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): April 30, 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 April 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: June 22, 2000
<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: April 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: June 14, 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: 4/30/00
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
<TABLE>
<CAPTION>
Current Prior
Month Month
<S> <C>
Accrued Operating Leases 2,122,657 2,112,706
------------------------------------ ------------------------------
Less: Returns and Allowances
------------------------------------ ------------------------------
Accrued Operating Leases 2,122,657 2,112,706
------------------------------------ ------------------------------
Cost of Sales: (1)
------------------------------------ ------------------------------
Beginning Inventory
------------------------------------ ------------------------------
Add: Purchases
------------------------------------ ------------------------------
Less: Ending Inventory
------------------------------------ ------------------------------
Cost of Goods Sold
------------------------------------ ------------------------------
Other Operating Expenses: 894,431 997,457
Facilities and Maintenance Exp.
------------------------------------- ------------------------------
Officers Salaries 10,833 10,833
------------------------------------- ------------------------------
Direct Labor/Salaries 1,020 1,500
------------------------------------- ------------------------------
Benefits/Payroll Taxes 175 157
------------------------------------- ------------------------------
Supplies 137
------------------------------------- ------------------------------
Insurance 362
------------------------------------- ------------------------------
Rent 992
------------------------------------- ------------------------------
Depreciation 161,049 161,049
------------------------------------- ------------------------------
General & Administrative 19,778 74,358
------------------------------------- ------------------------------
Net Operating Profit (Loss) 1,033,880 867,352
------------------------------------- ------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Current Prior
Month Month
<S> <C> <C>
Add: Other Income(2) 36,000(a) 36,000(a)
------------------------------ -------------------------------------
Less: Other Expenses
------------------------------ -------------------------------------
Interest Expense (853,999) (862,660)
------------------------------ -------------------------------------
Other(3)
------------------------------ -------------------------------------
Total Other Expenses (853,999) (862,660)
------------------------------ -------------------------------------
Gain (Loss) Sale of Assets 1,500,000
------------------------------ -------------------------------------
Profit (Loss) Before Taxes 1,715,881 40,692
------------------------------ -------------------------------------
Income Taxes
------------------------------ -------------------------------------
Net Profit (Loss) 1,715,881 40,692
------------------------------ -------------------------------------
</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.
3. Provide details on "other" expenses over $500.00.
(a) Accrued interest earned on Note receivable from Claridge Hotel and
Casino Corporation.
<PAGE>
<TABLE>
<CAPTION>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
BALANCE SHEET As of 4/30/00
Debtor Name: Atlantic City Boardwalk Associates, L.P.
Case Number: 99-18903 JHW
ASSETS Current Month Prior Month
Current Assets
<S> <C> <C>
Cash 140,173 224,849
------------------------------- ------------------------------------
Restricted Cash in Escrow 1,500,000
------------------------------- ------------------------------------
Inventory
------------------------------- ------------------------------------
Accounts Receivable 3,657,246 3,154,986
------------------------------- ------------------------------------
Notes Receivable
------------------------------- ------------------------------------
Other (attach list) 410,624(a) 457,964(a)
------------------------------- ------------------------------------
Total Current Assets 5,708,043 3,837,799
------------------------------- ------------------------------------
Fixed Assets
------------------------------- ------------------------------------
Property and Equipment 197,339,350 197,339,350
------------------------------- ------------------------------------
Accumulated Depreciation (181,916,459) (181,755,506)
------------------------------- ------------------------------------
Total Fixed Assets 15,422,891 15,583,844
------------------------------- ------------------------------------
Other Assets (attach list) 24,476,268(b) 24,440,364(b)
------------------------------- ------------------------------------
TOTAL ASSETS 45,607,202 43,862,007
------------------------------- ------------------------------------
LIABILITIES
Post-petition Liabilities:
Accounts Payable 261,080 335,516
------------------------------- ------------------------------------
Notes Payable
------------------------------- ------------------------------------
Rents & Leases Payable
------------------------------- ------------------------------------
Taxes Payable
------------------------------- ------------------------------------
Accrued Interest
------------------------------- ------------------------------------
Other:
------------------------------- ------------------------------------
Total Post-petition Liabilities: 261,080 335,516
------------------------------- ------------------------------------
Pre-petition Liabilities
Unsecured Debt 29,000 29,000
------------------------------- ------------------------------------
Notes Payable-Secured 87,689,916 87,586,163
------------------------------- ------------------------------------
Other Debt (priority claims)
------------------------------- ------------------------------------
Taxes ------------------------------- ------------------------------------
Wages
------------------------------- ------------------------------------
Deposits
------------------------------- ------------------------------------
Other:
----------------- ------------------------------- ------------------------------------
Total Pre-petition Liabilities 87,718,916 87,615,163
------------------------------- -----------------------------------
TOTAL LIABILITIES 87,979,996 87,950,679
------------------------------- ------------------------------------
</TABLE>
<PAGE>
<TABLE>
OWNER EQUITY (DEFICIT)
<S> <C> <C> <C>
Preferred Stock
------------------------------- ------------------------------------
Common Stock
------------------------------- ------------------------------------
Capital Surplus
------------------------------- ------------------------------------
Retained Earnings
------------------------------- ------------------------------------
PARTNERS' INVESTMENT (DEFICIT) (42,372,794) (44,088,672)
------------------------------- ------------------------------------
TOTAL OWNER EQUITY
(NET WORTH) (42,372,794) (44,088,672)
================================ =====================================
TOTAL LIABILITIES AND
OWNER EQUITY 45,607,202 43,862,007
------------------------------------------------------ ================================ =====================================
</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>
Current Prior
Month Month
<S> <C> <C>
Accounts Receivable - Trustees to Bondholders $ $227,597 250,414
Interest receivable - Partner Notes 33,697 33,697
Prepaid Expenses 53,077 55,376
Other Facilities and Maintenance Assets 96,253 118,477
------------- --------
$ 410,624 $ 457,964
============= ========
(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 8,298,000 8,262,000
Intangible Assets, Net of Amortization 768 864
------------- ----------
$ 24,476,268 $ 24,440,364
============= ============
</TABLE>
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 4/30/00
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Account
Depository: Bank of America
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
4/1/00 Beginning Cash Balance $ 224,761.46
-----------
4/10/00 Payment from Trustee to Bondholders 22,816.82
-----------
Total Cash Receipts $ 22,816.82
-----------
--------------------------------------------------------------------------------
<TABLE>
CASH DISBURSEMENTS
(attach additional sheets as necessary)
<CAPTION>
Date Check No. Payee Description Amount
<S> <C> <C> <C> <C>
4/1/00 1087 Gerald C. Heetland Gen'l Partnee Fee 5,416.67
4/1/00 1088 Anthony C. Atchley Gen'l Partner Fee 5,416.67
4/5/00 1090 Allstate Insurance Business Ins. 362.00
4/5/00 1091 Kinko's Copying 166.83
4/5/00 1092 AT&T Telephone 20.13
4/5/00 1093 Nevada Power Company Utilities 55.61
4/5/00 1094 All-Pro Cleaning Services Cleaning 50.00
4/10/00 1095 Masco Properties Office Rent 992.85
4/11/00 1096 Sprint Telephone 134.65
4/11/00 1097 Nevada Department of Tax Taxes 10.75
4/12/00 1098 Federal Express Delivery 77.62
4/12/00 1099 Petty Cash Supplies 137.20
4/26/00 1100 Lowenstein Sandler Legal Fees 85,478.20
4/26/00 1101 Diebold Credit Corporation Lease Payment 2,057.20
4/26/00 1102 U.S. Trustee Bankruptcy fees 500.00
----------
Total Cash Disbursements $(100,876.38)
-----------
</TABLE>
Adjustments (explain)
<TABLE>
<S> <C> <C> <C>
4/10/00 Transfer to DIP Payroll Acct. ( 100.00)
4/10/00 Wire Transfer Fee ( 15.00)
4/12/00 Transfer to DIP Payroll Acct. (1,186.85)
4/28/00 May Gen'l Partner Fee (5,416.67)
----------
Total Adjustments (6,718.52)
Ending Cash Balance (must be reconcilable to the bank
statement for account cited above) $139,983.38
==========
</TABLE>
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
--------------------------------------------------------------------------------
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 4/30/00
Debtor Name: Atlantic City Boardwalk Account Name: Atlantic City Boardwalk
Associates, L.P. Associates, L.P.
Case Number: 99-18903 JHW Debtor in Possession Account
Depository: Bank of America
CASH RECEIPTS
(attach additional sheets as necessary)
Date Description (Source) Amount
4/1/00 Beginning Cash Balance $ 38.95
-------
4/10/00 Transfer from DIP Account 100.00
4/12/00 Transfer from DIP Account 1,186.85
---------
Total Cash Receipts $1,286.85
---------
--------------------------------------------------------------------------------
<TABLE>
CASH DISBURSEMENTS
(attach additional sheets as necessary)
<CAPTION>
Date Check No. Payee Description Amount
<S> <C> <C> <C> <C>
4/10/00 N/A Qwik Pay Payroll taxes and fees (57.95)
4/12/00 N/A Barbara Constantine Payroll (891.97)
4/12/00 N/A Qwik Pay Payroll taxes and fees (234.88)
----------
Total Cash Disbursements $(1,184.80)
----------
Adjustments (explain)
$ 0.00
----------
Ending Cash Balance (must be reconcilable to the bank
statement for account cited above) $ 141.00
==========
</TABLE>
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
--------------------------------------------------------------------------------
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
For the Month Ending: 4/30/00
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
4/1/00 Beginning Cash Balance $0.00
4/19/00 Receipt from Sale of Hotel Asset 1,500,000.00
Total Cash Receipts $1,500,000.00
-------------
________________________________________________________________________________
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) $1,500,000.00
============
<PAGE>
Exhibit 6
--------------------------------------------------------------------------------
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF AGED RECEIVABLES
For the Month Ending: 4/30/00
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
2,474,048 502,260 379,322 457,298 1,135,168
------------------------- ---------------------- ----------------------- ---------------------- ---------------------
Totals
3,657,246 502,260 379,322 457,298 2,318,366
------------------------- ----------------------- ---------------------- --------------------- ---------------------
</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) $ 3,154,986
---------------------
2. New Accounts this Month 502,260
---------------------
3. Balance (add lines 1 and 2) 3,657,246
---------------------
4. Amount Collected on Prior Accounts 0
---------------------
5. Closing Balance (subtract line 4 from line 3) $ 3,657,246
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF AGED PAYABLES
For the Month Ending: 4/30/00
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 261,080
TOTALS 261,080
------------------- ------------------ ------------------- ------------------ ------------------- -------------------
</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) $ 335,516
2. Total New Indebtedness Incurred This Month 11,558
3. Balance (add lines 1 and 2) 347,074
4. Amount Paid on Prior Accounts Payable (85,994)
5. Closing Balance (subtract line 4 from line 3) $ 261,080
<PAGE>
OFFICE OF THE UNITED STATES TRUSTEE - REGION 3
STATEMENT OF OPERATIONS, TAXES, INSURANCE AND PERSONNEL
For the Month Ending: 4/30/00
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 a joint plan of reorganization and disclosure
statement with the Claridge at Park Place, Inc. and the Claridge Hotel and
Casino Corporation. A first amendment to the plan and disclosure statement was
filed on March 21, 2000. The Court held a hearing on the adequacy of the
disclosure statement on March 21, 2000. On May 8, 2000, the Court approved the
adequacy of the disclosure statement. The plan and disclosure statement will be
distributed shortly, subject to the completion of a solicitation letter by
counsel to the Official Committee of Secured Noteholders.
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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--------------------------------------------------------------------------------
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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 operating expense
budget through June 2000, subject to certain conditions.
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 156.06 4/12/00
Withholding 50.00 4/12/00
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Unemployment 8.16 4/12/00
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Income
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Other
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
STATE TAXES
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Dept. of Labor &
Industries 10.75 4/11/00
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Income
----------------------------- ------------------------- ------------------- ------------------- ----------------------
----------------------------- ------------------------- ------------------- ------------------- ----------------------
Employment Sec. 3.06 4/12/00
----------------------------- ------------------------- ------------------- ------------------- ----------------------
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 $84,478.20 April 28, 2000 203,215
tunc to 10/5/99
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Creditors' $
Committee Counsel
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Trustee Counsel $
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Accountants 10/29/99 nunc pro $ 0 57,465
tunc to 10/5/99
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Other: $
------------------------------- ---------------------- --------------------- ---------------------- ---------------- ---------------
Identify fees accrued but not paid: Debtor's Counsel - $203,215; Accountants - $57,465
</TABLE>
<PAGE>
9. Explain any changes in insurance coverage which occurred during the reporting
period.
The debtor's general business insurance policy expired and renewed in April
2000.
<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 $1,020
------