UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
In re | PFF Bancorp, Inc. | Case No. 08-13127 | ||
| Reporting Period: 12/1/11 – 12/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| September 30, | September 30, | September 30, | September 30, | |||||
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Affidavit / Supplement Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | YES | ||||||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1a | YES | ||||||
Schedule of Professional Fees Paid | MOR-1b | YES | ||||||
Copies of bank statements | YES | |||||||
Cash disbursements journals | YES | |||||||
Statement of Operations | MOR-2 | YES | ||||||
Balance Sheet | MOR-3 | YES | ||||||
Status of Post-petition Taxes | MOR-4 | YES | ||||||
Copies of IRS Form 6123 or payment receipt | N/A | |||||||
Copies of tax returns filed during reporting period | N/A | |||||||
Summary of Unpaid Post-petition Debts | MOR-4 | YES | ||||||
Listing of aged accounts payable | MOR-4 | YES | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | YES | ||||||
Debtor Questionnaire | MOR-5 | YES |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
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Signature of Debtor | Date | |||
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Signature of Joint Debtor | Date | |||
/s/ Kevin McCarthy | January 15, 2012 | |||
Signature of Authorized Individual* | Date | |||
Kevin McCarthy | CEO | |||
Printed Name of Authorized Individual | Title of Authorized Individual |
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
In re | PFF Bancorp, Inc. | Case No. 08-13127 | ||
| Reporting Period: 12/1/11 – 12/31/11 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH—ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||||
| OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||||
CASH BEGINNING OF MONTH | $ | 17,864.15 | $ | 42,328,441.43 | $ | 42,346,305.58 | $ | 3,637,884.57 | ||||||||||||||||
RECEIPTS | ||||||||||||||||||||||||
CASH SALES | ||||||||||||||||||||||||
ACCOUNTS RECEIVABLE | ||||||||||||||||||||||||
LOANS AND ADVANCES | ||||||||||||||||||||||||
SALE OF ASSETS | $ | 1,033,315.22 | ||||||||||||||||||||||
OTHER (ATTACH LIST) | $ | 45,290,985.31 | ||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | ||||||||||||||||||||||||
| $ | 45,771,737.45 | |||||||||||||||||||||||
TOTAL RECEIPTS | $ | 92,096,037.98 | ||||||||||||||||||||||
DISBURSEMENTS | ||||||||||||||||||||||||
NET PAYROLL | $ | 701,772.67 | ||||||||||||||||||||||
PAYROLL TAXES | ||||||||||||||||||||||||
SALES, USE & OTHER TAXES | ||||||||||||||||||||||||
INVENTORY PURCHASES | ||||||||||||||||||||||||
SECURED RENTAL/LEASES | ||||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||||
ADMINISTRATIVE | $ | 54.08 | $ | 54.08 | $ | 1,119,716.48 | ||||||||||||||||||
SELLING | ||||||||||||||||||||||||
OTHER (ATTACH LIST) | $ | 1,486,086.27 | ||||||||||||||||||||||
OWNER DRAW* | ||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | ||||||||||||||||||||||||
| $ | 45,771,737.45 | |||||||||||||||||||||||
PROFESSIONAL FEES | $ | 4,108.71 | $ | 4,108.71 | $ | 4,270,542.88 | ||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | $ | 41,924.01 | ||||||||||||||||||||||
COURT COSTS | ||||||||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 4,162.79 | $ | 4,162.79 | $ | 53,391,779.76 | ||||||||||||||||||
NET CASH FLOW | ||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | $ | (4,162.79 | ) | $ | (4,162.79 | ) | $ | 38,704,258.22 | ||||||||||||||||
CASH—END OF MONTH | $ | 13,701.36 | $ | 42,328,441.43 | $ | 42,342,142.79 | $ | 42,342,142.79 | ||||||||||||||||
| * | COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE |
THE FOLLOWING SECTION MUST BE COMPLETED
| September 30, | ||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | 4,162.79 | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 4,162.79 | ||
Account 9146
Account Name PFF Bancorp, Inc.
Reconciliation As of Date 12/31/11
| September 30, | September 30, | |||||||
Balance per Bank | $ | 17,739.93 | ||||||
Deposits in Transit | ||||||||
Date | Amount | |||||||
Total | ||||||||
Outstanding Checks | ||||||||
Check # | Amount | |||||||
1432 | $ | 4,108.71 | ||||||
Total | $ | (4,108.71 | ) | |||||
Other (List) | ||||||||
Bank charges on bank not on books | $ | 70.14 | ||||||
Balance per Books | $ | 13,701.36 | ||||||
Account 1900
Account Name PFF Bancorp, Inc. – FDIC QSF
Reconciliation As of Date 12/31/11
| September 30, | ||||
Balance per Bank | $ | 42,328,445.50 |
| September 30, | September 30, | |||||
Deposits in Transit | ||||||
Date | Amount | |||||
Total | ||||||
Outstanding Checks | ||||||
Check # | Amount | |||||
Total | ||||||
Other (List) | ||||||
Interest received on bank not on books | $ | (4.07 | ) | |||
Balance per Books | $ | 42,328,441.43 | ||||
In re | PFF Bancorp, Inc. | Case No. 08-13127 | ||
| Reporting Period: 12/1/11 – 12/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||||||||||||
Payee | Period Covered | Amount Covered | Payor | Check | Amount Paid | Year-To-Date | ||||||||||||||||||||||||||||||
| Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||||||||||||||||||||
Paul, Hastings LLP | $ | 1,997,643.56 | $ | 24,982.85 | ||||||||||||||||||||||||||||||||
JH Cohn | $ | 726,866.80 | $ | 5,472.15 | ||||||||||||||||||||||||||||||||
Blank Rome | $ | 1,167,570.20 | $ | 30,697.85 | ||||||||||||||||||||||||||||||||
Richards Layton & Finger | $ | 251,248.88 | $ | 4,778.68 | ||||||||||||||||||||||||||||||||
Flaster Greenberg | 5/1/11 – 7/31/11 | $ | 4,108.71 | PFF Bancorp | 1432 | 12/21/11 | $ | 3,186.50 | $ | 922.21 | $ | 58,570.28 | $ | 2,711.63 | ||||||||||||||||||||||
| September 30, | September 30, | |||||
Bank of America LOGO | Account Number 9146 | |||||
| 01 01 149 01 M0000 E#0 | ||||||
CUSTOMER CONNECTION | Last Statement: 11/30/2011 | |||||
BANK OF AMERICA, N.A. | This Statement: 12/30/2011 | |||||
DALLAS, TEXAS 75283-2406 | ||||||
| Customer Service 1-800-342-7722 | ||||||
PFF BANCORP, INC | ||||||
DEBTOR IN POSSESSION #08-13127-KJC | ||||||
OPERATING ACCOUNT | ||||||
2058 N. MILLS AVE #139 | Page 1 of 2 |
| FORM MOR-1b (04/07 | ) | ||
CLAREMONT CA 91711 | ||||||
| Bankruptcy Case Number: 0813127KJC |
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
| September 30, | September 30, | September 30, | ||||||||
Statement Period | 12/01/2011 –12/30/2011 | Statement Beginning Balance | $ | 17,864.01 | ||||||
Number of Deposits/Credits | 0 | Amount of Deposits/Credits | $ | 0.00 | ||||||
Number of Checks | 0 | Amount of Checks | $ | 0.00 | ||||||
Number of Other Debits | 16 | Amount of Other Debits | $ | 124.08 | ||||||
| Statement Ending Balance | $ | 17,739.93 | ||||||||
Number of Enclosures | 0 | |||||||||
| Service Charge | $ | 70.14 |
Withdrawals and Debits
Other Debits
| September 30, | September 30, | September 30, | September 30, | |||||||||||
Date Posted | Customer Reference | Amount | Description | Bank Reference | ||||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900001 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900002 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900003 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900004 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900005 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900006 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900007 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900008 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900009 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900010 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900011 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900012 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900013 | |||||||||
12/02 | 1 | $ | 5.00 | STATEMENT ACTIVITY PRINT | 09939900014 | |||||||||
| September 30, | September 30, | September 30, | ||||||||
| 12/29 | $ | 53.94 | ADP PAYROLL FEES DES: ADP – FEES ID: 13Z8V 5323653 INDN: PFF BANCORP INC CO ID: 9659605001 CCD | 62009986120 | ||||||
| 12/30 | $ | 0.14 | FDIC ASSESSMENT |
Daily Balances
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
11/30 | $ | 17,864.01 | $ | 14,994.01 | 12/29 | $ | 17,740.07 | $ | 17,740.07 | |||||||||||
12/01 | $ | 17,864.01 | $ | 17,691.81 | 12/30 | $ | 17,739.93 | $ | 17,739.93 | |||||||||||
12/02 | $ | 17,794.01 | $ | 17,794.01 | ||||||||||||||||
| September 30, | September 30, | |||||
Bank of America LOGO | Account Number 9146 | |||||
| 01 01 149 01 M0000 E# 0 | ||||||
CUSTOMER CONNECTION | Last Statement: 11/30/2011 | |||||
BANK OF AMERICA, N.A. | This Statement: 12/30/2011 | |||||
DALLAS, TEXAS 75283-2406 | ||||||
| Customer Service 1-800-342-7722 | ||||||
PFF BANCORP, INC | ||||||
DEBTOR IN POSSESSION #08-13127-KJC | ||||||
OPERATING ACCOUNT | ||||||
2058 N. MILLS AVE #139 | Page 2 of 2 |
| FORM MOR-1b (04/07 | ) | ||
CLAREMONT CA 91711 | ||||||
| Bankruptcy Case Number: 0813127KJC |
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*Tell us your name and account number
*Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
*Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.
CTS CMES SPECIALIZED PRODS MN
CORPORATE TRUST SERVICES
MAC N9311-110 SPECIALIZED PRODUCTS
625 MARQUETTE AVE, 11TH FLOOR
MINNEAPOLIS, MN 55402-2308
PFF BANCORP FDIC QSF
ACCOUNT NUMBER 83671900
MONTHLY STATEMENT
DECEMBER 1, 2011 THROUGH DECEMBER 31, 2011
ACCOUNT MANAGER: DAVID BERGSTROM TELEPHONE NUMBER: 612-667-7390 | ||
FEDERAL DEPOSIT INSURANCE CORP 3501 FAIRFAX DRIVE ARLINGTON, VIRGINIA 22226 ATTN: B. AMON JAMES | ADMINISTRATOR: DAVID PICKETT TELEPHONE NUMBER: (612) 667-9099 |
TABLE OF CONTENTS | PFF BANCORP FDIC QSF | |
FOR THE PERIOD ENDED DECEMBER 1, 2011 THROUGH DECEMBER 31, 2011 | ACCOUNT NUMBER 83671900 |
| September 30, | ||||
REPORT NAME | PAGE NUMBER | |||
ASSET SUMMARY | 1 | |||
STATEMENT OF ASSETS | 2 | |||
CASH SUMMARY | 3 | |||
STATEMENT OF TRANSACTIONS | 4 | |||
CASH MANAGEMENT TRANSACTION JOURNAL | 5 | |||
PAGE 1
ASSET SUMMARY | PFF BANCORP FDIC QSF | |
AS OF DECEMBER 31, 2011 | ACCOUNT NUMBER 83671900 |
ASSET SUMMARY
| September 30, | September 30, | September 30, | September 30, | |||||||||||||
INVESTMENT CATEGORY | COST VALUE | MARKET VALUE | UNREALIZED GAIN/LOSS | ACCRUED INCOME | ||||||||||||
CASH | $ | 0.00 | $ | 0.00 | ||||||||||||
CASH EQUIVALENTS | $ | 43,328,445.50 | $ | 42,331,772.80 | $ | 3,327.30 | $ | 4.19 | ||||||||
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TOTAL INVESTMENTS | $ | 43,328,445.50 | $ | 42,331,772.80 | $ | 3,327.30 | $ | 4.19 | ||||||||
PAGE 2
STATEMENT OF ASSETS | PFF BANCORP FDIC QSF | |
AS OF DECEMBER 31, 2011 | ACCOUNT NUMBER 83671900 |
STATEMENT OF ASSETS
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||
PAR VALUE / | DESCRIPTION | COST VALUE / UNIT COST | MARKET VALUE / UNIT PRICE | UNREALIZED GAIN / LOSS | ACCRUED INCOME | |||||||||||||
CASH EQUIVALENTS | ||||||||||||||||||
$20,925,000 | US TREASURY BILL DTD 06/30/11 06/28/2012 CUSIP 9127953W9 | $ | 20,915,618.63 99.955 | | $ | 20,918,722.50 99.970 | | $ | 3,103.87 | $ | 0.00 | |||||||
$21,167,000 | US TREASURY BILL DTD 09/22/11 03/22/2012 CUSIP 9127955E7 | $ | 21,165,929.89 99.995 | | $ | 21,166,153.32 99.996 | | $ | 223.43 | $ | 0.00 | |||||||
$246,896.98 | WFB MONEY MARKET DEPOSIT ACCOUNT CUSIP 999491905 | $ | 246,896.98 1.000 | | $ | 246,896.98 1.000 | | $ | 0.00 | $ | 4.19 | |||||||
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TOTAL CASH EQUIVALENTS | $ | 42,328,445.50 | $ | 42,331,772.80 | $ | 3,327.30 | $ | 4.19 | ||||||||||
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TOTAL INVESTMENTS | $ | 42,328,445.50 | $ | 42,331,772.80 | $ | 3,327.30 | $ | 4.19 | ||||||||||
PAGE 3
CASH SUMMARY | PFF BANCORP FDIC QSF | |
FOR THE PERIOD DECEMBER 1, 2011 THROUGH DECEMBER 31, 2011 | ACCOUNT NUMBER 83671900 |
CASH SUMMARY
| September 30, | September 30, | |||||||
DESCRIPTION | PRINCIPAL CASH | INCOME CASH | ||||||
BEGINNING BALANCE | $ | 3.98- | $ | 3.98 | ||||
RECEIPTS | ||||||||
NET INTEREST COLLECTED CASH MANAGEMENT SALES | $ | 0.00 | $ | 4.07 | ||||
TOTAL CASH RECEIPTS | $ | 0.00 | $ | 4.07 | ||||
DISBURSEMENTS | ||||||||
CASH MANAGEMENT PURCHASES | $ | 4.07- | $ | 0.00 | ||||
TOTAL CASH DISBURSEMENTS | $ | 4.07- | $ | 0.00 | ||||
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ENDING BALANCE | $ | 8.05- | $ | 8.05 | ||||
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PAGE 4
STATEMENT OF TRANSACTIONS | PFF BANCORP FDIC QSF | |
FOR THE PERIOD DECEMBER 1, 2011 THROUGH DECEMBER 31, 2011 | ACCOUNT NUMBER 83671900 |
STATEMENT OF TRANSACTIONS
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
DATE | PAR VALUE / SHARES | DESCRIPTION | PRINCIPAL CASH | INCOME CASH | COST VALUE | REALIZED GAIN/LOSS | ||||||||||||||
| BEGINNING BALANCE | $ | 3.98- | $ | 3.98 | $ | 42,328,441.43 | ||||||||||||||
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12/01/11 | INTEREST RECEIVED WFB MONEY MARKET DEPOSIT ACCOUNT CUSIP 999491905 INTEREST FROM 11/1/11 TO 11/30/11 | $ | 4.07 | |||||||||||||||||
12/31/11 | $ | 4.07 | CASH SWEEP PURCHASES FOR STMT PERIOD WEB MONEY MARKET DEPOSIT ACCOUNT CUSIP 999491905 1 TRANSACTION | $ | 4.07- | $ | 4.07 | |||||||||||||
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| ENDING BALANCE | $ | 8.05- | $ | 8.05 | $ | 42,328,445.50 | ||||||||||||||
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PAGE 5
STATEMENT OF TRANSACTIONS | PFF BANCORP FDIC QSF | |
FOR THE PERIOD DECEMBER 1, 2011 THROUGH DECEMBER 31, 2011 | ACCOUNT NUMBER 83671900 |
STATEMENT OF TRANSACTIONS
| September 30, | September 30, | September 30, | September 30, | |||||||||||
DATE | PAR VALUE /SHARES | DESCRIPTION | PRINCIPAL CASH | INCOME CASH | ||||||||||
12/01/11 | $ | 4.07 | PURCHASED WFB MONEY MARKET DEPOSIT ACCOUNT | $ | 4.07- | |||||||||
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WFB MONEY MARKET DEPOSIT ACCOUNT | ||||||||||||||
| TOTAL PURCHASES/DEPOSITS | $ | 4.07- | $ | 0.00 | ||||||||||
| TOTAL SALES/WITHDRAWALS | $ | 0.00 | $ | 0.00 | ||||||||||
PFF Bancorp, Inc.
Transaction Detail by Account
December 2011
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||
Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||
B of A Checking | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 595 | -SPLIT- | -0.14 | -0.14 | |||||||||||||||||||
12/19/2011 | Journal Entry | 602 | -SPLIT- | -53.94 | -54.08 | |||||||||||||||||||
12/21/2011 | Journal Entry | 603 | -SPLIT- | -4,108.71 | -4,162.79 | |||||||||||||||||||
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Total for B of A Checking | $ | -4,162.79 | ||||||||||||||||||||||
Post Petition Unpaid—KCC | ||||||||||||||||||||||||
12/05/2011 | Journal Entry | 596 | -SPLIT- | 4,211.01 | 4,211.01 | |||||||||||||||||||
12/31/2011 | Journal Entry | 610 | -SPLIT- | 4,229.18 | 8,440.19 | |||||||||||||||||||
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Total for Post Petition Unpaid—KCC | $ | 8,440.19 | ||||||||||||||||||||||
Post Petition Unpaid—McCarthy | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 592 | -SPLIT- | 5,455.59 | 5,455.59 | |||||||||||||||||||
12/16/2011 | Journal Entry | 600 | -SPLIT- | 5,923.67 | 11,379.26 | |||||||||||||||||||
12/30/2011 | Journal Entry | 608 | -SPLIT- | 4,925.40 | 16,304.66 | |||||||||||||||||||
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Total for Post Petition Unpaid—McCarthy | $ | 16,304.66 | ||||||||||||||||||||||
Post Petition Unpaid—PH | ||||||||||||||||||||||||
12/26/2011 | Journal Entry | 605 | -SPLIT- | 12,449.80 | 12,449.80 | |||||||||||||||||||
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Total for Post Petition Unpaid—PH | $ | 12,449.80 | ||||||||||||||||||||||
Post Petition Unpaid—Pure Comp | ||||||||||||||||||||||||
12/07/2011 | Journal Entry | 598 | -SPLIT- | 1,247.40 | 1,247.40 | |||||||||||||||||||
12/07/2011 | Journal Entry | 599 | -SPLIT- | 826.20 | 2,073.60 | |||||||||||||||||||
12/31/2011 | Journal Entry | 618 | -SPLIT- | 1,474.20 | 3,547.80 | |||||||||||||||||||
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Total for Post Petition Unpaid—Pure Comp | $ | 3,547.80 | ||||||||||||||||||||||
Post Petition Unpaid—RLF | ||||||||||||||||||||||||
12/26/2011 | Journal Entry | 607 | -SPLIT- | 18,187.49 | 18,187.49 | |||||||||||||||||||
12/26/2011 | Journal Entry | 606 | -SPLIT- | 28,443.78 | 46,631.27 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Post Petition Unpaid—RLF | $ | 46,631.27 | ||||||||||||||||||||||
Post Petition Unpaid—Talbott | ||||||||||||||||||||||||
12/03/2011 | Journal Entry | 593 | -SPLIT- | 9,320.10 | 9,320.10 | |||||||||||||||||||
12/17/2011 | Journal Entry | 601 | -SPLIT- | 8,664.16 | 17,984.26 | |||||||||||||||||||
12/31/2011 | Journal Entry | 609 | -SPLIT- | 9,167.64 | 27,151.90 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Post Petition Unpaid—Talbott | $ | 27,151.90 | ||||||||||||||||||||||
Bank Charges | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 595 | -SPLIT- | 0.14 | 0.14 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Bank Charges | $ | 0.14 | ||||||||||||||||||||||
Contractor—Talbott | ||||||||||||||||||||||||
12/03/2011 | Journal Entry | 593 | -SPLIT- | 9,125.00 | 9,125.00 | |||||||||||||||||||
12/17/2011 | Journal Entry | 601 | -SPLIT- | 8,562.50 | 17,687.50 | |||||||||||||||||||
12/31/2011 | Journal Entry | 609 | -SPLIT- | 9,125.00 | 26,812.50 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Contractor—Talbott | $ | 26,812.50 | ||||||||||||||||||||||
Contractor—Talbott—Expenses | ||||||||||||||||||||||||
12/03/2011 | Journal Entry | 593 | -SPLIT- | 195.10 | 195.10 | |||||||||||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||
Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||
12/17/2011 | Journal Entry | 601 | -SPLIT- | 101.66 | 296.76 | |||||||||||||||||||
12/31/2011 | Journal Entry | 609 | -SPLIT- | 42.64 | 339.40 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Contractor—Talbott—Expenses | $ | 339.40 | ||||||||||||||||||||||
Flaster Greenberg—Expenses | ||||||||||||||||||||||||
12/21/2011 | Journal Entry | 603 | -SPLIT- | 922.21 | 922.21 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Flaster Greenberg—Expenses | $ | 922.21 | ||||||||||||||||||||||
Flaster Greenberg Fees | ||||||||||||||||||||||||
12/21/2011 | Journal Entry | 603 | -SPLIT- | 3,186.50 | 3,186.50 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Flaster Greenberg Fees | $ | 3,186.50 | ||||||||||||||||||||||
Kurtzman Carson | ||||||||||||||||||||||||
12/05/2011 | Journal Entry | 596 | -SPLIT- | 4,211.01 | 4,211.01 | |||||||||||||||||||
12/31/2011 | Journal Entry | 610 | -SPLIT- | 4,229.18 | 8,440.19 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Kurtzman Carson | $ | 8,440.19 | ||||||||||||||||||||||
Office Expenses | ||||||||||||||||||||||||
12/07/2011 | Journal Entry | 598 | -SPLIT- | 1,247.40 | 1,247.40 | |||||||||||||||||||
12/07/2011 | Journal Entry | 599 | -SPLIT- | 826.20 | 2,073.60 | |||||||||||||||||||
12/19/2011 | Journal Entry | 602 | -SPLIT- | 53.94 | 2,127.54 | |||||||||||||||||||
12/31/2011 | Journal Entry | 618 | -SPLIT- | 1,474.20 | 3,601.74 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Office Expenses | $ | 3,601.74 | ||||||||||||||||||||||
Payroll | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 592 | -SPLIT- | 5,375.00 | 5,375.00 | |||||||||||||||||||
12/16/2011 | Journal Entry | 600 | -SPLIT- | 5,875.00 | 11,250.00 | |||||||||||||||||||
12/30/2011 | Journal Entry | 608 | -SPLIT- | 4,875.00 | 16,125.00 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Payroll | $ | 16,125.00 | ||||||||||||||||||||||
Post Petition Accrued Exp—PH | ||||||||||||||||||||||||
12/26/2011 | Journal Entry | 605 | -SPLIT- | 12,449.80 | 12,449.80 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Post Petition Accrued Exp—PH | $ | 12,449.80 | ||||||||||||||||||||||
Post Petition Accrued Exp—RLF | ||||||||||||||||||||||||
12/26/2011 | Journal Entry | 607 | -SPLIT- | 18,187.49 | 18,187.49 | |||||||||||||||||||
12/26/2011 | Journal Entry | 606 | -SPLIT- | 28,443.78 | 46,631.27 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Post Petition Accrued Exp—RLF | $ | 46,631.27 | ||||||||||||||||||||||
Postage | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 592 | -SPLIT- | 52.84 | 52.84 | |||||||||||||||||||
12/16/2011 | Journal Entry | 600 | -SPLIT- | 20.92 | 73.76 | |||||||||||||||||||
12/30/2011 | Journal Entry | 608 | -SPLIT- | 22.65 | 96.41 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Postage | $ | 96.41 | ||||||||||||||||||||||
Travel | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 592 | -SPLIT- | 27.75 | 27.75 | |||||||||||||||||||
12/16/2011 | Journal Entry | 600 | -SPLIT- | 27.75 | 55.50 | |||||||||||||||||||
12/30/2011 | Journal Entry | 608 | -SPLIT- | 27.75 | 83.25 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Travel | $ | 83.25 | ||||||||||||||||||||||
Journal Entry
Adjusting Journal Entry: Recent
Date: 12/02/2011
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Bank Charges | $ | 0.14 | ||||||
B of A Checking | $ | 0.14 | ||||||
Totals | $ | 0.14 | $ | 0.14 | ||||
Memo: B of A — Nov | ||||||||
Journal Entry
Adjusting Journal Entry: Recent
Date: 12/19/2011
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Office Expenses | $ | 53.94 | ||||||
B of A Checking | $ | 53.94 | ||||||
Totals | $ | 53.94 | $ | 53.94 | ||||
Memo: ADP minimum monthly charge | ||||||||
Journal Entry
Adjusting Journal Entry: Recent
Date: 12/21/2011
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Flaster Greenberg Fees | $ | 3,186.50 | ||||||
Flaster Greenberg Expenses | $ | 922.21 | ||||||
B of A Checking | $ | 4,108.71 | ||||||
Totals | $ | 4,108.71 | $ | 4,108.71 | ||||
Memo: Net due from 1st and 2nd Interim Applications
PFF Bancorp, Inc.
Profit & Loss
December 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Total Income | ||||
Expenses | ||||
Bank Charges | 0.14 | |||
Contractor—Talbott | 26,812.50 | |||
Contractor—Talbott—Expenses | 339.40 | |||
Flaster Greenberg—Expenses | 922.21 | |||
Flaster Greenberg Fees | 3,186.50 | |||
Kurtzman Carson | 8,440.19 | |||
Office Expenses | 3,601.74 | |||
Payroll | 16,125.00 | |||
Post Petition Accrued Exp—PH | 12,449.80 | |||
Post Petition Accrued Exp—RLF | 46,631.27 | |||
Postage | 96.41 | |||
Travel | 83.25 | |||
|
| |||
Total Expenses | $ | 118,688.41 | ||
|
| |||
Net Operating Income | $ | -118,688.41 | ||
|
| |||
Net Income | $ | -118,688.41 | ||
|
| |||
PFF Bancorp, Inc.
Profit & Loss
December 5, 2008 – December 31, 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Interest Income | 33,319.20 | |||
Lafferty Ch 7 Settlement | 2,870.00 | |||
Refunds-Allowances | 17,200.00 | |||
Settlement Funds Received | 157,912.20 | |||
Workers Comp Experience Refund | 10,563.00 | |||
|
| |||
Total Income | $ | 221,864.40 | ||
Expenses | ||||
Accrued Expenses | 0.00 | |||
Bank Charges | 7,893.78 | |||
Bank Charges—Tax A/C’s | -2549.28 | |||
Blank Rome—Expenses | 30,697.85 | |||
Blank Rome—Fees | 1,167,570.20 | |||
Commissions & Fees | 0.00 | |||
Contractor—Talbott | 752,056.25 | |||
Contractor—Talbott—Expenses | 9,982.32 | |||
Flaster Greenberg—Expenses | 2,711.63 | |||
Flaster Greenberg Fees | 58,570.28 | |||
Interest Expense | 0.99 | |||
JH Cohn—Expenses | 5,472.15 | |||
JH Cohn—Fees | 726,866.80 | |||
Kurtzman Carson | 272,867.71 | |||
Legal & Professional Fees | 298,102.77 | |||
Office Expenses | 65,816.67 | |||
Payroll | 738,772.67 | |||
PHJW Expenses | 24,982.85 | |||
PHJW Fees | 1,997,643.56 | |||
Post Petit Prof—Pending | 0.00 | |||
Post Petition Accrued Exp—JH C | 40,002.16 | |||
Post Petition Accrued Exp—MOGR | 0.00 | |||
Post Petition Accrued Exp—PH | 29,756.01 | |||
Post Petition Accrued Exp—RLF | 126,102.66 | |||
Postage | 3,542.00 | |||
Progressive Reimb | -202,416.95 | |||
RLF—Fees | 251,248.88 | |||
RLF Expenses | 4,778.68 | |||
Supplies | 383.11 | |||
Taxes & Licenses | 15,653.23 | |||
Travel | 17,671.00 | |||
US Trustee | 41,924.01 | |||
|
| |||
Total Expenses | $ | 6,486,103.99 | ||
|
| |||
Net Operating Income | $ | -6,264,239.59 | ||
Other Income | ||||
Funds Disb to Bancorp From Tax A/C | 1,000,000.00 | |||
| September 30, | ||||
| Total | ||||
Other Income | 125,750.46 | |||
|
| |||
Total Other Income | $ | 1,125,750.46 | ||
Other Expenses | ||||
Charge Off Invest in PFF B&T | 142,517,693.00 | |||
Miscellaneous | 2,000.20 | |||
|
| |||
Total Other Expenses | $ | 142,519,693.20 | ||
|
| |||
Net Other Income | $ | -141,393,942.74 | ||
|
| |||
Net Income | $ | -147,658,182.33 | ||
|
| |||
PFF Bancorp, Inc.
Balance Sheet
As of December 31, 2011
| September 30, | ||||
| Total | ||||
ASSETS | ||||
Current Assets | ||||
Bank Accounts | ||||
B of A Checking | 13,701.36 | |||
Checking | 0.00 | |||
Citigroup Margin | 700,000.00 | |||
M&I Bank Account | 1,000,000.00 | |||
Money Market—Tax Refund | 0.00 | |||
Paine Webber Business Svcs. | 0.00 | |||
PFF Bancorp FDIC QSF | 42,328,441.43 | |||
Trust Inv A/C | 0.00 | |||
Wells Fargo Tax Escrow | 0.00 | |||
|
| |||
Total Bank Accounts | $ | 44,042,142.79 | ||
Other Current Assets | ||||
Prepaid—Moffett | 4,060.00 | |||
|
| |||
Total Other Current Assets | $ | 4,060.00 | ||
|
| |||
Total Current Assets | $ | 44,046,202.79 | ||
Other Assets | ||||
Accrued Interest | 5,666.00 | |||
Accum Comp Gain/Loss 1 | 136,845.00 | |||
Accum Comp Gain/Loss 2 | -3,531,160.00 | |||
Capital SERP PFF | -377,518.00 | |||
Capital Stock Investment | 0.00 | |||
Common Stock Dist. Def. Comp | 1,389,015.00 | |||
Common Stock Dist. SERP | 641,438.00 | |||
Deferred Costs—JR SUB | 91,654.00 | |||
Interest Receivable | 82,351.00 | |||
Investment in PFF Real Estate Svcs. | 55,000.00 | |||
Investment in Trust I | 928,000.00 | |||
Investment in Trust II | 774,000.00 | |||
Investment in Trust III | 928,000.00 | |||
Investment with Subsidiaries | 1,307,442.00 | |||
Kurtzman Carson Retainer | 15,000.00 | |||
Net Income/Loss | 0.00 | |||
Net Income/Loss—DBS | 16,886,374.00 | |||
Net Income/Loss—GIA | 730,807.00 | |||
Net Income/Loss—PFF RESI | -29,275.00 | |||
Net Income/Loss DBS correction | -33,772,748.00 | |||
PFF B&T Cash Dividend | 0.00 | |||
PFF FAS 115 | 1,228,035.00 | |||
Prepaid Expenses | 33,000.00 | |||
| September 30, | ||||
| Total | ||||
Prepaid OTS Assessment | 6,357.00 | |||
Progressive—Tail | 0.00 | |||
RLF Retainer | 65,940.94 | |||
Stock Options Granted | 24,911,967.00 | |||
Travellers Tail | 0.00 | |||
US Treasury Bonds—HTM | 0.00 | |||
US Treasury Bonds—UNAM | 953.00 | |||
US Treasury Bonds Mkt Value | 13,329.00 | |||
Valuation Allowance | -1,500,413.00 | |||
|
| |||
Total Other Assets | $ | 11,020,059.94 | ||
|
| |||
TOTAL ASSETS | $ | 55,066,262.73 | ||
|
| |||
LIABILITIES AND EQUITY | ||||
Liabilities | ||||
Current Liabilities | ||||
Accounts Payable | ||||
Post Petition Debts | 0.00 | |||
Post Petition Unpaid—JH C | 40,002.16 | |||
Post Petition Unpaid—KCC | 19,752.30 | |||
Post Petition Unpaid—McCarthy | 37,590.28 | |||
Post Petition Unpaid—MOGR | 0.00 | |||
Post Petition Unpaid—PH | 29,756.01 | |||
Post Petition Unpaid—Pure Comp | 5,670.90 | |||
Post Petition Unpaid—RLF | 126,102.66 | |||
Post Petition Unpaid—Talbott | 57,011.95 | |||
|
| |||
Total Accounts Payable | $ | 315,886.26 | ||
Other Current Liabilities | ||||
Accrued Expenses Payable | 0.00 | |||
Due to FDIC—Taxes | 0.00 | |||
Suspense—NOL Carryback | 42,332,157.45 | |||
|
| |||
Total Other Current Liabilities | $ | 42,332,157.45 | ||
|
| |||
Total Current Liabilities | $ | 42,648,043.71 | ||
Long Term Liabilities | ||||
Accrued Tax Fees | 6,311.00 | |||
Deferred FIT | -128,004.00 | |||
Deferred SIT | -1,378,007.00 | |||
FAS 115 FIT | 4,132.00 | |||
FAS 115 SIT | 1,466.00 | |||
Intercompany Payable | 15.00 | |||
Interest Payable—JR SUB Debt | 2,743,922.00 | |||
Interest Payable—M&I | -106,985.00 | |||
Interest Payable—Other Notes | -304,034.00 | |||
Interest Payable—Secured Borrowings | 80,821.00 | |||
Interest Payable—Swap Fixed | 452,506.00 | |||
Interest Payable—Swap Variable | -364,583.00 | |||
| September 30, | ||||
| Total | ||||
JR SUB Debt I | 30,928,000.00 | |||
JR SUB Debt II | 25,774,000.00 | |||
JR SUB Debt III | 30,928,000.00 | |||
JR SUB Debt MTM | 779,740.00 | |||
Notes Payable—DBS | -19,280,093.00 | |||
Notes Payable M&I | 44,000,000.00 | |||
Other Accrued Liabilities | 2,806,000.00 | |||
Secured Borrowings | 486,849.00 | |||
|
| |||
Total Long Term Liabilities | $ | 117,430,056.00 | ||
|
| |||
Total Liabilities | $ | 160,078,099.71 | ||
Equity | ||||
APIC Equity Incentive Plan | 5,565,899.00 | |||
APIC ESOP | 28,709,074.00 | |||
APIC Preferred Stock | 6,990,000.00 | |||
APIC Retained Earnings | -53,645,740.00 | |||
APIC SERP | -377,518.00 | |||
APIC Stock Options Granted | 24,901,591.00 | |||
APIC Treasury | -113,220,689.00 | |||
APIC Valuation Def Tax | 10,376.00 | |||
Common Stock | 224,811.00 | |||
Common Stock Aquired | -86,371.00 | |||
Common Stock Dist Def Comp | 1,389,015.00 | |||
Common Stock Dist SERP | 641,438.00 | |||
Dividends | 81,713,632.00 | |||
ISO Stock Options FAS 123R | 326,562.00 | |||
NQ Stock Options FAS 123R | 700,675.00 | |||
Opening Balance Equity | -163,427,263.00 | |||
Other Comprehensive Earnings | -2,152,951.00 | |||
Paid-In Capital or Surplus | 224,451,453.00 | |||
Preferred Stock | 10,000.00 | |||
Retained Earnings | -147,617,142.57 | |||
Net Income | -118,688.41 | |||
|
| |||
Total Equity | $ | -105,011,836.98 | ||
|
| |||
TOTAL LIABILITIES AND EQUITY | $ | 55,066,262.73 | ||
|
| |||
| In re PFF Bancorp, Inc. | Case No. 08-13127 | |
| Reporting Period: 12/1/11 – 12/31/11 |
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
Federal | Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Date Paid | Check No. _____T | Ending Tax Liability | ||||||
Withholding | NONE | NONE | ||||||||||
FICA-Employee | NONE | NONE | ||||||||||
FICA-Employer | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Income | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total Federal Taxes | NONE | NONE | ||||||||||
State and Local | ||||||||||||
Withholding | NONE | NONE | ||||||||||
Sales | NONE | NONE | ||||||||||
Excise | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Real Property | NONE | NONE | ||||||||||
Personal Property | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total State and Local | NONE | NONE | ||||||||||
Total Taxes | NONE | NONE |
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||
Accounts Payable | $ | 29,225.50 | $ | 17,878.16 | $ | 24,019.38 | $ | 11,312.11 | $ | 82,435.15 | ||||||||||||
Wages Payable | $ | 16,304.66 | $ | 9,465.01 | $ | 11,820.61 | $ | 37,590.28 | ||||||||||||||
Taxes Payable | ||||||||||||||||||||||
Rent/Leases-Building | ||||||||||||||||||||||
Rent/Leases-Equipment | ||||||||||||||||||||||
Secured Debt/Adequate Protection Payments | ||||||||||||||||||||||
Professional Fees | $ | 18,187.49 | $ | 177,673.34 | $ | 195,860.83 | ||||||||||||||||
Amounts Due to Insiders* | ||||||||||||||||||||||
Other: Contractor | ||||||||||||||||||||||
Other: _____________ | ||||||||||||||||||||||
Total Postpetition Debts | $ | 45,530.16 | $ | 27,343.17 | $ | 54,027.48 | $ | 188,985.45 | $ | 315,886.26 | ||||||||||||
Explain how and when the Debtor intends to pay any past-due postpetition debts.
Amounts will be paid upon release of tax refund monies held in suspense pending authorization from FDIC.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
Post Petition Debts
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||
Firm | Description | Requested | Authorized | Expenses | Total Due | |||||||||||||
Paul Hastings | 4/1/11 - 6/30/11 | $ | 21,287.00 | $ | 17,029.60 | $ | 276.61 | $ | 17,306.21 | |||||||||
| 7/1/11 - 7/31/11 | $ | 15,560.00 | $ | 12,448.00 | $ | 1.80 | $ | 12,449.80 | ||||||||||
RLF | 4/1/11 - 4/30/11 | $ | 19,180.50 | $ | 15,344.40 | $ | 200.02 | $ | 15,544.42 | |||||||||
| 5/1/11 - 5/31/11 | $ | 17,422.50 | $ | 13,938.00 | $ | 188.19 | $ | 14,126.19 | ||||||||||
| 6/1/11 - 6/30/11 | $ | 17,975.00 | $ | 14,380.00 | $ | 338.81 | $ | 14,718.81 | ||||||||||
| 7/1/11 - 7/31/11 | $ | 23,334.00 | $ | 18,667.20 | $ | 265.48 | $ | 18,932.68 | ||||||||||
| 8/1/11 - 8/31/11 | $ | 20,128.49 | $ | 15,916.80 | $ | 232.49 | $ | 16,149.29 | ||||||||||
| 9/1/11 - 9/30/11 | $ | 31,607.00 | $ | 28,285.50 | $ | 158.28 | $ | 28,443.78 | ||||||||||
| 10/1/11 - 10/31/11 | $ | 22,550.00 | $ | 18,040.00 | $ | 147.49 | $ | 18,187.49 | ||||||||||
JH Cohn | 4/1/11 - 4/30/11 | $ | 19,588.00 | $ | 15,670.40 | $ | 11.52 | $ | 15,681.92 | |||||||||
| 5/1/11 - 5/31/11 | $ | 14,013.00 | $ | 11,210.40 | $ | 15.60 | $ | 11,226.00 | ||||||||||
| 6/1/11 - 6/30/11 | $ | 6,134.00 | $ | 4,907.20 | $ | 0.00 | $ | 4,907.20 | ||||||||||
| 7/1/11 - 7/31/11 | $ | 10,223.00 | $ | 8,178.40 | $ | 8.64 | $ | 8,187.04 | ||||||||||
Kurtzman Carson | 9/1/11 - 9/30/11 | NA | $ | 7,922.00 | $ | 3,390.11 | $ | 11,312.11 | ||||||||||
| 10/1/11 - 10/31/11 | NA | $ | 3,452.00 | $ | 759.01 | $ | 4,211.01 | |||||||||||
| 11/1/11 - 11/30/11 | NA | $ | 2,823.00 | $ | 1,406.18 | $ | 4,229.18 | |||||||||||
RR Donnelley | 10/4/2011 | NA | $ | 2,123.10 | $ | 0.00 | $ | 2,123.10 | ||||||||||
| 10/31/2011 | NA | $ | 1,474.20 | $ | 0.00 | $ | 1,474.20 | |||||||||||
| 12/2/2011 | NA | $ | 1,247.40 | $ | 0.00 | $ | 1,247.40 | |||||||||||
| 12/2/2011 | NA | $ | 826.20 | $ | 0.00 | $ | 826.20 | |||||||||||
McCarthy | 9/24/11 - 10/7/11 | NA | $ | 6,125.00 | $ | 263.37 | $ | 6,388.37 | ||||||||||
| 10/8/11 - 10/21/11 | NA | $ | 5,375.00 | $ | 57.24 | $ | 5,432.24 | |||||||||||
| 10/22/11 - 11/4/11 | NA | $ | 4,375.00 | $ | 62.26 | $ | 4,437.26 | |||||||||||
| 11/5/11 - 11/18/11 | NA | $ | 5,000.00 | $ | 27.75 | $ | 5,027.75 | |||||||||||
| 11/19/11 - 12/2/11 | NA | $ | 5,375.00 | $ | 80.59 | $ | 5,455.59 | |||||||||||
| 12/3/11 - 12/16/11 | NA | $ | 5,875.00 | $ | 48.67 | $ | 5,923.67 | |||||||||||
| 12/17/11 - 12/30/11 | NA | $ | 4,875.00 | $ | 50.40 | $ | 4,925.40 | |||||||||||
Talbott | 9/25/11 - 10/8/11 | NA | $ | 10,812.50 | $ | 253.91 | $ | 11,066.41 | ||||||||||
| 10/9/11 - 10/22/11 | NA | $ | 5,000.00 | $ | 144.66 | $ | 5,144.66 | |||||||||||
| 10/23/11 - 11/5/11 | NA | $ | 9,375.50 | $ | 208.05 | $ | 9,583.55 | |||||||||||
| 11/6/11 - 11/19/11 | NA | $ | 3,937.50 | $ | 127.93 | $ | 4,065.43 | |||||||||||
| 11/20/11 - 12/3/11 | NA | $ | 9,215.00 | $ | 195.10 | $ | 9,320.10 | |||||||||||
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||
| 12/4/11 - 12/17/11 | NA | $ | 8,562.50 | $ | 101.66 | $ | 8,664.16 | |||||||||||
| 12/18/11- 12/31/11 | NA | $ | 9,125.00 | $ | 42.64 | $ | 9,167.64 | |||||||||||
Total | $ | 315,886.26 | ||||||||||||||||
|
| |||||||||||||||||
| In re PFF Bancorp, Inc. | 08-13127 | |
Debtor | 12/1/11 – 12/31/11 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| September 30, | ||||
Accounts Receivable Reconciliation | ||||
Total Accounts Receivable at the beginning of the reporting period | NONE | |||
+ Amounts billed during the period | NONE | |||
- Amounts collected during the period | NONE | |||
Total Accounts Receivable at the end of the reporting period | NONE | |||
Accounts Receivable Aging | ||||
0 - 30 days old | NONE | |||
31 -60 days old | NONE | |||
61 - 90 days old | NONE | |||
91+ days old | NONE | |||
Total Accounts Receivable | NONE | |||
Amount considered uncollectible (Bad Debt) | NONE | |||
Accounts Receivable (Net) | NONE |
DEBTOR QUESTIONNAIRE
| September 30, | September 30, | |||
Must be completed each month | Yes | No | ||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | |||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | |||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X |
UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
| In re Glencrest Investment Advisors, Inc. | Case No. 08-13128 | |
| Reporting Period: 12/1/11 - 12/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Affidavit / Supplement Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | YES | ||||||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1a | YES | ||||||
Schedule of Professional Fees Paid | MOR-1b | YES | ||||||
Copies of bank statements | YES | |||||||
Cash disbursements journals | YES | |||||||
Statement of Operations | MOR-2 | YES | ||||||
Balance Sheet | MOR-3 | YES | ||||||
Status of Post-petition Taxes | MOR-4 | YES | ||||||
Copies of IRS Form 6123 or payment receipt | N/A | |||||||
Copies of tax returns filed during reporting period | N/A | |||||||
Summary of Unpaid Post-petition Debts | MOR-4 | YES | ||||||
Listing of aged accounts payable | MOR-4 | YES | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | YES | ||||||
Debtor Questionnaire | MOR-5 | YES |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
|
| |||
Signature of Debtor | Date | |||
|
| |||
Signature of Joint Debtor | Date | |||
/s/ Kevin McCarthy | January 15, 2012 | |||
Signature of Authorized Individual* | Date | |||
Kevin McCarthy | CEO | |||
Printed Name of Authorized Individual | Title of Authorized Individual |
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
In re Glencrest Investment Advisors, Inc. | Case No. 08-13128 | |
| Reporting Period: 12/1/11 - 12/31/11 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH—ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
| BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||
| OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||
CASH BEGINNING OF MONTH | $ | 93,107.32 | $ | 93,107.32 | $ | 31,278.00 | ||||||||||||||||
CASH SALES | $ | 3,516.02 | ||||||||||||||||||||
ACCOUNTS RECEIVABLE | ||||||||||||||||||||||
LOANS AND ADVANCES | ||||||||||||||||||||||
SALE OF ASSETS | $ | 30,277.00 | ||||||||||||||||||||
OTHER (ATTACH LIST) | 516.23 | 1 | $ | 516.23 | $ | 65,382.46 | ||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | $ | 196,027.42 | ||||||||||||||||||||
TOTAL RECEIPTS | $ | 516.23 | $ | 516.23 | $ | 295,202.90 | ||||||||||||||||
NET PAYROLL | $ | 27,609.67 | ||||||||||||||||||||
PAYROLL TAXES | ||||||||||||||||||||||
SALES, USE & OTHER TAXES | ||||||||||||||||||||||
INVENTORY PURCHASES | ||||||||||||||||||||||
SECURED RENTAL/LEASES | $ | 124,519.58 | ||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||
ADMINISTRATIVE | $ | 550.72 | $ | 550.72 | $ | 71,308.82 | ||||||||||||||||
SELLING | ||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||
OWNER DRAW* | ||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | $ | 4,445.00 | ||||||||||||||||||||
PROFESSIONAL FEES | ||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | $ | 5,525.00 | ||||||||||||||||||||
COURT COSTS | ||||||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 550.72 | $ | 550.72 | $ | 233,408.07 | ||||||||||||||||
NET CASH FLOW | ||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | $ | (34.49 | ) | $ | (34.49 | ) | $ | 61,794.83 | ||||||||||||||
CASH—END OF MONTH | $ | 93,072.83 | $ | 93,072.83 | $ | 93,072.83 | ||||||||||||||||
| * | COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE |
THE FOLLOWING SECTION MUST BE COMPLETED
| September 30, | ||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | 550.72 | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 550.72 | ||
| 1 | CA Financial Partners – October 2011 $516.23 |
Account 9162
Account Name Glencrest Investment Advisors, Inc.
Reconciliation As of Date 12/31/11
| September 30, | September 30, | |||||||
Balance per Bank | $ | 93,622.11 | ||||||
Deposits in Transit | ||||||||
Date | Amount | |||||||
Total | ||||||||
Outstanding Checks | ||||||||
Check # 1151 | Amount | $ | 550.00 | |||||
Total | $ | (550.00 | ) | |||||
Other (List) | ||||||||
Bank charges on bank not on books | $ | 0.72 | ||||||
Balance per Books | $ | 93,072.83 | ||||||
In re Glencrest Investment Advisors,Inc. | Case No. 08-13128 | |||
| Reporting Period: 12/1/11 - 12/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
Payee | Period Covered | Amount Covered | Payor | Check | Amount Paid | Year-To-Date | ||||||||||||
| Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||
| NONE | ||||||||||||||||||
Bank of America LOGO | Account Number 9162 | |
| 01 01 149 01 M0000 E#0 | ||
CUSTOMER CONNECTION | Last Statement: 11/30/2011 | |
BANK OF AMERICA, N.A. | This Statement: 12/30/2011 | |
DALLAS, TEXAS 75283-2406 | ||
| Customer Service 1-800-342-7722 | ||
GLENCREST INVESTMENT ADVISORS, INC. | ||
DEBTOR IN POSSESSION #08-13128 | ||
OPERATING ACCOUNT | Page 1 of 2 | |
2058 N. MILLS AVE #139 | ||
CLAREMONT CA 91711 | Bankruptcy Case Number: 0813128 | |
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
Statement Period | 12/01/2011 – 12/30/2011 | Statement Beginning Balance | $ | 93,106.60 | ||||
Number of Deposits/Credits | 1 | Amount of Deposits/Credits | $ | 516.23 | ||||
Number of Checks | 0 | Amount of Checks | $ | 0.00 | ||||
Number of Other Debits | 1 | Amount of Other Debits | $ | 0.72 | ||||
| Statement Ending Balance | $ | 93,622.11 | ||||||
Number of Enclosures | 0 | |||||||
| Service Charge | $ | 0.72 |
Deposits and Credits
| September 30, | September 30, | September 30, | September 30, | |||||||||
Date Posted | Customer Reference | Amount | Description | Bank Reference | ||||||||
12/06 | $ | 516.23 | CA BANKING CENTER DEPOSIT | 254005760639154 | ||||||||
Withdrawals and Debits
Other Debits
| September 30, | September 30, | September 30, | September 30, | |||||||
Date Posted | Customer Reference | Amount | Description | Bank Reference | ||||||
12/30 | $ | 0.72 | FDIC ASSESSMENT | |||||||
Daily Balances
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
11/30 | $ | 93,106.60 | $ | 93,106.60 | 12/12 | $ | 93,622.83 |
| $ | 93,622.83 | ||||||||||
12/06 | $ | 93,622.83 | $ | 93,106.60 | 12/30 | $ | 93,622.11 | $ | 93,622.11 | |||||||||||
12/09 | $ | 93,622.83 | $ | 93,591.86 | ||||||||||||||||
| Account Number 9162 | ||
CUSTOMER CONNECTION | 01 01 149 01 M0000 E#0 | |
BANK OF AMERICA, N.A. | Last Statement: 11/30/2011 | |
DALLAS, TEXAS 75283-2406 | This Statement: 12/30/2011 | |
| Customer Service 1-800-342-7722 | ||
GLENCREST INVESTMENT ADVISORS, INC. | ||
| Page 2 of 2 | ||
| Bankruptcy Case Number: 0813128 | ||
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
* Tell us your name and account number
* Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
* Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.
Glencrest Investment Advisors, Inc.
Transaction Detail by Account
December 2011
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||
Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||
B of A Checking | ||||||||||||||||||||
12/02/2011 | Journal Entry | 291 | -SPLIT- | -0.72 | -0.72 | |||||||||||||||
12/05/2011 | Journal Entry | 292 | -SPLIT- | 516.23 | 515.51 | |||||||||||||||
12/21/2011 | Journal Entry | 293 | -SPLIT- | -550.00 | -34.49 | |||||||||||||||
|
| |||||||||||||||||||
Total for B of A Checking | $ | -34.49 | ||||||||||||||||||
CA Financial Ptnr Income | ||||||||||||||||||||
12/05/2011 | Journal Entry | 292 | -SPLIT- | 516.23 | 516.23 | |||||||||||||||
|
| |||||||||||||||||||
Total for CA Financial Ptnr Income | $ | 516.23 | ||||||||||||||||||
Bank Charges | ||||||||||||||||||||
12/02/2011 | Journal Entry | 291 | -SPLIT- | 0.72 | 0.72 | |||||||||||||||
|
| |||||||||||||||||||
Total for Bank Charges | $ | 0.72 | ||||||||||||||||||
Reliable Self Storage | ||||||||||||||||||||
12/21/2011 | Journal Entry | 293 | -SPLIT- | 550.00 | 550.00 | |||||||||||||||
|
| |||||||||||||||||||
Total for Reliable Self Storage | $ | 550.00 | ||||||||||||||||||
| September 30, | ||
| Journal Entry | Adjusting Journal Entry: Recent |
Date: 12/02/2011
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Bank Charges | $ | 0.72 | ||||||
B of A Checking | $ | 0.72 | ||||||
Totals | $ | 0.72 | $ | 0.72 | ||||
Memo: B of A – Nov | ||||||||
| September 30, | ||
| Journal Entry | Adjusting Journal Entry: Recent |
Date: 12/05/2011
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
B of A Checking | $ | 516.23 | ||||||
CA Financial Ptnr Income | $ | 516.23 | ||||||
Totals | $ | 516.23 | $ | 516.23 | ||||
Memo: Oct ’11 (32 of 48) | ||||||||
| September 30, | ||
| Journal Entry | Adjusting Journal Entry: Recent |
Date: 12/21/2011
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Reliable Self Storage | $ | 550.00 | ||||||
B of A Checking | $ | 550.00 | ||||||
Totals | $ | 550.00 | $ | 550.00 | ||||
Memo: 1/1/12 – 1/31/12 | ||||||||
Glencrest Investment Advisors, Inc.
Profit & Loss
December 2011
| September 30, | ||||
| Total | ||||
Income | ||||
CA Financial Ptnr Income | 516.23 | |||
|
| |||
Total Income | $ | 516.23 | ||
Expenses | ||||
Bank Charges | 0.72 | |||
Reliable Self Storage | 550.00 | |||
|
| |||
Total Expenses | $ | 550.72 | ||
|
| |||
Net Operating Income | $ | -34.49 | ||
|
| |||
Net Income | $ | -34.49 | ||
|
| |||
Glencrest Investment Advisors, Inc.
Profit & Loss
December 8, 2008 — December 31, 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Ameritrade Close Out | 22,111.54 | |||
CA Financial Ptnr Income | 17,011.61 | |||
Fees Billed | 3,723.54 | |||
Misc Asset Sales — Claremont | 30,277.00 | |||
Rental Income Palm Desert | 27,573.93 | |||
Sublease — PFF | 6,279.10 | |||
Trailer Income | 3,263.56 | |||
|
| |||
Total Income | $ | 110,240.28 | ||
Expenses | ||||
Bank Charges | 619.36 | |||
Computek I.T. | 1,275.00 | |||
I 365 Data Storage | 20,751.64 | |||
Janitorial — Claremont | 1,720.00 | |||
Janitorial — Palm Desert | 560.00 | |||
Legal & Professional Fees | -7097.45 | |||
Office Expenses | 4,028.35 | |||
Other General and Admin Expenses | 4,141.78 | |||
Payroll Expenses | 27,603.90 | |||
Reliable Self Storage | 17,037.74 | |||
Rent — Claremont | 93,547.58 | |||
Rent — Palm Desert | 32,194.67 | |||
Supplies | -233.34 | |||
Taxes & Licenses | 2,480.41 | |||
US Trustee | 5,525.00 | |||
Utilities | 2,500.98 | |||
Utilities — Gas Co | 939.56 | |||
Utilities — Phone and Data | 13,180.03 | |||
Utilities — SCE | 7,260.65 | |||
Utilities — Siemens | 848.52 | |||
Utilities — Water | 15.14 | |||
|
| |||
Total Expenses | $ | 228,899.52 | ||
|
| |||
Net Operating Income | $ | -118,659.24 | ||
Other Income | ||||
Other Income | 12,419.88 | |||
|
| |||
Total Other Income | $ | 12,419.88 | ||
Other Expenses | ||||
Miscellaneous | 54.11 | |||
|
| |||
Total Other Expenses | $ | 54.11 | ||
|
| |||
Net Other Income | $ | 12,365.77 | ||
|
| |||
Net Income | $ | -106,293.47 | ||
|
| |||
Glencrest Investment Advisors, Inc.
Balance Sheet
As of December 31, 2011
| September 30, | ||||
| Total | ||||
ASSETS | ||||
Current Assets | ||||
Bank Accounts | ||||
B of A Checking | 93,072.83 | |||
PFF Checking | 0.00 | |||
Prepaid Rent — Claremont | 0.00 | |||
|
| |||
Total Bank Accounts | $ | 93,072.83 | ||
|
| |||
Total Current Assets | $ | 93,072.83 | ||
Other Assets | ||||
Advances to Trust | 80,000.00 | |||
Lease Deposit | 0.00 | |||
Net Income/Loss GIS | 58,822.00 | |||
Prepaid — Other | 17,680.08 | |||
Prepaid A/P | 23,437.00 | |||
Prepaid Rent & CAM — Claremont | 0.00 | |||
Prepaid Rent — Palm Desert | 0.00 | |||
Prin Rec FHLMC SEC Fixed | 2,916.92 | |||
Property & Equipment | 492,486.00 | |||
Utility Deposit | 0.00 | |||
Valuation Allowance | -43,570.00 | |||
|
| |||
Total Other Assets | $ | 631,772.00 | ||
|
| |||
TOTAL ASSETS | $ | 724,844.83 | ||
|
| |||
LIABILITIES AND EQUITY | ||||
Liabilities | ||||
Long Term Liabilities | ||||
125 Deductions | 5,150.00 | |||
401K | 469.00 | |||
Accrued Payroll | 8,000.00 | |||
Accrued Vacation | 34,313.00 | |||
Deferred Federal Inc Tax | 93,597.00 | |||
Deferred State Franchise Tax | -137,167.00 | |||
Employer FICA Tax Payable | 27.00 | |||
Fed Inc Tax W/H | 178.00 | |||
Federal Employee FICA | 27.00 | |||
Intercompany Payable | 14,433.00 | |||
MISC Unapplied Funds | -224.00 | |||
Other Accrued Liability | 40,000.00 | |||
State Tax W/H | 34.00 | |||
Sublease Deposit | 1.00 | |||
|
| |||
Total Long Term Liabilities | $ | 58,838.00 | ||
|
| |||
Total Liabilities | $ | 58,838.00 | ||
| September 30, | ||||
| Total | ||||
Equity | ||||
APIC | 6,870,597.00 | |||
APIC — Retained Earnings | -6,206,986.00 | |||
Common Stock | 3.00 | |||
Opening Balance Equity | -1.00 | |||
Retained Earnings | 2,428.32 | |||
Net Income | -34.49 | |||
|
| |||
Total Equity | $ | 666,006.83 | ||
|
| |||
TOTAL LIABILITIES AND EQUITY | $ | 724,844.83 | ||
|
| |||
In re Glencrest Investment Advisors, Inc. | Case No. 08-13128 | |||
| Reporting Period: 12/1/11 – 12/31/11 |
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
Federal | Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Date Paid | Check No. _____T | Ending Tax Liability | ||||||
Withholding | NONE | NONE | ||||||||||
FICA-Employee | NONE | NONE | ||||||||||
FICA-Employer | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Income | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total Federal Taxes | NONE | NONE | ||||||||||
State and Local | ||||||||||||
Withholding | NONE | NONE | ||||||||||
Sales | NONE | NONE | ||||||||||
Excise | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Real Property | NONE | NONE | ||||||||||
Personal Property | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total State and Local | NONE | NONE | ||||||||||
Total Taxes | NONE | NONE |
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||
Accounts Payable | NONE | |||||||||||
Wages Payable | NONE | |||||||||||
Taxes Payable | NONE | |||||||||||
Rent/Leases-Building | NONE | |||||||||||
Rent/Leases-Equipment | NONE | |||||||||||
Secured Debt/Adequate Protection Payments | NONE | |||||||||||
Professional Fees | NONE | |||||||||||
Amounts Due to Insiders* | NONE | |||||||||||
Other: ________ | NONE | |||||||||||
Other: ________ | NONE | |||||||||||
Total Postpetition Debts | NONE |
Explain how and when the Debtor intends to pay any past-due postpetition debts.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
In re Glencrest Investment Advisors, Inc. | 08-13128 | |||
Debtor | 12/1/11 – 12/31/11 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| September 30, | ||
Accounts Receivable Reconciliation | ||
Total Accounts Receivable at the beginning of the reporting period | NONE | |
+ Amounts billed during the period | NONE | |
- Amounts collected during the period | NONE | |
Total Accounts Receivable at the end of the reporting period | NONE | |
Accounts Receivable Aging | ||
0 - 30 days old | NONE | |
31 - 60 days old | NONE | |
61 - 90 days old | NONE | |
91+ days old | NONE | |
Total Accounts Receivable | NONE | |
Amount considered uncollectible (Bad Debt) | NONE | |
Accounts Receivable (Net) | NONE |
DEBTOR QUESTIONNAIRE
| September 30, | September 30, | |||
Must be completed each month | Yes | No | ||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | |||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | |||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X |
UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
In re Glencrest Insurance Services, Inc. | Case No. 08-13131 | |
| Reporting Period: 12/1/11 –12/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| September 30, | September 30, | September 30, | September 30, | |||||
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Affidavit / Supplement Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | YES | ||||||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1a | YES | ||||||
Schedule of Professional Fees Paid | MOR-1b | YES | ||||||
Copies of bank statements | YES | |||||||
Cash disbursements journals | YES | |||||||
Statement of Operations | MOR-2 | YES | ||||||
Balance Sheet | MOR-3 | YES | ||||||
Status of Post-petition Taxes | MOR-4 | YES | ||||||
Copies of IRS Form 6123 or payment receipt | N/A | |||||||
Copies of tax returns filed during reporting period | N/A | |||||||
Summary of Unpaid Post-petition Debts | MOR-4 | YES | ||||||
Listing of aged accounts payable | MOR-4 | YES | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | YES | ||||||
Debtor Questionnaire | MOR-5 | YES |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
|
| |||
Signature of Debtor | Date | |||
|
| |||
Signature of Joint Debtor | Date | |||
/s/ Kevin McCarthy | January 15, 2012 | |||
Signature of Authorized Individual* | Date | |||
Kevin McCarthy | CEO | |||
Printed Name of Authorized Individual | Title of Authorized Individual | |||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
In re Glencrest Insurance Services, Inc. | Case No. 08-13131 | |
| Reporting Period: 12/1/11 - 12/31/11 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH—ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
| BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||
| OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||
CASH BEGINNING OF MONTH | $ | 90,941.82 | $ | 90,941.82 | $ | 44,046.24 | ||||||||||||||||
RECEIPTS | $ | 255.25 | $ | 255.25 | $ | 51,132.26 | ||||||||||||||||
CASH SALES | ||||||||||||||||||||||
ACCOUNTS RECEIVABLE | ||||||||||||||||||||||
LOANS AND ADVANCES | ||||||||||||||||||||||
SALE OF ASSETS | $ | 307.22 | ||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | ||||||||||||||||||||||
TOTAL RECEIPTS | $ | 255.25 | $ | 255.25 | $ | 51,439.48 | ||||||||||||||||
DISBURSEMENTS | ||||||||||||||||||||||
NET PAYROLL | ||||||||||||||||||||||
PAYROLL TAXES | ||||||||||||||||||||||
SALES, USE & OTHER TAXES | ||||||||||||||||||||||
INVENTORY PURCHASES | ||||||||||||||||||||||
SECURED RENTAL/LEASES | ||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||
ADMINISTRATIVE | $ | 0.70 | $ | 0.70 | $ | 389.35 | ||||||||||||||||
SELLING | ||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||
OWNER DRAW* | ||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | ||||||||||||||||||||||
PROFESSIONAL FEES | ||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | $ | 3,900.00 | ||||||||||||||||||||
COURT COSTS | ||||||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 0.70 | $ | 0.70 | $ | 4,289.35 | ||||||||||||||||
NET CASH FLOW | ||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | $ | 254.55 | $ | 254.55 | $ | 47,150.13 | ||||||||||||||||
CASH—END OF MONTH | $ | 91,196.37 | $ | 91,196.37 | $ | 91,196.37 | ||||||||||||||||
| * | COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE |
THE FOLLOWING SECTION MUST BE COMPLETED
| September 30, | ||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | 0.70 | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 0.70 | ||
Account 8202
Account Name Glencrest Insurance Services, Inc.
Reconciliation As of Date 12/31/11
| September 30, | September 30, | |||||||
Balance per Bank | $ | 91,195.67 | ||||||
Deposits in Transit | ||||||||
Date | Amount | |||||||
Total | ||||||||
Outstanding Checks | ||||||||
Check # | Amount | |||||||
Total | ||||||||
Other (List) | ||||||||
Bank charges on bank not on books | $ | 0.70 | ||||||
Balance per Books | $ | 91,196.37 | ||||||
| September 30, | ||
In re Glencrest Insurance Services, Inc. | Case No. 08-13131 | |
| Reporting Period:12/1/11 - 12/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||
Payee | Period Covered | Amount Covered | Payor | Check | Amount Paid | Year-To-Date | ||||||||||||
| Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||
| NONE | ||||||||||||||||||
| September 30, | ||
Bank of America LOGO | Account Number 8202 | |
| 01 01 149 01 M0000 E#0 | ||
CUSTOMER CONNECTION | Last Statement: 11/30/2011 | |
BANK OF AMERICA, N.A. | This Statement: 12/30/2011 | |
DALLAS, TEXAS 75283-2406 | ||
| Customer Service 1-800-342-7722 | ||
GLENCREST INSURANCE SERVICES, INC. | ||
DEBTOR IN POSSESSION #08-13131 | ||
2058 N. MILLS AVE #139 | Page 1 of 3 | |
CLAREMONT CA 91711 | ||
| Bankruptcy Case Number: 0813131 |
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
| September 30, | September 30, | September 30, | ||||||||
Statement Period | 12/01/2011 –12/30/2011 | Statement Beginning Balance | $ | 90,941.12 | ||||||
Number of Deposits/Credits | 1 | Amount of Deposits/Credits | $ | 255.25 | ||||||
Number of Checks | 0 | Amount of Checks | $ | 0.00 | ||||||
Number of Other Debits | 1 | Amount of Other Debits | $ | 0.70 | ||||||
| Statement Ending Balance | $ | 91,195.67 | ||||||||
Number of Enclosures | 0 | |||||||||
| Service Charge | $ | 0.70 |
Deposits and Credits
| September 30, | September 30, | September 30, | September 30, | |||||||||
Date Posted | Customer Reference | Amount | Description | Bank Reference | ||||||||
12/29 | $ | 255.25 | CA BANKING CENTER DEPOSIT | 254005760509379 | ||||||||
Withdrawals and Debits
Other Debits
| September 30, | September 30, | September 30, | September 30, | |||||||
Date Posted | Customer Reference | Amount | Description | Bank Reference | ||||||
12/30 | $ | 0.70 | FDIC ASSESSMENT | |||||||
Daily Balances
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
11/30 | $ | 90,941.12 | $ | 90,941.12 | 12/30 | $ | 91,195.67 | $ | 90,940.42 | |||||||||||
12/29 | $ | 91,196.37 | $ | 90,941.12 | ||||||||||||||||
| September 30, | ||
| Account Number 8202 | ||
CUSTOMER CONNECTION | 01 01 149 01 M0000 E#0 | |
BANK OF AMERICA, N.A. | Last Statement: 11/30/2011 | |
DALLAS, TEXAS 75283-2406 | This Statement: 12/30/2011 | |
| Customer Service 1-800-342-7722 | ||
GLENCREST INSURANCE SERVICES, INC. | ||
| Page 2 of 2 | ||
| Bankruptcy Case Number: 0813131 | ||
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*Tell us your name and account number
*Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
*Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.
Glencrest Insurance Services, Inc.
Transaction Detail by Account
December 2011
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||
Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||
B of A Checking | ||||||||||||||||||||||||
12/28/2011 | Journal Entry | 122 | -SPLIT- | 255.25 | 255.25 | |||||||||||||||||||
12/30/2011 | Journal Entry | 123 | -SPLIT- | -0.70 | 254.55 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for B of A Checking | $ | 254.55 | ||||||||||||||||||||||
Fees Billed | ||||||||||||||||||||||||
12/28/2011 | Journal Entry | 122 | -SPLIT- | 255.25 | 255.25 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Fees Billed | $ | 255.25 | ||||||||||||||||||||||
Bank Charges | ||||||||||||||||||||||||
12/30/2011 | Journal Entry | 123 | -SPLIT- | 0.70 | 0.70 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Bank Charges | $ | 0.70 | ||||||||||||||||||||||
Journal Entry | Adjusting Journal Entry: Recent |
Date: 12/28/2011 |
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
B of A Checking | $ | 255.25 | ||||||
Fees Billed | $ | 255.25 | ||||||
Totals | $ | 255.25 | $ | 255.25 | ||||
Memo: Transamerica $105.42 + $149.83 | ||||||||
Journal Entry | Adjusting Journal Entry: Recent |
Date: 12/30/2011 |
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Bank Charges | $ | 0.70 | ||||||
B of A Checking | $ | 0.70 | ||||||
Totals | $ | 0.70 | $ | 0.70 | ||||
Memo: B of A – Nov | ||||||||
Glencrest Insurance Services, Inc.
Profit & Loss
December 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Fees Billed | 255.25 | |||
|
| |||
Total Income | $ | 255.25 | ||
Expenses | ||||
Bank Charges | 0.70 | |||
|
| |||
Total Expenses | $ | 0.70 | ||
|
| |||
Net Operating Income | $ | 254.55 | ||
|
| |||
Net Income | $ | 254.55 | ||
|
| |||
Glencrest Insurance Services, Inc.
Profit & Loss
December 5, 2008 – December 31, 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Fees Billed | 51,132.26 | |||
|
| |||
Total Income | $ | 51,132.26 | ||
Expenses | ||||
Bank Charges | 389.35 | |||
Taxes & Licenses | 0.00 | |||
US Trustee | 3,900.00 | |||
|
| |||
Total Expenses | $ | 4,289.35 | ||
|
| |||
Net Operating Income | $ | 46,842.91 | ||
Other Income | ||||
Other Income | 307.22 | |||
|
| |||
Total Other Income | $ | 307.22 | ||
|
| |||
Net Other Income | $ | 307.22 | ||
|
| |||
Net Income | $ | 47,150.13 | ||
|
| |||
Glencrest Insurance Services, Inc.
Balance Sheet
As of December 31, 2011
| September 30, | ||||
| Total | ||||
ASSETS | ||||
Current Assets | ||||
Bank Accounts | ||||
B of A Checking | 91,196.37 | |||
Operating Acct | 0.00 | |||
PFF Checking | 0.00 | |||
|
| |||
Total Bank Accounts | $ | 91,196.37 | ||
|
| |||
Total Current Assets | $ | 91,196.37 | ||
Other Assets | ||||
Prepaid Expenses and Other Assets | 36,194.00 | |||
Property & Equipment | 16,201.00 | |||
|
| |||
Total Other Assets | $ | 52,395.00 | ||
|
| |||
TOTAL ASSETS | $ | 143,591.37 | ||
|
| |||
LIABILITIES AND EQUITY | ||||
Liabilities | ||||
Long Term Liabilities | ||||
Deferred Tax | 36,194.00 | |||
Fees Payable | -322.00 | |||
|
| |||
Total Long Term Liabilities | $ | 35,872.00 | ||
|
| |||
Total Liabilities | $ | 35,872.00 | ||
Equity | ||||
APIC—R/E Dividends Paid | -5,440,000.00 | |||
APIC—Retained Earnings | 5,480,569.00 | |||
Common Stock | 20,000.00 | |||
Opening Balance Equity | 0.24 | |||
Retained Earnings | 46,895.58 | |||
Net Income | 254.55 | |||
|
| |||
Total Equity | $ | 107,719.37 | ||
|
| |||
TOTAL LIABILITIES AND EQUITY | $ | 143,591.37 | ||
|
| |||
In re Glencrest Insurance Services, Inc. | Case No. 08-13131 | |
| Reporting Period:12/1/11 - 12/31/11 |
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||
Federal | Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Date Paid | Check No. _____T | Ending Tax Liability | ||||||||||
Withholding | NONE | NONE | ||||||||||||||
FICA-Employee | NONE | NONE | ||||||||||||||
FICA-Employer | NONE | NONE | ||||||||||||||
Unemployment | NONE | NONE | ||||||||||||||
Income | NONE | NONE | ||||||||||||||
Other: | NONE | NONE | ||||||||||||||
Total Federal Taxes | NONE | NONE | ||||||||||||||
State and Local | ||||||||||||||||
Withholding | NONE | NONE | ||||||||||||||
Sales | NONE | NONE | ||||||||||||||
Excise | NONE | NONE | ||||||||||||||
Unemployment | NONE | NONE | ||||||||||||||
Real Property | NONE | NONE | ||||||||||||||
Personal Property | NONE | NONE | ||||||||||||||
Other: | NONE | NONE | ||||||||||||||
Total State and Local | NONE | NONE | ||||||||||||||
Total Taxes | NONE | NONE | ||||||||||||||
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||
Accounts Payable | NONE | |||||||||||||
Wages Payable | NONE | |||||||||||||
Taxes Payable | NONE | |||||||||||||
Rent/Leases-Building | NONE | |||||||||||||
Rent/Leases-Equipment | NONE | |||||||||||||
Secured Debt/Adequate Protection Payments | NONE | |||||||||||||
Professional Fees | NONE | |||||||||||||
Amounts Due to Insiders* | NONE | |||||||||||||
Other:________ | NONE | |||||||||||||
Other:________ | NONE | |||||||||||||
Total Postpetition Debts | NONE | |||||||||||||
Explain how and when the Debtor intends to pay any past-due postpetition debts.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
| September 30, | ||
In re Glencrest Insurance Services, Inc. | 08-13131 | |
Debtor | 12/1-12/31/11 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| September 30, | ||||
Accounts Receivable Reconciliation | ||||
Total Accounts Receivable at the beginning of the reporting period | NONE | |||
+ Amounts billed during the period | NONE | |||
- Amounts collected during the period | NONE | |||
Total Accounts Receivable at the end of the reporting period | NONE | |||
Accounts Receivable Aging | ||||
0 - 30 days old | NONE | |||
31 -60 days old | NONE | |||
61 - 90 days old | NONE | |||
91+ days old | NONE | |||
Total Accounts Receivable | NONE | |||
Amount considered uncollectible (Bad Debt) | NONE | |||
Accounts Receivable (Net) | NONE |
DEBTOR QUESTIONNAIRE
| September 30, | September 30, | |||||||
Must be completed each month | Yes | No | ||||||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | |||||||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||||||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | |||||||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||||||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | |||||||
UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
In re Diversified Builder Services, Inc. | Case No. 08-13129 | |
| Reporting Period: 12/1/11 - 12/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| September 30, | September 30, | September 30, | September 30, | |||||
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Affidavit / Supplement Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | YES | ||||||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1a | YES | ||||||
Schedule of Professional Fees Paid | MOR-1b | YES | ||||||
Copies of bank statements | YES | |||||||
Cash disbursements journals | YES | |||||||
Statement of Operations | MOR-2 | YES | ||||||
Balance Sheet | MOR-3 | YES | ||||||
Status of Post-petition Taxes | MOR-4 | YES | ||||||
Copies of IRS Form 6123 or payment receipt | N/A | |||||||
Copies of tax returns filed during reporting period | N/A | |||||||
Summary of Unpaid Post-petition Debts | MOR-4 | YES | ||||||
Listing of aged accounts payable | MOR-4 | YES | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | YES | ||||||
Debtor Questionnaire | MOR-5 | YES |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
|
| |||
Signature of Debtor | Date | |||
|
| |||
Signature of Joint Debtor | Date | |||
/s/ Kevin McCarthy | January 15, 2012 | |||
Signature of Authorized Individual* | Date | |||
Kevin McCarthy | CEO | |||
Printed Name of Authorized Individual | Title of Authorized Individual | |||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
In re Diversified Builder Services, Inc. | Case No. 08-13129 | |
| Reporting Period:12/1/11 - 12/31/11 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH—ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
| BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||
| OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||
CASH BEGINNING OF MONTH | $ | 1,835,020.33 | $ | 1,835,020.33 | $ | 1,186,035.00 | ||||||||||||||||
RECEIPTS | ||||||||||||||||||||||
CASH SALES | ||||||||||||||||||||||
ACCOUNTS RECEIVABLE | ||||||||||||||||||||||
LOANS AND ADVANCES | ||||||||||||||||||||||
SALE OF ASSETS | $ | 350,000.00 | ||||||||||||||||||||
OTHER (ATTACH LIST) | $ | 333,082.20 | ||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | ||||||||||||||||||||||
TOTAL RECEIPTS | $ | 683,082.20 | ||||||||||||||||||||
DISBURSEMENTS | ||||||||||||||||||||||
NET PAYROLL | ||||||||||||||||||||||
PAYROLL TAXES | ||||||||||||||||||||||
SALES, USE & OTHER TAXES | ||||||||||||||||||||||
INVENTORY PURCHASES | ||||||||||||||||||||||
SECURED RENTAL/LEASES | ||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||
ADMINISTRATIVE | $ | 74.35 | $ | 74.35 | $ | 30,171.88 | ||||||||||||||||
SELLING | ||||||||||||||||||||||
OTHER (ATTACH LIST) | $ | 99.34 | ||||||||||||||||||||
OWNER DRAW* | ||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | ||||||||||||||||||||||
PROFESSIONAL FEES | ||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | $ | 3,900.00 | ||||||||||||||||||||
COURT COSTS | ||||||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 74.35 | $ | 74.35 | $ | 34,171.22 | ||||||||||||||||
NET CASH FLOW | ||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | $ | (74.35 | ) | $ | (74.35 | ) | $ | 648,910.98 | ||||||||||||||
CASH—END OF MONTH | $ | 1,834,945.98 | $ | 1,834,945.98 | $ | 1,834,945.98 | ||||||||||||||||
| * | COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE |
THE FOLLOWING SECTION MUST BE COMPLETED
| September 30, | ||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | 74.35 | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 74.35 | ||
Account 9188
Account Name Diversified Builder Services, Inc.
Reconciliation As of Date 12/31/11
| September 30, | September 30, | |||||
Balance per Bank | $ | 1,834,931.85 | ||||
Deposits in Transit | ||||||
Date | Amount | |||||
Total | ||||||
Outstanding Checks | ||||||
Check # | Amount | |||||
Total | ||||||
Other (List) | ||||||
Bank charges on bank not on books | $ | 14.13 | ||||
Balance per Books | $ | 1,834,945.98 | ||||
In re Diversified Builder Services, Inc. | Case No. 08-13129 | |
| Reporting Period:12/1/11 - 12/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||||
Payee | Covered | Covered | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
| NONE | ||||||||||||||||||
Bank of America LOGO | Account Number 9188 | |
| 01 01 149 01 M0000 E#1 | ||
CUSTOMER CONNECTION | Last Statement: 11/30/2011 | |
BANK OF AMERICA, N.A. | This Statement: 12/30/2011 | |
DALLAS, TEXAS 75283-2406 | ||
| Customer Service 1-800-342-7722 | ||
DIVERSIFIED BUILDER SERVICES, INC. | ||
DEBTOR IN POSSESSION #08-13129 | ||
OPERATING ACCOUNT | Page 1 of 2 | |
2058 N. MILLS AVE #139 | ||
CLAREMONT CA 91711 | Bankruptcy Case Number: 0813129 | |
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
Statement Period | 12/01/2011 – 12/30/2011 | Statement Beginning Balance | $ | 1,863,287.37 | ||||
Number of Deposits/Credits | 0 | Amount of Deposits/Credits | $ | 0.00 | ||||
Number of Checks | 1 | Amount of Checks | $ | 28,341.39 | ||||
Number of Other Debits | 1 | Amount of Other Debits | $ | 14.13 | ||||
| Statement Ending Balance | $ | 1,834,931.85 | ||||||
Number of Enclosures | 1 | |||||||
| Service Charge | $ | 14.13 |
Deposits and Credits
Withdrawals and Debits
Checks
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||
Check Number | Amount | Date Posted | Bank Reference | Check Number | Amount | Date Posted | Bank Reference | |||||||||||||
1017 | $ | 28,341.39 | 12/01 | 6192717237 | ||||||||||||||||
Other Debits
| September 30, | September 30, | September 30, | September 30, | |||||||
Date Posted | Customer Reference | Amount | Description | Bank Reference | ||||||
12/30 | $ | 14.13 | FDIC ASSESSMENT | |||||||
Daily Balances
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
11/30 | $ | 1,863,287.37 | $ | 1,757,384.40 | 12/02 | $ | 1,834,945.98 | $ | 1,834,945.98 | |||||||||||
12/01 | $ | 1,834,945.98 | $ | 1,828,591.81 | 12/30 | $ | 1,834,931.85 | $ | 1,834,931.85 | |||||||||||
| Account Number 9188 | ||
CUSTOMER CONNECTION | 01 01 149 01 M0000 E#1 | |
BANK OF AMERICA, N.A. | Last Statement: 11/30/2011 | |
DALLAS, TEXAS 75283-2406 | This Statement: 12/30/2011 | |
Customer Service 1-800-342-7722 | ||
DIVERSIFIED BUILDER SERVICES, INC. | ||
| Page 2 of 2 | ||
| Bankruptcy Case Number: 0813129 | ||
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
* Tell us your name and account number
* Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
* Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.
Diversified Builder Services, Inc.
Transaction Detail by Account
December 2011
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||
Date | Type | Num | Name | Memo/ Description | Split | Amount | Balance | |||||||||||||||||
B of A Checking | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 61 | -SPLIT- | -74.35 | -74.35 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for B of A Checking | $ | -74.35 | ||||||||||||||||||||||
Bank Charges | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 61 | -SPLIT- | 74.35 | 74.35 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Bank Charges | $ | 74.35 | ||||||||||||||||||||||
Journal Entry | Adjusting Journal Entry: Recent |
Date: 12/02/2011
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Bank Charges | $ | 74.35 | ||||||
B of A Checking | $ | 74.35 | ||||||
Totals | $ | 74.35 | $ | 74.35 | ||||
Memo: B of A – Nov
Diversified Builder Services, Inc.
Profit & Loss
December 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Total Income | ||||
Expenses | ||||
Bank Charges | 74.35 | |||
|
| |||
Total Expenses | $ | 74.35 | ||
|
| |||
Net Operating Income | $ | -74.35 | ||
|
| |||
Net Income | $ | -74.35 | ||
|
| |||
Diversified Builder Services, Inc.
Profit & Loss
December 5, 2008 – December 31, 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Lafferty Ch 7 Settlement | 105,902.97 | |||
Lafferty Tax Refunds | 227,179.23 | |||
|
| |||
Total Income | $ | 333,082.20 | ||
Expenses | ||||
Appraisal Services | 1,000.00 | |||
Bank Charges | 830.49 | |||
Moffett & Grigorian Fees | 28,341.39 | |||
Taxes & Licenses | 0.00 | |||
U S Trustee | 3,900.00 | |||
|
| |||
Total Expenses | $ | 34,071.88 | ||
|
| |||
Net Operating Income | $ | 299,010.32 | ||
Other Income | ||||
Other Income | -99.34 | |||
|
| |||
Total Other Income | -99.34 | |||
|
| |||
Net Other Income | $ | -99.34 | ||
|
| |||
Net Income | $ | 298,910.98 | ||
|
| |||
Diversified Builder Services, Inc.
Balance Sheet
As of December 31, 2011
| September 30, | ||||
| Total | ||||
ASSETS | ||||
Current Assets | ||||
Bank Accounts | ||||
B of A Checking | 1,834,945.98 | |||
PFF Checking | 0.00 | |||
PFF Checking—10102 | 0.00 | |||
|
| |||
Total Bank Accounts | $ | 1,834,945.98 | ||
|
| |||
Total Current Assets | $ | 1,834,945.98 | ||
Other Assets | ||||
100% Loan Loss— Comm Loans—MI | -300,000.00 | |||
Accounts Receivable | 288,500.00 | |||
Commercial LOC—MI | 4,300,000.00 | |||
Commercial LOC Contra Asset—CLS | -1,050.00 | |||
Def Income—Comm Non Accr | -217,552.00 | |||
Partial Charge-Offs Comm. Unsecured | -2,579,081.00 | |||
Property & Equipment | 7,489.00 | |||
Val Allow—FIT Deferred Taxes | 1,951,021.00 | |||
Val Allow—SIT Deferred Taxes | -6,886,601.00 | |||
|
| |||
Total Other Assets | $ | -3,437,274.00 | ||
|
| |||
TOTAL ASSETS | $ | -1,602,328.02 | ||
|
| |||
LIABILITIES AND EQUITY | ||||
Liabilities | ||||
Long Term Liabilities | ||||
Accrued Interest—Notes Payable | 304,034.00 | |||
DBS Insurance Payable | 160.00 | |||
Deferred Fed Income Taxes | 1,951,021.00 | |||
Deferred Income | 288,500.00 | |||
Deferred State Inc Taxes | -6,886,601.00 | |||
Intercompany Payable | 6.00 | |||
Notes Payable | 19,280,093.00 | |||
|
| |||
Total Long Term Liabilities | $ | 14,937,213.00 | ||
|
| |||
Total Liabilities | $ | 14,937,213.00 | ||
Equity | ||||
APIC | 28,000,000.00 | |||
APIC—Retained Earnings | -44,838,453.00 | |||
Opening Balance Equity | 1.00 | |||
Retained Earnings | 298,985.33 | |||
Net Income | -74.35 | |||
|
| |||
Total Equity | $ | -16,539,541.02 | ||
|
| |||
TOTAL LIABILITIES AND EQUITY | $ | -1,602,328.02 | ||
|
| |||
In re Diversified Builder Services, Inc. | Case No. 08-13129 | |
| Reporting Period: 12/1/11 - 12/31/11 |
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
Federal | Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Date Paid | Check No. _____T | Ending Tax Liability | ||||||
Withholding | NONE | NONE | ||||||||||
FICA-Employee | NONE | NONE | ||||||||||
FICA-Employer | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Income | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total Federal Taxes | NONE | NONE | ||||||||||
State and Local | ||||||||||||
Withholding | NONE | NONE | ||||||||||
Sales | NONE | NONE | ||||||||||
Excise | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Real Property | NONE | NONE | ||||||||||
Personal Property | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total State and Local | NONE | NONE | ||||||||||
Total Taxes | NONE | NONE |
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||
Accounts Payable | NONE | |||||||||||
Wages Payable | NONE | |||||||||||
Taxes Payable | NONE | |||||||||||
Rent/Leases-Building | NONE | |||||||||||
Rent/Leases-Equipment | NONE | |||||||||||
Secured Debt/Adequate Protection Payments | NONE | |||||||||||
Professional Fees | NONE | |||||||||||
Amounts Due to Insiders* | NONE | |||||||||||
Other: _____________ | NONE | |||||||||||
Other: _____________ | NONE | |||||||||||
Total Postpetition Debts | NONE |
Explain how and when the Debtor intends to pay any past-due postpetition debts.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
In re Diversified Builder Services, Inc. | 08-13129 | |
Debtor | 12/1/11-12/31/11 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| September 30, | ||||
Accounts Receivable Reconciliation | ||||
Total Accounts Receivable at the beginning of the reporting period | $ | 4,300,000.00 | ||
- Amounts charged off during the period | ||||
- Amounts collected during the period | ||||
Total Accounts Receivable at the end of the reporting period | $ | 4,300,000.00 | ||
Accounts Receivable Aging | ||||
0 - 30 days old | ||||
31 - 60 days old | ||||
61 - 90 days old | ||||
91+ days old | $ | 4,300,000.00 | ||
Total Accounts Receivable | $ | 4,300,000.00 | ||
Amount considered uncollectible (Bad Debt) | $ | 2,579,081.00 | ||
Accounts Receivable (Net) | $ | 1,720,911.00 |
DEBTOR QUESTIONNAIRE
| September 30, | September 30, | |||
Must be completed each month | Yes | No | ||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | |||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | |||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X |
UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
| In re PFF Real Estate Services, Inc. | Case No. 08-13130 | |
| Reporting Period: 12/1/11 - 12/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| September 30, | September 30, | September 30, | September 30, | |||||
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Affidavit / Supplement Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | YES | ||||||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1a | YES | ||||||
Schedule of Professional Fees Paid | MOR-1b | YES | ||||||
Copies of bank statements | YES | |||||||
Cash disbursements journals | YES | |||||||
Statement of Operations | MOR-2 | YES | ||||||
Balance Sheet | MOR-3 | YES | ||||||
Status of Post-petition Taxes | MOR-4 | YES | ||||||
Copies of IRS Form 6123 or payment receipt | N/A | |||||||
Copies of tax returns filed during reporting period | N/A | |||||||
Summary of Unpaid Post-petition Debts | MOR-4 | YES | ||||||
Listing of aged accounts payable | MOR-4 | YES | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | YES | ||||||
Debtor Questionnaire | MOR-5 | YES |
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
|
| |||
| Signature of Debtor | Date | |||
|
| |||
| Signature of Joint Debtor | Date | |||
/s/ Kevin McCarthy | January 15, 2012 | |||
| Signature of Authorized Individual* | Date | |||
Kevin McCarthy | CEO | |||
| Printed Name of Authorized Individual | Title of Authorized Individual | |||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
| In re PFF Real Estate Services, Inc. | Case No. 08-13130 | |
| Reporting Period: 12/1/11 - 12/31/11 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH—ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
| BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||
| OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||
CASH BEGINNING OF MONTH | $ | 21,555.87 | $ | 21,555.87 | $ | 25,725.04 | ||||||||||||||||
RECEIPTS | ||||||||||||||||||||||
CASH SALES | ||||||||||||||||||||||
ACCOUNTS RECEIVABLE | ||||||||||||||||||||||
LOANS AND ADVANCES | ||||||||||||||||||||||
SALE OF ASSETS | ||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | ||||||||||||||||||||||
TOTAL RECEIPTS | ||||||||||||||||||||||
DISBURSEMENTS | ||||||||||||||||||||||
NET PAYROLL | ||||||||||||||||||||||
PAYROLL TAXES | ||||||||||||||||||||||
SALES, USE & OTHER TAXES | ||||||||||||||||||||||
INVENTORY PURCHASES | ||||||||||||||||||||||
SECURED RENTAL/LEASES | ||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||
ADMINISTRATIVE | $ | 0.17 | $ | 0.17 | $ | 269.134 | ||||||||||||||||
SELLING | ||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||
OWNER DRAW* | ||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | ||||||||||||||||||||||
PROFESSIONAL FEES | ||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | $ | 3,900.00 | ||||||||||||||||||||
COURT COSTS | ||||||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 0.17 | $ | 0.17 | $ | 4,169.34 | ||||||||||||||||
NET CASH FLOW | ||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | $ | (0.17 | ) | $ | (0.17 | ) | $ | (4,169.34 | ) | |||||||||||||
CASH—END OF MONTH | $ | 21,555.70 | $ | 21,555.70 | $ | 21,555.70 | ||||||||||||||||
| * | COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE |
THE FOLLOWING SECTION MUST BE COMPLETED
| September 30, | ||||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | 0.17 | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 0.17 | ||
Account 8192
Account Name PFF Real Estate Services, Inc.
Reconciliation As of Date 12/31/11
| September 30, | September 30, | |||||||
Balance per Bank |
| $ | 21,555.53 | |||||
Deposits in Transit | ||||||||
Date | Amount | |||||||
Total | ||||||||
Outstanding Checks | ||||||||
Check # | Amount | |||||||
Total | ||||||||
Other (List) | ||||||||
Bank charges on bank not on books |
| $ | 0.17 | |||||
Balance per Books |
| $ | 21,555.70 | |||||
| In re PFF Real Estate Services, Inc. | Case No. 08-13130 | |
| Reporting Period: 12/1/11 - 12/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||
| Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||||
Payee | Covered | Covered | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
| NONE | ||||||||||||||||||
Bank of America LOGO | Account Number 8192 | |
| 01 01 149 01 M0000 E# 0 | ||
CUSTOMER CONNECTION | Last Statement: 11/30/2011 | |
BANK OF AMERICA, N.A. | This Statement: 12/30/2011 | |
DALLAS, TEXAS 75283-2406 | ||
| Customer Service 1-800-342-7722 | ||
PFF REAL ESTATE SERVICES, INC. | ||
DEBTOR IN POSSESSION #08-13130 | ||
2058 N. MILLS AVE #139 | Page 1 of 2 | |
CLAREMONT CA 91711 | ||
| Bankruptcy Case Number: 0813130 |
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
| September 30, | September 30, | September 30, | ||||||||
Statement Period | 12/01/2011 – 12/30/2011 | Statement Beginning Balance | $ | 21,555.70 | ||||||
Number of Deposits/Credits | 0 | Amount of Deposits/Credits | $ | 0.00 | ||||||
Number of Checks | 0 | Amount of Checks | $ | 0.00 | ||||||
Number of Other Debits | 1 | Amount of Other Debits | $ | 0.17 | ||||||
| Statement Ending Balance | $ | 21,555.53 | ||||||||
Number of Enclosures | 0 | |||||||||
| Service Charge | $ | 0.17 |
Withdrawals and Debits
Other Debits
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
Date Posted | Customer Reference | Amount | Description | Bank Reference | ||||||||
12/30 | $0.17 | FDIC ASSESSMENT | ||||||||||
Daily Balances
| September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||
Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
11/30 | $ | 21,555.70 | $ | 21,555.70 | 12/30 | $ | 21,555.53 | $ | 21,555.53 | |||||||||||
| Account Number 8192 | ||
| CUSTOMER CONNECTION | 01 01 149 01 M0000 E# 0 | |
| BANK OF AMERICA, N.A. | Last Statement: 11/30/2011 | |
| DALLAS, TEXAS 75283-2406 | This Statement: 12/30/2011 | |
| Customer Service 1-800-342-7722 | ||
| PFF REAL ESTATE SERVICES, INC. | ||
| Page 2 of 2 | ||
| Bankruptcy Case Number: 0813130 | ||
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
* Tell us your name and account number
* Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
* Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.
PFF Real Estate Services, Inc.
Transaction Detail by Account
December 2011
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | ||||||||||||||||||
Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||
B of A Checking | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 55 | -SPLIT- | -0.17 | -0.17 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for B of A Checking | $ | -0.17 | ||||||||||||||||||||||
Bank Charges | ||||||||||||||||||||||||
12/02/2011 | Journal Entry | 55 | -SPLIT- | 0.17 | 0.17 | |||||||||||||||||||
|
| |||||||||||||||||||||||
Total for Bank Charges | $ | 0.17 | ||||||||||||||||||||||
Journal Entry | Adjusting Journal Entry: Recent | |
Date: 12/02/2011 |
| September 30, | September 30, | |||||||
Account | Debit | Credit | ||||||
Bank Charges | $ | 0.17 | ||||||
B of A Checking | $ | 0.17 | ||||||
Totals | $ | 0.17 | $ | 0.17 | ||||
Memo: B of A – Nov | ||||||||
PFF Real Estate Services, Inc.
Profit & Loss
December 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Total Income | ||||
Expenses | ||||
Bank Charges | 0.17 | |||
|
| |||
Total Expenses | $ | 0.17 | ||
|
| |||
Net Operating Income | $ | -0.17 | ||
|
| |||
Net Income | $ | -0.117 | ||
|
| |||
PFF Real Estate Services, Inc.
Profit & Loss
December 5, 2008 — December 31, 2011
| September 30, | ||||
| Total | ||||
Income | ||||
Total Income | ||||
Expenses | ||||
Bank Charges | 269.34 | |||
U S Trustee | 3,900.00 | |||
|
| |||
Total Expenses | $ | 4,169.34 | ||
|
| |||
Net Operating Income | $ | -4,169.34 | ||
Other Income | ||||
Other Income | 0.04 | |||
|
| |||
Total Other Income | $ | 0.04 | ||
|
| |||
Net Other Income | $ | 0.04 | ||
|
| |||
Net Income | $ | -4,169.30 | ||
|
| |||
PFF Real Estate Services, Inc. Balance Sheet As of December 31, 2011 |
| September 30, | ||||
| Total | ||||
ASSETS | ||||
Current Assets | ||||
Bank Accounts | ||||
B of A Checking | 21,555.70 | |||
PFF Checking | 0.00 | |||
|
| |||
Total Bank Accounts | $ | 21,555.70 | ||
|
| |||
Total Current Assets | $ | 21,555.70 | ||
|
| |||
TOTAL ASSETS | $ | 21,555.70 | ||
|
| |||
LIABILITIES AND EQUITY | ||||
Liabilities | ||||
Total Liabilities | ||||
Equity | ||||
APIC—Retained Earnings | -29,275.00 | |||
Common Stock | 55,000.00 | |||
Opening Balance Equity | 0.00 | |||
Retained Earnings | -4,169.13 | |||
Net Income | -0.17 | |||
|
| |||
Total Equity | $ | 21,555.70 | ||
|
| |||
TOTAL LIABILITIES AND EQUITY | $ | 21,555.70 | ||
|
| |||
In re PFF Real Estate Services, Inc. | Case No. 08-13130 | |||
| Reporting Period: 12/1/11 – 12/31/11 |
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
Federal | Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Date Paid | Check No. _____T | Ending Tax Liability | ||||||
Withholding | NONE | NONE | ||||||||||
FICA-Employee | NONE | NONE | ||||||||||
FICA-Employer | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Income | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total Federal Taxes | NONE | NONE | ||||||||||
State and Local | ||||||||||||
Withholding | NONE | NONE | ||||||||||
Sales | NONE | NONE | ||||||||||
Excise | NONE | NONE | ||||||||||
Unemployment | NONE | NONE | ||||||||||
Real Property | NONE | NONE | ||||||||||
Personal Property | NONE | NONE | ||||||||||
Other: | NONE | NONE | ||||||||||
Total State and Local | NONE | NONE | ||||||||||
Total Taxes | NONE | NONE |
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
| September 30, | September 30, | September 30, | September 30, | September 30, | September 30, | |||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||
Accounts Payable | NONE | |||||||||||
Wages Payable | NONE | |||||||||||
Taxes Payable | NONE | |||||||||||
Rent/Leases Building | NONE | |||||||||||
Rent/Leases-Equipment | NONE | |||||||||||
Secured Debt/Adequate Protection Payments | NONE | |||||||||||
Professional Fees | NONE | |||||||||||
Amounts Due to Insiders* | NONE | |||||||||||
Other: _____________ | NONE | |||||||||||
Other: _____________ | NONE | |||||||||||
Total Postpetition Debts | NONE | |||||||||||
Explain how and when the Debtor intends to pay any past-due postpetition debts.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
| In re PFF Real Estate Services, Inc. | 08-13130 | |
Debtor | 12/1/11 – 12/31/11 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| September 30, | ||
Accounts Receivable Reconciliation | ||
Total Accounts Receivable at the beginning of the reporting period | NONE | |
+ Amounts billed during the period | NONE | |
- Amounts collected during the period | NONE | |
Total Accounts Receivable at the end of the reporting period | NONE | |
Accounts Receivable Aging | ||
0 - 30 days old | NONE | |
31 -60 days old | NONE | |
61 - 90 days old | NONE | |
91+ days old | NONE | |
Total Accounts Receivable | NONE | |
Amount considered uncollectible (Bad Debt) | NONE | |
Accounts Receivable (Net) | NONE |
DEBTOR QUESTIONNAIRE
| September 30, | September 30, | |||
Must be completed each month | Yes | No | ||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | X | |||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | |||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | X | |||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X |
