-----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, Ug+aCegrbB+vqBsG898AbJmcrFkzyVNaWnjYM4fqVJL1u7P6AMjNbx0sqwbtAJxQ AXzu4VztNBBiS4/0ua1Zcg== 0000795182-97-000020.txt : 19970918 0000795182-97-000020.hdr.sgml : 19970918 ACCESSION NUMBER: 0000795182-97-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19970917 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: SEC FILE NUMBER: 000-14846 FILM NUMBER: 97681956 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) September 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 August 1, 1997 to August 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 September 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 September 15, 1997 INDEX TO EXHIBITS Exhibit Page No. - ----------------------------------------------------------------------------- 28.1 Monthly Financial Report - Chapter 11, for the period August 1, 1997 to August 31, 1997, of the Registrant, dated September 15, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on September 15, 1997. . . . . . . 5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period August 1 to August 31, 1997 --------- -------- --------------- Accounting Method Used: [X] Accrual Basis [ ] Cash Basis COVER SHEET - ------------------------------------------------------------------------------- THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. Mark One Box For Each The debtor must attach each of the following Required reports/documents unless the U.S. Trustee has waived Report/Document 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: September 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 September 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 August 31, 1997 Form 2-G - ----------------------------------------------------------------------------- Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of August 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 August and the first part of September 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 five (5) Annual Reports, including the Report for the period of July 1, 1996 through June 30, 1997 filed on September 4, 1997 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 September 12, 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. On or about September 9, 1997 the Trustee timely received from Piper- Jaffray the $1,500,000.00 payment as required by the August 12, 1998 settlement agreement between the Company & Piper Jaffray (such settlement being in connection with the SEGAL (TRUSTEE) V. PORTLAND GENERAL ET. AL litigation). 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. 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 Projects Lending Group and the Public Service Commission of Nevada ("PSCN"). The Trustee continues to monitor the 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. Bonneville Nevada Corporation received a distribution from NCA #1 in the approximate amount of $1,980,000.00 on September 10, 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). 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 and the Annual Report for the period July 1, 1996 through June 30, 1997 filed by the Trustee on September 4, 1997. 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 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). The hearing on the objection was held as scheduled August 18, 1997, at which hearing the Court disallowed the claim of each individual bondholder evidenced by a filed Proof of Claim on the basis that such claims were duplicative of the claim filed by the Indenture Trustee. 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 has made arrangements to have the wells plugged and work should begin and hopefully be completed within the next fifteen (15) days. 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 will be filed on September 15, 1997. 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 held as scheduled meetings in New York City on August 27 and August 28, 1997 with certain creditors at which meetings discussions were held on issues which should be resolved if progress is to be made on a consensual plan of reorganization. To date a general consensus among creditors has NOT been reached. 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. The Trustee has not yet 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. For additional information concerning the Company see the "Report of Trustee Regarding Administration of the Estate from July 1, 1996 through June 30, 1997" filed by the Trustee on September 4, 1997. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECONCILIATION 1. Beginning Cash Balance: $137,136,404.61 2. Cash Receipts: (See Page 2 of 2) 1,794,653.30 3. Cash Disbursements: (See Page 2 of 2) (2,298,948.13) ------------ 4. Net Cash Flow: (504,294.83) ---------- 5. Ending Cash Balance: $136,632,109.78 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $523.13 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 558.44 KEY BANK OF UTAH GENERAL CORP CASH 1,148,444.94 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 1,218,628.93 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,258,148.43 (A) US BANK CHPTR 11 TRUSTEE - JT CD 14,581,481.70 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JT CD 15,815,154.49 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 15,955.21 (A) BANK ONE CHPTR 11 TRUSTEE JOINT MMA ACCT 92,388,000.00 (A) NATIONS BANK UNITED STATES TREASURY BILLS 0.00 BANK ONE PROCEEDS FROM ASSET SALES 4,066.62 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 201,147.89 KEY BANK OF UTAH ---------- $136,632,109.78 ===============
(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 August 1- August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,455.96 A PAYROLL TAX ACCOUNT 8,370.85 B GENERAL CORP CASH 2,754,492.90 C CHPTR 11 TRUSTEE JOINT ACCT 8,749.75 E CHPTR 11 TRUSTEE - CD ACCT 71,046.55 F CHPTR 11 TRUSTEE - JT CD 136,029.02 G CHPTR 11 TRUSTEE - JT CD 5,343,163.15 H CHPTR 11 TRUSTEE JT SAVINGS 5,243,072.02 I CHPTR 11 TRUSTEE JOINT MMA ACCT 92,388,000.00 J UNITED STATES TREASURY BILLS 1,230,377.97 K PROCEEDS FROM ASSET SALES 11.20 L KYOCERA MAINTENANCE RESERVE 10,710.74 M --------- 107,213,480.11 LESS: ACCOUNT TRANSFERS (105,418,826.81) -------------- TOTAL CASH RECEIPTS $1,794,653.30 =============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,490.83 A PAYROLL TAX ACCOUNT 8,374.98 B GENERAL CORP CASH 2,308,844.63 D CHPTR 11 TRUSTEE JOINT ACCT 2,500,064.50 E CHPTR 11 TRUSTEE - CD ACCT 0.00 F CHPTR 11 TRUSTEE - JT CD 0.00 G CHPTR 11 TRUSTEE - JT CD 0.00 H CHPTR 11 TRUSTEE JT SAVINGS 5,250,000.00 I CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 J UNITED STATES TREASURY BILLS 97,631,000.00 K PROCEEDS FROM ASSET SALES 0.00 L KYOCERA MAINTENANCE RESERVE 0.00 M ---- 107,717,774.94 LESS: ACCOUNT TRANSFERS (105,418,826.81) -------------- TOTAL CASH DISBURSEMENTS $2,298,948.13 =============
Form 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/13/97 CK# 6508 BPC - GENERAL $9,784.02 PAYROLL TRANSFER 08/26/97 CK# 6513 BPC - GENERAL 9,671.94 PAYROLL TRANSFER -------- TOTAL CASH RECEIPTS $19,455.96 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 08/15/97 PAYROLL SUMMARY $9,784.02 08/31/97 PAYROLL SUMMARY 9,671.94 08/31/97 BANK STMT KEY BANK OF UTAH 34.87 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $19,490.83 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/13/97 CK# 6509 BPC - GENERAL $4,213.87 PR TAX TRANSFER 08/26/97 CK# 6514 BPC - GENERAL 4,156.98 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $8,370.85 =========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 08/13/97 KEY TAX KEY BANK OF UTAH $3,501.63 FEDERAL TAX DEPOSIT 08/26/97 KEY TAX KEY BANK OF UTAH 3,455.58 FEDERAL UNEMPLOYMENT TAX 08/26/97 CK# 1247 UTAH ST TAX COMMISSION 1,413.64 STATE TAX DEPOSIT 08/31/97 BANK STMT KEY BANK OF UTAH 4.13 SERVICE CHARGE ---- TOTAL CASH DISBURSEMENTS $8,374.98 =========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/13/97 DS081397 THERAPIST UNLIMITED $361.00 RENT INCOME-OFFICE SPACE 08/13/97 DS081397 SAN DIEGO GAS & ELECTRIC 1,175.96 ENERGY REVENUE-KYOCERA 08/13/97 DS081397 KYOCERA AMERICA 102,555.40 ENERGY REVENUE-KYOCERA 08/13/97 DS081397 COFFIN SNYDER & MATTHEWS 5,511.67 SETTLEMENT PAYMENT 08/13/97 DS081397 BONNEVILLE PACIFIC CORP. 2,500,000.00 TRANSFER FROM TRUSTEE JT. 08/26/97 DS082697 KYOCERA AMERICA 77,061.27 ENERGY REVENUE-KYOCERA 08/29/97 DS082997 BONNEVILLE PACIFIC SERVICES 57,848.95 EXPENSE REIMBURSEMENT 08/29/97 DS082997 SAN DIEGO GAS & ELECTRIC 2,392.01 ENERGY REVENUE-KYOCERA 08/31/97 DS083197 BONNEVILLE NEVADA CORPORATION 3,580.51 EXPENSE REIMBURSEMENT 08/31/97 BANK STMT KEY BANK OF UTAH 4,006.13 INTEREST INCOME -------- TOTAL CASH RECEIPTS $2,754,492.90 =============
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 08/01/97 1006468 AMPCO SYSTEM PARKING $378.00 RENT-PARKING 08/01/97 1006469 BENEFICIAL LIFE INSURANCE 774.87 INSURANCE-LIFE 08/01/97 1006470 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT 08/01/97 1006471 HERITAGE PRODUCTS INC 426.01 OFFICE SUPPLIES & EXPENSE 08/01/97 1006472 MOUNT OLYMPUS WATER 23.98 OFFICE SUPPLIES & EXPENSE 08/01/97 1006473 MOUNTAIN STATES OFFICE PRODUCTS 70.03 OFFICE SUPPLIES & EXPENSE 08/01/97 1006474 REDMAN VAN & STORAGE CO INC 84.87 RENT-STORAGE SPACE 08/01/97 1006475 SELECTFORM INC 56.45 OFFICE SUPPLIES & EXPENSE 08/01/97 1006476 STATE OF DELAWARE CORP DIV 6,600.00 QUARTERLY STATE TAX 08/01/97 1006477 UNUM LIFE INSURANCE CO 1,479.13 INSURANCE-DISABILITY 08/01/97 1006478 STATE OF UTAH DEPT OF COMM 10.00 OFFICE SUPPLIES & EXPENSE 08/01/97 1006479 STATE TREASURER OF CALIFORNIA 34,762.95 1991-1996 WELL TAX 08/12/97 1006480 AIRBORNE EXPRESS 45.96 EXPRESS MAIL EXPENSE 08/12/97 1006481 AMERICAN INSTITUTE OF CPA'S 120.00 DUES & MEMBERSHIP 08/12/97 1006482 BANC ONE TRUST GROUP 7,927.74 QUARTERLY INVESTMENT FEE 08/12/97 1006483 BEUS GILBERT & MORRILL 1,529,685.99 PROFESSIONAL FEES 08/12/97 1006484 BONNEVILLE PACIFIC SERVICES 2,242.15 KYOCERA-O&M EXPENSE 08/12/97 1006485 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 08/12/97 1006486 COHNE RAPPAPORT & SEGAL 185,391.84 PROFESSIONAL FEES & COSTS 08/12/97 1006487 FRONTIER COMMUNICATIONS SRVC 771.83 TELEPHONE EXPENSE 08/12/97 1006488 GENERATOR POWER SYSTEMS INC 15,093.32 KYOCERA-O&M EXPENSE 08/12/97 1006489 HEIN & ASSOCIATES 79,078.36 PROFESSIONAL FEES & COSTS 08/12/97 1006490 MOUNT OLYMPUS WATER 10.61 OFFICE SUPPLIES & EXPENSE 08/12/97 1006491 NEILSON ELGGREN DURKIN & CO 49,365.74 PROFESSIONAL FEES & COSTS 08/12/97 1006492 OMNI COMPUTER PRODUCTS 100.92 OFFICE SUPPLIES & EXPENSE 08/12/97 1006493 PITNEY BOWES INC 168.70 OFFICE SUPPLIES & EXPENSE 08/12/97 1006494 PROTEL 81.70 OFFICE SUPPLIES & EXPENSE 08/12/97 1006495 REDMAN VAN & STORAGE CO INC 871.21 RENT-STORAGE SPACE 08/12/97 1006496 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE 08/12/97 1006497 SEDGWICK OF COLORADO INC 60.00 INSURANCE EXPENSE 08/12/97 1006498 ROGER G. SEGAL 62,041.13 PROFESSIONAL FEES & COSTS 08/12/97 1006499 TOWN OF SHELDON TOWN TREASURER 2,196.77 1997 PROPERTY TAXES 08/12/97 1006500 WELLS FARGO BANK 1,332.77 401K TRUSTEE FEE 1006501 VOID 1006502 VOID 08/12/97 1006503 BEUS GILBERT & MORRILL 188,997.60 PROFESSIONAL COSTS 08/12/97 1006504 WEIL GOTSHALL & MANGES 62,575.38 PROFESSIONAL FEES & COSTS 08/12/97 1006505 AUTOMATED OFFICE SYSTEMS INC 8,617.18 COMPUTER EQUIPMENT 08/12/97 1006506 R. STEPHEN BLACKHAM 109.60 EXPENSE REIMBURSEMENT 08/12/97 1006507 THE PRUDENTIAL 1,004.61 INSURANCE - DISABILITY 08/13/97 1006508 BPC-PAYROLL ACCOUNT 9,784.02 TRANSFER-PAYROLL ACCOUNT 08/13/97 1006509 BPC-PAYROLL TAX ACCOUNT 4,213.87 TRANSFER-PAYROLL TAX ACCT 08/13/97 1006510 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE DOC # PAYEE AMOUNT DESCRIPTION 08/13/97 1006511 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 08/15/97 1006512 STATE TREASURER OF CALIFORNIA 2,520.00 ANNUAL WELL ASSESSMENT 08/26/97 1006513 BPC-PAYROLL ACCOUNT 9,671.94 TRANSFER-PAYROLL ACCOUNT 08/26/97 1006514 BPC-PAYROLL TAX ACCT 4,156.98 TRANSFER-PAYROLL TAX ACCT 08/26/97 1006515 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS 08/26/97 1006516 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 08/26/97 1006517 AIRBORNE EXPRESS 14.18 EXPRESS MAIL EXPENSE 08/26/97 1006518 MOUNT OLYMPUS WATER 23.98 OFFICE SUPPLIES & EXPENSE 08/26/97 1006519 MOUNTAIN STATES OFFICE PRODUCTS 252.30 OFFICE SUPPLIES & EXPENSE 08/26/97 1006520 NATIONAL HEALTH CARE TRUST 21,207.65 INSURANCE-HEALTH 08/26/97 1006521 PITNEY BOWES INC 207.14 OFFICE SUPPLIES & EXPENSE 08/26/97 1006522 STEVEN STEPANEK 130.19 EXPENSE REIMBURSEMENT 08/26/97 1006523 TRAVEL ZONE CRUISE ZONE 1,153.00 TRAVEL EXPENSE 08/26/97 1006524 US WEST COMMUNICATIONS 801.29 TELEPHONE EXPENSE 08/26/97 1006525 XEROX CORPORATION 409.26 OFFICE SUPPLIES & EXPENSE 08/31/97 BANK STMT KEY BANK OF UTAH 50.34 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $2,308,844.63 =============
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/31/97 BANK STMT KEY BANK $8,749.75 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 08/13/97 BONNEVILLE PACIFIC CORP. $2,500,000.00 TRANSFER TO GENERAL ACCT 08/31/97 BANK STMT KEY BANK OF UTAH 64.50 BANK SERVICE CHARGE ----- $2,500,064.50 =============
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/31/97 BANK STMT US BANK $71,046.55 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 August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/27/97 BANK STMT KEY BANK OF UTAH $63,983.92 INTEREST INCOME 08/30/97 BANK STMT KEY BANK OF UTAH 72,045.10 INTEREST INCOME --------- TOTAL CASH RECEIPTS $136,029.02 ===========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
G DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/14/97 BONNEVILLE PACIFIC CORP. $5,250,000.00 TRANSFER FROM JT SAVINGS 08/24/97 BANK STMT BANK ONE 45,677.34 INTEREST INCOME 08/29/97 BANK STMT BANK ONE 47,485.81 INTEREST INCOME --------- TOTAL CASH RECEIPTS $5,343,163.15 =============
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 August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/14/97 BONNEVILLE PACIFIC CORP. $5,243,000.00 TRANSFER FROM SECURITIES 08/31/97 BANK STMT BANK ONE 72.02 INTEREST INCOME ----- TOTAL CASH RECEIPTS $5,243,072.02 =============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 08/14/97 BONNEVILLE PACIFIC CORP. $5,250,000.00 TRANSFER TO BANK ONE CD
I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - MMA Account For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/28/97 BONNEVILLE PACIFIC CORP. $92,388,000.00 TRANSFER FROM SECURITIES
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION NONE
J DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 United States Treasury Bills For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/14/97 MEMO ADVC BANK ONE $68,534.75 DISCOUNT COLLECTED 08/28/97 MEMO ADVC BANK ONE 1,161,843.22 DISCOUNT COLLECTED ------------ TOTAL CASH RECEIPTS $1,230,377.97 =============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 08/14/97 BONNEVILLE PACIFIC CORP. $5,243,000.00 TRANSFER TO CHPTR 11 JT SVGS 08/28/97 BONNEVILLE PACIFIC CORP. 92,388,000.00 TRANSFER TO NATIONS BK MMA ------------- TOTAL CASH DISBURSEMENTS $97,631,000.00 ==============
K DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/31/97 BANK STMT KEY BANK OF UTAH $11.20 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
L DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 08/01/97 CK# 6470 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 08/31/97 BANK STMT KEY BANK OF UTAH 710.74 INTEREST INCOME ------ TOTAL CASH RECEIPTS $10,710.74 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
M DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of August 31, 1997 - ----------------------------------------------------------------------------- ASSETS Current Assets: Cash $136,632,110 Accounts receivable - trade 114,489 Accounts receivable - settlements (Note 4) 7,145,305 Accounts receivable - affiliates 295,514 Prepaid insurance 58,462 Accrued interest receivable 169,070 ------- Total current assets $144,414,950 Fixes Assets: Land 198,424 Equipment, furniture and fixtures 3,776,408 --------- Total fixed assets 3,974,832 Less: Accumulated depreciation (3,116,316) --------- Net fixed assets 858,516 Other Assets: Investment in and advances to subsidiaries and partnership 33,203,659 Other assets 1,820 ----- Total other assets 33,205,479 ---------- TOTAL ASSETS $178,478,945 ============ LIABILITIES Post-Petition Liabilities: Accounts payable - trade $163,712 Accounts payable - professional fees and costs 2,786,262 Accrued income taxes payable (Note 5) 400,947 Taxes payable 110,850 Accrued interest (Note 1) 0 - Total post-petition liabilities $3,461,771 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 103,497,406 Commitments and Contingent Liabilities (Note 3) OWNER'S EQUITY Capital Stock or Owner's Investment 213,752 Paid-In-Capital 121,590,029 Treasury Stock (2,308,255) Retained Earnings: Pre-Petition (56,551,908) Post-Petition 12,037,921 ---------- TOTAL OWNER'S EQUITY (Notes 1 and 3) 74,981,539 ---------- TOTAL LIABILITIES AND OWNER'S EQUITY $178,478,945 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period August 1 - August 31, 1997 - ----------------------------------------------------------------------------- Gross operating revenue $191,123 Less discount, returns and allowances 0 - Net operating revenue $191,123 Cost of goods sold (114,092) ------- Gross profit 77,031 Operating expenses: Salaries and wages 28,607 Rent and leases 0 Payroll taxes 1,376 Insurance 4,774 Other 43,615 ------ Total operating expenses (78,372) ------ Operating income (loss) (1,341) Legal and professional fees and costs (Note 4) 161,546 Depreciation, depletion and administration 1,333 Claims settlement expense 0 Interest expense 0 - Total (162,879) ------- Net operating income (loss) (164,220) Non-operating income and (expenses): Interest income 584,624 Other income 9,362 Other income - settlements (Note 4) 0 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 771,372 ------- Net non-operating income or (expenses) 1,365,358 --------- Net income (loss) before income taxes 1,201,138 Provision for income taxes (Note 5) 30,600 ------ NET INCOME (LOSS) $1,170,538 ========== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period August 1 to August 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, pre-petition 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 and the "Report of Trustee Regarding Administration of the Estate from 7/1/96 through 6/30/97" filed with the Bankruptcy Court on September 4, 1997. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements (Continued) For Period August 1 to August 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 August 31, 1997 and are reflected on the August 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 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For the Period August 1 to August 31, 1997 - ------------------------------------------------------------------------------
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $0.00 $0.00 ($4,204.07) $2,113.09 08/13/97 KEY TAX $0.00 2,090.98 08/26/97 KEY TAX State 0.00 (1,413.64) 1,413.64 08/26/97 1247 FICA tax withheld 0.00 (1,376.57) 694.27 08/13/97 KEY TAX 682.30 08/26/97 KEY TAX 0.00 Employer's FICA tax 0.00 (1,376.57) 694.27 08/13/97 KEY TAX 682.30 08/26/97 KEY TAX 0.00 Unemployment tax: Federal 0.00 KEY TAX 0.00 State 0.00 KEY TAX 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes (108,633.00) (2,217.00) (110,850.00) Accrued income tax: Federal (376,947.00) 0.00 (24,000.00) 0.00 (400,947.00) State 0.00 0.00 (6,600.00) 6,600.00 08/01/97 1006476 0.00 Delaware franchise tax 0.00 0.00 Employee withholding 0.00 0.00 (1,505.80) 752.90 08/13/97 1006510 0.00 752.90 08/26/97 1006515 ---- ---- -------- ------ ---- TOTALS ($485,580.00) $0.00 ($42,693.65) $16,476.65 ($511,797.00) =========== ==== ========== ========= ==========
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period August 1 to August 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) 08/31/97 General Liability Travelers Insurance/ Sedgwick James 5,000,000 08/06/98 08/06/98 Vehicles Travelers Insurance/ (Hired/Non-Owned) Sedgwick James 5,000,000 08/06/98 08/06/98 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/98 08/17/98 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/98 08/17/98
(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 August 1 to August 31, 1997 - -----------------------------------------------------------------------------
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $7,259,691 $151,716 $2,786,261 30 to 60 days 82 7,422 0 61 to 90 days 2 0 0 Over 90 days 19 4,574 0 -- ----- - Total post-petition 7,259,794 163,712 2,786,261 Pre-petition amounts 0 3,751,997 0 - --------- - Total accounts receivable $7,259,794 ========== Total accounts payable $3,915,709 $2,786,261 ========== ========== Affiliate Accounts Receivable ---------- Under 30 days $53,624 30 to 60 days 5,413 61 to 90 days 9,750 Over 90 days 226,727 ------- Total post-petition affiliate accounts receivable $295,514 ========
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 August 1 to August 31, 1997 - -----------------------------------------------------------------------------
Date of Court Estimated Amount Paid Approval Balance Due Court Appointed Trustee $62,041 08/05/97 $36,816 (1) Trustee's Counsel 185,392 08/05/97 140,910 (1) Trustee's Accountants 49,366 08/05/97 64,118 Trustee's Special Plan Counsel 62,575 08/05/97 50,000 Special Litigation Counsel for Trustee - Costs 188,998 08/05/97 13,357 Trustee - Fees 1,529,686 08/05/97 2,330,139 (2) Auditors 79,078 08/05/97 10,921 Financial Consultants 0 140,000 - ------- Total $2,157,136 $2,786,261 ========== ==========
(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. $1,050,000.00 - Johnson Settlement Fees - $346,500.00 4. $2,361.00 - Cost Offset 5. $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. 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 August 1 to August 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
Form 2-E Page 5 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary Month Ended August 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 2,298,948.13 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-----