EXHIBIT 99.15
DEBTOR: OCEAN DEVELOPMENT CO. CASE NUMBER: 01-10972 (EIK)
MONTHLY OPERATING REPORT
AS OF JANUARY 31, 2002
AND
FOR THE MONTH THEN ENDED
In accordance with title 28, section 1746, of the United States Code, I declare
under penalty of perjury that I have examined the attached January Monthly
Operating Report (Attachments 1 through 9) and, to the best of my knowledge,
these documents are true, correct, and complete.
/s/ N. J. Davison
- ---------------------------------
Nicholas J. Davison
Senior Vice President, Finance
DEBTOR: OCEAN DEVELOPMENT CO. CASE NUMBER: 01-10972 (EIK)
MONTHLY OPERATING REPORT
AS OF JANUARY 31, 2002
AND
FOR THE MONTH THEN ENDED
CONTENTS
Attachment 1 Summary of Bank and Investment Accounts
Attachment 2 Schedule of Receipts and Disbursements
Attachment 3 Bank and Investment Account Statements
Attachment 4 Income Statement
Attachment 5 Balance Sheet
Attachment 6 Summary of Due To/Due From Intercompany Accounts
Attachment 7 Accounts Receivable Aging
Attachment 8 Accounts Payable Detail
Attachment 9 Notes to January Monthly Operating Report
<c>
Summary Of Bank, Investment & Petty Cash Accounts Attachment 1
Ocean Development Co.
Summary Case No: 01-10972 (EIK) UNAUDITED
Ocean Development Co. For Month Of January, 2002
Balances
------------------------------ Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 1/01/02 As Of 1/31/02 Included Included Reconciled
- ------- ------------- ------------- ------------- ---------- ----------
Ocean Development Co. 0.00 0.00 No - No - Not No -
City National Bank No Activity Concentration No Activity
Account # - 1604832 Account
ODC Disbursements 0.00 0.00 No- No - Not No
LaSalle Bank No Activity Concentration No Activity
Account # - 5800156167 Account
ODC Payroll 8,265.77 0.00 Yes No - Not Yes
LaSalle Bank Concentration
Account # - 5800156175 Account
Ocean Development Co. 0.00 0.00 No- Not A Bank No -
Petty Cash No Activity Account No Activity
<c>
Receipts & Disbursements Attachment 2
Ocean Development Co.
R&D -LASALLE Case No: 01-10972 (EIK) UNAUDITED
ODC PAYROLL LaSalle
ODC Payroll
Account # - 5800156175
1 January 02 - 31 January 02
Opening Balance - 1 Jan 02
8,265.77
Receipts
----------
0.00 Total Receipts
Disbursements
(29.15) Bank Fees
(8,236.62) To The Delta Queen Steamboat Co - Hibernia -
DQ Payroll - Account (812-395-289)
----------
(8,265.77) Total Disbursements
Closing Balance - 31 Jan 02
0.00
Concentration & Investment Account Statements Attachment 3
Ocean Development Co.
Summary Case No: 01-10972 (EIKI
Ocean Development Co. For Month Of January, 2002
Attach 283
No Statements Due To No Concentration Or Investment Accounts
AMCV US SET OF BOOKS
INCOME STATEMENT - ATTACHMENT 4
Current Period: JAN-02
currency USD
Company=61 (ODC)
PTD-Actual
JAN-02
--------------
Revenue
Gross Revenue 0.00
Allowances 0.00
-----
Net Revenue 0.00
Operating Expenses
Air 0.00
Hotel 0.00
Commissions 0.00
Onboard Expenses 0.00
Passenger Expenses 0.00
Vessel Expenses 0.00
Layup/Drydock Expense 0.00
Vessel Insurance 0.00
-----
Total Operating Expenses 0.00
-----
Gross Profit 0.00
SG&A Expenses
Sales & Marketing 0.00
Pre-Opening Costs 0.00
-----
Total SG&A Expenses 0.00
-----
EBITDA 0.00
Depreciation 0.00
-----
Operating Income 0.00
Other Expense/(Income)
Interest Income 0.00
Equity in Earnings for Sub 0.00
Reorganization expenses 0.00
-----
Total Other Expense/(Income) 0.00
-----
Net Pretax Income/(Loss) 0.00
-----
Income Tax Expense 0.00
-----
Net Income/(Loss) 0.00
-----
AMCV US SET OF BOOKS Date: 25-FEB-02 09:50:26
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: JAN-02
currency USD
Company=61 (ODC)
YTD-Actual YTD-Actual
JAN-02 OCT-01
--------------- ---------------
ASSETS
Cash and Equivalent 0.00 118,106.14
Restricted Cash 0.00 0.00
Marketable Securities 0.00 0.00
Accounts Receivable 0.00 151,000.00
Inventories 0.00 0.00
Prepaid Expenses 0.00 2,428.25
Other Current Assets 0.00 12,086.31
Total Current Assets 0.00 283,620.70
Fixed Assets 0.00 475,030.49
Accumulated Depreciation 0.00 (200,064.63)
Net Fixed Assets 0.00 274,965.86
Net Goodwill 0.00 0.00
Intercompany Due To/From (585,793.50) (661,080.60)
Net Deferred Financing Fees 0.00 0.00
Net Investment in Subsidiaries 0.00 0.00
Other Non Current Assets 0.00 0.00
Total Other Assets (585,793.50) (661,080.60)
Total Assets (585,793.50) (102,494.04)
AMCV US SET OF BOOKS Date: 25-FEB-02 09:50:26
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: JAN-02
currency USD
Company=61 (ODC)
YTD-Actual YTD-Actual
JAN-02 OCT-01
-------------- --------------
LIABILITIES
Accounts Payable 0.00 8,352.05
Accrued Liabilities 0.00 4,455.57
Deposits 0.00 0.00
------------ -------------
Total Current Liabilities 0.00 12,807.62
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
------------ -------------
Total Liabilities 0.00 12,807.62
OTHER
Liabilities Subject to Compromise 12,807.62 0.00
------------ -------------
Total Other 12,807.62 0.00
OWNER'S EQUITY
Common Stock 1.00 1.00
Add'1 Paid In Capital 99.00 99.00
Current Net Income (Loss) 0.00 (34,923.61)
Retained Earnings (598,701.12) (80,478.05)
------------- --------------
Total Owner's Equity (598,601.12) 115,301.66)
------------- --------------
Total Liabilities & Equity (585,793.50) (102,494.04)
------------- --------------
Ocean Development Co.
ATTACHMENT 6
Summary List of Due To/Due From Accounts
For the Period Ending January 31, 2002
BEGINNING ENDING
AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE
American Classic Voyages Co. 01-10954 (206,379,952.56) -- -- (206,379,952.56)
AMCV Cruise Operations, Inc. 01-10967 (1,564,704.50) 451,834.32 451,935.90 (1,564,806.08)
The Delta Queen Steamboat Co. 01-10970 (2,221,004.51) 8,236.62 1,865.60 (2,214,633.49)
Great Pacific NW Cruise Line, L.L.C. 01-10977 24,185,738.20 -- -- 24,185,738.20
Cruise America Travel, Incorporated 01-10966 (15,996.19) -- -- (15,996.19)
Cape Cod Light, L.L.C. 01-10962 13,075,170.55 73,481.41 73,481.41 13,075,170.55
Cape May Light, 1L.L.C. 01-10961 14,604,239.22 528.00 528.00 14,604,239.22
Project America, Inc. N/A (121,769.93) -- -- (121,769.93)
Oceanic Ship Co: N/A 16,588,600.15 -- -- 16,588,600.15
Project America Ship I, Inc. N/A 88,694,801.97 74,420.36 74,420.36 88,694,801.97
Project America Ship II, Inc. N/A 53,705,913.72 59,046.19 59,046.19 53,705,913.72
Great Hawaiian Properties Corporation 01-10971 (780,707.24) -- -- (780,707.24)
CAT II, Inc. 01-10968 (362,391.82) -- -- (362,391.82)
----------------------------------------------------------------------
(592.062.94) 667.546.90 661.277.46 (585,793.50)
======================================================================
Ocean Development Co.
Accounts Receivable Aging
As of January 31, 2002
Attachment 7
Not Applicable
Ocean Development Co.
Accounts Payable Detail
As of January 31, 2002
Attachment 8
Not Applicable
DEBTOR: OCEAN DEVELOPMENT CO. CASE NUMBER: 01-10972 (EIK)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF JANUARY 31, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO JANUARY MONTHLY OPERATING REPORT
The information contained herein is unaudited.
All assets presented herein continue to be held at historical book values, net
of accumulated depreciation or amortization. The Company has not attempted to
adjust its books to reflect fair market values of its assets, nor has it
attempted to adjust asset book values to reflect any potential impairments.
Liabilities included in these financial statements reflect amounts known by the
Company to have been incurred. The Company has listed in prior filings with the
United States Trustee potential additional claims it believes may be asserted
against the Company.
To the best of the Debtor's knowledge and belief, based on currently available
information, all Federal income and payroll taxes due and owing have been paid.