-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SU1ndJlyhYgukg8Tz7V+KTjDmxnpOgy4v6dSy6wC54YOddzKyvNRIbG567aDFup9 40yaGmf0k3uAonHXEY3LjA== 0000795182-97-000008.txt : 19970521 0000795182-97-000008.hdr.sgml : 19970521 ACCESSION NUMBER: 0000795182-97-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Other events FILED AS OF DATE: 19970520 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BONNEVILLE PACIFIC CORP CENTRAL INDEX KEY: 0000795182 STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991] IRS NUMBER: 870363215 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14846 FILM NUMBER: 97612029 BUSINESS ADDRESS: STREET 1: 50 W 300 SOUTH STREET 2: SUITE 300 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: 8013632520 MAIL ADDRESS: STREET 1: 330 EAST MAIN ST STREET 2: SUITE 201 CITY: BARRINGTON STATE: IL ZIP: 60010 8-K 1 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 Report (Date of earliest event reported) May 15, 1997 BONNEVILLE PACIFIC CORPORATION ------------------------------ (Exact name of registrant as specified in charter) Delaware 0-14846 87-0363215 - ------------------------------------------------------------------------------- (State or other (Commission (IRA Employer jurisdiction of File Number) Identification No.) incorporation) 50 West 300 South, Suite 300, Salt Lake City, Utah 84101 - ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (801) 363-2520 -------------- (Former name or former address, if changed since last report) Not applicable -------------- Item 3. Bankruptcy or Receivership. On December 5, 1991, the Registrant filed a petition in the United States Bankruptcy Court for the District of Utah, Central Division, Case No. 91A-27701, seeking protection to reorganize under Chapter 11 of the Federal Bankruptcy Code. Subsequent to the filing, the Registrant has applied to the Securities and Exchange Commission (the "Commission") to modify its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On April 9, 1992, the Commission indicated that it would raise no objection if the Registrant modified its reporting obligations under the Exchange Act. A copy of the Monthly Financial Report for the period April 1, 1997 to April 30, 1997, as filed with the bankruptcy court is included as an exhibit hereto. On June 12, 1992, Roger G. Segal was appointed as the Chapter 11 Bankruptcy Trustee for the Company. Item 5. Other Events. For information on litigation and matters previously reported, refer to the narrative on pages Form 2-G of the accompanying bankruptcy report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /s/ Roger G. Segal By: Roger G. Segal, Chapter 11 Trustee DATED May 14, 1997 SIGNATURES Pursuant to the requirements of the Securities Exchange Act Of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /s/ R. Stephen Blackham By: R. Stephen Blackham, Assistant Controller DATED May 15, 1997 INDEX TO EXHIBITS Exhibit Page No. - ------------------------------------------------------------------------------- 28.1 Monthly Financial Report - Chapter 11, for the period April 1, 1997 to April 30, 1997, of the Registrant, dated May 15, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on May 15, 1997 . . . . . . . . . . . . . . . . . . . . . .5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period April 1 to April 30, 1997 --------- ------- -------------- Accounting Method Used: [X] Accrual Basis [ ] Cash Basis COVER SHEET - ------------------------------------------------------------------------------- THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE Mark One Box For Each MONTH. The debtor must attach each of the following Required Report/Document reports/documents unless the U.S. Trustee has waived the requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee. - ------------------------------------------------------------------------------- Report/Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS - ------------------------------------------------------------------------------- [X] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [X] [ ] Balance Sheet (Form 2-C) [X] [ ] Profit and Loss Statement (Form 2-D) [X] [ ] Supporting Schedules (Form 2-E) [X] [ ] Quarterly Fee Summary (Form 2-F) [X] [ ] Narrative (Form 2-G) [X] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ------------------------------------------------------------------------------- I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: May 15, 1997 Debtor(s): BONNEVILLE PACIFIC CORPORATION /s/ R. Stephen Blackham By: R. Stephen Blackham Position: Assistant Controller Statement of Chapter 11 Trustee Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville Pacific Corporation, having been so appointed on June 12, 1992, hereby states that he has reviewed the following Monthly Financial Report and any attachments thereto and that, based on his review and the representations of officers and employees of the debtor, Bonneville Pacific Corporation, he believes that the information contained in the Monthly Financial Report and attachments is true and correct. However, neither Roger G. Segal, Chapter 11 Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G. Segal, Chapter 11 Trustee, has had an opportunity to independently verify that the information contained in the following Monthly Financial Report and the attachments thereto is true and correct. DATED this 14th day of May 1997. /s/ Roger G. Segal By: Roger G. Segal, Chapter 11 Trustee DEBTOR: BONNEVILLE PACIFIC CORPORATION Bankruptcy No. 91A-27701 Narrative For the Month Ended April 30, 1997 Form 2-G - ------------------------------------------------------------------------------- Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of April 1997 (the reporting period). These activities have included responding to the Operating Guidelines and Reporting Requirements for Chapter 11 debtors. Significant actions related to the Company during the month of April and the first part of May 1997(1) (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: 1. The Segal v. Portland General, et al. action pending in the United States District Court, Case No. 92-C-364-J (the "Litigation") has been discussed at length in the previous Monthly Financial Reports filed by the Trustee and in the Trustee's four (4) Annual Reports, including the Report for the period of July 1, 1995 through June 30, 1996 filed on September 19, 1996 concerning the Administration of the Estate. These Reports (which are on file with both the Bankruptcy Court and the Securities & Exchange Commission) must be reviewed for an understanding of the history and nature of the Litigation, including previous - --------------- (1) This narrative attempts to summarize significant events affecting the Company through May 13, 1997. settlements(2) reached by the Trustee. For all practical purposes the Litigation has been concluded (but also see the discussion below). A continued hearing was held by the District Court on November 1, 1996 in one of the actions severed from the main Litigation concerning the Motion by Defendant William Cerutti for Summary Judgment (Segal v. Cerutti, United States District Court for the District of Utah, Case No. 92-CV-1115-J-C). At the hearing the Court made an oral ruling granting the Defendant's motion. The Defendant filed a Proposed Order Granting Summary Judgment and on December 16, 1996 the Trustee filed a Motion for Reconsideration and an objection to the Proposed Order. A hearing on the Trustee's Motion for Reconsideration was held on February 28, 1997 at which time the Court took the matter under advisement. As of this date the Court has not ruled on the Motion. The Trustee has also entered into "tolling agreements" with certain persons or entities which agreements toll the running of any applicable statute of limitation which might otherwise bar the Trustee from initiating suit against such person or entity. The Trustee and his respective attorneys are now completing their investigation into those persons or entities which executed tolling agreements; such investigation includes conducting additional Rule 2004 examination. If the Trustee is not able to settle possible claims held by the estate against persons or entities who or which signed tolling agreements and who or which the Trustee believe are liable to the Bonneville estate, then in the next few months the Trustee, through his special litigation counsel, may commence additional litigation on behalf of the Trustee for Bonneville Pacific. On April 10, 1997, the Trustee entered into a verbal settlement agreement with one of the entities which had signed a tolling agreement, Norwest Bank Minnesota, N.A, ("Norwest"). Pursuant to the settlement, which was promptly documented by formal settlement agreement, Norwest agreed to pay to the Trustee the sum of five million dollars ($5,000,000.00) and the Trustee agreed to waive and release all claims against Norwest. The settlement was conditioned upon approval by the United States Bankruptcy Court. The hearing on the Trustee's Motion for Approval of the Settlement Agreement was held as scheduled on May 12, 1997 at which hearing the Bankruptcy Court granted the Trustee's Motion and approved the settlement. Norwest paid the settlement amount of $5,000,000.00 on May 12, 1997. All litigation settlement recoveries actually received by the Company are subject to a contingency fee in favor of the law firm of Beus, Gilbert & Morrill, special litigation counsel for the Trustee. The "Legal Representation Agreement" between the Trustee and Beus, Gilbert & Morrill, - --------------- (2) Each settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. which agreement sets forth the terms of the contingent fee arrangement, was approved by the Bankruptcy Court in 1992. Pursuant to the contingent fee agreement, Beus, Gilbert & Morrill would, after subtracting for litigation costs, be paid forty percent (40%) of any settlement or litigation recoveries received after trial commences, thirty-three percent (33%) of any settlement sums received after the litigation is filed but before trial commences, or, as the case may be, twenty percent (20%) of the settlement sum received if the settlement occurs before litigation is commenced (in all instances less amounts paid to the Trustee's General Counsel, Cohne, Rappaport & Segal, P.C., for fees related to the Litigation). Any fees or costs to be paid to Beus, Gilbert & Morrill must first be allowed (approved) by the Bankruptcy Court upon application after notice and hearing. In addition to the above described litigation matters, the Company continues in its business operations. Significant actions and events during April 1997 related to business matters are as follows: 1. The Trustee and his counsel continue to monitor the Company's 50% general partnership interest in NCA #1 owned through the Company's wholly owned subsidiary, Bonneville Nevada Corporation. NCA #1 is a Nevada general partnership that owns an 85-megawatt cogeneration project located near Las Vegas, Nevada. As previously reported, Nevada Power Company ("NPC") has previously curtailed purchases of electrical power from NCA #1 but curtailments, if any, have been minimal over the last several Reporting Periods. It is NCA #1's position that the curtailments are in possible violation of applicable curtailment protocols and possible breach of NCA #1's Power Purchase Contract with NPC. NCA #1 continues to negotiate with representatives of NPC to resolve curtailment and other Power Purchase Contract issues. The Trustee continues to monitor its appeal before the First Judicial District Court of the State of Nevada of curtailment protocols issued by the Public Service Commission of Nevada. On September 27, 1996, NCA #1 was served with Findings and Notices of Violation ("NOV") issued by Region IX of the United States Environmental Protection Agency (the "EPA") for alleged violations of the Clean Air Act's Prevention of Significant Deterioration program applicable for the State of Nevada. Specifically, EPA alleges that NCA #1, contrary to applicable operating permits, failed to timely install "Best Available Control Technology" at the plant in the form of a selective catalytic reduction system ("SCR") to control Nox emissions. Representatives of both sides of this dispute continue to resolve this matter during the Reporting Period. Significant progress toward settlement occurred during the Reporting Period and a final settlement agreement is anticipated shortly. Analysis of Claims and Possible Distributions. Prepetition claims against the Bonneville Pacific bankruptcy estate total approximately two hundred million dollars in booked and unbooked liabilities (EXCLUDING any addition for possible post-petition interest). The exact amount of such claims is still undetermined and the distribution priority for such claims is still being researched, investigated, litigated or negotiated by the Trustee and other parties in interest (see the further discussion which follows). ALSO SEE THE "TRUSTEE'S PRELIMINARY REPORT (ESTIMATE) CONCERNING CLAIMS FILED AGAINST THE ESTATE" WHICH WAS ATTACHED TO THE FEBRUARY AND MARCH 1997 MONTHLY FINANCIAL REPORTS and which report was filed with the Bankruptcy Court on or about March 17, 1997. On August 20, 1996 the Trustee filed a Motion for Establishment of a Supplementary Claims Bar Date seeking to set December 16, 1996 as the supplementary claims bar date by which all creditors of Bonneville who had not previously been adequately notified to file claims must complete and file a proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes that most of the new claims which have been filed relate to possible claims against Bonneville arising out of the purchase or sale of its securities. See 11 U.S.C. Section 510(b). The Motion also sought approval of a form of notice to be sent to potential creditors, approval of a form proof of claim, approval of a procedure to identify potential claimants and a procedure for notice by publication. A hearing on the Motion was scheduled before the Bankruptcy Court on September 10, 1996. No objections to the Motion were filed and at the hearing the Court granted the Motion and signed an order establishing the supplementary claims bar deadline. Consequently, the Trustee proceeded with the action authorized by the order granting the Motion; specifically, notice was sent to thousands of potential claimants and notice was published in newspapers of general circulation throughout the United States. Through December 16, 1996 approximately 4,000 new proofs of claim were filed with the Bankruptcy Court and approximately 320 additional claims have been filed since December 16, 1996. The Trustee has completed his initial review of each of the claims; such review process was delayed due to the large number of claims and the diverse manner in which the claim forms were filled out by the claimants. See the Trustee's Preliminary Report (Estimate) Concerning Claims Filed Against the Estate referenced above. The Trustee anticipates that he will likely object to a number of the new claims which have been filed. Concerning Claim No. 145 filed by First Security Bank, N.A., related to the Crystal Springs Project, the Trustee and First Security reached a settlement now documented by formal Settlement Agreement dated April 18, 1997. Pursuant to the settlement First Security will reduce its $2,504,869.14 claim related to the Crystal Springs Project to fifty thousand dollars ($50,000.00). This settlement is conditioned upon approval by the Bankruptcy Court. A hearing on the Motion for Approval of the Settlement Agreement is scheduled for June 2, 1997. If the Bankruptcy Court approves the settlement then First Security's combined bank claim against the estate will total $800,000.00. On or about March 26, 1997 the Honorable Thomas R. Brett, United States District Court Judge, withdrew reference from the Bankruptcy Court of all matters related to the firm of LeBoeuf, Lamb, Greene & MacRae ("LeBoeuf"). The Trustee estimates that LeBoeuf (which had represented the Official Unsecured Creditors' Committee prior to June 16, 1992) could have sought final fees and costs (an administrative claim) totaling approximately several hundred thousand dollars. However, LeBoeuf and the Trustee have now entered into a Settlement Agreement dated May 8, 1997, which resolves all matters between the estate and LeBoeuf. Pursuant to the Settlement Agreement, LeBoeuf will waive its claims to any and all fees and costs and will reimburse Bonneville $64,679.25 in previously allowed and paid fees and costs and the parties will mutually release one another from any and all claims. The settlement is conditioned upon approval of the United States District Court and a hearing has been scheduled on June 6, 1997. On May 5, 1997, the United States Bankruptcy Court for the District of Utah approved a settlement agreement between the Company and Vulcan Power Company ("Vulcan") a debtor-in-possession in a case pending in Oregon. The settlement is intended to resolve issues arising from the Company's sale to Vulcan of its interest in the Mammoth Project in California. The Trustee currently estimates that the Company may have to spend approximately One Hundred Thousand Dollars ($100,000.00) to plug and abandon certain geothermal well sites connected with the Mammoth Project. On or about April 22, 1997, certain investment partnerships affiliated with Wexford Management L.L.C. issued a press release announcing, among other things, that the investment partnerships had (a) acquired $752,500 common shares of Bonneville and (b) filed a Schedule 13D with the Securities and Exchange Commission. In an effort to resolve tax issues relating to the material litigation settlements which have occurred since May 1, 1996, the Trustee filed with the Internal Revenue Service an application to change the Company's tax year from one ending on April 30th to one ending on December 31st. The Trustee desired to change the Company's tax year period (when changed the Company's past tax year would be from May 1, 1996 through December 31, 1996 and thereafter would be on a calendar year basis) in order to facilitate the filing of a plan of reorganization of the Company. By shortening the Company's tax year, the Trustee may be able to receive a prompt tax determination for the tax year ending December 31, 1996, which determination will facilitate any party in interest filing a plan of reorganization because the amount of tax owed by the Debtor, if any, should be quantified (see 11 U.S.C. Section 505). The IRS, on February 24, 1997, conditionally granted the Company's application to change its tax year. It is believed that the Company can meet and comply with all of the conditions imposed by the IRS and therefore the Company is proceeding as if its tax year has been changed and a U.S. Corporation Income Tax Return will be filed for the short year ended December 31, 1996. Recently the IRS has notified the Trustee that the IRS will not be auditing the Company's filed consolidated U.S. Corporation Income Tax Return for the period ending April 30, 1996. In preparation for a plan of reorganization, the Trustee on behalf of the Company made a decision to employ Hein + Associates, a national accounting firm, to prepare audited financial statements for Bonneville Pacific Corporation. An application seeking approval of the employment was filed and hearing on the application was held as scheduled on December 20, 1996. At the hearing the Court approved the Application. Hein + Associates has been employed and is now proceeding with work on the audits. At this time it is not known whether interest will ever be paid on any allowed unsecured claim because (a) it is not at all clear that the estate will possess sufficient funds to pay interest on any particular class of claims, and (b) the law concerning payment of interest to any particular class of claims is not clear and therefore, even if sufficient funds did exist, the issue of payment of interest (and the applicable rate of interest, if any, and from what date), to any particular class of claims would have to be either consensually resolved in a plan of reorganization or would have to be adjudicated by a court of competent jurisdiction. In light of the settlements to date reached in the Litigation and in light of the December 16, 1996 supplementary claim deadline, the Company is now in the position to begin the process of formulating and proposing a plan of reorganization. A meeting was held on April 25, 1997 in New York City with major creditors, equity owners and other claimants and parties in interest at which meeting certain issues relating to a plan were discussed. While general plan negotiations with parties in interest are now beginning, it will be several months, if not substantially more, before any creditor with an allowed claim can anticipate receiving any distribution from the estate. In January of 1997 the Trustee, his counsel and the Company's management interviewed several firms who were interested in serving as the Trustee's financial advisor (investment banker) in connection with valuing the Company's (and its affiliates') business assets and assisting the Trustee concerning plan of reorganization issues. The Trustee, with the participation of others, concluded that the firm of Bear Stearns & Co., Inc. was the best qualified to provide the desired service. The Trustee caused an Application seeking approval of his employment of Bear Stearns & Co., Inc as Financial Advisor to be filed with the Bankruptcy Court. The hearing on the Application was held as scheduled on March 20, 1997, at which hearing the Court approved the Application. Bear, Stearns & Co. has been employed by the Trustee and is now in the process of reviewing information and documentation to enable it to provide the required financial advisory services. The Trustee anticipates that Bear, Stearns & Company's initial work in valuing the Company's (and its affiliates) business assets will be completed in the next few weeks. The Trustee has employed the law firm of Weil, Gotshal & Manges, L.L.P., with its principal office in New York City, as Special Plan Counsel. The purpose of the employment includes, but is not limited to, advising the Trustee concerning tax issues and assisting the Trustee and his General Counsel concerning a plan of reorganization and issues relating thereto. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period April 1 - April 30 1997 - ------------------------------------------------------------------------------- CASH RECONCILIATION 1. Beginning Cash Balance: $128,620,396.00 2. Cash Receipts: (See Page 2 of 2) 3,630,261.36 3. Cash Disbursements: (See Page 2 of 2) (4,093,233.83) -------------- 4. Net Cash Flow: (462,972.47) ---------------- 5. Ending Cash Balance: $128,157,423.53 ================ CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $665.33 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT (2,497.36) KEY BANK OF UTAH GENERAL CORP CASH 533,057.35 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 5,232,428.75 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,046,513.45 (A) US BANK CHPTR 11 TRUSTEE - JNT CD 10,340,868.09 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JNT CD 10,378,799.39 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 195,356.77 (A) BANK ONE UNITED STATES TREASURY BILLS 90,269,673.63 BANK ONE PROCEEDS FROM ASSET SALES 4,022.33 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 158,535.80 KEY BANK OF UTAH --------------- $128,157,423.53 =============== (A) Accounts requiring signatures of both the US Trustee and Chapter 11 Trustee for disbursements.
FORM 2-B Page 1 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $18,530.25 A PAYROLL TAX ACCOUNT 10,031.85 B GENERAL CORP CASH 3,904,390.87 C CHPTR 11 TRUSTEE JOINT ACCT 3,024,610.73 E CHPTR 11 TRUSTEE - CD ACCT 72,296.74 F CHPTR 11 TRUSTEE - JNT CD 5,000,000.00 G CHPTR 11 TRUSTEE - JNT CD 49,016.05 H CHPTR 11 TRUSTEE JT SAVINGS 21,846,713.76 I UNITED STATES TREASURY BILLS 21,950,093.15 J PROCEEDS FROM ASSET SALES 10.88 K KYOCERA MAINTENANCE RESERVE 7,043.18 L -------------- 55,882,737.46 LESS: ACCOUNT TRANSFERS (52,252,476.10) -------------- TOTAL CASH RECEIPTS $3,630,261.36 ==============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $18,575.25 A PAYROLL TAX ACCOUNT 13,127.33 B GENERAL CORP CASH 4,055,199.02 D CHPTR 11 TRUSTEE JOINT ACCT 8,700,000.00 E CHPTR 11 TRUSTEE - CD ACCT 0.00 F CHPTR 11 TRUSTEE - JNT CD 0.00 G CHPTR 11 TRUSTEE - JNT CD 0.00 H CHPTR 11 TRUSTEE JT SAVINGS 21,671,499.00 I UNITED STATES TREASURY BILLS 21,846,000.00 J PROCEEDS FROM ASSET SALES 0.00 K KYOCERA MAINTENANCE RESERVE 41,309.33 L ------------- 56,345,709.93 LESS: ACCOUNT TRANSFERS (52,252,476.10) ------------- TOTAL CASH DISBURSEMENTS $4,093,233.83 =============
FORM 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/11/97 CK# 6265 BPC - GENERAL $9,317.43 PAYROLL TRANSFER 04/28/97 CK# 6291 BPC - GENERAL 9,212.82 PAYROLL TRANSFER ---------- TOTAL CASH RECEIPTS $18,530.25 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/15/97 PAYROLL SUMMARY $9,317.43 04/30/97 PAYROLL SUMMARY 9,212.82 04/30/97 BANK STMT KEY BANK OF UTAH 45.00 SERVICE CHARGE ---------- TOTAL CASH DISBURSEMENTS $18,575.25 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/11/97 CK# 6266 BPC - GENERAL $5,033.65 PR TAX TRANSFER 04/28/97 CK# 6293 BPC - GENERAL 4,998.20 PR TAX TRANSFER ---------- TOTAL CASH RECEIPTS $10,031.85 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/11/97 CK# 1234 KEY BANK OF UTAH $4,306.05 FEDERAL TAX DEPOSIT 04/28/97 CK# 1235 KEY BANK OF UTAH 405.67 FEDERAL TAX DEPOSIT 04/28/97 CK# 1236 UT DEPT OF EMPLOY SECURITY 2,685.34 STATE UNEMPLOYMENT 04/28/97 CK# 1237 KEY BANK OF UTAH 4,276.63 FEDERAL TAX DEPOSIT 04/28/97 CK# 1238 UTAH ST TAX COMMISSION 1,449.17 STATE TAX DEPOSIT 04/30/97 BANK STMT KEY BANK OF UTAH 4.47 SERVICE CHARGE ---------- TOTAL CASH DISBURSEMENTS $13,127.33 ==========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/02/97 DS040297 W. JOHNSON $100,000.00 SETTLEMENT PAYMENT 04/07/97 DS040797 BONNEVILLE PACIFIC CORP 3,700,000.00 TRANSFER 04/15/97 DS041597 SAN DIEGO GAS & ELECTRIC 2,156.28 ENERGY REVENUE-KYOCERA 04/15/97 DS041597 BONNEVILLE NEVADA CORP 835.96 EXPENSE REIMBURSEMENT 04/15/97 DS041597 BONNEVILLE PACIFIC SERVICES 51,888.86 EXPENSE REIMBURSEMENT 04/30/97 DS043097 T. HOUGHTON 955.14 INSURANCE REIMBURSEMENT 04/30/97 DS043097 KYOCERA AMERICA 28,988.00 ENERGY REVENUE-KYOCERA 04/30/97 DS043097 BONNEVILLE FUELS 15,675.04 EXPENSE REIMBURSEMENT 04/30/97 BNK STMT KEY BANK OF UTAH 3,891.59 INTEREST INCOME ------------- TOTAL CASH RECEIPTS $3,904,390.87 =============
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL
DATE CHECK # PAYEE AMOUNT DESCRIPTION 04/02/97 1006235 50 WEST BROADWAY ASSOC INC 12,573.00 RENT OFFICE SPACE & PARKING 04/02/97 1006236 AIRBORNE EXPRESS 19.13 EXPRESS MAIL EXPENSE 04/02/97 1006237 AMPCO SYSTEM PARKING 378.00 RENT - PARKING 04/02/97 1006238 AUTOMATED OFFICE SYSTEMS 311.24 OFFICE SUPPLIES & EXPENSE 04/02/97 1006239 BENEFICIAL LIFE INSURANCE 781.39 INSURANCE - LIFE 04/02/97 1006240 BONNEVILLE PACIFIC SERVICES 2,223.73 KYOCERA O&M EXPENSE 04/02/97 1006241 BPC-KYOCERA MAINT RESERVE 6,415.00 TRANSFER - MAINT RESERVE ACCT 04/02/97 1006242 BUSINESS & LEGAL REPORTS 184.40 PUBLICATIONS & SUBSCRIPTIONS 04/02/97 1006243 THE ENTERPRISE 48.00 PUBLICATIONS & SUBSCRIPTIONS 04/02/97 1006244 GENERATOR POWER SYSTEMS 16,138.27 KYOCERA O&M EXPENSE 04/02/97 1006245 TERESA A HOUGHTON 610.00 OFFICE SUPPLIES & EXPENSE 04/02/97 1006246 IDAHO STATE TAX COMMISSION 21.78 STATE INCOME TAX 04/02/97 1006247 JD GRIFFIN & ASSOCIATES PC 455.00 OFFICE SUPPLIES & EXPENSE 04/02/97 1006248 MOUNT OLYMPUS WATER 11.58 OFFICE SUPPLIES & EXPENSE 04/02/97 1006249 MOUNTAIN STATES OFF PRODCT 179.15 OFFICE SUPPLIES & EXPENSE 04/02/97 1006250 CLARK MOWER 139.74 TRAVEL REIMBURSEMENT 04/02/97 1006251 NATIONAL HEALTH CARE TRUST 21,517.19 INSURANCE - HEALTH 04/02/97 1006252 OFFICE TEAM 422.40 OFFICE SUPPLIES & EXPENSE 04/02/97 1006253 REDMAN VAN & STORAGE CO 569.78 RENT - STORAGE SPACE 04/02/97 1006254 TRAVEL ZONE CRUISE ZONE 3,294.55 TRAVEL EXPENSE 04/02/97 1006255 UNUM LIFE INSURANCE CO 1,525.12 INSURANCE - DISABILITY 04/02/97 1006256 US WEST COMMUNICATIONS 773.46 TELEPHONE EXPENSE 04/07/97 1006257 BEUS GILBERT & MORRILL 274,447.16 PROFESSIONAL COSTS 04/07/97 1006258 COHNE RAPPAPORT & SEGAL PC 174,834.46 PROFESSIONAL FEES & COSTS 04/07/97 1006259 NEILSON ELGGREN DURKIN 66,331.70 PROFESSIONAL FEES & COSTS 04/07/97 1006260 ROGER G SEGAL 68,350.10 PROFESSIONAL FEES & COSTS 04/07/97 1006261 WEIL GOTSHALL & MANGES 114,168.12 PROFESSIONAL FEES & COSTS 04/07/97 1006262 BEUS GILBERT & MORRILL 2,202,922.12 PROFESSIONAL FEES 04/07/97 1006263 BUCCINO & ASSOCIATES 42,997.97 PROFESSIONAL FEES & COSTS 04/10/97 1006264 BEUS GILBERT & MORRILL 990,000.00 PROFESSIONAL FEES 04/11/97 1006265 BONNEVILLE PACIFIC/PAYROLL 9,317.43 TRANSFER - PAYROLL ACCT 04/11/97 1006266 BPC PAYROLL TAX ACCOUNT 5,033.65 TRANSFER - PAYROLL TAX ACCT 04/11/97 1006267 WELLS FARGO BANK 767.41 401K CONTRIBUTIONS 04/17/97 1006268 US TRUSTEE 3,750.00 QUARTERLY DISBURSEMENT FEE 04/17/97 1006269 KEY DATA SYSTEMS 288.75 OFFICE SUPPLIES & EXPENSE 04/18/97 1006270 AUTOMATED OFFICE SYSTEMS 577.60 OFFICE SUPPLIES & EXPENSE 04/18/97 1006271 BANK ONE UTAH NA 40.00 OFFICE SUPPLIES & EXPENSE 04/18/97 1006272 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 04/18/97 1006273 FEDERAL EXPRESS INC 35.45 EXPRESS MAIL EXPENSE 04/18/97 1006274 GENERATOR POWER SYSTEMS 10,021.99 KYOCERA O&M EXPENSE 04/18/97 1006275 HERITAGE PRODUCTS INC 491.65 OFFICE SUPPLIES & EXPENSE 04/18/97 1006276 TERESA A HOUGHTON 320.00 OFFICE SUPPLIES & EXPENSE 04/18/97 1006277 MOUNT OLYMPUS WATER 39.58 OFFICE SUPPLIES & EXPENSE
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period March 1 - March 31, 1997 - ------------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE CHECK # PAYEE AMOUNT DESCRIPTION 04/18/97 1006278 MOUNTAIN STATES OFF PRODCT 179.02 OFFICE SUPPLIES & EXPENSE 04/18/97 1006279 CLARK MOWER 1,210.28 TRAVEL REIMBURSEMENT 04/18/97 1006280 OFFICE TEAM 158.40 OFFICE SUPPLIES & EXPENSE 04/18/97 1006281 PHOENIX PUBLISHING SYSTEMS 58.00 OFFICE SUPPLIES & EXPENSE 04/18/97 1006282 THE PRUDENTIAL 1,329.24 INSURANCE - DISABILITY 04/18/97 1006283 PROTEL 174.49 OFFICE SUPPLIES & EXPENSE 04/18/97 1006284 PURCHASE POWER PITNEY BOWES 1,024.50 OFFICE SUPPLIES & EXPENSE 04/18/97 1006285 REDMAN VAN & STORAGE CO 424.70 RENT - STORAGE SPACE 04/18/97 1006286 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE 04/18/97 1006287 SECRETARY OF STATE OF CA 10.00 OFFICE SUPPLIES & EXPENSE 04/18/97 1006288 STEVEN H STEPANEK 237.92 TRAVEL REIMBURSEMENT 04/18/97 1006289 BRENDA L TRIMBLE 103.45 OFFICE SUPPLIES & EXPENSE 04/18/97 1006290 XEROX CORPORATION 473.23 OFFICE SUPPLIES & EXPENSE 04/28/97 1006291 WORKERS COMPENSATION FND 308.58 INSURANCE - WORKERS COMP 04/28/97 1006292 BONNEVILLE PACIFIC/PAYROLL 9,212.82 TRANSFER - PAYROLL ACCT 04/28/97 1006293 BPC PAYROLL TAX ACCOUNT 4,998.20 TRANSFER - PAYROLL TAX ACCT 04/28/97 1006294 WELLS FARGO BANK 759.04 401K CONTRIBUTIONS 04/28/97 1006295 WELLS FARGO BANK 39.54 401K LOAN PAYMENT 04/30/97 1006296 INTERNAL REVENUE SERVICE 504.33 FEDERAL INCOME TAX 04/30/97 1006297 INTERNAL REVENUE SERVICE 504.33 FEDERAL INCOME TAX 04/30/97 BANK STMT KEY BANK OF UTAH 50.69 BANK SERVICE CHARGE ------------- TOTAL CASH DISBURSEMENTS $4,055,199.02 =============
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/09/97 WESTINGHOUSE $3,000,000.00 SETTLEMENT PAYMENT 04/30/97 BANK STMT KEY BANK OF UTAH 24,610.73 INTEREST INCOME ------------- TOTAL $3,024,610.73 =============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/07/97 DS040797 BONNEVILLE PACIFIC CORP $3,700,000.00 TRNSFR TO GENERAL ACCT 04/07/97 BONNEVILLE PACIFIC CORP 5,000,000.00 TRANSFER TO NEW CD ------------- TOTAL CASH DISBURSEMENTS $8,700,000.00 =============
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/97 BANK STMT US BANK $72,296.74 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE F DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/07/97 BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE G DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint - CD Account For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/97 BANK STMT BANK ONE $49,016.05 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE H DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/03/97 MEMO ADVC BANK ONE $21,846,000.00 TRANSFER-T-BILL 04/30/97 BANK STMT BANK ONE 713.76 INTEREST INCOME -------------- TOTAL $21,846,713.76 ==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/03/97 MEMO ADVC BANK ONE $21,671,499.00 TRANSFER-T-BILL
I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Short Term Marketable Securities For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/03/97 MEMO ADVC BANK ONE $21,671,499.00 TRANSFER-T-BILL 04/30/97 MEMO ADVC BANK ONE 278,594.15 DISCOUNT CLLCTD -------------- TOTAL $21,950,093.15 ==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/03/97 MEMO ADVC BANK ONE $21,846,000.00 TRANSFER-T-BILL
J DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/97 BANK STMT KEY BANK OF UTAH $10.88 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE K DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/01/97 CK# 6241 BONNEVILLE PACIFIC CORP $6,415.00 TRANSFER 04/30/97 BNK STMT KEY BANK OF UTAH 628.18 INTEREST INCOME --------- TOTAL CASH RECEIPTS $7,043.18 =========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/30/97 CK# 1028 GENERATOR POWER $31,327.33 KYOCERA O&M 04/30/97 CK# 1029 GENERATOR POWER 9,982.00 KYOCERA O&M ---------- TOTAL CASH DISBURSEMENTS $41,309.33 ==========
L DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of April 30, 1997 - ------------------------------------------------------------------------------- ASSETS Current Assets: Cash $128,157,424 Accounts receivable - trade 35,962 Accounts receivable - settlements (Note 4) 7,150,000 Accounts receivable - affiliates 274,749 Prepaid Insurance 15,355 Accrued interest receivable 816,535 ------------ Total current assets $136,450,025 Fixed Assets: Land 198,424 Equipment, furniture and fixtures 3,758,977 ------------ Total fixed assets 3,957,401 Less: Accumulated depreciation <3,078,297> ------------ Net fixed assets 879,104 Other Assets: Investment in and advances to subsidiaries and partnership 29,988,526 Other assets 1,820 ------------ Total other assets 29,990,346 ------------ TOTAL ASSETS $167,319,475 ============ LIABILITIES Post-petition liabilities: Accounts payable - trade $ 106,246 Accounts payable - professional fees and costs 3,012,898 Accrued income taxes payable (Note 5) 179,447 Taxes payable 101,982 Accrued interest 0 ------------ Total post-petition liabilities $ 3,400,573 Pre-petition liabilities: Priority claims 61,186 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,699,658 ------------ Total pre-petition liabilities 99,760,844 ------------ TOTAL LIABILITIES 103,161,417 Commitments and Contingent Liabilities (Note 3) OWNERS' EQUITY Capital stock or owners' investment 213,752 Paid-in-capital 121,590,029 Treasury stock <2,308,255> Retained earnings: Pre-petition <56,551,908> Post-petition 1,214,440 ------------ TOTAL OWNERS' EQUITY (Notes 1 and 3) 64,158,058 ------------ TOTAL LIABILITIES AND OWNERS' EQUITY $167,319,475 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period April 1 - April 30, 1997 - ------------------------------------------------------------------------------- Gross operating revenue $154,849 Less discount, returns and allowances 0 -------- Net operating revenue $154,849 Cost of goods sold <155,925> -------- Gross profit <1,076> Operating expenses: Salaries and wages 28,577 Rent and leases 12,363 Payroll taxes 5,232 Insurance 5,397 Other 21,383 -------- Total operating expenses <72,952> -------- Operating income <74,028> Legal and professional fees and costs (Note 4) <32,807> Depreciation, depletion and Administration 1,333 Interest expense 0 -------- Total 31,474 -------- Net operating income <42,554> Non-operating income and : Interest income 555,753 Other income 2,315 Other income - settlements (Note 4) 0 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) <55,793> -------- Net non-operating income or 502,275 -------- Net income before income taxes 459,721 Provision for income taxes (Note 5) 9,200 -------- NET INCOME $450,521 ======== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period April 1 to April 30, 1997 - ------------------------------------------------------------------------------- 1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation, included in the Monthly Financial Report, are prepared on the accrual basis. As a result, revenues are generally recorded when earned rather than when received and expenses are generally recognized when the obligation is incurred rather than when the expenses are paid. During bankruptcy accrued interest payable is recorded only on post petition debt and pre-petition secured debt to the extent that the underlying collateral equals or exceeds the outstanding principal plus the accrued interest payable. Specifically, prepetition unsecured debt does not include any accrual of interest after December 5, 1991. These financial statements are prepared in a format required by the U.S. Bankruptcy Code. While every effort is made to comply with generally accepted accounting principles (GAAP), these financial statements may not comply with GAAP in all respects. Also see the narrative which is attached hereto. 2. Equity in earnings of subsidiaries and partnerships represents an accrual of the Company's share of earnings or losses of its operating subsidiaries and partnerships. These earnings are affected by a number of factors including seasonality, operating costs and operating efficiency. The operating entities which comprise these earnings include Bonneville Pacific Services Company, Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its investment in the NCA #1 Partnership. 3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and potential claims include pre-petition debenture sale claims in the approximate amount of $5,500,000.00, post-petition debenture sale claims in the approximate amount of $11,000,000.00, limited partner claims in the approximate amount of $4,000,000.00, Section 510(b) equity claims in the approximate amount of $50,000,000.00 (including the $10,000,000.00 allowed compromised claim of CIGNA and the $3,000,000.00 claim filed by the plan Trustee for the debtor's ESOP plan) and $8,945,000.00 in deeply subordinated claims, accrued interest on certain claims and potential administrative fees which may be allowed by the Bankruptcy Court. The recording of the above described liabilities, if allowed, will reduce equity by a corresponding amount. For further information concerning liabilities and potential claims, see the "Trustee's Preliminary Report (Estimate) Concerning Claims Filed Against the Estate" dated March 17, 1997, which was originally filed on March 17, 1997 and which was originally attached to the Financial Report for the period February 1, 1997 through February 28, 1997. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period April 1 to April 30, 1997 - ------------------------------------------------------------------------------- 4. Accounts Receivable Settlements represent only court approved settlements where all conditions precedent have occurred and the settlements were fully effective as of April 30, 1997 and are reflected on the April 30, 1997 Financial Statements. Approved settlements are as follows: W. Johnson $1,150,000 Westinghouse Electric 3,000,000 Piper Jaffray 3,000,000 ---------- $7,150,000 5. As of April 30, 1996, Bonneville and Subsidiaries had approximately $150,000,000 in federal net operating loss carry-forwards for Federal Income Tax purposes and approximately $140,000,000 in Alternative Minimum Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of current Alternative Minimum Taxable Income can be offset by Alternative Minimum Tax Loss carry-forwards. The financial statements reflect an estimated $2,600,000 alternative minimum tax provision and an estimated $350,000 state tax provision resulting from operations and the receipt of proceeds from settlements through the end of the current period. The Trustee has requested permission from the Internal Revenue Service to change the tax year end of Bonneville and Subsidiaries to December 31. The request has been granted. Form 2-D Page 3 of 3 BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period April 1 to April 30, 1997 -------------------------------------------
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ 0.00 $ $ <4,300.62> $ 2,157.27 04/11/97 1234 $ 0.00 2,143.35 04/28/97 1237 State 0.00 <1,449.17> 1,449.17 04/28/97 1238 FICA tax withheld 0.00 <2,141.03> 1,074.39 04/11/97 1234 1,066.64 04/28/97 1237 0.00 Employer's FICA tax 0.00 <2,141.03> 1,074.39 04/11/97 1234 1,066.64 04/28/97 1237 0.00 Unemployment tax: Federal 0.00 <405.67> 405.67 04/28/97 1235 0.00 State 0.00 <2,685.34> 2,685.34 04/28/97 1236 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes <99,765.00> <2,217.00> <101,982.00> Accrued income tax: Federal <170,247.00> 0.00 <9,200.00> 0.00 <179,447.00> State 0.00 0.00 0.00 Delaware franchise tax 0.00 0.00 Employee withholding 0.00 <1,526.45> 767.41 04/11/97 1006267 0.00 759.04 04/28/97 1006294 ------------ ----------- ----------- ---------- ------------ TOTALS $<270,012.00> $ 0.00 $<26,066.31> $14,649.31 $<281,429.00> ============ =========== =========== ========== ============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period April 1 to April 30, 1997 ----------------------------------------
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date Worker's Compensation Various State Funds Statutory $1,000,000 (A) 04/30/97 General Liability Travelers Insurance/ Sedgwick James 5,000,000 06/06/97 06/06/97 Vehicles Travelers Insurance/ [Hired/Non-owned] Sedgwick James 5,000,000 06/06/97 06/06/97 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/96 08/17/97 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/96 08/17/97 (A) All workers compensation insurance policies are insured through various state insurance funds. As such, they continue in force as premiums are paid and have no policy expiration dates.
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period April 1 to April 30, 1997 - -------------------------------------------------------------------------------
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $7,185,951 $ 101,672 $2,873,411 30 to 60 days 8 0 0 61 to 90 days 0 0 0 Over 90 days 3 4,574 139,487 ---------- ---------- ---------- Total post-petition 7,185,962 106,246 3,012,898 Pre-petition amounts 0 3,527,206 0 ---------- ---------- ---------- Total accounts receivable $7,185,962 ========== Total accounts payable $3,633,452 $3,012,898 ========== ========== Affiliate Accounts Receivable Under 30 days $ 44,209 30 to 60 days 5,103 61 to 90 days 0 Over 90 days 225,437 ---------- Total post-petition affiliate accounts receivable $ 274,749 ==========
Form 2-E Page 3 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments of Fees and Costs to Attorneys and Other Professionals For Period April 1 to April 30, 1997 - -------------------------------------------------------------------------------
Date of Court Estimated Amount Paid Approval Balance Due Counsel for Unsecured Creditors' Committee $0 $139,487 Court Appointed Trustee 68,350 3/31/97 46,561 (1) Trustee's Counsel 174,834 3/31/97 117,131 (1) Trustee's Accountants 66,332 3/31/97 40,881 Trustee's Special Plan Counsel 114,168 3/31/97 75,000 Special Litigation Counsel for Trustee - Costs 274,447 3/31/97 101,338 Trustee - Fees 3,192,922 3/31/97 2,392,500 (2) Buccino and Associates 42,998 4/01/97 0 (3) Auditors 0 100,000 Financial Consultants 0 0 ---------- ---------- Total $3,934,051 $3,012,898 ========== ==========
(1) Includes only hourly rate and miscellaneous Trustee costs. Does not include any additional amounts that may be awarded by the court relating to 11 USC Section 326 or as an enhanced fee to either the Trustee or the Trustee's general counsel. (2) Includes an accrual for any contingent fees due as a result of Court approved settlements or recoveries. Estimated contingent fees are accrued when settlements are approved by the Court. The contingent fees that have been accrued on settlements approved by the Court are as follows: 1. $3,000,000.00 - Westinghouse Settlement Fees - $990,000.00 2. $3,000,000.00 - Piper Jaffray Settlement Fees - $990,000.00 3. $1,250,000.00 - Johnson Settlement Fees - $412,500.00 Form 2-E Page 4 of 6 The $3,000,000.00 Westinghouse settlement payment, the $3,000,000.00 Piper Jaffray settlement payment and approximately $1,150,000.00 of the Johnson settlement have not yet been received by the estate, but the settlements were approved and such settlements have been booked as receivables. (3) Pursuant to Order dated October 15, 1996, the Court approved the Application for Certain Costs in the amount of $60,297.25 of Buccino & Associates, taken under advisement at a hearing held on August 11, 1992. Payment of the $60,297.25 was ordered but Buccino & Associates was paid an $80,000.00 pre-petition retainer for which it had not accounted. Furthermore the Court's Order, dated October 15, 1996, did not specify whether $59,049.00 in actual fees as well as an additional $13,525.93 in costs which were the subject matter of the application taken under advisement were allowed. As a consequence, the Trustee filed a Request for Clarification of the Court's Order dated October 15, 1996 and at a hearing held on April 1, 1997 the Court ordered payment of the sum of $42,997.97 to Buccino & Associates as final fees and costs. Further information concerning settlements is contained in the narrative which is attached. Form 2-E Page 5 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period April 1 to April 30, 1997 - -------------------------------------------------------------------------------
Payee Name Position Nature of Payment Amount Ralph F Cox Director Director fees 0.00 Calvin L Rampton Director Director fees 0.00 Clark M Mower President Salary 12,566.68 Expense Reimbursement 1,350.02
Form 2-E Page 6 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended April 30, 1997 - -------------------------------------------------------------------------------
Cash Quarterly Payment Disbursement Fee Due Check No. Date January $ 220,508.24 February 169,408.87 March 215,808.71 ------------- Total 1st Quarter 605,725.82 3,750.00 1006268 4/17/97 April 4,093,233.83 May June Total 2nd Quarter July August September Total 3rd Quarter October November December Total 4th Quarter
(1) This summary is to reflect the current calendar year's information cumulative to the end of the current reporting period. Form 2-F -----END PRIVACY-ENHANCED MESSAGE-----