-----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, QvF2hNz5g5ZNMCJiDnhqJbCUEojBwP/cT70iyXq04f9QcF+NxKCOVXjfXLMwesej zpimnSKpiX3+h2mwKDu/4w== 0001016193-97-000015.txt : 19970124 0001016193-97-000015.hdr.sgml : 19970124 ACCESSION NUMBER: 0001016193-97-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970115 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Other events FILED AS OF DATE: 19970123 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: 97509556 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) January 15, 1997 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 December 1, 1996 to December 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 other matters, 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 January 15, 1997 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 January 15, 1997 -3- INDEX TO EXHIBITS Exhibit Page No. 28.1 Monthly Financial Report - Chapter 11, for the period December 1, 1996 to December 31, 1996, of the Registrant, dated Janaury 15, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on January 15, 1997.......................5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 For Period December 1 to December 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 The debtor must attach each of the following reports/documents Each Required unless the U.S. Trustee has waived the requirement in writing. Report/Document 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: January 15, 1997 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 December 31, 1996 Form 2-G - ---------------------------------------------------------------------------- Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of December 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 December and the first part of January 1997 (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 reached by the Trustee. Except for the severed action of Segal (Trustee) v. Dinuba Energy, Inc. & Ronald C. Yanke, United States District Court for the District of Utah, Case No. 92-CV- 1116-J-H which is now scheduled for trial in March of 1997, for all practical purposes the Litigation has been concluded (but also see the discussion below). On December 2, 1996, the Trustee entered into a verbal settlement agreement with Westinghouse Electric ("Westinghouse"). Pursuant to the settlement, which was documented by formal settlement agreement dated December 3, 1996, Westinghouse agreed a) to pay $6,000,000.00 to Bonneville Pacific Corporation payable $3,000,000.00 not later than April 10, 1997 and $3,000,000.00 not later than April 10, 1998; and b) withdraw with prejudice its unsecured $6,000,000.00 subordinated claim. The Company and Westinghouse also agreed to jointly release one another from any and all claims or causes of action. The settlement was - ----------------- 1 This narrative attempts to summarize significant events affecting the Company through January 13, 1997. 2 Each settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. conditioned upon approval of the settlement by the United States District Court and the United States Bankruptcy Court. The Trustee's Motion for Approval of the Settlement was heard as scheduled on December 20, 1996 at which hearing the Bankruptcy Court approved the settlement. The United States District Court, based upon the parties' Stipulated Motion for Final Judgment and Order For Dismissal on December 20, 1996, signed the Judgment and Order of Dismissal of Westinghouse from the Litigation. On December 10, 1996 the Trustee entered into a verbal settlement agreement with Calpine Corporation, a Defendant in an action severed from the main Litigation. Pursuant to the settlement, which was documented by a formal settlement agreement dated December 30, 1996, Calpine agreed a) to pay to Bonneville Pacific the sum of $767,500.00; and b) to release and withdraw with prejudice its filed claims in the total amount of $3,057,969.60. The Company and Calpine also agreed to jointly release one another from any and all claims or causes of action. The settlement is conditioned upon approval of the settlement by the United States District Court and the United States Bankruptcy Court. The Trustee's Motion for Approval of the Settlement Agreement was filed and a hearing on the Motion is scheduled before the Bankruptcy Court on January 28, 1997. On or about December 4, 1996 the Trustee entered into a formal settlement agreement with Jack & Nancy Dunlop. The settlement agreement provides for payment of $10,000.00 by Jack Dunlop and other consideration to Bonneville Pacific Corporation in exchange for a full release of any and all claims which the estate may have against Jack Dunlop. The settlement is conditioned upon approval of the settlement by the United States District Court and the United States Bankruptcy Court. The Trustee's Motion for Approval of the Settlement Agreement was filed and a hearing on the Motion was held as scheduled before the Bankruptcy Court on January 13, 1997, at which time the Bankruptcy Court approved the settlement. To date the District Court has not entered its final judgment dismissing Jack Dunlop from the Litigation. On January 6, 1997 the Trustee filed a Motion for an Order Authorizing the Trustee to Amend the Estate's May 2, 1996 Settlement Agreement with Mayer Brown & Platt. The proposed amendment to the Settlement Agreement affects paragraph 11 of the Settlement Agreement which provides for an additional payment by Mayer Brown & Platt to the Trustee if Mayer Brown & Platt subsequently settled claims asserted against it by Portland General. Specifically, pursuant to paragraph 11 of the Settlement Agreement as approved by the Court, if Portland General settled with Mayer Brown & Platt before Portland General initiated suit against Mayer Brown & Platt then Mayer Brown & Platt would pay the Trustee for Bonneville Pacific $3.5 million and if Portland General settled with Mayer Brown & Platt after suit was initiated, but before trial commenced, then Mayer Brown & Platt would pay to the Trustee for Bonneville Pacific $1.75 million. Conversely, if a trial on the merits commenced between Portland General and Mayer Brown & Platt and the parties then settled, or if the suit was fully litigated to a judgment, then the Trustee for Bonneville Pacific would receive no additional amount from Mayer Brown & Platt. Without Portland General having filed suit, Mayer Brown & Platt and Portland General have tentatively reached a settlement agreement between themselves which settlement is conditioned upon the Trustee agreeing to amend the Settlement Agreement so that the Trustee for Bonneville Pacific would receive $1.75 million pursuant to paragraph 11 of the Settlement Agreement (rather than $3.5 million). A hearing on the Trustee's Motion for Approval of the Amendment to the Settlement Agreement is scheduled before the Bankruptcy Court on January 28, 1997. If the Motion is approved and the tentative settlement agreement between Mayer Brown & Platt and Portland General is effectuated, then the Trustee for Bonneville Pacific should receive the $1.75 million in February, 1997. 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. A continued hearing was held by the District 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, United States District Court for the District of Utah, Case No. 92-CV-1115-J-C). At the hearing the Court made an oral ruling granting the Defendant's motion. The Defendant has filed a Proposed Order Granting Summary Judgment and on December 16, 1996 the Trustee filed a Motion for Reconsideration and an objection to the Proposed Order. Further hearing on the matter has not yet been scheduled. The Trustee has also entered into "tolling agreements" with certain persons or entities which agreements toll the running of any applicable statute of limitation which might otherwise bar the Trustee from initiating suit against such person or entity. The Trustee and his respective attorneys are now completing their investigation into those persons or entities which executed tolling agreements. If the Trustee is not able to settle possible claims held by the estate against persons or entities who the Trustee believe are liable to the Bonneville estate, then in the next few months the Trustee, through his special litigation counsel, may commence additional litigation on behalf of the Trustee for Bonneville Pacific. In addition to the above described litigation matters, the Company continues in its business operations. Significant actions and events during December 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 but no curtailments occurred during the Reporting Period. 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 an effort to mitigate future difficulties and curtailments, representatives of NCA #1 and NPC have met to explore possible modifications to the Power Purchase Agreement between them. As a result of such negotiations, during the reporting period, the parties entered into a Displacement Agreement which allows NPC, for consideration, to displace a portion of its energy purchase obligation under the Power Purchase Agreement. This is a trial agreement and is effective only for the month of January, 1997. Following the trial period, the parties will assess their positions and determine whether a long term agreement would be economically feasible. As previously reported, various appeals have been filed by the NCA #1 and NPC relative to NPC curtailment actions. The Trustee and his counsel continue to monitor these cases. Presently NCA #1 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. The Trustee continues to monitor matters before the First Judicial District Court of the State of Nevada which have been previously reported. 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 ("SCR") to control NOx emissions. NCA #1 refutes these allegations. During the reporting period NCA #1 submitted additional information regarding SCR operations which had been requested by the EPA. NCA #1 is presently awaiting EPA's response. On December 11, 1996, NCA #1 made a partnership distribution pursuant to which Bonneville Nevada received $4,480,000.00. 2. During December of 1996, the Company received Federal tax refunds totaling approximately $825,000.00 relating to prepetition taxes paid during 1988 through 1990. The Trustee anticipates additional refunds from state taxing authorities sometime in 1997. 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 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 (see the further discussion which follows). 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 have been filed relate to possible claims against Bonneville arising out of the purchase or sale of its securities. See 11 U.S.C. ss.510(b). 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 proceeded with the action authorized by the order granting the Motion; specifically, notice was sent to thousands of potential claimants and notice was published in newspapers of general circulation throughout the United States. Through December 16, 1996 approximately 4,000 new proofs of claim were filed with the Bankruptcy Court and approximately 200 additional claims have been filed since December 16, 1996. The Trustee is currently in the process of reviewing each of the claims and expects to have a preliminary analysis of the claims completed by approximately January 31, 1997. The preliminary analysis will allow the claims to be categorized and for the Trustee and his attorneys to identify issues created by the claims. The Trustee anticipates that he will likely object to a number of the new claims have been filed. 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). To date the IRS has not granted the Company's application to change its tax year. On December 4, 1996, the Trustee filed a Motion for Approval of the Trustee's Resolution of Intercompany Receivable and Payables by which certain debts allegedly due and owing by Bonneville Pacific Corporation to its wholly-owned subsidiaries and certain obligations of the subsidiaries due and owing to Bonneville Pacific pre- petition would be offset and any net payable to Bonneville Pacific would be converted to equity. A hearing on the Motion was held as scheduled on December 20, 1996 at which hearing the Motion was approved; consequently, the Trustee and the Company have now taken all of the actions necessary to so resolve the intercompany receivables and payables as authorized by the Bankruptcy Court. In preparation for a plan of reorganization, the Trustee on behalf of the Company has made a decision to employ Hein + Associates, a national accounting firm, to prepare audited financial statements for Bonneville Pacific Corporation. An application seeking approval of the employment was filed and hearing on the application was held as scheduled on December 20, 1996. At the hearing the Court approved the Application. Hein + Associates has been employed and is proceeding with preliminary work for the audits. 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 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 and the respective Monthly Financial Statements for the period from July 1, 1996 through the present Monthly Financial Statement. 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. 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 January 1997. --------------------------------------- Roger G. Segal, Chapter 11 Trustee DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period December 1 - December 31, 1996 - ------------------------------------------------------------------------------ CASH RECONCILIATION 1. Beginning Cash Balance: $118,389,281.45 2. Cash Receipts: (See Page 2 of 2)105 2,705,540.98 3. Cash Disbursements: (See Page 2 of 2) (1,713,138.88) ------------- 4. Net Cash Flow: 992,402.10 5. Ending Cash Balance: (to Form 2-C) $119,381,683.55 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $981.93 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 350.60 KEY BANK OF UTAH GENERAL CORP CASH 2,130,345.63 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 2,094,633.85 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 10,838,290.64 (A) US BANK CHPTR 11 TRUSTEE - JNT CD 5,273,014.77 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 10,197,322.23 (A) BANK ONE CHPTR 11 TRUSTEE JT SAVINGS 18,535.00 (A) BANK ONE UNITED STATES TREASURY BILLS 88,629,248.41 BANK ONE PROCEEDS FROM ASSET SALES 3,978.55 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 194,981.94 KEY BANK OF UTAH -------------- $119,381,683.55 =============== (A) Accounts requiring signatures of both the US Trustee and Chapter 11 Trustee for disbursements. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period December 1 - December 31, 1996 - -------------------------------------------------------------------------- CASH RECEIPTS JOURNALS BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $40,582.20 A PAYROLL TAX ACCOUNT 20,930.16 B GENERAL CORP CASH 3,957,209.64 C CHPTR 11 TRUSTEE JOINT ACCT 11,220.24 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 5,045,731.40 F CHPTR 11 TRUSTEE JT SAVINGS 37,969,766.34 G UNITED STATES TREASURY BILLS 33,988,219.62 H PROCEEDS FROM ASSET SALES 11.03 I KYOCERA MAINTENANCE RESERVE 11,890.76 J --------------- 81,045,561.39 LESS: ACCOUNT TRANSFERS (78,340,020.41) --------------- TOTAL CASH RECEIPTS $2,705,540.98 ============== CASH DISBURSEMENTS JOURNALS BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $40,614.33 A PAYROLL TAX ACCOUNT 20,932.28 B GENERAL CORP CASH 1,719,454.24 D CHPTR 11 TRUSTEE JOINT ACCT 2,000,043.29 E CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 0.00 F CHPTR 11 TRUSTEE JT SAVINGS 38,299,313.05 G UNITED STATES TREASURY BILLS 37,968,000.00 H PROCEEDS FROM ASSET SALES 0.00 I KYOCERA MAINTENANCE RESERVE 4,802.10 J ----------------- 80,053,159.29 LESS: ACCOUNT TRANSFERS (78,340,020.41) ----------------- TOTAL CASH DISBURSEMENTS $1,713,138.88 ================= DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period December 1 - December 31, 1996 - ----------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/11/96 CK# 6024 BPC - GENERAL $10,141.83 PAYROLL TRANSFER 12/19/96 CK# 6046 BPC - GENERAL 19,762.06 PAYROLL TRANSFER 12/27/96 CK# 6063 BPC - GENERAL 10,678.31 PAYROLL TRANSFER --------- TOTAL CASH RECEIPTS $40,582.20 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 12/15/96 PAYROLL SUMMARY $10,141.83 12/19/96 PAYROLL SUMMARY 19,762.06 12/31/96 PAYROLL SUMMARY 10,678.31 12/31/96 BNK STMT KEY BANK OF UTAH 32.13 SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $40,614.33 ========== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period December 1 - December 31, 1996 - --------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/11/96 CK# 6025 BPC - GENERAL $4,469.76 PR TAX TRANSFER 12/19/96 CK# 6047 BPC - GENERAL 11,995.68 PR TAX TRANSFER 12/27/96 CK# 6064 BPC - GENERAL 4,464.72 PR TAX TRANSFER --------- TOTAL CASH RECEIPTS $20,930.16 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 12/04/96 CK# 1216 KEY BANK OF UTAH $169.39 FEDERAL TAX DEPOSIT 12/11/96 CK# 1217 KEY BANK OF UTAH 3,711.04 FEDERAL TAX DEPOSIT 12/19/96 CK# 1219 KEY BANK OF UTAH 10,155.57 FEDERAL TAX DEPOSIT 12/27/96 CK# 1220 KEY BANK OF UTAH 3,511.18 FEDERAL TAX DEPOSIT 12/27/96 CK# 1221 UTAH STATE TAX COMM. 3,382.98 STATE TAX DEPOSIT 12/31/96 BNK STMT KEY BANK OF UTAH 2.12 SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $20,932.28 ============ DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period December 1 - December 31, 1996 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION 12/04/96 DS120496 BONNEVILLE PACIFIC SER. $20,311.73 EXPENSE REIMBURSEMENT 12/04/96 DS120496 C. CAMOZZI 283.83 INSURANCE REIMBURSEMENT 12/04/96 DS120496 D. GARDINER 369.00 INSURANCE REIMBURSEMENT 12/04/96 DS120496 WATSONVILLE COGENERATION 7,429.00 EXPENSE REIMBURSEMENT 12/06/96 DS120696 D. CORRADINI & Y. ROSS/FISCORP 34,615.14 SETTLEMENT PAYMENT 12/09/96 DS120996 CHPTR 11 TRUSTEES JOINT ACCT 2,000,000.00 TRANSFER 12/16/96 DS121696 SAN DIEGO GAS & ELECTRIC 749.18 ENERGY REVENUE-KYOCERA 12/19/96 DS121996 BONNEVILLE NEVADA CORP. 951,507.89 SUBSIDIARY DIVIDEND 12/23/96 DS122396 KYOCERA AMERICA 51,516.64 ENERGY REVENUE-KYOCERA 12/23/96 DS122396 BONNEVILLE FUELS 8,125.48 EXPENSE REIMBURSEMENT 12/23/96 DS122396 J. MACK 548.91 INSURANCE REIMBURSEMENT 12/23/96 DS122396 BEUS GILBERT & MORRILL 20.56 EXPENSE REIMBURSEMENT 12/31/96 DS123196 BONNEVILLE PACIFIC SERVICES 43,061.23 EXPENSE REIMBURSEMENT 12/31/96 DS123196 R. HIXSON TRUST 7,956.38 SETTLEMENT PAYMENT 12/31/96 DS123196 BEUS GILBERT & MORRILL 85.50 EXPENSE REIMBURSEMENT 12/31/96 DS123196 US TREASURY 183,836.06 INCOME TAX REFUND-1988 12/31/96 DS123196 US TREASURY 504,810.06 INCOME TAX REFUND-1989 12/31/96 DS123196 US TREASURY 137,813.74 INCOME TAX REFUND-1990 12/31/96 DS123196 US TREASURY 11.03 PR TAX REFUND - 3/93 12/31/96 DS123196 US TREASURY 4.70 PR TAX REFUND - 12/91 12/31/96 BNK STMT KEY BANK OF UTAH 4,153.58 INTEREST INCOME ------------ TOTAL CASH RECEIPTS $3,957,209.64 =============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period December 1 - December 31, 1996 - -------------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL
DATE CHECK # PAYEE AMOUNT DESCRIPTION 12/05/96 1006010 50 WEST BROADWAY ASSOC INC 12,413.00 RENT-OFFICE SPACE & PARKING 12/05/96 1006011 AIRBORNE EXPRESS 315.78 EXPRESS MAIL EXPENSE 12/05/96 1006012 AMPCO SYSTEM PARKING 591.00 RENT - PARKING 12/05/06 1006013 AUTOMATED OFFICE SYSTEMS I 621.89 OFFICE SUPPLIES & EXPENSE 12/05/96 1006014 BENEFICIAL LIFE INSURANCE 708.90 INSURANCE - LIFE 12/05/96 1006015 BONNEVILLE PACIFIC SERVICE 1,346.54 O&M EXPENSE - KYOCERA 12/05/96 1006016 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE ACCT 12/05/96 1006017 CBSA-CRP BNFT SRV AMR/SEE 43,039.63 INSURANCE - HEALTH 12/05/96 1006018 FRONTIER COMMUNICATIONS SR 997.02 TELEPHONE EXPENSE 12/05/96 1006019 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE 12/05/96 1006020 PRINTELLEGENT INC 63.66 OFFICE SUPPLIES & EXPENSE 12/05/96 1006021 WESTERN TRAVEL INC 468.00 TRAVEL EXPENSE 12/06/96 1006022 MARCIA CUSTER 75.00 RENT PARKING 12/06/96 1006023 COLORADO DEPARTMENT OF REV 97,190.00 STATE INCOME TAX & INTEREST 12/11/96 1006024 BONNEVILLE PACIFIC/PAYROLL 10,141.83 TRANSFER - PAYROLL ACCT 12/11/96 1006025 BPC PAYROLL TAX ACCOUNT 4,469.76 TRANSFER - PAYROLL TAX ACCT 12/11/96 1006026 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS 12/16/96 1006027 ANDERSON FLORAL & GIFTS 53.06 OFFICE SUPPLIES & EXPENSE 12/16/96 1006028 CASH 472.93 OFFICE SUPPLIES & EXPENSE 12/16/96 1006029 FLORAL TAPESTRY 123.11 OFFICE SUPPLIES & EXPENSE 12/16/96 1006030 DEEA L. HOBBS 16.95 OFFICE SUPPLIES & EXPENSE 12/16/96 1006031 MOUNT OLYMPUS WATER 23.14 OFFICE SUPPLIES & EXPENSE 12/16/96 1006032 MOUNTAIN STATES OFF PRODUCT 69.33 OFFICE SUPPLIES & EXPENSE 12/16/96 1006033 CLARK MOWER 266.85 TRAVEL REIMBURSEMENT 12/16/96 1006034 THE PRUDENTIAL 953.68 INSURANCE - DISABILITY 12/16/96 1006035 PROTEL 73.26 OFFICE SUPPLIES & EXPENSE 12/16/96 1006036 REDMAN VAN & STORAGE CO IN 497.73 RENT - STORAGE SPACE 12/16/96 1006037 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE - KYOCERA 12/16/96 1006038 TUSCANY 1,250.00 EMPLOYEE CHRISTMAS PARTY 12/16/96 1006039 XEROX CORPORATION 379.35 OFFICE SUPPLIES & EXPENSE 12/16/96 1006040 GENERATOR POWER SYSTEMS IN 13,003.41 O&M EXPENSE - KYOCERA 12/16/96 1006041 KEY BANK 1,315,000.00 FEDERAL INCOME TAX 12/16/96 1006042 UTAH STATE TAX COMMISSION 115,000.00 STATE INCOME TAX 12/16/96 1006043 FRANCHISE TAX BOARD OF CAL 27,000.00 STATE INCOME TAX 12/17/96 1006044 CUTLERS SANDWICHES & COOKIES 33.00 LUNCHEON MEETING 1006045 VOID VOID 12/19/96 1006046 BONNEVILLE PACIFIC/PAYROLL 19,762.06 TRANSFER - PAYROLL ACCT 12/19/96 1006047 BPC PAYROLL TAX ACCOUNT 11,995.68 TRANSFER - PAYROLL TAX ACCT 12/27/96 1006048 AIRBORNE EXPRESS 39.92 EXPRESS MAIL EXPENSE 12/27/96 1006049 AMPCO SYSTEM PARKING 75.00 RENT - PARKING 12/27/96 1006050 A T & T 240.71 TELEPHONE EXPENSE 12/27/96 1006051 AUTOMATED OFFICE SYSTEMS I 1,442.51 OFFICE SUPPLIES & EXPENSE 12/27/96 1006052 MARCIA CUSTER 376.95 EXP RMBRSMNT/CHRISTMAS PARTY
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period December 1 - December 31, 1996 - ----------------------------------------------------------------------- CASH DISBURSEMENTS JOURNAL (CONT.)
DATE CHECK # PAYEE AMOUNT DESCRIPTION 12/27/96 1006053 HERITAGE PRODUCTS INC 110.51 OFFICE SUPPLIES AND EXPENSE 12/27/96 1006054 INDEPENDENT POWER REPORT 915.00 DUES & SUBSCRIPTIONS 12/27/96 1006055 MOUNT OLYMPUS WATER 11.57 OFFICE SUPPLIES & EXPENSE 12/27/96 1006056 PURCHASE POWER PITNEY BOWE 1,009.50 OFFICE SUPPLIES & EXPENSE 12/27/96 1006057 REDMAN VAN & STORAGE CO IN 84.87 RENT - STORAGE SPACE 12/27/96 1006058 SALT LAKE CITY CORPORATION 142.00 FEES & LICENSES 12/27/96 1006059 STEVEN H. STEPANEK 111.08 TRAVEL REIMBURSEMENT 12/27/96 1006060 TRAVEL ZONE CRUISE ZONE 1,474.00 TRAVEL EXPENSE 12/27/96 1006061 US WEST COMMUNICATIONS 988.50 TELEPHONE EXPENSE 12/27/96 1006062 TODD L. WITWER 106.82 TRAVEL REIMBURSEMENT 12/27/96 1006063 BONNEVILLE PACIFIC/PAYROLL 10,678.31 TRANSFER - PAYROLL ACCT 12/27/96 1006064 BPC PAYROLL TAX ACCOUNT 4,464.72 TRANSFER - PAYROLL TAX ACCT 12/27/96 1006065 WELLS FARGO BANK 672.51 401K CONTRIBUTIONS 12/30/96 1006066 BONNEVILLE NEVADA 5,798.79 EXPENSE REIMBURSEMENT 12/31/96 BANK STMT KEY BANK 71.49 BANK SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $1,719,454.24 =============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period December 1 - December 31, 1996 - ---------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/31/96 BANK STMT KEY BANK OF UTAH $11,220.24 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 12/09/96 DS120996 BONNEVILLE PACIFIC CORP $2,000,000.00 TRNSFR TO GENERAL ACCT 12/31/96 BANK STMT KEY BANK OF UTAH 43.29 BANK SERVICE CHARGE -------------- TOTAL $2,000,043.29 ============== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period December 1 - December 31, 1996 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/26/96 BANK STMT BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER 12/31/96 BANK STMT BANK ONE OF UTAH 45,731.40 INTEREST INCOME ------------- TOTAL $5,045,731.40 ============= CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period December 1 - December 31, 1996 - ---------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/05/96 BANK STMT BONNEVILLE PACIFIC CORP $5,000,000.00 MATURITY OF T-BILL 12/26/96 BANK STMT BONNEVILLE PACIFIC CORP 32,968,000.00 MATURITY OF T-BILL 12/31/96 BANK STMT BANK ONE 1,766.34 INTEREST INCOME -------------- TOTAL $37,969,766.34 ============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 12/05/96 BANK STMT $4,999,365.48 TRNSFR-PURCHASE T-BILL 12/26/96 BANK STMT 28,299,947.57 TRNSFR-PURCHASE T-BILL 12/26/96 BANK STMT 5,000,000.00 TRANSFER-PURCHASE CD -------------- TOTAL $38,299,313.05 ============== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 United States Treasury Bills For Period December 1 - December 31, 1996 - --------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/05/96 BANK STMT BONNEVILLE PACIFIC CORP $4,999,365.48 TRNSFR-PURCHASE T-BILL 12/05/96 BANK STMT BANK ONE TRUST 65,000.00 EARNED DISCOUNT T-BILL 12/26/96 BANK STMT BONNEVILLE PACIFIC CORP 28,299,947.57 TRNSFR-PURCHASE T-BILL 12/26/96 BANK STMT BANK ONE TRUST 623,906.57 EARNED DISCOUNT T-BILL -------------- TOTAL $33,988,219.62 ============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 12/05/96 BANK STMT BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER-MAT OF T-BILL 12/26/96 BANK STMT BONNEVILLE PACIFIC CORP 32,968,000.00 TRANSFER-MAT OF T-BILL -------------- TOTAL $37,968,000.00 ============== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period December 1 - December 31, 1996 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/31/96 BANK STMT KEY BANK OF UTAH $11.03 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period December 1 - December 31, 1996 - --------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 12/02/96 CK# 6016 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER 12/31/96 BNK STMT KEY BANK OF UTAH 695.76 INTEREST INCOME ---------- TOTAL CASH RECEIPTS $11,890.76 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 12/31/96 CK# 1025 GENERATOR POWER SYSTEMS $4,802.10 O&M EXPENSE-KYOCERA DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of December 31, 1996 - -------------------------------------------------------------------
ASSETS Current Assets: Cash $119,381,684 Accounts receivable - trade 21,284 Accounts receivable - settlements (Note 4) 10,300,000 Accounts receivable - affiliates 236,333 Prepaid Insurance 42,068 Accrued interest receivable 1,053,135 ------------ Total current assets $131,034,504 Fixed Assets: Land 198,424 Equipment, furniture and fixtures 3,748,302 ----------- Total fixed assets 3,946,726 Less: Accumulated depreciation (3,036,056) ----------- Net fixed assets 910,670 Other Assets: Investment in and advances to subsidiaries and partnership 28,035,953 Other assets 1,820 ----------- Total other assets 28,037,773 ------------ TOTAL ASSETS $159,982,947 ============ LIABILITIES Post-petition liabilities: Accounts payable - trade $ 136,357 Accounts payable - professional fees and costs (Note 4) 4,325,964 Accrued income taxes payable (Note 5) 5,655 Taxes payable 93,114 Accrued interest 0 ------------ Total post-petition liabilities $ 4,561,090 Pre-petition liabilities: Priority claims 61,186 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,707,241 ------------ Total pre-petition liabilities 99,768,427 ----------- TOTAL LIABILITIES 104,329,517 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 (7,290,188) ------------ TOTAL OWNERS' EQUITY (Notes 1 and 3) 55,653,430 ------------ TOTAL LIABILITIES AND OWNERS' EQUITY $159,982,947 ============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period December 1 - December 31, 1996 - ---------------------------------------------------------------------------- Gross operating revenue $ 101,271 Less discount, returns and allowances 0 --------- Net operating revenue $ 101,271 Cost of goods sold (293,986) ------------ Gross profit (192,715) Operating expenses: Salaries and wages 60,898 Rent and leases 12,263 Payroll taxes 2,795 Insurance 3,178 Other 130,750 ---------- Total operating expenses (209,884) ----------- Operating income (loss) (402,599) Legal and professional fees and costs (Note 4) 2,154,978 Interest expense 0 --------- Total (2,154,978) ----------- Net operating income (loss) (2,557,577) Non-operating income and (expenses): Interest income 588,241 Other income 859,903 Gain on settlement of claims 6,042,572 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 1,292,949 ---------- Net non-operating income or (expenses) 8,783,665 ---------------------------- Net income (loss) before income taxes 6,226,088 Provision for income taxes (Note 5) 290,000 ----------- NET INCOME (LOSS) $ 5,936,088 ===========
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period December 1 to December 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 $8,945,000 Subordinated CIGNA claim 10,000,000 Potential claims (estimated) 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 estimated amount includes but is not limited to potential claims of limited partners, potential claims of equity holders, claims against Bonneville arising out of the purchase and subsequent sale of its securities, 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 December 1 to December 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 December 31, 1996 and are reflected on the December 31, 1996 Financial Statements. 5. As of April 30, 1996, Bonneville and Subsidiaries had approximately $150,000,000 in federal net operating loss carryforwards and approximately $140,000,000 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 $2,440,000 alternative minimum tax liability and an estimated $330,000 state tax liability resulting from operations and the receipt of proceeds from settlements. BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period December 1 to December 31, 1996 - -------------------------------------------------------------------------
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ 0.00 $ $(12,127.19) $2,214.20 12/11/96 1217 $ 0.00 7,640.09 12/19/96 1219 2,272.90 12/27/96 1220 State 0.00 (3,382.98) 3,382.98 12/27/96 1221 0.00 FICA tax withheld 0.00 (2,625.30) 748.42 12/11/96 1217 1,257.74 12/19/96 1219 0.00 619.14 12/27/96 1220 Employer's FICA tax 0.00 (2,794.69) 169.39 12/04/96 1216 748.42 12/11/96 1217 0.00 1,257.74 12/19/96 1219 619.14 12/27/96 1220 Unemployment tax: Federal 0.00 0.00 State 0.00 Sales, use & excise taxes 0.00 0.00 Property taxes (90,897.00) (2,217.00) (93,114.00) Accrued income tax: Federal (1,349,399.00) 318,743.00 (290,000.00) 1,315,000.00 (5,656.00) State 176,743.00 (318,743.00) 115,000.00 12/16/96 1006042 0.00 27,000.00 12/16/96 1006043 0.00 Delaware franchise tax 0.00 0.00 Employee withholding 0.00 (1,461.18) 788.67 12/11/96 1006026 0.00 672.51 12/27/96 1006065 -------------- ----------- ------------- ------------- ----------- TOTALS $(1,263,553.00) $ 0.00 $(314,608.34) $1,479,391.34 $ (98,770.00) ============== ============ ============ ============= ==============
9EBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period December 1 to December 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) 12/31/96 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 December 1 to December 31, 1996 - ---------------------------------------------------------------------------- Non-Affiliate Accounts Accounts Receivable Payable Under 30 days $10,321,284 $ 4,185,407 30 to 60 days 0 0 61 to 90 days 0 0 Over 90 days 0 276,914 ----------- ----------- Total post-petition 10,321,284 4,462,321 Pre-petition amounts 0 3,534,788 ----------- ----------- Total accounts receivable $10,321,284 =========== Total accounts payable $ 7,997,109 =========== Affiliate Accounts Receivable Under 30 days $ 4,932 30 to 60 days 5,963 61 to 90 days 0 Over 90 days 225,438 ----------- Total post-petition affiliate accounts receivable $ 236,333 =========== (*) 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 December 1 to December 31, 1996 - ------------------------------------------------------------------------------ Date of Court Estimated Amount Paid Approval Balance Due Counsel for Unsecured Creditors' Committee $0 $139,487 Court Appointed Trustee 0 39,050 (1) Trustee's Counsel 0 129,157 (1) Trustee's Accountants 0 60,082 Trustee's Special Plan Counsel 0 160,000 Special Litigation Counsel for Trustee - Costs 0 266,335 Trustee - Fees 0 3,399,000 (2) Buccino and Associates 0 132,85 (3) Total $ 0 $4,325,964 ======================================== (1) 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. (2) 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. (3) 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. 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 December 1 to December 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 Year End Bonus 16,500.00 Expense Reimbursement 266.85 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended December 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 11,800,656.99 December 1,713,138.88 ------------- Total 4th Quarter 15,306,025.48
(1) This summary is to reflect the current calendar year's information cumulative to the end of the current reporting period. -----END PRIVACY-ENHANCED MESSAGE-----