OFFICE OF THE UNITED STATES TRUSTEE
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IN RE: ) DEBTOR IN POSSESSION OPERATING REPORT
) -------------------------------------
MATTHEWS STUDIO EQUIPMENT GROUP & SUBSIDIARIE ) REPORT NUMBER 11 Page 1 of 3
) FOR THE PERIOD FROM:February 1, 2001
) TO: February 28, 2001
) -------------------------------------------------
)
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CHAPTER 11 CASE NO. SV00-13471KL )
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SEE ATTACHED
1. Profit and Loss Statement
A. Related to Business Operations:
Gross Sales ------------------
Less Sales Returns and Discounts ------------------ -
Net Sales - -----------------
Less: Cost of Goods Sold ------------------
Beginning Inventory at Cost __________________
Add: Purchases -
__________________
Less: Ending Inventory at Cost
Cost of Goods Sold -
__________________ -
_________________
Gross Profit -
_________________
Other Operating Revenue (Specify)
Less: Operating Expenses
Officer Compensation __________________
Salaries & Wages - Other Employees __________________ -
Total Salaries & Wages ____________________
Employee Benefits -
____________________
Payroll Taxes __________________
Real Estate Taxes (Personal Property Tax) __________________
Federal and State Income Taxes __________________ -
Total Taxes ___________________
Rent and Lease Exp. (Real and Personal Property) -
__________________
Interest Expense (Mortgage, Loan, etc.) -
__________________
Insurance __________________
Automobile Expense __________________
Utilities (Gas, Electric, Water, Telephone, etc.) __________________
Depreciation and Amortization __________________
Repairs and Maintenance __________________
Advertising -
__________________
Supplies, Office Expenses, Photocopies, etc. __________________
Bad Debts -
__________________ -
Miscellaneous Operating Expenses (Specify) _________________________________________ -
Total Operating Expenses _________________
-
Net Gain/(Loss) from Business Operations _________________
B. Not Related to Business Operations
Income:
Interest Income ____________________
Other Non-Operating Revenues (Specify) ____________________
Gross Proceeds on Sale of Assets
Less: Original Cost of Assets plus Expenses of Sale __________________
Net Gain/(Loss) on Sale of Assets __________________
Total Non-Operating Income _________________
Expenses Not Related to Business Operations: _________________
Legal and Professional Fees
Other Non-Operating Expenses (Specify) _________________
Total Non-Operating Expenses _________________ -
_________________
-
NET INCOM /(LOSS) FOR PERIOD =================
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Revised April 1989 OPERATING REPORT UST-4
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MATTHEWS STUDIO EQUIPMENT GROUP & SUBSIDIARIES
Statement of Operations for the Period Feb. 28, 01
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($000's)
REVENUES
Sales 34
Rental revenues 607
-------------
Total revenues 641
Cost of goods sold 22
Cost of rental operation 138
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Total cost of sales and rental 160
Gross profits 481
Selling expense 6
General & administration 83
-------------
Total operating expenses 89
Operating profit 392
Depreciation & amortization 258
Coporate Interest allocation -
DIP Interest 1
Other income & expenses -
-------------
Earnings before reorganization items & income tax provision 133
Reorganization items:
Loss from sales of assets/Closing cost of facility 233
Professional fees 565
Provision for rejected executory contracts -
Interest earned on accumulated cash resulting from chapter 11 Proceeding (4)
-------------
Total reorganization items 794
Income(loss) before income tax provision (661)
Income tax (benefits) -
-------------
Net income (661)
=============
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DEBTOR IN POSSESSION OPERATING REPORT NO. 11
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Page 2 of 3
2. Aging of Accounts Payable and Receivable (exclude pre-petition debt from accounts payable):
Accounts Payable Accounts Receivable
-------------------------------------------
Current Under 30 days $ 18,460 $510,875
Overdue 31 - 60 days $ 4,137 $ 17,396
Overdue 61 - 90 days $ 6,344 $ 6,082
Overdue 91 - 120 days $ 71,755 $ 0
Overdue 121 + days $124,082 $919,932
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Total $224,778 $1,454,285
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3. Statement of Status of Payments to Secured Creditors and Lessors: SEE ATTACHED
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Post-Petition
Frequency of Payments Not Made
Payments per Amount of -------------------------
Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount
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4. Tax Liability:
Gross Payroll Expense For Period $107,095 *SEE NOTE
--------------------
Gross Sales for Period Subject to Sales Tax $305,153
--------------------
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Post Petition Taxes
Date Paid Amount Paid * Still Owing
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Federal Payroll and Withholding Taxes 22-02-2001 $28,410 $5,657
State Payroll and Withholding Taxes 22-02-2001 $8,415 $1,686
State Sales and Use Tax 19-02-2001 $23,802 $12,969
Real Property Taxes $0 $0
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* Attach photocopies of depository receipts from taxing authority or financial
institution to verify that such deposits or payments have been made.
5. Insurance Coverage
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Carrier/ Amount of Policy Premium Paid
Agent Coverage Exp. Date Thru Date
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Worker's Compensation GULF INS CO 4/1/2001 4/1/2001
Liability GULF INS CO SEE 4/1/2001 4/1/2001
Fire and Extended Coverage GULF INS CO ATTACHED 4/1/2001 4/1/2001
Property GULF INS CO (Not filed with FORM 8K) 4/1/2001 4/1/2001
Theft CNA 4/1/2001 4/1/2001
Life (Beneficiary:________________) TRANSAMERICA
Vehicle GULF INS CO 4/1/2001 4/1/2001
Other INSURANCE WEST 4/1/2001 4/1/2001
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*NOTE: PAYROLL IS PAID BY MATTHEWS STUDIO EQUIPMENT GROUP,
AND IS ALLOCATED TO THE SUBSIDIARY INCURRING THE
PAYROLL EXPENSE.
ALL PAYROLL TAXES ARE PAID BY ADP
2A
MATTHEWS STUDIO EQUIPMENT GROUP & SUBSIDIARIES
SECURED CREDITORS AND LESSORS
FEB. 28, 2001 CREDIT FACILITY
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MONTHLY UNPAID
BINDER TAB DESCRIPTION COMPANY PAYMENT POST PET
------ --- ----------------------------------- ----------- ---------- ------------
CRF98 39 IBM Credit Corp - AS400/JBA Software Group 7.866 7.866
V 85 Xerox - Copier #C0H-010403 Group - Acct 558 0
CRF98 40 Pitney Bowes - Postage meter Four Star 167 0
CRF98 12 Minolta Copier Corp - Copier/Fax Four Star 264 0
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DEBTOR IN POSSESSION OPERATING REPORT NO.11
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Page 3 of 3
6. Questions:
A. Has the Debtor provided to any officers, directors, shareholders, or
other principals compensation without the approval of the Office of
the United States Trustee?
_____ : Yes Explain: __________________________
X : No
B. Has the Debtor, subsequent to the filing of the petition made any
payments on its pre-petition unsecured debt, except as have been
authorized by the Court?
_____ : Yes Explain: __________________________
X : No
7. Statement of Unpaid Professional Fees (Post-Petition Only):
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Type Post-Petition
Name of Professional Professional Unpaid Total**
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Crossroads, LLC Turnaround management 71,986 Estimated
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George Nicolais Financial advisor 3,675 Estimated
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Klee Tuchin Bogdanoff & Stern Counsel 50,169 Estimated
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Latham Watkins Counsel -
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Stutman Treister Counsel 26,329 Estimated
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Imperial Capital, LLC Financial advisor -
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Holland & Knight Counsel 39,582 Estimated
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Ernst & Young Independent Auditors - 0
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**NOTE: Professional fees are paid by Matthews Studio Equipment Group
for all the subsidiaries.
8. Narrative Report of Significant Events And Events Out Of The Ordinary Course
of Business:
N/A
9. Quarterly Fees: (This Fee must be paid to the United States Trustee every
calendar quarter)
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Quarterly
Quarterly Disbursements Quarterly Quaterly
Period Ending for Quarter Fee Date Paid Amount Paid Check No. Fee Still Owing
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6/30/2000 $7,108,942.00 $24,500.00 7/31/2000 $24,500.00 2408
9/30/2000 $7,208,343.00 $21,500.00 10/24/2000 $21,500.00 1395
12/31/2000 $7,053,994.00 $21,000.00 01/26/2001 $21,000.00 1543
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I, Ellen Gordon, Estate Representative, declare under penalty of perjury that
the information contained in the above Debtor in Possession Operating Report is
true and complete to the best of my knowledge.
Dated: March 26, 2001 Signed: /s/ Ellen Gordon
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OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
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_____________________________________________
IN RE: ) DEBTOR IN POSSESSION INTERIM STATEMENT
)
Matthews Studio Equipment Group ) STATEMENT NO. 11
) FOR THE PERIOD FROM: 02/01/01
DEBTOR ) TO: 02/28/01
)
- -------------------------------------------- )
CHAPTER 11 CASE NO. SV 00 13471 KL )
_____________________________________________)
General Concentration Payroll Tax Pre-Chapter
Account Account Account Account Payroll
CASH ACTIVITY ANALYSIS
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A. Total Receipts Per All Prior Interim
Statements $27,201,390.35 $19,918,227.28 $294,481.71 $0.00 $5,790,086.70
B. Less: Total Disbursements Per All Prior $27,201,390.35 $19,148,220.09 $294,481.71 $0.00 $5,798,977.59
Interim Statements
C. Beginning Balance $ 0.00 $ 770,007.19 $ 0.00 $0.00 $ (8,890.89)
D. Receipts During Current Period
Per Attached Schedule (Not filed
with Form 8K) $ 1,073,576.56 $ 1,467,898.96 $ 125.22 $0.00 $ 27,730.52
E. Balance Available $ 1,073.576.56 $ 2,237,906.15 $ 125.22 $0.00 $ 18,839.63
F. Less: Disbursements During Period
Per Attached Schedule (Not filed with $ 1,073,576.56 $ 1,026,060.65 $ 125.22 $0.00 15,332.26
Form 8K)
G. Ending Balance $ 0.00 $ 1,211,845.50 $ 0.00 $0.00 $ 3,507.37
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Investment Professional CD 5-month CD
Account Account Account Account
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A. Total Receipts Per All Prior Interim
Statements $ 3,411,733.71 $ 2,476,654.84 $330,765.54 $14,066,090.22
B. Less: Total Disbursements Per All Prior $ 2,522,367.92 $ 2,476,654.84 $330,765.54 $0.00
Interim Statements
C. Beginning Balance $ 889,365.79 $ 0.00 $ 0.00 $14,066,090.22
D. Receipts During Current Period
Per Attached Schedule (Not filed
with Form 8K) $ 200,714.67 $ 120,528.64 $ 25,000.00 $ --
E. Balance Available $ 1,090.080.46 $ 120,528.64 $ 25,000.00 $14,066,090.22
F. Less: Disbursements During Period
Per Attached Schedule (Not filed with $ 371,984.64 $ 120,528.54 $ -- $ --
Form 8K)
G. Ending Balance $ 718,095.82 $ 0.00 $ 25,000.00 $14,066,090.22
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H. ACCOUNT INFORMATION
(1). General Account
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) 411952738
(2). Concentration Account
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) 411952886
(3). Payroll Account
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) 411952800
(4). Tax Account
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) 411952851
(5). Pre-Chapter Payroll Account
(a) Western Security Bank 4100 W. Alameda Avenue,
Burbank, Ca.
(b) 001064088
(6). Investment Account
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) BHS-072281
(7). Professional Account
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) 411953459
(8). Certificate of of Deposit
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) 411956334
(9). 5-Month Liquid Certificate of Deposit
(a) City National Bank 4605 Lankershim Blvd.
No. Hollywood, Ca.
(b) 411955893
I. Other Monies on Hand: None
I, Ellen Gordon, Estate Representative, declare under penalty of perjury that
the information contained in the above Debtor in Possession Interim Settlement
is true and complete to the best of my knowledge:
Dated: March 26, 2001 Signed: /s/ Ellen Gordon
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