EXHIBIT 2.3
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: DECEMBER 31, 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:
/s/ CHIEF FINANCIAL OFFICER
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ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
JAMES C. WILLIAMS January 18, 2002
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PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
/s/ CHIEF FINANCIAL OFFICER
- --------------------------------------- ------------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
JAMES C. WILLIAMS January 18, 2002
- --------------------------------------- ------------------------------------
PRINTED NAME OF PREPARER DATE
CASE NAME: HILLTOP ACQUISITION HOLDING Monthly Operating Report
CASE NUMBER: 01-39371-SAF-11 ACCRUAL BASIS-1
COMPARATIVE BALANCE SHEET
MONTH MONTH MONTH
ASSETS SCHEDULE
AMOUNT
11/2001 12/2001
1. UNRESTRICTED CASH 36,823 118,627
2. RESTRICTED CASH - -
3. TOTAL CASH 36,823 118,627
4. ACCOUNTS RECEIVABLE (NET) 1,030 70
5. INVENTORY - -
6. NOTES RECEIVABLE - -
7. PREPAID EXPENSES 700 350
8. OTHER (ATTACH LIST) - -
9. TOTAL CURRENT ASSETS 1,730 119,047
10. PROPERTY, PLANT & EQUIPMENT 3,070,432 3,070,432
11. LESS: ACCUMULATED 199,124 206,187
DEPRECIATION/DEPLETION
12. NET PROPERTY, PLANT & EQUIPMENT 2,871,308 2,864,245
13. DUE FROM INSIDERS - -
14. OTHER ASSETS - NET OF AMORTIZATION 137,274 136,067
(ATTACH LIST)
15. OTHER (ATTACH LIST) - -
16. TOTAL ASSETS 3,047,135 3,119,359
POSTPETITION LIABILITIES
17. ACCOUNTS PAYABLE 38,089 37,016
18. TAXES PAYABLE 18,576 34,257
19. NOTES PAYABLE - -
20. PROFESSIONAL FEES - -
21. SECURED DEBT - -
22. OTHER (ATTACH LIST) - 46,587
23. TOTAL POSTPETITION LIABILITIES 56,665 117,860
16. TOTAL ASSETS 3,047,135 3,119,359
PREPETITION LIABILITIES
24. SECURED DEBT 1,992,968 1,985,019
25. PRIORITY DEBT - -
26. UNSECURED DEBT 33,790 33,790
27. OTHER (ATTACH LIST) - -
28. TOTAL PREPETITION LIABILITIES 2,026,758 2,018,809
29. TOTAL LIABILITIES 2,083,423 2,136,669
EQUITY
30. PREPETITION OWNERS' EQUITY 941,047 941,047
31. POSTPETITION CUMULATIVE PROFIT (OR 22,665 41,643
LOSS)
32. DIRECT CHARGES TO EQUITY (ATTACH - -
EXPLANATION)
33. TOTAL EQUITY 963,712 982,690
34. TOTAL LIABILITIES & OWNERS' EQUITY 3,047,135 3,119,359
CASE NAME: HILLTOP ACQUISITION HOLDING CORPORATION MOR-1
CASE NUMBER: 01-39371-SAF-11
11/2001 12/2001
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14. Capitalization Professional Fees Net of Amortization $ 137,274 $136,067
22. Deferred Revenue - 46,587
Monthly Operating Report
CASE NAME: HILLTOP ACQUISITION HOLDING CORPORATION
CASE NUMBER: 01-39371-SAF-11 ACCRUAL BASIS-2
INCOME STATEMENT
MONTH MONTH MONTH QUARTER
TOTAL
REVENUES
11/2001 12/2001
1. GROSS REVENUE 85,894 87,399 173,293
2. LESS : RETURNS & DISCOUNTS - - -
3. NET REVENUE 85,894 87,399 173,293
COST OF GOODS SOLD
4. MATERIAL - - -
5. DIRECT LABOR - - -
6. DIRECT OVERHEAD - - -
7. TOTAL COST OF GOODS SOLD - - -
8. GROSS PROFIT 85,894 87,399 173,293
OPERATION EXPENSES
9. OFFICER/INSIDER COMPENSATION - - -
10. SELLING & MARKETING - - -
11. GENERAL AND ADMINISTRATIVE 27,540 27,460 55,000
12. RENT AND LEASE - - -
13. OTHER (ATTACH LIST) - - -
14. TOTAL OPERATING EXPENSES 27,540 27,460 55,000
15. INCOME BEFORE NON-OPERATING INCOME 58,354 59,939 118,293
AND EXPENSE
OTHER INCOME & EXPENSES
16. NON-OPERATING INCOME (ATT. LIST) - - -
17. NON-OPERATING EXPENSES (ATT. LIST) - - -
18. INTEREST EXPENSE 15,745 22,916 38,661
19. DEPRECIATION/DEPLETION 7,062 7,062 14,124
20. AMORTIZATION 1,206 1,206 2,412
21. OTHER (ATTACH LIST) - - -
22. NET OTHER INCOME & EXPENSES 34,341 28,755 63,096
REORGANIZATION EXPENSES
23. PROFESSIONAL FEES - - -
24. U.S. TRUSTEE FEES - - -
25. OTHER (ATTACH LIST) - - -
26. TOTAL REORGANIZATION EXPENSES - - -
27. INCOME TAX 11,676 9,777 21,453
28. NET PROFIT (LOSS) 22,665 18,978 41,643
CASE NAME: CADIZ PROPERTIES, INC. Monthly Operating Report
CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-3
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH QUARTER
TOTAL
11/2001 12/2001
1. CASH-BEGINNING OF MONTH 35,577 36,823 35,577
RECEIPTS FROM OPERATIONS
2. CASH SALES - - -
COLLECTION OF ACCOUNTS RECEIVABLE
3. PREPETITION 1,596 500 2,096
4. POSTPETITION 575 136,299 136,874
5. TOTAL OPERATING RECEIPTS 2,171 136,799 138,970
NON-OPERATING RECEIPTS
6. LOANS & ADVANCES (ATTACH LIST) - - -
7. SALE OF ASSETS - - -
8. OTHER (ATTACH LIST) - - -
9. TOTAL NON-OPERATING RECEIPTS - - -
10. TOTAL RECEIPTS 2,171 136,799 138,970
11. TOTAL CASH AVAILABLE 37,478 173,622 174,547
OPERATING DISBURSEMENTS
12. NET PAYROLL - 3,775 3,775
13. PAYROLL TAXES PAID - - -
14. SALES, USE & OTHER TAXES PAID - - -
15. SECURED/RENTAL/LEASES - 30,923 30,923
16. UTILITIES - 16,479 16,479
17. INSURANCE - 1,507 1,507
18. INVENTORY PURCHASES - - -
19. VEHICLE EXPENSES - - -
20. TRAVEL - 193 193
21. ENTERTAINMENT - - -
22. REPAIRS & MAINTENANCE 907 1,963 - 2,870
23. SUPPLIES - - - -
24. ADVERTISING - - - -
25. OTHER (ATTACH LIST) 18 155 173
26. TOTAL OPERATING DISBURSEMENTS 925 54,995 55,920
REORGANIZATION EXPENSES
27. PROFESSIONAL FEES - - -
28. U.S. TRUSTEE FEES - - -
29. OTHER (ATTACH LIST)1 - - -
30. TOTAL REORGANIZATION EXPENSES - - -
31. TOTAL DISBURSEMENTS 925 54,995 55,920
32. NET CASH FLOW 36,823 118,627 118,627
33. CASH - END OF MONTH 36,823 118,627 118,627
CASE NAME: HILLTOP ACQUISITION HOLDING CORPORATION MOR-3
CASE NUMBER: 01-39371-SAF-11
11/2001 12/2001
25. Bank Charges $ 18 $ 130
Postage - $ 25
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$ 18 $ 155
CASE NAME: HILLTOP ACQUISITION HOLDING CORPORATION Monthly Operating Report
CASE NUMBER: 01-39371-SAF-11 ACCRUAL BASIS-4
SCHEDULE MONTH MONTH MONTH
ACCOUNTS RECEIVABLE AMOUNT
ACCOUNTS 11/2001 12/2001
1. 0-30 588 70
2. 31-60 442 -
3. 61-90 - -
4. 91+ - -
5. TOTAL ACCOUNTS RECEIVABLE 1,030 70
6. AMOUNT CONSIDERED - -
UNCOLLECTIBLE
7. ACCOUNTS RECEIVABLE (NET) 1,030 70
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: NOVEMBER 2001
TAXES PAYABLE 0-30 31-60 61-90 91
DAYS DAYS DAYS DAYS TOTAL
1. FEDERAL 9,777 11,676 - - 21,453
2. STATE - - - - -
3. LOCAL 5,904 6,900 - - 12,804
4. OTHER (ATTACH LIST) - - - - -
5. TOTAL TAXES PAYABLE 15,681 18,576 - - 34,257
ACCOUNTS PAYABLE 37,016 - - - 37,016
STATUS OF POSTPETITION TAXES MONTH: NOVEMBER 2001
BEGINNING AMOUNT AMOUNT ENDING TAX
FEDERAL TAX WITHHELD PAID LIABILITY
LIABILITY AND/OR
ACCRUED
1. WITHHOLDING** - - - -
2. FICA-EMPLOYEE** - - - -
3. FICA-EMPLOYER** - - - -
4. UNEMPLOYMENT - - - -
5. INCOME 11,676 9,777 - 21,453
6. OTHER (ATTACH LIST) - - -
7. TOTAL FEDERAL TAXES 11,676 9,777 - 21,453
STATE AND LOCAL
8. WITHHOLDING - - - -
9. SALES - - - -
10. EXCISE - - - -
11. UNEMPLOYMENT - - - -
12. REAL PROPERTY 6,900 5,904 - 12,804
13. PERSONAL PROPERTY - - - -
14. OTHER (ATTACH LIST) - - - -
15. TOTAL STATE & LOCAL 6,900 5,904 - 12,804
16. TOTAL TAXES 18,576 15,681 34,257
CASE NAME: HILLTOP ACQUISITION HOLDING CORPORATION Monthly Operating Report
CASE NUMBER: 01-39371-SAF-11 ACCRUAL BASIS-6
PAYMENTS TO INSIDERS AND PROFESSIONALS MONTH: DECEMBER 2001
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 (I.E. SALARY, BONUS, COMMISSION, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR
ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS
TOTAL PAID
NAME TYPE OF PAYMENT AMOUNT PAID TO DATE
1.
2.
3.
4.
5.
TOTAL PAYMENTS - -
TO INSIDERS
PROFESSIONALS
DATE OF COURT
ORDER TOTAL TOTAL
AUTHORIZING AMOUNT AMOUNT PAID TO INCURRED
NAME PAYMENT APPROVED PAID 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
MONTHLY PAYMENTS AMOUNT PAID TOTAL UNPAID
NAME OF CREDITOR DUE DURING MONTH POSTPETITION
1. G.E. Capital Business Asset $23,694 $23,694 -
Funding
2. Fort Worth Cold Storage 7,229 7,229 -
3.
4.
5.
6. TOTAL $30,923 $30,923 -
CASE NAME: HILLTOP ACQUISITION HOLDING CORPORATION Monthly Operating Report
CASE NUMBER: 01-39371-SAF-11 ACCRUAL BASIS-5
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: DECEMBER 2001
BANK RECONCILIATIONS Account #1 Account #2 Account #3 Account #4
A. BANK Compass Comerica Comerica Comerica
TOTAL
B. ACCOUNT NUMBER 88069048 1880803026 1880803075 1880803083
C. PURPOSE (TYPE) Cash Cash
General D I P Collateral Collateral
1. BALANCE PER BANK 425 81,936 48,329 59 130,749
STATEMENT
2. ADD: TOTAL DEPOSITS NOT - - - - -
CREDITED
3. SUBTRACT OUTSTANDING - 6,815 5,307 - 12,122
CHECKS
4. OTHER RECONCILING - - - - -
ITEMS
5. MONTH END BALANCE PER 425 75,121 43,022 59 118,627
BOOKS
6. NUMBER OF LAST CHECK 98 1022 1001 0
WRITTEN
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 118,627
CASE NAME: HILLTOP ACQUISITION HOLDING CORPORATION Monthly Operating Report
CASE NUMBER: 01-39371-SAF-11 ACCRUAL BASIS-7
QUESTIONNAIRE MONTH: DECEMBER 2001
YES NO
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE X
NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?
2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN X
A DEBTOR IN POSSESSION ACCOUNT?
3. ARE ANY POST PETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) X
DUE FROM RELATED PARTIES?
4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS X
REPORTING PERIOD?
5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR X
FROM ANY PARTY?
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 X
PERIOD?
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.
D I P Account opened 11/30/01; checks not printed until 12/07/01.
INSURANCE
YES NO
1. ARE WORKERS' COMPENSATION, GENERAL LIABILITY AND OTHER X
NECESSARY INSURANCE COVERAGES IN EFFECT?
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 CANCELED 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
INSTALLMENT PAYMENTS
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT
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