-----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, TXOmcc+ZB989aGsbYmfUbdnZuy7W8gdG3qFBZKaQutl58OE37Pk93ZM9yy+xPdBO D1EFBcw8Or5srs8pWOs3Pg== 0001016193-96-000072.txt : 19960904 0001016193-96-000072.hdr.sgml : 19960904 ACCESSION NUMBER: 0001016193-96-000072 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960815 ITEM INFORMATION: Changes in control of registrant FILED AS OF DATE: 19960903 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: 96625150 BUSINESS ADDRESS: STREET 1: 50 W 300 SOUTH STREET 2: SUITE 300 CITY: SALT LAKE CITY STATE: UT ZIP: 84101 BUSINESS PHONE: 8013632520 MAIL ADDRESS: STREET 1: 330 EAST MAIN ST STREET 2: SUITE 201 CITY: BARRINGTON STATE: IL ZIP: 60010 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date Report (Date of earliest event reported) August 15, 1996 BONNEVILLE PACIFIC CORPORATION (Exact name of registrant as specified in charter) Delaware 0-14846 87-0363215 (State or other (Commission (IRA Employer jurisdiction of File Number) Identification No.) incorporation) 50 West 300 South, Suite 300, Salt Lake City, Utah 84101 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code (801) 363-2520 (Former name or former address, if changed since last report) Not applicable [PAGE] Item 3. Bankruptcy or Receivership. On December 5, 1991, the Registrant filed a petition in the United States Bankruptcy Court for the District of Utah, Central Division, Case No. 91A- 27701, seeking protection to reorganize under Chapter 11 of the Federal Bankruptcy Code. Subsequent to the filing, the Registrant has applied to the Securities and Exchange Commission (the "Commission") to modify its reporting obligations under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). On April 9, 1992, the Commission indicated that it would raise no objection ifthe Registrant modified its reporting obligations under the Exchange Act. A copy of the Monthly Financial Report for the period July 1, 1996 to July 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 thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION By: Roger G. Segal, Chapter 11 Trustee ---------------------------------- DATED August 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 August 15, 1996 [PAGE] INDEX TO EXHIBITS Exhibit Page No. 28.1 Monthly Financial Report - Chapter 11, for the period July 1, 1996 to July 31, 1996, of the Registrant, dated August 15, 1996 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on August 15, 1996. . . . . . . . . . . . . . . . 5 [PAGE] MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 For Period July 1 to July 31 , 1996 Accounting Method Used: x Accrual Basis Cash Basis COVER SHEET - ------------------------------------------------------------------------------ Mark One Box For Each THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. Required Report/Document The debtor must attach each of the following reports/ 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: August 15, 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 15th day of August 1996. _______________________________________ Roger G. Segal, Chapter 11 Trustee [PAGE] On August 8, 1996 the Trustee entered into a settlement with Fraser & Beatty (as well as J. Michael Bradley, defendants in Segal v. Portland General et al., pending in the United States District Court for the District of Utah, case no. 92C-364J). The settlement provides for payment to Bonneville Pacific Corporation of Ten Million ($10,000,000.00) U.S. Dollars during the month of September 1996 in exchange for a complete Release of any and all Claims which the Trustee or the estate has against Fraser & Beatty, J. Michael Bradley and belated parties. The settlement is conditioned upon approval by the United States District Court and the United States Bankruptcy Court. The Motion for Approval of the Settlement has been prepared and filed and a hearing on the Motion is scheduled for September 3, 1996. On August 12, 1996 the Trustee entered into a settlement with Piper Jaffray Inc.. The settlement provides for payment to Bonneville Pacific Corporation of Ten Million ($10,000,000.00) Dollars during the month of September 1996 in exchange for a complete Release of any and all Claims which the Trustee or the estate has against Piper Jaffray Inc. The settlement is conditioned upon approval by the United States District Court and the United States Bankruptcy Court. The Motion for Approval of the Settlement is in the process of being prepared and it is expected that a hearing on the Motion will be scheduled for September, 1996. [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period July 1 - July 31, 1996 CASH RECONCILIATION 1. Beginning Cash Balance: $55,417,919.90 2. Cash Receipts: (See Page 2 of 2) 14,275,413.94 3. Cash Disbursements: (See Page 2 of 2) (14,435,215.07) 4. Net Cash Flow: (159,801.13) ---------- 5. Ending Cash Balance: (to Form 2-C) $55,258,118.77 ============== CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION - ----------------------------------------------------------------------------- PAYROLL ACCOUNT $1,147.85 1ST SECURITY BANK/UTAH PAYROLL TAX ACCOUNT 370.73 KEY BANK OF UTAH GENERAL CORP CASH 1,225,329.97 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 739,886.05 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 10,701,362.96 (A) US BANK CHPTR 11 TRUSTEE - JNT CD 5,142,480.17 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 5,063,845.14 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 37,829.78 (A) BANK ONE UNITED STATES TREASURY BONDS 32,148,214.26 BANK ONE PROCEEDS FROM ASSET SALES 3,926.08 (A) KEY BANK OF UTAH NCA 1 SALES TAX ESCROW 52,902.00* (B) ABN/AMRO BANK OF N.Y. KYOCERA MAINTENANCE RESERVE 140,823.78 KEY BANK OF UTAH $55,258,118.77 ============== * RESTRICTED CASH $52,902.00 ============== (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 July 1 - July 31, 1996 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNALS BANK ACCOUNT TOTAL PAGE REF - ------------------------------------------------------------------------------ PAYROLL ACCOUNT $18,799.48 A PAYROLL TAX ACCOUNT 9,483.50 B GENERAL CORP CASH 1,121,744.61 C CHPTR 11 TRUSTEE JOINT ACCT 338,117.76 E CHPTR 11 TRUSTEE - CD ACCT 66,052.69 F CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A CHPTR 11 TRUSTEE JT SAVINGS 12,777,744.29 G UNITED STATES TREASURY BONDS 32,150,000.00 H PROCEEDS FROM ASSET SALES 10.46 I NCA 1 SALES TAX ESCROW 286.11 J KYOCERA MAINTENANCE RESERVE 11,674.87 K --------- LESS: ACCOUNT TRANSFERS 46,493,913.77 (32,218,499.83) -------------- TOTAL CASH RECEIPTS $14,275,413.94 ============== CASH DISBURSEMENTS JOURNALS BANK ACCOUNT TOTAL PAGE REF - ------------------------------------------------------------------------------ PAYROLL ACCOUNT $18,829.00 A PAYROLL TAX ACCOUNT 9,484.91 B GENERAL CORP CASH 479,921.49 D CHPTR 11 TRUSTEE JOINT ACCT 7,115,772.51 E CHPTR 11 TRUSTEE - CD ACCT 0.00 F CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A CHPTR 11 TRUSTEE JT SAVINGS 39,000,005.00 G UNITED STATES TREASURY BONDS 1,785.74 H PROCEEDS FROM ASSET SALES 0.00 I NCA 1 SALES TAX ESCROW 27,236.11 J KYOCERA MAINTENANCE RESERVE 680.14 K ------------ 46,653,714.90 LESS: ACCOUNT TRANSFERS (32,218,499.83) -------------- TOTAL CASH DISBURSEMENTS $14,435,215.07 FORM 2-B Page 2 of 2 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/11/96 CK# 5753 BPC - GENERAL $ 9,377.09 PAYROLL TRANSFER 7/29/96 CK# 5785 BPC - GENERAL 9,422.39 PAYROLL TRANSFER --------- TOTAL CASH RECEIPTS $18,799.48 ========= CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/15/96 PAYROLL SUMMARY $ 9,377.09 7/31/96 PAYROLL SUMMARY 9,422.39 7/31/96 BNK STMT KEY BANK OF UTAH 29.52 SERVICE CHARGE --------- TOTAL CASH DISBURSEMENTS $18,829.00 =========== A [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/11/96 CK# 5754 BPC - GENERAL $4,140.10 PR TAX TRANSFER 7/22/96 CK# 5781 BPC - GENERAL 1,178.69 PR TAX TRANSFER 7/29/96 CK# 5786 BPC - GENERAL 4,164.71 PR TAX TRANSFER -------- TOTAL CASH RECEIPTS $9,483.50 ========= CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/11/96 CK# 1197 KEY BANK OF UTAH $3,437.57 FEDERAL TAX DEPOSIT 7/16/96 CK# 1198 KEY BANK OF UTAH 34.13 FEDERAL UNEMPLOYMENT 7/16/96 CK# 1199 UTAH DEPT OF EMP. SEC. 1,144.56 STATE UNEMPLOYMENT 7/29/96 CK# 1200 KEY BANK OF UTAH 3,456.00 FEDERAL TAX DEPOSIT 7/29/96 CK# 1201 UTAH STATE TAX COMM'N 1,411.24 STATE INCOME TAX 7/31/96 BNK STMT KEY BANK OF UTAH 1.41 SERVICE CHARGE -------- TOTAL CASH DISBURSEMENTS $9,484.91 ========= B [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/03/96 DS070396 C. CAMOZZI $236.00 INSURANCE REIMBURSEMENT 7/03/96 DS070396 D. GARDINER 240.00 INSURANCE REIMBURSEMENT 7/03/96 DS070396 BONNEVILLE FUELS 6,760.67 OFFICE EXPENSE REIMBURS. 7/03/96 DS070396 SAN DIEGO GAS & ELEC. 1,859.48 ENERGY REV-KYOCERA 7/18/96 DS071896 KYOCERA AMERICA 104,910.77 ENERGY REV-KYOCERA 7/23/96 DS072396 LEWIS & ROCA 4,175.00 EXPENSE REIMBURSEMENT 7/23/96 DS072396 C. MOWER 11.62 EXPENSE REIMBURSEMENT 7/25/96 DS072596 R. HIXSON 1,000,000.00 SETTLEMENT PAYMENT 7/31/96 BNK STMT KEY BANK OF UTAH 3,551.07 INTEREST INCOME ------------ TOTAL CASH RECEIPTS $1,121,744.61 ============= C [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period July 1 - July 31, 1996 CASH DISBURSEMENTS JOURNAL DATE CHECK # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/3/96 1005742 50 W. BROADWAY ASSOC INC $12,513.00 RENT-OFF/SPACE & PARK 7/8/96 1005743 AMPCO SYSTEM PARKING 591.00 RENT-PARKING 7/8/96 1005744 BENEFICIAL LIFE INSURANCE 640.14 INSURANCE-LIFE 7/8/96 1005745 BONNEVILLE PACIFIC SERVICE 46.20 O&M EXPENSE-KYOCERA 7/8/96 1005746 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE 7/8/96 1005747 CYMA HELP! 519.09 OFF.SUPPLIES & EXPENSE 7/8/96 1005748 FLORAL TAPESTRY 42.45 OFF.SUPPLIES & EXPENSE 7/8/96 1005749 GEM INSURANCE CO 3,328.00 INSURANCE-HEALTH 7/8/96 1005750 MOUNT OLYMPUS WATER 17.35 OFF.SUPPLIES & EXPENSE 7/8/96 1005751 REDMAN VAN & STORAGE CO. 84.87 RENT-STORAGE 7/8/96 1005752 TRAVEL ZONE CRUISE ZONE 900.00 TRAVEL EXPENSE 7/11/96 1005753 BONNEVILLE PACIFIC/PAYROLL 9,377.09 TRANSFER-PAYROLL ACCT 7/11/96 1005754 BPC PAYROLL TAX ACCOUNT 4,140.10 TRANS.-PAYROLL TAX ACCT 7/11/96 1005755 FIRST INTERSTATE BANK OF C 743.30 401K CONTRIBUTIONS 7/15/96 1005756 FRANCHISE TAX BOARD OF CAL 6,400.00 STATE INCOME TAX 7/15/96 1005757 NEW MEXICO TAXATION & REVE 50.00 STATE INCOME TAX 7/15/96 1005758 ARIZONA DEPARTMENT OF REVE 50.00 STATE INCOME TAX 7/15/96 1005759 UTAH STATE TAX COMMISSION 1,200.00 STATE INCOME TAX 7/15/96 1005760 IDAHO STATE TAX COMMISSION 60.00 STATE INCOME TAX 7/22/96 1005761 VOID 7/22/96 1005762 FEDERAL EXPRESS INC 13.00 EXPRESS MAIL EXPENSE 7/22/96 1005763 GENERATOR POWER SYSTEMS 13,239.17 O&M EXPENSE - KYOCERA 7/22/96 1005764 HALL PLUMBING MECHANICAL 187.63 OFF.SUPPLIES & EXPENSE 7/22/96 1005765 MOUNT OLYMPUS WATER 27.96 OFF.SUPPLIES & EXPENSE 7/22/96 1005766 MOUNTAIN STATE OFF PRODCT 43.51 OFF.SUPPLIES & EXPENSE 7/22/96 1005767 OMNI COMPUTER PRODUCTS 240.49 OFF.SUPPLIES & EXPENSE 7/22/96 1005768 THE PLANT GALLERY 69.50 OFF.SUPPLIES & EXPENSE 7/22/96 1005769 THE PRUDENTIAL 984.71 INSURANCE - DISABILITY 7/22/96 1005770 PREFERRED DATA SUPPLY INC 151.12 OFF.SUPPLIES & EXPENSE 7/22/96 1005771 REDMAN VAN & STORAGE CO IN 499.82 RENT - STORAGE 7/22/96 1005772 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE - KYOCERA 7/22/96 1005773 TRAVEL ZONE CRUISE ZONE 725.00 TRAVEL EXPENSE 7/22/96 1005774 UNUM LIFE INSURANCE CO OF 1,587.44 INSURANCE - DISABILITY 7/22/96 1005775 US WEST COMMUNICATIONS 929.19 TELEPHONE EXPENSE 7/22/96 1005776 WESTERN TRAVEL INC 1,607.00 TRAVEL EXPENSE 7/22/96 1005777 XEROX CORPORATION 345.62 OFF.SUPPLIES & EXPENSE 7/22/96 1005778 AIRBORNE EXPRESS 19.96 EXPRESS MAIL EXPENSE 7/22/96 1005779 A T & T 866.36 TELEPHONE EXPENSE 7/22/96 1005780 WORKERS COMPENSATION FND O 188.26 INSURANCE-WORKERS COMP 7/22/96 1005781 BPC PAYROLL TAX ACCOUNT 1,178.69 TRAN.-PAYROLL TAX ACCT 7/25/96 1005782 NEILSON ELGGREN DURKIN 385,443.44 PROF. FEES & COSTS 7/25/96 1005783 US TRUSTEE 3,750.00 QUARTERLY TRUSTEE FEE 7/25/96 1005784 GEM INSURANCE CO 1,424.00 INSURANCE - HEALTH 7/29/96 1005785 BONN. PACIFIC/PAYROLL 9,422.39 TRANSFER - PAYROLL ACCT 7/29/96 1005786 BPC PAYROLL ACCOUNT 4,164.71 TRANS-PAYROLL TAX ACCT 7/29/96 1005787 FIRST INTERSTATE BANK OF C 743.30 401K CONTRIBUTIONS 7/29/96 BK STMT KEY BANK 70.37 BANK SERVICE CHARGE ------- TOTAL CASH DISBURSEMENTS $479,921.49 =========== D [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 7/01/96 GJ278 D. CORRADINI $50,000.00 SETTLEMENT PAYMENT 7/01/96 GJ278 W. JOHNSON 50,000.00 SETTLEMENT PAYMENT 7/01/96 GJ278 MAYER BROWN PLATT 183,260.17 SETTLEMENT PAYMENT 7/01/96 GJ278 ABN AMRO 27,236.11 TRANSFER 7/31/96 BNK STMT KEY BANK OF UTAH 27,621.48 INTEREST INCOME ---------- TOTAL CASH RECEIPTS $338,117.76 ============ CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 7/26/96 CSHRS CK BEUS GILBERT & MORRILL $7,115,728.80 PROF. FEES/COSTS 7/31/96 BNK STMT KEY BANK OF UTAH 43.71 BANK SERV. CHARGE ------------- TOTAL CASH DISBURSEMENTS $7,115,772.51 ============= E [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD ACCOUNT For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/31/96 BNK STMT US BANK $66,052.69 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ NONE F [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/01/96 GJ278 PERKINS COIE $12,750,000.00 SETTLEMENT PAYMENT 7/02/96 GJ278 BANK ONE 1,785.74 TRANSFER 7/31/96 BNK STMT BANK ONE 25,958.55 INTEREST INCOME TOTAL CASH RECEIPTS $12,777,744.29 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/02/96 GJ278 BPC $32,150,000.00 TRANSFER 7/26/96 GJ278 BEUS GILBERT & MORRILL 6,850,000.00 PROF. FEES/COSTS 7/31/96 BNK STMT BANK ONE 5.00 BANK SRVCE CHARGE TOTAL CASH DISBURSEMENTS $39,000,005.00 G [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 U.S. Treasury Bonds For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/02/96 GJ278 BPC $32,150,000.00 TRANSFER CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/02/96 GJ278 BPC $1,785.74 TRANSFER H [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/31/96 BNK STMT KEY BANK OF UTAH $10.46 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ NONE I [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 NCA 1 Sales Tax Escrow For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/31/96 BNK STMT KEY BANK OF UTAH $286.11 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/01/96 GJ278 ABN AMRO $27,236.11 TRANSFER J [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period July 1 - July 31, 1996 CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/01/96 CK# 5746 BPC $11,195.00 TRANSFER 7/31/96 BNK STMT KEY BANK OF UTAH 479.87 INTEREST INCOME TOTAL CASH RECEIPTS $11,674.87 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION - ------------------------------------------------------------------------------ 7/31/96 CK# 1024 GENERATOR POWER $680.14 KYOCERA O&M EXPENSE K [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of July 31, 1996 - ------------------------------------------------------------------------------ ASSETS Current Assets: Cash $ 55,258,119 Accounts receivable - trade 107,046 Accounts receivable - settlements (Note 7) 66,350,000 Accounts receivable - affiliates 289,987 Prepaid Insurance 15,904 Accrued interest receivable 590,481 ---------- Total current assets $122,611,537 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 27,500,564 Other assets 64,852 ---------- Total other assets 27,565,416 ------------ TOTAL ASSETS $151,183,022 ============ LIABILITIES Post-petition liabilities: Accounts payable - trade $ 19,479 Accounts payable - professional fees and costs (Note 7) 23,572,154 Accrued income taxes payable 1,702,157 Taxes payable 82,029 Accrued interest 29,511 ---------- Total post-petition liabilities $ 25,405,330 Pre-petition liabilities: Priority claims 61,186 Secured debt 2,664,535 Unsecured debt (Note 5) 132,119,183 ----------- Total pre-petition liabilities 134,844,904 TOTAL LIABILITIES 160,250,234 Commitments and Contingent Liabilities (Notes 3, 4 and 6) OWNERS' EQUITY Capital stock or owners' investment 213,752 Paid-in-capital 91,835,029 [PAGE] Treasury stock <2,308,255> Retained earnings: Pre-petition <56,551,908> Post-petition <42,255,830> ---------- TOTAL OWNERS' EQUITY <9,067,212> ---------- TOTAL LIABILITIES AND OWNERS' EQUITY $151,183,022 ============ Form 2-C [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period July 1 - July 31, 1996 Gross operating revenue $ 179,817 Less discount, returns and allowances 0 Net operating revenue $ 179,817 Cost of goods sold <98,554> -------- Gross profit 81,263 Operating expenses: Salaries and wages 27,795 Rent and leases 12,363 Payroll taxes 2,519 Insurance 4,529 Other 11,776 Total operating expenses ------ <58,982> Operating income (loss) 22,281 Legal and professional fees and costs (Note 7) 21,799,528 Depreciation, depletion and amortization 1,203 Interest expense 27,722 Total ------ <21,828,453> Net operating income (loss) <21,806,172> Non-operating income and (expenses): Interest income 562,369 Other income 6,721 Other income - settlements (Note 7) 66,000,000 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 1,013,670 Net non-operating income or (expenses) --------- 67,582,760 Net income (loss) before income taxes 45,776,588 Provision for income taxes (Note 8) 1,706,677 NET INCOME (LOSS) $44,069,911 =========== Form 2-D Page 1 of 3 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period July 1 to July 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 operating entities which comprise these earnings include Bonneville Pacific Services Company, Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its investment in the NCA #1 Partnership. 3. The balance sheet does not reflect deeply subordinated claims totalling $14,945,000 which are claims resulting from court approved settlement agreements pursuant to which a creditor has agreed to subordinate its particular claim in payment priority to all other claims of any kind whatsoever including, but not limited to late filed claims, subordinated debenture holder claims, equity claims, claims of equity holder or subordinated debenture holders who had sold their stock or bonds, and claims which have been subordinated pursuant to 11 U.S.C. 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 July 1 to July 31, 1996 5. Included in recorded liabilities are liabilities of $31,081,000 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 July 31, 1996 and are reflected on the July 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 July 31, 1996 are not reflected on the July 31, 1996 Financial Statements. Such settlements include those with: Fraser Beatty/Michael Bradley $10,000,000 Piper Jaffray Inc. $10,000,000 Contingent professional fees of up to approximately $6,600,000 relating to the two settlements have not been reflected on the financial statements (further information concerning the settlements is contained in the narrative, which is attached). 8. 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. 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 $1,700,000 alternative minimum tax liability resulting from operations and the receipt of proceeds from settlements. Form 2-D Page 3 of 3 [PAGE] BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period July 1 to July 31, 1996
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ -0- $ $<4,213.95> $ 2,102.67 7/11/96 1197 2,111.28 7/29/96 1200 $ -0- State -0- <1,411.24> 1,411.24 7/29/96 1201 -0- FICA tax withheld -0- <1,339.81> 667.45 7/11/96 1197 672.36 7/29/96 1200 -0- Employer's FICA tax -0- <1,339.81> 667.45 7/11/96 1197 672.36 7/29/96 1200 -0- Unemployment tax: Federal -0- <34.13> 34.13 7/16/96 1198 -0- State -0- <1,144.56> 1,144.56 7/16/96 1199 -0- Sales, use & excise taxes -0- -0- Property taxes <79,912.00> <2,317.00> <82,229.00> Accrued income tax: Federal -0- <1,693,600.00> <1,693,600.00> State -0- <8,557.00> <8,557.00> Delaware franchise tax -0- -0- Employee withholding -0- <1,486.60> 743.30 7/11/96 1005755 -0- 743.30 7/29/96 1005787 TOTALS $ <79,912.00> $ -0- $<1,715,444.10> $10,970.10 $<1,784,386.00
[PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period July 1 to July 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) 07/31/96 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 08/17/96 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 July 1 to July 31, 1996 Non-Affiliate Accounts Accounts Receivable Payable ----------- ----------- Under 30 days $66,456,458 $22,914,862 30 to 60 days 9 0 61 to 90 days 12 0 Over 90 days 567 676,771* ---------- ---------- Total post-petition 66,457,046 23,591,633 Pre-petition amounts 0 4,273,537 ---------- ---------- Total accounts receivable $66,457,046 =========== Total accounts payable $27,865,170 =========== Affiliate Accounts Receivable Under 30 days $ 10,453 30 to 60 days 48,364 61 to 90 days 5,640 Over 90 days 225,530 ----------- Total post-petition affiliate accounts receivable $ 289,987 =========== (*) Accounts payable over 90 days past due primarily represents professional fees incurred prior to the Trustee's appointment currently being considered by the court for payment. Form 2-E Page 3 of 5 [PAGE] DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Schedule of Payments of Fees and Costs to Attorneys and Other Professionals For Period July 1 to July 31, 1996 Date of Court Estimated Amount Paid Approval Balance Due Debtor's Counsel $0 $100,000 Counsel for Unsecured Creditors' Committee 0 139,487 Court Appointed Trustee 0 103,206 ** Trustee's Counsel 0 369,459 ** Trustee's Accountants 0 106,000 Special Litigation Counsel for Trustee - Costs 0 199,292 Trustee - Fees 0 22,122,000 *** Buccino and Associates 0 132,853 Financial Advisors for Unsecured Creditors Committee 0 290,223 Creditor's Committee 0 9,634 ----- ------------ Total $0 $23,572,154 ===== ============ * Settlement amounts under advisement by the Court. ** Includes only hourly rate and miscellaneous Trustee costs. Does not include any additional amounts that may be awarded by the court relating to 11 USC Section 326 or as an enhanced fee to either the Trustee or the Trustee's general counsel. *** Includes an accrual for any contingent fees due as a result of court approved settlements or recoveries. Estimated contingent fees will be accrued when settlements are approved by the court and the accrual will be revised when fee applications are filed with the Bankruptcy Court. 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 July 1 to July 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 July 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 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-----