EX-99.1 2 a08-17473_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: MAY 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

 

June 20, 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

 

June 20, 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

 

MONTH

 

 

 

 

 

AMOUNT

 

April 2008

 

May 2008

 

MONTH

 

ASSETS

 

 

 

 

 

 

 

 

 

1.

UNRESTRICTED CASH

 

$

0

 

$

7,788,260

 

$

8,074,649

 

 

 

2.

RESTRICTED CASH

 

$

2,869,929

 

$

302,339

 

$

172,573

 

 

 

3.

TOTAL CASH

 

$

2,869,929

 

$

8,090,599

 

$

8,247,222

 

$

0

 

4.

ACCOUNTS RECEIVABLE (NET)

 

 

 

$

(936,674

)

$

(549,630

)

 

 

5.

INVENTORY

 

 

 

$

0

 

$

0

 

$

0

 

6.

NOTES RECEIVABLE

 

 

 

$

0

 

$

0

 

$

0

 

7.

PREPAID EXPENSES

 

 

 

$

469,917

 

$

446,880

 

 

 

8.

OTHER (ATTACH LIST)

 

$

15,953

 

$

29,610,930

 

$

29,186,215

 

 

 

9.

TOTAL CURRENT ASSETS

 

$

2,885,882

 

$

37,234,772

 

$

37,330,687

 

$

0

 

10.

PROPERTY, PLANT & EQUIPMENT

 

$

1,425,325

 

$

2,128,842

 

$

307,148

 

 

 

11.

LESS: ACCUMULATED DEPRECIATION / DEPLETION

 

$

0

 

$

810,462

 

$

131,842

 

 

 

12.

NET PROPERTY, PLANT & EQUIPMENT

 

$

1,425,325

 

$

1,318,380

 

$

175,306

 

$

0

 

13.

DUE FROM INSIDERS

 

$

0

 

$

0

 

$

0

 

 

 

14.

OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)

 

$

0

 

$

3,486,848

 

$

3,486,848

 

 

 

15.

OTHER (ATTACH LIST)

 

$

1,109,030

 

$

0

 

$

0

 

$

0

 

16.

TOTAL ASSETS

 

$

5,420,237

 

$

42,040,000

 

$

40,992,841

 

$

0

 

POSTPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

17.

ACCOUNTS PAYABLE

 

 

 

$

(10,077

)

$

21,288

 

 

 

18.

TAXES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

19.

NOTES PAYABLE

 

 

 

$

0

 

$

0

 

$

0

 

20.

PROFESSIONAL FEES

 

 

 

$

1,418,992

 

$

1,602,819

 

 

 

21.

SECURED DEBT

 

 

 

 

$

0

 

$

0

 

$

0

 

22.

OTHER (ATTACH LIST)

 

 

 

$

(37,491

)

$

(37,488

)

 

 

23.

TOTAL POSTPETITION LIABILITIES

 

 

 

$

1,371,424

 

$

1,586,619

 

$

0

 

PREPETITION LIABILITIES

 

 

 

 

 

 

 

 

 

24.

SECURED DEBT

 

$

15,602,760

 

$

153,110

 

$

153,110

 

 

 

25.

PRIORITY DEBT

 

$

56,297

 

$

0

 

$

0

 

$

0

 

26.

UNSECURED DEBT

 

$

1,010,347

 

$

589,557

 

$

604,247

 

 

 

27.

OTHER (ATTACH LIST)

 

 

 

$

0

 

$

0

 

$

0

 

28.

TOTAL PREPETITION LIABILITIES

 

$

16,669,404

 

$

742,667

 

$

757,357

 

$

0

 

29.

TOTAL LIABILITIES

 

$

16,669,404

 

$

2,114,091

 

$

2,343,976

 

$

0

 

EQUITY

 

 

 

 

 

 

 

 

 

30.

PREPETITION OWNERS’ EQUITY

 

 

 

$

41,090,061

 

$

41,090,061

 

 

 

31.

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

 

 

 

$

(1,164,152

)

$

(2,441,196

)

 

 

32.

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

 

 

 

$

0

 

$

0

 

 

 

33.

TOTAL EQUITY

 

$

0

 

$

39,925,909

 

$

38,648,865

 

$

0

 

34.

TOTAL LIABILITIES & OWNERS’ EQUITY

 

$

16,669,404

 

$

42,040,000

 

$

40,992,841

 

$

0

 

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-2

 

 

 

 

2008

CASE NUMBER:  07-44536

 

 

 

 

 

INCOME STATEMENT

 

 

 

MONTH

 

MONTH

 

 

 

QUARTER

 

 

 

April 2008

 

May 2008

 

MONTH

 

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

 

$

101,589

 

$

68,254

 

 

 

$

169,843

 

10.

SELLING & MARKETING

 

$

0

 

$

0

 

$

0

 

$

0

 

11.

GENERAL & ADMINISTRATIVE

 

$

182,041

 

$

119,789

 

 

 

$

301,830

 

12.

RENT & LEASE

 

$

10,025

 

$

13,033

 

 

 

$

23,058

 

13.

OTHER (ATTACH LIST)

 

$

(316,784

)

$

(237,027

)

 

 

$

(553,811

)

14.

TOTAL OPERATING EXPENSES

 

$

(23,129

)

$

(35,951

)

$

0

 

$

(59,080

)

15.

INCOME BEFORE NON-OPERATING INCOME & EXPENSE

 

$

23,129

 

$

35,951

 

$

0

 

$

59,080

 

OTHER INCOME & EXPENSES

 

 

 

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATT. LIST)

 

$

10,543

 

$

13,905

 

 

 

$

24,448

 

17.

NON-OPERATING EXPENSE (ATT. LIST)

 

$

0

 

$

1,140,774

 

 

 

$

1,140,774

 

18.

INTEREST EXPENSE

 

$

67

 

$

0

 

 

 

$

67

 

19.

DEPRECIATION / DEPLETION

 

$

12,680

 

$

2,298

 

 

 

$

14,978

 

20.

AMORTIZATION

 

$

0

 

$

0

 

 

 

$

0

 

21.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

NET OTHER INCOME & EXPENSES

 

$

2,204

 

$

1,129,167

 

$

0

 

$

1,131,371

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

23.

PROFESSIONAL FEES

 

$

194,200

 

$

183,828

 

 

 

$

378,028

 

24.

U.S. TRUSTEE FEES

 

$

0

 

$

0

 

 

 

$

0

 

25.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

26.

TOTAL REORGANIZATION EXPENSES

 

$

194,200

 

$

183,828

 

$

0

 

$

378,028

 

27.

INCOME TAX

 

$

0

 

$

0

 

$

0

 

$

0

 

28.

NET PROFIT (LOSS)

 

$

(173,275

)

$

(1,277,044

)

$

0

 

$

(1,450,319

)

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-3

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

 

 

 

MONTH

 

MONTH

 

 

 

QUARTER

 

 

 

 

April 2008

 

May 2008

 

MONTH

 

TOTAL

 

CASH RECEIPTS AND DISBURSEMENTS

 

 

 

 

 

 

 

 

 

1.

CASH - BEGINNING OF MONTH

 

$

5,959,533

 

$

7,788,260

 

 

 

$

5,959,533

 

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)

 

$

2,474,005

 

$

660,130

 

 

 

$

3,134,135

 

9.

TOTAL NON-OPERATING RECEIPTS

 

$

2,474,005

 

$

660,130

 

$

0

 

$

3,134,135

 

10.

TOTAL RECEIPTS

 

$

2,474,005

 

$

660,130

 

$

0

 

$

3,134,135

 

11.

TOTAL CASH AVAILABLE

 

$

8,433,538

 

$

8,448,390

 

$

0

 

$

9,093,668

 

OPERATING DISBURSEMENTS

 

 

 

 

 

 

 

 

 

12.

NET PAYROLL

 

$

113,626

 

$

68,254

 

 

 

$

181,880

 

13.

PAYROLL TAXES PAID

 

$

0

 

$

0

 

 

 

$

0

 

14.

SALES, USE & OTHER TAXES PAID

 

$

0

 

$

0

 

$

0

 

$

0

 

15.

SECURED / RENTAL / LEASES

 

$

49,873

 

$

14,345

 

 

 

$

64,218

 

16.

UTILITIES

 

$

6,575

 

$

11,241

 

 

 

$

17,816

 

17.

INSURANCE

 

$

216,471

 

$

39,621

 

 

 

$

256,092

 

18.

INVENTORY PURCHASES

 

$

0

 

$

0

 

$

0

 

$

0

 

19.

VEHICLE EXPENSES

 

$

0

 

$

0

 

$

0

 

$

0

 

20.

TRAVEL

 

$

0

 

$

0

 

 

 

$

0

 

21.

ENTERTAINMENT

 

$

0

 

$

0

 

$

0

 

$

0

 

22.

REPAIRS & MAINTENANCE

 

$

1,736

 

$

0

 

 

 

$

1,736

 

23.

SUPPLIES

 

$

0

 

$

0

 

$

0

 

$

0

 

24.

ADVERTISING

 

$

0

 

$

0

 

$

0

 

$

0

 

25.

OTHER (ATTACH LIST)

 

$

177,765

 

$

240,280

 

 

 

$

418,045

 

26.

TOTAL OPERATING DISBURSEMENTS

 

$

566,046

 

$

373,741

 

$

0

 

$

939,787

 

REORGANIZATION EXPENSES

 

 

 

 

 

 

 

 

 

27.

PROFESSIONAL FEES

 

$

66,882

 

$

0

 

$

0

 

$

66,882

 

28.

U.S. TRUSTEE FEES

 

$

12,350

 

$

0

 

$

0

 

$

12,350

 

29.

OTHER (ATTACH LIST)

 

$

0

 

$

0

 

$

0

 

$

0

 

30.

TOTAL REORGANIZATION EXPENSES

 

$

79,232

 

$

0

 

$

0

 

$

79,232

 

31.

TOTAL DISBURSEMENTS

 

$

645,278

 

$

373,741

 

$

0

 

$

1,019,019

 

32.

NET CASH FLOW

 

$

1,828,727

 

$

286,389

 

$

0

 

$

2,115,116

 

33.

CASH - END OF MONTH

 

$

7,788,260

 

$

8,074,649

 

$

0

 

$

8,074,649

 

 


 

 

 

 

 

Monthly Operating Report

 

 

 

 

 

CASE NAME: Kitty Hawk, Inc.

 

 

 

ACCRUAL BASIS-4

 

 

 

 

2008

CASE NUMBER: 07-44536

 

 

 

 

 

 

 

 

 

SCHEDULE

 

MONTH

 

MONTH

 

 

 

ACCOUNTS RECEIVABLE AGING

 

AMOUNT

 

April 2008

 

May 2008

 

MONTH

 

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

 

$549,630

 

 

 

7.

 

ACCOUNTS RECEIVABLE (NET)

 

$0

 

$(936,674

)

$(549,630

)

$0

 

 

AGING OF POSTPETITION TAXES AND PAYABLES

 

MONTH:

May 2008

 

 

 

 

 

 

 

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

 

$

11,181

 

$

2,807

 

$

873

 

$

6,427

 

$

21,288

 

 

STATUS OF POSTPETITION TAXES

 

MONTH:

May 2008

 

 

 

 

 

 

 

BEGINNING

 

AMOUNT

 

 

 

ENDING

 

 

 

 

 

TAX

 

WITHHELD AND/

 

AMOUNT

 

TAX

 

 

 

LIABILITY*

 

OR ACCRUED

 

PAID

 

LIABILITY

 

FEDERAL

 

 

 

 

 

 

 

 

 

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: 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.

 

BANK RECONCILIATIONS

 

MONTH:

 May 2008

 

 

 

 

 

 

 

Account #1

 

Account #2

 

Account #3

 

 

 

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

 

TOTAL

 

1.

 

BALANCE PER BANK STATEMENT

 

$169,969

 

$0

 

$0

 

$169,969

 

2.

 

ADD: TOTAL DEPOSITS NOT CREDITED

 

$0

 

$0

 

$0

 

$0

 

3.

 

SUBTRACT: OUTSTANDING CHECKS

 

$0

 

$70,140

 

$31,125

 

$101,265

 

4.

 

OTHER RECONCILING ITEMS

 

$13,305

 

$0

 

$0

 

$13,305

 

5.

 

MONTH END BALANCE PER BOOKS

 

$183,274

 

$(70,140

)

$(31,125

)

$82,009

 

6.

 

NUMBER OF LAST CHECK WRITTEN

 

No checks

 

110345

 

No checks

 

 

 

 

INVESTMENT ACCOUNTS

 

 

 

 

 

DATE OF

 

TYPE OF

 

PURCHASE

 

CURRENT

 

BANK, ACCOUNT NAME & NUMBER

 

PURCHASE

 

INSTRUMENT

 

PRICE

 

VALUE

 

7.

 

JP Morgan Chase - Overnight Sweep -

 

5/31/2008

 

money market

 

$

7,992,440

 

$

7,992,440

 

8.

 

 

 

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

 

 

 

11.

 

TOTAL INVESTMENTS

 

 

 

 

 

$

7,992,440

 

$

7,992,440

 

 

CASH

 

12.

 

CURRENCY ON HAND

 

 

 

 

 

 

 

$

200

 

 

 

 

 

 

 

 

 

 

 

 

 

13.

 

TOTAL CASH - END OF MONTH

 

 

 

 

 

 

 

$

8,074,649

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk, Inc.

ACCRUAL BASIS-6

 

2008

CASE  NUMBER:  07-44536

 

 

 

MONTH:

 May 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

 

$

25,526

 

$

195,914

 

2.

 

Jessica L. Wilson

 

Salary, Expense Reports

 

$

16,553

 

$

122,494

 

3.

 

Brad Eagelston

 

Salary, Expense Reports

 

$

0

 

$

102,950

 

4.

 

David Rescino

 

Salary, Expense Reports

 

$

26,175

 

$

197,084

 

5.

 

Steven Markhoff

 

Salary, Expense Reports

 

$

0

 

$

18,333

 

6.

 

Mel Keating

 

Executive Committee Fee, Exp Reports, BOD Retainer

 

$

0

 

$

179,402

 

7.

 

TOTAL PAYMENTS TO INSIDERS

 

 

 

$

68,254

 

$

816,177

 

 

PROFESSIONALS

 

 

 

 

 

DATE OF COURT

 

 

 

 

 

 

 

TOTAL

 

 

 

 

 

ORDER AUTHORIZING

 

AMOUNT

 

AMOUNT

 

TOTAL PAID

 

INCURRED

 

NAME

 

PAYMENT

 

APPROVED

 

PAID

 

TO DATE

 

& UNPAID *

 

1.

 

Andrews Kurth LLP

 

 

 

 

 

 

 

 

 

$

1,138,609

 

2.

 

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

 

 

 

 

 

 

 

$

200,000

 

3.

 

Munsch Hardt Kopf & Harr, P.C.

 

 

 

 

 

 

 

$

78,761

 

4.

 

Morrison & Foerster

 

 

 

 

 

 

 

 

 

$

95,893

 

5.

 

BMC Group

 

Pmt allowed per application of employment

 

 

 

$

0

 

$

66,882

 

$

89,557

 

6.

 

TOTAL PAYMENTS TO PROFESSIONALS

 

 

 

$

0

 

$

0

 

$

66,882

 

$

1,602,820

 

 

*  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, pd in full 5/08

 

$

12,020

 

$

0

 

$

0

 

3.

 

Citicorp Vendor Finance, equipment returned 4/08

 

$

6,005

 

$

0

 

$

0

 

4.

 

DFW Airport - Facility rent, prepaid 6/08 in 5/08

 

$

37,295

 

$

13,721

 

$

0

 

5.

 

 

 

 

 

 

 

 

 

6.

 

TOTAL

 

$

55,320

 

$

13,721

 

$

0

 

 


 

 

Monthly Operating Report

 

 

CASE NAME:  Kitty Hawk, Inc.

ACCRUAL BASIS-7

 

2008

CASE  NUMBER:   07-44536

 

 

 

MONTH:

May 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 - Leasehold improvement at 1515 W 20th at DFW Airport relinquished to DFW Airport upon lease rejection

#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 and will be paid i/a/w Plan of Reorganization

 

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

 

Paid in full

 

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:

May 2008

 

 

 

Accrual Basis

 

Line

 

 

Form Number

 

Number

 

Footnote/Explanation

1

 

10

 

The amount listed for fixed assets includes assets under capital leases. These assets have not been removed from the records pending the claims reconciliation process with the lessor; these assets are not available to be sold on behalf of the estate

 

 

 

 

 

3

 

8

 

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

 

 

 

 

 

3

 

13

 

Currently, due to the limited number of employees (4), the payroll system was no longer used and employees were paid through Accounts Payable. The amounts paid include the employer portion of all applicable payroll taxes and the employees are responsible for remitting the payroll taxes to the appropriate taxing authority.

 

 

 

 

 

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.

 


 

Case Name:

 

Kitty Hawk, Inc.

 

Case Number:

 

07-44536

 

Details of Other Items

 

 

 

May 2008

 

 

 

ACCRUAL BASIS - 1

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

29,186,215

 

Reported

 

Flex Spending deposit

 

17,283

 

 

 

A/R - Accrued

 

0

 

 

 

A/R - Other

 

15,257

 

 

 

A/R - Travel Advance

 

14,044

 

 

 

Deposits

 

43,369

 

 

 

Professional Fees Retainer

 

200,000

 

 

 

Intercompany Receivables

 

28,896,262

 

 

 

 

 

 

 

 

 

 

 

29,186,215

 

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)

 

(37,488

)

Reported

 

A/P Clearing

 

(3,953

)

 

 

Accrued Health Savings Plan

 

(33,538

)

 

 

misc rounding

 

3

 

 

 

 

 

(37,488

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 2

 

 

 

 

 

 

 

 

 

 

 

13. OTHER (ATTACH LIST)

 

(237,027

)

Reported

 

G&A allocation to subsidiaries

 

(237,027

)

 

 

 

 

 

 

 

 

 

 

(237,027

)

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

16. NON-OPERATING INCOME (ATT. LIST)

 

13,905

 

Reported

 

Interest Income

 

8,609

 

 

 

Rebate rewards - American Express

 

5,296

 

 

 

 

 

 

 

 

 

 

 

13,905

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

17. NON-OPERATING EXPENSE (ATT. LIST)

 

1,140,774

 

Reported

 

Write-off Building at 1515 W 20th; lease rejected

 

1,140,774

 

 

 

 

 

 

 

 

 

 

 

1,140,774

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

ACCRUAL BASIS - 3

 

 

 

 

 

 

 

 

 

 

 

8. OTHER (ATTACH LIST)

 

660,130

 

Reported

 

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

 

12,726

 

 

 

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

 

49,306

 

 

 

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

 

52,401

 

 

 

Transfers from Asset Sales Account (Case 07-44539)

 

0

 

 

 

Transfers to Asset Sales Account (Case 07-44539)

 

0

 

 

 

Transfers to Kitty Hawk Ground (Case 07-44537)

 

(11,519

)

 

 

Proceeds from Fort Wayne, IN Auction

 

0

 

 

 

Misc Refunds

 

47,594

 

 

 

Receipt from funds held at Laurus

 

179,044

 

 

 

Receipt from prepaid fuel vendors

 

192,201

 

 

 

Receipt of funds securing expired LC

 

130,000

 

 

 

Interest income

 

8,377

 

 

 

 

 

 

 

 

 

 

 

660,130

 

Detail

 

 

 

0

 

Difference

 

 

 

 

 

 

 

25. OTHER (ATTACH LIST)

 

240,280

 

Reported

 

401(k)

 

0

 

 

 

Aircraft landing and parking

 

2,666

 

 

 

Bank fees

 

3,217

 

 

 

BOD Fees

 

0

 

 

 

Contract labor

 

33,339

 

 

 

Communications

 

14,813

 

 

 

Former crew member expense reports

 

4,360

 

 

 

Employee expense reports

 

998

 

 

 

Executive committee fees

 

0

 

 

 

Flight crew expense

 

0

 

 

 

Freight handling

 

0

 

 

 

Fuel

 

0

 

 

 

Payroll processing fees

 

80

 

 

 

Non-reorganization professional fees

 

0

 

 

 

Security

 

0

 

 

 

Shipping

 

586

 

 

 

Subcharter

 

0

 

 

 

Trucking

 

181,030

 

 

 

Misc

 

(809

)

 

 

Software support

 

0

 

 

 

Transfer to Kitty Hawk Aircargo (Case 07-44539)

 

0

 

 

 

 

 

240,280

 

Detail

 

 

 

0

 

Difference