-----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, UESOTdxP/8+pGSaQT36v1LeC0pwybVR6Mx9NtVTKdGf29cvLhQbCbLjIF74xs8fW 3sJ7tHKiaUEuE5Lzj5F4Gg== 0001016193-97-000008.txt : 19970114 0001016193-97-000008.hdr.sgml : 19970114 ACCESSION NUMBER: 0001016193-97-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19961115 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Other events FILED AS OF DATE: 19970113 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: 97504571 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 CURRENT REPORT 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 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 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 October 1, 1996 to October 31, 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. 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 15, 1996 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 November 15, 1996 -3- INDEX TO EXHIBITS Exhibit Page No. 28.1 Monthly Financial Report - Chapter 11, for the period October 1, 1996 to October 31, 1996, of the Registrant, dated November 15, 1996 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on November 15, 1996......................5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 For Period October 1 to October 31, 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/Document documents unless the U.S. Trustee has waived the requirement in writing. File original with Clerk of Court. File duplicate with U.S. Trustee. Report/Document Previously Attached Waived REQUIRED REPORTS/DOCUMENTS [ x ] [ ] Cash Receipts & Disbursements Statement (Form 2-B) [ x ] [ ] Balance Sheet (Form 2-C) [ x ] [ ] Profit and Loss Statement (Form 2-D) [ x ] [ ] Supporting Schedules (Form 2-E) [ x ] [ ] Quarterly Fee Summary (Form 2-F) [ x ] [ ] Narrative (Form 2-G) [ x ] [ ] Bank Statement(s) for Debtor in Possession Account(s) I declare under penalty of perjury that the following Monthly Financial Report and any attachments thereto, is true and correct to the best of my knowledge and belief. Executed on: November 15, 1996 Debtor(s): BONNEVILLE PACIFIC CORPORATION By: R. Stephen Blackham Position: Assistant Controller DEBTOR: BONNEVILLE PACIFIC CORPORATION Bankruptcy No. 91A-27701 Narrative For the Month Ended October 31, 1996 FORM 2G - ------------------------------------------------------------------------------ Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of October 1996 (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 19961 (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 four (4) Annual Reports, including the Report for the period of July 1, 1995 through June 30, 1996 filed on September 19, 1996, Concerning the Administration of the Estate. These Reports (which are on file with both the Bankruptcy Court and the Securities & Exchange Commission) must be reviewed for an understanding of the history and nature of the Litigation, including previous settlements 2 reached by the Trustee. On August 22, 1996 the Trustee entered into a comprehensive verbal settlement agreement with Portland General Corporation ("PGC"), its wholly owned subsidiary, Portland General Holding Inc. ("PGHI") and certain past and present officers of PGC or PGHI (collectively such entities and persons are referred to as "Portland"). Pursuant to the settlement, which ____________________________________ 1 This narrative attempts to summarize significant events affecting the Company through November 13, 1996. 2 Each settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. was documented by formal settlement agreement2 dated September 9, 1996, Portland released any and all claims against Bonneville, its estate and related entities and individuals except that PGHI retained ownership of 2,000,000 shares of common stock of Bonneville. PGHI will surrender ownership of approximately 7,842,000 shares of common stock of Bonneville and Portland will withdraw with prejudice its filed claim (in the amount of $230,369,276.00) against Bonneville. Portland General has dismissed its counterclaim against Bonneville and its estate now pending in the Litigation and has withdrawn its claim. In exchange Portland received a release from Bonneville and its estate of all claims and causes of action, including those asserted in the Litigation. The settlement is intended to resolve any and all claims and/or rights and interest of the parties against one another and related entities and individuals except for such restricted rights as PGHI will have as the owner of 2,000,000 shares of common stock of Bonneville. Furthermore the settlement has resulted in a Thirty Million Six Hundred Twenty Thousand Five Hundred Forty Dollars ($30,620,540.00) of liabilities heretofore reflected on Bonneville's Balance Sheet being removed therefrom; and b) reduction of approximately Two Hundred Million Dollars ($200,000,000.00) from the amount of unbooked liabilities heretofore reflected in note 6 to the Balance Sheet. The settlement was conditioned upon approval by the United States District Court and the United States Bankruptcy Court. The Motion for Approval of the Settlement Agreement was heard by the United States Bankruptcy Court as scheduled on October 7, 1996, at which hearing the Bankruptcy Court approved the Motion. The United States District Court, based upon the Stipulated Motion of the parties on October 11, 1996, signed the Final Judgment and Order of Dismissal of Portland General from the Litigation. On September 20, 1996 the Trustee entered into a verbal settlement agreement with Kidder Peabody. Pursuant to the settlement, which was documented by formal settlement agreement dated October 4, 1996, Kidder Peabody agreed to pay $15,000,000.00 to Bonneville Pacific Corporation , for a complete release of any and all claims which the Trustee or the estate has against Kidder Peabody. The settlement was conditioned upon approval by the United States District Court and the United States Bankruptcy Court. The Trustee's Motion for Approval of the Settlement Agreement was granted by the United States Bankruptcy Court on October 28, 1996. The District Court dismissed Kidder Peabody from the Litigation on October 28, 1996 and therefore the $15,000,000.00, which was paid by Kidder Peabody to the Trustee in trust on October 5, 1996 pending approval of the settlement, plus accrued interest, has been received by the estate. All litigation settlement recoveries actually received by the Company are 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, be paid forty percent (40%) of any settlement or litigation recoveries received after trial commences, thirty-three percent (33%) of any settlement sums received after the litigation is filed but before trial commences, or, as the case may be, twenty percent (20%) of the settlement sum received if the settlement occurs before litigation is commenced ( in all instances less amounts paid to the Trustee's General Counsel, Cohne, Rappaport & Segal, P.C., 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 upon application after notice and hearing. Beus, Gilbert & Morrill, on October 10, 1996, filed its Fifth Application for Allowance of Interim Fees seeking allowance of $10,678,397.33 in fees based upon (a) the Ten Million Dollar ($10,000,000.00) Fraser & Beatty settlement, (b) the Fifteen Million Dollar ($15,000,000.00) Kidder Peabody Settlement (if approved and paid), (c) the Seven Million Dollar ($7,000,000.00) settlement sum paid by Piper Jaffray, (d) the One Million Dollar ($1,000,000.00) Hixson Settlement, and (e) miscellaneous other litigation recoveries, which collectively for the period total less then One Million Dollars ($1,000,000.00). Beus, Gilbert & Morrill was also seeking, based upon its thirteenth interim cost application, reimbursement for litigation costs expended during the period from June 1, 1996 to September 30, 1996 which total $655,956.09. The United States Bankruptcy Court allowed the requested fees and costs at a hearing held on November, 4, 1996 and the estate paid such fees and costs (which totaled $11,334,353.42) to Beus, Gilbert & Morrill on or about November 5, 1996. The remaining defendant in the Litigation3 is Westinghouse Electric Corporation. On March 31, 1996, the Trustee filed with the Court a revised damage calculation. Westinghouse adamantly disputed the Trustee's damage claims and filed motions to strike the revised damage calculation. At various pretrial hearings beginning on July 30, 1996 and continuing on various days thereafter, the Court struck some of the Trustee's - -------- 3 Defendants in separate actions which were severed from the Litigation are Calpine Corporation, William Cerutti, Ronald Yanke and Dinuba Energy. The Trustee also has entered into several agreements with other persons or entities which agreements toll the running of any applicable statute of limitation concerning any claim or cause of action possessed by the Company against such persons or entities. remaining causes of action against Westinghouse and substantially reduced the amount of possible damages recoverable from that sought by the Trustee in his March 31, 1996 revised damage calculation. At further pre-trial hearings held on November 8, 1996, the Court eliminated a number of Westinghouses asserted defenses to the Trustee's causes of action. Trial of the Litigation against Westinghouse is now scheduled for January 14, 1997. A continued hearing was held by the Court on November 1, 1996 in one of the actions severed from the main Litigation concerning the motion by Defendant William Cerutti for Summary Judgment (Segal v. Cerutti USDC for Def. 4 Case No. 92-CV-1115-J-C). At the hearing the Court made an oral ruling granting the Defendant's motion. Further hearings are scheduled in December in the other two actions involving defendants Calpine Corporation and Ronald Yanke & Dinuba Energy, severed from the main litigation. As with any litigation, the ultimate net return to the estate from the remaining defendants discussed above is uncertain. It is estimated that the litigation, taking into account appeals, may take years to fully resolve. During the period covered by this report Robert Wood, L. Wynn Johnson & Raymond Hixson, former Officers and Directors of Bonneville, were sentenced based upon the plea bargain each had negotiated whereby each pled guilty to two felony counts in exchange for dismissal of all other criminal counts. Robert Wood was sentenced to serve twelve (12) months and one (1) day in a federal prison facility and L. Wynn Johnson was sentenced to serve Thirteen (13) months in a federal prison facility. Raymond Hixson was sentenced to community service and ordered to pay a One Hundred Fifty Thousand Dollar ($150,000.00) fine. In addition to the above described litigation matters, the Company continues in its business operations. Significant actions and events during October 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, various appeals have been filed by the NCA #1 and NPC relative to NPC curtailment actions. The Trustee and his counsel continues to monitor these cases. Presently the project is awaiting oral argument before the Nevada Supreme Court relative to NPC's appeal of a lower court's decision not to enjoin arbitration of curtailment issues. Oral arguments on the appeal are expected to be heard in the Spring of 1997. Since January 1, 1996, curtailments of NCA #1 have continued but at a significantly lower level than during the same period in 1995. Minor NPC curtailments occurred during the reporting period. 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. In addition to the NPC curtailments, the scheduled fall outage for maintenance purposes was extended an additional seven (7) days to address cooling channel problems within one turbine. This resulted in a one time reduction in monthly revenues and associated net income. 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. On September 18, 1996 NPC has Submitted a motion to clarify and limit the scope of the stay relative to other cogeneration facilities which may have a collateral effect upon the First Judicial District Court's prior rulings. NCA #1 has prepared its brief in opposition and the Trustee will also monitor this litigation. On September 27, 1996, NCA #1 was served with Findings and Notices of Violation ("NOV") issued by Region IX of the United States Environmental Protection Agency (the "EPA") for alleged violations of the Clean Air Act's Prevention of Significant Deterioration program applicable for the State of Nevada. Specifically, EPA alleges that NCA #1, contrary to applicable operating permits, failed to timely install "Best Available Control Technology" at the plant in the form of a selective catalytic reduction system to control NOx emissions. NCA #1 refutes these allegations. On October 29, 1996, a representative of the partnership met with EPA representatives to determine if the NOV could be resolved without litigation. This initial meeting of the parties was inconclusive and additional meetings will need to be held. On October 21, 1996 the estate paid to Bank of Tokyo the sum of $951,507.89 in full payment of such creditor's secured claim against the estate. With such payment Bank of Tokyo will return to the estate the pledged collateral. Specifically, the stock of Bonneville Nevada Corporation, the wholly owned subsidiary of the Company which possesses the 50% partnership interest in the NCA #1 project. Representatives of NCA #1 and NCA #2 (a related power project) have been meeting with representatives of the bank in an effort to reduce financing costs and administrative requirements given current market conditions. Such negotiations have been productive but, as of October 31, 1996, a definitive amendment to the Project Credit Facilities had not been executed. It is anticipated that such an amendment would be finalized in November, 1996. Analysis of Claims and Possible Distributions. Prepetition claims against the Bonneville Pacific bankruptcy estate total approximately two hundred million dollars in booked and unbooked liabilities (excluding any addition for possible post-petition interest). The exact amount of such claims (which include unfiled subordinated claims relating to the purchase or sale of the Company's stock and bonds for which a December 16, 1996 bar date has now been established) is still undetermined and the distribution priority for such claims is still being researched, investigated, litigated or negotiated by the Trustee and other parties in interest. On August 20, 1996 the Trustee filed a Motion for Establishment of a Supplementary Claims Bar Date seeking to set December 16, 1996 as the supplementary claims bar date by which all creditors of Bonneville who had not previously been adequately notified to file claims must complete and file a proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes that most of the new claims which may be filed would relate to possible claims against Bonneville arising out of the purchase or sale of its securities. The Motion also sought approval of a form of notice to be sent to potential creditors, approval of a form proof of claim, approval of a procedure to identify potential claimants and a procedure for notice by publication. A hearing on the Motion was scheduled before the Bankruptcy Court on September 10, 1996. No objections to the Motion were filed and at the hearing the Court granted the Motion and signed an order establishing the supplementary claims bar deadline. Consequently, the Trustee is proceeding with the action authorized by the order granting the Motion. Pursuant to the Order Approving the Motion, notice has been sent to more than 6,000 potential claimants and notice has been published in newspapers throughout the United States. Through October 31, 1996 several hundred new proofs of claim have been filed with the Bankruptcy Court. At this time it is not clear what post petition taxes for periods after April 30, 1995, if any, are owed by the Company.4 In an effort to resolve tax issues relating to the material litigation settlements which have occurred since May 1, 1996, the Trustee has filed with the Internal Revenue Service an application to change the Company's tax year from one ending on April 30th to one ending on December 31st. The Trustee desires to change the Company's tax year period (if changed the Company's present tax year would be from May 1, 1996 through December 31, 1996 and thereafter would be on a calendar year basis) in order to facilitate the filing of a plan of reorganization of the Company. By shortening the Company's tax year, the Trustee may be able to receive a prompt tax determination for the tax year ending December 31, 1996, which determination will facilitate any party in interest filing a plan of reorganization because the amount of tax owed by the Debtor, if any, should be quantified (See 11 U.S.C. ss.505). At this time it is not known whether interest will ever be paid on any allowed unsecured claim because (a) it is not at all clear that the estate will possess sufficient funds to pay interest on any particular class of claims, and (b) the law concerning payment of interest to any particular class of claims is not clear and therefore, even if sufficient funds did exist, the issue of payment of interest (and the applicable rate of interest, if any) 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 to date reached in the Litigation and the recent approval of the Portland Settlement and in light of the December 16, 1996 supplementary claim deadline, the Company is now in the position to begin the process of formulating and proposing a plan of reorganization. Plan negotiations with creditors will not begin at the earliest for several weeks 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 VII of the Trustee's Fourth Annual Report for the period from July 1, 1995 through June 30, 1996. Claims of the bondholders (debenture holders) may be subordinate in payment priority to the claims of banks and those creditors similarly situated. The Trustee is continuing with efforts to resolve claims against the estate. -------- 4 The Company's consolidated income tax returns for the tax year ending April 30, 1996 have not yet been filed but appropriate extensions have been obtained by the Company. The Trustee has employed 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, advising the Trustee concerning tax issues and assisting the Trustee and his General Counsel concerning a plan of reorganization and issues relating thereto. Statement of Chapter 11 Trustee Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville Pacific Corporation, having been so appointed on June 12, 1992, hereby states that he has reviewed the following Monthly Financial Report and any attachments thereto and that, based on his review and the representations of officers and employees of the debtor, Bonneville Pacific Corporation, he believes that the information contained in the Monthly Financial Report and attachments is true and correct. However, neither Roger G. Segal, Chapter 11 Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G. Segal, Chapter 11 Trustee, has had an opportunity to independently verify that the information contained in the following Monthly Financial Report and the attachments thereto is true and correct. DATED this 15th day of November 1996. --------------------------------------- Roger G. Segal Chapter 11 Trustee DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------------ CASH RECONCILIATION 1. Beginning Cash Balance: $116,371,547.10 2. Cash Receipts: (See Page 2 of 2)105 15,478,484.62 3. Cash Disbursements: (See Page 2 of 2) (1,792,229.61) ------------- 4. Net Cash Flow: 13,686,255.01 5. Ending Cash Balance: (to Form 2-C) $130,057,802.11 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $1,047.44 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 357.29 KEY BANK OF UTAH GENERAL CORP CASH 394,286.35 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 341,050.85 (A) KEY BANK OF UTAH CHPTR 11 US TRUSTEE JT ACCT 15,054,508.19 (A) US BANK CHPTR 11 TRUSTEE - CD ACCT 10,770,760.58 (A) US BANK CHPTR 11 TRUSTEE - JNT CD 5,208,408.50 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 5,151,590.83 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 346,729.91 (A) BANK ONE UNITED STATES TREASURY BONDS 92,609,028.79 (A) BANK ONE PROCEEDS FROM ASSET SALES 3,957.29 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 176,076.09 KEY BANK OF UTAH -------------- $130,057,802.11 (A) Accounts requiring signatures of both the US Trustee and Chapter 11 Trustee for disbursements. FORM 2-B DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period October 1 - October 31, 1996 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNALS BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $20,658.35 A PAYROLL TAX ACCOUNT 9,669.68 B GENERAL CORP CASH 1,811,101.53 C CHPTR 11 TRUSTEE JOINT ACCT 54,701.93 E CHPTR 11 US TRUSTEE JT ACCT 15,054,508.19 F CHPTR 11 TRUSTEE - CD ACCT 69,397.62 G CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 23,085.30 H CHPTR 11 TRUSTEE JT SAVINGS 21,303,393.05 I UNITED STATES TREASURY BONDS 21,465,095.58 J PROCEEDS FROM ASSET SALES 10.54 K KYOCERA MAINTENANCE RESERVE 11,787.43 L --------------- 59,823,409.20 LESS: ACCOUNT TRANSFERS (44,344,924.58) TOTAL CASH RECEIPTS $15,478,484.62 =============== CASH DISBURSEMENTS JOURNALS BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $20,693.78 A PAYROLL TAX ACCOUNT 9,673.30 B GENERAL CORP CASH 1,803,341.63 D CHPTR 11 TRUSTEE JOINT ACCT 1,700,043.93 E CHPTR 11 US TRUSTEE JT ACCT 0.00 F CHPTR 11 TRUSTEE - CD ACCT 0.00 G CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 0.00 H CHPTR 11 TRUSTEE JT SAVINGS 21,301,401.55 I UNITED STATES TREASURY BONDS 21,302,000.00 J PROCEEDS FROM ASSET SALES 0.00 K KYOCERA MAINTENANCE RESERVE 0.00 L ---------------- 46,137,154.19 LESS: ACCOUNT TRANSFERS (44,344,924.58) _______________ TOTAL CASH DISBURSEMENTS $1,792,229.61 =============== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period October 1 - October 31, 1996 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/11/96 CK# 5905 BPC - GENERAL $10,214.44 PAYROLL TRANSFER 10/28/96 CK# 5868 BPC - GENERAL 10,443.91 PAYROLL TRANSFER ---------- TOTAL CASH RECEIPTS $20,658.35 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 10/15/96 PAYROLL SUMMARY $10,214.44 10/31/96 PAYROLL SUMMARY 10,443.91 10/31/96 BNK STMT KEY BANK OF UTAH 35.43 SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $20,693.78 ========== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period October 1 - October 31, 1996 - -------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/11/96 CK# 5906 BPC - GENERAL $4,507.38 PR TAX TRANSFER 10/22/96 CK# 5932 BPC - GENERAL 535.61 PR TAX TRANSFER 10/28/96 CK# 5948 BPC - GENERAL 4,626.69 PR TAX TRANSFER --------- TOTAL CASH RECEIPTS $9,669.68 ========= CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 10/11/96 CK# 1208 KEY BANK OF UTAH $3,742.01 FEDERAL TAX DEPOSIT 10/22/96 CK# 1209 INTERNAL REVENUE SERVICE 21.80 FEDERAL TAX DEPOSIT 10/22/96 CK# 1210 UTAH DEPT OF EMP. SECURITY 513.81 STATE UNEMPLOYMENT 10/28/96 CK# 1211 KEY BANK OF UTAH 3,840.26 FEDERAL TAX DEPOSIT 10/28/96 CK# 1212 UTAH STATE TAX COMMISSION 1,551.80 STATE INCOME TAX 10/31/96 BNK STMT KEY BANK OF UTAH 3.62 SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $9,673.30 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 10/01/96 DS100196 C. MOWER $11.66 EXPENSE REIMBURSEMENT 10/01/96 DS100196 C. CAMOZZI 290.93 INSURANCE REIMBURSEMENT 10/01/96 DS101596 J. MACK 548.91 INSURANCE REIMBURSEMENT 10/15/96 DS101596 BONNEVILLE PACIFIC CORP 1,700,000.00 TRANSFER 10/15/96 DS101596 SAN DIEGO GAS & ELECTRIC 2,235.27 ENERGY REV-KYOCERA 10/15/96 DS101596 BONNEVILLE FUELS 11,454.20 EXPENSE REIMBURSEMENT 10/15/96 DS101596 D. GARDINER 369.59 INSURANCE REIMBURSEMENT 10/15/96 DS101596 J. ALLSOP 143.49 INSURANCE REIMBURSEMENT 10/28/96 DS102896 KYOCERA AMERICA 92,952.17 ENERGY REV-KYOCERA 10/28/96 DS102896 C. CAMOZZI 283.83 INSURANCE REIMBURSEMENT 10/31/96 BNK STMT KEY BANK OF UTAH 2,811.48 INTEREST INCOME ------------ TOTAL CASH RECEIPTS $1,811,101.53 =============== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL
DATE CHECK # PAYEE AMOUNT DESCRIPTION 10/01/96 1005873 AIRBORNE EXPRESS 19.00 EXPRESS MAIL EXPENSE 10/01/96 1005874 AMPCO SYSTEM PARKING 1,292.00 RENT - PARKING 10/01/96 1005875 APPLE SPICE JUNCTION 68.44 LUNCHEON MEETING 10/01/96 1005876 A T & T 1,114.19 TELEPHONE EXPENSE 10/01/96 1005877 AUTOMATED OFFICE SYSTEMS INC. 248.86 OFFICE SUPPLIES & EXPENSE 10/01/96 1005878 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE 10/01/96 1005879 HERITAGE PRODUCTS INC 318.07 OFFICE SUPPLIES & EXPENSE 10/01/96 1005880 VOID VOID VOID 10/01/96 1005881 MOUNT OLYMPUS WATER 23.14 OFFICE SUPPLIES & EXPENSE 10/01/96 1005882 MOUNTAIN STATES OFF PRODUCTS 62.61 OFFICE SUPPLIES & EXPENSE 10/01/96 1005883 CLARK MOWER 1,146.23 TRAVEL REIMBURSEMENT 10/01/96 1005884 NAT'L WHOLESALE DISTRBTRS 72.41 OFFICE SUPPLIES & EXPENSE 10/01/96 1005885 NEWSPAPER AGENCY CORPORATION 240.24 DUES & SUBSCRIPTIONS 10/01/96 1005886 PITNEY BOWES INC 322.62 OFFICE SUPPLIES & EXPENSE 10/01/96 1005887 REDMAN VAN & STORAGE CO INC. 84.87 RENT-STORAGE 10/01/96 1005888 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE-KYOCERA 10/01/96 1005889 STATE OF UTAH 10.00 OFFICE SUPPLIES & EXPENSE 10/01/96 1005890 TRAVEL ZONE CRUISE ZONE 215.50 TRAVEL EXPENSE 10/01/96 1005891 UNUM LIFE INSURANCE CO OF AMERICA 1,496.08 INSURANCE-DISABILITY 10/01/96 1005892 US WEST COMMUNICATIONS 904.63 TELEPHONE EXPENSE 10/01/96 1005893 VOID VOID VOID 10/01/96 1005894 VOID VOID VOID 10/01/96 1005895 CLARK MOWER 475.78 TRAVEL REIMBURSEMENT 10/01/96 1005896 VANIER BUSINESS FORMS GRAPHICS 97.83 OFFICE SUPPLIES & EXPENSE 10/01/96 1005897 WARREN GORHAM & LAMONT INC. 82.51 DUES & SUBSCRIPTIONS 10/01/96 1005898 KEY BANK 47,175.00 OFFICE SUPPLIES & EXPENSE 10/04/96 1005899 50 WEST BROADWAY ASSOC INC 12,413.00 RENT-OFFICE SPACE & PARKING 10/04/96 1005900 AUTOMATED OFFICE SYSTEMS INC. 310.95 OFFICE SUPPLIES & EXPENSE 10/04/96 1005901 BENEFICIAL LIFE INSURANCE 698.48 INSURANCE-LIFE 10/04/96 1005902 BONNEVILLE PACIFIC SERVICES 92.40 O&M EXPENSE-KYOCERA 10/04/96 1005903 REDMAN VAN & STORAGE CO INC 84.87 RENT-STORAGE 10/04/96 1005904 TRAVEL ZONE CRUISE ZONE 1,369.80 TRAVEL EXPENSE 10/11/96 1005905 BONNEVILLE PACIFIC/PAYROLL 10,214.44 TRANSFER - PAYROLL ACCT 10/11/96 1005906 BPC PAYROLL TAX ACCOUNT 4,507.38 TRANSFER - PAYROLL TAX ACCT 10/11/96 1005907 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS 10/10/96 1005908 FIDELITY TRANSFER COMPANY 2,068.98 OFFICE SUPPLIES & EXPENSE 10/14/96 1005909 AIRBORNE EXPRESS 57.03 EXPRESS MAIL EXPENSE 10/14/96 1005910 AMERICAN INSTITUTE OF CPA'S 120.00 MEMBERSHIP DUES 10/14/96 1005911 APPLE SPICE JUNCTION 67.76 LUNCHEON MEETING 10/14/96 1005912 EXPRESS MESSENGER SYSTEMS 5.00 RUNNER SERVICES 10/14/96 1005913 EXECUTIVE ENTERPRISES 1,395.00 CONFERENCES & SEMINARS 10/14/96 1005914 GENERATOR POWER SYSTEMS INC 13,051.41 O&M EXPENSE-KYOCERA 10/14/96 1005915 LAW MAIL 4,671.16 OFFICE SUPPLIES & EXPENSE
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL (CONT.)
DATE CHECK # PAYEE AMOUNT DESCRIPTION 10/14/96 1005916 MOUNT OLYMPUS WATER 27.96 OFFICE SUPPLIES & EXPENSE 10/14/96 1005917 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE 10/14/96 1005918 THE PRUDENTIAL 975.92 INSURANCE - DISABILITY 10/14/96 1005919 REDMAN VAN & STORAGE 780.99 RENT - STORAGE 10/14/96 1005920 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE-KYOCERA 10/14/96 1005921 SEDGWICK JAMES OF COLORADO 250.00 INSURANCE-RECLAMATION BOND 10/14/96 1005922 STEVEN H. STEPANEK 88.05 TRAVEL REIMBURSEMENT 10/14/96 1005923 WARREN GORHAM & LAMONT INC 79.86 DUES & SUBSCRIPTIONS 10/14/96 1005924 WESTERN TRAVEL INC 3,277.08 TRAVEL EXPENSE 10/14/96 1005925 XEROX CORPORATION 383.28 OFFICE SUPPLIES & EXPENSE 10/15/96 1005926 KEY BANK 500,000.00 FEDERAL INCOME TAX 10/15/96 1005927 UTAH STATE TAX COMMISSION 90,000.00 STATE INCOME TAX 10/15/96 1005928 FRANCHISE TAX BOARD OF CAL 10,000.00 STATE INCOME TAX 10/16/96 1005929 PARSONS BEHLE & LATIMER 100,000.00 PROFESSIONAL FEES (SETTLEMENT) 10/21/96 1005930 BOT FINANCIAL CORPORATION 951,507.89 LOAN PAYMENT 10/22/96 1005931 WORKERS COMPENSATION FND OF UTAH 293.97 INSURANCE-WORKERS COMP 10/22/96 1005932 BPC PAYROLL TAX ACCOUNT 535.61 TRANSFER-PAYROLL TAX ACCT 10/25/96 1005933 AIRBORNE EXPRESS 89.82 EXPRESS MAIL EXPENSE 10/25/96 1005934 AMPCO SYSTEM PARKING 55.00 RENT - PARKING 10/25/96 1005935 A T & T 1,230.34 TELEPHONE EXPENSE 10/25/96 1005936 AUTOMATED OFFICE SYSTEMS INC 119.39 OFFICE SUPPLIES & EXPENSE 10/25/96 1005937 CSC NETWORKS 1,544.40 OFFICE SUPPLIES & EXPENSE 10/25/96 1005938 EXPRESS MESSENGER SYSTEMS 7.50 RUNNER SERVICES 10/25/96 1005939 MOUNT OLYMPUS WATER 38.15 OFFICE SUPPLIES & EXPENSE 10/25/96 1005940 MOUNTAIN STATES OFF PRODUCTS 317.95 OFFICE SUPPLIES & EXPENSE 10/25/96 1005941 CLARK MOWER 1,625.11 TRAVEL REIMBURSEMENT 10/25/96 1005942 VOID VOID VOID 10/25/96 1005943 PURCHASE POWER PITNEY BOWES 779.50 OFFICE SUPPLIES & EXPENSE 10/25/96 1005944 US WEST COMMUNICATIONS 871.31 TELEPHONE EXPENSE 10/25/96 1005945 NAT'L WHOLESALE DISTRBTRS 348.39 OFFICE SUPPLIES & EXPENSE 10/28/96 1005946 ALPHA GRAPHICS 388.42 OFFICE SUPPLIES & EXPENSE 10/28/96 1005947 BONNEVILLE PACIFIC/PAYROLL 10,443.91 TRANSFER - PAYROLL ACCT 10/28/96 1005948 BPC PAYROLL TAX ACCOUNT 4,626.69 TRANSFER - PAYROLL TAX ACCT 10/28/96 1005949 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS 10/28/96 1005950 INTERNAL REVENUE SERVICE 2,894.59 FEDERAL INCOME TAX 10/31/96 BANK STMT KEY BANK 49.02 SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $1,803,341.63 ==============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/01/96 GJ279 WYNN JOHNSON $50,000.00 SETTLEMENT PAYMENT 10/31/96 BNK STMT KEY BANK OF UTAH 4,701.93 INTEREST INCOME __________ TOTAL CASH RECEIPTS $54,701.93 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 10/15/96 DS101596 BPC-GENERAL ACCT $1,700,000.00 TRANSFER 10/31/96 BANK STMT KEY BANK OF UTAH 43.93 BANK SERVICE CHARGE ------------- TOTAL CASH DISBARMENTS $1,700,043.93 ============= DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 US Trustee Joint Account For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/04/96 AJE1025 KIDDER PEABODY $15,046,721.30 SETTLEMENT PYMNT & INT* 10/31/96 BANK STMT US BANK 7,786.89 INTEREST INCOME TOTAL CASH RECEIPTS $15,054,508.19 ============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE * The Kidder Peabody settlement was for $15,000,000. The $46,721.30 represents interest earned on the settlement while pending final court approval, which approval was received on October 28, 1996. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period October 1 - October 31, 1996 - -------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/31/96 BANK STMT US BANK $69,397.62 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/31/96 AJE1007 BANK ONE $23,085.30 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/03/96 AJE1026 BANK ONE $21,302,000.00 MATURITY OF T BILLS 10/31/96 BANK STMT BANK ONE 1,393.05 INTEREST INCOME $21,303,393.05 ============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 10/03/96 AJE1027 BONNEVILLE PACIFIC CORP $21,301,401.55 PURCHASE OF T BILLS DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Short Term Marketable Securities For Period October 1 - October 31, 1996 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/03/96 AJE1027 BONNEVILLE PACIFIC CORP $21,301,401.55 TRANSFER 10/31/96 BANK STMT BANK ONE 163,694.03 INTEREST INCOME --------------- $21,465,095.58 =============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 10/03/96 AJE1026 BONNEVILLE PACIFIC CORP $21,302,000.00 TRANSFER DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period October 1 - October 31, 1996 - --------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/31/96 BANK STMT KEY BANK OF UTAH $10.54 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period October 1 - October 31, 1996 - ------------------------------------------------------------------------ CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 10/01/96 CK# 5878 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER 10/31/96 BNK STMT KEY BANK OF UTAH 592.43 INTEREST INCOME ---------- TOTAL CASH RECEIPTS $11,787.43 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of October 31, 1996 - ------------------------------------------------------------------------- ASSETS Current Assets: Cash $130,057,802 Accounts receivable - trade 84,326 Accounts receivable - settlements (Note 4) 4,300,000 Accounts receivable - affiliates 255,096 Prepaid Insurance 55,426 Accrued interest receivable 858,362 Total current assets $135,611,012 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 28,921,743 Other assets 61,243 Total other assets 28,982,986 TOTAL ASSETS $165,600,067 LIABILITIES Post-petition liabilities: Accounts payable - trade $ 18,537 Accounts payable - professional fees and costs (Note 4) 13,842,165 Accrued income taxes payable (Note 5) 990,656 Taxes payable 88,680 Accrued interest (Note 6) 0 Total post-petition liabilities $14,940,038 Pre-petition liabilities: Priority claims 61,186 Secured debt (Note 6) 0 Unsecured debt (Notes 1 and 3) 101,219,713 Total pre-petition liabilities 101,280,899 TOTAL LIABILITIES 116,220,937 Commitments and Contingent Liabilities (Note 3) OWNERS' EQUITY Capital stock or owners' investment 213,752 Paid-in-capital 121,590,029 Treasury stock (2,308,255) Retained earnings: Pre-petition (56,551,908) Post-petition (13,564,488) TOTAL OWNERS' EQUITY (Notes 1 and 3) 49,379,130 TOTAL LIABILITIES AND OWNERS' EQUITY $165,600,067 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period October 1 - October 31, 1996 - ---------------------------------------------------------------------------- Gross operating revenue $ 132,478 Less discount, returns and allowances 0 Net operating revenue $ 132,478 Cost of goods sold (108,598) Gross profit 23,880 Operating expenses: Salaries and wages 30,552 Rent and leases 12,263 Payroll taxes 2,073 Insurance 232 Other 21,589 Total operating expenses (66,709) Operating income (loss) (42,829) Legal and professional fees and costs (Note 4) 4,544,136 Depreciation, depletion and amortization 1,203 Interest expense (Note 6) 5,693 Total (4,551,032) Net operating income (loss) (4,593,861) Non-operating income and (expenses): Interest income 569,886 Other income 2,338 Other income - settlements (Notes 4 and 7) 15,892,690 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 454,091 Net non-operating income or (expenses) 16,919,005 Net income (loss) before income taxes 12,325,144 Provision for income taxes (Note 5) 266,600 NET INCOME (LOSS) $12,058,544 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period October 1 to October 31, 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. Specifically, prepetition unsecured debt does not include any accrual of interest after December 5, 1991. These financial statements are prepared in a format required by the U.S. Bankruptcy Code. While every effort is made to comply with generally accepted accounting principles (GAAP), these financial statements may not comply with GAAP in all respects. Also see the narrative which is attached hereto. 2. Equity in earnings of subsidiaries and partnerships represents an accrual of the Company's share of earnings or losses of its operating subsidiaries and partnerships. These earnings are affected by a number of factors including seasonality, operating costs and operating efficiency. The operating entities which comprise these earnings include Bonneville Pacific Services Company, Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its investment in the NCA #1 Partnership. 3. Unrecorded Liabilities and Potential Claims. Deeply subordinated claims $14,945,000 Subordinated CIGNA claim 10,000,000 Potential claims 125,000,000 Deeply subordinated claims are court approved claims in which the creditor has agreed to be subordinated to all other claims. The subordinated CIGNA claim is an allowed claim on par with allowed equity claims. Potential claims are unrecorded claims pending trustee and or court approval. This amount includes but is not limited to potential claims of limited partners, potential claims of equity holders, disputed claims, and accrued interest on certain claims, and potential administrative fees as may be allowed by the Bankruptcy Court. The recording of any of these liabilities and potential claims may reduce equity by a corresponding amount. See narrative for information concerning the December 16, 1996 supplemental claims bar deadline. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period October 1 to October 31, 1996 - ------------------------------------------------------------------------------ 4. Accounts Receivable Settlements represent only court approved settlements where all conditions precedent have occurred and the settlements were fully effective as of October 31, 1996 and are reflected on the October 31, 1996 Financial Statements. 5. As of April 30, 1995, Bonneville and Subsidiaries had approximately $124,000,000 in federal net operating loss carryforwards and approximately $114,000,000 in alternative minimum tax loss carryforwards for Federal Income Tax purposes. The April 30, 1996 tax return for Bonneville Pacific and Subsidiaries is currently being prepared by the Trustee's accountants. Although this tax return is not yet complete it is estimated that the tax return will show a federal net operating loss carryforward of approximately $100,000,000 for regular income tax purposes and an alternative minimum tax loss carryforward of approximately $90,000,000. Pursuant to current tax law, only 90 percent of current alternative minimum taxable income can be offset by alternative minimum tax loss carryforwards. The financial statements reflect the accrual of an estimated $2,300,000 alternative minimum tax liability resulting from operations and the receipt of proceeds from settlements. 6. Interest expense and accrued interest payable that are reflected on the financial statements are related only to financial obligations incurred post-bankruptcy and do not relate to pre- bankruptcy liabilities. 7. Included in Other Income - Settlements is $865,540 for forgiveness of the accrued interest on the Portland General advances and other expenses which were deducted as an expense in prior periods. Any other income statement impact resulting from the Portland General settlement has not yet been determined at this date. See narrative for explanation of the Portland General settlement. BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period October 1 to October 31, 1996 - --------------------------------------------------------------------------
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ -0- $ $ (4,507.71) $ 2,229.55 10/11/96 1208 2,278.16 10/28/96 1211 $ -0- State -0- (1,551.80) 1,551.80 10/22/96 1212 -0- FICA tax withheld -0- (1,537.28) 756.23 10/11/96 1208 781.05 10/28/96 1211 -0- Employer's FICA tax -0- (1,559.08) 756.23 10/11/96 1208 21.80 10/22/96 1209 -0- 781.05 10/28/96 1211 Unemployment tax: Federal -0- -0- State -0- (513.81) 513.81 10/22/96 1210 Sales, use & excise taxes -0- -0- Property taxes (86,463.00) (2,217.00) (88,680.00) Accrued income tax: Federal (1,400,799.00) (266,600.00) 500,000.00 10/15/96 1005926 (1,167,399.00) State 76,743.00 90,000.00 10/15/96 1005927 176,743.00 10,000.00 10/15/96 1005928 Delaware franchise tax -0- -0- Employee withholding -0- (1,577.34) 788.67 10/11/96 1005907 -0- 788.67 10/28/96 1005949 TOTALS $(1,410,519.00) $ -0- $(280,064.02) $611,247.02 $(1,079,336.00) ============== =========== ============== =========== ==============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period October 1 to October 31, 1996 - ---------------------------------------------------------------------------
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date Worker's Compensation Various State Funds Statutory $1,000,000 (A) 10/31/96 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 08/17/97 Kyocera Federal/Hartford Steam/ Sedgwick James 5,352,879 08/17/96 08/17/97 (A) All workers compensation insurance policies are insured through various state insurance funds. As such, they continue in force as premiums are paid and have no policy expiration dates. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Accounts Receivable and Payable Aging For Period October 1 to October 31, 1996 - ---------------------------------------------------------------------------- Non-Affiliate Accounts Accounts Receivable Payable Under 30 days $ 4,383,707 $13,583,788 30 to 60 days 3 0 61 to 90 days 19 0 Over 90 days 596 276,914 Total post-petition 4,384,326 13,860,702 Pre-petition amounts 0 3,948,725 Total accounts receivable $ 4,384,326 Total accounts payable $17,809,427 Affiliate Accounts Receivable Under 30 days $ 7,996 30 to 60 days 21,662 61 to 90 days 0 Over 90 days 225,438 Total post-petition affiliate accounts receivable $ 255,096 (*) 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. 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, 1996 - ------------------------------------------------------------------------- Date of Court Estimated Amount Paid Approval Balance Due Debtor's Counsel $100,000 $0 (1) Counsel for Unsecured Creditors' Committee 0 139,487 Court Appointed Trustee 0 80,508 (2) Trustee's Counsel 0 298,290 (2) Trustee's Accountants 0 190,117 Trustee's Special Plan Counsel 0 150,000 Special Litigation Counsel for Trustee - Costs 0 753,513 Trustee - Fees 0 12,097,397 (3) Buccino and Associates 0 132,85 (4) Financial Advisors Unsecured Creditors' Committee 0 Creditors' Committee 0 (6) ----------- ---------- Total $ 0 $13,842,165 ======================================== (1) Settlement amounts under advisement by the Court were approved on October 7, 1996. A check was issued to Parsons Behle & Latimer for $100,000 on October 16, 1996. (2) 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. (3) 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. (4) Pursuant to Order dated October 15, 1996, the Court approved the application for certain costs in the amount of $60,297.24 of Buccino & Associates taken under advisement at a hearing held on August 11, 1992. Payment of the $60,297.24 was ordered but Buccino & Associates was paid an $80,000.00 pre-petition retainer, for which it may not have accounted and therefore the amount actually due and owing to Buccino & Associates is undetermined. (5) Pursuant to Order dated October 15, 1996, the Court denied the application for fees and costs of Ernst & Young, Accountants and Financial Advisors to the Official Unsecured Creditors Committee, in the amount of $275,763.00 which was taken under advisement at a hearing held on August 11, 1992. The Court further ordered disgorgement of $26,764.00 previously awarded and paid to Ernst & Young. (6) Pursuant to Order dated October 15, 1996, the Court denied the application of certain members of the Official Unsecured Creditors Committee for reimbursement of expenses in the amount of $9,634.00 taken under advisement at a hearing held on August 11, 1992. Further information concerning settlements is contained in the narrative which is attached. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments to Principal/Executives For Period October 1 to October 31, 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 3,247.12 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended October 31, 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 3,750.00 1005783 7/25/96 July 14,435,215.07 August 1,092,955.09 September 23,406,763.83 Total 3rd Quarter 38,934,933.99 5,000.00 1005980 11/13/96 October 1,792,229.61 November December Total 4th Quarter 1,792,229.61 (1) This summary is to reflect the current calendar year's information cumulative to the end of the current reporting period.
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