-----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, BFrVXU3JkV9sS3SyHDjKXeFoV5Wv5Lr2i9gCbsOe+XCmRxKgOrhR4D3ZODjH7lQI brk0Ge+Dibl3/26BcUn7Ag== 0001016193-97-000032.txt : 19970227 0001016193-97-000032.hdr.sgml : 19970227 ACCESSION NUMBER: 0001016193-97-000032 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970217 ITEM INFORMATION: Bankruptcy or receivership ITEM INFORMATION: Other events FILED AS OF DATE: 19970226 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: 97543405 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) February 17, 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 January 1, 1997 to January 31, 1997, 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. On or about February 20, 1997, the Registrant, through the Trustee entered into a settlement agreement with Dinuba Energy, Inc. ("Dinuba"), an Idaho corporation, and Ronald C. Yanke ("Yanke"), of Boise, Idaho. The formal settlement agreement was executed on February 24, 1997. The Trustee's claims against Dinuba and Yanke were part of a civil action entitled Segal (Trustee) v. Dinuba Energy, Inc. and Ronald C. Yanke, United States District Court for the District of Utah, Case No. 92-CV-1116 J. The settlement provides for payment by Dinuba and Yanke to the Registrant of Four Million Five Hundred Thousand Dollars ($4,500,000.00) by not later than March 20, 1997. The settlement is conditioned upon approval by the United States District Court (the Honorable Bruce S. Jenkins) and by the Unites States Bankruptcy Court (the Honorable John H. Allen). Although Dinuba and Yanke have agreed to the settlement, they each continue to deny all of the Trustee's allegations of wrongdoing or liability. The litigation was being prosecuted on behalf of the Trustee by the law firm of Beus, Gilbert & Morrill (Phoenix) pursuant to a contingent fee agreement. That contingent fee agreement, which as been approved by the Bankruptcy Court, provides that Beus, Gilbert & Morrill is entitled, as a fee, after deduction of litigation costs, to thirty-three percent (33%) of any litigation recoveries received by the Trustee less fees paid to the Trustee's local counsel, Cohne, Rappaport & Segal (Salt Lake). Any fees must be allowed (approved) by the Bankruptcy Court. For information on litigation and matters previously reported, refer to the narrative on pages Form 2-G of the accompanying bankruptcy report. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused its report to be signed on its behalf by the undersigned thereunto duly authorized. BONNEVILLE PACIFIC CORPORATION /s/ Roger G. Segal By: Roger G. Segal, Chapter 11 Trustee DATED February 24, 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 /s/ R. Stephen Blackham By: R. Stephen Blackham, Assistant Controller DATED February 24, 1997 -3- INDEX TO EXHIBITS Exhibit Page No. 28.1 Monthly Financial Report - Chapter 11, for the period January 1, 1997 to January 31, 1997, of the Registrant, dated February 17, 1997 as filed by the Registrant with the United States Bankruptcy Court for the District of Utah, Central Division on February 17, 1997.............5 MONTHLY FINANCIAL REPORT CHAPTER 11 DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701 For Period January 1 to January 31, 1997 --------------- ------------ ------------- 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 The debtor must attach each of the following reports/documents For Each unless the U.S. Trustee has waived the requirement in writing. Required Report/ File original with Clerk of Court. File duplicate with U.S. Document 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: February 17, 1997 Debtor(s): BONNEVILLE PACIFIC CORPORATION By: R. Stephen Blackham Position: Assistant Controller 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 February 1997. /x/ Roger G. Segal --------------------------------------- Roger G. Segal, Chapter 11 Trustee DEBTOR: BONNEVILLE PACIFIC CORPORATION Bankruptcy No. 91A-27701 Narrative For the Month Ended January 31, 1997 Form 2-G - ------------------------------------------------------------------------------ Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to conduct its normal business activities during the month of January 1997 (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 January and the first part of February 1997(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 four (4) Annual Reports, including the Report for the period of July 1, 1995 through June 30, 1996 filed on September 19, 1996 concerning the Administration of the Estate. These Reports (which are on file with both the Bankruptcy Court and the Securities & Exchange Commission) must be reviewed for an understanding of the history and nature of the Litigation, including previous settlements 2 reached by the Trustee. For all practical purposes the Litigation has been concluded (but also see the discussion below). 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 agreement2 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 was conditioned upon approval of the settlement by the -------- 1 This narrative attempts to summarize significant events affecting the Company through February 14, 1997. 2 Each settlement agreement should be reviewed in its entirety for all terms and conditions (and consideration) of the settlement. United States District Court and the United States Bankruptcy Court. The Trustee's Motion for Approval of the Settlement Agreement was heard as scheduled on January 28, 1997 at which hearing the Bankruptcy Court granted the Trustee's Motion and approved the settlement. The United States District Court, based upon the parties Stipulated Motion for Final Judgment and Order for Dismissal on February 4, 1997, signed the Judgment and Order dismissing the lawsuit. Calpine paid the $767,500.00 settlement amount to the estate (the Company) on February 11, 1997. On or about December 4, 1996 the Trustee entered into a formal settlement agreement with Jack & Nancy Dunlop. The settlement agreement provides2 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 was 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 heard as scheduled on January 13, 1997, 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, signed the Judgment and Order dismissing Dunlop from the litigation. Dunlop paid the $10,000.00 settlement amount to the estate (the Company) on February 14, 1997. 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). The Trustee's Motion for Approval of the Amendment to the Settlement Agreement was held as scheduled before the Bankruptcy Court on January 28, 1997, at which hearing the Bankruptcy Court granted the Trustee's Motion and approved the settlement. Mayer Brown & Platt on February 4, 1997 paid the $1.75 Million to the estate of Bonneville Pacific (the Company). 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. A further hearing on the matter has now been scheduled for February 28, 1997. 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 such persons or entities who or which signed tolling agreements and who or which the Trustee believe are liable to the Bonneville estate (e.g., Norwest Bank and the LDS Church), 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 January 1997 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") has previously curtailed purchases of electrical power from NCA #1 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 previously reported a Displacement Agreement was entered into by the parties for the Reporting Period. The Displacement Agreement allows NPC, for consideration, to displace a portion of its energy purchase obligation under the Power Purchase Agreement. January operations under the Displacement Agreement were sufficiently successful to warrant renewal of the agreement for the month of February. The parties will still need to determine whether a long term Displacement 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. Counsel has been informed that oral arguments on the case will not occur until late summer, 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 and has submitted additional information regarding SCR operations which had been requested by the EPA. NCA #1 is presently awaiting EPA's response. 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. Section 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 260 additional claims have been filed since December 16, 1996. The Trustee is currently in the process of finalizing his initial review of each of the claims; this review process has been delayed due to the large number of claims and the diverse manner in which the claim forms were filled out by the claimants. The Trustee anticipates completing his preliminary claim analysis in the next few weeks. The Trustee anticipates that he will likely object to a number of the new claims which 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. Section 505). To date the IRS has not granted the Company's application to change its tax year. 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 now proceeding with work on 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. In January of 1997 the Trustee, his counsel and the Company's Management interviewed several firms who were interested in serving as the Trustee's Financial Advisor in connection with valuing the Company's (and its affiliates) business assets and assisting the Trustee concerning the plan of reorganization issues. The Trustee anticipates soon filing a motion with the Bankruptcy Court for approval of his employment of a Financial Advisor. 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. DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Cash Receipts and Disbursements Statement For Period January 1 - January 31, 1997 - ------------------------------------------------------------------------------ CASH RECONCILIATION 1. Beginning Cash Balance: $119,381,683.55 2. Cash Receipts: (See Page 2 of 2)105 457,140.20 3. Cash Disbursements: (See Page 2 of 2) (220,508.24) ------------ 4. Net Cash Flow: 236,631.96 ---------- 5. Ending Cash Balance: (to Form 2-C) $119,618,315.51 =============== CASH ACCOUNT SUMMARY - ENDING BALANCES ACCOUNT AMOUNT FINANCIAL INSTITUTION PAYROLL ACCOUNT $953.68 FIRST SECURITY BANK OF UTAH PAYROLL TAX ACCOUNT 129.27 KEY BANK OF UTAH GENERAL CORP CASH 1,009,730.60 KEY BANK OF UTAH CHPTR 11 TRUSTEE JOINT ACCT 3,104,156.72 (A) KEY BANK OF UTAH CHPTR 11 TRUSTEE - CD ACCT 10,907,657.57 (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 19,192.93 (A) BANK ONE UNITED STATES TREASURY BILLS 88,895,252.71 BANK ONE PROCEEDS FROM ASSET SALES 3,989.86 (A) KEY BANK OF UTAH KYOCERA MAINTENANCE RESERVE 206,915.17 KEY BANK OF UTAH -------------- $119,618,315.51 =============== (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 January 1 - January 31, 1997 - -------------------------------------------------------------------------- CASH RECEIPTS JOURNALS BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $30,956.15 A PAYROLL TAX ACCOUNT 17,337.65 B GENERAL CORP CASH 110,795.51 C CHPTR 11 TRUSTEE JOINT ACCT 1,009,565.99 E CHPTR 11 TRUSTEE - CD ACCT 69,366.93 F CHPTR 11 TRUSTEE - JNT CD 0.00 N/A CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A CHPTR 11 TRUSTEE JT SAVINGS 21,568,063.78 G UNITED STATES TREASURY BILLS 21,834,004.30 H PROCEEDS FROM ASSET SALES 11.31 I KYOCERA MAINTENANCE RESERVE 11,933.23 J --------------- 44,652,034.85 LESS: ACCOUNT TRANSFERS (44,194,894.65) TOTAL CASH RECEIPTS $457,140.20 CASH DISBURSEMENTS JOURNALS BANK ACCOUNT TOTAL PAGE REF PAYROLL ACCOUNT $30,984.40 A PAYROLL TAX ACCOUNT 17,558.98 B GENERAL CORP CASH 1,231,410.54 D CHPTR 11 TRUSTEE JOINT ACCT 43.12 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 21,567,405.85 G UNITED STATES TREASURY BILLS 21,568,000.00 H PROCEEDS FROM ASSET SALES 0.00 I KYOCERA MAINTENANCE RESERVE 0.00 J ---------------- 44,415,402.89 LESS: ACCOUNT TRANSFERS (44,194,894.65) TOTAL CASH DISBURSEMENTS $220,508.24 DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Account For Period January 1 - January 31, 1997 - ------------------------------------------------------------------------ CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/13/97 CK# 6081 BPC - GENERAL $10,365.74 PAYROLL TRANSFER 01/16/97 CK# 6101 BPC - GENERAL 9,956.02 PAYROLL TRANSFER 01/29/97 CK# 6128 BPC - GENERAL 10,634.39 PAYROLL TRANSFER --------- TOTAL CASH RECEIPTS $30,956.15 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 01/15/97 PAYROLL SUMMARY $10,365.74 01/21/97 PAYROLL SUMMARY 9,956.02 01/31/97 PAYROLL SUMMARY 10,634.39 01/31/97 BNK STMT KEY BANK OF UTAH 28.25 SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $30,984.40 ============ DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Payroll Tax Account For Period January 1 - January 31, 1997 - ----------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/13/97 CK# 6082 BPC - GENERAL $5,545.90 PR TAX TRANSFER 01/16/97 CK# 6102 BPC - GENERAL 6,144.29 PR TAX TRANSFER 01/29/97 CK# 6129 BPC - GENERAL 5,647.46 PR TAX TRANSFER --------- TOTAL CASH RECEIPTS $17,337.65 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 01/09/97 CK# 1222 UTAH DEPT OF EMPLOYMENT SEC. $216.78 STATE UNEMPLOYMENT 01/13/97 CK# 1223 KEY BANK OF UTAH 4,731.23 FEDERAL TAX DEPOSIT 01/16/97 CK# 1224 KEY BANK OF UTAH 5,307.06 FEDERAL TAX DEPOSIT 01/29/97 CK# 1225 KEY BANK OF UTAH 4,815.43 FEDERAL TAX DEPOSIT 01/29/97 CK# 1226 UTAH STATE TAX COMMISSION 2,483.93 STATE TAX DEPOSIT 01/31/97 BNK STMT KEY BANK OF UTAH 4.55 SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $17,558.98 ============ DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period January 1 - January 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 01/07/97 DS010797 W. JOHNSON $50,000.00 SETTLEMENT PAYMENT 01/07/97 DS010797 WESTERN TRAVEL 380.22 EXPENSE REIMBURSEMENT 01/07/97 DS010797 BONNEVILLE FUELS 10,837.11 EXPENSE REIMBURSEMENT 01/22/97 DS012297 SAN DIEGO GAS & ELECTRIC 1,300.00 ENERGY REVENUE-KYOCERA 01/22/97 DS012297 COHNE RAPPAPORT & SEGAL 458.70 EXPENSE REIMBURSEMENT 01/22/97 DS012297 D. GARDINER 369.59 INSURANCE REIMBURSEMENT 01/29/97 DS012997 KYOCERA AMERICA 21,283.66 ENERGY REVENUE-KYOCERA 01/29/96 DS012997 J. ALLSOP 1,135.32 INSURANCE REIMBURSEMENT 01/31/97 DS013197 HARTFORD INSURANCE 17,836.71 INSURANCE REFUND 01/31/97 BNK STMT KEY BANK OF UTAH 7,194.20 INTEREST INCOME ------------ TOTAL CASH RECEIPTS $110,795.51 =========== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Corp Cash For Period January 1 - January 31, 1997 - ------------------------------------------------------------------------------ CASH DISBURSEMENTS JOURNAL
DATE CHECK # PAYEE AMOUNT DESCRIPTION 01/06/97 1006067 50 WEST BROADWAY ASSOC INC 12,573.00 RENT-OFFICE SPACE & PARKING 01/06/97 1006068 VOID VOID 01/06/97 1006069 AMPCO SYSTEM PARKING 591.00 RENT - PARKING 01/06/97 1006070 AMERICAN INSTITUTE OF CPA' 187.06 PUBLICATIONS & SUBSCRIPTIONS 01/06/97 1006071 BENEFICIAL LIFE INSURANCE 734.98 INSURANCE - LIFE 01/06/97 1006072 BONNEVILLE PACIFIC SERVICES 34.65 O&M EXPENSE - KYOCERA 01/06/97 1006073 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE ACCT 01/06/97 1006074 JD GRIFFIN & ASSOCIATES PC 7,845.00 OFFICE SUPPLIES & EXPENSE 01/06/97 1006075 MOUNT OLYMPUS WATER 11.57 OFFICE SUPPLIES & EXPENSE 01/06/97 1006076 NATIONAL HEALTH CARE TRUST 26,673.36 INSURANCE - HEALTH 01/06/97 1006077 UNUM LIFE INSURANCE CO OF 1,581.05 INSURANCE - DISABILITY 01/06/97 1006078 AIRBORNE EXPRESS 110.43 EXPRESS MAIL 01/07/97 1006079 AMPCO SYSTEM PARKING 75.00 RENT - PARKING 01/09/97 1006080 WORKERS COMPENSATION FND 474.82 INSURANCE - WORKERS COMP 01/13/97 1006081 BONNEVILLE PACIFIC/PAYROLL 10,365.74 TRANSFER - PAYROLL ACCT 01/13/97 1006082 BPC PAYROLL TAX ACCOUNT 5,545.90 TRANSFER - PAYROLL TAX ACCT 01/13/97 1006083 WELLS FARGO BANK 799.04 401K CONTRIBUTIONS 01/15/97 1006084 BANK ONE INVESTMENT MANAGE 7,855.22 PRINCIPAL INVESTMENT FEE 01/15/97 1006085 R. STEPHEN BLACKHAM 455.61 EXPENSE REIMBURSEMENT 01/15/97 1006086 CYMA HELP! 60.00 OFFICE SUPPLIES & EXPENSE 01/15/97 1006087 DEAN WITTER REYNOLDS INC 1,207.20 OFFICE SUPPLIES & EXPENSE 01/15/97 1006088 FIDELITY TRANSFER COMPANY 440.00 OFFICE SUPPLIES & EXPENSE 01/15/97 1006089 GENERATOR POWER SYSTEMS 14,613.95 O&M EXPENSE - KYOCERA 01/15/97 1006090 HERITAGE PRODUCTS INC 64.87 OFFICE SUPPLIES & EXPENSE 01/15/97 1006091 MOUNT OLYMPUS WATER 10.61 OFFICE SUPPLIES & EXPENSE 01/15/97 1006092 MOUNTAIN STATES OFF PRODUCTS 94.70 OFFICE SUPPLIES & EXPENSE 01/15/97 1006093 CLARK MOWER 775.01 EXPENSE REIMBURSEMENT 01/15/97 1006094 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXPENSE 01/15/97 1006095 THE PRUDENTIAL 990.17 INSURANCE - DISABILITY 01/15/97 1006096 PRINTELLIGENT INC 196.52 OFFICE SUPPLIES & EXPENSE 01/15/97 1006097 REDMAN VAN & STORAGE CO 472.35 RENT - STORAGE SPACE 01/15/97 1006098 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE - KYOCERA 01/15/97 1006099 SAN DIEGO COUNTY APCD 19,280.00 O&M EXPENSE - KYOCERA 01/15/97 1006100 XEROX CORPORATION 337.34 OFFICE SUPPLIES & EXPENSE 01/16/97 1006101 BONNEVILLE PACIFIC/PAYROLL 9,956.02 TRANSFER - PAYROLL ACCT 01/16/97 1006102 BPC PAYROLL TAX ACCOUNT 6,144.29 TRANSFER - PAYROLL TAX ACCT 01/21/97 1006103 BPC-CHAPTER 11 TTEES JOINT 1,000,000.00 TRANSFER - CHPTR 11 TTEES ACCT 01/22/97 1006104 US TRUSTEE 10,000.00 QUARTERLY DISBURSEMENT FEE 01/27/97 1006105 AIRBORNE EXPRESS 34.49 EXPRESS MAIL EXPENSE 01/27/97 1006106 AIR POLLUTION CONTROL DIST 1,406.00 O&M EXPENSE - KYOCERA 01/27/97 1006107 AMPCO SYSTEM PARKING 591.00 RENT - PARKING 01/27/97 1006108 AUTOMATED OFFICE SYSTEMS 311.24 OFFICE SUPPLIES & EXPENSE 01/27/97 1006109 BEUS GILBERT & MORRILL 541.92 EXPENSE REIMBURSEMENT
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 01/27/97 1006110 COMPUSERVE 100.00 OFFICE SUPPLIES AND EXPENSE 01/27/97 1006111 VOID VOID 01/27/97 1006112 ENERGY & BUSINESS NEWSLETTER 945.00 CONFERENCES & SEMINARS 01/27/97 1006113 FRONTIER COMMUNICATIONS SR 794.91 TELEPHONE EXPENSE 01/27/97 1006114 DEEA L HOBBS 16.97 EXPENSE REIMBURSEMENT 01/27/97 1006115 JD GRIFFIN & ASSOCIATES PC 6,531.00 OFFICE SUPPLIES & EXPENSE 01/27/97 1006116 MOUNT OLYMPUS WATER 23.17 OFFICE SUPPLIES & EXPENSE 01/27/97 1006117 MOUNTAIN STATES OFF PRODUCTS 295.09 OFFICE SUPPLIES & EXPENSE 01/27/97 1006118 NATIONAL HEALTH CARE TRUST 22,238.56 INSURANCE - HEALTH 01/27/97 1006119 OFFICE TEAM 426.94 OFFICE SUPPLIES & EXPENSE 01/27/97 1006120 PRYOR RESOURCES INC 158.00 CONFERENCES & SEMINARS 01/27/97 1006121 REDMAN VAN & STORAGE CO 84.87 RENT - STORAGE 01/27/97 1006122 TRAVEL ZONE CRUISE ZONE 760.38 TRAVEL EXPENSE 01/27/97 1006123 US WEST COMMUNICATIONS 773.46 TELEPHONE EXPENSE 01/27/97 1006124 VOID VOID 01/27/97 1006125 MARCIA CUSTER 160.93 EXPENSE REIMBURSEMENT 01/27/97 1006126 TRAVEL ZONE CRUISE ZONE 859.00 TRAVEL EXPENSE 01/27/97 1006127 AMPCO SYSTEM PARKING 150.00 RENT - PARKING 01/29/97 1006128 BONNEVILLE PACIFIC/PAYROLL 10,634.39 TRANSFER - PAYROLL ACCT 01/29/97 1006129 BPC PAYROLL TAX ACCOUNT 5,647.46 TRANSFER - PAYROLL TAX ACCT 01/29/97 1006130 WELLS FARGO BANK 799.04 401K CONTRIBUTIONS 01/27/97 1006131 FRANCHISE TAX BOARD OF CAL 25,095.33 CLAIMS SETTLEMENT 01/31/97 BANK STMT KEY BANK 109.17 BANK SERVICE CHARGE ------------ TOTAL CASH DISBURSEMENTS $1,231,410.54 =============
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee Joint Account For Period January 1 - January 31, 1997 - ------------------------------------------------------------------------------ CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/21/97 CK# 6103 BONNEVILLE PACIFIC CORP $1,000,000.00 TRANSFER FROM GEN ACCT 01/31/97 BANK STMT KEY BANK OF UTAH 9,565.99 INTEREST INCOME TOTAL $1,009,565.99 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 01/31/97 BANK STMT KEY BANK OF UTAH 43.12 BANK SERVICE CHARGE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee - CD Account For Period January 1 - January 31, 1997 - ---------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/31/97 BANK STMT US BANK $69,366.93 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Chapter 11 Trustee JT Savings For Period January 1 - January 31, 1997 - --------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/31/97 BANK STMT BONNEVILLE PACIFIC CORP $21,568,000.00 TRNSFR FROM SECURITY 01/31/97 BANK STMT BANK ONE 63.78 INTEREST INCOME -------------- TOTAL $21,568,063.78 ============== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 01/31/97 BANK STMT $21,567,405.85 TRNSFR-PURCHASE SECURITY DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 United States Treasury Bills For Period January 1 - January 31, 1997 - ------------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/31/97 BANK STMT BONNEVILLE PACIFIC CORP $21,567,405.85 TRNSFR-PURCHASE SEC. 01/31/97 BANK STMT BANK ONE TRUST 266,598.45 EARNED DISCOUNT T-BILL TOTAL $21,834,004.30 CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION 01/31/97 BANK STMT BONNEVILLE PACIFIC CORP $21,568,000.00 TRANSFER TO SAVINGS DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Proceeds From Asset Sales For Period January 1 - January 31, 1997 - --------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/31/97 BANK STMT KEY BANK OF UTAH $11.31 INTEREST INCOME CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Kyocera Maintenance Reserve For Period January 1 - January 31, 1997 - ---------------------------------------------------------------------------- CASH RECEIPTS JOURNAL DATE DOC # PAYOR AMOUNT DESCRIPTION 01/01/97 CK# 6073 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER 01/31/97 BNK STMT KEY BANK OF UTAH 738.23 INTEREST INCOME ---------- TOTAL CASH RECEIPTS $11,933.23 ========== CASH DISBURSEMENTS JOURNAL DATE DOC # PAYEE AMOUNT DESCRIPTION NONE DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Balance Sheet As of January 31, 1997 - ----------------------------------------------------------------------------- ASSETS Current Assets: Cash $119,618,316 Accounts receivable - trade 1,489 Accounts receivable - settlements (Note 4) 12,000,000 Accounts receivable - affiliates 270,701 Prepaid Insurance 35,390 Accrued interest receivable 1,236,904 ------------ Total current assets $133,162,800 Fixed Assets: Land 198,424 Equipment, furniture and fixtures 3,754,893 Total fixed assets 3,953,317 Less: Accumulated depreciation (3,052,152) Net fixed assets 901,165 Other Assets: Investment in and advances to subsidiaries and partnership 28,858,712 Other assets 1,820 Total other assets 28,860,532 TOTAL ASSETS $162,924,497 LIABILITIES Post-petition liabilities: Accounts payable - trade $ 135,743 Accounts payable - professional fees and costs (Note 4) 4,965,926 Accrued income taxes payable (Note 5) 51,347 Taxes payable 128,331 Accrued interest 0 ------------ Total post-petition liabilities $ 5,281,347 Pre-petition liabilities: Priority claims 61,186 Secured debt 0 Unsecured debt (Notes 1 and 3) 99,699,658 ------------ Total pre-petition liabilities 99,760,844 TOTAL LIABILITIES 105,042,191 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 (5,061,312) TOTAL OWNERS' EQUITY (Notes 1 and 3) 57,882,306 TOTAL LIABILITIES AND OWNERS' EQUITY $162,924,497
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Profit and Loss Statement For Period January 1 - January 31, 1997 - ------------------------------------------------------------------------------ Gross operating revenue $ 104,082 Less discount, returns and allowances 0 --------- Net operating revenue $ 104,082 Cost of goods sold (165,259) Gross profit (61,177) Operating expenses: Salaries and wages 47,067 Rent and leases 12,905 Payroll taxes 3,762 Insurance 11,392 Other 78,094 ---------- Total operating expenses (153,220) ----------- Operating income (loss) (214,397) Legal and professional fees and costs (Note 4) 639,962 Depreciation, depletion and Administration 1,333 Total (641,295) Net operating income (loss) (855,692) Non-operating income and (expenses): Interest income 537,308 Other income 20,192 Other income - settlements (Note 4) 1,750,000 Equity in earnings (losses) of subsidiaries and partnerships (Note 2) 822,759 ---------- Net non-operating income or (expenses) 3,130,259 --------------------------------- Net income (loss) before income taxes 2,274,567 Provision for income taxes (Note 5) 45,691 ----------- NET INCOME (LOSS) $ 2,228,876 =========== DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 General Notes to Financial Statements For Period January 1 to January 31, 1997 - ------------------------------------------------------------------------------ 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 January 1 to January 31, 1997 - ------------------------------------------------------------------------------ 4. Accounts Receivable Settlements represent only court approved settlements where all conditions precedent have occurred and the settlements were fully effective as of January 31, 1997 and are reflected on the January 31, 1997 Financial Statements. Approved settlements are as follows: W. Johnson $1,250,000 Westinghouse Electric 6,000,000 Piper Jaffray 3,000,000 Mayer Brown and Platt 1,750,000 ___________ $12,000,000 5. As of April 30, 1996, Bonneville and Subsidiaries had approximately $150,000,000 in federal net operating loss carry-forwards for Federal Income Tax purposes and approximately $140,000,000 in Alternative Minimum Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of current Alternative Minimum Taxable Income can be offset by Alternative Minimum Tax Loss carry-forwards. The financial statements reflect the accrual of an estimated $2,490,000 alternative minimum tax liability and an estimated $350,000 state tax liability resulting from operations and the receipt of proceeds from settlements through the end of the current period. The Trustee has requested permission from the Internal Revenue Service to change the tax year end of Bonneville and Subsidiaries to December 31. The response to this request is still pending. If permission is granted to change the tax year end of the debtor, amounts required to be accrued for federal and state taxes may change. BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Taxes Payable Schedule (Post-Petition) For Period January 1 to January 31, 1997 - ----------------------------------------------------------------------------
Beginning Payments Date Check Ending Balance Adjustments Additions Deposits Paid Numb. Balance Income tax withheld: Federal $ 0.00 $ $ (7,762.68) $ 2,356.15 01/13/97 1223 $ 0.00 3,018.80 01/16/97 1224 2,387.73 01/29/97 1225 State 0.00 (2,483.93) 2,483.93 FICA tax withheld 0.00 (3,545.52) 1,187.54 01/13/97 1223 1,144.13 01/16/97 1224 0.00 1,213.85 01/29/97 1225 Employer's FICA tax 0.00 (3,545.52) 1,187.54 01/13/97 1223 1,144.13 01/16/97 1224 0.00 1,213.85 01/29/97 1225 Unemployment tax: Federal 0.00 0.00 State 0.00 (216.78) 216.78 01/09/97 1222 Sales, use & excise taxes 0.00 0.00 Property taxes (93,114.00) (2,217.00) (95,331.00) Accrued income tax: Federal (5,656.00) 0.00 (45,691.00) 0.00 (51,347.00) State 0.00 0.00 0.00 Delaware franchise tax 0.00 (33,000.00) 33,000.00 Employee withholding 0.00 (1,598.08) 799.04 01/11/97 1006083 0.00 799.04 01/21/97 1006130 -------------- ----------- ------------- ------------ ----------- TOTALS $ (98,770.00) $ 0.00 $(100,060.51) $19,152.51 $ (179,678.00) ============== =========== ============ ============ ===============
9EBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Insurance Schedule For Period January 1 to January 31, 1997 - -----------------------------------------------------------------------------
Policy Amount of Expiration Premium Paid Carrier/Agent Coverage Date Thru Date Worker's Compensation Various State Funds Statutory $1,000,000 (A) 01/31/97 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 January 1 to January 31, 1997 - ---------------------------------------------------------------------------- Non-Affiliate Accounts Accounts Receivable Payable Under 30 days $12,001,489 $ 4,824,512 30 to 60 days 0 243 61 to 90 days 0 0 Over 90 days 0 276,914 ----------- ----------- Total post-petition 12,001,489 5,101,669 Pre-petition amounts 0 3,527,206 ----------- ----------- Total accounts receivable $12,001,489 Total accounts payable $ 8,628,875 =========== Affiliate Accounts Receivable Under 30 days $ 45,205 30 to 60 days 58 61 to 90 days 0 Over 90 days 225,438 ----------- Total post-petition affiliate accounts receivable $ 270,701 =========== (*) 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 January 1 to January 31, 1997 - ---------------------------------------------------------------------------- Date of Court Estimated Amount Paid Approval Balance Due Counsel for Unsecured Creditors' Committee $0 $139,487 Court Appointed Trustee 0 63,147 (1) Trustee's Counsel 0 186,981 (1) Trustee's Accountants 0 70,799 Trustee's Special Plan Counsel 0 116,699 Special Litigation Counsel for Trustee - Costs 0 279,460 Trustee - Fees 0 3,976,500 (2) Buccino and Associates 0 132,853 (3) Total $ 0 $4,965,926 ======================================== (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 January 1 to January 31, 1997 - -------------------------------------------------------------------------- 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 12,566.68 Unused Vacation/Sick Day All 11,587.78 Expense Reimbursement 775.01 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 10,000.00 1006104 01/22/97 (1) This summary is to reflect the current calendar year's information cumulative to the end of the current reporting period.
DEBTOR: BONNEVILLE PACIFIC CORPORATION Case No. 91A-27701 Quarterly Fee Summary (1) Month Ended January 31, 1997 - --------------------------------------------------------------------------
Cash Quarterly Payment Disbursement Fee Due Check No. Date January $ 220,508.24 February March Total 1st Quarter 220,508.24 April May June Total 2nd Quarter 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. -----END PRIVACY-ENHANCED MESSAGE-----