EXHIBIT 2.2
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS
CASE NUMBER: 01-39371-SAF-11
JUDGE: Steven A. Felsenthal
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: November 30, 2001
I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY
OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING
ATTACHMENTS AND THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF
THE PREPARER IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
Chief Financial Officer
- -------------------------------------------- --------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
James C. Williams December 19, 2001
- -------------------------------------------- --------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
Chief Financial Officer
- -------------------------------------------- -------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
James C. Williams December 19, 2001
- -------------------------------------------- -------------------------------
PRINTED NAME OF PREPARER DATE
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS-1
CASE NUMBER: 01-39371-SAF-11
COMPARATIVE BALANCE SHEET
SCHEDULE MONTH MONTH MONTH
AMOUNT
ASSETS 11/2001
1. UNRESTRICTED CASH 36,823
2. RESTRICTED CASH -
3. TOTAL CASH 36,823
4. ACCOUNTS RECEIVABLE (NET) 1,030
5. INVENTORY --
6. NOTES RECEIVABLE --
7. PREPAID EXPENSES 700
8. OTHER (ATTACH LIST) --
9. TOTAL CURRENT ASSETS 1,730
10. PROPERTY, PLANT & EQUIPMENT 3,070,432
11. LESS: ACCUMULATED
DEPRECIATION / DEPLETION 199,124
12. NET PROPERTY, PLANT &
EQUIPMENT 2,871,308
13. DUE FROM INSIDERS --
14. OTHER ASSETS - NET OF
AMORTIZATION (ATTACH LIST) 137,274
15. OTHER (ATTACH LIST) --
16. TOTAL ASSETS 3,047,135
POSTPETITION LIABILITIES
17. ACCOUNTS PAYABLE 38,089
18. TAXES PAYABLE 18,576
19. NOTES PAYABLE --
20. PROFESSIONAL FEES --
21. SECURED DEBT --
22. OTHER (ATTACH LIST) --
23. TOTAL POSTPETITION
LIABILITIES 56,665
PREPETITION LIABILITIES
24. SECURED DEBT 1,992,968
25. PRIORITY DEBT --
26. UNSECURED DEBT 33,790
27. OTHER (ATTACH LIST)
28. TOTAL PREPETITION LIABILITIES 2,026,758
29. TOTAL LIABILITIES 2,083,423
EQUITY
30. PREPETITION OWNER'S EQUITY 941,047
31. POSTPETITION CUMULATIVE
PROFIT OR (LOSS) 22,665
32. DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION) -
33. TOTAL EQUITY 963,712
34. TOTAL LIABILITIES &
OWNER'S EQUITY 3,047,135
Case Name: Hilltop Acquisition Holding Corp. MOR-1
Case No. 01-39371-SAF-11
14. Capitalized Professional Fees net of Amortization $ 137,274
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS-2
CASE NUMBER: 01-39371-SAF-11
INCOME STATEMENT
MONTH MONTH MONTH QUARTER
TOTAL
REVENUES 11/2001
1. GROSS REVENUES 85,894
2. LESS: RETURNS & DISCOUNTS -
3. NET REVENUE 85,894
COST OF GOODS SOLD
4. MATERIAL -
5. DIRECT LABOR -
6. DIRECT OVERHEAD -
7. TOTAL COST OF GOODS SOLD -
8. GROSS PROFIT 85,894
OPERATING EXPENSES
9. OFFICER / INSIDER COMPENSATION -
10. SELLING & MARKETING -
11. GENERAL & ADMINISTRATIVE 27,540
12. RENT & LEASE -
13. OTHER (ATTACHED) -
14. TOTAL OPERATING EXPENSES 27,540
15. INCOME BEFORE NON-OPERATING
INCOME & EXPENSE 58,354
OTHER INCOME & EXPENSES
16. NON-OPERATING INCOME
(ATT. LIST) -
17. NON-OPERATING EXPENSE
(ATT. LIST) -
18. INTEREST EXPENSE 15,745
19. DEPRECIATION / DEPLETION 7,062
20. AMORTIZATION 1,206
21. OTHER (ATTACH LIST) -
22. NET OTHER INCOME & EXPENSES 34,341
REORGANIZATION EXPENSES
23. PROFESSIONAL FEES -
24. U.S. TRUSTEE FEES -
25. OTHER (ATTACH LIST) -
26. TOTAL REORGANIZATION
EXPENSES -
27. INCOME TAX 11,676
28. NET PROFIT (LOSS) 22,665
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS-3
CASE NUMBER: 01-39371-SAF-11
CASH RECEIPTS AND DISBURSEMENTS
MONTH MONTH MONTH QUARTER
TOTAL
11/2001
1. CASH - BEGINNING OF MONTH 35,577
RECEIPTS FROM OPERATIONS
2. CASH SALES -
COLLECTION OF ACCOUNTS RECEIVABLES
3. PREPETITION 1,596
4. POSTPETITION 575
5. TOTAL OPERATING RECEIPTS 2,171
NON-OPERATING RECEIPTS
6. LOANS & ADVANCES (ATTACH LIST) -
7. SALE OF ASSETS -
8. OTHER (ATTACH LIST) -
9. TOTAL NON-OPERATING RECEIPTS -
10. TOTAL RECEIPTS 2,171
11. TOTAL CASH AVAILABLE 37,748
OPERATING DISBURSEMENTS
12. NET PAYROLL -
13. PAYROLL TAXES PAID -
14. SALES, USE & OTHER TAXES PAID -
15. SECURED / RENTAL / LEASES -
16. UTILITIES -
17. INSURANCE -
18. INVENTORY PURCHASES -
19. VEHICLE EXPENSES -
20. TRAVEL -
21. ENTERTAINMENT -
22. REPAIRS & MAINTENANCE 907
23. SUPPLIES -
24. ADVERTISING -
25. OTHER (ATTACH LIST) 18
26. TOTAL OPERATING DISBURSEMENTS 925
REORGANIZATION EXPENSES
27. PROFESSIONAL FEES -
28. U.S. TRUSTEE FEES -
29. OTHER (ATTACH LIST) -
30. TOTAL REORGANIZATION EXPENSES -
31. TOTAL DISBURSEMENTS 925
32. NET CASH FLOW 36,823
33. CASH - END OF MONTH 36,823
Case Name: Hilltop Acquisition Holding Corp. MOR-3
Case No. 01-39371-SAF-11
25. Bank Charges $ 18
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS-4
CASE NUMBER: 01-39371-SAF-11
ACCOUNTS RECEIVABLE ACCOUNTS
SCHEDULE MONTH MONTH MONTH
AMOUNT
11/2001
1. 0-30 588
2. 31-60 442
3. 61-90 -
4. 91+ -
5. TOTAL ACCOUNTS RECEIVABLE 1,030
6. AMOUNT CONSIDERED
UNCOLLECTIBLE -
7. ACCOUNTS RECEIVABLE (NET) 1,030
- --------------------------------------------------------------------- ----------------- ----------------- --------------
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: 11/2001
TAXES PAYABLE 20-30 31-60 61-90 91+ TOTAL
DAYS DAYS DAYS DAYS
1. FEDERAL 11,676 - - - 11,676
2. STATE - - - - -
3. LOCAL 6,900 - - - 6,900
4. OTHER
(ATTACH LIST) - - - - -
5. TOTAL TAXES
PAYABLE 18,576 - - - 18,576
6. ACCOUNTS PAYABLE 37,610 479 - - 38,089
STATUS OF POSTPETITION TAXES MONTH: 11/2001
BEGINNING AMOUNT AMOUNT ENDING
TAX WITHHOLDING PAID TAX
FEDERAL LIABILITY ON ACCOUNT LIABILITY
1. WITHHOLDING** - - - -
2. FICA-EMPLOYEE** - - - -
3. FICA-EMPLOYER** - - - -
4. UNEMPLOYMENT - - - -
5. INCOME - 11,676 - 11,676
6. OTHER (ATTACH LIST) - - - -
7. TOTAL FEDERAL TAXES - 11,676 - 11,676
STATE AND LOCAL
8. WITHHOLDING - - - -
9. SALES - - - -
10. EXCISE - - - -
11. UNEMPLOYMENT - - - -
12. REAL PROPERTY -- 6,900 -- 6,900
13. PERSONAL PROPERTY - - - -
14. OTHER (ATTACH LIST) - - - -
15. TOTAL STATE & LOCAL - 6,900 - 6,900
16. TOTAL TAXES - 18,576 - 18,576
<FN>
* The beginning tax liability should represent the liability from the prior
month or, if this is the first operating report, the amount should be zero.
** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt
to verify payment or deposit.
</FN>
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS-5
CASE NUMBER: 01-39371-SAF-11
The debtor in possession must complete the reconciliation below for each bank
account, including all general, payroll and tax accounts, as well as all savings
and investment accounts, money market accounts, certificates of deposit,
government obligations, etc. Accounts with restricted funds should be identified
by placing an asterisk next to the account number. Attach additional sheets if
necessary.
MONTH: 11/2001
-------------
BANK RECONCILIATIONS Account #1 Account #2 Account #3 TOTAL
A. BANK Compass Comerica
B. ACCOUNT NUMBER 88069048 1880803026
C. PURPOSE (TYPE) DIP
1. BALANCE PER BANK STATEMENT 36,826 997
2. ADD: TOTAL DEPOSITS NOT
CREDITED - -
3. SUBTRACT OUTSTANDING CHECKS 1,000 -
4. OTHER RECONCILING ITEMS - -
5. MONTH END BALANCE PER BOOKS 35,826 997 36,823
6. NUMBER OF LAST CHECK WRITTEN 96 0
INVESTMENT ACCOUNTS
DATE OF TYPE OF PURCHASE CURRENT
BANK ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE
7.
8.
9.
10.
11. TOTAL INVESTMENTS
CASH
12. CURRENCY ON HAND
13. TOTAL CASH END OF MONTH 36,823
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS-6
CASE NUMBER: 01-39371-SAF-11
MONTH: 11/2001
PAYMENTS TO INSIDERS AND PROFESSIONALS
- -----------------------------------------------------
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS
(AS DEFINED IN SECTION 101(31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO
PROFESSIONALS. ALSO, 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
NAME TYPE OF AMOUNT TOTAL PAID TO
PAYMENT PAID DATE
1.
2.
3.
4.
5.
PROFESSIONALS
DATE OF
COURT ORDER TOTAL
AUTHORIZING AMOUNT AMOUNT PAID TOTAL
NAME PAYMENT APPROVED PAID TO INCURRED
DATE & UNPAID
1.
2.
3.
4.
5.
TOTAL PAYMENTS
TO PROFESSIONALS
*INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS
SCHEDULED AMOUNTS TOTAL UNPAID
NAMED CREDITOR MONTHLY PAID POSTPETITION
PAYMENTS DURING
DUE MONTH
1.
2.
3.
4.
5.
6. TOTAL
Monthly Operating Report
CASE NAME: Hilltop Acquisition Holding Corp.
ACCRUAL BASIS-7
CASE NUMBER: 01-39371-SAF-11
MONTH: 11/2001
QUESTIONNAIRE
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? X
3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS)
DUE FROM RELATED PARTIES? X
4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS
REPORTING PERIOD? X
5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR
FROM ANY PARTY? X
6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X
7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X
8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X
11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING
PERIOD? X
12. ARE ANY WAGE PAYMENTS PAST DUE? X
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
DIP account opened 11/30/01; cash collateral hearing 12/05/01, disbursements for
emergency situation only.
INSURANCE
YES NO
1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER
NECESSARY INSURANCE COVERAGES IN EFFECT? X
2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X
3. PLEASE ITEMIZE POLICIES BELOW.
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE
BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN
EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
Policies are in the name of and paid by Alford Refrigerated Warehouses, Inc.
Case # 01-39776-BJH-11.
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT