0001193125-12-305421.txt : 20120718 0001193125-12-305421.hdr.sgml : 20120718 20120718081559 ACCESSION NUMBER: 0001193125-12-305421 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20120713 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120718 DATE AS OF CHANGE: 20120718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICANWEST BANCORPORATION CENTRAL INDEX KEY: 0000726990 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 911259511 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18561 FILM NUMBER: 12966877 BUSINESS ADDRESS: STREET 1: 41 W. RIVERSIDE AVENUE STREET 2: SUITE 300 CITY: SPOKANE STATE: WA ZIP: 99201-3631 BUSINESS PHONE: (509)467-6993 MAIL ADDRESS: STREET 1: 41 W. RIVERSIDE AVENUE STREET 2: SUITE 300 CITY: SPOKANE STATE: WA ZIP: 99201-3631 FORMER COMPANY: FORMER CONFORMED NAME: UNITED SECURITY BANCORPORATION DATE OF NAME CHANGE: 19920703 8-K 1 d378966d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 13, 2012

 

 

AMERICANWEST BANCORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Washington   0-18561   91-1259511

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

41 W. Riverside Avenue, Suite 300

Spokane, WA

  99201
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (509) 467-6993

 

 

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:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4 (c))

 

 

 


Item 7.01 Regulation FD Disclosure

As previously reported, on October 28, 2010, AmericanWest Bancorporation (the “Company”) filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Washington (the “Bankruptcy Court”). The Company is currently the “debtor-in-possession” of its limited business under the jurisdiction of the Bankruptcy Court in accordance with the applicable provisions of the Bankruptcy Code. Regardless of the outcome of the proceedings in the Bankruptcy Court, the Company does not expect that any assets will be available for distribution to the holders of the Company’s common stock.

On July 13, 2012, the Company filed with the Bankruptcy Court the Company’s Monthly Operating Report for the period from June 1, 2012 through June 30, 2012 (the “June Monthly Operating Report”). A copy of the June Monthly Operating Report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by this reference. A complete copy of the June Monthly Operating Report is also publicly available on the internet and may be accessed at http://pacer.uspci.uscourts.gov.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Cautionary Statement Regarding the June Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the June Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The June Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The June Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles in the United States, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the June Monthly Operating Report is complete. The June Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the June Monthly Operating Report should not be viewed as indicative of future results.


Cautionary Statement Regarding Forward-Looking Statements

The information contained in this Current Report on Form 8-K includes forward-looking statements, and the Company intends for such statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s expectation that there will not be any assets available for distribution to the Company’s common shareholders, the Company’s beliefs concerning future business conditions, the Company’s outlook based on currently available information and the Company’s statements regarding its expectations concerning the bankruptcy process. Factors that could cause actual results to differ materially from those projected in such forward-looking statements include, without limitation: (i) the ability of the Company to develop, pursue, confirm and consummate one or more plans of liquidation or reorganization with respect to the Chapter 11 proceeding; (ii) the ability of the Company to obtain Bankruptcy Court approval of its motions in the Chapter 11 proceeding; (iii) risks associated with third parties seeking and obtaining Bankruptcy Court approval to (a) terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans; (b) appoint a trustee; or (c) convert the case to a Chapter 7 proceeding; (iv) potential adverse developments with respect to the Company’s liquidity or results of operations; and (v) the risks and uncertainties described in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or amend any forward-looking statement to reflect subsequent events or circumstances.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

99.1    Monthly Operating Report for the period from June 1, 2012 through June 30, 2012, filed with the U.S. Bankruptcy Court for the Eastern District of Washington on July 13, 2012.


SIGNATURES

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

 

  AMERICANWEST BANCORPORATION,
  a Washington corporation
Date: July 18, 2012   By:  

/s/ Patrick J. Rusnak

    Patrick J. Rusnak
    President and Chief Executive Officer
EX-99.1 2 d378966dex991.htm MONTHLY OPERATING REPORT Monthly Operating Report

Exhibit 99.1

Office of the US Trustee - Region 18

Seattle, Washington

Monthly Reporting Requirements

Corporations and Partnerships

All Chapter 11 debtors (other than individuals) must serve the U.S. Trustee with the documents and reports identified below no later than the 15th day of the month following the end of the month covered by the report.

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

For the month of: June 2012

 

Required Documents   Document
Attached
  Previously
Submitted
  Explanation
Attached

1. Income Statement (profit and loss statement).

  (X)   (    )   (    )

2. Comparative Balance Sheet.

  (X)   (    )   (    )

3. Statement of Cash Receipts and Disbursements.

  (X)   (    )   (    )

4. Statement of Aged Receivables.

  (X)   (    )   (    )

5. Statement of Aged Payables.

  (X)   (    )   (    )

6. Statement of Operations, Taxes, Insurance and Personnel.

  (X)   (    )   (    )

7. Other documents/reports as required by the U.S. Trustee: None

  (    )   (    )   (    )

The undersigned certifies under penalty of perjurty (28 U.S.C. § 1746) that the information contained in this and accompanying reports is complete, true and correct to the best of my knowledge, information and belief.

 

By:   /s/ Shelly L. Krasselt  

Dated: July 13, 2012

       Controller  
       Title of Debtor Representative  


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

For the period: Refer to dates below

Basis of Accounting: Accrual

 

           Month Ending  
     10/28/10-10/31/10     November 30,
2010
    December 31,
2010
    January 31,
2011
    February 29,
2011
    March 31,
2011
    April 30,
2011
    May 31,
2011
    June 30,
2011
 

Income

                  

Misc Income

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Gain on sale of assets

   $ —        $ —        $ 37,020      $ —        $ —        $ —        $ —        $ —        $ —     

Expenses

                  

Payroll/Officer Expenses

   $ 1,909      $ 3,215      $ 1,970      $ 5,750      $ 3,660      $ 5,477      $ 3,069      $ 1,550      $ 2,289   

Occupancy

   $ —        $ 971      $ 595        $ —        $ —        $ —        $ —        $ —     

Director Fees

   $ —        $ —        $ 750      $ 2,500      $ 3,500      $ 2,500      $ 2,500      $ 2,500      $ 2,500   

Investor Relations

   $ 692      $ 234      $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Service Contracts

   $ —        $ 89      $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Ongoing Professional costs

   $ —        $ 1,646      $ 2,334      $ 12,298      $ 5,529      $ 3,995      $ 3,922      $ 2,247      $ 1,374   

Professionals

   $ —        $ —        $ 65,179        $ —        $ —        $ —        $ —        $ —     

Interest Expense DIP loan

   $ —        $ 1,700      $ 4,038      $ —        $ —        $ —        $ —        $ —        $ —     

Loan Fee

   $ —        $ 100,000      $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Special Cousel

   $ —        $ 332,726      $ 162,000      $ 16,000      $ 15,380      $ 2,000      $ 5,689      $ (136   $ —     

Debtor’s Counsel

   $ —        $ 75,540      $ 50,854      $ 24,139      $ 20,549      $ 17,218      $ 12,196      $ 13,824      $ 5,201   

Income Tax Expense

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

   $ 2,601      $ 516,121      $ 287,719      $ 60,687      $ 48,619      $ 31,190      $ 27,375      $ 19,985      $ 11,364   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss)

   $ (2,601   $ (516,121   $ (250,699   $ (60,687   $ (48,619   $ (31,190   $ (27,375   $ (19,985   $ (11,364


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

For the period: Refer to dates below

Basis of Accounting: Accrual

 

     Month Ending  
     July 31,
2011
    August 31,
2011
    September 30,
2011
    October 31,
2011
    November 30,
2011
    December 31,
2011
    January 31,
2012
    February 29,
2012
    March 31,
2012
    April 30,
2012
    May 31,
2012
    June 30,
2012
 

Income

                        

Misc Income

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Gain on sale of assets

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Expenses

                        

Payroll/Officer Expenses

   $ 557      $ 2,264      $ —        $ 13      $ —        $ 3,924      $ 4      $ 3,193      $ 1      $ —        $ 1,962      $ 2   

Occupancy

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Director Fees

   $ 2,500      $ 2,500      $ 2,500      $ 3,500      $ 2,500      $ 2,500      $ 2,500      $ 2,500      $ 2,500      $ 2,500      $ 2,500      $ 2,500   

Investor Relations

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Service Contracts

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Ongoing Professional costs

   $ 2,707      $ 3,928      $ 2,215      $ 4,975      $ 2,108      $ 1,726      $ 4,733      $ 2,116      $ 2,629      $ 3,632      $ 2,212      $ 2,607   

Professionals

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Interest Expense DIP loan

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Loan Fee

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Special Cousel

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Debtor’s Counsel

   $ —        $ —        $ —        $ —        $ 10,753      $ 12,808      $ —        $ —        $ —        $ —        $ —        $ 84,375   

Income Tax Expense

   $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ 130      $ —        $ —        $ —     
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Expenses

   $ 5,764      $ 8,692      $ 4,715      $ 8,488      $ 15,361      $ 20,958      $ 7,237      $ 7,810      $ 5,260      $ 6,132      $ 6,675      $ 89,484   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss)

   $ (5,764   $ (8,692   $ (4,715   $ (8,488   $ (15,361   $ (20,958   $ (7,237   $ (7,810   $ (5,260   $ (6,132   $ (6,675   $ (89,484


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Comparative Balance Sheet

 

    10/31/2010     11/30/2010     12/31/2010     1/31/2011     2/28/2011     3/31/2011     4/30/2011  

Assets

             

Current Assets

             

Cash

  $ 97,345      $ 6,988,798      $ 6,098,902      $ 5,910,113      $ 5,896,209      $ 5,827,500      $ 5,812,289   

Investment in WIN Partners

  $ 100,000      $ 100,000      $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Current Assets

  $ 197,345      $ 7,088,798      $ 6,098,902      $ 5,910,113      $ 5,896,209      $ 5,827,500      $ 5,812,289   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accounts/Dividend Receivable

             

Accrued Dividend Receivable - TRUPS prepetition

  $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842   

Accrued Dividend Receivable - TRUPS postpetition

  $ —        $ —        $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Accounts Receivable

  $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other Assets

             

Dashiell Insurance Policy Assignment of Benefits

  $ 160,797      $ 160,797      $ —        $ —        $ —        $ —        $ —     

Real Property - Prosser Building and Land

  $ 202,184      $ 202,184      $ —        $ —        $ —        $ —        $ —     

Deferred tax asset/other assets

  $ 0      $ 0      $ —        $ —        $ —        $ —        $ —     

Investment in AmericanWest Bank

  $ 6,000,000      $ 6,000,000      $ —        $ —        $ —        $ —        $ —     

Investment in TRUPS

  $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Assets

  $ 7,601,981      $ 7,601,981      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 7,984,167      $ 14,875,621      $ 7,522,744      $ 7,333,956      $ 7,320,051      $ 7,251,342      $ 7,236,131   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

             

Postpetition Liabilities:

             

Accounts Payable

  $ 692      $ 408,266      $ 306,089      $ 177,988      $ 212,702      $ 175,184      $ 187,347   

Debtor in Possession Loan to SKBHC Hawks Nest

  $ —        $ 850,000      $ —        $ —        $ —        $ —        $ —     

Stalking Horse Bid Deposit

  $ —        $ 6,150,000      $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Postpetition Liabilities

  $ 692      $ 7,408,266      $ 306,089      $ 177,988      $ 212,702      $ 175,184      $ 187,347   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Prepetition Liabilities

             

Accounts Payable

  $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337   

Notes Payable

  $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000   

Accrued Dividend Payable

  $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Prepetition Liabilities

  $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $ 47,393,856      $ 54,801,430      $ 47,699,253      $ 47,571,152      $ 47,605,866      $ 47,568,348      $ 47,580,511   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Owner Equity

             

Preferred Stock

  $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Common Stock

  $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472   

Retained Deficit

  $ (292,892,160   $ (293,408,281   $ (293,658,981   $ (293,719,668   $ (293,768,287   $ (293,799,477   $ (293,826,852
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Owner Equity

  $ (39,409,689   $ (39,925,809   $ (40,176,509   $ (40,237,196   $ (40,285,815   $ (40,317,005   $ (40,344,380
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
             
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities and Equity

  $ 7,984,167      $ 14,875,621      $ 7,522,744      $ 7,333,956      $ 7,320,051      $ 7,251,342      $ 7,236,131   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

    5/31/2011     6/30/2011     7/31/2011     8/31/2011     9/30/2011     10/31/2011  

Assets

           

Current Assets

           

Cash

  $ 5,794,491      $ 5,632,435      $ 5,643,644      $ 5,634,726      $ 5,609,553      $ 5,601,052   

Investment in WIN Partners

  $ —        $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Current Assets

  $ 5,794,491      $ 5,632,435      $ 5,643,644      $ 5,634,726      $ 5,609,553      $ 5,601,052   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accounts/Dividend Receivable

           

Accrued Dividend Receivable - TRUPS prepetition

  $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842   

Accrued Dividend Receivable - TRUPS postpetition

  $ —        $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Accounts Receivable

  $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other Assets

           

Dashiell Insurance Policy Assignment of Benefits

  $ —        $ —        $ —        $ —        $ —        $ —     

Real Property - Prosser Building and Land

  $ —        $ —        $ —        $ —        $ —        $ —     

Deferred tax asset/other assets

  $ —        $ —        $ —        $ —        $ —        $ —     

Investment in AmericanWest Bank

  $ —        $ —        $ —        $ —        $ —        $ —     

Investment in TRUPS

  $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Assets

  $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 7,218,333      $ 7,056,277      $ 7,067,486      $ 7,058,568      $ 7,033,395      $ 7,024,894   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

           

Postpetition Liabilities:

           

Accounts Payable

  $ 189,535      $ 38,843      $ 55,815      $ 55,590      $ 35,132      $ 35,119   

Debtor in Possession Loan to SKBHC Hawks Nest

  $ —        $ —        $ —        $ —        $ —        $ —     

Stalking Horse Bid Deposit

  $ —        $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Postpetition Liabilities

  $ 189,535      $ 38,843      $ 55,815      $ 55,590      $ 35,132      $ 35,119   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Prepetition Liabilities

           

Accounts Payable

  $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337   

Notes Payable

  $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000   

Accrued Dividend Payable

  $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Prepetition Liabilities

  $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $ 47,582,699      $ 47,432,007      $ 47,448,979      $ 47,448,754      $ 47,428,296      $ 47,428,283   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Owner Equity

           

Preferred Stock

  $ —        $ —        $ —        $ —        $ —        $ —     

Common Stock

  $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472   

Retained Deficit

  $ (293,846,837   $ (293,858,201   $ (293,863,965   $ (293,872,657   $ (293,877,372   $ (293,885,861
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Owner Equity

  $ (40,364,366   $ (40,375,730   $ (40,381,493   $ (40,390,185   $ (40,394,901   $ (40,403,389
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
           
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities and Equity

  $ 7,218,333      $ 7,056,277      $ 7,067,486      $ 7,058,568      $ 7,033,395      $ 7,024,894   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Comparative Balance Sheet

 

    11/30/2011     12/31/2011     1/31/2012     2/29/2012     3/31/2012     4/30/2012     5/31/2012     6/30/2012  

Assets

               

Current Assets

               

Cash

  $ 5,596,437      $ 5,547,525      $ 5,541,257      $ 5,534,018      $ 5,528,207      $ 5,522,073      $ 5,515,691      $ 5,462,443   

Investment in WIN Partners

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Current Assets

  $ 5,596,437      $ 5,547,525      $ 5,541,257      $ 5,534,018      $ 5,528,207      $ 5,522,073      $ 5,515,691      $ 5,462,443   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accounts/Dividend Receivable

               

Accrued Dividend Receivable - TRUPS prepetition

  $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842   

Accrued Dividend Receivable - TRUPS postpetition

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Accounts Receivable

  $ 184,842.03      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842      $ 184,842   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other Assets

               

Dashiell Insurance Policy Assignment of Benefits

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Real Property - Prosser Building and Land

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Deferred tax asset/other assets

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Investment in AmericanWest Bank

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Investment in TRUPS

  $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Other Assets

  $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000      $ 1,239,000   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
               
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

  $ 7,020,279      $ 6,971,367      $ 6,965,100      $ 6,957,860      $ 6,952,049      $ 6,945,915      $ 6,939,533      $ 6,886,285   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities

               

Postpetition Liabilities:

               

Accounts Payable

  $ 45,864      $ 17,910      $ 18,880      $ 19,450      $ 18,899      $ 18,897      $ 19,190      $ 55,426   

Debtor in Possession Loan to SKBHC Hawks Nest

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Stalking Horse Bid Deposit

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Postpetition Liabilities

  $ 45,864      $ 17,910      $ 18,880      $ 19,450      $ 18,899      $ 18,897      $ 19,190      $ 55,426   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Prepetition Liabilities

               

Accounts Payable

  $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337      $ 1,337   

Notes Payable

  $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000      $ 41,239,000   

Accrued Dividend Payable

  $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827      $ 6,152,827   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Prepetition Liabilities

  $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164      $ 47,393,164   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
               
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $ 47,439,028      $ 47,411,074      $ 47,412,044      $ 47,412,614      $ 47,412,063      $ 47,412,061      $ 47,412,354      $ 47,448,590   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Owner Equity

               

Preferred Stock

  $ —        $ —        $ —        $ —        $ —        $ —        $ —        $ —     

Common Stock

  $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472      $ 253,482,472   

Retained Deficit

  $ (293,901,221   $ (293,922,179   $ (293,929,416   $ (293,937,226   $ (293,942,486   $ (293,948,618   $ (293,955,293   $ (294,044,777
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Owner Equity

  $ (40,418,749   $ (40,439,707   $ (40,446,944   $ (40,454,754   $ (40,460,014   $ (40,466,146   $ (40,472,821   $ (40,562,305
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
               
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities and Equity

  $ 7,020,279      $ 6,971,367      $ 6,965,100      $ 6,957,860      $ 6,952,049      $ 6,945,915      $ 6,939,533      $ 6,886,285   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Statement of Cash Receipts

For the Month Ending: June 30, 2012

Cash Receipts

 

Date    Description (Source)    Amount  

Beginning Cash Balance

   $ 5,515,690.79   
     

 

 

 

Total Cash Receipts

   $ —     
     

 

 

 


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Statement of Cash Disbursements

For the Month Ending: June 30, 2012

Cash Disbursements

 

Date    Check No.    Payee    Description    Amount  

6/15/2012

   ACH    Internal Revenue Service    941 Payroll tax deposit    $ 299.09   

6/28/2012

   1177    J. Frank Armijo    May Retainer Board of Director Fee    $ 500.00

6/28/2012

   1178    Kay C. Carnes    May Retainer Board of Director Fee    $ 500.00

6/28/2012

   1179    Craig D. Eerkes    May Retainer Board of Director Fee    $ 500.00

6/28/2012

   1180    Donald H. Swartz    May Retainer Board of Director Fee    $ 500.00

6/28/2012

   1181    P. Mike Taylor    May Retainer Board of Director Fee    $ 500.00

6/28/2012

   1182    Denise Sloon    Bookkeeping Services    $ 175.00

6/28/2012

   1183    Foster Pepper PLLC    Debtors Counsel    $ 47,841.07

6/28/2012

   1184    IST Shareholder Services    Transfer Agen fees-June/out-of-pocket May    $ 1,561.48

6/28/2012

   1185    RR Donnelley    EDGAR Prep and transmission    $ 871.00
           

 

 

 

Total Cash Disbursements

   $ 53,247.64   
           

 

 

 

Adjustments (explain)

   $ —     

Ending Cash Balance (must be reconciled to the bank statement for account cited above)

   $ 5,462,443.15   

 

* Noted amounts have not yet cleared the bank statement.


               
     LOGO   

ACCOUNT NUMBER

 

100605591

     
       

 

LOGO

     
  3360-0.56-91428N11.n01 1 of 1 A       STATEMENT DATE      
        Jun 30, 2012      
LOGO   AMERICANWEST BANCORPORATION            
  ATTN: KRISTIN DANFORD              
  110 S FERRALL      

Pg     1 of     1

       
  SPOKANE WA 99202          3360           

Ask us about our Home Equity Line of Credit and take advantage of our LOW

rate and NO closing costs. Our application process is easier than ever

and our personalized service is second to none. AmericanWest Bank is your

community bank and we’re here to help you meet your financial goals,

whether they include a major purchase or a smaller one. Apply today,

now’s the time!

 

Small Business Free Checking

        

06/01/2012 Beginning Balance

           5,522,055.34   

  0 Deposits/Other Credits

      +      .00   

11 Checks/Other Debits

      -      6,663.64   

06/30/2012 Ending Balance

   30 Days in Statement Period         5,515,391.70   

 

Checks listed in numerical order;     (*) indicates gap in sequence  

Check

    Date     Amount     Check     Date     Amount  
  1167        06/13        530.71        1172        06/01        500.00   
  1168        06/07        1,121.37        1173        06/01        500.00   
  1169        06/01        500.00        1174        06/06        226 .32   
 

 

1170

1171

  

  

   

 

06/04

06/04

  

  

   

 

500.00

500.00

  

  

   

 

1175

1176

  

  

   

 

06/06

06/04

  

  

   
 
1,582.15
404.00
  
  

 

Other Debits  

06/15/2012 ACH Payment

        299.09   

IRS

   USATAXPYMT   

 

Daily Ending Balance  
  06/01        5,520,555.34        06/06        5,517,342.87        06/13        5,515,690.79   
  06/04        5,519,151.34        06/07        5,516,221.50        06/15        5,515,391.70   

 

LOGO   

PLEASE SEE IMPORTANT INFORMATION ON THE REVERSE SIDE

 
      


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Statement of Aged Receivables

For the month ending June 30, 2012

 

       Current      Past Due      Past Due      Past Due  
Total Due      (0-30 Days)      (31-60 Days)      (61-90 Days)      (91 & Over)  
  Prepetition               
  $ —         $ —         $ —         $ —         $ —     
  Postpetition               
  $ —         $ —         $ —         $ —         $ —     
  Totals               
  $ —         $ —         $ —         $ —         $ —     

 

Accounts Receivable Reconciliation

  

     

 

Opening Balance

  

   $ —        

 

New Accounts this Month

  

   $ —        

 

Balance

  

   $ —        

 

Amount Collected on Prior Accounts

  

   $ —        

 

Closing Balance

  

   $ —        

 

Check Figure

  

   $ —        


Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Statement of Aged Payables

For the month ending June 30, 2012

NOTE: Schedule only includes postpetition debts.

 

                 Current      Past Due      Past Due      Past Due  
Account Name    Description    Total Due      (0-30 Days)      (31-60 Days)      (61-90 Days)      (91 & Over)  
  

Foster Pepper

   $ 36,533.65       $ 36,533.65       $ —         $ —         $ —     
  

Morrison Foerster

   $ 4,179.78       $ —         $ —         $ —         $ 4,179.78   
  

Sandler O’Neil

   $ 13,000.00       $ —         $ —         $ —         $ 13,000.00   
  

BDO USA, LLC

   $ 1,700.00       $ —         $ —         $ —         $ 1,700.00   
  

IRS - 940 FUTA taxes

   $ 10.88       $ —         $ 10.88       $ —         $ —     
  

Quarterly L&I Taxes

   $ 1.95       $ 1.95       $ —         $ —         $ —     
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Totals

   $ 55,426.26       $ 1.95       $ 10.88       $ —         $ 18,879.78   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
  

Accounts Payable Reconciliation

              
  

Opening Balance

   $ 19,189.75               
  

Total New Indebtedness Incurred this Month

   $ 36,535.60               
     

 

 

             
  

Balance

   $ 55,725.35               
     

 

 

             
  

Amount paid on Prior Accounts Payable

   $ 299.09               
     

 

 

             
  

Closing Balance

   $ 55,426.26               
     

 

 

             


Office of the US Trustee - Region 18

Seattle, Washington

Statement of Operations, Taxes, Insurance and Personnel

For the Month Ending: June 30, 2012

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

1. What efforts have been made toward presentation of a plan to the creditors?

As part of the dispute between the competing plans of Holdco and the Debtor, Committee and Holdco entered into a mediation agreement. The mediation was approved by Bankruptcy Judge Williams and will be handled by Federal Judge Michael Hogan. Matters regarding confirmation of the Holdco Plan and approval of its disclosure statement are held in abeyance during the mediation.

2. Has the Debtor in Possession, subsequent to the filing of the petition, made any payments on its prepetition unsecured debt, except as have been authorized by the Court?

 

 

   : Yes    

X

   : No   Identify amount, who was paid and the date paid:   N/A

3. Provide a narrative report of significant events and events out of the ordinary course of business:

None

4. List any payments during this period on debt that has been personally guaranteed by any principal, partner or officer of the business.

None


5. If assets have been sold in other than the ordinary course of business, please provide details as to the asset sold, date of sale, total sales price, deductions (i.e. commissions), and net amount received.

None

6. STATUS OF TAXES

 

FEDERAL TAXES    AMOUNT
WITHHELD OR
ACCRUED
     AMOUNT
PAID
     DATE PAID    POSTPETITION TAXES PAST
DUE
 

FICA

   $ —         $ 241.09       6/15/2012    $ —     

Withholding

   $ —         $ 58.00       6/15/2012    $ —     

Unemployment

   $ 10.88       $ —         N/A    $ —     

Income

   $ —         $ —         N/A    $ —     

Other

   $ —         $ —         N/A    $ —     

STATE TAXES

           

Dept. of Labor and Industries

   $ 1.95       $ —         N/A    $ —     

Income

   $ —         $ —         N/A    $ —     

Employment Sec.

   $ —         $ —         N/A    $ —     

Dept. of Revenue

   $ —         $ —         N/A    $ —     

B&O

   $ —         $ —         N/A    $ —     

Sales

   $ —         $ —         N/A    $ —     

Excise

   $ —         $ —         N/A    $ —     

OTHER TAXES

           

City Business/License

   $ —         $ —         N/A    $ —     

Personal Property

   $ —         $ —         N/A    $ —     

Real Property

   $ —         $ —         N/A    $ —     

Other (List)

   $ —         $ —         N/A    $ —     

Explain reason for any past due postpetition taxes:

 

N/A

 

 


7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO PRINCIPALS / EXECUTIVES / INSIDERS*

 

Payee Name    Position    Nature of Payment    Amount  

Patrick J. Rusnak

   CEO and President    Services Performed    $ —     

Shelly L. Krasselt

   Controller    Services Performed    $ —     

 

* List accrued salaries whether or not paid and any draws of any kind or perks such as car, etc. made to or for the benefit of any proprietor, owner, partner, shareholder, officer, director or insider.

8. SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS

 

     Appointment Date    Amount Paid This Month      Date of
Court
Approval
   Aggregate
Received
     Estimated
Balance
Due
 

Debtor’s Counsel

   11/17/2010    $ 47,841       6/7/2012    $ 276,392       $ 36,534   

Counsel For Unsecured Creditors’ Committee

      $ —            $ —         $ —     

Trustee’s Counsel

      $ —            $ —         $ —     

Accountant

   12/9/2011    $ —            $ —         $ 1,700   

Special Counsel

   11/2/2010    $ —         6/2/2011    $ 544,000       $ 4,180   

Financial Advisor

   11/2/2010    $ —         *    $ 52,179       $ 13,000   

 

* Paid per 12/14/2010 interim payment order.

Identify fees accrued but not paid during the month: Debtors Counsel $0; Special Counsel $0.

9. Please explain any changes in insurance coverage that took place this month.

None

10. Personnel

 

     Full Time      Part Time  

Total number of employees at beginning of period

     0         2   

Number hired during the period

     0         0   

Number terminated or resigned during the period

     0         0   

Total number of employees on payroll at period end

     0         2   

Total payroll for the period

   $ —        
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