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Previous: FIRST ALLIANCE CORP /DE/, 8-K, EX-99.3, 2000-07-25 |
Next: GENERAL CIGAR HOLDINGS INC, 15-12B, 2000-07-25 |
OFFICE OF THE UNITED STATES TRUSTEE
EXHIBIT 99.4
<TABLE>
<CAPTION>
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In re: First Alliance Portfolio Services, a Nevada DEBTOR IN POSSESSION OPERATING REPORT
Corporation, Debtor Report Number: 3
For the period FROM: 6/01/00
Chapter 11 case No: SA00-12373-LR TO: 6/30/00
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<S> <C> <C> <C>
1. Profit and loss Statement (Accrual Basis Only)
A. Related to Business operations:
Gross Sales $588,288.00
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Less: Sales Returns or Discounts $0.00
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Net Sales $588,288.00
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Less: Cost of Goods Sold:
Beginning Inventory at Cost $0.00
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Add: Purchases $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 $588,288.00
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Other Operating Revenue $0.00
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Less: Operating Expenses:
Officer Compensation $0.00
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Salaries and Wages - Other Employees $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 Expense $0.00
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Interest Expense $0.00
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Insurance $0.00
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Auto Expense $0.00
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Utilities $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, etc $0.00
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(CONTINUED)
<PAGE>
Bad Debt $0.00
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Miscellaneous Operating Expenses $0.00
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Total Operating Expenses $0.00
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Total Expenses $0.00
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Net Gain/(Loss) from Business Operations $588,288.00
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B. Not related to Business Operations
Income
Interest Income $0.00
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Other Non-Operationg Revenues $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 $0.00
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Expenses Not related to Business Operations
Legal and Professional Fees $22,500.00
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Other Non-Operationg Expenses $0.00
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Total Non-Operating Expenses $22,500.00
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NET INCOME/(LOSS) FOR PERIOD $565,788.00
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</TABLE>
2. Aging of accounts payable and accounts receivable (exclude pre-petition AP)
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PAYABLES RECEIVABLES
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Current Under 30 $ - $ -
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Overdue 31-60 days $ - $ -
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Overdue 61-90 days $ - $ -
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Overdue 91-120 days $ - $ -
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Overdue Over 121 days $ - $ -
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TOTAL $ - $ -
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Note
(1) Payables related to FAPS are reflected as part of the intercompany
balances maintained with FAMCO CA.
Other Business Related Receivables Receivables
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Residual Interest in Securities $42,045,158.52
3. Statement of Status of Payments to Secured Creditors and Lessors:
<TABLE>
<CAPTION>
---------------------------------
Post Petition Payments not Made *
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Frequency of Amount of Each
Creditor/Lessor Pymt Payment Next pymt Due Number Amounts
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<S> <C> <C> <C> <C> <C>
None
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</TABLE>
* Explanation for non-payment: N/A
<PAGE>
4. Tax liability
Gross payroll expenses for the period $ -
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Gross sales for period subject to sales tax $ -
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<TABLE>
<CAPTION>
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Post Petition
Date Paid Amount Paid Taxes Still Owing
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<S> <C> <C> <C>
Federal payroll and withholding taxes NA $ - $ -
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State payroll and withholding taxes NA $ - $ -
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State sales and use taxes NA $ - $ -
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Real property taxes NA $ - $ -
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Total $ - $ -
---------------------------------
</TABLE>
5. Insurance Coverage
<TABLE>
<CAPTION>
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Insurance Coverage Carrier/Agent Amount of Policy Expiration Premium Paid
Name Coverage Date Thru
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<S> <C> <C> <C> <C>
Worker's Compensation Wausau $ 1,000,000 6/1/01 6/1/01
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* Commercial Package Federal Ins Co $ 21,875,000 7/30/00 6/11/00
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Life None
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Vehicles Federal Ins Co $ 1,000,000 7/30/00 6/11/00
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Other: Mortgage Bond Lloyds $ 10,000,000 6/1/01 6/1/01
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Directors and Officers Lloyds $ 10,000,000 7/29/00 7/29/00
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Excess Directors and Officers Reliance Ins. Co $ 5,000,000 7/29/00 7/29/00
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Professional Liability (E&O) Lloyds $ 5,000,000 7/29/00 6/1/00
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</TABLE>
* Includes buildings and all property damage, as well as liability for insurance
6. Questions
A. Has the debtor in possession provided compensation to any officer,
director, shareholders or other principals without the approval of the
Office of the United States Trustee?
Yes Explain
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X No
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B. Has the debtor in possession, subsequent to the filing of the petition,
made payments on its pre-petition unsecured debt, except as have been
authorized by the Court?
Yes Explain
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X No
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<PAGE>
7. Statement of Unpaid Professional Fees (Post Petition Amounts Only)
<TABLE>
<CAPTION>
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Name of Professional State Type of Professional Total Post Petition Amount Unpaid
------------------------------------------------------------------------------------------------
<S> <C> <C>
None *
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</TABLE>
* Unpaid professional fees related to FAPS are included as part of the
unpaid professional fees reflected in the Operating Report of FAMCO CA.
8. Narrative Report of Significant Events out of the Ordinary Course of Business
See Attached Schedule
9. Quarterly fees
<TABLE>
<CAPTION>
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Quarterly Total Quarterly Date Amount Check Quarterly
Period Disbursements fee Paid Paid No. Fee still
Ending for the quarter Owing
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
3/31/00 $ - $ 250.00 5/5/00 $ 250.00 1239 $ -
6/30/00 $ - $ 250.00 $ 250.00
---------------------------------------------------------------------------------------------------
Total due $ 250.00
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</TABLE>
I, Francisco Nebot, President, declare under penalty of perjury that the
information contained in the above Debtor in Possession Operating Report is true
and complete to the best of my knowledge.
Dated: July 14, 2000 /s/ Francisco Nebot, President and Chief Financial Officer
----------------------------------------------------------
Debtor in Possession
<PAGE>
RESPONSE TO QUESTION NO. 8 OF THE OPERATING REPORTS
On March 23, 2000, First Alliance Mortgage Company, a California
corporation, First Alliance Corporation, a Delaware corporation, First Alliance
Mortgage Company, a Minnesota corporation and First Alliance Portfolio Services,
Inc., a Nevada corporation ("Debtors") filed their respective Chapter 11
petitions.
The Debtors continued to operate their businesses pursuant to 11 U.S.C.
1107 and 1108 of the United States Bankruptcy Court.
During the month of June, the Debtors filed with the Court the
following documents:
1. Motion to Set the Bidding Procedures with Respect to the
Motion to Sell Loan Servicing Rights Agreement;
2. Motion to Sell Loan Servicing Rights Agreement;
3. Negotiation of the transactional documents relating to the
Sale of the Loan Servicing Rights Agreement;
4. Motion to Approve Sale of Charged-Off Credit Card Accounts
Pursuant to 11 U.S.C. Section 363; and
5. Amended Schedules.
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