-----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, Kg5gv8Bf1rVu7eed6j/al6kP87tdDD8WjcdNC/rySVMmpA+HOiNGlY9uXbWku5rZ pk+2rK4FjEmoCW3pWxky/w== 0000795182-97-000015.txt : 19970820 0000795182-97-000015.hdr.sgml : 19970820 ACCESSION NUMBER: 0000795182-97-000015 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: 19970819 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: 97666298 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) August 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 July 1, 1997 to July 31, 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 August 15, 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 August 15, 1997 INDEX TO EXHIBITS Exhibit Page No. - ------------------------------------------------------------------------------ 28.1 Monthly Financial Report - Chapter 11, for the period July 1, 1997 to July 31, 1997, of the Registrant, dated August 15, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on August 15, 1975. . . . . . . . . . . . . . . . . . 5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period July 1 to July 31, 1997 --------- ------ ------------- Accounting Method Used: [X] Accrual Basis [ ] Cash Basis COVER SHEET - ------------------------------------------------------------------------------ Mark One Box THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. For Each Required The debtor must attach each of the following 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) - ------------------------------------------------------------------------------- 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: August 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 15th day of August 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 July 31, 1997 Form 2-G - ------------------------------------------------------------------------------ Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of July 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 July and the first part of August 1997(1) (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: 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 settlements(2) reached by the Trustee. For all practical purposes the Litigation has been concluded (but also see the discussion below). - --------------- (1) This narrative attempts to summarize significant events affecting the Company through August 14, 1997. (2) Each settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. 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. 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 believes are liable to the Bonneville estate, then in the next few months the Trustee, through his special litigation counsel, may commence additional litigation. On May 23, 1997 the Trustee entered into a formal Settlement Agreement with the Corporation of the President of The Church of Jesus Christ of Latter-Day Saints (the "Church"); the settlement was announced on June 10, 1997. Pursuant to the Settlement Agreement, the Church agreed to pay to the Trustee the sum of $1,100,000.00 and the Church would be allowed a claim of up to approximately $500,000.00 for damages incurred by the Church arising from its purchase of stock of the Company. 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 July 7, 1997 at which hearing the Court granted the Trustee's Motion and approved the settlement. The $1,100,000.00 settlement was paid to the Trustee on July 17, 1997. On May 23, 1997 the Trustee entered into a formal Settlement Agreement with the Deseret Trust Company ("DTC"), the Church, Raymond L. Hixson and Vivian M. Hixson concerning the Raymond L. Hixson Charitable Remainder Unitrust which Unitrust was funded with shares of Bonneville Pacific Corporation owned by Raymond L. Hixson; the settlement was filed with the Bankruptcy Court on June 10, 1997. Pursuant to the settlement, the Church agreed to pay a total of $580,000.00 to purchase the "income interest" specified in the Unitrust as well as any other right, title or interest the Hixsons, the Trustee, Bonneville Pacific Corporation or its bankruptcy estate may have in the Unitrust or its assets. The $580,000.00 payment would be paid $232,000.00 directly to Vivian Hixson as required by the provisions of the previously Court approved Trustee's settlement agreement with Raymond Hixson and Vivian Hixson; $232,000.00 directly to the Trustee for the benefit of the estate; and $116,000.00 directly to the Trustee to be held by him for payment (subject to Bankruptcy Court approval) to his special litigation counsel, Beus, Gilbert & Morrill, pursuant to the 1992 contingent fee agreement between the Trustee and Beus, Gilbert & Morrill. The settlement was conditioned upon approval by the United States Bankruptcy Court. A hearing on the Motion for Approval of the Settlement Agreement was held as scheduled on July 7, 1997 at which hearing the Court granted the Motion and approved the settlement. The settlement sum was paid to the Trustee on July 17, 1997. On August 4, 1997 the Bankruptcy Court authorized the Trustee to pay the aforesaid $116,000.00 (less costs and local counsel fees) to Beus, Gilbert & Morrill pursuant to the 1992 contingent fee agreement. 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 and representatives of NPC have reached a preliminary settlement agreement, subject to the approval of the Public Service Commission of Nevada ("PSCN"). 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. A stipulation staying the briefing schedule and permitting PSCN's approval of the settlement agreement, has been signed by the parties. 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 have reached an agreement in principal but a written agreement has yet to be executed. Attorneys for the EPA are drafting such an agreement, which the parties anticipate signing in the near future. 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). 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 350 additional claims have been filed since December 16, 1996. A total of 4,604 proofs of claims have been filed. The Trustee has completed his initial review of each of the claims. 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 and has filed the first of the objections; for example, the Trustee has filed objections to the individual claims filed by current holders of the Company's debentures because such claims are duplicative of the $64,750,000.00 claim filed by the Indenture Trustee, Norwest Bank (Claim No. 146); a hearing on that objection is scheduled for August 18, 1997. On June 17, 1997 the Trustee entered into a formal settlement agreement with Hansen, Jones & Leta, P.C. and the Home Insurance Company, its insurer. Hansen, Jones & Leta served as counsel for Bonneville Pacific Corporation from November 18, 1991 to December 5, 1991 and as counsel for Bonneville as debtor in possession from December 5, 1991 to March 31, 1992. By court order dated December 2, 1992 (with a related motion to alter or amend being denied on May 22, 1996), the Bankruptcy Court denied Hansen, Jones & Leta's Final Fee and Cost Application and further ordered disgorgement of all fees previously paid to Hansen, Jones & Leta. The settlement agreement resolved all legal issues and the pending appeal involving the court order and provides for payment of $149,012.20 to the estate and further provides for a release of claims (subject to certain limitations) between the parties. The settlement was conditioned upon approval by the United States Bankruptcy Court. A hearing on the Trustee's Motion for Approval of the Settlement Agreement was held as scheduled on July 14, 1997, at which hearing the Court approved the settlement. The $149,012.20 was paid to the Trustee on July 16, 1997 and the appeal was dismissed on or about July 21, 1997. 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 in California. The Company is continuing with the process of making arrangements to plug the wells. 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. 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. The Company, with court approved Accountant, is in the process of preparing the U.S. Corporate Income Tax Return for the year ending December 31, 1996, which tax return may be filed within the next thirty (30) days. On June 23, 1997, the Bankruptcy Court granted the Trustee's Motion for Management Retention Programs for the Company's Subsidiaries. The Trustee has been working with the employees of Bonneville Fuels Corporation and Bonneville Pacific Service Corporation on employment agreements, which employment agreements will soon be finalized. 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 has completed most of the work required for 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 and the Trustee are now continuing with efforts to formulate and propose a plan of reorganization. While general plan negotiations with parties in interest have now commenced and the Trustee met with several parties in interest during the subject period, it will be several months, if not substantially more, before any creditor with an allowed claim can anticipate receiving any distribution from the estate. The Trustee has arranged a meeting in New York City on August 27, 1997 with certain creditors to discuss, among other things, issues which should be resolved if progress is to be made on a consensual plan of reorganization. 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. Bear, Stearns & Company has preliminarily completed most of its initial work in valuing the Company's (and its affiliates) business assets but has made no written report to the Trustee. At this time the Trustee has not decided whether to make public the valuation work to date performed by Bear, Stearns & Company. However in part, based upon the preliminary valuation work of Bear, Stearns & Company, the Trustee is of the opinion that the book value of the Company's business assets, which is the value used on the Company's balance sheet which is included in these Monthly Financial Statements filed with the Bankruptcy Court (under the category "Other Assets: Investment in and advances to subsidiaries and partnership") is likely materially less than the current fair market value of such business assets. 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 July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECONCILIATION 1. Beginning Cash Balance: $135,518,732.92 2. Cash Receipts: (See Page 2 of 2) 1,743,714.53 3. Cash Disbursements: (See Page 2 of 2) (126,042.84) ------------ 4. Net Cash Flow: 1,617,671.69 ------------ 5. Ending Cash Balance: $137,136,404.61 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $558.00 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 562.57 KEY BANK OF UTAH GENERAL CORP CASH 702,796.67 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 3,709,943.68 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,187,101.88 (A) US BANK CHPTR 11 TRUSTEE - JT CD 14,445,452.68 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JT CD 10,471,991.34 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 22,883.19 (A) BANK ONE UNITED STATES TREASURY BILLS 96,400,622.03 BANK ONE PROCEEDS FROM ASSET SALES 4,055.42 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 190,437.15 KEY BANK OF UTAH ---------- $137,136,404.61 ===============
(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 July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,814.42 A PAYROLL TAX ACCOUNT 9,775.54 B GENERAL CORP CASH 211,238.12 C CHPTR 11 TRUSTEE JOINT ACCT 1,459,461.45 E CHPTR 11 TRUSTEE - CD ACCT 72,247.93 F CHPTR 11 TRUSTEE - JT CD 0.00 N/A CHPTR 11 TRUSTEE - JT CD 0.00 N/A CHPTR 11 TRUSTEE JT SAVINGS 77.87 G UNITED STATES TREASURY BILLS 0.00 N/A PROCEEDS FROM ASSET SALES 11.18 H KYOCERA MAINTENANCE RESERVE 10,677.98 I --------- 1,783,304.49 LESS: ACCOUNT TRANSFERS (39,589.96) ---------- TOTAL CASH RECEIPTS $1,743,714.53 =============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,852.88 A PAYROLL TAX ACCOUNT 9,780.41 B GENERAL CORP CASH 135,955.19 D CHPTR 11 TRUSTEE JOINT ACCT 44.32 E CHPTR 11 TRUSTEE - CD ACCT 0.00 F CHPTR 11 TRUSTEE - JT CD 0.00 N/A CHPTR 11 TRUSTEE - JT CD 0.00 N/A CHPTR 11 TRUSTEE JT SAVINGS 0.00 G UNITED STATES TREASURY BILLS 0.00 N/A PROCEEDS FROM ASSET SALES 0.00 H KYOCERA MAINTENANCE RESERVE 0.00 I ---- 165,632.80 LESS: ACCOUNT TRANSFERS (39,589.96) --------- TOTAL CASH DISBURSEMENTS $126,042.84 ===========
Form 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/11/97 CK# 6432 BPC - GENERAL $9,869.44 PAYROLL TRANSFER 07/29/97 CK# 6464 BPC - GENERAL 9,944.98 PAYROLL TRANSFER -------- TOTAL CASH RECEIPTS $19,814.42 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/15/97 PAYROLL SUMMARY $9,869.44 07/31/97 PAYROLL SUMMARY 9,944.98 07/31/97 BANK STMT KEY BANK OF UTAH 38.46 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $19,852.88 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/11/97 CK# 6433 BPC - GENERAL $4,309.12 PR TAX TRANSFER 07/22/97 CK# 6453 BPC - GENERAL 1,192.84 PR TAX TRANSFER 07/29/97 CK# 6465 BPC - GENERAL 4,273.58 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $9,775.54 =========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/15/97 KEY TAX KEY BANK OF UTAH $3,578.04 FEDERAL TAX DEPOSIT 07/22/97 KEY TAX KEY BANK OF UTAH 33.00 FEDERAL UNEMPLOYMENT TAX 07/23/97 CK# 1245 UTAH DEPT OF EMPLOY SECURITY 1,159.84 STATE UNEMPLOYMENT TAX 07/29/97 CK# 1246 UTAH ST TAX COMMISSION 1,453.06 STATE TAX DEPOSIT 07/29/97 KEY TAX KEY BANK OF UTAH 3,551.60 FEDERAL TAX DEPOSIT 07/31/97 BANK STMT KEY BANK OF UTAH 4.87 SERVICE CHARGE ---- TOTAL CASH DISBURSEMENTS $9,780.41 =========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/08/97 DS070897 THERAPIST UNLIMITED $361.00 RENT INCOME-OFFICE SPACE 07/08/97 DS070897 THERAPIST UNLIMITED 180.50 RENT INCOME-OFFICE SPACE 07/08/97 DS070897 SEDGWICK JAMES 21,539.00 EXPENSE REIMBURSEMENT 07/08/97 DS070897 SAN DIEGO GAS & ELECTRIC 1,216.96 ENERGY REVENUE-KYOCERA 07/16/97 DS071697 HANSEN JONES & LETA 48,561.20 SETTLEMENT PAYMENT 07/16/97 DS071697 HANSEN JONES & LETA 100,451.00 SETTLEMENT PAYMENT 07/16/97 DS071697 STATE OF HAWAII 6,332.70 STATE INCOME TAX REFUND 07/31/97 DS073197 GERRY MONSON 30,000.00 SETTLEMENT PAYMENT 07/31/97 BANK STMT KEY BANK OF UTAH 2,595.76 INTEREST INCOME -------- TOTAL CASH RECEIPTS $211,238.12 ===========
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/03/97 1006407 AIRBORNE EXPRESS $58.80 EXPRESS MAIL EXPENSE 07/03/97 1006408 AMPCO SYSTEM PARKING 378.00 RENT-PARKING 07/03/97 1006409 BENEFICIAL LIFE INSURANCE 768.35 INSURANCE-LIFE 07/03/97 1006410 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT 07/03/97 1006411 FEDERAL EXPRESS 24.99 EXPRESS MAIL EXPENSE 07/03/97 1006412 FRONTIER COMMUNICATIONS 786.87 TELEPHONE EXPENSE 07/03/97 1006413 MOUNT OLYMPUS WATER 12.00 OFFICE SUPPLIES & EXPENSE 07/03/97 1006414 MOUNTAIN STATES OFFICE PRODUCTS 7.65 OFFICE SUPPLIES & EXPENSE 07/03/97 1006415 OFFICE TEAM 264.00 OFFICE SUPPLIES & EXPENSE 07/03/97 1006416 THE PRUDENTIAL 1,000.56 INSURANCE-DISABILITY 07/03/97 1006417 PRODUCTIVITY POINT INTERNATIONAL 100.00 CONFERENCES & SEMINARS 07/03/97 1006418 STEVEN STEPANEK 61.19 TRAVEL REIMBURSEMENT 07/03/97 1006419 TRAVEL ZONE CRUISE ZONE 667.00 TRAVEL EXPENSE 07/03/97 1006420 UNUM LIFE INSURANCE CO 1,525.01 INSURANCE-DISABILITY 1006421 VOID 1006422 VOID 1006423 VOID 1006424 VOID 1006425 VOID 07/09/97 1006426 50 WEST BROADWAY ASSOCIATES 12,573.00 RENT-OFFICE SPACE & PARKING 1006427 VOID 07/09/97 1006428 GEOTHERMEX INC 12,645.00 ABANDONMNT EXP-MAMMOTH 07/09/97 1006429 GENERATOR POWER SYSTEMS INC 22,658.01 KYOCERA-O&M EXPENSE 07/09/97 1006430 BONNEVILLE PACIFIC SERVICES 1,827.81 KYOCERA-O&M EXPENSE 1006431 VOID 07/11/97 1006432 BPC-PAYROLL ACCT 9,869.44 TRANSFER-PAYROLL ACCT 07/11/97 1006433 BPC-PAYROLL TAX ACCT 4,309.12 TRANSFER-PAYROLL TAX ACCT 1006434 VOID 07/11/97 1006435 WELLS FARGO BANK 763.35 401K CONTRIBUTIONS 07/11/97 1006436 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 07/16/97 1006437 ADVANCED SEALING & SUPPLY INC 1,145.36 KYOCERA-O&M EXPENSE 07/16/97 1006438 AIRBORNE EXPRESS 23.13 EXPRESS MAIL EXPENSE 07/16/97 1006439 AUTOMATED OFFICE SYSTEMS INC 311.24 OFFICE SUPPLIES & EXPENSE 07/16/97 1006440 BRODERBUND SOFTWARE 71.08 OFFICE SUPPLIES & EXPENSE 07/16/97 1006441 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 07/16/97 1006442 FEDERAL EXPRESS 14.28 EXPRESS MAIL EXPENSE 07/16/97 1006443 FIDELITY TRANSFER COMPANY 875.00 OFFICE SUPPLIES & EXPENSE 07/16/97 1006444 TERESA HOUGHTON 280.00 OFFICE SUPPLIES & EXPENSE 07/16/97 1006445 MOUNT OLYMPUS WATER 36.02 OFFICE SUPPLIES & EXPENSE 07/16/97 1006446 CLARK MOWER 376.56 TRAVEL REIMBURSEMENT 07/16/97 1006447 NEWSPAPER AGENCY CORPORATION 76.84 OFFICE SUPPLIES & EXPENSE 07/09/97 1006448 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXPENSE 07/09/97 1006449 REDMAN VAN & STORAGE CO INC 687.53 RENT-STORAGE SPACE
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/16/97 1006450 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE 07/16/97 1006451 XEROX CORPORATION 415.54 OFFICE SUPPLIES & EXPENSE 07/22/97 1006452 WORKERS COMPENSATION FUND OF UT 302.52 INSURANCE-WORKERS COMP 07/22/97 1006453 BPC-PAYROLL TAX ACCT 1,192.84 TRANSFER-PAYROLL TAX ACCT 07/23/97 1006454 NATIONAL HEALTH CARE TRUST 21,801.03 INSURANCE-HEALTH 07/23/97 1006455 PRODUCTIVITY POINT INTERNATIONAL 1,250.00 CONFERENCES & SEMINARS 07/23/97 1006456 TRAVEL ZONE CRUISE ZONE 2,312.00 TRAVEL EXPENSE 07/23/97 1006457 US WEST COMMUNICATIONS 784.51 TELEPHONE EXPENSE 07/23/97 1006458 US TRUSTEE 8,000.00 QUARTERLY TRUSTEE FEE 07/23/97 1006459 STATE OF UTAH 15.00 OFFICE SUPPLIES & EXPENSE 07/23/97 1006460 STATE OF UTAH 25.00 OFFICE SUPPLIES & EXPENSE 07/23/97 1006461 INTERNAL REVENUE SERVICE 100.00 HAWAII POWER INCOME TAX 1006462 VOID 07/28/97 1006463 OLSON & REID PC 163.62 BONNE MCKNZ ACCNTNG SRVCS 07/29/97 1006464 BPC-PAYROLL ACCT 9,944.98 TRANFER-PAYROLL ACCOUNT 07/28/97 1006465 BPC-PAYROLL TAX ACCT 4,273.58 TRANSFER-PAYROLL TAX ACCT 07/28/97 1006466 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS 07/28/97 1006467 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 07/29/97 BANK STMT IC SECURITY PRINTERS 118.13 PRINTED CHECK CHARGE 07/31/97 BANK STMT KEY BANK OF UTAH 51.56 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $135,955.19 ===========
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/17/97 LDS CHURCH $1,100,000.00 SETTLEMENT PAYMENT 07/17/97 DESERET TRUST 348,000.00 SETTLEMENT PAYMENT 07/31/97 BANK STMT KEY BANK OF UTAH 11,461.45 INTEREST INCOME --------- TOTAL CASH RECEIPTS $1,459,461.45 =============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/31/97 BANK STMT KEY BANK OF UTAH $44.32 BANK SERVICE CHARGE
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/97 BANK STMT US BANK $72,247.93 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
F DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/97 BANK STMT BANK ONE $77.87 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
G DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/97 BANK STMT KEY BANK OF UTAH $11.18 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
H DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/01/97 CK# 6410 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 07/31/97 BANK STMT KEY BANK OF UTAH 677.98 INTEREST INCOME ---------- TOTAL CASH RECEIPTS $10,677.98 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of July 31, 1997 - ------------------------------------------------------------------------------ ASSETS Current Assets: Cash $137,136,405 Accounts receivable - trade 181,703 Accounts receivable - settlements (Note 4) 7,145,305 Accounts receivable - affiliates 303,319 Prepaid Insurance 15,319 Accrued interest receivable 1,128,613 --------- Total current assets $145,910,664 Fixed Assets: Land 198,424 Equipment, furniture and fixtures 3,767,791 --------- Total fixed assets 3,966,215 Less: Accumulated depreciation (3,106,811) --------- Net fixed assets 859,404 Other Assets: Investment in and advances to subsidiaries and partnership 32,432,286 Other assets 1,820 ----- Total other assets 32,434,106 ---------- TOTAL ASSETS $179,204,174 ============ LIABILITIES Post-petition liabilities: Accounts payable - trade $90,106 Accounts payable - professional fees and costs 4,781,852 Accrued income taxes payable (Note 5) 376,947 Taxes payable 108,633 Accrued interest 0 - Total post-petition liabilities $5,357,538 Pre-petition liabilities: Priority claims 61,186 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,974,449 ---------- Total pre-petition liabilities 100,035,635 ----------- TOTAL LIABILITIES 105,393,173 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 10,867,383 ---------- TOTAL OWNERS' EQUITY (Notes 1 and 3) 73,811,001 ---------- TOTAL LIABILITIES AND OWNERS' EQUITY $179,204,174 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period July 1 - July 31, 1997 - ------------------------------------------------------------------------------ Gross operating revenue $156,964 Less discount, returns and allowances 0 - Net operating revenue $156,964 Cost of goods sold (130,551) ------- Gross profit 26,413 Operating expenses: Salaries and wages 29,146 Rent and leases 12,293 Payroll taxes 2,611 Insurance 4,563 Other 25,823 ------ Total operating expenses (74,436) ------ Operating income (loss) (48,023) Legal and professional fees and costs Note 4) 413,515 Depreciation, depletion and Administration 1,333 Claims settlement expense 0 Interest expense 0 - Total (414,848) ------- Net operating income (loss) (462,871) Non-operating income and (expenses): Interest income 592,256 Other income 31,588 Other income - settlements (Note 4) 1,627,012 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 600,898 ------- Net non-operating income or (expenses) 2,851,754 --------- Net income (loss) before income taxes 2,388,883 Provision for income taxes (Note 5) 48,000 ------ NET INCOME (LOSS) $2,340,883 ========== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period July 1 to July 31, 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 July 1 to July 31, 1997 - ------------------------------------------------------------------------------ 4. Accounts Receivable Settlements represent only court approved settlements where all conditions precedent have occurred and the settlements were fully effective as of July 31, 1997 and are reflected on the July 31, 1997 Financial Statements. Approved settlements are as follows: W. Johnson $1,145,305 Westinghouse Electric 3,000,000 Piper Jaffray 3,000,000 --------- $7,145,305 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 $2,700,000 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 July 1 to July 31, 1997
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $0.00 $0.00 $(4,294.08) $2,162.36 07/15/97 KEY TAX $0.00 2,131.72 07/29/97 KEY TAX State 0.00 (1,453.06) 1,453.06 07/29/97 1246 FICA tax withheld 0.00 (1,417.78) 707.84 07/15/97 KEY TAX 709.94 07/29/97 KEY TAX 0.00 Employer's FICA tax 0.00 (1,417.78) 707.84 07/15/97 KEY TAX 709.94 07/29/97 KEY TAX 0.00 Unemployment tax: Federal 0.00 (33.00) 33.00 07/22/97 KEY TAX 0.00 State 0.00 (1,159.84) 1,159.84 07/22/97 KEY TAX 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes (106,416.00) (2,217.00) (108,633.00) Accrued income tax: Federal (328,947.00) 0.00 (48,000.00) 0.00 (376,947.00) State 0.00 0.00 0.00 0.00 Delaware franchise tax 0.00 0.00 Employee withholding 0.00 (1,516.25) 763.35 07/11/97 1006435 0.00 752.90 07/29/97 1006466 ---- ---- -------- ------ ---- TOTALS $(435,363.00) $0.00 $(61,508.79) $11,291.79 $(485,580.00) ============ ===== =========== ========== ============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period July 1 to July 31, 1997
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date Worker's Compensation Various State Funds Statutory $1,000,000 (A) 07/31/97 General Liability Travelers Insurance/ Sedgwick James 5,000,000 08/06/97 08/06/97 Vehicles Travelers Insurance/ [Hired/Non-owned] Sedgwick James 5,000,000 08/06/97 08/06/97 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 July 1 to July 31, 1997 - ------------------------------------------------------------------------------
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $7,224,432 $85,391 $4,781,852 30 to 60 days 102,557 141 0 61 to 90 days 19 0 0 Over 90 days 0 4,574 0 - ----- - Total post-petition 7,327,008 90,106 4,781,852 Pre-petition amounts 0 3,751,997 0 - --------- - Total accounts receivable $7,327,008 ========== Total accounts payable $3,842,103 $4,781,852 ========== ========== Affiliate Accounts Receivable Under 30 days $22,675 30 to 60 days 48,366 61 to 90 days 6,840 Over 90 days 225,438 ------- Total post-petition affiliate accounts receivable $303,319 ========
Form 2-E Page 3 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments of Fees and Costs to Attorneys and Other Professionals For Period July 1 to July 31, 1997 - ------------------------------------------------------------------------------
Date of Court Estimated Amount Paid Approval Balance Due Court Appointed Trustee 0 85,673 (1) Trustee's Counsel 0 276,777 (1) Trustee's Accountants 0 93,484 Trustee's Special Plan Counsel 0 100,000 Special Litigation Counsel for Trustee - Costs 0 200,132 Trustee - Fees 0 3,815,786 (2) Auditors 0 90,000 Financial Consultants 0 120,000 - ------- Total $0 $4,781,852 == ==========
(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 4. $5,000,000.00 - Norwest Bank Settlement Fees - $1,000,000 5. $985,000.00 - Coffin Settlement Fees - $197,000 6. $69,314 - Cost Offset 7. $1,100,000.00 - LDS Church Settlement Fees - $220,000.00 8. $348,000.00 - Deseret Trust Settlement Fees - $69,600.00 9. $30,000.00 - Gerry Monson Settlement Fees - $6,000.00 The $3,000,000.00 Westinghouse settlement payment, the $3,000,000.00 Piper Jaffray settlement payment and approximately $1,145,305.00 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. Form 2-E Page 4 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period July 1 to July 31, 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 376.56
Form 2-E Page 6 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended July 31, 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 04/17/97 April 4,093,233.83 May 128,144.26 June 152,976.15 ---------- Total 2nd Quarter 4,374,354.24 8,000.00 1006458 07/23/97 July 126,042.84 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-----