EXHIBIT 99.23
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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 : 23 Page 1 of 3
Los Angeles, CA 90067
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Chapter 11 Case No. SA 98-27101 RA For the period From : 11/01/00 to 11/30/00
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1. Profit and Loss Statement
A. Related to Business Operations
Gross Sales / Rents 56,945.71
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Less : Sales Returns and Discounts 0.00
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Net Sales 56,945.71
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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 56,945.71
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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) 176,382.05
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Total Operating Expenses 176,382.05
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Net Gain / Loss from Business Operations (119,436.34)
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B. Not Related to Business Operations
Income :
Interest Income 9,966.46
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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 9,966.46
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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 (109,469.88)
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OPERATING REPORT
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CHAPTER 11 TRUSTEE OPERATING REPORT NO : 23 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 : 23 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
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
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 $ 0.00
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12/31/99 $ 252,223.00 $ 1,500.00 01/27/00 $ 1,500.00 10014 $ 0.00
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03/31/00 $ 196,418.00 $ 1,250.00 05/19/00 $ 1,250.00 10017 $ 0.00
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6/30/00 $ 37,703.00 $ 500.00 08/09/00 $ 500.00 10019 $ 0.00
- ---------------- -------------------- -------------- --------- ------------ --------- --------------
9/30/00 $ 275,310.00 $ 1,500.00 10/20/00 $ 1,500.00 10020 $ 0.00
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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 has obtained an order tom allocate among the administratively
consolidated estates when court approved payments to professionals are made.
Accrued fees for all estates are reflected on the Vision Capital Services
operating report in that all cases are administratively consolidated under the
Vision case number.
Date: 12/26/00 /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 # 23 From : 11/01/00
To : 11/30/00
Schedule of Miscellaneous Operating Expenses
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EXPENSE VENDOR AMOUNT TOTAL
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3RD APPROVED FEE APPLICATION VISION(OPERATING) 41,639.98 41,639.98
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3RD APPROVED FEES & COSTS VISION(OPERATING) 59,691.72 59,691.72
GALEWICK LEGAL REIMBURSEMENT PAM FUND PURCHASE ACC 2,629.50 2,629.50
ADJUST COLL.RE:08/00,09/00 & 10/00 PCM(OPERATING) 11,411.49 11,411.49
ACQUISITION FEE PORT#1074 PCM(OPERATING) 1,104.85 1,104.85
ACQUISITION FEE PORT#1070 & 1071 PCM(OPERATING) 2,280.71 2,280.71
ACQUISITION FEE PORT#1051 PCM(OPERATING) 2,865.62 2,865.62
PORTFOLIO PURCHASE# 1131 PAM FUND PURCHASE ACC 24,789.05 24,789.05
ACQUISITION FEE PORT#1131 PCM(OPERATING) 2,478.90 2,478.90
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3RD APPROVED FEES & COSTS VISION(OPERATING) 22,323.60 22,323.60
PCM RECEIVABLES FOR 10/31/00 PCM(OPERATING) 5,166.63 5,166.63
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$ 176,382.05
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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: 023
FUND III, LTD FOR THE PERIOD FROM: 110100
JAMES J. JOSEPH, TO: 113000
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 . . . . . . . . . . . . . . . . . 287,618.98 91,551.62 10,969.27 4,778,112.54
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B. Less : Total Disbursements Per All
Prior Interim Statements . . . . . . . . . . 287,518.98 91,551.62 10,969.27 1,832,225.42
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C. Beginning Balance. . . . . . . . . . . . . . . 100.00 0.00 0.00 2,945,887.12
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D. Receipts During Current Period
Per Attached Schedule. . . . . . . . 0.00 0.00 0.00 66,912.17
Total Receipts . . . . . . . . . . . 0.00 0.00 0.00 66,912.17
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E. Balance Available. . . . . . . . . . . . . . . 100.00 0.00 0.00 3,012,799.29
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F. Less : Disbursements During Period
Per Attached Schedule. . . . . . . . 0.00 0.00 0.00 176,382.05
Total Disbursements. . . . . . . . . 0.00 0.00 0.00 176,382.05
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G. Ending Balance 100.00 0.00 0.00 2,836,417.24
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H. Disbursements for Quarterly Fees. . . . . . . . . 0.00 0.00 0.00 176,382.05
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ACCOUNT CLOSED ACCOUNT CLOSED
02/22/00 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 Number #426-560-001
(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: 12/26/00 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: 023
RECEIPTS FOR THE PERIOD FROM: 110100
TO: 113000
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: 023
DISBURSEMENTS FOR THE PERIOD FROM: 110100
TO: 113000
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: 023
RECEIPTS FOR THE PERIOD FROM: 110100
TO: 113000
MONEY MARKET ACCOUNT 14-088-652 AMOUNT
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11/06-PCM(COLLECTION) COLLECTION ITEM 716.02
11/06-PCM(COLLECTION) COLLECTION ITEM 116.14
11/15-SUSPENSE ACCOUNT CHASE MANHATTAN BUYBACK SPLIT# 2196211 114.05
11/17-PCM(PARTNERSHIP RESERVE) OCTOBER 2000 COLLECTION SHARE 48,947.25
11/27 WIRE ACCOUNT HARRISON ASSET MANAGEMENT SPLIT(11/22/00) 7,052.25
11/30-IMPERIAL BANK NOVEMBER 2000 INTEREST 9,966.46
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TOTAL 66,912.17
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CASE NAME : PERFORMANCE ASSET MGMT, FUND III, LTD.
CASE NUMBER: SA 98-27101 RA
STATEMENT NUMBER: 023
DISBURSEMENTS FOR THE PERIOD FROM: 110100
TO: 113000
MONEY MARKET ACCOUNT # 14-088-652 CHECK
NAME OF PAYEE DESCRIPTION AMOUNT NUMBER DATE
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VISION(OPERATING) 3RD APPROVED FEE APPLICATION 41,639.98 TSF 11/03/00
VISION(0PERATING) TSF RE:3RD INTERIM APPROVED FEES AND COSTS 59,691.72 TSF 11/06/00
PAM FUND PURCHASE ACCOUNT TSF RE: GALEWICK LEGAL REIMBURSEMENT 2,629.50 TSF 11/08/00
PCM(OPERATING) ADJUST. COLL RE:08/00,09/00 & 10/00 11,411.49 TSF 11/14/00
PCM(OPERATING) ACQUISITION FEES RE: PORTFOLIO# 1074 1,104.85 TSF 11/14/00
PCM(OPERATING) ACQUISITION FEES RE: PORTFOLIO# 1070 & 1071 2,280.71 TSF 11/14/00
PCM(OPERATING) ACQUISITION FEES RE: PORTFOLIO# 1051 2,865.62 TSF 11/14/00
PAM FUND PURCHASE ACCOUNT RE: PORTFOLIO PURCHASE #1131 24,789.05 TSF 11/16/00
PCM(OPERATING) ACQUISITION FEES RE: PORTFOLIO# 1131 2,478.90 TSF 11/16/00
VISION(OPERATING) 3RD APPROVED FEES AND COSTS FOR PCM 22,323.60 TSF 11/22/00
PCM(OPERATING) PCM RECEIVABLES FOR 10/31/00 5,166.63 TSF 10/31/00
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TOTAL 176,382.05
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