EXHIBIT 99.2
United States Bankruptcy Court
Eastern District Of Kentucky
Ashland Division
IN RE: CASE NO. 03-10078
DEBTOR(S) CHAPTER 11
Monthly Operating Report For Month Ending November 29, 2003
Comes now Ashland Steel Liquidating Company, fka Kentucky Electric Steel,
Inc., debtor in possession and herby submits its Monthly Operating Report for
the Periods commencing November 2, 2003 and ending November 29, 2003 as shown by
the report and exhibits consisting of 14 pages and containing the following, as
indicated:
___X____ Monthly Reporting Questionnaire (Attachment 1)
___X____ Comparative Balance Sheets (Forms OPR - 1 & OPR - 2)
___X____ Summary of Accounts Receivable (Form OPR - 3)
___X____ Schedule of Post - Petition Liabilities (Form OPR - 4)
___X____ Statement of Income (Loss) Form OPR - 5)
___X____ Statement of Sources and Uses of Cash (Form OPR - 6)
I declare under penalty of perjury that this report and all attachments are
true and correct to the best of my knowledge and belief. I also hereby certify
that the original Monthly Operating Report was filed with the Bankruptcy Court
Clerk and a copy was delivered to the U.S. Trustee.
Date: _______ DEBTOR
By: /s/ William J. Jessie
----------------------------------------
(Signature)
Name & Title: William J. Jessie, President
-------------------------------
(Print or Type)
Address: US Route 60
-----------------------------------
Ashland, KY 41101
--------------------------------------------
Telephone Number: (606) 929 - 1200
--------------------------
Attachment 1 (Page 1)
Chapter 11
Monthly Operating Report
Monthly Reporting Questionnaire
CASE NAME: Ashland Steel Liquidating Company
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
MONTH OF: NOVEMBER
1. Payroll - State the amount of all executive wages paid and taxes withheld and
paid
Wages Paid Taxes (1)
Name and Title of Executive -------------------------------------------------------
Gross Net Due Paid
----- --- --- ----
William J. Jessie - $ 11,720 $ 8,082 $ 3,808 $ 3,808
(President and CFO)
- -----------------------------------------------------------------------------------------------------------------
William H. Gerak - - - - -
(Vice President of Administration)
- -----------------------------------------------------------------------------------------------------------------
Joseph E. Harrison - - - - -
(Vice President of Sales and Marketing)
- -----------------------------------------------------------------------------------------------------------------
Jack W. Mehalko - - - - -
(Interim President)
- -----------------------------------------------------------------------------------------------------------------
Total Executive Payroll: $ 11,720 $ 8,082 $ 3,808 $ 3,808
----------------------------------------------------------------------------
2. Insurance - Is workers' compensation and other insurance in effect? _Yes_ Are
Payments Current? _YES__ If any policy has lapsed, been replaced or renewed,
state so in the schedule below. Attach a copy of the new policy's binder pr
cover page.
(2)
Type Name of Coverage Expiration Premium Date of Coverage Pd.
Carrier Amount Policy # Date Amounts Through
------- ------ -------- ---- ------- -------
Casualty:
------------------------------------------------------------
Workers Comp.
------------------------------------------------------------
General Liability:
------------------------------------------------------------
Vehicle:
------------------------------------------------------------
Other (Specify)
------------------------------------------------------------
------------------------------------------------------------
(1) Taxes include payments made by the employer.
(2) The Company completed the sale of substantially all of its assets on
September 2, 2003 and is currently in the process of canceling appropriate
insurance policies.
Attachment 1 (Page 2)
Chapter 11
Monthly Operating Report
Monthly reporting Questionnaire
CASE NAME: Ashland Steel Liquidating Company
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
MONTH OF: NOVEMBER
3. Bank Accounts
Account Type
----------------------------------------------------------------------------------------
Operating Tax Payroll Other Total
--------- --- ------- ----- -----
Bank Name See attached Exhibit A
---------------------------------- ---------------------------- ------------
Account #
-------------- ------------------- ---------------------------- ------------
Beginning Book
Balance -------------- ------------------- ---------------------------- ------------ -------------
Plus: Deposits
-------------- ------------------- ---------------------------- ------------ -------------
Less: Disbursements
-------------- ------------------- ---------------------------- ------------ -------------
Other:
-------------- ------------------- ---------------------------- ------------ -------------
Transfers
- ------------------------------ -------------- ------------------- ---------------------------- ------------ -------------
Ending Book Balance
-------------- ------------------- ---------------------------- ------------ -------------
4. Postpetition Payments - List any postpetition payments to professionals and
payments on prepetition debts in the schedule below (attach separate sheet if
necessary)
Payments To
- -----------
Professionals (attorneys, accountants, etc.):
Amount Date Check #
------------------- ---------------------------- --------------------------
- ------------------------------------- ------------------- ---------------------------- --------------------------
- ------------------------------------- ------------------- ---------------------------- --------------------------
TOTAL $ -
Prepetition Creditors:
Revolving line of Credit
(National City & SunTrust) $ 714 Daily Swept out of Lockbox
- ------------------------------------- ------------------- ---------------------------- --------------------------
Boyd County Sheriff (1) $ 241,225 11/26/03 1462
- ------------------------------------- ------------------- ---------------------------- --------------------------
- ------------------------------------- ------------------- ---------------------------- --------------------------
- ------------------------------------- ------------------- ---------------------------- --------------------------
- ------------------------------------- ------------------- ---------------------------- --------------------------
TOTAL $ 241,939
(1) At November 1, 2003, the Company had recorded a liability for property
taxes of $505,000 (pre petition of $365,000 and post petition of $140,000).
Based on an order from the bankruptcy court, the Company actually paid
$333,750. Therefore, the prorated share of pre petition property taxes
(72%) are reflected as pre petition payments.
ASHLAND STEEL LIQUIDATING COMPANY
fka Kentucky Electric Steel, Inc.
Cash Summary for the Month Ending November 29, 2003
EXHIBIT A
Workers Health Cash Collateral Triton/
Compensation Benefits Lockbox General Republic Note
--------------- ------------------ ------------------ ------------------ --------------------
Bank Name National City National City National City National City National City
Private Client
Group
Account # 754202055 754202063 754119200 70936836 4090-K001-00-7
98239
Beginning Book Balance $ 100,000 $ - $ 405,212 $ (5,836,786) $ 137,442
Plus: Deposits - - 62,654 - -
Less: Disbursements - (2) - - 1,061 -
Transfers/Other:
Transfers
Transfer to NCB Office
Account (70,000)
Transfer to NCB Office
Account
Transfer to Bank One (3,900)
Transfer to Fee Account
Other
Payment to noteholders
Paydown on line of credit
Paydown on line/fund
general account (75,675) 75,675
--------------- ------------------- ----------------- ------------------ --------------------
Ending Book Balance $ 100,000 $ - $ 392,190.74 $ (5,836,072) $ 137,442
=============== =================== ================= ================== ====================
Office Professional Fee Total
Tax/Other Account Fees Account Account All Accounts
--------------- -------------- -------------- --------------- -------------------
Bank Name Bank One National City National City National City
Account # 626225676 39353008 754201618 754202397
626225668
Beginning Book Balance $ 25 $ 20,750 $ 104,295 $ 695,000 $ (4,374,062)(1)
Plus: Deposits - - - - 62,654
Less: Disbursements 3,831 377,962 - - 382,854
Transfers/Other:
Transfers
Transfer to NCB Office
Account 70,000 -
Transfer to NCB Office
Account 333,750 (333,750) -
Transfer to Bank One 3,900 -
Transfer to Fee Account -
Other
Payment to noteholders - -
Paydown on line of credit - -
Paydown on line/fund
general account -
--------------- -------------- -------------- --------------- -------------------
Ending Book Balance $ 94 $ 46,538 $ 104,295 $ 361,250 $ (4,694,262)
=============== ============== ============== =============== ===================
(1) The cash summary reconciles to the Monthly
Operating Report as follows: November 1, 2003 November 29, 2003
------------------ --------------------
Cash $ 158,217 $ 184,074
Restricted Cash 1,304,507 957,736
------------------ --------------------
Total Cash $ 1,462,724 $ 1,141,810
================== ====================
The cash balance per this
schedule is as follows:
Total Cash per Above $ (4,374,062) $ (4,694,262)
Less: Amount
Reported as
Line of Credit (5,836,786) (5,836,072)
------------------ --------------------
Cash Balance $ 1,462,724 $ 1,141,810
================== ====================
CASE NAME: Ashland Steel Liquidating Company COMPARATIVE BALANCE SHEET FORM OPR - 1
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER REV 2/90
February 5, March 1, March 29 , May 3,
2003 2003 2003 2003
ASSETS
CURRENT ASSETS
Other Negotiable instruments
(i.e.. CD's T-Bills) $ - $ - $ -
-------------------- -------------------- -------------------- --------------------
Accounts receivable (See OPR - 3) 9,734,029 8,478,039 5,972,687 2,842,297
-------------------- -------------------- -------------------- --------------------
Less allowance for doubtful
accounts - - - -
-------------------- -------------------- -------------------- --------------------
Inventory, at lower of cost or market 10,346,543 7,815,001 2,462,067 -
-------------------- -------------------- -------------------- --------------------
Prepaid expenses and deposits 2,813,034 2,462,924 1,881,542 1,811,666
-------------------- -------------------- -------------------- --------------------
Investments - - - -
-------------------- -------------------- -------------------- --------------------
Other: Operating Supplies,
rolls, molds, etc. 4,203,699 4,203,699 4,203,699 4,203,699
-------------------- -------------------- -------------------- --------------------
Cash and Restricted cash 1,092,575 1,931,782 1,291,023 1,433,979
-------------------- -------------------- -------------------- --------------------
Other Assets 64,794 61,294 60,935 50,953
-------------------- -------------------- -------------------- --------------------
TOTAL CURRENT ASSETS $ 28,254,674 $ 24,952,739 $ 15,871,953 $ 10,342,594
-------------------- -------------------- -------------------- --------------------
PROPERTY PLANT AND EQUIPMENT, $ - $ - $ - $ -
-------------------- -------------------- -------------------- --------------------
AT COST
Less accumulated depreciation - - - -
-------------------- -------------------- -------------------- --------------------
NET PROPERTY PLANT AND EQUIPMENT $ 19,452,338 $ 19,452,338 $ 19,452,338 $ 19,452,338
-------------------- -------------------- -------------------- --------------------
Other non current assets 307,958 304,232 260,771 260,771
-------------------- -------------------- -------------------- --------------------
Deferred finance charges 558,815 - - -
-------------------- -------------------- -------------------- --------------------
TOTAL ASSETS $ 48,573,785 $ 44,709,309 $ 35,585,062 $ 30,055,703
-------------------- -------------------- -------------------- --------------------
CASE NAME: Ashland Steel Liquidating Company COMPARATIVE BALANCE SHEET FORM OPR - 1
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER REV 2/90
May 31, June 28, August 2, August 30,
2003 2003 2003 2003
ASSETS
CURRENT ASSETS
Other Negotiable instruments
(i.e.. CD's T-Bills)
-------------------- -------------------- -------------------- ---------------------
Accounts receivable (See OPR - 3) 2,149,555 1,866,505 169,979 73,728
-------------------- -------------------- -------------------- ---------------------
Less allowance for doubtful
accounts - - - -
-------------------- -------------------- -------------------- ---------------------
Inventory, at lower of cost or market - - - -
-------------------- -------------------- -------------------- ---------------------
Prepaid expenses and deposits 1,592,967 1,320,071 1,045,001 560,434
-------------------- -------------------- -------------------- ---------------------
Investments - - - -
-------------------- -------------------- -------------------- ---------------------
Other: Operating Supplies,
rolls, molds, etc. 4,203,699 4,203,699 4,203,699 4,203,699
-------------------- -------------------- -------------------- ---------------------
Cash and Restricted cash 1,475,449 1,195,760 1,063,461 839,488
-------------------- -------------------- -------------------- ---------------------
Other Assets 49,510 49,510 53,411 38,428
-------------------- -------------------- -------------------- ---------------------
TOTAL CURRENT ASSETS $ 9,471,180 $ 8,635,545 $ 6,535,551 $ 5,715,777
-------------------- -------------------- -------------------- ---------------------
PROPERTY PLANT AND EQUIPMENT, $ - $ - $ - $ -
-------------------- -------------------- -------------------- ---------------------
AT COST
Less accumulated depreciation - - - -
-------------------- -------------------- -------------------- ---------------------
NET PROPERTY PLANT AND EQUIPMENT $ 19,452,338 $ 19,354,479 $ 19,354,479 $ 19,354,479
-------------------- -------------------- -------------------- ---------------------
Other non current assets 260,771 260,771 260,771 260,771
-------------------- -------------------- -------------------- ---------------------
Deferred finance charges - - - -
-------------------- -------------------- -------------------- ---------------------
TOTAL ASSETS $ 29,184,289 $ 28,250,795 $ 26,150,801 $ 25,331,027
-------------------- -------------------- -------------------- ---------------------
CASE NAME: Ashland Steel Liquidating Company COMPARATIVE BALANCE SHEET FORM OPR - 1
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER REV 2/90
September 27, November 1, November 29,
2003 2003 2003
ASSETS
CURRENT ASSETS
Other Negotiable instruments
(i.e.. CD's T-Bills)
-------------------- -------------------- ------------------
Accounts receivable (See OPR - 3) 58,513 53,807 -
-------------------- -------------------- ------------------
Less allowance for doubtful accounts - - -
-------------------- -------------------- ------------------
Inventory, at lower of cost or market - - -
-------------------- -------------------- ------------------
Prepaid expenses and deposits 502,884 482,884 482,884
-------------------- -------------------- ------------------
Investments - - -
-------------------- -------------------- ------------------
Other: Operating Supplies,
rolls, molds, etc. - - -
-------------------- -------------------- ------------------
Cash and Restricted cash 3,569,098 1,462,724 1,141,810
-------------------- -------------------- ------------------
Other Assets 39,789 39,789 -
-------------------- -------------------- ------------------
TOTAL CURRENT ASSETS $ 4,170,284 $ 2,039,204 $ 1,624,694
-------------------- -------------------- ------------------
PROPERTY PLANT AND EQUIPMENT, $ - $ - $ -
-------------------- ----------------------------------------
AT COST
Less accumulated depreciation - - -
-------------------- -------------------- ------------------
NET PROPERTY PLANT AND EQUIPMENT $ - $ - $ -
-------------------- -------------------- ------------------
Other non current assets 260,771 260,771 -
-------------------- -------------------- ------------------
Deferred finance charges - - -
-------------------- -------------------- ------------------
TOTAL ASSETS $ 4,431,055 $ 2,299,975 $ 1,624,694
-------------------- -------------------- ------------------
* Itemize if value of "Other Assets" exceed 10% of "Total Assets."
FORM OPR - 2
CASE NAME: Ashland Steel Liquidating Company COMPARATIVE BALANCE SHEET REV 2/90
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER
February 5, March 1, March 29, May 3,
2003 2003 2003 2003
C>
LIABILITIES
POST PETITION LIABILITIES 204,746 $ 702,564 $ 947,405 $ 1,111,679
------------------ ---------------------- --------------------- ---------------------
PRE PETITION LIABILITIES
------------------ ---------------------- --------------------- ---------------------
Priority Debt 2,629,975 2,592,107 2,098,489 2,068,489
------------------ ---------------------- --------------------- ---------------------
Secured Debt 30,530,705 27,658,910 23,544,655 19,613,859
------------------ ---------------------- --------------------- ---------------------
Unsecured Debt 9,426,688 9,433,310 8,691,905 8,301,017
------------------ ---------------------- --------------------- ---------------------
TOTAL PRE PETITION LIABILITIES 42,587,368 $ 39,684,328 $ 34,335,049 $ 29,983,364
------------------ ---------------------- --------------------- ---------------------
TOTAL LIABILITIES 42,792,114 $ 40,386,892 $ 35,282,454 $ 31,095,043
------------------ ---------------------- --------------------- ---------------------
SHAREHOLDERS' EQUITY (DEFICIT)
PREFERRED STOCK - $ - $ -
------------------ ---------------------- --------------------- ---------------------
COMMON STOCK 50,516 50,516 50,516 50,516
------------------ ---------------------- --------------------- ---------------------
PAID-IN CAPITAL 15,817,342 15,817,342 15,817,342 15,817,342
------------------ ---------------------- --------------------- ---------------------
TREASURY STOCK (4,309,397) (4,309,397) (4,309,397) (4,309,397)
------------------ ---------------------- --------------------- ---------------------
RETAINED EARNINGS
------------------ ---------------------- --------------------- ---------------------
Through filing date (5,776,790) (5,776,790) (5,776,790) (5,776,790)
------------------ ---------------------- --------------------- ---------------------
Post filing date - (1,459,254) (5,479,063) (6,821,011)
------------------ ---------------------- --------------------- ---------------------
TOTAL SHAREHOLDERS' EQUITY 5,781,671 $ 4,322,417 $ 302,608 $ (1,039,340)
------------------ ---------------------- --------------------- ---------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 48,573,785 $ 44,709,309 $ 35,585,062 $ 30,055,703
------------------ ---------------------- --------------------- ---------------------
May 31, June 28, August 2, August 30,
2003 2003 2003 2003
LIABILITIES
POST PETITION LIABILITIES $ 1,303,592 $ 1,115,613 $ 1,237,138 $ 1,444,903
--------------------- --------------------- ---------------------- ----------------------
PRE PETITION LIABILITIES
--------------------- --------------------- ---------------------- ----------------------
Priority Debt 2,068,489 2,068,489 2,108,489 1,745,606
--------------------- --------------------- ---------------------- ----------------------
Secured Debt 19,021,483 19,032,152 17,593,708 17,576,471
--------------------- --------------------- ---------------------- ----------------------
Unsecured Debt 8,301,017 8,133,037 7,922,222 7,922,222
--------------------- --------------------- ---------------------- ----------------------
TOTAL PRE PETITION LIABILITIES $ 29,390,988 $ 29,233,678 $ 27,624,419 $ 27,244,299
--------------------- --------------------- ---------------------- ----------------------
TOTAL LIABILITIES $ 30,694,580 $ 30,349,291 $ 28,861,557 $ 28,689,202
--------------------- --------------------- ---------------------- ----------------------
SHAREHOLDERS' EQUITY (DEFICIT)
PREFERRED STOCK
--------------------- --------------------- ---------------------- ----------------------
COMMON STOCK 50,516 50,516 50,516 50,516
--------------------- --------------------- ---------------------- ----------------------
PAID-IN CAPITAL 15,817,342 15,817,342 15,817,342 15,817,342
--------------------- --------------------- ---------------------- ----------------------
TREASURY STOCK (4,309,397) (4,309,397) (4,309,397) (4,309,397)
--------------------- --------------------- ---------------------- ----------------------
RETAINED EARNINGS
--------------------- --------------------- ---------------------- ----------------------
Through filing date (5,776,790) (5,776,790) (5,776,790) (5,776,790)
--------------------- --------------------- ---------------------- ----------------------
Post filing date (7,291,962) (7,880,167) (8,492,427) (9,139,846)
--------------------- --------------------- ---------------------- ----------------------
TOTAL SHAREHOLDERS' EQUITY $ (1,510,291) $ (2,098,496) $ (2,710,756) $ (3,358,175)
--------------------- --------------------- ---------------------- ----------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 29,184,289 $ 28,250,795 $ 26,150,801 $ 25,331,027
--------------------- --------------------- ---------------------- ----------------------
September 27, November 1, November 29,
2003 2003 2003
LIABILITIES
POST PETITION LIABILITIES $ 1,482,928 $ 1,455,189 $ 1,351,209
---------------------- --------------------- ---------------------
PRE PETITION LIABILITIES
---------------------- --------------------- ---------------------
Priority Debt 1,745,606 1,745,606 1,380,606
---------------------- --------------------- ---------------------
Secured Debt 17,634,539 15,422,290 15,421,576
---------------------- --------------------- ---------------------
Unsecured Debt 7,922,222 7,922,222 7,922,222
---------------------- --------------------- ---------------------
TOTAL PRE PETITION LIABILITIES $ 27,302,367 $ 25,090,118 $ 24,724,404
---------------------- --------------------- ---------------------
TOTAL LIABILITIES $ 28,785,295 $ 26,545,307 $ 26,075,613
---------------------- --------------------- ---------------------
SHAREHOLDERS' EQUITY (DEFICIT)
PREFERRED STOCK
---------------------- --------------------- ---------------------
COMMON STOCK 50,516 50,516 50,516
---------------------- --------------------- ---------------------
PAID-IN CAPITAL 15,817,342 15,817,342 15,817,342
---------------------- --------------------- ---------------------
TREASURY STOCK (4,309,397) (4,309,397) (4,309,397)
---------------------- --------------------- ---------------------
RETAINED EARNINGS
---------------------- --------------------- ---------------------
Through filing date (5,776,790) (5,776,790) (5,776,790)
---------------------- --------------------- ---------------------
Post filing date (30,135,911) (30,027,003) (30,232,590)
---------------------- --------------------- ---------------------
TOTAL SHAREHOLDERS' EQUITY $ (24,354,240) $ (24,245,332) $ (24,450,919)
---------------------- --------------------- ---------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 4,431,055 $ 2,299,975 $ 1,624,694
---------------------- --------------------- ---------------------
CASE NAME: Ashland Steel Liquidating Company SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR - 3
fka Kentucky Electric Steel, Inc.
REV 2/90
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER
(1) (1)
TOTAL CURRENT 1 - 30 DAYS
PAST DUE
DATE OF FILING: FEBRUARY 5, 2003 $ 10,089,029 $ 7,974,031 $ 1,611,266
- ------------------------------------------------ ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (355,000)
------------------- ----------------- -------------------
Net accounts receivable $ 9,734,029
===================
MONTH: FEBRUARY - (March 1) $ 8,848,039 $ 6,254,947 $ 2,046,099
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (370,000)
------------------- ----------------- -------------------
Net accounts receivable $ 8,478,039
===================
MONTH: MARCH - (March 29) $ 6,357,687 $ 2,637,537 $ 2,788,675
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (385,000)
------------------- ----------------- -------------------
Net accounts receivable $ 5,972,687
===================
MONTH: April - (May 3) $ 3,227,297 $ 758,907 $ 1,156,614
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (385,000)
------------------- ----------------- -------------------
Net accounts receivable $ 2,842,297
===================
MONTH: May - (May 31) $ 2,464,555 $ 215,802 $ 98,441
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (315,000)
------------------- ----------------- -------------------
Net accounts receivable $ 2,149,555
===================
MONTH: June - (June 28) $ 2,011,505 $ 22,750 $ -
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (145,000)
------------------- ----------------- -------------------
Net accounts receivable $ 1,866,505
===================
MONTH: July - (August 2) $ 214,979 $ - $ -
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (45,000)
------------------- ----------------- -------------------
Net accounts receivable $ 169,979
===================
MONTH: August - (August 30) $ 113,728 $ - $ -
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (40,000)
------------------- ----------------- -------------------
Net accounts receivable $ 73,728
===================
MONTH: September - (Sept. 27) $ 93,513 $ - $ -
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (35,000)
------------------- ----------------- -------------------
Net accounts receivable $ 58,513
===================
MONTH: October - (Nov. 1) $ 88,807 $ - $ -
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ (35,000)
------------------- ----------------- -------------------
Net accounts receivable $ 53,807
===================
MONTH: November - (Nov. 29) $ - $ - $ -
------------------------- ------------------- ----------------- -------------------
Allowance for doubtful accounts $ -
------------------- ----------------- -------------------
Net accounts receivable $ -
===================
(1) (1)
TOTAL 31 - 60 DAYS OVER 60 DAYS
PAST DUE PAST DUE
DATE OF FILING: FEBRUARY 5, 2003 $ 10,089,029 $ 479,232 $ 24,500
- ------------------------------------------------ ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (355,000)
------------------- ------------------- ------------------
Net accounts receivable $ 9,734,029
===================
MONTH: FEBRUARY - (March 1) $ 8,848,039 $ 435,313 $ 111,680
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (370,000)
------------------- ------------------- ------------------
Net accounts receivable $ 8,478,039
===================
MONTH: MARCH - (March 29) $ 6,357,687 $ 684,222 $ 247,253
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (385,000)
------------------- ------------------- ------------------
Net accounts receivable $ 5,972,687
===================
MONTH: April - (May 3) $ 3,227,297 $ 637,812 $ 673,964
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (385,000)
------------------- ------------------- ------------------
Net accounts receivable $ 2,842,297
===================
MONTH: May - (May 31) $ 2,464,555 $ 1,176,753 $ 973,560
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (315,000)
------------------- ------------------- ------------------
Net accounts receivable $ 2,149,555
===================
MONTH: June - (June 28) $ 2,011,505 $ 72,901 $ 1,915,853
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (145,000)
------------------- ------------------- ------------------
Net accounts receivable $ 1,866,505
===================
MONTH: July - (August 2) $ 214,979 $ - $ 214,979
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (45,000)
------------------- ------------------- ------------------
Net accounts receivable $ 169,979
===================
MONTH: August - (August 30) $ 113,728 $ - $ 113,728
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (40,000)
------------------- ------------------- ------------------
Net accounts receivable $ 73,728
===================
MONTH: September - (Sept. 27) $ 93,513 $ - $ 93,513
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (35,000)
------------------- ------------------- ------------------
Net accounts receivable $ 58,513
===================
MONTH: October - (Nov. 1) $ 88,807 $ - $ 88,807
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ (35,000)
------------------- ------------------- ------------------
Net accounts receivable $ 53,807
===================
MONTH: November - (Nov. 29) $ - $ - $ -
------------------------- ------------------- ------------------- ------------------
Allowance for doubtful accounts $ -
------------------- ------------------- ------------------
Net accounts receivable $ -
===================
NOTE: Total accounts receivable net of allowance for doubtful accounts shown
here must agree to Form OPR - 1.
(1) The Company sells to customers on various terms including 30 days, 45 days
and 60 days. The aging reports are prepared showing current, 1 - 30 days
past due, 31 - 60 days past due and over 60 days past due.
CASE NAME: Ashland Steel Liquidating Company SUMMARY OF POST PETITION LIABILITIES FORM OPR - 4
fka Kentucky Electric Steel, Inc.
REV 2/90
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER
DATE DATE TOTAL AMOUNT 0 - 30
INCURRED DUE DUE DAYS
TAXES PAYABLE
Federal Income Tax
-------------- --------------- ------------------- ----------------
FICA - Employer's Share
-------------- --------------- ------------------- ----------------
FICA - Employee's Share
-------------- --------------- ------------------- ----------------
Unemployment Tax
-------------- --------------- ------------------- ----------------
Sales Tax
-------------- --------------- ------------------- ----------------
Property Tax
-------------- --------------- ------------------- ----------------
TOTAL TAXES PAYABLE $ 22,500 $ 22,500
-------------- --------------- ------------------- ----------------
POSTPETITION SECURED DEBT See attached Exhibit B
-------------- --------------- ------------------- ----------------
POSTPETITION UNSECURED DEBT
-------------- --------------- ------------------- ----------------
ACCRUED INTEREST PAYABLE
-------------- --------------- ------------------- ----------------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately)
Total Trade & Other Accounts Payable $ 1,328,709 $ 571,545
------------------------------------- -------------- --------------- ------------------- ----------------
See attached Exhibit C
------------------------------------- -------------- --------------- ------------------- ----------------
------------------------------------- -------------- --------------- ------------------- ----------------
------------------------------------- -------------- --------------- ------------------- ----------------
------------------------------------- -------------- --------------- ------------------- ----------------
------------------------------------- -------------- --------------- ------------------- ----------------
TOTALS $ 1,351,209 $ 594,045
-------------- --------------- ------------------- ----------------
CASE NAME: Ashland Steel Liquidating Company SUMMARY OF POST PETITION LIABILITIES FORM OPR - 4
fka Kentucky Electric Steel, Inc.
REV 2/90
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER
31 - 60 61 - 90 OVER
DAYS DAYS 90 DAYS
TAXES PAYABLE
Federal Income Tax
--------------- -------------- --------------
FICA - Employer's Share
--------------- -------------- --------------
FICA - Employee's Share
--------------- -------------- --------------
Unemployment Tax
--------------- -------------- --------------
Sales Tax
--------------- -------------- --------------
Property Tax
--------------- -------------- --------------
TOTAL TAXES PAYABLE $ - $ - $ -
--------------- -------------- --------------
POSTPETITION SECURED DEBT
--------------- -------------- --------------
POSTPETITION UNSECURED DEBT
--------------- -------------- --------------
ACCRUED INTEREST PAYABLE
--------------- -------------- --------------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately)
Total Trade & Other Accounts Payable $ - $ 109,466 $ 647,698
------------------------------------- --------------- -------------- --------------
------------------------------------- --------------- -------------- --------------
------------------------------------- --------------- -------------- --------------
------------------------------------- --------------- -------------- --------------
------------------------------------- --------------- -------------- --------------
------------------------------------- --------------- -------------- --------------
TOTALS $ - $ 109,466 $ 647,698
--------------- -------------- --------------
Attach separate page if necessary.
Note: Total postpetition liabilities shown here must agree with the same
item as shown on Form OPR-2.
EXHIBIT B
ASHLAND STEEL LIQUIDATING COMPANY
fka KENTUCKY ELECTRIC STEEL, INC.
SUMMARY OF POST PETITION LIABILITIES - TAXES PAYABLE
NOVEMBER 29, 2003
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
------------ ----------- ------------- -------------- -------------- ------------- ------------
TAXES PAYABLE
Kentucky license Tax 02/05/03 Various 15,000 15,000 - - -
Deleware Franchise Tax 02/05/03 Various 7,500 7,500 - - -
------------- -------------- -------------------------------------------
TOTAL TAXES PAYABLE $ 22,500 $ 22,500 $ - $ - $ -
------------- -------------- -------------------------------------------
POSTPETITION SECURED DEBT - - - - -
POSTPETITION UNSECURED DEBT - - - - -
ACCRUED INTEREST PAYABLE - - - - -
EXHIBIT C
ASHLAND STEEL LIQUIDATING COMPANY
fka KENTUCKY ELECTRIC STEEL, INC.
SUMMARY OF POST PETITION LIABILITIES - TRADE ACCOUNTS PAYABLES AND OTHERS
NOVEMBER 29, 2003
DATE DATE TOTAL 0-30 31-60 61-90 OVER
Accounts Payable INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
--------------- ---------- --------------- ----------------- ------------ -------------- --------------
Trade Accounts Payable
Earle M Jorgensen Co. 03/21/03 TBD 6,576 6,576 - - -
Ryerson Tull Various TBD 4,170 4,170 - - -
---------------- ----------------- ------------ -------------- --------------
TRADE ACCOUNTS PAYABLE $ 10,746 $ 10,746 $ - $ - $ -
---------------- ----------------- ------------ -------------- --------------
Other
Accrued Professional Fees Various TBD $ 560,799 $ 560,799 $ - $ - $ -
Accrued sales leaseback
transaction Various TBD 757,164 - - 109,466 647,698
---------------- ----------------- ------------ -------------- --------------
OTHER ACCOUNTS PAYABLE $ 1,317,963 $ 560,799 $ - $ 109,466 $ 647,698
---------------- ----------------- ------------ -------------- --------------
---------------- ----------------- ------------ -------------- --------------
TOTAL ACCOUNTS PAYABLE $ 1,328,709 $ 571,545 $ - $ 109,466 $ 647,698
---------------- ----------------- ------------ -------------- --------------
CASE NAME: Ashland Steel Liquidating Company STATEMENT OF INCOME (LOSS) FORM OPR - 5
fka Kentucky Electric Steel, Inc.
REV 2/90
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER
FEBRUARY MARCH APRIL MAY
NET REVENUE (INCOME) $ 2,600,739 $ 2,370,145 $ 1,782,455 $ 65,869
----------------- ------------------- ------------------- -------------------
COST OF GOODS SOLD
Materials - - - -
----------------- ------------------- ------------------- -------------------
Labor - Direct - - - -
----------------- ------------------- ------------------- -------------------
Manufacturing Overhead - - - -
----------------- ------------------- ------------------- -------------------
TOTAL COST OF GOODS SOLD (3,089,476) (6,532,328) (2,521,368) (310,114)
----------------- ------------------- ------------------- -------------------
GROSS PROFIT - - - -
----------------- ------------------- ------------------- -------------------
OPERATING EXPENSES - - - -
----------------- ------------------- ------------------- -------------------
Selling and Marketing - - - -
----------------- ------------------- ------------------- -------------------
General and Administrative (370,304) (393,192) (600,050) (226,351)
----------------- ------------------- ------------------- -------------------
Other: - - - -
--------------------- ----------------- ------------------- ------------------- -------------------
TOTAL OPERATING EXPENSES $ (370,304) $ (393,192) $ (600,050) $ (226,351)
INCOME BEFORE INTEREST, DEPRECIATION
TAXES OR EXTRAORDINARY EXPENSES $ (859,041) $ (4,555,375) $ (1,338,963) $ (470,596)
----------------- ------------------- ------------------- -------------------
INTEREST EXPENSE (2,060) (2,403) (2,987) (2,403)
----------------- ------------------- ------------------- -------------------
MISCELLANEOUS - - 2 2,048
----------------- ------------------- ------------------- -------------------
DEPRECIATION - - - -
----------------- ------------------- ------------------- -------------------
INCOME TAX EXPENSE (BENEFIT) - - - -
----------------- ------------------- ------------------- -------------------
LOSS ON SALE OF PLANT - - - -
----------------- ------------------- ------------------- -------------------
WRITE-OFF OF DEFERRED FINANCING FEE (545,404) - - -
----------------- ------------------- ------------------- -------------------
WRITE-OFF OF OTHER DEFERRED CHARGES (52,749) - - -
----------------- ------------------- ------------------- -------------------
EXTRAORDINARY INCOME (EXPENSE) (1) - 537,969 - -
----------------- ------------------- ------------------- -------------------
NET INCOME (LOSS) $ (1,459,254) $ (4,019,809) $ (1,341,948) $ (470,951)
================= =================== =================== ===================
JUNE JULY AUGUST SEPTEMBER
NET REVENUE (INCOME) $ 32,531 $ - $ - $ -
----------------- ------------------ ------------------- ---------------------
COST OF GOODS SOLD
Materials - - - -
----------------- ------------------ ------------------- ---------------------
Labor - Direct - - - -
----------------- ------------------ ------------------- ---------------------
Manufacturing Overhead - - - -
----------------- ------------------ ------------------- ---------------------
TOTAL COST OF GOODS SOLD (315,408) (389,439) (395,627) -
----------------- ------------------ ------------------- ---------------------
GROSS PROFIT - - - -
----------------- ------------------ ------------------- ---------------------
OPERATING EXPENSES - - - -
----------------- ------------------ ------------------- ---------------------
Selling and Marketing - - - -
----------------- ------------------ ------------------- ---------------------
General and Administrative (208,446) (224,470) (248,071) (88,482)
----------------- ------------------ ------------------- ---------------------
Other: - - - -
--------------------- ----------------- ------------------ ------------------- ---------------------
TOTAL OPERATING EXPENSES $ (208,446) $ (224,470) $ (248,071) $ (88,482)
INCOME BEFORE INTEREST, DEPRECIATION
TAXES OR EXTRAORDINARY EXPENSES $ (491,323) $ (613,909) $ (643,698) $ (88,482)
----------------- ------------------ ------------------- ---------------------
INTEREST EXPENSE (2,403) (3,004) (4,807) -
----------------- ------------------ ------------------- ---------------------
MISCELLANEOUS (94,479) 4,653 1,086 594
----------------- ------------------ ------------------- ---------------------
DEPRECIATION - - - -
----------------- ------------------ ------------------- ---------------------
INCOME TAX EXPENSE (BENEFIT) - - - -
----------------- ------------------ ------------------- ---------------------
LOSS ON SALE OF PLANT - - - (20,908,177)
----------------- ------------------ ------------------- ---------------------
WRITE-OFF OF DEFERRED FINANCING FEE - - - -
----------------- ------------------ ------------------- ---------------------
WRITE-OFF OF OTHER DEFERRED CHARGES - - - -
----------------- ------------------ ------------------- ---------------------
EXTRAORDINARY INCOME (EXPENSE) (1) - - - -
----------------- ------------------ ------------------- ---------------------
NET INCOME (LOSS) $ (588,205) $ (612,260) $ (647,419) $ (20,996,065)
================= ================== =================== =====================
FILING
OCTOBER NOVEMBER TO DATE
NET REVENUE (INCOME) $ - $ - $ 6,851,739
--------------------- --------------------- ---------------------
COST OF GOODS SOLD
Materials - - -
--------------------- --------------------- ---------------------
Labor - Direct - - -
--------------------- --------------------- ---------------------
Manufacturing Overhead - - -
--------------------- --------------------- ---------------------
TOTAL COST OF GOODS SOLD - - (13,553,760)
--------------------- --------------------- ---------------------
GROSS PROFIT - - -
--------------------- --------------------- ---------------------
OPERATING EXPENSES - - -
--------------------- --------------------- ---------------------
Selling and Marketing - - -
--------------------- --------------------- ---------------------
General and Administrative (53,819) 105,833 (2,307,352)
--------------------- --------------------- ---------------------
Other: - - -
--------------------- --------------------- --------------------- ---------------------
TOTAL OPERATING EXPENSES $ (53,819) $ 105,833 $ (2,307,352)
INCOME BEFORE INTEREST, DEPRECIATION
TAXES OR EXTRAORDINARY EXPENSES $ (53,819) $ 105,833 $ (9,009,373)
--------------------- --------------------- ---------------------
INTEREST EXPENSE - - (20,067)
--------------------- --------------------- ---------------------
MISCELLANEOUS 162,727 (311,420) (234,789)
--------------------- --------------------- ---------------------
DEPRECIATION - - -
--------------------- --------------------- ---------------------
INCOME TAX EXPENSE (BENEFIT) - - -
--------------------- --------------------- ---------------------
LOSS ON SALE OF PLANT - - (20,908,177)
--------------------- --------------------- ---------------------
WRITE-OFF OF DEFERRED FINANCING FEE - - (545,404)
--------------------- --------------------- ---------------------
WRITE-OFF OF OTHER DEFERRED CHARGES - - (52,749)
--------------------- --------------------- ---------------------
EXTRAORDINARY INCOME (EXPENSE) (1) - - 537,969
--------------------- --------------------- ---------------------
NET INCOME (LOSS) $ 108,908 $ (205,587) $ (30,232,590)
===================== ===================== =====================
(1) Amount is a non-cash item representing the write-off of unrecognized gain
on sale and leaseback transaction.
CASE NAME: Ashland Steel Liquidating Company STATEMENT OF SOURCES AND USES OF CASH FORM OPR - 6
fka Kentucky Electric Steel, Inc.
REV 2/90
CASE NUMBER: 03-10078 MONTH ENDED: NOVEMBER
FEBRUARY MARCH APRIL MAY
SOURCES OF CASH
Income (Loss) From Operations $ (1,459,254) $ (4,019,809) $ (1,341,948) $ (470,951)
----------------- ------------------- ------------------ -------------------
Add: Depreciation, Amortization
& Other Non-Cash Items 558,815 (537,969) - -
----------------- ------------------- ------------------ -------------------
Proceeds From Sale of Plant - - - -
----------------- ------------------- ------------------ -------------------
CASH GENERATED FROM OPERATIONS (900,439) (4,557,778) (1,341,948) (470,951)
----------------- ------------------- ------------------ -------------------
Add: Decrease in Assets:
Accounts Receivable 1,259,490 2,505,711 3,140,372 694,185
----------------- ------------------- ------------------ -------------------
Inventory 2,531,542 5,352,934 2,462,067 -
----------------- ------------------- ------------------ -------------------
Prepaid Expenses & Deposits 350,110 581,381 69,875 218,699
----------------- ------------------- ------------------ -------------------
Property, Plant & Equipment - - - -
----------------- ------------------- ------------------ -------------------
Other: Change in Other
Long-Tem Assets 3,726 43,461 - -
----------------- ------------------- ------------------ -------------------
Increase in Liabilities:
Pre Petition Liabilities - - - -
----------------- ------------------- ------------------ -------------------
Post Petition Liabilities 497,818 244,841 164,274 191,913
----------------- ------------------- ------------------ -------------------
TOTAL SOURCES OF CASH (A) $ 3,742,247 $ 4,170,550 $ 4,494,641 $ 633,846
----------------- ------------------- ------------------ -------------------
USES OF CASH
Increase in Assets:
Accounts Receivable $ - $ - $ - $ -
----------------- ------------------- ------------------ -------------------
Inventory - - - -
----------------- ------------------- ------------------ -------------------
Prepaid Expenses & Deposits - - - -
----------------- ------------------- ------------------ -------------------
Property, Plant & Equipment - - - -
----------------- ------------------- ------------------ -------------------
Other accured expenses - - - -
----------------- ------------------- ------------------ -------------------
Decrease in Liabilities:
Pre Petition Liabilities $ 2,903,040 $ 4,811,310 $ 4,351,685 $ 592,376
----------------- ------------------- ------------------ -------------------
Post Petition Liabilities - - - -
----------------- ------------------- ------------------ -------------------
TOTAL USES OF CASH (B) $ 2,903,040 $ 4,811,310 $ 4,351,685 $ 592,376
----------------- ------------------- ------------------ -------------------
NET SOURCE (USE) OF CASH (A-B=NET) $ 839,207 $ (640,760) $ 142,956 $ 41,470
----------------- ------------------- ------------------ -------------------
CASH - BEGINNING BALANCE (See OPR-1) $ 1,092,575 $ 1,931,782 $ 1,291,022 $ 1,433,979
----------------- ------------------- ------------------ -------------------
CASH - ENDING BALANCE (See OPR-1) $ 1,931,782 $ 1,291,022 $ 1,433,979 $ 1,475,449
================= =================== ================== ===================
JUNE JULY AUGUST SEPTEMBER
SOURCES OF CASH
Income (Loss) From Operations $ (588,205) $ (612,260) $ (647,419) $ (20,996,065)
----------------- -------------------- ----------------- ---------------------
Add: Depreciation, Amortization
& Other Non-Cash Items - - - 20,908,177 (1
----------------- -------------------- ----------------- ---------------------
Proceeds From Sale of Plant - - - 2,650,000
----------------- -------------------- ----------------- ---------------------
CASH GENERATED FROM OPERATIONS (588,205) (612,260) (647,419) 2,562,112
----------------- -------------------- ----------------- ---------------------
Add: Decrease in Assets:
Accounts Receivable 283,050 1,692,625 111,234 13,854
----------------- -------------------- ----------------- ---------------------
Inventory - - - -
----------------- -------------------- ----------------- ---------------------
Prepaid Expenses & Deposits 272,896 275,070 484,567 57,550
----------------- -------------------- ----------------- ---------------------
Property, Plant & Equipment 97,859 - - -
----------------- -------------------- ----------------- ---------------------
Other: Change in Other
Long-Tem Assets - - - -
----------------- -------------------- ----------------- ---------------------
Increase in Liabilities:
Pre Petition Liabilities - - - 58,069
----------------- -------------------- ----------------- ---------------------
Post Petition Liabilities - 121,525 207,765 38,025
----------------- -------------------- ----------------- ---------------------
TOTAL SOURCES OF CASH (A) $ 65,600 $ 1,476,960 $ 156,147 $ 2,729,610
----------------- -------------------- ----------------- ---------------------
USES OF CASH
Increase in Assets:
Accounts Receivable $ - $ - $ - $ -
----------------- -------------------- ----------------- ---------------------
Inventory - - - -
----------------- -------------------- ----------------- ---------------------
Prepaid Expenses & Deposits - - - -
----------------- -------------------- ----------------- ---------------------
Property, Plant & Equipment - - - -
----------------- -------------------- ----------------- ---------------------
Other accured expenses - - - -
----------------- -------------------- ----------------- ---------------------
Decrease in Liabilities:
Pre Petition Liabilities $ 157,310 $ 1,609,259 $ 380,120 $ -
----------------- -------------------- ----------------- ---------------------
Post Petition Liabilities 187,979 - - -
----------------- -------------------- ----------------- ---------------------
TOTAL USES OF CASH (B) $ 345,289 $ 1,609,259 $ 380,120 $ -
----------------- -------------------- ----------------- ---------------------
NET SOURCE (USE) OF CASH (A-B=NET) $ (279,689) $ (132,299) $ (223,973) $ 2,729,610
----------------- -------------------- ----------------- ---------------------
CASH - BEGINNING BALANCE (See OPR-1) $ 1,475,449 $ 1,195,760 $ 1,063,461 $ 839,488
----------------- -------------------- ----------------- ---------------------
CASH - ENDING BALANCE (See OPR-1) $ 1,195,760 $ 1,063,461 $ 839,488 $ 3,569,098
================= ==================== ================= =====================
FILING
OCTOBER NOVEMBER TO DATE
SOURCES OF CASH
Income (Loss) From Operations 108,908 $ (205,587) $ (30,232,590)
------------------ -------------------- --------------------
Add: Depreciation, Amortization
& Other Non-Cash Items - 311,440 21,240,463
------------------ -------------------- --------------------
Proceeds From Sale of Plant - - 2,650,000
------------------ -------------------- --------------------
CASH GENERATED FROM OPERATIONS 108,908 105,853 (6,342,127)
------------------ -------------------- --------------------
Add: Decrease in Assets:
Accounts Receivable 4,706 42,927 9,748,154
------------------ -------------------- --------------------
Inventory - - 10,346,543
------------------ -------------------- --------------------
Prepaid Expenses & Deposits 20,000 - 2,330,148
------------------ -------------------- --------------------
Property, Plant & Equipment - - 97,859
------------------ -------------------- --------------------
Other: Change in Other
Long-Tem Assets - - 47,187
------------------ -------------------- --------------------
Increase in Liabilities:
Pre Petition Liabilities - - 58,069
------------------ -------------------- --------------------
Post Petition Liabilities - - 1,466,161
------------------ -------------------- --------------------
TOTAL SOURCES OF CASH (A) 133,614 $ 148,780 $ 17,751,995
------------------ -------------------- --------------------
USES OF CASH
Increase in Assets:
Accounts Receivable - $ - $ -
------------------ -------------------- --------------------
Inventory - - -
------------------ -------------------- --------------------
Prepaid Expenses & Deposits - - -
------------------ -------------------- --------------------
Property, Plant & Equipment - - -
------------------ -------------------- --------------------
Other accured expenses - - -
------------------ -------------------- --------------------
Decrease in Liabilities:
Pre Petition Liabilities 2,212,249 $ 365,714 $ 17,383,063
------------------ -------------------- --------------------
Post Petition Liabilities 27,739 103,980 319,698
------------------ -------------------- --------------------
TOTAL USES OF CASH (B) 2,239,988 $ 469,694 $ 17,702,761
------------------ -------------------- --------------------
NET SOURCE (USE) OF CASH (A-B=NET) (2,106,374) $ (320,914) $ 49,235
------------------ -------------------- --------------------
CASH - BEGINNING BALANCE (See OPR-1) 3,569,098 $ 1,462,724 $ 1,092,575
------------------ -------------------- --------------------
CASH - ENDING BALANCE (See OPR-1) 1,462,724 $ 1,141,810 $ 1,141,810
================== ==================== ====================
(1) Represents loss from sale of substantially all of the assets of the Company
including property, plant and equipment and operating supplies, rolls,
molds, etc.
CASE NAME: Ashland Steel Liquidating Company
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH DISBURSEMENT DETAIL
------------------------
Date Payee Amount
------------------ ----------------------------------------------------------- ----------------------
Account #70936836 & 98239
- -------------------------
11/25/2003 ADP Investor Communication Services $ 306
11/24/2003 Bank Analysis Charges 742
Various FedEx 13
----------------------
$ 1,061
----------------------
Account 626225676 & 626225668
- -----------------------------
11/14/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 $ 170
11/14/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 2,791
11/14/2003 Transfer 941 P/R Taxes Hourly Deposit # 1 170
11/14/2003 Transfer KIT Withholding 677
11/17/2003 Bank Service Charge - October 23
----------------------
$ 3,831
----------------------
Account # 39353008
- ------------------
11/11/2003 Ceridian $ 50
11/11/2003 CORE Risk Services 1,069
11/11/2003 Bowne 354
11/11/2003 CSX 27,000
11/14/2003 William J. Jessie 4,041
11/18/2003 Ceridian 139
11/24/2003 Boyd County Clerk 283
11/25/2003 Ceridian 100
11/25/2003 AT & T Wireless 92
11/26/2003 Boyd County Sheriff 333,750
11/26/2003 William J. Jessie 4,041
11/28/2003 Kevin Bair 3,988
11/28/2003 Hurshell Salyers Jr. 30
11/28/2003 Douglas M. Salyers 89
11/28/2003 Lanny H. Cavin 18
11/28/2003 Kelly Hughes 59
11/28/2003 James B. Poplin 53
11/28/2003 Richard G. Caudill 30
11/28/2003 Larry Hensley 30
11/28/2003 Dannie A. Shumate 30
11/28/2003 Lennis W. Adkins 21
11/28/2003 James W. Sweeney Jr. 24
11/28/2003 Frank T. Carter 71
11/28/2003 Michael L. Conley 30
11/28/2003 Donald Ray Cole 41
11/28/2003 George M. Lowe 27
11/28/2003 Paul T. Lewis 27
11/28/2003 Danny M. Sergent 30
11/28/2003 Donald R. Maynard 27
11/28/2003 David K. LeMaster 83
11/28/2003 Terry L. Bailey 16
11/28/2003 Harold J. Middleton 25
11/28/2003 Tony K. Meek 10
11/28/2003 Victor K. Brickey Jr. 80
11/28/2003 George W. Fannin 25
11/28/2003 Timpte, Inc. 2,184
----------------------
$ 377,962
----------------------
----------------------
TOTAL $ 382,854
======================
CASE NAME: Ashland Steel Liquidating Company
fka Kentucky Electric Steel, Inc.
CASE NUMBER: 03-10078
CASH RECEIPTS DETAIL
--------------------
Date Payee Amount
--------------------- ----------------------------------------------- ----------------------
Account #754119200
- ------------------
11/25/2003 Aztec Trailer Sales $ 1,568
11/26/2003 Aztec Trailer Sales 1,570
11/26/2003 Commonwealth of Kentucky 55,018
11/26/2003 Alltel 1,146
11/26/2003 Compass Group 21
11/26/2003 CSX 900
11/26/2003 ADP Brokerage Services Group 829
11/26/2003 Columbia Gas 1,341
11/26/2003 Kentucky Medical Services 137
11/26/2003 Ultimate Health Services 32
11/26/2003 University Physicians 4
11/26/2003 Tri State Radiology 89
----------------------
TOTAL $ 62,654
======================