-----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, WchHg8S7oEeNM6RhLo2kFQajQsUjenZjwAw83Dic+XwejPXIf45HQjSI/SaUhi+w knWAyFXCY7MLG5uwAngxug== 0000795182-98-000033.txt : 19981123 0000795182-98-000033.hdr.sgml : 19981123 ACCESSION NUMBER: 0000795182-98-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980930 ITEM INFORMATION: FILED AS OF DATE: 19981120 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: 98755826 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) November 16, 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 Final Monthly Financial Report for the period October 1, 1998 to October 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. On November 2, 1998, the "Trustee's Amended Chapter 11 Plan for the Estate of Bonneville Pacific Corporation dated April 22, 1998" (hereinafter the "Plan") became effective. Accordingly, on November 2, 1998, the Trustee, to the extent consistent with the Plan, turned control of the Company over to a new Board of Directors. The Company has therefore emerged from bankruptcy, subject to the completion of those actions required by the Plan. In light of the foregoing, the attached Monthly Financial Report is, in accord with Article 11.11 of the Plan, the Final Monthly Financial Report, which will be filed with the Bankruptcy Court. The figures used in the financial statements included in the attached Final Monthly Financial Report do not in any way constitute an audited balance sheet for the Company after it emerged (subject to the completion of the Plan) from bankruptcy. Specifically, SEC Staff Legal Bulletin No. 2 requires reporting companies emerging from Bankruptcy to file, under cover of Form 8-K, an audited balance sheet. As of the date of the filing of this Form 8-K, it is impractical for the Company to provide the audited balance sheet required by SEC Staff Legal Bulletin No. 2. Such audited balance sheet will be filed by amendment to the Form 8-K filed by the Company on or about November 3, 1998 as soon as possible when it becomes available. 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 By: Roger G. Segal, Chapter 11 Trustee DATED November 16, 1998 (for the period from October 1, 1998 to October 31, 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 By: R. Stephen Blackham* DATED November 16, 1998 * R. Stephen Blackham was the Assistant Controller for the Company until November 2, 1998, at which time the new Board of Directors for the reorganized Company appointed Mr. Blackham as Treasurer for the Company. INDEX TO EXHIBITS Exhibit Page No. 28.1 Final Monthly Financial Report - Chapter 11, for the period October 1, 1998 to October 31, 1998, of the Registrant, dated November 16, 1998 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on November 16, 1998. . . . . . . . . . . . . . . . . . . . . . .5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION ------------------------------ CASE NO. 91A-27701 For Period October 1 to October 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 For MONTH. The debtor must attach each of the following 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: November 16, 1998 ----------------- Debtor(s): BONNEVILLE PACIFIC CORPORATION By: R. Stephen Blackham Position: Assistant Controller Statement of Chapter 11 Trustee Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville Pacific Corporation, having been so appointed on June 12, 1992, hereby states that he has reviewed the following Monthly Financial Report and any attachments thereto and that, based on his review and the representations of officers and employees of the debtor, Bonneville Pacific Corporation, he believes that the information contained in the Monthly Financial Report and attachments is true and correct. However, neither Roger G. Segal, Chapter 11 Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G. Segal, Chapter 11 Trustee, has had an opportunity to independently verify that the information contained in the following Monthly Financial Report and the attachments thereto is true and correct. DATED this 16th day of November 1998. By: Roger G. Segal, Chapter 11 Trustee DEBTOR: BONNEVILLE PACIFIC CORPORATION Bankruptcy No. 91A-27701 Narrative For the Month Ended October 31, 1998 Form 2-G FINAL MONTHLY FINANCIAL REPORT - ----------------------------------------------------------------------------- THE TRUSTEE'S AMENDED PLAN BECAME EFFECTIVE ON NOVEMBER 2, 1998. ACCORDINGLY, AS SET FORTH IN ARTICLE 11.11 OF THE TRUSTEE'S AMENDED PLAN, THIS MONTHLY FINANCIAL IS THE FINAL MONTHLY REPORT WHICH WILL BE FILED BY THE TRUSTEE. Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of October 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 October and the first part of November 1998(1) (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: The Trustee's Amended Chapter 11 Plan for the Estate of Bonneville Pacific Corporation dated April 22, 1998 (the "Trustee's Amended Plan") details the treatment of all the Company's creditors and equity interest holders. The hearing on confirmation of the Trustee's Amended Plan was held as scheduled on August 26, 1998 at which hearing the Bankruptcy Court established the estimated value of the common stock to be issued pursuant to the Trustee's Amended Plan at $2.36 per share (before the reverse stock split) and confirmed the Trustee's Amended Plan. The order confirming the - --------------- (1) This narrative attempts to summarize significant events affecting the Company which are known to the Trustee through approximately November 12, 1998. Trustee's Amended Plan was entered on August 27, 1998. Notice of the confirmation of the Trustee's Amended Plan was mailed to all parties in interest on or about September 16, 1998. The Trustee's Amended Plan became effective on November 2, 1998 ("Effective Date"). The "Distribution Date", pursuant to the Trustee's Amended Plan, was November 5, 1998. As provided in the Trustee's Amended Plan, the Trustee has or will distribute approximately $153,300,000.00 in cash. Immediately prior to the Effective Date of the Trustee's Amended Plan, there were 21,163,067 shares of the Company's common stock issued and outstanding. Of this amount, 9,476,344 shares were held by the Trustee and the remaining 11,686,723 shares are owned by public shareholders. Pursuant to the Trustee's Amended Plan, on the Effective Date, the 9,476,344 shares held by the Trustee were canceled. Approximately 17,280,000 shares of the Company's common stock (before the reverse stock split) were issued to creditors pursuant to the Trustee's Amended Plan. The Trustee's Amended Plan specifically provided for the reverse split of all of the Company's common stock on a 1-for-4 basis. The reverse stock split was effective at the beginning of business on Tuesday, November 3, 1998. As A result of the reverse stock split, the Company obtained a new CUSIP number for its common stock. The CUSIP number is 098904 20 4, and such CUSIP number was effective for transactions occurring from and after November 3, 1998. The Company's stock is currently traded on a limited basis in the over-the-counter market and is quoted in the National Quotation Bureau's "Pink Sheets" under the symbol BPCOD. As a result of, among other things, the issuance of shares of the Company's common stock pursuant to the Trustee's Amended Plan, the cancellation, pursuant to the Trustee's Amended Plan, of certain shares held by the Trustee, and the effectiveness of the reverse stock split, it is estimated that there are approximately 7,240,000 shares of the Company's common stock currently issued and outstanding. It is anticipated that the exact number of shares issued and outstanding will vary slightly from this number as a result of, among other things, the final resolution of certain disputed claims against the Company's bankruptcy estate, the rounding of fractional shares caused by the reverse stock split and the cash payment by the Trustee to creditors with small claims in lieu of the issuance of shares pursuant to provisions of the Trustee's Amended Plan. The Trustee intends to file with the Bankruptcy Court by no later than December 24, 1998 a post-confirmation report, as required by Rule 2081-1(b) of the Local Rules, which report will provide detailed information concerning the distributions made by the Trustee as required by the Trustee's Amended Plan. On the Effective Date the Trustee, to the extent consistent with the Trustee's Amended Plan, turned control of the Company over to the new Board of Directors. The new Board of Directors for the Company on the Effective Date consists of James W. Bernard, Ralph F. Cox, Harold E. Dittmer, Michael R. Devitt, Michael D. Fowler, Harold H. Robinson III and Steven H. Stepanek. The new Board of Directors met on November 2, 1998 and appointed James W. Bernard as Chairman of the Board, Clark M. Mower as President, Steven H. Stepanek as Secretary and R. Stephen Blackham as Treasurer of the Company. 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 Internal Revenue Service, by letter dated August 28, 1998, notified the Trustee that the 1997 U.S. Corporate Income Tax Return 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, 1997 is approximately $23,700,000.00 and approximately $26,700,000.00 in Alternative Minimum Tax Loss carry-forwards.(2) Tax loss carry-forwards are subject to future review by the Company's tax professionals and to future review or determination by the Internal Revenue Service. 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. Preparation of all 1997 State Corporate Income Tax Returns for the Company has been completed and such tax returns have all now been filed. To the best of the Trustee's knowledge the Company is now current in its filing of all required Corporate Income Tax Returns. In preparation for the 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 1996 and 1997. Now that the Trustee's Amended Plan has become effective and the Internal Revenue Service has accepted as filed the Company's 1997 U.S. Corporate Income Tax Return, Hein + Associates has been instructed to complete all outstanding audit work so that the Company can be in compliance with the reporting requirements of the U.S. Securities and Exchange Commission. Hein + Associates is currently engaged in performing all of the work to complete the audited financial statements and to comply with the U.S. Securities and Exchange Commission's reporting requirements. Bear, Stearns & Company (the Trustee's financial advisor/investment banker) completed its 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 Disclosure Statement (Amended) for the Trustee's Amended Chapter 11 Plan for the Estate of Bonneville Pacific Corporation Dated April 22, 1998 (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 - --------------- (2) Due to an accounting misstatement by the Company, these numbers were not correctly reported in the July, August and September, 1998 monthly financial statements. subsidiaries and partnership") is materially less than the fair market value of such business assets. For purposes of the Trustee's Amended Plan, the estimated value of the Company's business assets as of December 31, 1997 was (including cash held by the Company's subsidiaries) approximately sixty-three million dollars ($63,000,000.00). The Trustee, on September 28, 1998, received another written expression of interest from a large corporation in the power generation business concerning the possible acquisition, for cash, of the non oil and gas assets of the Company or, in the alternative, the purchase of the outstanding shares of the Company's common stock. The possible purchase price for such non oil and gas assets is generally consistent with the range of values generally discussed in the Trustee's Amended Disclosure Statement. The party making such expression of interest indicated that (a) it had made certain fundamental assumptions in developing its proposal; (b) such assumptions would need to be confirmed through additional due diligence; (c) the possible purchase price would be subject to adjustment based upon the results of such due diligence and other factors; (d) the proposal was subject to various federal and state governmental approvals; (e) the proposal was subject to the consents of lenders and various parties who had contracts with the Company or its subsidiaries; and (f) the proposal was subject to a definitive agreement. For several reasons, not the least of which are (a) the uncertain and contingent nature of the expression of interest and (b) the possibility that if the Trustee had postponed the Effective Date of the confirmed Trustee's Amended Plan for what would likely be at least several months then the Trustee's Amended Plan might never have become effective, the Trustee decided not to pursue the expression of interest because the Trustee believed it was in the best interest of the Company, its creditors and shareholders to have the confirmed Trustee's Amended Plan become effective. However, the Trustee has notified the Company's management and the members of the Company's new Board of Directors of such expression of interest. 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 early September Weesner agreed to accept a $100,000.00 payment in settlement of his claim. The settlement was reduced to formal agreement and was approved by the Bankruptcy Court on October 28, 1998. The Trustee made the $100,000.00 payment to Weesner on November 6, 1998. The only other unresolved Proof of Claim of significance is the claim of First American Bank (Claim No. 3345) filed as a Section 510 (b) Securities Claim (Class 9 under the Trustee's Amended Plan) in an undetermined amount but which, according to the claimant, could be as much as approximately $580,000.00. The Trustee disputed the claim and on September 27, 1998 the Trustee filed a formal objection to the claim. On October 29, 1998 the Trustee and First American Bank entered into a written settlement agreement wherein First American Bank agreed to reduce its Class 9 claim to $220,800.00. The settlement agreement is conditioned upon Bankruptcy Court approval. The Trustee has filed a Motion for Approval of Settlement Agreement with First American Bank and a hearing on the Motion is scheduled before the Bankruptcy Court on November 24, 1998. Pursuant to the Trustee's August 20, 1998 Stipulation with C. Derek Anderson and his affiliated entities ("Anderson"), which Stipulation was approved by the Bankruptcy Court in the August 27, 1998 Confirmation Order, on November 5, 1998 the Trustee paid Anderson $150,000.00 and Anderson requested that the United States District Court for the District of Utah dismiss the Anderson v. Halcyon et. al. appeal, Case No. 2:98-CV-00382J. On November 6, 1998 the District Court dismissed the appeal with prejudice. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period October 1 - October 31, 1998 CASH RECONCILIATION 1. Beginning Cash Balance: $160,485,885.41 2. Cash Receipts: (See Page 2 of 2) 1,036,845.20 3. Cash Disbursements: (See Page 2 of 2) (132,979.46) ---------- 4. Net Cash Flow: 903,865.74 ---------- 5. Ending Cash Balance: $161,389,751.15 CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $887.38 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 485.51 KEY BANK OF UTAH GENERAL CORP CASH 1,142,967.14 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 23,796,889.23 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 10,363,008.87 (A) US BANK CHPTR 11 TRUSTEE - JT CD 0.00 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - JT CD 0.00 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 27,942,560.62 (A) BANK ONE CHPTR 11 TRUSTEE JOINT MMA ACCT 98,087,135.90 (A) NATIONS BANK PROCEEDS FROM ASSET SALES 4,208.58 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 51,607.92 KEY BANK OF UTAH --------- $161,389,751.15 ===============
(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 October 1 - October 31, 1998 CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,984.52 A PAYROLL TAX ACCOUNT 8,991.12 B GENERAL CORP CASH 176,425.76 C CHPTR 11 TRUSTEE JOINT ACCT 21,909,506.45 E CHPTR 11 TRUSTEE - CD ACCT 133,918.29 F CHPTR 11 TRUSTEE - JT CD 117,718.18 G CHPTR 11 TRUSTEE - JT CD 191,368.50 H CHPTR 11 TRUSTEE JT SAVINGS 27,910,284.40 I CHPTR 11 TRUSTEE JOINT MMA ACCT 382,171.53 J PROCEEDS FROM ASSET SALES 8.82 K KYOCERA MAINTENANCE RESERVE 10,108.48 L --------- 50,860,486.05 LESS: ACCOUNT TRANSFERS (49,823,640.85) ------------- TOTAL CASH RECEIPTS $1,036,845.20 =============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $20,019.30 A PAYROLL TAX ACCOUNT 9,017.90 B GENERAL CORP CASH 142,854.79 D CHPTR 11 TRUSTEE JOINT ACCT 43.29 E CHPTR 11 TRUSTEE - CD ACCT 1,239,124.17 F CHPTR 11 TRUSTEE - JT CD 20,653,354.12 G CHPTR 11 TRUSTEE - JT CD 27,891,479.43 H CHPTR 11 TRUSTEE JT SAVINGS 0.00 I CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 J PROCEEDS FROM ASSET SALES 0.00 K KYOCERA MAINTENANCE RESERVE 727.31 L ------ 49,956,620.31 LESS: ACCOUNT TRANSFERS (49,823,640.85) ------------- TOTAL CASH DISBURSEMENTS $132,979.46 ===========
Form 2-B Page 2 of 2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/13/98 CK# 7264 BPC - GENERAL $9,949.42 PAYROLL TRANSFER 10/28/98 CK# 7300 BPC - GENERAL 10,035.10 PAYROLL TRANSFER --------- TOTAL CASH RECEIPTS $19,984.52 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/15/98 PAYROLL SUMMARY $9,949.42 10/31/98 PAYROLL SUMMARY 10,035.10 10/31/98 BANK STMT FIRST SECURITY BANK 34.78 SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $20,019.30 ==========
A DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/13/98 CK# 7280 BPC - GENERAL $4,319.69 PR TAX TRANSFER 10/21/98 CK# 7299 BPC - GENERAL 316.81 PR TAX TRANSFER 10/28/98 CK# 7299 BPC - GENERAL 4,354.62 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $8,991.12 =========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/15/98 KEY TAX KEY BANK OF UTAH $15.47 FEDERAL UNEMPLOYMENT TAX 10/15/98 KEY TAX KEY BANK OF UTAH 3,592.98 FEDERAL TAX DEPOSIT 10/31/98 KEY TAX KEY BANK OF UTAH 3,622.96 FEDERAL TAX DEPOSIT 10/31/98 CK# 1265 UTAH DEPT OF WORKFORCE SERVICES 301.34 STATE UNEMPLOYMENT 10/31/98 CK# 1266 UTAH ST TAX COMMISSION 1,458.37 STATE TAX DEPOSIT 10/31/98 BANK STMT BANK SERVICE CHARGE 26.78 ----- TOTAL CASH DISBURSEMENTS $9,017.90 =========
B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/16/98 DS101698 FEDERAL INSURANCE COMPANY $8,996.71 INSURANCE CLAIM PAYMENT 10/16/98 DS101698 COBB GROUP 49.00 EXPENSE REIMBURSEMENT 10/16/98 DS101698 CLARK MOWER 17.50 EXPENSE REIMBURSEMENT 10/27/98 DS102798 SAN DIEGO GAS & ELECTRIC 1,728.67 ENERGY REVENUE-KYOCERA 10/27/98 DS102798 KYOCERA AMERICA 96,420.39 ENERGY REVENUE-KYOCERA 10/27/98 DS102798 BONNEVILLE PACIFIC SERVICES 65,082.60 EXPENSE REIMBURSEMENT 10/31/98 BANK STMT KEY BANK OF UTAH 4,130.89 INTEREST INCOME -------- TOTAL CASH RECEIPTS $176,425.76 ===========
C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period October 1 - October 31, 1998 CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/02/98 1007241 AIRBORNE EXPRESS $38.33 EXPRESS MAIL 10/02/98 1007242 AMPCO SYSTEM PARKING 130.00 RENT-PARKING 10/02/98 1007243 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-KYOCERA MAINT 1007244 VOID 0.00 1007245 VOID 0.00 1007246 VOID 0.00 10/02/98 1007247 HERITAGE PRODUCTS INC 462.89 OFFICE SUPPLIES & EXPENSE 10/02/98 1007248 MICRON ELECTRONICS INC 3,807.61 COMPUTER EQUIPMENT 1007249 VOID 0.00 10/02/98 1007250 PITNEY BOWES INC 402.01 OFFICE SUPPLIES & EXPENSE 10/02/98 1007251 SWIRE COCA-COLA USA 119.14 OFFICE SUPPLIES & EXPENSE 10/02/98 1007252 VISIBLE COMPUTER SUPPLY CORP 51.05 OFFICE SUPPLIES & EXPENSE 10/02/98 1007253 CENTRAL PARKING SYSTEMS 195.00 RENT-PARKING 10/02/98 1007254 DORN ASSOCIATES LTD 10,906.00 RENT-OFFICE SPACE & PARKING 10/06/98 1007255 CLASSIC FURNITURE SERVICE INC 1,329.38 OFFICE SUPPLIES & EXPENSE 10/06/98 1007256 MARCIA CUSTER 976.58 OFFICE SUPPLIES & EXPENSE 10/06/98 1007257 RESEARCH INSTITUTE OF AMERICA 215.65 OFFICE SUPPLIES & EXPENSE 10/06/98 1007258 FRONTIER COMMUNICATIONS SRVCS 701.10 TELEPHONE EXPENSE 10/13/98 1007259 AIRBORNE EXPRESS 34.14 EXPRESS MAIL 10/13/98 1007260 APPLE SPICE JUNCTION 98.39 OFFICE SUPPLIES & EXPENSE 10/13/98 1007261 BENEFICIAL LIFE INSURANCE CO 916.69 INSURANCE-LIFE 10/13/98 1007262 JAMES BERNARD 1,314.28 TRAVEL REIMBURSEMNT 1007263 VOID 0.00 10/13/98 1007264 BPC-PAYROLL ACCOUNT 9,949.42 TRANSFER-PAYROLL ACCOUNT 10/13/98 1007265 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE 10/13/98 1007266 FEDERAL EXPRESS 71.00 EXPRESS MAIL 10/13/98 1007267 FIRST CONTINENTAL LIFE & ACCIDENT 4,461.32 INSURANCE-DENTAL 10/13/98 1007268 GENERATOR POWER SYSTEMS 16,978.52 KYOCERA-O&M EXPENSE 10/13/98 1007269 LOG HAVEN 750.00 OFFICE SUPPLIES & EXPENSE 10/13/98 1007270 MERRILL LYNCH PIERCE FENNER 337.81 OFFICE SUPPLIES & EXPENSE 10/13/98 1007271 MOUNT OLYMPUS WATER 28.67 OFFICE SUPPLIES & EXPENSE 10/13/98 1007272 REDMAN VAN & STORAGE CO 274.57 RENT-STORAGE 10/13/98 1007273 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE 10/13/98 1007274 SEDGWICK OF COLORADO INC 386.00 INSURANCE-PROPERTY 10/13/98 1007275 STATE OF UTAH 10.00 OFFICE SUPPLIES & EXPENSE 10/13/98 1007276 BRENDA TOLMAN 170.00 OFFICE SUPPLIES & EXPENSE 10/13/98 1007277 UNUM LIFE INSURANCE CO 2,975.49 INSURANCE-DISABILITY 10/13/98 1007278 UNITED HEALTH CARE 27,685.44 INSURANCE-HEALTH 10/13/98 1007279 WELLS FARGO BANK 845.11 401K CONTRIB & LOAN PMTS 10/13/98 1007280 BPC-PAYROLL TAX ACCOUNT 4,319.69 TRANSFER-PAYROLL TAX ACCT 10/23/98 1007281 UNITED PARCEL SERVICE 7.72 EXPRESS MAIL 10/23/98 1007282 AG EDWARDS & SONS INC 27.00 OFFICE SUPPLIES & EXPENSE 10/23/98 1007283 STEPHEN BLACKHAM 83.50 TRAVEL REIMBURSEMENT 10/23/98 1007284 BONNEVILLE PACIFIC SERVICES 917.00 KYOCERA-O&M EXPENSE
D-1 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period October 1 - October 31, 1998 CASH DISBURSEMENTS JOURNAL (CONTINUED)
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/23/98 1007285 CLASSIC FURNITURE SERVICE INC 469.80 OFFICE SUPPLIES & EXPENSE 10/23/98 1007286 MARCIA CUSTER 518.50 OFFICE EQUIPMENT 10/23/98 1007287 MICRON ELECTRONICS INC 223.64 OFFICE SUPPLIES & EXPENSE 10/23/98 1007288 MOUNT OLYMPUS WATER 18.03 OFFICE SUPPLIES & EXPENSE 10/23/98 1007289 THE PLANT GALLERY 135.00 OFFICE SUPPLIES & EXPENSE 10/23/98 1007290 REDMAN VAN & STORAGE CO INC 843.89 RENT-STORAGE 10/23/98 1007291 SECRETARY OF STATE OF CA 10.00 OFFICE SUPPLIES & EXPENSE 10/23/98 1007292 TRAVEL ZONE CRUISE ZONE 1,431.88 TRAVEL EXPENSE 10/23/98 1007293 US WEST COMMUNICATIONS 788.08 TELEPHONE EXPENSE 10/23/98 1007294 US TRUSTEE 5,000.00 QUARTERLY DISBURSMNTS FEE 10/23/98 1007295 XEROX CORPORATION 418.63 OFFICE SUPPLIES & EXPENSE 10/28/98 1007296 AIRBORNE EXPRESS 98.20 EXPRESS MAIL 10/28/98 1007297 AMPCO SYSTEM PARKING 130.00 RENT-PARKING 1007298 VOID 0.00 10/28/98 1007299 BPC-PAYROLL TAX ACCOUNT 4,671.43 TRANSFER-PAYROLL TAX ACCT 10/28/98 1007300 BPC-PAYROLL ACCOUNT 10,035.10 TRANSFER-PAYROLL ACCOUNT 10/28/98 1007301 CENTRAL PARKING SYSTEMS 134.00 RENT-PARKING 10/28/98 1007302 RALPH COX 1,140.51 TRAVEL REIMBURSEMENT 10/28/98 1007303 MICHAEL DEVITT 401.50 TRAVEL REIMBURSEMENT 10/28/98 1007304 HAROLD DITTMER 392.03 TRAVEL REIMBURSEMENT 1007305 VOID 0.00 10/28/98 1007306 INTERNAL REVENUE SERVICE 258.35 FEDERAL INCOME TAXES 12/96 10/28/98 1007307 KWIK COPY 50.14 OFFICE SUPPLIES & EXPENSE 10/28/98 1007308 MICRON ELECTRONICS INC 2,217.05 OFFICE EQUIPMENT 1007309 VOID 0.00 10/28/98 1007310 US WEST COMMUNICATIONS 131.99 TELEPHONE EXPENSE 10/28/98 1007311 STATE OF UTAH DEPT OF COMMERCE 20.00 OFFICE SUPPLIES & EXPENSE 10/28/98 1007312 WELLS FARGO BANK 845.11 401K CONTRIBS & LOAN PMTS 10/28/98 1007313 WINDHAM HOTEL 514.84 TRAVEL EXPENSE 1007314 VOID 0.00 1007315 VOID 0.00 1007316 VOID 0.00 10/28/98 1007317 HAROLD ROBINSON 1,429.02 TRAVEL REIMBURSEMNT 1007318 VOID 0.00 10/29/98 1007319 RALPH COX 1,000.00 MEETING FEE 10/29/98 1007320 MICHAEL DEVITT 1,000.00 MEETING FEE 10/29/98 1007321 HAROLD DITTMER 1,000.00 MEETING FEE 10/29/98 1007322 MICHAEL FOWLER 1,000.00 MEETING FEE 10/29/98 1007323 HAROLD ROBINSON 1,000.00 MEETING FEE 10/30/98 1007324 JAMES BERNARD 1,000.00 MEETING FEE 10/30/98 1007325 MOUNTAIN STATES OFFICE PRODUCTS 92.52 OFFICE SUPPLIES & EXPENSE 10/30/98 1007326 CLARK MOWER 1,926.10 TRAVEL REIMBURSEMENT 10/30/98 1007327 WORKERS COMP FUND OF UT 359.94 INSURANCE-WORKERS COMP 10/31/98 BANK STMT KEY BANK OF UTAH 61.80 BANK SERVICE CHARGE ----- TOTAL CASH DISBURSEMENTS $142,854.79 ===========
D-2 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/16/98 BONNEVILLE PACIFIC CORP $1,239,831.66 TRANSFER 10/27/98 BONNEVILLE PACIFIC CORP 20,653,354.12 TRANSFER 10/31/98 BANK STMT KEY BANK 16,320.67 INTEREST INCOME --------- $21,909,506.45 ==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/31/98 BANK STMT KEY BANK 43.29 BANK SERVICE CHARGE
E DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/12/98 BANK STMT US BANK $51,052.39 INTEREST INCOME 10/26/98 BANK STMT US BANK 78,050.95 INTEREST INCOME 10/31/98 BANK STMT US BANK 4,814.95 INTEREST INCOME -------- TOTAL CASH RECEIPTS $133,918.29 ===========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/16/98 BONNEVILLE PACIFIC CORP $1,239,124.17 TRANSFER
F DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/27/98 BANK STMT KEY BANK OF UTAH $33,232.39 INTEREST INCOME 10/27/98 BANK STMT KEY BANK OF UTAH 30,942.75 INTEREST INCOME 10/27/98 BANK STMT KEY BANK OF UTAH 24,551.57 INTEREST INCOME 10/27/98 BANK STMT KEY BANK OF UTAH 28,991.47 INTEREST INCOME --------- $117,718.18 ===========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/16/98 BONNEVILLE PACIFIC CORP $20,653,354.12 TRANSFER
G DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - CD Account For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/27/98 BANK STMT BANK ONE $21,737.87 INTEREST INCOME 10/27/98 BANK STMT BANK ONE 41,792.99 INTEREST INCOME 10/27/98 BANK STMT BANK ONE 42,504.69 INTEREST INCOME 10/27/98 BANK STMT BANK ONE 40,189.51 INTEREST INCOME 10/27/98 BANK STMT BANK ONE 45,143.44 INTEREST INCOME --------- $191,368.50 ===========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/16/98 BONNEVILLE PACIFIC CORP $27,891,479.43 TRANSFER
H DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/16/98 BANK STMT BONNEVILLE PACIFIC CORP $27,891,479.43 TRANSFER 10/31/98 BANK ONE 18,804.97 INTEREST INCOME --------- TOTAL CASH RECEIPTS 27,910,284.40 =============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
I DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT - MMA Account For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/31/98 BANK STMT NATIONS BANK $382,171.53 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION NONE
J DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/31/98 BANK STMT KEY BANK OF UTAH $8.82 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION NONE
K DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period October 1 - October 31, 1998 CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION 10/01/98 CK# 7243 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER 10/31/98 BANK STMT KEY BANK OF UTAH 108.48 INTEREST INCOME ------ TOTAL CASH RECEIPTS $10,108.48 ==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 10/05/98 CK #1045 GENERATOR POWER SYSTEMS $727.31 KYOCERA-O&M EXPENSE
L DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of October 31, 1998 ASSETS Current Assets: Cash $161,389,751 Accounts receivable - trade 36,561 Accounts receivable - settlements (Note 4) 0 Accounts receivable - affiliates 60,546 Prepaid insurance 44,605 Accrued interest receivable 29,651 ------ Total current assets $161,561,114 Fixes Assets: Land 198,424 Equipment, furniture and fixtures 3,823,017 --------- Total fixed assets 4,021,441 Less: Accumulated depreciation (3,289,072) --------- Net fixed assets 732,369 Other Assets: Investment in and advances to subsidiaries and partnership (Note 6) 28,168,174 Other assets 13,339 ------ Total other assets 28,181,513 ---------- TOTAL ASSETS $190,474,996 ============ LIABILITIES Post-Petition Liabilities: Accounts payable - trade $123,825 Accounts payable - professional fees and costs 615,634 Accounts payable - other (Note 7) 650,000 Accrued income taxes payable (Note 4) 0 Taxes payable 0 Accrued interest 51,620,774 ---------- Total post-petition liabilities $53,010,233 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 152,969,069 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 5) (25,437,691) ---------- TOTAL OWNER'S EQUITY (Notes 1 and 3) 37,505,927 ---------- TOTAL LIABILITIES AND OWNER'S EQUITY $190,474,996 ============ Form 2-C DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period October 1 to October 31, 1998 Gross operating revenue $115,096 Less discount, returns and allowances 0 - Net operating revenue $115,096 Cost of goods sold (106,577) ------- Gross profit 8,519 Operating expenses: Salaries and wages 29,700 Rent and leases 1,746 Payroll taxes 10,626 Insurance 4,498 Other taxes and licenses 5,258 Other 27,677 ------ Total operating expenses (79,505) ------ Operating income (loss) (70,986) Legal and professional fees and costs 138,884 Plan approved claimant fees (Note 7) 100,000 Depreciation, depletion and administration 3,618 Claims settlement expense 0 Interest expense 636,648 ------- Total (879,149) ------- Net operating income (loss) (950,135) Non-operating income and (expenses): Interest income 668,387 Other income - settlements 0 Approved claims 0 Other income 0 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) (242,009) ------- Net non-operating income or (expenses) 426,378 ------- Net income (loss) before income taxes (523,757) Provision for income taxes (benefit) (Note 5) 0 - NET INCOME (LOSS) ($523,757) ======== Form 2-D Page 1 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period October 1 to October 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. 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 "Trustee's Amended Chapter 11 Plan for the Estate of Bonneville Pacific Corporation Dated April 22, 1998" (the "Trustee's Amended Plan") which was confirmed by the Bankruptcy Court in an order entered on August 27, 1998, interest has been accrued on certain pre-petition unsecured debt consistent With the interest rates set forth in the Trustee's Amended Plan. For further Information see the Trustee's Amended Plan and the Amended Disclosure Statement related thereto. 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. The losses relating to subsidiaries during the month of October are primarily due to a one time $588,000 charge For a court approved employee retention incentive plan. 3. Unrecorded Liabilities and Other Claims. Unrecorded liabilities and Claims include pre-petition debenture sale claims in the approximate amount of $5,400,000.00, post-petition debenture sale claims in the approximate amount of $9,900,000.00, limited partner claims in the approximate amount of $2,900,000.00, Section 510(b) equity claims in the approximate amount of $42,200,000.00 (including the allowed compromised claim of CIGNA of $11,000,000.00 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, potential administrative fees which may be allowed by the Bankruptcy Court. Most of the unrecorded liabilities (except administration claims) will be satisfied as set forth in the confirmed Trustee's Amended Plan by the issuance Of shares of additional common stock (pre reverse split) in the Company. For further Information, see the Trustee's Amended Plan and the Amended Disclosure Statement related thereto. Form 2-D Page 2 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements (Continued) For Period October 1 to October 31, 1998 For further information concerning unrecorded liabilities and claims, see the Trustee's Amended Plan dated 4/22/98 and the Amended Disclosure Statement relating thereto. 4. 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. Tax loss carry-forwards are Subject to future review or determination by the Internal Revenue Service. 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. 5. 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 Trustee's Amended Plan. 6. 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 is believed to be materially less than the current market value of such Assets. 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 fair market value of such business assets. For purposes of the Trustee's Amended Plan, the estimated value of the Company's business assets as of December 31, 1997 was (including cash held by the Company's subsidiaries) approximately sixty-three million dollars ($63,000,000.00). 7. Accounts Payable Other represents payments to Derek Anderson of $150,000 as provided by a Bankruptcy Court approved stipulation, to Weesner of $100,000 as provided by a Bankruptcy Court approved stipulation and to Halcyon of $400,000 as provided by the Trustee's Amended Plan. Form 2-D Page 3 of 3 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For the Period October 1 to October 31, 1998
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $0.00 $0.00 ($4,358.00) $2,172.62 10/15/98 KEY TAX $0.00 2,185.38 10/31/98 KEY TAX State 0.00 (1,458.37) 1,458.37 10/31/98 1266 0.00 FICA tax withheld 0.00 (1,428.97) 710.18 10/15/98 KEY TAX 718.79 10/31/98 KEY TAX 0.00 Employer's FICA tax 0.00 (1,428.97) 710.18 10/15/98 KEY TAX 718.79 10/31/98 KEY TAX 0.00 Unemployment tax: Federal 0.00 (15.47) 15.47 10/15/98 KEY TAX 0.00 State 0.00 (301.34) 301.34 10/31/98 1265 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes (12,958.51) 1,439.83 (11,518.68) Accrued income tax: Federal 0.00 0.00 State 0.00 0.00 Delaware franchise tax 50,000.00 50,000.00 Employee withholding 0.00 0.00 (1,526.82) 763.41 10/13/98 1007279 0.00 ---- ---- -------- 763.41 10/28/98 1007312 ---- ------ TOTALS $37,041.49 $1,439.83 ($10,517.94) $10,517.94 $38,481.32 ========== ========= ========== ========== ==========
(*) Amount subject to results of audit. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For October 1 to October 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) 10/31/98 General Liability Travelers Insurance/ Sedgwick James 5,000,000 08/17/99 08/17/99 Vehicles Travelers Insurance/ (Hired/Non-Owned) Sedgwick James 5,000,000 08/17/99 08/17/99 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/99 08/17/99 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/99 08/17/99
(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 October 1 to October 31, 1998
Accounts Non-Affiliate Accounts Payable Accounts Payable Professional Receivable Trade Fees Under 30 days $36,561 $119,251 $615,634 30 to 60 days 0 0 0 61 to 90 days 0 0 0 Over 90 days 0 4,574 0 - ----- - Total post-petition 36,561 123,825 615,634 Pre-petition amounts 0 3,664,200 0 - --------- - Total accounts receivable $36,561 ======= Total accounts payable $3,788,025 $615,634 ========== ======== Affiliate Accounts Receivable Under 30 days $35,089 30 to 60 days 13,359 61 to 90 days 12,098 Over 90 days 0 - Total post-petition affiliate accounts receivable $60,546 =======
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 October 1 to October 31, 1998
Date of Court Estimated Amount Paid Approval Balance Due Court Appointed Trustee $0 - $88,252 Trustee's Counsel 0 - 250,819 Trustee's Accountants 0 - 54,723 Trustee's Special Plan Counsel 0 - 211,840 Special Litigation Counsel for Trustee - Costs 0 - 0 Trustee - Fees 0 - 0 Auditors 0 - 10,000 Financial Consultants 0 0 (1) - - Total $0 $615,634 == ========
(1) 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 October 1 to October 31, 1998
Payee Name Position Nature of Payment Amount Ralph F. Cox Director Meeting Fees $1,000.00 Travel Reimbursement $1,140.51 Calvin L. Rampton Director Director Fees $0.00 Clark M. Mower President Salary $12,833.34 Expense Reimbursement $1,926.10
Persons designated by the Trustee to be directors as of the effective date, received compensation as disclosed in D-2 and D-3 of the Cash Report. Form 2-E Page 5 of 5 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary Month Ended October 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 709,965.72 September 707,026.92 ---------- Total 3rd Quarter 1,631,927.88 $5,000.00 1007294 10/23/98 October 132,979.46 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. -----END PRIVACY-ENHANCED MESSAGE-----