: 3. Net payroll: a. Officers $ 31,033 ------------ b. Others $ 62,082 ------------ 4. Taxes a. Federal Income Taxes $ 29,599 ------------ b. FICA withholdings $ 11,542 ------------ c. Employee's withholdings (2) $ 11,913 ------------ d. Employer's FICA $ 11,542 ------------ e. Federal Unemployment Taxes $ 954 ------------ f. State Income Tax $ 4,500 ------------ g. State Employee withholdings $ - ------------ h. All other taxes $ 1,950 ------------ 5. Necessary expenses: a. Rent or mortgage payments (s) $ 26,725 ------------ b. Utilities $ 65,769 ------------ c. Insurance $ 611,639 ------------ d. Merchandise bought for $ 7,425 manufacture or sale ------------ e. Other necessary expenses Foothill Secured Loan (3) $ 9,314,435 ------------ Asset Sale Related Expenses (3) $ 1,338,821 ------------ GM DIP Loan (3) $ 4,344,999 ------------ Professional/Trustee Fees $ 147,670 ------------ All Other Disbursements $ 60,687 ------------ TOTAL DISBURSEMENTS $ 16,083,284 ------------ NET RECEIPTS (DISBURSEMENTS) FOR THE CURRENT PERIOD $ 5,049,055 ------------ ENDING BALANCE IN LASALLE BANK N.A., ALLIED PRODUCTS D.I.P. CASE #00B28798 $ 5,167,314 OPERATING ACCOUNT: 5800272592 ------------ ENDING BALANCE IN LASALLE BANK N.A., ALLIED PRODUCTS D.I.P. CASE #00B28798 $ 9,947 PAYROLL ACCOUNT: 5800272618 ------------ ENDING BALANCE IN LASALLE BANK N.A., ALLIED PRODUCTS D.I.P. CASE #00B28798 $ (85,736) ACCOUNTS PAYABLE DISBURSEMENTS: 5800272600 ------------ ENDING BALANCE IN LASALLE BANK N.A., VERSON CORPORATION PAYROLL ACCOUNT: 5800026501 $ 7,115 ------------ ENDING BALANCE IN ALL ACCOUNTS $ 5,098,640 ------------
(1) All information reflects cash activity per Company accounting records (2) Includes wage garnishments (3) Please refer to "Flow of Funds" tab in this workbook for information regarding receipts and disbursements related to the sale of Verson assets. OPERATING REPORT Page 1 Exhibit "B" IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ RECEIPTS LISTING ---------------- FOR MONTH ENDING January 31 , 2001 --------------------- SUMMARY OF COMPANY RECEIPTS FOR THE PERIOD OF JANUARY 1, 2001 THROUGH JANUARY 31, 2001 (1) (2)
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ None General Motors $ - None None Chrysler Progress Payments - None Chrysler Holdbacks - None Chrysler Repairs - None Misc. Holdbacks & Acceptances - None Verson Std. Products - None Corporate - None Receipt of Escrow - None Note Receivable - Additional Receipts - Various Employee Related/COBRA Receipts-Foothill 18,119 Various Parts & Service Receipts-Foothill 26,008 Various Misc Receipts-Foothill 77,212 Various Net Proceeds Of Business Sale 20,000,000 Various Foothill Funding 579,000 Various GM Funding 432,000 ------------ TOTAL RECEIPTS $ 21,132,339 ------------
(1) Please see attached pages for the detail of receipts by Company bank account (2) Excludes receipts that inure to the benefit of Foothill Capital Corporation OPERATING REPORT Page 2 (2 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ RECEIPTS LISTING ---------------- FOR MONTH ENDING January 31 , 2001 --------------------- Bank: LASALLE BANK N.A. --------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 --------------------------------------------------------------- Account Name: ALLIED PRODUCTS D.I.P. CASE #00B28798: OPERATING ACCOUNT --------------------------------------------------------------- Account No.: 5800272592 ---------------------------------------------------------------
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ None General Motors $ - None Chrysler Progress Payments - None Chrysler Holdbacks - None Chrysler Repairs - None Misc. Holdbacks & Acceptances - None Verson Std. Products - None Corporate - None Receipt of Escrow - None Note Receivable - Various Additional Receipts - Various Employee Related/COBRA Receipts-Foothill 18,119 Various Parts & Service Receipts-Foothill 26,008 Various Misc Receipts-Foothill 77,212 Various Net Proceeds Of Business Sale 20,000,000 Various Foothill Funding 579,000 Various GM Funding 432,000 ------------ TOTAL RECEIPTS $ 21,132,339 ------------
Receipts may be identified by major categories. It is not necessary to list each transaction separately by name of customer or invoice number. You must, however, create a separate list for each bank account to which receipts were deposited during the month. OPERATING REPORT Page 2 (3 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ RECEIPTS LISTING ---------------- FOR MONTH ENDING January 31 , 2001 --------------------- Bank: LASALLE BANK N.A. ---------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 ---------------------------------------------------------------- Account Name: ALLIED PRODUCTS D.I.P. CASE #00B28798: PAYROLL ACCOUNT ---------------------------------------------------------------- Account No.: 5800272618 ----------------------------------------------------------------
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------- None General Motors $ - None Chrysler Progress Payments - None Chrysler Holdbacks - None Chrysler Repairs - None Misc. Holdbacks & Acceptances - None Verson Std. Products - None Corporate - None Receipt of Escrow - None Note Receivable - Additional Receipts None Employee Related/COBRA Receipts-Foothill - None Parts & Service Receipts-Foothill - None Misc Receipts-Foothill - None Net Proceeds Of Business Sale - None Foothill Funding - None GM Funding - ------------ TOTAL RECEIPTS $ - ------------
Receipts may be identified by major categories. It is not necessary to list each transaction separately by name of customer or invoice number. You must, however, create a separate list for each bank account to which receipts were deposited during the month. OPERATING REPORT Page 2 (4 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ RECEIPTS LISTING ---------------- FOR MONTH ENDING January 31 , 2001 --------------------- Bank: LASALLE BANK N.A. ---------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 ---------------------------------------------------------------- Account Name: ALLIED PRODUCTS D.I.P. CASE #00B28798: ACCOUNTS PAYABLE ACCOUNT ---------------------------------------------------------------- Account No.: 5800272600 ----------------------------------------------------------------
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ None General Motors $ - None Chrysler Progress Payments - None Chrysler Holdbacks - None Chrysler Repairs - None Misc. Holdbacks & Acceptances - None Verson Std. Products - None Corporate - None Receipt of Escrow - None Note Receivable - Additional Receipts None Employee Related/COBRA Receipts-Foothill - None Parts & Service Receipts-Foothill - None Misc Receipts-Foothill - None Net Proceeds Of Business Sale - None Foothill Funding - None GM Funding - ------------ TOTAL RECEIPTS $ - ------------
Receipts may be identified by major categories. It is not necessary to list each transaction separately by name of customer or invoice number. You must, however, create a separate list for each bank account to which receipts were deposited during the month. OPERATING REPORT Page 2 (5 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ RECEIPTS LISTING ---------------- FOR MONTH ENDING January 31 , 2001 --------------------- Bank: LASALLE BANK N.A. ---------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 ---------------------------------------------------------------- Account Name: VERSON CORPORATION PAYROLL ACCOUNT ---------------------------------------------------------------- Account No.: 5800026501 ----------------------------------------------------------------
DATE RECEIVED DESCRIPTION AMOUNT ------------- ----------- ------ None General Motors $ - None Chrysler Progress Payments - None Chrysler Holdbacks - None Chrysler Repairs - None Misc. Holdbacks & Acceptances - None Verson Std. Products - None Corporate - None Receipt of Escrow - None Note Receivable - Additional Receipts None Employee Related/COBRA Receipts-Foothill - None Parts & Service Receipts-Foothill - None Misc Receipts-Foothill - None Net Proceeds Of Business Sale - None Foothill Funding - None GM Funding - ------------ TOTAL RECEIPTS $ - ------------
Receipts may be identified by major categories. It is not necessary to list each transaction separately by name of customer or invoice number. You must, however, create a separate list for each bank account to which receipts were deposited during the month. OPERATING REPORT Page 2 (6 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ DISBURSEMENT LISTING -------------------- FOR MONTH ENDING January 31 , 2001 --------------------- Summary of Company Disbursements for the period of January 1, 2001 through January 31, 2001 (1)
DATE DISBURSED CHECK/WIRE NO. DESCRIPTION AMOUNT -------------- -------------- ----------- ------ Various Various Salaries & Benefits-GM $ 414,199 Various Various Salaries & Benefits-Foothill 362,553 None None Stay Bonus - Various Various Utilities-GM 45,008 Various Various Utilities-Foothill 20,761 Various Various Rents & Leases-GM 749 Various Various Rents & Leases-Foothill 25,976 None None Remaining Man. Costs - None None Pre-Petition Vendor Payments - None None Real Estate Taxes - Various Various Asset Sale Related Expenses 1,338,821(1) Various Various Foothill Capital-Secured Loan 9,314,435(1) Various Various GM DIP Loan 4,344,999(1) Various Various Parts Purchases 7,425 None None Professional/Trustee Fees - GM Funded - Various Various Professional/Trustee Fees - Foothill Funded 147,670 None None Foothill Principal Payments - None None Boeing Letter of Credit - None None Foothill Interest & Fees - Various Various All Other-GM 7,730 Various Various All Other-Foothill 52,957 ------------ TOTAL DISBURSEMENTS $ 16,083,284 ------------
(1) Paid upon closing-For presentation purposes, receipts and disbursements assumed to flow through the operating account (1) Please see attached pages for the detail of disbursements by Company bank account OPERATING REPORT Page 3 (7 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ DISBURSEMENT LISTING -------------------- FOR MONTH ENDING January 31 , 2000 --------------------- Bank: LASALLE BANK N.A. ---------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 ---------------------------------------------------------------- Account Name: ALLIED PRODUCTS D.I.P. CASE #00B28798: OPERATING ACCOUNT ---------------------------------------------------------------- Account No.: 5800272592 ----------------------------------------------------------------
DATE DISBURSED CHECK/WIRE NO. DESCRIPTION AMOUNT -------------- -------------- ----------- ------ Various Various Salaries & Benefits-GM $ 414,185 Various Various Salaries & Benefits-Foothill 292,613 None None Stay Bonus - None None Utilities-GM - None None Utilities-Foothill - None None Rents & Leases-GM - None None Rents & Leases-Foothill - None None Remaining Man. Costs - None None Pre-Petition Vendor Payments - None None Real Estate Taxes - Various Various Asset Sale Related Expenses 1,338,821(1) Various Various Foothill Capital-Secured Loan 9,314,435(1) Various Various GM DIP Loan 4,344,999(1) Various Various Parts Purchases 7,425 None None Professional/Trustee Fees - GM Funded - Various Various Professional/Trustee Fees - Foothill Funded 147,670 None None Foothill Principal Payments - None None Boeing Letter of Credit - None None Foothill Interest & Fees - None None All Other-GM - None None All Other-Foothill - ------------ TOTAL DISBURSEMENTS $ 15,860,149 ------------
(1) Paid upon closing-For presentation purposes, receipts and disbursements assumed to flow through the operating account You must create a separate list for each bank account for which disbursements were made during the month. OPERATING REPORT Page 3 (8 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ DISBURSEMENT LISTING -------------------- FOR MONTH ENDING January 31 , 2001 --------------------- Bank: LASALLE BANK N.A. ---------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 ---------------------------------------------------------------- Account Name: ALLIED PRODUCTS D.I.P. CASE #00B28798: PAYROLL ACCOUNT ---------------------------------------------------------------- Account No.: 5800272618 ----------------------------------------------------------------
DATE DISBURSED CHECK/WIRE NO. DESCRIPTION AMOUNT -------------- -------------- ----------- ------ None None Salaries & Benefits-GM $ - None None Salaries & Benefits-Foothill - None None Stay Bonus - None None Utilities-GM - None None Utilities-Foothill - None None Rents & Leases-GM - None None Rents & Leases-Foothill - None None Remaining Man. Costs - None None Pre-Petition Vendor Payments - None None Real Estate Taxes - None None Asset Sale Related Expenses - None None Foothill Capital-Secured Loan - None None GM DIP Loan - None None Parts Purchases - None None Professional/Trustee Fees - GM Funded - None None Professional/Trustee Fees - Foothill Funded - None None Foothill Principal Payments - None None Boeing Letter of Credit - None None Foothill Interest & Fees - None None All Other-GM - None None All Other-Foothill - ------------ TOTAL DISBURSEMENTS $ - ------------
You must create a separate list for each bank account for which disbursements were made during the month. OPERATING REPORT Page 3 (9 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ DISBURSEMENT LISTING -------------------- FOR MONTH ENDING January 31 , 2001 --------------------- Bank: LASALLE BANK N.A. ---------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 ---------------------------------------------------------------- Account Name: ALLIED PRODUCTS D.I.P. CASE #00B28798: ACCOUNTS PAYABLE ACCOUNT ---------------------------------------------------------------- Account No.: 5800272600 ----------------------------------------------------------------
DATE DISBURSED CHECK/WIRE NO. DESCRIPTION AMOUNT -------------- -------------- ----------- ------ Various Various Salaries & Benefits-GM $ 14 Various Various Salaries & Benefits-Foothill 69,940 None None Stay Bonus - Various Various Utilities-GM 45,008 Various Various Utilities-Foothill 20,761 Various Various Rents & Leases-GM 749 Various Various Rents & Leases-Foothill 25,976 None None Remaining Man. Costs - None None Pre-Petition Vendor Payments - None None Real Estate Taxes - None None Asset Sale Related Expenses - None None Foothill Capital-Secured Loan - None None GM DIP Loan - None None Parts Purchases - None None Professional/Trustee Fees - GM Funded - None None Professional/Trustee Fees - Foothill Funded - None None Foothill Principal Payments - None None Boeing Letter of Credit - None None Foothill Interest & Fees - Various Various All Other-GM 7,730 Various Various All Other-Foothill 52,957 ------------ TOTAL DISBURSEMENTS $ 223,135 ------------
You must create a separate list for each bank account for which disbursements were made during the month. OPERATING REPORT Page 3 (10 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ DISBURSEMENT LISTING -------------------- FOR MONTH ENDING January 31 , 2001 --------------------- Bank: LASALLE BANK N.A. ---------------------------------------------------------------- Location: 135 SOUTH LASALLE STREET, CHICAGO, IL 60603 ---------------------------------------------------------------- Account Name: VERSON CORPORATION PAYROLL ACCOUNT ---------------------------------------------------------------- Account No.: 5800026501 ----------------------------------------------------------------
DATE DISBURSED CHECK/WIRE NO. DESCRIPTION AMOUNT -------------- -------------- ----------- ------ None None Salaries & Benefits-GM $ - None None Salaries & Benefits-Foothill - None None Stay Bonus - None None Utilities-GM - None None Utilities-Foothill - None None Rents & Leases-GM - None None Rents & Leases-Foothill - None None Remaining Man. Costs - None None Pre-Petition Vendor Payments - None None Real Estate Taxes - None None Asset Sale Related Expenses - None None Foothill Capital-Secured Loan - None None GM DIP Loan - None None Parts Purchases - None None Professional/Trustee Fees - GM Funded - None None Professional/Trustee Fees - Foothill Funded - None None Foothill Principal Payments - None None Boeing Letter of Credit - None None Foothill Interest & Fees - None None All Other-GM - None None All Other-Foothill - ------------ TOTAL DISBURSEMENTS $ - ------------
You must create a separate list for each bank account for which disbursements were made during the month. OPERATING REPORT Page 3 (11 of 20) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ FOR MONTH ENDING January 31 , 2000 --------------------- STATEMENT OF INVENTORY (PRE-PETITION AND POST-PETITION) ------------------------------------------------------- Beginning Inventory $ 35,990,968 ------------- Add: purchases $ 7,425 ------------- Less: goods sold $ (35,998,393)(1) ------------- (cost basis) Ending Inventory $ - ------------- PAYROLL INFORMATION STATEMENT ----------------------------- Gross payroll for this period $ 150,884 ------------- Payroll taxes due but unpaid $ - -------------
STATUS OF PAYMENTS TO SECURED CREDITORS AND LESSORS ---------------------------------------------------
Amount of Payments Amounts of Date regular Regular Delinquent Payments Name of Creditor/Lessor payment is due Payment * Delinquent* ------------------------- -------------- ---------- ----------- ----------- MDFC Equipment Leasing Corp 21st each month $ 68,620 4 $ 274,481
(1) Cost of sales from operations for January is $10,625.50, inventory included in the sale of the Verson division is $41,507,977.97 less inventory reserves eliminated upon the sale of of $6,365,057.02. In addition VSPD inventory of $844,847.04 was either included in the Verson transaction, was sold in a separate sale or is abandoned at suppliers. * Include only post-petition payments OPERATING REPORT Page 4 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ FOR MONTH ENDING January 31 , 2000 --------------------- STATEMENT OF AGED RECEIVABLES (PRE-PETITION AND POST-PETITION) --------------------------------------------------------------
ACCOUNTS RECEIVABLE: Beginning month balance $ 16,501,429 ------------ Add: sales on account $ 15,489 ------------ Less: collections/adjustments $ (47,491) ------------ End of month balance $ 16,469,427 ------------
0-30 Days 31-60 Days 61-90 Days Over 90 Days (1) End of Month --------------- -------------- -------------- -------------------- ---------------------- $ 5,784 $ 63,073 $ 21,320 $ 16,379,250 $ 16,469,427 --------------- -------------- -------------- -------------------- ----------------------
STATEMENT OF ACCOUNTS PAYABLE (POST-PETITION) --------------------------------------------- Beginning of month balance $ - ------------ Add: credit extended $ 487,915 ------------ Less: payments of account $ (487,915) ------------ End of month balance $ - ------------
0-30 Days 31-60 Days 61-90 Days Over 90 Days End of Month --------------- -------------- -------------- -------------------- ---------------------- $ - $ - $ - $ - $ - --------------- -------------- -------------- -------------------- ----------------------
ITEMIZE ALL POST-PETITION PAYABLES OVER 30 DAYS OLD ON A SEPARATE SCHEDULE AND FILE WITH THIS REPORT (1) Assumes the following balances by entity are greater than 90 days past due as more detailed information is not available: 1) Verson $11,023,647 2) Corporate $1,996 3) PPI $23,543 4) VSPD $5,743 The remaining $5,324,321 of accounts receivable that is greater than 90 days aged relates to press and non-press receivables. OPERTING REPORT Page 5 IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: ALLIED PRODUCTS CORPORATION CASE NO. 00 B 28798 --------------------------- ------------ FOR MONTH ENDING January 31 , 2000 --------------------- TAX QUESTIONNAIRE Debtors in possession and trustees are required to pay all taxes incurred after the filing of their Chapter 11 petition on an as due basis. Please indicate whether the following post-petition taxes or withholdings have been paid currently. ----- ---- 1. Federal Income Taxes Yes X No ----- ---- ----- ---- 2. FICA withholdings Yes X No ----- ---- ----- ---- 3. Employee's withholdings Yes X No ----- ---- ----- ---- 4. Employer's FICA Yes X No ----- ---- ----- ---- 5. Federal Unemployment Taxes Yes X No ----- ---- ----- ---- 6. State Income Tax Yes X No ----- ---- ----- ---- 7. State Employee withholdings Yes X No ----- ---- ----- ---- 8. All other state taxes Yes X No ----- ----
If any of the above have not been paid, state below the tax not paid, the amounts past due and the date of last payment. OPERATING REPORT Page 6 -------------------------------------------------------------------------------- Department of the Treasury - Internal Revenue Service (REV. 06-97) VERIFICATION OF FIDUCIARY'S FEDERAL TAX DEPOSIT -------------------------------------------------------------------------------- DO NOT ATTACH THIS NOTICE TO YOUR RETURN -------------------------------------------------------------------------------- TO District Director, Internal Revenue Service Attn: Chief, Special Procedures Function -------------------------------------------------------------------------------- FROM: Name of Taxpayer Allied Products Corp -------------------------------------------------------------------------------- Taxpayer Address 1355 East 93rd Street Chicago, IL 60619 -------------------------------------------------------------------------------- The following information is to notify you of Federal tax deposit (s) (FTD) as required by the United States Bankruptcy Court (complete sections 1 and/or 2 as appropriate): -------------------------------------------------------------------------------- SECTION 1 FORM 941 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from 21-Dec-00 to 31-Dec-00 --------- --------- Payroll Date 4-Jan-01 --------- Taxes Reported on form 941, Employer's Quarterly Federal Tax Gross wages paid to employees $ 21,082 Return --------- Income tax withheld $ 8,432 --------- SOCIAL SECURITY Employer's Soc. Sec. $ 2,199 --------- Employee's Soc. Sec 2,199 --------- Employer's Medicare 514 --------- Employee's Medicare 514 --------- SOC. SEC & MEDICARE TOTAL $ 5,427 --------- Tax Deposited $ 13,859 --------- Date Deposited Wired To ADP 1/5/01 ------------------- -------------------------------------------------------------------------------- SECTION 2 FORM 940 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from ______ to ________ Taxes Reported on form 940, Employer's Gross wages paid to employees $ - Annual Federal --------- Unemployment Tax Tax Deposited $ - Return --------- Date Deposited --------------
-------------------------------------------------------------------------------- CERTIFICATION (CERTIFICATION IS LIMITED TO RECEIPT OR ELECTRONIC TRANSMITTAL OF DEPOSIT ONLY) This certifies receipt or electronic transmittal of deposits described below for Federal taxes as defined in Circular E, Employer's Tax Guide (Publication 15) -------------------------------------------------------------------------------- Deposit Method / / Form 8109/8109B Federal Tax Deposit (FTD) coupon (check box) / X / Electronic Federal Payment System (EFTPS) Deposit -------------------------------------------------------------------------------- Amount (Form 941 Taxes) Date of Deposit EFTPS acknowledgement number or Wired To ADP 1/5/01 Form 8109 FTD received by: (1) -------------------------------------------------------------------------------- Amount (Form 940 Taxes) Date of Deposit EFTPS acknowledgement number or Form 8109 FTD received by: -------------------------------------------------------------------------------- Depositor's Employer Name and Address of Bank Identification Number: -------------------------------------------------------------------------------- Under penalties of perjury, I certify that the above federal tax deposit information is true and correct -------------------------------------------------------------------------------- Signed: Date: -------------------------------------------------------------------------------- Name and Title Richard Drexler, Chairman, President, CEO and CFO (print or type) -------------------------------------------------------------------------------- (1) Information is provided on a quarterly basis. 15 of 20 Payroll 1.05 Cat. #43099Z Form 6123 (rev. 06-97) -------------------------------------------------------------------------------- Department of the Treasury - Internal Revenue Service (REV. 06-97) VERIFICATION OF FIDUCIARY'S FEDERAL TAX DEPOSIT -------------------------------------------------------------------------------- DO NOT ATTACH THIS NOTICE TO YOUR RETURN -------------------------------------------------------------------------------- TO District Director, Internal Revenue Service Attn: Chief, Special Procedures Function -------------------------------------------------------------------------------- FROM: Name of Taxpayer Allied Products Corp -------------------------------------------------------------------------------- Taxpayer Address 1355 East 93rd Street Chicago, IL 60619 -------------------------------------------------------------------------------- The following information is to notify you of Federal tax deposit (s) (FTD) as required by the United States Bankruptcy Court (complete sections 1 and/or 2 as appropriate): -------------------------------------------------------------------------------- SECTION 1 FORM 941 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from 1-Jan-01 to 7-Jan-01 --------- --------- Payroll Date 12-Jan-01 --------- Taxes Reported on form 941, Employer's Quarterly Federal Tax Gross wages paid to employees $ 970 Return --------- Income tax withheld $ 405 --------- SOCIAL SECURITY Employer's Soc. Sec. $ 154 --------- Employee's Soc. Sec 154 --------- Employer's Medicare 36 --------- Employee's Medicare 36 --------- SOC. SEC & MEDICARE TOTAL $ 379 --------- Tax Deposited $ 784 --------- Date Deposited Wired To ADP 1/12/01 -------------------- -------------------------------------------------------------------------------- SECTION 2 FORM 940 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from ______ to ________ Taxes Reported on form 940, Employer's Gross wages paid to employees $ - Annual Federal --------- Unemployment Tax Tax Deposited $ - Return --------- Date Deposited --------------
-------------------------------------------------------------------------------- CERTIFICATION (CERTIFICATION IS LIMITED TO RECEIPT OR ELECTRONIC TRANSMITTAL OF DEPOSIT ONLY) This certifies receipt or electronic transmittal of deposits described below for Federal taxes as defined in Circular E, Employer's Tax Guide (Publication 15) -------------------------------------------------------------------------------- Deposit Method / / Form 8109/8109B Federal Tax Deposit (FTD) coupon (check box) / X / Electronic Federal Payment System (EFTPS) Deposit -------------------------------------------------------------------------------- Amount (Form 941 Taxes) Date of Deposit EFTPS acknowledgement number or Wired To ADP 1/12/01 Form 8109 FTD received by: (1) -------------------------------------------------------------------------------- Amount (Form 940 Taxes) Date of Deposit EFTPS acknowledgement number or Form 8109 FTD received by: -------------------------------------------------------------------------------- Depositor's Employer Name and Address of Bank Identification Number: -------------------------------------------------------------------------------- Under penalties of perjury, I certify that the above federal tax deposit information is true and correct -------------------------------------------------------------------------------- Signed: Date: -------------------------------------------------------------------------------- Name and Title Richard Drexler, Chairman, President, CEO and CFO (print or type) -------------------------------------------------------------------------------- (1) Information is provided on a quarterly basis. 16 of 20 Payroll 1.12 Cat. #43099Z Form 6123 (rev. 06-97) -------------------------------------------------------------------------------- Department of the Treasury - Internal Revenue Service (REV. 06-97) VERIFICATION OF FIDUCIARY'S FEDERAL TAX DEPOSIT -------------------------------------------------------------------------------- DO NOT ATTACH THIS NOTICE TO YOUR RETURN -------------------------------------------------------------------------------- TO District Director, Internal Revenue Service Attn: Chief, Special Procedures Function -------------------------------------------------------------------------------- FROM: Name of Taxpayer Allied Products Corp -------------------------------------------------------------------------------- Taxpayer Address 1355 East 93rd Street Chicago, IL 60619 -------------------------------------------------------------------------------- The following information is to notify you of Federal tax deposit (s) (FTD) as required by the United States Bankruptcy Court (complete sections 1 and/or 2 as appropriate): -------------------------------------------------------------------------------- SECTION 1 FORM 941 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from 8-Jan-01 to 14-Jan-01 --------- --------- Payroll Date 19-Jan-01 --------- Taxes Reported on form 941, Employer's Quarterly Federal Tax Gross wages paid to employees $ 7,695 Return --------- Income tax withheld $ 1,725 --------- SOCIAL SECURITY Employer's Soc. Sec. $ 762 --------- Employee's Soc. Sec 762 --------- Employer's Medicare 178 --------- Employee's Medicare 178 --------- SOC. SEC & MEDICARE TOTAL $ 1,881 --------- Tax Deposited $ 3,606 --------- Date Deposited Wired To ADP 1/19/01 -------------------- -------------------------------------------------------------------------------- SECTION 2 FORM 940 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from ______ to ________ Taxes Reported on form 940, Employer's Gross wages paid to employees $ - Annual Federal --------- Unemployment Tax Tax Deposited $ - Return --------- Date Deposited --------------
-------------------------------------------------------------------------------- CERTIFICATION (CERTIFICATION IS LIMITED TO RECEIPT OR ELECTRONIC TRANSMITTAL OF DEPOSIT ONLY) This certifies receipt or electronic transmittal of deposits described below for Federal taxes as defined in Circular E, Employer's Tax Guide (Publication 15) -------------------------------------------------------------------------------- Deposit Method / / Form 8109/8109B Federal Tax Deposit (FTD) coupon (check box) / X / Electronic Federal Payment System (EFTPS) Deposit -------------------------------------------------------------------------------- Amount (Form 941 Taxes) Date of Deposit EFTPS acknowledgement number or Wired To ADP 1/19/01 Form 8109 FTD received by: (1) -------------------------------------------------------------------------------- Amount (Form 940 Taxes) Date of Deposit EFTPS acknowledgement number or Form 8109 FTD received by: -------------------------------------------------------------------------------- Depositor's Employer Name and Address of Bank Identification Number: -------------------------------------------------------------------------------- Under penalties of perjury, I certify that the above federal tax deposit information is true and correct -------------------------------------------------------------------------------- Signed: Date: -------------------------------------------------------------------------------- Name and Title Richard Drexler, Chairman, President, CEO and CFO (print or type) -------------------------------------------------------------------------------- (1) Information is provided on a quarterly basis. 17 of 20 Payroll 1.19 Cat. #43099Z Form 6123 (rev. 06-97) -------------------------------------------------------------------------------- Department of the Treasury - Internal Revenue Service (REV. 06-97) VERIFICATION OF FIDUCIARY'S FEDERAL TAX DEPOSIT -------------------------------------------------------------------------------- DO NOT ATTACH THIS NOTICE TO YOUR RETURN -------------------------------------------------------------------------------- TO District Director, Internal Revenue Service Attn: Chief, Special Procedures Function -------------------------------------------------------------------------------- FROM: Name of Taxpayer Allied Products Corp -------------------------------------------------------------------------------- Taxpayer Address 1355 East 93rd Street Chicago, IL 60619 -------------------------------------------------------------------------------- The following information is to notify you of Federal tax deposit (s) (FTD) as required by the United States Bankruptcy Court (complete sections 1 and/or 2 as appropriate): -------------------------------------------------------------------------------- SECTION 1 FORM 941 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from 15-Jan-01 to 26-Jan-01 --------- --------- Payroll Date 26-Jan-01 --------- Taxes Reported on form 941, Employer's Quarterly Federal Tax Gross wages paid to employees $ 63,368 Return --------- Income tax withheld $ 19,037 --------- SOCIAL SECURITY Employer's Soc. Sec. $ 6,239 --------- Employee's Soc. Sec 6,239 --------- Employer's Medicare 1,459 --------- Employee's Medicare 1,459 --------- SOC. SEC & MEDICARE TOTAL $ 15,397 --------- Tax Deposited $ 34,433 --------- Date Deposited Wired To ADP 1/26/01 -------------------- -------------------------------------------------------------------------------- SECTION 2 FORM 940 FEDERAL TAX DEPOSIT (FTD) INFORMATION for the payroll period from ______ to ________ Taxes Reported on form 940, Employer's Gross wages paid to employees $ - Annual Federal --------- Unemployment Tax Tax Deposited $ - Return --------- Date Deposited --------------
-------------------------------------------------------------------------------- CERTIFICATION (CERTIFICATION IS LIMITED TO RECEIPT OR ELECTRONIC TRANSMITTAL OF DEPOSIT ONLY) This certifies receipt or electronic transmittal of deposits described below for Federal taxes as defined in Circular E, Employer's Tax Guide (Publication 15) -------------------------------------------------------------------------------- Deposit Method / / Form 8109/8109B Federal Tax Deposit (FTD) coupon (check box) / X / Electronic Federal Payment System (EFTPS) Deposit -------------------------------------------------------------------------------- Amount (Form 941 Taxes) Date of Deposit EFTPS acknowledgement number or Wired To ADP 1/26/01 Form 8109 FTD received by: (1) -------------------------------------------------------------------------------- Amount (Form 940 Taxes) Date of Deposit EFTPS acknowledgement number or Form 8109 FTD received by: -------------------------------------------------------------------------------- Depositor's Employer Name and Address of Bank Identification Number: -------------------------------------------------------------------------------- Under penalties of perjury, I certify that the above federal tax deposit information is true and correct -------------------------------------------------------------------------------- Signed: Date: -------------------------------------------------------------------------------- Name and Title Richard Drexler, Chairman, President, CEO and CFO (print or type) -------------------------------------------------------------------------------- (1) Information is provided on a quarterly basis. 18 of 20 Payroll 1.26 Cat. #43099Z Form 6123 (rev. 06-97) IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION DECLARATION UNDER PENALTY OF PERJURY I, Richard Drexler, acting as the duly authorized agent for Debtor in Possession (Trustee) declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. -------------------------------------------- For the Debtor In Possession (Trustee) Print or type name and capacity of person signing this Declaration: Richard A. Drexler -------------------------------------------- Chairman, President, CEO and CFO -------------------------------------------- DATED: ----------------------------- OPERATING REPORT Page 8 FLOW OF FUNDS CASH RECEIVED FROM PURCHASER $20,000,000.00 Excess Cash Returned to Purchaser -$397,301.79 (includes $1700 adjustment for payment to title company on Purchaser's behalf) Additional Indemnification Escrow Payment -$199,390.95 Assumed Liabilities Toyota -$4,395.05 Dunteman Farms -$2,750.00 Underground Vault & Storage -$1,440.00 IBM -$49,408.47 Siemens Credit Corp -$10,261.08 Pitney Bowes -$1,393.35 Xerox -$37,445.14 Ricoh -$10,142.60 OCE-USA -$3,301.41 Solid Systems CAD Service -$25,480.00 Praxair -$9,120.95 Praxair/Gas Tech -$5,062.10 ------------------ -$160,200.15 Wire Transfers JTL -$45,891.18 Title Company -$263,719.47 Foothill Capital -$9,314,435.30 ------------------ -$9,624,045.95 Held in Escrow General Motors -$4,344,999.00 Meany, Inc. -$50,855.00 Wheelon -$210,988.04 Door Systems -$4,096.06 Triple-E -$6,378.50 ------------------ -$4,617,316.60 --------------------- NET PROCEEDS TO COMPANY $5,001,744.56 =====================