-----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, KxUIX8BidlaQsIfe2RIaSDcknv8CWvjmGJujRMHgHYbgKDRYCTB4HmfU9/ODHLal KAFALxbHAitbM0YEZzRy7g== 0000795182-97-000022.txt : 19971020 0000795182-97-000022.hdr.sgml : 19971020 ACCESSION NUMBER: 0000795182-97-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970228 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971017 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BONNEVILLE PACIFIC CORP CENTRAL INDEX KEY: 0000795182 STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991] IRS NUMBER: 870363215 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-14846 FILM NUMBER: 97697317 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) October 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 September 1, 1997 to September 30, 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 October 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 October 15, 1997 INDEX TO EXHIBITS Exhibit Page No. - ----------------------------------------------------------------------------- 28.1 Monthly Financial Report - Chapter 11, for the period September 1, 1997 to September 30, 1997, of the Registrant, dated October 15, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on October 15, 1997 . . . . . . . . . . . . . . 5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period September 1 to September 30, 1997 --------- ----------- ------------------ Accounting Method Used: [X] Accrual Basis [ ] Cash Basis COVER SHEET - ----------------------------------------------------------------------------- THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. Mark One Box For Each The debtor must attach each of the following Required Report/ reports/documents unless the U.S. Trustee has waived Document the requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee. - ----------------------------------------------------------------------------- Report/ Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS - ------------------------------------------------------------------------------ [ x ] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [ x ] [ ] Balance Sheet (Form 2-C) [ x ] [ ] Profit and Loss Statement (Form 2-D) [ x ] [ ] Supporting Schedules (Form 2-E) [ x ] [ ] Quarterly Fee Summary (Form 2-F) [ x ] [ ] Narrative (Form 2-G) [ x ] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ------------------------------------------------------------------------------ I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: October 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 October 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 September 30, 1997 Form 2-G - ------------------------------------------------------------------------------ Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of September 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 September and the first part of October 1997(1) (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: The Segal v. Portland General, et al. action pending in the United States District Court, Case No. 92-C-364-J (the "Litigation") has been discussed at length in the previous Monthly Financial Reports filed by the Trustee and in the Trustee's five (5) Annual Reports, including the Report for the period of July 1, 1996 through June 30, 1997 filed on September 14, 1997 concerning the Administration of the Estate. These Reports (which are on file with both the Bankruptcy Court and the Securities & Exchange Commission) must be reviewed for an understanding of the history and nature of the Litigation, including previous settlements(2) reached by the Trustee. For all practical purposes the Litigation has been concluded (but also see the discussion below). - --------------- (1) This narrative attempts to sumarize significant events affecting the Company through October 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. On September 30, 1997 the Court entered its ruling on the Trustee's Motion for Reconsideration. The Court denied the Motion for Reconsideration and simultaneously entered judgment dismissing the Trustee's Complaint against William P. Cerutti, with each party to bear his own costs. On or about September 9, 1997 the Trustee timely received from Piper-Jaffray the $1,500,000.00 payment as required by the August 12, 1996 settlement agreement between the Company & Piper Jaffray (such settlement being in connection with the Segal (Trustee) v. Portland General et. al litigation). The Trustee has also entered into "tolling agreements" with certain persons which agreements toll the running of any applicable statute of limitation which might otherwise bar the Trustee from initiating suit against such person. The Trustee is considering possible claims against only two (2) individuals who executed tolling agreements. If the Trustee is not able to settle possible claims held by the estate against such persons, then in the next few months the Trustee, through his special litigation counsel, may commence additional litigation. On September 30, 1997 the Trustee entered into a formal Settlement Agreement with KLM Collections, Inc., a dissolved Utah professional corporation formerly known as Kruse, Landa & Maycock, a professional corporation, Kruse, Landa & Maycock, L.L.C., James R. Kruse and The Home Insurance Company (collectively the "Kruse Parties"); some of the Kruse Parties had signed tolling agreements. Pursuant to the settlement, the Kruse Parties have agreed to pay the Trustee $900,000.00 and the parties have agreed to a mutual release of claims against one another. The settlement is conditioned upon approval by the United States Bankruptcy Court. The $900,000.00 has been paid to the Trustee and is being held by the Trustee pending approval. A hearing of the Trustee's Motion for Approval of the Settlement Agreement is scheduled for November 4, 1997. 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. There have however been no curtailments over the last several Reporting Periods. It is NCA #1's position that the curtailments are in possible violation of applicable curtailment protocols and possible breach of NCA #1's Power Purchase Contract with NPC. NCA #1 and representatives of NPC have reached a preliminary settlement agreement relating to this curtailment issue, which settlement is subject to the approval of the Projects Lending Group and the Public Service Commission of Nevada ("PSCN"). The Trustee continues to monitor the appeal before the First Judicial District Court of the State of Nevada of curtailment protocols issued by the Public Service Commission of Nevada. A stipulation staying the briefing schedule and permitting PSCN's approval of the settlement agreement, has been signed by the parties. On October 1, 1997 the Projects Lending Group approved the settlement agreement and the settlement agreement was signed by the parties on October 3, 1997. It is now expected that the Petition for Approval of the settlement will be promptly filed with 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. Bonneville Nevada Corporation received a distribution from NCA #1 in the amount of $1,980,000.00 on September 10, 1997. During this reporting period Bonneville Nevada Corporation, from funds on deposit from the September distribution and prior distributions, up-streamed to the Company $5,000,000.00 as reflected in the attached financial statements. On August 20, 1996 the Trustee filed a Motion for Establishment of a Supplementary Claims Bar Date seeking to set December 16, 1996 as the supplementary claims bar date by which all creditors of Bonneville who had not previously been adequately notified to file claims must complete and file a proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes that most of the new claims which have been filed relate to possible claims against Bonneville arising out of the purchase or sale of its securities. See 11 U.S.C. Section 510(b). A hearing on the Motion was scheduled before the Bankruptcy Court on September 10, 1996. No objections to the Motion were filed and at the hearing the Court granted the Motion and signed an order establishing the supplementary claims bar deadline. Consequently, the Trustee proceeded with the action authorized by the order granting the Motion; specifically, notice was sent to thousands of potential claimants and notice was published in newspapers of general circulation throughout the United States. Through December 16, 1996 approximately 4,000 new proofs of claim were filed with the Bankruptcy Court and approximately 350 additional claims have been filed since December 16, 1996. A total of more than 4,600 proofs of claims have now been filed. The Trustee has completed his initial review of each of the claims. See the Trustee's Preliminary Report (Estimate) Concerning Claims Filed Against the Estate filed on or about March 17, 1997 and the Annual Report for the period July 1, 1996 through June 30, 1997 filed by the Trustee on September 4, 1997. The Trustee anticipates that he will likely object to a number of the new claims which have been filed and has filed the first of the objections; for example, the Trustee filed objections to the individual claims filed by current holders of the Company's debentures because such claims are duplicative of the $64,750,000.00 claim filed by the Indenture Trustee, Norwest Bank (Claim No. 146). The hearing on the objection was held as scheduled August 18, 1997, at which hearing the Court disallowed the claim of each individual bondholder evidenced by a filed Proof of Claim on the basis that such claims were duplicative of the claim filed by the Indenture Trustee. The Trustee is also in the process of preparing to file additional objections to claims to resolve claims that (a) are not sufficiently documented as required by Rule 3001 of the Bankruptcy Rules or (b) were filed after the supplementary claims bar date. The Company made arrangements to have certain geothermal wells associated with the Mammoth project in California plugged. The work to plug and abandon the wells has been completed at a cost of approximately $110,000.00. Efforts are in process to obtain the required releases from the State of California - Department of Conservation Division of Oil, Gas and Geothermal Resources so that bonds posted by the Company can be released. 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 has proceeded as if its tax year has been changed. The Company completed preparation of its U.S. Corporate Income Tax Return for the short year ending December 31, 1996, which tax return was filed on September 15, 1997 with a letter request pursuant to 11 U.S.C. Section 505(b) for a determination of any tax owing. The Internal Revenue Service, by letter dated October 8, 1997, notified the Trustee that the tax return for the short year ending December 31, 1996 was accepted as filed. The Company's net operating loss carry forward for federal corporate income tax purposes as set forth in the Company's U.S. Corporate Income Tax Return for the period ending December 31, 1996 is only approximately $3,488,000.00. On June 23, 1997, the Bankruptcy Court granted the Trustee's Motion for Management Retention Programs for the Company's Subsidiaries. The Trustee has been working with the employees of Bonneville Fuels Corporation and Bonneville Pacific Service Corporation on employment agreements, all of which employment agreements have now been prepared and signed. In preparation for a plan of reorganization, the Trustee on behalf of the Company made a decision to employ Hein + Associates, a national accounting firm, to prepare audited financial statements for Bonneville Pacific Corporation. An application seeking approval of the employment was filed and hearing on the application was held as scheduled on December 20, 1996. At the hearing the Court approved the application. Hein + Associates has been employed and has completed most of the work required for the audits. At this time it is not known whether interest will ever be paid on any allowed unsecured claim because (a) it is not at all clear that the estate will possess sufficient funds to pay interest on any particular class of claims, and (b) the law concerning payment of interest to any particular class of claims is not clear and therefore, even if sufficient funds did exist, the issue of payment of interest (and the applicable rate of interest, if any, and from what date), to any particular class of claims would have to be either consensually resolved in a plan of reorganization or would have to be adjudicated by a court of competent jurisdiction. One party in interest, C. Derek Anderson, filed with the Bankruptcy Court on or about September 25, 1997 a motion to determine status of unsecured creditor claims for post-petition interest; that motion has not been served or set for hearing. The Company and the Trustee are now continuing with efforts to formulate and propose a plan of reorganization. While general plan negotiations with parties in interest have now commenced and the Trustee has had discussions 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. To date a general consensus among creditors as to an agreeable plan of reorganization has not been reached. In January of 1997 the Trustee, his counsel and the Company's management interviewed several firms who were interested in serving as the Trustee's financial advisor (investment banker) in connection with valuing the Company's (and its affiliates') business assets and assisting the Trustee concerning plan of reorganization issues. The Trustee, with the participation of others, concluded that the firm of Bear Stearns & Co., Inc. was the best qualified to provide the desired service. The Trustee caused an Application seeking approval of his employment of Bear Stearns & Co., Inc as Financial Advisor to be filed with the Bankruptcy Court. The hearing on the Application was held as scheduled on March 20, 1997, at which hearing the Court approved the Application. Bear, Stearns & Co. has been employed by the Trustee and is now in the process of reviewing information and documentation to enable it to provide the required financial advisory services. Bear, Stearns & Company has preliminarily completed most of its initial work in valuing the Company's (and its affiliates) business assets but has made no written report to the Trustee. The Trustee has not yet decided whether to make public the valuation work to date performed by Bear, Stearns & Company. However, in part based upon the preliminary valuation work of Bear, Stearns & Company, the Trustee is of the opinion that the book value of the Company's business assets, which is the value used on the Company's balance sheet which is included in these Monthly Financial Statements filed with the Bankruptcy Court (under the category "Other Assets: Investment in and advances to subsidiaries and partnership") is likely materially less than the current fair market value of such business assets. The Trustee has employed the law firm of Weil, Gotshal & Manges, L.L.P., with its principal office in New York City, as Special Plan Counsel. The purpose of the employment includes, but is not limited to, advising the Trustee concerning tax issues and assisting the Trustee and his General Counsel concerning a plan of reorganization and issues relating thereto. For additional information concerning the Company see the "Report of Trustee Regarding Administration of the Estate from July 1, 1996 through June 30, 1997" filed by the Trustee on September 4, 1997. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period September 1 - September 30, 1997 - ----------------------------------------------------------------------------- CASH RECONCILIATION 1. Beginning Cash Balance: $136,632,109.78 2. Cash Receipts: (See Page 2 of 2) 7,151,082.35 3. Cash Disbursements: (See Page 2 of 2) (957,979.91) ------------ 4. Net Cash Flow: 6,193,102.44 ------------ 5. Ending Cash Balance: $142,825,212.22 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION - --------------------------- -------------- ------------------------ PAYROLL ACCOUNT $482.68 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 534.09 KEY BANK OF UTAH GENERAL CORP CASH 318,898.19 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 2,727,741.32 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,258,148.43 (A) US BANK CHPTR 11 TRUSTEE - JT CD 14,633,595.35 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JT CD 20,815,154.49 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 16,012.38 (A) BANK ONE CHPTR 11 TRUSTEE JOINT MMA ACCT 92,839,159.84 (A) NATIONS BANK PROCEEDS FROM ASSET SALES 4,077.50 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 211,407.95 KEY BANK OF UTAH ---------- $142,825,212.22 =============== (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 September 1- September 30, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,459.08 A PAYROLL TAX ACCOUNT 8,339.67 B GENERAL CORP CASH 137,916.47 C CHPTR 11 TRUSTEE JOINT ACCT 1,509,120.51 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JT CD 52,113.65 F CHPTR 11 TRUSTEE - JT CD 5,000,000.00 G CHPTR 11 TRUSTEE JT SAVINGS 57.17 H CHPTR 11 TRUSTEE JOINT MMA ACCT 451,159.84 I PROCEEDS FROM ASSET SALES 10.88 J KYOCERA MAINTENANCE RESERVE 10,703.83 K --------- 7,188,881.10 LESS: ACCOUNT TRANSFERS (37,798.75) --------- TOTAL CASH RECEIPTS $7,151,082.35 =============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,499.53 A PAYROLL TAX ACCOUNT 8,364.02 B GENERAL CORP CASH 967,463.22 D CHPTR 11 TRUSTEE JOINT ACCT 8.12 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JT CD 0.00 F CHPTR 11 TRUSTEE - JT CD 0.00 G CHPTR 11 TRUSTEE JT SAVINGS 0.00 H CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 I PROCEEDS FROM ASSET SALES 0.00 J KYOCERA MAINTENANCE RESERVE 443.77 K ------ 995,778.66 LESS: ACCOUNT TRANSFERS (37,798.75) --------- TOTAL CASH DISBURSEMENTS $957,979.91 ===========
Form 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/11/97 CK# 6557 BPC - GENERAL $9,751.51 PAYROLL TRANSFER 09/26/97 CK# 6573 BPC - GENERAL 9,707.57 PAYROLL TRANSFER -------- TOTAL CASH RECEIPTS $19,459.08 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 09/15/97 PAYROLL SUMMARY $9,751.51 09/30/97 PAYROLL SUMMARY 9,707.57 09/30/97 BANK STMT KEY BANK OF UTAH 40.45 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $19,499.53 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/11/97 CK# 6558 BPC - GENERAL $4,182.28 PR TAX TRANSFER 09/26/97 CK# 6574 BPC - GENERAL 4,157.39 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $8,339.67 =========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 09/11/97 KEY TAX KEY BANK OF UTAH $3,477.03 FEDERAL TAX DEPOSIT 09/26/97 KEY TAX KEY BANK OF UTAH 3,455.85 FEDERAL UNEMPLOYMENT TAX 09/26/97 CK# 1248 UTAH ST TAX COMMISSION 1,406.79 STATE TAX DEPOSIT 09/30/97 BANK STMT KEY BANK OF UTAH 24.35 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $8,364.02 =========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period September 1 - September 30, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/16/97 DS091697 THERAPIST UNLIMITED $361.00 RENT INCOME-OFFICE SPACE 09/16/97 DS091697 SAN DIEGO GAS & ELECTRIC 1,528.38 ENERGY REVENUE-KYOCERA 09/16/97 DS091697 BONNEVILLE FUELS 16,287.06 EXPENSE REIMBURSEMENT 09/16/97 DS091697 OLSEN REED 56.54 EXPENSE REIMBURSEMENT 09/16/97 DS091697 FIRST SECURITY BANK 457.25 SETTLEMENT PYMT - CORRADINI 09/16/97 DS091697 FIRST SECURITY BANK 1,246.03 SETTLEMENT PYMT - CORRADINI 09/16/97 DS091697 T. HOUGHTON 477.57 INSURANCE REIMBURSEMENT 09/16/97 DS091697 C. MOWER 29.97 EXPENSE REIMBURSEMENT 09/16/97 DS091697 J. ALLSOP 1,135.32 INSURANCE REIMBURSEMENT 09/16/97 DS091697 CSC NETWORKS 165.00 EXPENSE REIMBURSEMENT 09/23/97 DS092397 KYOCERA AMERICA 113,210.22 ENERGY REVENUE-KYOCERA 09/30/97 BANK STMT KEY BANK OF UTAH 2,962.13 INTEREST INCOME -------- TOTAL CASH RECEIPTS $137,916.47 ===========
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 09/03/97 1006526 AMPCO SYSTEM PARKING $195.00 RENT-PARKING 09/03/97 1006527 BENEFICIAL LIFE INSURANCE 753.15 INSURANCE-LIFE 09/03/97 1006528 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT 09/03/97 1006529 FLORAL TAPESTRY 94.43 OFFICE SUPPLIES & EXPENSE 09/03/97 1006530 KWIK KOPY 56.41 OFFICE SUPPLIES & EXPENSE 09/03/97 1006531 MOUNTAIN STATES OFFICE PRODUCTS 235.86 OFFICE SUPPLIES & EXPENSE 09/03/97 1006532 CLARK MOWER 307.62 TRAVEL EXPENSE REIMBURSMNT 09/03/97 1006533 SEDGWICK OF COLORADO INC 80,506.00 INSURANCE-LIABILITY & PROP 09/03/97 1006534 UNUM LIFE INSURANCE CO 1,584.57 INSURANCE-DISABILITY 09/03/97 1006535 UTAH DIVISION OF CORP & COMM 10.00 OFFICE SUPPLIES & EXPENSE 09/03/97 1006536 PARK CORPORATION 18,364.92 SETTLEMENT PAYMENT 1006537 VOID 09/09/97 1006538 50 WEST BROADWAY ASSOCIATES 12,573.00 RENT-OFFICE SPACE & PARKING 09/09/97 1006539 50 WEST BROADWAY ASSOCIATES 12,573.00 RENT-OFFICE SPACE & PARKING 09/09/97 1006540 BEUS GILBERT & MORRILL 495,000.00 PROFESSIONAL FEES 09/10/97 1006541 AIRBORNE EXPRESS 142.80 EXPRESS MAIL EXPENSE 09/10/97 1006542 BONNEVILLE PACIFIC SERVICES 1,158.15 KYOCERA-O&M EXPENSE 09/10/97 1006543 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 09/10/97 1006544 THE COBB GROUP 39.00 OFFICE SUPPLIES & EXPENSE 09/10/97 1006545 MARCIA CUSTER 80.75 EXPENSE REIMBURSEMENT 09/10/97 1006546 FRONTIER COMMUNICATIONS 578.84 TELEPHONE EXPENSE 09/10/97 1006547 MOUNT OLYMPUS WATER 4.21 OFFICE SUPPLIES & EXPENSE 09/10/97 1006548 OMNI COMPUTER PRODUCTS 79.38 OFFICE SUPPLIES & EXPENSE 09/10/97 1006549 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE 09/10/97 1006550 THE PRUDENTIAL 1,314.97 INSURANCE-DISABILITY 09/10/97 1006551 PRODUCTIVITY POINT INTERNATIONAL 25.00 CONFERENCES & SEMINARS 09/10/97 1006552 REDMAN VAN & STORAGE CO INC 560.36 RENT-STORAGE SPACE 09/10/97 1006553 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE 09/10/97 1006554 STOREY DRILLING SERVICES 34,535.00 COST OF ABANDONED PROPERTY 09/10/97 1006555 SWIRE COCA COLA USA 10.62 OFFICE SUPPLIES & EXPENSE 09/10/97 1006556 XEROX CORPORATION 297.96 OFFICE SUPPLIES & EXPENSE 09/11/97 1006557 BPC-PAYROLL ACCOUNT 9,751.51 TRANSFER-PAYROLL ACCT 09/11/97 1006558 BPC-PAYROLL TAX ACCOUNT 4,182.28 TRANSFER-PAYROLL TAX ACCT 09/11/97 1006559 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS 09/11/97 1006560 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 09/15/97 1006561 KEY BANK 209,771.00 FEDERAL INCOME TAX PAYMENT 09/15/97 1006562 NEW MEXICO TAXATION & REVENUE 50.00 STATE INCOME TAX PAYMENT 09/17/97 BANK STMT KEY BANK 16.81 CANADIAN FUNDS ADJUSTMNT 09/17/97 1006563 AIRBORNE EXPRESS 88.77 EXPRESS MAIL EXPENSE 09/17/97 1006564 GENERATOR POWER SYSTEMS INC 32,434.93 KYOCERA-O&M EXPENSE 09/17/97 1006565 PITNEY BOWES INC 338.46 OFFICE SUPPLIES & EXPENSE 09/17/97 1006566 TRAVEL ZONE CRUISE ZONE 2,726.00 TRAVEL EXPENSE 09/17/97 1006567 US WEST COMMUNICATIONS 781.76 TELEPHONE EXPENSE 09/26/97 1006568 FEDERAL EXPRESS INC 12.00 EXPRESS MAIL EXPENSE
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE DOC # PAYEE AMOUNT DESCRIPTION 09/26/97 1006569 GENERATOR POWER SYSTEMS INC 4,936.00 KYOCERA-O&M EXPENSE 09/26/97 1006570 CLARK MOWER 1,090.80 TRAVEL REIMBURSEMENT 09/26/97 1006571 SEDGWICK OF COLORADO INC 14,241.00 INSURANCE-LIABILITY & PROP 09/26/97 1006572 SEDGWICK OF COLORADO INC 250.00 INSURANCE-BONDS 09/26/97 1006573 BPC-PAYROLL ACCOUNT 9,707.57 TRANSFER-PAYROLL ACCT 09/26/97 1006574 BPC-PAYROLL TAX ACCOUNT 4,157.39 TRANSFER-PAYROLL TAX ACCT 09/26/97 1006575 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS 09/26/97 1006576 WELLS FARGO BANK 37.04 401K LOAN PAYMENT 09/30/97 BANK STMT KEY BANK OF UTAH 15.85 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $967,463.22 ===========
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period September 1 - September 30, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/30/97 PIPER JAFFERY $1,500,000.00 SETTLEMENT PAYMENT 09/30/97 BANK STMT KEY BANK 9,120.51 INTEREST INCOME -------- TOTAL CASH RECEIPTS $1,509,120.51 =============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 09/30/97 BANK STMT KEY BANK OF UTAH 8.12 BANK SERVICE CHARGE
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period September 1 - September 30, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/30/97 BANK STMT KEY BANK OF UTAH $52,113.65 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 September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/30/97 BONNEVILLE NEVADA CORPORATION $5,000,000.00 DIVIDEND INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
G DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION NONE
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
N/A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/30/97 BANK STMT BANK ONE $57.17 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
H DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - MMA Account For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/30/97 BANK STMT NATIONS BANK $451,159.84 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION NONE
I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/30/97 BANK STMT KEY BANK OF UTAH $10.88 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
J DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period September 1 - September 30, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 09/01/97 CK# 6528 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 09/30/97 BANK STMT KEY BANK OF UTAH 703.83 INTEREST INCOME ------ TOTAL CASH RECEIPTS $10,703.83 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 09/17/97 CK #1030 GENERATOR POWER SYSTEMS INC $443.77 KYOCERA O&M EXPENSE
K DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of September 30, 1997 - ------------------------------------------------------------------------------ ASSETS Current Assets: Cash $142,825,212 Accounts receivable - trade 134,794 Accounts receivable - settlements (Note 4) 5,645,305 Accounts receivable - affiliates 284,523 Prepaid insurance 51,783 Accrued interest receivable 261,061 ------- Total current assets $149,202,678 Fixes Assets: Land 198,424 Equipment, furniture and fixtures 3,785,116 --------- Total fixed assets 3,983,540 Less: Accumulated depreciation (3,125,821) --------- Net fixed assets 857,719 Other Assets: Investment in and advances to subsidiaries and partnership 29,127,006 Other assets 1,820 ----- Total other assets 29,128,826 ---------- TOTAL ASSETS $179,189,223 ============ LIABILITIES Post-Petition Liabilities: Accounts payable - trade $123,075 Accounts payable - professional fees and costs 2,368,854 Accrued income taxes payable (Note 5) 219,176 Taxes payable 113,067 Accrued interest 0 - Total post-petition liabilities $2,824,172 Pre-Petition Liabilities: Priority claims 5,180 Secured debt 0 Unsecured debt (Notes 1 and 3) 100,005,754 ----------- Total Pre-Petition Liabilities 100,010,934 ----------- TOTAL LIABILITIES 102,835,106 Commitments and Contingent Liabilities (Note 3) OWNER'S EQUITY Capital Stock or Owner's Investment 213,752 Paid-In-Capital 121,590,029 Treasury Stock (2,308,255) Retained Earnings: Pre-Petition (56,551,908) Post-Petition 13,410,499 ---------- TOTAL OWNER'S EQUITY (Notes 1 and 3) 76,354,117 ---------- TOTAL LIABILITIES AND OWNER'S EQUITY $179,189,223 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period September 1 - September 30, 1997 - ------------------------------------------------------------------------------ Gross operating revenue $209,731 Less discount, returns and allowances 0 - Net operating revenue $209,731 Cost of goods sold 207,666 ------- Gross profit 2,065 Operating expenses: Salaries and wages 28,581 Rent and leases 24,586 Payroll taxes 1,375 Insurance 2,312 Other 59,842 ------ Total operating expenses (116,696) ------- Operating income (loss) (114,631) Legal and professional fees and costs (Note 4) 77,592 Depreciation, depletion and administration 1,333 Claims settlement expense 0 Interest expense 0 - Total (78,925) ------ Net operating income (loss) (193,556) Non-operating income and (expenses): Interest income 608,118 Other income 5,781 Other income - settlements (Note 4) 56,887 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 923,347 ------- Net non-operating income or (expenses) 1,594,133 --------- Net income (loss) before income taxes 1,400,577 Provision for income taxes (Note 5) 28,000 ------ NET INCOME (LOSS) $1,372,577 ========== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period September 1 to September 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, pre-petition unsecured debt does not include any accrual of interest after December 5, 1991. These financial statements are prepared in a format required by the U.S. Bankruptcy Code. While every effort is made to comply with generally accepted accounting principles (GAAP), these financial statements may not comply with GAAP in all respects. Also see the narrative which is attached hereto. 2. Equity in earnings of subsidiaries and partnerships represents an accrual of the Company's share of earnings or losses of its operating subsidiaries and partnerships. These earnings are affected by a number of factors including seasonality, operating costs and operating efficiency. The operating entities which comprise these earnings include Bonneville Pacific Services Company, Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its investment in the NCA #1 Partnership. 3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and potential claims include pre-petition debenture sale claims in the approximate amount of $5,500,000.00, post-petition debenture sale claims in the approximate amount of $11,000,000.00, limited partner claims in the approximate amount of $4,000,000.00, Section 510(b) equity claims in the approximate amount of $50,000,000.00 (including the $10,000,000.00 allowed compromised claim of CIGNA and the $3,000,000.00 claim filed by the plan Trustee for the debtor's ESOP plan) and $8,945,000.00 in deeply subordinated claims, accrued interest on certain claims and potential administrative fees which may be allowed by the Bankruptcy Court. The recording of the above described liabilities, if allowed, will reduce equity by a corresponding amount. For further information concerning liabilities and potential claims, see the "Trustee's Preliminary Report (Estimate) Concerning Claims Filed Against the Estate" dated March 17, 1997, which was originally filed on March 17, 1997 and which was originally attached to the Financial Report for the period February 1, 1997 through February 28, 1997 and the "Report of Trustee Regarding Administration of the Estate from 7/1/96 through 6/30/97" filed with the Bankruptcy Court on September 4, 1997. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements (Continued) For Period September 1 to September 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 September 30, 1997 and are reflected on the September 30, 1997 Financial Statements. Approved settlements are as follows: W. Johnson $1,145,305 Westinghouse Electric 3,000,000 Piper Jaffray 1,500,000 --------- $5,645,305 5. As of December 31, 1996, Bonneville and Subsidiaries had approximately $3,488,000 in federal net operating loss carry-forwards for Federal Income Tax purposes and approximately $6,925,000 in Alternative Minimum Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of current Alternative Minimum Taxable Income can be offset by Alternative Minimum Tax Loss carry-forwards. Form 2-D Page 3 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For the Period September 1 to September 30, 1997
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $0.00 $0.00 ($4,183.86) $2,097.69 09/11/97 KEY TAX $0.00 2,086.17 09/26/97 KEY TAX State 0.00 (1,406.79) 1,406.79 09/26/97 1248 FICA tax withheld 0.00 (1,374.51) 689.67 09/11/97 KEY TAX 684.84 09/26/97 KEY TAX 0.00 Employer's FICA tax 0.00 (1,374.51) 689.67 09/11/97 KEY TAX 684.84 09/26/97 KEY TAX 0.00 Unemployment tax: Federal 0.00 KEY TAX 0.00 State 0.00 KEY TAX 0.00 Sales, use & excise taxes 0.00 (2,217.00) 0.00 Property taxes (110,850.00) (113,067.00) Accrued income tax: Federal (400,947.00) 0.00 (28,000.00) 209,771.00 09/15/97 1006561 (219,176.00) State 0.00 0.00 0.00 0.00 0.00 Delaware franchise tax 0.00 0.00 Employee withholding 0.00 0.00 (1,505.80) 752.90 09/11/97 1006559 0.00 752.90 09/26/97 1006575 ---- ---- -------- ------ ---- TOTALS ($511,797.00) $0.00 ($40,062.47) $219,616.47 ($332,243.00) =========== ===== ========== =========== ===========
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period September 1 to September 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) 09/30/97 General Liability Travelers Insurance/ Sedgwick James 5,000,000 08/17/98 08/17/98 Vehicles Travelers Insurance/ (Hired/Non-Owned) Sedgwick James 5,000,000 08/17/98 08/17/98 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/98 08/17/98 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/98 08/17/98
(A) All workers compensation insurance policies are insured through various state insurance funds. As such, they continue in force as premiums are paid and have no policy expiration dates. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period September 1 to September 30, 1997 - ------------------------------------------------------------------------------
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $5,779,996 $118,501 $2,368,854 30 to 60 days 0 0 0 61 to 90 days 82 0 0 Over 90 days 21 4,574 0 -- ----- - Total post-petition 5,780,099 123,075 2,368,854 Pre-petition amounts 0 3,716,298 0 - --------- - Total accounts receivable $5,780,099 ========== Total accounts payable $3,839,373 $2,368,854 ========== ========== Affiliate Accounts Receivable Under 30 days $5,461 30 to 60 days 53,624 61 to 90 days 0 Over 90 days 225,438 ------- Total post-petition affiliate accounts receivable $284,523 ========
Form 2-E Page 3 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments of Fees and Costs to Attorneys and Other Professionals For Period September 1 to September 30, 1997 - -----------------------------------------------------------------------------
Date of Court Estimated Amount Paid Approval Balance Due Court Appointed Trustee $0 $49,777 (1) Trustee's Counsel 0 168,841 (1) Trustee's Accountants 0 75,738 Trustee's Special Plan Counsel 0 75,000 Special Litigation Counsel for Trustee - Costs 0 13,437 Trustee - Fees 495,000 09/09/97 1,835,139 (2) Auditors 0 10,922 Financial Consultants 0 140,000 - ------- Total $495,000 $2,368,854 ======== ==========
(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 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. $1,500,000.00 - Piper Jaffray Settlement Fees - $495,000.00 3. $1,050,000.00 - Johnson Settlement Fees - $346,500.00 4. $2,361.00 - Cost Offset 5. $30,000.00 - Gerry Monson Settlement Fees - $6,000.00 The $3,000,000.00 Westinghouse settlement payment, the $1,500,000.00 Piper Jaffray settlement payment and approximately $1,145,305.00 of the Johnson settlement have not yet been received. Settlements have been booked as receivables. Form 2-E Page 4 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period September 1 to September 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 $1,398.42
Form 2-E Page 5 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary Month Ended September 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 04/17/97 April 4,093,233.83 May 128,144.26 June 152,976.15 ---------- Total 2nd Quarter 4,374,354.24 $8,000.00 1006458 07/23/97 July 126,042.84 August 2,298,948.13 September 957,979.91 ---------- Total 3rd Quarter 3,382,970.88 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-----