Exhibit 99.1
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | ACCRUAL BASIS | ||||||
CASE NUMBER: 08-35653 | |||||||
JUDGE: KEVIN R. HUENNEKENS | |||||||
EASTERN DISTRICT OF VIRGINIA | |||||||
RICHMOND DIVISION | |||||||
MONTHLY OPERATING REPORT | |||||||
MONTH ENDING: AUGUST 1, 2010 TO AUGUST 31, 2010 | |||||||
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I | |||||||
DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING | |||||||
MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND | |||||||
THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE | |||||||
DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER | |||||||
(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH | |||||||
PREPARER HAS ANY KNOWLEDGE. | |||||||
RESPONSIBLE PARTY: | |||||||
/s/ CATHERINE W. BRADSHAW | VICE PRESIDENT AND CONTROLLER | ||||||
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | TITLE | ||||||
CATHERINE W. BRADSHAW | OCTOBER 15, 2010 | ||||||
PRINTED NAME OF RESPONSIBLE PARTY | DATE | ||||||
PREPARER: | |||||||
/s/ ANN P. PIETRANTONI | DIRECTOR, FINANCIAL REPORTING | ||||||
ORIGINAL SIGNATURE OF PREPARER | TITLE | ||||||
ANN P. PIETRANTONI | OCTOBER 15, 2010 | ||||||
PRINTED NAME OF PREPARER | DATE | ||||||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | ACCRUAL BASIS-1 | |||
CASE NUMBER: 08-35653 | ||||
BALANCE SHEET | ||||
(amounts in thousands) | ||||
8/31/2010 | ||||
ASSETS | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 456,873 | |||
Restricted cash | 13,041 | |||
Accounts receivable, net | 208,818 | |||
Tax receivable | 57,060 | |||
Prepaid expenses and other current assets | 3,997 | |||
Intercompany receivables and investments in subsidiaries | 85,134 | |||
TOTAL CURRENT ASSETS | 824,923 | |||
Property and equipment | 35 | |||
Accumulated depreciation | - | |||
Net property and equipment | 35 | |||
Other assets | 20,156 | |||
TOTAL ASSETS | 845,114 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
CURRENT LIABILITIES | ||||
Merchandise payable | 141,714 | |||
Expenses payable | 23,458 | |||
Accrued expenses and other current liabilities | 19,843 | |||
TOTAL CURRENT LIABILITIES | 185,015 | |||
Deferred income taxes | 7,084 | |||
LIABILITIES NOT SUBJECT TO COMPROMISE | 192,099 | |||
LIABILITIES SUBJECT TO COMPROMISE | 1,467,207 | |||
TOTAL LIABILITIES | 1,659,306 | |||
STOCKHOLDERS' EQUITY | ||||
Common stock | 435,612 | |||
Additional paid-in capital | 304,915 | |||
Retained deficit | (1,544,950 | ) | ||
Accumulated other comprehensive loss | (9,769 | ) | ||
TOTAL STOCKHOLDERS' EQUITY | (814,192 | ) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 845,114 | |||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | ACCRUAL BASIS-2 | |||
CASE NUMBER: 08-35653 | ||||
INCOME STATEMENT | ||||
(Amounts in thousands) | 8/1/2010 - 8/31/2010 | |||
Net sales | - | |||
Cost of sales, buying and warehousing | - | |||
Gross profit | - | |||
Selling, general and administrative expenses | 746 | |||
Operating loss | (746 | ) | ||
Interest income | - | |||
Interest expense | - | |||
Loss before reorganization items, GAAP reversals and income taxes | (746 | ) | ||
Net loss from reorganization items | (1,645 | ) | ||
Net gain from GAAP reversals | - | |||
Income tax expense | - | |||
Net loss | (2,391 | ) | ||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | ACCRUAL BASIS-2 | |||
CASE NUMBER: 08-35653 | ||||
INCOME STATEMENT | ||||
(Amounts in thousands) | 11/10/2008 - 8/31/2010 | |||
Net sales | 3,200,966 | |||
Cost of sales, buying and warehousing | 2,825,511 | |||
Gross profit | 375,455 | |||
Selling, general and administrative expenses | 1,098,360 | |||
Asset impairment charges (1) | 756,785 | |||
Operating loss | (1,479,690 | ) | ||
Interest income | 90 | |||
Interest expense | 24,695 | |||
Loss before reorganization items, GAAP reversals and income taxes | (1,504,295 | ) | ||
Net loss from reorganization items | (760,645 | ) | ||
Net gain from GAAP reversals (2) | 282,452 | |||
Income tax benefit (3) | 84,547 | |||
Net loss | (1,897,941 | ) | ||
(1) The company recorded non-cash impairment charges of $756.8 million during the period between 11/10/2008 and 8/31/2010. The charges were primarily related to long-lived assets at the company's stores and the company's investment in its Canadian subsidiary. | ||||
(2) During the period between 1/1/09 and 8/31/10, the company reversed items that had been recorded solely for purposes of complying with generally accepted accounting principles. Items reversed include accrued straight-line rent, certain liabilities subject to compromise and other reserves established under GAAP. The net impact of these GAAP reversals was a non-cash gain of $282.5 million. | ||||
(3) During December 2009, the company recorded a net income tax benefit primarily resulting from the filing of a refund claim under the federal five year net operating loss carryback regulations. | ||||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | ACCRUAL BASIS-3 | |||
CASE NUMBER: 08-35653 | ||||
CASH RECEIPTS AND | ||||
DISBURSEMENTS | ||||
(amounts in thousands) | ||||
8/1/2010 - 8/31/2010 | ||||
Operating Activities: | ||||
Net loss | $ | (2,391 | ) | |
Adjustments to reconcile net loss to net cash | ||||
used in operating activities: | ||||
Net loss from reorganization items | 1,645 | |||
Loss on disposition of property & equipment | 371 | |||
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | 539 | |||
Merchandise payable | (3 | ) | ||
Expenses payable | 134 | |||
Accrued expenses, other current liabilities and | ||||
income taxes | (251 | ) | ||
Net cash provided by operating activities before | ||||
reorganization items | 44 | |||
Cash effect of reorganization items (professional fees) | (1,635 | ) | ||
Net cash used in operating activities | (1,591 | ) | ||
Investing Activities: | ||||
Proceeds from sales of property & equipment | 2,629 | |||
Net cash provided by investing activities | 2,629 | |||
Increase in cash and cash equivalents | 1,038 | |||
Cash and cash equivalents at beginning of period | 455,835 | |||
Cash and cash equivalents at end of period | $ | 456,873 | ||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | ACCRUAL BASIS-3 | |||
CASE NUMBER: 08-35653 | ||||
CASH RECEIPTS AND | ||||
DISBURSEMENTS | ||||
(amounts in thousands) | ||||
11/10/2008 - 8/31/2010 | ||||
Operating Activities: | ||||
Net loss | (1,897,941 | ) | ||
Adjustments to reconcile net loss to net cash provided by | ||||
operating activities: | ||||
Net loss from reorganization items | 760,645 | |||
Net gain from GAAP reversals | (282,452 | ) | ||
Depreciation expense | 44,305 | |||
Amortization expense | 4 | |||
Asset impairment charges | 756,785 | |||
Stock-based compensation benefit | (8,447 | ) | ||
Loss on dispositions of property & equipment | 452,311 | |||
Provision for deferred income taxes | 3,383 | |||
Other | (9,813 | ) | ||
Changes in operating assets and liabilities: | ||||
Restricted cash and cash held by BOA | (20,758 | ) | ||
Accounts receivable, net | (52,279 | ) | ||
Merchandise inventory | 1,605,958 | |||
Prepaid expenses & other current assets | 87,613 | |||
Other assets | 17,705 | |||
Merchandise payable | (1,365 | ) | ||
Expenses payable | (22,943 | ) | ||
Accrued expenses, other current liabilities and | ||||
income taxes | (114,822 | ) | ||
Intercompany receivables | 6,132 | |||
Other long-term liabilities | (231,876 | ) | ||
Net cash provided by operating activities before | ||||
reorganization items | 1,092,145 | |||
Cash effect of reorganization items (professional fees & settlement of receivables) | (5,399 | ) | ||
Net cash provided by operating activities | 1,086,746 | |||
Investing Activities: | ||||
Purchases of property and equipment | (748 | ) | ||
Dividend received from captive insurance subsidiary | 8,952 | |||
Proceeds from sales of available for sale securities | 1,140 | |||
Proceeds from sales of property & equipment | 76,532 | |||
Net cash provided by investing activities | 85,876 | |||
Financing Activities: | ||||
Proceeds from DIP borrowings | 2,961,203 | |||
Principal payments on DIP borrowings | (3,691,794 | ) | ||
Principal payments on other short-term borrowings | (198 | ) | ||
Proceeds from long-term debt | 401 | |||
Principal payments on long-term debt | (1,983 | ) | ||
Change in overdraft balances | (4,710 | ) | ||
Net cash used in financing activities before | ||||
reorganization items | (737,081 | ) | ||
Cash effect of reorganization items (debt issuance costs) | (26,682 | ) | ||
Net cash used in financing activities | (763,763 | ) | ||
Increase in cash and cash equivalents | 408,859 | |||
Cash and cash equivalents at beginning of period | 48,014 | |||
Cash and cash equivalents at end of period | $ | 456,873 | ||
ACCRUAL BASIS-4 | ||||||||||||||||||||||||||
CASE NUMBER: 08-35653 | ||||||||||||||||||||||||||
SCHEDULE | MONTH | MONTH | MONTH | |||||||||||||||||||||||
ACCOUNTS RECEIVABLE AGING | AMOUNT | 6/30/2010 | 7/31/2010 | 8/31/2010 | ||||||||||||||||||||||
1. | 0-30 | 749,185 | - | - | ||||||||||||||||||||||
2. | 31-60 | - | - | - | ||||||||||||||||||||||
3. | 61-90 | - | - | - | ||||||||||||||||||||||
4. | 91 | + | 220,151,057 | 212,151,410 | 209,933,513 | |||||||||||||||||||||
5. | TOTAL ACCOUNTS RECEIVABLE | $ | 220,900,242 | $ | 212,151,410 | $ | 209,933,513 | |||||||||||||||||||
6. | AMOUNT CONSIDERED UNCOLLECTIBLE | 1,115,696 | 1,115,696 | 1,115,696 | ||||||||||||||||||||||
7. | ACCOUNTS RECEIVABLE (NET) | $ | 219,784,546 | $ | 211,035,714 | $ | 208,817,817 | |||||||||||||||||||
AGING OF POSTPETITION TAXES AND PAYABLES | MONTH: | 8/1/2010 - 8/31/2010 | ||||||||||||||||||||||||
0-30 | 31-60 | 61-90 | 91+ | |||||||||||||||||||||||
TAXES PAYABLE | DAYS | DAYS | DAYS | DAYS | TOTAL | |||||||||||||||||||||
1. | FEDERAL | $ | 17,240 | $ | 17,240 | |||||||||||||||||||||
2. | STATE | 3,477 | 247,703 | 251,180 | ||||||||||||||||||||||
3. | LOCAL | 148,111 | 2,222 | 2,307 | 3,873,944 | 4,026,584 | ||||||||||||||||||||
4. | OTHER (SEE APPENDIX A) | - | - | - | 10,678,883 | 10,678,883 | ||||||||||||||||||||
5. | TOTAL TAXES PAYABLE | $ | 168,828 | $ | 2,222 | $ | 2,307 | $ | 14,800,530 | $ | 14,973,887 | |||||||||||||||
6. | MERCHANDISE PAYABLE | $ | - | $ | - | $ | - | $ | 141,714,440 | $ | 141,714,440 | |||||||||||||||
EXPENSES PAYABLE | $ | 575,184 | $ | 666,919 | $ | 167,116 | $ | 22,048,581 | $ | 23,457,800 | ||||||||||||||||
STATUS OF POSTPETITION TAXES | MONTH: | 8/1/2010 - 8/31/2010 | ||||||||||||||||||||||||
BEGINNING | AMOUNT | ENDING | ||||||||||||||||||||||||
TAX | WITHHELD AND/ | AMOUNT | TAX | |||||||||||||||||||||||
FEDERAL | LIABILITY* | OR ACCRUED | PAID | LIABILITY | ||||||||||||||||||||||
1. | WITHHOLDING** | $ | 8,981 | $ | 19,801 | $ | (17,786 | ) | $ | 10,996 | ||||||||||||||||
2. | FICA-EMPLOYEE** | 2,533 | 5,632 | (5,043 | ) | 3,122 | ||||||||||||||||||||
3. | FICA-EMPLOYER** | 2,533 | 5,632 | (5,043 | ) | 3,122 | ||||||||||||||||||||
4. | UNEMPLOYMENT | - | - | |||||||||||||||||||||||
5. | INCOME | - | - | |||||||||||||||||||||||
6. | OTHER (ATTACH LIST) | - | - | - | - | |||||||||||||||||||||
7. | TOTAL FEDERAL TAXES | $ | 14,047 | $ | 31,065 | $ | (27,872 | ) | $ | 17,240 | ||||||||||||||||
STATE AND LOCAL & OTHER | ||||||||||||||||||||||||||
8. | WITHHOLDING | $ | 2,851 | $ | 6,293 | $ | (5,667 | ) | $ | 3,477 | ||||||||||||||||
9. | SALES | 246,488 | 1,215 | - | 247,703 | |||||||||||||||||||||
10. | EXCISE | - | - | |||||||||||||||||||||||
11. | UNEMPLOYMENT | - | - | |||||||||||||||||||||||
12. | REAL PROPERTY | 31,026 | - | - | 31,026 | |||||||||||||||||||||
13. | PERSONAL PROPERTY | 4,115,564 | (1,659 | ) | (118,347 | ) | 3,995,558 | |||||||||||||||||||
14. | OTHER (SEE APPENDIX A) | 10,689,209 | - | (10,326 | ) | 10,678,883 | ||||||||||||||||||||
15. | TOTAL STATE & LOCAL & OTHER | $ | 15,085,138 | $ | 5,849 | $ | (134,340 | ) | $ | 14,956,647 | ||||||||||||||||
16. | TOTAL TAXES | $ | 15,099,185 | $ | 36,914 | $ | (162,212 | ) | $ | 14,973,887 | ||||||||||||||||
* | The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. | |||||||||||||||||||||||||
** | Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit. | |||||||||||||||||||||||||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | APPENDIX A | |||||||||||||||||||
CASE NUMBER: 08-35653 | ||||||||||||||||||||
OTHER TAXES PAYABLE | ||||||||||||||||||||
0-30 days | 31-60 days | 61-90 days | 91+ days | Total | ||||||||||||||||
Business Licenses and Gross Receipts Taxes | $ | - | $ | - | $ | - | 566,441 | 566,441 | ||||||||||||
Real Estate Taxes (passed through by landlord) | - | - | - | 10,112,442 | 10,112,442 | |||||||||||||||
Other Taxes Payable | $ | - | $ | - | $ | - | $ | 10,678,883 | $ | 10,678,883 | ||||||||||
STATUS OF POSTPETITION TAXES - OTHER TAXES | ||||||||||||||||||||
Beginning Tax Liability | Amount Withheld and/or Accrued | Ending Tax Liability | ||||||||||||||||||
Amount Paid | ||||||||||||||||||||
Other Taxes | ||||||||||||||||||||
Business Licenses and Gross Receipts Taxes | $ | 576,767 | - | (10,326 | ) | $ | 566,441 | |||||||||||||
Real Estate Taxes (passed through by landlord) | 10,112,442 | - | - | 10,112,442 | ||||||||||||||||
Total Other Taxes | $ | 10,689,209 | $ | - | $ | (10,326 | ) | $ | 10,678,883 | |||||||||||
ACCRUAL BASIS-5 | |||||||||||||
CASE NUMBER: 08-35653 | |||||||||||||
The debtor in possession must complete the reconciliation below for each bank account, | |||||||||||||
including all general, payroll and tax accounts, as well as all savings and investment | |||||||||||||
accounts, money market accounts, certificates of deposit, government obligations, etc. | |||||||||||||
Accounts with restricted funds should be identified by placing an asterisk next to the | |||||||||||||
account number. Attach additional sheets if necessary. | |||||||||||||
MONTH: | 8/1/2010 - 8/31/2010 | ||||||||||||
BANK RECONCILIATIONS | |||||||||||||
Account #1 | Account #2 | Account #3 | |||||||||||
A. BANK: | see APPENDIX B | ||||||||||||
B. ACCOUNT NUMBER: | TOTAL | ||||||||||||
C. PURPOSE (TYPE): | |||||||||||||
1. | BALANCE PER BANK STATEMENT | ||||||||||||
2. | ADD: TOTAL DEPOSITS NOT CREDITED | ||||||||||||
3. | SUBTRACT: OUTSTANDING CHECKS | ||||||||||||
4. | OTHER RECONCILING ITEMS | ||||||||||||
5. | MONTH END BALANCE PER BOOKS | $ | 469,913,485 | ||||||||||
6. | NUMBER OF LAST CHECK WRITTEN | ||||||||||||
INVESTMENT ACCOUNTS | |||||||||||||
DATE OF | TYPE OF | PURCHASE | CURRENT | ||||||||||
BANK, ACCOUNT NAME & NUMBER | PURCHASE | INSTRUMENT | PRICE | VALUE | |||||||||
7. | |||||||||||||
8. | |||||||||||||
9. | |||||||||||||
10. | |||||||||||||
11. | TOTAL INVESTMENTS | $ | - | $ | - | ||||||||
CASH | |||||||||||||
12. | CURRENCY ON HAND | $ | - | ||||||||||
13. | TOTAL CASH - END OF MONTH | $ | 469,913,485 | ||||||||||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | APPENDIX B | |||||||
CASE NUMBER: 08-35653 | ||||||||
G/L Acct # | Account Name | Bank Acct # | Debtor | Description | Bank Balance | G/L Balance | As of Date | Reconciled as of 8/31/10 |
101003 | Wachovia Circuit City Master | 2055275431509 | Circuit City Stores, Inc. | Funding Account | $ - | $ - | 8/31/2010 | Y |
101003 | Wachovia Circuit City Main Disbursement | 2000045277427 | Circuit City Stores, Inc. | Funding Account | 4,029,882 | 4,029,882 | 8/31/2010 | Y |
101034 | JP Morgan Escrow | 887400844 | Circuit City Stores, Inc. | Escrow Account | 12,717,062 | 12,717,062 | 8/31/2010 | Y |
101035 | JP Morgan Main | 887400836 | Circuit City Stores, Inc. | Collateral Account | 453,042,005 | 453,042,005 | 8/31/2010 | Y |
101063 | Wachovia Sublease Lockbox | 2055303192189 | Circuit City Stores, Inc. | Depository Account | - | - | 8/31/2010 | Y |
101100 | Suntrust Concentration | 88001883706 | Circuit City Stores, Inc. | Funding Account | 872 | 872 | 8/31/2010 | Y |
101217 | Wachovia Payroll | 2079900613908 | XS Stuff, LLC | Payroll Account | 7,204 | 63,573 | 8/31/2010 | Y |
101248 | Wachovia Dental Plan Account | 2000048299253 | Circuit City Stores, Inc. | Depository Account | 323,681 | 323,681 | 8/31/2010 | Y |
101255 | Wachovia Service Payables | 2079900056044 | Circuit City Stores, Inc. | Disbursement Account | - | (1,313,590) | 8/31/2010 | Y |
101530 | Wachovia Ventoux International | 2000022979528 | Ventoux International | Depository Account | 1,050,000 | 1,050,000 | 8/31/2010 | Y |
$ 471,170,706 | $ 469,913,485 |
ACCRUAL BASIS-6 | ||||||||||||||||||||
CASE NUMBER: 08-35653 | ||||||||||||||||||||
MONTH: | 8/1/2010 - 8/31/2010 | |||||||||||||||||||
PAYMENTS TO INSIDERS AND PROFESSIONALS | ||||||||||||||||||||
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID | ||||||||||||||||||||
TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) | ||||||||||||||||||||
AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF | ||||||||||||||||||||
COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, | ||||||||||||||||||||
TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY. | ||||||||||||||||||||
INSIDERS | ||||||||||||||||||||
TYPE OF | AMOUNT | TOTAL PAID | ||||||||||||||||||
NAME | PAYMENT | PAID | TO DATE | |||||||||||||||||
1. | ||||||||||||||||||||
2. | ||||||||||||||||||||
3. | ||||||||||||||||||||
4. | ||||||||||||||||||||
5. | ||||||||||||||||||||
6. | TOTAL PAYMENTS | |||||||||||||||||||
TO INSIDERS (1) | ||||||||||||||||||||
PROFESSIONALS | ||||||||||||||||||||
DATE OF COURT | TOTAL | |||||||||||||||||||
ORDER AUTHORIZING | AMOUNT | AMOUNT | TOTAL PAID | INCURRED | ||||||||||||||||
NAME | PAYMENT | APPROVED | PAID | TO DATE | & UNPAID | |||||||||||||||
1. | FTI Consulting, Inc. | $ | 102,974 | $ | 9,381,229 | $ | 110,859 | |||||||||||||
2. | Kirkland & Ellis LLP | - | 291,017 | - | ||||||||||||||||
3. | KPMG LLP | - | 976,186 | 14,000 | ||||||||||||||||
4. | Kurtzman Carson Consultants LLC | 487,976 | 8,696,772 | 291,461 | ||||||||||||||||
5. | McGuire Woods, LLP | - | 5,496,696 | 1,015,799 | ||||||||||||||||
6. | Skadden, Arps, Slate, Meagher & Flom, LLP | 458,205 | 15,621,773 | 288,394 | ||||||||||||||||
7. | Ernst & Young LLP | 65,702 | 2,287,425 | 12,468 | ||||||||||||||||
8. | Tavenner & Beran, PLC | 8/2/2010 | 23,369 | - | 265,410 | - | ||||||||||||||
9. | Jefferies & Company, Inc. | - | 658,254 | - | ||||||||||||||||
10. | Pachulski, Stang, Ziehl & Jones | 8/2/2010 | 283,151 | - | 3,040,266 | 949,911 | ||||||||||||||
11. | Rothschild Inc. | - | 3,017,829 | - | ||||||||||||||||
12. | Protiviti | 8/2/2010 | 376,123 | 43,450 | 3,542,174 | 125,475 | ||||||||||||||
13. | DJM Realty Services, LLC | 569 | 743,142 | 1,081 | ||||||||||||||||
14. | Lucy Thomson | - | 74,526 | - | ||||||||||||||||
15. | Gowling Lafleur Henderson LLP | 476,465 | 580,125 | 84,082 | ||||||||||||||||
16. | Crowe Horwath LLP | - | 104,846 | - | ||||||||||||||||
TOTAL PAYMENTS | ||||||||||||||||||||
TO PROFESSIONALS | $ | 1,635,341 | $ | 54,777,670 | $ | 2,893,530 | ||||||||||||||
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED | ||||||||||||||||||||
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE | ||||||||||||||||||||
PROTECTION PAYMENTS | ||||||||||||||||||||
SCHEDULED | AMOUNTS | |||||||||||||||||||
MONTHLY | PAID | TOTAL | ||||||||||||||||||
PAYMENTS | DURING | UNPAID | ||||||||||||||||||
NAME OF CREDITOR | DUE | MONTH | POSTPETITION | |||||||||||||||||
1. | Leases (2) | $ | 6,695 | $ | 6,695 | $ | 11,025,698 | |||||||||||||
2. | ||||||||||||||||||||
3. | ||||||||||||||||||||
4. | ||||||||||||||||||||
5. | ||||||||||||||||||||
6. | TOTAL | $ | 6,695 | $ | 6,695 | $ | 11,025,698 | |||||||||||||
(1 | ) | Other than salary, fees and benefit payments made in the ordinary course of business and reimbursements for business expenses, no payments have been made to insiders during the reporting period. | ||||||||||||||||||
(2 | ) | The leases line item is made up of several landlords. As such, only the total amount is reported in this schedule. The unpaid balance remaining at 8/31/2010 primarily includes some rent payments due for the period from 11/10/2008 - 11/30/2008. | ||||||||||||||||||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL. | ACCRUAL BASIS-7 | |||||||||||
CASE NUMBER: 08-35653 | ||||||||||||
MONTH: | 8/1/2010 - 8/31/2010 | |||||||||||
QUESTIONNAIRE | ||||||||||||
YES | NO | |||||||||||
1. | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE | |||||||||||
THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | X | |||||||||||
2. | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT | |||||||||||
OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | X | |||||||||||
3. | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR | |||||||||||
LOANS) DUE FROM RELATED PARTIES? | X | |||||||||||
4. | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES | |||||||||||
THIS REPORTING PERIOD? | X | |||||||||||
5. | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE | |||||||||||
DEBTOR FROM ANY PARTY? | X | |||||||||||
6. | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | X | ||||||||||
7. | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES | |||||||||||
PAST DUE? | X | |||||||||||
8. | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | X | ||||||||||
9. | ARE ANY OTHER POSTPETITION TAXES PAST DUE? | X | ||||||||||
10. | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS | |||||||||||
DELINQUENT? | X | |||||||||||
11. | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE | |||||||||||
REPORTING PERIOD? | X | |||||||||||
12. | ARE ANY WAGE PAYMENTS PAST DUE? | X | ||||||||||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED | ||||||||||||
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. | ||||||||||||
1. | The company sold assets outside of the normal course of business as part of its liquidation proceedings. | |||||||||||
8. | Certain real estate taxes are passed through to the debtors from the landlords. A portion of these real estate taxes is past due. | |||||||||||
9. | Certain business license taxes that covered both prepetition and postpetition periods were due on or before 7/31/2010 but were not paid. | |||||||||||
10. | The rent for some store leases owed for the period 11/10/2008 through 11/30/2008 is past due; these payments are being held pursuant to a Court order. In addition, due to the liquidation proceedings, the debtors are currently reconciling amounts due to post-petition creditors, which has slowed creditor payments. | |||||||||||
11. | Certain property taxes that covered both prepetition and postpetition periods were paid during August 2010. | |||||||||||
INSURANCE | ||||||||||||
YES | NO | |||||||||||
1. | ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER | |||||||||||
NECESSARY INSURANCE COVERAGES IN EFFECT? | X | |||||||||||
2. | ARE ALL PREMIUM PAYMENTS PAID CURRENT? | X | ||||||||||
3. | PLEASE ITEMIZE POLICIES BELOW. | |||||||||||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN | ||||||||||||
CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION | ||||||||||||
BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY. | ||||||||||||
INSTALLMENT PAYMENTS | |||||
TYPE OF | PAYMENT AMOUNT | ||||
POLICY | CARRIER | PERIOD COVERED | & FREQUENCY | ||
Workers’ Compensation & Employer’s Liability | ACE American Insurance Company | 4/1/10 - 4/1/11 | $8,891 paid at inception | ||
General Liability and Non-owned Auto Liability | First Specialty Insurance Company | 4/1/10 - 4/1/11 | $56,255 paid at inception | ||
Excess Liability | RSUI Indemnity Company | 4/1/10 - 4/1/11 | $37,500 paid at inception | ||
Crime/Fidelity | Starr Indemnity and Liability Company | 12/1/09 - 12/1/10 | $35,000 paid on 4/14/10 | ||
D&O (Traditional) - Primary | Chartis | 12/1/09 - 12/1/10 | $125,000 paid at inception | ||
D&O (Traditional) - Layer 1 | C.V. Starr & Co., Inc. | 12/1/09 - 12/1/10 | $69,000 paid at inception | ||
D&O (Traditional) - Layer 2 | CNA | 12/1/09 - 12/1/10 | $55,000 paid at inception | ||
D&O (Traditional) - Layer 3 | Valiant Insurance Group | 12/1/09 - 12/1/10 | $50,000 paid at inception | ||
D&O (Traditional) - Layer 4 | C.V. Starr & Co., Inc. | 12/1/09 - 12/1/10 | $25,000 paid at inception | ||
D&O (Traditional) - Layer 5 | Chartis | 12/1/09 - 12/1/10 | $25,000 paid at inception | ||
Runoff D&O - Primary | CNA | 12/1/08 - 12/1/14 | $1,177,500 paid at inception | ||
Runoff D&O - Layer 1 | Chubb Group | 12/1/08 - 12/1/14 | $487,500 paid at inception | ||
Runoff D&O - Layer 2 (Year 1) | Great American Insurance Group | 12/1/08 - 12/1/14 | $240,000 paid at inception | ||
Runoff D&O - Layer 2 (Years 2 - 6) | Axis Insurance | 12/1/08 - 12/1/14 | $240,000 paid at inception | ||
Runoff D&O - Layer 3 | Travelers | 12/1/08 - 12/1/14 | $822,000 paid at inception | ||
Runoff D&O - Layer 4 | Axis Insurance | 12/1/08 - 12/1/14 | $698,700 paid at inception | ||
Runoff D&O - Layer 5 | RSUI Group, Inc. | 12/1/08 - 12/1/14 | $589,050 paid at inception | ||
Runoff D&O - Layer 6 | Arch Insurance Group | 12/1/08 - 12/1/14 | $540,000 paid at inception | ||
Runoff D&O - Layer 7 (Side A DIC) | XL Insurance | 12/1/08 - 12/1/14 | $1,275,000 paid at inception | ||
Runoff D&O - Layer 8 | Chubb Group | 12/1/08 - 12/1/14 | $375,000 paid at inception | ||
Property - All Risk | Sentinel Insurance Co., Ltd | 8/15/10 - 8/15/11 | $944 paid at inception | ||