EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED:February 29, 2012
In re: Energy Conversion Devices, Inc. | Case Number: 12-43166
Chapter 11
Judge: Hon. Thomas J. Tucker |
Debtor.
Energy Conversion Devices, Inc./
As debtor in possession, I affirm:
| 1. | That I have reviewed the financial statements attached hereto, consisting of: |
___ | Operating Statement | (Form 2) | ||||
___ | Balance Sheet | (Form 3) | ||||
___ | Summary of Operations | (Form 4) | ||||
___ | Monthly Cash Statement | (Form 5) | ||||
___ | Statement of Compensation | (Form 6) | ||||
___ | Schedule of In-Force Insurance | (Form 7) |
| and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; | ||||||
| 2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases, is in effect; and | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
| 3. | That all post-petition taxes as described in Section 9 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases are current. | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
| 4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
| 5. | All United States Trustee Quarterly fees have been paid and are current. | |||||
| YES x | NO ¨ | |||||
| 6. | Have you filed your pre-petition tax returns? | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| Dated:March 26, 2012 | Energy Conversion Devices, Inc. | |||||
| Debtor in Possession | ||||||
/s/ William C. Andrews | ||||||
| Title: | William C. Andrews | |||||
| Chief Financial Officer | Phone: 248-299-6047 | |||||
Form 1
OPERATING STATEMENT (P&L)(1)
Period Ending:February 29, 2012
Case No: 12-43166
| Current Month | Total Since Filing | |||||||
Total Revenue | — | — | ||||||
Cost of Sales | — | — | ||||||
GROSS PROFIT | — | — | ||||||
EXPENSES: | ||||||||
Officer Compensation | $ | 48,542 | $ | 48,542 | ||||
Salary/Wage Expenses | 91,607 | 91,607 | ||||||
Employee Benefits & Pensions | 54,747 | 54,747 | ||||||
Payroll Taxes | 12,813 | 12,813 | ||||||
Other Taxes | 1,027 | 1,027 | ||||||
Rent and Lease Expense | — | — | ||||||
Interest Expense | 1,847 | 1,847 | ||||||
Property Insurance | 1,880 | 1,880 | ||||||
Automobile and Truck Expense | — | — | ||||||
Utilities | 138 | 138 | ||||||
Depreciation | 5,567 | 5,567 | ||||||
Travel and Entertainment | 5,293 | 5,293 | ||||||
Repairs and Maintenance | — | — | ||||||
Advertising | — | — | ||||||
Supplies | 1,779 | 1,779 | ||||||
Other Specify – Miscellaneous | 16,758 | 16,758 | ||||||
Other Specify – Restructuring | 1,480 | 1,480 | ||||||
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TOTAL EXPENSES | 243,478 | 243,478 | ||||||
NON-OPERATING PROFIT | (243,478 | ) | (243,478 | ) | ||||
Add: Non-Operating Income | ||||||||
Total Interest Income | (36,672 | ) | (36,672 | ) | ||||
Other Income | — | — | ||||||
Less: Non-Operating Expenses | ||||||||
Professional Fees(2) | 128,250 | 128,250 | ||||||
Other – Income Taxes | — | — | ||||||
NET INCOME/(LOSS) | $ | (335,056 | ) | $ | (335,056 | ) | ||
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| (1) | The operating statement and balance sheet were prepared using accrual accounting. |
| (2) | Professional fees are estimates. |
Form 2
BALANCE SHEET
Period Ending:February 29, 2012
Case No: 12-43166
| Current Month | Prior Month | At Filing | ||||||||
ASSETS: | ||||||||||
Cash and Cash Equivalents | $ | 95,839,905 | $ | $94,740,784 | ||||||
Investments | 43,871,701 | 44,892,801 | ||||||||
Inventories, Net | — | — | ||||||||
Accounts Receivable – Intercompany – USO | 793,182,650 | 792,138,584 | ||||||||
Accounts Receivable – Intercompany – SIT/USO CDN: | 41,843,090 | 41,812,183 | ||||||||
Accounts Receivable Secured Note USO LLC | 5,000,000 | 5,000,000 | ||||||||
Accounts Receivable Trade – Net | 5,670,604 | 5,652,829 | ||||||||
Land and Buildings | 1,525,568 | 1,525,568 | ||||||||
Furniture, Fixtures & Equipment | 1,496,960 | 1,496,960 | ||||||||
Accumulated Depreciation | (2,570,267 | ) | (2,563,233 | ) | ||||||
Restricted Cash | — | — | ||||||||
Prepaid | 1,465,353 | 1,561,738 | ||||||||
Investment in Subsidiaries | 42,720,205 | 42,720,205 | ||||||||
Other Assets | 6,145,801 | 6,273,278 | ||||||||
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TOTAL ASSETS | $ | 1,036,191,568 | $ | 1,035,251,696 | ||||||
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LIABILITIES: | ||||||||||
Post-petition Liabilities: | ||||||||||
Accounts Payable Trade – Net | 66,247 | — | ||||||||
Accounts Payable Intercompany USO LLC | — | — | ||||||||
Accounts Payable Intercompany SIT | — | — | ||||||||
Lease Payable | — | — | ||||||||
Warranty | — | — | ||||||||
Other Liabilities | — | — | ||||||||
Convertible Senior Notes | — | — | ||||||||
Accrued Salaries and Wages | 8,061 | — | ||||||||
Accrued Taxes | 683 | — | ||||||||
Accrued Other | 111,146 | — | ||||||||
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| |||||||||
TOTAL Post-petition Liabilities | 186,137 | — | ||||||||
Secured Liabilities: | ||||||||||
Secured Accounts Payable – ECD | — | — | ||||||||
Pre-petition Liabilities: | ||||||||||
Accounts Payable Trade – Net | 752,336 | 752,336 | ||||||||
Accounts Payable Intercompany USO LLC | — | — | ||||||||
Accounts Payable Intercompany SIT | — | — | ||||||||
Accounts Payable Unsecured Liabilities | — | — | ||||||||
Lease Payable | — | — | ||||||||
Warranty | — | — | ||||||||
Other Liabilities | 2,581,850 | 2,581,850 | ||||||||
Convertible Senior Notes | 241,905,353 | 241,220,038 | ||||||||
Accrued Salaries and Wages | 324,206 | 324,206 | ||||||||
Accrued Taxes | 91,151 | 91,151 | ||||||||
Accrued Other | 2,896,516 | 2,533,542 | ||||||||
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| |||||||
TOTAL Pre-petition Liabilities | 248,551,412 | 247,503,123 | ||||||||
TOTAL LIABILITIES | 248,737,549 | 247,503,123 | ||||||||
Equity: | ||||||||||
Owners Capital | (310,256 | ) | (310,256 | ) | ||||||
Additional Paid-In-Capital | 1,106,438,770 | 1,106,438,770 | ||||||||
Retained Earnings – Pre Petition | (318,379,941 | ) | (318,379,941 | ) | ||||||
Retained Earnings – Post Petition | (294,553 | ) | — | |||||||
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TOTAL Equity | 787,454,020 | 787,748,573 | ||||||||
TOTAL LIABILITIES AND EQUITY | $ | 1,036,191,568 | $ | 1,035,251,696 | ||||||
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Form 3
SUMMARY OF OPERATIONS
Period Ended:February 29, 2012
Case No: 12-43166
Schedule of Post-petition Taxes Payable(1)
| Beginning Balance | Accrued/ Withheld | Payments/ Deposits | Ending Balance | |||||||||||||
Income Taxes Withheld | ||||||||||||||||
Federal | — | $ | 24,606.72 | $ | 24,606.72 | — | ||||||||||
State | — | 6,359.06 | 6,359.06 | — | ||||||||||||
Local | — | — | — | — | ||||||||||||
FICA Withheld | — | 7,881.29 | 7,881.29 | — | ||||||||||||
Employers FICA | — | 10,671.06 | 10,671.06 | — | ||||||||||||
Unemployment Tax | ||||||||||||||||
Federal | — | 20.32 | 20.32 | — | ||||||||||||
State | — | 2,404.83 | 2,404.83 | — | ||||||||||||
Sales, Use & Excise Taxes | — | — | — | — | ||||||||||||
Property Taxes | — | 1,022.00 | — | — | ||||||||||||
Workers’ Compensation(2) | — | — | — | — | ||||||||||||
Other | — | — | — | — | ||||||||||||
TOTALS | — | $ | 52,965.28 | $ | 51,943.28 | — | ||||||||||
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| (1) | Payroll wages and taxes were funded pre petition, but released post petition. |
| (2) | Fully insured. |
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
| Age in Days | 0-30 | 31-60 | Over 60 | |||||||||
Post Petition | ||||||||||||
Accounts Payable | $ | 66,246.80 | $ | — | $ | — | ||||||
Accounts Receivable | $ | 55,954.44 | $ | 38,375.00 | $ | 353,509.56 | ||||||
For all post-petition accounts payable over 30 days old, please attach a sheet listing each such account, to whom the account is owed, the date the account was opened, and the reason for non-payment of the account.
Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization:None
Form 4
MONTHLY CASH STATEMENT
Period Ending:February 29, 2012
| Cash Activity Analysis (Cash Basis Only): | Case No: 12-43166 |
| General Acct. | Money Market Acct. | |||||||||
A. | Beginning Balance | $ | 47,043,783.50 | $ | 6,751,950.67 | |||||
B. | Receipts (Attach separate schedule) | 71,440.46 | 86,001,683.03 | |||||||
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C. | Balance Available (A+B) | 47,115,223.96 | 92,753,633.70 | |||||||
D. | Less Disbursements (Attach separate schedule) | 44,029,350.60 | — | |||||||
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E. | ENDING BALANCE (C-D) | $ | 3,085,873.36 | $ | 92,753,633.70 | |||||
| ATTENTION: Please enter the TOTAL DISBURSEMENT from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment:$29,350.60 | ||||
| (PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT) | ||||
| General Account: | ||||
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. | Account Number | |||
| Money Market Account: | ||||
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. | Account Number | |||
| Tax Account: | ||||
| 1. | Depository Name & Location | |||
| 2. | Account Number | |||
Other monies on hand (specify type and location) i.e., CD’s, bonds, etc.):
UBS Financial Services, Inc., Chicago, IL. – Investment account – CP75515 – corporate notes/bonds, municipal notes/bond, commercial paper; and money market funds – $43,871,700.34.
Date:March 26, 2012
Energy Conversion Devices, Inc. | ||
| Debtor in Possession | ||
Form 5
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Julian Hawkins, President, CEO and Director | Capacity: | ¨ | Shareholder | ||||||
| x | Officer | |||||||||
| x | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring and sale process, focusing on the solar business |
| • | Serves as a member of the Board of Directors |
| • | Expand sales through supplier and customer base interaction |
Current Compensation Paid(1): | Weekly | Or | Monthly | |||||||||
| $ | 16,923.08 | |||||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | 764.60 | ||||||||||
Life Insurance | $ | 90.00 | ||||||||||
Accidental Death & Dismemberment Life Insurance | $ | 12.00 | ||||||||||
Long-Term and Short-Term Disability Insurance | $ | 72.50 | ||||||||||
Employee Assistance Program | $ | 1.69 | ||||||||||
Retirement | $ | — | ||||||||||
Company Vehicle | $ | — | ||||||||||
Entertainment | $ | — | ||||||||||
Travel (includes hotel, food, rental car, parking) | $ | 2,438.16 | ||||||||||
Internet/iPhone/iPad expenses | $ | 2,142.82 | ||||||||||
Wall Street Journal subscription | $ | 34.58 | ||||||||||
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Total Benefits | $ | 5,556.35 | ||||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | ||||||||||
Loans | $ | — | ||||||||||
Lodging | $ | 1,725.00 | ||||||||||
Personal Car Mileage | $ | 31.64 | ||||||||||
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Total Other Payments | $ | 1,756.64 | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | 24,236.07 | |||||||||||
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| (1) | Payroll wages and taxes were funded pre petition, but released post petition. Amount represents the period 2/14/2012 – 2/29/2012. |
| Dated:March 26, 2012 | Julian Hawkins |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Jay B. Knoll, Executive Vice President, | Capacity: | ¨ | Shareholder | ||||||
Chief Restructuring Officer and Director | x | Officer | ||||||||
| x | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring, sale and bankruptcy processes |
| • | Serves as a member of the Board of Directors |
| • | Leads efforts to identify and implement cost reductions |
Current Compensation Paid (1): | Weekly | Or | Monthly | |||||||||
| $ | 14,423.08 | |||||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | 849.92 | ||||||||||
Life Insurance | $ | 84.46 | ||||||||||
Accidental Death & Dismemberment Insurance | $ | 11.27 | ||||||||||
Long-Term and Short-Term Disability Insurance | $ | 72.50 | ||||||||||
Employee Assistance Program | $ | 1.69 | ||||||||||
Retirement | $ | — | ||||||||||
Company Vehicle | $ | — | ||||||||||
Entertainment | $ | — | ||||||||||
Travel – Cab fare from NJ airport to hotel | $ | 70.00 | ||||||||||
Personal Car Mileage | $ | 99.90 | ||||||||||
AT&T Wireless Service | $ | 25.00 | ||||||||||
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Total Benefits | $ | 1,214.74 | ||||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | ||||||||||
Loans | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Total Other Payments | $ | — | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | 15,637.82 | |||||||||||
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| (2) | Payroll wages and taxes were funded pre petition, but released post petition. Amount represents the period 2/14/2012 – 2/29/2012. |
| Dated:March 26, 2012 | Jay B. Knoll |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | William C. Andrews, Executive Vice President and CFO | Capacity: | ¨ | Shareholder | ||||||
| x | Officer | |||||||||
| ¨ | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides financial leadership and expertise to support the bankruptcy process |
| • | Provides leadership and support to the business through the restructuring and sale process |
| • | Provides oversight to company transition from a public company (SEC, SOX, etc.) |
Current Compensation Paid(1): | Weekly | Or | Monthly | |||||||||
| $ | 13,461.54 | |||||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | 764.60 | ||||||||||
Life Insurance | $ | 78.91 | ||||||||||
Accidental Death & Dismemberment Insurance | $ | 10.53 | ||||||||||
Long-Term and Short-Term Disability Insurance | $ | 72.50 | ||||||||||
Employee Assistance Program | $ | 1.69 | ||||||||||
Retirement | $ | — | ||||||||||
Company Vehicle | $ | — | ||||||||||
Entertainment | $ | — | ||||||||||
Travel | $ | — | ||||||||||
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Total Benefits | $ | 928.23 | ||||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | ||||||||||
Loans | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Total Other Payments | $ | — | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | 14,389.77 | |||||||||||
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| (1) | Payroll wages and taxes were funded pre petition, but released post petition. Amount represents the period 2/14/2012 – 2/29/2012. |
| Dated:March 26, 2012 | William C. Andrews |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph P. Conroy, Executive Vice President, ECD; | Capacity: | x | Shareholder | ||||||
Senior Vice President, USO Operations | x | Officer | ||||||||
| ¨ | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides leadership to all operations and manufacturing related activity (Auburn Hills, Greenville 1&2, Tijuana, China JV and Marcegaglia) |
| • | Responsible for building new equipment to support the company’s technology efforts |
| • | Provides leadership to all manufacturing, engineering, quality functions (ensures the production of all manufacturing products) |
Current Compensation Paid(1): | Weekly | Or | Monthly | |||||||||
| $ | — | |||||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | — | ||||||||||
Life Insurance | $ | — | ||||||||||
Accidental Death & Dismemberment Insurance | $ | — | ||||||||||
Long-Term and Short-Term Disability Insurance | $ | — | ||||||||||
Employee Assistance Program | $ | — | ||||||||||
Retirement | $ | — | ||||||||||
Company Vehicle | $ | — | ||||||||||
Entertainment | $ | — | ||||||||||
Travel | $ | — | ||||||||||
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Total Benefits | $ | 0 | ||||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | ||||||||||
Loans | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Other (Describe) | $ | — | ||||||||||
Total Other Payments | $ | — | ||||||||||
| Weekly | Or | Monthly | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | ||||||||||||
| $ | — | |||||||||||
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| (1) | Mr. Conroy is an officer of Energy Conversion Devices; however, his compensation is paid by United Solar Ovonic LLC. |
| Dated:March 26, 2012 | Joseph P. Conroy |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph A. Avila | Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
Current Compensation Paid: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | — | $ | — | ||||||||
Life Insurance | $ | — | $ | — | ||||||||
Retirement | $ | — | $ | — | ||||||||
Company Vehicle | $ | — | $ | — | ||||||||
Entertainment | $ | — | $ | — | ||||||||
Travel | $ | — | $ | — | ||||||||
Other Benefits | $ | — | $ | — | ||||||||
Total Benefits | $ | — | $ | — | ||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | $ | — | ||||||||
Loans | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Total Other Payments | $ | — | $ | — | ||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated:March 26, 2012 |
Joseph A. Avila |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Alan E. Barton | Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
Current Compensation Paid: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | — | $ | — | ||||||||
Life Insurance | $ | — | $ | — | ||||||||
Retirement | $ | — | $ | — | ||||||||
Company Vehicle | $ | — | $ | — | ||||||||
Entertainment | $ | — | $ | — | ||||||||
Travel | $ | — | $ | — | ||||||||
Other Benefits | $ | — | $ | — | ||||||||
Total Benefits | $ | — | $ | — | ||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | $ | — | ||||||||
Loans | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Total Other Payments | $ | — | $ | — | ||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated:March 26, 2012
Alan E. Barton |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Robert I. Frey | Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
Current Compensation Paid: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | — | $ | — | ||||||||
Life Insurance | $ | — | $ | — | ||||||||
Retirement | $ | — | $ | — | ||||||||
Company Vehicle | $ | — | $ | — | ||||||||
Entertainment | $ | — | $ | — | ||||||||
Travel | $ | — | $ | — | ||||||||
Other Benefits | $ | — | $ | — | ||||||||
Total Benefits | $ | — | $ | — | ||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | $ | — | ||||||||
Loans | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Total Other Payments | $ | — | $ | — | ||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated:March 26, 2012
Robert I. Frey |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | William J. Ketelhut | Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
Current Compensation Paid: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | — | $ | — | ||||||||
Life Insurance | $ | — | $ | — | ||||||||
Retirement | $ | — | $ | — | ||||||||
Company Vehicle | $ | — | $ | — | ||||||||
Entertainment | $ | — | $ | — | ||||||||
Travel | $ | — | $ | — | ||||||||
Other Benefits | $ | — | $ | — | ||||||||
Total Benefits | $ | — | $ | — | ||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | $ | — | ||||||||
Loans | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Total Other Payments | $ | — | $ | — | ||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated:March 26, 2012
William J. Ketelhut |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Stephen Rabinowitz | Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
Current Compensation Paid: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | — | $ | — | ||||||||
Life Insurance | $ | — | $ | — | ||||||||
Retirement | $ | — | $ | — | ||||||||
Company Vehicle | $ | — | $ | — | ||||||||
Entertainment | $ | — | $ | — | ||||||||
Travel | $ | — | $ | — | ||||||||
Other Benefits | $ | — | $ | — | ||||||||
Total Benefits | $ | — | $ | — | ||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | $ | — | ||||||||
Loans | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Total Other Payments | $ | — | $ | — | ||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated:March 26, 2012
Stephen Rabinowitz |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | George A. Schreiber, Jr. | Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
Current Compensation Paid: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
Health Insurance | $ | — | $ | — | ||||||||
Life Insurance | $ | — | $ | — | ||||||||
Retirement | $ | — | $ | — | ||||||||
Company Vehicle | $ | — | $ | — | ||||||||
Entertainment | $ | — | $ | — | ||||||||
Travel | $ | — | $ | — | ||||||||
Other Benefits | $ | — | $ | — | ||||||||
Total Benefits | $ | — | $ | — | ||||||||
Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | — | $ | — | ||||||||
Loans | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Other (Describe) | $ | — | $ | — | ||||||||
Total Other Payments | $ | — | $ | — | ||||||||
CURRENT TOTAL OF ALL PAYMENTS: | Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated:March 26, 2012
George A. Schreiber, Jr. |
Form 6
SCHEDULE OF IN-FORCE INSURANCE
Period Ending:February 29, 2012
Case No: 12-43166
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||
Workers’ Compensation | Valley Forge Insurance Company | 02/01/2013 | ||
Workers’ Compensation | American Casualty Company of Reading PA | 02/01/2013 | ||
General Liability | American Casualty Company of Reading PA | 02/01/2013 | ||
Property (1st Layer) | Allianz Global Risk US Insurance Company | 02/01/2013 | ||
Property (2nd Layer) | Lexington Insurance Company | 02/01/2013 | ||
Automobile Policy | Continental Casualty Company | 02/01/2013 | ||
Umbrella Policy | Continental Casualty Company | 02/01/2013 | ||
Foreign Package | Continental Casualty Company | 02/01/2013 | ||
Special Risk Coverage | Great American Insurance Company | 03/18/2013 | ||
Directors & Officers | Allied World National Assurance Company | 09/30/2012 | ||
Directors & Officers | Illinois National Insurance Company | 09/30/2012 | ||
Directors & Officers | Beazley Insurance Company, Inc. (Lloyd’s of London) | 09/30/2012 | ||
Employee Practices Liability | Starr Indemnity & Liability Company | 09/30/2012 | ||
Fiduciary Liability | Starr Indemnity & Liability Company | 09/30/2012 | ||
Fidelity Bond | Starr Indemnity & Liability Company | 09/30/2012 | ||
Primary Directors & Officers | Starr Indemnity & Liability Company | 09/30/2012 | ||
ERISA Bond | Travelers Casualty and Surety Company of America | 11/16/2014 | ||
Pollution Liability Coverage | Chartis Specialty Insurance | 02/01/2014 | ||
Form 7