EX-99.2 4 h98580exv99w2.txt MONTHLY OPERATING RPT - STERLING CHEMICALS, INC. 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: JUNE YEAR: 2002
12/31/01 MONTH Revised -------------------------------------------------------- REVENUES (MOR-6) $ 18,571,799 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (1,583,651) NET INCOME (LOSS) (MOR-6) $ (5,648,707) PAYMENTS TO INSIDERS (MOR-9) $ 204,995 PAYMENTS TO PROFESSIONALS (MOR-9) $ 683,788 TOTAL DISBURSEMENTS (MOR-7)(1) $ 46,405,192 (1) Excludes intercompany transfers as follows: $ 16,315,773 1/31/02 2/28/02 3/31/02 4/30/02 MONTH Revised Revised Revised Revised 5/31/02 6/30/02 ------------------------------------------------------------------------------------------------------------------------------- REVENUES (MOR-6) $ 20,053,870 $ 20,096,849 $ 21,923,335 $ 42,567,625 $ 45,186,158 $ 48,626,030 INCOME BEFORE INT. DEPREC./TAX (MOR-6) $ (2,798,067) $ (2,749,269) $ (148,300) $ 5,024,220 $ 4,957,088 $ 7,401,423 NET INCOME (LOSS) (MOR-6) $ (7,180,158) $ (6,872,689) $ (4,363,757) $ 495,693 $ 813,702 $ 2,748,385 PAYMENTS TO INSIDERS (MOR-9) $ 142,597 $ 116,429 $ 150,683 $ 494,281 $ 78,911 $ 131,411 PAYMENTS TO PROFESSIONALS (MOR-9) $ 1,238,773 $ 1,045,883 $ 1,257,449 $ 1,572,252 $ 1,014,508 $ 700,599 TOTAL DISBURSEMENTS (MOR-7)(1) $ 51,372,937 $ 45,245,622 $ 56,865,534 $ 57,893,073 $ 69,069,844 $ 90,769,682 (1) Excludes intercompany transfers as follows: $ 13,719,923 $ 18,261,420 $ 23,396,865 $ 20,186,176 $ 16,157,239 $ 17,490,363
***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? NO If so, describe -------------------------------------------------------------------------------- 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 14 7/19/02 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 14 7/19/02
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. STERLING CHEMICALS HOLDINGS, INC. (ALL DEBTORS) CONSOLIDATING BALANCE SHEET FOR THE PERIOD ENDED JUNE 30, 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 $ 2,128 $ - $ 120 Trade accounts receivable, net - 76,785 71 2,901 Other Receivables - 1,848 - 3,006 Due from affiliates 1,027 25,130 13,785 - Inventories - 35,305 - 8,170 Prepaid expenses 33 6,018 - 96 Deferred income tax benefit - - - - ------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS 1,231 147,214 13,856 14,293 Property, plant and equipment, net - 119,003 2,760 5,882 Deferred income taxes - - - - Investments-Third Party - 1,500 5,281 - Investments in Subs 35,060 94,735 - - Other assets 865 34,417 - 1,209 ------------------------------------------------------------------------------------ TOTAL ASSETS $ 37,156 $ 396,869 $ 21,897 $ 21,384 ==================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) - 191,570 1,364 7,086 Pre-Petition liabilities: Notes Payable - Secured * - 227,848 - 57,221 Secured Debt Accrued Interest * - 41,276 - 10,366 Unsecured debt 186,538 260,286 1,110 70,656 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) - 15,794 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 (1,047) (56,215) 4,089 (9,719) Pension adjustment - (3,398) - - Accumulated translation adj. - - - - Deferred compensation - - - - ------------------------------------------------------------------------------------ (176,679) (507,054) 19,423 (139,774) Treasury stock at cost - (2,537) - - ------------------------------------------------------------------------------------ TOTAL STOCKHOLDERS' EQUITY (176,679) (509,591) 19,423 (139,774) TOTAL LIABILITIES AND EQUITY $ 37,156 $ 396,869 $ 21,897 $ 21,384 ====================================================================================
------------------------------------------------------------------------------------------- STERLING CHEMICALS STERLING CANADA, STERLING PULP STERLING PULP INT'L, INC. FIBERS INC. CHEMICALS US, INC. CHEMICALS, INC. ASSETS 01-37809-H4-11 ELIMINATIONS 01-37810-H4-11 01-37811-H4-11 01-37812-H4-11 ------------------------------------------------------------------------------------------- Current Assets: Cash and cash equivalents $ - $ 148 $ - $ - Trade accounts receivable, net - 2,670 864 4,588 Other Receivables - 4,397 - - Due from affiliates 3,384 (3,384) 56,860 630 8,176 Inventories - - 100 1,790 Prepaid expenses - - - 103 Deferred income tax benefit - - - - --------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS 3,384 (3,384) 64,075 1,594 14,657 Property, plant and equipment, net - - - 41,674 Deferred income taxes - - - - Investments-Third Party - - - - Investments in Subs - 295,811 1,393 - Other assets 2,547 2,721 - - -------------------------------------------------------------------------------------- TOTAL ASSETS $ 5,931 $ (3,384) $ 362,607 $ 2,987 $ 56,331 ====================================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) 75 (413) 24,654 445 1,381 Pre-Petition liabilities: Notes Payable - Secured * 3,652 67,152 - - Secured Debt Accrued Interest * 662 12,165 - - Unsecured debt 1,123 (2,971) 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 1,392 Retained earnings-Filing Date 779 (90,594) (877) 1,518 Retained earnings-Post Filing Date (360) 782 (771) (10,303) Pension adjustment - - - - Accumulated translation adj. - - - - Deferred compensation - - - - -------------------------------------------------------------------------------------- 419 - (6,416) 2,372 (7,393) Treasury stock at cost - - - - -------------------------------------------------------------------------------------- TOTAL STOCKHOLDERS' EQUITY 419 - (6,416) 2,372 (7,393) TOTAL LIABILITIES AND EQUITY $ 5,931 $ (3,384) $ 362,607 $ 2,987 $ 56,331 ======================================================================================
------------------------------------ DEBTORS ASSETS ELIMINATIONS CONSOLIDATED ------------------------------------ Current Assets: Cash and cash equivalents $ - $ 2,567 Trade accounts receivable, net - 87,879 Other Receivables - 9,251 Due from affiliates (109,506) (514) Inventories - 45,365 Prepaid expenses - 6,250 Deferred income tax benefit - - -------------------------------- TOTAL CURRENT ASSETS (109,506) 150,798 Property, plant and equipment, net - 169,319 Deferred income taxes - - Investments-Third Party - 6,781 Investments in Subs (381,546) 45,453 Other assets (1) 41,758 -------------------------------- TOTAL ASSETS $(491,053) $ 414,109 ================================ LIABILITIES AND STOCKHOLDERS' EQUITY Post Petition liabilities (MOR-4) (44,871) 181,704 Pre-Petition liabilities: Notes Payable - Secured * (60,873) 295,000 Secured Debt Accrued Interest * (11,028) 53,441 Unsecured debt (133,138) 714,140 Other / Intercompany (201,020) - Deferred income taxes - - Common stock held by new ESOP - 289 Less: Unearned compensation - - Redeemable preferred stock - 27,297 STOCKHOLDERS' EQUITY: Common stock, $.01 par value (1) 123 Additional paid-in capital (40,122) (546,056) Retained earnings-Filing Date - (232,350) Retained earnings-Post Filing Date - (73,544) Pension adjustment - (3,398) Accumulated translation adj. - - Deferred compensation - - -------------------------------- (40,123) (855,225) Treasury stock at cost - (2,537) -------------------------------- TOTAL STOCKHOLDERS' EQUITY (40,123) (857,762) TOTAL LIABILITIES AND EQUITY $(491,053) $ 414,109 ================================
* 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
---------------------------------------------------------------------------------------- 12/31/01 1/31/02 2/28/02 3/31/02 4/30/02 5/31/02 6/30/02 ---------------------------------------------------------------------------------------- TRADE ACCOUNTS PAYABLE $ 25,602 $ 43,566 $ 43,581 $ 53,511 $ 61,483 $ 68,952 $ 70,812 ROYALTY AND REVENUE PAYABLE -- -- -- -- -- -- NOTES PAYABLE - INSURANCE -- -- -- -- -- -- TAX PAYABLE: -- -- -- -- -- Federal Payroll Taxes -- -- 8 8 98 3 State Payroll & Sales 178 231 364 437 405 409 415 Ad Valorem Taxes -- -- -- -- -- -- Other Taxes 3,383 3,901 4,527 5,162 5,795 4,408 3,730 TOTAL TAXES PAYABLE $ 3,561 $ 4,132 $ 4,891 $ 5,607 $ 6,208 $ 4,915 $ 4,148 SECURED DEBT POST-PETITION 51,301 51,346 51,127 56,066 78,668 74,598 76,479 ACCRUED INTEREST PAYABLE 436 370 553 670 752 518 624 *ACCRUED PROFESSIONAL FEES: 4,714 5,236 5,587 5,989 6,106 6,427 7,096 OTHER ACCRUED LIABILITIES: 1. General and Administrative Costs 31,422 37,458 31,736 31,003 30,498 32,171 32,233 2. Lease Operating Expenses/Capital -- -- -- -- -- -- -- TOTAL POST-PETITION LIABILITIES (MOR-3) $ 117,036 $ 142,108 $137,475 $ 152,846 $ 183,715 $ 187,581 $ 191,392 ================================================================================================================================
*Payment Requires Court Approval MOR-4 CONSOLIDATED DEBTORS(1) (000s)
AGING OF POST-PETITION LIABILITIES MONTH JUNE 2002 ------------------ AD-VALOREM, ROYALTY DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES AND INSURANCE ---- -------- ----------- --------- ----------- ----------- ------------- 0-30 $181,704 $ 171,394 $ 98 $ 406 $ 4,877 $ 4,929 31-60 61-90 91 + -------- --------- --------- ----------- ----------- ------------- TOTAL $181,704 $ 171,394 $ 98 $ 406 $ 4,877 $ 4,929 ======== ========= ========= =========== =========== =============
AGING OF ACCOUNTS RECEIVABLE(1)
MONTH --------- 0-30 $ 72,397 $ 72,397 $ -- $ -- $ -- $ -- 31-60 922 922 -- -- -- -- 61-90 542 542 -- -- -- -- 91 + 28,457 28,457 -- -- -- -- -------- -------- -------- -------- -------- -------- TOTAL $102,318 $102,318 $ -- $ -- $ -- $ -- ======== ======== ======== ======== ======== ========
(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 JUNE 30, 2002 STATEMENT OF INCOME (LOSS)
STERLING CHEMICALS STERLING CHEMICALS, STERLING CHEMICALS STERLING FIBERS, HOLDINGS, INC. INC. ENERGY, INC. INC. MONTH 01-37805-H4-11 01-37806-H4-11 01-37807-H4-11 01-37808-H4-11 ------------------ ------------------ ------------------ ------------------ REVENUES (MOR-1) $ -- $ 48,626,030 $ 184,425 $ 1,693,508 TOTAL COST OF REVENUES -- 40,486,413 184,425 2,087,717 GROSS PROFIT $ -- $ 8,139,617 $ -- $ (394,209) ==================================================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ 932 $ 1,540,817 $ -- $ 117,412 Insiders Compensation -- 131,411 -- -- Professional Fees -- 1,350,558 -- -- Other (Earnings in Joint Venture) -- (2,284,592) (49,066) -- TOTAL OPERATING EXPENSE $ 932 $ 738,194 $ (49,066) $ 117,412 ==================================================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ (932) $ 7,401,423 $ 49,066 $ (511,621) INTEREST EXPENSE (includes amort of debt fees) -- 2,697,876 -- 614,434 DEPRECIATION -- 1,955,162 -- 47,616 OTHER (INCOME) EXPENSES* -- -- -- -- OTHER ITEMS** -- -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ -- $ 4,653,038 $ -- $ 662,050 ==================================================================================================================================== NET INCOME BEFORE TAXES $ (932) $ 2,748,385 $ 49,066 $ (1,173,671) INCOME TAXES -- -- 2,334 -- ==================================================================================================================================== NET INCOME (LOSS) (MOR-1) $ (932) $ 2,748,385 $ 46,732 $ (1,173,671) ==================================================================================================================================== STERLING CHEMICALS STERLING CANADA, STERLING PULP INT'L, INC. INC. CHEMICALS US, INC. MONTH 01-37809-H4-11 01-37810-H4-11 01-37811-H4-11 ------------------- ------------------ ------------------ REVENUES (MOR-1) $ 83,333 $ 617,525 $ 360,103 TOTAL COST OF REVENUES -- 59,458 460,832 GROSS PROFIT $ 83,333 $ 558,067 $ (100,729) ============================================================================================================== OPERATING EXPENSES: Selling, General & Administrative $ -- $ 231,893 $ (65,492) Insiders Compensation -- -- -- Professional Fees -- -- -- Other (Earnings in Joint Venture) -- -- -- TOTAL OPERATING EXPENSE $ -- $ 231,893 $ (65,492) ============================================================================================================== INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 83,333 $ 326,174 $ (35,237) INTEREST EXPENSE (includes amort of debt fees) 37,665 178,554 -- DEPRECIATION 23,000 485,795 -- OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 60,665 $ 664,349 $ -- ============================================================================================================== NET INCOME BEFORE TAXES $ 22,668 $ (338,175) $ (35,237) INCOME TAXES -- -- -- ============================================================================================================== NET INCOME (LOSS) (MOR-1) $ 22,668 $ (338,175) $ (35,237) ============================================================================================================== STERLING PULP CHEMICALS, INC. DEBTORS MONTH 01-37812-H4-11 ELIMINATIONS CONSOLIDATED ------------------ ------------------ ------------------ REVENUES (MOR-1) $ 3,272,103 $ (83,333) $ 54,753,694 TOTAL COST OF REVENUES 1,859,446 (83,333) 45,054,958 GROSS PROFIT $ 1,412,657 $ -- $ 9,698,736 ================================================================================================================= OPERATING EXPENSES: Selling, General & Administrative $ 608,865 $ (540,881) 1,893,546 Insiders Compensation -- -- 131,411 Professional Fees -- -- 1,350,558 Other (Earnings in Joint Venture) -- -- (2,333,658) TOTAL OPERATING EXPENSE $ 608,865 $ (540,881) $ 1,041,857 ================================================================================================================= INCOME BEFORE INT. DEPR/TAX (MOR-1) $ 803,792 $ 540,881 8,656,879 INTEREST EXPENSE (includes amort of debt fees) -- 540,881 4,069,410 DEPRECIATION 326,102 -- 2,837,675 OTHER (INCOME) EXPENSES* -- -- -- OTHER ITEMS** -- -- -- TOTAL INT. DEPR & OTHER ITEMS $ 326,102 $ 540,881 $ 6,907,085 ================================================================================================================= NET INCOME BEFORE TAXES $ 477,690 $ -- $ 1,749,794 INCOME TAXES -- -- 2,334 ================================================================================================================= NET INCOME (LOSS) (MOR-1) $ 477,690 $ -- $ 1,747,460 =================================================================================================================
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 Dec-01 Jan-02 Feb-02 Mar-02 ------------ ------------ ------------ ------------ 1. CASH-BEGINNING OF MONTH (421,404) (256,194) 498,098 (1,530,893) ============ ============ ============ ============ RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 22,270,996 24,602,303 20,717,983 25,478,506 4. LOANS & ADVANCES - CIT REVOLVER 29,200,000 31,600,000 26,900,000 36,300,000 5. SALE OF ASSETS -- -- -- -- 6. OTHER (attach list) 11,415,178 9,644,850 13,860,068 19,408,945 ------------ ------------ ------------ ------------ TOTAL RECEIPTS 62,886,174 65,847,152 61,478,051 81,187,451 ------------ ------------ ------------ ------------ (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A ============ ============ ============ ============ DISBURSEMENTS: 7. NET PAYROLL 1,932,984 1,297,213 1,930,462 2,601,421 8. PAYROLL TAXES PAID 870,019 974,973 972,750 1,053,588 9. SALES, USE & OTHER TAXES PAID 50,776 57,123 -- 1,404,405 10.SECURED/RENTAL/LEASES 184,920 161,222 154,571 99,905 11.UTILITIES 4,230,558 2,765,343 2,158,233 1,150,288 12.INSURANCE 456,145 728,204 589,057 410,554 13.INVENTORY PURCHASES 8,921,056 11,876,414 2,984,285 10,861,846 14.VEHICLE EXPENSES -- -- -- -- 15.TRAVEL & ENTERTAINMENT 64,095 60,079 63,635 36,818 16.REPAIRS, MAINTENANCE & SUPPLIES 1,085,130 1,487,951 7,400,962 4,837,494 17.ADMINISTRATIVE & SELLING 3,142,158 2,804,552 2,442,379 3,841,855 18.OTHER (attach list) 41,099,335 41,641,012 43,639,825 52,706,777 TOTAL DISBURSEMENTS FROM OPERATIONS 62,037,177 63,854,086 62,336,159 79,004,950 19.PROFESSIONAL FEES 683,788 1,185,274 1,045,883 1,257,449 20.U.S. TRUSTEE FEES -- 53,500 -- -- 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- 125,000 -- ------------ ------------ ------------ ------------ TOTAL DISBURSEMENTS 62,720,965 65,092,860 63,507,042 80,262,399 ============ ============ ============ ============ 22.NET CASH FLOW 165,210 754,292 (2,028,991) 925,052 23.CASH - END OF MONTH (MOR-2) (256,194) 498,098 (1,530,893) (605,842) per MOR-7 (256,194.38) 498,097.76 (1,530,893.34) (605,841.51) per 211 trial balance 622,716.13 1,983,218.51 986,980.26 636,425.59 -------------- -------------- -------------- -------------- difference 878,910.51 1,485,120.75 2,517,873.60 1,242,267.10 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 874,085.82 1,480,296.06 2,513,048.91 1,237,442.41 -------------- -------------- -------------- -------------- reconciled difference 878,910.51 1,485,120.75 2,517,873.60 1,242,267.10 CASH RECEIPTS AND FILING TO DISBURSEMENTS Apr-02 May-02 Jun-02 DATE ------------ ------------ ------------ ------------ 1. CASH-BEGINNING OF MONTH (605,842) 1,432,341 (223,012) 9,346,546 ============ ============ ============ ============ RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 17,926,575 34,807,911 46,518,489 298,458,787 4. LOANS & ADVANCES - CIT REVOLVER 46,100,000 37,400,000 51,000,000 387,800,000 5. SALE OF ASSETS -- -- -- -- 6. OTHER (attach list) 16,090,857 11,363,818 13,092,564 146,532,474 ------------ ------------ ------------ ------------ TOTAL RECEIPTS 80,117,432 83,571,729 110,611,053 832,791,261 ------------ ------------ ------------ ------------ (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A ============ ============ ============ ============ DISBURSEMENTS: 7. NET PAYROLL 1,983,856 1,609,373 2,733,978 23,287,256 8. PAYROLL TAXES PAID 932,205 936,861 1,092,418 10,401,116 9. SALES, USE & OTHER TAXES PAID 1,650,149 1,456,271 1,303,015 7,536,404 10.SECURED/RENTAL/LEASES 30,705 101,829 147,956 1,703,425 11.UTILITIES 6,922,372 3,817,800 3,361,146 38,382,400 12.INSURANCE 50,625 15,583 7,256 5,435,281 13.INVENTORY PURCHASES 17,691,587 16,201,310 29,280,908 145,431,855 14.VEHICLE EXPENSES -- -- -- -- 15.TRAVEL & ENTERTAINMENT 65,732 72,716 38,426 573,865 16.REPAIRS, MAINTENANCE & SUPPLIES 3,235,006 1,896,650 1,681,812 26,686,293 17.ADMINISTRATIVE & SELLING 4,503,340 4,089,807 2,334,678 32,491,028 18.OTHER (attach list) 39,441,420 54,014,374 65,577,853 538,220,026 TOTAL DISBURSEMENTS FROM OPERATIONS 76,506,997 84,212,575 107,559,446 830,148,950 19.PROFESSIONAL FEES 1,525,502 1,014,508 700,599 9,595,361 20.U.S. TRUSTEE FEES 46,750 -- -- 140,500 21.OTHER REORGANIZATION EXPENSES (attach list) -- -- -- 125,000 ------------ ------------ ------------ ------------ TOTAL DISBURSEMENTS 78,079,249 85,227,083 108,260,045 840,009,811 ============ ============ ============ ============ 22.NET CASH FLOW 2,038,183 (1,655,353) 2,351,008 (7,218,550) 23.CASH - END OF MONTH (MOR-2) 1,432,341 (223,012) 2,127,996 2,127,996 per MOR-7 1,432,341.16 (223,012.32) 2,127,995.75 per 211 trial balance 1,865,999.23 1,368,935.72 2,127,995.75 -------------- -------------- -------------- difference 433,658.07 1,591,948.04 (0.00) g/l acct 10123 - not a good account, s/b zero 794.70 0.00 0.00 g/l acct 10131 - account was closed before filing, bal s/b zero 4,029.99 0.00 0.00 g/l acct 10199 - cash overdraft reclass of outstanding checks 428,833.38 1,591,948.04 0.00 -------------- -------------- -------------- reconciled difference 433,658.07 1,591,948.04 0.00
MOR-7 CASE NAME: STERLING CHEMICALS, INC. CASE NUMBER: 01-37806-H-11
OTHER CASH RECEIPTS AND FILING TO DISBURSEMENTS: Dec-01 Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 DATE ---------- ---------- ---------- ------------ ---------- ------------- ------------- ----------- 6. OTHER RECEIPTS: Interest Income -- -- -- -- -- -- -- 80,302 401(k) Plan Refund -- -- -- -- -- -- -- -- Cobra Insurance Payment -- -- -- -- -- -- -- -- Miscellaneous 146,500 100,833 223,221 131,124 195,444 128,178 159,394 2,894,259 Royalty Owners Trust Account -- -- -- -- -- -- -- -- Emission Credits -- -- -- -- -- -- -- -- Account Transfers 10,348,106 9,120,571 13,636,846 17,715,686 15,239,518 11,235,640 11,535,051 134,390,126 Intercompany Transfers 920,573 423,445 -- 1,562,134 655,895 -- 1,398,119 9,167,787 ---------- ---------- ---------- ------------ ---------- ------------- ------------- ----------- TOTAL OTHER RECEIPTS 11,415,178 9,644,850 13,860,068 19,408,945 16,090,857 11,363,818 13,092,564 146,532,474 ========== ========== ========== ============ ========== ============= ============= =========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- -- -- -- -- -- -- -- Workover Expense -- -- -- -- -- -- -- -- Capital Expenditures 558,388 1,491,633 1,841,654 1,418,900 (581,465) 598,552 134,895 6,678,145 Revenue & Royalties -- -- - -- -- -- -- -- Interest Payment -- -- - -- -- -- -- 97,161 Employee Benefits 1,276,424 2,711,036 1,602,513 2,285,842 2,492,292 1,544,520 2,998,019 22,240,543 Severance tax -- -- - -- -- -- -- -- Pre-petition checks voided in current period -- -- - -- -- -- -- (30,000) Account Transfers 10,348,106 9,120,571 13,636,846 17,715,686 15,239,518 11,235,640 11,535,051 134,390,126 CIT Revolver Payments 22,948,750 23,718,420 21,934,238 25,605,169 17,344,416 35,714,063 44,954,575 314,484,322 Intercompany Transfers 5,967,667 4,599,352 4,624,574 5,681,179 4,946,658 4,921,599 5,955,312 60,359,730 ---------- ---------- ---------- ------------ ---------- ------------- ------------- ----------- TOTAL OTHER DISBURSEMENTS 41,099,335 41,641,012 43,639,825 52,706,777 39,441,420 54,014,374 65,577,853 538,220,026 ========== ========== ========== ============ ========== ============= ============= =========== 16,157,239.31 17,490,363.22
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 100 185,151 1,363,554 (1,777,199) =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 40,557,473 4. LOANS & ADVANCES - CIT REVOLVER 51,000,000 5. SALE OF ASSETS 6. OTHER (attach list) -- 1,398,119 3,350,000 7,616,538 --------------- --------------- --------------- --------------- TOTAL RECEIPTS 40,557,473 52,398,119 3,350,000 7,616,538 --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL 2,733,978 -- 8. PAYROLL TAXES PAID 1,092,418 9. SALES, USE & OTHER TAXES PAID 65,529 1,237,486 10. SECURED/RENTAL/LEASES 147,956 11. UTILITIES 3,361,146 12. INSURANCE 2,676 4,580 13. INVENTORY PURCHASES 29,144,112 136,796 14. VEHICLE EXPENSES 15. TRAVEL & ENTERTAINMENT 38,426 16. REPAIRS, MAINTENANCE & SUPPLIES 1,681,812 17. ADMINISTRATIVE & SELLING 269,929 2,064,749 18. OTHER (attach list) 38,830,798 19,497,183 -- 557,582 --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 38,830,798 52,340,575 3,826,396 5,869,387 =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- 700,599 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 38,830,798 52,340,575 3,826,396 6,569,986 =============== =============== =============== =============== 22. NET CASH FLOW 1,726,676 57,544 (476,396) 1,046,552 23. CASH - END OF MONTH (MOR-2) 1,726,776 242,695 887,158 (730,647) 1,969,470.82 887,158.24 (730,646.91) 0.00 0.00 (0.00) CASH RECEIPTS AND Chase Chase Bank One Total DISBURSEMENTS 6301810036508 6301810028508 5561833 Debtor ----------------- --------------- --------------- --------------- --------------- 1. CASH-BEGINNING OF MONTH -- -- 5,382 (223,012) =============== =============== =============== =============== RECEIPTS: 2. CASH SALES -- -- -- -- 3. COLLECTION OF ACCOUNTS RECEIVABLE 5,961,016 46,518,489 4. LOANS & ADVANCES - CIT REVOLVER 51,000,000 5. SALE OF ASSETS -- 6. OTHER (attach list) 561,177 7,336 159,394 13,092,564 --------------- --------------- --------------- --------------- TOTAL RECEIPTS 561,177 7,336 6,120,410 110,611,053 --------------- --------------- --------------- --------------- (Withdrawal)Contribution by Individual Debtor MFR-2* N/A N/A N/A N/A =============== =============== =============== =============== DISBURSEMENTS: 7. NET PAYROLL -- -- -- 2,733,978 8. PAYROLL TAXES PAID 1,092,418 9. SALES, USE & OTHER TAXES PAID 1,303,015 10. SECURED/RENTAL/LEASES 147,956 11. UTILITIES 3,361,146 12. INSURANCE 7,256 13. INVENTORY PURCHASES 29,280,908 14. VEHICLE EXPENSES -- 15. TRAVEL & ENTERTAINMENT 38,426 16. REPAIRS, MAINTENANCE & SUPPLIES 1,681,812 17. ADMINISTRATIVE & SELLING 2,334,678 18. OTHER (attach list) 561,177 7,336 6,123,778 65,577,853 --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS FROM OPERATIONS 561,177 7,336 6,123,778 107,559,446 =============== =============== =============== =============== 19. PROFESSIONAL FEES -- -- -- 700,599 20. U.S. TRUSTEE FEES -- -- -- -- 21. OTHER REORGANIZATION EXPENSES (attach list) -- -- -- -- --------------- --------------- --------------- --------------- TOTAL DISBURSEMENTS 561,177 7,336 6,123,778 108,260,045 =============== =============== =============== =============== 22. NET CASH FLOW -- -- (3,368) 2,351,008 23. CASH - END OF MONTH (MOR-2) -- -- 2,014 2,127,996 2,013.60 (0.00)
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 3,350,000 7,616,538 Intercompany Transfers 1,398,119 ----------- ---------- ---------- --------- ---------- TOTAL OTHER RECEIPTS -- -- 1,398,119 3,350,000 7,616,538 =========== ========== ========== ========= ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense Workover Expense Capital Expenditures 134,895 Revenue & Royalties Interest Payment Employee Benefits 2,006,820 422,687 Severance tax Pre-petition checks voided in current period Account Transfers 11,535,051 CIT Revolver Payments 38,830,798 -- Intercompany Transfers 5,955,312 ----------- ---------- ---------- --------- ---------- TOTAL OTHER DISBURSEMENTS -- 38,830,798 19,497,183 -- 557,582 =========== ========== ========== ========= ========== 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 159,394 159,394 Royalty Owners Trust Account -- Emission Credits -- Account Transfers 561,177 7,336 11,535,051 Intercompany Transfers 1,398,119 --------- --------- ------------ ---------- ---------- TOTAL OTHER RECEIPTS 561,177 7,336 -- 159,394 13,092,564 ========= ========= ============ ========== ========== 18. OTHER DISBURSEMENTS: Lease Operating Expense -- Workover Expense -- Capital Expenditures 134,895 Revenue & Royalties -- Interest Payment -- Employee Benefits 561,177 7,336 2,998,019 Severance tax -- Pre-petition checks voided in current period -- Account Transfers 11,535,051 CIT Revolver Payments 6,123,778 44,954,575 Intercompany Transfers 5,955,312 --------- --------- ------------ ---------- ---------- TOTAL OTHER DISBURSEMENTS 561,177 7,336 -- 6,123,778 65,577,853 ========= ========= ============ ========== ==========
MOR-7 ATTACHMENT CASE NAME: Sterling Chemicals, Inc. CASE NUMBER: 01-37806-H-11 CASH ACCOUNT RECONCILIATION MONTH OF JUNE 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 $ 1,726,776 $ 242,695 $ 336,460 $ -- DEPOSIT IN TRANSIT OUTSTANDING CHECKS (730,647) OTHER 1 550,697 --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ 1,726,776 $ 242,696 $ 887,157 $ (730,647) =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ 100 $ 185,152 $ 1,363,553 $ (1,777,199) RECEIPTS 40,557,473 51,000,000 TRANSFERS BETWEEN ACCOUNTS (16,092,244) 3,350,000 7,616,538 (WITHDRAWAL) CONTRIBUTION- BY INDIVIDUAL DEBTOR MFR-2 CHECKS/OTHER DISBURSEMENTS (38,830,797) (34,850,212) (3,826,396) (6,569,986) --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ 1,726,776 $ 242,696 $ 887,157 $ (730,647) =============== =============== =============== =============== 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 $ -- $ -- $ 2,013 $ 2,307,944 DEPOSIT IN TRANSIT -- OUTSTANDING CHECKS (730,647) OTHER 1 550,699 --------------- --------------- --------------- --------------- ADJUSTED BANK BALANCE $ -- $ -- $ 2,014 $ 2,127,996 =============== =============== =============== =============== BEGINNING CASH - PER BOOKS $ -- $ -- $ 5,382 $ (223,012) RECEIPTS 6,120,410 97,677,883 TRANSFERS BETWEEN ACCOUNTS 561,177 7,336 (4,557,193) (WITHDRAWAL) CONTRIBUTION- -- BY INDIVIDUAL DEBTOR MFR-2 -- CHECKS/OTHER DISBURSEMENTS (561,177) (7,336) (6,123,778) (90,769,682) --------------- --------------- --------------- --------------- ENDING CASH - PER BOOKS $ -- $ -- $ 2,014 $ 2,127,996 =============== =============== =============== ===============
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) Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 May-2002 Jun-2002 DATE --------------------------------------- --------- --------- -------- -------- -------- ---------- --------- ---------- 1. Frank Diassi/Chairman of Board/Salary $ 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 30,333 30,333 30,333 30,333 207,667 6. David Elkins/President/Bonus 21,875 -- 22,750 136,500 -- 21,875 181,125 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 28,636 27,500 27,917 27,917 27,917 27,917 189,887 10. Richard Crump/Exec VP Opers/Bonus 18,750 1,875 20,938 125,625 -- 20,625 167,188 11. Richard Crump/Exec VP Opers/Expense 531 4,453 5,404 4,610 6,728 -- 24,057 12. Paul Vanderhoven/VP Finance & CFO/Salary 16,667 16,667 16,667 18,333 18,333 18,333 18,333 121,667 13. Paul Vanderhoven/VP Finance & CFO/Bonus 10,000 -- 11,000 79,200 -- 10,000 100,200 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) $ 204,995 $ 142,597 $116,429 $ 150,683 $494,281 $ 78,911 $ 131,411 $1,294,639 ========= ========= ======== ========= ======== ========== ========= ==========
PROFESSIONALS FILING TO NAME/ORDER DATE Dec-2001 Jan-2002 Feb-2002 Mar-2002 Apr-2002 May-2002 Jun-2002 DATE --------------------------- --------- ---------- ------------ ----------- ----------- ----------- --------- ----------- 1. Logan & Company, Inc. $ 30,272 $ 9,958.00 $ 15,624.27 $ 23,247 $ 3,541 $ 6,645.54 $ 2,631.30 $ 155,266 2. Andrews & Kurth LLP 210,726 139,340 128,643.28 213,187 132,819 256,170.65 246,122.69 1,080,887 3. US Trustee -- 53,500 -- -- 46,750 -- -- 100,250 4. Skadden, Arps, Slate, Meagher & Flom LLP -- 293,229 466,138.76 634,706 321,403 406,542.75 115,338.02 2,122,020 5. Akin Gump Strauss 231,124 -- 35,089.74 120,257 78,728 81,093.82 104,790.97 673,273 6. Arthur Andersen 31,792 115,041 22,556.70 -- 95,421 70,316.52 -- 470,062 7. Lazard Freres & Co. LLC -- -- 284,550.16 153,356 295,856 138,638.86 182,916.20 1,141,014 8. Baker & Botts 132,523 111,985 46,197.50 32,861 66,007 30,965.11 10,376.97 575,335 9. Groom Law Group 4,587 10,078 9,773.24 9,738 23,879 10,670.30 4,244.10 80,056 10. Nexant, Inc. 42,764 8,399 37,309.09 16,416 9,595 13,464.59 34,178.90 168,199 11. Greenhill & Co. 497,243 -- 53,680 498,253 -- -- 1,049,176 ---------- ---------- ------------ ----------- ----------- ----------- ----------- ----------- TOTAL PROFESSIONALS (MOR-1) $ 683,788 $1,238,773 $ 1,045,883 $ 1,257,449 $ 1,572,252 $ 1,014,508 $ 700,599 $ 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