Exhibit 99.1
Gary T. Holtzer
Sylvia Mayer
WEIL, GOTSHAL & MANGES LLP
767 Fifth Avenue
New York, New York 10153
Telephone: (212) 310-8000
Facsimile: (212) 310-8007
Attorneys for Debtors
and Debtors in Possession
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
--------------------------------------------------------------- | x |
|
| : |
|
In re | : | Chapter 11 |
| : |
|
LodgeNet Interactive Corporation, et al., (1) | : | Case No. 13 — 10238 (SCC) |
| : |
|
Debtors. | : | (Jointly Administered) |
| : |
|
--------------------------------------------------------------- | x |
|
MONTHLY OPERATING REPORT FOR THE
PERIOD JANUARY 28, 2013 THROUGH FEBRUARY 28, 2013
(1) The Debtors, together with the last four digits of each Debtor’s federal tax identification number, are: LodgeNet Interactive Corporation (1161), LodgeNet StayOnline, Inc. (3232), On Command Corporation (5194), The Hotel Networks, Inc. (4919), On Command Video Corporation (8458), Puerto Rico Video Entertainment Corporation (6786), Virgin Islands Video Entertainment Corporation (6611), Spectradyne International, Inc. (9353), LodgeNet Healthcare, Inc. (0337), Hotel Digital Network, Inc. (7245), and LodgeNet International, Inc. (2811).
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
In re LodgeNet Interactive Corporation., et al., | Case No.: 13-10238 |
Debtors. | Reporting Period: January 28, 2013 to February 28, 2013 |
MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS |
| Document |
| Explanation |
| Affidavit/Supplement |
|
Schedule of Cash Receipts and Disbursements |
| X |
|
|
|
|
|
Bank Reconciliation (or copies of debtor’s bank reconciliations) |
| X |
|
|
|
|
|
Statement of Operations |
| X |
|
|
|
|
|
Balance Sheet |
| X |
|
|
|
|
|
Schedule of Estimated Trustee Fees |
| X |
|
|
|
|
|
Debtor Questionnaire |
| X |
|
|
|
|
|
This Monthly Operating Report has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases and is in a format and contains information acceptable to the United States Trustee.
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
/s/ Frank Elsenbast |
| 3/15/13 |
Signature of Authorized Individual |
| Date |
|
|
|
|
|
|
Frank Elsenbast |
| CFO / Co-CEO |
Printed Name of Authorized Individual |
| Title of Authorized Individual |
GENERAL NOTES TO JANUARY/FEBRUARY
MONTHLY OPERATING REPORT
In re LodgeNet Interactive Corporation., et al., | Case No.: 13-10238 |
Debtors. | Reporting Period: January 28, 2013 to February 28, 2013 |
Chapter 11 Cases and Proceedings
On January 27, 2013, LodgeNet Interactive Corporation and its affiliated debtors in the above referenced cases, as debtors and debtors in possession (collectively, the “Debtors”), each commenced a voluntary case under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Court”). The Debtors continue to operate their businesses as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. The Debtors’ primary business consists of providing interactive media and connectivity services to the hospitality and healthcare industries.
Also on January 27, 2013 (the “Petition Date”), the Debtors filed the Amended Plan of Reorganization of LodgeNet Interactive Corporation, et al, Under Chapter 11 of the United States Bankruptcy Code [ECF No. 4] (the “Plan”) and a disclosure statement relating thereto [ECF No. 5] (the “Disclosure Statement”). The Debtors had commenced solicitation of votes from holders of claims entitled to vote on the Plan prior to the Petition Date. The deadline for submission of votes expired on February 5, 2013. The Plan was unanimously accepted by holders of claims that voted on the Plan.
On March 7, 2013, the Bankruptcy Court held a hearing at which it approved the Disclosure Statement and confirmed the Plan. An order confirming the Plan was entered in March 7, 2013, [ECF No. 220]. The effective date of the Plan has not yet occurred.
Basis of Presentation
The unaudited financial statements included in this Monthly Operating Report have been prepared in conformity with accounting principles generally accepted in the United States of America on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities and commitments in the normal course of business.
These financial statements are prepared on a consolidated basis.
In re: |
| LodgeNet Interactive Corporation, et al. |
| Case No. |
| 13-10238 (SCC) |
|
| Debtor |
| Reporting Period: |
| January 28, 2013 to February 28, 2013 |
LodgeNet Interactive Corporation
Liquidity Report
|
| Actual |
| Actual |
|
Period Ending |
| 1-Feb |
| 1-Mar |
|
USD $’000s |
| 2013 |
| 2013 |
|
|
|
|
|
|
|
Beginning Cash Available |
| 9,875 |
| 16,490 |
|
|
|
|
|
|
|
Cash Receipts: |
|
|
|
|
|
Revolver Draw |
| — |
| — |
|
Sales Receipts - U.S. |
| 7,006 |
| 21,540 |
|
Sales Receipts - Canada |
| 300 |
| 300 |
|
Total Cash Receipts |
| 7,306 |
| 21,840 |
|
|
|
|
|
|
|
Cash Disbursements: |
|
|
|
|
|
Operating: |
|
|
|
|
|
AP Check Run (trade, opex) |
| 204 |
| 2,303 |
|
Payroll & Fringes |
| — |
| 3,648 |
|
Taxes |
| 419 |
| 1,092 |
|
Capex and For Sale Inventory |
| 68 |
| 253 |
|
Total Operating |
| 691 |
| 7,297 |
|
|
|
|
|
|
|
Restructuring: |
|
|
|
|
|
Professional Fees |
| — |
| — |
|
Colony Professional Fees |
| — |
| 482 |
|
Colony Commitment Fee |
| — |
| — |
|
Pre-Filing Disbursements |
| — |
| — |
|
Interim Claims Disbursements |
| — |
| — |
|
Adequate Assurance |
| — |
| 31 |
|
Total Restructuring |
| — |
| 513 |
|
|
|
|
|
|
|
Financing: |
|
|
|
|
|
Interest |
| — |
| — |
|
Revolver Paydown |
| — |
| — |
|
Term Loan Paydown |
| — |
| — |
|
Owned Portion of Term Loan |
| — |
| — |
|
Total Financing |
| — |
| — |
|
|
|
|
|
|
|
Total Cash Disbursements |
| 691 |
| 7,809 |
|
|
|
|
|
|
|
Net Cash Flow |
| 6,615 |
| 14,031 |
|
|
|
|
|
|
|
Ending Cash (Before DIP Financing) |
| 16,490 |
| 30,521 |
|
|
|
|
|
|
|
DIP Financing |
|
|
|
|
|
Cumulative Draw on DIP Loan |
| — |
| — |
|
Less: Cumulative DIP Loan Interest/Fees |
| (667 | ) | (667 | ) |
Ending Balance After DIP Financing and Expenses |
| 15,823 |
| 29,854 |
|
Notes:
Ending balances shown for week ending periods consistent with Company’s internal reporting. See schedule on MOR-1.b for detail bridging to month ending cash balances on the balance sheet included in MOR-3.
In re: LodgeNet Interactive Corporation, et al. |
| Case No. |
| 13-10238 (SCC) |
Debtor |
| Reporting Period: |
| January 28, 2013 to February 28, 2013 |
LodgeNet Interactive Corporation
Bank Reconciliations
|
| US Bank |
| US Bank |
| First Premier Bank |
| First Premier Bank |
| US Bank |
| Wells Fargo |
| US Bank |
| Banamex |
| Mexico Petty |
| Total Cash Per |
|
January |
| GL Acct #1064 |
| GL Acct #1026 |
| GL Acct #1004 |
| GL Acct #1017 |
| GL Acct #1018 |
| GL Acct #1028 |
| GL Acct #1019 |
| GL Acct #1060 |
| GL Acct #1065 |
| Books |
|
Balance per Books |
| 6,887.07 |
| 12,064,094.50 |
| 2,613,188.85 |
| 116.31 |
| — |
| 99,939.28 |
| 875.88 |
| (30,284.84 | ) | 275.10 |
| 14,755,092.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Balance |
| 6,887.07 |
| 12,064,094.50 |
| 2,800,087.74 |
| 116.62 |
| 90,174.68 |
| 99,939.28 |
| 2,934.47 |
| 23,968.31 |
|
|
|
|
|
(+) Deposits in Transit (Attach List): |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
(-)Outstanding Checks (Attach List): |
| — |
| — |
| 186,898.89 |
| — |
| 90,174.68 |
| — |
| 2,336.59 |
| 23,179.96 |
|
|
|
|
|
Other (Attach Explanation) |
| — |
| — |
| — |
| (0.31 | ) | — |
| — |
| 278.00 |
| (31,073.19 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Bank Balance |
| 6,887.07 |
| 12,064,094.50 |
| 2,613,188.85 |
| 116.31 |
| — |
| 99,939.28 |
| 875.88 |
| (30,284.84 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| US Bank |
| US Bank |
| First Premier Bank |
| First Premier Bank |
| US Bank |
| Wells Fargo |
| US Bank |
|
|
| Mexico Petty |
|
|
|
February |
| GL Acct #1064 |
| GL Acct #1026 |
| GL Acct #1004 |
| GL Acct #1017 |
| GL Acct #1018 |
| GL Acct #1028 |
| GL Acct #1019 |
| GL Acct #1060 |
| GL Acct #1065 |
|
|
|
Balance per Books |
| 6,887.07 |
| 29,331,820.18 |
| 209,878.82 |
| 1,163.83 |
| — |
| 99,924.27 |
| 5,422.67 |
| 78,846.37 |
| 272.65 |
| 29,734,215.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Balance |
| 6,887.07 |
| 29,331,820.18 |
| 979,144.50 |
| 1,163.83 |
| 614,796.66 |
| 99,924.27 |
| 5,585.48 |
| 130,691.83 |
|
|
|
|
|
(+) Deposits in Transit (Attach List): |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
| — |
|
|
|
|
|
(-)Outstanding Checks (Attach List): |
| — |
| — |
| 769,265.68 |
| — |
| 641,932.86 |
| — |
| 162.81 |
| 19,939.74 |
|
|
|
|
|
Other (Attach Explanation) |
| — |
| — |
| — |
| — |
| 27,136.20 |
| — |
| — |
| (31,905.72 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Bank Balance |
| 6,887.07 |
| 29,331,820.18 |
| 209,878.82 |
| 1,163.83 |
| — |
| 99,924.27 |
| 5,422.67 |
| 78,846.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bridge to MOR-1 Cash Receipts & Disbursements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
January 31st balance per books |
|
|
| 14,755,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico not included |
|
|
| 30,010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 1st receipts |
|
|
| 1,128,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 1st wire to MGM |
|
|
| (90,000 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Misc |
|
|
| (170 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Week ending February 1st |
|
|
| 15,822,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28th balance per books |
|
|
| 29,734,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mexico not included |
|
|
| (79,119 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 1st receipts |
|
|
| 797,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 1st check run |
|
|
| (4,982 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 1st tax payments |
|
|
| (592,504 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Misc |
|
|
| (1,124 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Week ending March 1st |
|
|
| 29,853,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In re: | LodgeNet Interactive Corporation, et al. | Case No. | 13-10238 (SCC) |
| Debtor | Reporting Period: | January 28, 2013 to February 28, 2013 |
LodgeNet Interactive Corporation
Statement of Operations - UNAUDITED
(Dollar amounts in thousands)
|
| January 28-31* |
| February |
| Filing To Date |
| |||
Revenue |
|
|
|
|
|
|
| |||
Interactive & Media Networks |
|
|
|
|
|
|
| |||
Movies |
| $ | 1,255 |
| $ | 11,371 |
| $ | 12,626 |
|
Other GE |
| 62 |
| 525 |
| 587 |
| |||
Mobile |
| — |
| 2 |
| 2 |
| |||
Satellite |
| 15 |
| 117 |
| 132 |
| |||
VOD |
| 22 |
| 145 |
| 167 |
| |||
Hotel Systems & Services |
|
|
|
|
|
|
| |||
TV Programming |
| 1,186 |
| 9,206 |
| 10,392 |
| |||
Professional Solutions |
| 65 |
| 879 |
| 944 |
| |||
FTG System Sales |
| 55 |
| 820 |
| 875 |
| |||
Envision |
| 14 |
| 116 |
| 130 |
| |||
Other System Sales & Serv |
| 170 |
| 1,302 |
| 1,472 |
| |||
Broadband Solutions |
|
|
|
|
|
|
| |||
Recurring |
| 89 |
| 662 |
| 751 |
| |||
System Sales & Related |
| — |
| 114 |
| 114 |
| |||
Healthcare |
|
|
|
|
|
|
| |||
Recurring |
| 55 |
| 433 |
| 488 |
| |||
System Sales & Related |
| 1 |
| 24 |
| 25 |
| |||
Total Revenue |
| $ | 2,989 |
| $ | 25,716 |
| $ | 28,705 |
|
|
|
|
|
|
|
|
| |||
Direct Costs |
|
|
|
|
|
|
| |||
Interactive & Media Networks |
|
|
|
|
|
|
| |||
Movies |
| $ | 549 |
| $ | 5,181 |
| $ | 5,730 |
|
Other GE |
| 43 |
| 340 |
| 383 |
| |||
Mobile |
| 1 |
| 5 |
| 6 |
| |||
Satellite |
| 6 |
| 46 |
| 52 |
| |||
VOD |
| 2 |
| 14 |
| 16 |
| |||
Hotel Systems & Services |
|
|
|
|
|
|
| |||
TV Programming |
| 993 |
| 7,759 |
| 8,752 |
| |||
Professional Solutions |
| 24 |
| 460 |
| 484 |
| |||
FTG System Sales |
| 43 |
| 666 |
| 709 |
| |||
Envision |
| 1 |
| 5 |
| 6 |
| |||
Other System Sales & Serv |
| 115 |
| 875 |
| 990 |
| |||
Broadband Solutions |
|
|
|
|
|
|
| |||
Recurring |
| 86 |
| 633 |
| 719 |
| |||
System Sales & Related |
| — |
| 113 |
| 113 |
| |||
Healthcare |
|
|
|
|
|
|
| |||
Recurring |
| 29 |
| 207 |
| 236 |
| |||
System Sales & Related |
| 1 |
| 18 |
| 19 |
| |||
Total Direct Costs |
| $ | 1,893 |
| $ | 16,322 |
| $ | 18,215 |
|
|
|
|
|
|
|
|
| |||
Total Gross Profit |
| $ | 1,096 |
| $ | 9,394 |
| $ | 10,490 |
|
|
|
|
|
|
|
|
| |||
LodgeNet Interactive Corporation
Statement of Operations - UNAUDITED
(Dollar amounts in thousands)
|
| January 28-31* |
| February |
| Filing To Date |
| |||
Total Gross Profit |
| $ | 1,096 |
| $ | 9,394 |
| $ | 10,490 |
|
|
|
|
|
|
|
|
| |||
Operating Expenses |
|
|
|
|
|
|
| |||
Employee Compensation |
| 495 |
| 3,288 |
| 3,783 |
| |||
Business Travel |
| 26 |
| 201 |
| 227 |
| |||
Telephone & Data Communications |
| 12 |
| 86 |
| 98 |
| |||
Freight & Postage |
| 10 |
| 96 |
| 106 |
| |||
Supplies & Equipment |
| 5 |
| 31 |
| 36 |
| |||
Trade Shows & Product Development |
| 1 |
| 27 |
| 28 |
| |||
Site Surveys |
| 1 |
| 5 |
| 6 |
| |||
Marketing |
| 4 |
| 5 |
| 9 |
| |||
Service & Repairs |
| 5 |
| 46 |
| 51 |
| |||
Facilities Expense |
| 63 |
| 499 |
| 562 |
| |||
Employee Recruiting |
| 1 |
| 2 |
| 3 |
| |||
Training & Education |
| — |
| — |
| — |
| |||
Public Relations |
| 4 |
| 16 |
| 20 |
| |||
Research & Development |
| 1 |
| 13 |
| 14 |
| |||
Corporate Taxes |
| 1 |
| 1 |
| 2 |
| |||
Business Insurance |
| 10 |
| 77 |
| 87 |
| |||
Professional Fees |
| 33 |
| 165 |
| 198 |
| |||
Sub Contractor Costs |
| 5 |
| 28 |
| 33 |
| |||
Content Distribution Costs |
| 21 |
| 164 |
| 185 |
| |||
Other Costs |
| 15 |
| 119 |
| 134 |
| |||
|
|
|
|
|
|
|
| |||
Depreciation & Amortization |
| 502 |
| 4,138 |
| 4,640 |
| |||
|
|
|
|
|
|
|
| |||
Reorganization |
| 66 |
| 521 |
| 587 |
| |||
|
|
|
|
|
|
|
| |||
Interest Expense |
| 329 |
| 2,305 |
| 2,634 |
| |||
|
|
|
|
|
|
|
| |||
Other |
| 2,730 |
| 1,047 |
| 3,777 |
| |||
|
|
|
|
|
|
|
| |||
Taxes |
| 8 |
| 52 |
| 60 |
| |||
|
|
|
|
|
|
|
| |||
Net Income (Loss) |
| $ | (3,252 | ) | $ | (3,538 | ) | $ | (6,790 | ) |
Notes:
* Certain amounts were prorated to arrive at the balances presented for the time frame of January 28th through January 31st.
Unaudited statements prepared in accordance with GAAP.
In re: | LodgeNet Interactive Corporation, et al. | Case No. | 13-10238 (SCC) |
| Debtor | Reporting Period: | January 28, 2013 to February 28, 2013 |
LodgeNet Interactive Corporation
Balance Sheet - UNAUDITED
|
| February 28, |
| January 31, |
| January 27, |
| |||
|
| 2013* |
| 2013 |
| 2013 |
| |||
ASSETS |
|
|
|
|
|
|
| |||
Current Assets: |
|
|
|
|
|
|
| |||
Cash & Cash Equivalents |
| $ | 29,734,216 |
| $ | 14,755,092 |
| $ | 9,844,725 |
|
Accounts Receivable |
| 39,482,004 |
| 37,181,092 |
| 40,237,668 |
| |||
Allowance for Doubtful Accounts |
| (71,877 | ) | (44,545 | ) | (38,478 | ) | |||
Other Current Assets |
| 8,916,936 |
| 9,123,926 |
| 9,850,150 |
| |||
Total Current Assets |
| 78,061,279 |
| 61,015,565 |
| 59,894,065 |
| |||
|
|
|
|
|
|
|
| |||
Property & Equipment |
|
|
|
|
|
|
| |||
Land, building and equipment |
| 109,786,375 |
| 109,814,128 |
| 110,240,011 |
| |||
Hotel systems |
| 506,440,873 |
| 510,248,515 |
| 509,976,702 |
| |||
Accumulated Depreciation |
| (521,637,695 | ) | (523,458,310 | ) | (523,063,111 | ) | |||
Total Property & Equipment |
| 94,589,553 |
| 96,604,333 |
| 97,153,602 |
| |||
|
|
|
|
|
|
|
| |||
Other Assets: |
|
|
|
|
|
|
| |||
Intercompany Receivables (Payable) |
| 373,904 |
| 327,670 |
| 321,103 |
| |||
Debt Issuance Costs, Net |
| 8,134,921 |
| 7,357,147 |
| 7,357,147 |
| |||
Investment in Subsidiaries |
| 6,213,830 |
| 6,213,830 |
| 6,213,830 |
| |||
Other Assets, Net |
| 6,270,117 |
| 6,454,434 |
| 6,540,449 |
| |||
Software Development Assets, Net |
| 1,031,912 |
| 1,032,731 |
| 1,037,726 |
| |||
Intangible Assets, Net |
| 77,047,838 |
| 77,527,697 |
| 77,594,758 |
| |||
Goodwill |
| 7,466,333 |
| 7,466,333 |
| 7,466,333 |
| |||
Total Other Assets |
| 106,538,855 |
| 106,379,842 |
| 106,531,346 |
| |||
Total Assets |
| $ | 279,189,687 |
| $ | 263,999,740 |
| $ | 263,579,013 |
|
|
|
|
|
|
|
|
| |||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
| |||
Current Liabilities: |
|
|
|
|
|
|
| |||
Accounts Payable |
| $ | 17,852,364 |
| $ | 1,707,448 |
| $ | — |
|
Accounts Payable Subject to Compromise |
| 62,720,757 |
| 63,068,227 |
| 63,142,988 |
| |||
Accrued Compensation |
| 3,027,283 |
| 3,012,953 |
| 2,017,733 |
| |||
Accrued Taxes |
| 5,975,875 |
| 5,152,148 |
| 4,965,979 |
| |||
Accrued Interest |
| 13,085,346 |
| 10,782,185 |
| 10,434,513 |
| |||
Accrued Other |
| 6,202,670 |
| 5,851,253 |
| 5,332,124 |
| |||
Current Portion of LT Debt |
| 346,622,638 |
| 346,622,638 |
| 346,622,638 |
| |||
Deferred Revenue |
| 17,054,681 |
| 17,490,974 |
| 17,563,278 |
| |||
Total Current Liabilities |
| 472,541,614 |
| 453,687,826 |
| 450,079,253 |
| |||
|
|
|
|
|
|
|
| |||
Long-Term Debt |
| 447,262 |
| 465,270 |
| 465,271 |
| |||
Other Long-Term Liabilities |
| 5,354,856 |
| 5,535,539 |
| 5,471,384 |
| |||
Total Liabilities |
| 478,343,732 |
| 459,688,635 |
| 456,015,908 |
| |||
|
|
|
|
|
|
|
| |||
Stockholders’ Equity |
|
|
|
|
|
|
| |||
Common Stock |
| 273,619 |
| 273,619 |
| 273,619 |
| |||
Preferred Stock |
| 505 |
| 505 |
| 505 |
| |||
Cumulative Translation Adjustment |
| (774,018 | ) | (846,944 | ) | (846,944 | ) | |||
Additional Paid-In Capital |
| 352,732,795 |
| 352,732,795 |
| 352,732,795 |
| |||
Additional Paid-In Capital - Preferred Stock |
| 31,301,378 |
| 31,301,378 |
| 31,301,378 |
| |||
Retained Earnings |
| (572,728,883 | ) | (572,728,883 | ) | (572,728,883 | ) | |||
Current Period Profit/ (Loss) |
| (9,959,441 | ) | (6,421,365 | ) | (3,169,365 | ) | |||
Total Stockholders’ Equity |
| (199,154,045 | ) | (195,688,895 | ) | (192,436,895 | ) | |||
Total Liabilities and Stockholders’ Equity |
| $ | 279,189,687 |
| $ | 263,999,740 |
| $ | 263,579,013 |
|
Notes:
* Certain amounts were prorated to arrive at the balances presented for the period ending January 27th.
Unaudited statements prepared in accordance with GAAP.
SCHEDULE OF ESTIMATED TRUSTEE FEES: LODGENET INTERACTIVE CORPORATION AND RELATED CASES
Case Number: |
| Debtor: |
| Estimated Disbursements:* |
| UST Fees: |
| ||
081-13-10237 |
| THE HOTEL NETWORKS, INC. |
| $ | — |
| $ | 325.00 |
|
081-13-10238 |
| LODGENET INTERACTIVE |
| $ | 60,912,739.46 |
| $ | 30,000.00 |
|
081-13-10239 |
| LODGENET STAYONLINE, INC. |
| $ | — |
| $ | 325.00 |
|
081-13-10240 |
| LODGENET INTERNATIONAL, INC. |
| $ | — |
| $ | 325.00 |
|
081-13-10241 |
| ON COMMAND CORPORATION |
| $ | — |
| $ | 325.00 |
|
081-13-10242 |
| ON COMMAND VIDEO CORPORATION |
| $ | — |
| $ | 325.00 |
|
081-13-10243 |
| HOTEL DIGITAL NETWORK, INC. |
| $ | — |
| $ | 325.00 |
|
081-13-10244 |
| PUERTO RICO VIDEO |
| $ | — |
| $ | 325.00 |
|
081-13-10245 |
| VIRGIN INSLANDS VIDEO |
| $ | — |
| $ | 325.00 |
|
081-13-10246 |
| SPECTRADYNE INTERNATIONAL, INC |
| $ | — |
| $ | 325.00 |
|
081-13-10247 |
| LODGENET HEALTHCARE, INC. |
| $ | — |
| $ | 325.00 |
|
|
| GRAND TOTALS: |
| $ | 60,912,739.46 |
| $ | 33,250.00 |
|
*Disbursements over 13 week period from Dec. 1 - Mar. 1 were used to estimate disbursments for the future quarter upon which UST fees will be calculated.
DEBTOR QUESTIONNAIRE
|
| Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed |
| 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 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 |
NOTES:
(3) |
| As a result of the inability to pay pre-petition taxes, we were late filing the company’s January 2013 sales and use tax returns. A portion of these returns represented post-petition taxes. These have since been paid, and we are no longer delinquent in any respect. |
|
|
|
(6) |
| Payments were made on pre-petition amounts as allowed under the Foreign Creditors, Insurance, Wages and Taxes motions in the amounts of $6K, $63K, $353K and $865K respectively. |
|
|
|
(12) |
| Payments totaling $865K were made towards pre-petition taxes during the period. |
|
|
|
(15) |
| DIP financing secured but undrawn to date. |