EX-99.8 9 a2043092zex-99_8.txt EX-99.8 EXHIBIT 99.8 MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96 JUDGE: BARBARA J. HOUSER UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS SIXTH DIVISION MONTHLY OPERATING REPORT MONTH ENDING: FEBRUARY 28, 2001 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/ Drew Keith CHIEF FINANCIAL OFFICER --------------------------------------------- --------------------------- ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE DREW KEITH 3/20/2001 --------------------------------------------- --------------------------- PRINTED NAME OF RESPONSIBLE PARTY DATE PREPARER: /s/ Kevin K. Craig CONTROLLER, KITTY HAWK INC. --------------------------------------------- --------------------------- ORIGINAL SIGNATURE OF PREPARER TITLE KEVIN K. CRAIG 3/20/2001 --------------------------------------------- --------------------------- PRINTED NAME OF PREPARER DATE MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-1 CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96 COMPARATIVE BALANCE SHEET
SCHEDULE MONTH MONTH MONTH ------------- -------------- ASSETS AMOUNT JANUARY, 2001 FEBRUARY, 2001 ------------------------------------------------------------------------------------------------------------------- 1. UNRESTRICTED CASH $0 $0 $0 $0 2. RESTRICTED CASH $0 $632,475 $320,642 $0 3. TOTAL CASH $0 $632,475 $320,642 $0 ------------------------------------------------------------------------------------------------------------------- 4. ACCOUNTS RECEIVABLE (NET) $0 $0 $0 $0 5. INVENTORY $0 $0 $0 $0 6. NOTES RECEIVABLE $0 $0 $0 $0 7. PREPAID EXPENSES $0 $0 $0 $0 8. OTHER (ATTACH LIST) ($33,904,344) ($18,078,186) ($16,350,041) $0 9. TOTAL CURRENT ASSETS ($33,904,344) ($17,445,711) ($16,029,399) $0 ------------------------------------------------------------------------------------------------------------------- 10. PROPERTY, PLANT & EQUIPMENT $81,907,719 $75,028,395 $73,916,638 $0 11. LESS: ACCUMULATED DEPRECIATION / DEPLETION $33,669,772 $34,405,980 $34,212,945 $0 12. NET PROPERTY, PLANT & EQUIPMENT $48,237,946 $40,622,415 $39,703,693 $0 ------------------------------------------------------------------------------------------------------------------- 13. DUE FROM INSIDERS $0 $0 $0 $0 14. OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) $0 $0 $0 $0 15. OTHER (ATTACH LIST) $0 $0 $0 $0 ------------------------------------------------------------------------------------------------------------------- 16. ASSETS $14,333,602 $23,176,704 $23,674,294 $0 =================================================================================================================== POSTPETITION LIABILITIES 17. ACCOUNTS PAYABLE $0 $0 $0 18. TAXES PAYABLE $0 $0 $0 19. NOTES PAYABLE $0 $0 $0 20. PROFESSIONAL FEES $0 $0 $0 21. SECURED DEBT $0 $0 $0 22. OTHER (ATTACH LIST) $3,191,685 $3,390,721 $0 ------------------------------------------------------------------------------------------------------------------- 23. TOTAL POSTPETITION LIABILITIES $3,191,685 $3,390,721 $0 =================================================================================================================== PREPETITION LIABILITIES 24. SECURED DEBT $2,811,382 $8,791 $8,791 $0 25. PRIORITY DEBT $0 $0 $0 $0 26. UNSECURED DEBT $0 $0 $0 $0 27. OTHER (ATTACH LIST) $1,300,001 $2,399,516 $2,399,516 $0 28. TOTAL PREPETITION LIABILITIES $4,111,383 $2,408,307 $2,408,307 $0 ------------------------------------------------------------------------------------------------------------------- 29. TOTAL LIABILITIES $4,111,383 $5,599,992 $5,799,028 $0 =================================================================================================================== EQUITY 30. PREPETITION OWNERS' EQUITY $0 $12,789,185 $12,789,185 $0 31. POSTPETITION CUMULATIVE PROFIT OR (LOSS) $4,787,527 $5,086,081 $0 32. DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) $0 $0 $0 33. TOTAL EQUITY $0 $17,576,712 $17,875,266 $0 ------------------------------------------------------------------------------------------------------------------- 34. TOTAL LIABILITIES & OWNERS' EQUITY $4,111,383 $23,176,704 $23,674,294 $0 $0 $0 $0 ===================================================================================================================
MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-2 CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96 INCOME STATEMENT
MONTH MONTH MONTH QUARTER ------------- ------------- REVENUES JANUARY, 2001 FEBRUARY, 2001 TOTAL ---------------------------------------------------------------------------------------------------------------- 1. GROSS REVENUES $969,000 $969,000 $0 $1,938,000 2. LESS: RETURNS & DISCOUNTS $0 $0 $0 $0 ---------------------------------------------------------------------------------------------------------------- 3. NET REVENUE $969,000 $969,000 $0 $1,938,000 ================================================================================================================ COST OF GOODS SOLD 4. MATERIAL $0 $0 $0 $0 5. DIRECT LABOR $0 $0 $0 $0 6. DIRECT OVERHEAD $0 $0 $0 $0 7. TOTAL COST OF GOODS SOLD $0 $0 $0 $0 ---------------------------------------------------------------------------------------------------------------- 8. GROSS PROFIT $969,000 $969,000 $0 $1,938,000 ================================================================================================================ OPERATING EXPENSES 9. OFFICER / INSIDER COMPENSATION $0 $0 $0 $0 10. SELLING & MARKETING $0 $0 $0 $0 11. GENERAL & ADMINISTRATIVE $0 $0 $0 $0 12. RENT & LEASE $0 $0 $0 $0 13. OTHER (ATTACH LIST) $0 $0 $0 $0 ---------------------------------------------------------------------------------------------------------------- 14. TOTAL OPERATING EXPENSES $0 $0 $0 $0 ---------------------------------------------------------------------------------------------------------------- 15. INCOME BEFORE NON-OPERATING INCOME & EXPENSE $969,000 $969,000 $0 $1,938,000 ================================================================================================================ OTHER INCOME & EXPENSES 16. NON-OPERATING INCOME (ATT. LIST) ($7,247) ($4,640) $0 ($11,887) 17. NON-OPERATING EXPENSE (ATT. LIST) $0 $0 $0 $0 18. INTEREST EXPENSE $0 $0 $0 $0 19. DEPRECIATION / DEPLETION $443,020 $442,672 $0 $885,692 20. AMORTIZATION $0 $0 $0 $0 21. OTHER (ATTACH LIST) ($434,229) $33,378 $0 ($400,851) ---------------------------------------------------------------------------------------------------------------- 22. NET OTHER INCOME & EXPENSES $1,544 $471,410 $0 $472,954 ================================================================================================================ REORGANIZATION EXPENSES 23. PROFESSIONAL FEES $0 $0 $0 24. U.S. TRUSTEE FEES $0 $0 $0 $0 25. OTHER (ATTACH LIST) $0 $0 $0 $0 26. TOTAL REORGANIZATION EXPENSES $0 $0 $0 $0 ---------------------------------------------------------------------------------------------------------------- 27. INCOME TAX $386,983 $199,036 $0 $586,019 ---------------------------------------------------------------------------------------------------------------- 28. NET PROFIT (LOSS) $580,473 $298,554 $0 $879,027 ================================================================================================================
MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-3 CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96
MONTH MONTH MONTH QUARTER ------------- -------------- CASH RECEIPTS AND DISBURSEMENTS JANUARY, 2001 FEBRUARY, 2001 TOTAL -------------------------------------------------------------------------------------------------------------------------- 1. CASH - BEGINNING OF MONTH $1,167,478 $632,475 $320,642 $1,167,478 -------------------------------------------------------------------------------------------------------------------------- RECEIPTS FROM OPERATIONS 2. CASH SALES $0 $0 $0 $0 -------------------------------------------------------------------------------------------------------------------------- COLLECTION OF ACCOUNTS RECEIVABLE 3. PREPETITION $0 $0 $0 $0 4. POSTPETITION $0 $0 $0 $0 -------------------------------------------------------------------------------------------------------------------------- 5. TOTAL OPERATING RECEIPTS $0 $0 $0 $0 ========================================================================================================================== NON-OPERATING RECEIPTS 6. LOANS & ADVANCES (ATTACH LIST) $0 $0 $0 $0 7. SALE OF ASSETS $0 $0 $0 $0 8. OTHER (ATTACH LIST) $7,247 $4,640 $0 $11,887 9. TOTAL NON-OPERATING RECEIPTS $7,247 $4,640 $0 $11,887 -------------------------------------------------------------------------------------------------------------------------- 10. TOTAL RECEIPTS $7,247 $4,640 $0 $11,887 -------------------------------------------------------------------------------------------------------------------------- 11. TOTAL CASH AVAILABLE $1,174,725 $637,115 $320,642 $1,179,365 ========================================================================================================================== OPERATING DISBURSEMENTS 12. NET PAYROLL $0 $0 $0 $0 13. PAYROLL TAXES PAID $0 $0 $0 $0 14. SALES, USE & OTHER TAXES PAID $0 $0 $0 $0 15. SECURED / RENTAL / LEASES $0 $0 $0 $0 16. UTILITIES $0 $0 $0 $0 17. INSURANCE $0 $0 $0 $0 18. INVENTORY PURCHASES $0 $0 $0 $0 19. VEHICLE EXPENSES $0 $0 $0 $0 20. TRAVEL $0 $0 $0 $0 21. ENTERTAINMENT $0 $0 $0 $0 22. REPAIRS & MAINTENANCE $0 $0 $0 $0 23. SUPPLIES $0 $0 $0 $0 24. ADVERTISING $0 $0 $0 $0 25. OTHER (ATTACH LIST) $0 $0 $0 $0 -------------------------------------------------------------------------------------------------------------------------- 26. TOTAL OPERATING DISBURSEMENTS $0 $0 $0 $0 ========================================================================================================================== REORGANIZATION EXPENSES 27. PROFESSIONAL FEES $542,250 $316,473 $0 $858,723 28. U.S. TRUSTEE FEES $0 $0 $0 $0 29. OTHER (ATTACH LIST) $0 $0 $0 $0 30. TOTAL REORGANIZATION EXPENSES $542,250 $316,473 $0 $858,723 31. TOTAL DISBURSEMENTS $542,250 $316,473 $0 $858,723 32. NET CASH FLOW ($535,003) ($311,833) $0 ($846,836) -------------------------------------------------------------------------------------------------------------------------- 33. CASH - END OF MONTH $632,475 $320,642 $320,642 $320,642 ==========================================================================================================================
MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-4 CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96
SCHEDULE MONTH MONTH MONTH ------------- -------------- ACCOUNTS RECEIVABLE AGING AMOUNT JANUARY, 2001 FEBRUARY, 2001 --------------------------------------------------------------------------------------------------------------------------- 1. 0-30 $0 $0 $0 $0 2. 31-60 $0 $0 $0 $0 3. 61-90 $0 $0 $0 $0 4. 91+ $0 $0 $0 $0 5. TOTAL ACCOUNTS RECEIVABLE $0 $0 $0 $0 --------------------------------------------------------------------------------------------------------------------------- 6. AMOUNT CONSIDERED UNCOLLECTIBLE $0 $0 $0 $0 --------------------------------------------------------------------------------------------------------------------------- 7. ACCOUNTS RECEIVABLE (NET) $0 $0 $0 $0 ===========================================================================================================================
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: FEBRUARY, 2001 --------------------------------------------------------------------------------------------------------------------------- 0-30 31-60 61-90 91+ TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL --------------------------------------------------------------------------------------------------------------------------- 1. FEDERAL $0 $0 $0 $0 $0 2. STATE $0 $0 $0 $0 $0 3. LOCAL $0 $0 $0 $0 $0 4. OTHER (ATTACH LIST) $0 $0 $0 $0 $0 --------------------------------------------------------------------------------------------------------------------------- 5. TOTAL TAXES PAYABLE $0 $0 $0 $0 $0 =========================================================================================================================== 6. ACCOUNTS PAYABLE $0 $0 $0 $0 $0 ===========================================================================================================================
STATUS OF POSTPETITION TAXES MONTH: FEBRUARY, 2001
BEGINNING AMOUNT ENDING TAX WITHHELD AND/ AMOUNT TAX FEDERAL LIABILITY* OR ACCRUED PAID LIABILITY ---------------------------------------------------------------------------------------------------------------------------- 1. WITHHOLDING** $0 $0 $0 $0 2. FICA-EMPLOYEE** $0 $0 $0 $0 3. FICA-EMPLOYER** $0 $0 $0 $0 4. UNEMPLOYMENT $0 $0 $0 $0 5. INCOME $0 $0 $0 $0 6. OTHER (ATTACH LIST) $0 $0 $0 $0 ---------------------------------------------------------------------------------------------------------------------------- 7. TOTAL FEDERAL TAXES $0 $0 $0 $0 ============================================================================================================================ STATE AND LOCAL 8. WITHHOLDING $0 $0 $0 $0 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 $0 $0 $0 $0 14. OTHER (ATTACH LIST) $0 $0 $0 $0 15. TOTAL STATE & LOCAL $0 $0 $0 $0 ---------------------------------------------------------------------------------------------------------------------------- 16. TOTAL TAXES $0 $0 $0 $0 ============================================================================================================================
* 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 CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-5 CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96 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, 2001 BANK RECONCILIATIONS
Account #1 Account #2 Account #3 TOTAL ---------------------------------------------------------------------------------------------------------------------------- A. BANK: B. ACCOUNT NUMBER: C. PURPOSE (TYPE): ---------------------------------------------------------------------------------------------------------------------------- 1. BALANCE PER BANK STATEMENT $0 $0 2. ADD: TOTAL DEPOSITS NOT CREDITED $0 $0 3. SUBTRACT: OUTSTANDING CHECKS $0 $0 4. OTHER RECONCILING ITEMS $0 $0 5. MONTH END BALANCE PER BOOKS $0 $0 $0 $0 6. NUMBER OF LAST CHECK WRITTEN
INVESTMENT ACCOUNTS
DATE OF TYPE OF PURCHASE CURRENT PURCHASE INSTRUMENT PRICE VALUE BANK, ACCOUNT NAME & NUMBER ---------------------------------------------------------------------------------------------------------------------------- 7. BANK ONE TRUST (ESCROW) 6801456800* 1/3/00 MONEY MARKET $3,625,000 $0 8. HSBC Bank USA (ESCROW) #10-876110 6/19/00 MONEY MARKET $3,560,463 $320,642 9. 10. 11. TOTAL INVESTMENTS $320,642 CASH ---------------------------------------------------------------------------------------------------------------------------- 12. CURRENCY ON HAND $0 ---------------------------------------------------------------------------------------------------------------------------- 13. TOTAL CASH - END OF MONTH $320,642 ----------------------------------------------------------------------------------------------------------------------------
MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-6 CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96 MONTH: FEBRUARY, 2001 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 ------------------------------------------------------------------------------- TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATE ------------------------------------------------------------------------------- 1. SEE KITTY HAWK, INC. MOR - CASE # 400-42141-BJH-11 2. 3. 4. 5. ------------------------------------------------------------------------------- 6. TOTAL PAYMENTS TO INSIDERS $0 $0 ===============================================================================
PROFESSIONALS ------------------------------------------------------------------------------- DATE OF COURT TOTAL ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID * ------------------------------------------------------------------------------------------------- 1. SEE KITTY HAWK, INC. MOR - CASE # 400-42141-BJH-11 2. 3. 4. 5. ------------------------------------------------------------------------------------------------- 6. TOTAL PAYMENTS TO PROFESSIONALS $0 $0 $0 $0 =================================================================================================
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID NAME OF CREDITOR DUE MONTH POSTPETITION -------------------------------------------------------------------------------------- 1. FIRST SOURCE BANK (865001) $0 $0 $0 2. FIRST SOURCE BANK (RPS) $0 $0 $0 3. FIRST SOURCE BANK (AIA) $0 $0 $0 4. $0 5. $0 -------------------------------------------------------------------------------------- 6. TOTAL $0 $0 $0 ======================================================================================
MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-7 CASE NUMBER: 400-42148-BJH-11 02/13/95, RWD, 2/96 MONTH: FEBRUARY, 2001 QUESTIONNAIRE -------------------------------------------------------------------------------
YES NO ------------------------------------------------------------------------------- 1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X ------------------------------------------------------------------------------- 2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X ------------------------------------------------------------------------------- 3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? X ------------------------------------------------------------------------------- 4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? X ------------------------------------------------------------------------------- 5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X ------------------------------------------------------------------------------- 6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X ------------------------------------------------------------------------------- 7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X ------------------------------------------------------------------------------- 8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X ------------------------------------------------------------------------------- 9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X ------------------------------------------------------------------------------- 10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X ------------------------------------------------------------------------------- 11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X ------------------------------------------------------------------------------- 12. ARE ANY WAGE PAYMENTS PAST DUE? X -------------------------------------------------------------------------------
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. a) $476,050 Loss on Write-Off of LHI for Returned aircraft N901RF & N902RF b) $316,473 Disbursement to Successor Trustee of (HSBC-Escrow) account for Professional Fees (transfer expense to KH Inc & KH Int'l) INSURANCE -------------------------------------------------------------------------------
YES NO ------------------------------------------------------------------------------- 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? X ------------------------------------------------------------------------------- 2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X ------------------------------------------------------------------------------- 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 PAYMENT AMOUNT POLICY CARRIER PERIOD COVERED & FREQUENCY ------------------------------------------------------------------------------- SEE KITTY HAWK, INC. MOR - CASE # 400-42141-BJH-11
CASE NAME: AIRCRAFT LEASING, INC. FOOTNOTES SUPPLEMENT CASE NUMBER: 400-42148-BJH-11 ACCRUAL BASIS MONTH: FEBRUARY, 2001
ACCRUAL BASIS LINE FOOTNOTE / EXPLANATION FORM NUMBER NUMBER --------------------------------------------------------------------------------------------------------------- 3 8 All cash received into the subsidiary cash account is swept each night to Kitty Hawk, Inc. Master Account --------------------------------------------------------------------------------------------------------------- 3 31 All disbursements (either by wire transfer or check), including payroll, are disbursed out of the Kitty Hawk, Inc. controlled disbursement account. --------------------------------------------------------------------------------------------------------------- 4 6 All assessments of uncollectible accounts receivable are done at Kitty Hawk, Inc. All reserves are recorded at Inc. and pushed down to Inc.'s subsidiaries as deemed necessary. --------------------------------------------------------------------------------------------------------------- 7 3 All insurance policies are carried in the name of Kitty Hawk, Inc. and its subsidiaries. Therefore, they are listed here accordingly. ---------------------------------------------------------------------------------------------------------------
MONTHLY OPERATING REPORT CASE NAME: AIRCRAFT LEASING, INC. ACCRUAL BASIS-ATTACHMENT CASE NUMBER: 400-42148-BJH-11 MONTH: FEBRUARY, 2001
MOR # ITEM # LIST OR EXPLANATION ------------------------------------------------------------------------------------------------------------------------------------ 1 - BS 8 a) $50,000 Deposit for Retainer & Legal Fees from Bank One Trust to Lessor's Counsel b) ($16,400,041) Intercompany Cummulative Receivable/Payable Credit Balance ------------------------------------------------------------------------------------------------------------------------------------ 1 - BS 22 a) $3,390,721 Accrued Federal Income Taxes (Post-petition) ------------------------------------------------------------------------------------------------------------------------------------ 1 - BS 27 a) $2,399,516 Accrued Taxes Payable (Pre-petition) ------------------------------------------------------------------------------------------------------------------------------------ 2 - IS 16 a) $4,640 Interest Income (from HSBC -Escrow account) ------------------------------------------------------------------------------------------------------------------------------------ 2 - IS 21 a) $476,050 Loss on Disposition of Leasehold Improvements on Returned A/C: N901RF & N902RF b) ($442,672) Credit for Allocation of A/C Costs to KH Cargo (vs I/C) ------------------------------------------------------------------------------------------------------------------------------------ 3 - CF 8 a) $4,640 Interest Income (from HSBC -Escrow account) ------------------------------------------------------------------------------------------------------------------------------------ 4 - AP T6 a) Federal Income Taxes are now shown as Other Accrued Liabilities (due to deferred tax credits) ------------------------------------------------------------------------------------------------------------------------------------ 7 - QA 2 a) $316,473 Disbursement to Successor Trustee of (HSBC-Escrow) account for Professional Fees, Transferred to KH Inc & KH Int'l ------------------------------------------------------------------------------------------------------------------------------------