0001193125-12-474845.txt : 20121119 0001193125-12-474845.hdr.sgml : 20121119 20121119081604 ACCESSION NUMBER: 0001193125-12-474845 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20121115 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121119 DATE AS OF CHANGE: 20121119 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: 121213168 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 d439273d8k.htm FORM 8K FORM 8K

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): November 15, 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 November 15, 2012, the Company filed with the Bankruptcy Court the Company’s Monthly Operating Report for the period from October 1, 2012 through October 31, 2012 (the “October Monthly Operating Report”). A copy of the October 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 October 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 October Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the October 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 October 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 October 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 October Monthly Operating Report is complete. The October 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 October 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 October 1, 2012 through October 31, 2012, filed with the U.S. Bankruptcy Court for the Eastern District of Washington on November 15, 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:   November 19, 2012     By:  

/s/ Patrick J. Rusnak

      Patrick J. Rusnak
      President and Chief Executive Officer
 EX-99.1 2 d439273dex991.htm MONTHLY OPERATING REPORT FOR THE PERIOD Monthly Operating Report for the period

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: October 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: November 15, 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  
           November 30,     December 31,     January 31,     February 29,     March 31,     April 30,     May 31,  
     10/28/10-10/31/10     2010     2010     2011     2011     2011     2011     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   

Occupancy

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

Director Fees

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

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   

Income Tax Expense

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss)

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

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  
     June 30,     July 31,     August 31,     September 30,     October 31,     November 30,     December 31,     January 31,  
     2011     2011     2011     2011     2011     2011     2011     2012  

Income

                 

Misc Income

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

Gain on sale of assets

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

Expenses

                 

Payroll/Officer Expenses

    $ 2,289      $ 557      $ 2,264      $ —        $ 13      $ —        $ 3,924      $ 4   

Occupancy

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

Director Fees

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

Investor Relations

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

Service Contracts

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

Ongoing Professional costs

    $ 1,374      $ 2,707      $ 3,928      $ 2,215      $ 4,975      $ 2,108      $ 1,726      $ 4,733   

Professionals

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

Interest Expense DIP loan

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

Loan Fee

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

Special Cousel

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

Debtor’s Counsel

    $ 5,201      $ —        $ —        $ —        $ —        $ 10,753      $ 12,808      $ —     

Income Tax Expense

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

    $ 11,364      $ 5,764      $ 8,692      $ 4,715      $ 8,488      $ 15,361      $ 20,958      $ 7,237   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss)

    $ (11,364 )    $ (5,764 )    $ (8,692 )    $ (4,715 )    $ (8,488 )    $ (15,361 )    $ (20,958 )    $ (7,237 ) 

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  
     February 29,     March 31,     April 30,     May 31,     June 30,     July 31,     August 31,     September 30,     October 31,  
     2012     2012     2012     2012     2012     2012     2012     2012     2012  

Income

                   

Misc Income

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

Gain on sale of assets

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

Expenses

                   

Payroll/Officer Expenses

    $ 3,193      $ 1      $ —        $ 1,962      $ 2      $ —        $ —        $ 3,087      $ —     

Occupancy

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

Director Fees

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

Investor Relations

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

Service Contracts

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

Ongoing Professional costs

    $ 2,116      $ 2,629      $ 3,632      $ 2,212      $ 2,607      $ 3,176      $ 2,294      $ 2,255      $ 3,279   

Professionals

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

Interest Expense DIP loan

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

Loan Fee

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

Special Cousel

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

Debtor’s Counsel

    $ —        $ —        $ —        $ —        $ 84,375      $ 14,923      $ 13,808      $ 4,032      $ 1,488   

Income Tax Expense

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Expenses

    $ 7,810      $ 5,260      $ 6,132      $ 6,675      $ 89,484      $ 20,599      $ 18,602      $ 11,874      $ 7,267   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss)

    $ (7,810 )    $ (5,260 )    $ (6,132 )    $ (6,675 )    $ (89,484 )    $ (20,599 )    $ (18,602 )    $ (11,874 )    $ (7,267 ) 

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     5/31/2011  

Assets

                

Current Assets

                

Cash

   $ 97,345      $ 6,988,798      $ 6,098,902      $ 5,910,113      $ 5,896,209      $ 5,827,500      $ 5,812,289      $ 5,794,491   

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      $ 5,794,491   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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      $ 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      $ 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      $ 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      $ 7,218,333   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

                

Postpetition Liabilities:

                

Accounts Payable

   $ 692      $ 408,266      $ 306,089      $ 177,988      $ 212,702      $ 175,184      $ 187,347      $ 189,535   

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      $ 189,535   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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   

Rents/Leases payable

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

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

   $ 47,393,856      $ 54,801,430      $ 47,699,253      $ 47,571,152      $ 47,605,866      $ 47,568,348      $ 47,580,511      $ 47,582,699   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

   $ (292,892,160 )    $ (293,408,281 )    $ (293,658,981 )    $ (293,719,668 )    $ (293,768,287 )    $ (293,799,477 )    $ (293,826,852 )    $ (293,846,837 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Owner Equity

   $ (39,409,689 )    $ (39,925,809 )    $ (40,176,509 )    $ (40,237,196 )    $ (40,285,815 )    $ (40,317,005 )    $ (40,344,380 )    $ (40,364,366 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
               
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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      $ 7,218,333   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Comparative Balance Sheet

 

    6/30/2011     7/31/2011     8/31/2011     9/30/2011     10/31/2011     11/30/2011     12/31/2011     1/31/2012  

Assets

                

Current Assets

                

Cash

   $ 5,632,435      $ 5,643,644      $ 5,634,726      $ 5,609,553      $ 5,601,052      $ 5,596,437      $ 5,547,525      $ 5,541,257   

Investment in WIN Partners

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Assets

   $ 5,632,435      $ 5,643,644      $ 5,634,726      $ 5,609,553      $ 5,601,052      $ 5,596,437      $ 5,547,525      $ 5,541,257   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

   $ 7,056,277      $ 7,067,486      $ 7,058,568      $ 7,033,395      $ 7,024,894      $ 7,020,279      $ 6,971,367      $ 6,965,100   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

                

Postpetition Liabilities:

                

Accounts Payable

   $ 38,843      $ 55,815      $ 55,590      $ 35,132      $ 35,119      $ 45,864      $ 17,910      $ 18,880   

Debtor in Possession Loan to SKBHC Hawks Nest

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

Stalking Horse Bid Deposit

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Postpetition Liabilities

   $ 38,843      $ 55,815      $ 55,590      $ 35,132      $ 35,119      $ 45,864      $ 17,910      $ 18,880   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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   

Rents/Leases payable

   $ —                  $ —        $ —     

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

   $ 47,432,007      $ 47,448,979      $ 47,448,754      $ 47,428,296      $ 47,428,283      $ 47,439,028      $ 47,411,074      $ 47,412,044   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

   $ (293,858,201 )    $ (293,863,965 )    $ (293,872,657 )    $ (293,877,372 )    $ (293,885,861 )    $ (293,901,221 )    $ (293,922,179 )    $ (293,929,416 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Owner Equity

   $ (40,375,730 )    $ (40,381,493 )    $ (40,390,185 )    $ (40,394,901 )    $ (40,403,389 )    $ (40,418,749 )    $ (40,439,707 )    $ (40,446,944 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
               
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities and Equity

   $ 7,056,277      $ 7,067,486      $ 7,058,568      $ 7,033,395      $ 7,024,894      $ 7,020,279      $ 6,971,367      $ 6,965,100   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Office of the US Trustee - Region 18

Seattle, Washington

Debtor Name: AmericanWest Bancorporation

Case Number: 10-06097-PCW11

Comparative Balance Sheet

 

    2/29/2012     3/31/2012     4/30/2012     5/31/2012     6/30/2012     7/31/2012     8/31/2012     9/30/2012     10/31/2012  

Assets

                  

Current Assets

                  

Cash

   $ 5,534,018      $ 5,528,207      $ 5,522,073      $ 5,515,691      $ 5,462,443      $ 5,456,754      $ 5,451,960      $ 5,444,667      $ 5,438,339   

Investment in WIN Partners

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Current Assets

   $ 5,534,018      $ 5,528,207      $ 5,522,073      $ 5,515,691      $ 5,462,443      $ 5,456,754      $ 5,451,960      $ 5,444,667      $ 5,438,339   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Accounts/Dividend Receivable

                  

Accrued Dividend Receivable - TRUPS prepetition

   $ 184,842      $ 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      $ 184,842      $ 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      $ 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      $ 1,239,000   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

   $ 6,957,860      $ 6,952,049      $ 6,945,915      $ 6,939,533      $ 6,886,285      $ 6,880,596      $ 6,875,802      $ 6,868,509      $ 6,862,181   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

                  

Postpetition Liabilities:

                  

Accounts Payable

   $ 19,450      $ 18,899      $ 18,897      $ 19,190      $ 55,426      $ 70,336      $ 84,144      $ 88,725      $ 89,664   

Debtor in Possession Loan to SKBHC Hawks Nest

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

Stalking Horse Bid Deposit

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

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Postpetition Liabilities

   $ 19,450      $ 18,899      $ 18,897      $ 19,190      $ 55,426      $ 70,336      $ 84,144      $ 88,725      $ 89,664   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Prepetition Liabilities

                  

Accounts Payable

   $ 1,337      $ 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      $ 41,239,000   

Rents/Leases payable

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

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      $ 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      $ 47,393,164   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities

   $ 47,412,614      $ 47,412,063      $ 47,412,061      $ 47,412,354      $ 47,448,590      $ 47,463,500      $ 47,477,308      $ 47,481,889      $ 47,482,828   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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      $ 253,482,472   

Retained Deficit

   $ (293,937,226 )    $ (293,942,486 )    $ (293,948,618 )    $ (293,955,293 )    $ (294,044,777 )    $ (294,065,376 )    $ (294,083,978 )    $ (294,095,852 )    $ (294,103,119 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Owner Equity

   $ (40,454,754 )    $ (40,460,014 )    $ (40,466,146 )    $ (40,472,821 )    $ (40,562,305 )    $ (40,582,904 )    $ (40,601,506 )    $ (40,613,380 )    $ (40,620,647 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total Liabilities and Equity

   $ 6,957,860      $ 6,952,049      $ 6,945,915      $ 6,939,533      $ 6,886,285      $ 6,880,596      $ 6,875,802      $ 6,868,509      $ 6,862,181   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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: October 31, 2012

Cash Receipts

 

Date    Description
(Source)		    Amount  

Beginning Cash Balance

       $ 5,444,666.58   
     

 

 

  

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: October 31, 2012

Cash Disbursements

 

Date    Check
No.		    Payee    Description    Amount  

10/10/2012

    1214    US Trustee    3rd Quarter Trustee Payment    $ 650.00   

10/15/2012

    ACH    IRS    941 Payroll tax deposit    $ 530.04   

10/15/2012

    ACH    IRS    940 FUTA tax deposit    $ 17.10   

10/24/2012

    ACH    Labor & Industries    Qtr 3 taxes    $ 1.65   

10/29/2012

    1215    J. Frank Armijo    October Retainer Board of Director Fee    $ 500.00  * 

10/29/2012

    1216    Kay C. Carnes    October Retainer Board of Director Fee    $ 500.00  * 

10/29/2012

    1217    Craig D. Eerkes    October Retainer Board of Director Fee    $ 500.00  * 

10/29/2012

    1218    Donald H. Swartz    October Retainer Board of Director Fee    $ 500.00  * 

10/29/2012

    1219    P. Mike Taylor    October Retainer Board of Director Fee    $ 500.00  * 

10/29/2012

    1220    Integrity Business Services    Bookkeeping Services    $ 302.00   

10/29/2012

    1221    IST Shareholder Services    Transfer Agent fees-October/out-of-pocket September    $ 1,730.74  * 

10/29/2012

    1222    RR Donnelley    EDGAR Prep and transmission    $ 596.00  * 
           

 

 

  

Total Cash Disbursements

             $ 6,327.53   
           

 

 

  

Adjustments (explain)

             $ —     

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

       $ 5,438,339.05   

 

* Noted amounts have not yet cleared the bank statement. Items below remain outstanding from prior months:

 

Date    Check
No.		    Payee    Description    Amount  

9/27/2012

    1209    IST Shareholder Services    Transfer Agent Fees-September/out-of-pocket August    $ 1,560.90  * 

      

 

   2694-0.56-16989N11.n01 1 of 1 A      LOGO   

ACCOUNT NUMBER

 

100605591

 

LOGO

    
     

 

STATEMENT DATE

Oct 31, 2012

     
LOGO            

AMERICANWEST BANCORPORATION

ATTN: KRISTIN DANFORD

        
  

110 S FERRALL

SPOKANE WA 99202

   2694      

 

Pg 1 of 1

   

 

            

            

            

  
               
               

 

Small Business Free Checking

       

10/01/2012 Beginning Balance

          5,451,959.86   

  0 Deposits/Other Credits

     +      .00   

15 Checks/Other Debits

     -      7,233.17   

10/31/2012 Ending Balance

   31 Days in Statement Period        5,444,726.69   

 

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

Check

    Date    Amount     

Check

    Date    Amount  

1203

    10/02      500.00       1210*    10/05      456.00   

1204

    10/04      500.00       1211    10/29      69. 00   

1205

    10/04      500.00       1212    10/01      1,543.13   

1206

    10/04      500.00       1213    10/17      994 .85   

1207

    10/02      500.00       1214    10/15      650.00   

1208

    10/03      169.40       1220*    10/31      302 .00   

 

Other Debits  

10/15/2012 ACH Payment

         530.04   

IRS

    USATAXPYMT   

10/15/2012 ACH Payment

         17.10   

IRS

    USATAXPYMT   

10/24/2012 ACH Payment

      LABOR&INDUSTRIES L&I ELF      1.65   

 

Daily Ending Balance  

10/01

      5,450,416.73       10/05      5,447,291.33       10/24      5,445,097.69   

10/02

      5,449,416.73       10/15      5,446,094.19       10/29      5,445,028.69   

10/03

      5,449,247.33       10/17      5,445,099.34       10/31      5,444,726.69   

10/04

      5,447,747.33               

 

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 October 31, 2012

 

Total Due    Current
(0-30 Days)		      Past Due
(31-60 Days)		      Past Due
(61-90 Days)		      Past Due
(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 October 31, 2012

NOTE: Schedule only includes postpetition debts.

 

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

Foster Pepper

       $ 70,784       $ 1,488       $ 4,032       $ 13,808       $ 51,456   

Morrison Foerster

       $ 4,180       $ —         $ —         $ —         $ 4,180   

Sandler O’Neil

       $ 13,000       $ —         $ —         $ —         $ 13,000   

BDO USA, LLC

       $ 1,700       $ —         $ —         $ —         $ 1,700   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Totals

       $ 89,664       $ 1,488       $ 4,032       $ 13,808       $ 70,336   
     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Accounts Payable Reconciliation

               

Opening Balance

       $ 88,725               

Total New Indebtedness Incurred this Month

       $ 1,488               
     

 

 

              

Balance

       $ 90,213               
     

 

 

              

Amount paid on Prior Accounts Payable

       $ 549               
     

 

 

              

Closing Balance

       $ 89,664               
     

 

 

              

Office of the US Trustee - Region 18

Seattle, Washington

Statement of Operations, Taxes, Insurance and Personnel

For the Month Ending: October 31, 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 and Ford Elsaesser, Esq. Matters regarding confirmation of the Holdco Plan and approval of its disclosure statement are held in abeyance during the mediation. Mediation has commenced and is expected to be concluded in the next 60 days.

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

 

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

FEDERAL TAXES

            

FICA

    $ —         $ 379.04       10/15/2012    $ —     

Withholding

    $ —         $ 151.00       10/15/2012    $ —     

Unemployment

    $ —         $ 17.10       10/15/2012    $ —     

Income

    $ —         $ —         N/A    $ —     

Other

    $ —         $ —         N/A    $ —     

STATE TAXES

            

Dept. of Labor and Industries

    $ —         $ 1.65       10/24/2012    $ —     

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    $ —         6/7/2012    $ 276,392       $ 70,784   

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 $1,488; 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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