-----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, BOTq+IO0L6vTa++8hMliS+BwAAQkocfuWBLKAahnE9W5G5Xtq2Td+2VuoUN8t7EK oE9MgK2KxQ6GmDCRKSahyQ== 0001016193-96-000021.txt : 19960705 0001016193-96-000021.hdr.sgml : 19960705 ACCESSION NUMBER: 0001016193-96-000021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960331 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19960703 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: 96590604 BUSINESS ADDRESS: STREET 1: 50 W 300 S STE 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) June 17, 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 Citv. 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 May 1, 1996 to May 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. [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 "hereunto duly authorized." BONNEVILLE PACIFIC CORPORATION _______________________________________ By: Roger G. Segal, Chapter 11 Trustee DATED June 17, 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 "hereunto duly authorized." BONNEVELLE PACIFIC CORPORATION ____________________________________________ By: R. Stephen Blackham, Assistant Controller DATED June 17, 1996 [PAGE] INDEX TO EXHIBITS Exhibit Page No. ______________________________________________________________________________ 28.1 5 Monthly Financial Report - Chapter 11, for the period May 1,1996 to May 31, 1996, of the Registrant, dated June 17, 1996as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on June 17, 1996 [PAGE] MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 For Period May 1 to May 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 attacheach of the following reports/ documents unless the U.S. Trustee has waived the Required Report/ requirement in writing. File original with Clerk of Document 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: June 17, 1996 Debtor(s): BONNEVILLE PACIFIC CORPORATION ____________________________________ By: R. Stephen Blackham Position: Assistant Controller [PAGE] Statement of Chapter 11 Trustee Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville Pacific Corporation,having been so appointed on June 12, 1992, hereby states that he has reviewed the following Monthly Financial Report and any attachments thereto and that, based on his review and the representations of officers and employees of the debtor, Bonneville Pacific Corporation, he believes that the information contained in the Monthly Financial Report and attachments is true and correct. However, neither Roger G. Segal, Chapter 11 Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G. Segal, Chapter 11 Trustee, has had an opportunity to independently verify that the information contained in the following Monthly Financial Report and the attachments thereto is true and correct. DATED this 17th day of June 1996. ______________________________________________ Roger G. Segal, Chapter 11 Trustee [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Bankruptcy No. 91A-27701 Narrative For the Month Ended May 31, 1996 Bonneville Pacific Corporation (the Company) has continued to conduct its normal business activities during the month of May 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 May and the first part of June 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 sixty (60) days have resulted in substantial changes in the Litigation. Specifically, the Trustee has, within the last sixty (60) days, conditionally settled with the following defendants for the following amounts: Defendant Amount of Settlement[2] Deloitte Touche $65,000,000.00 Mayer Brown & Platt $30,000,000.00[3] Perkins-Coie $12,750,000.00 L. Wynn Johnson $ 1,650,000.00[4] Robert Pratt/Moriah Enterprises $ 675,000.00 [1] This narrarative attempts to summarize significant events affecting the Company through June 14, 1996. [2] Each Settlement Agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. [3] Mayer Brown & Plastt 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 an 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 is required, pursuant to the terms of the Settlement Agreement, as approved by the Bankruptcy Court, to pay, by June 30, 1996, the $65,000,000.00 (plus interest from June 21, 1996) into an interest-bearing escrow account. 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. One June 13, 1996 the Trustee filed with the District Court motions to dismiss the appeals. All of the other above-referenced settlements are 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 Motions by the Trustee seeking approval of the Mayer Brown & Platt settlement and the Perkins-Coie settlements were heard as scheduled by the Bankruptcy Court on May 24, 1996. No objection to either Motion was filed and at the hearings the Bankruptcy Court approved each of the settlements. However, the District Court has not dismissed Mayer Brown & Platt, Perkins - Coie or Pratt/Moriah from the Litigation because of certain Motions made by the remaining defendants in the Litigation; a hearing on such motions is scheduled before the District Court on June 18, 1996. If the District Court dismisses Mayer Brown & Platt and it's partners from the Litigation, then the Mayer Brown & Platt $30,000,000.00 payment is due on June 30, 1996 and the $177,000 plus accrued interest will be paid to the estate. If the District Court dismisses Perkins-Coie from the Litigation; the Perkins-Coie $12,750,000.00 payment is due on July 1, 1996. The Pratt/ Moriah settlement payment of $675,000 was due on June 1, 1996 but as of this time has not been paid to the estate pending dismissal of said defendants from the Litigation by the District Court. The Johnson settlement amount is payable $250,000.00 upon dismissal by the District Court and the remaining $1,400,000.00 over a period of approximately two years; a Motion to so dismiss Johnson from the Litigation was filed on June 14, 1996. Each of the above-referenced settlement sums (as well as all other settlement's 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. [PAGE] 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.) 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. The remaining defendants in the Litigation[5] 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 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. The 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, 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 April 8, 1996, the Trustee executed a Settlement Agreement which had been orally agreed to on March 28,1996 with Robert L. Wood, a former officer and director of Bonneville Pacific Corporation (including, at various times, President, Chief Financial Officer, Chief Executive Officer and Chairman of the Board) and one of the named defendants in the above-referenced Segal v. Portland General. et al. litigation and with his wife, Nora Wood. The settlement provides for dismissal with prejudice of Robert L. Wood, Nora Wood, and the Wood Trusts as defendants and a release of claims by the estate against them in exchange for payment of Six Hundred Sixty-Five Thousand Dollars ($665,000.00). In addition, Robert L. Wood and Nora Wood are obligated to pay to the estate 50% of the net amount of any tax refunds received by them as a consequence of the Six Hundred Sixty-Five Thousand Dollar ($665,000.00) settlement payment or their connection with Bonneville. Furthermore, the agreement provides that Mr. Wood will meet with the Trustee and his counsel in order to disclose his knowledge about all matters related to Bonneville. On May 1, 1996, the Bankruptcy Court approved the settlement and on May 3, 1996 the District Court dismissed [5] Defendants in separate actions which were served from the Litigation are Calpine Corporation, Ronald Yanke, Dinuba Energy and William Cerutti. [PAGE] the Woods from the Litigation. Wood paid (by check) the $665,000.00 payment to the Company on May 9, 1996. On May 30, 1996 Mr. Wood pursuant to plea bargain plead guilty to two (2) felony counts in a criminal case related to Bonneville. All other criminal counts against Mr. Wood were dropped. Mr. Wood is scheduled to be sentenced on August 5, 1996. 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)[6]. 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. 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. In 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 same by the Bankruptcy Court. (6) 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 Fuel stock) and the remaining $49,000,000.00 relates to Portland General's purchase of the Company's common stock. [PAGE] In addition to the above described litigation matters, the Company continues in its business operations. Significant actions and events during May 1996 related to business matters are as follows: 1. The Trustee and his counsel continue to monitor the Company's 50% general partnershipinterest 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 #I 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 #[occurred 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"). 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, 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. 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 unfired 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 [PAGE] 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 ofinterest 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 on pages 3 and 4 of 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 3 0, 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. 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 has been given to certain creditors and interested parties and a hearing has been scheduled on the application before the Bankruptcy Court on June 18, 1996; objections to the application have been filed. On May 22,1996 the Bankruptcy Court entered its Memorandum Opinion and Decision 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. [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 ___________________________________ _________ CASH RECEIPTS AND DISBURSEMENTS STATEMENT For Period 5/1/96 to 5/31/96 CASH RECONCILIATION 1. Beginning Cash Balance: $23,830,993.20 2. Cash Receipts:(See Page 2 of 2) 755,850.87 3. Cash Disbursements:(See Page 2 of 2) (113,914.30) 4. Net Cash Flow: 641,936.57 5. Ending Cash Balance:(to Form 2-c) $24,472,929.77 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION _______________________ _______________ ________________________ PAYROLL ACCOUNT $1,208.56 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 374.46 KEY BANK OF UTAH GENERAL CORP CASH 639,282.09 KEY BANK OF UTAH CHPTR 11 TRUSTEE JT ACCT 2,804,412.22 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE- CD ACCT 10,635,310.27 (A) WEST ONE BANK CHPTR 11 TRUSTEE - JNT CD 5,142,480.17 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 5,020,958.90 (A) BANK ONE PROCEEDS FROM ASSET SALES 3,905.52 (A) KEY BANK OF UTAH NCA I SALES TAX ESCROW 106,802.00*(B) ABN AMRO BANK OF NEW YORK KYOCERA MAINTENANCE RESERVE 118,195.58 KEY BANK OF UTAH _____________ $24,472,929.77 ============= * RESTRICTED CASH $106,802.00 ============= (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 5/1/96 to 5/31/96 CASH RECEIPTS JOURNALS PAGE BANK ACCOUNT TOTAL REF ______________________________________________________________________________ PAYROLL ACCOUNT $20,856.55 A PAYROLL TAX ACCOUNT 10,852.97 B GENERAL CORP CASH 55,862.41 C CHPTR 11 TRUSTEE JOINT ACCT 702,745.26 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 23,622.27 F CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A PROCEEDS FROM ASSET SALES 10.40 G NCA I SALES TAX ESCROW 599.10 H KYOCERA MAINTENANCE RESERVE 11,755.53 I 826,304.49 ____________ LESS: ACCOUNT TRANSFERS (70,453.62) ____________ TOTAL CASH RECEIPTS $755,850.87 =========== CASH DISBURSEMENTS JOURNALS PAGE BANK ACCOUNT TOTAL REF _____________________________________________________________________________ PAYROLL ACCOUNT $20,889.67 A PAYROLL TAX ACCOUNT 10,872.55 B GENERAL CORP CASH 91,200.57 D CHPTR 11 TRUSTEE JOINT ACCT 43.32 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 0.00 F CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A PROCEEDS FROM ASSET SALES 0.00 G NCA I SALES TAX ESCROW 27,549.10 H KYOCERA MAINTENANCE RESERVE 33,812.71 I __________ 184,367.92 LESS: ACCOUNT TRANSFERS (70,453.62) ___________ TOTAL CASH DISBURSEMENTS $113,914.30 =========== FORM 2-B [PAGE] Page 2 of 2 BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 PAYROLL ACCOUNT FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC# PAYOR AMOUNT DESCRIPTION ___________ __________ _____________ _________ _______________ 05/13/96 CR# 5656 BPC - GENERAL $10,368.61 PAYROLL TRANSFER 05/29/96 5676 BPC - GENERAL 10,487.94 PAYROLL TRANSFER __________ TOTAL CASH RECEIPTS $20,856.55 ========== CASH DISBURSEMENTS JOURNAL DATE DOC# PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ _____________ 05/15/96 PAYROLL SUMMARY $10,487.94 05/31/96 PAYROLL SUMMARY 10,487.94 05/31/96 BANK STMT KEY BANK OF UTAH 33.12 SERVICE CHARGE TOTAL CASH DISBURSEMENTS $20,889.67 A [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 PAYROLL TAX ACCOUNT FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC# PAYOR AMOUNT DESCRIPTION ___________ ___________ ____________ _________ _______________ 05/13/96 CR# 5657 BPC - GENERAL $5,576.32 PR TAX TRANSFER 05/29/96 5677 BPC - GENERAL 5,276.65 PR TAX TRANSFER TOTAL CASH RECEIPTS $10,852.97 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ _________ __________________ 05/13/96 CR# 1191 KEY BANK OF UTAH $4,728.52 FEDERAL TAX DEPOSIT 05/29/96 1192 KEY BANK OF UTAH 4,433.83 FEDERAL TAX DEPOSIT 05/29/96 1193 UTAH STATE TAX COMMISSION 1,690.62 STATE INCOME TAX 05/31/96 BANK STMT KEY BANK OF UTAH 19.58 SERVICE CHARGE TOTAL CASH DISBURSEMENTS $10,872.55 ========== B [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 GENERAL CORP CASH FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ _________ ________________ 05/10/96 DS051096 D. GARDINER $240.00 INS. REIMBURSMENT 05/10/96 DS051096 J.SLOAT 236.00 INS. REIMBURSMENT 05/11/96 DS051196 KYOCERA AMERICA 40,725.11 ENERGY REV-KYOCERA 05/11/96 DS051196 BURBIDGE MITCHELL 554.60 OFFICE EXP. REIMB 05/24/96 DS052496 SEDGWICK JAMES 6,646.00 INS. REIMBURSMENT 05/24/96 DS052496 MOLLERUP MOVING & STORAGE 194.00 OFFICE EXP. REIMB 05/24/96 DS052496 WORKERS COMP. FUND OF UTAH 755.17 INS. REIMBURSMENT 05/24/96 DS052496 J. SLOAT 472.00 INS. REIMBURSMENT 05/31/96 DS053196 D. GARDINER 240.00 INS. REIMBURSMENT 05/31/96 DS053196 J.A. TRENT 3,086.51 DIST-TRENT BANKRUPT 05/31/96 BANK STMT KEY BANK OF UTAH 2,713.02 INTEREST INCOME _________ TOTAL CASH RECEIPTS $55,862.41 ========== C [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 GENERAL CORP CASH FOR THE PERIOD 05/1/96 TO 05/31/96 CASH DISBURSEMENTS JOURNAL DATE CHECK# PAYEE AMOUNT DESCRIPTION _______________________________________________________________________________ 05-06-96 1005643 50 W. BROADWAY ASSOCIATES $12,513.00 RENT:OFFICE SPACE/PARKING 05-06-96 1005644 ACCOUNTEMPS INC 1,754.05 TEMPORARY STAEF SERVICES 05-06-96 1005645 AMPCO SYSTEM PARKING 591.00 RENT - PARKING 05-06-96 1005646 AUTOMATED OFFICE SYSTEMS INC 310.95 OFFICE SUPPLIES & EXPENSE 05-06-96 1005647 BENEFICIAL LIFE INS. CO 576.93 INSURANCE - LIFE 05-06-96 1005648 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT. RESERVE 05-06-96 1005649 1st INTERSTATE BANK OF CA 1,192.64 401K QUARTERLY BANK FEES 05-06-96 1005650 GEM INSURANCE COMPANY 46.00 INSURANCE - HEALTH 05-06-96 1005651 MOUNT OLYMPUS WATER 23.14 OFFICE SUPPLIES & EXPENSE 05-06-96 1005652 MORRIS TRAVEL 1,354.56 TRAVEL EXPENSE 05-06-96 1005653 THE PRUDENTIAL 988.98 INSURANCE - DISABILITY 05-06-96 1005654 SAN DIEGO GAS & ELECTRIC 101.26 O & M EXPENSE - KYOCERA 05-09-96 1005655 SALT LAKE COUNTY ASSESSOR 5,204.44 PERSONAL PROPERTY TAX 05-13-96 1005656 BONNEVILLE PACIFIC CORP 10,368.61 TRANSFER - PAYROLL ACCT 05-13-96 1005657 BONNEVILLE PACIFIC CORP 5,576.32 TRANSFER-PAYROLL TAX ACCT 05-13-96 1005658 FIRST INTERSTATE BANK 733.63 401K CONTRIBUTIONS 05-21-96 1005659 ACCOUNTEMPS INC 1,435.70 TEMPORARY STAFF SERVICES 05-21-96 1005660 AIRBORNE EXPRESS 9.98 EXPRESS MAIL EXPENSE 05-21-96 1005661 CSC NETWORKS 31.00 OFFICE SUPPLIES & EXPENSE 05-21-96 1005662 EXPRESS MESSENGER SYSTEMS 10.00 RUNNER SERVICES 05-21-96 1005663 FLORAL TAPESTRY 44.57 OFFICE SUPPLIES & EXPENSE 05-21-96 1005664 GENERATOR POWER SYS INC 16,179.06 O & M EXPENSE - KYOCERA 05-21-96 1005665 INSTY PRINTS INC 435.70 OFFICE SUPPLIES & EXPENSE 05-21-96 1005666 MOUNT OLYMPUS WATER 39.52 OFFICE SUPPLIES & EXPENSE 05-21-96 1005667 MORRIS TRAVEL 96.00 TRAVEL EXPENSE 05-21-96 1005668 OFFICE TEAM 576.26 TEMPORARY OFFICE STAFF 05-21-96 1005669 PITNEY BOWES INC 170.28 OFFICE SUPPLIES & EXPENSE 05-21-96 1005670 PREFERRED DATA SUPPLY INC 398.02 OFFICE SUPPLIES & EXPENSE 05-21-96 1005671 REDMAN VAN & STORAGE CO INC 846.19 RENT - STORAGE 05-21-96 1005672 SEDGWICK JAMES OF COLORADO 175.00 INS.-RECLAMATION BONDS 05-21-96 1005673 XEROX CORPORATION 337.37 OFFICE SUPPLIES & EXPENSE 05-21-96 1005674 UNITED PARCEL SERVICE 36.79 EXPRESS MAIL EXPENSE 05-24-96 1005675 MARCIA CUSTER 120.02 OFFICE SUPPLY REIMBURS 05-29-96 1005676 BONNEVILLE PACIFIC CORP 10,487.94 TRANSFER - PAYROLL ACCT 05-29-96 1005677 BONNEVILLE PACIFIC CORP 5,276.65 TRANSFER-PAYROLL TAX ACCT 05-29-96 1005678 FIRST INTERSTATE BANK 733.63 401K CONTRIBUTIONS 05-29-96 1005679 BONNEVILLE PACIFIC SERVICES 1,139.00 INSURANCE REIMBURSEMENT 05-31-96 KEY BANK 91.38 BANK SERVICE CHARGES ____________ TOTAL DISBURSEMENTS $91,200.57 ============ D [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 CHAPTER 11 TRUSTEE JOINT ACCT FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ __________________ 05/10/96 GJ277 ROBERT WOOD $665,000.00 SETTLEMENT PAYMENT 05/24/96 GJ277 ABN AMRO 27,549.10 TRANSFER 05/31/96 BANK STMT KEY BANK OF UTAH 10,196.16 INTEREST INCOME TOTAL CASH RECEIPTS $702,745.26 =========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ __________________ 05/31/96 BANK STMT KEY BANK OF UTAH 43.32 BANK SERV. CHARGE E [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 CHAPTER 11 TRUSTEE - JNT CD ACCT FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ _______________ 05/31/96 BK STMT KEY BANK OF UTAH $23,622.27 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ _______________ NONE F [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 PROCEEDS FROM ASSET SALES FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ _______________ 05/31/96 BANK STMT KEY BANK OF UTAH $10.40 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ _________ _______________ NONE G [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 NCA I SALES TAX ESCROW FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ _______________ 05/31/96 BANK STMT KEY BANK OF UTAH $599.10 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ ________________ 05/24/96 GJ27 ABN AMRO $27,549.10 TRANSFER H [PAGE] BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 KYOCERA MAINTENANCE RESERVE FOR THE PERIOD 5/1/96 TO 5/31/96 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ ________________ 05/01/96 CR #5648 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER 05/31/96 BANK STMT KEY BANK OF UTAH 560.53 INTEREST INCOME $11,755.53 =========== CASH DISBURSEMENTS JOURNAL DATE DOC PAYEE AMOUNT DESCRIPTION ___________ ___________ ____________ __________ _______________ 05/31/96 CK #1023 GENERATOR POWER SYS. INC $33,812.71 O&M EXPENSE-KYO I [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of May 31, 1996 ASSETS Current Assets: Cash $ 24,472,930 Accounts receivable - trade 103,495 Accounts receivable - settlements (Note 7) 50,000 Accounts receivable - affiliates 260,612 Prepaid Insurance 6,081 Accrued interest receivable 130,322 Total current assets ___________ $ 25,023,440 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 26,979,254 Other assets 67,258 Total other assets ____________ 27,046,512 __________ TOTAL ASSETS $53,076,021 =========== LIABILITIES Post-petition liabilities: Accounts payable - trade $ 33,832 Accounts payable - professional fees and costs (Note 7) 2,808,710 Taxes payable 111,213 Accrued interest 361,220 Total post-petition liabilities $3,314,977 Pre-petition liabilities: Priority claims 61,186 Secured debt 3,011,064 Unsecured debt (Note 5) 131,970,180 Total pre-petition liabilities 135,042,430 ___________ TOTAL LIABILITIES 138,357,407 =========== Commitments and Contingent Liabilities (Notes 3, 4 and 6) OWNERS' EQUITY Capital stock or owners' investment $ 213,752 Paid-in-capital 91,835,029 Treasury stock <2,308,255> Retained earnings: Pre-petition <56,551,908> Post-petition <118,470,004> TOTAL OWNERS' EQUITY <85.281,386> TOTAL LIABILITIES AND OWNERS' EQUITY $ 53,076,021 Form 2-C [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period May 1 - May 31, 1996 Gross operating revenue $ 160,696 Less discount, returns and allowances -0- Net operating revenue $ 160,696 _________ Cost of goods sold <135,636> Gross profit 25,060 Operating expenses: Salaries and wages 31,566 Rent and leases 12,363 Payroll taxes 2,233 Insurance <4,854> Other 33,903 Total operating expenses <75,211> Operating income <50,151> Legal and professional fees and costs (Note 7) 330,484 Depreciation, depletion and amortization 1,203 Interest expense 32,522 Total <364,209> Net operating income <414,360> Non-operating income and : Interest income 105,053 Other income 7,118 Other income - settlements (Note 7) 665,000 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 1,044,959 Net non-operating income or 1,822,130 Net income before income taxes 1,407,770 Provision for income taxes (Note 8) -0- _________ NET INCOME $ 1,407,770 =========== Form 2-D Page 1 of 3 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period May 1 to May 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. 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 1 1 U.S.C. Section 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 May 1 to May 31, 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 May 31, 1996 and are reflected on the May 31, 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 May 31, 1996 are not reflected on the May 31, 1996 Financial Statements. Such settlements include those with: Deloitte and Touche $65,000,000 Mayer Brown and Platt $30,000,000 Perkins-Coie $12,750,000 L. Wynn Johnson $1,650,000 Robert Pratt/Morial $675,000 The Trustee has also reached a settlement in the amount of 1,000,000 subsequent to the date of the financial statement which, is also not reflected on the May 31, 1996 financial statements. Contingent professional fees of up to approximately $40,000,000 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). [PAGE] 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 year may, therefore, result in a tax liability to Bonneville. Form 2-D Page 3 of 3 [PAGE] [CAPTION] BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period May 1 to May 31, 1996 Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ -0- $ $<4,696.59> $ 2,355.56 5/13/96 1191 $ -0- 2,341.03 5/29/96 1192 -0- State -0- <1,690.62> 1,690.62 5/29/96 1193 -0- FICA tax withheld -0- <2,232.88> 1,186.48 5/13/96 1191 1,046.40 5/19/96 1192 -0- Employer's FICA tax -0- <2,232.88> 1,186.48 5/13/96 1191 1,046.40 5/29/96 1192 -0- Unemployment tax: Federal -0- State -0- Sales, use & excise taxes -0- -0- Property taxes <90,278.00> <15,000.00> <2,317.00> <77,595.00> Accrued income tax: Federal -0- -0- State -0- -0- Delaware franchise tax <75,000.00> 75,000.00 <33,618.40> <33,618.40> Employee withholding -0- <1,467.26> 733.63 5/13/96 1005658 -0- 733.63 5/29/96 1005678 TOTALS $<165,278.00> <$90.000.00> $<48.255.63> $12.320.23 $<111.213.40> ____________ __________ ___________ __________ ____________
[PAGE] [CAPTION] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period May 1 to May 31, 1996 Policy Amount Expiration Premium Paid Carrier/Agent Of Coverage Date Thru Date Worker's Compensation Various State Statutory Funds $ 1,000,000 (A) 05/31/96 General Liability Travelers Insurance/ Sedgwick James 5,000,000 06/06/96 06/06/96 Vehicles Travelers Insurance/ (Hired/Non-owned) Sedgwick James 5,000,000 06/06/96 06/06/96 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 May 1 to May 31, 1996 Non-Affiliate Accounts Accounts Receivable Payable ----------- ---------- Under 30 day $ 152,928 $1,660,167 30 to 60 days 10 -0- 61 to 90 days 7 -0- Over 90 days 550 1,182,542(*) Total post-petition 53,495 2,842,542 Pre-petition amounts -0- 4,273,537 Total accounts receivable 153,495 Net accounts receivable 153,495 Total accounts payable ------- $7,116,079 ========== Affiliate Accounts Receivable ---------- Under 30 days $ 5,640 30 to 60 days 6,705 61 to 90 days 6,601 Over 90 days 241,666 ------- Total post-petition affiliate accounts receivable $260,612 ======== (*) 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 Professional For Period May 1 to May 31, 1996 Amount Date of Estimated Paid Court Approval Balance Due Debtor's counsel $ -0- $ 554,684* Counsel for unsecuredcreditors'committee -0- 139,487 Court appointed Trustee -0- 73,132** Trustee's counsel -0- 236,417** Trustee's accountants -0- 400,095 Special Litigation Counsel forTrustee - Costs -0- 421,245 Trustee - Fees 0*** Debtor's Accountant -0- 50,920**** Buccino & Associates -0- 132,853 Financial Advisors for unsecured Creditors Committee -0- 290,223 Creditors Committee -0- 9,634 TOTAL $ -0- $2,808,710 ====== ========== * Includes $295,717 which has been disallowed by Bankruptcy Court order and subsequent memoranda decision and order on motion for rehearing. Also includes $76,250 to be waived pursuant to a settlement which is 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 approvedsettlements 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 May 1 to May 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 Form 2-E Page 5 of 5 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended May 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 Total 2nd Quarter 376,343.06 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-----