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Previous: GRAND COURT LIFESTYLES INC, 8-K, 2000-12-21 |
Next: CNL HOSPITALITY PROPERTIES INC, 424B3, 2000-12-21 |
Grand Court Lifestyles, Inc.
Case Number: O0-32578(NLW)
Reporting Period: November 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 12/14/00
------------------------------------------ --------
Signature of Debtor Date
/s/ Catherine V. Merlino CFO 12/14/00
------------------------------------------ --------
Signature of Authorized Individual Date
/s/ Catherine V. Merlino CFO 12/14/00
------------------------------------------ --------
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
November 1, 2000 - November 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 11/1/00 1,648,067 4,373 34,263 937,868 93,552 27,763 2,745,886
======================================================================================
Cash Receipts
Transfer to/from DIP accounts 0
Transfers (from DIP accounts) 472,000 130,000 211,000 813,000
Management fees 148,153 148,153
Bookkeeping fees 47,500 47,500
General Partner fees 114,000 114,000
Sterling National Bank (2) 0
Vendor refunds & expense reimbursements 11,385 11,385
Notes loans & other receivables 92,422 92,422
Interest income 0
Construction funding reimbursements 0
Return of earnest money 0
Lucinai Contribution 0
Multi-family Sales 2,361,000 2,361,000
Interest income-Bankruptcy 2,355 5,497 177 53 8,082
--------------------------------------------------------------------------------------
Total Receipts 887,815 130,000 211,000 2,366,497 177 53 3,595,542
Cash Disbursements
Net Payroll and related taxes and expenses (132,355) (219,062) (351,417)
Insurance (55,916) (55,916)
Administrative (150,651) (1,240) (151,891)
Taxes (44,428) (44,428)
Other (see attached schedule) (127,895) (127,895)
Transfers (to DIP accounts) (813,000) (813,000)
Restructuring Costs (134,692) (134,692)
US Trustee Quarterly Fees 0
--------------------------------------------------------------------------------------
Total Cash Disbursements (1,326,582) (132,355) (220,302) 0 0 0 (1,679,239)
--------------------------------------------------------------------------------------
Net Cash Flow (438,767) (2,355) (9,302) 2,366,497 177 53 1,916,303
--------------------------------------------------------------------------------------
Cash November 30, 2000 1,209,300 2,018 24,961 3,304,365 93,729 27,816 4,662,189
======================================================================================
<CAPTION>
---------------
Cumulative
filing to date
Actual
---------------
<S> <C>
Cash 11/1/00 2,998,777
===============
Cash Receipts
Transfer to/from DIP accounts 0
Transfers (from DIP accounts) 7,558,174
Management fees 664,318
Bookkeeping tees 453,750
General Partner fees 1,075,048
Sterling National Bank (2) (5,981)
Vendor refunds & expense reimbursements 312,158
Notes loans & Other receivables 2,086,304
Interest income 394,270
Construction funding reimbursements 73,376
Return of earnest money 23,739
Lucinai Contribution 261,557
Multi-family Sales 3,260,405
Interest income-Bankruptcy 45,700
------------
Total Receipts 16,202,818
Cash Disbursements
Net Payroll and related taxes and expenses (3,290,537)
Insurance (487,931)
Administrative (1,291,153)
Taxes (171,721)
Other (see attached schedule) (1,136,361)
Transfers (to DIP accounts) (7,558,174)
Restructuring Costs (584,778)
US Trustee Quarterly Fees (18,750)
------------
Total Cash Disbursements (14,539,405)
------------
Net Cash Flow 1,663,413
------------
Cash October 31, 2000 4,662,190
============
</TABLE>
Calculating Trustee Quarterly Fees from Current Month Actual
Total
Disbursements
-------------
Total Disbursements 1,679,239
Less Transfers to Debtor in Possession accounts (813,000)
Plus Estate Disbursements made by outside sources 0
---------
866,239
=========
(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
November 1, 2000 - November 30, 2000
Disbursements-Other
Property Funding-operations 92,510.00 (1)
Property Funding-Insurance 35,385.00 (2)
----------
127,895.00
==========
(1) Amount represents total advanced by debtor to three senior living properties
for payment of utilities, payroll and general operations.
(2) Amount represents total advanced to three senior living properties to pay
insurance premiums.
<PAGE>
CHASE MANHATTAN BANK
BUSINESS CHECKING ACCT.
A/C 312-8380029-66
NOVEMBER 30, 2000
Beginning Balance @11/01/00 99,881.79
Add: Cash Receipts 813,000.00
Less: Cash Disbursements (892,428.66)
-------------
Book Balance @11/30/00 20,453.13
Less: Deposits and transit
Add: Outstanding Checks 44,185.75
-------------
Bank Balance @11/30/00 64,638.88
=============
<PAGE>
CHASE CHECKING ACCOUNT
CASH RECEIPTS
November 30, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
11/1/00 Transfer from Chase money market acct. 25,000.00
11/6/00 Transfer from Chase money market acct. 190,000.00
11/7/00 Transfer from Chase money market acct. 215,000.00
11/13/00 Transfer from Chase money market acct. 70,000.00
11/17/00 Transfer from Chase rental agency acct. 50,000.00
11/20/00 Transfer from Chase money market acct. 180,000.00
11/28/00 Transfer from Chase money market acct. 63,000.00
11/29/00 Transfer from Chase money market acct. 20,000.00
------------
813,000.00
============
<PAGE>
CHASE MANHATTAN BANK
MONEY MARKET
A/C 312-8380029-65
NOVEMBER 30, 2000
Beginning Balance @11/01/00 1,548,185.69
Add: Cash Receipts 453,657.49
Less: Cash Disbursements (813,000.00)
-------------
Book Balance @11/30/00 1,188,843.18
Less: Deposits in Transit-
Add: Outstanding Checks-
-------------
Bank Balance @11/30/00 1,188,843.18
=============
<PAGE>
CHASE
MONEY MARKET ACCT.
ACCT. 312-8380029-65
RECONCILIATION-Cash Receipts
NOVEMBER 30, 2000
<TABLE>
<CAPTION>
Bank
GCL Statement
------------------------------------
<S> <C> <C> <C> <C>
Cornerstone 11/2 27,312.65 11/3 27,312.65
Postdate 11/2 200.00 11/3 200.00
Rent-sublease 11/3 7,345.00 11/6 7,345.00
Albuquerque 11/6 3,542.64 11/7 3,542.64
Filing fee refunds 11/13 40.00 11/14 40.00
Postdates 11/14 1,942.50 11/15 1,942.50
Cashflow 11/14 28,181.34 11/15 28,181.34
GP Fees 11/16 25,750.00 11/17 25,750.00
GP Fees 11/16 26,500.00 11/17 26,500.00
GP Fees 11/16 3,000.00 11/17 3,000.00
Bookkeeping Fees 11/14 47,500.00 11/16 47,500.00
Supervisory Fees 11/14 58,750.00 11/16 58,750.00
Management fees 11/14 59,440.58 11/16 59,440.58
Management fees 11/14 88,711.53 11/16 88,711.53
Cash Surplus 11/20 2,262.48 11/21 2,262.48
Caton 11/22 3,185.92 11/24 3,185.92
Batchelor Receivables 11/28 56,292.70 11/29 56,292.70
Reimburse Fed-Ex 11/28 11,344.81 11/29 11,344.81
Interest Income 11/30 2,355.34 11/30 2,355.34
---------- ----------
453,657.49 453,657.49
========== ==========
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
CHASE MONEY MARKET ACCT.
CASH DISBURSEMENTS
NOVEMBER 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. 11/1/00 25,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 11/6/00 190,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 11/7/00 215,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 11/13/00 70,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 11/17/00 50,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 11/20/00 180,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 11/28/00 63,000.00
Debit Grand Court Transfer to Chase Business Checking Acct. 11/29/00 20,000.00
------------
813,000.00
============
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Bank Atlantic-Boca Payroll
2000
November
BOOK BAL BEGINNING 4,374.48
CR - PER G/L
WT fm Chase 65,000.00
WT fm Chase 65,000.00
CD-PAYROLL-per ADP sheets 11/10/00 (64,987.97)
11/24/00 (63,268.02)
401-k transfer 11/10/00 (1,650.02)
401-k transfer 11/24/00 (1,555.79)
401-k transfer
Garnishments 11/10/00 (300.00)
Garnishments 11/24/00 (300.00)
Garnishments
Manual check-included in prior month CD ck#1030 206.54
Manual check-included in prior month CD
Manual check-not included in ADP ck#1033 (498.33)
Manual check-not included in ADP
CD/S/C (2.45)
BOOK BAL ENDING 2,018.44
==========
DIT:
0/S:
401K transfer 1,555.79
ck#2820 1,470.12
ck#2825 280.39
3,306.30
BANK BALANCE 5,324.74
==========
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Nov
2000
BOOK BAL BEGINNING 30,850.81
CR - PER G/L WT fm Chase 85,000.00
WT fm Chase 83,000.00
WT fm Chase 43,000.00
FM other p/r acct 3,412.03
CD-PAYROLL-per ADP sheets 11/9/00 (78,486.99)
11/24/00 (33,331.71)
Health insurance ck#1240 (3,065.57)
Payroll taxes 11/9/00 (32.425.09)
Payroll taxes 11/9/00 (26,834.59)
Payroll taxes 11/24/00 (18,905.13)
Payroll taxes 11/24/00 (26,078.42)
Payroll taxes 11/8/00-NJSUI 116.12
Payroll taxes
Garnishments ck#1236 (1,311.50)
Garnishments ck#1239 (1,311.50)
Garnishments
Other CD
Manual check-included in prior month CD
Manual check-included in prior month CD ck#1228 22,761.94
Manual check-not included in ADP ck#1242,43,44 (20,084.20)
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 11/10-JDZ supplies (50.88)
Other-ADP charges 11/3-JDZ (131.97)
Other-ADP charges 11/10-JUK (52.90)
Other-ADP charges 11/10-JDZ (98.80)
Other-ADP charges 3rd qtr p/r-JUK (446.00)
Other-ADP charges 3rd qtr p/r-JDZ (361.50)
11/24-JUK (71.84)
CD-S/C (130.00)
BOOK BAL ENDING 24,962.31
DIT:
O/S: 11/24-JUK 71.84
ck#3077 1,947.54
ck#1242 3,347.44
ck#1243 6,694.71
ck#1224 10,042.05
Total Outstanding Checks 22,103.58
BANK BALANCE 47,065.89
<PAGE>
GRAND COURT LIFESTYLES, INC.
PAYROLL BANK RECONCILIATION
S:\USERS\CM\100GCLPR.WK4
Grand Court Ft Lee Payroll Corp 2000
Nov
BOOK BAL BEGINNING 3,412.03
Other
Transfer to Grand Court Payroll (3,412.03)
BOOK BAL ENDING 0.00
=========
<PAGE>
CHASE MANHATTAN BANK
MULTI FAMILY MONEY MARKET
A/C 312-8380029-67
NOVEMBER 30, 2000
Beginning Balance @ 11/01/00 937,867.88
Add: Cash Receipts-Interest Income 2,366,496.00
Less: Cash Disbursements 0.00
------------
Book Balance @ 11/30/00 3,304,364.65
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
----------
Bank Balance @ 11/30/00 3,304,364.65
============
<PAGE>
GRAND COURT LIFESTYLES, INC.
MULTI-FAMILY MONEY MARKET
CASH RECEIPTS
November 30, 2000
Deposit Deposit
Date Description Amount
--------------------------------------------------------------------------------
11/03/00 Habitat 2,361,000.00
11/30/00 Interest Income 5,496.77
--------------
2,366,496.77
==============
<PAGE>
CHASE MANHATTAN BANK
REAL ESTATE ESCROW ACCOUNT
A/C 312-8396952-65
November 30, 2000
Beginning Balance @11/01/00 93,553.31
Add: Cash Receipts-Interest Income 177.02
Less: Cash Disbursements 0.00
-----------
Book Balance @11/30/00 93,730.33
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
-----------
Bank Balance @11/30/00 93,730.33
===========
<PAGE>
CHASE MANHATTAN BANK
RENTAL AGENCY ESCROW ACCT.
A/C 312-8396952-65
November 30, 2000
Beginning Balance @11/01/00 27,763.09
Add: Cash Receipts 52.53
Less: Cash Disbursements 0.00
-----------
Book Balance @11/30/00 27,815.62
Less: Deposits in Transit 0.00
Add: Outstanding Checks 0.00
-----------
Bank Balance @11/30/00 27,815.62
===========
<PAGE>
Form MOR-2
Grand Court Lifestyles, Inc.
Income Statement
November 1, 2000 - November 30, 2000
Cumulative Filing
11/30/00 to Date
------------------------------
Revenues:
Management Fee Income 250,402 1,824,276
General Partner Fees 23,250 223,645
Interest Income 856,714 7,972,913
Deferred Profit Earned 45,069 425,855
------------------------------
Total Revenues 1,175,435 10,446,889
Administrative Expenses:
Travel 419 35,783
Telephone 20,809 150,406
Federal Express 3,264 22,696
Postage 1,071 28,031
Office Supplies & Expense 21,088 89,803
Outside Storage 1,722 13,924
Miscellaneous 0 33,521
ADP 1,214 5,451
Legal & Accounting 0 13,522
Licenses & Filing Fees 5,468 24,170
Recruitment 0 8,792
Printing 419 8,231
Caton Expenses 11,325 103,256
Rent 56,303 483,929
Computer Equipment Maintenance 13,457 110,020
Insurance 48,443 356,071
Equipment Leases 9,290 61,761
Office Salaries and expenses 350,196 3,173,454
Director's Fees 3,500 9,500
Interest 688 24,504
Corporate Taxes 46,928 99,828
Amortization 19,672 167,869
------------------------------
Total Administrative Expenses 615,276 5,024,522
------------------------------
Extraordinary Expenses:
Net loss due to loss of properties (1) 217,088 24,029,107
------------------------------
Total Expenses 832,384 29,053,629
------------------------------
Net Loss Before Reorganization Expenses 343,071 (18,606,940)
------------------------------
Restructuring Expenses:
Administrative fees (23,937) (121,746)
Professional fees (174,479) (1,191,965)
US Trustee Quarterly Fees 0 (18,750)
Interest Earned on Accumulated Cash
from Chapter 11 8,082 45,702
------------------------------
Total Reorganization Expenses (190,334) (1,286,759)
------------------------------
Net Income(Loss) 152,737 (19,893,699)
==============================
<PAGE>
<TABLE>
<S> <C>
(1) Net loss due to loss of properties for the month of November represents:
Write off of a multi-family receivable relating to a property that will be lost
due to foreclosure 286,950
As offset by
Receipt of accrued and unpaid interest relating to a receivable whose underlying
property was sold. (69,862)
----------
217,088
----------
</TABLE>
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
November 30, 2000
Book Value Book Value
at end of on Petition
Month Date
------------------------------
Assets:
Cash 4,662,189 2,998,777
Notes & Receivables 198,332,475 227,986,234
Investments 15,611,093 16,099,729
Construction in Progress 715,940 739,486
Furniture & Equipment-net 580,353 4,658,158
Other Assets 18,212,102 18,526,143
------------------------------
Total Assets 238,114,151 271,008,527
==============================
Liabilities Not Subject to Compromise:
Accounts Payable 417,464 549,781
Professional Fees 719,613 --
------------------------------
Total Post-Petition Liabilities 1,137,077 549,781
------------------------------
Deferred Income 57,055,415 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 (27,110,121) (7,216,422)
------------------------------
Total Stockholders' Equity (10,352,156) 9,243,948
------------------------------
Total Liabilities & Stockholders' Equity 238,114,151 271,008,527
==============================
<PAGE>
Case Number: 00-32578(NLW)
Reporting Period: Month of November
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 2,469 26,702 28,487 11/9,11/24 see attached 684
FICA-Employee 540 3,497 3,709 11/9,11/24 see attached 329
FICA-Employer 540 3,497 3,709 11/9,11/24 see attached 329
Unemployment 0 0
Income 0 0
Other: 0 0
----------------------------------------------------------------------------------------------
Total Federal Taxes 3,550 33,696 35,905 0 0 1,341
----------------------------------------------------------------------------------------------
State & Local
Withholding 4,196 11,229 15,425 11/9,11/24 see attached 0
Sales
Excise
Unemployment 0 0 0 0
Real Property
Personal Property
Other
----------------------------------------------------------------------------------------------
Total State & Local 4,196 11,229 15,425 0 0 0
----------------------------------------------------------------------------------------------
Total Taxes 7,746 44,925 51,330 0 0 1,341
==============================================================================================
</TABLE>
<PAGE>
Case Number: 00-32578(NLW)
Reporting Period: Month of November
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) 35,215 35,215 11/9,11/24 see attached (1,145)
FICA-Employee 0 8,763 8,763 11/9,11/24 see attached 0
FICA-Employer (296) 8,763 8,763 11/9,11/24 see attached (296)
Unemployment 52 52 11/9,11/24 see attached 0
Income 0 0
Other 0 0
-----------------------------------------------------------------------------------------
Total Federal Taxes (1,441) 52,794 52,794 0 0 (1,441)
-----------------------------------------------------------------------------------------
State & Local
Withholding
Sales
Excise
Unemployment 119 119 11/9,11/24 see attached
Real Property
Personal Property
Other
-----------------------------------------------------------------------------------------
Total State & Local 0 119 119 0 0 0
-----------------------------------------------------------------------------------------
Total Taxes (1,441) 52,913 52,913 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: November 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 70,166 12,059 1,406 24,576 108,207
Accrued expenses 23,867 19,805 43,672
Taxes Payable 24,014 1,341 25,355
Other 198,808 3,920 8,872 28,630 240,230
-----------------------------------------------------------------------------------
Total Post Petition Debts 246,689 70,166 15,979 10,278 74,352 417,464
===================================================================================
</TABLE>
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - FT. LEE
AS OF 11/30/00
ACCOUNTS PAYABLE SUB-LEDGER 50,392.03
Add: 0.00
Less: (195.19)
----------
Accounts Payable Balance per G/L @11/30/00 50,196.84
==========
<PAGE>
GRAND COURT LIFESTYLES, INC.
OPEN PAYABLE - POST PETITION - BOCA
AS OF 11/30/00
ACCOUNTS PAYABLE SUB-LEDGER 58,010.22
Add: 0.00
Less: 0.00
----------
Accounts Payable Balance Per G/L @11/30/00 58,010.22
==========
<PAGE>
For MOR-5
Grand Court Lifestyles, Inc.
Case Number 00-32578(NLW)
Reporting Period - November 2000
Debtor Questionaire
<TABLE>
<CAPTION>
Yes No
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Explanation to question 1:
A receivable was paid off due to the sale of the related multi-family property.
Write off of a multi-family receivable relating to a property that will be lost
due to foreclosure.
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