Exhibit 99.1
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK | ||||
X | ||||
In re: | : | Chapter 11 | ||
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BB LIQUIDATING INC.,et al.1 | : | Case No: 10-14997 | ||
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Debtors. | : | Jointly Administered | ||
X | ||||
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Monthly Operating Report For
August 2011
DEBTORS’ ADDRESS: | 2100 Ross Avenue, 21st Floor | |
Dallas, Texas 75201 | ||
DEBTORS’ ATTORNEYS: | Stephen Karotkin | |
WEIL, GOTSHAL & MANGES LLP | ||
767 Fifth Avenue | ||
New York, New York 10153 | ||
Telephone: (212) 310-8800 | ||
Facsimile: (212) 310-8007 | ||
-and- | ||
Martin A. Sosland (admitted pro hac vice) | ||
WEIL, GOTSHAL & MANGES LLP | ||
200 Crescent Court, Suite 300 | ||
Dallas, Texas 75201 | ||
Telephone: (214) 746-7700 | ||
Facsimile: (214) 746-7700 |
This Monthly Operating Report (“MOR”) has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases and is in a format acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States.
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.
/s/ Bruce Lewis | 10/1/2011 | |||
Bruce Lewis | ||||
Principal Executive Officer | ||||
Blockbuster Inc. |
1 | The Debtors, together with the last four digits of each Debtor’s federal tax identification number, are: BB Liquidating Inc. (5102); BB Liquidating Canada Inc. (1269); BB Liquidating Digital Technologies Inc. (9222); BB Liquidating Distribution, Inc. (0610); BB Liquidating GC, Inc. (1855); BB Liquidating Global Services Inc. (3019); BB Liquidating International Spain Inc. (7615); BB Liquidating Investments LLC (6313); BB Liquidating Procurement LP (2546); BB Liquidating Video Italy, Inc (5068); BB Liquidating ML, LLC (5575); BB Liquidating Trading Zone Inc. (8588); and BB Liquidating B2 LLC (5219). |
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 | ||||||
Federal Tax I.D. # | 52-1655102 |
CORPORATE MONTHLY OPERATING REPORT
August 2011
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | |||
Schedule of Cash Receipts and Disbursements | MOR-1 | x | ||||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1 (CON’T) | x | ||||
Copies of bank statements | MOR-1 (CON’T) | x | ||||
Cash disbursements journals | MOR-1 (CON’T) | x | ||||
Statement of Operations | MOR-2 | x | ||||
Balance Sheet | MOR-3 | x | ||||
Status of Post-petition Taxes | MOR-4 | x | ||||
Copies of IRS Form 6123 or payment receipt | not applicable | |||||
Copies of tax returns filed during reporting period | not applicable | |||||
Summary of Unpaid Post-petition Debts | MOR-4 | x | ||||
Listing of Aged Accounts Payable | x | |||||
Accounts Receivable Reconciliation and Aging | MOR-5 | x | ||||
Taxes Reconciliation and Aging | MOR-5 | x | ||||
Payments to Insiders and Professionals | MOR-6 | x | ||||
Post Petition Status of Secured Notes, Leases Payable | MOR-6 | x | ||||
Debtor Questionnaire | MOR-7 | x |
FORM MOR
Page 2 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
(in millions)
August 2011 | YTD August 2011 | |||||||||
August | Cash flows from operating activities: | |||||||||
Net income (loss) | $ | (0.1 | ) | $ | (199.6 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||
Depreciation and intangible amortization | — | 39.4 | ||||||||
Rental library purchases | — | (66.7 | ) | |||||||
Rental library amortization | — | 113.3 | ||||||||
Loss on sale/disposal of store operations | — | — | ||||||||
Impairment of long-lived assets | — | 0.6 | ||||||||
Non-cash share-based compensation | — | — | ||||||||
Gain on sale of store operations | — | — | ||||||||
Deferred taxes and other | — | 2.1 | ||||||||
Changes in operating assets and liabilities: | — | |||||||||
Change in receivables | — | 13.1 | ||||||||
Change in merchandise inventories | — | 44.2 | ||||||||
Change in prepaid and other assets | — | 27.8 | ||||||||
Change in liabilities subject to compromise | (1.5 | ) | 230.3 | |||||||
Change in accounts payable | 0.1 | (139.7 | ) | |||||||
Change in accrued expenses and other liabilities | (0.1 | ) | (124.2 | ) | ||||||
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Net cash provided by (used in) operating activities | (1.6 | ) | (59.4 | ) | ||||||
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Cash flows from investing activities: | ||||||||||
Capital expenditures | — | (5.1 | ) | |||||||
Change in restricted cash | — | 32.1 | ||||||||
Proceeds from sale of store operations | — | — | ||||||||
Other investing activities | — | 3.4 | ||||||||
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Net cash provided by (used in) investing activities | 0.0 | 30.4 | ||||||||
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Cash flows from sale of assets to DISH Network: | ||||||||||
Loss on Sale | — | (582.8 | ) | |||||||
Change in rental library on sale | — | 143.4 | ||||||||
Change in merchandise inventories on sale | — | 56.2 | ||||||||
Change in receivables on sale | — | 53.3 | ||||||||
Change in prepaid and other assets on sale | — | 382.2 | ||||||||
Change in fixed assets on sale | — | 87.2 | ||||||||
Change in restricted cash on sale | — | — | ||||||||
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Net cash provided by sale to Dish Network | 0.0 | 139.5 | ||||||||
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Cash flows from financing activities: | ||||||||||
Proceeds from DIP Financing | — | — | ||||||||
Repayments on DIP Financing | — | — | ||||||||
Repayments on senior secured notes | — | (124.6 | ) | |||||||
Debt financing costs | — | — | ||||||||
Capital lease payments | — | (0.8 | ) | |||||||
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Net cash provided by (used in) financing activities | 0.0 | (125.4 | ) | |||||||
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Effect of exchange rate changes on cash | — | — | ||||||||
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Net (decrease) increase in cash and cash equivalents | (1.6 | ) | (14.9 | ) | ||||||
Cash and cash equivalents at beginning of period | 52.9 | 66.2 | ||||||||
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Cash and cash equivalents at end of period | $ | 51.3 | $ | 51.3 | ||||||
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FORM MOR-1
Page 3 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
GL# | Bank Name | Bank Balance | Deposits & Transfers in Transit | Outstanding checks | Other Reconciling Items | GL Balance | ||||||||||||||||
Cash | Bank of America | $ | 51,682,734 | $ | — | $ | (365,391 | ) | $ | — | $ | 51,317,343 | ||||||||||
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Total Cash & Ca | $ | 51,682,734 | $ | — | $ | (365,391 | ) | $ | — | $ | 51,317,343 | |||||||||||
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Bank of America | ||||||||||||
Dallas, Texas | Statement date: 8/31/2001 | |||||||||||
Statement Period | 07/30/2011 - 8/31/2011 | Statement Beginning Balance | 52,922,294.12 | |||||||||
Number of Depos | 2 | Amount of Deposits / Credits | 413,828.66 | |||||||||
Number of Check | 45 | Amount of Checks | 1,653,388.51 | |||||||||
Number of Other | 0 | Amount of Other Debits | — | |||||||||
Statement Ending Balance | 51,682,734.27 |
FORM MOR-1 (CONT.)
Page 4 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | July 2011 |
SCHEDULE OF CASH DISBURSEMENTS
(in millions)
Continuation Sheet for MOR-1
August 2011 | ||||||||||||
Cash Balance as of 7/31/11 | $ | 52,863,616 | ||||||||||
Cash disbursements during the period: | ||||||||||||
April professional fees (as shown on MOR 6): | ||||||||||||
Pricewaterhouse Coopers | (14,130 | ) | ||||||||||
Kurtzman Carson Consultants | (101,419 | ) | ||||||||||
Weil Gotshal | (159,476 | ) | ||||||||||
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Total April professional fees | (275,025 | ) | ||||||||||
Cash from Refunds | 406,793 | |||||||||||
Contract labor: | ||||||||||||
Legal | (15,030 | ) | ||||||||||
Claims administration | (9,000 | ) | ||||||||||
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Total contract labor | (24,030 | ) | ||||||||||
Payments for Administrative Priority Expenses | (1,479,974 | ) | ||||||||||
Payments for sales taxes | (97,969 | ) | ||||||||||
Payments for miscellaneous G&A | (76,068 | ) | ||||||||||
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Total cash disbursements during the period | (1,546,273 | ) | ||||||||||
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Cash Balance as of 8/31/11 | $ | 51,317,343 | ||||||||||
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FORM MOR-1 (Cont - disbursements)
Page 5 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
STATEMENT OF OPERATIONS(Income Statement)
(in millions)
August 2011 | YTD August 2011 | |||||||
Revenues: | ||||||||
Base rental revenues | $ | — | $ | 303.5 | ||||
Previously rented product (“PRP”) revenues | — | 140.2 | ||||||
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Total rental revenues | — | 443.7 | ||||||
Merchandise sales | — | 63.0 | ||||||
Other revenues | — | 12.6 | ||||||
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Total Revenue | — | 519.3 | ||||||
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Cost of sales: | ||||||||
Cost of rental revenues | — | 175.9 | ||||||
Cost of merchandise sold | — | 68.7 | ||||||
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Total cost of sales | — | 244.6 | ||||||
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Gross profit | — | 274.7 | ||||||
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Operating expenses: | ||||||||
General and administrative | 0.1 | 459.1 | ||||||
Advertising | — | 5.5 | ||||||
Depreciation and intangible amortization | — | 39.4 | ||||||
Impairment of goodwill and other long-lived assets | — | 0.6 | ||||||
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Total Operating Expenses | 0.1 | 504.6 | ||||||
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Operating income (loss) | (0.1 | ) | (229.9 | ) | ||||
Interest expense | — | 0.6 | ||||||
Interest income | — | (0.1 | ) | |||||
Other items, net | — | (1.4 | ) | |||||
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Income (loss) from continuing operations before reorganization items and income taxes | (0.1 | ) | (230.8 | ) | ||||
Reorganization items, net (income)/loss | — | (46.9 | ) | |||||
(Benefit)/provision for income taxes | — | 1.0 | ||||||
Equity in (income)/loss of non-debtor subsidiaries | — | 14.7 | ||||||
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Income (loss) from continuing operations | (0.1 | ) | (199.6 | ) | ||||
(Loss) from sale of assets to DISH Network | — | (582.8 | ) | |||||
Income (loss) from discontinued operations, net of tax | — | — | ||||||
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Net income (loss) | (0.1 | ) | (782.4 | ) | ||||
Preferred stock dividends | — | — | ||||||
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Net income (loss) applicable to common stockholders | $ | (0.1 | ) | $ | (782.4 | ) | ||
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FORM MOR-2
Page 6 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
BALANCE SHEET
(in millions)
As of 8/31/2011 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 51.3 | ||
Reserve for Operating Period claims | 3.5 | |||
Merchandise inventories | — | |||
Rental library, net | — | |||
Prepaid and other current assets | — | |||
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Total current assets | 54.8 | |||
Property and equipment, net | — | |||
Deferred income taxes | — | |||
Investment in non-debtor subsidiaries | — | |||
Intangibles, net | — | |||
Restricted cash | — | |||
Other assets | — | |||
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Total Assets | $ | 54.8 | ||
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Liabilities and Stockholders’ Equity (Deficit) | ||||
Current liabilities: | ||||
Accounts payable | $ | 3.8 | ||
Accrued expenses | 5.0 | |||
Debtor-in-possession loan | — | |||
Deferred income taxes | — | |||
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Total current liabilities | 8.8 | |||
Other liabilities | — | |||
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Total Liabilities before LSTC | 8.8 | |||
Liabilities subject to compromise | 1,354.7 | |||
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Total Liabilities | 1,363.5 | |||
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Total stockholders’ equity (deficit) | (1,308.7 | ) | ||
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Total Liabilities and Stockholders’ Equity (Deficit) | $ | 54.8 | ||
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FORM MOR-3
Page 7 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
STATUS OF POST-PETITION TAXES
Federal | Beginning Tax | Amount Withheld and/or Accrued | Amount Paid | Ending Tax | ||||||||||||
Withholding | $ | — | $ | — | $ | — | $ | — | ||||||||
FICA-Employee | — | — | — | — | ||||||||||||
FICA-Employer | — | — | — | — | ||||||||||||
Unemployment | — | — | — | — | ||||||||||||
Income | — | — | — | — | ||||||||||||
Other: | — | — | ||||||||||||||
Total Federal Taxes | — | — | — | — | ||||||||||||
State and Local | ||||||||||||||||
Withholding | — | — | — | — | ||||||||||||
Sales | 97,969 | — | (97,969 | ) | — | |||||||||||
Excise | — | — | ||||||||||||||
Unemployment | — | — | — | — | ||||||||||||
Real Property* | — | — | — | — | ||||||||||||
Personal Property* | 5,036,778 | — | — | 5,036,778 | ||||||||||||
Other: Income/Franchise | — | — | — | — | ||||||||||||
Total State and Local | 5,134,747 | — | (97,969 | ) | 5,036,778 | |||||||||||
Total Taxes | $ | 5,134,747 | $ | — | $ | (97,969 | ) | $ | 5,036,778 |
SUMMARY OF UNPAID POST-PETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due | ||||||||||||||||||||||||
DESCRIPTION | Current | 0-30 | 31-60 | 61-90 | Over 91 | Total | ||||||||||||||||||
AP - Product | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
AP - Legal & Professional Fees | 3,762,549 | — | — | — | — | 3,762,549 | ||||||||||||||||||
AP - Other | — | — | — | — | — | — | ||||||||||||||||||
TOTAL POST-PETITION DEBTS | $ | 3,762,549 | $ | — | $ | — | $ | — | $ | — | $ | 3,762,549 |
* | The Real Property and Personal Property taxes are considered “postpetition” based off of when the payment is assessed by the taxing authority. |
The detail of the AP - Legal and Professional Fees can be seen on MOR-6. The bar date of 6/15/11 for administrative claims required all other AP to be reclassified to liabilities subject to compromise.
The Debtors did not file Form 6123 nor any other tax returns during this period.
FORM MOR-4
Page 8 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation | Amount | |||
Total Accounts Receivable at the beginning of the reporting period | $ | — | ||
Plus: Amounts billed during the period | — | |||
Less: Amounts collected during the period | — | |||
Less: Amounts written off during the period | — | |||
Less: Amounts reserved during the period | — | |||
Change in store accounts receivable, net | — | |||
Accounts Receivables sold to DISH Network | — | |||
Total Accounts Receivable at the end of the reporting period | $ | — |
Accounts Receivable Aging | 8/31/2011 | |||
0 - 30 days old | $ | — | ||
31 - 60 days old | — | |||
61 - 90 days old | — | |||
91 - 120 days old | — | |||
121+ days old | — | |||
Total Aged Accounts Receivable | — | |||
Store Accounts Receivable | — | |||
Total Accounts Receivable | — | |||
Less: Bad Debts (Amount considered uncollectible) | — | |||
Net Accounts Receivable*** | $ | — |
TAXES RECONCILIATION AND AGING
Taxes Payable | Current | 1-30 Days | 31-60 Days | 61-90 Days | 91+ Days | Total | ||||||||||||||||||
Federal | $ | — | $ | — | $ | — | ||||||||||||||||||
State and Local | — | — | ||||||||||||||||||||||
Other | 5,036,778 | — | 5,036,778 | |||||||||||||||||||||
Total Taxes Payable | $ | 5,036,778 | $ | — | $ | — | $ | — | $ | — | $ | 5,036,778 |
FORM MOR-5
Page 9 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
PAYMENTS TO INSIDERS AND PROFESSIONALS
INSIDERS | ||||||
NAME | TYPE OF PAYMENT | AMOUNT PAID | TOTAL PAID TO DATE | |||
(1) NONE | ||||||
TOTAL PAYMENTS TO INSIDERS |
(1) | No payments other than ordinary wages and benefits occurred during the reporting period. |
PROFESSIONALS | ||||||||||||||||||||
NAME | DATE OF COURT ORDER AUTHORIZING PAYMENT | AMOUNT APPROVED | AMOUNT PAID August 2011 | TOTAL PAID TO DATE | TOTAL INCURRED & UNPAID* | |||||||||||||||
SIDLEY AUSTIN LLP (1) | 9/27/2010 | $ | 3,544,061 | $ | 3,526,795 | $ | 17,266 | |||||||||||||
JEFFERIES & COMPANY INC (1) | 9/27/2010 | 1,550,496 | 1,550,496 | — | ||||||||||||||||
ALVAREZ & MARSAL NORTH AMERICA LLC (3) | 10/27/2010 | 5,113,678 | 4,967,666 | 146,012 | ||||||||||||||||
ROTHSCHILD INC (3) | 11/2/2010 | 3,105,644 | 2,934,810 | 170,834 | ||||||||||||||||
KURTZMAN CARSON CONSULTANTS LLC (3) | 9/23/2010 | 4,055,015 | 101,419 | 3,994,409 | 60,606 | |||||||||||||||
DJM ASSET MANAGEMENT LLC (3) | 11/23/2010 | 150,000 | 150,000 | — | ||||||||||||||||
RETAIL REGROUP INC (3) | 11/23/2010 | 150,000 | 150,000 | — | ||||||||||||||||
DELOITTE TAX LLP (3) | 11/9/2010 | 583,711 | 467,248 | 116,463 | ||||||||||||||||
SKADDEN ARPS SLATE MEAGHER & FLOM LLP (1) | 9/27/2010 | 211,440 | 211,440 | — | ||||||||||||||||
KORN/FERRY INTERNATIONAL (3) | 11/10/2010 | 142,132 | 142,132 | — | ||||||||||||||||
COOLEY GODWARD KRONISH LLP (2) | 11/23/2010 | 2,724,127 | 2,135,483 | 588,644 | ||||||||||||||||
FTI CONSULTING (2) | 12/2/2010 | 909,331 | 718,563 | 190,768 | ||||||||||||||||
BLOODWORTH CARROLL & BANOWSKY PC (3) | 11/23/2010 | 164,395 | 131,516 | 32,879 | ||||||||||||||||
RAY & GLICK LTD. (3) | 11/23/2010 | 959,250 | 767,400 | 191,850 | ||||||||||||||||
CHAIKEN LEGAL GROUP PC (3) | 11/23/2010 | 350,055 | 280,044 | 70,011 | ||||||||||||||||
SHEPPARD MULLIN (1) | 9/27/2010 | 327,327 | 327,327 | — | ||||||||||||||||
WEIL GOTSHAL (3) | 10/27/2010 | 7,406,343 | 159,476 | 5,749,437 | 1,656,906 | |||||||||||||||
PRICEWATERHOUSE COOPERS (3) | 2/8/2011 | 1,751,368 | 14,130 | 1,414,506 | 336,862 | |||||||||||||||
DELOITTE FINANCIAL ADVISORY (3) | 2/8/2011 | 363,993 | 288,837 | 75,156 | ||||||||||||||||
ERNST & YOUNG (3) | 4/4/2011 | 524,806 | 416,514 | 108,292 | ||||||||||||||||
TOTAL PAYMENTS TO PROFESSIONALS |
| $ | 34,087,172 | $ | 275,025 | $ | 30,324,623 | $ | 3,762,549 |
* | INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED |
(1) | Fees paid pursuant to the DIP Financing Order for professionals of the DIP lenders and DIP Agent. |
(2) | Fees for professionals retained to represent Unsecured Creditors’ Committee |
(3) | Fees for professionals retained to represent Blockbuster Inc. |
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE
AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR | SCHEDULED MONTHLY PAYMENT DUE | AMOUNT PAID DURING MONTH | TOTAL UNPAID POST-PETITION | |||||||||
DIP Financing | $ | — | $ | — | $ | — | ||||||
DIP Interest | — | — | ||||||||||
Leases Payable | — | — | — | |||||||||
Adequate Assurance Payments - Utilities | — | — | — | |||||||||
Adequate Assurance Payments - Insurance | — | — | — | |||||||||
TOTAL PAYMENTS | $ | — |
FORM MOR-6
Page 10 of 11
In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||||
Debtor | Reporting Period: | August 2011 |
DEBTOR QUESTIONNAIRE
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. | 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 this reporting period? | X | ||||
3 | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | X | ||||
4 | Are workers compensation, general liability or other necessary insurance coverage expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? | X | ||||
5 | Is the Debtor delinquent in paying any insurance premium payment? | X | ||||
6 | Have any payments been made on pre-petition liabilities this reporting period? | X | ||||
7 | Are any post petition receivables (accounts, notes or loans) due from related parties? | X | ||||
8 | Are any post petition payroll taxes past due? | X | ||||
9 | Are any post petition State or Federal income taxes past due? | X | ||||
10 | Are any post petition real estate taxes past due? | X | ||||
11 | Are any other post petition taxes past due? | X | ||||
12 | Have any pre-petition taxes been paid during this reporting period? | X | ||||
13 | Are any amounts owed to post petition creditors delinquent? | X | ||||
14 | Are any wage payments past due? | X | ||||
15 | Have any post petition loans been received by the Debtor from any party? | X | ||||
16 | Is the Debtor delinquent in paying any U.S. Trustee fees? | X | ||||
17 | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | X | ||||
18 | Have the owners or shareholders received any compensation outside of the normal course of business? | X |
4 | The Debtors have only one employee and are not required to maintain workers compensation insurance. |
The Debtors have received notice that the prior workers compensation insurance has been cancelled.
FORM MOR-7
Page 11 of 11