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 Report (Date of earliest event reported) August 15, 1996
BONNEVILLE PACIFIC CORPORATION
(Exact name of registrant as specified in charter)
Delaware 0-14846 87-0363215
(State or other (Commission (IRA Employer
jurisdiction of File Number) Identification No.)
incorporation)
50 West 300 South, Suite 300, Salt Lake City, Utah 84101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (801) 363-2520
(Former name or former address, if changed since last report) Not applicable
[PAGE]
Item 3. Bankruptcy or Receivership.
On December 5, 1991, the Registrant filed a petition in the United States
Bankruptcy Court for the District of Utah, Central Division, Case No. 91A-
27701, seeking protection to reorganize under Chapter 11 of the Federal
Bankruptcy Code. Subsequent to the filing, the Registrant has applied to the
Securities and Exchange Commission (the "Commission") to modify its reporting
obligations under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). On April 9, 1992, the Commission indicated that it would
raise no objection ifthe Registrant modified its reporting obligations under
the Exchange Act. A copy of the Monthly Financial Report for the period July
1, 1996 to July 31, 1996, as filed with the bankruptcy court is included as an
exhibit hereto. On June 12, 1992, Roger G. Segal was appointed as the Chapter
11 Bankruptcy Trustee for the Company.
Item 5. Other Events.
For information on litigation and matters previously reported, refer to the
narrative on pages Form 2-G of the accompanying bankruptcy report.
[PAGE]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
By: Roger G. Segal, Chapter 11 Trustee
----------------------------------
DATED August 15, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
By: R. Stephen Blackham, Assistant Controller
-----------------------------------------
DATED August 15, 1996
[PAGE]
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter 11, for the period July
1, 1996 to July 31, 1996, of the Registrant, dated August
15, 1996 as filed by the Registrant with the United States
Bankruptcy Court for the District of Utah, Central Division
on August 15, 1996. . . . . . . . . . . . . . . . 5
[PAGE]
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period July 1 to July 31 , 1996
Accounting Method Used: x Accrual Basis Cash Basis
COVER SHEET
- ------------------------------------------------------------------------------
Mark One Box For Each THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH.
Required Report/Document The debtor must attach each of the following reports/
documents unless the U.S. Trustee has waived the
requirement in writing. File original with Clerk of
Court. File duplicate with U.S. Trustee.
- ------------------------------------------------------------------------------
Report/Document Previously
Attached Waived REQUIRED REPORTS/DOCUMENTS
- ------------------------------------------------------------------------------
[ x ] [ ] Cash Receipts & Disbursements Statement
(Form 2-B)
[ x ] [ ] Balance Sheet (Form 2-C)
[ x ] [ ] Profit and Loss Statement (Form 2-D)
[ x ] [ ] Supporting Schedules (Form 2-E)
[ x ] [ ] Quarterly Fee Summary (Form 2-F)
[ x ] [ ] Narrative (Form 2-G)
[ x ] [ ] Bank Statement(s) for Debtor in
Possession Account(s)
- ------------------------------------------------------------------------------
I declare under penalty of perjury that the following Monthly Financial Report
and any attachments thereto, is true and correct to the best of my knowledge
and belief.
Executed on: August 15, 1996
Debtor(s): BONNEVILLE PACIFIC CORPORATION
---------------------------------
By: R. Stephen Blackham
Position: Assistant Controller
[PAGE]
Statement of Chapter 11 Trustee
Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville
Pacific Corporation, having been so appointed on June 12, 1992, hereby states
that he has reviewed the following Monthly Financial Report and any
attachments thereto and that, based on his review and the representations of
officers and employees of the debtor, Bonneville Pacific Corporation, he
believes that the information contained in the Monthly Financial Report and
attachments is true and correct. However, neither Roger G. Segal, Chapter 11
Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G.
Segal, Chapter 11 Trustee, has had an opportunity to independently verify that
the information contained in the following Monthly Financial Report and the
attachments thereto is true and correct.
DATED this 15th day of August 1996.
_______________________________________
Roger G. Segal, Chapter 11 Trustee
[PAGE]
On August 8, 1996 the Trustee entered into a settlement with Fraser &
Beatty (as well as J. Michael Bradley, defendants in Segal v. Portland General
et al., pending in the United States District Court for the District of Utah,
case no. 92C-364J). The settlement provides for payment to Bonneville
Pacific Corporation of Ten Million ($10,000,000.00) U.S. Dollars during the
month of September 1996 in exchange for a complete Release of any and all
Claims which the Trustee or the estate has against Fraser & Beatty, J.
Michael Bradley and belated parties.
The settlement is conditioned upon approval by the United States District
Court and the United States Bankruptcy Court. The Motion for Approval of the
Settlement has been prepared and filed and a hearing on the Motion is scheduled
for September 3, 1996.
On August 12, 1996 the Trustee entered into a settlement with Piper
Jaffray Inc.. The settlement provides for payment to Bonneville Pacific
Corporation of Ten Million ($10,000,000.00) Dollars during the month of
September 1996 in exchange for a complete Release of any and all Claims
which the Trustee or the estate has against Piper Jaffray Inc.
The settlement is conditioned upon approval by the United States
District Court and the United States Bankruptcy Court. The Motion for Approval
of the Settlement is in the process of being prepared and it is expected that
a hearing on the Motion will be scheduled for September, 1996.
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period July 1 - July 31, 1996
CASH RECONCILIATION
1. Beginning Cash Balance: $55,417,919.90
2. Cash Receipts: (See Page 2 of 2) 14,275,413.94
3. Cash Disbursements: (See Page 2 of 2) (14,435,215.07)
4. Net Cash Flow: (159,801.13)
----------
5. Ending Cash Balance: (to Form 2-C) $55,258,118.77
==============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
- -----------------------------------------------------------------------------
PAYROLL ACCOUNT $1,147.85 1ST SECURITY BANK/UTAH
PAYROLL TAX ACCOUNT 370.73 KEY BANK OF UTAH
GENERAL CORP CASH 1,225,329.97 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 739,886.05 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 10,701,362.96 (A) US BANK
CHPTR 11 TRUSTEE - JNT CD 5,142,480.17 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,063,845.14 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 37,829.78 (A) BANK ONE
UNITED STATES TREASURY BONDS 32,148,214.26 BANK ONE
PROCEEDS FROM ASSET SALES 3,926.08 (A) KEY BANK OF UTAH
NCA 1 SALES TAX ESCROW 52,902.00* (B) ABN/AMRO BANK OF N.Y.
KYOCERA MAINTENANCE RESERVE 140,823.78 KEY BANK OF UTAH
$55,258,118.77
==============
* RESTRICTED CASH $52,902.00
==============
(A) Accounts requiring signatures of both the US Trustee and Chapter 11
Trustee for disbursements.
(B) Funds on deposit in the NCA 1 Sales Tax Escrow account are pledged as
collateral to the State of Nevada. Monthly, an amount of approximately
$28,000 is released and transferred to the Chapter 11 Trustee Joint Account
It is expected that these transfers will continue and that these funds will
be available to the estate for the benefit of creditors and/or to be used in
operations.
FORM 2-B
Page 1 of 2
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period July 1 - July 31, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
- ------------------------------------------------------------------------------
PAYROLL ACCOUNT $18,799.48 A
PAYROLL TAX ACCOUNT 9,483.50 B
GENERAL CORP CASH 1,121,744.61 C
CHPTR 11 TRUSTEE JOINT ACCT 338,117.76 E
CHPTR 11 TRUSTEE - CD ACCT 66,052.69 F
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A
CHPTR 11 TRUSTEE JT SAVINGS 12,777,744.29 G
UNITED STATES TREASURY BONDS 32,150,000.00 H
PROCEEDS FROM ASSET SALES 10.46 I
NCA 1 SALES TAX ESCROW 286.11 J
KYOCERA MAINTENANCE RESERVE 11,674.87 K
---------
LESS: ACCOUNT TRANSFERS 46,493,913.77
(32,218,499.83)
--------------
TOTAL CASH RECEIPTS $14,275,413.94
==============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
- ------------------------------------------------------------------------------
PAYROLL ACCOUNT $18,829.00 A
PAYROLL TAX ACCOUNT 9,484.91 B
GENERAL CORP CASH 479,921.49 D
CHPTR 11 TRUSTEE JOINT ACCT 7,115,772.51 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 F
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A
CHPTR 11 TRUSTEE JT SAVINGS 39,000,005.00 G
UNITED STATES TREASURY BONDS 1,785.74 H
PROCEEDS FROM ASSET SALES 0.00 I
NCA 1 SALES TAX ESCROW 27,236.11 J
KYOCERA MAINTENANCE RESERVE 680.14 K
------------
46,653,714.90
LESS: ACCOUNT TRANSFERS (32,218,499.83)
--------------
TOTAL CASH DISBURSEMENTS $14,435,215.07
FORM 2-B
Page 2 of 2
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/11/96 CK# 5753 BPC - GENERAL $ 9,377.09 PAYROLL TRANSFER
7/29/96 CK# 5785 BPC - GENERAL 9,422.39 PAYROLL TRANSFER
---------
TOTAL CASH RECEIPTS $18,799.48
=========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/15/96 PAYROLL SUMMARY $ 9,377.09
7/31/96 PAYROLL SUMMARY 9,422.39
7/31/96 BNK STMT KEY BANK OF UTAH 29.52 SERVICE CHARGE
---------
TOTAL CASH DISBURSEMENTS $18,829.00
===========
A
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/11/96 CK# 5754 BPC - GENERAL $4,140.10 PR TAX TRANSFER
7/22/96 CK# 5781 BPC - GENERAL 1,178.69 PR TAX TRANSFER
7/29/96 CK# 5786 BPC - GENERAL 4,164.71 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $9,483.50
=========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/11/96 CK# 1197 KEY BANK OF UTAH $3,437.57 FEDERAL TAX DEPOSIT
7/16/96 CK# 1198 KEY BANK OF UTAH 34.13 FEDERAL UNEMPLOYMENT
7/16/96 CK# 1199 UTAH DEPT OF EMP. SEC. 1,144.56 STATE UNEMPLOYMENT
7/29/96 CK# 1200 KEY BANK OF UTAH 3,456.00 FEDERAL TAX DEPOSIT
7/29/96 CK# 1201 UTAH STATE TAX COMM'N 1,411.24 STATE INCOME TAX
7/31/96 BNK STMT KEY BANK OF UTAH 1.41 SERVICE CHARGE
--------
TOTAL CASH DISBURSEMENTS $9,484.91
=========
B
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/03/96 DS070396 C. CAMOZZI $236.00 INSURANCE REIMBURSEMENT
7/03/96 DS070396 D. GARDINER 240.00 INSURANCE REIMBURSEMENT
7/03/96 DS070396 BONNEVILLE FUELS 6,760.67 OFFICE EXPENSE REIMBURS.
7/03/96 DS070396 SAN DIEGO GAS & ELEC. 1,859.48 ENERGY REV-KYOCERA
7/18/96 DS071896 KYOCERA AMERICA 104,910.77 ENERGY REV-KYOCERA
7/23/96 DS072396 LEWIS & ROCA 4,175.00 EXPENSE REIMBURSEMENT
7/23/96 DS072396 C. MOWER 11.62 EXPENSE REIMBURSEMENT
7/25/96 DS072596 R. HIXSON 1,000,000.00 SETTLEMENT PAYMENT
7/31/96 BNK STMT KEY BANK OF UTAH 3,551.07 INTEREST INCOME
------------
TOTAL CASH RECEIPTS $1,121,744.61
=============
C
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1996
CASH DISBURSEMENTS JOURNAL
DATE CHECK # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/3/96 1005742 50 W. BROADWAY ASSOC INC $12,513.00 RENT-OFF/SPACE & PARK
7/8/96 1005743 AMPCO SYSTEM PARKING 591.00 RENT-PARKING
7/8/96 1005744 BENEFICIAL LIFE INSURANCE 640.14 INSURANCE-LIFE
7/8/96 1005745 BONNEVILLE PACIFIC SERVICE 46.20 O&M EXPENSE-KYOCERA
7/8/96 1005746 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE
7/8/96 1005747 CYMA HELP! 519.09 OFF.SUPPLIES & EXPENSE
7/8/96 1005748 FLORAL TAPESTRY 42.45 OFF.SUPPLIES & EXPENSE
7/8/96 1005749 GEM INSURANCE CO 3,328.00 INSURANCE-HEALTH
7/8/96 1005750 MOUNT OLYMPUS WATER 17.35 OFF.SUPPLIES & EXPENSE
7/8/96 1005751 REDMAN VAN & STORAGE CO. 84.87 RENT-STORAGE
7/8/96 1005752 TRAVEL ZONE CRUISE ZONE 900.00 TRAVEL EXPENSE
7/11/96 1005753 BONNEVILLE PACIFIC/PAYROLL 9,377.09 TRANSFER-PAYROLL ACCT
7/11/96 1005754 BPC PAYROLL TAX ACCOUNT 4,140.10 TRANS.-PAYROLL TAX ACCT
7/11/96 1005755 FIRST INTERSTATE BANK OF C 743.30 401K CONTRIBUTIONS
7/15/96 1005756 FRANCHISE TAX BOARD OF CAL 6,400.00 STATE INCOME TAX
7/15/96 1005757 NEW MEXICO TAXATION & REVE 50.00 STATE INCOME TAX
7/15/96 1005758 ARIZONA DEPARTMENT OF REVE 50.00 STATE INCOME TAX
7/15/96 1005759 UTAH STATE TAX COMMISSION 1,200.00 STATE INCOME TAX
7/15/96 1005760 IDAHO STATE TAX COMMISSION 60.00 STATE INCOME TAX
7/22/96 1005761 VOID
7/22/96 1005762 FEDERAL EXPRESS INC 13.00 EXPRESS MAIL EXPENSE
7/22/96 1005763 GENERATOR POWER SYSTEMS 13,239.17 O&M EXPENSE - KYOCERA
7/22/96 1005764 HALL PLUMBING MECHANICAL 187.63 OFF.SUPPLIES & EXPENSE
7/22/96 1005765 MOUNT OLYMPUS WATER 27.96 OFF.SUPPLIES & EXPENSE
7/22/96 1005766 MOUNTAIN STATE OFF PRODCT 43.51 OFF.SUPPLIES & EXPENSE
7/22/96 1005767 OMNI COMPUTER PRODUCTS 240.49 OFF.SUPPLIES & EXPENSE
7/22/96 1005768 THE PLANT GALLERY 69.50 OFF.SUPPLIES & EXPENSE
7/22/96 1005769 THE PRUDENTIAL 984.71 INSURANCE - DISABILITY
7/22/96 1005770 PREFERRED DATA SUPPLY INC 151.12 OFF.SUPPLIES & EXPENSE
7/22/96 1005771 REDMAN VAN & STORAGE CO IN 499.82 RENT - STORAGE
7/22/96 1005772 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE - KYOCERA
7/22/96 1005773 TRAVEL ZONE CRUISE ZONE 725.00 TRAVEL EXPENSE
7/22/96 1005774 UNUM LIFE INSURANCE CO OF 1,587.44 INSURANCE - DISABILITY
7/22/96 1005775 US WEST COMMUNICATIONS 929.19 TELEPHONE EXPENSE
7/22/96 1005776 WESTERN TRAVEL INC 1,607.00 TRAVEL EXPENSE
7/22/96 1005777 XEROX CORPORATION 345.62 OFF.SUPPLIES & EXPENSE
7/22/96 1005778 AIRBORNE EXPRESS 19.96 EXPRESS MAIL EXPENSE
7/22/96 1005779 A T & T 866.36 TELEPHONE EXPENSE
7/22/96 1005780 WORKERS COMPENSATION FND O 188.26 INSURANCE-WORKERS COMP
7/22/96 1005781 BPC PAYROLL TAX ACCOUNT 1,178.69 TRAN.-PAYROLL TAX ACCT
7/25/96 1005782 NEILSON ELGGREN DURKIN 385,443.44 PROF. FEES & COSTS
7/25/96 1005783 US TRUSTEE 3,750.00 QUARTERLY TRUSTEE FEE
7/25/96 1005784 GEM INSURANCE CO 1,424.00 INSURANCE - HEALTH
7/29/96 1005785 BONN. PACIFIC/PAYROLL 9,422.39 TRANSFER - PAYROLL ACCT
7/29/96 1005786 BPC PAYROLL ACCOUNT 4,164.71 TRANS-PAYROLL TAX ACCT
7/29/96 1005787 FIRST INTERSTATE BANK OF C 743.30 401K CONTRIBUTIONS
7/29/96 BK STMT KEY BANK 70.37 BANK SERVICE CHARGE
-------
TOTAL CASH DISBURSEMENTS $479,921.49
===========
D
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
7/01/96 GJ278 D. CORRADINI $50,000.00 SETTLEMENT PAYMENT
7/01/96 GJ278 W. JOHNSON 50,000.00 SETTLEMENT PAYMENT
7/01/96 GJ278 MAYER BROWN PLATT 183,260.17 SETTLEMENT PAYMENT
7/01/96 GJ278 ABN AMRO 27,236.11 TRANSFER
7/31/96 BNK STMT KEY BANK OF UTAH 27,621.48 INTEREST INCOME
----------
TOTAL CASH RECEIPTS $338,117.76
============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
7/26/96 CSHRS CK BEUS GILBERT & MORRILL $7,115,728.80 PROF. FEES/COSTS
7/31/96 BNK STMT KEY BANK OF UTAH 43.71 BANK SERV. CHARGE
-------------
TOTAL CASH DISBURSEMENTS $7,115,772.51
=============
E
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD ACCOUNT
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/31/96 BNK STMT US BANK $66,052.69 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
NONE
F
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/01/96 GJ278 PERKINS COIE $12,750,000.00 SETTLEMENT PAYMENT
7/02/96 GJ278 BANK ONE 1,785.74 TRANSFER
7/31/96 BNK STMT BANK ONE 25,958.55 INTEREST INCOME
TOTAL CASH RECEIPTS $12,777,744.29
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/02/96 GJ278 BPC $32,150,000.00 TRANSFER
7/26/96 GJ278 BEUS GILBERT & MORRILL 6,850,000.00 PROF. FEES/COSTS
7/31/96 BNK STMT BANK ONE 5.00 BANK SRVCE CHARGE
TOTAL CASH DISBURSEMENTS $39,000,005.00
G
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
U.S. Treasury Bonds
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/02/96 GJ278 BPC $32,150,000.00 TRANSFER
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/02/96 GJ278 BPC $1,785.74 TRANSFER
H
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/31/96 BNK STMT KEY BANK OF UTAH $10.46 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
NONE
I
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
NCA 1 Sales Tax Escrow
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/31/96 BNK STMT KEY BANK OF UTAH $286.11 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/01/96 GJ278 ABN AMRO $27,236.11 TRANSFER
J
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period July 1 - July 31, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/01/96 CK# 5746 BPC $11,195.00 TRANSFER
7/31/96 BNK STMT KEY BANK OF UTAH 479.87 INTEREST INCOME
TOTAL CASH RECEIPTS $11,674.87
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
7/31/96 CK# 1024 GENERATOR POWER $680.14 KYOCERA O&M EXPENSE
K
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of July 31, 1996
- ------------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $ 55,258,119
Accounts receivable - trade 107,046
Accounts receivable - settlements (Note 7) 66,350,000
Accounts receivable - affiliates 289,987
Prepaid Insurance 15,904
Accrued interest receivable 590,481
----------
Total current assets $122,611,537
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,745,635
----------
Total fixed assets 3,944,059
Less: Accumulated depreciation <2,937,990>
----------
Net fixed assets 1,006,069
Other Assets:
Investment in and advances to subsidiaries
and partnership 27,500,564
Other assets 64,852
----------
Total other assets 27,565,416
------------
TOTAL ASSETS $151,183,022
============
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 19,479
Accounts payable - professional fees
and costs (Note 7) 23,572,154
Accrued income taxes payable 1,702,157
Taxes payable 82,029
Accrued interest 29,511
----------
Total post-petition liabilities $ 25,405,330
Pre-petition liabilities:
Priority claims 61,186
Secured debt 2,664,535
Unsecured debt (Note 5) 132,119,183
-----------
Total pre-petition liabilities 134,844,904
TOTAL LIABILITIES 160,250,234
Commitments and Contingent Liabilities (Notes 3, 4 and 6)
OWNERS' EQUITY
Capital stock or owners' investment 213,752
Paid-in-capital 91,835,029
[PAGE]
Treasury stock <2,308,255>
Retained earnings:
Pre-petition <56,551,908>
Post-petition <42,255,830>
----------
TOTAL OWNERS' EQUITY <9,067,212>
----------
TOTAL LIABILITIES AND OWNERS' EQUITY $151,183,022
============
Form 2-C
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period July 1 - July 31, 1996
Gross operating revenue $ 179,817
Less discount, returns and allowances 0
Net operating revenue $ 179,817
Cost of goods sold <98,554>
--------
Gross profit 81,263
Operating expenses:
Salaries and wages 27,795
Rent and leases 12,363
Payroll taxes 2,519
Insurance 4,529
Other 11,776
Total operating expenses ------ <58,982>
Operating income (loss) 22,281
Legal and professional fees and costs
(Note 7) 21,799,528
Depreciation, depletion and amortization 1,203
Interest expense 27,722
Total ------ <21,828,453>
Net operating income (loss) <21,806,172>
Non-operating income and (expenses):
Interest income 562,369
Other income 6,721
Other income - settlements (Note 7) 66,000,000
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 1,013,670
Net non-operating income or (expenses) --------- 67,582,760
Net income (loss) before income taxes 45,776,588
Provision for income taxes (Note 8) 1,706,677
NET INCOME (LOSS) $44,069,911
===========
Form 2-D
Page 1 of 3
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period July 1 to July 31, 1996
1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation,
included in the Monthly Financial Report, are prepared on the accrual basis.
As a result, revenues are generally recorded when earned rather than when
received and expenses are generally recognized when the obligation is incurred
rather than when the expenses are paid. During bankruptcy accrued interest
payable is recorded only on post petition debt and pre-petition secured debt
to the extent that the underlying collateral equals or exceeds the outstanding
principal plus the accrued interest payable. These financial statements are
prepared in a format required by the U.S. Bankruptcy Code. While every effort
is made to comply with generally accepted accounting principles (GAAP), these
financial statements may not comply with GAAP in all respects.
2. Equity in earnings of subsidiaries and partnerships represents an accrual
of the Company's share of earnings or losses of its operating subsidiaries and
partnerships. These earnings are affected by a number of factors including
seasonality, operating costs and operating efficiency. The operating entities
which comprise these earnings include Bonneville Pacific Services Company,
Bonneville Fuels Corporation, and Bonneville Nevada Corporation through its
investment in the NCA #1 Partnership.
3. The balance sheet does not reflect deeply subordinated claims totalling
$14,945,000 which are claims resulting from court approved settlement
agreements pursuant to which a creditor has agreed to subordinate its
particular claim in payment priority to all other claims of any kind whatsoever
including, but not limited to late filed claims, subordinated debenture holder
claims, equity claims, claims of equity holder or subordinated debenture
holders who had sold their stock or bonds, and claims which have been
subordinated pursuant to 11 U.S.C. Section 510 (b).
4. The balance sheet does not reflect CIGNA's settled and allowed $10,000,000
subordinated claim which is on par with any allowed equity claims.
Form 2-D
Page 2 of 3
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period July 1 to July 31, 1996
5. Included in recorded liabilities are liabilities of $31,081,000 that are
being disputed by the Trustee. In addition, numerous liabilities are being
investigated by the Trustee for possible objection.
6. Total liabilities as shown in the accompanying balance sheet do not reflect
certain liabilities and other claims, contingent or otherwise, that are the
subject matter of filed or potentially filed claims. To date, claims and
potential claims have been estimated to exceed $350,000,000. This amount
includes claims under investigation, potential claims of limited partners,
potential claims of equity holders, disputed claims, and accrued interest on
certain claims.
7. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were fully
effective as of July 31, 1996 and are reflected on the July 31, 1996 Financial
Statements.
Settlements reached between the Trustee and any person or entity where all
conditions for the settlement to become fully effective has not occurred as of
July 31, 1996 are not reflected on the July 31, 1996 Financial Statements.
Such settlements include those with:
Fraser Beatty/Michael Bradley $10,000,000
Piper Jaffray Inc. $10,000,000
Contingent professional fees of up to approximately $6,600,000 relating to
the two settlements have not been reflected on the financial statements
(further information concerning the settlements is contained in the narrative,
which is attached).
8. As of April 30, 1995, Bonneville and Subsidiaries had approximately
$124,000,000 in federal net operating loss carryforwards and approximately
$114,000,000 in alternative minimum tax loss carryforwards for Federal Income
Tax purposes. Pursuant to current tax law, only 90 percent of current
alternative minimum taxable income can be offset by alternative minimum tax
loss carryforwards. The financial statements reflect the accrual of an
estimated $1,700,000 alternative minimum tax liability resulting from
operations and the receipt of proceeds from settlements.
Form 2-D
Page 3 of 3
[PAGE]
BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period July 1 to July 31, 1996
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $ -0- $ $<4,213.95> $ 2,102.67 7/11/96 1197
2,111.28 7/29/96 1200 $ -0-
State -0- <1,411.24> 1,411.24 7/29/96 1201 -0-
FICA tax withheld -0- <1,339.81> 667.45 7/11/96 1197
672.36 7/29/96 1200 -0-
Employer's FICA tax -0- <1,339.81> 667.45 7/11/96 1197
672.36 7/29/96 1200 -0-
Unemployment tax:
Federal -0- <34.13> 34.13 7/16/96 1198 -0-
State -0- <1,144.56> 1,144.56 7/16/96 1199 -0-
Sales, use & excise taxes -0- -0-
Property taxes <79,912.00> <2,317.00> <82,229.00>
Accrued income tax:
Federal -0- <1,693,600.00> <1,693,600.00>
State -0- <8,557.00> <8,557.00>
Delaware franchise tax -0- -0-
Employee withholding -0- <1,486.60> 743.30 7/11/96 1005755 -0-
743.30 7/29/96 1005787
TOTALS $ <79,912.00> $ -0- $<1,715,444.10> $10,970.10 $<1,784,386.00
</TABLE>
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period July 1 to July 31, 1996
<TABLE>
<CAPTION>
Policy
Amount of Expiration Premium Paid
Carrier/Agent Coverage Date Thru Date
<S> <C> <C> <C> <C>
Worker's Compensation Various State Funds Statutory
$1,000,000 (A) 07/31/96
General Liability Travelers Insurance/
Sedgwick James 5,000,000 06/06/97 06/06/97
Vehicles Travelers Insurance/
[Hired/Non-owned] Sedgwick James 5,000,000 06/06/97 06/06/97
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/96 08/17/96
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/96 08/17/96
(A) All workers compensation insurance policies are insured through various state insurance funds.
As such, they continue in force as premiums are paid and have no policy expiration dates.
</TABLE>
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period July 1 to July 31, 1996
Non-Affiliate
Accounts Accounts
Receivable Payable
----------- -----------
Under 30 days $66,456,458 $22,914,862
30 to 60 days 9 0
61 to 90 days 12 0
Over 90 days 567 676,771*
---------- ----------
Total post-petition 66,457,046 23,591,633
Pre-petition amounts 0 4,273,537
---------- ----------
Total accounts receivable $66,457,046
===========
Total accounts payable $27,865,170
===========
Affiliate
Accounts
Receivable
Under 30 days $ 10,453
30 to 60 days 48,364
61 to 90 days 5,640
Over 90 days 225,530
-----------
Total post-petition affiliate
accounts receivable $ 289,987
===========
(*) Accounts payable over 90 days past due primarily represents
professional fees incurred prior to the Trustee's appointment
currently being considered by the court for payment.
Form 2-E
Page 3 of 5
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments of Fees and Costs to Attorneys and Other Professionals
For Period July 1 to July 31, 1996
Date of
Court Estimated
Amount Paid Approval Balance Due
Debtor's Counsel $0 $100,000
Counsel for Unsecured
Creditors' Committee 0 139,487
Court Appointed Trustee 0 103,206 **
Trustee's Counsel 0 369,459 **
Trustee's Accountants 0 106,000
Special Litigation Counsel for
Trustee - Costs 0 199,292
Trustee - Fees 0 22,122,000 ***
Buccino and Associates 0 132,853
Financial Advisors for
Unsecured Creditors
Committee 0 290,223
Creditor's Committee 0 9,634
----- ------------
Total $0 $23,572,154
===== ============
* Settlement amounts under advisement by the Court.
** Includes only hourly rate and miscellaneous Trustee costs.
Does not include any additional amounts that may be awarded by the court
relating to 11 USC Section 326 or as an enhanced fee to either the
Trustee or the Trustee's general counsel.
*** Includes an accrual for any contingent fees due as a result of court
approved settlements or recoveries. Estimated contingent fees will be
accrued when settlements are approved by the court and the accrual will
be revised when fee applications are filed with the Bankruptcy Court.
Further information concerning settlements is contained in the narrative
which is attached.
Form 2-E
Page 4 of 5
[PAGE]
DEBTOR: BONNEVIllE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period July 1 to July 31, 1996
- ------------------------------------------------------------------------------
Payee Name Position Nature of Payment Amount
- ------------------------------------------------------------------------------
Ralph F Cox Director Director fees -0-
Calvin L Rampton Director Director fees -0-
Clark M Mower President Salary 12,014.60
Form 2-E
Page 5 of 5
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended July 31, 1996
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
January $1,328,436.60
February 250,804.29
March 2,301,171.04
------------
Total 1st Quarter 3,880,411.93 $5,000.00 1005634 4/23/96
April 262,428.76
May 113,914.30
June 793,980.15
-----------
Total 2nd Quarter 1,170,323.21 3,750.00 1005783 7/25/96
July 14,435,215.07
August
September -------------
Total 3rd Quarter
October
November
December
--------------
Total 4th Quarter
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
Form 2-F
