EXHIBIT 99.12
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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 : 12 Page 1 of 3
Los Angeles, CA 90067
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Chapter 11 Case No. SA 98-27101 RA For the period From : 12/01/99 to 12/31/99
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1. Profit and Loss Statement
A. Related to Business Operations
Gross Sales / Rents 271,685.32
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Less : Sales Returns and Discounts 0.00
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Net Sales 271,685.32
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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 271,685.32
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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 0.00
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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) 161,411.10
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Total Operating Expenses 161,411.10
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Net Gain / Loss from Business Operations 110,274.22
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B. Not Related to Business Operations
Income :
Interest Income 11,780.77
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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 11,780.77
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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) 0.00
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Total Non-Operating Expenses 0.00
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NET INCOME / LOSS FOR PERIOD 122,054.99
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OPERATING REPORT
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CHAPTER 11 TRUSTEE OPERATING REPORT NO : 12 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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- ---------- ----------------- ------- ------- ------------------- ------
- ---------- ----------------- ------- ------- ------------------- ------
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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 : 12 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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- -------------------- ---------------------------- ----------------- ----------------
- -------------------- ---------------------------- ----------------- ----------------
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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
================ ==================== ============== ========= ============ ========= ==============
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: 1/26/00 /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 # 12 From : 12/01/99
To : 12/31/99
Schedule of Miscellaneous Operating Expenses
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EXPENSE VENDOR AMOUNT TOTAL
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NLEX PURCHASE PAM FUND PURCHASE ACC $ 5,430.90 $ 5,430.90
ACQUISITION FEE FOR LOT#1151 PARTNERSHIP RESERVE $ 543.09 $ 543.09
ACQUISITION FEE FOR LOT#43-N PARTNERSHIP RESERVE $ 1,403.24 $ 1,403.24
ACQUISITION FEE FOR LOT#43-G PARTNERSHIP RESERVE $ 3,106.14 $ 3,106.14
PROFESSIONAL FEES VCS OPERATING $ 92,542.87 $ 92,542.87
CHASE MANHATTAN PORT. PURCHASE PAM FUND PURCHASE ACC $ 18,032.53 $ 18,032.53
CHASE MANHATTAN PORT. PURCHASE PAM FUND PURCHASE ACC $ 16,660.41 $ 16,660.41
CHASE MANHATTAN PORT. PURCHASE PAM FUND PURCHASE ACC $ 20,023.53 $ 20,023.53
ACQUISITION FEE FOR LOT#30-S & 43-Q PCM $ 3,668.39 $ 3,668.39
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TOTAL MISCELLANEOUS OPERATING EXPENSES $ 161,411.10
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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: 012
FUND III, LTD FOR THE PERIOD FROM: 120199
JAMES J. JOSEPH, TO: 123199
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 90,461.73 10,969.27 3,336,487.35
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B. Less : Total Disbursements Per All
Prior Interim Statements . . . . . . . . . . 160,375.04 0.00 10,969.27 521,515.95
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C. Beginning Balance. . . . . . . . . . . . . . . 177.51 90,461.73 0.00 2,814,971.40
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D. Receipts During Current Period
Per Attached Schedule. . . . . . . . 183.33 361.85 0.00 283,104.24
Total Receipts . . . . . . . . . . . 183.33 361.85 0.00 283,104.24
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E. Balance Available. . . . . . . . . . . . . . . 360.84 90,823.58 0.00 3,098,075.64
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F. Less : Disbursements During Period
Per Attached Schedule. . . . . . . . 0.00 0.00 0.00 161,411.10
Total Disbursements. . . . . . . . . 0.00 0.00 0.00 161,411.10
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G. Ending Balance 360.84 90,823.58 0.00 2,936,664.54
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H. Disbursements for Quarterly Fees. . . . . . . . . 0.00 0.00 0.00 161,411.10
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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: 1/26/00 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: 012
RECEIPTS FOR THE PERIOD FROM: 120199
TO: 123199
OPERATING ACCOUNT # 14-088-393 AMOUNT
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12/01-PCM TSF FOR EXPRESS COLLECTIONS PORTFOLIO SALE 183.33
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TOTAL 183.33
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 012
DISBURSEMENTS FOR THE PERIOD FROM: 120199
TO: 123199
OPERATING ACCOUNT # 14-088-393 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: 012
RECEIPTS FOR THE PERIOD FROM: 120199
TO: 123199
30-Day C.D. Account # 4265-560-001 AMOUNT
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12/23-IMPERIAL BANK INTEREST FOR DECEMBER 361.85
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TOTAL 361.85
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 012
DISBURSEMENTS FOR THE PERIOD FROM: 120199
TO: 123199
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: 012
RECEIPTS FOR THE PERIOD FROM: 120199
TO: 123199
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: 012
DISBURSEMENTS FOR THE PERIOD FROM: 120199
TO: 123199
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: 012
RECEIPTS FOR THE PERIOD FROM: 120199
TO: 123199
MONEY MARKET ACCOUNT 14-088-652 AMOUNT
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12/09-DJC,INC. PORTFOLIO PURCHASE 32,469.39
12/09-PARTNERSHIP RESERVE 1999 SEPT. COLLECTION SHARE 89,205.23
12/10-PARTNERSHIP RESERVE CHICARGO TITLE DEPOSIT 62,545.60
12/17-FIRST NAT'L ACCEPTANCE PORTFOLIO PURCHASE 1,105.63
12/17-JACKSON CAPITAL, INC. PORTFOLIO PURCHASE 3,437.07
12/20-DJC, INC. PORTFOLIO PURCHASE 4,555.36
12/28-PARTNERSHIP RESERVE OCTOBER 1999 COLLECTION SHARE 76,601.81
12/29-WIRE ACCOUNT INTERGRATED SERVICES GROUP 1,765.23
12/31-IMPERIAL BANK DECEMBER INTEREST 11,418.92
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TOTAL 283,104.24
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CASE NAME : PERFORMANCE ASSET MGMT FUND III, LTD
CASE NUMBER : SA 98-27101 RA
STATEMENT NUMBER: 012
DISBURSEMENTS FOR THE PERIOD FROM: 120199
TO: 123199
MONEY MARKET ACCOUNT # 14-088-652 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
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PAM FUND PURCHASE ACCOUNT NLEX PURCHASE 5,430.90 TSF 12/06/99
PARTNERSHIP RESERVE ACQUISITION FEE FOR LOT# 1151 543.09 TSF 12/10/99
PARTNERSHIP RESERVE ACQUISITION FEE FOR LOT# 43-N 1,403.24 TSF 12/10/99
PARTNERSHIP RESERVE ACQUISITION FEE FOR LOT# 43-G 3,106.14 TSF 12/10/99
VCS OPERATIMG TRANSFER FOR PROFESSIONAL FEES 92,542.87 TSF 12/15/99
PAM FUND PURCHASE ACCOUNT CHASE MANHATTAN BANK PORTFOLIO 30-R 18,032.53 TSF 12/21/99
PAM FUND PURCHASE ACCOUNT CHASE MANHATTAN BANK PORTFOLIO 43-Q 16,660.41 TSF 12/26/99
PAM FUND PURCHASE ACCOUNT CHASE MANHATTAN BANK PORTFOLIO 30-S 20,023.53 TSF 12/26/99
PCM OPERATING ACQUISITION FEE FOR PORTFOLIO# 30-S & 43-Q 3,668.39 TSF 12/26/99
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TOTAL 161,411.10
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