-----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, SWal/uuZ81PUvxQ+RrbZc+yu828AwhTvoXK7xt4hYOHtRSO32mI7AK1Cmh2VA+2r kLRXXeic16UBfds+gvJq6w== 0000795182-97-000010.txt : 19970618 0000795182-97-000010.hdr.sgml : 19970618 ACCESSION NUMBER: 0000795182-97-000010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Other events FILED AS OF DATE: 19970617 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BONNEVILLE PACIFIC CORP CENTRAL INDEX KEY: 0000795182 STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991] IRS NUMBER: 870363215 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14846 FILM NUMBER: 97625136 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) June 16, 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 May 1, 1997 to May 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 June 16, 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 June 16, 1997 INDEX TO EXHIBITS Exhibit Page No. - -------------------------------------------------------------------- 28.1 Monthly Financial Report - Chapter 11, for the period May 1, 1997 to May 31, 1997, of the Registrant, dated June 16, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on June 16, 1997 . . . . . . . . . . . . . . . . . .5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period May 1 to May 31, 1997 --------- ----- ------------ Accounting Method Used: [X] Accrual Basis [ ] Cash Basis COVER SHEET - ------------------------------------------------------------------------------ THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE Mark One Box For Each MONTH. The debtor must attach each of the following Required Report/Document reports/documents unless the U.S. Trustee has waived the requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee. - ------------------------------------------------------------------------------ Report/ Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS - ------------------------------------------------------------------------------ [X] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [X] [ ] Balance Sheet (Form 2-C) [X] [ ] Profit and Loss Statement (Form 2-D) [X] [ ] Supporting Schedules (Form 2-E) [X] [ ] Quarterly Fee Summary (Form 2-F) [X] [ ] Narrative (Form 2-G) [X] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ------------------------------------------------------------------------------ I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: June 16, 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 16th day of June 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 May 31, 1997 Form 2-G - ----------------------------------------------------------------------------- Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of May 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 May and the first part of June 1997(1) (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: 1. The Segal v. Portland General, et al. action pending in the United States District Court, Case No. 92-C-364-J (the "Litigation") has been discussed at Length in the previous Monthly Financial Reports filed by the Trustee and in the Trustee's four (4) Annual Reports, including the Report for the period of July 1, 1995 through June 30, 1996 filed on September 19, 1996 concerning the Administration of the Estate. These Reports (which are on file with both the Bankruptcy Court and the Securities & Exchange Commission) must be reviewed for an understanding of the history and nature of the Litigation, including previous 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 June 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. The Trustee has also entered into "tolling agreements" with certain persons or entities which agreements toll the running of any applicable statute of limitation which might otherwise bar the Trustee from initiating suit against such person or entity. The Trustee and his respective attorneys are now completing their investigation into those persons or entities which executed tolling agreements; such investigation includes conducting additional Rule 2004 examinations. If the Trustee is not able to settle possible claims held by the estate against persons or entities who or which signed tolling agreements and who or which the Trustee believes are liable to the Bonneville estate, then in the next few months the Trustee, through his special litigation counsel, may commence additional litigation. On April 10, 1997, the Trustee entered into a verbal settlement agreement with one of the entities which had signed a tolling agreement, Norwest Bank Minnesota, N.A, ("Norwest"). Pursuant to the settlement, which was promptly documented by formal settlement agreement, Norwest agreed to pay to the Trustee the sum of five million dollars ($5,000,000.00) and the Trustee agreed to waive and release all claims against Norwest. The settlement was conditioned upon approval by the United States Bankruptcy Court. The hearing on the Trustee's Motion for Approval of the Settlement Agreement was held as scheduled on May 12, 1997 at which hearing the Bankruptcy Court granted the Trustee's Motion and approved the settlement. Norwest paid the settlement amount of $5,000,000.00 on May 12, 1997. On May 30, 1997 the Trustee entered into a formal Settlement Agreement with Terry E. Coffin, Coffin, Snyder & Matthews and Runft, Coffin & Matthews, Charted (collectively the "Coffin Parties") pursuant to which the Coffin Parties agreed to pay the Trustee the sum of approximately $985,000.00 and pursuant to which the parties agreed to a mutual release of claims against one another. The settlement is conditioned upon approval by the United States Bankruptcy Court. A hearing on the Trustee's Motion for Approval of the Settlement Agreement is scheduled for June 30, 1997. The Coffin Parties on June 6, 1997 paid $985,000.00 to the Trustee pending approval of the settlement. On May 23, 1997 the Trustee entered into a formal Settlement Agreement with the Corporation of President of The Church of Jesus Christ of Latter-Day Saints (the "Church"); the settlement was announced on June 10, 1997. Pursuant to the Settlement Agreement, the Church will pay to the Trustee the sum of $1,100,000.00 and the Church shall be granted a claim of up to approximately $500,000.00 for damages incurred by the Church arising from its purchase of stock of the Company. The settlement is conditioned upon approval by the United States Bankruptcy Court. A hearing on the Trustee's Motion for Approval of the Settlement Agreement is scheduled for July 7, 1997. On May 23, 1997 the Trustee entered into a formal Settlement Agreement with the Deseret Trust Company ("DTC"), the Church, Raymond L. Hixson and Vivian M. Hixson concerning the Raymond L. Hixson Charitable Remainder Unitrust which Unitrust was funded with shares of Bonneville Pacific Corporation owned by Raymond L. Hixson; the settlement was filed with the Bankruptcy Court on June 10, 1997. Pursuant to the settlement, the Church will pay a total of $580,000.00 to purchase the "income interest" specified in the Unitrust as well as any other right, title or interest the Hixsons, the Trustee, Bonneville Pacific Corporation or its bankruptcy estate may have in the Unitrust or its assets. The $580,000.00 payment will be paid $232,000.00 directly to Vivian Hixson as required by the provisions of the previously Court approved Trustee's settlement agreement with Raymond Hixson and Vivian Hixson; $232,000.00 directly to the Trustee for the benefit of the estate; and $116,000.00 directly to the Trustee to be held by him for payment (subject to Bankruptcy Court approval) to his special litigation counsel, Beus, Gilbert & Morrill, pursuant to the 1992 contingent fee agreement between the Trustee and Beus, Gilbert & Morrill. The settlement is conditioned upon approval by the United States Bankruptcy Court. A hearing on the Motion for Approval of the Settlement Agreement is scheduled for July 7, 1997. All litigation settlement recoveries actually received by the Company are subject to a contingency fee in favor of the law firm of Beus, Gilbert & Morrill, special litigation counsel for the Trustee. The "Legal Representation Agreement" between the Trustee and Beus, Gilbert & Morrill, which agreement sets forth the terms of the contingent fee arrangement, was approved by the Bankruptcy Court in 1992. Pursuant to the contingent fee agreement, Beus, Gilbert & Morrill would, after subtracting for litigation costs, be paid forty percent (40%) of any settlement or litigation recoveries received after trial commences, thirty-three percent (33%) of any settlement sums received after the litigation is filed but before trial commences, or, as the case may be, twenty percent (20%) of the settlement sum received if the settlement occurs before litigation is commenced ( in all instances less amounts paid to the Trustee's General Counsel, Cohne, Rappaport & Segal, P.C., For fees related to the Litigation). Any fees or costs to be paid to Beus, Gilbert & Morrill must first be allowed (approved) by the Bankruptcy Court upon application after notice and hearing. In addition to the above described litigation matters, the Company continues in its business operations. Significant actions and events during May, 1997 related to business matters are as follows: 1. The Trustee and his counsel continue to monitor the Company's 50% general partnership interest in NCA #1 owned through the Company's wholly owned subsidiary, Bonneville Nevada Corporation. NCA #1 is a Nevada general partnership that owns an 85-megawatt cogeneration project located near Las Vegas, Nevada. As previously reported, Nevada Power Company ("NPC") has previously curtailed purchases of electrical power from NCA #1 but curtailments, if any, have been minimal over the last several Reporting Periods. It is NCA #1's position that the curtailments are in possible violation of applicable curtailment protocols and possible breach of NCA #1's Power Purchase Contract with NPC. NCA #1 continues to negotiate with representatives of NPC to resolve curtailment and other Power Purchase Contract issues. The Trustee continues to monitor its appeal before the First Judicial District Court of the State of Nevada of curtailment protocols issued by the Public Service Commission of Nevada. On September 27, 1996, NCA #1 was served with Findings and Notices of Violation ("NOV") issued by Region IX of the United States Environmental Protection Agency (the "EPA") for alleged violations of the Clean Air Act's Prevention of Significant Deterioration program applicable for the State of Nevada. Specifically, EPA alleges that NCA #1, contrary to applicable operating permits, failed to timely install "Best Available Control Technology" at the plant in the form of a selective catalytic reduction system ("SCR") to control Nox emissions. Representatives of both sides of this dispute 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. Analysis of Claims and Possible Distributions. Prepetition claims against the Bonneville Pacific bankruptcy estate total less than two hundred million dollars in booked and unbooked liabilities (excluding any addition for possible post-petition interest). The exact amount of such claims is still undetermined and the distribution priority for such claims is still being researched, investigated, litigated or negotiated by the Trustee and other parties in interest (see the further discussion which follows). Also see the "Trustee's Preliminary Report (Estimate) Concerning Claims filed Against the Estate" which was attached to the February and March 1997 Monthly Financial Reports and which report was filed with the Bankruptcy Court on or about March 17, 1997. On August 20, 1996 the Trustee filed a Motion for Establishment of a Supplementary Claims Bar Date seeking to set December 16, 1996 as the supplementary claims bar date by which all creditors of Bonneville who had not previously been adequately notified to file claims must complete and file a proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes that most of the new claims which have been filed relate to possible claims against Bonneville arising out of the purchase or sale of its securities. See 11 U.S.C. Section 510(b). 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 330 additional claims have been filed since December 16, 1996. The Trustee has completed his initial review of each of the claims. See the Trustee's Preliminary Report (Estimate) Concerning Claims Filed Against the Estate referenced above. The Trustee anticipates that he will likely object to a number of the new claims which have been filed and expects to file the first of the objections in the next few weeks. Concerning Claim No. 145 filed by First Security Bank, N.A., related to the Crystal Springs Project, the Trustee and First Security reached a settlement now documented by formal Settlement Agreement dated April 18, 1997. Pursuant to the settlement, First Security reduced its $2,504,869.14 claim related to the Crystal Springs Project to fifty thousand dollars ($50,000.00). The settlement was conditioned upon approval by the Bankruptcy Court. A hearing on the Motion for Approval of the Settlement Agreement was held as scheduled on June 2, 1997 at which hearing the Bankruptcy Court approved the settlement. As a consequence of the settlement First Security's combined bank claim against the estate totals $800,000.00, (i.e., $750,000.00 related to the Antelope Valley Project and $50,000.00 related to the Crystal Springs Project). On or about March 26, 1997 the Honorable Thomas R. Brett, United States District Court Judge, withdrew reference from the Bankruptcy Court of all matters related to the firm of LeBoeuf, Lamb, Greene & MacRae ("LeBoeuf"). The Trustee estimates that LeBoeuf (which had represented the Official Unsecured Creditors' Committee prior to June 16, 1992) could have sought final fees and costs (an administrative claim) totaling approximately several hundred thousand dollars. However, LeBoeuf and the Trustee entered into a Settlement Agreement dated May 8, 1997, which resolves all matters between the estate and LeBoeuf. The settlement was conditioned upon approval of the United States District Court. The hearing on the Motion for Approval of the Settlement was held as scheduled on June 6, 1997, at which hearing the District Court approved the settlement. Pursuant to the Settlement Agreement, LeBoeuf has waived its claims to any and all fees and costs and has reimbursed Bonneville $64,679.25 in previously allowed and paid fees and costs and the parties have mutually released one another from any and all claims. On May 5, 1997, the United States Bankruptcy Court for the District of Utah approved a settlement agreement between the Company and Vulcan Power Company ("Vulcan") a debtor-in-possession in a case pending in Oregon. The settlement is intended to resolve issues arising from the Company's sale to Vulcan of its interest in the Mammoth Project in California. The Trustee currently estimates that the Company may have to spend approximately One Hundred Thousand Dollars ($100,000.00) to plug and abandon certain geothermal well sites connected with the Mammoth Project. The Company is now in the process of making arrangements to plug the wells. On or about April 22, 1997, certain investment partnerships affiliated with Wexford Management L.L.C. issued a press release announcing, among other things, that the investment partnerships had (a) acquired $752,500 common shares of Bonneville and (b) filed a Schedule 13D with the Securities and Exchange Commission. In an effort to resolve tax issues relating to the material litigation settlements which have occurred since May 1, 1996, the Trustee filed with the Internal Revenue Service an application to change the Company's tax year from one ending on April 30th to one ending on December 31st. The Trustee desired to change the Company's tax year period (when changed the Company's past tax year would be from May 1, 1996 through December 31, 1996 and thereafter would be on a calendar year basis) in order to facilitate the filing of a plan of reorganization of the Company. By shortening the Company's tax year, the Trustee may be able to receive a prompt tax determination for the tax year ending December 31, 1996, which determination will facilitate any party in interest filing a plan of reorganization because the amount of tax owed by the Debtor, if any, should be quantified (see 11 U.S.C. Section 505). The IRS, on February 24, 1997, conditionally granted the Company's application to change its tax year. It is believed that the Company can meet and comply with all of the conditions imposed by the IRS and therefore the Company is proceeding as if its tax year has been changed and a U.S. Corporation Income Tax Return will be filed for the short year ended December 31, 1996. 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. In preparation for a plan of reorganization, the Trustee on behalf of the Company made a decision to employ Hein + Associates, a national accounting firm, to prepare audited financial statements for Bonneville Pacific Corporation. An application seeking approval of the employment was filed and hearing on the application was held as scheduled on December 20, 1996. At the hearing the Court approved the application. Hein + Associates has been employed and is continuing with work on the audits. At this time it is not known whether interest will ever be paid on any allowed unsecured claim because (a) it is not at all clear that the estate will possess sufficient funds to pay interest on any particular class of claims, and (b) the law concerning payment of interest to any particular class of claims is not clear and therefore, even if sufficient funds did exist, the issue of payment of interest (and the applicable rate of interest, if any, and from what date), to any particular class of claims would have to be either consensually resolved in a plan of reorganization or would have to be adjudicated by a court of competent jurisdiction. In light of the settlements to date reached in the Litigation and in light of the December 16, 1996 supplementary claim deadline, the Company is now in the position to begin the process of formulating and proposing a plan of reorganization. While general plan negotiations with parties in interest have now commenced, it will be several months, if not substantially more, before any creditor with an allowed claim can anticipate receiving any distribution from the estate. In January of 1997 the Trustee, his counsel and the Company's management interviewed several firms who were interested in serving as the Trustee's financial advisor (investment banker) in connection with valuing the Company's (and its affiliates') business assets and assisting the Trustee concerning plan of reorganization issues. The Trustee, with the participation of others, concluded that the firm of Bear Stearns & Co., Inc. was the best qualified to provide the desired service. The Trustee caused an Application seeking approval of his employment of Bear Stearns & Co., Inc as Financial Advisor to be filed with the Bankruptcy Court. The hearing on the Application was held as scheduled on March 20, 1997, at which hearing the Court approved the Application. Bear, Stearns & Co. has been employed by the Trustee and is now in the process of reviewing information and documentation to enable it to provide the required financial advisory services. The Trustee anticipates that Bear, Stearns & Company's initial work in valuing the Company's (and its affiliates) business assets will be completed in the next few weeks. The Trustee has employed the law firm of Weil, Gotshal & Manges, L.L.P., with its principal office in New York City, as Special Plan Counsel. The purpose of the employment includes, but is not limited to, advising the Trustee concerning tax issues and assisting the Trustee and his General Counsel concerning a plan of reorganization and issues relating thereto. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period May 1 - May 31 1997 - ------------------------------------------------------------------------------ CASH RECONCILIATION 1. Beginning Cash Balance: $128,157,423.53 2. Cash Receipts: (See Page 2 of 2) 6,237,045.83 3. Cash Disbursements: (See Page 2 of 2) (128,144.26) ------------- 4. Net Cash Flow: 6,108,901.57 --------------- 5. Ending Cash Balance: $134,266,325.10 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION - ----------------------------------------------------------------------------- PAYROLL ACCOUNT $630.13 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 590.40 KEY BANK OF UTAH GENERAL CORP CASH 431,426.92 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 5,252,685.81 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,114,853.95 (A) US BANK CHPTR 11 TRUSTEE - JNT CD 10,445,452.68 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JNT CD 10,424,153.33 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 22,730.06 (A) BANK ONE UNITED STATES TREASURY BILLS 96,400,622.03 BANK ONE PROCEEDS FROM ASSET SALES 4,033.45 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 169,146.34 KEY BANK OF UTAH --------------- $134,266,325.10 =============== (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 May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,079.16 A PAYROLL TAX ACCOUNT 12,131.77 B GENERAL CORP CASH 39,506.15 C CHPTR 11 TRUSTEE JOINT ACCT 20,312.30 E CHPTR 11 TRUSTEE - CD ACCT 68,340.50 F CHPTR 11 TRUSTEE - JNT CD 104,584.59 G CHPTR 11 TRUSTEE - JNT CD 45,353.94 H CHPTR 11 TRUSTEE JT SAVINGS 96,228,000.32 I UNITED STATES TREASURY BILLS 97,357,948.40 J PROCEEDS FROM ASSET SALES 11.12 K KYOCERA MAINTENANCE RESERVE 10,610.54 L --------------- 193,905,878.79 LESS: ACCOUNT TRANSFERS (187,668,832.96) --------------- TOTAL CASH RECEIPTS $6,237,045.83 ===============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,114.36 A PAYROLL TAX ACCOUNT 9,044.01 B GENERAL CORP CASH 141,136.58 D CHPTR 11 TRUSTEE JOINT ACCT 55.24 E CHPTR 11 TRUSTEE - CD ACCT 0.00 F CHPTR 11 TRUSTEE - JNT CD 0.00 G CHPTR 11 TRUSTEE - JNT CD 0.00 H CHPTR 11 TRUSTEE JT SAVINGS 96,400,627.03 I UNITED STATES TREASURY BILLS 91,227,000.00 J PROCEEDS FROM ASSET SALES 0.00 K KYOCERA MAINTENANCE RESERVE 0.00 L --------------- 187,796,977.22 LESS: ACCOUNT TRANSFERS (187,668,832.96) --------------- TOTAL CASH DISBURSEMENTS $128,144.26 ===============
FORM 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/13/97 CK# 6325 BPC - GENERAL $9,492.19 PAYROLL TRANSFER 05/28/97 CK# 6350 BPC - GENERAL 9,586.97 PAYROLL TRANSFER ---------- TOTAL CASH RECEIPTS $19,079.16 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 05/15/97 PAYROLL SUMMARY $9,492.19 05/31/97 PAYROLL SUMMARY 9,586.97 05/31/97 BANK STMT KEY BANK OF UTAH 35.20 SERVICE CHARGE ---------- TOTAL CASH DISBURSEMENTS $19,114.36 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/01/97 CK# 6322 BPC - GENERAL $3,091.01 PR TAX TRANSFER 05/13/97 CK# 6329 BPC - GENERAL 4,817.39 PR TAX TRANSFER 05/28/97 CK# 6351 BPC - GENERAL 4,223.37 PR TAX TRANSFER ---------- TOTAL CASH RECEIPTS $12,131.77 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 05/13/97 CK# 1239 KEY BANK OF UTAH $4,082.20 FEDERAL TAX DEPOSIT 05/28/97 CK# 1240 KEY BANK OF UTAH 3,502.93 FEDERAL TAX DEPOSIT 05/28/97 CK# 1241 UTAH ST TAX COMMISSION 1,455.63 STATE TAX DEPOSIT 05/31/97 BANK STMT KEY BANK OF UTAH 3.25 SERVICE CHARGE --------- TOTAL CASH DISBURSEMENTS $9,044.01 =========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 05/09/97 DS050997 C. MOWER $93.00 EXPENSE REIMBURSEMENT 05/09/97 DS050997 T. HOUGHTON 477.57 INSURANCE REIMBURSEMENT 05/09/97 DS050997 SAN DIEGO GAS & ELECTRIC 2,187.66 ENERGY REVENUE-KYOCERA 05/15/97 DS051597 J. ALLSOP 1,135.32 INSURANCE REIMBURSEMENT 05/18/97 DS051897 KYOCERA AMERICA 33,748.58 ENERGY REVENUE-KYOCERA 05/31/97 BANK STMT KEY BANK OF UTAH 1,864.02 INTEREST INCOME ---------- TOTAL CASH RECEIPTS $39,506.15 ==========
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL
DATE CHECK # PAYEE AMOUNT DESCRIPTION 05/01/97 1006298 AIRBORNE EXPRESS 91.87 EXPRESS MAIL EXPENSE 05/01/97 1006299 AMPCO SYSTEM PARKING 378.00 RENT - PARKING 05/01/97 1006300 AUTOMATED OFFICE SYSTEMS 311.24 OFFICE SUPPLIES & EXPENSE 05/01/97 1006301 BENEFICIAL LIFE INSURANCE 774.87 INSURANCE - LIFE 05/01/97 1006302 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER - MAINT RESERVE ACCT 05/01/97 1006303 DAY TIMERS INC 27.85 OFFICE SUPPLIES & EXPENSE 05/01/97 1006304 DESKTOP PUBLISHERS JOURNAL 9.97 PUBLICATIONS & SUBSCRIPTIONS 05/01/97 1006305 FRONTIER COMMUNICATIONS SR 819.98 TELEPHONE EXPENSE 05/01/97 1006306 TERESA A HOUGHTON 200.00 OFFICE SUPPLIES & EXPENSE 05/01/97 1006307 MOUNT OLYMPUS WATER 28.95 OFFICE SUPPLIES & EXPENSE 05/01/97 1006308 MOUNTAIN STATES OFF PRODUCTS 38.56 OFFICE SUPPLIES & EXPENSE 05/01/97 1006309 NATIONAL HEALTH CARE TRUST 21,431.42 INSURANCE HEALTH 05/01/97 1006310 OFFICE TEAM 422.40 OFFICE SUPPLIES & EXPENSE 05/01/97 1006311 PITNEY BOWES INC 50.16 OFFICE SUPPLIES & EXPENSE 05/01/97 1006312 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE 05/01/97 1006313 PONDEROSA PRINTING 26.56 OFFICE SUPPLIES & EXPENSE 05/01/97 1006314 THE PRUDENTIAL 1,017.00 INSURANCE - DISABILITY 05/01/97 1006315 PROTEL 74.36 OFFICE SUPPLIES & EXPENSE 05/01/97 1006316 REDMAN VAN & STORAGE CO 452.57 RENT - STORAGE SPACE 05/01/97 1006317 TRAVEL ZONE CRUISE ZONE 337.00 TRAVEL EXPENSE 05/01/97 1006318 UNUM LIFE INSURANCE CO 1,552.51 INSURANCE - DISABILITY 05/01/97 1006319 US WEST COMMUNICATIONS 773.46 TELEPHONE EXPENSE 05/01/97 1006320 STATE OF UTAH DEPT OF COMM 10.00 OFFICE SUPPLIES & EXPENSE 05/01/97 1006321 WINDOWS MAGAZINE 16.97 PUBLICATIONS & SUBSCRIPTIONS 05/01/97 1006322 BPC PAYROLL TAX ACCOUNT 3,091.01 TRANSFER - PAYROLL TAX ACCT 05/06/97 1006323 VOID VOID VOID 05/06/97 1006324 VOID VOID VOID 05/06/97 1006325 50 WEST BROADWAY ASSOC 12,573.00 RENT - OFFICE SPACE & PARKING 05/06/97 1006326 CASH 486.71 OFFICE SUPPIES & EXPENSE 05/09/97 1006327 MCEWEN GISVOLD RANKIN CART 5,762.62 PROFESSIONAL FEES 05/13/97 1006328 BONNEVILLE PACIFIC/PAYROLL 9,492.19 TRANSFER - PAYROLL ACCT 05/13/97 1006329 BPC PAYROLL TAX ACCOUNT 4,817.39 TRANSFER - PAYROLL TAX ACCT 05/13/97 1006330 WELLS FARGO BANK 767.53 401K CONTRIBUTIONS 05/13/97 1006331 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 05/16/97 1006332 AIRBORNE EXPRESS 174.08 EXPRESS MAIL EXPENSE 05/16/97 1006333 AUTOMATED OFFICE SYSTEMS 516.49 OFFICE SUPPLIES & EXPENSE 05/16/97 1006334 BANC ONE TRUST GROUP 7,539.94 QUARTERLY INVESTMENT FEE 05/16/97 1006335 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 05/16/97 1006336 GENERATOR POWER SYSTEMS 17,574.09 KYOCERA O&M EXPENSE 05/16/97 1006337 KWIK KOPY 60.66 OFFICE SUPPLIES & EXPENSE 05/16/97 1006338 MICRON ELECTRONICS INC 7,983.45 COMPUTER EQUIPMENT 05/16/97 1006339 MOUNT OLYMPUS WATER 10.62 OFFICE SUPPLIES & EXPENSE 05/16/97 1006340 MOUNTAIN STATES OFF PRODUCTS 108.98 OFFICE SUPPLIES & EXPENSE
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period March 1 - March 31, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE CHECK # PAYEE AMOUNT DESCRIPTION 05/16/97 1006341 OFFICE TEAM 264.00 OFFICE SUPPLIES & EXPENSE 05/16/97 1006342 PITNEY BOWES INC 168.90 OFFICE SUPPLIES & EXPENSE 05/16/97 1006343 REDMAN VAN & STORAGE CO 521.92 RENT - STORAGE SPACE 05/16/97 1006344 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE 05/16/97 1006345 STEVEN H. STEPANEK 718.44 TRAVEL REIMBURSEMENT 05/16/97 1006346 WELLS FARGO BANK 1,350.97 QUARTERLY 401K FEE 05/16/97 1006347 TODD L. WITWER 146.44 TRAVEL REIMBURSEMENT 05/21/97 1006348 STATE OF DELAWARE CORP DIV 13,200.00 FRANCHISE TAX 05/21/97 1006349 UNITED PARCEL SERVICE 21.99 EXPRESS MAIL EXPENSE 05/28/97 1006350 BONNEVILLE PACIFIC/PAYROLL 9,586.97 TRANSFER - PAYROLL ACCT 05/28/97 1006351 BPC PAYROLL TAX ACCOUNT 4,223.37 TRANSFER - PAYROLL TAX ACCT 05/28/97 1006352 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS 05/28/97 1006353 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 05/31/97 BANK STMT KEY BANK OF UTAH 51.93 BANK SERVICE CHARGE ----------- TOTAL CASH DISBURSEMENTS $141,136.58 ===========
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/31/97 BANK STMT KEY BANK OF UTAH $20,312.30 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 05/31/97 BANK STMT KEY BANK OF UTAH $55.24 SERVICE CHARGE
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/31/97 BANK STMT US BANK $68,340.50 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 May 1 - May 31, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/31/97 BANK STMT KEY BANK OF UTAH $104,584.59 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE G DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint - CD Account For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/26/97 BANK STMT BANK ONE $22,240.11 MATURITY OF CD 05/29/97 BANK STMT BANK ONE 23,113.83 MATURITY OF CD ---------- TOTAL CASH RECEIPTS $45,353.94 ==========
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 May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/13/97 MEMO ADVC BANK ONE $5,000,000.00 NORWEST SETTTLEMENT 05/29/97 MEMO ADVC BANK ONE 91,227,000.00 TRANSFER T-BILL 05/31/97 BANK STMT BANK ONE 1,000.32 INTEREST INCOME -------------- TOTAL $96,228,000.32 ==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 05/13/97 MEMO ADVC BANK ONE $5,174,465.25 TRANSFER-T-BILL 05/29/97 MEMO ADVC BANK ONE 91,226,156.78 TRANSFER-T-BILL 05/31/97 BANK STMT BANK ONE 5.00 SERVICE CHARGE -------------- TOTAL CASH DISBURSEMENTS $96,400,627.03 ==============
I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Short Term Marketable Securities For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/13/97 MEMO ADVC BANK ONE $5,174,465.25 TRANSFER-T-BILL 05/29/97 MEMO ADVC BANK ONE 957,326.37 DISCOUNT CLLCTD 05/29/97 MEMO ADVC BANK ONE 91,226,156.78 TRANSFER-T-BILL -------------- TOTAL CASH RECEIPTS $97,357,948.40 ==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 05/29/97 MEMO ADVC BANK ONE $91,227,000.00 TRANSFER-T-BILL
J DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/31/97 BANK STMT KEY BANK OF UTAH $11.12 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 May 1 - May 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 05/01/97 CK# 6302 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 05/31/97 BNK STMT KEY BANK OF UTAH 610.54 INTEREST INCOME ---------- TOTAL CASH RECEIPTS $10,610.54 ==========
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE L DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of May 31, 1997 - ------------------------------------------------------------------------------ ASSETS Current Assets: Cash $134,266,325 Accounts receivable - trade 109,750 Accounts receivable - settlements (Note 4) 7,150,000 Accounts receivable - affiliates 281,590 Prepaid Insurance 28,676 Accrued interest receivable 203,034 ------------ Total current assets $142,039,375 Fixed Assets: Land 198,424 Equipment, furniture and fixtures 3,758,977 ------------ Total fixed assets 3,957,401 Less: Accumulated depreciation <3,087,802> ------------ Net fixed assets 869,599 Other Assets: Investment in and advances to subsidiaries and partnership 30,838,378 Other assets 1,820 ------------ Total other assets 30,840,198 ------------ TOTAL ASSETS $173,749,172 ============ LIABILITIES Post-petition liabilities: Accounts payable - trade $ 107,040 Accounts payable - professional fees and costs 4,288,194 Accrued income taxes payable (Note 5) 282,747 Taxes payable 104,199 Accrued interest 0 ------------ Total post-petition liabilities $ 4,782,180 Pre-petition liabilities: Priority claims 61,186 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,699,658 ------------ Total pre-petition liabilities 99,760,844 ------------ TOTAL LIABILITIES 104,543,024 Commitments and Contingent Liabilities (Note 3) OWNERS' EQUITY Capital stock or owners' investment 213,752 Paid-in-capital 121,590,029 Treasury stock <2,308,255> Retained earnings: Pre-petition <56,551,908> Post-petition 6,262,530 ----------- TOTAL OWNERS' EQUITY (Notes 1 and 3) 69,206,148 ------------ TOTAL LIABILITIES AND OWNERS' EQUITY $173,749,172 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period May 1 - May 31, 1997 - ------------------------------------------------------------------------------ Gross operating revenue $ 178,232 Less discount, returns and allowances 0 --------- Net operating revenue $ 178,232 Cost of goods sold <118,780> ----------- Gross profit 59,452 Operating expenses: Salaries and wages 28,644 Rent and leases 12,293 Payroll taxes 1,634 Insurance <57> Other 9,018 -------- Total operating expenses <51,532> ---------- Operating income 7,920 Legal and professional fees and costs (Note 4) 1,281,058 Depreciation, depletion and Administration 1,333 Interest expense 0 --------- Total <1,282,391> ---------- Net operating income <1,274,471> Non-operating income and : Interest income 585,903 Other income 3,308 Other income - settlements (Note 4) 5,000,000 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 849,851 --------- Net non-operating income or 6,439,062 ---------- Net income before income taxes 5,164,591 Provision for income taxes (Note 5) 116,500 ---------- NET INCOME $5,048,091 ========== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period May 1 to May 31, 1997 - ------------------------------------------------------------------------------- 1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation, included in the Monthly Financial Report, are prepared on the accrual basis. As a result, revenues are generally recorded when earned rather than when received and expenses are generally recognized when the obligation is incurred rather than when the expenses are paid. During bankruptcy accrued interest payable is recorded only on post petition debt and pre-petition secured debt to the extent that the underlying collateral equals or exceeds the outstanding principal plus the accrued interest payable. Specifically, prepetition unsecured debt does not include any accrual of interest after December 5, 1991. These financial statements are prepared in a format required by the U.S. Bankruptcy Code. While every effort is made to comply with generally accepted accounting principles (GAAP), these financial statements may not comply with GAAP in all respects. Also see the narrative which is attached hereto. 2. Equity in earnings of subsidiaries and partnerships represents an accrual of the Company's share of earnings or losses of its operating subsidiaries and partnerships. These earnings are affected by a number of factors including seasonality, operating costs and operating efficiency. The operating entities which comprise these earnings include Bonneville Pacific Services Company, Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its investment in the NCA #1 Partnership. 3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and potential claims include pre-petition debenture sale claims in the approximate amount of $5,500,000.00, post-petition debenture sale claims in the approximate amount of $11,000,000.00, limited partner claims in the approximate amount of $4,000,000.00, Section 510(b) equity claims in the approximate amount of $50,000,000.00 (including the $10,000,000.00 allowed compromised claim of CIGNA and the $3,000,000.00 claim filed by the plan Trustee for the debtor's ESOP plan) and $8,945,000.00 in deeply subordinated claims, accrued interest on certain claims and potential administrative fees which may be allowed by the Bankruptcy Court. The recording of the above described liabilities, if allowed, will reduce equity by a corresponding amount. For further information concerning liabilities and potential claims, see the "Trustee's Preliminary Report (Estimate) Concerning Claims Filed Against the Estate" dated March 17, 1997, which was originally filed on March 17, 1997 and which was originally attached to the Financial Report for the period February 1, 1997 through February 28, 1997. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period May 1 to May 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 May 31, 1997 and are reflected on the May 31, 1997 Financial Statements. Approved settlements are as follows: W. Johnson $1,150,000 Westinghouse Electric 3,000,000 Piper Jaffray 3,000,000 ---------- $7,150,000 5. As of April 30, 1996, Bonneville and Subsidiaries had approximately $150,000,000 in federal net operating loss carry-forwards for Federal Income Tax purposes and approximately $140,000,000 in Alternative Minimum Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of current Alternative Minimum Taxable Income can be offset by Alternative Minimum Tax Loss carry-forwards. The financial statements reflect an estimated $2,600,000 alternative minimum tax provision and an estimated $350,000 state tax provision resulting from operations and the receipt of proceeds from settlements through the end of the current period. The Trustee has requested permission from the Internal Revenue Service to change the tax year end of Bonneville and Subsidiaries to December 31. The request has been granted. Form 2-D Page 3 of 3 BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period May 1 to May 31, 1997 - ------------------------------------------------------------------------------
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ 0.00 $ $ <4,316.65> $ 2,175.56 05/13/97 1239 $ 0.00 2,141.09 05/28/97 1240 State 0.00 <1,455.63> 1,455.63 05/28/97 1241 FICA tax withheld 0.00 <1,634.24> 953.32 05/13/97 1239 680.92 05/28/97 1240 0.00 Employer's FICA tax 0.00 <1,634.24> 953.32 05/13/97 1239 680.92 05/28/97 1240 0.00 Unemployment tax: Federal 0.00 0.00 State 0.00 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes <101,982.00> <2,217.00> <104,199.00> Accrued income tax: Federal <179,447.00> 0.00 <103,300.00> 0.00 <282,747.00> State 0.00 0.00 0.00 0.00 Delaware franchise tax 0.00 <13,200.00> 13,200.00 05/21/97 1006348 0.00 Employee withholding 0.00 <1,520.43> 767.53 05/13/97 1006330 0.00 752.90 05/28/97 1006352 ------------- ---------- ------------- ---------- ------------- TOTALS $<281,429.00> $ 0.00 $<129,278.19> $23,761.19 $<386,946.00> ============= ========== ============= ========== =============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period May 1 to May 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) 05/31/97 General Liability Travelers Insurance/ Sedgwick James 5,000,000 06/06/97 06/06/97 Vehicles Travelers Insurance/ [Hired/Non-owned] Sedgwick James 5,000,000 06/06/97 06/06/97 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/96 08/17/97 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/96 08/17/97
(A) All workers compensation insurance policies are insured through various state insurance funds. As such, they continue in force as premiums are paid and have no policy expiration dates. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period May 1 to May 31, 1997 - ------------------------------------------------------------------------------
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $7,259,724 $102,466 $4,148,707 30 to 60 days 15 0 0 61 to 90 days 8 0 0 Over 90 days 3 4,574 139,487 ---------- ---------- ---------- Total post-petition 7,259,750 107,040 4,288,194 Pre-petition amounts 0 3,527,206 0 ---------- ---------- ---------- Total accounts receivable $7,259,750 ========== Total accounts payable $3,634,246 $4,288,194 ========== ========== Affiliate Accounts Receivable Under 30 days $ 6,840 30 to 60 days 44,209 61 to 90 days 5,103 Over 90 days 225,438 ---------- Total post-petition affiliate accounts receivable $ 281,590 ==========
Form 2-E Page 3 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments of Fees and Costs to Attorneys and Other Professionals For Period May 1 to May 31, 1997 - ------------------------------------------------------------------------------
Date of Court Estimated Amount Paid Approval Balance Due Counsel for Unsecured Creditors' Committee $0 $139,487 (3) Court Appointed Trustee 0 57,880 (1) Trustee's Counsel 0 180,880 (1) Trustee's Accountants 0 50,881 Trustee's Special Plan Counsel 0 75,000 Special Litigation Counsel for Trustee - Costs 0 191,566 Trustee - Fees 0 3,392,500 (2) Auditors 0 100,000 Financial Consultants 0 100,000 -- ---------- Total $0 $4,288,194 == ==========
(1) Includes only hourly rate and miscellaneous Trustee costs. Does not include any additional amounts that may be awarded by the court relating to 11 USC Section 326 or as an enhanced fee to either the Trustee or the Trustee's general counsel. (2) Includes an accrual for any contingent fees due as a result of Court approved settlements or recoveries. Estimated contingent fees are accrued when settlements are approved by the Court. The contingent fees that have been accrued on settlements approved by the Court are as follows: 1. $3,000,000.00 - Westinghouse Settlement Fees - $990,000.00 2. $3,000,000.00 - Piper Jaffray Settlement Fees - $990,000.00 3. $1,250,000.00 - Johnson Settlement Fees - $412,500.00 4. $5,000,000.00 - Norwest Bank Settlement Fees - $1,000,000 The $3,000,000.00 Westinghouse settlement payment, the $3,000,000.00 Piper Jaffray settlement payment and approximately $1,150,000.00 of the Johnson settlement have not yet been received by the estate, but the settlements were approved and such settlements have been booked as receivables. Form 2-E Page 4 of 6 3) On June 6, 1997, the U.S. District Court approved a settlement with Laboeuf, Lamb, Green and MacRae, L.L.P. and Ralph R. Mabey by which Laboeuf, Lamb, Green and MacRae, L.L.P. waives its claim to any and all attorneys' fees and cost. Further information concerning settlements is contained in the narrative which is attached. Form 2-E Page 5 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period May 1 to May 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 6 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended May 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 ------------- Total 2nd Quarter 4,221,378.09 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-----