UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re Palm Harbor Homes, Inc., et. al. | | Case No. 10-13849 to 10-13854 |
| Debtors | | Reporting Period: 11/30/2010 - 12/24/2010 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 30 days after end of month.
Submit copy of report to any official committee appointed in the case.
| | | Document | Explanation | Affidavit/Supplement |
| REQUIRED DOCUMENTS | Form No. | Attached | Attached | Attached |
| Schedule of Cash Receipts and Disbursements | MOR-1 | Yes | No | No |
| Bank Reconciliation (or copies of debtor's bank reconciliations) | MOR-1a | No | No | Yes |
| Schedule of Professional Fees Paid | MOR-1b | Yes | No | No |
| Copies of bank statements | | No | No | No |
| Cash disbursements journals | | No | No | No |
| Statement of Operations | MOR-2 | Yes | No | No |
| Balance Sheet | MOR-3 | Yes | No | No |
| Status of Postpetition Taxes | MOR-4 | No | No | Yes |
| Copies of IRS Form 6123 or payment receipt | | No | No | No |
| Copies of tax returns filed during reporting period | | No | No | No |
| Summary of Unpaid Postpetition Debts | MOR-4 | Yes | No | No |
| Listing of aged accounts payable | MOR-4 | Yes | No | No |
| Accounts Receivable Reconciliation and Aging | MOR-5 | Yes | No | No |
| Debtor Questionnaire | MOR-5 | Yes | No | No |
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 Joint Debtor | | Date | | |
| | | | | |
| /s/ Brian Cejka | | 1/28/2011 | | |
| Signature of Authorized Individual* | | Date | | |
| | | | | |
| Brian E. Cejka | | Chief Restructuring Officer | | |
| Printed Name of Authorized Individual | | Title 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.
MOR
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (MOR-1)
| ('000 USD) | | Current Month - Actual | | | Current Month - Actual | | | Current Month - Actual | | | Current Month - Actual | | | Current Month - Actual | | | Current Month - Actual | | | Current Month - Actual | | | | |
| Case No. | | 10-13850 | | | 10-13849 | | | 10-13854 | | | 10-13851 | | | 10-13852 | | | 10-13853 | | | | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | | | | Total | | | Budget | |
| Debtor Name | | Palm Harbor Homes, Inc. | | | Palm Harbor Albemarle, LLC | | | Nationwide Homes, Inc. | | | Palm Harbor Real Estate, LLC | | | Palm Harbor GenPar, LLC | | | Palm Harbor Manufacturing, LP | | | Debtors Consolidated | | | Debtors Consolidated | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CASH BEGINNING OF THE MONTH | | $ | 3,488.28 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 3,488.28 | | | $ | 3,503.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| RECEIPTS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Accounts Receivable | | | 7,410.51 | | | | - | | | | 678.14 | | | | - | | | | - | | | | 4,401.90 | | | | 12,490.55 | | | | - | |
| Receipts from Non-Debtor Subsidiaries | | | 245.00 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 245.00 | | | | - | |
| Other | | | 59.64 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 59.64 | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| TOTAL RECEIPTS | | | 7,715.15 | | | | - | | | | 678.14 | | | | - | | | | - | | | | 4,401.90 | | | | 12,795.19 | | | | 10,667.75 | |
| DISBURSEMENTS (NOTE 2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Materials Purchases | | | (4,536.15 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (4,536.15 | ) | | | - | |
| Transportation and Subcontractors | | | (1,378.73 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,378.73 | ) | | | | |
| Other Vendor Payments (Note 3) | | | (2,048.14 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (2,048.14 | ) | | | | |
| Payroll and Payroll Taxes | | | (4,325.57 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (4,325.57 | ) | | | - | |
| EFT's to 401K Accounts | | | (215.54 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (215.54 | ) | | | - | |
| Self Insurance | | | (744.82 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (744.82 | ) | | | - | |
| Sales Taxes Paid | | | (438.72 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (438.72 | ) | | | - | |
| Other Taxes Paid | | | (2.60 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (2.60 | ) | | | - | |
| Bank Fees | | | (16.57 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (16.57 | ) | | | - | |
| Utility Assurance Deposit | | | (225.00 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (225.00 | ) | | | - | |
| Other Disbursements | | | (66.91 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (66.91 | ) | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| TOTAL DISBURSEMENTS | | | (13,998.75 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (13,998.75 | ) | | | (18,835.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| DIP FACILITY ACCOUNT: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net DIP Facility Funding | | | 5,329.40 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 5,329.40 | | | | 5,664.13 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| NET CASH FLOW | | | (954.20 | ) | | | - | | | | 678.14 | | | | - | | | | - | | | | 4,401.90 | | | | 4,125.84 | | | | (2,503.14 | ) |
| (Receipts Less Disbursements) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| INTERCOMPANY EFT'S | | | 5,064.97 | | | | - | | | | (663.07 | ) | | | - | | | | - | | | | (4,401.90 | ) | | | - | | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CASH-END OF MONTH | | $ | 7,599.04 | | | $ | - | | | $ | 15.07 | | | $ | - | | | $ | - | | | $ | - | | | $ | 7,614.11 | | | $ | 1,000.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ROLL FORWARD | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| CASH BEGINNING OF THE MONTH | | $ | 3,488.28 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 3,488.28 | | | $ | 3,503.14 | |
| NET CASH FLOW | | | (954.20 | ) | | | - | | | | 678.14 | | | | - | | | | - | | | | 4,401.90 | | | | 4,125.84 | | | | (2,503.14 | ) |
| INTERCOMPANY EFT'S | | | 5,064.97 | | | | - | | | | (663.07 | ) | | | - | | | | - | | | | (4,401.90 | ) | | | - | | | | - | |
| CASH-END OF MONTH | | $ | 7,599.04 | | | $ | - | | | $ | 15.07 | | | $ | - | | | $ | - | | | $ | - | | | $ | 7,614.11 | | | $ | 1,000.00 | |
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
| Case No. | | 10-13850 | | | 10-13849 | | | 10-13854 | | | 10-13851 | | | 10-13852 | | | 10-13853 | | | Total | | | | |
| Debtor Name | | Palm Harbor Homes, Inc. | | | Palm Harbor Albemarle, LLC | | | Nationwide Homes, Inc. | | | Palm Harbor Real Estate, LLC | | | Palm Harbor GenPar, LLC | | | Palm Harbor Manufacturing, LP | | | Debtors Consolidated | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| TOTAL DISBURSEMENTS (Note 4) | | $ | (8,843.16 | ) | | $ | (36.99 | ) | | $ | (1,222.25 | ) | | $ | - | | | $ | - | | | $ | (3,896.35 | ) | | $ | (13,998.75 | ) | | | | |
NOTES
| 1) | Generally all disbursements for all Debtors are made out of a Corporate Concentration Account. Most locations have their own depository accounts with very limited disbursement authority. |
| 2) | MOR-1 Disbursements based on General Ledger activity |
| 3) | Includes smaller vendor categories such as utilities, customer deposit refunds, and rent. |
| 4) | All disbursements are from Palm Harbor Homes, Inc. bank accounts; disbursements by legal entity are allocated pro rata based on P&L expenses: |
| Accrual Based Expenses (MOR-2) | | | | | | | | | | | | | | | | | | | | | | | | |
| Cost of Goods Sold | | | 6,930.48 | | | | 38.31 | | | | 835.58 | | | | - | | | | - | | | | 4,459.32 | | | | 12,263.69 | | | | | |
| Operating Expenses | | | 3,821.09 | | | | 8.72 | | | | 720.03 | | | | - | | | | - | | | | 518.74 | | | | 5,068.58 | | | | | |
| Other Income/Expenses | | | 10.38 | | | | 0.25 | | | | 6.57 | | | | - | | | | - | | | | 1.96 | | | | 19.16 | | | | | |
| Reorganization Expenses | | | 540.70 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 540.70 | | | | | |
| Pro-Rata Expenses | | $ | 11,302.65 | | | $ | 47.28 | | | $ | 1,562.18 | | | $ | - | | | $ | - | | | $ | 4,980.02 | | | $ | 17,892.13 | | | | | |
Allocation of Centralized Disbursements (PHI is spread to all debtors) | | | 63.17 | % | | | 0.26 | % | | | 8.73 | % | | | 0.00 | % | | | 0.00 | % | | | 27.83 | % | | | 100.00 | % | | | | |
| Total Disbursements | | | (13,998.75 | ) | | | (13,998.75 | ) | | | (13,998.75 | ) | | | (13,998.75 | ) | | | (13,998.75 | ) | | | (13,998.75 | ) | | | (13,998.75 | ) | | | | |
| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | | $ | (8,843.16 | ) | | $ | (36.99 | ) | | $ | (1,222.25 | ) | | $ | - | | | $ | - | | | $ | (3,896.35 | ) | | $ | (13,998.75 | ) | | | | |
FORM MOR-1 (04/07)
Page 1 of 1
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
SUPPORT SCHEDULE TO MOR-1 (CASH-END OF MONTH BY DEBTOR COMPANY AND BANK ACCOUNT)
| (USD) | | | | | | | | | | |
| Debtor Name | | Case No. | | Bank | | Bank Account | | | CASH-END OF MONTH | |
| Wells Fargo Retail Depository Accounts | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945092286 | | | $ | (35,215 | ) |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4944449149 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275121 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4944449156 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275139 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275147 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275154 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275162 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275170 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275188 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275196 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275204 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275212 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275220 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275238 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275246 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275253 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275261 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275279 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275287 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275295 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275303 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275311 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275329 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275337 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4944449180 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275345 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4944449198 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275352 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275360 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275378 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4944449206 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275386 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275394 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275402 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275428 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275436 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945205672 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275444 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275451 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275469 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275477 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275501 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275519 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275543 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4945275667 | | | $ | - | |
| Palm Harbor Homes Inc. | | 10-13850 | | Wells Fargo | | | 4944449230 | | | $ | - | |
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
SUPPORT SCHEDULE TO MOR-1 (CASH-END OF MONTH BY DEBTOR COMPANY AND BANK ACCOUNT)
| (USD) | | | | | | | | | | |
| Debtor Name | | Case No. | | Bank | | Bank Account | | | CASH-END OF MONTH | |
| Other Retail Depository Accounts | | |
| Palm Harbor Homes Inc. | | | 10-13850 | | JPMorgan Chase | | | 645588328 | | | $ | 3,500 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Bank of America | | | 3750844681 | | | $ | 2,200 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Regions Bank | | | 4200108081 | | | $ | 4,050 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wachovia | | | 2000038468544 | | | $ | 2,774,977 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wachovia | | | 2000709873507 | | | $ | - | |
| Wells Fargo Manufacturing Accounts | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4030000087 | | | $ | (310,001 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275691 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4944335330 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4944335348 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4944335793 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275675 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275683 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275709 | | | $ | - | |
| Other Manufacturing Bank Accounts | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wachovia | | | 2000709948089 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wachovia | | | 2000038468531 | | | $ | - | |
| Construction Bank Account | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wachovia | | | 2000029862298 | | | $ | - | |
| Nationwide Depository Accounts | |
| Nationwide Custom Homes | | | 10-13854 | | Wells Fargo | | | 4121812192 | | | $ | 12,070 | |
| Nationwide Custom Homes | | | 10-13854 | | Bank of America | | | 10637832 | | | $ | - | |
| Nationwide Custom Homes | | | 10-13854 | | National Bank & Trust | | | 11510517 | | | $ | - | |
| Wells Fargo Disbursement and Operating Accounts | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768113 | | | $ | (631,579 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768121 | | | $ | (1,632,730 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768139 | | | $ | (253,722 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768147 | | | $ | (106,107 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768154 | | | $ | (318,446 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768162 | | | $ | (174,792 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768170 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4122003841 | | | $ | (441,229 | ) |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121768188 | | | $ | 8,415,473 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121807747 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121808364 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4123103426 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121852982 | | | $ | 66,732 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121771539 | | | $ | 8,825 | |
| Wells Fargo Trust Accounts | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121169130 | | | $ | 213,034 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275873 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275881 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275899 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275907 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275923 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4121798268 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275931 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4945275949 | | | $ | - | |
| Palm Harbor Homes Inc. | | | 10-13850 | | Wells Fargo | | | 4124916974 | | | $ | 11,500 | |
| Petty cash | |
| Nationwide Custom Homes | | | 10-13850 | | N/A | | | N/A | | | $ | 3,000 | |
| Palm Harbor Homes Inc. | | | 10-13850 | | N/A | | | N/A | | | $ | 2,573 | |
| Total | | | | | | | | | | | $ | 7,614,113 | |
NOTES
1) Negative ending cash balances are a result of timing differences within the Company's cash management system. These bank accounts are assumed to be funded from within the Company's centralized cash management system prior to disbursing funds to outside parties.
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
SUPPORT SCHEDULE TO MOR-1 (CASH-END OF MONTH BY DEBTOR COMPANY AND BANK ACCOUNT)
I declare under penalty of perjury (28 U.S.C. Section 1746) that this ending cash balance is true and correct to the best of my knowledge and belief.
| /s/ Brian Cejka | | | |
| Signature of Authorized Individual | | | |
| | | | |
| Brian E. Cejka | | Chief Restructuring Officer | |
| Printed Name of Authorized Individual | | Title of Authorized Individaul | |
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID (MOR-1b)
This schedule is to include all retained professional payments from case inception to current month.
(USD)
| | | | | Amount | | | | Check | | Amount Paid | | Year-To-Date | |
Payee | | Period Covered | | Approved | | Payor | | Number | | Date | | Fees | | Expenses | | Fees | | Expenses | |
| LOCKE LORD BISSELL & LIDDELL | | 11/30-12/24/10 | | $ | 0.00 | | Palm Harbor Homes, Inc | | ## | | N/A | | $ | - | | $ | - | | $ | - | | $ | - | |
| POLSINELLI SHUGART PC | | 11/30-12/24/10 | | $ | 0.00 | | Palm Harbor Homes, Inc | | ## | | N/A | | $ | - | | $ | - | | $ | - | | $ | - | |
| RAYMOND JAMES & ASSOC.,INC. | | 11/30-12/24/10 | | $ | 0.00 | | Palm Harbor Homes, Inc | | ## | | N/A | | $ | - | | $ | - | | $ | - | | $ | - | |
| ALVAREZ AND MARSAL NORTH AMERICA LLC | | 11/30-12/24/10 | | $ | 0.00 | | Palm Harbor Homes, Inc | | ## | | N/A | | $ | - | | $ | - | | $ | - | | $ | - | |
| BMC GROUP, INC | | 11/30-12/24/10 | | $ | 0.00 | | Palm Harbor Homes, Inc | | ## | | N/A | | $ | - | | $ | - | | $ | - | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
STATEMENT OF OPERATIONS (MOR-2)
(Income Statement)
| ('000 USD) | | | | | | | | | | | | | | | |
| Case No. | | 10-13850 | | 10-13849 | | 10-13854 | | 10-13851 | | 10-13852 | | 10-13853 | | | |
| | | Joint Admin Docket | | | | | | | | | | | | Total | |
| Debtor Name | | Palm Harbor Homes, Inc. | | Palm Harbor Albemarle, LLC | | Nationwide Homes, Inc. | | Palm Harbor Real Estate, LLC | | Palm Harbor GenPar, LLC | | Palm Harbor Manufacturing, LP | | Debtors Consolidated | |
| | | | | | | | | | | | | | | | | | | | | | |
| REVENUES | | | | | | | | | | | | | | | | | | | | | |
| Outside sales | | $ | 6,742.83 | | $ | - | | $ | 642.64 | | $ | - | | $ | - | | $ | 5,445.26 | | $ | 12,830.73 | |
| Less discounts | | | 111.59 | | | - | | | (26.00 | ) | | - | | | - | | | (215.49 | ) | | (129.90 | ) |
| Total sales and revenues | | | 6,854.42 | | | - | | | 616.64 | | | - | | | - | | | 5,229.77 | | | 12,700.83 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| COST OF GOODS SOLD | | | | | | | | | | | | | | | | | | | | | | |
| Material costs | | $ | 1,352.58 | | $ | - | | $ | 356.39 | | $ | - | | $ | - | | $ | 3,062.52 | | $ | 4,771.49 | |
| Labor costs | | | 410.69 | | | - | | | 153.14 | | | - | | | - | | | 765.12 | | | 1,328.95 | |
| Transportation | | | (1.68 | ) | | - | | | 74.47 | | | - | | | - | | | (73.79 | ) | | (1.00 | ) |
| Service expenses | | | 134.56 | | | 16.94 | | | 38.38 | | | - | | | - | | | 241.26 | | | 431.14 | |
| Insurance | | | 1,363.15 | | | 0.84 | | | 31.27 | | | - | | | - | | | 87.21 | | | 1,482.47 | |
| Overhead/other | | | 278.47 | | | 20.53 | | | 103.86 | | | - | | | - | | | 377.00 | | | 779.87 | |
| Retail cost of homes sold | | | 7,101.56 | | | - | | | 78.07 | | | - | | | - | | | - | | | 7,179.63 | |
| Eliminations | | | (3,708.85 | ) | | - | | | - | | | - | | | - | | | - | | | (3,708.85 | ) |
| Total cost of goods sold | | | 6,930.48 | | | 38.31 | | | 835.58 | | | - | | | - | | | 4,459.32 | | | 12,263.70 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Gross Margin | | | (76.05 | ) | | (38.31 | ) | | (218.95 | ) | | - | | | - | | | 770.44 | | | 437.13 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | | | | |
| Wages and salaries | | $ | 1,802.54 | | $ | - | | $ | 197.00 | | $ | - | | $ | - | | $ | 218.82 | | $ | 2,218.37 | |
| Benefit costs | | | 690.42 | | | 0.79 | | | 58.00 | | | - | | | - | | | 52.66 | | | 801.87 | |
| General liability and workers comp costs | | | 187.25 | | | (1.07 | ) | | 26.93 | | | - | | | - | | | 25.40 | | | 238.51 | |
| Rent | | | 213.21 | | | - | | | 11.06 | | | - | | | - | | | - | | | 224.27 | |
| Utilities | | | 97.07 | | | 0.25 | | | 26.01 | | | - | | | - | | | 25.16 | | | 148.49 | |
| Telephone | | | 63.10 | | | 1.40 | | | 9.93 | | | - | | | - | | | 12.49 | | | 86.92 | |
| Travel & entertainment | | | 53.97 | | | - | | | 15.45 | | | - | | | - | | | 7.89 | | | 77.31 | |
| Legal and professional | | | 170.20 | | | 0.07 | | | 3.45 | | | - | | | - | | | 4.74 | | | 178.47 | |
| Property insurance | | | 16.59 | | | 2.98 | | | 9.12 | | | - | | | - | | | 9.76 | | | 38.45 | |
| Property taxes | | | 106.33 | | | 2.00 | | | 6.79 | | | - | | | - | | | 38.50 | | | 153.62 | |
| Equipment rental | | | 31.19 | | | 2.05 | | | 11.57 | | | - | | | - | | | 21.46 | | | 66.28 | |
| Maintenance costs | | | 23.15 | | | - | | | 2.22 | | | - | | | - | | | 1.44 | | | 26.81 | |
| Advertising | | | 69.64 | | | - | | | 30.61 | | | - | | | - | | | 4.18 | | | 104.43 | |
| Debt issue costs | | | 27.54 | | | - | | | - | | | - | | | - | | | - | | | 27.54 | |
| Bank service charges | | | 40.34 | | | 0.20 | | | 0.36 | | | - | | | - | | | 0.60 | | | 41.50 | |
| Depreciation | | | 144.78 | | | - | | | 174.43 | | | - | | | - | | | 87.08 | | | 406.29 | |
| (Gain)/loss from sale of fixed assets | | | - | | | - | | | 128.27 | | | - | | | - | | | - | | | 128.27 | |
| Other (Note 1) | | | 83.76 | | | 0.04 | | | 8.82 | | | - | | | - | | | 8.54 | | | 101.16 | |
| Total operating expenses | | $ | 3,821.09 | | $ | 8.72 | | $ | 720.03 | | $ | - | | $ | - | | $ | 518.74 | | $ | 5,068.57 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Net profit (loss) before other income and expense | | $ | (3,897.14 | ) | $ | (47.03 | ) | $ | (938.98 | ) | $ | - | | $ | - | | $ | 251.71 | | $ | (4,631.44 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| OTHER INCOME/EXPENSES | | | | | | | | | | | | | | | | | | | | | | |
| Other income (Note 1) | | | (10.38 | ) | | (0.25 | ) | | (6.57 | ) | | - | | | - | | | (1.96 | ) | | (19.16 | ) |
| Interest, net | | | 128.68 | | | - | | | 0.57 | | | - | | | - | | | - | | | 129.25 | |
| Net profit (loss) before reorganization items | | $ | (4,015.44 | ) | $ | (46.78 | ) | $ | (932.98 | ) | $ | - | | $ | - | | $ | 253.66 | | $ | (4,741.54 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| REORGANIZATION ITEMS | | | | | | | | | | | | | | | | | | | | | | |
| Professional fees | | $ | 200.00 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 200.00 | |
| U.S. Trustee quarterly fees | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| Other reorganization expenses | | | 340.70 | | | - | | | - | | | - | | | - | | | - | | | 340.70 | |
| Total reorganization expenses | | $ | 540.70 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 540.70 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| Income Taxes | | | 16.59 | | | - | | | (16.20 | ) | | - | | | - | | | - | | | 0.38 | |
| Net income (loss) | | $ | (4,572.73 | ) | $ | (46.78 | ) | $ | (916.77 | ) | $ | - | | $ | - | | $ | 253.66 | | $ | (5,282.62 | ) |
| | | | | | | | | | | | | | | | | | | | | | | |
| Memo: | | | | | | | | | | | | | | | | | | | | | | |
| Interest, net | | $ | 128.68 | | $ | - | | $ | 0.57 | | $ | - | | $ | - | | $ | - | | $ | 129.25 | |
| Income taxes | | | 16.59 | | | - | | | (16.20 | ) | | - | | | - | | | - | | | 0.38 | |
| Depreciation | | | 144.78 | | | - | | | 174.43 | | | - | | | - | | | 87.08 | | | 406.29 | |
| EBITDA | | $ | (4,282.68 | ) | $ | (46.78 | ) | $ | (757.97 | ) | $ | - | | $ | - | | $ | 340.74 | | $ | (4,746.70 | ) |
| NOTES |
| 1) Supporting Schedules for Other Operating Expenses and Other income provided on MOR-2 Continuation Sheet. |
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13853 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
STATEMENT OF OPERATIONS (MOR-2 continuation sheet)
('000 USD)
| | | 10-13850 | | 10-13849 | | 10-13854 | | 10-13851 | | 10-13852 | | 10-13853 | | | |
| | | Joint Admin Docket | | | | | | | | | | | | Total | |
| Debtor Name | | Palm Harbor Homes, Inc. | | Palm Harbor Albemarle, LLC | | Nationwide Homes, Inc. | | Palm Harbor Real Estate, LLC | | Palm Harbor GenPar, LLC | | Palm Harbor Manufacturing, LP | | Debtors Consolidated | |
| | | | | | | | | | | | | | | | | | | | | | |
BREAKDOWN OF "OTHER" CATEGORY | | | | | | | | | | | | | | | | | | | | | |
Other operating expenses: | | | | | | | | | | | | | | | | | | | | | |
| Postage | | $ | 17.23 | | $ | 0.04 | | $ | 1.51 | | $ | - | | $ | - | | $ | 2.12 | | $ | 20.90 | |
| Office supllies | | | 11.75 | | | - | | | 2.94 | | | - | | | - | | | 0.69 | | | 15.37 | |
| Licensing costs | | | 15.74 | | | - | | | 1.37 | | | - | | | - | | | 0.85 | | | 17.95 | |
| Relocation | | | 7.50 | | | - | | | 0.71 | | | - | | | - | | | - | | | 8.21 | |
| Security costs | | | 4.61 | | | - | | | 0.11 | | | - | | | - | | | 4.89 | | | 9.60 | |
| SEC costs | | | 10.65 | | | - | | | - | | | - | | | - | | | - | | | 10.65 | |
| Misc taxes | | | 5.88 | | | - | | | - | | | - | | | - | | | - | | | 5.88 | |
| Misc SGA | | | 10.40 | | | - | | | 2.19 | | | - | | | - | | | - | | | 12.59 | |
| Total other operating | | $ | 83.76 | | $ | 0.04 | | $ | 8.82 | | $ | - | | $ | - | | $ | 8.54 | | $ | 101.16 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Other income: | | | | | | | | | | | | | | | | | | | | | | |
| Other income | | $ | (1.93 | ) | $ | (0.25 | ) | $ | (6.57 | ) | $ | - | | $ | - | | $ | (1.96 | ) | $ | (10.70 | ) |
| Gain on sales/leaseback transaction | | | (8.45 | ) | | - | | | - | | | - | | | - | | | - | | | (8.45 | ) |
| Total other income | | $ | (10.38 | ) | $ | (0.25 | ) | $ | (6.57 | ) | $ | - | | $ | - | | $ | (1.96 | ) | $ | (19.16 | ) |
FORM MOR-2 Continuation Sheet
Page 1 of 1
In re Palm Harbor Homes, Inc., et. al. Debtors | Case No. 10-13849 to 10-13854 Reporting Period: 11/30/2010 - 12/24/2010 |
BALANCE SHEET (MOR-3)
| ('000 USD) | | | | | | | | | | | | | | | | | | | | | |
| Case No. | | 10-13850 | | | 10-13849 | | | 10-13854 | | | 10-13851 | | | 10-13852 | | | 10-13853 | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | | | | Total | |
| Debtor Name | | Palm Harbor Homes, Inc. | | | Palm Harbor Albemarle, LLC | | | Nationwide Homes, Inc. | | | Palm Harbor Real Estate, LLC | | | Palm Harbor GenPar, LLC | | | Palm Harbor Manufacturing, LP | | | Debtors Consolidated | |
| Period Ending | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | |
| | | | | | | | | | | | | | | | | | | | | | |
| ASSETS | | | | | | | | | | | | | | | | | | | | | |
| Cash | | $ | 7,599.04 | | | $ | - | | | $ | 15.07 | | | $ | - | | | $ | - | | | $ | - | | | $ | 7,614.11 | |
| Restricted cash | | | 10,892.49 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 10,892.49 | |
| Trade accounts receivable | | | 5,633.52 | | | | - | | | | 266.23 | | | | - | | | | - | | | | 5,967.06 | | | | 11,866.81 | |
| Consumer loans receivable | | | 1,976.48 | | | | | | | | | | | | | | | | | | | | | | | | 1,976.48 | |
| Inventories | | | 45,739.43 | | | | - | | | | 3,909.11 | | | | - | | | | - | | | | 3,985.48 | | | | 53,634.01 | |
| Intercompany receivables (payables) - debtor companies | | | (77,027.64 | ) | | | - | | | | 8,125.51 | | | | - | | | | (8.73 | ) | | | 68,910.86 | | | | - | |
| Subordinated debentures CPM to PHH | | | 2,447.51 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 2,447.51 | |
| Investment in CountryPlace Acceptance Corp | | | 25,000.00 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 25,000.00 | |
| Investment in Nationwide Homes, Inc. | | | 7,835.65 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 7,835.65 | |
| Prepaid expenses | | | 653.93 | | | | - | | | | 18.46 | | | | - | | | | - | | | | - | | | | 672.40 | |
| Deferred tax asset | | | (296.99 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (296.99 | ) |
| Assets held for sale | | | 6,078.89 | | | | - | | | | (290.93 | ) | | | - | | | | - | | | | - | | | | 5,787.96 | |
| Other assets (Note 1) | | | 1,260.99 | | | | 1.90 | | | | 30.92 | | | | - | | | | - | | | | 56.42 | | | | 1,350.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| PROPERTY AND EQUIPMENT | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Land & improvements | | $ | 6,138.13 | | | $ | 766.31 | | | $ | 1,038.67 | | | $ | - | | | $ | - | | | $ | 3,967.12 | | | $ | 11,910.22 | |
| Buildings & improvements | | | 15,095.51 | | | | 1,990.10 | | | | 9,569.34 | | | | - | | | | - | | | | 10,290.55 | | | | 36,945.50 | |
| Machinery & equipment | | | 12,305.72 | | | | 1,881.94 | | | | 4,199.52 | | | | - | | | | - | | | | 10,158.19 | | | | 28,545.38 | |
| Office furn, fixt and computers | | | 7,169.65 | | | | 145.07 | | | | 698.46 | | | | - | | | | - | | | | 553.57 | | | | 8,566.75 | |
| Transportation equipment | | | 1,308.23 | | | | 144.95 | | | | 1,285.97 | | | | - | | | | - | | | | 3,747.11 | | | | 6,486.27 | |
| Construction in process | | | 131.60 | | | | - | | | | 15.29 | | | | - | | | | - | | | | (1.00 | ) | | | 145.89 | |
| Accumulated depreciation | | | (32,099.84 | ) | | | (3,615.91 | ) | | | (10,847.08 | ) | | | - | | | | - | | | | (22,571.33 | ) | | | (69,134.16 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| TOTAL PROPERTY AND EQUIPMENT | | $ | 10,048.99 | | | $ | 1,312.47 | | | $ | 5,960.17 | | | $ | - | | | $ | - | | | $ | 6,144.21 | | | $ | 23,465.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Goodwill | | | 1,706.53 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 1,706.53 | |
| TOTAL ASSETS | | $ | 49,548.82 | | | $ | 1,314.37 | | | $ | 18,034.54 | | | $ | - | | | $ | (8.73 | ) | | $ | 85,064.04 | | | $ | 153,953.04 | |
| 1) | Supporting Schedules for Other Assets, Accrued Taxes and Other Post-Petition Liabilities provided on MOR- 3 Continuation Sheet. |
In re Palm Harbor Homes, Inc., et. al. Debtors | Case No. 10-13849 to 10-13854 Reporting Period: 11/30/2010 - 12/24/2010 |
| ('000 USD) | | | | | | | | | | | | | | | | | | | | | |
| Case No. | | 10-13850 | | | 10-13849 | | | 10-13854 | | | 10-13851 | | | 10-13852 | | | 10-13853 | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | | | | Total | |
| Debtor Name | | Palm Harbor Homes, Inc. | | | Palm Harbor Albemarle, LLC | | | Nationwide Homes, Inc. | | | Palm Harbor Real Estate, LLC | | | Palm Harbor GenPar, LLC | | | Palm Harbor Manufacturing, LP | | | Debtors Consolidated | |
Period Ending | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | |
| LIABILITIES AND OWNER EQUITY | | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) | | | | | | | | | | | | | | | | | | | | | |
| Accounts payable (Note 2) | | $ | 954.77 | | | $ | 2.42 | | | $ | 42.01 | | | $ | - | | | $ | - | | | $ | 949.97 | | | $ | 1,949.18 | |
| Accounts payable - not invoiced | | | 415.22 | | | | 2.20 | | | | 420.70 | | | | - | | | | - | | | | 148.56 | | | | 986.67 | |
| DIP financing | | | 40,429.75 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 40,429.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| TOTAL POSTPETITION LIABILITIES (Note 3) | | $ | 41,799.75 | | | $ | 4.62 | | | $ | 462.70 | | | $ | - | | | $ | - | | | $ | 1,098.53 | | | $ | 43,365.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Pre-petition accounts payable | | $ | 9,281.87 | | | $ | 31.30 | | | $ | 3,134.88 | | | $ | - | | | $ | - | | | $ | 7,442.65 | | | $ | 19,890.70 | |
| Accrued wages and benefits | | | 1,775.81 | | | | 6.80 | | | | 453.11 | | | | - | | | | - | | | | 1,154.64 | | | | 3,390.35 | |
| Accrued expenses on homes sold | | | 2,686.01 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 2,686.01 | |
| Customer deposits | | | 4,746.75 | | | | - | | | | 720.62 | | | | - | | | | - | | | | 1.50 | | | | 5,468.87 | |
| Accrued legal and professional fees | | | 1,725.39 | | | | - | | | | 82.97 | | | | - | | | | - | | | | 5.40 | | | | 1,813.76 | |
| Accrued warranty | | | (1,199.09 | ) | | | 651.05 | | | | 431.80 | | | | - | | | | - | | | | 2,070.48 | | | | 1,954.24 | |
| Accrued insurance | | | 4,763.70 | | | | 32.23 | | | | (599.24 | ) | | | - | | | | - | | | | - | | | | 4,196.69 | |
| Accrued sales incentive | | | 1,637.90 | | | | 95.91 | | | | 60.83 | | | | - | | | | - | | | | 2,315.64 | | | | 4,110.28 | |
| Accrued interest | | | 813.47 | | | | | | | | 18.10 | | | | - | | | | - | | | | - | | | | 831.57 | |
| Accrued taxes (Note 1) | | | 173.29 | | | | (7.32 | ) | | | 77.02 | | | | - | | | | - | | | | 58.72 | | | | 301.71 | |
| Gain on sale-leaseback transaction | | | 852.37 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 852.37 | |
| Deferred revenue | | | 753.11 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 753.11 | |
| Other liabilities (Note 1) | | | 484.39 | | | | 22.16 | | | | 241.74 | | | | - | | | | - | | | | 63.38 | | | | 811.67 | |
| Unsecured debt - convertible senior notes | | | 51,917.94 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 51,917.94 | |
| Intercompany payables - nondebtor companies | | | 65,068.97 | | | | - | | | | - | | | | - | | | | - | | | | 46.17 | | | | 65,115.14 | |
| Debt discount - Virgo debt | | | (1,059.46 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (1,059.46 | ) |
| TOTAL PRE-PETITION LIABILITIES (Note 3) | | $ | 144,422.41 | | | $ | 832.13 | | | $ | 4,621.84 | | | $ | - | | | $ | - | | | $ | 13,158.57 | | | $ | 163,034.95 | |
| TOTAL LIABILITIES | | $ | 186,222.16 | | | $ | 836.75 | | | $ | 5,084.54 | | | $ | - | | | $ | - | | | $ | 14,257.10 | | | $ | 206,400.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| STOCKHOLDER'S EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common stock | | $ | 238.08 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 238.08 | |
| Additional paid in capital | | | 70,219.80 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 70,219.80 | |
| Treasury stock | | | (13,979.81 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (13,979.81 | ) |
| Retained earnings - Pre-Petition | | | (188,582.79 | ) | | | 524.40 | | | | 13,866.77 | | | | - | | | | (8.73 | ) | | | 70,553.27 | | | | (103,647.08 | ) |
| Retained earnings - Postpetition | | | (4,572.73 | ) | | | (46.78 | ) | | | (916.77 | ) | | | - | | | | - | | | | 253.66 | | | | (5,282.62 | ) |
| Accumulated other comprehensive income | | | 4.11 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 4.11 | |
| NET STOCKHOLDER'S EQUITY | | $ | (136,673.34 | ) | | $ | 477.62 | | | $ | 12,950.00 | | | $ | - | | | $ | (8.73 | ) | | $ | 70,806.93 | | | $ | (52,447.52 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| TOTAL LIABILITIES & STOCKHOLDER'S EQUITY | | $ | 49,548.82 | | | $ | 1,314.37 | | | $ | 18,034.54 | | | $ | - | | | $ | (8.73 | ) | | $ | 85,064.04 | | | $ | 153,953.04 | |
| 1) | Supporting Schedules for Other Assets, Accrued Taxes and Other Post-Petition Liabilities provided on MOR-3 Continuation Sheet. |
| 2) | The total post-petition A/P balance has been determined but the split among the entities is not certain. For purposes of this MOR, post-petition A/P was split based on the actual pro-rata split of pre-petition A/P. |
| 3) | The Company is in the process of segregating its accrued liabilities between pre and post petition periods and will include them in future operating reports once completed. |
In re Palm Harbor Homes, Inc., et. al. Debtors | Case No. 10-13849 to 10-13854 Reporting Period: 11/30/2010 - 12/24/2010 |
| BALANCE SHEET (MOR-3 continuation sheet) | | BALANCE SHEET - continuation sheet | |
| ('000 USD) | | | | | | | | | | | | | | | | | | | | | |
| Case No. | | 10-13850 | | | 10-13849 | | | 10-13854 | | | 10-13851 | | | 10-13852 | | | 10-13853 | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | | | | Total | |
| Debtor Name | | Palm Harbor Homes, Inc. | | | Palm Harbor Albemarle, LLC | | | Nationwide Homes, Inc. | | | Palm Harbor Real Estate, LLC | | | Palm Harbor GenPar, LLC | | | Palm Harbor Manufacturing, LP | | | Debtors Consolidated | |
| Period Ending | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | |
| | | | | | | | | | | | | | | | | | | | | | |
BREAKDOWN OF "OTHER" CATEGORY | | | | | | | | | | | | | | | | | | | | | |
Other assets: | | | | | | | | | | | | | | | | | | | | | |
| Notes receivable | | $ | 532.45 | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | 532.45 | |
| Vendor rebates | | | 305.88 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 305.88 | |
| Deposits | | | 300.69 | | | | - | | | | 7.43 | | | | - | | | | - | | | | - | | | | 308.12 | |
| Debt issue costs - senior notes | | | 138.31 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 138.31 | |
| Travel advances | | | 25.42 | | | | 1.90 | | | | 23.49 | | | | - | | | | - | | | | 58.74 | | | | 109.56 | |
| Other | | | (41.76 | ) | | | - | | | | - | | | | - | | | | - | | | | (2.32 | ) | | | (44.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total other assets | | $ | 1,260.99 | | | $ | 1.90 | | | $ | 30.92 | | | $ | - | | | $ | - | | | $ | 56.42 | | | $ | 1,350.23 | |
FORM MOR-3 Continuation Sheet
Page 1 of 3
In re Palm Harbor Homes, Inc., et. al. Debtors | Case No. 10-13849 to 10-13854 Reporting Period: 11/30/2010 - 12/24/2010 |
| BALANCE SHEET (MOR-3 continuation sheet) | | BALANCE SHEET - continuation sheet | |
| ('000 USD) | | | | | | | | | | | | | | | | | | | | | |
| Case No. | | 10-13850 | | | 10-13849 | | | 10-13854 | | | 10-13851 | | | 10-13852 | | | 10-13853 | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | | | | Total | |
| Debtor Name | | Palm Harbor Homes, Inc. | | | Palm Harbor Albemarle, LLC | | | Nationwide Homes, Inc. | | | Palm Harbor Real Estate, LLC | | | Palm Harbor GenPar, LLC | | | Palm Harbor Manufacturing, LP | | | Debtors Consolidated | |
| Period Ending | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | |
Taxes payable: | | | | | | | | | | | | | | | | | | | | | |
| Federal: | | | | | | | | | | | | | | | | | | | | | |
| Federal income taxes | | $ | (675.82 | ) | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | (675.82 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total federal taxes | | $ | (675.82 | ) | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | - | | | $ | (675.82 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
State and local: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| State income taxes | | | (32.71 | ) | | | - | | | | - | | | | - | | | | - | | | | - | | | | (32.71 | ) |
| Property taxes | | | 613.54 | | | | (3.68 | ) | | | 45.42 | | | | - | | | | - | | | | (4.76 | ) | | | 650.52 | |
| Sales & use tax | | | 268.28 | | | | (3.64 | ) | | | 31.60 | | | | - | | | | - | | | | 63.48 | | | | 359.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total state and local taxes | | $ | 849.11 | | | $ | (7.32 | ) | | $ | 77.02 | | | $ | - | | | $ | - | | | $ | 58.72 | | | $ | 977.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total taxes | | $ | 173.29 | | | $ | (7.32 | ) | | $ | 77.02 | | | $ | - | | | $ | - | | | $ | 58.72 | | | $ | 301.71 | |
FORM MOR-3 Continuation Sheet
Page 2 of 3
In re Palm Harbor Homes, Inc., et. al. Debtors | Case No. 10-13849 to 10-13854 Reporting Period: 11/30/2010 - 12/24/2010 |
| BALANCE SHEET (MOR-3 continuation sheet) | | BALANCE SHEET - continuation sheet | |
| ('000 USD) | | | | | | | | | | | | | | | | | | | | | |
| Case No. | | 10-13850 | | | 10-13849 | | | 10-13854 | | | 10-13851 | | | 10-13852 | | | 10-13853 | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | | | | Total | |
| Debtor Name | | Palm Harbor Homes, Inc. | | | Palm Harbor Albemarle, LLC | | | Nationwide Homes, Inc. | | | Palm Harbor Real Estate, LLC | | | Palm Harbor GenPar, LLC | | | Palm Harbor Manufacturing, LP | | | Debtors Consolidated | |
| Period Ending | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | | | 12/24/10 | |
Other prepetition liabilities: | | | | | | | | | | | | | | | | | | | | | |
| Advertising | | $ | 56.31 | | | $ | - | | | $ | 16.64 | | | $ | - | | | $ | - | | | $ | - | | | $ | 72.95 | |
| Show expense | | | 42.13 | | | | - | | | | 34.39 | | | | - | | | | - | | | | 11.18 | | | | 87.71 | |
| Literature | | | 51.39 | | | | - | | | | 3.00 | | | | - | | | | - | | | | 27.52 | | | | 81.92 | |
| Utilities | | | 23.69 | | | | - | | | | 109.79 | | | | - | | | | - | | | | - | | | | 133.47 | |
| Other | | | 310.86 | | | | 22.16 | | | | 77.93 | | | | - | | | | - | | | | 24.67 | | | | 435.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total other postpetition liabilities | | $ | 484.39 | | | $ | 22.16 | | | $ | 241.74 | | | $ | - | | | $ | - | | | $ | 63.38 | | | $ | 811.67 | |
FORM MOR-3 Continuation Sheet
Page 3 of 3
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
('000 USD)
| Case No. | 10-13850 | | 10-13849 | | 10-13854 | | 10-13851 | | 10-13852 | | 10-13853 | | | | | |
| | Joint Admin Docket | | | | | | | | | | | | Elimination | | Total | |
| Debtor Name | Palm Harbor Homes, Inc. | | Palm Harbor Albemarle, LLC | | Nationwide Homes, Inc. | | Palm Harbor Real Estate, LLC | | Palm Harbor GenPar, LLC | | Palm Harbor Manufacturing, LP | | Debtors Consolidated | | Debtors Consolidated | |
| Current Month | 12/24/10 | | 12/24/10 | | 12/24/10 | | 12/24/10 | | 12/24/10 | | 12/24/10 | | 12/24/10 | | 12/24/10 | |
| Accounts Payable (Note 1) | $ | 954.77 | | $ | 2.42 | | $ | 42.01 | | $ | - | | $ | - | | $ | 949.97 | | $ | - | | $ | 1,949.18 | |
| Accounts payable—not invoiced | $ | 415.22 | | $ | 2.20 | | $ | 420.70 | | $ | - | | $ | - | | $ | 148.56 | | $ | - | | $ | 986.67 | |
| DIP financing | $ | 40,429.75 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 40,429.75 | |
| Total Postpetition Debts | $ | 41,799.75 | | $ | 4.62 | | $ | 462.70 | | $ | - | | $ | - | | $ | 1,098.53 | | $ | - | | $ | 43,365.60 | |
NOTES |
| 1) Aged Listing of Accounts Payable provided on Support Schedule to MOR-4. |
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
SUPPORT SCHEDULE TO MOR-4 (AGED LISTING OF POST-PETITION ACCOUNTS PAYABLE)
('000 USD)
| Case No. | | 10-13850 | | 10-13849 | | 10-13854 | | 10-13851 | | 10-13852 | | 10-13853 | | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | |
| Debtor Name | | Palm Harbor Homes, Inc. | | Palm Harbor Albemarle, LLC | | Nationwide Homes, Inc. | | Palm Harbor Real Estate, LLC | | Palm Harbor GenPar, LLC | | Palm Harbor Manufacturing, LP | | Debtors Eliminations | | Debtors Consolidated | |
POST-PETITION ACCOUNTS PAYABLE AGING SUMMARY | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| 0-30 Days | | $ | 954.77 | | $ | 2.42 | | $ | 42.01 | | $ | - | | $ | - | | $ | 949.97 | | $ | - | | $ | 1,949.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| 31-60 Days | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| 61-90 Days | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Over 90 Days | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Post-petition Trade A/P per the Aging Report | | | 954.77 | | | 2.42 | | | 42.01 | | | - | | | - | | | 949.97 | | | - | | | 1,949.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Reconciling Items: | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | 954.77 | | | 2.42 | | | 42.01 | | | - | | | - | | | 949.97 | | | - | | | 1,949.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Post-petition Trade A/P- per Balance Sheet | | $ | 954.77 | | $ | 2.42 | | $ | 42.01 | | $ | - | | $ | - | | $ | 949.97 | | $ | - | | $ | 1,949.18 | |
FORM MOR-4 Support
Page 1 of 1
| In re Palm Harbor Homes, Inc. et al | Case No |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
| | | | Intercompany | | | Intercompany | | | Contribution to/ | |
| | | | Balance as of | | | Balance as of | | | (Borrowings From) | |
| Legal Entity | Debtor Status | | 12/24/10 | | | 11/29/10 | | | Intercompany pool | |
| | | | | | | | | | | |
| Palm Harbor Homes, Inc. | Debtor | | | (142,096,615 | ) | | | (145,901,925 | ) | | | 3,805,310 | |
| Palm Harbor Manufacturing, L.P. | Debtor | | | 68,864,698 | | | | 71,241,210 | | | | (2,376,512 | ) |
| Palm Harbor GenPar, LLC | Debtor | | | (8,727 | ) | | | (8,727 | ) | | | - | |
| Nationwide, Inc. | Debtor | | | 8,125,505 | | | | 9,429,822 | | | | (1,304,317 | ) |
| Standard Casualty Company | NonDebtor | | | 66,831,577 | | | | 66,446,121 | | | | 385,456 | |
| CountryPlace Mortgage, Ltd. | NonDebtor | | | (18,537,558 | ) | | | (18,177,985 | ) | | | (359,574 | ) |
| CountryPlace Acceptance LP, LLC | NonDebtor | | | (91,882 | ) | | | (81,974 | ) | | | (9,908 | ) |
| CountryPlace Acceptance Corporation | NonDebtor | | | 16,907,531 | | | | 16,907,531 | | | | - | |
| Due To/ (From) Accounts Payable | NonDebtor | | | 5,471 | | | | 145,927 | | | | (140,456 | ) |
| | | | | | | | | | | | | | |
| Combined Intercompany Balance | | | $ | 0 | | | $ | 0 | | | $ | - | |
FORM MOR-4 Intercompany
Page 1 of 1
| In re Palm Harbor Homes, Inc., et al. | Case No |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
MOR-4 (Status of Postpetition Taxes)
The Debtors continue to pay their postpetition tax obligations as they become due and do not currently have any past due balances as of December 24, 2010.
I declare under penalty of perjury (28 U.S.C. Section 1746) that this information is true and correct to the best of my knowledge and belief.
| /s/ Brian Cejka | |
| Signature of Authorized Individual | |
| Brian E. Cejka | | Chief Restructuring Officer |
| Printed Name of Authorized Individual | | Title of Authorized Individaul |
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
('000 USD)
| Case No. | | 10-13850 | | 10-13849 | | 10-13854 | | 10-13851 | | 10-13852 | | 10-13853 | | | | | | | |
| | | Joint Admin Docket | | | | | | | | | | | | | | | | | |
| Debtor Name | | Palm Harbor Homes, Inc. | | Palm Harbor Albemarle, LLC | | Nationwide Homes, Inc. | | Palm Harbor Real Estate, LLC | | Palm Harbor GenPar, LLC | | Palm Harbor Manufacturing, LP | | | Debtors Eliminations | | | Debtors Consolidated | |
| | | | | | | | | | | | | | | | | | | | |
Trade Accounts Receivable Aging (Note 1) | | | | | | | | | | | | | | | | | | | |
| 0 - 30 days old | | $ | 6,068.48 | | $ | - | | $ | 251.48 | | $ | - | | $ | - | | $ | 5,432.27 | | | $ | - | | | $ | 11,752.23 | |
| 31 - 60 days old | | $ | 1,899.37 | | $ | - | | $ | 21.17 | | $ | - | | $ | - | | $ | 454.85 | | | $ | - | | | $ | 2,375.40 | |
| 61 - 90 days old | | $ | 339.48 | | $ | - | | $ | 4.89 | | $ | - | | $ | - | | $ | 99.53 | | | $ | - | | | $ | 443.89 | |
| 91+ days old | | $ | 1,233.72 | | $ | - | | $ | 4.01 | | $ | - | | $ | - | | $ | 0.05 | | | $ | - | | | $ | 1,237.79 | |
| Total Trade A/R per the Aging Report | | $ | 9,541.05 | | $ | - | | $ | 281.55 | | $ | - | | $ | - | | $ | 5,986.71 | | | $ | - | | | $ | 15,809.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Reconciling Items: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Other Receivables/Eliminations | | $ | 301.91 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | | $ | (3,331.36 | ) | | $ | (3,029.45 | ) |
| Adjusted Trade A/R Aging Balance - 1/2/10 | | $ | 9,842.95 | | $ | - | | $ | 281.55 | | $ | - | | $ | - | | $ | 5,986.71 | | | $ | (3,331.36 | ) | | $ | 12,779.85 | |
| Allowance for doubtful accounts | | $ | (878.08 | ) | $ | - | | $ | (15.32 | ) | $ | - | | $ | - | | $ | (19.64 | ) | | $ | - | | | $ | (913.04 | ) |
| Total Trade A/R-Net on balance sheet | | $ | 8,964.87 | | $ | - | | $ | 266.23 | | $ | - | | $ | - | | $ | 5,967.06 | | | $ | (3,331.36 | ) | | $ | 11,866.81 | |
| NOTES |
| 1) The Trade Accounts Receivable Aging for each respective legal entity includes certain intradebtor balances that must be eliminated for financial reporting purposes. As such, only the Debtors' consolidated column herein agrees to MOR-3. |
| In re Palm Harbor Homes, Inc., et. al. | Case No. |
| Debtors | 10-13849 to 10-13854 |
| | Reporting Period: 11/30/2010 - 12/24/2010 |
| DEBTOR QUESTIONNAIRE (MOR-5) | | |
| | | |
| Must be completed each month | Yes | No |
| 1. Have any assets been sold or transferred outside the normal course of business | | |
| this reporting period? If yes, provide an explanation below. | | X |
| 2. Have any funds been disbursed from any account other than a debtor in possession | | |
| account this reporting period? If yes, provide an explanation below. | | X |
| 3. Have all postpetition tax returns been timely filed? If no, provide an explanation | | |
| below. | X | |
| 4. Are workers compensation, general liability and other necessary insurance | | |
| coverages in effect? If no, provide an explanation below. | X | |
| 5. Has any bank account been opened during the reporting period? If yes, provide | | |
| documentation identifying the opened account(s). If an investment account has been opened | | |
| provide the required documentation pursuant to the Delaware Local Rule 4001-3. | | X |
FORM MOR-5 Questionnaire
Page 1 of 1
