-----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, JmcZxLNR90Dg8RX1gZ4rONG4YxwyjvZLgl6Qe8sSfXoMmIqNmRVJ+6eeQ8Rnnimi 39Rec04F8wxKR84JFMbJdw== 0000795182-97-000013.txt : 19970718 0000795182-97-000013.hdr.sgml : 19970718 ACCESSION NUMBER: 0000795182-97-000013 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: 19970717 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: 97641988 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) July 15, 1997 BONNEVILLE PACIFIC CORPORATION ------------------------------ (Exact name of registrant as specified in charter) Delaware 0-14846 87-0363215 - ------------------------------------------------------------------------------ (State or other (Commission (IRA Employer jurisdiction of File Number) Identification No.) incorporation) 50 West 300 South, Suite 300, Salt Lake City, Utah 84101 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (801) 363-2520 -------------- (Former name or former address, if changed since last report) Not applicable -------------- Item 3. Bankruptcy or Receivership. On December 5, 1991, the Registrant filed a petition in the United States Bankruptcy Court for the District of Utah, Central Division, Case No. 91A-27701, seeking protection to reorganize under Chapter 11 of the Federal Bankruptcy Code. Subsequent to the filing, the Registrant has applied to the Securities and Exchange Commission (the "Commission") to modify its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On April 9, 1992, the Commission indicated that it would raise no objection if the Registrant modified its reporting obligations under the Exchange Act. A copy of the Monthly Financial Report for the period June 1, 1997 to June 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 July 15, 1997 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /S/ R. Stephen Blackham By: R. Stephen Blackham, Assistant Controller DATED July 15, 1997 INDEX TO EXHIBITS Exhibit Page No. - ------------------------------------------------------------------------------ 28.1 Monthly Financial Report - Chapter 11, for the period June 1, 1997 to June 30, 1997, of the Registrant, dated July 15, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on July 15, 1997 . . . . . . . . . 5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period June 1 to June 30, 1997 --------- ------ ------------- Accounting Method Used: [ X ] Accrual Basis [ ] Cash Basis COVER SHEET - ------------------------------------------------------------------------------ THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE Mark One Box For Each MONTH. The debtor must attach each of the following Required Report/Document reports/documents unless the U.S. Trustee has waived the requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee. - ------------------------------------------------------------------------------ Report Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS - ------------------------------------------------------------------------------ [ x ] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [ x ] [ ] Balance Sheet (Form 2-C) [ x ] [ ] Profit and Loss Statement (Form 2-D) [ x ] [ ] Supporting Schedules (Form 2-E) [ x ] [ ] Quarterly Fee Summary (Form 2-F) [ x ] [ ] Narrative (Form 2-G) [ x ] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ------------------------------------------------------------------------------ I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: July 15, 1997 ------------- Debtor(s): BONNEVILLE PACIFIC CORPORATION /S/ R. Stephen Blackham By: R. Stephen Blackham Position: Assistant Controller Statement of Chapter 11 Trustee Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville Pacific Corporation, having been so appointed on June 12, 1992, hereby states that he has reviewed the following Monthly Financial Report and any attachments thereto and that, based on his review and the representations of officers and employees of the debtor, Bonneville Pacific Corporation, he believes that the information contained in the Monthly Financial Report and attachments is true and correct. However, neither Roger G. Segal, Chapter 11 Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G. Segal, Chapter 11 Trustee, has had an opportunity to independently verify that the information contained in the following Monthly Financial Report and the attachments thereto is true and correct. DATED this 15th day of July 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 June 30, 1997 Form 2-G - ------------------------------------------------------------------------------ Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of June 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 June and the first part of July 1997(1) (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: The SEGAL V. PORTLAND GENERAL, ET AL. action pending in the United States District Court, Case No. 92-C-364-J (the "Litigation") has been discussed at length in the previous Monthly Financial Reports filed by the Trustee and in the Trustee's four (4) Annual Reports, including the Report for the period of July 1, 1995 through June 30, 1996 filed on September 19, 1996 concerning the Administration of the Estate. These Reports (which are on file with both the Bankruptcy Court and the Securities & Exchange Commission) must be reviewed for an understanding of the history and nature of the Litigation, including previous settlements(2) reached by the Trustee. For all practical purposes the Litigation has been concluded (but also see the discussion below). 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 - --------------- (1) This narrative attempts to summarize significant events affecting the Company through July 15, 1997. (2) Each settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. 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 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 was conditioned upon approval by the United States Bankruptcy Court. A hearing on the Trustee's Motion for Approval of the Settlement Agreement was held as scheduled on June 30, 1997 at which hearing the Court granted the Trustee's Motion and approved the settlement. The Coffin Parties on June 6, 1997 paid $985,000.00 to the Trustee. On May 23, 1997 the Trustee entered into a formal Settlement Agreement with the Corporation of the President of The Church of Jesus Christ of Latter-Day Saints (the "Church"); the settlement was announced on June 10, 1997. Pursuant to the Settlement Agreement, the Church will pay to the Trustee the sum of $1,100,000.00 and the Church shall be allowed a claim of up to approximately $500,000.00 for damages incurred by the Church arising from its purchase of stock of the Company. The settlement was conditioned upon approval by the United States Bankruptcy Court. The hearing on the Trustee's Motion for Approval of the Settlement Agreement was held as scheduled on July 7, 1997 at which hearing the Court granted the Trustee's Motion and approved the settlement. The $1,100,000.00 settlement amount should be paid to the Trustee prior to the end of July, 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 was conditioned upon approval by the United States Bankruptcy Court. A hearing on the Motion for Approval of the Settlement Agreement was held as scheduled on July 7, 1997 at which hearing the Court granted the Motion and approved the settlement. The settlement payment should be paid to the estate prior to the end of July, 1997. On the 18th day of June, 1997 the Trustee entered into a formal settlement agreement with Gerald Monson, a former officer of the company who had signed a tolling agreement. Pursuant to the settlement, Gerald Monson has agreed to pay the estate the sum of $30,000.00 and the Trustee has agreed to waive and release all claims against Gerald Monson. 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 was held as scheduled on July 14, 1997, at which hearing the Court approved the settlement. 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. Significant progress has been made in this area and a preliminary settlement agreement, subject to the approval of the Public Service Commission of Nevada ("PSCN"), is anticipated shortly. The Trustee continues to monitor its appeal before the First Judicial District Court of the State of Nevada of curtailment protocols issued by the Public Service Commission of Nevada. A stipulation staying the briefing schedule and permitting PSCN's approval of the settlement agreement, has been signed by the parties. On September 27, 1996, NCA #1 was served with Findings and Notices of Violation ("NOV") issued by Region IX of the United States Environmental Protection Agency (the "EPA") for alleged violations of the Clean Air Act's Prevention of Significant Deterioration program applicable for the State of Nevada. Specifically, EPA alleges that NCA #1, contrary to applicable operating permits, failed to timely install "Best Available Control Technology" at the plant in the form of a selective catalytic reduction system ("SCR") to control Nox emissions. Representatives of both sides of this dispute have reached an agreement in principal but a written agreement has yet to be executed. Attorneys for the EPA are drafting such an agreement, which the parties anticipate signing in the near future. 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 350 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 has filed the first of the objections. 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 June 17, 1997 the Trustee entered into a formal settlement agreement with Hansen, Jones & Leta, P.C. and the Home Insurance Company, its insurer. Hansen, Jones & Leta served as counsel for Bonneville Pacific Corporation from November 18, 1991 to December 5, 1991 and as counsel for Bonneville as debtor in possession from December 5, 1991 to March 31, 1992. By court order dated December 2, 1992 (with a related motion to alter or amend being denied on May 22, 1996), the Bankruptcy Court denied Hansen, Jones & Leta's Final Fee and Cost Application and further ordered disgorgement of all fees previously paid to Hansen, Jones & Leta. The settlement agreement resolves all legal issues and the pending appeal involving the court order and provides for payment of $149,012.20 to the estate and further provides for a release of claims (subject to certain limitations) between the parties. The settlement was conditioned upon approval by the United States Bankruptcy Court. A hearing on the Trustee's Motion for Approval of the Settlement Agreement was held as scheduled on July 14, 1997, at which hearing the Court approved the settlement. The Trustee currently estimates that the Company may have to spend approximately One Hundred Thousand Dollars ($100,000.00) to plug and abandon certain geothermal well sites connected with the Mammoth Project in California. The Company is continuing with the process of making arrangements to plug the wells. In an effort to resolve tax issues relating to the material litigation settlements which have occurred since May 1, 1996, the Trustee filed with the Internal Revenue Service an application to change the Company's tax year from one ending on April 30th to one ending on December 31st. The Trustee desired to change the Company's tax year period (when changed the Company's past tax year would be from May 1, 1996 through December 31, 1996 and thereafter would be on a calendar year basis) in order to facilitate the filing of a plan of reorganization of the Company. By shortening the Company's tax year, the Trustee may be able to receive a prompt tax determination for the tax year ending December 31, 1996, which determination will facilitate any party in interest filing a plan of reorganization because the amount of tax owed by the Debtor, if any, should be quantified (see 11 U.S.C. Section 505). The IRS, on February 24, 1997, conditionally granted the Company's application to change its tax year. It is believed that the Company can meet and comply with all of the conditions imposed by the IRS and therefore the Company is proceeding as if its tax year has been changed and a U.S. Corporation Income Tax Return will be filed for the short year ended December 31, 1996. The IRS has notified the Trustee that the IRS will not be auditing the Company's filed consolidated U.S. Corporation Income Tax Return for the period ending April 30, 1996. The Company, with court approved Accountant, is in the process of preparing the U.S. Corporate Income Tax Return for the year ending December 31, 1996. On June 23, 1997, the Bankruptcy Court granted the Trustee's Motion for Management Retention Programs for the Company's Subsidiaries. The Trustee is currently in the process of working with the employees of Bonneville Fuels Corporation and Bonneville Pacific Service Corporation on employment agreements. 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 and the Trustee met with several parties in interest during the subject period, it will be several months, if not substantially more, before any creditor with an allowed claim can anticipate receiving any distribution from the estate. 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 June 1 - June 30, 1997 CASH RECONCILIATION 1. Beginning Cash Balance: $134,266,325.10 2. Cash Receipts: (See Page 2 of 2) 1,405,383.97 3. Cash Disbursements: (See Page 2 of 2) (152,976.15) ------------ 4. Net Cash Flow: 1,252,407.82 ------------ 5. Ending Cash Balance: $135,518,732.92 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $596.46 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 567.44 KEY BANK OF UTAH GENERAL CORP CASH 627,513.74 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 2,250,526.55 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,114,853.95 (A) US BANK CHPTR 11 TRUSTEE - JNT CD 14,445,452.68 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JNT CD 10,471,991.34 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 22,805.32 (A) BANK ONE UNITED STATES TREASURY BILLS 96,400,622.03 BANK ONE PROCEEDS FROM ASSET SALES 4,044.24 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 179,759.17 KEY BANK OF UTAH ---------- $135,518,732.92 ===============
(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 June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,070.17 A PAYROLL TAX ACCOUNT 8,393.04 B GENERAL CORP CASH 358,963.34 C CHPTR 11 TRUSTEE JOINT ACCT 997,883.74 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 4,000,000.00 F CHPTR 11 TRUSTEE - JNT CD 47,838.01 G CHPTR 11 TRUSTEE JT SAVINGS 75.26 H UNITED STATES TREASURY BILLS 0.00 N/A PROCEEDS FROM ASSET SALES 10.79 I KYOCERA MAINTENANCE RESERVE 10,612.83 J --------- 5,442,847.18 LESS: ACCOUNT TRANSFERS (4,037,463.21) -------------- TOTAL CASH RECEIPTS $1,405,383.97 =============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,103.84 A PAYROLL TAX ACCOUNT 8,416.00 B GENERAL CORP CASH 162,876.52 D CHPTR 11 TRUSTEE JOINT ACCT 4,000,043.00 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 0.00 F CHPTR 11 TRUSTEE - JNT CD 0.00 G CHPTR 11 TRUSTEE JT SAVINGS 0.00 H UNITED STATES TREASURY BILLS 0.00 N/A PROCEEDS FROM ASSET SALES 0.00 I KYOCERA MAINTENANCE RESERVE 0.00 J ---- 4,190,439.36 LESS: ACCOUNT TRANSFERS (4,037,463.21) -------------- TOTAL CASH DISBURSEMENTS $152,976.15 ===========
FORM 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/11/97 CK# 6379 BPC - GENERAL $9,513.56 PAYROLL TRANSFER 06/26/97 CK# 6403 BPC - GENERAL 9,556.61 PAYROLL TRANSFER -------- TOTAL CASH RECEIPTS $19,070.17 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 06/15/97 PAYROLL SUMMARY $9,513.56 06/30/97 PAYROLL SUMMARY 9,556.61 06/30/97 BANK STMT KEY BANK OF UTAH 33.67 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $19,103.84 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/11/97 CK# 6380 BPC - GENERAL $4,185.35 PR TAX TRANSFER 06/26/97 CK# 6404 BPC - GENERAL 4,207.69 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $8,393.04 =========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 06/11/97 CK# 1242 KEY BANK OF UTAH $3,471.64 FEDERAL TAX DEPOSIT 06/26/97 CK# 1243 KEY BANK OF UTAH 3,490.03 FEDERAL TAX DEPOSIT 06/26/97 CK# 1244 UTAH ST TAX COMMISSION 1,431.37 STATE TAX DEPOSIT 06/30/97 BANK STMT KEY BANK OF UTAH 22.96 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $8,416.00 =========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/13/97 DS061397 BONNEVILLE PACIFIC SERVICES $34,744.77 EXPENSE REIMBURSEMENT 06/13/97 DS061397 BONNEVILLE NEVADA CORPORATION 3,504.25 EXPENSE REIMBURSEMENT 06/13/97 DS061397 LEBOEUF LAMB 64,679.25 SETTLEMENT PAYMENT 06/13/97 DS061397 WORKERS COMP FUND OF UTAH 99.13 EXPENSE REIMBURSEMENT 06/24/97 DS062497 BONNEVILLE FUELS 11,062.60 EXPENSE REIMBURSEMENT 06/24/97 DS062497 T. HOUGHTON 477.57 INSURANCE REIMBURSEMENT 06/24/97 DS062497 BEUS GILBERT & MORRILL 25.68 EXPENSE REIMBURSEMENT 06/27/97 DS062797 KYOCERA AMERICA 142,698.39 ENERGY REVENUE-KYOCERA 06/30/97 DS063097 NORTHCREST FINANCIAL-JOHNSON 50,000.00 SETTLEMENT PAYMENT 06/30/97 DS063097 WYNN JOHNSON 50,000.00 SETTLEMENT PAYMENT 06/30/97 BNK STMT KEY BANK OF UTAH 1,671.70 INTEREST INCOME -------- TOTAL CASH RECEIPT $358,963.34 ===========
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 06/03/97 1006354 UTAH STATE TAX COMMISSION 13.00 OFFICE SUPPLIES & EXPENSE 06/03/97 1006255 50 WEST BROADWAY ASSOC INC 12,573.00 RENT-OFFICE SPACE/PARKING 06/03/97 1006356 AIRBORNE EXPRESS 65.92 EXPRESS MAIL EXPENSE 06/03/97 1006357 AMPCO SYSTEM PARKING 378.00 RENT - PARKING 06/03/97 1006358 AUTOMATED OFFICE SYSTEMS INC 1,215.48 OFFICE SUPPLIES & EXPENSE 06/03/97 1006359 BENEFICIAL LIFE INSURANCE 774.87 INSURANCE - DISABILITY 06/03/97 1006360 BONNEVILLE PACIFIC SERVICES 111.77 KYOCERA - O & M EXPENSE 06/03/97 1006361 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT 06/03/97 1006362 CSC NETWORKS 165.00 OFFICE SUPPLIES & EXPENSE 06/03/97 1006363 FRONTIER COMMUNICATIONS 1,016.94 TELEPHONE EXPENSE 06/03/97 1006364 HERITAGE PRODUCTS INC 347.61 OFFICE SUPPLIES & EXPENSE 06/03/97 1006365 HURST & ASSOC INSURANCE INC 20,000.00 INSURANCE - TRUSTEE BOND 06/03/97 1006366 INSTY PRINTS INC 56.35 OFFICE SUPPLIES & EXPENSE 06/03/97 1006367 MOUNT OLYMPUS WATER 18.01 OFFICE SUPPLIES & EXPENSE 06/03/97 1006368 CLARK MOWER 2,209.02 TRAVEL REIMBURSEMENT 06/03/97 1006369 NATIONAL HEALTH CARE TRUST 23,233.74 INSURANCE - HEALTH 06/03/97 1006370 OFFICE TEAM 422.40 OFFICE SUPPLIES & EXPENSE 06/03/97 1006371 REDMAN VAN & STORAGE CO INC 179.74 RENT - STORAGE SPACE 06/03/97 1006372 STERLING COMPUTER PRODUCTS 113.93 OFFICE SUPPLIES & EXPENSE 06/03/97 1006373 TRAVEL ZONE CRUISE ZONE 1,798.00 TRAVEL EXPENSE 06/03/97 1006374 UNUM LIFE INSURANCE CO 1,497.51 INSURANCE - DISABILITY 06/03/97 1006375 US WEST COMMUNICATIONS 773.96 TELEPHONE EXPENSE 06/03/97 1006376 XEROX CORPORATION 408.67 OFFICE SUPPLIES & EXPENSE 06/03/97 1006377 UNITED PARCEL SERVICE 10.70 EXPRESS MAIL EXPENSE 06/17/97 1006378 AIRBORNE EXPRESS 179.19 EXPRESS MAIL EXPENSE 06/11/97 1006379 BPC-PAYROLL ACCT 9,513.56 TRANSFER - PAYROLL ACCT 06/11/97 1006380 BPC-PAYROLL TAX ACCT 4,185.35 TRANSFER-PAYROLL TAX 06/11/97 1006381 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS 06/11/97 1006382 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 06/17/97 1006383 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 06/17/97 1006384 CSC NETWORKS 165.00 OFFICE SUPPLIES & EXPENSE 06/17/97 1006385 CYMA HELP! 345.00 OFFICE SUPPLIES & EXPENSE 06/17/97 1006386 FIDELITY TRANSFER COMPANY 202.10 OFFICE SUPPLIES & EXPENSE 06/17/97 1006387 GENERATOR POWER SYSTEMS INC 15,901.78 KYOCERA O&M EXPENSE 06/17/97 1006388 HERITAGE PRODUCTS INC 254.47 OFFICE SUPPLIES & EXPENSE 06/17/97 1006389 MICRON ELECTRONICS INC 13,361.40 COMPUTER EQUIPMENT 06/17/97 1006390 MOUNT OLYMPUS WATER 63.23 OFFICE SUPPLIES & EXPENSE 06/17/97 1006391 CLARK MOWER 193.96 TRAVEL REIMBURSEMENT 06/17/97 1006392 NATIONAL HEALTH CARE TRUST 21,801.03 INSURANCE - HEALTH 06/17/97 1006393 OFFICE TEAM 105.60 OFFICE SUPPLIES & EXPENSE 06/17/97 1006394 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXPENSE 06/17/97 1006395 THE PRUDENTIAL 1,021.66 INSURANCE - DISABILITY 06/17/97 1006396 PREFERRED DATA SUPPLY INC 255.36 OFFICE SUPPLIES & EXPENSE
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/17/97 1006397 PROTEL 193.61 OFFICE SUPPLIES & EXPENSE 06/17/97 1006398 REDMAN VAN & STORAGE CO INC 533.63 RENT - STORAGE SPACE 06/17/97 1006399 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE 06/17/97 1006400 US WEST COMMUNICATIONS 777.84 TELEPHONE EXPENSE 06/17/97 1006401 XEROX CORPORATION 303.35 OFFICE SUPPLIES & EXPENSE 06/18/97 1006402 ARIZONA DEPARTMENT OF REVENUE 560.01 STATE INCOME TAX 06/26/97 1006403 BPC-PAYROLL ACCT 9,556.61 TRANSFER - PAYROLL ACCT 06/26/97 1006404 BPC-PAYROLL TAX ACCT 4,207.69 TRANSFER - PAYROLL TAX ACCT 06/26/97 1006405 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS 06/26/97 1006406 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 06/30/97 BANK STMT KEY BANK OF UTAH 50.88 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $162,876.52 ===========
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/06/97 BANK STMT COFFIN $985,000.00 SETTLEMENT 06/30/97 BANK STMT KEY BANK OF UTAH 12,883.74 INTEREST INCOME --------- TOTAL CASH RECEIPTS $997,883.74 ===========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 06/09/97 CK #008 BONNEVILLE PACIFIC CORP. $4,000,000.00 TRANSFER 06/30/97 BANK STMT KEY BANK OF UTAH 43.00 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $4,000,043.00 ============= E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/09/97 BANK STMT BONNEVILLE PACIFIC CORP. $4,000,000.00 TRANSFER
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE F DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint - CD Account For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/30/97 BANK STMT BANK ONE $47,838.01 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE G DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/30/97 BANK STMT BANK ONE $75.26 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE H DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/30/97 BANK STMT KEY BANK OF UTAH $10.79 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION NONE I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 06/01/97 CK# 6361 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 06/30/97 BNK STMT KEY BANK OF UTAH 612.83 INTEREST INCOME ------ TOTAL CASH RECEIPTS $10,612.83 ==========
CASH DISBURSEMENTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION NONE J DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of June 30, 1997 - ------------------------------------------------------------------------------ ASSETS Current Assets: Cash $135,518,733 Accounts receivable - trade 105,318 Accounts receivable - settlements (Note 4) 7,145,305 Accounts receivable - affiliates 280,644 Prepaid Insurance 21,998 Accrued interest receivable 623,429 ------- Total current assets $143,695,427 Fixed Assets: Land 198,424 Equipment, furniture and fixtures 3,767,791 --------- Total fixed assets 3,966,215 Less: Accumulated depreciation <3,097,306> ----------- Net fixed assets 868,909 Other Assets: Investment in and advances to subsidiaries and partnership 31,831,388 Other assets 1,820 ----- Total other assets 31,833,208 ---------- TOTAL ASSETS $176,397,544 ============ LIABILITIES Post-petition liabilities: Accounts payable - trade $88,091 Accounts payable - professional fees and costs 4,368,336 Accrued income taxes payable (Note 5) 328,947 Taxes payable 106,416 Accrued interest 0 - Total post-petition liabilities $4,891,790 Pre-petition liabilities: Priority claims 61,186 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,974,450 ---------- Total pre-petition liabilities 100,035,636 ----------- TOTAL LIABILITIES 104,927,426 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 8,526,500 --------- TOTAL OWNERS' EQUITY (Notes 1 and 3) 71,470,118 ---------- TOTAL LIABILITIES AND OWNERS' EQUITY $176,397,544 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period June 1 - June 30, 1997 - ------------------------------------------------------------------------------- Gross operating revenue $212,695 Less discount, returns and allowances 0 - Net operating revenue $212,695 Cost of goods sold <115,602> --------- Gross profit 97,093 Operating expenses: Salaries and wages 28,269 Rent and leases 12,293 Payroll taxes 1,351 Insurance 8,294 Other 4,714 ----- Total operating expenses <54,921> -------- Operating income 42,172 Legal and professional fees and costs (Note 4) 80,142 Depreciation, depletion and Administration 1,333 Claims settlement expense 274,791 Interest expense 0 - Total <356,266> --------- Net operating income <314,094> Non-operating income and : Interest income 578,793 Other income 3,342 Other income - settlements (Note 4) 1,049,679 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 993,011 ------- Net non-operating income or 2,624,824 --------- Net income before income taxes 2,310,730 Provision for income taxes (Note 5) 46,760 ------ NET INCOME $2,263,970 ========== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period June 1 to June 30, 1997 - ------------------------------------------------------------------------------ 1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation, included in the Monthly Financial Report, are prepared on the accrual basis. As a result, revenues are generally recorded when earned rather than when received and expenses are generally recognized when the obligation is incurred rather than when the expenses are paid. During bankruptcy accrued interest payable is recorded only on post petition debt and pre-petition secured debt to the extent that the underlying collateral equals or exceeds the outstanding principal plus the accrued interest payable. Specifically, PREPETITION UNSECURED DEBT DOES NOT INCLUDE ANY ACCRUAL OF INTEREST AFTER DECEMBER 5, 1991. These financial statements are prepared in a format required by the U.S. Bankruptcy Code. While every effort is made to comply with generally accepted accounting principles (GAAP), these financial statements may not comply with GAAP in all respects. Also see the narrative which is attached hereto. 2. Equity in earnings of subsidiaries and partnerships represents an accrual of the Company's share of earnings or losses of its operating subsidiaries and partnerships. These earnings are affected by a number of factors including seasonality, operating costs and operating efficiency. The operating entities which comprise these earnings include Bonneville Pacific Services Company, Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its investment in the NCA #1 Partnership. 3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and potential claims include pre-petition debenture sale claims in the approximate amount of $5,500,000.00, post-petition debenture sale claims in the approximate amount of $11,000,000.00, limited partner claims in the approximate amount of $4,000,000.00, Section 510(b) equity claims in the approximate amount of $50,000,000.00 (including the $10,000,000.00 allowed compromised claim of CIGNA and the $3,000,000.00 claim filed by the plan Trustee for the debtor's ESOP plan) and $8,945,000.00 in deeply subordinated claims, accrued interest on certain claims and potential administrative fees which may be allowed by the Bankruptcy Court. The recording of the above described liabilities, if allowed, will reduce equity by a corresponding amount. For further information concerning liabilities and potential claims, see the "Trustee's Preliminary Report (Estimate) Concerning Claims Filed Against the Estate" dated March 17, 1997, which was originally filed on March 17, 1997 and which was originally attached to the Financial Report for the period February 1, 1997 through February 28, 1997. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period June 1 to June 30, 1997 - ------------------------------------------------------------------------------ 4. Accounts Receivable Settlements represent only court approved settlements where all conditions precedent have occurred and the settlements were fully effective as of June 30, 1997 and are reflected on the June 30, 1997 Financial Statements. Approved settlements are as follows: W. Johnson $1,145,305 Westinghouse Electric 3,000,000 Piper Jaffray 3,000,000 --------- $7,145,305 5. As of April 30, 1996, Bonneville and Subsidiaries had approximately $150,000,000 in federal net operating loss carry-forwards for Federal Income Tax purposes and approximately $140,000,000 in Alternative Minimum Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of current Alternative Minimum Taxable Income can be offset by Alternative Minimum Tax Loss carry-forwards. The financial statements reflect an estimated $2,600,000 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 June 1 to June 30, 1997 - ------------------------------------------------------------------------------
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $0.00 $0.00 $<4,260.23> $2,125.56 06/11/97 1242 $0.00 2,134.67 06/27/97 1243 State 0.00 <1,431.37> 1,431.37 06/26/97 1244 FICA tax withheld 0.00 <1,350.72> 673.04 06/11/97 1242 677.68 06/26/97 1243 0.00 Employer's FICA tax 0.00 <1,350.72> 673.04 06/11/97 1242 677.68 06/26/97 1243 0.00 Unemployment tax: Federal 0.00 0.00 State 0.00 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes <104,199.00> <2,217.00> <106,416.00> Accrued income tax: Federal <282,747.00> 0.00 <46,200.00> 0.00 <328,947.00> State 0.00 0.00 0.00 0.00 Delaware franchise tax 0.00 0.00 Employee withholding 0.00 <1,505.80> 752.90 06/11/97 1006381 0.00 752.90 06/26/97 1006405 ---- ---- ---------- ------ ---- TOTALS $<386,946.00> $0.00 $<58,315.84> $9,898.84 $<435,363.00> ============= ===== ============ ========= =============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period June 1 to June 30, 1997 - ------------------------------------------------------------------------------
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date Worker's Compensation Various State Funds Statutory $1,000,000 (A) 06/30/97 General Liability Travelers Insurance/ Sedgwick James 5,000,000 08/06/97 08/06/97 Vehicles Travelers Insurance/ [Hired/Non-owned] Sedgwick James 5,000,000 08/06/97 08/06/97 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/96 08/17/97 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/96 08/17/97
(A) All workers compensation insurance policies are insured through various state insurance funds. As such, they continue in force as premiums are paid and have no policy expiration dates. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period June 1 to June 30, 1997 - ------------------------------------------------------------------------------
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $7,250,604 $20,356 $4,368,336 30 to 60 days 19 0 0 61 to 90 days 0 0 0 Over 90 days 0 4,574 0 - ----- - Total post-petition 7,250,623 24,930 4,368,336 Pre-petition amounts 0 3,751,997 0 - --------- - Total accounts receivable $7,250,623 ========== Total accounts payable $3,776,927 $4,368,336 ========== ==========
Affiliate Accounts Receivable Under 30 days $48,366 30 to 60 days 6,840 61 to 90 days 0 Over 90 days 225,438 ------- Total post-petition affiliate accounts receivable $280,644 ========
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 June 1 to June 30, 1997 - ------------------------------------------------------------------------------
Date of Court Estimated Amount Paid Approval Balance Due Counsel for Unsecured Creditors' Committee $0 $0 (3) Court Appointed Trustee 0 74,252 (1) Trustee's Counsel 0 233,343 (1) Trustee's Accountants 0 78,688 Trustee's Special Plan Counsel 0 75,000 Special Litigation Counsel for Trustee - Costs 0 196,867 Trustee - Fees 0 3,520,186 (2) Auditors 0 90,000 Financial Consultants 0 100,000 - ------- Total $0 $4,368,335 == ==========
(1) Includes only hourly rate and miscellaneous Trustee costs. Does not include any additional amounts that may be awarded by the court relating to 11 USC Section 326 or as an enhanced fee to either the Trustee or the Trustee's general counsel. (2) Includes an accrual for any contingent fees due as a result of Court approved settlements or recoveries. Estimated contingent fees are accrued when settlements are approved by the Court. The contingent fees that have been accrued on settlements approved by the Court are as follows: 1. $3,000,000.00 - Westinghouse Settlement Fees - $990,000.00 2. $3,000,000.00 - Piper Jaffray Settlement Fees - $990,000.00 3. $1,250,000.00 - Johnson Settlement Fees - $412,500.00 4. $5,000,000.00 - Norwest Bank Settlement Fees - $1,000,000 5. $985,000.00 - Coffin Settlement Fees - $197,000 6. $69,314 - Cost Offset The $3,000,000.00 Westinghouse settlement payment, the $3,000,000.00 Piper Jaffray settlement payment and approximately $1,145,305.00 of the Johnson settlement have not yet been received by the estate, but the settlements were approved and such settlements have been booked as receivables. Form 2-E Page 4 of 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. waived 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 June 1 to June 30, 1997 - ------------------------------------------------------------------------------
Payee Name Position Nature of Payment Amount Ralph F Cox Director Director fees 0.00 Calvin L Rampton Director Director fees 0.00 Clark M Mower President Salary 12,566.68 Expense Reimbursement 2,402.98
Form 2-E Page 6 of 6 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended June 30, 1997 - ------------------------------------------------------------------------------
Cash Quarterly Payment Disbursement Fee Due Check No. Date January $220,508.24 February 169,408.87 March 215,808.71 ---------- Total 1st Quarter 605,725.82 3,750.00 1006268 4/17/97 April 4,093,233.83 May 128,144.26 June 152,976.15 ---------- Total 2nd Quarter 4,374,354.24 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-----