|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: GRAND COURT LIFESTYLES INC, 8-K, 2000-10-20 |
Next: UNIVISION COMMUNICATIONS INC, 8-K/A, 2000-10-20 |
EXHIBIT 99.1
COPY
Grand Court Lifestyles, Inc.
Case Number: O0-32578(NLW)
Reporting Period: September 2000
MONTHLY OPERATING REPORT
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Form Document Explanation
REQUIRED DOCUMENTS No Attached Attached
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
--------------------------------------------------------------------------------------------------------
Schedule of Cash Receipts & Disbursements MOR-1 X
--------------------------------------------------------------------------------------------------------
Bank Reconciliation MOR-1(CONT) X
--------------------------------------------------------------------------------------------------------
Copies of bank statements X
--------------------------------------------------------------------------------------------------------
Cash disbursement journals (attached to bank reconciliations) X
--------------------------------------------------------------------------------------------------------
Statement of Operations MOR-2 X
--------------------------------------------------------------------------------------------------------
Balance Sheet MOR-3 X
--------------------------------------------------------------------------------------------------------
Status of Post Petition Taxes MOR-4
--------------------------------------------------------------------------------------------------------
Copies of IRS Form 6123 or payment receipt X
--------------------------------------------------------------------------------------------------------
Copies of tax returns filed during reporting period X
--------------------------------------------------------------------------------------------------------
Summary of Unpaid Post Petition Debts MOR-4
--------------------------------------------------------------------------------------------------------
Listing of aged accounts payable X
--------------------------------------------------------------------------------------------------------
Accounts Receivable Reconciliation & Aging MOR-5 N/A
--------------------------------------------------------------------------------------------------------
Debtor Questionairre MOR-5 X
--------------------------------------------------------------------------------------------------------
</TABLE>
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached document are true and correct to the best of my knowledge and
belief.
/s/ Catherine V. Merlino CFO 10/16/00
------------------------------------------ --------
Signature of Debtor Date
/s/ Catherine V. Merlino CFO 10/16/00
------------------------------------------ --------
Signature of Authorized Individual Date
/s/ Catherine V. Merlino CFO 10/16/00
------------------------------------------ --------
Printed Name of Authorized Individual Date
<PAGE>
Case Number: 00-32578(NLW)
Form MOR-1
Grand Court Lifestyles, Inc.
Schedule at Cash Receipts and Disbursements
September 1, 2000 - September 30, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Bank Accounts
----------------------------------------------------------------------- Current
(1) Payroll Payroll Multi-family Real Estate Rental Period
Operating Boca Fort Lee Sales-Escrow Tax Agency Actual
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Cash 9/1/00 1,620,572 948 26,476 934,270 93,194 25,056 2,700,516
=====================================================================================
Cash Receipts
Transfer to/from DIP accounts 0
Transfers (from DIP accounts) 255,000 140,000 200,000 595,000
Management fees 110,593 110,593
Bookkeeping fees 51,250 51,250
General Partner fees 112,798 112,798
Sterling National Bank (2) 0
Vendor refunds & expense reimbursements 17,623 17,623
Notes loans & other receivables 527,954 527,954
Interest income (3) 184,994 184,994
Construction funding reimbursements 0
Return of earnest money 0
Lucinai Contribution 0
Multi-family Sales 0
Interest income-Bankruptcy 3,565 1,768 176 47 5,556
-------------------------------------------------------------------------------------
Total Receipts 1,263,777 140,000 200,000 1,768 176 47 1,605,768
Cash Disbursements
Net Payroll and related taxes and expenses (138,932) (196,597) (335,529)
Insurance (50,662) (50,662)
Administrative (123,443) (710) (124,153)
Taxes 0
Other (see attached schedule) (45,533) (45,533)
Transfers (to DIP accounts) (595,000) (595,000)
Restructuring Costs (7,040) (7,040)
US Trustee Quarterly Fees 0
-------------------------------------------------------------------------------------
Total Cash Disbursements (821,678) (138,932) (197,307) 0 0 0 (1,157,917)
-------------------------------------------------------------------------------------
Net Cash Flow 442,099 1,068 2,693 1,768 176 47 447,851
-------------------------------------------------------------------------------------
Cash September 30, 2000 2,062,671 2,016 29,169 936,038 93,370 25,103 3,148,367
=====================================================================================
<CAPTION>
---------------
Cumulative
filing to date
Actual
---------------
<S> <C>
Cash 9/1/00 2,998,777
===============
Cash Receipts
Transfer to/from DIP accounts 0
Transfers (from DIP accounts) 5,672,174
Management fees 430,204
Bookkeeping tees 355,000
General Partner fees 831,798
Sterling National Bank (2) (5,981)
Vendor refunds & expense reimbursements 283,428
Notes loans & Other receivables 1,684,898
Interest income (3) 365,210
Construction funding reimbursements 73,376
Return of earnest money 23,739
Lucinai Contribution 261,557
Multi-family Sales 899,405
Interest income-Bankruptcy 31,867
------------
Total Receipts 10,906,675
Cash Disbursements
Net Payroll and related taxes and expenses (2,609,189)
Insurance (379,512)
Administrative (965,848)
Taxes (127,293)
Other (see attached schedule) (891,993)
Transfers (to DIP accounts) (5,672,174)
Restructuring Costs (99,826)
US Trustee Quarterly Fees (11,250)
------------
Total Cash Disbursements (10,757,085)
------------
Net Cash Flow 149,590
------------
Cash September 30, 2000 3,148,367
============
</TABLE>
Calculating Trustee Quarterly Fees from Current Month Actual
Total
Disbursements
-------------
Total Disbursements 1,157,917
Less: Transfers to Debtor In Possession accounts (595,000)
Plus: Estate Disbursements made by outside sources 0
---------
562,917
=========
(1) Represents the post-petition money market account and DDA account. The
post-petition cash is kept in an investment account and transferred to the DDA
account as needed
(2) Amount represents the book balances of a Sterling National Bank setoff;
debtor has been unable to ascertain the details of the setoff
(3) The debtor received $598,407 of cash flow from multi-family properties in
the month of September. Of this amount $184,994 was interest income on the
related purchase notes, $41,510 of which was interest on a purchase note
collateralizing a debenture where Bank of New York is the paying agent. The
balance received of $413,413 was applied against receivables.
<PAGE>
Case Number: 00-32578(NLW)
Schedule of Cash Receipts and Cash Disbursements
Supplementary Schedule
September 1, 2000 - September 30, 2000
Disbursements-Other
Property Funding-operations 7,200.00 (1)
Property Funding-Insurance 35,385.00 (2)
Property Funding-utilities 2,948.00 (3)
---------
45,533.00
=========
(1) Amount represents total advanced by debtor to a wholly-owned entity.
(2) Amount represents total advanced to three senior living properties to pay
insurance premiums.
(3) Amount represents total advanced to a senior living property for payment of
utilities.
<PAGE>
CHASE MANHATTAN BANK
BUSINESS CHECKING ACCT.
A/C 312-8380029-66
SEPTEMBER 30, 2000
Beginning Balance @09/01/00 101,594.77
Add: Cash Receipts 595,000.00
Less: Cash Disbursements (596,273.97)
-----------
Book Balance @09/30/00 100,320.80
Less: Deposits and transit 0.00
Add: Outstanding Checks 53,668.68
-----------
Bank Balance @09/30/00 153,989.48
===========
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE CHECKING ACCOUNT
CASH RECEIPTS
SEPTEMBER 30, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
09/05/00 Transfer from Chase money market acct. 40,000.00
09/12/00 Transfer from Chase money market acct. 149,000.00
09/14/00 Transfer from Chase money market acct. 50,000.00
09/18/00 Transfer from Chase money market acct. 70,000.00
09/26/00 Transfer from Chase rental agency acct. 191,000.00
09/27/00 Transfer from Chase money market acct. 20,000.00
09/29/00 Transfer from Chase money market acct. 75,000.00
----------
595,000.00
==========
<PAGE>
CHASE MANHATTAN BANK
MONEY MARKET
A/C 312-8380029-65
SEPTEMBER 30, 2000
Beginning Balance @09/01/00 1,518,979.19
Add: Cash Receipts 1,038,370.70
Less: Cash Disbursements (595,000.00)
------------
Book Balance @09/30/00 1,962,349.89
Less: Deposits in Transit- (23,308.00)
Add: Outstanding Checks- 0.00
------------
Bank Balance @09/30/00 1,939,041.89
============
<PAGE>
CHASE
MONEY MARKET ACCT.
ACCT. 312-8380029-65
RECONCILIATION-Cash Receipts
SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
Bank
GCL Statement
-------------------------------------
<S> <C> <C> <C> <C> <C>
Conerstone-August 9/05 65,574.70 9/06 65,574.70
Cash Surplus 9/05 463,077.67 9/06 463,077.67
Seward 9/06 4,730.60 9/07 4,730.60
GP Fees 9/11 27,250.00 9/12 27,250.00
Bookkeeping Fees 9/11 62,500.00 9/11 62,500.00
Supervisory Fees 9/11 51,250.00 9/11 51,250.00
BMR Estate-Reimburs Fed-Ex 9/11 86.18 9/12 86.18
Cash Surplus 9/12 9,388.10 9/13 9,388.10
Cash Surplus 9/15 21,275.61 9/18 21,275.61
Boca-Reimburse Fed-Ex 9/15 301.05 9/11 301.05
Boca-Ft Myers Guarantee Fee 9/15 7,744.76 9/11 7,744.76
Postdates-9/15/00 9/15 842.50 9/18 842.50
Management Fees 9/18 73,031.42 9/18 73,031.42
Boca-Reimburse Fed-Ex 9/19 17,176.28 9/19 17,176.28
Homestead 9/19 5,662.22 9/20 5,662.22
Seaford/Dampog 9/25 n/c 9/21 30,000.00 9/22 30,000.00
Villa Americana-Cash flow surplus 9/22 99,000.00 9/25 99,000.00
Refund-NY Times 9/26 289.00 9/27 289.00
Batchelor Receivables 9/27 42,500.00 9/28 42,500.00
Management Fees**** 10/02 29,817.27 9/29 29,817.27
Interest Income 9/29 3,565.34 9/29 3,565.34
Chang-Hill Top Abilene D-I-T 9/29 200.00
ADP-Refund D-I-T 9/29 60.00
Transfer from Leisure Facilities Accts D-I-T 9/29 6,474.00
Transfer from Grand Court Facilities Accts D-I-T 9/29 16,574.00
-------------------------------------
1,038,370.70 1,015,062.70
=====================================
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE MONEY MARKET ACCT.
CASH DISBURSEMENTS
SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
Vendor Check
Check No Name Reference Date Amount
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Debit Grand Court Transfer to Chase Business Checking Acct. 09/06/00 40,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 09/12/00 149,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 09/15/00 50,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 09/18/00 70,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 09/26/00 191,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 09/27/00 20,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 09/29/00 75,000.00
----------
595,000.00
==========
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Bank Atlantic-Boca Payroll
2000
September
BOOK BAL BEGINNING 949.47
CR - PER G/L
WT fm Chase 69,000.00
WT fm Chase 71,000.00
CD-PAYROLL-per ADP sheets 9/15/00 (66,670.87)
9/29/00 (68,049.47)
401-k transfer 9/15/00 (1,782.03)
401-k transfer 9/29/00 (1,782.03)
401-k transfer
Garnishments 9/15/00 (300.00)
Garnishments 9/29/00 (300.00)
Garnishments
CD-S/C (46.39)
BOOK BAL ENDING 2,018.68
==========
DIT:
0/S.
9/29 garnishment 300.00
9/19 401K 1,782.03
2607 188.39
2637 1,234.12
2638 849.57
2639 929.72
2640 819.82
2641 1,018.96
2642 1,472.70
2643 1,076.34
2647 923.95
2648 946.55
2649 286.02
2650 833.34
2651 5,476.53
2652 1,207.22
2653 1,005.37
2654 1,329.60
2656 1,405.73
2657 2,068.63
2658 956.50
2659 1,179.44
2660 7,097.60
2661 4,698.65
2662 535.92
2663 1,070.29
2664 971.30
2665 1,356.44
2666 864.44
2667 2,821.73
2668 1,088.16
2669 855.35
2670 2,308.71
2671 3,279.13
2672 902.58
2673 605.02
2674 840.46
2675 727.59
2676 872.23
2678 847.54
2879 2,998.78
2680 1,485.04
Total o/s checks 63,517.49
BANK BALANCE 65,536.17
==========
Per Bank Statement 65,536.17
(0.00)
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Sept
2000
BOOK BAL BEGINNING 23,033.24
CR - PER G/L WT fm Chase 80,000.00
WT fm Chase 120,000.00
CD-PAYROLL-per ADP sheets 9/15/00 (12,050.30)
9/28/00 (57,686.97)
Health insurance ck#1227 (3,096.42)
Payroll taxes 9/15/00 (13,546.55)
Payroll taxes 9/15/00 (28.977.89)
Payroll taxes 9/28/00 (27,089.72)
Payroll taxes 9/28/00 (28,089.93)
Payroll taxes
Payroll taxes
Garnishments ck#1224 (1,311.50)
Garnishments ck#1225 (1,311.50)
Garnishments
Other CD
Manual check-included in prior month CD
Manual check-included in prior month CD
Manual check-not included in ADP ck#1226 (562.68)
Voided cks per ADP included in prior month ck#2988 (22,874.70)
Voided cks per ADP included in prior month
Voided checks not yet in ADP
Voided checks not yet in ADP
Voided checks not yet in ADP
Voided checks not yet in ADP
safety deposit box
Other-ADP charges 9/1/00 (73.96)
Other-ADP charges 9/1/00 (114.97)
Other-ADP charges 9/17/00 (119.96)
Other-ADP charges 9/22 (161.47)
Other-ADP charges 9/29/00 (73.96)
CD-S/C (150.00)
BOOK BAL ENDING 25,740.76
DIT:
O/S: ck#3013 2,893.61
ck#3014 1,032.36
ck#3018 6,694.71
ck#3019 5,905.24
ck#3021 4,653.56
ck#3023 1,947.54
` ck#3024 1,767.39
ck#1225 1,311.50
ck#l227 3,096.42
ADP charge 73.96
Total Outstanding Checks 29,376.29
BANK BALANCE 55,117.05
Per Bank Statement 55,117.05
(0.00)
<PAGE>
GRAND COURT LIFESTYLES INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Grand Court Ft Lee Payroll Corp
2000
Sept
BOOK BAL BEGINNING 3,444.31
Other
CD-S/C (16.03)
BOOK BAL ENDING 3,428.28
========
DIT:
0/S:
0.00
BANK BALANCE 3,428.28
========
Per Bank Statement 3,428.28
(0.00)
<PAGE>
CHASE MANHATTAN BANK
MULTI FAMILY MONEY MARKET
A/C 312-8380029-67
SEPTEMBER 30, 2000
Beginning Balance @09/01/00 934,269.90
Add: Cash Receipts-Interest Income 1,767.77
Less: Cash Disbursements 0.00
-----------
Book Balance @09/30/00 936,037.67
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
-----------
Bank Balance @09/30/00 936,037.67
===========
<PAGE>
CHASE MANHATTAN BANK
REAL ESTATE ESCROW ACCOUNT
A/C 312-8396952-65
SEPTEMBER 30, 2000
Beginning Balance @09/01/00 93,194.41
Add: Cash Receipts-Interest Income 176.34
Less: Cash Disbursements 0.00
----------
Book Balance @09/30/00 93,370.75
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
----------
Bank Balance @09/30/00 93,370.75
==========
<PAGE>
CHASE MANHATTAN BANK
RENTAL AGENCY ESCROW ACCT.
A/C 312-8396952-65
SEPTEMBER 30, 2000
Beginning Balance @09/01/00 25,055.78
Add: Cash Receipts-Interest 47.41
Less: Cash Disbursements 0.00
----------
Book Balance @09/30/00 25,103.19
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
----------
Bank Balance @09/30/00 25,103.19
==========
<PAGE>
Form MOR-2
Grand Court Lifestyles, Inc.
Income Statement
September 1, 2000 - September 30, 2000
Cumulative Filing
9/30/00 to Date
----------------------------
Revenues:
Management Fee Income 242,343 1,330,163
General Partner Fees 27,250 177,145
Interest Income 978,884 6,223,162
Deferred Profit Earned 48,831 332,580
----------------------------
Total Revenues 1,297,308 8,063,050
Administrative Expenses:
Travel 1,280 29,469
Telephone 15,309 105,164
Federal Express (6,762) 13,536
Postage 0 24,706
Office Supplies & Expense 5,596 53,666
Outside Storage 1,722 10,480
Miscellaneous 0 33,135
ADP 544 3,735
Legal & Accounting 0 27,367
Licenses & Filing Fees 330 14,216
Recruitment 0 8,787
Printing 200 7,812
Caton Expenses 9,496 76,760
Rent 63,494 370,978
Computer Equipment Maintenance 19,824 88,971
Insurance 50,927 269,541
Equipment Leases 9,356 42,543
Office Salaries and expenses 334,935 2,486,921
Director's Fees 0 6,000
Interest 151 23,130
Corporate Taxes 0 52,900
Amortization 19,672 127,869
----------------------------
Total Administrative Expenses 526,074 3,877,686
----------------------------
Extraordinary Expenses:
Net loss due to loss of properties (1) 4,225,874 22,117,109
----------------------------
Total Expenses 4,751,949 25,994,796
----------------------------
Net Loss Before Reorganization Expenses (3,454,640) (17,931,745)
----------------------------
Restructuring Expenses:
Administrative fees (5,451) (96,817)
Professional fees (208,000) (705,000)
US Trustee Quarterly Fees 0 (11,250)
Interest Earned on Accumulated Cash
from Chapter 11 5,557 31,869
----------------------------
Total Reorganization Expenses (207,894) (781,198)
----------------------------
Net Income (Loss) (3,662,534) (18,712,943)
============================
<PAGE>
(1) Net loss due to loss of properties for the month of September represents:
Write-off of multi-family receivables relating to two
properties whose mortgages are in default. 4,225,874
=========
There are two additional multi-family properties that may be lost through
foreclosure in the near future. The partnerships which own these properties are
in the process of attempting to sell these properties but are unable to
determine whether such sales will occur or at what price.
There are eleven senior living properties that are currently in default of their
mortgages.
<PAGE>
Form MOR-3
Grand Court Lifestyles, Inc.
Balance Sheet
September 30, 2000
Book Value Book Value
at end of on Petition
Month Date
-----------------------------
Assets:
Cash 3,148,367 2,998,777
Notes & Receivables 204,892,997 227,986,234
Investments 15,611,093 16,099,729
Construction in Progress 715,940 739,486
Furniture & Equipment-net 609,199 4,658,158
Other Assets 18,069,216 18,526,143
-----------------------------
Total Assets 243,046,812 271,008,527
=============================
Liabilities Not Subject to Compromise:
Accounts Payable 419,578 549,781
Professional Fees 720,000 --
-----------------------------
Total Post-Petition Liabilities 1,139,578 549,781
-----------------------------
Deferred Income 60,767,789 67,403,696
Deferred Rent Obligations -- 2,741,705
Liabilities Subject to Compromise:
Secured Debt 106,085,081 106,385,512
Priority Debt 224,084 486,635
Unsecured Debt 84,001,681 84,197,250
-----------------------------
Total Pre-Petition Liabilities 190,310,846 191,069,397
-----------------------------
Stockholders' Equity:
Common Stock 178,000 178,000
Treasury Stock (1,579,817) (1,579,817)
Paid-in-Capital 75,350,594 75,053,000
Accumulated Deficit (57,190,813) (57,190,813)
Net (loss) for period (25,929,365) (7,216,422)
-----------------------------
Total Stockholders' Equity (9,171,401) 9,243,948
-----------------------------
Total Liabilities & Stockholders' Equity 243,046,812 271,008,527
=============================
<PAGE>
Case Number: 00-32578(NLW)
Reporting Period: Month of September
Status of Postpetition Taxes
Fort Lee office
<TABLE>
<CAPTION>
Beginning Amount Ending
Tax Withheld Amount Date Check No Tax
Liability or Accrued Paid Paid or EFT Liability
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Federal
Withholding 684 25,823 25,823 9/15,9/28 see attached 684
FICA-Employee 329 3,674 3,674 9/15,9/28 see attached 329
FICA-Employer 329 3,674 3,674 9/15,9/28 see attached 329
Unemployment 0 see attached 0
Income 0 0
Other: 0 0
--------------------------------------------------------------------------
Total Federal Taxes 1,341 33,171 33,171 0 0 1,341
--------------------------------------------------------------------------
State & Local
Withholding 0 7,401 7,401 9/15,9/28 see attached 0
Sales 0
Excise 0
Unemployment 0 63 63 9/15,9/28 see attached 0
Real Property 0
Personal Property 0
Other 0
--------------------------------------------------------------------------
Total State & Local 0 7,465 7,465 0 0 0
--------------------------------------------------------------------------
Total Taxes 1,341 40,636 40,636 0 0 1,341
==========================================================================
</TABLE>
<PAGE>
Case Number: 00-32578(NLW)
Reporting Period: Month of September
Status of Postpetition Taxes
Boca Office
<TABLE>
<CAPTION>
Beginning Amount Ending
Tax Withheld Amount Date Check No Tax
Liability or Accrued Paid Paid or EFT Liability
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Federal
Withholding (1,145) 36,551 36,551 9/15,9/29 see attached (1,145)
FICA-Employee 0 9,624 9,624 9/15,9/29 0
FICA-Employer (296) 9,624 9,624 9/15,9/29 (296)
Unemployment 122 122 9/15,9/29 0
Income 0 0
Other: 0 0
--------------------------------------------------------------------------
Total Federal Taxes (1,441) 55,921 55,921 0 0 (1,441)
--------------------------------------------------------------------------
State & Local
Withholding
Sales
Excise
Unemployment 276 276 9/15,9/29
Real Property
Personal Property
Other
--------------------------------------------------------------------------
Total State & Local 0 276 276 0 0 0
--------------------------------------------------------------------------
Total Taxes (1,441) 56,197 56,197 0 0 (1,441)
==========================================================================
</TABLE>
<PAGE>
Case Number: 00-32578(NLW) Form MOR-4
Grand Court Lifestyles, Inc.
Summary of Post Petition Debts
Reporting period: September 2000
<TABLE>
<CAPTION>
Number of Days Past Due
Current 0-30 31-60 61-90 Over 90 Total
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Accounts Payable 54,440 5,369 3,500 21,685 84,994
Accrued expenses 47,989 19,806 67,795
Taxes Payable 24,014 1,341 25,355
Other 203,932 8,872 10,627 3,617 14,386 241,434
-----------------------------------------------------------------
Total Post Petition Debts 275,935 63,312 15,996 7,117 57,218 419,578
=================================================================
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE- POST PETITION - BOCA
AS OF 09/30/00
S:\SHARED\APRECON.WK4
ACCOUNTS PAYABLE SUB-LEDGER 37,384.49
Add: 0.00
Less 0.00
----------
Accounts Payable Balance Per G/L @09/30/00 37,384.49
==========
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - FT. LEE
AS OF 09/30/00
S:\SHARED\APRECON.WK4
ACCOUNTS PAYABLE SUB-LEDGER 47,609.28
Add: 0.00
Less: 0.00
----------
Accounts Payable Balance per G/L @09/30/00 47,609.28
==========
<PAGE>
For MOR-5
Grand Court Lifestyles, Inc.
Case Number 0O-32578(NLW)
Reporting Period - September 2000
Debtor Questionaire
Yes No
--------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the normal
course of business this reporting period? If yes, provide an
explanation below. X
--------------------------------------------------------------------------------
2. Have any funds been disbursed from any account other than a
debtor in possession account this reporting period? If yes,
provide an explanation below. X
--------------------------------------------------------------------------------
3. Have all postpetition tax returns been timely filed? If no,
provide an explanation below. X
--------------------------------------------------------------------------------
4. Are workers compensation, general liability and other
necessary insurance coverages in effect? If no, provide an
explanation below. X
--------------------------------------------------------------------------------
Explanation to question 1:
Write-off of two multi-family receivables relating to properties whose mortgages
are in default.
|
|