SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
September 17, 1998
0-11890 Date of Report
(Date of Earliest Commission File Number Event Reported)
VISTA PROPERTIES
(Exact Name of Registrant as Specified in its Charter)
California 13-3179078
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
411 West Putnam Avenue
Suite 270
Greenwich, Connecticut 06830
(Address of Principal Executive Offices) (Zip Code)
(203) 862-7444
(Registrant's telephone number, including area code)
<PAGE>
Item 3. Bankruptcy or Receivership.
An order confirming a Plan of Reorganization (the "Plan") of Vista
Properties (the "Debtor") was entered in the United States Bankruptcy Court,
Northern District of California, on or about September 17, 1998. (Except as set
forth herein, all defined terms have the meanings given to them in the Plan.)
Substantially all the Debtor's property consists of two assets. One of
the assets is a 20-story office building at 250 Park Avenue, New York City, New
York, together with a long-term leasehold interest in the land upon which the
building is situated and any interest of the Debtor in equipment and personal
property located on or used in connection with the property (the "New York
Property"). The New York Property is subject to a lien in excess of its value in
favor of The Chase Manhattan Bank, as Trustee for The General Motors Corporation
Hourly-Rate Employees Pension Trust, and as Trustee for the General Motors
Corporation Salaried Employees Pension Trust (the "Pension Fund Trustee"). The
other asset is a three-story office building in Irving, Texas, together with a
long-term leasehold interest in the land upon which the building is situated and
any interest of the Debtor in equipment and personal property located on or used
in connection with the property (the "Texas Property"). The Texas Property is
subject to a lien in excess of its value in favor of the Nations Bank Texas,
N.A., as trustee for the Policemen and Firemen Retirement System of the City of
Detroit (the "Texas Mortgagee").
Under the terms of the Plan, the Debtor will transfer (1) the New York
Property and related assets to an entity controlled by the Pension Fund Trustee
and (2) the Texas Property and related assets to an entity controlled by the
Texas Mortgagee. Residual assets, if any, will be transferred to the New York
Transferee (an affiliate of the Pension Fund Trustee).
All unsecured creditors (other than the Debtor's affiliates) will be
paid in full on the Effective Date, unless their claims are disputed, or are due
and payable after the Effective Date or are subject to an agreement permitting
the deferral of payment. Unsecured creditors will be paid interest from the
Petition Date to the Effective Date at a rate of 9% per annum simple interest,
except to the extent that a creditor shall have asserted a right to a greater
rate of interest pursuant to an agreement with the Debtor. The funds necessary
to pay creditors are comprised of (1) $1,000,000 of the Pension Fund Trustee's
cash collateral, which would otherwise be returned to the Pension Fund Trustee,
and (2) $205,000 of prepetition retainers paid by the Debtor to its
professionals, which will be returned to the estate.
Page 2
<PAGE>
Substantially all the Debtor's executory contracts and leases will be
assumed, including all leases for the New York Property and the Texas Property.
Holders of equity interests in the Debtor, including General Partners
and Limited Partners, will receive no distributions under the Plan and will have
their interests canceled on the Effective Date. General Partners and Limited
Partners may recognize taxable gain upon the Effective Date of the Plan.
Designation and Treatment of Classes. The Plan divides holders of
Claims against and interests in the Debtor into seven classes as follows:
1. Class 1 (Priority Claims). Class 1 consists of all Allowed
Priority Claims. Class 1 is not impaired. All Allowed Priority Claims
are to be paid in full, in Cash, in such amounts as are incurred in the
ordinary course of business by the Debtor or the Receiver of the New
York Property, or in such amounts as such Claims are allowed by the
Bankruptcy Court (a) upon the later of the Effective Date or the date
upon which the Bankruptcy Court enters a Final Order allowing such
Priority Claim; or (b) upon such other terms as may be agreed to
between the Pension Fund Trustee and any holder of an Allowed Priority
Claim.
2. Class 2A (Texas Mortgagee Claim). Class 2A consists of the
Claim of the Texas Mortgage in the amount of $16,380,111. On the
Effective Date, the Texas Property will be transferred to an affiliate
of the Texas Mortgagee according to such terms as are agreed to between
the Pension Fund Trustee and the Texas Mortgagee.
3. Class 2B (Pension Fund Claim). Class 2B consists of the
Claim filed by the Pension Fund Trustee on or about October 27, 1997,
as thereafter amended. Class 2B is impaired. On the Effective Date, the
Debtor will transfer the New York Property and the Other New York
Assets to the New York Transferee, free and clear of any and all Liens
and similar encumbrances other than the New York Permitted Exceptions.
Concurrently with the transfer, the Plan provides that the Debtor, the
Receiver or third parties will deliver or cause to be delivered to the
Pension Fund Trustee all remaining cash and undeposited checks and
funds held in the New York Accounts, and all funds in third parties'
possession relating to the New York Property, including, without
limitation, funds held in tax escrow accounts. Notwithstanding the
foregoing, $1,000,000 of the Pension Fund Trustee's cash collateral
will be used to fund the Plan.
Page 3
<PAGE>
4. Class 3 (Allowed Unsecured Claims). Class 3 consists of all
Allowed Unsecured Claims other than Claims in Class 4. Class 3 is not
impaired. All Allowed Unsecured Claims will be paid in full, in cash,
with interest accruing from the Petition Date at the rate of 9% per
annum simple interest or at such other rate of interest as the holder
of such Allowed Unsecured Claim requests and is entitled to under
contract, in such amounts as such Claims are Allowed by the Bankruptcy
Court (a) upon the later of the Effective Date or the date upon which
the Bankruptcy court enters a Final Order allowing such Unsecured
Claim; or (b) upon such other terms as may be agreed to between the
Pension Fund Trustee and any holder of such Allowed Unsecured Claim.
5. Class 4 (Affiliate Claims). Class 4 consists of all
Affiliate Claims. Class 4 is impaired. All holders of Allowed Affiliate
Claims will be paid their respective Pro Rata shares of all Cash in the
Plan Fund after all Administrative Expense Claims, Tax Claims and
Claims in Classes 1 and 3 are paid in full, in such amounts as such
Claims are Allowed. In no event will any holder of an Allowed Affiliate
Claim receive distributions in excess of the face amount of such
Allowed Affiliate Claim.
6. Class 5 (Limited Partners' Interests). Class 5 consists of
all Interests in the Debtor held by Limited Partners. Class 5 is
impaired. All Interests in the Debtor held by the Limited Partners will
be canceled, annulled and extinguished as of the Effective Date.
7. Class 6 (General Partners' Interests). Class 6 consists of
all Interests in the Debtor held by General Partners. Class 6 is
impaired. All Interests in the Debtor held by General Partners will be
canceled, annulled and extinguished as of the Effective Date.
The number of Units of Limited Partnership Interest of the Debtor
issued and outstanding is 92,810. No Units of Limited Partnership Interest are
reserved under the Plan for future issuance.
Item 7. Financial Statements and Exhibits.
Information as to the assets and liabilities of the Debtor as of August
31, 1998 is set forth on Exhibit A hereto.
Copies of the Plan and the Order Confirming Pension Fund Trustee's
First Amended Plan of Reorganization (August 26, 1998) are to be attached in a
future Amendment to this Form 8-K.
Page 4
<PAGE>
SIGNATURE
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 hereunto duly authorized.
VISTA PROPERTIES
(Registrant)
Dated: September 30, 1998 By: IR Vista Realty Corp.
Management General Partner
By: /s/Allan B. Rothschild
---------------------------
Allan B. Rothschild
Executive Vice President
By: /s/Lawrence R. Schachter
---------------------------
Lawrence R. Schachter
Senior Vice President and
Chief Financial Officer
<PAGE>
EXHIBITA
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
In re: [CASE NAME] Case No. 97-45990J
---------
VISTA PROPERTIES CHAPTER 11
MONTHLY OPERATING REPORT
(Real Estate Case)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED Aug-98
--------------------
1. Debtor in possession (or trustee) hereby submits this Monthly Operating
Report on the Accrual Basis of accounting (or if checked here ___ the
Office of the U.S. Trustee or the Court has approved the Cash Basis of
Accounting for the Debtor). Dollars reported in ($ _____).
<TABLE>
<CAPTION>
End of End of As of
Current Prior Petition
2. Asset/Liability Summary Month Month Filing
<S> <C> <C> <C>
Current Assets (Book Value) $ 12,443,313 $ 11,890,443 $ 7,624,655
-------------- -------------- --------------
Total Assets (Book Value) $112,405,847 $112,166,821 $108,215,550
-------------- -------------- --------------
Current Liabilities $ 438,562 $ 415,915 $ 0
-------------- -------------- --------------
Total Liabilities $224,474,910 $224,452,263 $224,292,770
-------------- -------------- --------------
<CAPTION>
Petition
Current Prior Date to
3. Statement of Cash Receipts & Disbursements for Month Month Month Month End
<S> <C> <C> <C>
a. Total Receipts $ 1,238,060 $ 1,598,438 $22,462,235
-------------- -------------- --------------
b. Total Disbursements $511,288 $ 3,897,940 $17,354,173
-------------- -------------- --------------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) $726,772 ($2,299,502) $ 5,108,062
-------------- -------------- ==============
d. Cash Balance Beginning of Month $ 9,597,627 $11,897,129
-------------- --------------
e. Cash Balance End of Month (c + d) $10,324,399 $ 9,597,627
============== ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
4. Post-petition Liabilities & Receivables Receivables Liabilities
<S> <C> <C>
Balance at End of Previous Month $423,644 $415,915
-------------- --------------
Balance at End of Current Month $505,627 $438,562
-------------- --------------
5. Past Due Post-Petition Liabilities
Balance at End of Previous Month (over 30 days) $404,040
--------------
Balance at End of Current Month (over 30 days) $415,915
--------------
<CAPTION>
Yes No
<S> <C> <C>
6. Are all federal, state, and local taxes current? (if no, attach schedule of unpaid items) X
-------------- --------------
7. Have any payments been made to pre-petition creditors, other than payments
in the normal course to secured creditors or lessors? (if yes, attach
listing including date of payment, amount of payment and name of payee) X (A)
-------------- --------------
8. Have any payments been made to officers, insiders, shareholders, relatives?
(if yes, attach listing including date of payment, amount and reason for
payment, and name of payee) X
-------------- --------------
9. Have any payments been made to professionals? (if yes, attach listing
including date of payment, amount of payment and name of payee) See
Schedule attached X
-------------- --------------
10. If you answered yes to line 7,8, or 9, were all such payments approved by the court? X
-------------- --------------
11. Is the estate insured for replacement cost of assets and for general liability? X
-------------- --------------
12. Are U.S. Trustee quarterly fees current? X
-------------- --------------
</TABLE>
I declare under penalty of perjury that I have reviewed the above summary
and attached financial statements, and after making reasonable inquiry
believe that these documents are correct.
Date: 29-Sep-98
--------- ----------------------------------
Responsible Individual
(A) Based upon information received from the Receivers counsel the
Receiver has paid certain pre-petition liabilities incurred in the
operation of the N.Y. property.
<PAGE>
<TABLE>
<CAPTION>
BALANCE SHEET
(Real Estate Case)
For the Month Ended AUGUST 31, 1998
-----------------------------------
($ )
----------
Assets
From Schedules
to Balance Sheet BOOK VALUE
Current Assets ---------------- ----------
<S> <C> <C> <C>
1 Cash and cash equivalents - unrestricted $ 10,324,399
------------
2 Cash and cash equivalents - restricted
------------
3 Accounts receivable (net) A $ 505,627
------------
4 Prepaid expenses $ 1,064,300
------------
5 Other:
----------------------------------------------- ------------
6 REAL ESTATE TAX ESCROW BALANCE $ 548,987
----------------------------------------------- ------------
7
----------------------------------------------- ------------
8 Total Current Assets $ 12,443,313
------------
Property and Equipment (Book Value)
9 Real property C $ 89,208,639
------------
10 Machinery and equipment D $ 0
------------
11 Furniture and fixtures D $ 0
------------
12 Office equipment D $ 0
------------
13 Leasehold improvements D $ 0
------------
14 Vehicles D $ 0
------------
15 Other: D
----------------------------------------------- ------------
16 D
----------------------------------------------- ------------
17 D
----------------------------------------------- ------------
18 D
----------------------------------------------- ------------
19 D
----------------------------------------------- ------------
20 Total Property and Equipment $ 89,208,639
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Other Assets
21
----------------------------------------------- ------------
22 UTILITY DEPOSITS $ 132,591
----------------------------------------------- ------------
23 DEFERRED LEASING COSTS $ 5,466,992
----------------------------------------------- ------------
24 STEPPED LEASE RENTALS RECEIVABLE $ 5,154,312
----------------------------------------------- ------------
25 Total Other Assets $ 10,753,895
------------
26 Total Assets $112,405,847
============
</TABLE>
NOTE:
Indicate the method used to estimate the market value of assets
(e.g., appraisals; familiarity with comparable market prices,
etc.) and the date the value was determined.
-----------------------------------------------------------------
-----------------------------------------------------------------
-----------------------------------------------------------------
-----------------------------------------------------------------
-----------------------------------------------------------------
-----------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
Liabilities and Equity
(Real Estate Case)
($ )
----------
From Schedules
Liabilities to Balance Sheet
Post-Petition ----------------
<S> <C> <C> <C>
Current Liabilities
27 Salaries and wages
-------------
28 Payroll taxes
-------------
29 Real and personal property taxes
-------------
30 Income taxes
-------------
31 Notes payable (short term)
-------------
32 Accounts payable (trade) A $ 149,832
-------------
33 Real property lease arrearage
-------------
34 Personal property lease arrearage
-------------
35 Accrued professional fees UNDETERMINED
--------------
36 Current portion of long-term debt (due within 12 months)
--------------
37 Other:
----------------------------------------- --------------
38 ACCRUED SUPERVISORY MANAGEMENT FEE $ 288,730
--------------------------------------------------- -------------
39
--------------------------------------------------- --------------
40 Total Current Liabilities $ 438,562
--------------
41 Long-Term Debt, Net of Current Portion
--------------
42 Total Post-Petition Liabilities $ 438,562
--------------
Pre-Petition Liabilities (allowed amount to be determined)
43 Secured claims E $ 221,698,704
--------------
44 Priority unsecured claims E $ 16,200
--------------
45 General unsecured claims E $ 2,321,444
--------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
46 Total Pre-Petition Liabilities $ 224,036,348
--------------
47 Total Liabilities $ 224,474,910
--------------
Equity (Deficit)
48 LIMITED PARTNERS DEFICIT - 92,810 UNITS
----------------------------------------------------------- --------------
49 ISSUED AND OUTSTANDING ($109,887,932)
--------------------------------------------------- --------------
50 GENERAL PARTNERS DEFICIT ($2,181,131)
--------------------------------------------------- --------------
51
--------------------------------------------------- --------------
52
--------------
53 Total Equity (Deficit) ($112,069,063)
--------------
54 Total Liabilities and Equity (Deficit) $ 112,405,847
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedules to the Balance Sheet
(Real Estate Case)
($ )
----------
Schedule A
Accounts Receivable(Net)/Payable
Accounts Accounts Payable Past Due
Receivables and Payables Ageings Receivable [Post Petition] Post Petition Debt
--------------- ----------------- ------------------
<S> <C> <C> <C>
0 -30 Days $ 22,648
--------------- -----------------
31-60 Days NOT $ 11,875
--------------- -----------------
61-90 Days AVAILABLE $ 13,955 $415,915
--------------- ----------------- --------
91+ Days $390,085
--------------- -----------------
Total accounts receivable/payable $505,627 $438,563
--------------- =================
Allowance for doubtful accounts
---------------
Accounts receivable (net) $505,627
===============
<CAPTION>
Schedule B
Inventory/Cost of Goods Sold
Not Applicable to Real Estate Cases.
Schedule C
Real Property
Description Cost Market Value
------------------------------------------------------------- ----------------- -------------------
<S> <C> <C>
OFFICE BUILDING - 250 PARK AVE - NEW YORK, N.Y. $85,540,048 TO BE
------------------------------------------------------------- ----------------- -------------------
DETERMINED
------------------------------------------------------------- ----------------- -------------------
OFFICE BUILDING - 4441 WEST AIRPORT FREEWAY, IRVING, TX $ 3,668,591
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
Total $89,208,639 $0
================= ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule D
Other Depreciable Assets
Description Cost Market Value
----------- ---- ------------
Machinery & Equipment -
<S> <C> <C>
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
Total $0 $0
================= ===================
Furniture & Fixtures -
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
Total $0 $0
================= ===================
Office Equipment -
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
Total $0 $0
================= ===================
Leasehold Improvements -
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
Total $0 $0
================= ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Schedule D
Other Depreciable Assets
(cont.)
Vehicles - Cost Market Value
<S> <C> <C>
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
------------------------------------------------------------- ----------------- -------------------
Total $0 $0
================= ===================
<CAPTION>
Schedule E
Pre-Petition Liabilities
Claimed Allowed
List Total Claims Scheduled For Each Classification in Order of Priority - Amount Amount (b)
-------------------------------------------------------------------------- ------ ----------
<S> <C> <C>
Secured claims (a) $221,698,704 TO BE
----------------- -------------------
Priority wage claims $ 0 DETERMINED
----------------- -------------------
Priority tax and other claims $ 16,200
----------------- -------------------
General unsecured claims $ 2,321,444
----------------- -------------------
</TABLE>
(a) List total amount of claims even if under secured.
(b) Estimated amount of claim to be allowed after compromise or litigation. As
an example, you are a defendant in a lawsuit alleging damage of $10,000,000
and a proof of claim is filed in that amount. You believe that you can
settle the case for a claim of $3,000,000. For Schedule E reporting
purposes you should list $10,000,000 as the Claimed Amount and $3,000,000
as the Allowed Amount.
<PAGE>
Schedule F
Rental Income Information
List the Rental Information Requested Below By Properties
<TABLE>
<CAPTION>
Property 1 Property 2 Property 3 Property 4
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Description of Property NEW YORK TEXAS
------------------ --------------- ----------------- -------------------
Scheduled Gross Rents $1,199,810 $38,250
------------------ --------------- ----------------- -------------------
Less:
Vacancy Factor
------------------ --------------- ----------------- -------------------
Free Rent Incentives
------------------ --------------- ----------------- -------------------
Other Adjustments
------------------ --------------- ----------------- -------------------
---------------- ------------------ --------------- ----------------- -------------------
---------------- ------------------ --------------- ----------------- -------------------
Total Deductions $ 0 $ 0 $0 $0
------------------ --------------- ----------------- -------------------
Scheduled Net Rents $1,199,810 $38,250 $0 $0
================== =============== ================= ===================
Less: Rents Receivable *
------------------ --------------- ----------------- -------------------
Scheduled Net Rents Collected * $1,199,810 $38,250 $0 $0
================== =============== ================= ===================
</TABLE>
* To be completed by cash basis reporters only.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
(Real Estate Case)
For the Month Ended AUGUST 31, 1998
-------------------
($ )
-------
Current Month
- ------------------------------------- Cumulative Next Month
Actual Forecast Variance (Case to Date) Forecast
Revenues
<S> <C> <C> <C> <C> <C>
$ 1,507,432 $ 1,399,562 $107,870 1 Rent/Leases $ 21,244,019 $ 1,406,284
- ------------ ---------- ---------- ------------ -----------
$ 0 2 Real Property Sales - Gross
- ------------ ---------- ---------- ------------ -----------
$ 33,206 $ 3,837 $ 29,369 3 Interest $ 171,250 $ 3,600
- ------------ ---------- ---------- ------------ -----------
$ 0 4 Other income - transfer fees $ 350
- ------------ ---------- ---------- --------------------------------------- ------------ -----------
$ 57,800 $ 57,800 5 Other income - claims $ 57,800
- ------------ ---------- ---------- --------------------------------------- ------------ -----------
$ 1,598,438 $1,403,399 $ 195,039 6 Total Revenues $ 21,473,419 $ 1,409,884
- ------------ ---------- ---------- ------------ -----------
Expenses
7 Cost of Property Sold
- ------------ ---------- ---------- ------------ -----------
7a Initial Cost & Improvement
---------
7b less: Depreciation Taken
---------
8 Selling
- ------------ ---------- ---------- ----------- -----------
9 Administrative
- ------------ ---------- ---------- ------------ -----------
$ 29,916 $ 131,082 $ 101,166 10 Interest $ 1,097,069 $ 131,082
- ------------ ---------- ---------- ------------ -----------
$ 59,583 $ 58,334 ($1,249) 11 Rents $ 763,335 $ 58,334
- ------------ ---------- ---------- ------------ -----------
$ 0 12 Compensation to Owner(s)/Officer(s)
- ------------ ---------- ---------- ------------ -----------
$ 0 13 Salaries/Commissions
- ------------ ---------- ---------- ------------ -----------
$ 35,192 $ 41,872 $ 6,680 14 Management Fees $ 607,118 $ 42,081
- ------------ ---------- ---------- ------------ -----------
$ 410,000 $ 435,000 $ 25,000 15 Depreciation $ 5,506,340 $ 435,000
- ------------ ---------- ---------- ----------- -----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
16 Taxes:
$ 0 17 Employer Payroll Taxes
- ------------ ---------- ---------- ------------ -----------
$ 249,582 $ 337,450 $ 87,868 18 Real Property Taxes $ 4,335,265 $ 337,450
- ------------ ---------- ---------- ----------- -----------
$ 0 19 Other Taxes
- ------------ ---------- ---------- ----------- -----------
20 Other Expenses:
$ 0 21
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 350,285 $ 329,444 ($20,841) 22 OPERATING EXPENSES $ 4,011,494 $ 360,618
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 23
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 24
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 25
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 26
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 27
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 28
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 29
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 1,134,558 $1,333,182 $ 198,624 30 Total Expenses $ 16,320,621 $ 1,364,565
- ------------ ---------- ---------- ----------- -----------
$ 463,880 $ 70,217 ($393,663) 31 Subtotal $ 5,152,798 $ 45,319
- ------------ ---------- ---------- ----------- -----------
Reorganization Items
$ 43,738 32 Professional Fees $ 408,038
- ------------ ---------- ---------- ----------- -----------
33 Provisions for Rejected Executory Contracts
- ------------ ---------- ---------- ----------- -----------
Interest Earned on Accumulated Cash
$ 0 34 Resulting from Chp 11 Case
- ------------ ---------- ---------- ----------- -----------
$ 0 35 TRUSTEE FEES $ 12,750
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 35,197 $ 16,667 ($18,530) 36 RECEIVER FEE $ 296,781 $ 16,667
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 0 37 DISCLOSURE STATEMENT MAILING COSTS $ 111,058
- ------------ ---------- ---------- --------------------------------------- ----------- -----------
$ 78,935 $ 16,667 ($62,268) 38 Total Reorganization Items $ 828,627 $ 16,667
- ------------ ---------- ---------- ----------- -----------
$ 384,945 $ 53,550 ($331,395) 39 Net Profit (Loss) Before Federal & State Taxes $ 4,324,171 $ 28,652
- ------------ ---------- ---------- ----------- -----------
$ 0 $ 0 40 Federal & State Income Taxes
- ------------ ---------- ---------- ----------- -----------
$ 384,945 $ 53,550 ($331,395) 41 Net Profit (Loss) $ 4,324,171 $ 28,652
============ ========== ========== =========== ===========
</TABLE>
<PAGE>
Explanation of Variance to Statement of Operations
(For variances greater than +/- 10% only)
OPERATING EXPENSES WERE LOWER THAN BUDGETED DUE TO LOWER THAN EXPECTED REPAIR &
MAINTENANCE, UTILITY, AND ADVERTISING COSTS
INTEREST EXPENSE WAS LOWER THAN BUDGETED DUE TO THE PAYOFF OF THE EMIGRANT
MORTGAGE IN JANUARY 1998.
THE ABOVE INFORMATION WITH RESPECT TO THE NEW YORK PROPERTY WAS PREPARED FROM
THE MONTHLY MANAGEMENT
REPORT AND 1998 BUDGET SUBMITTED BY THE RECEIVERS MANAGEMENT AGENT.
<PAGE>
PAYMENTS MADE TO PROFESSIONALS
MONTH ENDED AUGUST 31, 1998
Date Name of Payee Amount
---- ------------- ------
August 31, 1998 Greenberg Traurig $17,508.80
<PAGE>
<TABLE>
<CAPTION>
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(Real Estate Case)
For the Month Ended AUGUST 31, 1998
--------------------
Cash Balance Beginning of Month .................. $ 9,597,627
------------
Cash Receipts (1) ............................... $ 1,238,060
------------
Cash Disbursements (1) .......................... $ 511,288
------------
Excess (Deficiency) of Receipts Over Disbursements $ 726,772
------------
Cash Balance End of Month ........................ $ 10,324,399
============
Recapitulation of Funds Held at End of Month
Account 1 Account 2 Account 3
--------- --------- ---------
<S> <C> <C> <C>
Bank CHASE EMIGRANT CITIBANK
-------------------- -------------------- --------------------
Account Type MONEY MANAGE SAVINGS MONEY MANAGE
-------------------- -------------------- --------------------
Account No. 323-211038 22296 19251619
-------------------- -------------------- --------------------
Account Purpose OPERATING LEASE SECURITY OPERATING
-------------------- -------------------- --------------------
Balance, End of Month $76,308 $180,621 $10,067,470
-------------------- -------------------- --------------------
Total Funds on Hand for all Accounts $10,324,399
====================
</TABLE>
(1) Excluding bank transfers between your accounts.
