EXHIBIT 99.10
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OFFICE OF THE UNITED STATES TRUSTEE
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In re: Chapter 11 Trustee Operating Report
Performance Asset Management Fund III, Ltd.
James J. Joseph, Trustee
2029 Century Park East, 3rd Floor Report Number : 10 Page 1 of 3
Los Angeles, CA 90067
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Chapter 11 Case No. SA 98-27101 RA For the period From : 10/01/99 to 10/31/99
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1. Profit and Loss Statement
A. Related to Business Operations
Gross Sales / Rents 143,395.00
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Less : Sales Returns and Discounts 0.00
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Net Sales 143,395.00
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Less : Cost of Goods Sold
Collection Costs 0.00
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Commissions, Escrow Fees & Closing Costs 0.00
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Less : Ending Inventory at Cost 0.00
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Cost of Goods Sold 0.00
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Gross Profit 143,395.00
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Other Operating Revenues 0.00
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Less : Operating Expenses:
Officer Compensation 0.00
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Salaries and Wages - 0.00
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Total Salaries and Wages 3,092.00
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Employee Benefits and Pensions 0.00
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Payroll Taxes 0.00
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Real Estate Taxes 0.00
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Federal and State Income Taxes 0.00
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Total Taxes 0.00
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Rent and Lease Exp. (Real Property and Personal Property) 0.00
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Interest Expense (Mortgage, Loan, Etc.) 0.00
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Insurance 0.00
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Automobile Expenses 0.00
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Utilities (Gas, Electricity, Water, Telephone, Etc.) 0.00
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Depreciation and Amortization 0.00
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Repairs and Maintenance 0.00
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Advertising 0.00
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Supplies - Office Expenses, Photocopies, Etc. 0.00
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Bad Debts 0.00
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Miscellaneous Operating Expenses (See Attached) 3,523.00
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Total Operating Expenses 6,615.00
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Net Gain / Loss from Business Operations 136,780.00
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B. Not Related to Business Operations
Income :
Interest Income 2,242.74
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Other Non-Operating Revenues (Specify) 0.00
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Gross Proceeds on Sale of Assets 0.00
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Less : Original Cost of Assets plus Expenses of Sale 0.00
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Net Gain / Loss on Sale of Assets 0.00
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Total Non-Operating Income 2,242.74
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Expenses Not Related to Business Operations:
Legal and Professional Fees/Costs (See Section 7 - Professional Fees) 0.00
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Other Non-Operating Expenses (U.S. Trustee Funds) 1,500.00
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Total Non-Operating Expenses 1,500.00
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NET INCOME / LOSS FOR PERIOD 137,522.74
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OPERATING REPORT
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CHAPTER 11 TRUSTEE OPERATING REPORT NO : 10 PAGE 2 OF 3
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2. Aging of Accounts Payable and Accounts Receivable (exclude pre-petition
accounts payable) :
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ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE
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Current - 30 Days $ 0.00 $ 0.00
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Overdue 31 - 60 Days $ 0.00 $ 0.00
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Overdue 61 - 90 Days $ 0.00 $ 0.00
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Overdue 91 - 120 Days $ 0.00 $ 0.00
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Overdue Over 120 Days $ 0.00 $ 0.00
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TOTAL $ 0.00 $ 0.00
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Includes Pre-Petition A/R
3. Statement of Status of Payments to Secured Creditors and Lessors :
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FREQUENCY POST-PETITION
OF PAYMENT PER AMOUNT NEXT PAYMENTS NOT MADE *
CREDITOR / CONTRACT / LEASE OF EACH PAYMENT
LESSOR (I.E., MO., QTR.) PAYMENT DUE NUMBER AMOUNT
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4. Tax Liability
Gross Payroll Expenses for Period : $0.00
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Gross Sales for Period Subject to Sales Tax : $0.00
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DATE PAID AMOUNT PAID * POST-PETITION TAXES STILL OWING
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Federal Payroll and Withholding Taxes $ 0.00
State Payroll and Withholding Taxes $ 0.00 $ 0.00
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Real Property Taxes $ 0.00 $ 0.00
$ 0.00 $ 0.00
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$ 0.00 $ 0.00
$ 0.00 $ 0.00
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$ 0.00 $ 0.00
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* Attach photocopies of depository receipts from taxing
authorities or Financial institutions to verify that
such deposits have been made.
5. Insurance Coverage
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CARRIER / AGENT NAME AMOUNT OF POLICY PREMIUM PAID
COVERAGE EXPIRATION DATE THROUGH DATE
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Worker's Compensation Not Applicable
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Liability Not Applicable
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Fire and Extended Coverage Not Applicable
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Property
Building Contents Not Applicable
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Flood Not Applicable
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Earthquake Not Applicable
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Business Income Not Applicable
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Boiler / Property Damage Not Applicable
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CHAPTER 11 TRUSTEE OPERATING REPORT NO : 10 PAGE 3 OF 3
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6. Questions:
A. Has the Trustee provided compensation to any officers, directors,
shareholders, or other principals without the approval of the Office
of the United States Trustee?
: Yes Explain:
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XX : No
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B. Has the Trustee 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 Explain:
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XX : No
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7. Statement of Unpaid Professional Fees (Post-Petition Amounts Only) :
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NAME OF PROFESSIONAL STATE TYPE OF PROFESSIONAL TOTAL POST-PETITION AMOUNT UNPAID
(ATTORNEY, ACCOUNTANT, ETC.) CURRENT TOTAL TO DATE
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8. Narrative Reports of Significant Events and Events out of the Ordinary
Course of Business: (Attach separate sheet if necessary)
9. Quarterly Fees: (This Fee must be paid to the United States Trustee every
Calendar quarter)
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QUARTERLY PERIOD TOTAL DISBURSEMENTS QUARTERLY FEE
REPORTS PER QUARTER QUARTERLY FEE DATE PAID AMOUNT PAID CHECK NO. STILL OWING
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12/31/98 $ 0.00 $ 250.00 01/27/99 $ 250.00 10001 $ 0.00
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03/31/99 $ 18,993.00 $ 500.00 04/21/99 $ 500.00 10006 $ 0.00
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06/30/99 $ 174,112.61 $ 1,250.00 07/23/99 $ 1,250.00 10012 $ 0.00
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09/30/99 $ 239,097.00 $ 1,500.00 10/28/99 $ 1,500.00 10013
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I, James J. Joseph, Trustee, declare under penalty of perjury that the
information contained in the above Trustee Operating Report is true and complete
to the best of my knowledge.
Note: The Trustee and his professionals are presently working on a motion to
allocate among debtors. Pending that, all entries on this Operating Statement
are for information only.
Date: 11/20/99 /s/ James J Joseph
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James J. Joseph, Trustee
Performance Asset Management Fund III, Ltd.
James J. Joseph, Trustee
2029 Century Park East
3rd Floor
Los Angeles, CA 90067
Chapter 11 Case No. SA 98-27101
Operating Report # 10 From : 10/01/99
To : 10/31/99
Schedule of Miscellaneous Operating Expenses
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EXPENSE VENDOR AMOUNT TOTAL
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September Operating Expenses PCM, Inc. $ 3,523.00 $ 3,523.00
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TOTAL MISCELLANEOUS OPERATING EXPENSES $ 3,523.00
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Page 1 of 1
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
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IN RE: TRUSTEE INTERIM STATEMENT
PERFORMANCE ASSET MGMT STATEMENT NUMBER: 010
FUND III, LTD FOR THE PERIOD FROM: 100199
JAMES J. JOSEPH, TO: 103199
CHAPTER 11 TRUSTEE
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CASE NO. SA 98-27101 RA
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Operating 30-Day C.D. Money Market Money Market
Account Account Account Account
CASH ACTIVITY ANALYSIS 14-088-393 426-556-0001 6704-559038 14-088-652
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A. Total Receipts Per All Prior Interim
Statements . . . . . . . . . . . . . . . . . 160,552.55 89,742.36 10,969.27 919,358.59
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B. Less : Total Disbursements Per All
Prior Interim Statements . . . . . . . . . . 158,875.04 0.00 10,969.27 430,703.81
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C. Beginning Balance. . . . . . . . . . . . . . . 1,677.51 89,742.36 0.00 488,654.78
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D. Receipts During Current Period
Per Attached Schedule. . . . . . . . 0.00 358.97 0.00 145,278.77
Total Receipts . . . . . . . . . . . 0.00 358.97 0.00 145,278.77
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E. Balance Available. . . . . . . . . . . . . . . 1,677.51 90,101.33 0.00 633,933.55
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F. Less : Disbursements During Period
Per Attached Schedule. . . . . . . . 1,500.00 0.00 0.00 3,523.00
Total Disbursements. . . . . . . . . 1,500.00 0.00 0.00 3,523.00
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G. Ending Balance 177.51 90,101.33 0.00 630,410.55
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H. Disbursements for Quarterly Fees. . . . . . . . . 0.00 0.00 3,523.00
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ACCOUNT CLOSED
03/01/99
I. (1) Operating Account :
(a) Imperial Bank, 9757 Wilshire Blvd., Beverly Hills, CA 90212
(b) Account Number: 14-088-393
(2) 30-Day C.D.
(a) Imperial Bank, 9757 Wilshire Blvd., Beverly Hills, CA 90212
(b) Account #426-556-0001
(3) Money Market Account
(a) Wells Fargo, 1661 No. Raymond, Anaheim, CA 92801
(b) Account Number 6704-559038
(4) Money Market Account
(a) Imperial Bank, 9757 Wilshire Blvd., Beverly Hills, CA 90212
(b) Account Number: 14-088-652
BOND: $12,000,000.00
BANKRUPTCY JUDGE : HON. ROBERT W. ALBERTS
I, James J. Joseph, declare under penalty of perjury that the information
contained in the above Interim Statement is true and complete to the best of my
knowledge.
Dated: 11/20/99 Signed: /s/ James J. Joseph
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James J. Joseph, Trustee
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
RECEIPTS FOR THE PERIOD FROM: 100199
TO: 103199
OPERATING ACCOUNT # 14-088-393 AMOUNT
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TOTAL 0.00
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
DISBURSEMENTS FOR THE PERIOD FROM: 100199
TO: 103199
OPERATING ACCOUNT # 14-088-393 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
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U.S. TRUSTEE 3RD QUARTER FEE 1,500.00 10013 10/28/99
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TOTAL 1,500.00
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
RECEIPTS FOR THE PERIOD FROM: 100199
TO: 103199
30-Day C.D. Account # 426-556-0001 AMOUNT
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10/25 - IMPERIAL BANK INTEREST 358.97
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TOTAL 358.97
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
DISBURSEMENTS FOR THE PERIOD FROM: 100199
TO: 103199
30-Day C.D. Account #426-556-0001 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
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TOTAL 0.00
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
RECEIPTS FOR THE PERIOD FROM: 100199
TO: 103199
MONEY MARKET ACCOUNT # 6704-559038 AMOUNT
- ---------------------------------------------------------------
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TOTAL 0.00
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
DISBURSEMENTS FOR THE PERIOD FROM: 100199
TO: 103199
MONEY MARKET ACCOUNT 6704-559038 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
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TOTAL 0.00
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
RECEIPTS FOR THE PERIOD FROM: 100199
TO: 103199
MONEY MARKET ACCOUNT 14-088-652 AMOUNT
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10/11 - PARTNERSHIP RESERVE AUGUST 1999 COLLECTION SHARE 73,415.31
10/12 - PCM WIRE ACCOUNT FIRST NAT'L ACCEPTANCE SALE 1,199.76
10/13 - PCM OPERATING CHARLES CHLAN SALE SHARE 3,116.40
10/21 - PCM WIRE ACCOUNT LEGAL ACQUISITION PRTNRS SALE 33,982.98
10/26 - PCM WIRE ACCOUNT CONSOLIDATION USA SALE 2,795.00
10/27 - PCM WIRE ACCOUNT DJC INC SALE 28,885.55
10/21 - IMPERIAL BANK INTEREST 1,883.77
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TOTAL 145,278.77
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 010
DISBURSEMENTS FOR THE PERIOD FROM: 100199
TO: 103199
MONEY MARKET ACCOUNT # 14-088-652 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
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PCM OPERATING SEPTEMBER OPERATING EXPENSES 3,523.00 TSF 10/20/99
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TOTAL 3,523.00
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