EX-2.6 8 a04-4049_1ex2d6.htm EX-2.6

Exhibit 2.6

 

 

 

Monthly Operating Report

 

 

 

 

 

ACCRUAL BASIS

 

 

 

 

 

02/13/95, RWD, 2/96

 

 

 

CASE NAME:

Daisytek Incorporated
B.A. Pargh Company
Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

 

 

 

JUDGE:

H.D. Hale

 

 

UNITED STATES BANKRUPTCY COURT

 

NORTHERN DISTRICT OF TEXAS

 

6 DIVISION

 

MONTHLY OPERATING REPORT-REVISED

 

MONTH ENDING: January 31, 2004

 

 

IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE.  DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY):  IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.

 

 

RESPONSIBLE PARTY:

 

 

 

/s/ Dale Booth

 

Chief Executive Officer

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY

TITLE

 

 

Dale Booth

 

March 23, 2004

PRINTED NAME OF RESPONSIBLE PARTY

DATE

 

 

 

 

PREPARER:

 

 

 

/s/ Lee Weiner

 

Director of Treasury

ORIGINAL SIGNATURE OF PREPARER

TITLE

 

 

Lee Weiner

 

March 23, 2004

PRINTED NAME OF PREPARER

DATE

 

 

 

Monthly Operating Report

Monthly Operating Report

 

 

 

 

ACCRUAL BASIS-1

ACCRUAL BASIS-1

 

 

 

 

02/13/95, RWD, 2/96

02/13/95, RWD, 2/96

 

 

 

CASE NAME:

Daisytek Incorporated
B.A. Pargh Company
Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

 

COMPARATIVE BALANCE SHEET

 

 

 

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

 

SCHEDULE

 

August 31, 2003

 

September 30, 2003

 

October 31, 2003

 

November 30, 2003

 

12/31/03

 

01/31/04

 

02/29/04

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

 

UNRESTRICTED CASH

 

$

1,296,376

 

$

6,915,170

 

$

2,243,133

 

$

2,551,239

 

$

1,603,397

 

$

1,319,938

 

$

645,911

 

$

68,615

 

2.

 

RESTRICTED CASH

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

 

TOTAL CASH

 

$

1,296,376

 

$

6,915,170

 

$

2,243,133

 

$

2,551,239

 

$

1,603,397

 

$

1,319,938

 

$

645,911

 

$

68,615

 

4.

 

ACCOUNTS RECEIVABLE (NET)

 

$

17,323,114

 

$

3,900,921

 

$

3,280,035

 

$

1,999,975

 

$

1,839,042

 

$

1,814,577

 

$

1,723,205

 

$

1,440,999

 

5.

 

INVENTORY

 

$

29,488,615

 

$

7,311,755

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

 

NOTES RECEIVABLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.

 

PREPAID EXPENSES

 

$

4,385,371

 

$

4,516,438

 

$

4,389,474

 

$

1,735,667

 

$

1,734,831

 

$

1,734,831

 

$

1,734,831

 

$

1,734,831

 

8.

 

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany accounts receivable, net

 

$

8,302,227

 

$

10,724,861

 

$

8,290,051

 

$

5,959,161

 

$

5,973,630

 

$

5,926,464

 

$

5,926,464

 

$

5,926,464

 

 

 

Credit card and other receivables

 

$

221,169

 

$

203,515

 

$

2,814,881

 

$

10,287,612

 

$

9,687,512

 

$

9,687,512

 

$

9,687,512

 

$

9,687,512

 

 

 

Deferred tax asset

 

$

28,497,969

 

$

28,239,610

 

$

28,239,610

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Taxes receivable

 

$

8,317,016

 

$

13,831,291

 

$

13,830,686

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Prepaid merchandise

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee payroll/travel advances

 

$

23,768

 

$

26,620

 

$

28,759

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

TOTAL OTHER

 

$

45,362,149

 

$

53,025,897

 

$

53,203,987

 

$

16,246,773

 

$

15,661,142

 

$

15,613,976

 

$

15,613,976

 

$

15,613,976

 

9.

 

TOTAL CURRENT ASSETS

 

$

97,855,625

 

$

75,670,181

 

$

63,116,629

 

$

22,533,654

 

$

20,838,412

 

$

20,483,323

 

$

19,717,923

 

$

18,858,421

 

10.

 

PROPERTY, PLANT & EQUIPMENT

 

$

46,587,581

 

$

46,618,679

 

$

46,617,619

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

 

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

18,626,655

 

$

20,728,502

 

$

21,268,609

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

12.

 

NET PROPERTY, PLANT & EQUIPMENT

 

$

27,960,926

 

$

25,890,177

 

$

25,349,010

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

13.

 

DUE FROM INSIDERS

 

$

67,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14.

 

OTHER ASSETS - NET OF OTHER AMORTIZATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve - due from insiders

 

$

(58,689

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred acquisition costs

 

$

3,196,694

 

$

3,196,684

 

$

3,196,684

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Software development assets

 

$

366,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL OTHER ASSETS - NET OF AMORTIZATION

 

$

3,504,236

 

$

3,196,684

 

$

3,196,684

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15.

 

OTHER (ATTACH LIST)

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.

 

TOTAL ASSETS

 

$

129,388,076

 

$

104,757,042

 

$

91,662,323

 

$

22,533,654

 

$

20,838,412

 

$

20,483,323

 

$

19,717,923

 

$

18,858,421

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17.

 

ACCOUNTS PAYABLE

 

 

 

$

1,684,172

 

$

1,614,669

 

$

1,548,542

 

$

1,521,396

 

$

1,494,342

 

$

1,466,916

 

$

1,466,916

 

 

 

AP on behalf of Daisytek International

 

 

 

$

(1,206,876

)

$

(1,233,455

)

$

(1,233,455

)

$

(1,233,455

)

$

(1,233,455

)

$

(1,233,455

)

$

(1,233,455

)

18.

 

TAXES PAYABLE

 

 

 

$

214,978

 

$

219,678

 

$

159,851

 

$

159,831

 

$

200,685

 

$

150,088

 

$

169,202

 

19.

 

NOTES PAYABLE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20.

 

PROFESSIONAL FEES

 

 

 

$

880,471

 

$

661,944

 

$

1,392,835

 

$

660,965

 

$

634,082

 

$

696,004

 

$

961,774

 

21.

 

SECURED DEBT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.

 

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest payable

 

 

 

$

230,419

 

$

100,950

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Other accounts payable and prepaid merchandise

 

 

 

$

2,923,063

 

$

1,797,892

 

$

(287,306

)

$

(287,306

)

$

(287,306

)

$

(287,306

)

$

(287,306

)

 

 

Acrued expenses

 

 

 

$

1,856,089

 

$

2,040,231

 

$

838,790

 

$

504,699

 

$

463,845

 

$

381,286

 

$

494,479

 

 

 

TOTAL OTHER

 

 

 

$

5,009,571

 

$

3,939,073

 

$

551,484

 

$

217,393

 

$

176,539

 

$

93,980

 

$

207,173

 

23.

 

TOTAL POSTPETITION LIABILITIES

 

 

 

$

6,582,316

 

$

5,201,909

 

$

2,419,257

 

$

1,326,130

 

$

1,272,193

 

$

1,173,533

 

$

1,571,610

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24.

 

SECURED DEBT

 

$

58,116,360

 

$

35,071,653

 

$

9,318,595

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

25.

 

PRIORITY DEBT

 

$

631,989

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26.

 

UNSECURED DEBT

 

$

57,946,614

 

$

56,138,763

 

$

56,123,537

 

$

56,115,342

 

$

56,126,782

 

$

56,126,782

 

$

56,126,782

 

$

56,126,782

 

27.

 

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other accounts payable and prepaid merchandise

 

$

(2,863,809

)

$

(4,145,674

)

$

(3,877,101

)

$

(3,374,172

)

$

(3,374,172

)

$

(3,374,172

)

$

(3,374,172

)

$

(3,374,172

)

 

 

Interest payable

 

$

1,733,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued expenses

 

$

6,553,875

 

$

5,960,310

 

$

5,960,310

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Accrued Federal Income Tax

 

 

 

$

1,089,417

 

$

1,383,267

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Capital lease liability

 

$

9,163,598

 

$

9,163,598

 

$

9,163,598

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Intercompany Payable

 

$

0

 

$

0

 

$

78,556,979

 

$

78,556,978

 

$

78,556,978

 

$

78,556,978

 

$

78,556,978

 

$

78,556,978

 

 

 

TOTAL OTHER

 

$

14,586,919

 

$

12,067,651

 

$

91,187,053

 

$

75,182,806

 

$

75,182,806

 

$

75,182,806

 

$

75,182,806

 

$

75,182,806

 

28.

 

TOTAL PREPETITION LIABILITIES

 

$

131,281,882

 

$

103,278,067

 

$

156,629,185

 

$

131,298,148

 

$

131,309,588

 

$

131,309,588

 

$

131,309,588

 

$

131,309,588

 

29.

 

TOTAL LIABILITIES

 

$

131,281,882

 

$

109,860,383

 

$

161,831,094

 

$

133,717,405

 

$

132,635,718

 

$

132,581,781

 

$

132,483,121

 

$

132,881,198

 

EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30.

 

PREPETITION OWNERS’ EQUITY

 

$

(1,893,806

)

$

(1,893,806

)

$

(1,893,806

)

$

(1,893,806

)

$

(1,893,806

)

$

(1,893,806

)

$

(1,893,806

)

$

(1,893,806

)

31.

 

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(4,278,372

)

$

(69,343,802

)

$

(107,923,512

)

$

(108,537,067

)

$

(108,762,869

)

$

(109,504,959

)

$

(110,762,538

)

32.

 

DIRECT CHARGES TO EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Elimination of BA Pargh capital

 

 

 

 

 

 

 

-2887742

 

$

(2,887,742

)

$

(2,887,742

)

$

(2,887,742

)

$

(2,887,742

)

 

 

Elimination of translation adjustments

 

 

 

 

 

 

 

452804

 

$

452,804

 

$

452,804

 

$

452,804

 

$

452,804

 

 

 

Termination of Int Rate Swaps (cash flow hedge)

 

 

 

 

 

 

 

1068505

 

$

1,068,505

 

$

1,068,505

 

$

1,068,505

 

$

1,068,505

 

 

 

(ATTACH EXPLANATION)

 

 

 

$

1,068,837

 

$

1,068,837

 

 

 

 

 

 

 

 

 

 

 

33.

 

TOTAL EQUITY

 

$

(1,893,806

)

$

(5,103,341

)

$

(70,168,771

)

$

(111,183,751

)

$

(111,797,306

)

$

(112,023,108

)

$

(112,765,198

)

$

(114,022,777

)

34.

 

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

129,388,076

 

$

104,757,042

 

$

91,662,323

 

$

22,533,654

 

$

20,838,412

 

$

20,558,673

 

$

19,717,923

 

$

18,858,421

 

 

 

CASE NAME:

Daisytek, Incorporated

 

 

B.A. Pargh Company

 

 

Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

INCOME STATEMENT

 

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

 

August 31, 2003

 

September 30, 2003

 

October 31, 2003

 

November 30, 2003

 

December 31, 2003

 

January 31, 2004

 

January 31, 2004

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

 

GROSS REVENUES

 

$

1,673,975

 

$

1,341,887

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

2.

 

LESS: RETURNS & DISCOUNTS

 

$

1,564

 

$

0

 

$

11,622

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

 

NET REVENUE

 

$

1,672,411

 

$

1,341,887

 

$

(11,622

)

$

0

 

$

0

 

$

0

 

$

0

 

COST OF GOODS SOLD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

 

MATERIAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.

 

DIRECT LABOR

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

 

DIRECT OVERHEAD

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.

 

TOTAL COST OF GOODS SOLD

 

$

3,659,516

 

$

6,581,682

 

$

5,498

 

$

834

 

$

0

 

$

0

 

$

0

 

8.

 

GROSS PROFIT

 

$

(1,987,105

)

$

(5,239,795

)

$

(17,120

)

$

(834

)

$

0

 

$

0

 

$

0

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.

 

OFFICER / INSIDER COMPENSATION

 

$

175,191

 

$

50,769

 

$

260,913

 

$

41,597

 

$

33,277

 

$

33,277

 

$

33,277

 

10.

 

SELLING & MARKETING

 

$

6,619

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

 

GENERAL & ADMINISTRATIVE

 

$

962,118

 

$

933,973

 

$

522,083

 

$

318,455

 

$

121,625

 

$

269,773

 

$

319,555

 

12.

 

RENT & LEASE

 

$

802,664

 

$

368,660

 

$

620,585

 

$

(198,673

)

$

114,730

 

$

119,618

 

$

690,440

 

13.

 

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14.

 

TOTAL OPERATING EXPENSES

 

$

1,946,592

 

$

1,353,402

 

$

1,403,581

 

$

161,379

 

$

269,632

 

$

422,668

 

$

1,043,273

 

15.

 

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

(3,933,697

)

$

(6,593,197

)

$

(1,420,701

)

$

(162,213

)

$

(269,632

)

$

(422,668

)

$

(1,043,273

)

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16.

 

NON-OPERATING INCOME (ATT. LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany management fees from subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NON-OPERATING INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17.

 

NON-OPERATING EXPENSE (ATT. LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Banking fees and other

 

$

24,616

 

$

27,743

 

$

11,899

 

$

20,993

 

$

1,377

 

$

4,864

 

$

7,170

 

 

 

Termination of interest rate swap

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Write-off of software development costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intercompany management fee to Daisytek International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL NON-OPERATING EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18.

 

INTEREST EXPENSE

 

$

366,439

 

$

98,351

 

$

392

 

$

0

 

$

0

 

$

0

 

$

0

 

19.

 

DEPRECIATION / DEPLETION

 

$

252,551

 

$

276,525

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

20.

 

AMORTIZATION

 

$

290,951

 

$

263,581

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

21.

 

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(GAIN)/LOSS on sale of DSI US

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

(Gain)/ Loss on sale of Tape Company

 

 

 

$

25,441,411

 

$

(208,864

)

$

12,700

 

$

(41,327

)

$

0

 

$

0

 

 

 

(Gain)/Loss on sale of Arlington

 

 

 

$

(4,663,557

)

$

888,555

 

$

(103,436

)

$

(3,880

)

$

0

 

$

0

 

 

 

(Gain)/Loss on sale of Daisytek assets

 

 

 

$

(775,000

)

$

50,738,903

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

(Gain)/Loss on sale of Latin America

 

 

 

 

 

$

(1,004,561

)

$

0

 

$

0

 

$

0

 

$

0

 

 

 

Final Singapore disposal

 

 

 

 

 

$

(118,262

)

$

0

 

$

0

 

$

0

 

$

0

 

 

 

(Gain)/Loss on BA Pargh disposal

 

 

 

 

 

$

(7,361,153

)

$

(1,202

)

$

0

 

$

0

 

$

0

 

 

 

(Gain)/Loss on sale of Canada

 

 

 

 

 

$

(8,085,366

)

$

80,000

 

$

0

 

$

0

 

$

0

 

 

 

(Gain)/Loss on sale of Mexico

 

 

 

$

24,190,082

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

(Gain)/Loss on sale of Argentina

 

 

 

$

12,316,035

 

$

(395,898

)

$

0

 

$

0

 

$

0

 

$

0

 

 

 

OTHER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22.

 

NET OTHER INCOME & EXPENSES

 

$

934,557

 

$

57,175,171

 

$

34,465,645

 

$

9,055

 

$

(43,830

)

$

4,864

 

$

7,170

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23.

 

PROFESSIONAL FEES (FROM SCHEDULE)

 

$

745,352

 

$

1,297,062

 

$

2,693,364

 

$

442,286

 

$

0

 

$

239,207

 

$

195,635

 

24.

 

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

11,500

 

25.

 

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26.

 

TOTAL REORGANIZATION EXPENSES

 

$

745,352

 

$

1,297,062

 

$

2,693,364

 

$

442,286

 

$

0

 

$

239,207

 

$

207,135

 

27

 

INCOME TAX

 

$

(1,973,136

)

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

 

NET PROFIT (LOSS)

 

$

(3,640,470

)

$

(65,065,430

)

$

(38,579,710

)

$

(613,554

)

$

(225,802

)

$

(666,740

)

$

(1,257,579

)

 

 

 

 

Monthly Operating Report

 

 

 

 

 

ACCRUAL BASIS-3

 

 

 

 

 

02/13/95, RWD, 2/96

 

 

 

CASE NAME:

Daisytek Incorporated
B.A. Pargh Company
Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

 

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

 

5/7/03-5/31/03

 

10/1/03-10/31/03

 

11/1/03-11/30/03

 

12/1/2003-12/31/2003

 

01/01/2004 - 01/31/2004

 

2/1/04 - 2/29/04

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

 

CASH - BEGINNING OF MONTH

 

$

1,296,376

 

$

2,243,133

 

$

2,551,239

 

1979271.9

 

1,319,938.60

 

645,911.29

 

RECEIPTS FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

2.

 

CASH SALES

 

 

 

 

 

 

 

 

 

 

 

 

 

COLLECTION OF ACCOUNTS RECEIVABLE

 

 

 

 

 

 

 

 

 

 

 

 

 

3.

 

PREPETITION

 

 

 

 

 

 

 

 

 

 

 

 

 

4.

 

POSTPETITION

 

$

7,419,904

 

$

831,597

 

$

163,815

 

129221.33

 

91,373.00

 

282,205.63

 

5.

 

TOTAL OPERATING RECEIPTS

 

$

7,419,904

 

$

831,597

 

$

163,815

 

129221.33

 

91,373.00

 

282,205.63

 

NON - OPERATING RECEIPTS

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

 

LOANS & ADVANCES (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

6a.

 

COLLECTION OF INCOME TAX REC.

 

 

 

$

0

 

$

0

 

0

 

0.00

 

0.00

 

7.

 

SALE OF ASSETS

 

 

 

$

0

 

$

0

 

0

 

0.00

 

0.00

 

 

 

Sale of Canada

 

 

 

$

11,999,990

 

$

0

 

0

 

0.00

 

0.00

 

 

 

Sale of Mexico

 

 

 

$

0

 

$

520,000

 

0

 

0.00

 

0.00

 

 

 

Sale of Arlington

 

 

 

$

0

 

$

0

 

0

 

0.00

 

0.00

 

 

 

Sale of Tape Company

 

 

 

$

0

 

$

0

 

0

 

0.00

 

0.00

 

 

 

Sale of Argentina

 

 

 

$

0

 

$

0

 

0

 

0.00

 

0.00

 

8.

 

INTERCOMPANY TRANSFERS

 

$

(538,473

)

$

184,289

 

$

616,375

 

61990

 

0.00

 

0.00

 

9.

 

TOTAL NON-OPERATING RECEIPTS

 

$

(538,473

)

$

12,184,279

 

$

1,136,375

 

61990

 

0.00

 

0.00

 

10.

 

TOTAL RECEIPTS

 

$

6,881,431

 

$

13,015,876

 

$

1,300,190

 

191211.33

 

91,373.00

 

282,205.63

 

11.

 

TOTAL CASH AVAILABLE

 

$

8,177,807

 

$

15,259,009

 

$

3,851,429

 

2170483.23

 

1,411,311.60

 

928,116.92

 

OPERATING DISBURSEMENTS

 

 

 

 

 

 

 

 

 

 

 

 

 

12.

 

NET PAYROLL

 

$

528,761

 

$

464,317

 

$

263,327

 

111132.09

 

146,162.36

 

62,898.24

 

13.

 

PAYROLL TAXES PAID

 

$

144,275

 

$

189,747

 

$

0

 

0

 

0.00

 

0.00

 

14

 

SALES, USE & OTHER TAXES PAID

 

$

20,107

 

$

1,980

 

$

1,909

 

0

 

0.00

 

0.00

 

15

 

SECURED / RENTAL / LEASES

 

$

350,329

 

$

188,981

 

$

127,114

 

114,730.00

 

106,561.00

 

690,440.18

 

16.

 

UTILITIES

 

$

202,838

 

$

23,974

 

$

74,213

 

63892.48

 

13,057.00

 

9,944.02

 

17.

 

INSURANCE

 

$

37,905

 

$

0

 

$

0

 

81538.78

 

0.00

 

0.00

 

18.

 

INVENTORY PURCHASES

 

 

 

 

 

 

 

 

 

 

 

 

 

19.

 

VEHICLE EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

20.

 

TRAVEL

 

$

6,637

 

 

 

 

 

 

 

1,900.00

 

4,904.19

 

21.

 

ENTERTAINMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

22.

 

REPAIRS & MAINTENANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

23.

 

SUPPLIES

 

$

189

 

 

 

 

 

 

 

 

 

 

 

24.

 

ADVERTISING

 

 

 

 

 

 

 

 

 

 

 

 

 

25

 

INTEREST

 

 

 

 

 

 

 

 

 

 

 

 

 

26

 

OTHER (ATTACH LIST)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other employee expenses

 

 

 

$

25,995

 

$

110

 

277.95

 

0.00

 

0.00

 

 

 

Other operating expenses

 

 

 

$

409,863

 

$

98,491

 

109505.15

 

233,041.35

 

16,187.46

 

 

 

Flexible spending plan reimbursements/Health Ins.

 

 

 

$

123,381

 

$

0

 

0

 

25,471.60

 

63,627.83

 

 

 

Bank Reconciliation Items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank Fees

 

 

 

$

3,405

 

$

4,026

 

4576.02

 

0.00

 

0.00

 

 

 

Paydown line of credit

 

$

2,832,500

 

$

9,679,402

 

$

0

 

0

 

0.00

 

0.00

 

26.

 

TOTAL OPERATING DISBURSEMENTS

 

$

4,123,540

 

$

11,111,046

 

$

569,190

 

485652.47

 

526,193.31

 

848,001.92

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

27.

 

PROFESSIONAL FEES

 

 

 

$

1,596,724

 

$

1,302,467

 

364892.16

 

239,207.00

 

0.00

 

28.

 

U.S. TRUSTEE FEES

 

 

 

$

0

 

$

500

 

0

 

0.00

 

11,500.00

 

29.

 

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

0

 

0.00

 

0.00

 

30.

 

TOTAL REORGANIZATION EXPENSES

 

$

0

 

$

1,596,724

 

$

1,302,967

 

364892.16

 

239,207.00

 

11,500.00

 

31.

 

TOTAL DISBURSEMENTS

 

$

4,123,540

 

$

12,707,770

 

$

1,872,157

 

850544.63

 

765,400.31

 

859,501.92

 

32.

 

NET CASH FLOW

 

$

2,757,891

 

$

308,106

 

$

(571,967

)

-659333.3

 

-674,027.31

 

-577,296.29

 

33.

 

CASH - END OF MONTH

 

$

4,054,267

 

$

2,551,239

 

$

1,979,272

 

1319938.6

 

645,911.29

 

68,615.00

 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

ACCRUAL BASIS-4

 

 

 

 

 

02/13/95, RWD, 2/96

 

 

 

CASE NAME:

Daisytek Incorporated
B.A. Pargh Company
Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

MONTH

 

 

 

 

 

AMOUNT

 

30-Sep-03

 

31-Oct-03

 

30-Nov-03

 

31-Dec-03

 

31-Jan-04

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

 

0-30

 

$

16,882,250

 

$

(67,379

)

$

270,346

 

$

11,346

 

$

0

 

$

0

 

2.

 

31-60

 

$

1,733,157

 

$

(630,835

)

$

(762,473

)

$

222,541

 

$

0

 

$

0

 

3.

 

61-90

 

$

474,006

 

$

1,305,354

 

$

(607,751

)

$

(783,283

)

$

0

 

$

0

 

4.

 

91+

 

$

2,734,808

 

$

6,771,103

 

$

6,526,164

 

$

5,484,992

 

$

4,904,051

 

$

4,554,135

 

5.

 

TOTAL ACCOUNTS RECEIVABLE

 

$

21,824,221

 

$

7,378,243

 

$

5,426,286

 

$

4,935,596

 

$

4,904,051

 

$

4,554,135

 

6.

 

AMOUNT CONSIDERED UNCOLLECTIBLE

 

$

4,501,107

 

$

4,098,208

 

$

3,426,311

 

$

3,096,554

 

$

3,089,474

 

$

2,830,930

 

7.

 

ACCOUNTS RECEIVABLE (NET)

 

$

17,323,114

 

$

3,280,035

 

$

1,999,975

 

$

1,839,042

 

$

1,814,578

 

$

1,723,205

 

 

 

 

**Denotes Re-Bills made within the current month.

 

 

 

 

 

 

 

 

 

 

AGING OF POSTPETITION TAXES AND PAYABLES

 

MONTH:

February 29, 2004

 

 

 

 

 

 

0-30
DAYS

 

31-60
DAYS

 

61-90
DAYS

 

91+
DAYS

 

TOTAL

 

TAXES PAYABLE

 

 

 

 

 

 

 

 

 

 

 

1.

 

FEDERAL

 

$

53,627

 

$

0

 

$

0

 

$

0

 

$

53,627

 

2.

 

STATE

 

$

115,575

 

$

0

 

$

0

 

$

0

 

$

115,575

 

3.

 

LOCAL

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

4.

 

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

5.

 

TOTAL TAXES PAYABLE

 

$

169,202

 

$

0

 

$

0

 

$

0

 

$

169,202

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.

 

ACCOUNTS PAYABLE

 

$

0

 

$

0

 

$

0

 

$

233,461

 

$

233,461

 

 

*Rejected Leases

 

STATUS OF POSTPETITION TAXES

 

MONTH:

February 29, 2004

 

 

 

 

 

 

BEGINNING
TAX
LIABILITY*

 

AMOUNT
WITHHELD AND/
0R ACCRUED

 

AMOUNT
PAID

 

ENDING
TAX
LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

1.

 

WITHHOLDING**

 

$

1

 

$

7,942

 

$

0

 

$

7,943

 

2.

 

FICA-EMPLOYEE**

 

$

(3,166

)

$

2,416

 

$

(3,166

)

$

2,416

 

3.

 

FICA-EMPLOYER**

 

$

(3,175

)

$

2,416

 

$

(3,175

)

$

2,416

 

4.

 

UNEMPLOYMENT

 

$

(0

)

$

0

 

$

0

 

$

(0

)

5.

 

INCOME

 

$

40,853

 

$

0

 

$

0

 

$

40,853

 

6.

 

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

 

TOTAL FEDERAL TAXES

 

$

34,512

 

$

12,773

 

$

(6,341

)

$

53,627

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

8.

 

WITHHOLDING

 

$

4

 

$

0

 

$

0

 

$

4

 

9.

 

SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

 

EXCISE

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

 

UNEMPLOYMENT

 

$

0

 

$

0

 

$

0

 

$

0

 

12.

 

REAL PROPERTY

 

$

0

 

$

0

 

$

0

 

$

0

 

13.

 

PERSONAL PROPERTY

 

$

101,484

 

 

 

$

0

 

$

101,484

 

14.

 

OTHER - Tennessee Corporation Annual Reports

 

$

14,088

 

$

0

 

$

0

 

$

14,088

 

15.

 

TOTAL STATE & LOCAL

 

$

166,173

 

$

0

 

$

0

 

$

115,576

 

16.

 

TOTAL TAXES

 

$

200,685

 

$

12,773

 

$

(6,341

)

$

169,202

 

 

*                    The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.

**             Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.

 

 

 

 

Monthly Operating Report

 

 

 

 

 

ACCRUAL BASIS-5

 

 

 

 

 

02/13/95, RWD, 2/96

 

 

 

CASE NAME:

Daisytek Incorporated
B.A. Pargh Company
Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

 

The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.

 

 

 

MONTH:

February, 2004

 

 

BANK RECONCILIATIONS

 

 

 

 

 

Account #1

 

Account #2

 

Account #3

 

Account #4

 

Account #5

 

Account #6

 

TOTAL

 

A.

 

BANK:

 

See Below - A

 

Guaranty

 

Chase

 

Bank of America

 

Bank One

 

Bank of America

 

 

 

B.

 

ACCOUNT NUMBER:

 

See Below - A

 

380-1466909

 

88006320428

 

3752175743

 

629438797

 

3752175772

 

 

 

C.

 

PURPOSE (TYPE):

 

See Below - A

 

Payroll/Benefits

 

Flex Plan

 

Petty Cash-Bksfld

 

Disbursement

 

Depository

 

 

 

1.

 

BALANCE PER BANK STATEMENT

 

$

324,071

 

$

67,802

 

$

0

 

$

0

 

$

0

 

$

0

 

$

391,874

 

2.

 

ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

 

 

 

 

 

 

 

 

 

 

$

0

 

3.

 

SUBTRACT: OUTSTANDING CHECKS

 

$

611,460

 

$

117,519

 

$

0

 

 

 

 

 

 

 

$

728,979

 

4.

 

OTHER RECONCILING ITEMS

 

$

287,389

 

$

117,519

 

$

0

 

 

 

 

 

$

0

 

$

404,908

 

5.

 

MONTH END BALANCE PER BOOKS

 

$

0

 

$

67,803

 

$

0

 

$

0

 

$

0

 

$

0

 

$

67,803

 

6.

 

NUMBER OF LAST CHECK WRITTEN

 

208929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INVESTMENT ACCOUNTS

 

BANK, ACCOUNT NAME & NUMBER

 

DATE OF
PURCHASE

 

TYPE OF
INSTRUMENT

 

PURCHASE
PRICE

 

 

 

 

 

 

 

CURRENT
VALUE

 

7.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11.

 

TOTAL INVESTMENTS

 

 

 

 

 

$

0

 

 

 

 

 

 

 

$

0

 

 

CASH

 

12.

 

CURRENCY ON HAND

 

 

 

 

 

 

 

 

 

 

 

 

 

$

812

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13.

 

TOTAL CASH - END OF MONTH

 

 

 

 

 

 

 

 

 

 

 

 

 

$

68,615

 

 

Note A:

Daisytek performs a consolidated bank reconciliation.  The following is the listing of bank accounts included in this reconciliation:

 

Bank

 

Account #

 

Purpose

 

Balance per Bank

 

Bank of America

 

3752175714

 

Master Funding

 

0

 

Bank of America

 

3752190663

 

Prof Fee Segr Acct

 

0.00

 

Bank of America

 

3752175808

 

Master Collections

 

270,528

 

Bank One

 

10-91081

 

Accts Payable

 

51,839

 

Bank One

 

633680996

 

Disbursement

 

1,704

 

Bank One

 

11-28503

 

Master Collections

 

0

 

Chase

 

88-05174651

 

Operating

 

0

 

Frost Nat’l Bank

 

966003966

 

Emp Benefits

 

0

 

Bank One

 

1571581485

 

Master Depository

 

0

 

 

 

 

 

 

 

324,071

 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

ACCRUAL BASIS-6

 

 

 

 

 

02/13/95, RWD, 2/96

 

 

 

CASE NAME:

Daisytek Incorporated
B.A. Pargh Company
Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

 

 

 

 

 

MONTH: February 29, 2004

 

PAYMENTS 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 TO PROFESSIONALS.  ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g.  SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.).  ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

INSIDERS

 

NAME

 

TYPE OF
PAYMENT

 

AMOUNT
PAID

 

TOTAL PAID
TO DATE

 

1.

 

Dale Booth

 

Salary

 

$

33,277

 

$

517,726

 

2.

 

Ralph Doherty

 

Salary

 

$

0

 

$

120,808

 

3.

 

Jack Kearney

 

Salary

 

$

0

 

$

87,877

 

4.

 

Eric Logan

 

Salary

 

$

0

 

$

148,826

 

5.

 

Peter Wharf

 

Salary

 

$

0

 

$

86,779

 

6.

 

TOTAL PAYMENTS TO INSIDERS

 

 

 

$

33,277

 

$

820,587

 

 

PROFESSIONALS

 

NAME

 

DATE OF COURT
ORDER AUTHORIZING
PAYMENT

 

AMOUNT
APPROVED

 

AMOUNT
PAID

 

TOTAL PAID
TO DATE

 

TOTAL
INCURRED
& UNPAID *

 

1.

 

Vinson & Elkins

 

 

 

$

3,532,824

 

$

0

 

$

2,966,653

 

$

566,170

 

2.

 

FTI

 

n/a

 

$

266,158

 

$

0

 

$

377,837

 

$

(111,679

)

3.

 

Rochelle Elrod Hutcheson

 

n/a

 

$

844,620

 

$

195,635

 

$

640,033

 

$

204,586

 

4.

 

Deloitte & Touche

 

n/a

 

$

1,538,720

 

$

0

 

$

1,362,155

 

$

176,565

 

5

 

US Trustee

 

n/a

 

$

70,250

 

$

0

 

$

70,250

 

$

0

 

6

 

Houlihan

 

n/a

 

$

1,489,134

 

$

0

 

$

1,489,134

 

$

0

 

7

 

Jenkins

 

n/a

 

$

98,038

 

$

0

 

$

0

 

$

98,038

 

8

 

JPG Corporaiton(Trustee Waiting)

 

n/a

 

$

28,093

 

$

0

 

$

0

 

$

28,093

 

 

 

TOTAL PAYMENTS TO PROFESSIONALS

 

 

 

$

7,867,836

 

$

195,635

 

$

6,541,170

 

$

961,774

 

 

*  INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

 

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS

 

NAME OF CREDITOR

 

SCHEDULED
MONTHLY
PAYMENTS
DUE

 

AMOUNTS
PAID
DURING
MONTH

 

TOTAL
UNPAID
POSTPETITION

 

1. L&B Depp Entreprises II

 

117,388.31

 

117,388.31

 

0.00

 

2. IBM Corporation

 

557,051.87

 

557,051.87

 

0.00

 

3. William Sands

 

16,000.00

 

16,000.00

 

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.   TOTAL

 

690,440.18

 

690,440.18

 

0.00

 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

ACCRUAL BASIS-7

 

 

 

 

 

02/13/95, RWD, 2/96

 

 

 

CASE NAME:

Daisytek Incorporated
B.A. Pargh Company
Virtual Demand, Inc.

 

 

 

 

CASE NUMBER:

03-34762-HDH-11, 03-34766-HDH-11, 03-34771-HDH-11

 

 

 

 

 

 

MONTH: February 29, 2004

 

 

 

QUESTIONNAIRE

 

6/1/03-6/26/03

 

 

 

 

 

 

 

YES

 

NO

 

1.

 

HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?

 

 

 

ý

 

2.

 

HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?

 

 

 

ý

 

3.

 

ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES?

 

 

 

ý

 

4.

 

HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD?

 

 

 

ý

 

5.

 

HAVE ANY POST PETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY?

 

 

 

ý

 

6.

 

ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?

 

 

 

ý

 

7.

 

ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE?

 

 

 

ý

 

8.

 

ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?

 

 

 

ý

 

9.

 

ARE ANY OTHER POSTPETITION TAXES PAST DUE?

 

 

 

ý

 

10.

 

ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT?

 

 

 

ý

 

11.

 

HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD?

 

 

 

ý

 

12.

 

ARE ANY WAGE PAYMENTS PAST DUE?

 

 

 

ý

 

 

 

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM.  ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

Question 1:

 

 

 

INSURANCE

 

 

 

 

 

YES

 

NO

 

1.

 

ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?

 

ý

 

 

 

2.

 

ARE ALL PREMIUM PAYMENTS PAID CURRENT?

 

ý

 

 

 

3.

 

PLEASE ITEMIZE POLICIES BELOW.

 

 

 

 

 

 

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW.  ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

 

 

INSTALLMENT PAYMENTS

 

TYPE OF
POLICY

 

CARRIER

 

PERIOD COVERED

 

PAYMENT AMOUNT
& FREQUENCY

 

 

 

 

 

 

 

 

 

 

 

Property

 

Royal Indemnity Company

 

5/1/03 - 5/1/04

 

$

409,804

 

annual

 

General Liability

 

St. Paul Fire & Marine Insurance Company

 

5/1/03 - 5/1/04

 

$

75,084

 

annual

 

Business Auto

 

St. Paul Fire & Marine Insurance Company

 

5/1/03 - 5/1/04

 

$

57,345

 

annual

 

Workers’ Compensation

 

St. Paul Fire & Marine Insurance Company

 

5/1/03 - 5/1/04

 

$

297,172

 

annual

 

Cargo

 

Indemnity Insurance Company of North America

 

5/1/03 - 5/1/04

 

$

108,500

 

annual

 

Umbrella Liability (primary layer)

 

St. Paul Fire & Marine Insurance Company

 

5/1/03 - 5/1/04

 

$

50,974

 

annual

 

Umbrella Liability (excess layer)

 

Federal Insurance Co.

 

5/1/03 - 5/1/04

 

$

30,300

 

annual

 

Fiduciary Liability

 

Federal Insurance Co.

 

4/1/03 - 4/1/04

 

$

9,000

 

annual

 

Primary Directors & Officers

 

National Union Fire Insurance Company

 

4/1/03 - 4/1/04

 

$

1,100,000

 

annual

 

Excess D&O (1st layer)

 

XL Specialty Insurance Co.

 

4/1/03 - 4/1/04

 

$

1,250,000

 

annual

 

Extended Reporting Period Purchased Excess D&O (1st layer)

 

St. Paul Mercury Insurance Company

 

4/1/03 - 4/1/04

 

$

354,375

 

annual

 

Extended Reporting Period Purchased Excess D&O (2nd layer)

 

Twin City Fire Insurance Company

 

4/1/03 - 4/1/04

 

$

187,500

 

annual

 

Crime

 

Gulf Insurance Company

 

4/1/03 - 4/1/04

 

$

27,250

 

annual