SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of Earliest Event Reported): May 15, 1996
Sea Galley Stores, Inc.
(Exact name of Registrant as specified in its charter)
Delaware 1-10111 91-0838080
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
14424 - 52nd Pl. W., Edmonds, WA 98026
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:(206)742-7042
<PAGE>
Item 5. Other Events.
By letter dated March 24, 1995, the Commission staff granted the
Registrant's request for relief from the obligation to file reports on Form
10-K or Form 10-Q during the pendency of its bankruptcy proceedings in the
United States Bankruptcy Court for the Western District of Washington, at
Seattle (the "Court"). In lieu thereof, the Registrant had undertaken to
file with the Commission under cover of Form 8-K copies of certain periodic
reports that the Registrant is required by the United States Trustee to
file with the Court.
The report of the Registrant covering the month ended April 30,
1996 has been filed with the Court and is included as an exhibit to this
report. The due date for the filing of the report with the Court was May
15, 1996. The report is available for public review and copying in the
Office of the Clerk of the Court.
Item 7(c). Exhibit.
99.15 Report to the U.S. Trustee for the
month ended April 30, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereto duly authorized.
Registrant:
SEA GALLEY STORES, INC.
May 30, 1996 By: JAN F. YOUNG
Jan F. Young, President
<PAGE>
EXHIBIT INDEX
Sequentially
Exhibit Numbered
Number Description Page
- ------ ----------- ----
99.15 Report to the U.S. Trustee for the month
ended April 30, 1996 4
OFFICE OF THE U.S. TRUSTEE - REGION 18 UST-3
SEATTLE, WASHINGTON 12/1/91
MONTHLY REPORTING REQUIREMENTS
CORPORATIONS AND PARTNERSHIPS
All Chapter 11 debtors (other than individuals) must serve the U.S. Trustee
and the U.S. Bankruptcy Court with the documents and reports identified
below no later than the 15th day of the month following the end of the
month covered by the report.
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946 For the Month Ending April 30, 1996
========================================================================
Document Previously Explanation
Required Documents Attached Submitted Attached
------------------ -------- --------- --------
1. Income Statement (profit (x) ( ) ( )
and loss statement).
2. Comparative Balance Sheet. (x) ( ) ( )
3. Statement of Cash Receipts (x) ( ) ( )
and Disbursements.
4. Statement of Aged Receivables. (x) ( ) ( )
5. Statement of Aged Payables. (x) ( ) ( )
6. Statement of Operations, (x) ( ) ( )
Taxes, Insurance and
Personnel.
7. Copy of Bank Statements. (x) ( ) ( )
8. Quarterly Statement of
Disbursements and U.S. Trustee ( ) ( ) ( )
Quarterly Fees Paid.
The undersigned certifies under penalty of perjury (28 U.S.C. section 1746)
that the information contained in this and accompanying reports is
complete, true and correct to the best of my knowledge, information and
belief.
By: JAN YOUNG Dated: May 30, 1996
President & C.E.O
Title of Debtor Representative
<PAGE>
OFFICE OF THE U.S. TRUSTEE - REGION 18 UST-4
SEATTLE, WASHINGTON 12/1/91
INCOME STATEMENT
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946 For the Month Ending April 30, 1996
(SEE ATTTACHED INCOME STATEMENT)
<PAGE>
<TABLE>
<CAPTION>
SEA GALLEY STORES INC.
STATEMENT OF EARNINGS AND RETAINED EARNINGS
AS OF 4/30/96
(UNAUDITED)
2/29/96 3/31/96 4/30/96
------- ------- -------
<S> <C> <C> <C>
INCOME:
MISCELLANEOUS 5,135.06 4,694.80 13,260.52
REFUND FROM INSURANCE 0.00 26,440.13 0.00
GAIN ON SALE OF ASSETS
REFUND FROM CBL(PREFERENCE PAYMENT) 0.00 0.00 8,800.00
REFUND FROM HASTINGS
ESTATES (PREF PAY) 11,404.20 5,702.10 0.00
GROSS INCOME 16,539.26 36,837.03 22,060.52
EXPENSES:
CONSULTING\PAYROLL 4,958.74 3,922.50 3,115.00
LEGAL\401K AUDIT 19,773.27 0.00 5,148.30
TRANSFER AGENT ADJUSTED FEES 0.00 0.00 4,862.47
RENT 500.00 500.00 500.00
INTEREST ON REALTORS FEES 0.00 0.00 549.89
WRITE OFF FOOD &
RESTAURANT SERVICES 0.00 0.00 111,682.00
MAINTENANCE\PUMPHOUSE\ASCAP 5,264.28 0.00 0.00 (1)
PHONE 395.66 484.39 342.08
POSTAGE\OFFICE EXP\CASUAL LABOR 542.83 13.31 424.18
U.S.TRUSTEE FEES 0.00 0.00 500.00
TOTAL PERIOD EXPENSE 31,434.78 4,920.20 127,123.92
NET INCOME FOR PERIOD (14,895.52) 31,916.83 (105,063.40)
ADJUST BALANCE SHEET TO ACTUAL 0.00 0.00 0.00
ADJUSTED BALANCE SHEET
INCOME (LOSS) (14,895.52) 31,916.83 (105,063.40)
<FN>
(1) Ascap and Industrial Services sent us final bills
</FN>
</TABLE>
<PAGE>
OFFICE OF THE U.S. TRUSTEE - REGION 18 UST-5
SEATTLE, WASHINGTON 12/1/91
COMPARATIVE BALANCE SHEET
As of April 30, 1996
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946
(SEE ATTACHED COMPARATIVE BALANCE SHEET)
FOOTNOTES:
* Explain significant events, including contingent liabilities and pending
lawsuits, which may have a major effect on the financial condition of the
debtor.
* Value assets at lower of cost or market and identify which method is
being used.
* Explain the method of inventory valuation if other than the lower of cost
or market is used.
* Identify any changes in stock holdings of "insiders" during
the reporting period.
* Insider is defined in 11 USC Section 101(30) as a general partner,
relative, officer, director, affiliate or person in control.
<PAGE>
<TABLE>
<CAPTION>
COMPARATIVE BALANCE SHEET
AS OF 4/30/96
DEBTOR NAME: SEA GALLEY STORES, INC.
ASSETS: 2/29/96 3/31/96 4/30/96
- ------- ------- ------- -------
<S> <C> <C> <C>
CURRENT ASSETS
CASH 06,615 244,565 327,386
ACCOUNTS RECEIVABLE 13,342 13,242 13,142 (1)
NOTES RECEIVABLE 298,018 289,834 93,853 (2)
TOTAL CURRENT ASSETS 517,975 547,641 434,381
FIXED ASSETS:
LAND, BLDG, EQUIPMENT
LAND 0 0 0 (3)
BLDG 0 0 0 (3)
INT & IMPROV 0 0 0 (3)
OPERATING EQUIP 0 0 0 (3)
OTHER EQUIP & VEHICLES 0 0 0 (3)
PROP UNDER LEASE 0 0 0 (3)
TOTAL 0 0 0 (3)
ACCUM DEPRECIATION 0 0 0 (3)
NET 0 0 0
OTHER ASSETS:
DEPOSITS 202,865 202,865 202,865
INV IN AFFL 87,266 87,266 87,266
LIC. & L/H 0 0 0 (4)
BOND ISSUE 0 0 0 (4)
OTHER ASSETS 0 0 0 (4)
TOTAL OTHER ASSETS 290,131 290,131 290,131
TOTAL ASSETS 808,106 837,772 724,512
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
2/29/96 3/31/96 4/30/96
------- ------- -------
<S> <C> <C> <C>
LIABILITIES
POSTPETITION LIABILITIES
TRADE PAYABLES 358,938 357,176 349,199
TAXES PAYABLE 17,722 17,233 17,073 (5)
MISC RESERVES 6,103 6,103 6,043 (6)
TOTAL POSTPETITION LIABILITIES 382,763 380,512 372,315
PREPETITION LIABILITIES:
UNSECURED DEBT 7,367,471 7,367,471 7,367,471
NOTES PAYABLE 479,972 479,972 479,972 (7)
TAXES 222,170 222,170 222,170
WAGES 41,164 41,164 41,164
GIFT CERTIFICATES 173,811 173,811 173,811
TOTAL PREPETITION LIABILITIES 8,284,588 8,284,588 8,284,588
OWNER EQUITY (DEFICIT)
COMMON STOCK 785,921 785,921 785,921
PAID IN CAPITAL 18,479,444 18,479,444 18,479,444
RETAINED EARNINGS (21,738,764) (21,706,847) (21,811,910)
(2,473,399) (2,441,482) (2,546,545)
COMMON STOCK IN TREASURY 5,385,846 5,385,846 5,385,846
TOTAL S/H EQUITY (7,859,245) (7,827,328) (7,932,391)
TOTAL LIABILITIES AND OWNERS EQUITY 808,106 837,772 724,512
(1) Jan Young 8,330
THK (Tye Kinzer) 4,812
TOTAL ACCOUNTS RECEIVABLE 13,142
(2) J&B 50,000
Kalakis 14,670
Marchel 29,183
TOTAL NOTES RECEIVABLE 93,853
NOTE: PERIOD 4, Wrote off Food and Rest Services note, company in bankruptcy
PERIOD 4, Finnerty's note paid in full
(3 & 4) Written off Period 01
(5) Reduced by 117 Per Prop, Pull tab, 940 Pen
(6) Reduced by Centrals final electric bill
(7) Adjust Notes Payable for Pumphouse Notes
</TABLE>
<PAGE>
OFFICE OF THE U.S. TRUSTEE - REGION 18 UST-6
SEATTLE, WASHINGTON 12/1/91
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending April 30, 1996
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946 Account Name: Sea Galley Stores, Inc.
Depository:
=====================================================================
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
---- -------------------- ------
4/1/96 Beginning Cash Balance $244,565.10
Add: (List)
Cash Receipts (see Attached) $106,359.17
Total Cash Receipts $
Total Cash Available This Month $350,924.27
=====================================================================
CASH DISBURSEMENTS
(attach additional sheets as necessary)
Date Check No. Payee Description Amount
---- --------- ----- ----------- ------
(see Attached)
Less: Cash Disbursements $23,537.84
Adjustments (explain)
Ending Cash Balance (must be reconcilable to the bank
statement for account cited above) $327,386.43
<PAGE>
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For Period Four Ending: April 30, 1996
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946 Account Name: Sea Galley Stores, Inc.
- -----------------------------------------------------------------
CASH RECEIPTS
Date Description (Source) Amount
---- -------------------- ------
Begining Cash Balance 244,565.10
Concentration account 49,714.25
Holding account 187,326.80
Office Equip/Supplies Cash 24.87
Petty Cash 7,499.18
----------
244,565.10
ADD: (List)
Cash Receipts
Office Equipment\Supplies 125.00
Misc Deposits 103,417.69
Transfer from payroll acct 2,816.48
Total Cash Receipts 106,359.17
Total Cash Available This Month 350,924.47
CASH DISBURSEMENTS
Date Account Payee Description Amount
- ---- ------- ----- ----------- ------
4/1-4/30/96 Petty Cash Post Office postage 13.30
Jan Young consulting fees 1,400.00
Jan Young expenses 409.88
Shirley Vander consulting fees 1,615.00
4/1-4/30/96 A/P Attached Accounts Payable 20,099.66
23,537.84
Concentration account 67,864.91
Holding account (Attached) 255,310.65
Petty Cash/Office Equip 4,210.87
----------
327,386.43
Ending Cash Balance 327,386.43
==========
<PAGE>
Register Report
3/31/96 Through 04/30/96
5/8/96 Page 1
WORK-ACCTS PAYABLE
<TABLE>
<CAPTION>
Date Num Description Memo Category Clr Amount
- ---- --- ----------- ---- -------- --- ------
BALANCE 3/30/96 0.00
<C> <C> <C> <C> <C>
4/3/96 1084 JAN YOUNG 3/16-3/31-50 -700.00
4/3/96 1085 SHIRLEY VANDERMOON 3/18-3/31 -807.50
4/3/96 1086 GTE PHONE -113.10
4/3/96 1087 MCI LONG DISTANCE -38.71
4/3/96 1088 VERNE VANDERMOON OFFICE & STORAGE -500.00
4/3/96 DEP TRANSFER FROM ... 2,159.31
4/10/96 1089 CITY OF TACOMA ADD'L PULL TA -32.26
4/19/96 1090 KIEMLE & HAGOO... 10% COMM - 115 -8,497.97
4/19/96 1091 REGENCY GROUP 10% COMM - 115 -8,497.97
4/19/96 1092 US TRUSTEE 1ST Q FEES -500.00
4/19/96 1093 US WEST CELLULAR 4/5 - JAN'S M... -189.92
4/19/96 DEP TRANSFER FROM ... 17,718.12
4/30/96 1094 GTE PHONE -112.54
4/30/96 1095 MCI LONG DISTANCE -49.62
4/30/96 1096 CITY TREASURER FINAL SEWER -60.07
4/30/96 TXFR TRANSFER FROM... 222.23
TOTAL 3/31/96 - 4/30/96 0.00
BALANCE 4/30/96 0.00
TOTAL INFLOWS 20.099.66
TOTAL OUTFLOWS -20,099.66
NET TOTAL 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Register Report by Payee
11/23/94 Through 04/30/96
5/2/96 Page 1
WORK-SG HOLDING
Date Num Description Memo Category Clr Amount
- ---- --- ----------- ---- -------- --- ------
<C> <C> <C> <C> <C>
11/10/95 DEP BOISE LIQUOR L... ASSET SALE 80,500.00
11/10/95 DRAW BOISE LIQUOR L... FOR TAXES -40,000.00
11/20/95 DRAW BOISE LIQUOR L... RENT AT CENTRAL -2,668.00
11/30/95 DRAW BOISE LIQUOR L... RENT AT CENTRAL -731.35
12/5/95 DRAW BOISE LIQUOR L... RENT AT CENTRAL -731.35
TOTAL BOISE LIQUOR LICENSE 36,369.30
11/17/95 DEP PAC AVE RESTAU... ASSET SALE PAC AVE REST 94,497.01
11/30/95 DRAW PAC AVE RESTAU... KUMASAKA FEES -1,890.40
11/30/95 DRAW PAC AVE RESTAU... BAZEL NOTE -25,871.03
TOTAL PAC AVE RESTAURANT 66,735.58
1/23/96 DEP SPOKANE CENTRA... ASSET SALE SPOKANE REST 70,006.12
2/19/96 DEP SPOKANE CENTRA... PAY FROM FINN " 8,884.88
2/19/96 DRAW SPOKANE CENTRA... REALTOR 20% " -1,776.98
3/21/96 DEP SPOKANE CENTRA... PAY FROM FINN " 8,884.88
3/21/96 DRAW SPOKANE CENTRA... REALTOR 20% " -1,776.98
4/18/96 DEP SPOKANE CENTRA... PAY OFF FROM " 84,979.79
4/18/96 DRAW SPOKANE CENTRA... REALTOR 20% " -16,995.94
TOTAL SPOKANE CENTRAL SALE 152,205.77
OVERALL TOTAL 255,310.65
==========
</TABLE>
<PAGE>
OFFICE OF THE U.S. TRUSTEE - REGION 18 UST-7
SEATTLE, WASHINGTON 12/1/91
STATEMENT OF AGED RECEIVABLES
For the Month Ending April 30, 1996
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946
- ------------------------------------------------------------------------
TOTAL CURRENT PAST DUE PAST DUE PAST DUE AMOUNT
DUE (0-30 DAYS) (31-60 DAYS) (61-90 DAYS) (91&OVER) Considered
Uncollectible
- ------------------------------------------------------------------------
TOTAL PREPETITION RECEIVABLES
$ 0 $ $ $ $ $
TOTAL POSTPETITION RECEIVABLES
$ 13,142 $ $ $ $13,142 $
TOTALS
$ 13,142 $13,142
NOTES:
1. List totals only, do not list each receivable.
2. Please explain what actions have been taken to collect receivables more
than 60 days past due.
3. Provide details on all receivables due from any related party
in an attachment. LOAN TO JAN YOUNG, PRESIDENT. CURRENT BALANCE
IS $8,330.
- --------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE RECONCILIATION:
1. Opening Balance (total from Prior report) 13,242
2. New Accounts this Month 0
3. Balance (add lines 1 and 2) 13,242
4. Amount collected on Prior Accounts 100
5. Closing Balance (subtract line 4 from line 3) 13,142
<PAGE>
OFFICE OF THE U.S. TRUSTEE - REGION 18 UST-8
SEATTLE, WASHINGTON 12/1/91
STATEMENT OF AGED PAYABLES
For the Month Ending April 30, 1996
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946
- -----------------------------------------------------------------
VENDOR TOTAL CURRENT PAST DUE PAST DUE
PAST DUE
NAME DESCRIPTION DUE (0-30 DAYS) (31-60 DAYS) (61-90 DAYS)(91
& OVER)
- -----------------------------------------------------------------
You may combine all payables less than 30 days past due and show on one
line.
(SEE ATTACHED)
TOTALS 349,199 349,199
NOTE: Please include only postpetition debts and explain why
accounts over 30 days past due have not been paid.
- --------------------------------------------------------------------------------
ACCOUNTS PAYABLE RECONCILIATION:
1. Opening Balance (total from Prior report) 357,175.82
2. Total New Indebtedness Incurred This Month 12,723.84
3. Balance (add lines 1 and 2) 369,899.66
4. Amount Paid on Prior Accounts Payable 20,700.70
5. Closing Balance (subtract line 4 from line 3) 349,198.96
(20,700.70 includes 591.04 and 10.00 credits)
<PAGE>
<TABLE>
<CAPTION>
Register Report by Payee
11/23/94 Through 4/30/96
5/3/96 Page 1
WORK-ACCOUNTS PAYABL
Date Num Description Memo Category Clr Amount
- ---- --- ----------- ---- -------- --- ------
<C> <C> <C> <C> <C>
11/1/95 11/1 AEI 148 -66.98
TOTAL AEI -66.98
9/21/95 9/21 ALASKA RIVERWAYS HEAD CHG-205 -14,956.00
TOTAL ALASKA RIVERWAYS -14,956.00
2/8/96 2/7 ASCAP 205-FINAL -541.41
2/8/98 2/8 ASCAP 148-FINAL -536.91
2/8/96 2/8 ASCAP 117-FINAL -462.86
2/8/96 2/8 ASCAP 115-FINAL -297.10
2/8/96 2/8 ASCAP 120-FINAL -251.46
TOTAL ASCAP -2,089.74
4/1/95 4/19 BMI 001 -1,526.50
TOTAL BMI -1,526.50
5/8/95 5/8 BUSH STROUT & . . . CREDITORS LEGAL -20,849.09
TOTAL BUSH STROUT & KORNFELD -20,849.09
1/10/95 10267 CASH COMMUNICA. . . 120 -56.06
TOTAL CASH COMMUNICATIONS -56.06
7/1/95 7/1 CITICORP NORTH. . . 250-NCR -809.01
TOTAL CITICORP NORTH AMERICA -809.01
8/23/95 8/23 CITY OF SPOKANE. . .OVER PAY 25.38
TOTAL CITY OF SPOKANE-DEPT OF TAX 25.38
4/10/96 4/10 CITY OF TACOMA ADD'L PULL TA. . . -32.26
4/10/96 4/10 CITY OF TACOMA ADD'L PULL TA. . . 32.26
TOTAL CITY OF TACOMA 0.00
4/24/96 4/24 CITY TREASURER. . . FINAL SEWER -60.07
4/30/96 1096 CITY TREASURER. . . FINAL SEWER 60.07
TOTAL CITY TREASURER-TACOMA 0.00
8/10/95 8/10 DAN COFFEY 001 LEGAL -748.50
TOTAL DAN COFFEY -748.50
8/1/95 8/1 FINANCIAL PACIFIC 250-208.77,32... -783.95
TOTAL FINANCIAL PACIFIC -783.95
4/7/96 4/7 FIRST INTERSTATE NEG PRICE -4,862.47
TOTAL FIRST INTERSTATE BANK -4,862.47
3/16/96 03/16 GTE PHONE -113.10
4/3/96 1086 GTE PHONE 113.10
4/16/96 4/16 GTE PHONE -112.54
4/30/96 1094 GTE PHONE 112.54
TOTAL GTE 0.00
2/22/95 2/22 HAGE & ASSOCIATES 205-APPRAISAL -425.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Register Report by Payee
11/23/94 Through 4/30/96
5/3/96 Page 2
WORK-ACCOUNTS PAYABLE
Date Num Description Memo Category Clr Amount
- ---- --- ----------- ---- -------- --- ------
<C> <C> <C> <C> <C>
TOTAL HAGE & ASSOCIATES -425.00
8/1/95 8/1 HEATH SIGNS NO... 250 -645.99
TOTAL HEATH SIGNS NORTHWEST -645.99
8/4/95 9/1 HOSPITALITY MA... 205-REG MAINT -647.00
TOTAL HOSPITALITY MAINTENANCE -647.00
2/19/96 8/30 INDUSTRIAL SER... MAINT-APPROVED -1,446.75
2/19/96 9/26 INDUSTRIAL SER... MAINT-APPROVED -321.01
2/19/96 9/7 INDUSTRIAL SER... MAINT-APPROVED -448.78
2/19/96 9/29 INDUSTRIAL SER... MAINT-APPROVED -958.00
TOTAL INDUSTRIAL SERVICE CO. -3,174.54
3/31/96 3/31 JAN YOUNG 3/16-3/31-50 ... -750.00
3/31/96 3/31 JAN YOUNG deduct loan 3/31 50.00
4/3/96 1084 JAN YOUNG 3/16-3/31-50 ... 700.00
TOTAL JAN YOUNG 0.00
1/16/96 1/16 KIEMLE & HAGOO... REALTORS FEES Other Exp -10,000.00
3/18/96 1078 KIEMLE & HAGOO... 10% COMM - 115 888.49
4/19/96 4/19 KIEMLE & HAGOO... INT ON COMM -274.95
4/9/96 1090 KIEMLE & HAGOO... 10% COMM - 115 8,497.97
TOTAL KIEMLE & HAGOOD COMPANY -888.49
3/19/96 3/19 MCI LONG DISTANCE -38.71
4/3/96 1087 MCI LONG DISTANCE 38.71
4/19/96 4/19 MCI LONG DISTANCE -49.62
4/30/96 1095 MCI LONG DISTANCE 49.62
TOTAL MCI 0.00
8/1/95 5T08 PEPSI COLA BOT... 250-5 TO 8 -400.00
TOTAL PEPSI COLA BOTTLING -400.00
1/16/96 1/16 REGENCY GROUP-... REALTORS FEES Other Exp -10,000.00
2/19/96 1063 REGENCY GROUP-... PAYMENT AT 20% 1,776.98
3/18/96 1079 REGENCY GROUP-... 10% COMM - 115 888.49
4/19/96 4/19 REGENCY GROUP-... INT ON COMM -274.94
4/19/96 1091 REGENCY GROUP-... 10% COMM - 115 8,497.97
TOTAL REGENCY GROUP-MILESSE KENNEDY 888.50
3/31/96 3/31 SHIRLEY VANDER... 3/18-3/31 -807.50
4/3/96 1085 SHIRLEY VANDER... 3/18-3/31 807.50
TOTAL SHIRLEY VANDERMOON 0.00
2/19/96 2/19 SPOKANE COUNTY... 1995 PER PROP -591.04
4/30/96 2/19 SPOKANE COUNTY... REMOVE PER DAVID 591.04
4/30/96 4/30 SPOKANE COUNTY... 117 P/P 95 TAX -718.77
TOTAL SPOKANE COUNTY TREASURER -718.77
12/18/95 12/18 STOEL RIVES BO... THRU 12/18/95 -271,274.10
2/1/96 12/31 STOEL RIVES BO... THRU 12/31/95 -7,446.22
2/7/96 1/31 STOEL RIVES BO... THRU 1/31/96 -8,027.05
4/1/96 2/29 STOEL RIVES BO... THRU 1/31/96 -5,148.30
TOTAL STOEL RIVES BOLEY JONES & GREY -291,895.67
2/12/96 2/12 SWEENY CONRAD 401K AUDIT-FINAL -4,300.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Register Report by Payee
11/23/94 Through 4/30/96
5/3/96 Page 3
Date Num Description Memo Category Clr Amount
- ---- --- ----------- ---- -------- --- ------
<C> <C> <C> <C> <C>
TOTAL SWEENY CONRAD -4,300.00
4/19/96 4/30 US Trustee 1st Q Fees -500.00
4/19/96 1092 US Trustee 1st Q Fees 500.00
TOTAL US TRUSTEE 0.00
4/19/96 4/5 US West Cellular 4/5 - Jan's M... -189.92
4/9/96 1093 US West Cellular 4/5 - Jan's M... 189.92
TOTAL US WEST CELLULAR 0.00
4/1/96 4/1 Verne Vandermoon Office & Stor... -500.00
4/3/96 1088 Verne Vandermoon Office & Stor... 500.00
TOTAL VERN VANDERMOON 0.00
5/31/95 3/19 West Boise Sew... 118-FINAL -269.08
TOTAL WEST BOISE SEWER DISTRICT -269.08
OVERALL TOTAL -349,198.96
===========
</TABLE>
<PAGE>
OFFICE OF THE U.S. TRUSTEE - REGION 18 UST-9
SEATTLE, WASHINGTON 12/1/91
STATEMENT OF OPERATIONS, TAXES INSURANCE AND PERSONNEL
For the Month Ending April 30, 1996
Debtor Name: Sea Galley Stores, Inc.
Case Number: 94-08946
1. What efforts have been made toward presentation of a plan to
the creditors?
Despite significant reductions in general and administrative overhead
expenses, Sea Galley determined that its operations could not be
sustained at a profitable level and an orderly liquidation of its
assets was in the best interest of creditors. Accordingly, Sea Galley
has liquidated its operating assets (i.e., its restaurants) and is
working with the Creditor's Committee to develop a plan for the
liquidation and distribution of its remaining assets.
2. Has the Debtor in Possession, subsequent to the filing of the petition,
made any payments on its prepetition unsecured debt, except as have been
authorized by the Court?
: Yes
X : No Identify amount, who was paid and date paid:
3. Provide a narrative report of significant events and events
out of the ordinary course of business: (attach separate sheet if
necessary)
During the period covered by this report Sea Galley obtained
Bankruptcy Court approval of the settlement of its claims against Thor
and Dale Olsen, and the Olsens' claims against Sea Galley, relating to
a loan by the Olsens to Sea Galley. The Olsens paid Sea Galley the
$11,500 settlement subsequent to the end of the period covered by this
report.
During the period covered by this report Sea Galley also obtained
Bankruptcy Court approval of the settlement of its claim against CBL &
Associates Management, Inc., relating to an alleged preferential
transfer to CBL of $8,800. CBL paid Sea Galley the $8,800 settlement
subsequent to the end of the period covered by this report.
4. List any payments during this period on debt that has been personally
guaranteed by any principal, partner or officer of the business.
N/A
5. If assets have been sold in other than the ordinary course of business,
please provide details as to the asset sold, date of sale, total sales
price, deductions (ie. commissions), and net amount received (if the sale
was of real estate include the closing statement.
N/A
6. STATUS OF TAXES
AMOUNT WITHHELD AMOUNT DATE POSTPETITION TAXES
FED TAXES OR ACCRUED PAID PAID PAST DUE
FICA 0 0
Withholding 0 0
Unemployment 0 0
Income 0 0
Other 0 0
STATE TAXES
Dept of Labor
and Industries 0 0
Income 0 0
Employment Sec 0 0
Dept of Rev
B&O 0 0
Sales 0 0
Excise 0 0
OTHER TAXES
City Business/
License 0 0
Personal
Property 718.77 0 Spokane Valley
Real Property 0 0
Other (List) 0 0
UST-9
12/1/91
<PAGE>
Explain reason for any past due postpetition taxes:
7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO
PRINCIPALS/EXECUTIVES/INSIDERS*
Payee Name Position Nature of Payment Amount
Jan Young President Consulting fees $1,500
per month
*List accrued salaries whether or not paid and any draws of
any kind or perks such as car etc. made to or for the benefit of
any proprietor, owner, partner, shareholder, officer, director or
insider.
8. SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS
Sea Galley has reported certain accrued unpaid bankruptcy attorneys'
fees in the "Expenses: Legal" line of its Statement of Earnings and
Retained Earnings (Form UST-4) and in the Postpetition Trade Payables
line of its Balance Sheet (Form UST-5). The total and most recent
months' attorneys ' fees for services provided by Stoel Rives LLP to
Sea Galley and for services provided by Bush Strout & Kornfeld to the
Official Unsecured Creditors Committee are shown in the "Register
Report by Payee" attached to Sea Galley's Statement of Aged Payables
(Form UST-8).
All such attorneys' fees must be allowed by the Bankruptcy Court and
approved for payment after notice and hearing. On June 16, 1995 the
Bankruptcy Court allowed fees and costs of $134,657.75 of Stoel Rives
and fees and costs of $20,849.09 of Bush Strout. Although substantial
additional attorneys fees and costs have been accrued by Sea Galley
and the Official Unsecured Creditors Committee since April 30, 1995,
no applications for allowance of attorneys fees and costs have been
made since such date, and no such amounts have been approved for
payment.
Sea Galley also has advanced payment of legal fees to Dieter G.
Struzyna, its Court-approved outside general counsel, in the ordinary
course pursuant to the terms of the Order appointing Mr. Struzyna.
9. Please explain any changes in insurance coverage that took
place this month.
N/A
<PAGE>
10. PERSONNEL
Full Time Part Time
Total number of employees at beginning of period 0 2
Number hired during the period 0 0
Number terminated or resigned during period 0 0
Total number of employees on payroll at period end 0 2
Total payroll for the period $ * see note
* We are paying both Jan Young and myself (Shirley Vandermoon) as
Consultants, therefore no more payroll taxes are being paid.
Our last formal payroll was on 12/07/95.
Shirley Vandermoon is being paid 1/2 time at $403.75 per week and Jan
Young is being paid at the rate of $1,500.00 per month.
<PAGE>
ACCOUNT STATEMENT
SEA GALLEY STORES, INC. ACCOUNT NUMBER
CONCENTRATION ACCOUNT 67237016
7116 - 220TH ST. SW STATEMENT PERIOD
MOUNTLAKE TER, WA 98043-2130 4-01-96 TO 4-30-96
CHECKING
CORPORATE CHECKING 67237016
BEGINNING BALANCE 49,714.45
TOTAL CREDITS 106,234.17
TOTAL MISC DEBITS 88,083.71
TOTAL CHECKS .00
SERVICE CHARGES/FEES .00
ENDING BALANCE 67,864.91
NUMBER OF CREDITS 3
NUMBER OF MISC DEBITS 5
NUMBER OF CHECKS 0
<PAGE>
ACCOUNT STATEMENT
SEA GALLEY STORES, INC. ACCOUNT NUMBER
HOLDING ACCOUNT 69745818
7116 - 220TH ST. SW STATEMENT PERIOD
MOUNTLAKE TER, WA 98043-2130 4-01-96 TO 4-30-96
CHECKING
CORPORATE CHECKING 69745818
BEGINNING BALANCE 187,326.80
TOTAL CREDITS 67,983.85
TOTAL MISC DEBITS .00
TOTAL CHECKS .00
SERVICE CHARGES/FEES .00
ENDING BALANCE 255,310.65
NUMBER OF CREDITS 1
NUMBER OF MISC DEBITS 0
NUMBER OF CHECKS 0
<PAGE>
ACCOUNT STATEMENT
SEA GALLEY PAYROLL ACCOUNT ACCOUNT NUMBER
DEBTOR IN POSSESSION, CASE 94 67697607
7116 - 220TH ST. SW STATEMENT PERIOD
MOUNTLAKE TER, WA 98043-2130 4-01-96 TO 4-30-96
CHECKING
CORPORATE CHECKING 67697607
BEGINNING BALANCE 4,491.20
TOTAL CREDITS .00
TOTAL MISC DEBITS 2,816.48
TOTAL CHECKS .00
SERVICE CHARGES/FEES .00
ENDING BALANCE 1,674.72
NUMBER OF CREDITS 0
NUMBER OF MISC DEBITS 1
NUMBER OF CHECKS 0
<PAGE>
ACCOUNT STATEMENT
SEA GALLEY ACCOUNTS PAYABLE ACCOUNT NUMBER
DEBTOR IN POSSESSION, CASE 940 67697706
7116 - 220TH ST. SW STATEMENT PERIOD
MOUNTLAKE TER, WA 98043-2130 4-01-96 TO 4-30-96
CHECKING
CORPORATE CHECKING 67697706
BEGINNING BALANCE 284.89
TOTAL CREDITS 20,099.86
TOTAL MISC DEBITS .00
TOTAL CHECKS 19,845.17
SERVICE CHARGES/FEES .00
ENDING BALANCE 539.58
NUMBER OF CREDITS 4
NUMBER OF MISC DEBITS 0
NUMBER OF CHECKS 9
