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 31, 2000
ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.
____________________________________
(Exact name of registrant as specified in its charter)
New Jersey 33-27399 22-2469174
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
Indiana Avenue & the Boardwalk
Atlantic City, New Jersey 08401
(Address of principal executive offices) (Zip Code)
Registrant's telephone number,
Including area code: (609) 340-3400
This Current Report contains 17 pages.
<PAGE>
Item 5. Other Events
On October 5, 1999, Atlantic City Boardwalk Partnership, L.P. (the
"Partnership") filed a petition for reorganization in the United States
Bankruptcy Court, District of New Jersey under Chapter 11 of the United States
Bankruptcy Code.
The Partnership owns the land, buildings, parking facility and
non-gaming depreciable, tangible property (collectively, "Hotel Assets") of The
Claridge Hotel and Casino ("Claridge") located in Atlantic City, New Jersey. The
Partnership leases the Hotel Assets to The Claridge at Park Place, Incorporated
("New Claridge"), a wholly-owned subsidiary of The Claridge Hotel and Casino
Corporation ("Corporation"), under operating leases.
Following its bankruptcy filing, the Partnership sent a no-action
request letter to the Securities and Exchange Commission seeking concurrence of
the staff that it would take no enforcement action against the Partnership if it
modified its reporting requirements in light of the Partnership's financial
situation and lack of trading activity in its securities. The Partnership
is filing copies of its monthly United States Trustee reports under cover
of Form 8-K in lieu of Forms 10-K and 10-Q.
The Claridge, New Claridge and the Partnership filed a Joint
Disclosure Statement and Plan of Reorganization with the Bankruptcy Court. A
hearing on the adequacy of the Disclosure Statement was held on March 21, 2000.
A first amendment to the Plan and Disclosure Statement was filed on the hearing
date. At that hearing, certain further modifications to the Plan and Disclosure
Statement were suggested. It is anticipated that a further amendment will be
filed shortly and, if approved by the Bankruptcy Court, circulated to creditors
for a vote.
Item 7. Exhibits
99.1 United States Trustee Report of the Partnership for May 2000
<PAGE>
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 hereunto duly authorized.
ATLANTIC CITY BOARDWALK ASSOCIATES, L.P.
By: /s/Anthony C. Atchley
Anthony C. Atchley, General Partner
Dated:
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
MONTHLY REPORTING REQUIREMENTS
All Chapter 11 debtors must serve the U.S. Trustee 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: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
For the month of: May 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------- --------------- --------------- -----------------
<S> <C> <C> <C>
Document Previously Explanation
Required Documents Attached Submitted Attached
-------------------------------------------------------------------- --------------- --------------- -----------------
1. Income Statement (X) ( ) ( )
2. Balance Sheet (X) ( ) ( )
3. Statement of Cash Receipts and Disbursement (X) ( ) ( )
4. Statement of Aged Receivables (X) ( ) ( )
5. Statement of Aged Payables (X) ( ) ( )
6. Statement of Operations, Taxes, Insurance and (X) ( ) ( )
Personnel
7. Tax Receipts (X) ( ) ( )
8. Other documents/reports as (X) ( ) ( )
required by the U.S. Trustee:
Bank statements
----------------------------------------------------
----------------------------------------------------
</TABLE>
Note:
The undersigned individuals certifies under penalty of perjury (28 U.S.C.
Section 1746) that to the best of the individual's knowledge, the documents
appended are true and correct.
By:/s/Anthony C. Atchley
___________________________________ Dated: September , 2000
Anthony C. Atchley, General Partner
Title of Debtor Representative
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
INCOME STATEMENT
For the Month Ending: 05/31/2000
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
<TABLE>
<CAPTION>
Prior* Current
Month Month
<S> <C>
Accrued Operating Leases 217,668 198,234
------------------------------------ ------------------------------
Less: Returns and Allowances
------------------------------------ ------------------------------
Accrued Operating Leases 217,668 198,234
------------------------------------ ------------------------------
Cost of Sales: (1)
------------------------------------ ------------------------------
Beginning Inventory
------------------------------------ ------------------------------
Add: Purchases
------------------------------------ ------------------------------
Less: Ending Inventory
------------------------------------ ------------------------------
Cost of Goods Sold
------------------------------------ ------------------------------
Other Operating Expenses:
Facilities and Maintenance Exp.
------------------------------------- ------------------------------
Officers Salaries 10,833 10,833
------------------------------------- ------------------------------
Direct Labor/Salaries 1,020 1,140
------------------------------------- ------------------------------
Benefits/Payroll Taxes 176 122
------------------------------------- ------------------------------
Supplies 137
------------------------------------- ------------------------------
Insurance 362 48
------------------------------------- ------------------------------
Rent 993 993
------------------------------------- ------------------------------
Depreciation 161,049 161,049
------------------------------------- ------------------------------
General & Administrative 21,278 59,887
------------------------------------- ------------------------------
Net Operating Profit (Loss) 21,820 (35,838)
------------------------------------- ------------------------------
</TABLE>
*Prior month has been reclassified from the prior report to take affect of the
Administration building transaction with the Sands, and to take account of
affects from December 1999 settlement agreement with the Claridge and the
Indenture Trustee.
<PAGE>
<TABLE>
<CAPTION>
Prior* Current
Month Month
<S> <C> <C>
Add: Other Income(2) -(a) 11,407(a)
------------------------------ -------------------------------------
Less: Other Expenses
------------------------------ -------------------------------------
Interest Expense (105,810) (105,792)
------------------------------ -------------------------------------
Other(3)
------------------------------ -------------------------------------
Total Other Expenses (105,810) (105,792)
------------------------------ -------------------------------------
Gain (Loss) Sale of Assets 3,307,719
------------------------------ -------------------------------------
Profit (Loss) Before Taxes 3,223,729 (130,223)
------------------------------ -------------------------------------
Income Taxes
------------------------------ -------------------------------------
Net Profit (Loss) 3,223,729 (130,223)
------------------------------ -------------------------------------
</TABLE>
--------------------------------------------------------------------------------
1. If perpetual inventory records are not maintained, use of the prior
period gross percentage is acceptable but must be disclosed.
2. Identify the source if the amount is $500.00 or more.
(a) Other Income: Prior Month Current Month
Interest income - amortization
of discount on receivable from
the Sands - $9,084
Interest received on $1,500,000
held in escrow - 2,323
----------- ------
- 11,407
=========== ======
3. Provide details on "other" expenses over $500.00.
<PAGE>
<TABLE>
<CAPTION>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
BALANCE SHEET As of 05/31/2000
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
ASSETS Prior Month Current Month
Current Assets
<S> <C> <C>
Cash 140,173 140,344
------------------------------- ------------------------------------
Restricted Cash in Escrow 1,500,000 1,502,323
------------------------------- ------------------------------------
Restricted Cash Collateral 1,032,876 1,210,914
------------------------------- ------------------------------------
Accounts Receivable 1,778,310 1,778,310
------------------------------- ------------------------------------
Notes Receivable
------------------------------- ------------------------------------
Other (attach list) 241,896(a) 281,063(a)
------------------------------- ------------------------------------
Total Current Assets 4,693,255 4,912,954
------------------------------- ------------------------------------
Fixed Assets
------------------------------- ------------------------------------
Property and Equipment 197,339,350 197,339,350
------------------------------- ------------------------------------
Accumulated Depreciation (181,916,459) (182,077,412)
------------------------------- ------------------------------------
Total Fixed Assets 15,422,891 15,261,938
------------------------------- ------------------------------------
Other Assets (attach list) 26,139,987(b) 26,098,975(b)
------------------------------- ------------------------------------
TOTAL ASSETS 46,256,133 46,273,867
------------------------------- ------------------------------------
LIABILITIES
Post-petition Liabilities:
Accounts Payable 262,580 306,801
------------------------------- ------------------------------------
Notes Payable
------------------------------- ------------------------------------
Rents & Leases Payable
------------------------------- ------------------------------------
Taxes Payable
------------------------------- ------------------------------------
Accrued Interest
------------------------------- ------------------------------------
Other:
------------------------------- ------------------------------------
Total Post-petition Liabilities: 262,580 306,801
------------------------------- ------------------------------------
Pre-petition Liabilities
Unsecured Debt 29,000 29,000
------------------------------- ------------------------------------
Notes Payable-Secured 87,689,916 87,793,651
------------------------------- ------------------------------------
Other Debt (priority claims)
------------------------------- ------------------------------------
Taxes ------------------------------- ------------------------------------
Wages
------------------------------- ------------------------------------
Deposits
------------------------------- ------------------------------------
Other:
----------------- ------------------------------- ------------------------------------
Total Pre-petition Liabilities 87,718,916 88,822,651
------------------------------- -----------------------------------
TOTAL LIABILITIES 87,981,496 88,129,452
------------------------------- ------------------------------------
</TABLE>
<PAGE>
<TABLE>
OWNER EQUITY (DEFICIT)
<S> <C> <C> <C>
Preferred Stock
------------------------------- ------------------------------------
Common Stock
------------------------------- ------------------------------------
Capital Surplus
------------------------------- ------------------------------------
Retained Earnings
------------------------------- ------------------------------------
PARTNERS' INVESTMENT (DEFICIT) (41,725,363) (41,855,585)
------------------------------- ------------------------------------
TOTAL OWNER EQUITY
(NET WORTH) (41,725,363) (41,855,585)
================================ =====================================
TOTAL LIABILITIES AND
OWNER EQUITY 46,256,133 46,273,867
------------------------------------------------------ ================================ =====================================
</TABLE>
NOTES:
1. Explain significant events, including contingent liabilities and pending
lawsuits, which may have a material effect on the financial condition of
the debtor.
2. Value assets at lower of cost or market and identify which method is being
used.
3. Explain the method of inventory valuation if other than the lower of cost or
market
4. Identify any changes in stock holdings of "insiders" during the reporting
period.
(a) Other Current Assets:
<TABLE> --------------------
Prior Current
Month Month
<S> <C> <C>
Contingent set-off to Wrap debt
from Admin. Bldg. Transaction - 50,000
Prepaid professional fees 30,419 30,419
Prepaid expenses 10,833 -
Simplex lease deposit 10,860 10,860
AT&T Deposit 550 550
Masco rent deposit 964 964
Interest receivable - Partner Notes 33,697 33,697
Other Facilities and Maintenance Assets 154,573 154,573
------- -------
$ 241,896 $ 281,063
========= =========
(b) Other Non-Current Assets:
-------------------------
Deferred Rent from Claridge at Park Place $ 16,177,500 16,177,500
Note Receivable and Accrued Int-Claridge
at Park Place 8,154,000 8,154,000
Receivable from the Sands, not of
unamortized discount 1,807,719 1,766,803
Intangible Assets, Net of Amortization 768 672
------------- ---------
$ 26,139,987 $ 26,098,975
============ ============
</TABLE>
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 5/31/2000
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Account
Depository: Bank of America
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
5/1/00 Beginning Cash Balance $ 139,983.38
-----------
5/10/00 Payment from Trustee to Bondholders 20,196.54
-----------
Total Cash Receipts $ 20,196.54
-----------
--------------------------------------------------------------------------------
<TABLE>
CASH DISBURSEMENTS
(attach additional sheets as necessary)
<CAPTION>
Date Check No. Payee Description Amount
<S> <C> <C> <C> <C>
5/1/00 1103 Anthony C. Atchley Gen'l Partnee Fee 5,416.67
5/1/00 1104 Gerald C. Heetland Gen'l Partner Fee 5,416.67
5/9/00 1105 All-Pro Cleaning Services Cleaning 50.00
5/9/00 1106 AT&T Telephone 39.11
5/9/00 1107 Nevada Power Company Utilities 24.63
5/9/00 1108 Lowenstein Sandler PC Legal Fees 13,215.49
5/9/00 1109 Deanna Matthews, CPA Accounting 465.06
5/9/00 1110 Masco Properties Office Rent 992.85
5/17/00 1111 Sprint Telephone 134.65
5/17/00 1112 Federal Express Delivery 150.71
5/31/00 1113 Nevada Power Company Utilities 48.03
5/31/00 1114 Summit Bank Escrow Agent Fee 1,500.00
5/31/00 1115 Diebold Credit Corporation Less Payment 2,057.20
-----------
Total Cash Disbursements $(29,511.07)
-----------
</TABLE>
Adjustments (explain)
<TABLE>
<S> <C> <C> <C>
5/1/00 Gen'l Partner fees cleared April $10,833.34
5/10/00 Wire Transfer Fee ( 15.00)
5/25/00 Transfer to DIP Payroll Acct. (1,100.00)
5/25/00 Transfer to DIP Payroll Acct. (1,262.35)
5/25/00 Transfer from DIP Payroll Acct. 1,162.35
5/25/00 Check Printing Charge (71.00)
_________
Total Adjustments $ 9,547.34
========
Ending Cash Balance (must be reconcilable to the bank
statement for account cited above) $140,216.19
==========
</TABLE>
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
--------------------------------------------------------------------------------
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 5/31/00
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Payroll Account
Depository: Bank of America
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
5/1/00 Beginning Cash Balance $ 141.00
-------
5/25/00 Transfer from DIP Account 1,100.00
5/25/00 Transfer from DIP Account 1,262.35
---------
Total Cash Receipts $2,362.35
---------
--------------------------------------------------------------------------------
<TABLE>
CASH DISBURSEMENTS
(attach additional sheets as necessary)
<CAPTION>
Date Check No. Payee Description Amount
<S> <C> <C> <C> <C>
5/25/00 N/A Qwik Pay Payroll taxes and fees (259.56)
5/25/00 N/A Barbara Constantine Payroll (1,002.79)
5/25/00 N/A Transfer to DIP Account (1,162.35)
----------
Total Cash Disbursements $(2,424.70)
----------
Adjustments (explain)
$ 0.00
----------
Ending Cash Balance (must be reconcilable to the bank
statement for account cited above) $ 78.65
==========
</TABLE>
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
--------------------------------------------------------------------------------
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 5/31/00
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Lease Escrow Account
Depository: Summit Bank
CASH RECEIPTS
(attached additional sheets as necessary)
Date Description (Source) Amount
5/1/00 Beginning Cash Balance $1,500,00.00
5/1/00 Dividends received $ 2,322.75
-------------
Total Cash Receipts $ 2,322.75
-------------
________________________________________________________________________________
CASH DISBURSEMENTS
(attached additional sheets as necessary
Date Check No. Payee Description Amount
---- --------- ----- ----------- ------
Total Cash Disbursements 0.00
Adjustments (explain) 0.00
----
Ending Cash Balance (must be reconcilable
to the bank statement for account cited above) $1,502,322.75
============
<PAGE>
Exhibit 6
--------------------------------------------------------------------------------
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF AGED RECEIVABLES
For the Month Ending: 5/31/00
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
<TABLE>
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
<S> <C> <C> <C> <C>
Total Due Current Past Due Past Due Past Due
(0-30 Days) (31-60 Days) (61-90 Days) (91+Days)
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Pre-petition
1,183,198 1,183,198
------------------------- ---------------------- ----------------------- ---------------------- ----------------------
Post-petition
595,112 595,112
------------------------- ---------------------- ----------------------- ---------------------- ---------------------
Totals
1,778,310 1,778,310
------------------------- ----------------------- ---------------------- --------------------- ---------------------
</TABLE>
Notes:
1. Please explain what actions have been taken to collect receivables more than
60 days past due.
All accounts receivable are due from Claridge at Park Place, Inc. CPPI is
bankruptcy debtor under Chapter 11. Some of the prepetition receivables are
being held in escrow pursuant to an Order of the Bankruptcy Court in the CPPI
bankruptcy case.
--------------------------------------------------------------------------------
2. Provide details on all receivables due from any affiliate of debtor in an
attachment.
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
ACCOUNTS RECEIVABLE RECONCILIATION:
---------------------
1. Opening Balance (total from prior report) $ 1,778,310
---------------------
2. New Accounts this Month 0
---------------------
3. Balance (add lines 1 and 2) 1,778,310
---------------------
4. Amount Collected on Prior Accounts 0
---------------------
5. Closing Balance (subtract line 4 from line 3) $ 1,778,310
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF AGED PAYABLES
For the Month Ending: 5/31/00
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
<TABLE>
-------------------- ------------------ ------------------- ------------------ ------------------- ------------------
<S> <C> <C> <C> <C>
Account Current Past Due Past Due Past Due
Name: Description: (0-30 Days) (31-60 Days) (61-90 Days) (91+Days)
A/P Other 325,202
TOTALS 325,202
------------------- ------------------ ------------------- ------------------ ------------------- -------------------
</TABLE>
You may combine all payables less than 30 days past due and show on one line.
Note: Please include only post-petition debts and explain why accounts over 30
days past due have not been paid.
ACCOUNTS PAYABLE RECONCILIATION:
1. Opening Balance (total from prior report) $ 280,981
2. Total New Indebtedness Incurred This Month 59,801
3. Balance (add lines 1 and 2) 340,782
4. Amount Paid on Prior Accounts Payable (15,580)
5. Closing Balance (subtract line 4 from line 3) $ 325,202
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF OPERATIONS, TAXES, INSURANCE AND PERSONNEL
For the Month Ending: 5/31/00
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
1. What efforts have been made toward the preparation of a plan of
reorganization?
The Debtor has filed an amended joint plan of reorganization and
disclosure statement with the Claridge at Park Place, Inc. and the Claridge
Hotel and Casino Corporation. On May 8, 2000, the Court approved the adequacy of
the disclosure statement. The plan and disclosure statment have been distributed
to creditors, and voted upon. The Debtor, in conjunction with the Claridge, is
currently considering proposals for an alternative plan.
2. Has the debtor, subsequent to the filing of the petition, made any payments
on its pre petition unsecured debt, except as have been authorized by the Court?
[ ] Yes [X] No
Identify amount, who was paid and date paid: -----------------------------------
--------------------------------------------------------------------------------
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3. Provide a narrative report of significant events affecting debtor's business
(attach separate sheet if necessary.)
On December 21, 1999, the Bankruptcy Court entered a Stipulation and
Order which provides, inter alia, for the payment of the Debtor's oeprating
expenses through confirmation or termination of the case, subject to certain
conditions and with approved budgets through June 30. Budgets for July and
August were subsequently approved. An amended stipulation approving September
through December is being circulated for approval.
4. List any payment(s) on debt that has been personally guaranteed by any
principal, partner or officer of the business.
None
<PAGE>
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 (i.e. commissions), and net amount received.
On April 5, 2000, the Court authorized the sale, pursuant to section 363 of the
Bankruptcy Code, of the Adjacent administrative building to the Sands Casino for
the sum of $1.5 million, which is to be held in escrow, and $20 million in
future rent abatements.
6. STATUS OF TAXES
<TABLE>
<S> <C> <C> <C> <C>
Amount Withheld or Post-Petition Taxes
Accrued Amount Paid Date Paid Past Due
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
FEDERAL TAXES
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
FICA 174.42 5/25/00
Withholding 50.00 5/25/00
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Unemployment 9.12 5/25/00
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Income
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Other
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
STATE TAXES
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Dept. of Labor &
Industries
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Income
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Employment Sec. 3.42 5/25/00
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Dept. of Revenue
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
B&O
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Sales
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Excise
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
OTHER TAXES
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
City Business
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
License
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Personal Property
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Real Property
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Other (List)
----------------------------- ------------------------- ------------------- ------------------- ----------------------
</TABLE>
<PAGE>
Explain reason for any past due post-petition taxes:
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7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO PRINCIPALS/ EXECUTIVES/ INSIDERS*
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Payee Name Position Nature of Payment Amount
----------------------------------- --------------------------------- -------------------------------- -----------------------------
Anthony C. Atchley General Partner General Partner fee 5,416.67
----------------------------------- --------------------------------- -------------------------------- -----------------------------
Gerald C. Heetland General Partner General Partner fee 5,416.67
----------------------------------- --------------------------------- -------------------------------- -----------------------------
</TABLE>
*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
<TABLE>
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Appointment Amount Paid Date of Court Aggregate Estimated
Date This Month Approval Received Balance Due
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
<S> <C> <C> <C>
Debtor's Counsel 10/29/99 nunc pro $13,215.49 4/17/00 235,000
tunc to 10/5/99 1st Amended
4/28/00
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Creditors' $
Committee Counsel
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Trustee Counsel $
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Accountants 10/29/99 nunc pro $ 465.06 71,000
tunc to 10/5/99
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Other: $
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Identify fees accrued but not paid: Debtor's Counsel - $235,000; Accountants - $71,000
</TABLE>
<PAGE>
9. Explain any changes in insurance coverage which occurred during the reporting
period.
<TABLE>
<CAPTION>
10. PERSONNEL
---------------------------------------------- -------------------------------------------- ---------------------------------------
Full Time Part Time
---------------------------------------------- -------------------------------------------- ----------------------------------------
<S> <C> <C>
Total number of employees at
beginning of period 1
---------------------------------------------- -------------------------------------------- ----------------------------------------
Number hired during the period 0
---------------------------------------------- -------------------------------------------- ----------------------------------------
Number of terminated or resigned
during period 0
---------------------------------------------- -------------------------------------------- ----------------------------------------
Total number of employees on payroll at 1
period end
--------------------------------------------- -------------------------------------------- -----------------------------------------
</TABLE>
Total payroll for the period $1,140
------
