Exhibit 99.1
| CASE NAME: CANAL CORPORATION | ACCRUAL BASIS | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
| JUDGE: DOUGLAS O. TICE JR. |
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF VIRGINIA
RICHMOND DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: October 4, 2010 To November 7, 2010
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7A) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
| RESPONSIBLE PARTY: | ||||||
/S/ J.P. CAUSEY JR. | EXECUTIVE VICE PRESIDENT | |||||
| ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | TITLE | |||||
J.P. CAUSEY JR. | NOVEMBER 29, 2010 | |||||
| PRINTED NAME OF RESPONSIBLE PARTY | DATE | |||||
| PREPARER: | ||||||
/s/ KATHRYN L. TYLER | CONTROLLER | |||||
| ORIGINAL SIGNATURE OF PREPARER | TITLE | |||||
KATHRYN L. TYLER | NOVEMBER 29, 2010 | |||||
| PRINTED NAME OF PREPARER | DATE | |||||
Page 1 of 11
| CASE NAME: CANAL CORPORATION | ACCRUAL BASIS-1 | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
BALANCE SHEET
| 9/5/2010 | 10/3/2010 | 11/7/2010 | ||||||||||
ASSETS | ||||||||||||
CURRENT ASSETS | ||||||||||||
Cash and cash equivalents | $ | 7,437,286 | $ | 7,257,002 | $ | 7,185,684 | ||||||
Accounts receivable1 | 1,561,429 | 1,561,429 | 1,561,429 | |||||||||
Inventories | — | — | — | |||||||||
Prepaid expenses and other current assets | 57,984 | 48,216 | 36,008 | |||||||||
Income taxes receivable | 2,634,783 | 2,634,783 | 2,634,783 | |||||||||
TOTAL CURRENT ASSETS | 11,691,482 | 11,501,430 | 11,417,904 | |||||||||
Gross property, plant and equipment: | — | — | — | |||||||||
Less accumulated depreciation | — | — | — | |||||||||
Net property, plant and equipment | — | — | — | |||||||||
Investment | 1,991,864 | 1,967,502 | 1,914,682 | |||||||||
Net Intercompany receivable | — | — | — | |||||||||
Other assets | 27,798,182 | 27,798,182 | 27,798,182 | |||||||||
TOTAL ASSETS | 41,481,528 | 41,267,114 | 41,130,768 | |||||||||
CURRENT LIABILITIES | ||||||||||||
Accounts payable | 3,717 | 27,605 | 30,753 | |||||||||
Accrued expenses | 117,820 | 102,772 | 178,470 | |||||||||
TOTAL CURRENT LIABILITIES | 121,537 | 130,377 | 209,223 | |||||||||
LIABILITIES NOT SUBJECT TO COMPROMISE | 121,537 | 130,377 | 209,223 | |||||||||
LIABILITIES SUBJECT TO COMPROMISE2 | 420,027,633 | 420,068,935 | 420,181,699 | |||||||||
STOCKHOLDERS’ EQUITY | ||||||||||||
Common stock | 20,238,486 | 20,238,486 | 20,238,486 | |||||||||
Additional paid-in capital | 98,740,698 | 98,740,698 | 98,740,698 | |||||||||
Accumulated other comprehensive income (loss) | (2,484,470 | ) | (2,484,470 | ) | (2,484,470 | ) | ||||||
Retained earnings | (495,162,356 | ) | (495,426,912 | ) | (495,754,868 | ) | ||||||
TOTAL STOCKHOLDERS’ EQUITY | (378,667,642 | ) | (378,932,198 | ) | (379,260,154 | ) | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $ | 41,481,528 | $ | 41,267,114 | $ | 41,130,768 | ||||||
| 1. | Accounts receivable represents non trade receivables, deposits, advances and other miscellaneous receivables |
| 2. | Beginning with the period ended 3/7/2010 the company is no longer accruing interest on its pre-petition debt. In addition, pre-petition debt denominated in foreign currencies is no longer being revalued for changes in foreign exchange rates. |
Pre-petition debt and accrued interest in GBP is valued at 1.5667 GBP to 1 USD and Pre-petition debt and accrued interest in Euros is valued at 1.3683 Euro to 1 USD.
Page 2 of 11
| CASE NAME: CANAL CORPORATION | ACCRUAL BASIS-2 | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
INCOME STATEMENT
| 9/5/2010 | 10/3/2010 | 11/7/2010 | ||||||||||
Net sales | $ | — | $ | — | $ | — | ||||||
Cost of products sold | — | — | — | |||||||||
Selling, general and administrative expenses | 40,629 | 62,552 | 63,763 | |||||||||
Gain (loss) on foreign currency translation1 | — | — | — | |||||||||
Other income (loss), net | — | — | — | |||||||||
Operating loss | (40,629 | ) | (62,552 | ) | (63,763 | ) | ||||||
Loss on divestiture | — | — | — | |||||||||
Reorganization costs and other financing costs | 150,630 | 40,716 | 100,800 | |||||||||
Interest expense, net1 | (2,449 | ) | (2,292 | ) | (2,191 | ) | ||||||
Loss from continuing operations | (188,810 | ) | (100,976 | ) | (162,372 | ) | ||||||
Intercompany income, net | — | — | — | |||||||||
Loss from continuing operations before taxes | (188,810 | ) | (100,976 | ) | (162,372 | ) | ||||||
Tax expense | 3,245 | 3,245 | 3,277 | |||||||||
Loss before discontinued operations | (192,055 | ) | (104,221 | ) | (165,649 | ) | ||||||
Loss (income) from discontinued operations, net of tax | 159,477 | 160,335 | 162,307 | |||||||||
Net (loss) income | $ | (351,532 | ) | $ | (264,556 | ) | $ | (327,956 | ) | |||
| 1. | Beginning with the period ended 3/7/2010 the company is no longer accruing interest on its pre-petition debt. In addition, pre-petition debt denominated in foreign currencies is no longer being revalued for changes in foreign exchange rates. |
Page 3 of 11
CASE NAME: CANAL CORPORATION | ACCRUAL BASIS-3 | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
CASH RECEIPTS AND DISBURSEMENTS
| 9/5/2010 | 10/3/2010 | 11/7/2010 | ||||||||||
Operating activities: | ||||||||||||
Net loss | $ | 8,512,478 | $ | 8,247,921 | $ | 7,919,965 | ||||||
Depreciation and amortization | — | — | — | |||||||||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||||||||||||
Accounts receivable, net | 433,598 | 433,598 | 433,598 | |||||||||
Inventories | — | — | — | |||||||||
Other assets | (57,984 | ) | (48,217 | ) | (36,008 | ) | ||||||
Accounts payable and accrued expenses | (727,155 | ) | (718,314 | ) | (639,469 | ) | ||||||
Income taxes payable | 1,196,418 | 1,359,998 | 1,525,582 | |||||||||
Loss on divestiture | — | — | — | |||||||||
Loss on sale of fixed assets | — | — | — | |||||||||
Other | (11,150,410 | ) | (11,248,326 | ) | (11,248,326 | ) | ||||||
Net cash provided by operating activities | (1,793,056 | ) | (1,973,340 | ) | (2,044,658 | ) | ||||||
Investing activities: | ||||||||||||
Purchases of property, plant and equipment | — | — | — | |||||||||
Divestitures | — | — | — | |||||||||
Proceeds from sales of property, plant and equipment | — | — | — | |||||||||
Other | — | — | — | |||||||||
Net cash (used in) provided by investing activities | — | — | — | |||||||||
Financing activities: | ||||||||||||
Net borrowings on credit lines | — | — | — | |||||||||
Payments on long-term debt | — | — | — | |||||||||
Proceeds from long-term debt | — | — | — | |||||||||
Intercompany | — | — | — | |||||||||
Other | — | — | — | |||||||||
Net cash provided by (used in) financing activities | — | — | — | |||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | — | |||||||||
Increase (decrease) in cash and cash equivalents | (1,793,056 | ) | (1,973,340 | ) | (2,044,658 | ) | ||||||
Cash and cash equivalents at beginning of Year | 9,230,342 | 9,230,342 | 9,230,342 | |||||||||
Cash and cash equivalents at end of Period | $ | 7,437,286 | $ | 7,257,002 | $ | 7,185,684 | ||||||
Page 4 of 11
| CASE NAME: CANAL CORPORATION | ACCRUAL BASIS-4 | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
| ACCOUNTS RECEIVABLE AGING1 | SCHEDULE AMOUNT | MONTH | MONTH | MONTH | ||||||||||||||
| 1. | 0-30 | $ | — | $ | — | $ | — | |||||||||||
| 2. | 31-60 | — | — | — | ||||||||||||||
| 3. | 61-90 | — | — | — | ||||||||||||||
| 4. | 91+ | — | — | — | ||||||||||||||
| 5. | TOTAL ACCOUNTS RECEIVABLE | $ | — | $ | — | $ | — | |||||||||||
| 6. | AMOUNT CONSIDERED UNCOLLECTIBLE | |||||||||||||||||
| 7. | ACCOUNTS RECEIVABLE (NET) | $ | — | $ | — | $ | — | |||||||||||
| 1. | Does not include deposits/advances which are included in the balance sheet and miscellaneous receivables not recorded under the AR sub ledger. |
Following the sale on 4/30/2009 the debtors have no trade receivables.
| AGING OF POSTPETITION TAXES AND PAYABLES | MONTH: | 9/6/10-10/3/10 | ||||||||||||||||||||
TAXES PAYABLE | 0-30 DAYS | 31-60 DAYS | 61-90 DAYS | 91+ DAYS | TOTAL | |||||||||||||||||
1. | FEDERAL | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
2. | STATE | — | — | — | — | — | ||||||||||||||||
3. | LOCAL | — | — | — | — | — | ||||||||||||||||
4. | OTHER (ATTACH LIST) | — | — | — | — | — | ||||||||||||||||
5. | TOTAL TAXES PAYABLE | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
6. | ACCOUNTS PAYABLE | $ | 30,753 | $ | — | $ | — | $ | — | $ | 30,753 | |||||||||||
STATUS OF POSTPETITION TAXES | MONTH: | 9/6/10-10/3/10 | ||||||||||||||||
| BEGINNING TAX LIABILITY* | AMOUNT WITHHELD AND/ OR ACCRUED | AMOUNT PAID | ENDING TAX LIABILITY | |||||||||||||||
| FEDERAL | ||||||||||||||||||
| 1. | WITHHOLDING** | $ | — | $ | — | $ | — | — | ||||||||||
| 2. | FICA-EMPLOYEE** | — | — | — | — | |||||||||||||
| 3. | FICA-EMPLOYER** | — | — | — | — | |||||||||||||
| 4. | UNEMPLOYMENT | — | — | — | — | |||||||||||||
| 5. | INCOME | — | — | — | — | |||||||||||||
| 6. | OTHER (ATTACH LIST) franchise taxes | — | — | — | — | |||||||||||||
| 7. | TOTAL FEDERAL TAXES | $ | — | $ | — | $ | 0 | $ | — | |||||||||
STATE AND LOCAL | ||||||||||||||||||
| 8. | WITHHOLDING | $ | — | $ | — | $ | — | — | ||||||||||
| 9. | SALES | — | — | — | — | |||||||||||||
| 10. | EXCISE | — | — | — | — | |||||||||||||
| 11. | UNEMPLOYMENT | — | — | — | — | |||||||||||||
| 12. | REAL PROPERTY | — | — | — | — | |||||||||||||
| 13. | PERSONAL PROPERTY | — | — | — | — | |||||||||||||
| 14. | OTHER | — | — | — | — | |||||||||||||
| 15. | TOTAL STATE & LOCAL | $ | — | $ | — | $ | — | $ | — | |||||||||
| 16. | TOTAL TAXES | $ | — | $ | — | $ | — | $ | — | |||||||||
| * | The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero. |
| ** | Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit. |
Page 5 of 11
| CASE NAME: CANAL CORPORATION | ACCRUAL BASIS-5 | |
| CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
| MONTH: | 9/6/10-10/3/10 | |||||||||||||||||||||||||||||
| BANK RECONCILIATIONS | ||||||||||||||||||||||||||||||
A. BANK: | Wachovia | Wachovia | Wachovia | Wachovia | Wachovia | Wachovia | ||||||||||||||||||||||||
B. ACCOUNT NUMBER: | 2000044344937 | 2000044344953 | 2000049760707 | 2000042096355 | 2000042096368 | 2000028428497 | TOTAL | |||||||||||||||||||||||
C. PURPOSE (TYPE): | Money Market | Money Market | Money Market | Deposit/Wdrwl | Deposit/Wdrwl | Deposit/Wdrwl | ||||||||||||||||||||||||
1. | BALANCE PER BANK STATEMENT | $ | 5,031,652 | $ | 1,103,562 | $ | 745,393 | $ | 66,007 | $ | 260,926 | $ | 5,617 | $ | 7,213,157 | |||||||||||||||
2. | ADD: TOTAL DEPOSITS NOT CREDITED | — | — | |||||||||||||||||||||||||||
3. | SUBTRACT: OUTSTANDING CHECKS | (27,848 | ) | (27,848 | ) | |||||||||||||||||||||||||
4. | OTHER RECONCILING ITEMS | — | — | |||||||||||||||||||||||||||
5. | MONTH END BALANCE PER BOOKS | 5,031,652 | 1,103,562 | 745,393 | 38,159 | 260,926 | 5,617 | 7,185,309 | ||||||||||||||||||||||
6. | NUMBER OF LAST CHECK WRITTEN | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||||||||
| INVESTMENT ACCOUNTS | ||||||||||||||||||||||||||||||
BANK, ACCOUNT NAME & NUMBER | DATE OF PURCHASE | TYPE OF INSTRUMENT | PURCHASE PRICE | CURRENT VALUE | ||||||||||||||||||||||||||
7. | ||||||||||||||||||||||||||||||
8. | ||||||||||||||||||||||||||||||
9. | ||||||||||||||||||||||||||||||
10. | ||||||||||||||||||||||||||||||
11. | TOTAL INVESTMENTS | — | ||||||||||||||||||||||||||||
| CASH | ||||||||||||||||||||||||||||||
12. | CURRENCY ON HAND | $ | 375 | |||||||||||||||||||||||||||
13. | TOTAL CASH - END OF MONTH | $ | 7,185,684 | |||||||||||||||||||||||||||
Page 6 of 11
| CASE NAME: CANAL CORPORATION | ACCRUAL BASIS-6 | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | MONTH:9/6/10-10/3/10 | |
PAYMENTS TO INSIDERS AND PROFESSIONALS
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS
NAME | TYPE OF PAYMENT | AMOUNT PAID | TOTAL PAID TO DATE | |||||||||
1. | See Appendix A | |||||||||||
2. | ||||||||||||
3. | ||||||||||||
4. | ||||||||||||
5. | ||||||||||||
6. TOTAL PAYMENTS TO INSIDERS |
| $ | — | $ | — | |||||||
PROFESSIONALS
NAME | DATE OF COURT ORDER AUTHORIZING PAYMENT | AMOUNT APPROVED | AMOUNT PAID | TOTAL PAID TO DATE | TOTAL INCURRED & UNPAID * | |||||||||||||||
1. Alvarez & Marsal | $ | 638,301 | ||||||||||||||||||
2. FTI Consulting | 61,845 | |||||||||||||||||||
3. Goldman Sachs | 4,142,218 | |||||||||||||||||||
4. Gordian Group LLC | 482,214 | |||||||||||||||||||
5. Greenberg Traurig, LLP | 1,165,773 | 8,000 | ||||||||||||||||||
6. Hammonds | 122,338 | |||||||||||||||||||
7. Hunton & Williams | 2,369,083 | 137,909 | ||||||||||||||||||
8. Ivins, Phillips, & Barker | 2,194 | 1,131,204 | 11,804 | |||||||||||||||||
9. Kekst & Company | 7,513 | |||||||||||||||||||
10. Kurtzman Carson Consultants | 517,039 | 9,453 | ||||||||||||||||||
11. Lowenstein & Sandler PC | 25,176 | 1,327 | ||||||||||||||||||
12. Tavenner & Beran | 54,920 | 17,000 | ||||||||||||||||||
13. Quarles & Brady ** | 2,958,316 | 189,525 | ||||||||||||||||||
TOTAL PAYMENTS TO PROFESSIONALS | $ | — | $ | 2,194 | $ | 13,675,939 | $ | 375,018 | ||||||||||||
| * | INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED. INCURRED FEES ARE MANAGEMENT ESTIMATES. |
| ** | Remainder of amount approved but not paid to be paid by insurance |
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR | SCHEDULED MONTHLY PAYMENTS DUE | AMOUNTS PAID DURING MONTH | TOTAL UNPAID POSTPETITION | |||||||||
2. James Center Property LLC | 3,000 | 3,000 | — | |||||||||
3. Ikon Leasing | 798 | 798 | — | |||||||||
3. Lanier Parking Solutions | 172 | 172 | — | |||||||||
TOTAL | $ | 3,969 | $ | 3,969 | $ | — | ||||||
Page 7 of 11
| CASE NAME: CANAL CORPORATION | APPENDIX A | |
| CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, | ||
| 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
PAYMENTS TO INSIDERS AND PROFESSIONALS
MONTH:9/6/10-10/3/10
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS
NAME | TYPE OF PAYMENT | August Amount Paid | September Amount Paid | October Amount Paid | TOTAL PAID TO DATE | |||||||||||||||
1. | Alvarez & Marsal | Professional | $ | — | $ | — | $ | — | 638,301 | |||||||||||
2. | Buchan, Brian J | BOD Fees | — | — | — | 14,494 | ||||||||||||||
3. | Causey Jr, John Paul | Payroll | — | — | — | 328,497 | ||||||||||||||
4. | Causey Jr, John Paul | Expense Reimb | — | 244 | 724 | 10,731 | ||||||||||||||
5. | Causey Jr, John Paul | Professional | — | 10,530 | 27,390 | 84,720 | ||||||||||||||
6. | Decaluwe, Rafael C | BOD Fees | — | — | — | 30,365 | ||||||||||||||
7. | Fell, Sir David | BOD Fees | — | 7,000 | 1,260 | 145,714 | ||||||||||||||
8. | Formacek, Candace C. | Payroll | — | — | — | 69,375 | ||||||||||||||
9. | Formacek, Candace C. | Expense Reimb | — | — | — | 2,905 | ||||||||||||||
10. | Fowden, Jerry | BOD Fees | — | — | — | 10,705 | ||||||||||||||
11. | FTI Consulting | Professional | — | — | — | 61,845 | ||||||||||||||
12. | Goldman Sachs | Professional | — | — | — | 4,142,218 | ||||||||||||||
13. | Gordian Group | Professional | — | — | — | 482,214 | ||||||||||||||
14. | Greenberg Traurig | Professional | — | 4,723 | — | 1,165,773 | ||||||||||||||
15. | Hammonds LLP | Professional | — | — | — | 122,338 | ||||||||||||||
16. | Hellyar, Mary Jane | BOD Fees | — | — | — | 18,071 | ||||||||||||||
17. | Henderson, Thomas | Expense Reimb | — | — | — | 9,658 | ||||||||||||||
18. | Henderson, Thomas M | Payroll | — | — | — | 75,000 | ||||||||||||||
19. | Henfling, Robin | Payroll | — | — | — | 94,386 | ||||||||||||||
20. | Henfling, Robin | Expense Reimb | — | — | — | 8,231 | ||||||||||||||
21. | Hockett, Vincent W. | Payroll | — | — | — | 99,375 | ||||||||||||||
22. | Hockett, Vincent W. | Expense Reimb | — | — | — | 2,455 | ||||||||||||||
23. | Hunton & Williams LLP | Professional | 24,431 | 4,172 | — | 2,369,083 | ||||||||||||||
24. | Ivins, Phillips & Baker | Professional | — | 23,092 | 2,194 | 1,131,204 | ||||||||||||||
25. | Kekst & Company | Professional | — | — | — | 7,513 | ||||||||||||||
26. | Kohut, Andrew J | Payroll | — | — | — | 211,993 | ||||||||||||||
27. | Kohut, Andrew J | Expense Reimb | — | — | — | 1,189 | ||||||||||||||
28. | Kohut, Andrew J | BOD Fees | — | 3,750 | 1,800 | 34,450 | ||||||||||||||
29. | Lowenstein Sandler PC | Professional | — | — | — | 25,176 | ||||||||||||||
30. | Kurtzman Carson Consultants | Professional | 6,630 | 3,807 | — | 517,039 | ||||||||||||||
31. | McKeough, John | Expense Reimb | — | — | — | 16,030 | ||||||||||||||
32. | Mckeough, John P. | Payroll | — | — | — | 66,298 | ||||||||||||||
33. | Mostrom, Joel K. | Payroll | — | — | — | 128,244 | ||||||||||||||
34. | Mostrom, Joel K. | Expense Reimb | — | — | — | 1,862 | ||||||||||||||
35. | Naftzger, Christopher | Payroll | — | — | — | 77,076 | ||||||||||||||
36. | Naftzger, Christopher | Expense Reimb | — | — | — | 2,671 | ||||||||||||||
37. | Petit, Henri | BOD Fees | — | 2,625 | 1,260 | 43,595 | ||||||||||||||
38. | Quarles & Brady | Professional | 29,836 | 97,916 | — | 3,056,232 | ||||||||||||||
39. | Rosenblum, DR. John W. | BOD Fees | — | 3,750 | — | 69,050 | ||||||||||||||
40. | Swade, Terry A. | Payroll | — | — | — | 38,625 | ||||||||||||||
41. | Swade, Terry A. | Expense Reimb | — | — | — | 490 | ||||||||||||||
42. | Tavenner & Beran | Professional | — | — | — | 54,920 | ||||||||||||||
43. | Thelander, Beverly L. | BOD Fees / Exp | — | 3,750 | 1,800 | 75,673 | ||||||||||||||
44. | Turley, Troy | Expense Reimb | — | — | — | 11,302 | ||||||||||||||
45. | Turley, Troy L. | Payroll | — | — | — | 60,553 | ||||||||||||||
46. | Winter, David A | Payroll | — | — | — | 72,402 | ||||||||||||||
47. | Winter, David A | Expense Reimb | — | — | — | 251 | ||||||||||||||
TOTAL PAYMENTS TO INSIDERS | $ | 60,897 | $ | 165,359 | $ | 36,428 | $ | 15,690,292 | ||||||||||||
Page 8 of 11
| CASE NAME: CANAL CORPORATION | ACCRUAL BASIS-7 | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | MONTH:9/6/10-10/3/10 | |
QUESTIONNAIRE
| YES | NO | |||||||||
1. | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | X | ||||||||
2. | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | X | ||||||||
3. | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? | X | ||||||||
4. | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? | X | ||||||||
5. | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? | X | ||||||||
6. | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | X | ||||||||
7. | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? | X | ||||||||
8. | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | X | ||||||||
9. | ARE ANY OTHER POSTPETITION TAXES PAST DUE? | X | ||||||||
10. | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | X | ||||||||
11. | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | X | ||||||||
12. | ARE ANY WAGE PAYMENTS PAST DUE? | X | ||||||||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
Page 9 of 11
| CASE NAME: CHESAPEAKE CORPORATION | ACCRUAL BASIS-7a | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | MONTH:9/6/10-10/3/10 | |
INSURANCE
| YES | NO | |||||||
1. ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? | X | |||||||
2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? | X | |||||||
3. PLEASE ITEMIZE POLICIES BELOW. | ||||||||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
MONTH ENDING: October 4, 2010 To November 7, 2010
INSURANCE SCHEDULE
Type | Carrier/Agent | Period Covered | Payment Amount | Frequency | ||||||
| General Liability | Century Surety Company | 4/24/10-4/24/11 | $ | 987 | Paid at Inception | |||||
| Umbrella Liability | Century Surety Company | 4/24/10-4/24/11 | $ | 4,357 | Paid at Inception | |||||
| Commercial Property | The Harford | 4/24/10-4/24/11 | $ | 6,392 | Paid at Inception | |||||
| Primary Directors & Officers Liability Insurance | National Union Fire Insurance Company of Pittsburgh (AIG) | 1/1/10 - 1/1/11 | $ | 50,000 | Paid at Inception | |||||
| Excess Directors and Officers Liability | Ace American Insurance Company | 1/1/10 - 1/1/11 | $ | 25,000 | Paid at Inception | |||||
| Directors and Officers Liability Excess DIC Policy | Ace American Insurance Company | 1/1/10 - 1/1/11 | $ | 20,000 | Paid at Inception | |||||
| Fiduciary Liability | National Union Fire Insurance Company of Pittsburgh (AIG) | 1/1/10 - 1/1/11 | $ | 15,000 | Paid at Inception | |||||
| Employed Lawyers Liability (policy period ammendment) | Chartis Specialty Insurance Company | 1/1/10 - 1/1/14 | $ | 16,752 | Paid at Inception | |||||
| US Workers Compensation | Twin City Fire Insurance Company | 5/1/10-5/1/11 | $ | 1,052 | Paid at Inception | |||||
| Natural Resources Liability and Clean-Up | American International Specialty Lines Insurance Company | 12/31/00 - 12/31/20 | $ | 6,500,000 | Paid at Inception | |||||
Page 10 of 11
| CASE NAME: CANAL CORPORATION | APPENDIX B | |
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660 | ||
SCHEDULE OF AUTHORIZED FOX RIVER EXPENSES PAID FROM FOX RIVER EXPENSE ACCOUNT
DISBURSEMENTS MADE THROUGH NOVEMBER 7, 2010
NAME | DATE | AMOUNT | ||||||||
1. | Latham & Watkins | 1/20/2010 | $ | 175,000 | ||||||
2. | Quarles & Brady, LLP | 1/25/2010 | 109,913 | |||||||
3. | Quarles & Brady, LLP | 3/30/2010 | 33,100 | |||||||
4. | CH2MHILL | 4/17/2010 | 12,111 | |||||||
5. | Quarles & Brady, LLP | 6/12/2010 | 245,767 | |||||||
6. | Quarles & Brady, LLP | 7/10/2010 | 585,181 | |||||||
7. | Quarles & Brady, LLP | 8/28/2010 | 29,836 | |||||||
8. | Quarles & Brady, LLP | 9/19/2010 | 17,787 | |||||||
9. | Quarles & Brady, LLP | 9/28/2010 | 80,129 | |||||||
| TOTAL PAYMENTS | $ | 1,288,824 | ||||||||
Page 11 of 11
