-----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, IjjTUtYCXWuKyjty4fMqtTBpDUwIJnWCw+ckGl2p3hP0SaESPziD7oLNO5J1QIlQ OvqAWS1ZnZh1SJIyZfsxfg== 0001021408-01-506520.txt : 20010911 0001021408-01-506520.hdr.sgml : 20010911 ACCESSION NUMBER: 0001021408-01-506520 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010824 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20010910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATHEY PRODUCTS CORP CENTRAL INDEX KEY: 0000008109 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 360753480 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12649 FILM NUMBER: 1734659 BUSINESS ADDRESS: STREET 1: 1839 SOUTH MAIN STREET CITY: WAKE FOREST STATE: NC ZIP: 27587-9289 BUSINESS PHONE: 9195565171 MAIL ADDRESS: STREET 1: 1839 SOUTH MAIN STREET CITY: WAKE FOREST STATE: NC ZIP: 27587-9289 8-K 1 d8k.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 __________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): August 24, 2001 --------------- ATHEY PRODUCTS CORPORATION (Exact Name of Registrant as Specified in Charter) Delaware 1-2723 36-0753480 - ------------------------------ ----------- ------------------ (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1839 South Main Street Wake Forest, North Carolina 27587-9289 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 919-556-5171 ------------ ______________________________________________________________________________ Not Applicable (Former Name or Former Address, if Changed Since Last Report) ================================================================================ Item 5. Other Events. On December 8, 2000, Athey Products Corporation, a Delaware corporation ("Athey"), filed for protection pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division (the "Bankruptcy Court"). A copy of the monthly report for the period of July 1, 2001 through July 30, 2001, filed with the Bankruptcy Court on August 24, 2001 pursuant to Bankruptcy Court Rule 2015, is attached to this Current Report on Form 8-K as Exhibit 99.1. Any financial information in this exhibit is unaudited and has not been reviewed by an independent accountant. As set forth in the monthly report, Bankruptcy Counsel and Disbursing Agent for Athey, John A. Northen, will commence filing quarterly reports pursuant to Bankruptcy Court Rule 2015, in lieu of monthly reports. Following this Report on Form 8-K, reports will be filed with the Securities and Exchange Commission as they are filed with the Bankruptcy Court, which are expected to be filed quarterly, beginning in October 2001, for the period ending September 30, 2001. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. Exhibit Number Description - -------------- ----------- 99.1 Monthly Report of Corporate Debtor in Possession/Disbursing Agent for the Month of July 1, 2001 Through July 30, 2001. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ATHEY PRODUCTS CORPORATION Date: September 7, 2001 /s/ John A. Northen ------------------------- By: John A. Northen Its: Disbursing Agent EX-99.1 3 dex991.txt MONTHLY REPORT OF CORPORATE DEBTOR EXHIBIT 99.1 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NORTH CAROLINA RALEIGH DIVISION IN RE: Athey Products Corporation CASE NO: 00-02736-5-ATS Monthly Report of Corporate Debtor in Possession/Disbursing Agent For The Month of July 1, 2001 Through July 30, 2001 I. REPORT OF ACTIVITIES: All assets have been liquidated and all of the Debtor's funds are under the control of John A. Northen, Disbursing Agent, in accounts at First Capital Bank. The Debtor continues to file a Form 8-K with each monthly report; however, now that the plan has been confirmed and distributions have begun, the plan has been substantially consummated and the Debtor will hereafter file reports on a calendar quarter basis beginning with the quarter ending 9/30/01. As of 7/31/01, the Debtor had resolved and issued checks in payment of all allowed claims held by former employees or otherwise considered priority unsecured claims. Several objections to non-priority unsecured claims have been filed, many of which have been or are expected to be resolved by the end of August, and the remaining objections are expected to be resolved by agreement or by hearing and order within the next few months. The Debtor intends to issue checks in payment of all undisputed unsecured claims on or about 9/1/01. II. SUMMARY OF OPERATIONS: All operations of the business as Athey Products Corporation have ceased. I declare under penalty of perjury that the information contained in this report is true and correct to the best of my knowledge and belief. As all funds are now under the control of the Disbursing Agent, his signature has been substituted for the corporate officer. Respectfully submitted this 24 day of August, 2001. /s/ John A. Northen Signature - ----------------------------------- John A. Northen, Disbursing Agent I certify that the information contained in this report is true and correct to the best of my knowledge and belief. Date: August 24, 2001 /s/ John A. Northen -------------------------------- Attorney for Debtor John A. Northen, NCSB 6789 Northen Blue, LLP PO Box 2208 Chapel Hill, NC 27515 919-968-4441 Page 1 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 1, 2001 through July 30, 2001 PART A: CERTIFICATIONS 1. Yes x __No__ All post-petition taxes [tax obligations arising after --- the chapter 11 petition was filed] are currently paid or deposited. 2. Yes x __No__ All administrative expenses [post-petition obligations] --- other than taxes are current. 3. Yes x __No__ Estate property, which is subject to loss by theft, --- fire, or other casualty, is insured in accordance with Local Bankruptcy Rule No. 4002.3(a)(3). 4. Yes x __No__ New books and records were opened as of the petition date --- and are being maintained monthly and are current. 5. Yes x __No__ New DIP bank accounts were opened and are reconciled. --- 6. Yes___No x Pre-petition debts [obligations due on or before the --- filing of the case] have not been paid since the filing of this chapter case. (No additional ones were paid during July 2001.) 7. Yes x __No__ The only transfers of property made during this period --- were transfers which were in the ordinary course of business. 8. Yes x No__ Estate funds which are on deposit in banking institutions --- are fully covered by FDIC or FSLIC insurance of $100,000.00. 9. Yes x __No__ A copy of the corresponding bank statement is attached. --- IF THE ANSWER TO ANY OF THE CERTIFICATIONS ABOVE IS NO, PLEASE PROVIDE EXPLANATION ON SUPPLEMENT TO PART A. Page 2 SUPPLEMENT TO PART A: EXPLANATION TO CERTIFICATIONS REFLECTED AS "NO" 1. Post-petition TAXES NOT CURRENT OR NOT DEPOSITED: Type ________and amount $_____unpaid or not deposited. Type ________and amount $_____unpaid or not deposited. 2. ADMINISTRATIVE EXPENSES [Post-petition] OTHER THAN TAXES NOT CURRENT: Type _______________and amount $______unpaid. Type _______________and amount $______unpaid. 3. DESCRIPTION OF ESTATE PROPERTY UNINSURED, REASONS WHY AND STEPS IMPLEMENTED TO OBTAIN INSURANCE: a. b. 4. REASON/EXPLANATION WHY NEW BOOKS AND RECORDS NOT YET OPENED: 5. REASON/EXPLANATION WHY NEW BANK ACCOUNTS HAVE NOT YET BEEN OPENED: 6. A LIST OF ALL PRE-PETITION DEBTS WHICH WERE PAID SINCE THE FILING OF THE CASE INCLUDING THE NAME AND ADDRESS OF THE CREDITOR PAID, THE AMOUNT PAID, AND THE JUSTIFICATION FOR THE PAYMENT. [DOES NOT INCLUDE PAYMENTS TO SECURED CREDITORS AND LESSORS UNDER AN ADEQUATE PROTECTION AGREEMENT.] 7. A LIST OF ALL PROPERTY WHICH WAS TRANSFERRED OUTSIDE THE ORDINARY COURSE OF BUSINESS AND WHETHER PRIOR AUTHORITY FOR SUCH TRANSFER[S] WAS OBTAINED FROM THE COURT: 8. IF FUNDS ARE NOT FULLY COVERED BY FDIC OR FSLIC INSURANCE OF $100,000.00, PROVIDE NAME OF BANK[S] WHEREIN ESTATE MONIES ARE DEPOSITED AND THE BALANCE OF ALL ACCOUNTS THEREIN. Page 3 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 1, 2001 through July 30, 2001 PART B: SUMMARY OF BANK ACCOUNT INFORMATION STATEMENT BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT BALANCE - --------- -------------- ----------------- -------- Centura 021-221-536-1 Cash Collateral $ -0- Centura 021-221-538-8 Payroll $ -0- First Capital 2736303 Wells Fargo Escrow CD $ -0- First Capital 2736302 Freightliner Escrow CD $ 905,581.42 First Capital 2736201 Disbursing Agent MM $ 2,579.53 First Capital 2736301 Disbursing agent CD $6,112,021.01 First Capital 2736101 Disbursing Agent Checking $ 320,781.98 CCB Northen Blue Trust Warranties Escrow $ -0- TOTALS $7,340,963.94 Page 4 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July, 2001 ---- PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: ____General/Operating Account; ____Tax Account; ____Payroll Account; X Other: Triad Freightliner Escrow Fund CD ---- --------------------------------- (First Capital #2736302) Amount ------ 1. Cash Balance from previous month's report: $903,353.97 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $ 2,227.45 3. Cash Balance Available $905,581.42 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $-0- --- 5. Ending Cash Balance $905,581.42 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION
BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - --------- -------------- ----------------- ------- First Capital 2736302 Triad Freightliner Escrow Fund CD $905,581.42 TOTAL BANK BALANCE = $905,581.42
*This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 5 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: ____General/Operating Account; ____Tax Account; ____Payroll Account; X Other: Triad Freightliner Escrow Fund CD ---- (First Capital #2736302) 1. RECEIPTS: Amount ------ Sales ________ Collection of post-petition accounts receivable ________ Collection of pre-petition accounts receivable ________ Other Income (interest) 2,227.45 Less allowance for returns and discounts ________ *TOTAL = $2,227.45 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory _______ Net Payroll _______ Payroll Taxes _______ Rent _______ Other lease payments _______ Utilities (Telephone, Electricity, Other) _______ Sales Tax _______ Other taxes _______ Travel and Entertainment _______ Automobile or vehicle expense _______ Service charges _______ Vehicle insurance _______ Life and health insurance _______ Other insurance _______ Supplies _______ Freight _______ Advertising _______ Repairs and Maintenance _______ *TOTAL = $-0- *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 6 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 EST OF ATHEY PRODUCTS CORP TRIAD FREIGHTLINER-ESCROW FUND JOHN A NORTHEN-DISBURSING AGNT CHAPTER 11 CASE # 00-02736-5 1 PO BOX 2208 CUSTOMER: 6573 CHAPEL HILL NC 27515-2208 AS OF: 07/12/01 [LOGO] PAGE 1 ================================================================================ 7-31 DAY CERTIFICATE 2736302 ================================================================================ INTEREST RATE: 3.0000% ORIGINAL ISSUE DATE: 03/14/01 MATURITY DATE: 08/11/01 ORIGINAL ISSUE VALUE: 894,868.98 TERM: 30 DAYS LAST RENEWAL DATE: 07/12/01 LAST RENEWAL VALUE: 905,581.42 BALANCE AS OF 07/12/01: 905,581.42
******************************************* * I N T E R E S T R A T E C H A N G E * ******************************************* ON 7/12/01, THE INTEREST RATE ON YOUR CERTIFICATE CHANGED TO 3.0000 % WITH AN ANNUAL PERCENTAGE YIELD OF 3.04 %. Page 7 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July, 2001 ---- PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: _____General/Operating Account; _____Tax Account; _____Payroll Account; X Other: Disbursing Agent MM --- ------------------- (First Capital #2736201) Amount ------ 1. Cash Balance from previous month's report: $48,534.02 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $43.88 3. Cash Balance Available $48,577.90 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $45,998.37 5. Ending Cash Balance $ 2,579.53 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - --------- -------------- ----------------- ---------- First Capital 2736201 Disbursing Agent MM $ 2,579.53 TOTAL BANK BALANCE = $ 2,579.53 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 8 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: ___ General/Operating Account; ___ Tax Account; ___ Payroll Account; X Other: Disbursing Agent MM --- (First Capital #2736201) 1. RECEIPTS: Amount ------ Sales ______ Collection of post-petition accounts receivable ______ Transfer from CD #2736301 ______ Other Income (interest) 43.88 ------ *TOTAL = $43.88 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory __________ Net Payroll __________ Payroll Taxes __________ Rent __________ Other lease payments __________ Utilities (Telephone, Electricity, Other) __________ Sales Tax __________ Other taxes __________ Travel and Entertainment __________ Automobile or vehicle expense __________ Service charges __________ Vehicle insurance __________ Life and health insurance __________ Other insurance __________ Repairs and Maintenance __________ Transfers to Disbursing Agent Checking First Capital #2736101 45,998.37 ---------- *TOTAL = $45,998.37 *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 9 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 EST OF ATHEY PRODUCTS CORP 30 JOHN A NORTHEN-DISBURSING AGNT 0 CHAPTER 11 CASE # 00-02736-5 1 0 PO BOX 2208 BANKRUPT MMA CHAPEL HILL NC 27515-2208 ACCOUNT: 2736201 06/30/01 THRU 07/31/01 [LOGO] DOCUMENT COUNT: 0 PAGE 1 ------ ================================================================================ BANKRUPT MMA ACCOUNT 2736201 ================================================================================ LAST STATEMENT 06/29/01 48,534.02 MINIMUM BALANCE 2,535.65 1 CREDITS 43.88 AVG AVAILABLE BALANCE 25,026.03 6 DEBITS 45,998.37 AVERAGE BALANCE 25,026.03 THIS STATEMENT 07/31/01 2,579.53 - - - - - - - - OTHER CREDITS - - - - - - - - - DESCRIPTION DATE AMOUNT INTEREST 07/31 43.88 - - - - - - - - - OTHER DEBITS - - - - - - - -- DESCRIPTION DATE AMOUNT TRANSFER 07/11 1,036.05 TRANSFER 07/11 1,608.18 TRANSFER 07/13 32,533.70 TRANSFER 07/23 1,846.72 TRANSFER 07/25 8,548.72 TRANSFER 07/27 425.00 - - - - - - - - - I N T E R E S T - - - - - - - AVERAGE LEDGER BALANCE: 25,026.03 INTEREST EARNED: 43.88 AVERAGE AVAILABLE BALANCE: 25,026.03 DAYS IN PERIOD: 32 INTEREST PAID THIS PERIOD: 43.88 ANNUAL PERCENTAGE YIELD EARNED 2.02% INTEREST PAID 2001: 1,650.06 - - - - - - - - DAILY BALANCE - - - - - - - - - DATE BALANCE DATE BALANCE DATE BALANCE 07/11 45,889.79 07/23 11,509.37 07/27 2,535.65 07/13 13,356.09 07/25 2,960.65 07/31 2,579.53 Page 10 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July, 2001 ---- PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: ____General/Operating Account; ____Tax Account; ____Payroll Account; X Other: Disbursing Agent CD ---- ------------------- (First Capital #2736301) Amount ---------- 1. Cash Balance from previous month's report: $6,553,769.71 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $ 16,159.98 3. Cash Balance Available $6,569,929.69 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $ 457,908.68 5. Ending Cash Balance $6,112,021.01 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - --------- -------------- ----------------- ------- First Capital 2736301 Certificate of Deposit $6,112,021.01 TOTAL BANK BALANCE = $6,112,021.01 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 11 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: ____General/Operating Account; ____Tax Account; ____Payroll Account; X Other: Disbursing Agent CD ---- ------------------- (First Capital #2736301) 1. RECEIPTS: Amount ------ Sales __________ Collection of post-petition accounts receivable __________ Collection of prepetition accounts receivable __________ Other Income (interest) 16,159.98 ---------- Less allowance for returns and discounts __________ *TOTAL = $16,159.98 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory __________ Net Payroll __________ Payroll Taxes __________ Rent __________ Other lease payments __________ Utilities (Telephone, Electricity, Other) __________ Sales Tax __________ Other taxes __________ Travel and Entertainment __________ Automobile or vehicle expense __________ Service charges __________ Vehicle insurance __________ Life and health insurance __________ Other insurance __________ Supplies __________ Freight __________ Advertising __________ Repairs and Maintenance __________ Transfer to FCB #2736101 MM account for distributions 457,908.68 Other Expenses __________ *TOTAL = $457,908.68 *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDIN G CASH BALANCE, --- #5 ON PART B: Page 12 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 EST OF ATHEY PRODUCTS CORP JOHN A NORTHEN-DISBURSING AGNT CHAPTER 11 CASE # 00-02736-51 PO BOX 2208 CHAPEL HILL NC 27515-2208 CUSTOMER: 6573 AS OF: 07/12/01 [LOGO] PAGE 1
==================================================================================================================================== 7-31 DAY CERTIFICATE 2736301 ==================================================================================================================================== INTEREST RATE: 3.0000% ORIGINAL ISSUE DATE: 03/14/01 MATURITY DATE: 08/11/01 ORIGINAL ISSUE VALUE: 6,453,750.97 TERM: 30 DAYS LAST RENEWAL DATE: 07/12/01 LAST RENEWAL VALUE: 6,569,929.69 BALANCE AS OF 07/12/01: 6569,929.69
******************************************* * I N T E R E S T R A T E C H A N G E * ******************************************* ON 7/12/01, THE INTEREST RATE ON YOUR CERTIFICATE CHANGED TO 3.0000% WITH AN ANNUAL PERCENTAGE YIELD OF 3.04%. Page 13 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July , 2001 ------ PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: ___General/Operating Account; ___Tax Account; ___Payroll Account; X Other: Disbursing Agent Checking --- ------------------------- (First Capital #2736101) Amount ------ 1. Cash Balance from previous month's report: $ -0- 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $503,907.05 3. Cash Balance Available $503,907.05 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $503,383.76 5. Ending Cash Balance, reconciled to checkbook $ 523.29 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - --------- -------------- ----------------- ------- First Capital 2736101 Disbursing Agent Checking $320,781.98 TOTAL BANK BALANCE = $320,781.98 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 14 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: ____General/Operating Account; ____Tax Account; ____Payroll Account; X Other: Disbursing Agent Checking ---- (First Capital #2736101)
1. RECEIPTS: Amount ------ Sales ____________ Collection of post-petition accounts receivable ____________ Collection of pre-petition accounts receivable ____________ Transfers from First Capital 2736201 45,998.37 Transfer from First Capital 2736301 457,908.68 ------------ *TOTAL = $ 503,907.05 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Post-petition invoices outstanding ____________ Contractor services to William Warden 629.00 ------------ Payroll Taxes ____________ Disbursing Agent Bond ____________ Payments to Professionals 32,533.70 ------------ Utilities (Telephone, Electricity, Other) ____________ Sales Tax ____________ SEC and 8K reporting fees 2,825.90 ------------ Storage ____________ Automobile or vehicle expense ____________ Post petition invoices for material ____________ Vehicle insurance ____________ Photocopying of claims ____________ Photocopy and mailing services 1,036.05 ------------ Gross Distributions of Wage claims to former employees (including Interest and 320,258.69 ------------ Payment of withholding taxes to authorities on wage claims 146,100.42 *TOTAL = $ 503,383.76
*Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Bank Balance $ 320,781.98 Outstanding checks -320,258.69 ------------ Difference 523.29 Page 15 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 EST OF ATHEY PRODUCTS CORP 30 JOHN A NORTHEN-DISBURSING AGNT 0 CHAPTER 11 CASE # 00-02736-5 1 7 PO BOX 2208 BANKRUPT CHECK CHAPEL HILL NC 27515-2208 ACCOUNT: 2736101
06/30/01 THRU 07/31/01 DOCUMENT COUNT: 7 [LOGO] PAGE 1 ------ ==================================================================================================== BANKRUPT CHECK ACCOUNT 2736101 ==================================================================================================== LAST STATEMENT 06/29/01 1,952.50 MINIMUM BALANCE .00 7 CREDITS 503,907.05 AVG AVAILABLE BALANCE 16,455.48 8 DEBITS 185,077.57 AVERAGE BALANCE 16,455.48 THIS STATEMENT 07/31/01 320,781.98 -------- OTHER CREDITS -------- DESCRIPTION DATE AMOUNT TRANSFER 07/11 1,036.05 TRANSFER 07/11 1,608.18 TRANSFER 07/13 32,533.70 TRANSFER 07/23 1,846.72 TRANSFER 07/25 8,548.72 TRANSFER 07/27 425.00 MISCELLANEOUS CREDIT 07/31 457,908.68 ----------- CHECKS ----------- CHECK # DATE AMOUNT CHECK # DATE AMOUNT CHECK # DATE AMOUNT 42* 07/02 425.00 47 07/16 979.18 50 07/26 1,846.72 45 07/02 1,527.50 48 07/16 1,036.05 46 07/16 629.00 49 07/17 32,533.70 (*) INDICATES A GAP IN CHECK NUMBER SEQUENCE -------- OTHER DEBITS -------- DESCRIPTION DATE AMOUNT WTD-PRIME PAY CAROLINAS 07/31 146,100.42 -------- DAILY BALANCE -------- DATE BALANCE DATE BALANCE DATE BALANCE 07/02 .00 07/17 .00 07/27 8,973.72 07/11 2,644.23 07/23 1,846.72 07/31 320,781.98 07/13 35,177.93 07/25 10,395.44 07/16 32,533.70 07/26 8,548.72
Page 16 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 1, 2001 through July 30, 2001 PART C: STATEMENT OF STATUS OF PAYMENTS MADE TO SECURED CREDITORS: NONE 1. Triad Freightliner of Greensboro, Inc. Escrow remaining for disputed claim, together with previous adequate protection payments, held in First Capital CD#2736302. 3. [name] --------------------------------- Regular contracted payment $_____per ____ Adequate protection payment offered $_____per ____ Number and amount of Post-petition adequate protection payments not made: #_____ $_____ --- 4. [name] --------------------------------- Regular contracted payment $_____per ____ Adequate protection payment offered $_____per ____ Number and amount of Post-petition adequate protection payments not made: #_____ $_____ --- [Attach a separate page for additional secured creditors] Page 17 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 1, 2001 through July 30, 2001 PART D: SUMMARY OF ACCOUNTS RECEIVABLE Amount ------ 1. Beginning Balance $n/a 2. Sales on Account (includes Warranty Credits and Freight) $n/a 3. Collections on Account $n/a 4. Ending Balance $n/a [Item #1 plus #2 minus #3] STATUS OF COLLECTIONS: Amount ------ Current to 30 days $n/a 31 to 60 days $n/a 61 to 90 days $n/a 91 to 120 days $n/a 121 days and older $n/a TOTAL: $n/a NOTE: All accounts receivable were sold to Five Star Manufacturing, LLC. Page 18 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 1, 2001 through July 30, 2001 PART E: SUMMARY OF ACCOUNTS PAYABLE [EXCLUDING PRE-PETITION ACCOUNTS PAYABLE] --------------------------------------- Amount --------- Current to 30 days $7,880.06 31 to 60 days $________ 61 to 90 days $________ 91 to 120 days $________ 121 days and older $________ TOTAL: $7,880.06 Page 19 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 1, 2001 through July 30, 2001 PART F: STATEMENT OF STATUS OF PAYMENTS MADE TO LESSORS LESSORS WHOSE LEASES HAVE BEEN ASSIGNED TO FIVE STAR MANUFACTURING: All payments have been made in full to Lessors whose leases have been assigned to Five Star Manufacturing; no further obligations to Debtor remain. LESSORS WHOSE LEASES HAVE BEEN REJECTED: 1. Enterprise Information ----------------------------------------- Regular contracted payment $3,965.63 per month -------- ----- Number and amount of Post-petition lease payments not made: # 1 $ 3,965.63 --- -- --------- 2. GE Industrial Systems ----------------------------------------- Regular contracted payment $ 650.00 per month ------ ----- Number and amount of Post-petition lease payments not made: # N/A $_____ --- ----- [Attach a separate page for additional lessors] Page 20 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 2001 PART H: ACCRUAL BASIS LOSS FOR THE MONTH Amount ------ 1. Total Sales or Revenue $n/a 2. Cost of Goods Sold Material: $n/a Labor: $n/a Other: (Burden) $n/a TOTAL COSTS $n/a 3. Gross Profit [Item #1 minus item #2] $n/a 4. TOTAL OPERATING EXPENSES $n/a 5. Net Profit or (Loss) $n/a [Item #3 minus #4] 6. Total Non-Operating Income/Expenses $n/a 7. Net Profit or (Loss) $n/a [Item #5 minus #6] [If a detailed INCOME STATEMENT is available, please attach it to the monthly report] NOTE: The Debtor discontinued operations. Page 21 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF July 2001 PART I: SUMMARY OF OFFICER/OWNER COMPENSATION AND PERSONNEL REPORT 1. Report all salaries received from or paid by the debtor to an owner or officer of the debtor. __ Check here if same as last monthly report or provide the following information: Compensation Authorized Compensation Date Name of Officer/Owner Title By the Court Received Approved - --------------------- -------- ------------ ---------- ---------- All officer salaries were discontinued upon closing of the sale to Five Star Manufacturing, LLC. Mr. Warden has agreed to provide services on an as-needed hourly basis. 2. Report all payments made to professionals (i.e. accountants, attorneys, realtors) paid by the debtor: Compensation Compensation Date Approved Authorized/ Name of Officer/Owner Title By the Court Received - --------------------- -------- ------------- ------------ Northen Blue Counsel for Debtor _____ $32,533.70 3. Personnel Report: __ Check here if same as last monthly report or provide the following -- information:
Full Time Part Time --------- --------- Total number of employees at beginning of the reporting period -0- ________ --- Number hired during the period -0- ________ --- Number terminated/resigned during the period -0- ________ --- Total number of employees at the end of the period -0- ________ ---
Page 22 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NORTH CAROLINA RALEIGH DIVISION IN THE MATTER OF: Athey Products Corp. 1839 South Main Street Wake Forest, NC 27587 TIN: 36-0753480 Debtor Case No. 00-02736-5-ATS - -------------------------------------------------------------------------------- CERTIFICATE OF SERVICE - -------------------------------------------------------------------------------- THIS IS TO CERTIFY that on the below date, the undersigned served a copy of the by depositing the same, enclosed in a post paid wrapper, properly addressed to the following parties in interest, at their last known addresses as shown below, in a post office or official depository under the exclusive care and custody of the United States Postal Service: Marjorie K. Lynch William G. Pappas Bankruptcy Administrator Parker Poe Adams & Bernstein 300 Fayetteville Street Mall, #412 150 Fayetteville Street Mall, #1400 P.O. Drawer 3039 P.O. Box 389 Raleigh, NC 27602-3039 Raleigh, NC 27602 This the 24 day of August, 2001. ATHEY PRODUCTS CORP. By: /s/ John A. Northen ---------------------------- Counsel for the Debtor NORTHEN BLUE, L.L.P. John A. Northen, NCSB # 6789 Cheryl Y. Capron, NCSB #16582 Post Office Box 2208 Chapel Hill, NC 27515-2208 Telephone: 919-968-4441 Page 23 -----END PRIVACY-ENHANCED MESSAGE-----