Exhibit 99.1
Exhibit 99.1
Docket #1357 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE
In re: EBHI Holdings, Inc. Debtor
Case No.: 09-12099
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Schedule of Cash Receipts and Disbursements
Bank Reconciliation
Schedule of Professional Fees Paid
Copies of bank statements
Cash disbursements journals
Statement of Operations
Balance Sheet
Status of Post-Petition Taxes
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Post-Petition Debts
Listing of aged accounts payable
Accounts Receivable Reconciliation and Aging
Debtor Questionnaire
Form No.
MOR-1
MOR-1a
MOR-1b
MOR-2
MOR-3
MOR-4
MOR-4
MOR-4
MOR-5
MOR-5
Document
Attached
No
Yes
No
No
No
Yes
Yes
No
No
No
No
No
No
Yes
Explanation
Attached
Note 1
Note 2
Note 2
Note 2
Note 2
Note 2
Note 2
Note 2
Note 2
Note 2
Affidavit/Supplement Attached
Notes:
(1) Cash Receipts and Disbursements have been responsed on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.
(2) Requested information is not applicable to reporting entity.
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents arc true and correct to the best of my knowledge and belief.
Signature of Authorized Individual*
2/19/2010
Date
Brent I. Kugman
Printed Name of Authorized Individual
Chief Restructuring Officer
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: EBHI Holdings, Inc.
Debtor
Case No.: 09-12099
Reporting Period: Jan 3 - Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: EBHI Holdings, Inc. Debtor
Case No.: 09-12099
Reporting Period: Jan 3 - Jan 30, 2010
MOR-IA: BANK RECONCILIATIONS
BANK NAME
LaSalle Global Trust Services (1)
LaSalle Global Trust Services (1)
LaSalle Global Trust Services (1)
LaSalle Global Trust Services (1)
LaSalle Global Trust Services (1)
LaSalle Global Trust Services (1)
LaSalle Global Trust Services (1)
Account Description
Segregated Deposit Account Escrow
Resolved Cure Escrow
Unresolved Cure Escrow
Partially Paid Cure Escrow
Lease Cure Escrow
Working Capital Escrow
Carve Out Escrow
Account Number
XX3248
XX3273
XX3275
XX3274
XX3272
XX3276
XX3277
Balance
$ -
619,978
679,966
146,456
1,957,536
10,500
5,100,147
(1) Amount is included in Prepaid Expenses on MOP - 3: Balance Sheet.
I attest that each of the Debtors’ corporate bank accounts is reconciled to monthly bank statements. The Company’s standard practice is to ensure that each corporate bank account is reconciled to monthly bank statements for each calendar month within 30 days after month end. See attached listing of each of the Debtors’ bank accounts and the book balance of the account as of the end of the fiscal month covered by this report
Authorized Representative
Brent l. Kugman
Printed Name of Authorized Representative
In re: EBHI Holdings, Inc. Debtor
Case No.: 09-12099
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
REVENUES
Net Revenue
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy
Selling. General and Administrative Expenses
Operating Income
OTHER INCOME AND EXPENSES
Interest Expense
Other Income (Expense), Net
Net Profit (Loss) Before Reorganization Items
REORGANIZATION ITEMS
Professional Fees
U. S. Trustee Quarterly Fees
Estimated Claims Adjustments
Interest Earned on Accumulated Cash from Chapter II
Loss / (Gain) from Sale of Equipment
Other Reorganization Expenses Total Reorganization Expenses
Income Taxes
Net Profit (Loss)
Current Month
$ -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$ -
Cumulative Filing to Date
$ 1
-
-
-
(321,190)
-
321,190
-
-
52,575,585
-
(3,070,611)
-
49,504,974
-
$(49,I83,784)
In re: EBHI Holdings, Inc. Debtor
Case No.: 09-12099
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
ASSETS
CURRENT ASSETS
Unrestricted Cash and Equivalents
Accounts Receivable (Net)
Inventories
Prepaid Expenses
Professional Retainers
TOTAL CURRENT ASSETS
PROPERTY AND EQUIPMENT
Property and Equipment
OTHER ASSETS
Other Assets (see attached schedule)
TOTAL OTHER ASSETS
TOTAL ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
$ -
-
-
8,514,584
-
8,514,584
-
211,984,380
211,984.380
$ 220,498,964
BOOK VALUE ON PETITION DATE
$ -
-
-
-
-
-
1,459,000
215,160,000
215,160,000
$ 216,619,000
LIABILITIES AND OWNER EQUITY
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable
Taxes Payable
Wages Payable
Rent / Leases - Building/Equipment
Professional Fees
Secured Debt / Adequate Protection Payments
Other Post-Petition Liabilities
TOTAL POST-PETITION LIABILITIES
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments
Priority Debt
Unsecured Debt
TOTAL PRE-PETITION LIABILITIES
TOTAL LIABILITIES
OWNER EQUITY
Capital Stock
Additional Paid-In Capital
Retained Earnings - Pre-Petition
Retained Earnings - Post-Petition
NET OWNER EQUITY
TOTAL LIABILITIES AND OWNERS’ EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
$ -
-
-
-
-
-
-
-
-
75,000,000
1,260,778
76,260,778
76,260,778
308,522
632,393,873
(438,959,235)
(49,504,974)
144,238,186
$ 220,498,964
BOOK VALUE ON PETITION DATE
$ -
-
-
-
-
-
-
-
22,424,000
451,000
22,875,000
22,875,000
309,000
632,394,000
(438,959,000)
-
193,744,000
$ 216,619,000
In re: EBHI Holdings, Inc. Debtor
Case No. : 09-12099
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
(Continuation Sheet)
ASSETS
OTHER CURRENT ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER ASSETS
Intercompany receivables from affiliates
Investment in subsidiaries
LIABILITIES AND OWNER EQUITY
OTHER POST-PETITION LIABILITIES
$211,384,380
600,000
$214,560,000
600,000
211,984,380
215,160,000
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
In re: EBHI Holdings, Inc. Debtor
Case No.: 09-12099
Reporting Period: Jan 3 - Jan 30, 2010
MOR-5: DEBTOR QUESTIONNAIRE
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
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.
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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
x
x
x
x
Yes
No
Docket #1358 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE
In re: Amargosa, Inc. Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Schedule of Cash Receipts and Disbursements
Bank Reconciliation
Schedule of Professional Fees Paid
Copies of bank statements
Cash disbursements journals
Statement of Operations
Balance Sheet
Status of Post-Petition Taxes
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Post-Petition Debts
Listing of aged accounts payable
Accounts Receivable Reconciliation and Aging
Debtor Questionnaire
Form No.
MOR-l
MOR-1a
MOR-l b
MOR-2
MOR-3
MOR-4
MOR-4
MOR-4
MOR-5
MOR-5
Document Attached
Yes
Yes
No
No
No
Yes
Yes
Yes
No
No
Yes
No
No
Yes
Explanation Attached
Note I
Note 2
Note 2
Note 2
Note 2
Note 2
Note 1
Affidavit/Supplement Attached
MOR-4a & 4b
Notes:
(1) Requested information is not applicable to reporting entity.
(2) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.
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 Authorized Individual*
2/19/2010
Date
Brent I. Kugman
Printed Name of Authorized Individual
Chief Restructuring Officer
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: Amargosa, Inc. Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: Amargosa, Inc. Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-1: CONSOLIDATED SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
BEGINNING CASH
CASH SALES
LOANS AND ADVANCES (I)
CLOSING DAY FUNDS
LC’s RELEASED
CLOSING DAY ESCROWS
TAX REFUNDS
PREPAID INSURANCE-UNEARNED PREMIUMS
UTILITY DEPOSIT ADEQUATE ASSURANCE
OTHER ESCROWS
OTHER MISC
TOTAL RECEIPTS
DISBURSEMENTS
PAYROLL & BENEFITS
MERCHANDISE PAYMENTS
RENT & OCCUPANCY
OTHER OPERATING
CAPITAL EXPENDITURES
TAXES
CASH SWEEP FROM ASSET SALE
PROFESSIONAL FEES
FINANCING COSTS
UTILITY DEPOSITS
CONTRIBUTION TO CLOSING DAY ESCROWS
OTHER NON-ORDINARY COURSE BANKING, ESCROW & OTHER MISC EXPENSES
WORKERS COMP & BENEFIT WIND-DOWN EXPENSES
TERM LENDER DISTRIBUTION
RESOLVED CURE ESCROW
UNRESOLVED CURE ESCROW
PARTIALLY PAID CURE ESCROW
LEASE CURE ESCROW
WORKING CAPITAL ESCROW
CARVE-OUT ESCROW
CHANGE IN FLOAT
TOTAL DISBURSEMENTS
NET CASH FLOW ENDING CASH (3)
CURRENT MONTH
ACTUAL
PROJECTED(2)
CUMULATIVE FILING TO DATE
ACTUAL
PROJECTED(2)
$ 13.412,937
(479.809)
12,933,128
$13,545
1,514,033
260,553
(2,092)
12,456
5,432
1,803,928
736,043
38,787
3,888
329,171
446,053
792,718
2,283,737
(62,923)
-
-
-
-
-
-
-
-
-
9.255,228
$12,933,128
107,137,714
(5,337,303)
39,664,379
1,320,771
22,466,721
1,600,754
388,526
703,773
983,069
38,821
168,967,226
33.252,996
25,674.185
16.026.836
20,860,757
1,256,383
3,345,145
720,063
4,835,233
2,961,830
724.098
4,613,180
8,531,613
135,602
27,977
30736696
1,960,111
1,283,897
587,793
733,918
5,500
7.862.373
(6,424,186)
159,711,999
Notes:
(I) Loans and Advances are net of any revolver pay downs.
(2) Previously provided projections are no longer relevant for comparison purposes given the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings, LLC.
(3) |
| Cash balances exclude amounts related to VEBA Trust and any amounts held in escrow. |
In re: Amargosa, Inc.
Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-1A: BANK RECONCILIATIONS
BANK NAME
Bank of America
Bank of America
Bank of America
Bank of America
Bank of America
Citibank (I)
JP Morgan Chase Bank (I)
LaSalle Global Trust Services
Account Description
ex-Photo Shoot (Check Disbursements)
APA Account (Wire/Check Disbursements)
Estate Funds Account
Segregated Deposit Account
Estate Settlement Account
CIGNA VEBA Imprest
UHG Benefits Disbursement (VEBA)
Expeditors Escrow Account
Account
Number
XXXXXX0685
XXXXXX6550
XXXXXX7361
XXXXXX3642
XXXXXX5378
XXXX8273
XXXXX1970
XX0679
Balance
$ -
902,430
Closed
4,430,011
7,600,687
370,192
74,663
Closed
(I) VEBA related imprest cash accounts excluded from balance sheet.
I attest that each of the Debtors, corporate bank accounts is reconciled to monthly bank statements. The Company’s standard practice is to ensure that each corporate bank account is reconciled to monthly bank statements for each calendar month within 30 days after month end. See attached listing of each of the Debtors’ bank accounts and the book balance of the account as of the end of the fiscal month covered by this report
Authorized Representative
Brent I. Kugman
Printed Name of Authorized Representative
In re: Amargosa, Inc.
Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
REVENUES.
Net Revenue
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy
Selling, General and Administrative Expenses
Operating Income
OTHER INCOME AND EXPENSES
Interest Expense
Other Income (Expense), Net (see attached schedule)
Net Profit (Loss) Before Reorganization Items
REORGANIZATION ITEMS
Professional Fees
U.S. Trustee Quarterly Fees
Estimated Claims Adjustments
Interest Earned on Accumulated Cash from Chapter 11
Loss / (Gain) from Sale of Equipment
Other Reorganization Expenses
Total Reorganization Expenses
Income Taxes
Net Profit (Loss)
Current Month
$ -
303,784
(303,784)
-
(8,972)
(312,756)
867,500
12,500
308,207
-
-
1,188,207
(23,382)
$ (1,477,581)
Cumulative Filing to Date
$ 88,019,452
60,701,573
38,176,516
(10,858,637)
7,161,573
63,966
(17,956,244)
14,360,785
113,425
19,150,248
51,713,753
4,695,817
90,034,028
1,858,809
$ (109,849,081)
In re: Amargosa, Inc.
Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
(Continuation Sheet)
BREAKDOWN OF “OTHER” CATEGORY
Other Income
Equity in (earnings) of foreign joint ventures
Investment income
Bank Fee
Current
Month
$ -
(8,972)
$ (8,972)
Cumulative
Filing to Date
$ 208,264
109
(135,435)
$ 72,938
In re: Amargosa, Inc.
Debtor
Case No. : 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
ASSETS
CURRENT ASSETS
Unrestricted Cash and Equivalents (1)
Accounts Receivable (Net)
Inventories
Prepaid Expenses
Professional Retainers
TOTAL CURRENT ASSETS
PROPERTY AND EQUIPMENT
Property and Equipment
OTHER ASSETS
Other Assets (see attached schedule)
TOTAL OTHER ASSETS
TOTAL ASSETS
BOOK VALUE AT END OF CURRENT
REPORTING MONTH
$ 12,714,083
-
-
4,717,545
197,204
17,628,831
20,070,062
20,070,062
$37,698,893
BOOK VALUE ON
PETITION DATE
$ 8,720,000
18,546,000
108,368,000
14,676,000
1,641,000
151,951,000
93,385,000
195,614,000
195,614,000
$ 440,950,000
LIABILITIES AND OWNER EQUITY
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable
Taxes Payable
Wages Payable
Rent / Leases - Building/Equipment
Professional Fees
Secured Debt / Adequate Protection Payments
Other Post-Petition Liabilities (see attached schedule)
TOTAL POST-PETITION LIABILITIES
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments Priority Debt
Unsecured Debt
TOTAL PRE-PETITION LIABILITIES
TOTAL LIABILITIES
OWNER EQUITY
Capital Stock
Retained Earnings - Pre-Petition
Retained Earnings - Post-Petition
Adjustments to Owner Equity (see attached schedule)
NET OWNER EQUITY
TOTAL LIABILITIES AND OWNERS’ EQUITY
BOOK VALUE AT END OF CURRENT
REPORTING MONTH
$ -285,156
820,231
-
2,938,146
531,713,560
535,757,093
32,160,664
-
36,317,954
68,478,618
604,235,710
500,000
(448,395,266)
(109,849,078)
(8,792,474)
(566,536,818)
$ 37,698,893
BOOK VALUE ON
PETITION DATE
$ 1,195,000
4,347,574
8,066,000
39,058,000
-
41,411,000
572,709,426
666,787,000
177,238,000
-
53,727,000
230,965,000
897,752,000
500,000
(448,396,000)
(8,906,000)
(456,803,000
$ 440,950,000
(1) Cash balances exclude amounts related to VEBA Trust and any amounts held in escrow.
In re: Amargosa, Inc.
Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET (Continuation Sheet)
ASSETS
OTHER CURRENT ASSETS
OTHER ASSETS
Goodwill Trademarks
Licensing agreements
Investment in subsidiaries
Investment in foreign joint venture (EB Japan)
Deferred financing fees
Capitalized software
LIABILITIES AND OWNER EQUITY
OTHER POST-PETITION LIABILITIES
Bank overdraft
Deferred tax liabilities (current & non-current)
Intercompany payables to affiliates
Sales, payroll and business taxes
Allowance for sales returns
Gift certificates & deferred revenues
Other accrued expenses
Non-current post-retirement liabilities
Purchase Price Adjustment Accrual (1)
ADJUSTMENTS TO OWNER EQUITY
OCI - Foreign currency translation adjustments and other post retirement
BOOK VALUE AT END OF CURRENT
REPORTING MONTH
$-
-
-
20,070,062
-
-
-
20,070,062
BOOK VALUE AT END
-
of current REPORTING MONTH
$ -
-
527,065,016
626,354
3,303,075
719,115
531,713,560
$ (8,792,474)
BOOK VALUE ON PETITION DATE
$ 43,175.000
105,110,000
11,667,000
20,070,000
7,131,000
2,636,000
5,825,000
195,614,000
BOOK VALUE ON
PETITION DATE
$ 3,252,000
41,375,000
508,742,000
425,426
6,015,000
31, 83000
6,414,000
3,303,000
-
572,709,426
$ (8,906,000)
Notes:
(1) Based on “Post-Closing Adjustment Resolution Letter” sent by Everest Holdings, LLC dated Dec. 11, 2009
In re: Amargosa, Inc. Debtor
Case No.: 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-4: STATUS OF POST-PETITION TAXES
FEDERAL
Withholding
FICA-Employee
FICA-Employer
Unemployment
Income Tax
Total Federal Taxes
STATE AND LOCAL
Withholding
Sales & Use
Excise
Unemployment
Real Property
personal Property
Income & Frachise tax
Total State and Local Taxes
Beginning Tax Liability
$ -
46,618
232,049
135,137
$413,804
Amount Withheld or Accrued
$385-
662-
$1,047
Amount Paid
(385)-
(662)-
(128,648)
$(129,695)
Date Paid N/A
1/22/10 Various
N/A
Check or EFT N/A
Ending Tax Liability
46,618
103,402
135,137
$285,156
Sales and use tax returns have been filed in accordance with the Company’s tax payment schedule (See attached Schedule MOR4-B.) Any payments remitted have been incorporated into the Schedule of Cash Receipts and Disbursements at MOR-l.
Adjustments to Amounts Withheld or Accrued include liabilities assumed and/or paid by the Buyer.
Authorized Representative
Brent I. Kugman Printed Name of Authorized Representative
MOR-4: SUMMARY OF UNPAID POST-PETITION DEBTS
NUMBER OF DAYS PAST DUE
Taxes Payable
Professional Fees
Non-current post-retirement liabilities
Intercompany payables to affiliates
Other accured expenses
Wages payable
Purchase Price Adjustment Accrual (1)
Total Post-Petition Debts
Current
285,156
2,938,146
3,303,075
527,065,016
626,354
820,231
719,115
$ 535,757,092
0-30 31-60 61-90 Over 90
Total
285,156
2,938,146
3,303,075
527,065,016
626,354
820,231
719,115
$ 535,757,092
In re: Amargosa, Inc.
Debtor
Case No.: 09-12100
Reporting Period: Jan 3—Jan 30,2010
MOR 4A: VERIFICATION OF TAX PAYMENTS
PERSONAL PROPERTY TAX
Personal Property Tax
Vendor Name
Jefferson County
Town Of South Windsor
New Normand, Sherriff
Lafayette Consolidated Government
Town Of Lee
City Of Ann Arbor Treasurer
Jackson County Collector
Jackson County Collector
Sheila Wyatt, Taney County Collector
Durham County Tax Collector
Forsy the County Tax Collector
Mecklenberg County Tax Collector
New Hanover County Tax Office
Cleveland County Treasurer
Oklahoma County Treasurer
Tulsa County Treasurer
Beaufort County Treasurer
Charleston County Collector
Treasurer, Cherokee County
Greenville County Tax Collector
Horry County Treasurer
Hays County Tax Office
County Of Potter
Clark County Assessor
Denton County
Nelda Wells Spears
Village Of Lake Delton
Round Rock Tax Office
Fort Bend County Tax A/C
Katy Isd Tax Assessor Collector
Harris CountyWcid #l55
Harris County Mud #358
City Of Madison
Town Of Grand Chute
City Of Wauwatosa Treas
City Of Oshkosh
Dallas County Tax Office
County Of Harris
Anita Henry Rta
Lubbock Central Appraisal
Village Of Johnson Creek
Eau Claire County Treasurer
Garland Independent School Dist
County Of Montgomery
Woodlands Metro Center Mud
Birch Run Township
City Of Auburn Hills
Betsy Price Tax Assessor Collec
County Of Harris
Williamson County Texas
Amando Barrera Jr Rta
Betsy Price Tax Assessor Collec
Frisco Independent School Dist
City Of Garland
Dallas County Tax Office
Betsy Price Tax Assessor Collec
Brazoria County Treasurer
Amount Paid
2,472 3,169 3,270 330 3 66 1,807 900 477
90 84 384 99 1,642 1,539 975 258 439 410 657 250 3,834 3,418 86 3,291
3,320 693 2,328 1,387 2,695 335 1,263 923 747 1,083 491 5,672 1,257 2,199
2,771 385 297 1,886 4,047 282 16 46 2,767 5,473 792 6,890 3,819 1,458 1,060 71 3,263
15,773 Payment Date 1/4/2010 1/22/2010
EFT/Check
Check
In re: Amargosa, Inc. Debtor
Case No.: 09-12100
Reporting Period: Jan 3—Jan 30, 2010
MOR 4A: VERIFICATION OF TAX PAYMENTS
Personal Property Tax Total Personal Property Tax
STATE AND LOCAL
Withholding
Total State and Local Employment Tax
EXCISE TAX
Excise Tax Total Excise Tax
Vendor Name
Cinco Mud #12
Village Of Pleasant Prairie
City Of Glendale
Marion County
Kenneth L Maun Tax Assessor Col
City of Seattle
Secretary of State (Illinois)
Secretary of State (Illinois)
Clark County Department of Business License
Washington State Treasurer
Amount Paid
830 2,651 8,555 1,102 10,071 $128,648 385 $385 250 250 78 84 $662
Payment Date 1/22/2010 1/13/2010
EFT/Check
Check
In re: Amargosa, Inc. Debtor
Case No. : 09-12100
Reporting Period Jan 3 - Jan 30, 2010
MOR 4B: SUMMARY OF TAX RETURNS FILED DURING REPORTING PERIOD
TAXING AUTHORITY
State
Type of Tax
Due Date
In re: Amargosa, Inc. Debtor
Case No. : 09-12100
Reporting Period: Jan 3 - Jan 30, 2010
MOR-5: DEBTOR QUESTIONNAIRE
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
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.
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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. (1)
Yes X X
No X X X
Docket #1359 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE
In re: Gobi Fulfillment Services, Inc.
Debtor
Case No. : 09-12101
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Schedule of Cash Receipts and Disbursements
Bank Reconciliation
Schedule of Professional Fees Paid
Copies of bank statements
Cash disbursements journals
Statement of Operations
Balance Sheet
Status of Post-Petition Taxes
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Post-Petition Debts
Listing of aged accounts payable
Accounts Receivable Reconciliation and Aging
Debtor Questionnaire
Form No.
MOR-1
MOR-1a
MOR-1b
MOR-2
MOR-3
MOR-4
MOR-4
MOR-4
MOR-5
MOR-5
Document
Attached
No
No
No
No
No
Yes
Yes
Yes
No
No
Yes
No
No
Yes
Explanation
Attached
Note 1
Note 2
Note 2
Note 3
Note 3
Note 3
Note 3
Note 3
Note 2
Affidavit /
Supplement
Attached
Notes:
(I) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.
(2) |
| Requested information is not applicable to reporting entity. |
(3) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.
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 Authorized Individual*
Date 2/19/2010
Brent I. Kugman
Printed Name of Authorized Individual
Chief Restructuring Officer 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: Gobi Fulfillment Services, Inc.
Debtor
Case No.: 09-12101
Reporting Period: Jan 3—Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: Gobi Fulfillment Services, Inc. Debtor
Case No. : 09-12101
Reporting Period: Jan 3—Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
REVENUES
Net Revenue
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy
Selling, General and Administrative Expenses
Operating Income
OTHER INCOME AND EXPENSES
Interest Expense
Other Income (Expense), Net
Net Profit (Loss) Before Reorganization Items
REORGANIZATION ITEMS
Professional Fees
U. S. Trustee Quarterly Fees
Estimated Claims Adjustments
Interest Earned on Accumulated Cash from Chapter 11
Loss / (Gain) from Sale of Equipment
Other Reorganization Expenses
Total Reorganization Expenses
Income Taxes
Net Profit (Loss)
Current
Month
$—
-
(223.164)
223,164
223,164
-
-
-
-
-
-
-
-
$ 223,164
Cumulative
Filing to Date
$ 3,191,224
595,014
2,361,287
234,923
-
-
234,923
-
(1,341)
-
21,779,215
(2,275,250)
19,502,624
-
$ (19,267,701)
In re: Gobi Fulfillment Services, Inc.
Debtor
Case No.: 09-12101
Reporting Period: Jan 3- Jan 30, 2010
MOR-3: BALANCE SHEET
ASSETS
CURRENT ASSETS
Unrestricted Cash and Equivalents
Accounts Receivable (Net)
Inventories
Prepaid Expenses
Professional Retainers
TOTAL CURRENT ASSETS
PROPERTY AND EQUIPMENT
Property and Equipment
OTHER ASSETS
Other Assets (see attached schedule)
TOTAL OTHER ASSETS
TOTAL ASSETS
BOOK VALUE AT END
OF CURRENT
REPORTING MONTH
$ -
-
-
-
-
-
37,460,453
37,460,453
$ 37,460,453
BOOK VALUE ON PETITION DATE
$ 598,000
124,000
540,000
1,262.000
51,326,000
8,626,000
8,626,000
$ 61,214,000
LIABILITIES AND OWNER EQUITY
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition).
Accounts Payable
Taxes Payable
Wages Payable
Rents / Leases - Building / Equipment
Professional Fees
Secured Debt! Adequate Protection Payments
Other Post-Petition Liabilities (see attached schedule)
TOTAL POST-PETITION LIABILITIES
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments
Priority Debt
Unsecured Debt
TOTAL PRE-PETITION LIABILITIES
TOTAL LIABILITIES
OWNER EQUITY
Capital Stock
Retained Earnings - Pre-Petition
Retained Earnings - Post-Petition
Additional Paid-In Capital
NET OWNER EQUITY
TOTAL LIABILITIES AND OWNERS’ EQUITY
BOOK VALUE AT END
OF CURRENT
REPORTING MONTH
$
-
101,058
-
.
-
-
146,019
247,077
222,964
222,964
470,041
1,000
(19,514,380)
234,923
56,268,869
36,990,412
37,460,453
BOOK VALUE ON PETITION DATE
$ 131,000
954,000
3,127,000
-
-
499,000
4,711,000
246,000
246,000
4.957,000
1,000
(12,000)
-
56,268,000
56,257,000
$ 61,214,000
In re: Gobi Fulfillment Services, Inc. Debtor
Case No.: 09-12101
Reporting Period: Jan 3—Jan 30, 2010
MOR-3: BALANCE SHEET (Continuation Sheet)
ASSETS
OTHER CURRENT ASSETS
BOOK VALUE AT END
OF CURRENT
REPORTING MONTH
BOOK VALUE ON
PETITION DATE
OTHER ASSETS
Intercompany receivables from single affiliates
37,460,453
8,626,000
LIABILITIES AND OWNER EQUITY
OTHER POST PETITION LIABILITIES
Bank overdraft
Accrued expenses
BOOK VALUE AT END
Of CURRENT
REPORTING MONTH
$-
146,019
146,019
BOOK VALUE
PETITION DATE
$ 277,000
222,000
499.000
In re: Gobi Fulfillment Services, Inc. Debtor
Case No. : 09-12101
Reporting Period: Jan 3—Jan 30, 2010
MOR-4: STATUS OF POST-PETITION TAXES
FEDERAL
Withholding
FICA-Employee
FICA-Employer
Unemployment
Income tax
Savings Bond
Total Federal Taxes
STATE AND LOCAL
Withholding
Sales & Use
Excise
Unemployment
Real Property
Personal Property
Income tax
Total State and Local Taxes
Beginning
Tax
Liability
$ -
-
-
-
-
$ -
$ -
-
-
-
930,570
-
-
$ 930,570
Amount
Withheld or Accrued
$ -
-
-
-
-
-
$
-
$
-
-
-
-
(223,164)
-
-
$
(223,164)
Amount Paid
$ -
-
-
-
-
-
$ -
$ -
-
-
-
(606,348)
-
-
$ (606,348)
Date Paid
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1/14/2010
N/A
N/A
Check No.
or EFT
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Various
N/A
N/A
Ending
Tax
Liability
$ -
-
-
-
-
$-
-
$-
-
-
-
101,058
-
-
$ 101,058
Sales and use tax returns have been filed in accordance with the Company’s tax payment schedule (See attached Schedule MOR4-B.) Any payments remitted have been incorporated into the Schedule of Cash Receipts and Disbursements at MOR-1.
Adjustments to Amounts Withheld or Accrued include liabilities assumed and/or paid by the Buyer.
Authorized Representative
Brent I. Kugman Printed Name of Authorized Representative
MOR-4: SUMMARY OF UNPAID POST-PETITION DEBTS
NUMBER OF
DAYS PAST DUE
Accrued Expenses
Taxes Payable
Total Post-Petition Debts
Current
$
146,019
101,058
$
247,077
0-30
$
-
-
$
-
31-60
$
-
-
$
-
61-90
$
-
-
$
-
Over 90
$
-
-
$
-
Total
146,019
$101,058
$247,077
In re: Gobi Fulfillment Services, Inc.
Debtor
Case No.: 09-12101
Reporting Period: Jan 3 - Jan 30, 2010
MOR 4A: VERIFICATION OF TAX PAYMENTS
REAL PROPERTY TAX
Real Property Tax [1]
Total Personal Property Tax
Vendor Name
Franklin County Treasurer
Amount Paid
551,103 28,292 26,953 $ 606,348
Payment Dale 1/14/2010
EFT/Check
Check
Notes
[1] Actual tax payments were made by Amargosa, Inc. on behalf of Gobi Fulfillment Services, Inc.
In re: Gobi Fulfillment Services, Inc.
Debtor
Case No.: 09-12101
Reporting Period: Jan 3 - Jan 30, 2010
MOR-5: DEBTOR QUESTIONNAIRE
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
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.
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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.
Yes No x x
Docket #1360 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Arabian Diversified Sales, LLC.
Debtor
Case No.: 09-12103
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Schedule of Cash Receipts and Disbursements
Bank Reconciliation
Schedule of Professional Fees Paid
Copies of bank statements
Cash disbursements journals
Statement of Operations
Balance Sheet
Status of Post-Petition Taxes
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Post-Petition Debts
Listing of aged accounts payable
Accounts Receivable Reconciliation and Aging
Debtor Questionnaire
Form No. MOR-l MOR-la MOR- lb MOR-2 MOR-3 MOR-4 MOR-5
Document Attached No Yes
Explanation Attached. Note 1 Note 2
Affidavit / I Supplement Attached
Notes:
(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.
(2) |
| Requested information is not applicable to reporting entity. |
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 authorized Individual* Date
Brent I. Kugman Printed Name of Authorized Individual
Chief Restructuring Officer Title of Authorized Individual
* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner it debtor is a partnership; a manager or member if debtor is a limited liability company.
In re: Arabian Diversified Sales, LLC.
Debtor
Case No.: 09-12103
Reporting Period: Jan 3 - Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: Arabian Diversified Sales, LLC. Debtor
Case No.: 09-12103
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
REVENUES
Current Month
Cumulative Filing to Date
Net Revenue $ - $ 1,119,562
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy -
Selling, General and Administrative Expenses - 193,930
Operating Income - 925,632
OTHER INCOME AND EXPENSES
Interest Expense -
Other Income (Expense) Net (see attached schedule) - 1,003,010
Net Profit (Loss) Before Reorganization Items - 1,928,642
REORGANIZATION ITEMS
Professional Fees -
U. S. Trustee Quarterly Fees - -
Estimated Claims Adjustments -
Interest Earned on Accumulated Cash from Chapter 11 -
Loss (Gain) from Sale of Equipment - 20,114
Other Reorganization Expenses
Total Reorganization Expenses - 20,114
Income Taxes -
Net Profit (Loss) $ - $ 1,908,528
In re: Arabian Diversified Sales, LLC. Debtor
Case No.: 09-12103
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS (Continuation Sheet)
BREAKDOWN OF “OTHER” CATEGORY
Current Month
Cumulative Filing to Date
Other Income
Interest income on Intercompany Receivable $ - $ 1,003,010
In re: Arabian Diversified Sales, LLC. Debtor
Case No.: 09-12103
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Equivalents $ - $ (5.167)
Accounts Receivable (Net) - 1,565.000
Inventories -
Prepaid Expenses -
Professional Retainers -
TOTAL CURRENT ASSETS - 1,559.833
PROPERTY AND EQUIPMENT
Property and Equipment -
OTHER ASSETS
Other Assets (see attached schedule) 66,529,940 63,061,167
TOTAL OTHER ASSETS 66,529,940 63,061,167
TOTAL ASSETS $ 66,529,940 $ 64,621,000
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable $ - $ -
Taxes Payable -
Wages Payable -
Rent / Leases - Building/Equipment -
Professional Fees -
Secured Debt / Adequate Protection Payments -
Other Post-Petition Liabilities -
TOTAL POST-PETITION LIABILITIES -
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments -
Priority Debt -
Unsecured Debt -
TOTAL PRE-PETITION LIABILITIES -
TOTAL LIABILITIES
OWNER EQUITY
Additional Paid-in Capital 5,247,398 5,247,000
Retained Earnings - Pre-Petition 59,374,014 59,374,000
Retained Earnings - Post-Petition 1,908,528 -
NET OWNER EQUITY 66,529,940 64,621,000
TOTAL LIABILITIES AND OWNERS’ EQUITY $ 66,529,940 $64,621,000
In re: Arabian Diversified Sales, LLC. Debtor
Case No.: 09-12103
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
(Continuation Sheet)
ASSETS
OTHER CURRENT ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER ASSETS
Intercompany receivables from affiliates $ 66,529,940 $ 63,061,167
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER POST-PETITION LIABILITIES
In re: Arabian Diversified Sales, LLC. Debtor
Case No.: 09-12103 Reporting Period: Jan 3 - Jan 30, 2010
MOR-5: DEBTOR QUESTIONNAIRE
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.
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.
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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
Docket #1361 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Gibson Services, LLC. Debtor
Case No.: 09-12104
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Affidavit / Supplement Attached
Schedule of Cash Receipts and Disbursements MOR-1 No Note 1
Bank Reconciliation MOR-la No Note 2
Schedule of Professional Fees Paid MOR-Ib No Note 2
Copies of bank statements No Note 2
Cash disbursements journals No Note 2
Statement of Operations MOR-2 Yes
Balance Sheet MOR-3 Yes
Status of Post-Petition Taxes MOR-4 No Note 2
Copies of IRS Form 6123 or payment receipt No Note 2
Copies of tax returns filed during reporting period No Note 2
Summary of Unpaid Post-Petition Debts MOR-4 Yes
Listing of aged accounts payable MOR-4 No Note 3
Accounts Receivable Reconciliation and Aging MOR-5 No Note 2
Debtor Questionnaire MOR-5 Yes
Notes:
(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly operating Report.
(2) Requested information is not applicable to reporting entity.
(3) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.
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 Authorized Individual*
Date Brent I. Kugman
Printed Name of Authorized Individual
Chief Restructuring Officer 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: Gibson Services, LLC. Case No.: 09-12104
Debtor Reporting Period: Jan 3 - Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: Gibson Services, LLC. Case No.: 09-12104
Debtor Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
Current Month
Cumulative Filing to Date
REVENUES
Net Revenue $ - $ -
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy -
Selling, General and Administrative Expenses - 33,575
Operating Income - (33,575)
OTHER INCOME AND EXPENSES
Other Income (Expense), Net (see attached schedule) - 245,027
Interest Expense -
Net Profit (Loss) Before Reorganization Items - 211,451
REORGANIZATION ITEMS
Professional Fees -
U. S. Trustee Quarterly Fees - -
Interest Earned on Accumulated Cash from Chapter 11 -
Loss \ (Gain) from Sale of Equipment - (12,516,082)
Other Reorganization Expenses -
Total Reorganization Expenses - (12,516,082)
Income Taxes -
Net Profit (Loss) $ - $ 12,727,533
In re: Gibson Services, LLC. Debtor
Case No.: 09-12104
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS (Continuation Sheet)
BREAKDOWN OF “OTHER” CATEGORY
Current Month
Cumulative Filing to Date
Other Income
Interest income on Intercompany receivable $ - $ 245,027
In re: Gibson Services, LLC. Debtor
MOR-3: BALANCE SHEET
Case No. : 09-12104
Reporting Period: Jan 3 - Jan 30, 2010
ASSETS
CURRENT ASSETS
BOOK VALUE ON OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
Unrestricted Cash and Equivalents $ - $ -
Accounts Receivable (Net) -
Inventories -
Prepaid Expenses -
Professional Retainers -
TOTAL CURRENT ASSETS -
PROPERTY AND EQUIPMENT
Property and Equipment -
OTHER ASSETS
Other Assets (see attached schedule) - - 13,783,000
TOTAL OTHER ASSETS - 13,783,000
TOTAL ASSETS $- $ 13,783,000
LIABILITIES AND OWNER EQUITY
BOOK VALUE ON OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable $ - $ -
Taxes Payable -
Wages Payable -
Rent / Leases - Building/Equipment -
Professional Fees -
Secured Debt / Adequate Protection Payments -
Other Post-Petition Liabilities (see attached schedule) 1,707,872 28,218,000
TOTAL POST-PETITION LIABILITIES 1,707,872 28,218,000
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments -
Priority Debt -
Unsecured Debt
TOTAL PRE-PETITION LIABILITIES
TOTAL LIABILITIES 1,707,872 28,218,000
OWNER EQUITY
Additional Paid-In Capital (33,671,405) (33,671,000)
Retained Earnings - Pre-Petition 19,236,000 19,236,000
Retained Earnings - Post-Petition 12,727,533
NET OWNER EQUITY (1,707,872) (14,435,000)
TOTAL LIABILITIES AND OWNERS’ EQUITY $ (0) $ 13,783,000
In re: Gibson Services, LLC. Debtor
MOR-3: BALANCE SHEET (Continuation Sheet)
Case No.: 09-12104 Reporting Period: Jan 3 - Jan 30, 2010
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
ASSETS
OTHER CURRENT ASSETS
OTHER ASSETS
Intercompany receivables from affiliates $ 13,783,000
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER POST-PETITION LIABILITIES
Intercompany payables to affiliates $1,707,872 $ -
Case No.: 09-12104 Reporting Period: Jan 3 - Jan 30, 2010
MOR-4: SUMMARY OF UNPAID POST-PETITION DEBTS
NUMBER OF DAYS PAST DUE
0-30 31-60 61-90 Over 90
In re: Gibson Services, LLC. Debtor
Current
Total
Intercompany payables to affiliates 1,707,872 1,707,872
Total Post-Petition Debts $1,707,872 $—$—$—$ 1,707,872
In re: Gibson Services, LLC.
Debtor
MOR-5: DEBTOR QUESTIONNAIRE
Case No.: 09-12104
Reporting Period: Jan 3 - Jan 30, 2010
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
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.
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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 X X X X
Yes No
Docket #1362 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Karakum International Development, LLC. Debtor
Case No.: 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Affidavit / Supplement Attached
Schedule of Cash Receipts and Disbursements
MOR-l
No Note 1 Bank Reconciliation MOR-la No Note 2 Schedule of Professional Fees Paid MOR-1b No Note 2 Copies of bank statements Cash disbursements journals Statement of Operations
MOR-2 Yes Balance Sheet MOR-3 Status of Post-Petition Taxes
MOR-4 Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period
Summary of Unpaid Post-Petition Debts
MOR-4 Listing of aged accounts payable MOR-4 Accounts Receivable Reconciliation and Aging MOR-5 Debtor Questionnaire MOR-5 Yes Notes: (1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference, Inc. Monthly Operating Report. (2) Requested information is not applicable to reporting entity. 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.
Brent I. Kugman
Printed Name of Authorized Individual
Chief Restructuring Officer Title of Authorized Individual
Authorized individual must be on 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.
0982099100222000000000006
Signature of Authorized Individual*
In re: Karakum International Development, LLC. Case No.: 09-12105
Debtor Reporting Period: Jan 3 - Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 1 23(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: Karakum International Development, LLC. Case No. : 09-12105
Debtor Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
REVENUES
Current Month
Cumulative Filing to Date
Net Revenue $- $ 919,101
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy
Selling, General and Administrative Expenses - 47,599
Operating Income - 871,501
OTHER INCOME AND EXPENSES
Other Income (Expense) Net (see attached schedule) - 710,688
Interest Expense
Net Profit (Loss) Before Reorganization Items - 1,582,190
REORGANIZATION ITEMS
Professional Fees - -
U.S. Trustee Quarterly Fees - - -
Interest Earned on Accumulated Cash from Chapter 11
Loss / (Gain) from Sale of Equipment - -
Other Reorganization Expenses - -
Total Reorganization Expenses - -
Income Taxes -
Net Profit (Loss) $- $ 1,582,190
In re: Karakum International Development, LLC. Debtor
Case No. : 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
(Continuation Sheet)
BREAKDOWN OF “OTHER” CATEGORY
Current Month
Cumulative Filing to Date
Other Income
Interest income on Intercompany receivable $- $ 710,688
In re: Karakum International Development, LLC.
Debtor
Case No.: 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
ASSETS
CURRENT ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
Unrestricted Cash and Equivalents $ - $ -
Accounts Receivable (Net) - 1,079,000
Inventories
Prepaid Expenses
Professional Retainers
TOTAL CURRENT ASSETS - 1,079,000
PROPERTY AND EQUIPMENT
Property and Equipment -
OTHER ASSETS
Other Assets (see attached schedule) 43,811,010 41,150,000
TOTAL OTHER ASSETS $ 43,811,010 $ 41,150,000
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post -Petition)
Accounts Payable $ - $ -
Taxes Payable -
Wages Payable -
Rent / Leases – Building/Equipment -
Professional Fee -
Secured Debt / Adequate Protection Payments
Other Post-Petition Liabilities
TOTAL POST-PETITION LIABILITIES
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments
Priority Debt
Unsecured Debt
TOTAL PRE-PETITION LIABILITIES
TOTAL LIABILITIES - -
OWNER EQUITY
Additional Paid-In Capital 2,860,820 2,861,000
Retained Earnings - Pre-Petition 39,368,000 39,368,000
Retained Earnings - Post-Petition 1,582,190 -
NET OWNER EQUITY 43,811,010 42,229,000
TOTAL LIABILITIES AND OWNERS’ EQUITY $ 43,811,010 $ 42,229,000
In re: Karakum International Development, LLC. Debtor
Case No.: 09-12105
Reporting Period: Jan 3-Jan 30, 2010
MOR-3: BALANCE SHEET
(Continuation Sheet)
ASSETS
OTHER CURRENT ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER ASSETS $43,811,010 $41,150,000
(INTER COMPANY RECEIVED))
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER POST-PETITION LIABILITIES
In re: Karakum International Development, LLC. Debtor
Case No.: 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MOR-5: DEBTOR QUESTIONNAIRE
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.
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.
3, Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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 X X X X
Docket #1362 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Karakum International Development, LLC. Debtor
Case No. : 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Affidavit / Supplement Attached
Schedule of Cash Receipts and Disbursements
MOR-l No Note 1 Bank Reconciliation MOR-la No
Note 2 Schedule of Professional Fees Paid MOR-1b No
Note 2 Copies of bank statements No
Note 2 Cash disbursements journals No
Note 2 Statement of Operations MOR-2 Yes
Balance Sheet MOR-3 Yes
Status of Post-Petition Taxes MOR-4 No Note 2 Copies of IRS Form 6123 or payment receipt No Note 2 Copies of tax returns filed during reporting period No
Note 2 Summary of Unpaid Post-Petition Debts MOR-4 No Note 2 Listing of aged accounts payable MOR-4 No
Note 2 Accounts Receivable Reconciliation and Aging MOR-5 No
Note 2 Debtor Questionnaire MOR-5 Yes
Notes:
(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.
(2) |
| Requested information is not applicable to reporting entity. |
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.
2/19/2010
Brent I. Kugman Printed Name of Authorized Individual Signature of Authorized Individual* Chief Restructuring Officer 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.
0982099100222000000000006
In re: Karakum International Development, LLC. Case No.: 09-12105
Debtor Reporting Period: Jan 3 - Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter II of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post- petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: Karakum International Development, LLC. Case No. : 09-12105
Debtor Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
REVENUES
Current Month
Cumulative Filing to Date
Net Revenue $ - $ 919,101
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy - -
Selling, General and Administrative Expenses - 47,599
Operating Income - 871,501
OTHER INCOME AND EXPENSES
Other Income (Expense), Net (see attached schedule) - 710,688
Interest Expense - -
Net Profit (Loss) Before Reorganization Items - 1,582,190
REORGANIZATION ITEMS
Professional Fees -
U. S. Trustee Quarterly Fees - -
Interest Earned on Accumulated Cash from Chapter II
Loss / (Gain) from Sale of Equipment -
Other Reorganization Expenses -
Total Reorganization Expenses -
Income Taxes
Net Profit (Loss) $ - $ 1,582,190
In re: Karakum International Development, LLC. Debtor
Case No.: 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
(Continuation Sheet)
BREAKDOWN OF “OTHER” CATEGORY
Current Month
Cumulative Filing to Date
Other Income
Interest income on intercompany receivable $ - $ 710,688
In re: Karakum International Development, LLC.
Debtor
Case No.: 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET ASSETS BOOK VALUE AT END OF CURRENT REPORTING MONTH BOOK VALUE ON PETITION DATE CURRENT ASSETS Unrestricted Cash and Equivalents $ - $ - Accounts Receivable (Net) - 1,079,000 Inventories - Prepaid Expenses - Professional Retainers - TOTAL CURRENT ASSETS - 1,079,000PROPERTY AND EQUIPMENT Property and Equipment - - OTHER ASSETS
Other Assets (see attached schedule) 43,811,010 41,150,000
TOTAL OTHER ASSETS 43,811,010 41,150,000
TOTAL ASSETS $43,811,010 $42,229,000
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post -Petition)
Accounts Payable $ - $ -
Taxes Payable
Wages Payable
Rent / Leases - Building/Equipment
Professional Fees
Secured Debt / A equate Protection Payments
Other Post-Petition Liabilities
TOTAL POST-PETITION LIABILITIES
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments -
Priority Debt -
Unsecured Debt -
TOTAL PRE-PETITION LIABILITIES
TOTAL LIABILITIES - - -
OWNER EQUITY
Additional Paid-In Capital 2,860,820 2,861,000
Retained Earnings - Pre-Petition 39,368,000 39,368,000
Retained Earnings - Post-Petition 1,582,190 -
NET OWNER EQUITY 43,811,010 42,229,000
TOTAL LIABILITIES AND OWNERS’ EQUITY $ 43,811,010 $ 42,229,000
In re: Karakum International Development, LLC. Debtor
Case No.: 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
(Continuation Sheet)
ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER CURRENT ASSETS
OTHER ASSETS Intercompany Receivables From Affiliates $ 43,811,010 $ 41,150,000
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER POST-PETITION LIABILITIES
In re: Karakum International Development, LLC. Debtor
Case No.: 09-12105
Reporting Period: Jan 3 - Jan 30, 2010
MOR-5: DEBTOR QUESTIONNAIRE
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.
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.
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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 X X X X
Docket #1363 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Simpson Information Technology, LLC Case No.: 09-12106
Debtor Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Affidavit / Supplement Attached
Schedule of Cash Receipts and Disbursements MOR-1 No
Note 1 Bank Reconciliation MOR-la No Note 1
Schedule of Professional Fees Paid MOR-l b No Note 1
Copies of bank statements Cash disbursements journals No No
Note 1 Note 1 Statement of Operations MOR-2 No Note 1 Balance Sheet MOR-3 No Note 1 Status of Post-Petition Taxes
MOR-4 No Note 1 Copies of IRS Form 6123 or payment receipt No Note 1 Copies of tax returns filed during reporting period
No Note 1 Summary of Unpaid Post-Petition Debts MOR-4
No Note 1 Listing of aged accounts payable MOR-4 No Note 1 Accounts Receivable Reconciliation and Aging
MOR-5 No Note 1 Debtor Questionnaire MOR-5 No Note 1 Notes:
(1) Financial reporting for Simpson Information Technology, LLC is rolled up within Amargosa, Inc. and EBMI Holdings, Inc. within the Debtors’ general ledger system and can not be readily segregated.
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 Authorized Individual* Date
Brent I. Kugman
Chief Restructuring Officer
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.
0982099100222000000000007
Docket #1363 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Simpson Information Technology, LLC Case No.: 09-12106
Debtor Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Affidavit / Supplement Attached
Schedule of Cash Receipts and Disbursements MOR-1 No Note 1 Bank Reconciliation MOR-la No Note 1 Schedule of Professional Fees Paid MOR-l b No Note 1 Copies of bank statements Cash disbursements journals No
No Note 1 Note 1 Statement of Operations MOR-2 No Note 1 Balance Sheet MOR-3 No Note 1 Status of Post-Petition Taxes MOR-4 No Note 1 Copies of IRS Form 6123 or payment receipt No Note 1 Copies of tax returns filed during reporting period No Note l Summary of Unpaid Post-Petition Debts MOR-4 No Note 1 Listing of aged accounts payable MOR-4 No Note 1 Accounts Receivable Reconciliation and Aging MOR-5 No Note 1
Debtor Questionnaire MOR-5 No Note 1 Notes:
(1) Financial reporting for Simpson Information Technology, LLC is rolled up within Amargosa, Inc. and EBMI Holdings, Inc. within the Debtors’ general ledger system and can not be readily segregated.
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 Authorized Individual* Date
Brent I. Kugman Chief Restructuring Officer
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.
0982099100222000000000007
Docket #1364 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Sandy Financial Services Acceptance Corporation Debtor
Case No.: 09-12107
Reporting Period: Jan 3 - Jan 30, 2010
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Affidavit / Supplement Attached
Schedule of Cash Receipts and Disbursements
MOR-1
No Note Bank Reconciliation MOR-la No Note 1 Schedule of Professional Fees Paid MOR-1b No Note 1 Copies of bank statements
No Note 1 Cash disbursements journals No Note 1 Statement of Operations MOR-2 No Note 1 Balance Sheet MOR-3 No
Note 1 Status of Post-Petition Taxes MOR-4 No Note 1 Copies of IRS Form 6123 or payment receipt No Note 1 Copies of tax returns filed during reporting period No Note 1 Summary of Unpaid Post-Petition Debts MOR-4 No Note 1 Listing of aged accounts payable MOR-4 No
Note 1 Accounts Receivable Reconciliation and Aging MOR-5 No Note 1 Note 1 Debtor Questionnaire MOR-5
No Notes:
(1) Sandy Financial Services Acceptance Corporation is an inactive and dormant entity with no assets or ongoing operations.
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 Authorized Individual* Date
Brent I. Kugman
Printed Name of Authorized Individual
Chief Restructuring Officer 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.
0982099100222000000000008
Docket #1365 Date Filed: 2/22/2010
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Sonoran Acceptance Corporation Debtor
MONTHLY OPERATING REPORT
Case No. : 09-12108
Reporting Period: Jan 3 - Jan 30, 2010
REQUIRED DOCUMENTS
Form No. Document Attached Explanation Attached Affidavit / Supplement Attached
Schedule of Cash Receipts and Disbursements MOR-l
No Note 1 Bank Reconciliation MOR-la Yes Schedule of Professional Fees Paid
MOR-l b
No Note 2 Copies of bank statements Note 3 Cash disbursements journals
Statement of Operations MOR-2
Yes
Balance Sheet MOR-3
Status of Post-Petition Taxes
MOR-4
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Post-Petition Debts MOR-4
Listing of aged accounts payable MOR-4
Accounts Receivable Reconciliation and Aging MOR-5
Debtor Questionnaire MOR-5
Yes Notes:
(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.
(2) Requested information is not applicable to reporting entity.
(3) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.
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 Authorized Individual*
Date
Brent I. Kugman
Printed Name of Authorized Individual
Chief Restructuring Officer 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.
0982099100222000000000009
In re: Sonoran Acceptance Corporation Case No.: 09-12108
Debtor Reporting Period: Jan 3 - Jan 30, 2010
FOOTNOTES
The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.
This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).
The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.
Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.
Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.
For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.
Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.
The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.
Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.
In re: Sonoran Acceptance Corporation Case No.: 09-12108
Debtor Reporting Period: Jan 3 - Jan 30, 2010
MOR-1A: BANK RECONCILIATIONS
BANK NAME
Account Description
Account Number
Balance
Deutsche Bank Trust (1)
SAC Spiegel Trust
XXXXXXXX000.1 $ 3l4,479
(1) |
| Amount is included in Other Assets on MOR-3: Balance Sheet. |
I attest that each of the Debtors’ corporate bank accounts is reconciled to monthly bank statements. The Company’s standard practice is to ensure that each corporate bank account is reconciled to monthly bank statements for each calendar month within 30 days after month end. See attached listing of each of the Debtors’ bank accounts and the book balance of the account as of the end of the fiscal month covered by this report
Brent I. Kugman
Authorized Representative Printed Name of Authorized Representative
In re: Sonoran Acceptance Corporation Debtor
Case No.: 09-12108
Reporting Period: Jan 3 - Jan 30, 2010
MOR-2: STATEMENT OF OPERATIONS
REVENUES
Current Month
Cumulative Filing to Date
Net Revenue $ - $ -
OPERATING EXPENSES
Cost of Goods Sold, Including Buying and Occupancy - -
Selling, General and Administrative Expenses - -
Operating Income - -
OTHER INCOME AND EXPENSES
Other Income (Expense), Net - -
Interest Expense - -
Net Profit (Loss) Before Reorganization Items - -
REORGANIZATION ITEMS
Professional Fees
U. S. Trustee Quarterly Fees - - -
Interest Earned on Accumulated Cash from Chapter 11
Loss / (Gain) from Sale of Equipment (30) 5,941
Other Reorganization Expenses
Total Reorganization Expenses (30) 5,941
Income Taxes - -
Net Profit (Loss) $ 30 $ (5,941)
In re: Sonoran Acceptance Corporation Debtor Case No. : 09-12108
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Equivalents $ - $ 201.583
Accounts Receivable (Net) - -
Inventories - -
Prepaid Expenses - -
Professional Retainers - -
TOTAL CURRENT ASSETS - 201,583
PROPERTY AND EQUIPMENT
Property and Equipment -
OTHER ASSETS
Other Assets (see attached schedule) 180,881,982 180,686,417
TOTAL OTHER ASSETS 180,881,982 180,686,417
TOTAL ASSETS $180,881,982 $ 180,888,000
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable $ - $ -
Taxes Payable
Wages Payable
Rent / Leases - Building/Equipment -
Professional Fees - -
Secured Debt / Adequate Protection Payments
Other Post-Petition Liabilities
TOTAL POST-PETITION LIABILITIES
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt / Adequate Protection Payments Priority Debt
Unsecured Debt
TOTAL PRE-PETITION LIABILITIES - -
TOTAL LIABILITIES - -
OWNER EQUITY
Capital Stock 100,000 100,000
Additional Paid-In Capital - -
Retained Earnings - Pre-Petition 180,787,923 180,788,000
Retained Earnings - Post-Petition (5,941)
NET OWNER EQUITY 180,881,982 180,888,000
TOTAL LIABILITIES AND OWNERS’ EQUITY $ 180,881,982 $ 180,888,000
In re: Sonoran Acceptance Corporation Debtor
Case No.: 09-12108
Reporting Period: Jan 3 - Jan 30, 2010
MOR-3: BALANCE SHEET
(Continuation Sheet)
ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
CURRENT ASSETS
ASSETS
OTHER CURRENT ASSETS
OTHER ASSETS $180,881,982 $ 180,686,417
Intercompany receivables from affiliates
Deposit related to sold financing receivables 314,479 320,000
$ 180,567,503 $ 180,366,417
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
OTHER POST-PETITION LIABILITIES
In re: Sonoran Acceptance Corporation Debtor
MOR-5: DEBTOR QUESTIONNAIRE
Case No.: 09-12108
Reporting Period: Jan 3 - Jan 30, 2010
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.
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.
3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
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 X X X X