Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
| X | ||||
In re: | : | Chapter 11 | ||
| : | ||||
BB LIQUIDATING INC.,et al.1 | : | Case No: 10-14997 | ||
| : | ||||
Debtors. | : | Jointly Administered | ||
| X |
Monthly Operating Report For
November 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) 310-8000 | ||
| 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) 746-7777 | ||
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 | 12/30/2011 | |||
| 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: | November 2011 | ||||
| Federal Tax I.D. # | 52-1655102 | |||||
CORPORATE MONTHLY OPERATING REPORT
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 |
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | October 2011 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
(in millions)
| November 2011 | YTD November 2011 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | (0.9 | ) | $ | (201.8 | ) | ||
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 | (2.0 | ) | 227.1 | |||||
Change in accounts payable | 0.5 | (139.3 | ) | |||||
Change in accrued expenses and other liabilities | (0.1 | ) | (128.7 | ) | ||||
|
|
|
| |||||
Net cash provided by (used in) operating activities | (2.5 | ) | (68.9 | ) | ||||
|
|
|
| |||||
Cash flows from investing activities: | ||||||||
Capital expenditures | — | (5.1 | ) | |||||
Change in reserve for Operating Period claims | — | 28.1 | ||||||
Proceeds from sale of store operations | — | — | ||||||
Other investing activities | — | 3.4 | ||||||
|
|
|
| |||||
Net cash provided by (used in) investing activities | — | 26.4 | ||||||
|
|
|
| |||||
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 | — | — | ||||||
|
|
|
| |||||
Net cash provided by sale to Dish Network | — | 139.5 | ||||||
|
|
|
| |||||
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 | ) | |||||
|
|
|
| |||||
Net cash provided by (used in) financing activities | — | (125.4 | ) | |||||
|
|
|
| |||||
Effect of exchange rate changes on cash | — | — | ||||||
|
|
|
| |||||
Net (decrease) increase in cash and cash equivalents | (2.5 | ) | (28.4 | ) | ||||
Cash and cash equivalents at beginning of period | 40.3 | 66.2 | ||||||
|
|
|
| |||||
Cash and cash equivalents at end of period | 37.8 | $ | 37.8 | |||||
|
|
|
| |||||
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 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 | $ | 40,025,434 | $ | — | $ | (2,292,562 | ) | $ | — | $ | 37,732,872 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Cash & Cash Equivalents | $ | 40,025,434 | $ | — | $ | (2,292,562 | ) | $ | — | $ | 37,732,872 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||
Bank of America | ||||||||||||
Dallas, Texas | Statement date: 11/30/2011 | |||||||||||
Statement Period | 11/01/2011-11/30/2011 | Statement Beginning Balance | 43,203,784.16 | |||||||||
Number of Deposits /Credits | 2 | Amount of Deposits /Credits | 442,720.89 | |||||||||
Number of Checks | 239 | Amount of Checks | 3,370,942.00 | |||||||||
Number of Other Debits | 2 | Amount of Other Debits | 250,129.12 | |||||||||
| Statement Ending Balance | 40,025,433.93 | |||||||||||
| * | The Debtors have submitted their bank statement to the United States Trustee. |
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 2011 |
SCHEDULE OF CASH DISBURSEMENTS
(in millions)
Continuation Sheet for MOR-1
| November 2011 | ||||||||||||
Cash Balance as of 10/31/11 | $ | 40,280,227 | ||||||||||
Cash disbursements during the period: | ||||||||||||
April professional fees (as shown on MOR 6): | ||||||||||||
Sidley Austin LLP | (1,636 | ) | ||||||||||
Kurtzman Carson Consultants | (61,594 | ) | ||||||||||
Cooley Godward Kronish LLP | (34,003 | ) | ||||||||||
Weil Gotshal | (149,211 | ) | ||||||||||
|
| |||||||||||
Total April professional fees | (246,444 | ) | ||||||||||
Contract labor: | ||||||||||||
Legal | (4,500 | ) | ||||||||||
Claims administration | (3,500 | ) | ||||||||||
|
| |||||||||||
Total contract labor | (8,000 | ) | ||||||||||
Payments for Administrative Priority Expenses | (2,013,180 | ) | ||||||||||
Payments for property taxes | (64,064 | ) | ||||||||||
Payments for miscellaneous G&A | (215,667 | ) | ||||||||||
|
| |||||||||||
Total cash disbursements during the period | (2,547,355 | ) | ||||||||||
|
| |||||||||||
Cash Balance as of 11/30/11 | $ | 37,732,872 | ||||||||||
|
| |||||||||||
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 2011 |
STATEMENT OF OPERATIONS(Income Statement)
(in millions)
| November 2011 | YTD November 2011 | |||||||
Revenues: | ||||||||
Base rental revenues | $ | — | $ | 303.5 | ||||
Previously rented product (“PRP”) revenues | — | 140.2 | ||||||
|
|
|
| |||||
Total rental revenues | — | 443.7 | ||||||
Merchandise sales | — | 63.0 | ||||||
Other revenues | — | 12.6 | ||||||
|
|
|
| |||||
Total Revenue | — | 519.3 | ||||||
|
|
|
| |||||
Cost of sales: | ||||||||
Cost of rental revenues | — | 175.9 | ||||||
Cost of merchandise sold | — | 68.7 | ||||||
|
|
|
| |||||
Total cost of sales | — | 244.6 | ||||||
|
|
|
| |||||
Gross profit | — | 274.7 | ||||||
|
|
|
| |||||
Operating expenses: | ||||||||
General and administrative | 0.9 | 461.8 | ||||||
Advertising | — | 5.5 | ||||||
Depreciation and intangible amortization | — | 39.4 | ||||||
Impairment of goodwill and other long-lived assets | — | 0.6 | ||||||
|
|
|
| |||||
Total Operating Expenses | 0.9 | 507.3 | ||||||
|
|
|
| |||||
Operating income (loss) | (0.9 | ) | (232.6 | ) | ||||
Interest expense | — | 0.6 | ||||||
Interest income | — | (0.1 | ) | |||||
Other items, net | — | (1.4 | ) | |||||
|
|
|
| |||||
Income (loss) from continuing operations before reorganization items and income taxes | (0.9 | ) | (233.5 | ) | ||||
Reorganization items, net (income)/loss | — | (46.9 | ) | |||||
(Benefit)/provision for income taxes | — | 1.0 | ||||||
Equity in (income)/loss of non-debtor subsidiaries | — | 14.7 | ||||||
|
|
|
| |||||
Income (loss) from continuing operations | (0.9 | ) | (202.3 | ) | ||||
(Loss) from sale of assets to DISH Network | — | (582.8 | ) | |||||
Income (loss) from discontinued operations, net of tax | — | — | ||||||
|
|
|
| |||||
Net income (loss) | (0.9 | ) | (785.1 | ) | ||||
Preferred stock dividends | — | — | ||||||
|
|
|
| |||||
Net income (loss) applicable to common stockholders | $ | (0.9 | ) | $ | (785.1 | ) | ||
|
|
|
| |||||
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 2011 |
BALANCE SHEET
(in millions)
| As of 11/30/2011 | ||||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 37.7 | ||
Reserve for Operating Period claims | 7.5 | |||
Merchandise inventories | — | |||
Rental library, net | — | |||
Prepaid and other current assets | — | |||
|
| |||
Total current assets | 45.2 | |||
Property and equipment, net | — | |||
Deferred income taxes | — | |||
Investment in non-debtor subsidiaries | — | |||
Intangibles, net | — | |||
Restricted cash | — | |||
Other assets | — | |||
|
| |||
Total Assets | $ | 45.2 | ||
|
| |||
Liabilities and Stockholders’ Equity (Deficit) | ||||
Current liabilities: | ||||
Accounts payable | $ | 4.1 | ||
Accrued expenses | 0.5 | |||
Debtor-in-possession loan | — | |||
Deferred income taxes | — | |||
|
| |||
Total current liabilities | 4.6 | |||
Other liabilities | — | |||
|
| |||
Total Liabilities before LSTC | 4.6 | |||
Liabilities subject to compromise | 1,351.5 | |||
|
| |||
Total Liabilities | 1,356.1 | |||
|
| |||
Total stockholders’ equity (deficit) | (1,310.9 | ) | ||
|
| |||
Total Liabilities and Stockholders’ Equity (Deficit) | $ | 45.2 | ||
|
| |||
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 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 | — | — | — | — | ||||||||||||
Excise | — | — | ||||||||||||||
Unemployment | — | — | — | — | ||||||||||||
Real Property* | — | — | — | — | ||||||||||||
Personal Property* | 545,999 | — | (64,064 | ) | 481,935 | |||||||||||
Other: Income/Franchise | — | — | — | — | ||||||||||||
Total State and Local | 545,999 | — | (64,064 | ) | 481,935 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Taxes | $ | 545,999 | $ | — | $ | (64,064 | ) | $ | 481,935 | |||||||
|
|
|
|
|
|
|
| |||||||||
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 | 481,935 | — | — | — | — | 481,935 | ||||||||||||||||||
AP - Other | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
TOTAL POST-PETITION DEBTS | $ | 481,935 | $ | — | $ | — | $ | — | $ | — | $ | 481,935 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| * | 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 during this period.
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 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 | 9/30/2011 | |||
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 | 481,935 | — | 481,935 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Taxes Payable | $ | 481,935 | $ | — | $ | — | $ | — | $ | — | $ | 481,935 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 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 November 2011 | TOTAL PAID TO DATE | TOTAL INCURRED & UNPAID* | |||||||||||||||
SIDLEY AUSTIN LLP (1) | 9/27/2010 | $ | 3,552,286 | $ | 1,636 | $ | 3,545,697 | $ | 6,589 | |||||||||||
JEFFERIES & COMPANY INC (1) | 9/27/2010 | 1,550,496 | — | 1,550,496 | — | |||||||||||||||
ALVAREZ & MARSAL NORTH AMERICA LLC (3) | 10/27/2010 | 5,583,044 | — | 5,113,678 | 469,366 | |||||||||||||||
ROTHSCHILD INC (3) | 11/2/2010 | 3,205,405 | — | 3,205,405 | — | |||||||||||||||
KURTZMAN CARSON CONSULTANTS LLC (3) | 9/23/2010 | 4,295,204 | 61,594 | 4,174,943 | 120,261 | |||||||||||||||
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 | 2,784,548 | 34,003 | 2,214,062 | 570,486 | |||||||||||||||
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 | 8,043,942 | 149,211 | 6,234,569 | 1,809,373 | |||||||||||||||
PRICEWATERHOUSE COOPERS (3) | 2/8/2011 | 1,811,368 | — | 1,478,461 | 332,907 | |||||||||||||||
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 | $ | 35,662,733 | $ | 246,444 | $ | 31,568,332 | $ | 4,094,401 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
| * | 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 BB Liquidating 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 | $ | — | ||||||||||
|
|
|
| |||||||||
| In re | BB LIQUIDATING INC., et al. | Case No. | 10-14997 | |||
| Debtor | Reporting Period: | November 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. Attach additional | 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. |
