OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
MONTHLY REPORTING REQUIREMENTS
All Chapter 11 debtors must serve the U.S. Trustee with the documents and
reports identified below no later than the 15th day of the month following the
end of the month covered by the report.
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
For the month of: February 2001
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Document Previously Explanation
Required Documents Attached Submitted Attached
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1. Income Statement (X) ( ) ( )
2. Balance Sheet (X) ( ) ( )
3. Statement of Cash Receipts and Disbursement (X) ( ) ( )
4. Statement of Aged Receivables (X) ( ) ( )
5. Statement of Aged Payables (X) ( ) ( )
6. Statement of Operations, Taxes, Insurance and (X) ( ) ( )
7. Tax Receipts (X) ( ) ( )
8. Other documents/reports as (X) ( ) ( )
Bank statements
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----------------------------------------------------
The undersigned individuals certifies under penalty of perjury (28 U.S.C.
Section 1746) that to the best of the individual's knowledge, the documents
appended are true and correct.
By: __________________________________ Dated: May , 2001
Anthony C. Atchley, General Partner
Title of Debtor Representative
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
INCOME STATEMENT
For the Month Ending: 02/28/01
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
Current Prior
Month Month
Accrued Operating Leases $288,458 $161,476
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Less: Returns and Allowances
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Accrued Operating Leases 288,458 161,476
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Cost of Sales: (1)
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Beginning Inventory
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Add: Purchases
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Less: Ending Inventory
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Cost of Goods Sold
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Other Operating Expenses:
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Officers Salaries 10,833 10,833
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Direct Labor/Salaries 960 1,140
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Benefits/Payroll Taxes 112 226
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Supplies 89
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Insurance
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Rent 993 993
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Depreciation 133,404 133,404
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General & Administrative 31,059 64,412
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Net Operating Profit (Loss) 111,008 ( 49,532)
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Current Prior
Month Month
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Add: Other Income(2) 14,270(a) 14,979(a)
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Less: Other Expenses
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Interest Expense (19) (38)
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Other(3)
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Total Other Expenses (19) (38)
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Gain (Loss) Sale of Assets
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Profit (Loss) Before Taxes $125,259 (34,591)
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Income Taxes
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Net Profit (Loss) $125,259 $(34,591)
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1. If perpetual inventory records are not maintained, use of the prior period gross percentage is acceptable but must be
disclosed.
2. Identify the source if the amount is $500.00 or more.
(a) Other income: Current Month Prior Month
Interest income - amortization
of discount on receivable from
the Sands $7,196 $7,410
Interest received on 1,500,000
held in escrow 7,074 7,569
$ 14,270 $ 14,979
3. Provide details on "other" expenses over $500.00.
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
BALANCE SHEET As of 02/28/01
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
ASSETS Current Month Prior Month
Current Assets
Cash $ 143,599 $ 127,066
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Restricted Cash in Escrow 1,568,151 1,561,078
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-----------------------------------
Restricted Cash Collateral 2,501,496 2,244,943
-----------------------------------
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Accounts Receivable 1,778,310 1,778,310
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Notes Receivable
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Other (attach list) 704,853(a) 654,853(a)
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Total Current Assets 6,696,409 6,366,250
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Fixed Assets
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Property and Equipment 197,339,350 197,339,350
-----------------------------------
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Accumulated Depreciation (183,470,890) (183,337,485)
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Total Fixed Assets 13,868,460 14,001,865
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Other Assets (attach list) 25,720,680(b) 25,763,484(b)
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TOTAL ASSETS $ 46,285,549 $ 46,131,599
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LIABILITIES
Post-petition Liabilities:
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Accounts Payable $ 223,366 $ 192,635
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Notes Payable
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Rents & Leases Payable
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Taxes Payable
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Accrued Interest
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Other:
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Total Post-petition Liabilities: 223,366 192,635
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Pre-petition Liabilities
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Unsecured Debt 29,000 29,000
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Notes Payable-Secured 88,515,235 88,517,272
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Other Debt (priority claims)
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Taxes
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Wages
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Deposits
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Other:
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Total Pre-petition Liabilities 88,544,235 88,546,272
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TOTAL LIABILITIES 88,767,601 88,738,907
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OWNER EQUITY (DEFICIT)
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Preferred Stock
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Common Stock
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Capital Surplus
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Retained Earnings
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PARTNERS' INVESTMENT (DEFICIT) (42,482,052) (42,607,308)
--------------------------------- -----------------------------------
TOTAL OWNER EQUITY
(NET WORTH) (42,482,052) (42,607,308)
==================================== ===================================
TOTAL LIABILITIES AND
OWNER EQUITY $ 46,285,549 $ 46,131,599
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NOTES:
1. Explain significant events, including contingent liabilities and pending
lawsuits, which may have a material effect on the financial condition of
the debtor.
2. Value assets at lower of cost or market and identify which method is being
used.
3. Explain the method of inventory valuation if other than the lower of cost
or market
4. Identify any changes in stock holdings of "insiders" during the reporting
period.
(a) Other Current Assets:
Current Prior
Month Month
Contingent set-off to Wrap debt from Admin.
Bldg. Transaction $ 500,000 $ 450,000
Prepaid professional fees 4,209 4,209
Simplex lease deposit 10,860 10,860
AT&T Deposit 550 550
Masco rent deposit 964 964
Interest receivable - Partner Notes 33,697 33,697
Other Facilities and Maintenance Assets 154,573 154,573
$ 704,853 $ 654,853
======================== ============
(b) Other Non-Current Assets:
Deferred Rent from Claridge at Park Place $ 16,177,500 $ 16,177,500
Note Receivable and Accrued Int-Claridge
at Park Place 8,154,000 8,154,000
Receivable from the Sands, net of
unamortized discount 1,389,180 1,431,984
----------------------- ------------
$ 25,720,680 $ 25,763,484
======================= ============
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 02/28/01
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Account
Depository: Bank of America
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
02/01/01 Beginning Cash Balance $ 126,908.03
02/16/01 Payment from Bondholders' Trustee $ 31,904.95
Total Cash Receipts $ 31,904.95
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CASH DISBURSEMENTS
(attach additional sheets as necessary)
Date Check No. Payee Description Amount
02/1/01 1197 Anthony C. Atchley Gen'l Partner Fee $5,416.67
02/1/01 1198 Gerald C. Heetland Gen'l Partner Fee 5,416.67
02/15/01 1199 Masco Properties Office Rent 992.85
02/15/01 1200 Sprint Telephone 137.35
02/15/01 1201 Federal Express Delivery 15.55
02/15/01 1202 All-Pro Cleaning Services Cleaning 50.00
02/15/01 1203 Petty Cash Supplies 88.84
02/15/01 1204 Diebold Credit Corporation Lease Payment 2,057.20
02/28/01 1205 Nevada Power Company Utilities 108.34
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Total Cash Disbursements $(14,283.47)
--------------------
Adjustments (explain)
02/16/01 Wire transfer fee $ (17.00)
02/27/01 Transfer to DIP Payroll Acct. (1,050.00)
Total Adjustments $(1,067.00)
Ending Cash Balance (must be reconcilable to the bank statement for account
cited above) $143,462.51
====================
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 02/28/01
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Payroll Account
Depository: Bank of America
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
02/01/01 Beginning Cash Balance $ 109.55
02/27/01 Transfer from DIP Account $ 1,050.00
Total Cash Receipts $ 1,050.00
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CASH DISBURSEMENTS
(attach additional sheets as necessary)
Date Check No. Payee Description Amount
02/28/01 N/A Barbara Constantine Payroll $(836.56)
02/28/01 N/A Qwik Pay Payroll taxes and fees (235.09)
Total Cash Disbursements $(1,071.65)
Adjustments (explain)
0.00
Ending Cash Balance (must be reconcilable to the bank
statement for account cited above) $ 87.90
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OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 02/28/01
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Lease Escrow Account
Depository: Summit Bank
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
02/01/01 Beginning Cash Balance $1,561,077.66
02/01/01 Dividends received $ 7,073.57
Total Cash Receipts $ 7,073.57
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CASH DISBURSEMENTS
(attach additional sheets as necessary)
Date Check No. Payee Description Amount
Total Cash Disbursements $ 0.00
Adjustments (explain) $ 0.00
Ending Cash Balance (must be reconcilable to the bank
statement for account cited above) $1,568,151.23
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Exhibit 6
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF AGED RECEIVABLES
For the Month Ending: 02/28/01
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
========================= ====================== ======================= ====================== ======================
Total Due Current Past Due Past Due Past Due
(0-30 Days) (31-60 Days) (61-90 Days) (91+Days)
- ------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Pre-petition
1,183,198 1,183,198
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Post-petition
595,112 595,112
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Totals
1,778,310 1,778,310
========================= ====================== ======================= ====================== ======================
Notes:
1. Please explain what actions have been taken to collect receivables more
than 60 days past due.
All accounts receivable are due from Claridge at Park Place, Inc. CPPI is
bankruptcy debtor under Chapter 11. Some of the prepetition receivables are
being held in escrow pursuant to an Order of the Bankruptcy Court in the CPPI
bankruptcy case.
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2. Provide details on all receivables due from any affiliate of debtor in an
attachment.
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ACCOUNTS RECEIVABLE RECONCILIATION:
-----------------------
1. Opening Balance (total from prior report) $ 1,778,310
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-----------------------
2. New Accounts this Month 0
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-----------------------
3. Balance (add lines 1 and 2) 1,778,310
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-----------------------
4. Amount Collected on Prior Accounts 0
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-----------------------
5. Closing Balance (subtract line 4 from line 3) $ 1,778,310
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OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF AGED PAYABLES
For the Month Ending: 02/28/01
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
===================== ================== =================== ================== =================== ==================
Account Current Past Due Past Due Past Due
Name: Description: (0-30 Days) (31-60 Days) (61-90 Days) (91+Days)
A/P Other $223,366
TOTALS $223,366
===================== ================== =================== ================== =================== ==================
You may combine all payables less than 30 days past due and show on one line.
Note: Please include only post-petition debts and explain why accounts over 30
days past due have not been paid.
ACCOUNTS PAYABLE RECONCILIATION:
1. Opening Balance (total from prior report) $ 192,635
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--------------------
2. Total New Indebtedness Incurred This Month 31,023
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--------------------
3. Balance (add lines 1 and 2) 223,658
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--------------------
4. Amount Paid on Prior Accounts Payable (292)
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--------------------
5. Closing Balance (subtract line 4 from line 3) $ 223,366
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OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF OPERATIONS, TAXES, INSURANCE AND PERSONNEL
For the Month Ending: 02/28/01
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
1. What efforts have been made toward the preparation of a plan of
reorganization? The Debtor has filed a fourth joint plan of reorganization
and disclosure statement with the Claridge at Park Place, Inc. and the
Claridge Hotel and Casino Corporation. A hearing on the adequacy of the
disclosure statement was held and before the Court is an Order Approving
Fourth Amended Disclosure Statement; Form of Ballots and Establishing
Solicitation Procedures. On May 16, 2001, the Court has scheduled a hearing
on the confirmation of the plan of reorganization
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2. 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 X No
Identify amount, who was paid and date paid:
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3. Provide a narrative report of significant events affecting debtor's
business (attach separate sheet if necessary.) On December 21, 1999, the
Bankruptcy Court entered a Stipulation and Order which provides, inter
alia, for the payment of the Debtor's operating expenses through
confirmation or termination of the case, subject to certain conditions and
with approved budgets. Budgets through June 30, 2001 have been subsequently
approved.
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4. List any payment(s) on debt that has been personally guaranteed by any
principal, partner or officer of the None
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5. If assets have been sold in other than the ordinary course of business,
please provide details as to the asset sold, date of sale, total sales
price, deductions (i.e. commissions), and net amount received. On April 5,
2000, the Court authorized the sale, pursuant to section 363 of the
Bankruptcy Code, of the Adjacent administrative building to the Sands
Casino for the sum of $1.5 million, which is to be held in escrow, and $20
million in future rent abatements.
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6. STATUS OF TAXES
============================= ========================= =================== =================== ======================
Amount Withheld or Post-Petition Taxes
Accrued Amount Paid Date Paid Past Due
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- ----------------------------- ------------------------- ------------------- ------------------- ----------------------
FEDERAL TAXES
- ----------------------------- ------------------------- ------------------- ------------------- ----------------------
- ----------------------------- ------------------------- ------------------- ------------------- ----------------------
FICA 146.88 02/28/01
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Withholding 50.00 02/28/01
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- ----------------------------- ------------------------- ------------------- ------------------- ----------------------
Unemployment 7.68 02/28/01
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Income
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Other
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STATE TAXES
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Dept. of Labor &
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Income
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- ----------------------------- ------------------------- ------------------- ------------------- ----------------------
Employment Sec. 2.88 02/28/01
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Dept. of Revenue
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B&O
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Sales
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Excise
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OTHER TAXES
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City Business
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License
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Personal Property
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Real Property
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Other (List)
============================= ========================= =================== =================== ======================
Explain reason for any past due post-petition taxes:
7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO PRINCIPALS/ EXECUTIVES/ INSIDERS*
Payee Name Position Nature of Payment Amount
- ----------------------------------- --------------------------------- -------------------------------- -----------------------------
- ----------------------------------- --------------------------------- -------------------------------- -----------------------------
Anthony C. Atchley General Partner General Partner fee $ 5,416.67
- ----------------------------------- --------------------------------- -------------------------------- -----------------------------
- ----------------------------------- --------------------------------- -------------------------------- -----------------------------
Gerald C. Heetland General Partner General Partner fee $ 5,416.67
- ----------------------------------- --------------------------------- -------------------------------- -----------------------------
- ----------------------------------- --------------------------------- -------------------------------- -----------------------------
*List accrued salaries whether or not paid and any draws of any kind or perks
such as car etc. made to or for the benefit of any proprietor, owner, partner,
shareholder, officer, director or insider.
8. SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
Appointment Amount Paid Date of Court Aggregate Estimated
Date This Month Approval Received Balance Due
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
Debtor's Counsel 10/29/99 nunc pro
tunc to 10/5/99
$ $347,842.96 $182,629
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
Creditors' $
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- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
Accountants 10/29/99 nunc pro
tunc to 10/5/99
$ $98,028.83 $ 40,520
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
Other: $
- ------------------------------- ---------------------- --------------------- ------------------- ------------------- ---------------
Identify fees accrued but not paid: Debtor's Counsel - $182,629; Accountants - $40,520
9. Explain any changes in insurance coverage which occurred during the
reporting period.
10. PERSONNEL
============================================== ============================================ ========================================
Full Time Part Time
- ---------------------------------------------- -------------------------------------------- ----------------------------------------
Total number of employees at
beginning of period 1
- ---------------------------------------------- -------------------------------------------- ----------------------------------------
Number hired during the period 0
- ---------------------------------------------- -------------------------------------------- ----------------------------------------
Number of terminated or resigned during
period 0
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Total number of employees on payroll at 1
period end
============================================== ============================================ ========================================
Total payroll for the period $960.00