-----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, LhVatvs6X1cxHn6r+F8Yk3DOkw0yU9kEvEPcQu/4yQHwBKJYvsqqzfYJ63klxM4n vak5Bpi9Pf6LH9x2RgZtOw== 0000795182-98-000015.txt : 19980521 0000795182-98-000015.hdr.sgml : 19980521 ACCESSION NUMBER: 0000795182-98-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980520 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: 98628651 BUSINESS ADDRESS: STREET 1: 50 W 300 SOUTH STREET 2: SUITE 300 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: 8013632520 MAIL ADDRESS: STREET 1: 330 EAST MAIN ST STREET 2: SUITE 201 CITY: BARRINGTON STATE: IL ZIP: 60010 8-K 1 SECURITIES AND EXCHANGE COMMISSION ---------------------------------- Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date Report (Date of earliest event reported) May 15, 1998 BONNEVILLE PACIFIC CORPORATION ------------------------------ (Exact name of registrant as specified in charter) Delaware 0-14846 87-0363215 ------------------------------------------------------------ (State or other (Commission (IRA Employer jurisdiction of File Number) Identification No.) incorporation) 50 West 300 South, Suite 300, Salt Lake City, Utah 84101 - ----------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (801) 363-2520 -------------- (Former name or former address, if changed since last report) Not applicable -------------- Item 3. Bankruptcy or Receivership. On December 5, 1991, the Registrant filed a petition in the United States Bankruptcy Court for the District of Utah, Central Division, Case No. 91A-27701, seeking protection to reorganize under Chapter 11 of the Federal Bankruptcy Code. Subsequent to the filing, the Registrant has applied to the Securities and Exchange Commission (the "Commission") to modify its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On April 9, 1992, the Commission indicated that it would raise no objection if the Registrant modified its reporting obligations under the Exchange Act. A copy of the Monthly Financial Report for the period April 1, 1998 to April 30, 1998, as filed with the bankruptcy court is included as an exhibit hereto. On June 12, 1992, Roger G. Segal was appointed as the Chapter 11 Bankruptcy Trustee for the Company. Item 5. Other Events. For information on litigation and matters previously reported, refer to the narrative on pages Form 2-G of the accompanying bankruptcy report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /S/ Roger G. Segal By: Roger G. Segal, Chapter 11 Trustee DATED May 15, 1998 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /S/ R. Stephen Blackham By: R. Stephen Blackham, Assistant Controller DATED May 15, 1998 INDEX TO EXHIBITS Exhibit Page No. - ----------------------------------------------------------------------------- 28.1 Monthly Financial Report - Chapter 11, for the period April 1, 1998 to April 30, 1998, of the Registrant, dated May 15, 1998 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on May 15, 1998. . . . . . . . . . 5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period April 1 to April 30, 1998 --------- ------------------------- Accounting Method Used: [X] Accrual Basis [ ] Cash Basis COVER SHEET - ----------------------------------------------------------------------------- THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. The Mark One Box For debtor must attach each of the following reports/documents Each Required unless the U.S. Trustee has waived the requirement in Report/Document writing. File original with Clerk of Court. File duplicate with U.S. Trustee - ----------------------------------------------------------------------------- Report/ Document Previously Attached Waved REQUIRED REPORTS/DOCUMENTS - ----------------------------------------------------------------------------- [X] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [X] [ ] Balance Sheet (Form 2-C) [X] [ ] Profit and Loss Statement (Form 2-D) [X] [ ] Supporting Schedules (Form 2-E) [X] [ ] Quarterly Fee Summary (Form 2-F) [X] [ ] Narrative (Form 2-G) [X] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ----------------------------------------------------------------------------- I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: May 15, 1998 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 May 1998. /S/ Roger G. Segal By: Roger G. Segal, Chapter 11 Trustee DEBTOR: BONNEVILLE PACIFIC CORPORATION Bankruptcy No. 91A-27701 Narrative For the Month Ended April 30, 1998 Form 2-G - ----------------------------------------------------------------------------- Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of April 1998 (the reporting period). These activities have included responding to the Operating Guidelines and Reporting Requirements for Chapter 11 debtors. Significant actions related to the Company during the month of April and the first part of May 1998(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 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 United States Securities & Exchange Commission) must be reviewed for an understanding of the history and nature of the Litigation, including settlements(2) reached by the Trustee. The Litigation has been concluded. - --------------- (1) This narrative attempts to summarize significant events affecting the Company through May 13, 1998. (2) Each settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. The Trustee also entered into "tolling agreements" with certain persons which agreements toll the running of any applicable statute of limitation which might otherwise bar the Trustee from initiating suit against such person. The Trustee is no longer considering possible claims against any person who executed a tolling agreement and at this time the Trustee does not anticipate that litigation will be commenced against any person who entered into a tolling agreement. In light of the conclusion of the Litigation, the Trustee's Special Litigation Counsel, Beus, Gilbert and Morrill, P.L.L.C. ("BG&M"), a Phoenix, Arizona law firm which was retained by the Trustee in 1992 on a contingent fee basis with Bankruptcy Court approval, filed with the Bankruptcy Court its final fee and cost applications. Based upon total litigation recoveries in excess of $187,000,000.00, BG&M has been paid prior to April 1998 fees totaling $55,471,941.93 and BG&M sought in its final fee application an additional approximately $1,834,865.09 in fees. BG&M has also been paid prior to April 1998 costs totaling $5,275,241.81 and BG&M sought in its final cost application an additional $2,298.05 in costs. A hearing on BG&M's final fee and cost application was held as scheduled on April 13, 1998 at which hearing the Court approved the final applications and allowed all fees and costs. The allowed fees to the extent based upon recoveries actually received by the Company as of the hearing date and the costs as allowed were paid on April 17, 1998. BG&M will be paid the additional amount of allowed fees as and when additional recoveries on court approved settlements are received by the Company. On April 8, 1998, Westinghouse Electric paid the Company the final installment of $3,000,000.00 which was due on April 10, 1998 pursuant to the terms of the court approved settlement dated December 23, 1996. On February 12, 1998 the United States District Court for the District of Utah, the Honorable Thomas R. Brett presiding, issued an Order in Appeal No. 2:96-CV-573-B which Order affirmed the Bankruptcy Court's rulings which denied the law firm of Snell & Wilmer more than two hundred thousand dollars in asserted fees and costs which arose in connection with such firm's representation of the Debtor-in-possession. The Bankruptcy Court's original decisions are published in 147 B.R. 803 (Bankr. D. Utah 1992) and 196 B.R. 868 (Bankr. D. Utah 1996). The District Court's Order has not, to date, been published. The aforesaid District Court Order also provided that the estate may be required to pay $71,765.23 (plus fees and costs for November of 1992) to Snell & Wilmer for its 1992 legal services as special counsel for the Trustee. On March 19, 1998 the Trustee and Snell & Wilmer entered into a settlement of the claims which are the subject matter of the District Court Order. Pursuant to the settlement the Trustee and Snell and Wilmer agreed that neither will appeal the District Court Order and Bonneville agreed to pay to Snell & Wilmer the sum of $73,915.08 in complete and full satisfaction of all of Snell & Wilmer's claims against the estate. The settlement was conditioned upon approval by the Bankruptcy Court. A hearing on the Trustee's motion for approval of the settlement was held as scheduled on April 17, 1998 at which hearing the Court approved the settlement. The $73,915.08 was paid to Snell & Wilmer on April 22, 1998 and the settlement has been fully performed and the matter has been concluded. On December 1, 1997, the Trustee filed a Motion for Authority to Terminate the Debtor's ESOP and Distribute its Assets among the ESOP's 199 Participants, all of whom are past and/or present employees of the Debtor and its subsidiaries. A hearing on the Motion was held as scheduled on January 12, 1998 at which hearing the Court approved the Motion. The Company, the ESOP Trustee and the Trustee are continuing with the action necessary to terminate the ESOP and to distribute the ESOP assets to the qualified participants. The assets of the ESOP that are being distributed to the participants includes an allowed, pre- petition $984,245.47 Section 510(b) equity claim against the Company arising from the ESOP's purchase of the Company's common stock. 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. However, there have been no curtailments since October of 1996. NPC & NCA #1 have reached a settlement agreement relating to curtailment issues, which settlement was subject to the approval of the Projects Lending Group and the Public Utilities Commission of Nevada ("PUCN"). The Projects Lending Group approved the Settlement Agreement and the Petition for Approval of the Settlement was filed on November 3, 1997 with the PUCN. A public hearing before the PUCN was held on April 3, 1998 concerning the Petition for approval of the settlement and Amendment to the Power Purchase Agreement. The Petition for approval of the settlement on April 17, 1998 went before the PUCN as scheduled at which time the Petition (settlement) and therefore the Amendment, were approved. In light of the approval of the Petition (settlement) the issues being litigated between NCA #1 and NPC on appeal before the First Judicial District Court of the State of Nevada have been settled and the pending appeal will be dismissed. On September 27, 1996, NCA #1 was served with Findings and Notices of Violation 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 to control Nox emissions. Management of NCA#1 has disputed the EPA's claims. Representatives of both sides of this dispute have reached an agreement in principle. Attorneys for the EPA have recently submitted a revised draft of a proposed agreement ("Consent Decree") which has been reviewed by representatives of NCA#1 and representatives of NCA #1 have provided their comments concerning the revised draft of the proposed agreement to attorneys for the EPA and which the parties anticipate will be finalized and signed sometime later this year. The Company completed preparation of its U.S. Corporate Income Tax Return for the short year December 31, 1996, which tax return was filed on September 15, 1997 with a letter request pursuant to 11 U.S.C. Section 505 (b) for a determination of any tax owing. The Internal Revenue Service, by letter dated October 8, 1997, notified the Trustee that the tax return for the short year (beginning May 1, 1996 and ending December 31, 1996) was accepted as filed. The Company's net operating loss carry forward for federal corporate income tax purposes as set forth in the Company's U.S. Corporate Income Tax Return for the period ending December 31, 1996 is only approximately $3,488,000.00. The Trustee and his tax professionals have completed an analysis of the Company's 1997 federal income tax situation and the preliminary conclusion is that the only federal tax liability for tax year ending December 31, 1997 is likely to be a relatively small amount of alternative minimum tax; however, neither the Trustee nor his tax professionals can or do make any representations concerning this preliminary conclusion as the Company's federal income tax return is subject to review by the Internal Revenue Service. Preliminary work for preparation of the 1997 U.S. Corporate Income Tax Return has commenced. For future tax years, to the extent the Company may possess net operating loss carry forwards, the Trustee and his tax professionals have preliminarily concluded that such net operating loss carry forwards may be substantially restricted by virtue of the provisions of Section 382 of the Internal Revenue Code. In preparation for the possible reorganization of the Company, 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 a 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 for years 1994, 1995, 1996 and 1997. On April 22, 1998 the Trustee filed with the Bankruptcy Court, the "Disclosure Statement for Trustee's Chapter 11 Plan for the Estate of Bonneville Pacific Corporation Dated April 22, 1998" (hereafter the "Disclosure Statement"). The Trustee believes that the proposed Chapter 11 Plan which is attached to the Disclosure Statement as Exhibit "1" (hereafter "Trustee's Proposed Plan") is consistent with the provisions of the December 31, 1997 "Conditional Letter Agreement" between the Trustee and certain creditors of the Company. The Disclosure Statement, along with all its exhibits, totals approximately 600 pages in length and a copy has been filed with the United States Securities and Exchange Commission. The Disclosure Statement itemizes and discusses in detail all of the Company's assets and liabilities. The Trustee's Proposed Plan sets forth the proposed treatment of all the Company's creditors and equity holders. The Trustee's Proposed Plan, if confirmed by the Bankruptcy Court, would resolve most of the legal and factual disputes which currently affect the Company.(3) A hearing by the Bankruptcy Court on the adequacy of the Disclosure Statement, as well as a hearing on the "Trustee's Motion Regarding Plan Confirmation Issues", is currently scheduled for June 3, 1998 at 10:00 a.m.. Until the Bankruptcy Court enters an order approving the adequacy of the Disclosure Statement, no party-in-interest can solicit the acceptance or rejection of the Trustee's Proposed Plan. If the Bankruptcy Court approves the adequacy of the Disclosure Statement, then the Disclosure Statement and the Trustee's Proposed Plan will be circulated to all parties-in-interest and impaired creditors will be provided with an opportunity to vote to accept or reject the Trustee's Proposed Plan. Any Chapter 11 Plan for the Company must first be approved (confirmed) by the Bankruptcy Court after full notice and hearing (with an opportunity for any party-in-interest to object) before any plan can become effective. As set forth in the Trustee's Proposed Plan, the Trustee is of the opinion, based upon the particular facts involved in the Company's bankruptcy proceeding, that the Company will be required to pay some interest on the approximately $100,000,000.00 in "senior" bank, trade and current debenture debt. Accordingly, the Trustee has reflected on the Company's books and intends to reflect in the Company's Corporate Income Tax Returns for the year ended December 31, 1997 the interest liability on the approximate $100,000,000.00 of "senior" claims from the petition date at the rates of interest set forth in the Trustee's Proposed Plan. Bear, Stearns & Company (the Trustee's financial advisor/investment banker) has completed its initial work in valuing the Company's (and its affiliates') business assets. The Trustee has made public the summary of the valuation work performed by Bear, Stearns & Company as Exhibit A2" to the Disclosure Statement. Based in part upon the 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 materially less than the current fair market value of such business assets. - --------------- (3) One of the issues which would be resolved (settled) if the Trustee's Proposed Plan is confirmed is the amount of post-petition interest to be paid on the approximately $100 million in senior (pre-petition) debt. On December 12, 1997, C. Derek Anderson initiated (and later served) an Adversary Proceeding in the Bankruptcy Court against one of the senior creditors, Halcyon/Alan B. Slifka Management Co. ("Halcyon"), seeking a judgement declaring that Halcyon is not entitled to any (or limited) post-petition interest (Adversary Proceeding No. 97PA-2396). The Trustee moved to intervene in the Adversary Proceeding and the Trustee's motion to intervene was granted at a hearing held on March 2, 1998. The Trustee then filed a Motion to Dismiss Anderson's complaint because the Trustee believes that the post-petition interest issue is better resolved (settled) in the plan confirmation process instead of in an adversary proceeding which involves only two parties-in-interest. Halcyon also filed a Motion to Dismiss. The hearing on the Motions to Dismiss was held as scheduled on March 30, 1998 at which hearing the Court granted the Motions an dismissed, without prejudice, the Adversary Proceeding. The Order Dismissing the Adversary Proceeding was entered on April 15, 1998 and Derek Anderson, on or about April 24, 1998, filed an appeal of such Order. 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 over a year, the Trustee with the assistance of Weil, Gotshal & Manges LLP has been attempting to resolve the unsecured claim filed by John D. Weesner (Proof of Claim number 3). Weesner's claim arises from Bonneville Pacific Corporation's efforts in the late 1980's to build and operate small, wood-fired electric power generation plants in Vermont. During that period, Bonneville Pacific Corporation entered into various agreements with Weesner, including (1) an agreement whereunder Bonneville Pacific Corporation is by virtue of a guarantee contingently liable for certain royalty payments that Weesner currently receives from the operation of one plant (the "Ryegate Project"), and (2) an agreement to make certain payments to Weesner in the event that Bonneville Pacific Corporation developed another, similar plant (the "Springfield Project"). Subsequent to entering into the agreements with Weesner, Bonneville Pacific Corporation sold its interest in the Ryegate Project and determined that development of the Springfield Project was commercially impossible. Weesner in his filed proof of claim asserts that he is owed an undetermined amount of money (which he estimates could be many millions of dollars) in respect of Bonneville Pacific Corporation's contingent liability of the Ryegate Project royalties, to compensate him in the event that such payments are not made by the current owners of the plant. In the opinion of the Trustee, Weesner has been unwilling to settle his proof of claim in a manner that reflects a realistic assessment of its true value. Accordingly, the Trustee intends to file a formal objection to such claim in the immediate future, and thereafter move to have the claim allowed at a negligible amount. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECONCILIATION 1. Beginning Cash Balance: $152,825,653.93 2. Cash Receipts: (See Page 2 of 2) 4,058,567.51 3. Cash Disbursements: (See Page 2 of 2) (1,903,079.51) -------------- 4. Net Cash Flow: 2,155,488.00 ------------ 5. Ending Cash Balance: $154,981,141.93 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $1,215.43 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 520.69 KEY BANK OF UTAH GENERAL CORP CASH 294,025.93 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 5,412,325.27 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,415,013.85 (A) US BANK CHPTR 11 TRUSTEE - JT CD 15,148,237.89 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JT CD 26,961,639.45 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 31,692.75 (A) BANK ONE CHPTR 11 TRUSTEE JOINT MMA ACCT 95,649,535.02 (A) NATIONS BANK PROCEEDS FROM ASSET SALES 4,153.06 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 62,782.59 KEY BANK OF UTAH --------- $154,981,141.93 ===============
(A) Accounts requiring signatures of both the US Trustee and Chapter 11 Trustee for disbursements. Form 2-B Page 1 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,329.17 A PAYROLL TAX ACCOUNT 11,677.79 B GENERAL CORP CASH 1,882,314.91 C CHPTR 11 TRUSTEE JOINT ACCT 3,021,573.17 E CHPTR 11 TRUSTEE - CD ACCT 1,716.18 F CHPTR 11 TRUSTEE - JT CD 202,190.70 G CHPTR 11 TRUSTEE - JT CD 48,019.01 H CHPTR 11 TRUSTEE JT SAVINGS 113.17 I CHPTR 11 TRUSTEE JOINT MMA ACCT 402,423.08 J PROCEEDS FROM ASSET SALES 10.06 K KYOCERA MAINTENANCE RESERVE 10,207.23 L --------- 5,599,574.47 LESS: ACCOUNT TRANSFERS (1,541,006.96) ------------ TOTAL CASH RECEIPTS $4,058,567.51 =============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,366.62 A PAYROLL TAX ACCOUNT 11,677.79 B GENERAL CORP CASH 1,884,828.43 D CHPTR 11 TRUSTEE JOINT ACCT 1,500,043.67 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 0.00 I CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 J PROCEEDS FROM ASSET SALES 0.00 K KYOCERA MAINTENANCE RESERVE 28,169.96 L --------- 3,444,086.47 LESS: ACCOUNT TRANSFERS (1,541,006.96) ------------ TOTAL CASH DISBURSEMENTS $1,903,079.51 =============
Form 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 1A-27701 Payroll Account For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/13/98 CK# 6941 BPC - GENERAL $9,758.45 PAYROLL TRANSFER 04/28/98 CK# 6975 BPC - GENERAL 9,570.72 PAYROLL TRANSFER -------- TOTAL CASH RECEIPTS $19,329.17 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/15/98 PAYROLL SUMMARY $9,758.45 04/30/98 PAYROLL SUMMARY 9,570.72 04/30/98 BANK STMT FIRST SECURITY BANK 37.45 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $19,366.62 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/13/98 CK# 6940 BPC - GENERAL $5,095.15 PR TAX TRANSFER 04/27/98 CK# 6973 BPC - GENERAL 1,476.18 PR TAX TRANSFER 04/28/98 CK# 6974 BPC - GENERAL 5,106.46 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $11,677.79 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/15/98 KEY TAX KEY BANK OF UTAH $4,367.29 FEDERAL TAX DEPOSIT 04/30/98 KEY TAX KEY BANK OF UTAH 4,379.74 FEDERAL TAX DEPOSIT 04/30/98 KEY TAX KEY BANK OF UTAH 357.32 FEDERAL UNEMPLOYMENT TAX 04/30/98 CK # 1257 UTAH DEPT OR WORKFORCE SRVCS 1,118.86 STATE UNEMPLOYEMENT TAX 04/30/98 CK# 1258 UTAH ST TAX COMMISSION 1,454.58 STATE TAX DEPOSIT 04/30/98 BANK STMT KEY BANK OF UTAH 0.00 BANK SERVICE CHARGE ---- TOTAL CASH DISBURSEMENTS $11,677.79 ==========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/03/98 DS040398 STATE OF UTAH $91,328.00 INCOME TAX REFUND FYE 4/90 04/09/98 DS040998 US BANK 78,086.33 INTEREST INCOME 04/14/98 DS041498 KYOCERA AMERICA 59,363.68 ENERGY REVENUE-KYOCERA 04/21/98 DS042198 BPC-CHAPTER 11 TRUSTEES JT ACCT 1,500,000.00 TRANSFER 04/21/98 DS042198 CLARK MOWER 20.00 EXPENSE REIMBURSEMENT 04/29/98 DS042998 BONNEVILLE PACIFIC SERVICES 33,490.64 EXPENSE REIMBURSEMENT 04/29/98 DS042998 BONNEVILLE NEVADA CORP 2,742.63 EXPENSE REIMBURSEMENT 04/29/98 DS042998 SAN DIEGO GAS & ELECTRIC 978.62 ENERGY REVENUE-KYOCERA 04/29/98 DS042998 SEDGWICK 345.00 INSURANCE REFUND 04/30/98 DS043098 KYOCERA AMERICA 36,330.93 ENERGY REVENUE-KYOCERA 04/30/98 DS043098 US BANK 77,962.25 INTEREST INCOME 04/29/98 BANK STMT KEY BANK OF UTAH 1,666.83 INTEREST INCOME -------- TOTAL CASH RECEIPTS $1,882,314.91 =============
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/01/98 1006915 BPC-KYOCERA MAINT RESERVE ACCT $10,000.00 TRANSFER-KYOCERA MAINT 04/01/98 1006916 DORN ASSOCIATES LDT 10,906.00 RENT-OFFICE SPACE & PARKING 04/01/98 1006917 FIRST CONTINENTAL LIFE & ACCIDENT 3,191.86 INSURANCE-DENTAL 04/01/98 1006918 REDMAN VAN & STORAGE 159.87 RENT-STORAGE SPACE 04/01/98 1006919 UNUM LIFE INSURANCE CO 1,415.78 INSURANCE-DISABILITY 04/01/98 1006920 UNITED HEALTH CARE 21,144.39 INSURANCE-HEALTH 04/02/98 1006921 ARIZONA DEPARTMENT OF REVENUE 50.00 STATE INCOME TAX 04/02/98 1006922 FRANCHISE TAX BOARD OF CALIF. 4,800.00 STATE INCOME TAX 04/02/98 1006923 IDAHO STATE TAX COMMISSION 60.00 STATE INCOME TAX 04/02/98 1006924 NEW MEXICO TAXATION & REVENUE 50.00 STATE INCOME TAX 04/02/98 1006925 UTAH STATE TAX COMMISSION 900.00 STATE INCOME TAX 04/09/98 1006926 BENEFICIAL LIFE INSURANCE CO 826.09 INSURANCE-LIFE 04/09/98 1006927 CENTRAL PARKING SYSTEMS 195.00 RENT-PARKING 04/09/98 1006928 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 04/09/98 1006929 FLORAL TAPESTRY 68.06 OFFICE SUPPLIES & EXPENSE 04/09/98 1006930 GENERATOR POWER SYSTEMS INC 22,810.19 KYOCERA-O&M EXPENSE 04/09/98 1006931 JD GRIFFIN & ASSOCIATES PC 7,897.00 OFFICE SUPPLIES & EXPENSE 04/09/98 1006932 MOUNT OLYMPUS WATER 28.67 OFFICE SUPPLIES & EXPENSE 04/09/98 1006933 THE PRUDENTIAL 1,165.22 INSURANCE-DISABILITY 04/09/98 1006934 PROTEL 37.22 OFFICE SUPPLIES & EXPENSE 04/09/98 1006935 PRINTELLIGENT INC 235.03 OFFICE SUPPLIES & EXPENSE 04/09/98 1006936 TRAVEL ZONE CRUISE ZONE 95.00 TRAVEL EXPENSE 04/09/98 1006937 US SHRED LLC 45.00 OFFICE SUPPLIES & EXPENSE 04/09/98 1006938 JOSEPH WAGDA 242.00 TRAVEL REIMBURSEMENT 04/13/98 1006939 AUTOMATED OFFICE SYSTEMS INC 465.88 OFFICE SUPPLIES & EXPENSE 04/13/98 1006940 BPC-PAYROLL TAX ACCT 5,095.15 TRANSFER-PAYROLL TAX ACCT 04/13/98 1006941 BPC-PAYROLL ACCT 9,758.45 TRANSFER-PAYROLL ACCT 1006942 VOID 04/13/98 1006943 CLARK MOWER 1,675.90 EXPENSE REIMBURSEMENT 04/13/98 1006944 WELLS FARGO BANK 853.79 401K CONTRIBS & LOAN PMTS 04/17/98 1006945 BEUS GILBERT & MORRILL 1,319,111.61 PROFESSIONAL FEES 04/17/98 1006946 BEUS GILBERT & MORRILL 2,298.05 PROFESSIONAL COSTS 04/17/98 1006947 WEIL GOTSHAL & MANGES 83,141.46 PROFESSIONAL FEES & COSTS 04/17/98 1006948 NEILSON ELGGREN DURKIN & CO 21,396.22 PROFESSIONAL FEES & COSTS 04/17/98 1006949 COHNE RAPPAPORT & SEGAL 157,818.83 PROFESSIONAL FEES & COSTS 04/17/98 1006950 ROGER SEGAL, TRUSTEE 54,324.73 PROFESSIONAL FEES & COSTS 04/21/98 1006951 AMPCO SYSTEM PARKING 60.00 RENT-PARKING 04/22/98 1006952 AIRBORNE EXPRESS 29.94 OFFICE SUPPLIES & EXPENSE 04/22/98 1006953 AMPCO SYSTEM PARKING 40.50 RENT-PARKING 04/22/98 1006954 BANK ONE UTAH NA 48.00 OFFICE SUPPLIES & EXPENSE 04/22/98 1006955 BONNEVILLE PACIFIC SERVICES 614.91 KYOCERA-O&M EXPENSE 04/22/98 1006956 THE COBB GROUP 88.00 DUES & SUBSCRIPTIONS 04/22/98 1006957 GENERATOR POWER SYSTEMS INC 1,000.50 KYOCERA-O&M EXPENSE 04/22/98 1006958 MOUNT OLYMPUS WATER 12.02 OFFICE SUPPLIES & EXPENSE
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/22/98 1006959 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE 04/22/98 1006960 PROTEL 229.97 OFFICE SUPPLIES & EXPENSE 04/22/98 1006961 REDMAN VAN & STORAGE 1,682.76 RENT-STORAGE 04/22/98 1006962 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE 04/22/98 1006963 SNELL & WILMER 73,915.08 SETTLEMENT PAYMENT 04/22/98 1006964 STEVEN STEPANEK 246.77 TRAVEL REIMBURSEMENT 04/22/98 1006965 TRAVEL ZONE CRUISE ZONE 470.00 TRAVEL EXPENSE 04/22/98 1006966 UNITED STATES POSTAL SERVICE 10,000.00 OFFICE SUPPLIES & EXPENSE 04/22/98 1006967 US WEST COMMUNICATIONS 773.79 TELEPHONE EXPENSE 04/22/98 1006968 XEROX CORPORATION 375.34 OFFICE SUPPLIES & EXPENSE 04/24/98 1006969 PONDEROSA PRINTING 490.27 OFFICE SUPPLIES & EXPENSE 04/24/98 1006970 OFFICE OF THE US TRUSTEE 3,750.00 QUARTERLY FEE 04/24/98 1006971 BSA ADVERTISING 28,793.38 OFFICE SUPPLIES & EXPENSE 04/27/98 1006972 WORKERS COMP FUND OF UT 268.70 INSURANCE-WORKERS COMP 04/27/98 1006973 BPC-PAYROLL TAX ACCT 1,476.18 TRANSFER-PAYROLL TAX ACCT 04/28/98 1006974 BPC-PAYROLL TAX ACCT 5,106.46 TRANSFER-PAYROLL TAX ACCT 04/28/98 1006975 BPC-PAYROLL ACCT 9,570.72 TRANSFER-PAYROLL ACCT 04/28/98 1006976 FRONTIER COMMUNICATIONS 839.52 TELEPHONE EXPENSE 04/28/98 1006977 HENWOOD ENERGY SERVICES 285.50 TRAVEL REIMBURSEMENT 04/28/98 1006978 KWIK COPY 302.93 OFFICE SUPPLIES & EXPENSE 04/28/98 1006979 WELLS FARGO BANK 847.30 401K CONTRIBS & LOAN PMTS 04/28/98 1006980 TRAVEL ZONE CRUISE ZONE 654.00 TRAVEL EXPENSE 04/28/98 1006981 MARCIA CUSTER 20.58 OFFICE SUPPLIES & EXPENSE 04/28/98 1006982 HERITAGE PRODUCTS INC 272.05 OFFICE SUPPLIES & EXPENSE 04/30/98 BANK STMT KEY BANK OF UTAH 50.60 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $1,884,828.43 =============
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/08/98 WESTINGHOUSE $3,000,000.00 SETTLEMENT PAYMENT 04/30/98 BANK STMT KEY BANK 21,573.17 INTEREST INCOME --------- $3,021,573.17 =============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/21/98 BONNEVILLE PACIFIC CORP $1,500,000.00 TRANSFER TO GENERAL ACCT 04/30/98 BANK STMT KEY BANK OF UTAH 43.67 BANK SERVICE CHARGE ----- $1,500,043.67 =============
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/98 BANK STMT US BANK $1,716.18 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
F DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/24/98 BANK STMT KEY BANK OF UTAH $202,190.70 INTEREST INCOME
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 April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/98 BANK STMT BANK ONE $48,019.01 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
H DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/98 BANK STMT BANK ONE $113.17 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - MMA Account For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/98 BANK STMT NATIONS BANK $402,423.08 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION NONE
J DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/30/98 BANK STMT KEY BANK OF UTAH $10.06 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
K DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period April 1 - April 30, 1998 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 04/01/98 CK# 6915 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 04/30/98 BANK STMT KEY BANK OF UTAH 207.23 INTEREST INCOME ------ TOTAL CASH RECEIPTS $10,207.23 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 04/08/98 CK #1041 GENERATOR POWER SYSTEMS $323.25 KYOCERA O&M EXPENSE 04/22/98 CK #1042 GENERATOR POWER SYSTEMS 27,846.71 KYOCERA O&M EXPENSE --------- TOTAL CASH DISBURSEMENTS $28,169.96 ==========
L DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of April 30, 1998 - ----------------------------------------------------------------------------- ASSETS Current Assets: Cash $154,981,142 Accounts receivable - trade 49,860 Accounts receivable - settlements (Note 4) 1,500,000 Accounts receivable - affiliates 43,955 Prepaid insurance 5,034 Accrued interest receivable 250,235 ------- Total current assets $156,830,226 Fixes Assets: Land 198,424 Equipment, furniture and fixtures 3,809,639 --------- Total fixed assets 4,008,063 Less: Accumulated depreciation (3,210,395) --------- Net fixed assets 797,668 Other Assets: Investment in and advances to subsidiaries and partnership (Note 7) 26,477,071 Other assets 1,820 ----- Total other assets 26,478,891 ---------- TOTAL ASSETS $184,106,785 ============ LIABILITIES Post-Petition Liabilities: Accounts payable - trade $95,943 Accounts payable - professional fees and costs 875,958 Accrued income taxes payable (Note 5) 0 Taxes payable 0 Accrued interest 47,841,962 ---------- Total post-petition liabilities $48,813,863 Pre-Petition Liabilities: Priority claims 5,180 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,953,656 ---------- Total Pre-Petition Liabilities 99,958,836 ---------- TOTAL LIABILITIES 148,772,699 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 (Note 6) (27,609,532) ---------- TOTAL OWNER'S EQUITY (Notes 1 and 3) 35,334,086 ---------- TOTAL LIABILITIES AND OWNER'S EQUITY $184,106,785 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period April 1 to April 30, 1998 - ----------------------------------------------------------------------------- Gross operating revenue $117,685 Less discount, returns and allowances 0 - Net operating revenue $117,685 Cost of goods sold (105,019) ------- Gross profit 12,666 Operating expenses: Salaries and wages 29,674 Rent and leases 3,696 Payroll taxes 10,626 Insurance 4,157 Other 52,707 ------ Total operating expenses (100,860) ------- Operating income (loss) (88,194) Legal and professional fees and costs (Note 4) 151,689 Depreciation, depletion and administration 3,617 Claims settlement expense 0 Interest expense 616,111 ------- Total (771,417) ------- Net operating income (loss) (859,611) Non-operating income and (expenses): Interest income 656,525 Other income - settlements 91,673 Approved claims (73,915) Other income 0 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 243,466 ------- Net non-operating income or (expenses) 917,749 ------- Net income (loss) before income taxes 58,138 Provision for income taxes (benefit) (Note 5) 0 - NET INCOME (LOSS) $58,138 ======= Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period April 1 to April 30, 1998 - ----------------------------------------------------------------------------- 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 the bankruptcy, until the December 31, 1997 Financial Statements, accrued interest payable has been recorded only on post-petition debt, where such is contractually due, and pre-petition secured debt to the extent that the underlying collateral equals or exceeds the outstanding principal plus the accrued interest payable. The Financial Statements included in Monthly Financial Reports for all reporting periods prior to December 1, 1997 have not included any accrual of interest on any pre- petition unsecured debt. However, in light of the Conditional Letter Agreement signed by the Trustee and holders of certain senior claims that provides for the calculation and payment of post-petition interest on certain pre-petition unsecured debt, interest has now been accrued on certain pre-petition unsecured debt consistent with the interest rates set forth in the Conditional Letter Agreement. 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 $10,000,000.00, limited partner claims in the approximate amount of $2,900,000.00, Section 510(b) equity claims in the approximate amount of $44,000,000.00 (including the allowed compromised claim of CIGNA and the ESOP claim as allowed on January 12, 1998 in the amount of $984,245.37), $8,945,000.00 in deeply subordinated claims, $400,000.00 for attorneys of certain senior creditor's fees as agreed in the Conditional Letter Agreement, potential administrative fees which may be allowed by the Bankruptcy Court and the contingent unsecured claim of John Weesner (proof of claim #3). The recording of the above described liabilities or potential claims, if allowed, will reduce equity by a corresponding amount. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements (Continued) For Period April 1 to April 30, 1998 - ----------------------------------------------------------------------------- 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. 4. Accounts Receivable Settlement represent only court approved settlements where all conditions precedent have occurred and the settlement was fully effective as of April 30, 1998 and are reflected on the April 30, 1998 Financial Statements. Approved settlement is as follows: Piper Jaffray 1,500,000 5. As of December 31, 1996, Bonneville and Subsidiaries had approximately $3,488,000 in federal net operating loss carry-forwards for Federal Income Tax purposes and approximately $6,925,000 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. 6. Retained earnings post-petition have been impacted by the accrual of post-petition interest on pre-petition unsecured debt as rates set forth in the Conditional Letter Agreement dated December 31, 1997. 7. Investment in and advanced to subsidiaries and partnerships is book value and is impacted by the dividends paid from the subsidiaries to the Company. The value stated (based upon the valuation work of Trustee's Financial Advisor) is believed to be materially less than the current market value of such assets. See Exhibit "2" to the Disclosure Statement. Form 2-D Page 3 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For the Period April 1 to April 30, 1998
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $0.00 $0.00 ($4,308.11) $2,134.81 04/15/98 KEY TAX $0.00 2,173.30 04/30/98 KEY TAX State 0.00 (1,454.58) 1,454.58 04/30/98 1258 FICA tax withheld 0.00 (2,219.46) 1,116.24 04/15/98 KEY TAX 1,103.22 04/30/98 KEY TAX 0.00 Employer's FICA tax 0.00 (2,219.46) 1,116.24 04/15/98 KEY TAX 1,103.22 04/30/98 KEY TAX 0.00 Unemployment tax: Federal 0.00 (357.32) 357.32 04/30/98 KEY TAX 0.00 State 0.00 (1,118.86) 1,118.86 04/30/98 1257 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes 0.00 0.00 0.00 Accrued income tax: Federal 0.00 0.00 0.00 State 0.00 0.00 (5,860.00) 5,860.00 04/02/98 VARIOUS 0.00 Delaware franchise tax 0.00 0.00(*) Employee withholding 0.00 0.00 (1,537.69) 772.09 04/13/98 1006944 0.00 ---- ---- -------- 765.60 04/28/98 1006979 ---- ------ TOTALS $0.00 $0.00 ($19,075.48) $19,075.48 $0.00 ===== ===== ============ ========== =====
(*) Amount subject to results of audit. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period April 1 to April 30, 1998
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date Worker's Compensation Various State Funds Statutory $1,000,000 (A) 04/30/98 General Liability Travelers Insurance/ Sedgwick James 5,000,000 08/17/98 08/17/98 Vehicles Travelers Insurance/ (Hired/Non-Owned) Sedgwick James 5,000,000 08/17/98 08/17/98 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. Form 2-E Page 2 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period April 1 to April 30, 1998 - -----------------------------------------------------------------------------
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $1,549,860 $91,369 $875,958 30 to 60 days 0 0 0 61 to 90 days 0 0 0 Over 90 days 0 4,574 0 - ----- - Total post-petition 1,549,860 95,943 875,958 Pre-petition amounts 0 3,664,200 0 - --------- - Total accounts receivable $1,549,860 ========== Total accounts payable $3,760,143 $875,958 ========== ======== Affiliate Accounts Receivable ---------- Under 30 days $30,920 30 to 60 days 7,054 61 to 90 days 5,981 Over 90 days 0 - Total post-petition affiliate accounts receivable $43,955 =======
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 April 1 to April 30, 1998 - -----------------------------------------------------------------------------
Date of Court Estimated Amount Paid Approval Balance Due Court Appointed Trustee $54,325 04/13/98 $59,277 (1) Trustee's Counsel 157,819 04/13/98 150,623 (1) Trustee's Accountants 21,396 04/13/98 21,280 Trustee's Special Plan Counsel 83,141 04/13/98 45,000 Special Litigation Counsel for Trustee - Costs 2,298 04/13/98 0 Trustee - Fees 1,319,112 04/13/98 495,000 (2) Auditors 0 104,778 Financial Consultants 0 0 (3) - - Total $1,638,091 $875,958 ========== ========
(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: $1,500,000.00 - Piper Jaffray Settlement (due 9/98) Fees - $495,000 (3) The financial consultants received a retainer in the amount of $100,000. The estimated remaining liability to the financial consultants is equal to the $100,000 retainer. Form 2-E Page 4 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period April 1 to April 30, 1998 - -----------------------------------------------------------------------------
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 $12,833.34 Expense Reimbursement $1,675.90
Form 2-E Page 5 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary Month Ended April 30, 1998 - -----------------------------------------------------------------------------
Cash Quarterly Payment Disbursement Fee Due Check No. Date January $377,740.24 February 169,278.67 March 149,371.16 ---------- Total 1st Quarter 696,390.07 April 1,903,079.51 May June ------------ Total 2nd Quarter 1,903,079.51 July August September Total 3rd Quarter October November December Total 4th Quarter
(1) This summary is to reflect the current calendar year's information cumulative to the end of the current reporting period. Form 2-F -----END PRIVACY-ENHANCED MESSAGE-----