EX-99.2 4 h98536exv99w2.txt MONTHLY OPERATING REPORT FOR STERLING CHEMICALS EXHIBIT 99.2 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION CASE NAME: STERLING CHEMICALS, INC. PETITION DATE: 07/16/01 CASE NUMBER: 01-37806-H4-11 MONTHLY OPERATING REPORT SUMMARY FOR MONTH: MAY YEAR: 2002
11/30/01 12/31/01 MONTH Revised Revised --------------------------------------------------------------------- REVENUES (MOR-6) $ 21,898,981 $ 18,571,799 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (4,402,886) $ (1,583,651) NET INCOME (LOSS) (MOR-6) $ (8,543,837) $ (5,648,707) PAYMENTS TO INSIDERS (MOR-9) $ 106,743 $ 204,995 PAYMENTS TO PROFESSIONALS (MOR-9) $ 802,884 $ 683,788 TOTAL DISBURSEMENTS (MOR-7)(1) $ 48,059,877 $ 46,405,192 (1) Excludes intercompany transfers as follows: $ 16,841,776 $ 16,315,773 1/31/02 2/28/02 3/31/02 4/30/02 MONTH Revised Revised Revised Revised 5/31/02 ---------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 20,053,870 $ 20,096,849 $ 21,923,335 $ 42,567,625 $ 45,186,158 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (2,798,067) $ (2,749,269) $ (148,300) $ 5,024,220 $ 4,957,088 NET INCOME (LOSS) (MOR-6) $ (7,180,158) $ (6,872,689) $ (4,363,757) $ 495,693 $ 813,702 PAYMENTS TO INSIDERS (MOR-9) $ 142,597 $ 116,429 $ 150,683 $ 494,281 $ 78,911 PAYMENTS TO PROFESSIONALS (MOR-9) $ 1,238,773 $ 1,045,883 $ 1,257,449 $ 1,572,252 $ 1,014,508 TOTAL DISBURSEMENTS (MOR-7)(1) $ 51,372,937 $ 45,245,622 $ 56,865,534 $ 57,893,073 $ 69,069,844 (1) Excludes intercompany transfers as follows: $ 13,719,923 $ 18,261,420 $ 23,396,865 $ 20,186,176 $ 16,157,239
***The original of this document MUST BE FILED with the United States Bankruptcy Court and a COPY MUST BE SENT to the United States Trustee*** REQUIRED INSURANCE MAINTAINED AS OF SIGNATURE DATE EXP. See attachment 2 DATE ----------------------------- CASUALTY YES (x) NO ( ) 08 - 01 - 02 LIABILITY YES (x) NO ( ) 07 - 01 - 02 VEHICLE YES (x) NO ( ) 07 - 01 - 02 WORKER'S YES (x) NO ( ) 07 - 01 - 02 OTHER YES (x) NO ( ) various ATTORNEY NAME: Jeff Spiers FIRM: Andrews & Kurth LLP ADDRESS: 600 Travis ADDRESS: Suite 4200 CITY, STATE ZIP: Houston, TX 77002 TELEPHONE: 713-220-4103 Are all accounts receivable being collected within terms? NO Are all post-petition liabilities, including taxes, being paid with terms? YES Have any pre-petition liabilities been paid? YES If so, describe See Attachment 3 -------------------------------------------------------------------------------- Are all funds received being deposited into DIP bank accounts? YES Were any assets disposed of outside the normal course of business? NO If so, describe ---------------------------------------------------- Are all U.S. Trustee Quarterly Fee Payments current? YES What is the status of your Plan of Reorganization? A proposed Plan of Reorganization was filed with the U.S. Bankruptcy Court on May 14, 2002. -------------------------------------------------------------------------------- I certify under penalty of perjury that the following complete Monthly Operating Report (MOR), consisting of MOR-1 through MOR-9 plus attachments, is true and correct. SIGNED /s/ PAUL VANDERHOVEN --------------------------------------------------- (ORIGINAL SIGNATURE) TITLE VP Finance, CFO --------------------------------------------------- MOR-1 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H4-11
PAID COVERAGE POLICY PERIOD POLICY NO. LIMITS CARRIER THROUGH ------------------------------------------------------------------------------------------------------------------------------------ See Attachment 2
MOR-1 ATTACHMENT 2 Page 3 of 15 6/19/02 SUMMARY OF COVERAGES FOR STERLING CHEMICALS HOLDINGS, INC.
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 1 Workers Compensation Statutory - $1,000,000 Employers American Guar. 1 year 7/1/02 Total annual Liability. Zurich US remuneration Ded. $250,000 per accident. 2 Automobile Liability $2,000,000 ea. occurrence. American Guar. 1 year 7/1/02 Number of vehicles Ded. $25,000 per occurrence. Zurich Amer. owned and leased 3 Excess Liability $5,000,000 ea. occurrence and Primex, Ltd 1 year 7/1/02 Annual revenues and Excess to $1 Million SIR aggregate. Excess $1,000,000 GL remuneration $2,000,000 AL. 4 Excess Liability $20,000,000 ea. loss and Primex, Ltd. 1 year 7/1/02 Included aggregate. (Reinsured through AIG.) 5 Excess Liability $50,000,000 ea. loss and Gerling Global 1 year 7/1/02 Flat charge - based aggregate. on exposures and risk potential 6 Excess Liability $100,000,000 ea. loss and Lloyd's 1 year 7/1/02 Flat charge - based aggregate. Lore on exposures and 7 Excess Liability $50,000,000 Zurich 1 year 7/1/02 Flat charge 8 Excess Liability $50,000,000 AIG 1 year 7/1/02 Flat Charge 9 Excess Liability $50,000,000 Starr Excess 1 year 7/1/02 Flat Charge 10 Marine Terminal $50,000,000 ea. occurrence. New Hampshire Ins. 1 year 7/1/02 Based on volume Operators Liability and Ded. $25,000 per occurrence Co. thru Marsh throughput and no. Charterer's Legal $100,000 pollution London chartered vessels. Liability per occurrence. 11 Excess Marine Liability $24,000,000 excess of MTO, CLL, XL Specialty 1 year 7/1/02 Volume thru put & P&L Brockbank & vessels docked. Liberty Und. 12 Excess Marine Liability $25,000,000 excess $24,000,000 XL Specialty 1 year 7/1/02 Flat Brockbank & N.Y. Marine Gen. Ins. NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 1 Workers Compensation $195,653 - Audit at (AFCO) expiration. Plus all losses within deductible. 2 Automobile Liability $92,955 (AFCO) 3 Excess Liability $451,090 Annual - Half on 7/1/01; Excess to $1 Million SIR 1/2 on 1/1/02. 4 Excess Liability Included 5 Excess Liability $295,000 6 Excess Liability $241,886 7 Excess Liability $109,210 8 Excess Liability $80,938 9 Excess Liability $62,500 10 Marine Terminal $27,000 (AFCO) Min. premium & deposit. Operators Liability and Charterer's Legal Liability 11 Excess Marine Liability $57,375 12 Excess Marine Liability $21,250
Page 4 of 15 6/19/02
NO. TYPE OF INSURANCE AMOUNTS/LIMITS INSURANCE CO. TERM EXPIRE EXPOSURE BASE --- ----------------- -------------- ------------- ---- ------ ------------- 13 Property Damage, $ Total insured values combined Munich Re: et. al. 1 year 8/1/02 Property Values - PD Business Interruption all-risk. Sublimits: Flood - Income values - BI and Boiler & Machinery $100 mil., Earthquake - $100 PML, fire protection mil., $10 mil extra expense. available; many Ded.: Petrochem $1,000,000 PD, other factors. 10 day - BI. Pulp & Fibers - $1 mil. PD/BI. 14 Directors & Officers $15,000,000 each loss and each National Union 1 year 8/21/02 Various Liability policy year. Ded. $1,000,000 Indemnity Corp. Reimb. 15 Excess Directors & $10,000,000 excess of Primary D&O Hartford 1 year 8/21/02 Various Officers Liability 16 Directors & Officers $10,000,000 XL Specialty Ins. 1 year 8/21/02 Various Liability Co. 17 Employee Dishonesty & $5,000,000 each Insuring Texas Pacific 1 year 10/1/02 Various Depositor's Forgery Agreement. Ded. $50,000. Chubb 18 Hull & Machinery and Barge Hull Value Zurich-American 1 year 7/1/02 Hull & Machinery Protection & Indemnity (M-25 = $1,500,000) Insurance Co. values Ded. $5,000 per loss. $1,000,000 P&I 19 Pollution Insurance Section A - $250,000 Water Quality 1 year 7/1/02 Hull gross Section B - $5,000,000 Insurance Syndicate registered tonnage CERCLA - $5,000,000 20 Marine and Railroad Cargo $12,000,000 any one vessel Mutual Marine 1 year Continuing Declared shipment $1,000,000 any one barge values $1,000,000 any one rail ship. $100,000 any one truck 21 Duty Drawback Bond $1,000,000 Washington 1 year Continuing Limit International 22 Fiduciary $10,000,000 National Union 1 year 8/21/02 Various Ded. $250,000 per occurrence 23 Environmental Impairment $4,000,000 per loss ECS 1 year 1/15/02 Loss Potential Liability (Petrochem & $8,000,000 aggregate (Indian Harbor) Fibers) 24 Closure/Post Closure $1,995,222 Combined Underwriters 1 year Continuous Estimated Bonds - Petrochem Indemnity Closure/Post Closure Costs NO. TYPE OF INSURANCE ANNUAL PREMIUM --- ----------------- -------------- 13 Property Damage, Annual - Financed through AFCO. Business Interruption $4.0M (est.) and Boiler & Machinery 14 Directors & Officers $316,000 (15 mos.) Liability 15 Excess Directors & $223,700 (15 mos.) Officers Liability 16 Directors & Officers $115,000 (15 mos.) Liability 17 Employee Dishonesty & $14,450 Depositor's Forgery 18 Hull & Machinery and $29,378 (AFCO) Protection & Indemnity 19 Pollution Insurance $4,258 (AFCO) 20 Marine and Railroad Cargo $40,000 Annual Approx. 21 Duty Drawback Bond $2,875 22 Fiduciary $22,000 - Financed through Imperial. 23 Environmental Impairment $106,200 - Financed through AFCO. Liability (Petrochem & Fibers) 24 Closure/Post Closure $40,610 Bonds - Petrochem ANNUAL TOTAL: $3,459,260 *
* Total fluctuates due to cargo premiums dependence upon volume of CIF export shipments and annual audits of Worker's Compensation and Marine Terminal policies. ATTACHMENT 3 POSTPETITION PAYMENT OF PREPETITION LIABILITIES
VENDOR AMOUNT ORDER(1) STERLING CHEMICALS, INC. CASE #01-37806-H4-11 City of Texas City 7,734.35 Galveston County Tax Assessor 18,775.70 Texas City ISD 39,299.05 ------------- TOTAL $ 65,809.10 =============
(1) ALL PREPETITION PAYMENTS MADE IN MAY WERE PURSUANT TO COURT APPROVAL OF THESE PAYMENTS RELATED TO STATE TAXES. STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED MAY 31, 2002 (In Thousands) (Unaudited)
-------------------------------------------------------------------------------------------- STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS HOLDINGS INC. INC. ENERGY, INC. INC. ASSETS 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 -------------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ 171 $ 1,369 $ - $ 156 Trade accounts receivable, net - 76,214 85 2,736 Other Receivables - 685 - 2,695 Due from affiliates 1,205 24,502 13,777 - Inventories - 31,798 - 8,584 Prepaid expenses 33 3,400 - 28 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,409 137,968 13,862 14,199 Property, plant and equipment, net - 120,474 2,823 5,930 Deferred income taxes - - - - Investments-Third Party - 1,500 5,232 - Investments in Subs 35,060 94,735 - - Other assets 865 35,093 - 1,233 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,334 $ 389,770 $ 21,917 $ 21,362 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 177 187,581 1,433 6,711 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 38,926 - 9,776 Unsecured debt 186,538 262,270 1,110 70,426 Other / Intercompany - 201,020 - - Deferred income taxes - - - - Common stock held by new ESOP - 254 - 35 Less: Unearned compensation - - - - Redeemable preferred stock 27,297 (15,794) - 15,769 STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 75 1 - Additional paid-in capital (367,555) (235,013) - 7,874 Retained earnings-Filing Date 191,923 (212,503) 15,333 (137,929) Retained earnings-Post Filing Date (1,046) (58,958) 4,040 (8,521) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - (1) - - ------------------------------------------------------------------------------------ (176,678) (509,798) 19,374 (138,576) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,678) (512,335) 19,374 (138,576) TOTAL LIABILITIES AND EQUITY $ 37,334 $ 389,770 $ 21,917 $ 21,362 ====================================================================================
------------------------------------------------------------------------------------------ STERLING CHEMICALS STERLING CANADA, STERLING PULP STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. CHEMICALS, INC. ASSETS 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 01-37812-H4-11 ------------------------------------------------------------------------------------------ Current Assets: Cash and cash equivalents $ - $ 58 $ - $ - Trade accounts receivable, net - 2,454 873 4,425 Other Receivables - 4,397 - - Due from affiliates 3,301 56,857 966 8,588 Inventories - - 181 1,936 Prepaid expenses - - - 516 Deferred income tax benefit - - - - ----------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 3,301 63,766 2,020 15,465 Property, plant and equipment, net - - - 41,949 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,519 - Other assets 2,570 3,233 - - ---------------------------------------------------------------------------------- TOTAL ASSETS $ 5,871 $ 362,810 $ 3,539 $ 57,414 ================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 75 25,211 962 2,817 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 624 11,472 - - Unsecured debt 1,123 265,052 170 62,343 Other / Intercompany - - - Deferred income taxes - - - - Common stock held by new ESOP - - - - Less: Unearned compensation - - - - Redeemable preferred stock - - - - STOCKHOLDERS' EQUITY: Common stock, $.01 par value - 48 - - Additional paid-in capital - 83,348 4,020 1,557 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (382) 1,121 (736) (10,821) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - ---------------------------------------------------------------------------------- 397 (6,077) 2,407 (7,746) Treasury stock at cost - - - - ---------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 397 (6,077) 2,407 (7,746) TOTAL LIABILITIES AND EQUITY $ 5,871 $ 362,810 $ 3,539 $ 57,414 ==================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 1,754 Trade accounts receivable, net - 86,787 Other Receivables - 7,777 Due from affiliates (108,901) 295 Inventories - 42,499 Prepaid expenses - 3,977 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (108,901) 143,089 Property, plant and equipment, net - 171,176 Deferred income taxes - - Investments-Third Party - 6,732 Investments in Subs (381,672) 45,453 Other assets (1) 42,993 -------------------------------- TOTAL ASSETS $(490,574) $ 409,443 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (44,901) 180,066 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (10,400) 50,398 Unsecured debt (133,130) 715,902 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,272 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,249) (546,018) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (75,303) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - (1) -------------------------------- (40,250) (856,947) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,250) (859,484) TOTAL LIABILITIES AND EQUITY $(490,574) $ 409,443 ================================
* Senior Secured Notes were issued by Sterling Chemicals, Inc., but a percentage is pushed down to the subsidiaries. MOR 2 - 3 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-037806-H4-11 SCHEDULE OF POST-PETITION LIABILITIES
---------------------------------------------------------------------------------------- 11/30/01 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 5/31/02 (revised) ---------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 35,921 $ 25,602 $ 43,566 $ 43,581 $ 53,511 $ 61,483 $ 68,952 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- TAX PAYABLE: -- -- -- -- -- Federal Payroll Taxes 260 -- -- 8 8 98 State Payroll & Sales 39 178 231 364 437 405 409 Ad Valorem Taxes -- -- -- -- -- -- Other Taxes 2,800 3,383 3,901 4,527 5,162 5,795 4,408 TOTAL TAXES PAYABLE $ 3,099 $ 3,561 $ 4,132 $ 4,891 $ 5,607 $ 6,208 $ 4,915 SECURED DEBT POST-PETITION 49,084 51,301 51,346 51,127 56,066 78,668 74,598 ACCRUED INTEREST PAYABLE 469 436 370 553 670 752 518 *ACCRUED PROFESSIONAL FEES: 4,798 4,714 5,236 5,587 5,989 6,106 6,427 OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 22,520 31,422 37,458 31,736 31,003 30,498 32,171 2. Lease Operating Expenses/Capital -- -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 115,891 $ 117,036 $ 142,108 $137,475 $ 152,846 $ 183,715 $ 187,581 ================================================================================================================================
*Payment Requires Court Approval MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH MAY 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $224,715 $ 214,369 $ 98 $ 407 $ 4,723 $ 5,118 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $224,715 $ 214,369 $ 98 $ 407 $ 4,723 $ 5,118 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 70,934 $ 70,934 $ -- $ -- $ -- $ -- 31-60 687 687 -- -- -- -- 61-90 458 458 -- -- -- -- 91 + 28,145 28,145 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $100,224 $100,224 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(1) MOR 5 is presented only on a consolidated debtor basis. (2) Days aging from due date. (3) Days aging from invoice due date. MOR-5 CASE NAME: STERLING CHEMICALS HOLDINGS, INC (ALL DEBTORS) FOR THE MONTH ENDING MAY 31, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, MONTH HOLDINGS, INC. INC. ENERGY, INC. INC. ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 45,186,158 $ 185,170 $ 1,769,204 TOTAL COST OF REVENUES -- 37,495,451 185,170 1,831,716 GROSS PROFIT $ -- $ 7,690,707 $ -- $ (62,512) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 12,965 $ 1,075,324 $ -- $ 117,882 Insiders Compensation -- 78,911 -- -- Professional Fees -- 1,509,681 -- -- Other (Earnings in Joint Venture) -- 69,703 (69,703) -- TOTAL OPERATING EXPENSE $ 12,965 $ 2,733,619 $ (69,703) $ 117,882 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (12,965) $ 4,957,088 $ 69,703 $ (180,394) INTEREST EXPENSE (includes amort of debt fees) (177) 2,199,007 -- 614,434 DEPRECIATION -- 1,944,379 -- 47,617 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ (177) $ 4,143,386 $ -- $ 662,051 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (12,788) $ 813,702 $ 69,703 $ (842,445) INCOME TAXES -- -- 18,000 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (12,788) $ 813,702 $ 51,703 $ (842,445) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP MONTH INT'L, INC. INC. CHEMICALS US, INC. ------------------- ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 1,059,266 $ 332,686 TOTAL COST OF REVENUES -- 54,852 475,900 GROSS PROFIT $ 83,333 $ 1,004,414 $ (143,214) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 16,121 $ 254,365 $ (80,920) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 16,121 $ 254,365 $ (80,920) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 67,212 $ 750,049 $ (62,294) INTEREST EXPENSE (includes amort of debt fees) 37,665 160,575 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 646,370 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 6,547 $ 103,679 $ (62,294) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 6,547 $ 103,679 $ (62,294) ============================================================================================================== STERLING PULP DEBTORS MONTH CHEMICALS, INC. ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,292,539 $ (83,333) $ 51,825,023 TOTAL COST OF REVENUES 1,981,822 (83,333) 41,941,578 GROSS PROFIT $ 1,310,717 $ -- $ 9,883,445 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 625,086 $ (558,861) 1,461,962 Insiders Compensation -- -- 78,911 Professional Fees -- -- 1,509,681 Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ 625,086 $ (558,861) $ 3,050,554 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 685,631 $ 558,861 6,832,891 INTEREST EXPENSE (includes amort of debt fees) -- 558,861 3,570,365 DEPRECIATION 326,099 -- 2,826,890 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 326,099 $ 558,861 $ 6,397,255 ================================================================================================================= NET INCOME BEFORE TAXES $ 359,532 $ -- $ 435,636 INCOME TAXES -- -- 18,000 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 359,532 $ -- $ 417,636 =================================================================================================================
Accrual Accounting Required, Otherwise Footnote With Explanation * Footnote Mandatory ** Unusual and/or frequent item(s) outside the ordinary course of business; requires footnote MOR-6 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
CASH RECEIPTS AND DISBURSEMENTS Nov-01 Dec-01 Jan-02 Feb-02 ------------ ------------ ------------ ------------ 1. CASH-BEGINNING OF MONTH 159,499 (421,404) (256,194) 498,098 ============ ============ ============ ============ RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 20,886,265 22,270,996 24,602,303 20,717,983 4. LOANS & ADVANCES - CIT REVOLVER 31,300,000 29,200,000 31,600,000 26,900,000 5. SALE OF ASSETS -- -- -- -- 6. OTHER (attach list) 12,134,485 11,415,178 9,644,850 13,860,068 ------------ ------------ ------------ ------------ TOTAL RECEIPTS 64,320,750 62,886,174 65,847,152 61,478,051 ------------ ------------ ------------ ------------ (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A ============ ============ ============ ============ DISBURSEMENTS: 7. NET PAYROLL 2,759,985 1,932,984 1,297,213 1,930,462 8. PAYROLL TAXES PAID 443,402 870,019 974,973 972,750 9. SALES, USE & OTHER TAXES PAID 55,177 50,776 57,123 -- 10.SECURED/RENTAL/LEASES 179,910 184,920 161,222 154,571 11.UTILITIES 3,737,135 4,230,558 2,765,343 2,158,233 12.INSURANCE 425,842 456,145 728,204 589,057 13.INVENTORY PURCHASES 12,485,921 8,921,056 11,876,414 2,984,285 14.VEHICLE EXPENSES -- -- -- -- 15.TRAVEL & ENTERTAINMENT 53,052 64,095 60,079 63,635 16.REPAIRS, MAINTENANCE & SUPPLIES 1,100,361 1,085,130 1,487,951 7,400,962 17.ADMINISTRATIVE & SELLING 3,136,392 3,142,158 2,804,552 2,442,379 18.OTHER (attach list) 39,721,594 41,099,335 41,641,012 43,639,825 TOTAL DISBURSEMENTS FROM OPERATIONS 64,098,769 62,037,177 63,854,086 62,336,159 19.PROFESSIONAL FEES 802,884 683,788 1,185,274 1,045,883 20.U.S. TRUSTEE FEES -- -- 53,500 -- 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- -- 125,000 ------------ ------------ ------------ ------------ TOTAL DISBURSEMENTS 64,901,653 62,720,965 65,092,860 63,507,042 ============ ============ ============ ============ 22.NET CASH FLOW (580,903) 165,210 754,292 (2,028,991) 23.CASH - END OF MONTH (MOR-2) (421,404) (256,194) 498,098 (1,530,893) per MOR-7 (421,403.88) (256,194.38) 498,097.76 (1,530,893.34) per 211 trial balance 527,547.60 622,716.13 1,983,218.51 986,980.26 -------------- -------------- -------------- -------------- difference 948,951.48 878,910.51 1,485,120.75 2,517,873.60 g/l acct 10123 - not a good account, s/b zero 794.70 794.70 794.70 794.70 g/l acct 10131 - account was closed before filing, bal s/b zero 4,029.99 4,029.99 4,029.99 4,029.99 g/l acct 10199 - cash overdraft reclass of outstanding checks 944,126.79 874,085.82 1,480,296.06 2,513,048.91 -------------- -------------- -------------- -------------- reconciled difference 948,951.48 878,910.51 1,485,120.75 2,517,873.60 CASH RECEIPTS AND FILING TO DISBURSEMENTS Mar-02 Apr-02 May-02 DATE ------------ ------------ ------------ ------------ 1. CASH-BEGINNING OF MONTH (1,530,893) (605,842) 1,432,341 9,346,546 ============ ============ ============ ============ RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 25,478,506 17,926,575 34,807,911 251,940,298 4. LOANS & ADVANCES - CIT REVOLVER 36,300,000 46,100,000 37,400,000 336,800,000 5. SALE OF ASSETS -- -- -- -- 6. OTHER (attach list) 19,408,945 16,090,857 11,363,818 133,439,910 ------------ ------------ ------------ ------------ TOTAL RECEIPTS 81,187,451 80,117,432 83,571,729 722,180,208 ------------ ------------ ------------ ------------ (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A ============ ============ ============ ============ DISBURSEMENTS: 7. NET PAYROLL 2,601,421 1,983,856 1,609,373 20,553,278 8. PAYROLL TAXES PAID 1,053,588 932,205 936,861 9,308,698 9. SALES, USE & OTHER TAXES PAID 1,404,405 1,650,149 1,456,271 6,233,390 10.SECURED/RENTAL/LEASES 99,905 30,705 101,829 1,555,469 11.UTILITIES 1,150,288 6,922,372 3,817,800 35,021,254 12.INSURANCE 410,554 50,625 15,583 5,428,025 13.INVENTORY PURCHASES 10,861,846 17,691,587 16,201,310 116,150,947 14.VEHICLE EXPENSES -- -- -- -- 15.TRAVEL & ENTERTAINMENT 36,818 65,732 72,716 535,439 16.REPAIRS, MAINTENANCE & SUPPLIES 4,837,494 3,235,006 1,896,650 25,004,481 17.ADMINISTRATIVE & SELLING 3,841,855 4,503,340 4,089,807 30,156,350 18.OTHER (attach list) 52,706,777 39,441,420 54,014,374 472,642,173 TOTAL DISBURSEMENTS FROM OPERATIONS 79,004,950 76,506,997 84,212,575 722,589,504 19.PROFESSIONAL FEES 1,257,449 1,525,502 1,014,508 8,894,762 20.U.S. TRUSTEE FEES -- 46,750 -- 140,500 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- -- 125,000 ------------ ------------ ------------ ------------ TOTAL DISBURSEMENTS 80,262,399 78,079,249 85,227,083 731,749,766 ============ ============ ============ ============ 22.NET CASH FLOW 925,052 2,038,183 (1,655,353) (9,569,558) 23.CASH - END OF MONTH (MOR-2) (605,842) 1,432,341 (223,012) (223,012) per MOR-7 (605,841.51) 1,432,341.16 (223,012.32) per 211 trial balance 636,425.59 1,865,999.23 1,368,935.72 -------------- -------------- -------------- difference 1,242,267.10 433,658.07 1,591,948.04 g/l acct 10123 - not a good account, s/b zero 794.70 794.70 0.00 g/l acct 10131 - account was closed before filing, bal s/b zero 4,029.99 4,029.99 0.00 g/l acct 10199 - cash overdraft reclass of outstanding checks 1,237,442.41 428,833.38 1,591,948.04 -------------- -------------- -------------- reconciled difference 1,242,267.10 433,658.07 1,591,948.04
MOR-7 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Nov-01 Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 DATE ---------- ---------- ---------- ---------- ------------ ---------- ---------- ----------- 6. OTHER RECEIPTS: Interest Income -- -- -- -- -- -- -- 80,302 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Miscellaneous 181,336 146,500 100,833 223,221 131,124 195,444 128,178 2,734,865 Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- Account Transfers 9,047,528 10,348,106 9,120,571 13,636,846 17,715,686 15,239,518 11,235,640 122,855,075 Intercompany Transfers 2,905,621 920,573 423,445 -- 1,562,134 655,895 -- 7,769,668 ---------- ---------- ---------- ---------- ------------ ---------- ---------- ----------- TOTAL OTHER RECEIPTS 12,134,485 11,415,178 9,644,850 13,860,068 19,408,945 16,090,857 11,363,818 133,439,910 ========== ========== ========== ========== ============ ========== ========== =========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- -- -- -- -- -- -- -- Workover Expense -- -- -- -- -- -- -- -- Capital Expenditures 297,523 558,388 1,491,633 1,841,654 1,418,900 (581,465) 598,552 6,543,250 Revenue & Royalties -- -- -- - -- -- -- -- Interest Payment -- -- -- - -- -- -- 97,161 Employee Benefits 1,259,446 1,276,424 2,711,036 1,602,513 2,285,842 2,492,292 1,544,520 19,242,523 Severance tax -- -- -- - -- -- -- -- Pre-petition checks voided in current period -- -- -- - -- -- -- (30,000) Account Transfers 9,047,528 10,348,106 9,120,571 13,636,846 17,715,686 15,239,518 11,235,640 122,855,075 CIT Revolver Payments 21,322,848 22,948,750 23,718,420 21,934,238 25,605,169 17,344,416 35,714,063 269,529,746 Intercompany Transfers 7,794,248 5,967,667 4,599,352 4,624,574 5,681,179 4,946,658 4,921,599 54,404,417 ---------- ---------- ---------- ---------- ------------ ---------- ---------- ----------- TOTAL OTHER DISBURSEMENTS 39,721,594 41,099,335 41,641,012 43,639,825 52,706,777 39,441,420 54,014,374 472,642,173 ========== ========== ========== ========== ============ ========== ========== ===========
MOR-7 ATTACHMENT CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
CASH RECEIPTS AND Chase Chase Chase Chase DISBURSEMENTS 00101824317 00103316882 103405743 6301810002508 ----------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH 782,068 116 1,859,787 (1,211,018) =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 32,214,482 4. LOANS & ADVANCES - CIT REVOLVER 37,400,000 5. SALE OF ASSETS 6. OTHER (attach list) -- 500,130 2,050,000 8,211,042 --------------- --------------- --------------- --------------- TOTAL RECEIPTS 32,214,482 37,900,130 2,050,000 8,211,042 --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL 1,609,373 -- 8. PAYROLL TAXES PAID 936,861 9. SALES, USE & OTHER TAXES PAID 52,323 1,403,948 10. SECURED/RENTAL/LEASES 101,829 11. UTILITIES 3,817,800 12. INSURANCE 4,879 10,705 13. INVENTORY PURCHASES 16,020,814 180,496 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 72,716 16. REPAIRS, MAINTENANCE & SUPPLIES 1,896,650 17. ADMINISTRATIVE & SELLING 787,888 3,301,919 18. OTHER (attach list) 32,996,451 17,031,390 -- 794,453 --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 32,996,451 37,715,095 2,546,234 7,762,716 =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- 1,014,508 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 32,996,451 37,715,095 2,546,234 8,777,224 =============== =============== =============== =============== 22. NET CASH FLOW (781,968) 185,035 (496,234) (566,181) 23. CASH - END OF MONTH (MOR-2) 100 185,151 1,363,554 (1,777,199) CASH RECEIPTS AND Chase Chase Bank One Total DISBURSEMENTS 6301810036508 6301810028508 5561833 Debtor ----------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH -- -- 1,387 1,432,341 =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 2,593,429 34,807,911 4. LOANS & ADVANCES - CIT REVOLVER 37,400,000 5. SALE OF ASSETS -- 6. OTHER (attach list) 467,072 7,396 128,178 11,363,818 --------------- --------------- --------------- --------------- TOTAL RECEIPTS 467,072 7,396 2,721,607 83,571,729 --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- -- -- 1,609,373 8. PAYROLL TAXES PAID 936,861 9. SALES, USE & OTHER TAXES PAID 1,456,271 10. SECURED/RENTAL/LEASES 101,829 11. UTILITIES 3,817,800 12. INSURANCE 15,583 13. INVENTORY PURCHASES 16,201,310 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 72,716 16. REPAIRS, MAINTENANCE & SUPPLIES 1,896,650 17. ADMINISTRATIVE & SELLING 4,089,807 18. OTHER (attach list) 467,072 7,396 2,717,612 54,014,374 --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 467,072 7,396 2,717,612 84,212,575 =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- 1,014,508 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 467,072 7,396 2,717,612 85,227,083 =============== =============== =============== =============== 22. NET CASH FLOW -- -- 3,995 (1,655,353) 23. CASH - END OF MONTH (MOR-2) -- -- 5,382 (223,012)
MOR-7 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
OTHER CASH RECEIPTS AND Chase Chase Chase Chase Chase DISBURSEMENTS: 00103275427 00101824317 00103316882 103405743 6301810002508 -------------- ----------- ----------- ----------- --------- ------------- 6. OTHER RECEIPTS: Interest Income 401(k) Plan Refund Cobra Insurance Payment Miscellaneous Royalty Owners Trust Account Emission Credits Account Transfers 500,130 2,050,000 8,211,042 Intercompany Transfers ----------- ---------- ---------- --------- ---------- TOTAL OTHER RECEIPTS -- -- 500,130 2,050,000 8,211,042 =========== ========== ========== ========= ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures 598,552 Revenue & Royalties Interest Payment Employee Benefits 874,151 195,901 Severance tax Pre-petition checks voided in current period Account Transfers 11,235,640 CIT Revolver Payments 32,996,451 -- Intercompany Transfers 4,921,599 ----------- ---------- ---------- --------- ---------- TOTAL OTHER DISBURSEMENTS -- 32,996,451 17,031,390 -- 794,453 =========== ========== ========== ========= ========== OTHER CASH RECEIPTS AND Chase Chase Wells Fargo Bank One Total DISBURSEMENTS: 6301810036508 6301810028508 4496870106 5561833 Debtor -------------- ------------- ------------- -------------- ------------ ------------- 6. OTHER RECEIPTS: Interest Income -- 401(k) Plan Refund -- Cobra Insurance Payment -- Miscellaneous 128,178 128,178 Royalty Owners Trust Account -- Emission Credits -- Account Transfers 467,072 7,396 11,235,640 Intercompany Transfers -- --------- --------- ------------ ---------- ---------- TOTAL OTHER RECEIPTS 467,072 7,396 -- 128,178 11,363,818 ========= ========= ============ ========== ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- Workover Expense -- Capital Expenditures 598,552 Revenue & Royalties -- Interest Payment -- Employee Benefits 467,072 7,396 1,544,520 Severance tax -- Pre-petition checks voided in current period -- Account Transfers 11,235,640 CIT Revolver Payments 2,717,612 35,714,063 Intercompany Transfers 4,921,599 --------- --------- ------------ ---------- ---------- TOTAL OTHER DISBURSEMENTS 467,072 7,396 -- 2,717,612 54,014,374 ========= ========= ============ ========== ==========
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals, Inc. CASE NUMBER: 01-37806-H-11 CASH ACCOUNT RECONCILIATION MONTH OF MAY 2002 ---------------------------------
BANK NAME Chase Bk of TX Chase Bk of TX Chase Bk of TX Chase Bk of DE ACCOUNT NUMBER 00101824317 00103316882 00103405743 6301810036508 -------------- ACCOUNT TYPE AR Wires Concentration Payroll Contr. Disb. -------------- --------------- --------------- --------------- --------------- BANK BALANCE $ 100 $ 185,151 $ 176,997 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS (1,777,199) OTHER 1 1,186,556 --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ 100 $ 185,152 $ 1,363,553 $ (1,777,199) =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ 782,068 $ 117 $ 1,859,787 $ (1,211,017) RECEIPTS 32,214,482 37,400,000 TRANSFERS BETWEEN ACCOUNTS (15,657,109) 2,050,000 8,211,042 (WITHDRAWAL) CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS (32,996,450) (21,557,856) (2,546,234) (8,777,224) --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ 100 $ 185,152 $ 1,363,553 $ (1,777,199) =============== =============== =============== =============== BANK NAME Chase Bk of Del Chase Bk of Del Bank One ACCOUNT NUMBER 6301810036508 6301810028508 5561833 -------------- ACCOUNT TYPE Sal Ben Disb Flex Ben Disb Lockbox TOTAL -------------- --------------- --------------- --------------- --------------- BANK BALANCE $ -- $ -- $ 6,274 $ 368,522 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS (1,777,199) OTHER (892) 1,185,665 --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ -- $ 5,382 $ (223,012) =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ -- $ 1,387 $ 1,432,342 RECEIPTS 2,721,607 72,336,089 TRANSFERS BETWEEN ACCOUNTS 467,072 7,396 (4,921,599) (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (467,072) (7,396) (2,717,612) (69,069,844) --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ -- $ 5,382 $ (223,012) =============== =============== =============== ===============
MOR-8 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H4-11 PAYMENT TO INSIDERS AND PROFESSIONALS Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals. Also, for insiders identify the type of compensation paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as necessary.)
INSIDERS: FILING TO NAME/POSITION/COMP TYPE(2) Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 May-2002 DATE --------------------------------------- --------- --------- --------- -------- -------- -------- ---------- ---------- 1. Frank Diassi/Chairman of Board/Salary $ 31,250 $ 31,250 $ -- $ -- $ -- $ 62,500 2. Frank Diassi/Chairman of Board/Bonus -- -- -- 3. Frank Diassi/Chairman of Board/Expenses -- -- -- -- -- 4. Frank Diassi/Chairman of Board/Vacation payout 45,193 45,193 5. David Elkins/President/Salary 29,167 29,167 29,167 29,167 30,333 30,333 30,333 207,667 6. David Elkins/President/Bonus -- 21,875 -- 22,750 136,500 -- 181,125 7. David Elkins/President/Expenses -- 2,035 3,378 4,601 -- 5,115 -- 15,129 8. David Elkins/President/Life Insurance 2,184 -- -- 2,184 9. Richard Crump/Exec VP Opers/Salary 25,000 25,000 28,636 27,500 27,917 27,917 27,917 189,887 10. Richard Crump/Exec VP Opers/Bonus -- 18,750 1,875 20,938 125,625 -- 167,188 11. Richard Crump/Exec VP Opers/Expense 2,331 531 4,453 5,404 4,610 6,728 -- 24,057 12. Paul Vanderhoven/VP Finance & CFO/Salary 16,667 16,667 16,667 16,667 18,333 18,333 18,333 121,667 13. Paul Vanderhoven/VP Finance & CFO/Bonus -- 10,000 -- 11,000 79,200 -- 100,200 14. Paul Vanderhoven/VP Finance & CFO/Expense -- 2,199 4,509 4,629 2,474 6,402 -- 20,213 15. Robert Roten/Former Pres & Board Member/SERP 2,328 2,328 2,328 2,328 2,328 2,328 2,328 16,296 16. Robert Roten/Former Pres & Board Member/Consulting fee -- -- -- 10,000 10,000 10,000 -- 30,000 17. Robert Roten/Former Pres & Board Member/BOD fee -- 15,150 -- -- 13,750 -- 28,900 18. Rolf Towe/Board Member/BOD fees -- 10,850 -- -- 9,650 -- 20,500 19. Rolf Towe/Board Member/Expenses -- -- -- 16,133 -- -- 16,133 20. Hunter Nelson/Board Member -- 11,150 -- -- 10,350 -- 21,500 21. Frank Hevrdejs/Board Member -- 12,250 -- -- 12,050 -- 24,300 --------- --------- --------- -------- --------- -------- ---------- ---------- TOTAL INSIDERS (MOR-1) $ 106,743 $ 204,995 $ 142,597 $116,429 $ 150,683 $494,281 $ 78,911 $1,294,639 ========= ========= ========= ======== ========= ======== ========== ==========
PROFESSIONALS FILING TO NAME/ORDER DATE Nov-2001 Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 May-2002 DATE --------------------------- --------- --------- ---------- ------------ ----------- ----------- ----------- ----------- 1. Logan & Company, Inc. $ 65,978 $ 30,272 $ 9,958.00 $ 15,624.27 $ 23,247 $ 3,541 $ 6,645.54 $ 155,266 2. Andrews & Kurth LLP -- 210,726 139,340 128,643.28 213,187 132,819 256,170.65 1,080,887 3. US Trustee -- -- 53,500 -- -- 46,750 -- 100,250 4. Skadden, Arps, Slate, Meagher & Flom LLP -- -- 293,229 466,138.76 634,706 321,403 406,542.75 2,122,020 5. Akin Gump Strauss 126,980 231,124 -- 35,089.74 120,257 78,728 81,093.82 673,273 6. Arthur Andersen 134,935 31,792 115,041 22,556.70 -- 95,421 70,316.52 470,062 7. Lazard Freres & Co. LLC 268,613 -- -- 284,550.16 153,356 295,856 138,638.86 1,141,014 8. Baker & Botts 154,797 132,523 111,985 46,197.50 32,861 66,007 30,965.11 575,335 9. Groom Law Group 11,331 4,587 10,078 9,773.24 9,738 23,879 10,670.30 80,056 10. Nexant, Inc. 40,250 42,764 8,399 37,309.09 16,416 9,595 13,464.59 168,199 11. Greenhill & Co. 497,243 -- 53,680 498,253 -- 1,049,176 --------- ---------- ---------- ------------ ----------- ----------- ----------- ----------- TOTAL PROFESSIONALS (MOR-1) $ 802,884 $ 683,788 $1,238,773 $ 1,045,883 $ 1,257,449 $ 1,572,252 $ 1,014,508 $ 7,615,537 ========= ========== ========== ============ =========== =========== =========== ===========
(2) THE DEBTOR HAS LIMITED THE SCOPE OF ITS ANSWER TO (i) DIRECTORS, (ii) OFFICERS DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SECURITIES AND EXCHANGE ACT OF 1934, (iii) AFFILIATES; AND (iv) PARTIES TO THE VOTING AGREEMENT GRANTING AUTHORITY TO DESIGNATED THE NOMINEES WHO BENEFIT FROM THE VOTING AGREEMENT. INFORMATION AS TO OFFICERS WHO ARE NOT DESIGNATED AS INSIDERS FOR PURPOSES OF SECTION 16(a) OF THE SEC ACT OF 1934 HAS BEEN COMPLIED BY THE DEBTOR AND WILL BE PROVIDED TO THE OFFICE OF THE UNITED STATES TRUSTEE AND TO THE COUNCIL FOR THE OFFICIAL COMMITTEE OF UNSECURED CREDITORS UPON REQUEST. SUCH INFORMATION PRIMARILY RELATES TO COMPENSATION, BENEFITS AND EXPENSE REIMBURSEMENTS PAYMENTS MADE TO SUCH OFFICERS AS EMPLOYEES OF THE DEBTOR. IT IS THE POLICY OF THE DEBTOR TO PRESERVE THE CONFIDENTIALITY OF SUCH INFORMATION ON BEHALF OF ITS EMPLOYEES. MOR-9