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COPY
Grand Court Lifestyles, Inc.
Case Number: O0-32578(NLW)
Reporting Period: October 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 11/15/00
------------------------------------------ --------
Signature of Debtor Date
/s/ Catherine V. Merlino CFO 11/15/00
------------------------------------------ --------
Signature of Authorized Individual Date
/s/ Catherine V. Merlino CFO 11/15/00
------------------------------------------ --------
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
October 1, 2000 - October 31, 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 10/1/00 2,062,671 2,016 29,169 936,038 93,370 25,103 3,148,367
======================================================================================
Cash Receipts
Transfer to/from DIP accounts 0
Transfers (from DIP accounts) 735,000 139,000 199,000 1,073,000
Management fees 85,961 85,961
Bookkeeping fees 51,250 51,250
General Partner fees 129,250 129,250
Sterling National Bank (2) 0
Vendor refunds & expense reimbursements 14,735 2,610 17,345
Notes loans & other receivables 308,984 308,984
Interest income 29,060 29,060
Construction funding reimbursements 0
Return of earnest money 0
Lucinai Contribution 0
Multi-family Sales 0
Interest income-Bankruptcy 3,688 1,830 183 50 5,751
--------------------------------------------------------------------------------------
Total Receipts 1,357,928 139,000 199,000 1,830 183 2,660 1,700,601
Cash Disbursements
Net Payroll and related taxes and expenses (136,643) (193,288) (329,931)
Insurance (52,503) (52,503)
Administrative (172,796) (618) (173,414)
Taxes 0
Other (see attached schedule) (116,473) (116,473)
Transfers (to DIP accounts) (1,073,000) (1,073,000)
Restructuring Costs (350,260) (350,260)
US Trustee Quarterly Fees (7,500) (7,500)
--------------------------------------------------------------------------------------
Total Cash Disbursements (1,772,532) (136,643) (193,906) 0 0 0 (2,103,081)
--------------------------------------------------------------------------------------
Net Cash Flow (414,604) 2,357 5,094 1,830 183 2,660 (402,480)
--------------------------------------------------------------------------------------
Cash October 31, 2000 1,648,067 4,373 34,263 937,868 93,552 27,763 2,745,886
======================================================================================
<CAPTION>
---------------
Cumulative
filing to date
Actual
---------------
<S> <C>
Cash 10/1/00 2,998,777
===============
Cash Receipts
Transfer to/from DIP accounts 0
Transfers (from DIP accounts) 6,745,174
Management fees 516,165
Bookkeeping tees 406,250
General Partner fees 961,048
Sterling National Bank (2) (5,981)
Vendor refunds & expense reimbursements 300,773
Notes loans & Other receivables 1,993,882
Interest income 394,270
Construction funding reimbursements 73,376
Return of earnest money 23,739
Lucinai Contribution 261,557
Multi-family Sales 899,405
Interest income-Bankruptcy 37,618
------------
Total Receipts 12,607,276
Cash Disbursements
Net Payroll and related taxes and expenses (2,939,120)
Insurance (432,015)
Administrative (1,139,262)
Taxes (127,293)
Other (see attached schedule) (1,008,466)
Transfers (to DIP accounts) (6,745,174)
Restructuring Costs (450,086)
US Trustee Quarterly Fees (18,750)
------------
Total Cash Disbursements (12,860,166)
------------
Net Cash Flow (252,890)
------------
Cash October 31, 2000 2,745,887
============
</TABLE>
Calculating Trustee Quarterly Fees from Current Month Actual
Total
Disbursements
-------------
Total Disbursements 2,103,081
Less Transfers to Debtor in Possession accounts (1,073,000)
Plus Estate Disbursements made by outside sources 0
---------
1,030,081
=========
(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.
<PAGE>
Case Number: 00-32578(NLW)
Schedule of Cash Receipts and Cash Disbursements
Supplementary Schedule
October 1, 2000 - October 31, 2000
Disbursements-Other
Property Funding-operations 74,491.00 (1)
Property Funding-Insurance 35,385.00 (2)
Property Funding-utilities 6,597.00 (3)
----------
116,473.00
==========
(1) Amount represents total advanced by debtor to three senior living properties
for payment of certain required capital expenditures, payroll and general
operations.
(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
MONEY MARKET
A/C 312-8380029-65
OCTOBER 31, 2000
Beginning Balance @10/01/00 1,962,349.89
Add: Cash Receipts 658,835.80
Less: Cash Disbursements (1,073,000.00)
-------------
Book Balance @10/31/00 1,548,185.69
Less: Deposits and Transit- (29,500.00)
Add: Outstanding Checks-
-------------
Bank Balance @10/31/00 1,518,685.69
=============
<PAGE>
CHASE
MONEY MARKET ACCT.
ACCT. 312-8380029-65
RECONCILIATION-Cash Receipts
OCTOBER 31, 2000
<TABLE>
<CAPTION>
GCL
-------------
<S> <C> <C> <C>
Cash Surplus 10/2 96,774.48
Cornerstone 10/3 23,901.64
Seward 10/5 1,187.96
Albuquerque 10/5 3,542.64
Rent-sublease 10/5 12,000.00
Loan receivable 10/5 166,147.91
GP Fees 10/10 66,750.00
Bookkeeping Fees 10/10 51,250.00
Supervisory Fees 10/10 62,500.00
Postdates 10/13 642.50
Cash Surplus 10/18 40,247.18
Reimburse Fed-Ex 10/20 90.56
Management Fees 10/20 65,758.42
Boca-Reimburse Fed-Ex 10/26 14,300.85
Reimburse Fed-Ex 10/26 41.50
Management Fees 10/26 12,482.64
Guaranty fee 10/26 7,719.53
Vendor reimbursement 10/26 310.60
Batchelor Receivables D-I-T 10/31 29,500.00
Interest Income 10/31 3,687.88
Rounding (0.49)
----------
658,835.80
==========
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE MONEY MARKET ACCT.
CASH DISBURSEMENTS
OCTOBER 31, 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. 10/3/00 45,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 10/4/00 30,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 10/5/00 28,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 10/10/00 160,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 10/11/00 66,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 10/17/00 350,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 10/20/00 290,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 10/30/00 104,000.00
------------
1,073,000.00
============
</TABLE>
<PAGE>
CHASE MANHATTAN BANK
BUSINESS CHECKING ACCT.
A/C 312-8380029-66
OCTOBER 31, 2000
Beginning Balance @10/01/00 100,320.80
Add: Cash Receipts 1,073,000.00
Less: Cash Disbursements (1,073,439.01)
--------------
Book Balance @10/31/00 99,881.79
Less: Deposits and transit 0.00
Add: Outstanding Checks 42,815.15
--------------
Bank Balance @10/31/00 142,696.94
==============
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE CHECKING ACCOUNT
CASH RECEIPTS
October 31, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
10/3/00 Transfer from Chase money market acct. 45,000.00
10/4/00 Transfer from Chase money market acct. 30,000.00
10/5/00 Transfer from Chase money market acct. 28,000.00
10/10/00 Transfer from Chase money market acct. 160,000.00
10/11/00 Transfer from Chase rental agency acct. 66,000.00
10/17/00 Transfer from Chase money market acct. 350,000.00
10/20/00 Transfer from Chase money market acct. 290,000.00
10/30/00 Transfer from Chase money market acct. 104,000.00
------------
1,073,000.00
============
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Bank Atlantic-Boca Payroll
2000
October
BOOK BAL BEGINNING 2,018.68
CR - PER G/L
WT fm Chase 71,000.00
WT fm Chase 68,000.00
CD-PAYROLL-per ADP sheets 10/13/00 (66,614.54)
10/27/00 (65,779.95)
401-k transfer 10/13/00 (2,110.46)
401-k transfer 10/27/00 (1,332.71)
401-k transfer
Garnishments 10/13/00 (300.00)
Garnishments 10/27/00 (300.00)
Manual check-not included in ADP ck#1030 (206.54)
BOOK BAL ENDING 4,374.48
==========
DIT:
0/S:
401K 1,332.71
1030 206.54
2732 1,470.13
2733 1,073.76
2743 1,204.12
2744 1,005.37
2747 1,402.64
2760 852.24
Total outstanding checks 8,547.51
BANK BALANCE 12,921.99
==========
Per Bank Statement 12,921.99
(0.00)
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Grand Court Ft Lee Payroll Corp 2000
Oct
BOOK BAL BEGINNING 3,428.28
Other
CD-S/C (16.25)
BOOK BAL ENDING 3,412.03
=========
DIT:
O/S:
0.00
BANK BALANCE 3,412.03
=========
Per Bank Statement 3,412.03
(0.00)
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Oct
2000
BOOK BAL BEGINNING 25,740.76
CR - PER G/L WT fm Chase 89,000.00
WT fm Chase 110,000.00
CD-PAYROLL-per ADP sheets 10/13/00 (38,362.30)
10/26/00 (31,933.31)
Health insurance ck#1233 (2,590.71)
ck#1234 (484.00)
Payroll taxes 10/13/00 (22,995.40)
Payroll taxes 10/13/00 (27,531.19)
Payroll taxes 10/26/00 (17,408.68)
Payroll taxes 10/26/00 (27,159.74)
Payroll taxes
Payroll taxes
Garnishments ck#1229 (1,311.50)
Garnishments ck#1232 (1,311.50)
Garnishments
Other CD
Manual check-included in prior month CD
Manual check-included in prior month CD ck#1226 562.68
Manual check-not included in ADP ck#1228 (22,761.94)
Voided cks per ADP included in prior month
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 10/6 (131.97)
Other-ADP charges
Other-ADP charges 10/13 (61.50)
Other-ADP charges 10/13 (46.00)
Other-ADP charges 10/20 (134.97)
Other-ADP charges 10/20 (53.96)
10/27 (73.96)
CD-S/C (100.00)
BOOK BAL ENDING 30,850.81
DIT:
O/S: ADP charges 73.96
Total Outstanding Checks 73.96
BANK BALANCE 30,924.77
Per Bank Statement 30,924.77
(0.00)
<PAGE>
CHASE MANHATTAN BANK
MULTI FAMILY MONEY MARKET
A/C 312-8380029-67
OCTOBER 31, 2000
Beginning Balance @ 10/01/00 936,037.67
Add: Cash Receipts-Interest Income 1,830.21
Less: Cash Disbursements 0.00
----------
Book Balance @ 10/31/00 937,867.88
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
----------
Bank Balance @ 10/31/00 937,867.88
==========
<PAGE>
CHASE MANHATTAN BANK
REAL ESTATE ESCROW ACCOUNT
A/C 312-8396952-65
OCTOBER 31, 2000
Beginning Balance @ 10/01/00 93,370.75
Add: Cash Receipts-Interest Income 182.56
Less: Cash Disbursements 0.00
---------
Book Balance @ 10/31/00 93,553.31
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
---------
Bank Balance @ 10/31/00 93,553.31
=========
<PAGE>
CHASE MANHATTAN BANK
RENTAL AGENCY ESCROW ACCT.
A/C 312-8396952-65
OCTOBER 31, 2000
Beginning Balance @ 10/01/00 25,103.19
Add: Cash Receipts 2,659.90
Less: Cash Disbursements 0.00
---------
Book Balance @ 10/31/00 27,763.09
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
---------
Bank Balance @ 10/31/00 27,763.09
=========
<PAGE>
Form MOR-2
Grand Court Lifestyles, Inc.
Income Statement
October 1, 2000- October 31, 2000
Cumulative Filing
10/31/00 to Date
------------------------------
Revenues:
Management Fee Income 243,711 1,573,874
General Partner Fees 23,250 200,395
Interest Income 893,037 7,116,199
Deferred Profit Earned 48,206 380,786
------------------------------
Total Revenues 1,208,204 9,271,254
Administrative Expenses:
Travel 5,895 35,364
Telephone 24,433 129,597
Federal Express 5,896 19,432
Postage 2,254 26,960
Office Supplies & Expense 15,049 68,715
Outside Storage 1,722 12,202
Miscellaneous 386 33,521
ADP 502 4,237
Legal & Accounting (13,845) 13,522
Licenses & Filing Fees 4,486 18,702
Recruitment 5 8,792
Printing 0 7,812
Caton Expenses 15,171 91,931
Rent 56,648 427,626
Computer Equipment Maintenance 7,592 96,563
Insurance 38,087 307,628
Equipment Leases 9,928 52,471
Office Salaries and expenses 336,337 2,823,258
Director's Fees 0 6,000
Interest 688 23,816
Corporate Taxes 0 52,900
Amortization 20,328 148,197
------------------------------
Total Administrative Expenses 531,562 4,409,246
------------------------------
Extraordinary Expenses:
Net loss due to loss of properties (1) 1,694,910 23,812,019
------------------------------
Total Expenses 2,226,472 28,221,265
------------------------------
Net Loss Before Reorganization Expenses (1,018,268) (18,950,011)
------------------------------
Restructuring Expenses:
Administrative fees (992) (97,809)
Professional fees (312,486) (1,017,486)
US Trustee Quarterly Fees (7,500) (18,750)
Interest Earned on Accumulated Cash
from Chapter 11 5,751 37,620
------------------------------
Total Reorganization Expenses (315,227) (1,096,427)
------------------------------
Net Income(Loss) (1,333,495) (20,046,438)
==============================
<PAGE>
(1) Net loss due to loss of properties for the month of September represents:
Write-off of a multi-family receivable relating to a property whose
mortgage is in default. 1,694,910
=========
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
October 31, 2000
Book Value Book Value
at end of on Petition
Month Date
--------------------------------
Assets:
Cash 2,745,886 2,998,777
Notes & Receivables 201,932,529 227,986,234
Investments 15,611,093 16,099,729
Construction in Progress 715,940 739,486
Furniture & Equipment-net 580,353 4,658,158
Other Assets 17,930,393 18,526,143
--------------------------------
Total Assets 239,516,194 271,008,527
================================
Liabilities Not Subject to Compromise:
Accounts Payable 408,385 549,781
Professional Fees 666,113 --
--------------------------------
Total Post-Petition Liabilities 1,074,498 549,781
--------------------------------
Deferred Income 58,672,777 67,403,696
Deferred Rent Obligations -- 2,741,705
Liabilities Subject to Compromise:
Secured Debt 106,053,081 106,385,512
Priority Debt 224,084 486,635
Unsecured Debt 83,996,650 84,197,250
--------------------------------
Total Pre-Petition Liabilities 190,273,815 191,069,397
--------------------------------
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 (27,262,860) (7,216,422)
--------------------------------
Total Stockholders' Equity (10,504,896) 9,243,948
--------------------------------
Total Liabilities & Stockholders' Equity 239,516,194 271,008,527
================================
<PAGE>
Case Number: O0-32578(NLW)
Reporting Period: Month of October
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> <C> <C>
Federal
Withholding 684 27,710 25,924 10/13, 10/27 see attached 2,469
FICA-Employee 329 3,778 3,567 10/13, 10/27 see attached 540
FICA-Employer 329 3,778 3,567 10/13, 10/27 see attached 540
Unemployment 0 see attached 0
Income 0 0
Other: 0 0
--------------------------------------------------------------------------------------------
Total Federal Taxes 1,341 35,266 33,057 0 0 3,550
--------------------------------------------------------------------------------------------
State & Local
Withholding 0 11,530 7,334 10/13, 10/27 see attached 4,196
Sales 0
Excise 0
Unemployment 0 13 13 10/13, 10/27 see attached 0
Real Property 0
Personal Property 0
Other 0
--------------------------------------------------------------------------------------------
Total State & Local 0 11,543 7,347 0 0 4,196
--------------------------------------------------------------------------------------------
Total Taxes 1,341 46,809 40,404 0 0 7,746
============================================================================================
</TABLE>
<PAGE>
Case Number: O0-32578(NLW)
Reporting Period: Month of October
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> <C><C>
Federal
Withholding (1,145) 36,087 36,087 10/13, 10/27 see attached (1,145)
FICA-Employee 0 9,179 9,179 10/13, 10/27 0
FICA-Employer (296) 9,179 9,179 10/13, 10/27 (296)
Unemployment 75 75 10/13, 10/27 0
Income 0 0
Other: 0 0
--------------------------------------------------------------------------------------------
Total Federal Taxes (1,441) 54,521 54,521 0 0 (1,441)
--------------------------------------------------------------------------------------------
State & Local
Withholding
Sales
Excise
Unemployment 170 170 10/13, 10/27
Real Property
Personal Property
Other
--------------------------------------------------------------------------------------------
Total State & Local 0 170 170 0 0 0
--------------------------------------------------------------------------------------------
Total Taxes (1,441) 54,691 54,691 0 0 (1,441)
============================================================================================
</TABLE>
<PAGE>
Case Number:00-32575(NLW) Form MOR-4
Grand Court Lifestyles, Inc.
Summary of Post Petition Debts
Reporting period: October 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 51,231 723 1,261 24,885 78,099
Accrued expenses 35,929 19,806 55,735
Taxes Payable 30,419 1,341 31,760
Other 201,369 3,920 8,872 10,627 18,003 242,791
-----------------------------------------------------------------
Total Post Petition Debts 267,717 55,151 9,595 11,888 64,035 408,385
=================================================================
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - FT. LEE
AS OF 10/31/00
S:\SHARED\APRECON.WK4
ACCOUNTS PAYABLE SUB-LEDGER 38,384.97
Add: 0.00
Less: (3,298.46)
---------
Accounts Payable Balance per G/L @10/31/00 35,086.51
=========
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - BOCA
AS OF 10/31/00
S:\SHARED\APRECON.WK4
ACCOUNTS PAYABLE SUB-LEDGER 43,012.20
Add: 0.00
Less: 0.00
---------
Accounts Payable Balance Per G/L @10/31/00 43,012.20
=========
<PAGE>
S:\SHARED\BANKRUPT\SCHEDULE\USTRUST.WK4
For MOR-5
Grand Court Lifestyles, Inc.
Case Number 00-342578(NLW)
Reporting Period - October 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 a multi-family receivable relating to a property whose mortgage is
in default.
|
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