-----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, P0jhsPpmxSDF4hidcJyRFazTKOjehu8emtQL0QEbQD6pC3xcylx3VFnqMDWpnuxA GMHowLiC6xZc3INlEw+GbA== 0001016193-96-000037.txt : 19960726 0001016193-96-000037.hdr.sgml : 19960726 ACCESSION NUMBER: 0001016193-96-000037 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960715 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19960725 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: BONNEVILLE PACIFIC CORP CENTRAL INDEX KEY: 0000795182 STANDARD INDUSTRIAL CLASSIFICATION: COGENERATION SERVICES & SMALL POWER PRODUCERS [4991] IRS NUMBER: 870363215 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14846 FILM NUMBER: 96598912 BUSINESS ADDRESS: STREET 1: 50 W 300 SOUTH STREET 2: SUITE 300 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: 8013632520 MAIL ADDRESS: STREET 1: 330 EAST MAIN ST STREET 2: SUITE 201 CITY: BARRINGTON STATE: IL ZIP: 60010 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date Report (Date of earliest event reported) July 15, 1996 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 [PAGE] Item 3. Bankruptcy or Receivership. On December 5, 1991, the Registrant filed a petition in the United States Bankruptcy Court for the District of Utah, Central Division, Case No. 91A-27701, seeking protection to reorganize under Chapter 11 of the Federal Bankruptcy Code. Subsequent to the filing, the Registrant has applied to the Securities and Exchange Commission (the "Commission") to modify its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On April 9, 1992, the Commission indicated that it would raise no objection if the Registrant modified its reporting obligations under the Exchange Act. A copy of the Monthly Financial Report for the period June 1, 1996 to June 30, 1996, 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. [PAGE] 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 July 15, 1996 [PAGE] 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 Assistant Controller DATED July 15, 1996 [PAGE] INDEX TO EXHIBITS Exhibit Page No. 28.1 Monthly Financial Report - Chapter 11, for the period June 1, 1996 to June 30, 1996, of the Registrant, dated July 15, 1996 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on July 15, 1996. . . . . . . . . . . . . . . . .5 [PAGE] MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 For Period June 1 to June 30 , 1996 Accounting Method Used: X Accrual Basis Cash Basis COVER SHEET - ------------------------------------------------------------------------------ THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. Mark One Box For Each The debtor must attach each of the following reports/ Required Report/ documents unless the U.S. Trustee has waived the Document requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee. - ------------------------------------------------------------------------------ Report/Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS - ------------------------------------------------------------------------------ [ x ] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [ x ] [ ] Balance Sheet (Form 2-C) [ x ] [ ] Profit and Loss Statement (Form 2-D) [ x ] [ ] Supporting Schedules (Form 2-E) [ x ] [ ] Quarterly Fee Summary (Form 2-F) [ x ] [ ] Narrative (Form 2-G) [ x ] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ------------------------------------------------------------------------------ I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: July 15, 1996 Debtor(s): BONNEVILLE PACIFIC CORPORATION ----------------------------------- By: R. Stephen Blackham Position: Assistant Controller [PAGE] MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 For Period June 1 to June 30 , 1996 Accounting Method Used: x Accrual Basis Cash Basis COVER SHEET - ------------------------------------------------------------------------------ THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. Mark One Box For Each The debtor must attach each of the following reports/ Required Report/ documents unless the U.S. Trustee has waived the Document requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee. - ------------------------------------------------------------------------------ Report/Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS - ------------------------------------------------------------------------------ [ x ] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [ x ] [ ] Balance Sheet (Form 2-C) [ x ] [ ] Profit and Loss Statement (Form 2-D) [ x ] [ ] Supporting Schedules (Form 2-E) [ x ] [ ] Quarterly Fee Summary (Form 2-F) [ x ] [ ] Narrative (Form 2-G) [ x ] [ ] Bank Statement(s) for Debtor in Possession Account(s) - ------------------------------------------------------------------------------ I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: July 15, 1996 Debtor(s): BONNEVILLE PACIFIC CORPORATION ----------------------------------- By: R. Stephen Blackham Position: Assistant Controller [PAGE] Bankruptcy No. 91A-27701 Narrative For the Month Ended June 30, 1996 ______________________________________________________________________________ Bonneville Pacific Corporation (the Company) has continued to conduct its normal business activities during the month of June 1996 (the reporting period). These activities have included responding to the Operating Guidelines nd Reporting Requirements for Chapter 11 debtors. Significant actions related to the Company during the month of June and the first part of July 1996 1 (other than administrative matters, including professional fee applications) in accordance with various provisions of the Bankruptcy Code are as follows: 1. The Segal v. Portland General, et al. action pending in the United States District Court, Case No. 92-C-364-J (the "Litigation") has been discussed at length in the previous Monthly Financial Reports filed by the Trustee and in the Trustee's three (3) Annual Reports Concerning the Administration of the Estate. These Reports (which are on file with both the Bankruptcy Court and the Securities & Exchange Commission) should be reviewed for an understanding of the history and nature of the Litigation. The last ninety (90) days have resulted in substantial changes in the Litigation. Specifically, the Trustee has,within the last ninety (90) days, conditionally settled with the following defendants for the following amounts: Defendant Amount of Settlement2 Deloitte Touche $ 65,000,000.00 Mayer Brown & Platt $ 30,000,000.003 Perkins-Coie $ 12,750,000.00 L. Wynn Johnson $ 1,650,000 004 Robert Pratt/Moriah Enterprises $ 675,000.00 ______________________ 1. This narrative attempts to summarize significant events affecting the Company through July 12, 1996 2. Each Settlement Agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. 3. Mayer Brown & Platt is also required to disgorge $177,000 plus interest in prepetition attorneys fees paid by the Company. Additionally, Mayer Brown & Platt under certain circumstances may be required to pay up to a n additional $3,500,000.00 to the Company. 4. Plus other consideration such as one-half (1/2) of any tax refund received by Johnson or entities related to Johnson. [PAGE] The $65,000,000.00 Deloitte settlement has been approved by the Bankruptcy Court and the litigation by the Trustee against Deloitte has been dismissed by the District Court; however, two appeals to the United States District Court for the District of Utah have been filed concerning the Bankruptcy Court's Order approving the Deloitte settlement. As a result of the appeals, Deloitte & Touche was required, pursuant to the terms of the Settlement Agreement, as approved by the Bankruptcy Court, to pay the $65,000,000.00 into an interest- bearing escrow account; Deloitte & Touche did on June 21, 1996 pay the $65,000,000.00 into an escrow account created for the settlement. In the event that the appeals are finally resolved in the Trustee's favor, the escrowed funds, together with accrued interest, will be disbursed to the Trustee. If, on appeal, the Bankruptcy Court's Order approving the Settlement Agreement is vacated, reversed or amended in a material manner, the Settlement Agreement will not become effective and the escrowed funds, together with interest thereon, will be returned to Deloitte & Touche and the Litigation against Deloitte & Touche will be reinstated as if never dismissed. On June 13, 1996 the Trustee filed with the District Court motions to dismiss the appeals. All parties to the appeals are now in the process of fully briefing the issues on appeal, with such briefing to be complete by approximately the end of July, 1996. All of the other above-referenced settlements were conditioned upon final approval by the Bankruptcy Court and dismissal by the District Court; the Johnson and Pratt/Moriah settlements were approved (without objection) by the Bankruptcy Court on May 14, 1996; the Mayer, Brown & Platt and Perkins-Coie settlements were approved (without objection) by the Bankruptcy Court on May 24, 1996. Motions to dismiss the above described settling defendants from the District Court litigation were filed and a hearing was held before the District Court on June 18, 1996. At the hearing the District Court dismissed Mayer Brown & Platt, Perkins-Coie, Johnson and Pratt/Moriah from the Litigation and subsequently the orders of dismissal were entered by the District Court. Mayer Brown & Platt, as required by the Court Approved Settlement, paid the $30,000,000.00 to the estate on June 30, 1996. In addition the $177,000 plus interest previously paid by Mayer Brown & Platt which was held in escrow by the Trustee was unconditionally transferred to the estate on July 1, 1996. The Pratt/Moriah settlement payment of $675,000.00 was paid to the estate on June 21, 1996. The Johnson initial settlement payment of $250,000.00 was paid to the estate on June 24, 1996 and the remaining $1,400,000.00 over a period of approximately two years (of which $50,000.00 was paid by Johnson on or about July 1, 1996). On July 3, 1996 Mr. Johnson, pursuant to a plea bargain, plead guilty to two (2) Felony Counts in a criminal case related to Bonneville. All other criminal counts against Mr. Johnson were dismissed. Mr. Johnson is scheduled to be sentenced on September 12, 1996. Perkins Coie, as required by the terms of the Court Approved Settlement, paid the $12,750,000.00 to the estate on July 1, 1996. Each of the above-referenced settlement sums (as well as all other settlements referenced in this narrative) are, if paid, subject to a contingency fee in favor of the law firm of Beus, Gilbert & Morrill, special litigation counsel for the Trustee. The "Legal Representation Agreement" between the Trustee and Beus, Gilbert & Morrill, which agreement sets forth the terms of the contingent fee arrangement, was approved by the Bankruptcy Court in 1992. Pursuant to the contingent fee agreement, Beus, Gilbert & Morrill would, after subtracting for litigation costs (which total several million dollars) receive thirty-three percent (33%) of the settlement sums actually paid (except 20% for the Hixson settlement, see paragraph 5), less amounts paid to the Trustee's General Counsel (Cohne, Rappaport & Segal, P.C.) [PAGE] for fees related to the Litigation. Any fees or costs to be paid to Beus, Gilbert & Morrill must first be allowed (approved) by the Bankruptcy Court. Beus, Gilbert & Morrill, on July 2. 1996, filed its Third Application for Allowance of Fees seeking allowance of $34,583,542.92 of which $13,133,542.92 would be payable immediately and the remaining $21,450,000.00 would be paid when the estate receives the Deloitte & Touche settlement funds from the escrow. The remaining defendants in the Litigation5 are Piper Jaffray, Kidder Peabody, Portland General and related individuals, Fraser & Beatty, Michael Bradley and Westinghouse Electric Corporation. On March 31, 1996, the Trustee filed with the Court a revised damage calculation pursuant to which the bankruptcy estate continues to assert damage claims against the remaining defendants totaling several hundred million dollars. The remaining defendants adamantly dispute the Trustee's damage claims and the defendants have filed Motions to strike the revised damage calculation. A pre-trial hearing began on May 6, 1996 and concluded on May 14, 1996. At the conclusion of the pre-trial hearing, the Court scheduled (a) a further pre-trial hearing solely on the issue of damages for July 30 and July 31, 1996; (b) a final pre-trial hearing beginning on September 10, 1996; and (c) a trial date to begin on October 1, 1996. 6The Court also, during the pre-trial hearing, excluded all of the Trustee's RICO claims against the various defendants and the RICO claim of Portland General asserted in its counterclaim against the Company. While the Court has various motions to dismiss under advisement and while up to eighteen (18) pending Motions for Summary Judgment have been filed by the defendants the Trustee believes that ultimately most, if not all, of the remaining defendants, to the extent they do not settle, will have to defend the litigation on the merits. As with any litigation, the ultimate net return to the estate from the remaining defendants is uncertain. It is estimated that the Litigation, taking into account appeals, may take years to fully resolve. 2. On June 28, 1996 Deedee Corradini and Yan Ross made the last $50,000.00 payment as required by the Court Approved August 17, 1993 Settlement Agreement with the Trustee. 3. On December 19, 1995, a hearing was held in the District Court concerning Portland General's Motion for Authority to File a Counterclaim against the Company in connection with the Segal v.Portland General, et al, litigation. The Court ruled that Portland General may assert a limited counterclaim for the purpose of liquidating its alleged claim against the estate (such claim asserted by Portland General is apparently in excess of $76,000,000.00)7. The Trustee continues to assert that Portland General should have no claim against the Company or, alternatively, that any claim Portland General has against the Company be equitably subordinated to all other claims of any kind whatsoever. Portland General continues to assert that its claim should be allowed in full, although at this time it is not clear whether Portland General wants to keep its asserted 9,842,067 shares of stock in the Company, wants to assert a monetary claim relating to the purchase of that stock, or wants to both keep the stock and pursue the stock claim. ______________________ 5. Defendants in separate actions which were severed from the Litigation are Calpine Corporation, William Cerutti, Ronald Yanke and Dinuba Energy. 6. The Court may schedule additional days of pretrial before the now scheduled 10/1/96 trial date. 7. Specifically, Portland General asserts that it has an approximately $27,000,000.00 claim relating to monies allegedly loaned by Portland General to the Company (of which a portion is allegedly a secured claim - on Bonneville Fuels stock) and the remaining $49,000,000.00 relates to Portland General's purchase of the Company's common stock. [PAGE] 4. The Trustee is currently engaged in ongoing negotiations with National Union Fire Insurance Company of Pittsburgh, Pennsylvania ("National Union") and Mark E. Rinehart wherein the Company would waive all claims against National Union and Rinehart (and vice-versa) in exchange for a payment of $400,000.00 by National Union to the Company. At the present time, a final settlement agreement is being circulated for execution. 5. On June 13, 1996 the Trustee entered into a comprehensive settlement agreement with Raymond Hixson, a former officer, director and large shareholder of the Company, and other parties or entities related to Mr. Hixson. A Motion for approval of the settlement was filed with the Bankruptcy Court on June 20, 1996 and a hearing on the Motion is scheduled for July 22, 1996. Pursuant to the settlement agreement the Trustee agreed, on behalf of the Company and its bankruptcy estate, to waive all claims possessed by the Trustee against Hixson (Hixson had signed a "tolling agreement" which tolled the running of the statute of limitations on such claims) in exchange for Hixson agreeing to pay to the estate one million dollars ($1,000,000.00) and other consideration. Such other consideration included assigning to the Trustee one-half of any future tax refunds received by the Hixsons and a one-half interest in a charitable trust created by the Hixsons. Mr. Hixson also agreed to meet with the Trustee and his counsel concerning his knowledge about Bonneville and its financial affairs. The settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. The settlement is conditioned upon approval of the Settlement Agreement by the Bankruptcy Court. On July 9, 1996 Mr Hixson, pursuant to plea bargain, plead guilty to two (2) felony counts in a criminal case related to Bonneville. All other criminal counts against Mr. Hixson were dismissed. Mr Hixson is scheduled to be sentenced on September 20, 1996. In addition to the above described litigation matters, the Company continues in its business operations. Significant actions and events during June 1996 related to business matters are as follows: 1. The Trustee and his counsel continue to monitor the Company's 50% general partnership interest in NCA #1 owned through the Company's wholly owned subsidiary, Bonneville Nevada Corporation. NCA #1 is a Nevada general partnership that owns an 85-megawatt cogeneration project located near Las Vegas, Nevada. As previously reported, Nevada Power Company ("NPC") curtailed its purchases of electrical power from NCA #1 during significant portions of 1994 and 1995. The curtailments have continued during 1996. As previously reported, On July 24, 1995, NCA #1 together with NCA #2 (a related power project in which the Company does not have any ownership interest) filed a Demand for Arbitration and Statement of Claims with the Las Vegas office of the American Arbitration Association ("AAA") seeking redress for the NPC curtailments during 1994-95. Arbitration hearings were held and an Interim Arbitration Award was issued. Subsequently, the parties entered into a Settlement and Release Agreement wherein NCA #1 was awarded $829,920 for improper curtailments during the designated period. Payment of the settlement award by Nevada Power Company to NCA #1occurred as expected during the month of May 1996. The Settlement and Release Agreement does not include any provisions regulating future curtailments of the Projects but keeps in tact each of the parties' rights to pursue curtailment protocol issues in the courts, as described below and before the Public Service Commission of Nevada ("PSCN"). [PAGE] Since January 1, 1996, curtailments of NCA #1 have continued but at a dramatically lower level than during the same period in 1995. There is no assurance that this trend will continue. It is NCA #1's position that the curtailments are in possible violation of applicable curtailment protocols and possible breach of NCA #1's Power Purchase Contract with NPC. The Trustee will continue to monitor this situation. On June 7, 1995, NPC filed a petition with the Public Service Commission of Nevada ("PSCN") seeking to ratify its prior curtailment practices. NCA #1 filed an objection to this petition and the First Judicial District Court of the State of Nevada stayed further action on the petition pending resolution of collateral matters. No further action took place relative this matter during the reporting period. On June 24, 1996 NCA #1 made a distribution to its partners and Bonneville Nevada Corporation received $600,000.00, which was subsequently up streamed to the company and paid by the company on June 27, 1996 to Bank of Tokyo in accordance with the terms of the Adequate Protection Agreement. Analysis of Claims and Possible Distributions. Claims against the Bonneville Pacific bankruptcy estate total several hundred million dollars; the exact amount of such claims (which include unfiled claims relating to the sale of the Company's stock and bonds) and the distribution priority for such claims are still being researched, investigated, litigated or negotiated by the Trustee and other parties in interest. At this time it is not known whether interest will ever be paid on any allowed unsecured claim because (a) it is not at all clear that the estate will possess sufficient funds to pay interest on any particular class of claims, and (b) the law concerning payment of interest to any particular class of claims is not clear and therefore even if sufficient funds did exist, the issue of payment of interest to any particular class of claims would have to be either consensually resolved in a plan of reorganization or would have to be adjudicated by a court of competent jurisdiction. No plan of reorganization negotiations which include the Trustee are now being conducted. However, in light of the settlements discussed in this narrative, the Company may now be in a position to have all claims filed (many potential claimants were not given proper notice of the original claim bar date in 1992) and then begin the process of negotiating and proposing a plan of reorganization. Until such time as all claims have been filed (particularly those claims relating to the sale of the Company's stock and bonds), it is not realistic to propose a plan. Additionally, Portland General's $76,000,000.00 claim against the Company (discussed in this Narrative) may also have to be resolved (by settlement or litigation) or "crammed-down," before a plan could be confirmed. The Trustee anticipates beginning the work necessary to have all claims filed in the near future. Plan negotiations may not begin for several months and it will be several months, if not substantially more, before any creditor with an allowed claim can anticipate receiving any distribution from the estate. For a discussion of some of the claims against the estate, see Section VIII of the Trustee's Third Annual Report for the period from July 1, 1994 through June 30, 1995. As indicated therein, claims of the bondholders may be subordinate in payment priority to the claims of banks and those creditors similarly situated. For additional discussion concerning claims against the estate also see the damage calculation filed by the Trustee with the District Court on March 31, 1996 in the Segal v. Portland General, et al. Litigation. [PAGE] On June 7, 1996 the Trustee filed an application to employ the law firm of Weil, Gotshall & 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, assisting the Trustee and the Trustee's General Counsel concerning a plan of reorganization and issues relating thereto, including, in some instances, dealing with claims against the Estate. Notice of the application was given to certain creditors and interested parties and a hearing was held as scheduled before the Bankruptcy Court on June 18, 1996; at the conclusion of the hearing the Court overruled the two (2) objections, approved the application and entered its order approving the Trustee's employment of Weil, Gotshall and Manges. On May 22, 1996 the Bankruptcy Court entered its Memorandum Opinion and Decision8 on the Motion for Re-Consideration filed by Hansen, Jones and Leta and Snell & Wilmer concerning the Court's December 2, 1992 Memorandum Decision denying both law firms any fee compensation (as counsel for the Debtor-in- possession) and Ordering disgorgement of all payments previously received (approximately $178,000.00) by such law firms as counsel for the Company. Both law firms have filed an appeal of the decision. The amount at issue (i.e., total fees paid to or requested by the two firms) totals almost $500,000.00. Snelll & Wilmer on June 27, 1996 paid $29,650.39 (the amount it was ordered to disgorge) to the Trustee to be held by the Trustee in an interest bearing account pending final resolution of Snell & Wilmer's appeal. The $29,650.39 was deposited by the Trustee to such a separate interest bearing account and will be held pending resolution of the appeal. __________________________________ 8. Ralph R. Mabey and the law firm of Leoeuf, Lamb, Greene and Macrae (hereinafter collectively "LeBoeuf") filed on June 10, 1996 a "Civil Ac tion for Extraordinary Relief in the Nature of Mandamus" in connection with the Bankruptcy Court's May 22, 1996 decision. LeBoeuf served as counsel for the Unsecured Creditors' Committee until June 17, 1996 and has (or may) seek payment of fees and costs from the estate totaling in excess of $300,000.00. [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period June 1 - June 30, 1996 CASH RECONCILIATION - ------------------------------------------------------------------------------ 1. Beginning Cash Balance: . . . . . . . . . . . . . . . $24,472,929.77 2. Cash Receipts: (See Page 2 of 2) . . . . . 31,738,970.28 3. Cash Disbursements: (See Page 2 of 2). . . ( 793,980.15) 4. Net Cash Flow: . . . . . . . . . . . . . 30,944,990,13 ------------- 5. Ending Cash Balance: (to Form 2-C) . . . . . . . . . . . . 55,417,919.90 ============= CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $1,177.37 1ST SECURITY BANK/UTAH PAYROLL TAX ACCOUNT 372.14 KEY BANK OF UTAH GENERAL CORP CASH 583,506.85 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 7,517,540.80 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 10,635,310.27 (A) US BANK CHPTR 11 TRUSTEE - JNT CD 5,142,480.17 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 5,063,845.14 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 26,260,090.49 (A) BANK ONE PROCEEDS FROM ASSET SALES 3,915.62 (A) KEY BANK OF UTAH NCA 1 SALES TAX ESCROW 79,852.00* (B) ABN AMRO BANK/NEW YORK KYOCERA MAINTENANCE RESERVE 129,829.50 KEY BANK OF UTAH ----------- $ 55,417,919.90 ============= * RESTRICTED CASH 79,852.00 (A) Accounts requiring signatures of both the US Trustee and Chapter 11 Trustee for disbursements. (B) Funds on deposit in the NCA 1 Sales Tax Escrow account are pledged as collateral to the State of Nevada. Monthly, an amount of approximately $28,000 is released and transferred to the Chapter 11 Trustee Joint Account. It is expected that these transfers will continue and that these funds will be available to the estate for the benefit of creditors and/or to be used in operations. FORM 2-B Page 1 of 2 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNALS BANK ACCOUNT TOTAL PAGE REF ---------------------------------------------------------- PAYROLL ACCOUNT $19,461.01 A PAYROLL TAX ACCOUNT 8,645.25 B GENERAL CORP CASH 749,317.76 C CHPTR 11 TRUSTEE JOINT ACT 4,713,172.22 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 42,886.24 F CHPTR 11 TRUSTEE JT SAVINGS 30,260,095.49 G PROCEEDS FROM ASSET SALES 10.10 H NCA 1 SALES TAX ESCROW 472.82 I KYOCERA MAINTENANCE RESERVE 11,633.47 J ------------- 35,805,694.37 LESS: ACCOUNT TRANSFERS (4,066,724.09) ------------- TOTAL CASH RECEIPTS $31,738,970.28 ============== CASH DISBURSEMENTS JOURNALS - ------------------------------------------------------------------------------ BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $19,492.20 A PAYROLL TAX ACCOUNT 8,647.58 B GENERAL CORP CASH 805,093.00 D CHPTR 11 TRUSTEE JOINT ACCT 43.64 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A CHPTR 11 TRUSTEE JT SAVINGS 4,000,005.00 G PROCEEDS FROM ASSET SALES 0.00 H NCA 1 SALES TAX ESCROW 27,422.82 I KYOCERA MAINTENANCE RESERVE 0.00 J ----------- LESS: ACCOUNT TRANSFERS 4,860,704.24 (4,066,724.09) -------------- TOTAL CASH DISBURSEMENTS $793,980.15 ============ FORM 2-B Page 2 of 2 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION ---------------------------------------------------------------------------- 6/12/96 CK# 5701 BPC - GENERAL $10,118.95 PAYROLL TRANSFER 6/26/96 CK# 5737 BPC - GENERAL 9,342.06 PAYROLL TRANSFER ---------- TOTAL CASH RECEIPTS $19,461.01 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ---------------------------------------------------------------------------- 6/15/96 PAYROLL SUMMARY $10,118.94 6/30/96 PAYROLL SUMMARY 9,342.06 6/30/96 BNK STMT KEY BANK OF UTAH 31.20 SERVICE CHARGE ---------- TOTAL CASH DISBURSEMENTS $19,492.20 A [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION ---------------------------------------------------------------------------- 6/12/96 CK# 5702 BPC - GENERAL $4,490.16 PR TAX TRANSFER 6/26/96 CK# 5738 BPC - GENERAL 4,155.10 PR TAX TRANSFER --------- TOTAL CASH RECEIPTS $8,645.26 ========= CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ----------------------------------------------------------------------------- 6/12/96 CK# 1194 KEY BANK OF UTAH $3,703.37 FEDERAL TAX DEPOSIT 6/26/96 CK# 1195 KEY BANK OF UTAH 3,425.26 FEDERAL TAX DEPOSIT 6/26/96 CK# 1196 UTAH STATE TAX COM'N 1,516.63 STATE INCOME. TAX 6/30/96 BNK STMT KEY BANK OF UTAH 2.32 SERVICE CHARGE --------- TOTAL CASH DISBURSEMENTS $8,647.58 ========= B [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ----------------------------------------------------------------------------- 6/11/96 DS061196 C. MOWER $18.94 OFF.EXP.REIMB 6/11/96 DS061196 J. SLOAT 236.00 INS. REIMBU. 6/11/96 DS061196 KYOCERA AMERICA 6,824.18 ENERGY REV-KYO 6/21/96 DS061196 WORKERS COMP OF UTAH 158.73 INS. REIMBU. 6/21/96 DS062196 BONNEVILLE PACIFIC SERV. 12,929.13 OFF.EXP.REIMB 6/21/96 DS062196 J. ALLSOP 1,416.00 INS. REIMBU. 6/21/96 DS062196 SAN DIEGO GAS & ELEC. 1,801.32 ENERGY REV-KY0 6/21/96 DS062196 KYOCERA AMERICA 117,620.34 ENEERGY REV-KYO 6/21/96 DS062196 BONNEVILLE NEVADA 6,060.99 OFF.EXP.REIMBU 6/27/96 DS062796 BONNEVILLE NEVADA 600,000.00 DIVIDEND PMT 6/30/96 BNK STMT KEY BANK OF UTAH 2,252.13 INTEREST INC. ---------- TOTAL CASH RECEIPTS $749,317.76 =========== C [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period June 1 - June 30, 1996 [PAGE] DATE CHECK # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/3/96 1005680 VOID 6/3/96 1005681 AIRBORNE EXPRESS 51.73 EXPRESS MAIL EXP. 6/3/96 1005682 AMPCO PARKING SYSTEMS 533.00 RENT-PARKING 6/3/96 1005683 AT&T 1,016.56 TELEPHONE EXP. 6/3/96 1005684 AUTOMATED OFFICE SYST. 310.95 OFFICE SUP/EXPENSE 6/3/96 1005685 BENEFICIAL LIFE INSUR.CO. 613.77 INSURANCE-LIFE 6/3/96 1005686 BONNEVILLE PACIFIC SERVICS 645.65 O&M EXPENSE-KYOCERA 6/3/96 1005687 BPC-KYOCERA MAINT. RESERVE 11,195.00 TRANSFER-MAINT.RESERVE 6/3/96 1005688 PETTY CASH 487.79 OFFICE SUP/EXPENSE 6/3/96 1005689 DAY TIMERS, INC. 27.85 OFFICE SUP/EXPENSE 6/3/96 1005690 GEM INSURANCE CO. 3,685.00 INSURANCE-HEALTH 6/3/96 1005691 HERITAGE PRODUCTS INC. 439.66 OFFICE SUP/EXPENSE 6/3/96 1005692 MOUNT OLYMPUS WATER 23.14 OFFICE SUP/EXPENSE 6/3/96 1005693 MT. STATES OFFICE PRODUCTS 65.88 OFFICE SUP/EXPENSE 6/3/96 1005694 CLARK MOWER 898.26 TRAVEL REIMBURSEMENT 6/3/96 1005695 OFFICE WARE 141.68 OFFICE SUP/EXPENSE 6/3/96 1005696 UNUM LIFE INSURANCE CO. 1,442.94 INSURANCE-DISABILITY 6/3/96 1005697 US WEST COMMUNICAITONS 900.37 TELEPHONE EXPENSE 6/3/96 1005698 50 W. BROADWAY ASSOC. 12,513.00 RENT-OFFICE & PARKING 6/7/96 1005699 HURST & ASSOC. 20,000.00 INS. TRUSTEES BOND 6/12/96 1005700 DELAWARE SECRETARY OF STATE 33,618.40 FRANCHISE TAX 6/12/96 1005701 BONNEVILLE PACIFIC CORP. 10,118.95 TRANSFER-PAYROLL 6/12/96 1005702 BONNEVILLE PACIFIC CORP. 4,490.16 TRANSFER-PAYROLL 6/12/96 1005703 FIRST INTERSTATE BANK 733.30 401K CONTRIBUTIONS 6/14/96 1005704 50 W. BROADWAY ASSOC. 250.00 RENT-OFFICE PARKING 6/14/96 1005705 ACCOUNTEMPS INC 183.60 TEMPROARY OFFICE STAFF 6/14/96 1005706 APPLE SPICE JUNCTION 50.14 LUNCHEON MEETING 6/14/96 1005707 FEDERAL EXPRESS, INC. 46.00 EXPRESS MAIL EXPENSE 6/14/96 1005708 GEM INSURANCE CO. 712.00 INSURANCE - HEALTH 6/14/96 1005709 GENERATOR POWER SYSTEMS 23,951.37 6/14/96 1005710 HERITAGE PRODUCTS INC. 203.48 OFFICE SUP/EXPENSE 6/14/96 1005711 INSTY PRINTS INC. 116.37 OFFICE SUP/EXPENSE 6/14/96 1005712 MOUNT OLYMPUS WATER 32.70 OFFICE SJP/REIMBURSE. 6/14/96 1005713 MORRIS TRAVEL 299.00 TRAVEL EXPENSE 6/14/96 1005714 OFFICE TEAM 245.03 TEMPORARY STAFF SERV. 6/14/96 1005715 THE PRUDENTIAL 969.62 INSURANCE-DISABILITY 6/14/96 1005716 PROTEL 62.61 OFFICE SUP/EXPENSES 6/14/96 1005717 REDMAN VAN & STORAGE CO INC. 1,291.33 RENT - STORAGE 6/14/96 1005718 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE-KYOCERA 6/14/96 1005719 SEDGEWICK JAMES OF COLORADO 49,684.00 INS. LIABILITY & AUTO 6/14/96 1005720 WARREN, GORHAM & LAMONT INC. 78.80 OFFICE SUP/EXPENSE 6/14/96 1005721 XEROX CORPORATION 466.37 OFFICE SUP/EXPENSE 6/21/96 1005722 VOID 6/25/96 1005723 CORPROATE TRAVEL INTERNATIONAL 398.00 TRAVEL EXPENSE 6/25/96 1005724 AIRBORNE EXPRESS 19.48 EXPRESS MAIL EXP. D-1 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period June 1 - June 30, 1996 CASH DISBURSEMENTS JOURNAL (Cont'd) DATE CHECK # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/25/96 1005725 AT&T $776.15 TELEPHONE EXPENSE 6/25/96 1005726 AUTOMATED OFFICE SYSTEMS INC. 310.95 OFFICE SUP/EXP. 6/25/96 1005727 FIRST INTERSTATE BANK OF CA 1,230.00 401K QUART. BANK 6/25/96 1005728 DEEA HOBBS 60.45 EXPENSE REIMBURSEM. 6/25/96 1005729 INSTY PRINTS INC. 101.03 OFFICE SUP/EXPENSE 6/25/96 1005730 MT STATES OFFICE PRODUCTS 26.11 OFFICE SUP/EXPENSE 6/25/96 1005731 CLARK MOWER 1,253.99 TRAVEL REIMBURSEMENT 6/25/96 1005732 OFFICE TEAM 104.36 TEMPROARY STAFF SERV. 6/25/96 1005733 PROTEL 366.13 OFFICE SUP/EXPENSE 6/25/96 1005734 STEVEN STEPANEK 348.04 TRAVEL REIMBURSEMENT 6/25/96 1005635 UNUM LIFE INSURANCE CO. 1,565.98 INSURANCE-DISABILITY 6/25/96 1005636 US WEST COMMUNICATIONS 860.15 TELEPHONE EXPENSES 6/26/96 1005637 BONNEVILLE PACIFIC CORP. 9,342.06 TRANSFER-PAYROLL ACCT. 6/26/96 1005638 BONNEVILLE PACIFIC CORP. 4,155.10 TRANSFER-PAYROLL ACCT. 6/26/96 1005639 FIRST INTERSTATE BANK 693.30 401K CONTRIBUTIONS 6/26/96 1005640 CYMA SYSTEMS INC. 625.10 CONFERENCES/SEMINARS 6/27/96 1005641 BANK OF TOKYO 600,000.00 LOAN PAYMENT 6/30/96 1005642 KEY BANK 69.90 BANK SERVICE CHARGES TOTAL CASH DISBURSEMENTS $805,093.00 =========== D-2 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC# PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/21/96 GJ277 ROBERT PRATT $675,000.00 SETTLEMENT PMT 6/21/96 GJ277 ABN AMRO 27,422.82 TRANSFER 6/28/96 GJ277 BONNEVILLE PACIFIC CORP. 4,000,000.00 TRANSFER 6/30/96 BNK STMT KEY BANK OF UTAH 10,749.40 INTEREST INCOME TOTAL CASH RECEIPTS $4,713,172.22 ============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/30/96 BNK STMT KEY BANK OF UTAH $43.64 BANK SERVICE CHARGE E [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD ACCOUNT For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/30/96 BNK STM BANK ONE $42,886.24 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ NONE F [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/24/96 GJ277 WYNN JOHNSON $250,000.00 SETTLEMENT PMT 6/28/96 GJ277 MAYER BROWN PLATT 30,000,000.00 SETTLEMENT PMT 6/30/96 BNK STM.BANK ONE 10,095.49 INTEREST INCOME TOTAL CASH RECEIPTS $30,260,095.49 ============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/28/96 GJ277 BONNEVILLE PACIFIC CORP. $4,000,000.00 TRANSFER 6/30/96 BNK STM BANK ONE 5.00 BANK SERV.CHRG ============ TOTAL CASH DISBURSEMENTS $4,000,005.00 G [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/30/96 BNK STMT KEY BANK OF UTAH $10.10 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ NONE H [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 NCA 1 Sales Tax Escrow For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/30/96 BNK STMT KEY BANK OF UTAH $472.82 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/21/96 GJ277 ABN AMRO $27,422.82 TRANSFER I [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period June 1 - June 30, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 6/03/96 CK#5687 BONNEVILLE PACIFIC CORP. $11,195.00 TRANSFER 6/03/96 BNK ST. KEY BANK OF UTAH 438.47 INTEREST INC. ---------- TOTAL CASH RECEIPTS $11,633.47 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ NONE J [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of June 30, 1996 ASSETS Current Assets: Cash $ 55,417,920 Accounts receivable - trade 105,499 Accounts receivable - settlements (Note 7) 14,383,260 Accounts receivable - affiliates 289,986 Prepaid Insurance 20,993 Accrued interest receivable 152,072 Total current assets -------- $ 70,369,730 Fixed Assets: Land 198,424 Equipment, furniture and fixtures 3,745,635 Total fixed assets 3,944,059 Less: Accumulated depreciation <2,937,990> Net fixed assets --------- 1,006,069 Other Assets: Investment in and advances to subsidiaries and partnership 26,486,894 Other assets 66,055 Total other assets ---------- 26,552,949 ------------ TOTAL ASSETS $ 97,928,748 ============ LIABILITIES Post-petition liabilities: Accounts payable - trade $ 15,568 Accounts payable - professional fees and costs (Note 7) 16,123,798 Taxes payable 79,812 Accrued interest 1,789 Total post-petition liabilities ---------- $ 16,220,967 Pre-petition liabilities: Priority claims 61,186 Secured debt 2,664,536 Unsecured debt (Note 5) 132,119,182 Total pre-petition liabilities ----------- 134,844,904 ----------- TOTAL LIABILITIES 151,065,871 =========== Commitments and Contingent Liabilities (Notes 3, 4 and 6) OWNERS' EQUITY Capital stock or owners' investment $ 213,752 Paid-in-capital 91,835,029 [PAGE] Treasury stock <2,308,255> Retained earnings: Pre-petition <56,551,908> Post-petition <86,325,741> TOTAL OWNERS' EQUITY ----------- <53,137,123> ----------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 97,928,748 ============ Form 2-C [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period June 1 - June 30, 1996 Gross operating revenue $ 186,826 Less discount, returns and allowances -0- Net operating revenue ---------- $ 186,826 Cost of goods sold <91,261> ------- Gross profit 95,565 Operating expenses: Salaries and wages 28,716 Rent and leases 12,363 Payroll taxes 1,407 Insurance 342 Other 11,950 Total operating expenses ------- <54,778> -------- Operating income 40,787 Legal and professional fees and costs (Note 7) 13,315,088 Depreciation, depletion and amortization 1,203 Interest expense 39,117 Total ---------- <13,355,408> ---------- Net operating income <13,314,621> Non-operating income and : Interest income 94,915 Other income 4,329 Other income - settlements (Note 7) 45,252,000 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 736,304 Net non-operating income or 46,087,548 ---------- Net income before income taxes 32,772,927 ---------- Provision for income taxes (Note 8) -0- ---------- NET INCOME $32,772,927 =========== Form 2-D Page 1 of 3 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period June 1 to June 30, 1996 1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation, included in the Monthly Financial Report, are prepared on the accrual basis. As a result, revenues are generally recorded when earned rather than when received and expenses are generally recognized when the obligation is incurred rather than when the expenses are paid. During bankruptcy accrued interest payable is recorded only on post petition debt and pre-petition secured debt to the extent that the underlying collateral equals or exceeds the outstanding principal plus the accrued interest payable. These financial statements are prepared in a format required by the U.S. Bankruptcy Code. While every effort is made to comply with generally accepted accounting principles (GAAP), these financial statements may not comply with GAAP in all respects. 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 significant 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. The balance sheet does not reflect deeply subordinated claims totalling $14,945,000 which are claims resulting from court approved settlement agreements pursuant to which a creditor has agreed to subordinate its particular claim in payment priority to all other claims of any kind whatsoever including, but not limited to late filed claims, subordinated debenture holder claims, equity claims, claims of equity holder or subordinated debenture holders who had sold their stock or bonds, and claims which have been subordinated pursuant to 11 U.S.C. Sec. 510 (b). 4. The balance sheet does not reflect CIGNA's settled and allowed $10,000,000 subordinated claim which is on par with any allowed equity claims. Form 2-D Page 2 of 3 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period June 1 to June 30, 1996 5. Included in recorded liabilities are liabilities of $31,081,188 that are being disputed by the Trustee. In addition, numerous liabilities are being investigated by the Trustee for possible objection. 6. Total liabilities as shown in the accompanying balance sheet do not reflect certain liabilities and other claims, contingent or otherwise, that are the subject matter of filed or potentially filed claims. To date, claims and potential claims have been estimated to exceed $350,000,000. This amount includes claims under investigation, potential claims of limited partners, potential claims of equity holders, disputed claims, and accrued interest on certain claims. 7. Accounts Receivable Settlements represent only court approved settlements where all conditions precedent have occurred and the settlements were fully effective as of June 30, 1996 and are reflected on the June 30, 1996 Financial Statements. Settlements reached between the Trustee and any person or entity where all conditions for the settlement to become fully effective has not occurred as of June 30, 1996 are not reflected on the June 30, 1996 Financial Statements. Such settlements include those with: Deloitte and Touche $65,000,000 Raymond L. Hixson $ 1,000,000 Contingent professional fees of up to approximately $21,650,000 relating to the settlements have not been reflected on the financial statements (further information concerning the settlements is contained in the narrative, which is attached). 8. Federal and state income taxes are not accrued on these financial statements. As of April 30,1995, Bonneville had approximately $114,000,000 in alternative minimum tax loss carry-forwards for Federal Income Tax purposes. Pursuant to current tax law, only 90% of current alternative minimum taxable income can be offset by such loss carry-forwards. The receipt of funds from various settlements entered into during the current tax year may, therefore, result in a tax liability to Bonneville. Form 2-D Page 3 of 3 [PAGE] BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period June 1 to June 30, 1996
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ -0- $ $<4,315.19> $ 2,214.77 6/12/96 1194 2,100.42 6/26/96 1195 $ -0- State -0- <1,516.63> 1,516.63 6/26/96 1196 -0- FICA tax withheld -0- <1,406.72> 744.30 6/12/96 1194 662.42 6/26/96 1195 -0- Employer's FICA tax -0- <1,406.72> 744.30 6/12/96 1194 662.42 6/26/96 1195 -0- Unemployment tax: Federal -0- State -0- Sales, use & excise taxes -0- -0- Property taxes <77,595.00> <2,317.00> <79,912.00> Accrued income tax: Federal -0- -0- State -0- -0- Delaware franchise tax <33,618.40> 33,618.40 6/12/96 1005700 -0- Employee withholding -0- <1,426.60> 733.30 6/12/96 1005703 -0- 693.30 6/26/96 1005739 ---------- ---------- --------- -------- TOTALS $<111,213.40> $ -0- $<12,388.86> $43,690.26 $ <79,912.00>
[PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period June 1 to June 30, 1996
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date - ------------------------------------------------------------------------------------------------- Worker's Compensation Various State Funds Statutory $1,000,000 (A) 06/30/96 General Liability Travelers Insurance/ Sedgwick James 5,000,000 06/06/97 06/06/97 Vehicles Travelers Insurance/ [Hired/Non-owned] Sedgwick James 5,000,000 06/06/97 06/06/97 Property: Bonneville Pacific Federal Insurance Co./ Sedgwick James 735,000 08/17/96 08/17/96 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/96 08/17/96 (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.
[PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period June 1 to June 30, 1996 Non-Affiliate Accounts Accounts Receivable Payable ---------- ---------- Under 30 days $14,488,180 $15,511,675 30 to 60 days 12 0 61 to 90 days 10 0 Over 90 days 557 627,691* Total post-petition 14,488,759 16,139,366 ---------- ---------- Pre-petition amounts 0 4,273,537 ---------- ---------- Total accounts receivable $14,488,759 =========== Total accounts payable $20,412,903 =========== Affiliate Accounts Receivable Under 30 days $ 48,364 30 to 60 days 5,640 61 to 90 days 2,552 Over 90 days 233,430 --------- Total post-petition affiliate accounts receivable $ 289,986 =========== (*) Accounts payable over 90 days past due primarily represents professional fees incurred prior to the Trustee's appointment currently being considered by the court for payment. Form 2-E Page 3 of 5 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments of Fees and Costs to Attorneys and Other Professionals For Period June 1 to June 30, 1996 Date of Court Estimated Amount Paid Approval Balance Due ----------- -------- ------------- Debtor's Counsel $0 $100,000 Counsel for Unsecured Creditors' Committee 0 139,487 Court Appointed Trustee 0 88,261** Trustee's Counsel 0 308,005** Trustee's Accountants 0 440,443 Special Litigation Counsel for Trustee - Costs 0 958,429 Trustee - Fees 0 13,605,543*** Debtor's Accountant 0 50,920**** Buccino and Associates 0 132,853 Financial Advisors for Unsecured Creditors Committee 0 290,223 Creditor's Committee 0 9,634 -------- ---------- Total $0 $16,123,798 ======== ========== * Settlement amounts under advisement by the Court. ** Includes only hourly rate and miscellaneous Trustee costs. Does not include any additional amounts that may be awarded by the court relating to 11 USC Section 326 or as an enhanced fee to either the Trustee or the Trustee's general counsel. *** Includes an accrual for any contingent fees due as a result of court approved settlements or recoveries. Estimated contingent fees will be accrued when settlements are approved by the court and the accrual will be revised when fee applications are filed with the Bankruptcy Court. **** Waived pursuant to a court approved settlement agreement between the Trustee and Deloitte and Touche which has been appealed. Further information concerning settlements is contained in the narrative which is attached. Form 2-E Page 4 of 5 [PAGE] DEBTOR: BONNEVIllE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period June 1 to June 30, 1996 Payee Name Position Nature of Payment Amount - ------------------------------------------------------------------------------ Ralph F Cox Director Director fees -0- Calvin L Rampton Director Director fees -0- Clark M Mower President Salary 12,014.60 Expense Reimbursement 2,152.25 Form 2-E Page 5 of 5 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended June 30, 1996 Cash Quarterly Payment Disbursement Fee Due Check No. Date - ------------------------------------------------------------------------------ January $1,328,436.60 February 250,804.29 March 2,301,171.04 ------------ Total 1st Quarter 3,880,411.93 $5,000.00 1005634 4/23/96 April 262,428.76 May 113,914.30 June 793,980.15 ------------ Total 2nd Quarter 1,170,323.21 July August September ------------ Total 3rd Quarter October November December ------------ Total 4th Quarter (1) This summary is to reflect the current calendar year's information cumulative to the end of the current reporting period. Form 2-F -----END PRIVACY-ENHANCED MESSAGE-----