-----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, PXL1sVqp5fZ74nyVmS5LCWWxZbIfmdZPNSU8gmrOlj47hPsZRc2K1/WVdeCLmyKX n4Y7HGAK0vzmWHpbuiHdKg== 0000795182-98-000025.txt : 19980820 0000795182-98-000025.hdr.sgml : 19980820 ACCESSION NUMBER: 0000795182-98-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980615 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980819 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: 98694678 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) August 17, 1998 BONNEVILLE PACIFIC CORPORATION ------------------------------ (Exact name of registrant as specified in charter) Delaware 0-14846 87-0363215 ----------------------------------------------------------------- (State or other (Commission (IRA Employer jurisdiction of File Number) Identification No.) incorporation) 50 West 300 South, Suite 300, Salt Lake City, Utah 84101 - ----------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (801) 363-2520 -------------- (Former name or former address, if changed since last report) Not applicable -------------- Item 3. Bankruptcy or Receivership. On December 5, 1991, the Registrant filed a petition in the United States Bankruptcy Court for the District of Utah, Central Division, Case No. 91A-27701, seeking protection to reorganize under Chapter 11 of the Federal Bankruptcy Code. Subsequent to the filing, the Registrant has applied to the Securities and Exchange Commission (the "Commission") to modify its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On April 9, 1992, the Commission indicated that it would raise no objection if the Registrant modified its reporting obligations under the Exchange Act. A copy of the Monthly Financial Report for the period July 1, 1998 to July 31, 1998, as filed with the bankruptcy court is included as an exhibit hereto. On June 12, 1992, Roger G. Segal was appointed as the Chapter 11 Bankruptcy Trustee for the Company. Item 5. Other Events. For information on litigation and matters previously reported, refer to the narrative on pages Form 2-G of the accompanying bankruptcy report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /s/ Roger G. Segal By: Roger G. Segal, Chapter 11 Trustee DATED August 17, 1998 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /s/ R. Stephen Blackham By: R. Stephen Blackham, Assistant Controller DATED August 17, 1998 INDEX TO EXHIBITS Exhibit Page No. 28.1 Monthly Financial Report - Chapter 11, for the period July 1, 1998 to July 31, 1998, of the Registrant, dated August 17, 1998 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on August 17, 1998 . . . . . . . . . . 5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period July 1 to July 31, 1998 --------- ----------------------- Accounting Method Used: [X] Accrual Basis [ ] Cash Basis COVER SHEET - ----------------------------------------------------------------------------- THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE Mark One Box MONTH. The debtor must attach each of the following For Each Required reports/documents unless the U.S. Trustee has waived Report/Document the requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee - ----------------------------------------------------------------------------- Report/ Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS - ----------------------------------------------------------------------------- [X] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [X] [ ] Balance Sheet (Form 2-C) [X] [ ] Profit and Loss Statement (Form 2-D) [X] [ ] Supporting Schedules (Form 2-E) [X] [ ] Quarterly Fee Summary (Form 2-F) [X] [ ] Narrative (Form 2-G) [X] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ----------------------------------------------------------------------------- I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: August 17, 1998 --------------- Debtor(s): BONNEVILLE PACIFIC CORPORATION /s/ R. Stephen Blackham By: R. Stephen Blackham Position: Assistant Controller Statement of Chapter 11 Trustee Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville Pacific Corporation, having been so appointed on June 12, 1992, hereby states that he has reviewed the following Monthly Financial Report and any attachments thereto and that, based on his review and the representations of officers and employees of the debtor, Bonneville Pacific Corporation, he believes that the information contained in the Monthly Financial Report and attachments is true and correct. However, neither Roger G. Segal, Chapter 11 Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G. Segal, Chapter 11 Trustee, has had an opportunity to independently verify that the information contained in the following Monthly Financial Report and the attachments thereto is true and correct. DATED this 17th day of August 1998. /s/ Roger G. Segal By: Roger G. Segal, Chapter 11 Trustee DEBTOR: BONNEVILLE PACIFIC CORPORATION Bankruptcy No. 91A-27701 Narrative For the Month Ended July 31, 1998 Form 2-G - ----------------------------------------------------------------------------- Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of July 1998 (the reporting period). These activities have included responding to the Operating Guidelines and Reporting Requirements for Chapter 11 debtors. Significant actions related to the Company during the month of July and the first part of August 1998(1) (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: The SEGAL V. PORTLAND GENERAL, ET AL. action in the United States District Court, Case No. 92-C-364-J (the "Litigation") has been discussed at length in the previous Monthly Financial Reports filed by the Trustee. The Litigation has been concluded. The Trustee also entered into "tolling agreements" with certain persons which agreements toll the running of any applicable statute of limitation which might otherwise bar the Trustee from initiating suit against such person. The Trustee is no longer considering possible claims against any person who executed a tolling agreement and at this time the Trustee does not anticipate that litigation will be commenced against any person who entered into a tolling agreement. - --------------- (1) This narrative attempts to summarize significant events affecting the Company through approximately August 14, 1998. On December 1, 1997, the Trustee filed a Motion for Authority to Terminate the Debtor's ESOP and Distribute its Assets among the ESOP's 199 Participants, all of whom are past and/or present employees of the Debtor and its subsidiaries. A hearing on the Motion was held as scheduled on January 12, 1998 at which hearing the Court approved the Motion. The Company, the ESOP Trustee and the Trustee are continuing with the action necessary to terminate the ESOP and to distribute the ESOP assets to the qualified participants. The assets of the ESOP that are being distributed to the participants include an allowed, pre-petition $984,245.47 Section 510(b) equity claim against the Company arising from the ESOP's purchase of the Company's common stock. The Trustee and his counsel continue to monitor the Company's 50% general partnership interest in NCA #1 owned through the Company's wholly owned subsidiary, Bonneville Nevada Corporation. NCA #1 is a Nevada general partnership that owns an 85-megawatt cogeneration project located near Las Vegas, Nevada. As previously reported, Nevada Power Company and NCA #1 have resolved their dispute concerning curtailment issues and the settlement has been approved. On September 27, 1996, NCA #1 was served with Findings and Notices of Violation issued by Region IX of the United States Environmental Protection Agency (the "EPA") for alleged violations of the Clean Air Act's Prevention of Significant Deterioration program applicable for the State of Nevada. Specifically, EPA alleges that NCA #1, contrary to applicable operating permits, failed to timely install "Best Available Control Technology" at the plant in the form of a selective catalytic reduction system to control Nox emissions. Management of NCA#1 has disputed the EPA's claims. Representatives of both sides of this dispute have reached an agreement in principle. Attorneys for the EPA have recently submitted a revised draft of a proposed agreement ("Consent Decree") which has been reviewed by representatives of NCA#1 and representatives of NCA #1 have provided their comments concerning the revised draft of the proposed agreement to attorneys for the EPA and which the parties anticipate will be finalized and signed sometime later this year. On April 22, 1998 the Trustee filed with the Bankruptcy Court, the "Disclosure Statement for Trustee's Chapter 11 Plan for the Estate of Bonneville Pacific Corporation Dated April 22, 1998" (hereafter the "Disclosure Statement"). The Trustee believes that the proposed Chapter 11 Plan which is attached to the Disclosure Statement as Exhibit "1" (hereafter "Trustee's Proposed Plan") is consistent with the provisions of the December 31, 1997 "Conditional Letter Agreement" between the Trustee and certain creditors of the Company. The Disclosure Statement, along with all its exhibits, totals approximately 600 pages in length and a copy has been filed with the United States Securities and Exchange Commission. The Disclosure Statement itemizes and discusses in detail all of the Company's assets and liabilities. The Trustee's Proposed Plan sets forth the proposed treatment of all the Company's creditors and equity holders. The Trustee's Proposed Plan, if confirmed by the Bankruptcy Court, would resolve most of the legal and factual disputes which currently affect the Company.(2) A hearing before the Bankruptcy Court on the adequacy of the Disclosure Statement, as well as a hearing on the "Trustee's Motion Regarding Plan Confirmation Issues", was scheduled for June 3, 1998.(3) Wexford Management, L.L.C. ("Wexford") and C. Derek Anderson ("Anderson"), each shareholders of Bonneville, the Ad Hoc Committee of Common Shareholders (consisting of Thomas Keyes, Steven Steinhouse & Wexford) and Billy R. Thedford, a debenture holder, each filed objections to the Trustee's proposed Disclosure Statement (hereafter collectively the "Objecting Parties"). The hearing on the adequacy of the Disclosure Statement and on the Trustee's Motion was held on June 3, 1998 as scheduled. At the hearing the Trustee informed the Court that the Trustee would be making certain amendments to the Trustee's proposed Plan and the Disclosure Statement ("Amendments"). The Court, after hearing the arguments of counsel for the Trustee and for the Objecting Parties, preliminarily ruled that the Disclosure Statement, as modified by the Amendments, would be approved. The Court scheduled a hearing for July 1, 1998 to consider (a) the Amendments to the Disclosure Statement (and any objection thereto); (b) a proposed form of Order Approving the Disclosure Statement (with the Amendments thereto); and (c) modifications to the Trustee's April 22, 1998 "Motion Regarding Plan Confirmation Issues". On June 19, 1998 the Trustee filed his Amendments, including the amendments to the Disclosure Statement (hereafter the "Trustee's Amended Disclosure Statement"), and amendments to the Trustees' Proposed Plan (hereafter the "Trustee's Amended Plan"). Wexford and Anderson filed objections to the Trustee's Amended Disclosure Statement. On July 1, 1998, Anderson also filed a Motion Requesting Continuance of the July 1, 1998 Hearing on the Adequacy of the Trustee's Amended Disclosure Statement. - --------------- (2) One of the issues which would be resolved (settled) if the Trustee's Proposed Plan is confirmed is the amount of post- petition interest to be paid on the approximately $100 million in senior (pre-petition) debt. On December 12, 1997, C. Derek Anderson initiated (and later served) an Adversary Proceeding in the Bankruptcy Court against one of the senior creditors, Halcyon/Alan B. Slifka Management Co.("Halcyon"), seeking a judgment declaring that Halcyon is not entitled to any (or limited) post-petition interest (Adversary Proceeding No. 97PA-2396). The Trustee moved to intervene in the Adversary Proceeding and the Trustee's motion to intervene was granted at a hearing held on March 2, 1998. The Trustee then filed a Motion to Dismiss Anderson's complaint because the Trustee believes that the post-petition interest issue is better resolved (settled) in the plan confirmation process instead of in an adversary proceeding which involves only two parties-in- interest. Halcyon also filed a Motion to Dismiss. The hearing on the Motions to Dismiss was held as scheduled on March 30, 1998 at which hearing the Court granted the Motions and dismissed, without prejudice, the Adversary Proceeding. The Order Dismissing the Adversary Proceeding was entered on April 15, 1998 and Derek Anderson, on or about April 24, 1998, filed an appeal of such Order. The Trustee has filed a Motion to Dismiss the Appeal and Derek Anderson on or about June 5, 1998 filed his opposition to the Trustee's Motion to Dismiss the Appeal. (3) On or about May 18, 1998, the Bankruptcy Court denied C. Derek Anderson's ex-parte motion to continue (for several weeks) the hearing on the adequacy of the Disclosure Statement. Wexford on or about June 15, 1998 filed its "Shareholder's Plan of Reorganization" and on or about June 19, 1998 filed its "Amended Shareholder's Plan of Reorganization" (hereafter "Wexford's Proposed Plan"). On or about June 19, 1998, Wexford filed its Disclosure Statement related to Wexford's Proposed Plan (hereafter "Wexford's Disclosure Statement") and, based upon a Motion to Shorten Time and to Limit Notice, which Motion was granted, a hearing on Wexford's Disclosure Statement was scheduled for July 1, 1998. Wexford's Proposed Plan was similar to the Trustee's Proposed Plan except in Wexford's Proposed Plan claimants in Classes 1, 2, 3 and 4 would receive less interest on their senior unsecured claims with claimants or equity holders in Classes 6 through 11 receiving most of the benefit of such reductions to Classes 1, 2, 3 and 4. The Trustee, Halcyon, Norwest Bank (Indenture Trustee), Wellhead Electric (and affiliates) and State Street Bank filed objections to the adequacy of Wexford's Disclosure Statement. At the hearings held on July 1, 1998, the Bankruptcy Court (1) denied Anderson's Motion to Continue the Hearing on the Trustee's Amended Disclosure Statement; (2) held that Wexford's Disclosure Statement was not sufficient and therefore denied approval of Wexford's Disclosure Statement; (3) approved the Trustee's Amended Disclosure Statement; and (4) approved the Trustee's Amended Motion Regarding Plan Confirmation Issues. On July 2, 1998 the Court entered formal orders (1) Approving the Trustee's Amended Disclosure Statement for the Trustee's Amended Chapter 11 Plan for the Estate of Bonneville Pacific Corporation Dated April 22, 1998; and (2) Scheduling Confirmation Hearing, Temporarily Allowing Claims for Voting Purposes and Approving Other Procedures. A hearing on the confirmation of the Trustee's Amended Plan has been scheduled to begin on August 26, 1998 at 9:00 o'clock a.m. The Trustee's Amended Disclosure Statement along with the Trustee's Amended Plan and ballots, where appropriate, were initially mailed on July 17,1998 to creditors and equity holders in accordance with the Bankruptcy Court's Order. Notice of the confirmation hearing (and other matters related to the Plan) was also published in various newspapers during the first part of July, 1998. Ballots for voting to accept or reject the Trustee's Amended Plan must be received by the Trustee by no later than August 17, 1998 in order to be counted. Objections to the confirmation of the Trustee's Amended Plan must be filed and served by no later than August 17, 1998. At the present time the Trustee does not intend to propose any significant changes to the Trustee's Amended Plan. On August 14, 1998 the Trustee filed a pleading designating his proposed seven (7) person board of directors for the Reorganized Debtor. The currently proposed board members are (1) Steven H. Stepanek, (2) Hal Dittmer, (3) James Bernard, (4) Ralph Cox, (5) Michael Devitt, (6) Michael Fowler and (7) either Mary Draper, Gerald Wedren or Roger Segal. The pleading also contained the Trustee's proposed Restated and Amended By-Laws and Certificate of Incorporation for the Reorganized Debtor. As set forth in the Trustee's Amended Disclosure Statement, the Trustee is of the opinion, based upon the particular facts involved in the Company's bankruptcy proceeding, that the Company will be required to pay some interest on the approximately $100,000,000.00 in "senior" bank, trade and current debenture debt. Accordingly, the Trustee has reflected on the Company's books and reflected in the Company's Corporate Income Tax Returns for the year ended December 31, 1997 the interest liability on the approximate $100,000,000.00 of "senior" claims from the petition date at the rates of interest set forth in the Trustee's Amended Plan. Preparation of the 1997 U.S. Corporate Income Tax Return has been completed and the tax return was filed in late July, 1998, along with a request pursuant to 11 U.S.C. Section 505 (b) for a prompt tax determination. The return reflects no tax due and owing. 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, 1997 is approximately $23,700,000.00 and approximately $26,700,000.00 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. Neither the Trustee nor his tax professionals can or do make any representations concerning the Company's tax situation as the Company's 1997 federal income tax return is subject to review by the Internal Revenue Service. To the extent the Company possesses net operating loss carry forwards, the Trustee and his tax professionals have preliminarily concluded that such net operating loss carry forwards may be substantially restricted by virtue of the provisions of Section 382 of the Internal Revenue Code. In preparation for the possible reorganization of the Company, the Trustee on behalf of the Company made a decision to employ Hein + Associates, a national accounting firm, to prepare audited financial statements for Bonneville Pacific Corporation. An application seeking approval of the employment was filed and a hearing on the application was held as scheduled on December 20, 1996. At the hearing the Court approved the application. Hein + Associates has been employed and has completed most of the work required for the audits for years 1994, 1995, 1996 and 1997. Bear, Stearns & Company (the Trustee's financial advisor/investment banker) has completed its initial work in estimating the value of the Company's (and its affiliates') business assets. The Trustee has made public the summary of such work performed by Bear, Stearns & Company as Exhibit "2" to the Trustee's Amended Disclosure Statement. Based in part upon the work of Bear, Stearns & Company, the Trustee is of the opinion that the book value of the Company's business assets, which is the value used on the Company's balance sheet which is included in these Monthly Financial Statements filed with the Bankruptcy Court (under the category "Other Assets: Investment in and advances to subsidiaries and partnership") is materially less than the current fair market value of such business assets. 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 the Trustee's Amended Plan and issues relating thereto. For over a year, the Trustee (represented by Weil, Gotshal & Manges, L.L.P) has been attempting to resolve the unsecured claim filed by John D. Weesner (Proof of Claim number 3). Weesner's claim arises from Bonneville Pacific Corporation's efforts in the late 1980's to build and operate small, wood- fired electric power generation plants in Vermont. During that period, Bonneville Pacific Corporation entered into various agreements with Weesner, including (1) an agreement whereunder Bonneville Pacific Corporation is by virtue of a guarantee contingently liable for certain royalty payments that Weesner currently receives from the operation of one plant (the "Ryegate Project"), and (2) an agreement to make certain payments to Weesner in the event that Bonneville Pacific Corporation developed another, similar plant (the "Springfield Project"). Subsequent to entering into the agreements with Weesner, Bonneville Pacific Corporation sold its interest in the Ryegate Project and determined that development of the Springfield Project was commercially impossible. Weesner in his filed proof of claim asserts that he is owed an undetermined amount of money (which he estimates could be many millions of dollars) in respect of Bonneville Pacific Corporation's contingent liability of the Ryegate Project royalties, to compensate him in the event that such payments are not made by the current owners of the plant. In the opinion of the Trustee, Weesner has been unwilling to settle his proof of claim in a manner that reflects a realistic assessment of its true value. The Trustee has filed a formal objection to such claim and is proceeding with discovery. A hearing on the objection has not yet been scheduled. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period July 1 - July 31, 1998 CASH RECONCILIATION 1. Beginning Cash Balance: $156,392,873.02 2. Cash Receipts: (See Page 2 of 2) 675,278.46 3. Cash Disbursements: (See Page 2 of 2) (214,935.24) ---------- 4. Net Cash Flow: 460,343.22 ---------- 5. Ending Cash Balance: $156,853,216.24 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $995.49 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 515.72 KEY BANK OF UTAH GENERAL CORP CASH 310,893.76 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 458,086.24 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 11,415,013.85 (A) US BANK CHPTR 11 TRUSTEE - JT CD 20,282,037.04 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JT CD 27,382,350.89 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 32,042.32 (A) BANK ONE CHPTR 11 TRUSTEE JOINT MMA ACCT 96,886,860.28 (A) NATIONS BANK PROCEEDS FROM ASSET SALES 4,181.52 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 80,239.13 KEY BANK OF UTAH --------- $156,853,216.24 ===============
(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 July 1 - July 31, 1998 CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $20,170.76 A PAYROLL TAX ACCOUNT 9,349.68 B GENERAL CORP CASH 183,014.84 C CHPTR 11 TRUSTEE JOINT ACCT 3,513.96 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JT CD 5,000,000.00 F CHPTR 11 TRUSTEE - JT CD 70,515.96 N/A CHPTR 11 TRUSTEE JT SAVINGS 118.21 G CHPTR 11 TRUSTEE JOINT MMA ACCT 417,910.10 H PROCEEDS FROM ASSET SALES 9.61 I KYOCERA MAINTENANCE RESERVE 10,195.78 J --------- 5,714,798.90 LESS: ACCOUNT TRANSFERS (5,039,520.44) ------------ TOTAL CASH RECEIPTS $675,278.46 ===========
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $20,207.48 A PAYROLL TAX ACCOUNT 9,353.53 B GENERAL CORP CASH 224,894.67 D CHPTR 11 TRUSTEE JOINT ACCT 5,000,000.00 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 N/A CHPTR 11 TRUSTEE JT SAVINGS 0.00 G CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 H PROCEEDS FROM ASSET SALES 0.00 I KYOCERA MAINTENANCE RESERVE 0.00 J ---- 5,254,455.68 LESS: ACCOUNT TRANSFERS (5,039,520.44) ------------ TOTAL CASH DISBURSEMENTS $214,935.24 ===========
Form 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/13/98 CK# 7100 BPC - GENERAL $10,046.91 PAYROLL TRANSFER 07/28/98 CK# 7125 BPC - GENERAL 10,123.85 PAYROLL TRANSFER --------- TOTAL CASH RECEIPTS $20,170.76 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/15/98 PAYROLL SUMMARY $10,046.91 07/31/98 PAYROLL SUMMARY 10,123.85 07/31/98 BANK STMT FIRST SECURITY BANK 36.72 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $20,207.48 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/13/98 CK# 7099 BPC - GENERAL $4,364.14 PR TAX TRANSFER 07/23/98 CK# 7121 BPC - GENERAL 581.46 PR TAX TRANSFER 07/28/98 CK# 7124 BPC - GENERAL 4,404.08 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $9,349.68 =========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/13/98 KEY TAX KEY BANK OF UTAH $3,630.51 FEDERAL TAX DEPOSIT 07/23/98 KEY TAX KEY BANK OF UTAH 54.98 FEDERAL UNEMPLOYMENT TAX 07/23/98 CK #1261 UTAH DEPT OF WORKFORCE SERVICES 526.48 STATE UNEMPLOYEMENT TAX 07/28/98 KEY TAX KEY BANK OF UTAH 3,663.55 FEDERAL TAX DEPOSIT 07/28/98 CK# 1262 UTAH ST TAX COMMISSION 1,474.16 STATE TAX DEPOSIT 07/31/98 BANK STMT KEY BANK OF UTAH 3.85 BANK SERVICE CHARGE ---- TOTAL CASH DISBURSEMENTS $9,353.53 =========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/08/98 DS070898 US BANK $26,754.93 INTEREST INCOME 07/21/98 DS072198 SAN DIEGO GAS & ELECTRIC 2,838.86 ENERGY REVENUE-KYOCERA 07/21/98 DS072198 SEDGWICK OF COLORADO 807.00 INSURANCE PREMIUM REFUND 07/21/98 DS072198 BONNEVILLE FUELS CORP 1,925.43 EXPENSE REIMBURSEMENT 07/28/98 DS072898 KYOCERA AMERICA 86,183.64 ENERGY REVENUE-KYOCERA 07/28/98 DS072898 MARCIA CUSTER 8.50 EXPENSE REIMBURSEMENT 07/28/98 DS072898 US BANK 26,754.94 INTEREST INCOME 07/31/98 DS073198 BONNEVILLE NEVADA CORP 1,380.89 EXPENSE REIMBURSEMENT 07/31/98 DS073198 BONNEVILLE PACIFIC SERVICES 35,206.95 EXPENSE REIMBURSEMENT 07/31/98 BANK STMT KEY BANK OF UTAH 1,153.70 INTEREST INCOME -------- TOTAL CASH RECEIPTS $183,014.84 ===========
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1998 CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/02/98 1007078 BENEFICIAL LIFE INSURANCE $898.69 INSURANCE-LIFE 07/02/98 1007079 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-KYOCERA MAINT 07/02/98 1007080 COMPUTER CITY 425.31 COMPUTER EQUIPMENT 07/02/98 1007081 DORN ASSOCIATES LTD 10,906.00 RENT-OFFICE SPACE & PARKING 07/02/98 1007082 FIRST CONTINENTAL LIFE & ACCIDENT 3,512.98 INSURANCE-DENTAL 07/02/98 1007083 HERITAGE PRODUCTS INC 554.29 OFFICE SUPPLIES & EXPENSE 07/02/98 1007084 MOUNT OLYMPUS WATER 18.03 OFFICE SUPPLIES & EXPENSE 07/02/98 1007085 SWIRE COCA-COLA USA 119.91 OFFICE SUPPLIES & EXPENSE 07/02/98 1007086 TRAVEL ZONE CRUISE ZONE 463.00 TRAVEL EXPENSE 07/02/98 1007087 UNUM LIFE INSURANCE CO 1,795.50 INSURANCE-DISABILITY 07/08/98 1007088 AIRBORNE EXPRESS 38.86 EXPRESS MAIL EXPENSE 07/08/98 1007089 AMERICAN INSTITUTE OF CPA'S 120.00 DUES & SUBSCRIPTIONS 07/08/98 1007090 BONNEVILLE PACIFIC SERVICES 758.76 KYOCERA-O&M EXPENSE 07/08/98 1007091 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 07/08/98 1007092 FRONTIER COMMUNICATIONS 546.49 TELEPHONE EXPENSE 07/08/98 1007093 GENERATOR POWER SYSTEMS INC 13,241.60 KYOCERA-O&M EXPENSE 07/08/98 1007094 XEROX CORPORATION 352.26 OFFICE SUPPLIES & EXPENSE 1007095 VOID 7/10/98 1007096 BSA ADVERTISING INC 30,785.09 *OFFICE SUPPLIES & EXPENSE 07/10/98 1007097 RR DONNELLEY 15,000.00 *OFFICE SUPPLIES & EXPENSE 07/13/98 1007098 CENTRAL PARKING SYSTEMS 10.00 RENT-PARKING 07/13/98 1007099 BPC-PAYROLL TAX ACCT 4,364.14 TRANSFER-PAYROLL TAX ACCT 07/13/98 1007100 BPC-PAYROLL ACCT 10,046.91 TRANSFER-PAYROLL ACCT 07/13/98 1007101 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS 1007102 VOID 07/13/98 1007103 US POSTAL SERVICE 1,130.00 OFFICE SUPPLIES & EXPENSE 07/17/98 1007104 AUTOMATED OFFICE SYSTEMS INC 294.32 OFFICE SUPPLIES & EXPENSE 07/17/98 1007105 THE COBB GROUP 24.95 DUES & SUBSCRIPTIONS 07/17/98 1007106 MOUNT OLYMPUS WATER 10.64 OFFICE SUPPLIES & EXPENSE 07/17/98 1007107 MOUNTAIN STATES OFFICE PRODUCTS 92.52 OFFICE SUPPLIES & EXPENSE 07/17/98 1007108 THE PLANT GALLERY 250.70 OFFICE SUPPLIES & EXPENSE 07/17/98 1007109 PROTEL 37.22 OFFICE SUPPLIES & EXPENSE 07/17/98 1007110 REDMAN VAN & STORAGE CO 1,060.47 RENT-STORAGE 07/17/98 1007111 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE 07/17/98 1007112 TIME & INSTRUMENT COMPANY 62.00 OFFICE SUPPLIES & EXPENSE 07/22/98 1007113 AIRBORNE EXPRESS 18.48 EXPRESS MAIL EXPENSE 07/22/98 1007114 GENERATOR POWER SYSTEMS INC 1,957.50 KYOCERA-O&M EXPENSE 07/22/98 1007115 US BANKRUPTCY COURT 2,007.00 COURT FEES 07/22/98 1007116 MOUNT OLYMPUS WATER 24.04 OFFICE SUPPLIES & EXPENSE 07/22/98 1007117 CLARK MOWER 709.75 TRAVEL REIMBURSEMENT 07/22/98 1007118 US SHRED LLC 45.00 OFFICE SUPPLIES & EXPENSE 07/22/98 1007119 US WEST COMMUNICATIONS 781.26 TELEPHONE EXPENSE 07/22/98 1007120 US TRUSTEE 7,500.00 2ND QUARTER FEE 07/23/98 1007121 BPC-PAYROLL TAX ACCT 581.46 TRANSFER-PAYROLL TAX ACCT
* Plan confirmation expense - print, publish and mail D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1998 CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/23/98 1007122 WORKERS COMP FUND OF UT 261.84 INSURANCE-WORKERS COMP 07/28/98 1007123 ALPHA GRAPHICS 18.81 OFFICE SUPPLIES & EXPENSE 07/28/98 1007124 BPC-PAYROLL TAX ACCT 4,404.08 TRANSFER-PAYROLL TAX ACCT 07/28/98 1007125 BPC-PAYROLL ACCT 10,123.85 TRANSFER-PAYROLL ACCT 07/28/98 1007126 CENTRAL PARKING SYSTEMS 256.00 RENT-PARKING 07/28/98 1007127 TRAVEL ZONE CRUISE ZONE 1,412.72 TRAVEL EXPENSE 07/28/98 1007128 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS 07/28/98 1007129 STATE OF DELAWARE CORP DIVISION 79,020.00 FRANCHISE TAX 07/28/98 1007130 STATE OF DELAWARE CORP DIVISION 7,000.00 FRANCHISE TAX 07/31/98 BANK STMT KEY BANK OF UTAH 48.99 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $224,894.67 ===========
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/98 BANK STMT KEY BANK $3,513.96 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 07/31/98 BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/98 BANK STMT KEY BANK OF UTAH $5,000,000.00 TRANSFER
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
F DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/98 BANK STMT BANK ONE $70,515.96 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 July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/98 BANK STMT BANK ONE $118.21 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 July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/98 BANK STMT NATIONS BANK $417,910.10 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 July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/31/98 BANK STMT KEY BANK OF UTAH $9.61 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 July 1 - July 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 07/01/98 CK# 7079 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 07/31/98 BANK STMT KEY BANK OF UTAH 195.78 INTEREST INCOME ------ TOTAL CASH RECEIPTS $10,195.78 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
K DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of July 31, 1998 ASSETS Current Assets: Cash $156,853,216 Accounts receivable - trade 98,167 Accounts receivable - settlements (Note 4) 1,500,000 Accounts receivable - affiliates 25,888 Prepaid insurance 4,999 Accrued interest receivable 317,494 ------- Total current assets $158,799,764 Fixes Assets: Land 198,424 Equipment, furniture and fixtures 3,818,715 --------- Total fixed assets 4,017,139 Less: Accumulated depreciation (3,249,734) --------- Net fixed assets 767,405 Other Assets: Investment in and advances to subsidiaries and partnership (Note 7) 28,985,054 Other assets 1,820 ----- Total other assets 28,986,874 ---------- TOTAL ASSETS $188,554,043 ============ LIABILITIES Post-Petition Liabilities: Accounts payable - trade $88,528 Accounts payable - professional fees and costs 1,225,983 Accrued income taxes payable (Note 5) 0 Taxes payable 0 Accrued interest 49,731,368 ---------- Total post-petition liabilities $51,045,879 Pre-Petition Liabilities: Priority claims 5,180 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,953,656 ---------- Total Pre-Petition Liabilities 99,958,836 ---------- TOTAL LIABILITIES 151,004,715 Commitments and Contingent Liabilities (Note 3) OWNER'S EQUITY Capital Stock or Owner's Investment 213,752 Paid-In-Capital 121,590,029 Treasury Stock (2,308,255) Retained Earnings: Pre-Petition (56,551,908) Post-Petition (Note 6) (25,394,290) ---------- TOTAL OWNER'S EQUITY (Notes 1 and 3) 37,549,328 ---------- TOTAL LIABILITIES AND OWNER'S EQUITY $188,554,043 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period July 1 to July 31, 1998 Gross operating revenue $177,028 Less discount, returns and allowances 0 Net operating revenue $177,028 Cost of goods sold (110,298) ------- Gross profit 66,730 Operating expenses: Salaries and wages 29,879 Rent and leases 2,029 Payroll taxes 10,626 Insurance 550 Other taxes and licenses 1,527 Other 53,209 ------ Total operating expenses (97,820) ------ Operating income (loss) (31,090) Legal and professional fees and costs (Note 4) 111,424 Depreciation, depletion and administration 3,617 Claims settlement expense 0 Interest expense 636,648 ------- Total (751,689) ------- Net operating income (loss) (782,779) Non-operating income and (expenses): Interest income 690,308 Other income - settlements 0 Approved claims 0 Other income 0 Equity in earnings (losses) of subsidiaries And partnerships (Note 2) 727,518 ------- Net non-operating income or (expenses) 1,417,826 --------- Net income (loss) before income taxes 635,047 Provision for income taxes (benefit) (Note 5) 0 - NET INCOME (LOSS) $635,047 ======== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period July 1 to July 31, 1998 1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation, included in The Monthly Financial Report, are prepared on the accrual basis. As a result, revenues are Generally recorded when earned rather than when received and expenses are generally Recognized when the obligation is incurred rather than when the expenses are paid. During the bankruptcy, until the December 31, 1997 Financial Statements, accrued interest Payable has been recorded only on post-petition debt, where such is contractually due, And pre-petition secured debt to the extent that the underlying collateral equals or exceeds the outstanding principal plus the accrued interest payable. The Financial Statements included in Monthly Financial Reports for all reporting periods prior to December 1, 1997 Have not included any accrual of interest on any pre- petition unsecured debt. However, in Light of the Conditional Letter Agreement signed by the Trustee and holders of certain Senior claims that provides for the calculation and payment of post-petition interest on Certain pre-petition unsecured debt, interest has now been accrued on certain pre-petition Unsecured debt consistent with the interest rates set forth in the Conditional Letter Agreement. For further information see Amended Disclosure Statement for the Trustee's Amended Chapter 11 Plan dated 4/22/98. 2. Equity in earnings of subsidiaries and partnerships represents an accrual of the Company's share of earnings or losses of its operating subsidiaries and partnerships. These earnings are affected by a number of factors including seasonality, operating costs and operating Efficiency. The operating entities which comprise these earnings include Bonneville Pacific Services Company, Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its investment in the NCA #1 Partnership. 3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and potential Claims include pre-petition debenture sale claims in the approximate amount of $5,500,000.00, post-petition debenture sale claims in the approximate amount of $10,000,000.00, limited partner claims in the approximate amount of $2,900,000.00, Section 510(b) equity claims in the approximate amount of $44,000,000.00 (including the allowed compromised claim of CIGNA and the ESOP claim as allowed on January 12, 1998 in the amount of $984,245.37), $8,945,000.00 in deeply Subordinated claims, $400,000.00 for attorneys of certain senior creditor's fees as agreed in the Conditional Letter Agreement, potential administrative fees which may be allowed by The Bankruptcy Court and the contingent unsecured claim of John Weesner (proof of Claim #3). For further information see Amended Disclosure Statement for the Trustee's Amended Chapter 11 Plan dated 4/22/98. The recording of the above described liabilities or potential claims, if allowed, will reduce equity by a corresponding amount. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements (Continued) For Period July 1 to July 31, 1998 For further information concerning liabilities and potential claims, see the Amended Disclosure Statement for the Trustee's Amended Chapter 11 Plan dated 4/22/98. 4. Accounts Receivable Settlement represent only court approved settlements where all conditions precedent have occurred and the settlement was fully effective as of July 31, 1998 and are reflected on the July 31, 1998 Financial Statements. Approved settlement is as follows: Piper Jaffray 1,500,000 5. As of December 31, 1997, Bonneville and Subsidiaries had approximately $23,700,000 in federal net operating loss carry-forwards for Federal Income Tax purposes and Approximately $26,700,000 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 future utilization of the net Operating loss and certain other tax attributes may be subject to limitation pursuant to the Provisions of IRC Section 382. Neither the Trustee nor his tax professionals can or do make Any representations concerning the Company's tax situation as the Company's 1997 federal income tax return is subject to review by the Internal Revenue Service. 6. Retained earnings post-petition have been impacted by the accrual of post-petition interest On pre-petition unsecured debt at rates set forth in the Conditional Letter Agreement dated December 31, 1997. 7. Investment in and advances to subsidiaries and partnerships is book value and is impacted by the dividends paid from the subsidiaries to the Company. The value stated (based upon The valuation work of Trustee's Financial Advisor) is believed to be materially less than the Current market value of such assets. See Exhibit "2" to the Amended Disclosure Statement for the Trustee's Amended Chapter 11 Plan dated 4/22/98. Form 2-D Page 3 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For the Period July 1 to July 31, 1998
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $0.00 $0.00 ($4,398.06) $2,190.89 07/15/98 KEY TAX $0.00 2,207.17 07/31/98 KEY TAX State 0.00 (1,474.16) 1,474.16 07/31/98 1262 0.00 FICA tax withheld 0.00 (1,448.00) 719.81 07/15/98 KEY TAX 728.19 07/31/98 KEY TAX 0.00 Employer's FICA tax 0.00 (1,448.00) 719.81 07/15/98 KEY TAX 728.19 07/31/98 KEY TAX 0.00 Unemployment tax: Federal 0.00 (54.98) 54.98 07/23/98 KEY TAX 0.00 State 0.00 (526.48) 526.48 07/23/98 1261 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes 0.00 (2,300.00) (2,300.00) Accrued income tax: Federal 0.00 0.00 State 0.00 0.00 Delaware franchise tax (94,000.00) 7,980.00 79,020.00 07/28/98 1007129 7,000.00 07/28/98 1007130 Employee withholding 0.00 0.00 (1,528.64) 764.32 07/13/98 1007101 0.00 ---- ---- -------- 764.32 07/28/98 1007128 ------ TOTALS ($94,000.00) $7,980.00 ($13,178.32) $96,898.32 ($2,300.00) ========== ========= ========== ========== =========
(*) Amount subject to results of audit. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period July 1 to July 31, 1998
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date Worker's Compensation Various State Funds Statutory $1,000,000 (A) 07/31/98 General Liability Travelers Insurance/ Sedgwick James 5,000,000 08/17/99 08/17/98 Vehicles Travelers Insurance/ (Hired/Non-Owned) Sedgwick James 5,000,000 08/17/99 08/17/98 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/99 08/17/98 Kyocera Federal/Hartford Steam/Agriculture Sedgwick James 5,697,000 08/17/99 08/17/98
(A) All workers compensation insurance policies are insured through various state insurance funds. As such, they continue in force as premiums are paid and have no policy expiration dates. Form 2-E Page 2 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period July 1 to July 31, 1998
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $1,598,167 $7,954 $1,225,983 30 to 60 days 0 8,200 0 61 to 90 days 0 0 0 Over 90 days 0 4,574 0 - ----- - Total post-petition 1,598,167 20,728 1,225,983 Pre-petition amounts 0 3,664,200 0 - --------- - Total accounts receivable $1,598,167 ========== Total accounts payable $3,684,928 $1,225,983 ========== ========== Affiliate Accounts Receivable Under 30 days $4,781 30 to 60 days 21,107 61 to 90 days 0 Over 90 days 0 - Total post-petition affiliate accounts receivable $25,888 =======
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 July 1 to July 31, 1998
Date of Court Estimated Amount Paid Approval Balance Due Court Appointed Trustee $0 - $107,768 (1) Trustee's Counsel 0 - 314,176 (1) Trustee's Accountants 0 - 59,112 Trustee's Special Plan Counsel 0 - 150,000 Special Litigation Counsel for Trustee - Costs 0 - 0 Trustee - Fees 0 - 495,000 (2) Auditors 0 - 99,927 Financial Consultants 0 - 0 (3) - - Total $0 $1,225,983 == ==========
(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 and or the Trustee's professionals. (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: $1,500,000.00 - Piper Jaffray Settlement (due 9/98) Fees - $495,000 (3) The financial consultants received a retainer in the amount of $100,000. The estimated remaining liability to the financial consultants is equal to the $100,000 retainer. Form 2-E Page 4 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period July 1 to July 31, 1998
Payee Name Position Nature of Payment Amount Ralph F. Cox Director Director Fees $0.00 Calvin L. Rampton Director Director Fees $0.00 Clark M. Mower President Salary $12,833.34 Expense Reimbursement $709.75
Form 2-E Page 5 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary Month Ended July 31, 1998
Cash Quarterly Payment Disbursement Fee Due Check No. Date January $377,740.24 February 169,278.67 March 149,371.16 ---------- Total 1st Quarter 696,390.07 $3,750.00 1006970 04/24/98 April 1,903,079.51 May 105,288.54 June 185,124.57 ---------- Total 2nd Quarter 2,193,492.62 $7,500.00 1007150 07/22/98 July 214,935.24 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-----