Exhibit 99.3
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:May 31, 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:June 20, 2012 | Energy Conversion Devices, Inc. | |||||||
| Debtor in Possession | ||||||||
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| Title: | William C. Andrews | |||||||
| Chief Financial Officer | Phone: 248-370-5315 | |||||||
Form 1
OPERATING STATEMENT (P&L)(1)
Period Ending:May 31, 2012
Case No: 12-43166
| Current Month | Total Since Filing | |||||||
Total Revenue | $ | — | $ | — | ||||
Cost of Sales | — | — | ||||||
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GROSS PROFIT | — | — | ||||||
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EXPENSES: | ||||||||
Officer Compensation | 93,401 | 336,109 | ||||||
Salary/Wage Expenses | 93,674 | 461,431 | ||||||
Employee Benefits & Pensions | 33,718 | 129,055 | ||||||
Payroll Taxes | 18,520 | 69,632 | ||||||
Other Taxes | 7,631 | 27,832 | ||||||
Rent and Lease Expense | 44,720 | 134,148 | ||||||
Interest Expense | 788 | 5,346 | ||||||
Property Insurance | 5,224 | 18,294 | ||||||
Utilities | 35,114 | 94,153 | ||||||
Depreciation | 10,870 | 42,899 | ||||||
Travel and Entertainment | 4,887 | 30,415 | ||||||
Repairs and Maintenance | — | 2,658 | ||||||
Supplies | 127 | 14,190 | ||||||
Other | — | 986 | ||||||
Other Specify – Outside Services | 61,570 | 179,861 | ||||||
Other Specify – Restructuring | — | 191,214 | ||||||
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TOTAL EXPENSES | 410,244 | 1,738,223 | ||||||
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OPERATING PROFIT | (410,244 | ) | (1,738,223 | ) | ||||
Add: Non-Operating Income | ||||||||
Total Interest (Income)(3) | 173,967 | (137,955 | ) | |||||
Other (Income) Expense | — | (86,984 | ) | |||||
Less: Non-Operating Expenses | ||||||||
Professional Fees(2) | 1,032,020 | 2,131,420 | ||||||
Other – Income Taxes | — | — | ||||||
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NET INCOME/(LOSS) | $ | (1,616,232 | ) | $ | (3,644,704 | ) | ||
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| (1) | The operating statement and balance sheet were prepared using accrual accounting. |
| (2) | Professional fees include estimates and actual. |
| (3) | Current month interest income includes adjustment from prior over accrual. |
Form 2
BALANCE SHEET
Period Ending:May 31, 2012
Case No: 12-43166
| Current Month | Prior Month | At Filing | ||||||||||
ASSETS: | ||||||||||||
Cash and Cash Equivalents | $ | 129,018,180 | $ | 129,616,749 | $ | 94,740,784 | ||||||
Investments | 11,503,732 | 11,708,925 | 45,522,223 | |||||||||
Inventories, Net | — | — | — | |||||||||
Accounts Receivable – Intercompany - USO | 799,818,336 | 797,682,139 | 792,119,291 | |||||||||
Accounts Receivable – Intercompany –SIT/CDN | 41,853,923 | 41,850,273 | 41,840,029 | |||||||||
Secured Notes - Subsidiaries | 6,719,157 | 6,719,157 | 6,719,157 | |||||||||
Accounts Receivable Trade – Net | 506,980 | 465,964 | 457,813 | |||||||||
Land and Buildings | 1,525,568 | 1,525,568 | 1,525,568 | |||||||||
Furniture, Fixtures & Equipment | 1,473,406 | 1,473,406 | 1,496,960 | |||||||||
Accumulated Depreciation | (2,597,168 | ) | (2,586,298 | ) | (2,563,233 | ) | ||||||
Restricted Cash | — | — | — | |||||||||
Prepaid | 1,133,151 | 1,598,870 | 1,760,717 | |||||||||
Deposits + Holdbacks | 4,105,494 | 4,110,615 | 5,769,009 | |||||||||
Investment in Subsidiaries | 41,001,047 | 41,001,047 | 41,001,047 | |||||||||
Other Assets | 4,229,027 | 4,470,183 | 5,069,863 | |||||||||
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TOTAL ASSETS | $ | 1,040,290,835 | $ | 1,039,636,597 | $ | 1,035,459,227 | ||||||
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LIABILITIES: | ||||||||||||
Post-petition Liabilities: | ||||||||||||
Accounts Payable Trade – Net | $ | 583,541 | $ | 568,328 | $ | — | ||||||
Accounts Payable Intercompany USO | — | — | — | |||||||||
Accounts Payable Intercompany SIT | — | — | — | |||||||||
Warranty | — | — | — | |||||||||
Other Liabilities | 5,519 | 127,181 | — | |||||||||
Convertible Senior Notes | — | — | — | |||||||||
Accrued Salaries and Wages | 35,226 | 38,437 | — | |||||||||
Accrued Taxes | 10,658 | 8,972 | — | |||||||||
Accrued Other | 1,123,328 | 652,066 | — | |||||||||
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TOTAL Post-petition Liabilities | 1,758,273 | 1,394,984 | — | |||||||||
Secured Liabilities: | ||||||||||||
Secured Accounts Payable | — | — | — | |||||||||
Pre-petition Liabilities: | ||||||||||||
Accounts Payable Trade – Net | 953,622 | 953,622 | 953,622 | |||||||||
Accounts Payable Intercompany USO | — | — | — | |||||||||
Accounts Payable Intercompany SIT | — | — | — | |||||||||
Accounts Payable Unsecured Liabilities | — | — | — | |||||||||
Warranty | — | — | — | |||||||||
Other Liabilities | 2,581,850 | 2,581,850 | 2,581,850 | |||||||||
Convertible Senior Notes | 245,690,855 | 244,419,164 | 241,220,038 | |||||||||
Accrued Salaries and Wages | 168,112 | 168,112 | 168,112 | |||||||||
Accrued Taxes | 91,151 | 91,151 | 91,151 | |||||||||
Accrued Other | 4,870,165 | 4,212,282 | 2,533,542 | |||||||||
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TOTAL Pre-petition Liabilities | 254,355,755 | 252,426,181 | 247,548,315 | |||||||||
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TOTAL LIABILITIES | 256,114,028 | 253,821,165 | 247,548,315 | |||||||||
EQUITY: | ||||||||||||
Owners Capital | (313,528 | ) | (313,415 | ) | (310,256 | ) | ||||||
Additional Paid-In-Capital | 1,106,438,770 | 1,106,438,770 | 1,106,438,770 | |||||||||
Retained Earnings - Pre Petition + OCI | (318,303,731 | ) | (318,281,450 | ) | (318,217,602 | ) | ||||||
Retained Earnings - Post Petition | (3,644,704 | ) | (2,028,472 | ) | — | |||||||
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TOTAL EQUITY | 784,176,807 | 785,815,432 | 787,910,912 | |||||||||
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TOTAL LIABILITIES AND EQUITY | $ | 1,040,290,835 | $ | 1,039,636,597 | $ | 1,035,459,227 | ||||||
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Form 3
SUMMARY OF OPERATIONS
Period Ended:May 31, 2012
Case No: 12-43166
Schedule of Post-petition Taxes Payable
| Beginning | Accrued/ | Payments/ | Ending | |||||||||||||
| Balance | Withheld | Deposits | Balance | |||||||||||||
Income Taxes Withheld | ||||||||||||||||
Federal | — | $ | 58,920.13 | $ | 58,920.13 | — | ||||||||||
State | — | 14,874.12 | 14,874.12 | — | ||||||||||||
Local | — | — | — | — | ||||||||||||
FICA Withheld | — | 13,084.31 | 13,084.31 | — | ||||||||||||
Employers FICA | — | 17,014.00 | 17,014.00 | — | ||||||||||||
Unemployment Tax | ||||||||||||||||
Federal | — | — | — | — | ||||||||||||
State | — | — | — | — | ||||||||||||
Sales, Use & Excise Taxes | — | — | — | — | ||||||||||||
Property Taxes | $ | 8,972.00 | 1,686.00 | — | $ | 10,658.00 | ||||||||||
Workers’ Compensation(1) | — | — | — | — | ||||||||||||
Other | — | — | — | — | ||||||||||||
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TOTALS | $ | 8,972.00 | $ | 105,578.56 | $ | 103,892.56 | $ | 10,658.00 | ||||||||
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| (1) | Fully insured. |
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
| Age in Days | 0-30 | 31-60 | Over 60 | |||||||||
Post Petition | ||||||||||||
Accounts Payable | $ | 300,656.05 | $ | 213,947.30 | $ | 68,938.06 | ||||||
Accounts Receivable | $ | 409,279.30 | $ | 97,700.54 | $ | 0.00 | ||||||
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:May 31, 2012
Cash Activity Analysis (Cash Basis Only): Case No: 12-43166
| General Acct. | Money Market Acct. | |||||||||
A. | Beginning Balance | $3,856,824.41 | $ | 125,563,246.86 | ||||||
B. | Receipts (Attach separate schedule) | 176,875.87 | 5,293.75 | |||||||
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C. | Balance Available (A+B) | 4,033,700.28 | 125,568,540.61 | |||||||
D. | Less Disbursements (Attach separate schedule) | 814,433.45 | — | |||||||
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E. | ENDING BALANCE (C-D) | $3,219,266.83 | $ | 125,568,540.61 | ||||||
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:$ 814,433.45
(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 | |||
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, paper; and money market funds - $11,645,210.97
| Date:June 20, 2012 | ||||||
Energy Conversion Devices, Inc. | ||||||
| Debtor in Possession | ||||||
Form 5
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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 | |||||||||
| $ | 25,384.28 | |||||||||||
| 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 (Business meals) | — | |||||||||||
Travel | 4,160.47 | |||||||||||
Vacation Payout | 12,247.58 | |||||||||||
Office Supplies | — | |||||||||||
Internet/iPhone/iPad expenses | 1,259.44 | |||||||||||
Conference/Seminar fee | — | |||||||||||
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Total Benefits | $ | 18,608.28 | ||||||||||
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| Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
Rent Paid | $ | 1,725.00 | ||||||||||
Loans | — | |||||||||||
Travel (to/from San Francisco) | — | |||||||||||
Lodging | — | |||||||||||
Personal Car Mileage | 143.23 | |||||||||||
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Total Other Payments | $ | 1,868.23 | ||||||||||
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| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: | $ | 45,860.79 | ||||||||||
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| (1) | Mr. Hawkins’ last day of employment with the company was 5/11/12. |
| Dated:June 20, 2012 | Julian Hawkins |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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 | |||||||||
| $ | 28,846.16 | |||||||||||
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 | — | |||||||||||
Personal Car Mileage | — | |||||||||||
Internet/iPhone/iPad | — | |||||||||||
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Total Benefits | $ | 1,019.84 | ||||||||||
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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: | $ | 29,866.00 | ||||||||||
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| (1) | Mr. Knoll’s last day of employment with the company was 6/1/12. |
Dated:June 20, 2012 | Jay B. Knoll |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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: | Weekly | Or | Monthly | |||||||||
| $ | 26,923.08 | |||||||||||
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 | — | |||||||||||
Postage/Freight | — | |||||||||||
Dues/Subscriptions | — | |||||||||||
Office Supplies | — | |||||||||||
Personal Car Mileage | — | |||||||||||
Internet/iPhone/iPad | — | |||||||||||
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Total Benefits | $ | 928.23 | ||||||||||
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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: | $ | 27,851.31 | ||||||||||
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Dated:June 20, 2012 | William C. Andrews |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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 | — | |||||||
Total Benefits | — | |||||||
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. Mr. Conroy’s last day of employment with the company was 5/11/12. |
| Dated:June 20, 2012 | Joseph P. Conroy |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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(1): | Weekly | Or | Monthly(1) | |||||||||
| $ | — | |||||||||||
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 | — | |||||||||||
| Weekly | Or | Monthly | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | ||||||||||
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| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chair of the Corporate Governance and Nominating Committee and the Finance Committee, Mr. Avila receives an additional $10,000, also paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated:June 20, 2012 | ||||||
Joseph A. Avila |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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(1): | Weekly | Or | Monthly(1) | |||||||||
| $ | — | |||||||||||
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 | — | |||||||||||
| Weekly | Or | Monthly | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | ||||||||||
|
| |||||||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chair of the Compensation Committee, Mr. Barton receives an additional $7,500, also paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated:June 20, 2012 | ||||||
Alan E. Barton |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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(1): | Weekly | Or | Monthly | (1) | ||||
| $ | — | |||||||
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 | — | |||||||
| Weekly | Or | Monthly | ||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | ||||||
|
| |||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
Dated:June 20, 2012 | ||||||
Robert I. Frey |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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(1): | Weekly | Or | Monthly | (1) | ||||
| $ | — | |||||||
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 | — | |||||||
| Weekly | Or | Monthly | ||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | ||||||
|
| |||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chair of the Audit Committee, Mr. Ketelhut receives an additional $10,000, also paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated:June 20, 2012 | ||||||
William J. Ketelhut |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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(1): | Weekly | Or | Monthly | (1) | ||||||||
| $ | — | |||||||||||
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 | — | |||||||||||
| Weekly | Or | Monthly | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | ||||||||||
|
| |||||||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chairman of the Board, Mr. Rabinowitz receives an additional $50,000, of which $33,000 is paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated:June 20, 2012 | ||||||
Stephen Rabinowitz |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending:May 31, 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(1): | Weekly | Or | Monthly | (1) | ||||||||
| $ | — | |||||||||||
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 | — | |||||||||||
| Weekly | Or | Monthly | ||||||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | ||||||||||
|
| |||||||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated: June 20, 2012 | George A. Schreiber, Jr. |
Form 6
SCHEDULE OF IN-FORCE INSURANCE
Period Ending:May 31, 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 (1stLayer) | Allianz Global Risk US Insurance Company | 02/01/2013 | ||
Property (2ndLayer) | 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