Exhibit 99.1
Monthly Operating Report
Accrual Basis
CASE NAME: |
| ALCO Stores, Inc. |
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CASE NUMBER: |
| 14-34941 |
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JUDGE: |
| JERNIGAN |
UNITED STATES BANKRUPTCY COURT
NORTHERN & EASTERN DISTRICTS OF TEXAS
REGION 6
MONTHLY OPERATING REPORT
MONTHLY PERIOD: |
| DECEMBER 2014 |
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY: |
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/s/ MICHAEL JUNIPER |
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ORIGINAL SIGNATURE OF RESPONSIBLE PARTY |
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MICHAEL JUNIPER |
| 2/12/15 |
PRINTED NAME OF RESPONSIBLE PARTY |
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PREPARER: |
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/s/ MICHAEL JUNIPER |
| CRO |
ORIGINAL SIGNATURE OF PREPARER |
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MICHAEL JUNIPER |
| 2/12/15 |
PRINTED NAME OF PREPARER |
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Monthly Operating Report
General Notes
CASE NAME: |
| ALCO Stores, Inc. |
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CASE NUMBER: |
| 14-34941 |
| Month: |
| DECEMBER 2014 |
General Notes
1-1 The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on the information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. The Monthly Operating Report (“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.
1-2 This MOR is not prepared in accordance with U.S. generally accepted accounting principles (GAAP). This MOR should be read in conjunction with the previously filed financial statements and accompanying notes in the Company’s annual and quarterly reports that are filed with the United States Securities and Exchange Commission. Certain exceptions as listed below are not exhaustive of all non-GAAP compliance:
· The financial statements are unaudited and will not be subject to audit or review by the Debtor’s external auditors at any time in the future and are subject to change.
· The MOR does not reflect normal quarterly adjustments that are generally recorded by the Debtor upon review of major accounts period to the end of each quarterly accounting period.
· Certain items presented in this MOR are under research and may be accounted for differently in future monthly reports.
· The MOR does not include explanatory footnotes such as disclosures required under GAAP.
· The MOR is not presented in GAAP-based SEC reporting format.
1-3 The December monthly period ends on January 4, 2015 to correspond with the Debtors’ fiscal month end. All data presented is for the period of December 1, 2014 - January 4, 2015.
1-4 This MOR has been filed on a consolidated basis for ALCO Stores, Inc., case No.14-34941 and ALCO Holdings, LLC, case No. 14-34942 (collectively, the “Debtors”). The Debtors use a centralized cash management system. It is important to note that ALCO Holdings, LLC has no financial activity. See the Cash Management Order entered 10/16/14 for a full description of the Debtors’ cash management system.
On October 12, 2014 (the “Petition Date”), the Debtors each filed a voluntary petition with the Bankruptcy Court for reorganization under Chapter 11 of Title 11 of the United States Code, 11 U.S.C §§ 101, et seq. (the “Bankruptcy Code”). The cases were consolidated for procedural purposes under Case No. 14-34941.
For financial reporting purposes, the Debtors generally prepare consolidate financial statements, which include financial information for all subsidiaries and affiliates. Separate Schedules and Statements were filed for each of the Debtors on November 14, 2014; however, all amounts shown in the “scheduled amounts” column remain subject to change. Each Debtor’s Schedules and Statements were prepared using the assets and liabilities of that Debtor pursuant to the Debtor’s accounting records. Financial information may include results for ALCO Discount Liquor, LLC, a non-debtor entity. These amounts would be insignificant to the overall results. For purposes of this MOR, however, the financial statements are presented as consolidated.
| Monthly Operating Report Accrual Basis-1 CASE NAME: ALCO Stores, Inc. CASE NUMBER: 14-34941 COMPARATIVE BALANCE SHEET SCHEDULE OCTOBER 2014 NOVEMBER 2014 DECEMBER 2014 ASSETS 1. 4,256,215 $ 2,717,553 $ 5,762,092 $ 7,814,048 $ 2. 226,000 1,326,000 1,277,000 3. 4,256,215 $ 2,943,553 $ 7,088,092 $ 9,091,048 $ 4. 4,995,189 $ 5,085,270 $ 8,593,347 $ 9,554,469 $ 5. 144,158,480 133,075,801 208,799 162,187 6. - - - - 7. 5,336,406 4,864,802 3,253,212 2,335,571 8. - (40,865) 7,046,343 4,459,135 9. 158,746,290 $ 145,928,562 $ 26,189,794 $ 25,602,410 $ 10. 36,446,061 $ 124,411,493 $ 124,678,044 $ 102,841,061 $ 11. (88,891,820) (89,428,719) (74,164,387) 12. 36,446,061 $ 35,519,674 $ 35,249,325 $ 28,676,674 $ 13. - $ - $ - $ - $ 14. 13,937,869 13,870,774 13,805,793 13,724,567 15. OTHER (ATTACH LIST) 1,708,291 680,571 1,062,334 951,235 16. 210,838,511 $ 195,999,580 $ 76,307,246 $ 68,954,885 $ POSTPETITION LIABILITIES 17. 1,345,733 $ 1,981,270 $ 1,041,043 $ 18. 1,913,817 4,101,029 5,031,316 19. - - - 20. 1,103,858 2,376,000 3,463,203 21. - (5,545,470) (5,314,783) 22. - 659,478 1,072,214 23. TOTAL POSTPETITION LIABILITIES 4,363,408 $ 3,572,306 $ 5,292,993 $ PREPETITION LIABILITIES 24. 106,254,553 $ 106,254,553 $ - $ - $ 25. 1,359,294 1,359,294 1,359,294 1,359,294 26. 40,716,988 38,637,553 38,637,553 38,637,553 27. - 9,173,403 21,969,798 16,996,108 28. TOTAL PREPETITION LIABILITIES 148,330,835 $ 155,424,804 $ 61,966,646 $ 56,992,956 $ 29. 148,330,835 $ 159,788,212 $ 65,538,952 $ 62,285,949 $ EQUITY 30. 38,033,769 $ 38,033,769 $ 38,033,769 $ 31. - - - 32. DIRECT CHARGES TO EQUITY (5) (1,822,400) (27,265,474) (31,364,832) 33. TOTAL EQUITY 36,211,368 $ 10,768,294 $ 6,668,937 $ 34. 195,999,580 $ 76,307,246 $ 68,954,885 $ Footnotes: (1) (2) (3) (4) (5) NOTES PAYABLE PROFESSIONAL FEES SECURED DEBT OTHER (ATTACH LIST) The Direct Charges to Equity is an adjustment for liabilities and assets (accrued expenses, deferred gains, and others) not reflected in the prepetition scheduled amounts. Total Cash is based on the unaudited balance sheet and bank statements for the debtor entities. The cash balance includes store cash, depository accounts, and primary operating account. TOTAL LIABILITIES & OWNERS' EQUITY The Priority Debt amount includes updated tax amounts for prepetition tax accruals and other priority prepetition liabilities. Some vacation for November may have been taken in the ordinary course, ALCO needs to review the current outstanding vacation accrual. Pursuant to various "first day" orders of the Bankruptcy Court, certain priority debt and unsecured debt payments were made. Other prepetition liabilities include accruals from pre- and post-petition periods. OTHER (ATTACH LIST) DUE FROM INSIDERS UNRESTRICTED CASH RESTRICTED CASH TOTAL CASH (1) ACCOUNTS RECEIVABLE (NET) INVENTORY PREPAID EXPENSES NOTES RECEIVABLE TOTAL CURRENT ASSETS PROPERTY, PLANT & EQUIPMENT LESS: ACCUMULATED DEPRECIATION/DEPLETION NET PROPERTY, PLANT & EQUIPMENT OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) TOTAL ASSETS PREPETITION OWNERS' EQUITY POSTPETITION CUMULATIVE PROFIT OR PRIORITY DEBT (2) (3) UNSECURED DEBT (3) TAXES PAYABLE ACCOUNTS PAYABLE OTHER (ATTACH LIST) (4) TOTAL LIABILITIES SECURED DEBT Page 3 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 3 of 11 |
| Monthly Operating Report Accrual Basis-1 Other - Attachment CASE NAME: ALCO Stores, Inc. CASE NUMBER: 14-34941 COMPARATIVE BALANCE SHEET (OTHER) SCHEDULE AMOUNT OCTOBER 2014 NOVEMBER 2014 DECEMBER 2014 1 2,556,449 $ 1,051,571 $ 2,573,886 $ 1,559,308 $ 1,183,967 1,150,182 1,386,294 1,189,052 515,800 515,800 - - - - 907,770 3,925,830 - 226,000 894,142 1,139,857 4,256,215 $ 2,717,553 $ 5,762,092 $ 7,814,048 $ 2 - $ - $ 651,000 $ 602,000 $ - - 675,000 675,000 - $ - $ 1,326,000 $ 1,277,000 $ 7 1,927,924 $ 1,622,388 $ 1,190,008 $ 501,624 $ - 48,052 (15,989) (6,589) 1,597,713 1,482,176 1,340,387 1,087,685 1,524,082 - 865 (208,420) 286,686 1,712,186 737,942 961,272 5,336,406 $ 4,864,802 $ 3,253,212 $ 2,335,571 $ 8 - $ - $ 7,087,208 $ 4,500,000 $ - (40,865) (40,865) (40,865) - $ (40,865) $ 7,046,343 $ 4,459,135 $ 14 13,937,869 $ 13,870,774 $ 13,805,793 $ 13,724,567 $ - - - - 13,937,869 $ 13,870,774 $ 13,805,793 $ 13,724,567 $ 15 1,708,291 $ 622,587 $ 1,004,504 $ 893,597 $ - 17,119 16,965 16,773 - 40,865 40,865 40,865 1,708,291 $ 680,571 $ 1,062,334 $ 951,235 $ 22 - $ - $ 1,476,243 $ - $ - - (816,766) - - - - 1,072,214 - $ - $ 659,478 $ 1,072,214 $ 27 1,106,220 $ 546,136 $ 632,783 $ 381,916 461,474 481,005 252,952 208,148 208,148 342,297 305,990 305,990 235,013 2,649 2,030 308,450 195,115 176,432 875,813 750,783 625,652 2,376,707 2,346,985 2,309,832 2,188,056 2,180,214 2,181,287 60,000 60,000 60,000 1,045,979 14,912,304 10,012,947 9,173,403 $ 21,969,798 $ 16,996,108 $ Footnote: (1) Post-petition October Rent Miscellaneous - Other (1) Gift Certificates O/S AFCO Installment Agreement Deferred Gain on Operating Lease Deferred Rent Credit Non-Current Deferred Revenue Miscellaneous other amount includes $9,433,962 payable to Tiger relating to sales for December. Prepaid Sales Promotion Prepaid Insurance Petty Cash Receivable from Tiger for Balance of Inventory Sale Utility Deposit Professional Fee Escrow Prepaid Expenses Sales Tax Escrow Tax Escrow (Ad Valorem) Total Other Prepetition Liabilities Other Prepetition Liabilities Other Postpetition Liabilities Other Assets Total Other Assets Net Postpetition Liabilities Financing Costs Capitalized Lease Costs Deferred Income Taxes Prepaid Expenses from Tiger Expenses Incurred Through Nov. 30 Miscellaneous Accrued Expenses Accrued Percentage Rent Payable Store Closing Reserves Loyalty Liability Customer Liabilities Unrestricted Cash Total Restricted Cash Total Unrestricted Cash Total Other Assets - Net of Amortization Other Assets - Net of Amortization Total Other Assets Other Assets Restricted Cash Operating Accounts Store Depository Accounts Property Under Capital Lease Capital Leased Software Prepaid Rent Security Deposits Deferred Tax Asset Prepaid Expense Page 4 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 4 of 11 |
| Monthly Operating Report Accrual Basis-2 CASE NAME: CASE NUMBER: INCOME STATEMENT OCTOBER 2014 NOVEMBER 2014 DECEMBER 2014 REVENUES 1. 20,655,081 $ 17,695,982 $ 6,292 $ 2. INVENTORY LIQUIDATION - 110,562,376.00 - 3. 32,452 - - 4 20,687,533 $ 128,258,358 $ 6,292 $ COST OF GOODS SOLD 5. 12,148,125 $ 14,288,233 $ 7,247,518 $ 6. INVENTORY LIQUIDATED - 157,168,862 - 7. 12,148,125 $ 171,457,095 $ 7,247,518 $ 8. 8,539,407 $ (43,198,736) $ (7,241,225) $ OPERATING EXPENSES 9. 69,158 $ 294,254 $ 355,761 $ 10. 3,419,467 3,087,699 (17,307) 11. 995,231 778,446 (104,141) 12. 4,058,032 1,922,808 3,200,603 13. 2,326,757 1,660,105 416,775 14. - - - 15. 10,868,645 $ 7,743,312 $ 3,851,691 $ 16. (2,329,238) $ (50,942,049) $ (11,092,916) $ OTHER INCOME & EXPENSES 17. - $ - $ (2,855,683) $ 18. NON-OPERATING EXPENSE - - - 19. 186,392 - - 20. - - - 21. - - - 22. 3,902,602 632,727 251,771 23. 4,088,994 $ 632,727 $ (2,603,912) $ REORGANIZATION EXPENSES 24. 174,189 $ 2,078,033 $ 3,463,203 $ 25. - - - 26. 178,401 1,632,280 75,999 27. 352,590 $ 3,710,313 $ 3,539,202 $ 28. 29. (6,770,821) $ (55,285,088) $ (12,028,207) $ Footnotes: (1) (2) RENT & LEASE OTHER PAYROLL AND BENEFITS INCOME TAX NET PROFIT (LOSS) OTHER (1) NET OTHER INCOME & EXPENSES PROFESSIONAL FEES U.S. TRUSTEE FEES OTHER TOTAL REORGANIZATION EXPENSES TOTAL OPERATING EXPENSES INCOME BEFORE NON-OPERATING INCOME & EXPENSE NON-OPERATING INCOME (2) INTEREST EXPENSE & BANK FEES DEPRECIATION / DEPLETION Amount includes write-offs of bank fees and Wells Fargo financing fees. Amount represents gain on sale of assets. ALCO Stores, Inc. 14-34941 OTHER (ATTACH LIST) GROSS REVENUES NET REVENUE MERCHANDISE & FREIGHT TOTAL COST OF GOODS SOLD SELLING & MARKETING GENERAL & ADMINISTRATIVE LESS: RETURNS & DISCOUNTS GROSS PROFIT OFFICER / INSIDER COMPENSATION AMORTIZATION Page 5 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 5 of 11 |
| Monthly Operating Report Cash Basis-3 CASE NAME: ALCO Stores, Inc. CASE NUMBER: 14-34941 CASH RECEIPTS AND DISBURSEMENTS (1) OCTOBER 2014 NOVEMBER 2014 DECEMBER 2014 1. 4,256,215 $ 2,943,553 $ 7,088,092 $ RECEIPTS FROM OPERATIONS 2. 22,520,803 $ 24,411,096 $ 277,900 $ 3. CASH COLLECTIONS ON BEHALF OF TIGER - 13,758,647 65,564,287 4. - $ - $ - $ 5. - - - 6. 22,520,803 $ 38,169,743 $ 65,842,187 $ NON-OPERATING RECEIPTS 7. 2,073,121 $ - $ - $ 8. - 103,475,168 9,040,409 9. - 1,476,243 6,960,910 10. 2,073,121 $ 104,951,411 $ 16,001,319 $ 11. 24,593,924 $ 143,121,154 $ 81,843,507 $ 12. 28,850,139 $ 146,064,708 $ 88,931,599 $ OPERATING DISBURSEMENTS 13. 16,681,706 $ 7,278,417 $ 572,491 $ 14. 122,156 129,387 440 15. 3,842,069 4,370,782 4,659,114 16. 496,460 340,875 522,266 17. 531 1,713,586 1,827,397 18. 1,779 353,121 1,226,905 19. 400,388 54,251 24,427 20. 1,471,191 906,285 493,768 21. 2,077,672 1,732,618 2,722,109 22. - 125,130 250,261 23. 374,182 846,231 2,038,057 24. - 160,750 23,419 25. TIGER SALES REMITTANCE - 9,393,789 64,271,512 26. 25,468,135 $ 27,405,222 $ 78,632,167 $ REORGANIZATION EXPENSES 27. 174,189 $ 455,214 $ 428,252 $ 28. KEIP - - 245,500 29. - - - 30. UTILITY DEPOSIT & TAX ESCROW - - - 31. 178,401 1,632,280 75,999 32. SECURED DEBT PAYDOWN 103,523,929 - 33. 352,590 $ 105,611,423 $ 749,751 $ 34. 25,820,725 $ 133,016,646 $ 79,381,919 $ 35. (85,862) (414,499) (689,319) 36. (1,312,662) $ 9,690,009 $ 1,772,268 $ 37. CHANGE IN CASH HELD BY WELLS FARGO IN LOAN ACCT. 5,545,470 $ (230,687) $ 38. 2,943,553 $ 7,088,092 $ 9,091,048 $ (1) (2) (3) (4) TOTAL DISBURSEMENTS TOTAL OPERATING DISBURSEMENTS PROFESSIONAL FEES U.S. TRUSTEE FEES Float Change and Other includes checks written, but not yet cleared. NET CASH FLOW OTHER - LENDER INTEREST AND FEES CASH - END OF MONTH (B/S) Cash Receipts and Disbursements represent ALCO Stores, Inc. and ALCO Holdings LLC. Beginning and ending cash balances are based on the unaudited balance sheet for the debtor entity. The cash balance includes store cash, depository accounts, and the primary operating account. FLOAT CHANGE AND OTHER (3) BENEFITS RENT INSURANCE OTHER TOTAL REORGANIZATION EXPENSES BOARD FEES AND RELATED COSTS TOTAL OPERATING RECEIPTS LOANS & ADVANCES MERCHANDISE FUEL PAYROLL Amount reflects liquidator reimbursement. Footnotes: CASH - BEGINNING OF MONTH (2) CASH COLLECTIONS PREPETITION POSTPETITION UTILITIES ADVERTISING FREIGHT SALES TAX COLLECTION OF ACCOUNTS RECEIVABLE SALE OF ASSETS OTHER (4) TOTAL NON-OPERATING RECEIPTS TOTAL RECEIPTS TOTAL CASH AVAILABLE Page 6 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 6 of 11 |
| Monthly Operating Report Accrual Basis-4 CASE NAME: CASE NUMBER: ACCOUNTS RECEIVABLE AGING 1. 0-30 - $ 2,550,265 $ 7,520,859 $ 8,469,338 $ 2. 31-60 - 307,796 176,267 141,565 3. 61-90 - 108,158 155,784 112,199 4. 91+ - 2,136,983 758,536 849,550 5. ACCOUNTS PAYABLE DEBIT BALANCES 7,785,694 7,785,694 7,785,694 7,785,694 6. TOTAL ACCOUNTS RECEIVABLE 12,780,883 $ 12,888,896 $ 16,397,140 $ 17,358,345 $ 7. (7,785,694) (7,803,626) (7,803,793) (7,803,876) 8. 4,995,189 $ 5,085,270 $ 8,593,347 $ 9,554,469 $ AGING OF POSTPETITION TAXES AND PAYABLES MONTH: 0-30 31-60 61-90 91+ TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL 1. FEDERAL 1,010 $ - $ 11,644 $ - $ 12,654 $ 2. STATE 4,098,427 65,180 - - 4,163,606 3. STATE - Real Property 331,961 266,736 198,324 - 797,021 4. STATE - Personal Property 58,034 - - - 58,034 5. LOCAL - - - - - 6. OTHER (ATTACH LIST) - - - - - 7. TOTAL TAXES PAYABLE 4,489,432 $ 331,916 $ 209,968 $ - $ 5,031,316 $ 6. ACCOUNTS PAYABLE (2) 144,761 548,990 347,292 - 1,041,043 $ STATUS OF POSTPETITION TAXES MONTH: BEGINNING AMOUNT ENDING TAX WITHHELD AND/ AMOUNT TAX FEDERAL LIABILITY 0R ACCRUED PAID LIABILITY 1. WITHHOLDING 255,532 $ 402,008 $ 657,338 $ 201 $ 2. FICA-EMPLOYEE 203,472 326,480 529,547 404 3. FICA-EMPLOYER 203,472 325,803 528,870 404 4. UNEMPLOYMENT 11,644 7,743 7,743 11,644 5. INCOME 18,959 18,427 - 37,386 6. OTHER (ATTACH LIST) - - - - 7. TOTAL FEDERAL TAXES 693,078 $ 1,080,461 $ 1,723,499 $ 50,040 $ STATE AND LOCAL 8. WITHHOLDING 55,537 $ 97,714 $ 105,658 $ 47,593 $ 9. SALES 2,694,659 4,015,984 2,706,512 4,004,132 10. EXCISE - - - - 11. UNEMPLOYMENT 46,221 28,275 - 74,495 12. REAL PROPERTY 489,628 345,863 38,469 797,021 13. PERSONAL PROPERTY 121,906 94,693 158,565 58,034 14. OTHER (ATTACH LIST) - - - - 15. TOTAL STATE & LOCAL 3,407,951 $ 4,582,529 $ 3,009,204 $ 4,981,276 $ 16. TOTAL TAXES 4,101,029 $ 5,662,990 $ 4,732,703 $ 5,031,316 $ Footnotes: (1) (2) ALCO Stores, Inc. 14-34941 OCTOBER 2014 SCHEDULE AMOUNT DECEMBER 2014 DECEMBER 2014 These are amounts due from vendors for volume rebates and other monies earned. These are subject to significant investigation. AMOUNT CONSIDERED UNCOLLECTIBLE (1) NOVEMBER 2014 The November AP balance is likely overstated because some invoices from October have been paid but may not have cleared ALCO's AP system. Company has not yet closed it's books and records for the month. DECEMBER 2014 ACCOUNTS RECEIVABLE (NET) Page 7 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 7 of 11 |
| Monthly Operating Report Accrual Basis-5 CASE NAME: CASE NUMBER: MONTH: BANK RECONCILIATIONS (1) Account #1 Account #2 Account #3 A. BANK: B. ACCOUNT NUMBER: TOTAL C. PURPOSE (TYPE): 1. BALANCE PER BANK STATEMENT - $ 2. ADD: TOTAL DEPOSITS NOT CREDITED - $ 3. SUBTRACT: OUTSTANDING CHECKS - $ 4. OTHER RECONCILING ITEMS - $ 5. MONTH END BALANCE PER BOOKS - $ - $ - $ - $ 6. NUMBER OF LAST CHECK WRITTEN INVESTMENT ACCOUNTS (2) DATE OF TYPE OF PURCHASE CURRENT BANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE 7. 8. 9. 10. 11. TOTAL INVESTMENTS - $ - $ CASH 12. CURRENCY ON HAND - $ 13. TOTAL CASH - END OF MONTH 9,091,048 $ Footnotes: (1) (2) ALCO Stores, Inc. 14-34941 DECEMBER 2014 There are over 200 separate bank accounts that are maintained by the Debtors. These accounts are in the process of being reconciled for October, November, and December 2014. The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors. There were three accounts opened by the Debtors during the current reporting period (professional fee escrow account, utility deposit account, and payroll account). Page 8 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 8 of 11 |
| Monthly Operating Report Accrual Basis-6 CASE NAME: CASE NUMBER: MONTH: PAYMENTS TO INSIDERS AND PROFESSIONALS INSIDERS TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATE 1. Stanley B. Latacha Payroll 34,840 $ 107,740 $ 2. Ricardo Clemente Payroll 16,667 50,000 3. Brent Streit Payroll - 27,271 4. John Climaco Board Member Fee 1,000 22,250 5. Helios Capital LLC Board Member Fee 2,000 25,000 6. William Lechtner Board Member Fee 1,000 19,750 7. David Pointer Board Member Fee 2,000 24,250 8. Robert Sarlls Board Member Fee 2,000 42,500 9. Dilip Singh Board Member Fee $2,000 $37,000 10. 11. 61,507 $ 355,761 $ PROFESSIONALS DATE OF COURT TOTAL ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE & UNPAID 1. Choates 10/16/14 - $ 293,416 $ - $ 2. Greenberg Trauig 10/16/14 - 226,840 - 3. Law Offices of Judith W. Ross 13,949 8,989.00 4. Deloitte Transactions and Business Analytics (2) 11/24/14 297,967 297,967 889,480 5. DLA Piper 11/14/14 1,698,368 6. Michael Moore 12/03/14 85,155 7. Nardella 10/16/14 - 21,290 - 8. A & G Realty Partners 12/03/14 50,000 50,000 - 9. Glass Ratner 217,440 10. Cooley LLP 506,926 11. Prime Clerk 11/14/14 80,285 80,285 141,923 142,000 12. 80,285 $ 428,252 $ 1,130,540 $ 3,463,203 $ POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID NAME OF CREDITOR DUE MONTH POSTPETITION 1. 2. 3. 4. 5. 6. TOTAL - $ - $ - $ Footnotes: (1) (2) ALCO Stores, Inc. 14-34941 TOTAL PAYMENTS TO INSIDERS Deloitte Transactions and Business Analytics accrual for October was understated by $100,000. Adjustment is reflected in total accrual. DECEMBER 2014 TOTAL PAYMENTS TO PROFESSIONALS (1) Total incurred amounts are estimated based on the cash flow budget. These amounts will be updated when invoices are received by the Debtors. Page 9 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 9 of 11 |
| Monthly Operating Report Accrual Basis-7 CASE NAME: CASE NUMBER: MONTH: QUESTIONNAIRE YES NO 1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? 2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? 3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? 4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? 5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? 6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X 7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? 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? 11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? 12. ARE ANY WAGE PAYMENTS PAST DUE? X IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. 1 4. 5. 8. 11. INSURANCE YES NO 1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? 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. Real estate and leases were sold during this reporting period. Pursuant to various "first day" orders of the Bankruptcy Court, certain priority debt and unsecured debt payments were made. The Company received a loan from Wells Fargo Bank in the amount of $122.675 million for debtor-in-possession financing. Pursuant to orders of the Bankruptcy Court authorizing payment of prepetition sales and use taxes, the Debtors remitted outstanding pre-petition sales and use taxes to various authorities. Debtor is in the process of selling its real estate, the Debtor is satisfying real estate taxes upon closing. X X X SEE ATTACHMENT ALCO Stores, Inc. 14-34941 X X DECEMBER 2014 X X X X Page 10 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 10 of 11 |
| Monthly Operating Report Accrual Basis-7 CASE NAME: CASE NUMBER: MONTH: (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) (1) Amount Financed 1,362,666 $ Monthly Payment 125,130 $ Footnotes: (1) CARRIER PERIOD COVERED & FREQUENCY PAYMENT AMOUNT These insurance policies have been financed through a premium finance company. Monthly installments of $125,130 are payable on the first of each month. 54,771 5,565 15,200 3,643 81,000 06/01/14 - 06/01/15 XL SPECIALTY INSURANCE CO. 211,750 344,322 47,158 52,500 ALCO Stores, Inc. 14-34941 TYPE OF POLICY 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 2ND EXCESS SIDE A DIC LIQUOR LIABILITY 06/01/14 - 06/01/15 INSTALLMENT PAYMENTS UMBRELLA FEDERAL INSURANCE COMPANY FEDERAL INSURANCE COMPANY FIREMANS FUND INSURANCE CO GREAT AMERICAN HARTFORD STEAM BOILER HUDSON INSURANCE COMPANY ILLINOIS NATIONAL INSURANCE CO RSUI INDEMNITY CO US UNDERWRITERS INSURANCE COMPANY NETWORK SECURITY SURPLUS LINES TAX FIDELITY AND CRIME INSURANCE LLOYD'S OF LONDON NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA 42,062 5,586 06/01/14 - 06/01/15 WORKERS COMPENSATION ARCH INSURANCE COMPANY 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 EMPLOYMENT PRACTICES LIAB PROPERTY 87,730 14,700 06/01/14 - 06/01/15 06/01/14 - 06/01/15 AUTO LIABILITY ARCH INSURANCE COMPANY LEAD SIDE A DIC BEAZLEY INSURANCE COMPANY, INC. DIRECTORS AND OFFICERS POLICY - 8241-2367 CHUBB SPECIALTY INSURANCE DECEMBER 2014 EXCESS SIDE A DIC EXCESS DIRECTORS & OFFICERS LIABILITY - 01- 207-30-06 67,000 23,303 30,000 21,985 AFFILIATED FM INSURANCE COMPANY GENERAL LIABILITY ARCH INSURANCE COMPANY BOILER AND MACHINERY POLICY - FBP8360214 EXCESS UMBRELLA DIRECTORS AND OFFICERS POLICY 342,121 CARGO - 68355 Page 11 of 11 Case 14-34941-sgj11 Doc 786 Filed 02/19/15 Entered 02/19/15 12:30:40 Page 11 of 11 06/01/14 - 06/01/15 06/01/14 - 06/01/15 06/01/14 - 06/01/15 |
