SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Commission File No.: 0-9503
Current Report
September 13, 1997
(Date of Report - Date of Earliest Event Reported)
DIGITAL PRODUCTS CORPORATION
Florida 59-1141879
(State or other jurisdiction of (IRS Employer
Incorporation or organization) Identification No)
1498 Northwest 3rd Street
Deerfield Beach, Florida 33442
(Address of Principal Executive Offices)
(954) 296-9600
(Registrant's Telephone Number)
None
(Former Name, Former Address and Former Fiscal Year,
if changed since last report)
<PAGE>
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On April 3, 1997, the Company filed a voluntary petition under Chapter 11
of the U.S. Bankruptcy Act in the U.S. District Court for the Southern
District of Florida. Since that date, the Company has continued its
day-to-day business under the protection of the Bankruptcy Court as
Debtor-In-Possession. The following Monthly Financial Report for Business for
the month of August was filed with the Bankruptcy Court on September 16,
1997.
<PAGE>
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
MIAMI DIVISION
IN RE: CASE NUMBER
97-21987BKC-RBR
JUDGE RAYMOND B. RAY
DEBTOR. CHAPTER 11
DEBTOR'S MONTHLY FINANCIAL REPORTS (BUSINESS)
FOR THE PERIOD
FROM 8/1/97 TO 8/31/97
Comes now the above-named debtor and files its Periodic Financial Reports in
accordance with the Guidelines established by the United States Trustee and
FRBP 2015.
Robert Furr
Attorney for Debtor
Debtor's Address Attorney's Address
And Phone Number: and Phone Number:
1498 NW 3rd Street 1499 W Palmetto Road
Deerfield Beach, FL 33442 Boca Raton, FL 33486
954-246-9600 561-395-0500
<PAGE>
Monthly Financial Report for Business
For the Period Beginning: 8/1/97 and Ending: 8/31/97
Name of Debtor: Digital Products Corporation
Case Number 97-21987 BKC RBR
Date of Petition: 4/3/97
<TABLE>
<CAPTION>
Current Cumulative
Month Petition to
Date
<S> <C> <C>
1. Cash at Beginning of Period $ 56,141.26 $ 60,846.09
2. Receipts:
A. Cash Sales - -
Less: Cash Refunds - -
Net Cash Sales - -
B. Collections on Post Petition A/R 109,252.64 510,915.60
C. Collections on Pre Petition A/R 12,027.98 358,853.14
D. Other Receipts 14,737.51 49,244.77
3. TOTAL RECEIPTS 136,018.13 919,013.51
4. TOTAL CASH AVAILABLE FOR
OPERATIONS (Line 1 + Line 3) 192,159.39 979,859.60
5. DISBURSEMENTS
A. U.S. Trustee Quarterly Fees - 3,750.00
B. Net Payroll 61,895.17 259,608.60
C. Payroll Taxes Paid 26,977.96 114,241.26
D. Sales and Use Taxes - -
E. Other Taxes - -
F. Rent 5,000.00 25,000.00
G. Other Leases 1,690.48 17,442.60
H. Telephone 12,092.14 97,481.19
I. Utilities - -
J. Travel & Entertainment 7,139.12 38,503.57
K. Vehicle Expenses - -
L. Office Supplies 996.07 6,142.52
M. Advertising 3,050.00 7,994.94
N. Insurance (Attachment 7) 7,032.43 60,252.40
O. Purchases of Fixed Assets 18,005.85 43,787.02
P. Purchases of Inventory 11,056.63 83,469.80
Q. Manufacturing Supplies - -
R. Repairs and Maintenance 671.82 910.32
S. Payments to Secured Creditors - -
T. Other Operating Expenses 30,758.01 215,481.67
(Attach List)
6. TOTAL CASH DISBURSEMENTS 186,365.68 974,065.89
7. ENDING CASH BALANCE
(LINE 4 - LINE 6) $ 5,793.71 $ 5,793.71
</TABLE>
I declare under penalty of perjury that this statement and the accompanying
documents and reports are true and correct to the best of my knowledge and
belief.
This 13 day of September 1997.
<PAGE>
Monthly Financial Report for Business
Period Beginning: 8/1/97 and Ending: 8/31/97
Name of Debtor: Digital Products Corporation
Case Number: 97-21987-BKC-RBR
Date of Petition: 4/3/97
<TABLE>
<CAPTION>
OTHER RECEIPTS
Current Cumulative
Month to Date
<S> <C> <C>
IL Unemployment Refund - 701.08
Employees Shipping - 22.25
AT&T Refund - 172.98
Various Misc Income - 837.38
Genesee County Payment in Error - 1,622.00
COD Supplies 480.00 1,981.37
EMS Cash Advance - 24,900.00
APT Refund deposit 10,000.00 10,000.00
Various Tax refunds 257.51 257.51
State of Utah Receipt in error - 4,750.20
Nasdaq Refund 4,000.00 4,000.00
$ 14,737.51 $ 49,244.77
</TABLE>
<TABLE>
<CAPTION>
OTHER OPERATING EXPENSES
Current Cumulative
Month to Date
<S> <C> <C>
Tax Account Bank Charge Service Charges 14.76 115.16
Barnett Bank Bank Charge Wire Transfer Fees - 75.00
Operating Acc Bank Charge Service Charges 75.00 367.71
Payroll Acct Bank Charges Service Charges 13.12 90.68
Kinko's Copies for Tracking - 654.67
Postage Next Day Mailing - 56.75
Subcontractors Installers 1,913.00 14,924.28
Corporate
License Fees - 330.00
Computer
Programmer 6,254.23 21,025.48
Subcontractors Labor 4,905.32 17,428.26
Freight 699.51 27,554.36
Transfer Agent/
Other 476.97 21,512.91
Patent
Renewals - 10,375.00
Refund
(ck Rec in Error) - 6,362.20
Advance Pymt Repayment - 24,900.00
Various Medical Claims - 1,835.88
Subcontractors Computer Supplies - 498.18
S. Kapila Interim CFO - 10,469.05
L. Martin Commission - 1,000.00
T. Snellings Commission 2,500.00 2,500.00
Corporate
Systems Network Support 3,180.00 3,180.00
Various Move Expense 5,076.10 5,076.10
Cash
Facilitators Advance 5,650.00 5,650.00
Various Deposits - 39,500.00
Total $30,758.01 $215,481.67
</TABLE>
<PAGE> ATTACHMENT 1
MONTHLY ACCOUNTS RECEIVABLE AGING AND RECONCILIATION
Name of Debtor: Digital Products Corporation
Case Number: 97-21987 BKC RBR
Reporting Period Beginning: 8/1/97 and Ending: 8/31/97
ACCOUNTS RECEIVABLE AT PETITION DATE: $534,314.00
ACCOUNTS RECEIVABLE RECONCILIATION (Includes all accounts receivable,
pre-petition and post-petition, including charge card sales, which have not
been received):
Beginning of Month Balance $ 316,511.80
Plus: Current Month New Billings 471,741.50
Less: Collections during the Month 121,280.62
End of Month Balance $ 666,972.68
Aging: (Show the total amount for each age group of accounts
Incurred since filing the petition)
0-30 days 31-60 days 61-90 days Over 90 Total
Days
$409,861.62 67,400.00 14,250.00 $491,511.62
<PAGE>
ATTACHMENT 2
MONTHLY ACCOUNTS PAYABLE AND SECURED PAYMENTS REPORT
Name of Debtor: Digital Products Corporation
Case # 97-21987 BKC-RBR
Reporting Period Beginning 8/1/97 and Ending 8/31/97
In the space below list all invoices or bills incurred and not paid since the
filing of the petition. Do not include amounts owed prior to the filing of
the petition.
<TABLE>
<CAPTION>
Date Days
Incurred Outstanding Vendor Description
Amount
<S> <C> <C> <C> <C>
24-Apr-97 Millward & Co. Audit 150.00
dispute
30-Aug-97 2 United Parcel Service 364-32 3,808.22
31-Aug-97 1 American Design Co. Contract Labor 5,193.22
31-Aug-97 1 Albani Laporte Installer
(subcontractor) 339.09
31-Aug-97 1 Frank Garner Installer
(subcontractor) 295.00
31-Aug-97 1 LCI Long distance 30,500.00
$40,285.53
</TABLE>
ACCOUNTS PAYABLE RECONCILIATION (Post Petition Only):
Opening Balance (total from prior report) $ 23,121.87
Plus: New Indebtedness Incurred This Month 29,635.53
Less: Amount Paid on Prior Accounts Payable 12,471.87
End of Month Balance $ 40,285.53
Secured: List the status of Payments to Secured Creditors and Lessors (Post
Petition Only)
<TABLE>
<CAPTION>
Number Total
of Post Amount of
Secured Date Petition Post Petition
Creditor/ Payment Payment Payments Payments
Lessor Due Amount Delinquent Delinquent
<S> <C> <C> <C> <C>
None
</TABLE>
<PAGE>
ATTACHMENT 3
Name of Debtor: Digital Products Corporation
Case # 97-21987 BKC-RBR
Report Period Beginning 8/1/97 and Ending 8/31/97
INVENTORY REPORT
INVENTORY BALANCE AT PETITION DATE: $148,780.63
INVENTORY RECONCILIATION:
Inventory Balance at Beginning of Month $ 4,221.03
Inventory Purchased during Month 10,977.40
Inventory Used or Sold 8,682.34
Inventory on Hand at End of Month $ 6,516.09
METHOD OF COSTING INVENTORY: Inventory is stated at lower of cost or
market using first-in, first-out method in determining cost, and replacement
cost or net realizable value in determining market.
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE: $ 716,000
(Includes Property, Plant and Equipment)
BRIEF DESCRIPTION (First Report Only):
FIXED ASSETS RECONCILIATION:
Fixed Assets Book Value at Beginning of Month $892,296.84
Less: Depreciation Expense 34,963.00
Plus: New Purchases 18,005.85
Ending Monthly Balance $875,339.69
BRIEF DESCRIPTION OF FIXED ASSETS PURCHASED OR DISPOSED OF DURING THE
REPORTING PERIOD:
Computer Equip. for Monitoring $ 6,000.00
Accounting Software 12,005.85
<PAGE>
ATTACHMENT 4
MONTHLY BANK RECONCILIATIONS
DEBTOR: Digital Products Corporation
Case # 97 21987 BKC-RBR
Report Period Beginning: 8/1/97 Ending: 8/31/97
BANK: Comerica Bank & Trust BRANCH: Boca Raton
ACCT NAME: Digital Products Corporation
ACCT NUMBER: 1811006533
PURPOSE OF ACCOUNT: Operating Account
Beginning Balance $ 36,066.23
Total of Deposits Made 136,018.13
Total Amount of Checks/Wires 97,389.67
Service Charges 75.00
Transfers to Other Accounts 70,890.81
Closing Balance $ 3,728.88
Number of First Check Written This Period 1309
Number of Last Check Written This Period 1372
Total Number of Checks Written This Period 61
Total Number of Wire Transfers 5
Voided Checks This Period 3
Total 69
BANK: Comerica Bank & Trust BRANCH: Boca Raton
ACCT NAME: Digital Products Corporation
ACCT NUMBER: 1811006541
PURPOSE OF ACCOUNT: Payroll Account
Beginning Balance $ 13,843.35
Total of Deposits Made 49,365.55 Transfers in
Total Amount of Checks Written 61,620.82
Service Charges Payroll Depot 274.35
Service Charges 13.12
Transfers to Other Accounts 0.00
Closing Balance $ 1,300.61
Number of First Check Written This Period 314
Number of Last Check Written This Period 403
Total Number of Checks Written This Period 90
Plus Manual Checks 0
Total 90
Plus Direct Deposits 35 Items
Total 125 Items
<PAGE>
ATTACHMENT 4
MONTHLY BANK RECONCILIATION
DEBTOR: Digital Products Corporation
Case # 97 21987 BKC-RBR
Report Period Beginning: 8/1/97 Ending: 8/31/97
BANK: Comerica Bank & Trust BRANCH: Boca Raton
ACCT NAME: Digital Products Corporation
ACCT NUMBER: 1811006558
PURPOSE OF ACCOUNT: Tax Account
Beginning Balance $ 6,231.68
Total of Deposits Made 21,525.26 Transfers in
Total Amount of Checks Written 26,977.96 Transfers out
Service Charges 14.76
Transfers to Other Accounts 0.00
Closing Balance $ 764.22
<PAGE>
ATTACHMENT 5
CHECK REGISTER
DEBTOR: Digital Products Corporation
Case # 97-21987 BKC-RBR
Report Period Beginning: 8/1/97 And Ending: 8/31/97
NAME OF BANK: Comerica Bank & Trust
ACCOUNT NAME: Digital Products Corporation
ACCOUNT #: 1811006533
PURPOSE OF ACCOUNT: Operating Account
<TABLE>
<CAPTION>
Date Check# Payee Purpose Amount
<S> <C> <C> <C> <C>
8/4/97 1309 Competatech Accounting Software $ 12,005.85
8/1/97 1310 Corporate Systems Grp Network consulting 1,000.00
8/1/97 1311 Lawrence Martin Reimburse Expenses 210.59
8/4/97 1312 American Design Contract labor 1,145.50
8/4/97 1313 Merrill Lynch Stockholder mailing 86.97
8/4/97 1314 Bryan Brown Reimburse expenses 190.10
8/4/97 1315 KBS, Inc. Rent 5,000.00
1316 Voided -
8/4/97 1317 AFCO Insurance 5,911.39
8/4/97 1318 Nora Technical Sol. Freight 28.49
8/4/97 1319 Judy Sundberg Freight 14.50
8/4/97 wire Cash Facilitators Grp Expense advance 2,500.00
8/5/97 1320 Victor Flores Computer programming 1,500.00
8/5/97 1321 FedEx Freight 47.75
8/6/97 1322 Office Depot Supplies 58.18
8/11/97 1323 Office Depot Supplies 55.62
8/11/97 1324 Ikon Repairs 174.90
8/12/97 1325 Don Rokusek Reimburse expenses 13.51
8/12/97 1326 US West Telephone 1,718.61
8/12/97 1327 Richard Angulo Reimburse expenses 1,229.89
8/12/97 wire Travis Snellings Commission advance 2,500.00
8/14/97 1328 Liberty Court Travel Travel 1,459.50
8/15/97 1329 American Design Contract labor 1,145.50
8/15/97 1330 Riscorp of Florida Workcomp 1,098.88
8/8/97 1331 Richard Angulo Reimburse expenses 1,022.36
8/8/97 1332 A-1 Lock,Door & Glass Lock repair 496.92
8/8/97 1333 Victor Flores Computer programming 1,500.00
8/6/97 1334 Synergy Communications Website design 1,200.00
8/15/97 1335 Lawrence Martin Reimburse expenses 694.00
8/15/97 1336 Lawrence Martin Reimburse expenses 252.00
8/13/97 1337 Nora Technical Sols. Computer consulting 769.23
8/15/97 1338 Riscorp VA Workcomp 22.16
8/15/97 1339 Telogy Equipment rent 131.44
8/15/97 1340 Nora Technical Sols. Computer consulting 325.00
8/15/97 1341 Victor Flores Computer programming 1,500.00
8/15/97 1342 Pitney Bowes Credit Equipment rent 407.04
8/15/97 wire Cash Facilitators Grp Expense advance 1,200.00
8/15/97 1343 Electronic Filings, Inc. Edgar filings 390.00
8/15/97 1344 Dan Farley Installer 725.00
8/15/97 1345 Dale English Installer 240.00
8/15/97 1346 Albani Laporte Installer 718.00
</TABLE>
<PAGE>
ATTACHMENT 5
CHECK REGISTER
DEBTOR: Digital Products Corporation
Case # 97-21987 BKC-RBR
Report Period Beginning: 8/1/97 And Ending: 8/31/97
NAME OF BANK: Comerica Bank & Trust
ACCOUNT NAME: Digital Products Corporation
ACCOUNT #: 1811006533
PURPOSE OF ACCOUNT: Operating Account
<TABLE>
<CAPTION>
Date Check# Payee Purpose Amount
<S> <C> <C> <C> <C>
8/15/97 1347 Frank Garner Installer $ 230.00
8/15/97 1348 US Postal Service Postage 96.00
8/16/97 1349 Judy Sundberg Reimburse expenses 82.30
1350 Voided
8/19/97 1351 Lawrence Martin Reimburse expenses 580.37
8/20/97 1352 Industrial Assembly Straps 2,770.00
1353 Voided
8/22/97 1354 Lawrence Martin Reimburse expenses 972.00
8/19/97 1355 Annie Angulo Reimburse expenses 304.75
8/19/97 1356 Richard Angulo Reimburse expenses 453.98
8/19/97 1357 Mike Luther Reimburse expenses 300.00
8/20/97 1358 Penny Woods Reimburse expenses 102.21
8/21/97 1359 LCI, International Telephone 10,000.00
8/25/97 1360 Corporate Systems Grp Computer equip.
& cons 8,180.00
8/25/97 wire KBS, Inc. Transformers 5,120.00
8/25/97 1361 Bryan Brown Reimburse expenses 390.36
8/25/97 1362 Industrial Assembly Straps 2,770.00
8/25/97 1363 Triple S Transportation Move Expenses 900.00
8/26/97 1364 Dadan Packaging Boxes 317.40
8/26/97 1365 Richard Angulo Reimburse expenses 860.78
8/26/97 1366 Nora Technical Sols. Computer consulting 660.00
8/26/97 1367 American Design Contract labor 2,614.32
8/26/97 1368 Self Storage, Inc. Storage 1,152.00
8/27/97 1369 Liberty Court Travel Travel 4,002.00
8/27/97 1370 Jamie Gerdes Advertising 600.00
8/27/97 1371 Christopher Horn Advertising 1,250.00
8/27/97 wire Cash Facilitators Grp Expense advance 1,950.00
8/28/97 1372 Penny Woods Mileage 42.32
97,389.67
</TABLE>
ATTACHMENT 5
CHECK REGISTER
DEBTOR: Digital Product Corporation
Case #: 97-21987 BKC-RBR
Report Period Beginning: 8/1/97 and Ending: 8/31/97
NAME OF BANK: Comerica Bank & Trust
ACCOUNT NAME: Digital Products
ACCOUNT #: 1811005541
PURPOSE OF ACCOUNT: Payroll Account
<TABLE>
<CAPTION>
Date Check# Payee Purpose Amount
<S> <C> <C> <C> <C>
8/1/97 314-332+7 direct dep Employees Payroll $ 12,474.24
8/8/97 333-350+7 direct dep Employees Payroll 12,472.30
8/15/97 351-368+7 direct dep Employees Payroll 12,251.50
8/22/97 369-386+7 direct dep Employees Payroll 12,634.93
8/29/97 387-403+7 direct dep Employees Payroll 11,787.85
Sub Total Payroll Depot 61,620.82
August Payroll Depot Serv. Chg. 274.35
Grand Total $ 61,895.17
</TABLE>
ATTACHMENT 5
CHECK REGISTER
DEBTOR: Digital Products Corporation
Case # 97-21987 BKC - RBR
Report Period Beginning: 8/1/97 and Ending: 8/31/97
NAME OF BANK: Comerica Bank & Trust
ACCOUNT NAME: Digital Products Corporation
ACCOUNT #: 1811006558
PURPOSE OF ACCOUNT: Tax Account
<TABLE>
<CAPTION>
Date Check # Payee Purpose Amount
<S> <C> <C> <C> <C>
8/1/97 transfer Payroll Depot payroll taxes $ 5,452.70
8/8/97 transfer Payroll Depot payroll taxes 5,476.52
8/15/97 transfer Payroll Depot payroll taxes 5,394.94
8/22/97 transfer Payroll Depot payroll taxes 5,519.94
8/29/97 transfer Payroll Depot payroll taxes 5,133.86
$ 26,977.96
</TABLE>
<PAGE> ATTACHMENT 6a
Monthly Tax Report
DEBTOR: Digital Products Corporation
Case # 97-21987 BKC - RBR
Reporting Period Beginning: 8/1/97 and Ending: 8/31/97
TAXES PAID and ACCRUED DURING MONTH
<TABLE>
<CAPTION>
Date Bank Description Amount
<S> <C> <C> <C>
8/1/97 Comerica Bank FED WH $ 2,425.72
FICA 2,050.91
MEDICARE 479.66
FUTA 19.17
IN WH 62.77
MI WH 25.38
NE WH 243.58
VA WH 28.18
FL SUTA 43.40
MI SUTA 18.17
NE SUTA 55.76
$ 5,452.70
8/8/97 Comerica Bank FED WH $ 2,457.97
FICA 2,054.91
MEDICARE 480.60
FUTA 17.45
IN WH 62.77
MI WH 25.38
NE W 243.58
VA WH 28.18
FL SUTA 31.75
MI SUTA 18.17
NE SUTA 55.76
$ 5,476.52
8/15/97 Comerica Bank FED WH $ 2,474.02
FICA 2,024.07
MEDICARE 473.36
FUTA 15.38
IN WH 62.77
NE WH 243.58
VA WH 28.18
FL SUTA 17.82
NE SUTA 55.76
$ 5,394.94
</TABLE>
<PAGE>
ATTACHMENT 6a
Monthly Tax Report
DEBTOR: Digital Products Corporation
Case # 97-21987 BKC - RBR
Reporting Period Beginning: 8/1/97 and Ending: 8/31/97
TAXES PAID and ACCRUED DURING MONTH
<TABLE>
<CAPTION>
Date Bank Description Amount
<S> <C> <C> <C>
8/22/97 Comerica Bank FED WH $ 2,539.32
FICA 2,083.95
MEDICARE 487.34
FUTA 12.01
IN WH 62.77
MI WH 6.13
NE WH 235.11
VA WH 28.18
FL SUTA 17.71
MI SUTA 6.36
NE SUTA 41.06
$ 5,519.94
8/29/97 Comerica Bank FED WH $ 2,302.25
FICA 1,934.09
MEDICARE 452.35
FUTA 10.11
IN WH 62.77
NE WH 209.86
VA WH 28.18
FL SUTA 18.58
NE SUTA 115.67
$ 5,133.86
TOTAL $26,977.96
</TABLE>
<PAGE> ATTACHMENT 6b
DEBTOR: Digital Products Corporation
Case # 97-21987 BKC - RBR
Report Period Beginning: 8/1/97 and Ending: 8/31/97
TAXES OWED AND DUE
Report all unpaid post-petition taxes including Federal & State withholding,
FICA, state sales tax, property tax, unemployment taxes and State WC. Date
last tax returns filed 7/27/97. Period: 2nd Quarter returns
<TABLE>
<CAPTION>
Name of Taxing Date Payment Description Amount
Authority Due
<S> <C> <C> <C>
Fed Taxes 08/06/97 Fed WH/Fica/Medicare $ 4,956.92 Pd
Fed Taxes 08/13/97 Fed WH/Fica/Medicare 4,993.48 Pd
Fed Taxes 08/20/97 Fed WH/Fica/Medicare 4,971.45 Pd
Fed Taxes 08/27/97 Fed WH/Fica/Medicare 5,110.61 Pd
Fed Taxes 09/03/97 Fed WH/Fica/Medicare 4,688.69
FUTA 10/31/97 Fed unemployment tax 240.84
IN WH 10/31/97 IN WH 564.93
MI WH 10/31/97 MI WH 158.41
NE WH 10/31/97 NE WH 2,034.57
VA WH 10/31/97 VA WH 253.62
FL SUTA 10/31/97 FL unemployment 394.89
IN SUTA 10/31/97 IN unemployment 189.00
MI SUTA 10/31/97 MI unemployment 115.38
NE SUTA 10/31/97 NE unemployment 556.10
</TABLE>
<PAGE>
ATTACHMENT 7
SUMMARY OF PERSONNEL & INSURANCE COVERAGES
Name of Debtor: Digital Products Corporation
Case # 97-21987 BKC - RBR
Report Period Beginning: 8/1/97 and Ending 8/31/97
Report all compensation received during the month. Do not include
reimbursement for expenses incurred for which you have receipts.
Name of Officer: Title Amount Paid Travel Adv.
Richard Angulo Pres/COO $ 9,230.75
Michael Luther CEO/Chairman 5,769.25
Bryan Brown CFO/Secy 7,692.30
<TABLE>
<CAPTION>
PERSONNEL REPORT
Full Time Part Time
<S> <C> <C>
Number of employees at beginning of period 22 3
Number hired during the period
Number converted to full time 1 1
Number terminated during the period 2 -
Number of employees on payroll at end of period 21 2
</TABLE>
CONFIRMATION OF INSURANCE
List all policies of insurance in effect, including but not limited to
workers' compensation, liability, fire, theft, comprehensive, vehicle, health
& life.
<TABLE>
<CAPTION>
Carrier Agent & Phone # Policy # Coverage Expiration Date
Type Date Premium
Due
<S> <C> <C> <C> <C> <C>
Riscorp of FL Alexander & Alex 12924 WC 4/1/98 9/2/97
305-279-7870
VA Riscorp Dade Underwriters 40076 WC 3/1/98 9/2/97
954-462-1304
Reliance Stand. Mahoney & Asso. LTD097814 LTD 8/1/97 9/2/97
Life Insurance 954-763-7971
Poe & Brown Mahoney & Asso. 901 Health 9/30/97 9/2/97
Benefits 954-793-7971
Gotham Ins. Seitlin Ins. MM014842LP296 Comp Gen'l 6/1/98 9/1/97
305-591-0090 Liability
Nat'l Union Seitlin Ins. BE932 21 38 Umbrella 6/1/98 9/1/97
Fire Ins. Co. 305-591-0090 Liability
of Pitt.
Pacific Ins. Co. Seitlin Ins. ZG0008872 Property 5/1/98 9/1/97
305-591-0090
Fidelity & Dep. Seitlin Ins. TBA Crime 5/1/98 9/1/97
305-591-0090
</TABLE>
<PAGE>
ATTACHMENT 8
SIGNIFICANT DEVELOPMENTS DURING REPORTING PERIOD
The Company filed its Plan of Reorganization and Disclosure Statement on
June 16, 1997.
