EXHIBIT 99.10
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: 01-10967 (JCA)
MONTHLY OPERATING REPORT
AS OF SEPTEMBER 30, 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 September Monthly
Operating Report (Attachments 1 through 9) and, to the best of my knowledge,
these documents are true, correct, and complete.
/s/ STEVE MOELLER
- ---------------------
Steve Moeller
Director, Accounting
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: 01-10967 (JCA)
MONTHLY OPERATING REPORT
AS OF SEPTEMBER 30, 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 September Monthly Operating Report
Attachment 1
Summary Of Bank, Investment & Petty Cash Accounts
AMCV Cruise Operations, Inc.
Summary Case No: 01-10967 (JCA) UNAUDITED
AMCV Cruise Operations, Inc For Month Of September, 2002
Balances
------------------------------ Receipts & Bank
Opening Closing Disbursements Statements Account
Account As Of 9/01/02 As Of 9/30/02 Included Included Reconciled
- ------- ------------- ------------- ------------- -------------- ----------
AHC - Certificate Of Deposit * 25,000.00 25,000.00 Yes No - Not Yes
Bank One Concentration
Account # - 880058451981 Account
AHC - Certificate Of Deposit * 25,000.00 25,000.00 Yes No - Not Yes
Bank One Concentration
Account # - 880058452369 Account
AMCV Cruise Ops 77,326.98 77,313.42 Yes Yes Yes
Master Cash
First Union National Bank
Account # - 2090002602362
AMCV Escrow - Gohagan 0.00 0.00 Yes No - Not Yes
LaSalle Bank Concentration
Account # - 62-8766-40-4 Account
American Classic Voyages 0.00 0.00 No - No - No -
Fleet Bank Account Account Account
Account # - 941-9148945 closed closed closed
Weston Office 492.10 368.49 Yes Not A Bank Yes
Petty Cash Account
* Proceeds From Matured Certificates Of Deposit Being Retained By Bank
One While They Pursue Recovery Of Equivalent Amounts Relating To
Letters Of Credits That Were Exercised After The Filing For
Bankruptcy Where These Certificates Of Deposits Were Collateral
Receipts & Disbursements Attachment 2-1
AMCV Cruise Operations, Inc.
R&D - Bank One - AHC CD (86) Case No: 01-10967 (JCA) UNAUDITED
Bank One
AHC Certificate Of Deposit
Account # - 880058451981
1 September 02 - 30 September 02
Opening Balance - 1 September 02
25,000.00
Receipts
---------
0.00 Total Receipts
Disbursements
---------
0.00 Total Disbursements
Closing Balance - 30 September 02
25,000.00
Receipts & Disbursements Attachment 2-2
AMCV Cruise Operations, Inc.
R&D - Bank One - AHC CD (87) Case No: 01-10967 (JCA) UNAUDITED
Bank One
AHC Certificate Of Deposit
Account # - 880058452369
1 September 02 - 30 September 02
Opening Balance - 1 September 02
25,000.00
Receipts
---------
0.00 Total Receipts
Disbursements
---------
0.00 Total Disbursements
Closing Balance - 30 September 02
25,000.00
Receipts & Disbursements Attachment 2-3
AMCV Cruise Operations, Inc.
R&D - First Union Case No: 01-10967 (JCA) UNAUDITED
AMCV Cruise Ops Master Cash First Union
AMCV Cruise Ops Master Cash
Account # - 2090002602362
1 September 02 - 30 September 02
Opening Balance - 1 September 02
77,326.98
Receipts
---------
0.00 Total Receipts
Disbursements
(13.56) Bank Fees
---------
(13.56) Total Disbursements
Closing Balance - 30 September 02
77,313.42
Receipts & Disbursements Attachment 2-4
AMCV Cruise Operations, Inc.
R&D - LaSalle Case No: 01-10967 (JCA) UNAUDITED
AMCV Escrow - Gohagan LaSalle
AMCV Escrow - Gohagan
Account # - 62-8766-40-4
1 September 02 - 30 September 02
Opening Balance - 01 September 02
0.00
Receipts
0.00 Interest Earned
----
0.00 Total Receipts
Disbursements
0.00 Fees
----
0.00 Total Disbursements
Closing Balance - 30 September 02
0.00
Receipts & Disbursements Attachment 2-5
AMCV Cruise Operations, Inc.
R&D - NOLA Case No: 01-10967 (JCA) UNAUDITED
Petty Cash Weston Office
Petty Cash
Account # - NA
1 September 02 - 30 September 02
Opening Balance - 1 September 02
492.10
Receipts
-------
0.00 Total Receipts
Disbursements
(100.00) Cleaning Services
(5.00) Courier
Postage
(18.61) Miscellaneous Supplies
-------
(123.61) Total Disbursements
Closing Balance - 30 September 02
368.49
AMCV US SET OF BOOKS Date: 22-OCT-02 11:35:12
INCOME STATEMENT - ATTACHMENT 4 Page: 1
Current Period: SEP-02
currency USD
Company=15 (AMCV OPS)
PTD-Actual
30-Sep-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 16,666.67
----------------
Total Operating Expenses 16,666.67
----------------
Gross Profit (16,666.67)
SG&A Expenses
General and Admin Expenses 53,979.19
Sales & Marketing 1,451.25
Start-Up Costs 0.00
----------------
Total SG&A Expenses 55,430.44
----------------
EBITDA (72,097.11)
Depreciation 0.00
----------------
Operating Income (72,097.11)
Other Expense/(Income)
Interest Income 0.00
Equity in Earnings for Sub 35,088.72
Reorganization expenses 0.00
----------------
Total Other Expense/(Income) (35,088.72)
----------------
Net Pretax Income/(Loss) (37,008.39)
Income Tax Expense 0.00
----------------
Net Income/(Loss) (37,008.39)
================
AMCV US SET OF BOOKS Date: 22-OCT-02 12:52:14
BALANCE SHEET - ATTACHMENT 5 Page: 1
Current Period: SEP-02
currency USD
Company=15 (AMCV OPS)
YTD-Actual YTD-Actual
30-Sep-02 22-Oct-01
-------------- --------------
ASSETS
Cash and Equivalent (20,201.47) 1,723,947.86
Restricted Cash 450,000.00 219,000.00
Marketable Securities 50,000.00 50,000.00
Accounts Receivable 0.00 99,684.62
Inventories 0.00 0.00
Prepaid Expenses 375,539.54 522,662.13
Other Current Assets 3,600.00 1,750.00
---------------- -----------------
Total Current Assets 858,938.07 2,617,044.61
Fixed Assets 0.00 9,371,627.23
Accumulated Depreciation 0.00 (453,764.30)
---------------- -----------------
Net Fixed Assets 0.00 8,917,862.93
Net Goodwill 0.00 0.00
Intercompany Due To/From (4,915,456.23) 2,150,807.43
Net Deferred Financing Fees 0.00 0.00
Net Investment in Subsidiaries (521,694,221.85) 66,329,274.35
---------------- -----------------
Total Other Assets (526,609,678.08) 68,480,081.78
---------------- -----------------
Total Assets (525,750,740.01) 80,014,989.32
================ =================
AMCV US SET OF BOOKS Date: 22-OCT-02 12:52:14
BALANCE SHEET - ATTACHMENT 5 Page: 2
Current Period: SEP-02
currency USD
Company=15 (AMCV OPS)
YTD-Actual YTD-Actual
30-Sep-02 22-Oct-01
---------------- -----------------
LIABILITIES
Accounts Payable 74,500.29 5,363.60
Accrued Liabilities 13,104.15 289,488.87
Deposits 0.00 0.00
---------------- -----------------
Total Current Liabilities 87,604.44 294,852.47
Long Term Debt 0.00 0.00
Other Long Term Liabilities 0.00 0.00
---------------- -----------------
Total Liabilities 87,604.44 294,852.47
Liabilities Subject to Compromise 29,492,908.96 32,307,000.02
OWNER'S EQUITY
Common Stock 10,440.25 10,440.25
Add'l Paid In Capital 112,772,392.56 112,772,392.56
Current Net Income (Loss) (600,352,952.65) (37,037,717.81)
Retained Earnings (67,761,133.57) (28,331,978.17)
---------------- -----------------
Total Owner's Equity (555,331,253.41) 47,413,136.83
---------------- -----------------
Total Liabilities & Equity (525,750,740.01) 80,014,989.32
================ =================
BEGINNING ENDING
AFFILIATE NAME CASE NUMBER BALANCE DEBITS CREDITS BALANCE
- -------------- ----------- -------------- ------ ------- -------
American Classic Voyages Co. 01-10954 (84,004,243.92) 1,051,806.26 62,683.76 (83,015,121.42)
AMCV Holdings, Inc. 01-10973 (639,623.36) 416,580.04 -- (223,043.32)
The Delta Queen Steamboat Co. 01-10970 (100,294,573.86) 85,125.29 1,477,361.85 (101,686,810.42)
DQSB II, Inc. 01-10974 2,330.40 -- -- 2,330.40
Great AQ Steamboat, L.L.C. 01-10960 22,866,639.06 292.79 -- 22,866,931.85
Great Pacific NW Cruise Line, L.L.C. 01-10977 9,434,276.58 -- 9,434,276.58
Great River Cruise Line, L.L.C. 01-10963 9,463,658.43 -- 9,463,658.43
Great Ocean Cruise Line, L.L.C. 01-10959 22,082,737.26 10,792.19 397.49 22,093,131.96
Cruise America Travel, Incorporated 01-10966 4,057,165.15 -- -- 4,057,165.15
Delta Queen Coastal Voyages, L.L.C. 01-10964 (190,721.38) -- -- (190,721.38)
Cape Cod Light, L.L.C. 01-10962 3,950,183.20 -- -- 3,950,183.20
Cape May Light, L.L.C. 01-10961 8,127,233.11 -- -- 8,127,233.11
Project America, Inc. N/A (4,501,177.23) -- -- (4,501,177.23)
Oceanic Ship Co. N/A 57,690,858.86 -- -- 57,690,858.86
Project America Ship I, Inc. N/A 111,968.41 -- -- 111,968.41
Ocean Development Co. 01-10972 1,559,238.61 -- -- 1,559,238.61
Great Hawaiian Cruise Line, Inc. 01-10975 (22,292.97) -- -- (22,292.97)
Great Hawaiian Properties Corporation 01-10971 (6,116,875.06) -- -- (6,116,875.06)
American Hawaii Properties Corporation 01-10976 5,188,990.02 -- -- 5,188,990.02
Great Independence Ship Co. 01-10969 36,656,636.93 -- -- 36,656,636.93
CAT II, Inc. 01-10968 9,637,982.06 -- -- 9,637,982.06
---------------------------------------------------------------------
(4,939,609.70) 1,564,596.57 1,540,443.10 (4,915,456.23)
=====================================================================
AMCV CRUISE OPERATIONS, INC.
01-10967 (JCA)
ACCOUNTS RECEIVABLE AGING
AS OF SEPTEMBER 30, 2002
ATTACHMENT 7
NOT APPLICABLE
ACCOUNTS PAYABLE TRIAL BALANCE ATTACHMENT 8
AS OF SEPTEMBER 30, 2002
LIABILITY ACCOUNT: 15-000-220102-00000
REMAINING
SUPPLIER NAME INVOICE NUMBER INVOICE DATE AMOUNT AMOUNT INVOICE DESCRIPTION
- -----------------------------------------------------------------------------------------------------------------------------------
BENTON COUNTY TRUSTEE 123101 31-Dec-01 $ 1,549.91 $ 1,549.91 PROPERTY ADDRESS BL000400
BILL NOBLES, TRUSTEE 123101B 31-Dec-01 $ 1,704.40 $ 1,704.40 BILL NUMBER 145214
123101A 31-Dec-01 $ 1,963.66 $ 1,963.66 BILL NUMBER 145375
Total for Supplier : $ 3,668.06 $ 3,668.06
BOB PATTERSON, TRUSTEE 123101B 31-Dec-01 $ 7,025.24 $ 7,025.24 FOLIO NUMBER 6BL-0004-0-00000-0
123101A 31-Dec-01 $ 5,059.38 $ 5,059.38 FOLIO NUMBER 1BL-0004-0-00000-0
Total for Supplier : $ 12,084.62 $ 12,084.62
BROWNING-FERRIS INDUSTRIES 0221820-020100-0278 31-Jan-02 $ 1,097.64 $ (1,097.64)
CARL E. LEVI, CITY TREASURER 123101 31-Dec-01 $ 1,400.93 $ 1,400.93 BILL#76013
CHARLIE CALDWELL, TRUSTEE 123101B 31-Dec-01 $ 2,807.17 $ 2,807.17 ACCOUNT NUMBER 000000516
123101A 31-Dec-01 $ 2,459.26 $ 2,459.26 ACCOUNT NUMBER 000000340
Total for Supplier : $ 5,266.43 $ 5,266.43
CITY OF PORTLAND 123101 31-Dec-01 $ 100.00 $ 100.00 AMERICAN CLASSIC VOYAGES, INC.
CITY TAX COLLECTOR 123101 31-Dec-01 $ 51.77 $ 51.77 PROPERTY ADDRESS BL000400
COUNTY TRUSTEE 123101 31-Dec-01 $ 1,299.20 $ 1,299.20 PROPERTY ADDRESS BL000400
DECATUR COUNTY TRUSTEE 123101 31-Dec-01 $ 991.66 $ 991.66 PROPERTY ADDRESS BL000400
DEPARTMENT OF REVENUE AND
TAXATION 123101A 31-Dec-01 $ 10.00 $ 10.00 PROJECT AMERICA, INC.
DICKSON COUNTY TRUSTEE 123101 31-Dec-01 $ 166.48 $ 166.48 PROPERTY ADDRESS BL000400
DIRECTV 0032-006733024 26-Dec-01 $ 60.33 $ 60.33 #006733024
0031-006733024 26-Nov-01 $ 60.33 $ 60.33 ACCT#006733024
0030-006733024A 26-Oct-01 $ 60.33 $ 60.33 ACCT#006733024
0024-006733024C 23-Apr-01 $ (659.33) $ (659.33) OVERPAID CK#4002327
ACCT#006733024
Total for Supplier : $ (478.34) $ (478.34)
DIVERSEY LEVER, INC. 30706 18-Dec-01 $ (8.97) $ (8.97) FUEL SURCHARGE CREDIT
DYER COUNTY TRUSTEE 123101 31-Dec-01 $ 2,915.08 $ 2,915.08 PROPERTY ADDRESS BL000400
ENTERGY 0415-051402CR 14-May-02 $ (12,699.89) $(12,699.89)
0415-051402B 14-May-02 $ 12,699.89 $ 12,699.89
Total for Supplier : $ -- $ --
HARDIN COUNTY TRUSTEE 123101 31-Dec-01 $ 2,254.32 $ 2,254.32 HARDIN COUNTY PROPERTY TAX
HENRY COUNTY TRUSTEE 123101 31-Dec-01 $ 323.79 $ 323.79 PROPERTY ADDRESS BL000400
HOUSTON COUNTY TRUSTEE 123101 31-Dec-01 $ 303.80 $ 303.80 HOUSTON COUNTY PROPERTY TAX
HUMPHREYS COUNTY TRUSTEE 123101 31-Dec-01 $ 1,014.31 $ 1,014.31 PROPERTY ADDRESS BL000400
ICS LOGISTICS 0305115 19-Apr-02 411.14 411.14
0304250 12-Apr-02 $ 1,464.00 $ 1,464.00
0303296 5-Apr-02 $ 214.50 $ 214.50
0301324 29-Mar-02 $ 1,872.75 $ 1,872.75
0300501 22-Mar-02 $ 1,039.50 $ 1,039.50
0299608 15-Mar-02 $ 965.25 $ 965.25
0294084 8-Feb-22 $ 230.00 $ 230.00
0288151 4-Jan-02 $ 990.00 $ 990.00
0283961 7-Dec-01 $ 990.00 $ 990.00
0277999 2-Nov-01 $ 990.00 $ 990.00
0245847B 12-Oct-01 $ 1,056.00 $ 1,056.00
Total for Supplier : $ 10,223.14 $ 10,223.14
IIS INC 061002 10-Jun-02 $ 1,595.00 $ (1,595.00)
KEENAN STAFFING INC. 50012872 7-Sep-02 $ 506.88 $ 506.88 TEMP HELP A DAVIS
LAKE COUNTY TRUSTEE 123101 31-Dec-01 $ 5,781.44 $ 5,781.44 PROPERTY ADDRESS BL000400
LAURA MAX RACINE, TIPTON COUNTY
TRUSTEE 123101 31-Dec-01 $ 2,110.19 $ 2,110.19 TIPTON COUNTY PERSONAL PROPERTY
TAX
MARION COUNTY TRUSTEE 123101 31-Dec-01 $ 1,594.57 $ 1,594.57 MARION COUNTY PROPERTY TAX
MCI WORLDCOM CONFERENCING 120101 1-Dec-01 $ (46.07) $ (46.07) 01-00005980958-00691
ACCOUNTS PAYABLE TRIAL BALANCE ATTACHMENT 8
AS OF SEPTEMBER 30, 2002
LIABILITY ACCOUNT: 15-000-220102-00000
REMAINING
SUPPLIER NAME INVOICE NUMBER INVOICE DATE AMOUNT AMOUNT INVOICE DESCRIPTION
- -----------------------------------------------------------------------------------------------------------------------------------
MONTGOMERY COUNTY TRUSTEE 123101 31-Dec-01 $ 2,694.83 $ 2,694.83 PROPERTY ADDRESS BL000400
NATCHEZ WATER WORKS 40902 9-Apr-02 $ (18.36) $ (18.36) #13418
NYS LLC/LLP FEE 123101B 31-Dec-01 $ 325.00 $ 325.00 DELTA QUEEN COASTAL VOYAGES,
L.L.C.
123101A 31-Dec-01 $ 325.00 $ 325.00 CAPE MAY LIGHT, L. L. C.
Total for Supplier : $ 650.00 $ 650.00
PAUL MEADOW, TRUSTEE 123101 31-Dec-01 $ 4,646.31 $ 4,646.31 LAUDERDALE COUNTY PROPERTY TAX
PERRY COUNTY 123101 31-Dec-01 $ 544.04 $ 544.04 PROPERTY ADDRESS BL000400
SOMERSET REFINERY, INC. 12718B 25-Oct-01 $ 3,771.46 $ 0.01 PO#11923
SOUTHWESTERN BELL 0227 122401 24-Dec-01 $ (14.66) $ (14.66) 314-436-0227-138-8
8922 120401 4-Dec-01 $ (7.62) $ (7.62) 573 221-8922 555-7
Total for Supplier : $ (22.28) $ (22.28)
STATE OF NEW JERSEY 123101 31-Dec-01 $ 340.00 $ 340.00 DELTA QUEEN STEAMBOAT COMPANY
STATE OF NEW JERSEY - CBT 123101 31-Dec-01 $ 340.00 $ 340.00 DQSB II, INC
STEWART COUNTY TRUSTEE 123101 31-Dec-01 $ 2,569.98 $ 2,569.98 PROPERTY ADDRESS BL000400
TAX COLLECTOR 123101 31-Dec-01 $ 240.81 $ 240.81 PROPERTY ADDRESS BL000400
TENNESSEE DEPARTMENT OF REVENUE 123101 31-Dec-01 $ 7,000.00 $ 7,000.00 DELTA QUEEN STEAMBOAT COMPANY
THOMPSON & FLORY 17700116 31-May-02 $ 22.86 $ 22.86 LEGAL SVCS THRU 3/31/02
RE: ASBESTOS
THOMPSON & FLORY 17700770 31-May-02 $ 175.00 $ 175.00 LEGAL SVCS THRU 3/31/02
RE: ASBESTOS
THOMPSON & FLORY 17706639 30-Jun-02 $ 26.23 $ 26.23 LEGAL SVCS THRU 4/30/02
RE: ASBESTOS
THOMPSON & FLORY 17713939 31-Jul-02 $ 23.80 $ 23.80 LEGAL SVCS THRU 5/31/02
RE: ASBESTOS
THOMPSON & FLORY 17717108 31-Aug-02 $ 24.77 $ 24.77 LEGAL SVCS THRU 6/30/02
RE: ASBESTOS
Total for Supplier : $ 272.66 $ 272.66
TREASURER, CITY OF MEMPHIS 123101 31-Dec-01 $ 2,626.70 $ 2,626.70 ACCOUNT NUMBER TBL000400
WAYNE COUNTY TRUSTEE 123101 31-Dec-01 $ 205.03 $ 205.03 PROPERTY ADDRESS BL000400
WEST VIRGINIA STATE TAX
DEPARTMENT 123101 31-Dec-01 $ 2,010.00 $ 2,010.00 AMERICAN CLASSIC VOYAGES, INC.
WITHERS/SUDDATH RELOCATION
SYSTEMS, INC. 145196 30-Oct-01 $ 1,040.00 $ 10.00 60 DOLLIE LOADS
TOTAL FOR LIABILITY ACCOUNT: $ 84,687.02 $ 74,500.29
TOTAL FOR REPORT: $ 84,687.02 $ 74,500.29
DEBTOR: AMCV CRUISE OPERATIONS, INC. CASE NUMBER: 01-10967 (JCA)
PRELIMINARY MONTHLY OPERATING REPORT
AS OF SEPTEMBER 30, 2002
AND
FOR THE MONTH THEN ENDED
ATTACHMENT 9
NOTES TO SEPTEMBER MONTHLY OPERATING REPORT
The information contained herein is unaudited.
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.
1. Restricted cash consists of three escrow accounts each in the amount of
$150,000. Each escrow account was required for a pending P&I insurance
claim. The Debtor cannot currently determine how much, if any, the
ultimate settlement will be for each claim.