EX-99.1 2 a08-6514_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME:

Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS

 

 

 

 

 

2008

CASE NUMBER:

07-44536

 

 

 

 

 

 

 

 

 

 

JUDGE:

Russell F. Nelms

 

 

 

 

 

UNITED STATES BANKRUPTCY COURT

 

NORTHERN DISTRICT OF TEXAS

 

DIVISION 6

 

MONTHLY OPERATING REPORT

 

MONTH ENDING:  JANUARY 31, 2008

 

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/James R. Kupferschmid

 

Senior VP and Chief Restructing Officer

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY

 

TITLE

 

 

 

 

 

 

James R. Kupferschmid

 

February 21, 2008

PRINTED NAME OF RESPONSIBLE PARTY

 

DATE

 

 

 

 

 

 

PREPARER:

 

 

 

 

 

/s/ Jessica L. Wilson

 

VP and Chief Financial Officer

ORIGINAL SIGNATURE OF PREPARER

 

TITLE

 

 

 

 

 

 

Jessica L. Wilson

 

February 21, 2008

PRINTED NAME OF PREPARER

 

DATE

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-1

 

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

COMPARATIVE BALANCE SHEET

 

 

 

SCHEDULE

 

MONTH

 

 

 

 

 

 

 

AMOUNT

 

January 2008

 

MONTH

 

MONTH

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

0

 

$

2,509,077

 

 

 

 

 

2.

RESTRICTED CASH

 

$

2,869,929

 

$

1,935,883

 

 

 

 

 

3.

TOTAL CASH

 

$

2,869,929

 

$

4,444,960

 

$

0

 

$

0

 

4.

ACCOUNTS RECEIVABLE (NET)

 

 

 

$

(936,674

)

 

 

 

 

5.

INVENTORY

 

 

 

$

0

 

$

0

 

$

0

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

$

0

 

$

0

 

7.

PREPAID EXPENSES

 

 

 

$

395,855

 

 

 

 

 

8.

OTHER (ATTACH LIST)

 

$

15,953

 

$

33,385,941

 

 

 

 

 

9.

TOTAL CURRENT ASSETS

 

$

2,885,882

 

$

37,290,082

 

$

0

 

$

0

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

1,425,325

 

$

3,362,423

 

 

 

 

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

1,876,033

 

 

 

 

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

1,425,325

 

$

1,486,390

 

$

0

 

$

0

 

13.

DUE FROM INSIDERS

 

$

0

 

$

0

 

$

0

 

 

 

14.

OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)

 

$

0

 

$

3,486,848

 

 

 

 

 

15.

OTHER (ATTACH LIST)

 

$

1,109,030

 

$

0

 

$

0

 

$

0

 

16.

TOTAL ASSETS

 

$

5,420,237

 

$

42,263,320

 

$

0

 

$

0

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

(2,900

)

 

 

 

 

18.

TAXES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

944,833

 

 

 

 

 

21.

SECURED DEBT

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

263,556

 

 

 

 

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

1,205,489

 

$

0

 

$

0

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

15,602,760

 

$

(61,183

)

 

 

 

 

25.

PRIORITY DEBT

 

$

56,297

 

$

0

 

$

0

 

$

0

 

26.

UNSECURED DEBT

 

$

1,010,347

 

$

699,306

 

 

 

 

 

27.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

16,669,404

 

$

638,123

 

$

0

 

$

0

 

29.

TOTAL LIABILITIES

 

$

16,669,404

 

$

1,843,612

 

$

0

 

$

0

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

41,090,061

 

 

 

 

 

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(670,353)

 

 

 

 

 

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

 

 

33.

TOTAL EQUITY

 

$

0

 

$

40,419,708

 

$

0

 

$

0

 

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

16,669,404

 

$

42,263,320

 

$

0

 

$

0

 

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-2

 

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

 

 

 

January 2008

 

0

 

0

 

TOTAL

 

REVENUES

 

 

 

 

 

 

 

 

 

1.

GROSS REVENUES

 

$

0

 

$

0

 

$

0

 

$

0

 

2.

LESS: RETURNS & DISCOUNTS

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

NET REVENUE

 

$

0

 

$

0

 

$

0

 

$

0

 

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

 

$

0

 

$

0

 

$

0

 

$

0

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

9.

OFFICER / INSIDER COMPENSATION

 

$

140,083

 

 

 

 

 

$

140,083

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

265,188

 

 

 

 

 

$

265,188

 

12.

RENT & LEASE

 

$

38,735

 

 

 

 

 

$

38,735

 

13.

OTHER (ATTACH LIST)

 

$

(555,510

)

 

 

 

 

$

(555,510

)

14.

TOTAL OPERATING EXPENSES

 

$

(111,504

)

$

0

 

$

0

 

$

(111,504

)

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

111,504

 

$

0

 

$

0

 

$

111,504

 

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

12,847

 

 

 

 

 

$

12,847

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

 

 

 

 

$

0

 

18.

INTEREST EXPENSE

 

$

1,603

 

 

 

 

 

$

1,603

 

19.

DEPRECIATION / DEPLETION

 

$

23,783

 

 

 

 

 

$

23,783

 

20.

AMORTIZATION

 

$

0

 

 

 

 

 

$

0

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENSES

 

$

12,539

 

$

0

 

$

0

 

$

12,539

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

$

207,689

 

 

 

 

 

$

207,689

 

24.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

 

 

$

0

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

207,689

 

$

0

 

$

0

 

$

207,689

 

27.

INCOME TAX

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

NET PROFIT (LOSS)

 

$

(108,724

)

$

0

 

$

0

 

$

(108,724

)

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-3

 

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

 

 

MONTH

 

MONTH

 

MONTH

 

QUARTER

 

 

 

January 2008

 

0

 

0

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

CASH - BEGINNING OF MONTH

 

$

1,657,197

 

 

 

 

 

$

1,657,197

 

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

 

7.

SALE OF ASSETS

 

$

0

 

$

0

 

$

0

 

$

0

 

8.

OTHER (ATTACH LIST)

 

$

2,691,682

 

 

 

 

 

$

2,691,682

 

9.

TOTAL NON-OPERATING RECEIPTS

 

$

2,691,682

 

$

0

 

$

0

 

$

2,691,682

 

10.

TOTAL RECEIPTS

 

$

2,691,682

 

$

0

 

$

0

 

$

2,691,682

 

11.

TOTAL CASH AVAILABLE

 

$

4,348,879

 

$

0

 

$

0

 

$

4,348,879

 

OPERATING DISBURSEMENTS

 

 

 

 

 

 

 

 

 

12.

NET PAYROLL

 

$

263,883

 

 

 

 

 

$

263,883

 

13.

PAYROLL TAXES PAID

 

$

122,432

 

 

 

 

 

$

122,432

 

14.

SALES, USE & OTHER TAXES PAID

 

$

0

 

$

0

 

$

0

 

$

0

 

15.

SECURED / RENTAL / LEASES

 

$

26,477

 

 

 

 

 

$

26,477

 

16.

UTILITIES

 

$

28,689

 

 

 

 

 

$

28,689

 

17.

INSURANCE

 

$

165,616

 

 

 

 

 

$

165,616

 

18.

INVENTORY PURCHASES

 

$

2,319

 

$

0

 

$

0

 

$

2,319

 

19.

VEHICLE EXPENSES

 

$

0

 

$

0

 

$

0

 

$

0

 

20.

TRAVEL

 

$

0

 

 

 

 

 

$

0

 

21.

ENTERTAINMENT

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

REPAIRS & MAINTENANCE

 

$

106,059

 

 

 

 

 

$

106,059

 

23.

SUPPLIES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

ADVERTISING

 

$

0

 

$

0

 

$

0

 

$

0

 

25.

OTHER (ATTACH LIST)

 

$

1,089,077

 

 

 

 

 

$

1,089,077

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

1,804,552

 

$

0

 

$

0

 

$

1,804,552

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

27.

PROFESSIONAL FEES

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

U.S. TRUSTEE FEES

 

$

35,250

 

$

0

 

$

0

 

$

35,250

 

29.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

30.

TOTAL REORGANIZATION EXPENSES

 

$

35,250

 

$

0

 

$

0

 

$

35,250

 

31.

TOTAL DISBURSEMENTS

 

$

1,839,802

 

$

0

 

$

0

 

$

1,839,802

 

32.

NET CASH FLOW

 

$

851,880

 

$

0

 

$

0

 

$

851,880

 

33.

CASH - END OF MONTH

 

$

2,509,077

 

$

0

 

$

0

 

$

2,509,077

 

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-4

 

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

 

 

 

SCHEDULE

 

MONTH

 

 

 

 

 

 

 

AMOUNT

 

January 2008

 

MONTH

 

MONTH

 

ACCOUNTS RECEIVABLE AGING

 

 

 

 

 

 

 

 

 

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

 

$

936,674

 

 

 

 

 

7.

ACCOUNTS RECEIVABLE (NET)

 

$

0

 

$

(936,674

)

$

0

 

$

0

 

 

AGING OF POSTPETITION TAXES AND PAYABLES

 

 

MONTH:

January 2008

 

 

 

 

0-30

 

31-60

 

61-90

 

91+

 

 

 

 

 

 

DAYS

 

DAYS

 

DAYS

 

DAYS

 

TOTAL

 

TAXES PAYABLE

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(21,073

)

$

6,556

 

$

6,513

 

$

5,104

 

$

(2,900

)

 

STATUS OF POSTPETITION TAXES

MONTH:

 January 2008

 

 

 

 

BEGINNING
TAX
LIABILITY*

 

AMOUNT
WITHHELD AND/
OR ACCRUED

 

AMOUNT
PAID

 

ENDING
TAX
LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

1.

WITHHOLDING**

 

$

0

 

$

30,641

 

$

30,641

 

$

0

 

2.

FICA-EMPLOYEE**

 

$

0

 

$

15,541

 

$

15,541

 

$

0

 

3.

FICA-EMPLOYER**

 

$

0

 

$

14,949

 

$

14,949

 

$

0

 

4.

UNEMPLOYMENT

 

$

0

 

$

891

 

$

891

 

$

0

 

5.

INCOME

 

$

0

 

$

0

 

$

0

 

$

0

 

6.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

7.

TOTAL FEDERAL TAXES

 

$

0

 

$

62,022

 

$

62,022

 

$

0

 

STATE AND LOCAL

 

 

 

 

 

 

 

 

 

8.

WITHHOLDING

 

$

0

 

$

1,261

 

$

1,261

 

$

0

 

9.

SALES

 

$

0

 

$

0

 

$

0

 

$

0

 

10.

EXCISE

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

UNEMPLOYMENT

 

$

0

 

$

4,709

 

$

4,709

 

$

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

 

$

5,970

 

$

5,970

 

$

0

 

16.

TOTAL TAXES

 

$

0

 

$

67,992

 

$

67,992

 

$

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: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-5

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

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:

 

January 2008

 

 

 

Account #1

 

Account #2

 

Account #3

 

TOTAL

 

BANK RECONCILIATIONS

 

 

 

 

 

 

 

 

 

A.

BANK:

 

JP Morgan Chase

 

JP Morgan Chase

 

JP Morgan Chase

 

 

 

B.

ACCOUNT NUMBER:

 

100140334

 

9319959434

 

1570695922

 

 

 

C.

PURPOSE (TYPE):

 

Master Funding

 

Gen’l Disbursements

 

Payroll

 

 

 

1.

BALANCE PER BANK STATEMENT

 

$

155,603

 

$

0

 

$

0

 

$

155,603

 

2.

ADD: TOTAL DEPOSITS NOT CREDITED

 

$

0

 

$

0

 

$

0

 

$

0

 

3.

SUBTRACT: OUTSTANDING CHECKS

 

$

0

 

$

401,554

 

$

31,263

 

$

432,817

 

4.

OTHER RECONCILING ITEMS

 

$

56,612

 

$

0

 

$

0

 

$

56,612

 

5.

MONTH END BALANCE PER BOOKS

 

$

212,215

 

$

(401,554

)

$

(31,263

)

$

(220,602

)

6.

NUMBER OF LAST CHECK WRITTEN

 

No checks

 

109594

 

067009/210601

 

 

 

 

INVESTMENT ACCOUNTS

 

 

 

DATE OF

 

TYPE OF

 

PURCHASE

 

CURRENT

 

 

 

PURCHASE

 

INSTRUMENT

 

PRICE

 

VALUE

 

BANK, ACCOUNT NAME & NUMBER

 

 

 

 

 

 

 

 

 

 

 

7.

JP Morgan Chase - Overnight Sweep -

 

1/31/2008

 

money market

 

$

2,729,479

 

$

2,729,479

 

8.

 

 

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

11.

TOTAL INVESTMENTS

 

 

 

 

 

$

2,729,479

 

$

2,729,479

 

 

CASH

 

 

 

 

 

 

 

 

 

12.

CURRENCY ON HAND

 

 

 

 

 

 

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

13.

TOTAL CASH - END OF MONTH

 

 

 

 

 

 

 

$

2,509,077

 

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-6

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

 

 

MONTH:

 

January 2008

 

 

 

 

 

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.

James R. Kupferschmid

 

Salary, Expense Reports

 

$

33,333

 

$

83,376

 

2.

Jessica L. Wilson

 

Salary, Expense Reports

 

$

18,750

 

$

50,001

 

3.

Brad Eagelston

 

Salary, Expense Reports

 

$

12,917

 

$

51,668

 

4.

David Rescino

 

Salary, Expense Reports

 

$

33,333

 

$

83,401

 

5.

Steven Markhoff

 

Salary, Expense Reports

 

$

0

 

$

18,333

 

6.

Mel Keating

 

Executive Committee Fee, Exp Reports

 

$

41,750

 

$

138,652

 

7.

TOTAL PAYMENTS TO INSIDERS

 

 

 

$

140,083

 

$

425,431

 

 

PROFESSIONALS

 

 

 

 

DATE OF COURT

 

 

 

 

 

 

 

TOTAL

 

 

 

 

ORDER AUTHORIZING

 

AMOUNT

 

AMOUNT

 

TOTAL PAID

 

INCURRED

 

NAME

 

PAYMENT

 

APPROVED

 

PAID

 

TO DATE

 

& UNPAID *

 

1.

Andrews Kurth LLP

 

 

 

 

 

 

 

 

 

$

700,433

 

2.

Otterbourg, Steindler, Houston & Rosen, P.C.

 

 

 

 

 

 

 

 

 

$

197,983

 

3.

Munsch Hardt Kopf & Harr, P.C.

 

 

 

 

 

 

 

 

 

$

46,417

 

4.

 

 

 

 

 

 

 

 

 

 

 

 

5.

 

 

 

 

 

 

 

 

 

 

 

 

6.

TOTAL PAYMENTS TO PROFESSIONALS

 

 

 

$

0

 

$

0

 

$

0

 

$

944,833

 

 

* 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.

Laurus Master Fund, paid in full 12/07

 

Revolver

 

 

 

$

0

 

2.

Cananwill

 

$

12,020

 

$

24,041

 

$

0

 

3.

Citicorp Vendor Finance

 

$

6,005

 

$

0

 

$

24,020

 

4.

DFW Airport - Facility rent, prepaid 1/08 in 12/07

 

$

37,295

 

$

0

 

$

0

 

5.

 

 

 

 

 

 

 

 

6.

TOTAL

 

$

55,320

 

$

24,041

 

$

24,020

 

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

 

CASE NAME:

Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-7

 

 

 

 

2008

CASE NUMBER:

07-44536

 

 

 

 

 

 

 

 

MONTH:

 

January 2008

 

 

 

 

 

 

 

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.

 

# 1 - Misc equipment sold when locations closed i/a/w de minimis asset sale motion approved by the Court

#4 - Payment made on insurance liabilities in accordance with first day orders.

#10 - due to operation shut down, DIP order did not allow payment of expenditures between 10/15 and 10/29 until DIP lender paid in full; payments on post petition liabilties have resumed during 1/08 and should be brought current during 2/08

 

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

 

D&O Insurance

 

AIG

 

6/1/07 - 5/31/08

 

Paid in full

 

Aviation & Liability

 

Illinois National Insurance

 

7/1/07 - 6/30/08

 

Quarterly; $281,953 (original policy)

 

B737 Aviation Deductible

 

Illinois National Insurance

 

7/1/07 - 6/30/08

 

Paid in full

 

Property & Business Interruption

 

Affiliated FM Insurance

 

6/1/07 - 5/31/08

 

Financed; monthly $12,020

 

Employee Practices

 

RLI Insurance

 

6/1/07 - 5/31/08

 

Paid in full

 

Fidiciary Liability

 

RLI Insurance

 

6/1/07 - 5/31/08

 

Paid in full

 

Workers Compensation

 

Insurance Co of PA

 

6/1/07 - 5/31/08

 

Paid in full

 

D&O InsuranceSide A

 

Chubb

 

6/1/07 - 5/31/08

 

Paid in full

 

Environmental Impairment

 

Hudson Insurance

 

6/1/05 - 5/31/08

 

Paid in full

 

 


 

 

 

 

Footnotes Supplement

 

 

 

 

CASE NAME:

Kitty Hawk, Inc.

 

 

ACCRUAL BASIS

 

 

 

2008

CASE NUMBER:

07-44536

 

 

 

 

 

 

 

 

MONTH:  

January 2008

 

Accrual Basis
Form Number

 

Line
Number

 

Footnote/Explanation

 

3

 

8

 

All available cash received into each subsidiary cash account is transferred to Kitty Hawk, Inc.

 

 

 

 

 

 

 

3

 

31

 

All disbursements (either by wire transfer or check), including payroll, are disbursed out of the Kitty Hawk, Inc. disbursement accounts

 

 

 

 

 

 

 

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

 

 

 

All insurance policies for Kitty Hawk Cargo, Inc. (Case #07-44538) and Kitty Hawk Aircargo, Inc. (Case #07-44539) are carried in the name of Kitty Hawk, Inc. Therefore, they are listed here accordingly.

 

 

 

 

 

 

 

6

 

Professional Fees

 

The fees noted on this schedule are initial estimates and are subject to change once final billings are prepared.

 

 

 

 

 

 

 

1

 

24

 

Secured Debt pre-petition includes $257,365 Laurus is holding after payment in full for the outstanding obligations on 12/7/07, pending their final receipt and reconciliation of professional fees they expended during the proceedings

 

 

 

 

 

 

 

1

 

17

 

Credit balance for Accounts Payable is caused by prepaying 2/08 health insurance premiums in 1/08 in the amount of $53,168.

 

 


 

Case Name:

Kitty Hawk, Inc.

 

 

Case Number:

07-44536

 

 

 

 

 

 

Details of Other Items

 

 

 

 

 

 

January 2008

 

 

 

ACCRUAL BASIS - 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

33,385,941

 

Reported

 

Flex Spending deposit

 

17,283

 

 

 

A/R - 401(k) Loan

 

(228

)

 

 

A/R - Travel Advance

 

15,720

 

 

 

Deposits

 

54,868

 

 

 

Professional Fees Retainer

 

457,365

 

 

 

Intercompany Receivables

 

32,840,933

 

 

 

 

 

 

 

 

 

 

 

33,385,941

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

14. OTHER ASSETS - NET OF AMORTIZATION

 

 

 

 

 

ATTACH LIST

 

3,486,848

 

Reported

 

Laurus Loan Organization Costs

 

3,486,848

 

 

 

 

 

 

 

 

 

 

 

3,486,848

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

22. OTHER (ATTACH LIST)

 

263,556

 

Reported

 

A/P Clearing

 

(3,953

)

 

 

General Accrued AP

 

277,823

 

 

 

Accrued Health Savings Plan

 

(17,764

)

 

 

AFLAC Deductions

 

(12

)

 

 

Accrued 401(k)

 

7,462

 

 

 

 

 

 

 

 

 

 

 

263,556

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER (ATTACH LIST)

 

(555,510

)

Reported

 

G&A allocation to subsidiaries

 

555,510

 

 

 

 

 

 

 

 

 

 

 

555,510

 

Detail

 

 

 

(1,111,020

) 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

12,847

 

Reported

 

Interest Income

 

11,292

 

 

 

Gain on Sale of assets

 

1,555

 

 

 

 

 

 

 

 

 

 

 

12,847

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

2,691,682

 

Reported

 

Transfers in from Kitty Hawk Cargo (Case 07-44538)

 

841,242

 

 

 

Transfers in from Kitty Hawk Ground (Case 07-44537)

 

1,150,790

 

 

 

Transfers in from Kitty Hawk Aircargo (Case 07-44539)

 

298,306

 

 

 

Transfers from Asset Sales Account (Case 07-44539)

 

405,067

 

 

 

Transfers to Asset Sales Account (Case 07-44539)

 

(75,065

)

 

 

Misc Refunds

 

66,976

 

 

 

Interest income

 

4,366

 

 

 

 

 

 

 

 

 

 

 

2,691,682

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

25. OTHER (ATTACH LIST)

 

1,089,077

 

Reported

 

401(k)

 

15,562

 

 

 

Aircraft landing and parking

 

29,912

 

 

 

Bank fees

 

3,053

 

 

 

BOD Fees

 

32,250

 

 

 

Contract labor

 

88,047

 

 

 

Communications

 

29,948

 

 

 

Employee expense reports

 

1,029

 

 

 

Executive committee fees

 

23,000

 

 

 

Flight crew expense

 

37,172

 

 

 

Freight handling

 

427,409

 

 

 

Fuel

 

7,223

 

 

 

Payroll processing fees

 

10,940

 

 

 

Non-reorganization professional fees

 

11,091

 

 

 

Security

 

2,725

 

 

 

Shipping

 

6,680

 

 

 

Trucking

 

333,116

 

 

 

Misc

 

14,422

 

 

 

Transfer to Kitty Hawk Aircargo (Case 07-44539)

 

15,498

 

 

 

 

 

 

 

 

 

 

 

1,089,077

 

Detail

 

 

 

0

 

Difference