UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 | |
Federal Tax I.D. # | 41-1893270 |
CORPORATE MONTHLY OPERATING REPORT
File with the Court and submit a copy to the United States Trustee within 20 days after the end of the month and submit a copy of the report to any official committee appointed in the case.
(Reports for Rochester and Buffalo Divisions of Western District of New York are due 15 days after the end of the month, as are the reports for Southern District of New York.)
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached |
Schedule of Cash Receipts and Disbursements | MOR-1 | Y |
|
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1 (CON’T) | Y |
|
Copies of bank statements |
| N | 1 |
Cash disbursements journals |
| N | 1 |
Statement of Operations | MOR-2 | Y |
|
Balance Sheet | MOR-3 | Y |
|
Status of Post-petition Taxes | MOR-4 | Y |
|
Copies of IRS Form 6123 or payment receipt |
| N | 1 |
Copies of tax returns filed during reporting period |
| N | 1 |
Summary of Unpaid Post-petition Debts | MOR-4 | Y |
|
Listing of Aged Accounts Payable |
| Y |
|
Accounts Receivable Reconciliation and Aging | MOR-5 | Y |
|
Taxes Reconciliation and Aging | MOR-5 | Y |
|
Payments to Insiders and Professional | MOR-6 | Y |
|
Post-Petition Status of Secured Notes, Leases Payable | MOR-6 | Y |
|
Debtor Questionnaire | MOR-7 | Y |
|
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
Signature of Debtor | Date |
| |
Signature of Authorized Individual* | Date |
| |
Fred Spivak, Chief Financial Officer | |||
Printed Name of Authorized Individual |
*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
1 | Due to their voluminous nature, these documents are not attached but are available from the Debtor upon request |
GENERAL NOTES TO JANUARY 2009
MONTHLY OPERATING REPORT
General:
This report includes activity for all Debtors in these jointly administered cases.
Notes to MOR-1, 2 and 3:
The financial statements and supplemental information contained herein are preliminary, unaudited, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects. In addition, the financial statements and supplemental information contained herein represent the condensed combined information for all Debtors.
The unaudited combined financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with U.S. GAAP, and upon application of such procedures (such as tests for asset impairment), the Debtors believe that the financial information could be subject to changes, and these changes could be material. The information furnished in this report includes primarily normal recurring adjustments but does not include all adjustments that would typically be made for financial statements in accordance with U.S. GAAP.
The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the consolidated results of operations and financial position of the Debtors in the future.
The Debtors in these cases include:
Lenox Sales, Inc.1 | 08-14679 | (REG) |
1 These entities do not make any disbursements
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
LENOX GROUP INC. AND SUBSIDIARIES
PRELIMINARY CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In thousands)
| 4 WEEKS ENDED |
| ||
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| |
Net loss |
| $ | (5,738 | ) |
|
|
| ||
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| |
Depreciation |
|
| 634 |
|
Asset impairment |
|
| — |
|
Amortization of other intangibles |
|
| 144 |
|
Amortization of deferred financing fees |
|
| 353 |
|
Equity compensation |
|
| (11 | ) |
|
|
| ||
Changes in assets and liabilities: |
|
|
| |
Accounts receivable |
|
| 6,991 |
|
Inventories |
|
| 558 |
|
Other assets |
|
| (113 | ) |
Accounts payable |
|
| (2,119 | ) |
Accrued compensation and benefits payable |
|
| (73 | ) |
Income taxes payable/receivable |
|
| 16 |
|
Pension and post-retirement obligations |
|
| 19 |
|
Other liabilities |
|
| (1,269 | ) |
|
|
| ||
Net cash provided by operating activities |
|
| (608 | ) |
|
|
| ||
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| |
Purchases of property & equipment |
|
| (54 | ) |
Proceeds from the sale of assets |
|
| — |
|
|
|
| ||
Net cash provided by investing activities |
|
| (54 | ) |
|
|
| ||
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| |
Borrowings/(payments) on DIP revolving financing facility |
|
| (3,280 | ) |
|
|
| ||
Net cash provided by (used In) financing activities |
|
| (3,280 | ) |
|
|
| ||
NET INCREASE IN CASH AND EQUIVALENTS |
|
| (3,942 | ) |
|
|
| ||
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD |
|
| 4,269 |
|
|
|
| ||
CASH AND EQUIVALENTS AT END OF PERIOD |
| $ | 327 |
|
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
TOTAL DISBURSEMENTS |
| $ | 26,528,000 |
|
LESS: TRANSFERS TO OTHER DEBTOR IN POSSESSION ACCOUNTS |
| $ | — |
|
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES |
| $ | — |
|
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
| $ | 26,528,000 |
|
FORM MOR-1
2/2008
PAGE 1 OF 1
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
(Bank account numbers may be redacted to last four numbers.)
Reconciled as of | |||||||
G/L Acct.# | Account Description | Bank Account # | Bank Name | Bank Balance | G/L Balance | As of Date | Date |
220.0127.CNBC0613 | General-Canada | 5500613 | Canadian Bank of Commerce (CAD$) | 14,193.85 | 14,193.85 | 1/31/2009 | 2/11/2009 |
617.0122.BOAM1015 | Shanghai Operating Account | 10841015 | Bank of America, Shanghai | 14,838.36 | 1,693.85 | 1/31/2009 | 2/17/2009 |
271010.0127.SVCB8628 | Store Deposits | 27318628 | Sevier County Bank | 2,149.29 | 3,791.98 | 1/31/2009 | 2/12/2009 |
1422.111060 | Atlanta Showroom Checking | 129577849 | Wachovia Bank | 31,905.94 | 31,905.94 | 1/31/2009 | 2/11/2009 |
276014.0127.QUEE6601 | Store Deposits | 465196601 | Queenstown Bank of Maryland | 4,780.17 | (2,456.78) | 1/31/2009 | 2/12/2009 |
5600.111050 | Letter of Credit Funding Acct. | 640126702 | Bank One, NA | 39,331.58 | 39,331.58 | 1/31/2009 | 2/17/2009 |
1431.111060 | Columbus Showroom Checking | 658848964 | National City Corporation | 3,338.50 | 3,338.50 | 1/31/2009 | 2/20/2009 |
271026.0127.NCPA5237 | Store Deposits | 658925237 | National City Bank of Pennsylvania | 3,607.80 | 4,926.14 | 1/31/2009 | 2/12/2009 |
1430.111060 | Dallas Showroom Checking | 950003018 | Frost National Bank | 21,136.80 | 21,136.80 | 1/31/2009 | 2/11/2009 |
271011.0127.NATC6751 | Store Deposits | 967336751 | National City Bank of the Midwest | 1,842.90 | 2,665.82 | 1/31/2009 | 2/12/2009 |
278607.0127.NATC8886 | Store Deposits- Hoopla-Novi | 982178886 | National City Bank | 1,212.95 | 1,262.95 | 1/31/2009 | 2/12/2009 |
242.0127.MTTC5105 | Change Fund | 2660005105 | Manufacturers and Traders Trust Company | 4,559.67 | 5,477.71 | 1/31/2009 | 2/11/2009 |
271062.0127.NFBK1517 | Store Deposits | 3724111517 | Capital One Bank | 1,098.56 | 2,177.80 | 1/31/2009 | 2/12/2009 |
271037.0127.BKNO5531 | Store Deposits | 3980515531 | TD Banknorth | 3,450.57 | 4,756.65 | 1/31/2009 | 2/12/2009 |
1423.111060 | Chicago Showroom Checking | 7518739920 | Fifth Third Bank | 28,215.96 | 28,215.96 | 1/31/2009 | 2/11/2009 |
271012.0127.NEGA2165 | Store Deposits | 8000032165 | Northeast Georgia Bank | 2,952.45 | 3,500.76 | 1/31/2009 | 2/12/2009 |
275601.0127.USBK1348 | Retail - Mall of America (ZBA) | 104756211348 | US Bank | — | 38.87 | 1/31/2009 | 2/12/2009 |
1421.111060 | Minneapolis Showroom Checking | 104756211355 | US Bank | 101.51 | 101.51 | 1/31/2009 | 2/16/2009 |
5600.111005 | CC Processing | 104756690137 | US Bank | — | — | 1/31/2009 | 2/10/2009 |
275603.0127.USBK7418 | Retail - Disneyland (ZBA) | 104756807418 | US Bank | — | (0.03) | 1/31/2009 | 2/12/2009 |
275606.0127.USBK6497 | Retail - San Francisco (ZBA) | 104774436497 | US Bank | — | — | 1/31/2009 | 2/12/2009 |
5600.111020 | Controlled Disb. - (ZBA) | 152118013977 | US Bank | 133,875.48 | (307,485.94) | 1/31/2009 | 2/19/2009 |
5600.111010 | Concentration Account | 160233250275 | US Bank | 159,948.59 | 161,004.50 | 1/31/2009 | 2/18/2009 |
5600.111040 | ACH | 170225138859 | US Bank | 5,099.33 | 60,725.27 | 1/31/2009 | 2/18/2009 |
5600.111014 | Credit Card Collections (ZBA) | 170225142810 | US Bank | — | — | 1/31/2009 | 2/10/2009 |
5600.111015 | Current Account | 800020405914 | The Bank of Nova Scotia (CAD$) | 85,874.05 | 84,619.17 | 1/31/2009 | 2/10/2009 |
276101.0127.SUNT2556 | Store Deposits | 1000049142556 | SunTrust Bank | 1,558.25 | 10,239.00 | 1/31/2009 | 2/12/2009 |
201.0121.WACH4180 | Payroll-First Union | 2000001684180 | Wachovia Bank | — | (4,796.40) | 1/31/2009 | 2/12/2009 |
201.0121.WACH9648 | Disbursements-Master Acct | 2000028329648 | Wachovia Bank | 51,463.95 | 51,463.95 | 1/31/2009 | 2/9/2009 |
201.0121.WACH0213 | Third Party-ACH/Wires | 2000028330213 | Wachovia Bank | — | — | 1/31/2009 | 2/9/2009 |
201.0121.WACH7995 | General-First Union | 2000030727995 | Wachovia Bank | — | — | 1/31/2009 | 2/4/2009 |
220.0121.WACH8971 | General-First Union | 2000031708971 | Wachovia Bank | — | — | 1/31/2009 | 2/10/2009 |
270.0121.WACH5708 | General-First Union | 2000031735708 | Wachovia Bank | — | (98,016.80) | 1/31/2009 | 2/12/2009 |
201.0905.EMPL | EE Credit Card Cash | 2000032078244 | Wachovia Bank | — | 59,016.20 | 1/31/2009 | 2/12/2009 |
201.0121.WACH9010 | Concentration Account | 2000032079010 | Wachovia Bank | 259,197.82 | 259,197.82 | 1/31/2009 | 2/9/2009 |
270.0121.WACH5837 | Global Store Deposits | 2000109855837 | Wachovia Bank | — | 35,332.62 | 1/31/2009 | 2/12/2009 |
236.0121.WACHOV | Employee Account | 2044740008287 | Wachovia Bank | 17,728.76 | 17,728.76 | 1/31/2009 | 2/4/2009 |
201.0121.WACH1542 | General-First Union | 2079950061542 | Wachovia Bank | — | (1,630,970.41) | 1/31/2009 | 2/20/2009 |
282.0121.WACH1053 | ZBA-First Union | 2079950071053 | Wachovia Bank | — | (195,067.72) | 1/31/2009 | 2/11/2009 |
201.0121.WACH0649 | Controlled Disb. - Payroll | 2079951060649 | Wachovia Bank | — | (123,592.97) | 1/31/2009 | 2/12/2009 |
282.0121.WACH0766 | General-First Union | 2100010070766 | Wachovia Bank | — | 25,029.78 | 1/31/2009 | 2/11/2009 |
220.2119 | A/P US Customs | 2100011972009 | Wachovia Bank | — | — | 1/31/2009 | 2/10/2009 |
201.0121.WACH5829 | Trust Acct for Taxes | 2000013085829 | Wachovia Bank | 1,200,000.00 | 1,200,000.00 | 1/31/2009 | 2/5/2009 |
201.0121.WACH9411 | Lock Box-First Union | 2100012019411 | Wachovia Bank | — | (0.01) | 1/31/2009 | 2/9/2009 |
270.0121.WACH1069 | DTC-First Union | 2100012021069 | Wachovia Bank | — | — | 1/31/2009 | 2/12/2009 |
1424.111060 | Los Angeles Showroom Checking. | 03762-05448 | Bank of America | 42,466.88 | 42,466.88 | 1/31/2009 | 2/11/2009 |
1425.111060 | New York Showroom Checking | 630-0978736 | Bank of New York | 705.43 | 705.43 | 1/31/2009 | 2/11/2009 |
FORM MOR-1 (CONT.)
2/2008
PAGE 1 OF 1
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
STATEMENT OF OPERATIONS (Income Statement) UNAUDITED
The Statement of Operations is prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.
LENOX GROUP INC. AND SUBSIDIARIES
PRELIMINARY CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
(In thousands)
| 4 WEEKS ENDED JANUARY 31, 2009 |
| CUMULATIVE FILING TO JANUARY 31, 2009 |
| |||
|
|
|
|
| |||
Net Sales |
| $ | 15,268 |
| $ | 52,399 |
|
Cost of Sales |
|
| 7,632 |
|
| 27,641 |
|
Gross Profit |
|
| 7,636 |
|
| 24,758 |
|
|
|
|
|
| |||
Selling general and administrative |
|
| 11,529 |
|
| 28,205 |
|
|
|
|
|
| |||
Operating Profit / (Loss) |
|
| (3,893 | ) |
| (3,447 | ) |
|
|
|
|
| |||
Interest expense |
|
| 1,312 |
|
| 6,928 |
|
|
|
|
|
| |||
Loss before reorganization items and income taxes |
|
| (5,205 | ) |
| (10,375 | ) |
|
|
|
|
| |||
Reorganization items |
|
| 589 |
|
| 3,180 |
|
Other (income) / expense, net |
|
| (56 | ) |
| (355 | ) |
Income tax expense |
|
| — |
|
| 15 |
|
|
|
|
|
| |||
Net Loss |
| $ | (5,738 | ) | $ | (13,215 | ) |
FORM MOR-2
2/2008
PAGE 1 OF 1
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from post-petition obligations.
LENOX GROUP INC. AND SUBSIDIARIES
PRELIMINARY CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)
(In thousands)
| 1/31/2009 |
| 1/3/2009 |
| |||
ASSETS: |
|
|
|
|
| ||
Current assets: |
|
|
|
|
| ||
Cash |
| $ | 327 |
| $ | 4,269 |
|
Accounts receivable, net |
|
| 20,056 |
|
| 27,049 |
|
Inventories |
|
| 68,130 |
|
| 68,688 |
|
Deferred taxes |
|
| 1,839 |
|
| 1,839 |
|
Income tax receivable |
|
| 564 |
|
| 564 |
|
Other current assets |
|
| 11,358 |
|
| 12,126 |
|
Total current assets |
|
| 102,274 |
|
| 114,535 |
|
|
| — |
|
| — |
| |
Property & equipment, net |
|
| 32,742 |
|
| 33,320 |
|
Trademarks |
|
| 24,913 |
|
| 24,913 |
|
Other intangibles, net |
|
| 9,761 |
|
| 9,999 |
|
Other assets |
|
| 1,409 |
|
| 1,277 |
|
Total assets |
| $ | 171,099 |
| $ | 184,044 |
|
|
| — |
|
| — |
| |
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
|
|
|
|
| ||
Current liabilities: |
|
|
|
|
| ||
Borrowings on DIP |
| $ | 3,241 |
| $ | 6,521 |
|
Accounts payable |
|
| 11,067 |
|
| 12,312 |
|
Accrued compensation and benefits payable |
|
| 1,594 |
|
| 1,677 |
|
Accrued severance |
|
| 16 |
|
| 197 |
|
Other current liabilities |
|
| 3,120 |
|
| 3,575 |
|
Total current liabilities |
|
| 19,038 |
|
| 24,283 |
|
|
|
|
|
| |||
Other noncurrent liabilities |
|
| 3,033 |
|
| 2,802 |
|
|
|
|
|
| |||
Total liabilities not subject to compromise |
|
| 22,070 |
|
| 27,085 |
|
|
|
|
|
| |||
Liabilities subject to compromise |
|
| 143,214 |
|
| 145,279 |
|
|
|
|
|
| |||
Total Stockholders’ equity |
|
| 5,815 |
|
| 11,680 |
|
Total liabilities and stockholders' equity |
| $ | 171,099 |
| $ | 184,044 |
|
FORM MOR-3
2/2008
PAGE 1 OF 1
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
STATUS OF POST-PETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero.
Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes.
Attach photocopies of any tax returns filed during the reporting period.
STATUS OF POST-PETITION TAXES |
|
|
|
| MONTH: | 1/04/09 - 1/31/2009 |
| ||||||
|
|
|
|
|
|
|
| ||||||
FEDERAL | BEGINNING | AMOUNT | AMOUNT | ENDING | |||||||||
1. | WITHHOLDING | $ | 71,952 |
| $ | 658,224 |
| $ | (648,854 | ) | $ | 81,322 |
|
2. | FICA - EMPLOYEE | $ | 60,928 |
| $ | 435,521 |
| $ | (435,662 | ) | $ | 60,787 |
|
3. | FICA - EMPLOYER | $ | 60,928 |
| $ | 435,521 |
| $ | (435,662 | ) | $ | 60,787 |
|
4. | UNEMPLOYMENT | $ | 6,353 |
| $ | 42,944 |
| $ | (44,015 | ) | $ | 5,282 |
|
5. | INCOME | $ | — |
| $ | — |
| $ | — |
| $ | — |
|
6. | OTHER (ATTACH LIST) | $ | — |
| $ | — |
| $ | — |
| $ | — |
|
7. | TOTAL FEDERAL TAXES | $ | 200,161 |
| $ | 1,572,210 |
| $ | (1,564,193 | ) | $ | 208,178 |
|
|
|
|
|
|
|
|
|
| |||||
STATE AND LOCAL & OTHER |
|
|
|
|
|
|
|
| |||||
8. | WITHHOLDING | $ | 36,304 |
| $ | 184,710 |
| $ | (181,649 | ) | $ | 39,365 |
|
9. | SALES | $ | 1,509,240 |
| $ | 531,732 |
| $ | (1,465,759 | ) | $ | 575,213 |
|
10. | EXCISE | $ | — |
| $ | — |
| $ | — |
| $ | — |
|
11. | UNEMPLOYMENT | $ | 38,694 |
| $ | 280,210 |
| $ | (284,002 | ) | $ | 34,902 |
|
12. | REAL PROPERTY | $ | — |
| $ | 14,583 |
| $ | — |
| $ | 14,583 |
|
13. | PERSONAL PROPERTY | $ | 3,422 |
| $ | 34,980 |
| $ | (1,625 | ) | $ | 36,777 |
|
14. | OTHER (SEE APPENDIX A) | $ | 776,054 |
| $ | 16,000 |
| $ | (500 | ) | $ | 791,554 |
|
15. | TOTAL STATE AND LOCAL & OTHER | $ | 2,363,714 |
| $ | 1,062,215 |
| $ | (1,933,535 | ) | $ | 1,492,394 |
|
16. | TOTAL TAXES | $ | 2,563,875 |
| $ | 2,634,425 |
| $ | (3,497,728 | ) | $ | 1,700,572 |
|
FORM MOR-4
2/2008
PAGE 1 OF 2
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
| APPENDIX: A |
|
|
|
|
|
|
|
| ||||||||
AGING OF POST-PETITION TAXES - OTHER |
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
| ||||||||
0-30 days | 31-60 days | 61-90 days | 91+ days | Total | |||||||||||
State & local income taxes | $ | — |
| $ | (18,817 | ) | $ | — |
| $ | — |
| $ | (18,817 | ) |
Franchise taxes | $ | 16,000 |
| $ | 15,148 |
| $ | — |
| $ | — |
| $ | 31,148 |
|
FIN48 (1) | $ | — |
| $ | 779,223 |
| $ | — |
| $ | — |
| $ | 779,223 |
|
Other taxes payable | $ | 16,000 |
| $ | 775,554 |
| $ | — |
| $ | — |
| $ | 791,554 |
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
| ||||||
STATUS OF POST-PETITION TAXES - OTHER |
|
|
|
|
|
|
|
| |||||||
OTHER TAXES |
| Beginning | Amount | Amount | Ending Tax | ||||||||||
State & local income taxes |
|
| $ | (18,817 | ) | $ | — |
| $ | — |
| $ | (18,817 | ) | |
Franchise taxes |
|
| $ | 15,648 |
| $ | 16,000 |
| $ | (500 | ) | $ | 31,148 |
| |
FIN48 (1) |
|
| $ | 779,223 |
| $ | — |
| $ | — |
| $ | 779,223 |
| |
Total other taxes |
|
| $ | 776,054 |
| $ | 16,000 |
| $ | (500 | ) | $ | 791,554 |
|
(1) Represents FIN 48 Liability and is considered post-petition taxes although accrued in prepetition.
FORM MOR-4
2/2008
PAGE 2 OF 2
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
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| MONTH ENDED | MONTH ENDED | MONTH ENDED | MONTH ENDED | ||||||||||||
ACCOUNTS RECEIVABLE AGING |
| 1/3/2009 | 1/31/2009 | 2/28/2009 | 3/28/2009 | ||||||||||||
1. | Current |
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| $ | 16,381,837 |
| $ | 13,995,886 |
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2. | 0-30 Days |
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| $ | 11,003,069 |
| $ | 6,478,974 |
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3. | 31-60 Days |
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| $ | 10,042,629 |
| $ | 3,972,174 |
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4. | 61-90 Days |
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| $ | 2,050,223 |
| $ | 6,292,747 |
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5. | 91+ Days |
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| $ | 3,733,296 |
| $ | 4,323,696 |
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6. | TOTAL ACCOUNTS RECEIVABLE |
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| $ | 43,211,054 |
| $ | 35,063,477 |
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7. | ALLOWANCE FOR DOUBTFUL ACCOUNTS |
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| $ | (16,163,000 | ) | $ | (15,007,000 | ) |
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8. | ACCOUNTS RECEIVABLE, NET |
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| $ | 27,048,054 |
| $ | 20,056,477 |
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AGING OF POST-PETITION TAXES |
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| MONTH ENDED: | 1/31/2009 | |||||||||||||
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TAXES PAYABLE | 0-30 | 31-60 | 61-90 | 91+ | TOTAL | ||||||||||||
1. | FEDERAL | $ | 208,178 |
| $ | — |
| $ | — |
| $ | — |
| $ | 208,178 |
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2. | STATE | $ | 605,999 |
| $ | 43,481 |
| $ | — |
| $ | — |
| $ | 649,480 |
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3. | LOCAL | $ | 49,563 |
| $ | 1,797 |
| $ | — |
| $ | — |
| $ | 51,360 |
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4. | OTHER (SEE APPENDIX A) | $ | 16,000 |
| $ | 775,554 |
| $ | — |
| $ | — |
| $ | 791,554 |
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5. | TOTAL TAXES PAYABLE | $ | 879,740 |
| $ | 820,832 |
| $ | — |
| $ | — |
| $ | 1,700,572 |
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AGING OF POST-PETITION ACCOUNTS PAYABLE | |||||||||||||||||
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| MONTH ENDED | MONTH ENDED | MONTH ENDED | MONTH ENDED | ||||||||||||
POST-PETITION AP AGING |
| 1/3/2009 | 1/31/2009 | 2/28/2009 | 3/28/2009 | ||||||||||||
1. | Current |
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| $ | 12,422,338 |
| $ | 11,123,129 |
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2. | 0-30 Days |
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| $ | (18,344 | ) | $ | 54,519 |
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3. | 31-60 Days |
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| $ | (92,304 | ) | $ | (18,344 | ) |
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4. | 61+ Days |
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| $ | — |
| $ | (92,304 | ) |
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5. | TOTAL ACCOUNTS PAYABLE |
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| $ | 12,311,690 |
| $ | 11,067,000 |
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FORM MOR-5
2/2008
PAGE 1 OF 1
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown on the Cash Receipts and Disbursements Report (MOR-1) list the amount paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid (e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.
INSIDERS |
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NAME | TYPE OF | AMOUNT PAID | TOTAL PAID TO |
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Fred Spivak | Wages | $ | 29,221.13 | $ | 77,269.13 |
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Fred Spivak | T&E | $ | 2,223.28 | $ | 4,616.02 |
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Louis Fantin | Wages | $ | 21,176.00 | $ | 52,946.00 |
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Branka Hannon | Wages | $ | 17,081.08 | $ | 42,708.08 |
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Robert Cohen | Wages | $ | 16,935.18 | $ | 42,343.18 |
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Robert Cohen | T&E | $ | — | $ | 39.00 |
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TOTAL PAYMENTS TO INSIDERS | $ | 86,636.67 | $ | 219,921.41 |
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PROFESSIONALS | |||||||||
NAME | DATE OF COURT | AMOUNT APPROVED | AMOUNT PAID | TOTAL PAID TO DATE | TOTAL INCURRED & UNPAID* | ||||
Berenson |
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| $ | 332,882.96 | $ | 486,234.51 | $ | 502,979.85 |
Carl Marks |
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| $ | 373,386.18 | $ | 403,095.50 | $ | 202,233.07 |
Garden City Group |
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| $ | 155,129.76 | $ | 197,621.25 | $ | 97,860.16 |
Paul Hastings |
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| $ | — | $ | 279,200.00 | $ | — |
Miller Buckfire |
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| $ | 150,000.00 | $ | 300,000.00 | $ | — |
Cushman & Wakefield |
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| $ | 5,750.00 | $ | 5,750.00 | $ | 6,000.00 |
Cooley |
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| $ | — | $ | — | $ | 184,969.61 |
Schulte Roth |
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| $ | — | $ | — | $ | 435,459.10 |
Weil Gotschal |
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| $ | — | $ | — | $ | 991,607.55 |
TOTAL PAYMENTS TO PROFESSIONALS |
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| $ | 1,017,148.90 | $ | 1,671,901.26 | $ | 2,421,109.34 |
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE |
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NAME OF CREDITOR | SCHEDULED | AMOUNT PAID DURING MONTH | TOTAL UNPAID POST-PETITION |
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DIP Credit Facility (1) |
| $ | 3,280,256.00 | $ | 3,241,131.00 |
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Leases (2) |
| $ | 96,566.56 | $ | 329,814.38 |
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TOTAL PAYMENTS | $ | 3,376,822.56 | $ | 3,570,945.38 |
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(1) | The amounts paid during the month under the DIP revolving credit facility represent amounts swept from the Debtors' bank accounts to repay amounts owed under the facility |
(2) | The leases line item is made up of a significant number of landlords and lessors. As such, details are not attached but are available from the Debtors upon request. The unpaid balance remaining at 1/31/09 represents lease payments due for the period from 11/24/08 - 11/30/08 but will be paid if these particular leases are assumed. |
FORM MOR-6
2/2008
PAGE 1 OF 1
In re | LENOX SALES INC., ET AL | Case No. | 08-14679 (ALG) (Jointly Administered) |
Debtor | Reporting Period: | 1/04/09 - 1/31/09 |
DEBTOR QUESTIONNAIRE
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary. | Yes | No | |
1 | Have any assets been sold or transferred outside the normal course of business this reporting period? | X | |
2 | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? | X | |
3 | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | X | |
4 | Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? | X | |
5 | Is the Debtor delinquent in paying any insurance premium payment? | X | |
6 | Have any payments been made on pre-petition liabilities this reporting period? | X | |
7 | Are any post-petition receivables (accounts, notes or loans) due from related parties? | X | |
8 | Are any post-petition payroll taxes past due? | X | |
9 | Are any post-petition State or Federal income taxes past due? | X | |
10 | Are any post-petition real estate taxes past due? | X | |
11 | Are any other post-petition taxes past due? | X | |
12 | Have any pre-petition taxes been paid during this reporting period? | X | |
13 | Are any amounts owed to post-petition creditors delinquent? | X | |
14 | Are any wage payments past due? | X | |
15 | Have any post-petition loans been been received by the Debtor from any party? | X | |
16 | Is the Debtor delinquent in paying any U.S. Trustee fees? | X | |
17 | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | X | |
18 | Have the owners or shareholders received any compensation outside of the normal course of business? | X |
6 | Payments of pre-petition liabilities have been made pursuant to Orders of the Bankruptcy Court |
10 | Certain real estate taxes are passed through to the Debtor from their landlords. These real estate taxes for the period 11/24/08 through 11/30/08 are past due. |
12 | Pursuant to Orders of the Bankruptcy Court, the debtor has paid certain pre-petition taxes such as sales taxes. |
15 | The Debtor entered into a debtor in possession revolving credit facility on Nov. 25, 2008 and drew on the facility during the period covered by this report |
16 | The Debtor is awaiting corrected invoices from the UST for the period ended December 2008 and will propmtly pay upon receipt |
FORM MOR-7
2/2008
PAGE 1 OF 1