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) October 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
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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 if the
Registrant modified its reporting obligations under the Exchange Act. A copy of
the Monthly Financial Report for the period September 1, 1996 to September 30,
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.
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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 October 15, 1996
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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 October 15, 1996
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MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period September 1 to September 30, 1996
Accounting Method Used: |X| Accrual Basis |_| Cash Basis
COVER SHEET
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH.
Mark One Box For Each The debtor must attach each of the following reports/
Required Report/Document 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: October 15, 1996
Debtor(s): BONNEVILLE PACIFIC CORPORATION
By: R. Stephen Blackham
Position: Assistant Controller
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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 October 1996.
_______________________________________
Roger G. Segal, Chapter 11 Trustee
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DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended September 30, 1996
______________________________________________________________________________
Bonneville Pacific Corporation (the "Company" or "Bonneville") has
continued to conduct its normal business activities during the month of
September 1996 (the reporting period). These activities have included responding
to the Operating Guidelines and Reporting Requirements for Chapter 11 debtors.
Significant actions related to the Company during the month of September
and the first part of October 1996(1)(other than administrative matters,
including professional fee applications) in accordance with various provisions
of the Bankruptcy Code are as follows:
1. The Segal v. Portland General, et al. action pending in the United
States District Court, Case No. 92-C-364-J (the "Litigation") has been
discussed at length in the previous Monthly Financial Reports filed by
the Trustee and in the Trustee's four (4) Annual Reports, including
the Report for the period of July 1, 1995 through June 30, 1996 filed
on September 19, 1996, Concerning the Administration of the Estate.
The Annual Report for this latest period is attached to this Monthly
Financial Report. These Reports (which are on file with both the
Bankruptcy Court and the Securities & Exchange Commission) must be
reviewed for an understanding of the history and nature of the
Litigation, including previous settlements (2) reached by the Trustee.
The $65,000,000.00 Deloitte settlement dated April 23, 1996 was
approved by the Bankruptcy Court and the litigation by the Trustee
against Deloitte was dismissed by the District Court; however, two
appeals to the United States District Court for the District of Utah
were filed concerning the Bankruptcy Court's Order approving the
Deloitte settlement. As a result of the appeals, Deloitte & Touche was
required, pursuant to the terms of the Settlement Agreement, as
approved by the Bankruptcy Court, to pay the $65,000,000.00 into an
interest-bearing escrow account; Deloitte & Touche did, on June 21,
1996, pay the $65,000,000.00 into an escrow account created for the
settlement. All parties to the appeals fully briefed the issues on
appeal. The Trustee also filed a Motion to Consolidate the Appeals and
at a hearing held on July 22, 1996 the Court, in the absence of an
objection, granted the Motion to Consolidate. At a hearing held on
July 26, 1996, on the merits of the
______________________________
(1) This narrative attempts to summarize significant events affecting the
Company through October 11, 1996.
(2) Each settlement agreement should be reviewed in its entirety for all terms
and conditions (and consideration) of the settlement.
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appeal, all parties to the appeals presented a Stipulated Order which
affirmed the Bankruptcy Court's order approving the settlement and
resolved the appeals in the Trustee's favor; the District Court on
July 26, 1996 entered its Order Affirming the Bankruptcy Court Order
Approving the Deloitte & Touche Settlement. The $65,000,000.00, plus
accrued interest of $352,224.00, was paid from the escrow account to
the Company on September 5, 1996 at which time $21,450,000.00 in
attorney fees, previously approved by the United States Bankruptcy
Court (order dated July 23, 1996), was paid to the Trustee's special
litigation counsel, Beus, Gilbert & Morrill.
On August 8, 1996, the Trustee entered into a comprehensive settlement
agreement with defendants Fraser & Beatty and J. Michael Bradley. The
settlement2 provided 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 had against Fraser & Beatty, J.
Michael Bradley and related parties. The settlement was conditioned
upon approval by the United States District Court and the United
States Bankruptcy Court. The motion to the Bankruptcy Court for
approval of the settlement was heard as scheduled on September 3,
1996, at which hearing the Bankruptcy Court approved the settlement.
The United States District Court, based upon the Stipulated Motion for
Final Judgment and Order of Dismissal of the Parties, on September 4,
1996, signed the Judgment and Order of Dismissal of Fraser & Beatty
and J. Michael Bradley from the Litigation. The $10,000,000.00
settlement was paid to the Company on September 9, 1996.
On August 12, 1996, the Trustee entered into a comprehensive
settlement agreement with Piper Jaffray Inc. The settlement2 provided
for payment to Bonneville Pacific Corporation of Seven Million
($7,000,000.00) dollars during the month of September 1996 in exchange
for a complete release of any and all claims which the Trustee or the
estate had against Piper Jaffray Inc. and related parties. The
settlement also provides for payment by Piper Jaffray Inc. of another
$1,500,000.00 to the Company on September 9, 1997 and an additional
$1,500,000.00 to the Company on September 9, 1998. The settlement was
conditioned upon approval by the United States District Court and the
United States Bankruptcy Court. The motion to the Bankruptcy Court for
approval of the settlement was heard by the Bankruptcy Court as
scheduled on September 9, 1996, at which hearing the Bankruptcy Court
approved the motion. The United States District Court, based upon the
stipulated motion of the parties, on September 10, 1996, signed the
Final Judgment and Order of Dismissal of Piper Jaffray from the
Litigation. The $7,000,000.00 settlement payment was paid to the
Company on September 1, 1996.
On August 22, 1996 the Trustee entered into a comprehensive verbal
settlement agreement with Portland General Corporation ("PGC"), its
wholly owned subsidiary, Portland General Holding Inc. ("PGHI") and
certain past and present officers of PGC or PGHI (collectively such
entities and persons are referred to as "Portland"). Pursuant to the
settlement, which was documented by formal settlement agreement2 dated
September 9, 1996, Portland will release any and all claims against
Bonneville, its estate and related entities and individuals
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except that PGHI will retain ownership of 2,000,000 shares of common
stock of Bonneville. PGHI will surrender ownership of approximately
7,842,000 shares of common stock of Bonneville and Portland will
withdraw with prejudice its filed claim (in the amount of
$230,369,276.00) against Bonneville and will dismiss its counterclaim
against Bonneville and its estate now pending in the Litigation. In
exchange Portland will receive a release from Bonneville and its
estate of all claims and causes of action, including those asserted in
the Litigation. The settlement is intended to resolve any and all
claims and/or rights and interest of the parties against one another
and related entities and individuals except for such restricted rights
as PGHI will have as the owner of 2,000,000 shares of common stock of
Bonneville. Furthermore the settlement and will result in Thirty
Million Six Hundred Twenty Thousand Five Hundred Forty Dollars
($30,620,540.00) of liabilities now reflected on Bonneville's Balance
Sheet being removed therefrom as well as a reduction of approximately
Two Hundred Million Dollars ($200,000,000.00) from the amount of
unbooked liabilities reflected in note 6 to the Balance Sheet. The
settlement was conditioned upon approval by the United States District
Court and the United States Bankruptcy Court. The Motion for Approval
of the Settlement Agreement was heard by the United States Bankruptcy
Court as scheduled on October 7, 1996, at which hearing the Bankruptcy
Court approved the Motion. The United States District Court, based
upon the Stipulated Motion of the parties on October 11, 1996, signed
the Final Judgment and Order of Dismissal of Portland General from the
Litigation.
On September 20, 1996 the Trustee entered into a verbal settlement
agreement with Kidder Peabody. Pursuant to the settlement, which was
documented by formal settlement agreement dated October 4, 1996,
Kidder Peabody will pay $15,000,000.00 to Bonneville Pacific
Corporation , for a complete release of any and all claims which the
Trustee or the estate has against Kidder Peabody. The settlement is
conditioned upon approval by the United States District Court and the
United States Bankruptcy Court. The Trustee has filed a Motion for
Approval of the Settlement Agreement with the United States Bankruptcy
Court and a hearing on the Motion has been scheduled for October 28,
1996. Kidder Peabody, on October 4, 1996, paid the $15,000,000.00 to
the Trustee to be held in trust pending approval of the settlement; if
the settlement is approved and the Litigation dismissed then the funds
held in trust by the Trustee will be paid to the Company.
All litigation settlement recoveries actually received by the Company
are subject to a contingency fee in favor of the law firm of Beus,
Gilbert & Morrill, special litigation counsel for the Trustee. The
"Legal Representation Agreement" between the Trustee and Beus, Gilbert
& Morrill, which agreement sets forth the terms of the contingent fee
arrangement, was approved by the Bankruptcy Court in 1992. Pursuant to
the contingent fee agreement, Beus, Gilbert & Morrill would, after
subtracting for litigation costs, be paid forty percent (40%) of any
settlement or litigation recoveries received after trial commences,
thirty-three percent (33%) of any settlement sums received after the
litigation is filed but before trial commences, or, as the case may
be, twenty percent (20%) of the settlement sum received if the
settlement occurs before litigation is commenced ( in all instances
less amounts paid to
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The Trustee's General Counsel, Cohne, Rappaport & Segal, P.C., for
fees related to the Litigation). Any fees or costs to be paid to Beus,
Gilbert & Morrill must first be allowed (approved) by the Bankruptcy
Court upon application after notice and hearing. Beus, Gilbert &
Morrill, on October 10, 1996, filed its Fifth Application(3) for
Allowance of Interim Fees seeking allowance of $10,678,397.33 in fees
based upon (a) the Ten Million Dollar ($10,000,000.00) Fraser & Beatty
settlement, (b) the Fifteen Million Dollar ($15,000,000.00) Kidder
Peabody Settlement (if approved and paid), (c) the Seven Million
Dollar ($7,000,000.00) settlement sum paid by Piper Jaffray, (d) the
One Million Dollar ($1,000,000.00) Hixson Settlement, and (e)
miscellaneous other litigation recoveries which collectively for the
period totals less then One Million Dollars ($1,000,000.00). A hearing
on the application has been scheduled before the United States
Bankruptcy Court on November 4, 1996(4).
The remaining defendant in the Litigation(5) is Westinghouse Electric
Corporation. On March 31, 1996, the Trustee filed with the Court a
revised damage calculation. Westinghouse adamantly disputed the
Trustee's damage claims and filed motions to strike the revised damage
calculation. At various pretrial hearings beginning on July 30, 1996
and continuing on various days thereafter, the Court struck some of
the Trustee's remaining causes of action against Westinghouse and
substantially reduced the amount of possible damages recoverable from
that sought by the Trustee in his March 31, 1996 revised damage
calculation. A further hearing in the Litigation has been scheduled by
the Court for October 15, 1996. The Trustee continues to believe that
Westinghouse will have to defend the litigation on the merits.
As with any litigation, the ultimate net return to the estate from the
remaining defendants (i.e., Westinghouse and those defendants
specified in footnote 5 hereof) is uncertain. It is estimated that the
litigation, taking into account appeals, may take years to fully
resolve.
2. On July 17, 1996 the Trustee entered into a comprehensive settlement
agreement with National Union Fire Insurance Company of Pittsburgh,
Pennsylvania ("National Union") and Mark E. Rinehart wherein the
Company would waive all claims against National Union and Rinehart
(and vice-versa) in exchange for a payment of $400,000.00 by National
Union to the Company. The settlement agreement itself must be read in
its entirety for all terms and conditions. The agreement was
conditioned upon approval by the United States Bankruptcy
___________________________
(3) Concerning Beus, Gilbert & Morrill's ("BGM") Fourth Fee Application, on
September 5, 1996, BGM was paid $21,450,000.00 from the Deloitte & Touche
settlement proceeds as authorized by the Bankruptcy Court in its July 23, 1996
order.
(4) Beus, Gilbert & Morrill is also seeking at the November 4, 1996 hearing
(based upon its thirteenth interim cost application) reimbursement for
litigation costs expended during the period from June 1, 1996 to September 30,
1996 which total $655,956.09.
(5) Defendants in separate actions which were severed from the Litigation are
Calpine Corporation, William Cerutti, Ronald Yanke and Dinuba Energy.
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Court. The hearing on the Trustee's Motion to Approve the Settlement
was heard as scheduled on August 20, 1996 at which hearing the Court
approved the Motion. The settlement payment of $400,000.00 was paid to
the Company on September 6, 1996.
In addition to the above described litigation matters, the Company continues in
its business operations. Significant actions and events during September 1996
related to business matters are as follows:
1. The Trustee and his counsel continue to monitor the Company's 50%
general partnership interest in NCA #1 owned through the Company's
wholly owned subsidiary, Bonneville Nevada Corporation. NCA #1 is a
Nevada general partnership that owns an 85-megawatt cogeneration
project located near Las Vegas, Nevada. As previously reported, Nevada
Power Company ("NPC") curtailed its purchases of electrical power from
NCA #1 during significant portions of 1994 and 1995. The curtailments
have continued during 1996.
As previously reported, NCA #1 together ith NCA #2 (a related power
project in which the Company does not have any ownership interest)
filed a Demand for Arbitration and Statement of Claims with the Las
Vegas office of the American Arbitration Association ("AAA") seeking
redress of the NPC curtailments during 1994-1995. NPC filed a petition
with the Eighth Judicial District Court for Clark County Nevada
seeking to enjoin the arbitration. This petition was denied both upon
initial consideration and upon a Motion for Reconsideration. The
Arbitration proceeded and has now been concluded. NPC filed an appeal
with the Nevada Supreme Court relative to its Motion to Enjoin
Arbitration. In response, NCA #1 and NCA #2 filed its Answering Brief
with the Supreme Court on August 9, 1996 and NPC filed its reply brief
on September 11, 1996. Oral arguments on the appeal are expected to be
heard in the Spring of 1997.
Since January 1, 1996, curtailments of NCA #1 have continued but at a
significantly lower level than during the same period in 1995. No NPC
curtailments occurred during the reporting period. There is no
assurance that this trend will continue. It is NCA #1's position that
the curtailments are in possible violation of applicable curtailment
protocols and possible breach of NCA #1's Power Purchase Contract with
NPC. The Trustee will continue to monitor this situation.
On June 7, 1995, NPC filed a petition with the Public Service
Commission of Nevada ("PSCN") seeking to ratify its prior curtailment
practices. NCA #1 filed an objection to this petition and the First
Judicial District Court of the State of Nevada stayed further action
on the petition pending resolution of collateral matters. On September
18, 1996 NPC has submitted a motion to clarify and limit the scope of
the stay relative to other cogeneration facilities which may have a
collateral effect upon the First Judicial District Court's prior
rulings. NCA # has prepared its brief in opposition and the Trustee
will also monitor this litigation.
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On September 27, 1996, NCA #1 was served with Findings and Notices of
Violation issued by Region IX of the United States Environmental
Protection Agency (the "EPA") for alleged violations of the Clean Air
Act's Prevention of Significant Deterioration program applicable for
the State of Nevada. Specifically, EPA alleges that NCA #1, contrary
to applicable operating permits, failed to timely install "Best
Available Control Technology" at the plant in the form of a selective
catalytic reduction system to control NOx emissions. NCA #1 refutes
these allegations and has commenced appropriate administrative
measures in response to the EPA's allegations.
On September 27, 1996 the Trustee gave notice of his intent to use
estate funds totaling approximately One Million Dollars
($1,000,000.00) (which sum includes principal, interest and fees) to
fully satisfy (prepay) the obligation owing Bank of Tokyo on its
secured claim (secured by the stock of Bonneville Nevada Corporation,
a wholly owned subsidiary of the company, having a 50% partnership
interest in the NCA #1 project).
Analysis of Claims and Possible Distributions.
Claims against the Bonneville Pacific bankruptcy estate total several hundred
million dollars; starting in October this amount will be reduced by
approximately Two Hundred and Thirty Million Dollars ($230,000,000.00) in booked
and unbooked liabilities due to the Trustee's settlement with Portland (as
discussed in this narrative). The exact amount of such claims (which include
unfiled claims relating to the purchase or sale of the Company's stock and bonds
for which a December 16, 1996 bar date has now been established) is still
undetermined and the distribution priority for such claims is still being
researched, investigated, litigated or negotiated by the Trustee and other
parties in interest(6).
On August 20, 1996 the Trustee filed a Motion for Establishment of a
Supplementary Claims Bar Date seeking to set December 16, 1996 as the
supplementary claims bar date by which all creditors of Bonneville who had not
previously been adequately notified to file claims must complete and file a
proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes that
most of the new claims which may be filed would relate to possible claims
against Bonneville arising out of the purchase or sale of its securities. The
Motion also sought approval of a form of notice to be sent to potential
creditors, approval of a form proof of claim, approval of a procedure to
identify potential claimants and a procedure for notice by publication. A
hearing on the Motion was scheduled before the Bankruptcy Court on September 10,
1996. No objections to the Motion were filed and at the hearing the Court
granted the Motion and signed an order establishing the supplementary claims bar
deadline. Consequently, the Trustee is proceeding with the action authorized by
the order granting the Motion. Pursuant to the Order Approving the Motion,
notice has been sent to more than 5,000
_________________________
(6) On or about October 10, 1996, the Bankruptcy Court entered an order
approving a June 30, 1995 settlement agreement between the Trustee and the law
firm of Parsons, Behle and Latimer ("PBL"). In the settlement PBL (who had been
special counsel for the Debtor-In-Possession) will be paid by the Company the
sum of $100,000.00 in complete satisfaction of all administrative claims PBL may
possess against the Bonneville bankruptcy estate.
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potential claimants and notice has been published in newspapers throughout the
United States
At this time it is not clear what postpetition taxes for periods after April 30,
1995, if any, are owed by the Company.7 In light of the material litigation
settlements which have occurred after May 1, 1996, in an effort to resolve tax
issues the Trustee currently intends to file with the Internal Revenue Service
and other appropriate taxing authorities an application to change the Company's
tax year from one ending on April 30th to one ending on December 31st. The
Trustee desires to change the Company's tax year period (if changed the
Company's present tax year would be from May 1, 1996 through December 31, 1996
and thereafter would be on a calendar year basis) in order to facilitate the
filing of a plan of reorganization of the Company. By shortening the Company's
tax year, the Trustee may be able to receive a prompt tax determination for the
tax year ending December 31, 1996, which determination will facilitate any party
in interest filing a plan of reorganization because the amount of tax owed by
the Debtor, if any, should be quantified (See 11 U.S.C. Section 505).
At this time it is not known whether interest will ever be paid on any allowed
unsecured claim because (a) it is not at all clear that the estate will possess
sufficient funds to pay interest on any particular class of claims, and (b) the
law concerning payment of interest to any particular class of claims is not
clear and therefore even if sufficient funds did exist, the issue of payment of
interest (and the rate of interest, if any) to any particular class of claims
would have to be either consensually resolved in a plan of reorganization or
would have to be adjudicated by a court of competent jurisdiction.
No plan of reorganization negotiations which include the Trustee are now being
conducted. However, in light of the settlements to date reached in the
Litigation and in light of the recent approval of the Portland Settlement, the
Company is now in the position to have all claims filed and to begin the process
of formulating and proposing a plan of reorganization. Plan negotiations with
creditors will not begin at the earliest for several weeks and it will be
several months, if not substantially more, before any creditor with an allowed
claim can anticipate receiving any distribution from the estate.
For a discussion of some of the claims against the estate, see Section VII of
the Trustee's Fourth Annual Report for the period from July 1, 1995 through June
30, 1996 (attached hereto) as well as the discussion in this narrative. Claims
of the bondholders (debenture holders) may be subordinate in payment priority to
the claims of banks and those creditors similarly situated.
The Trustee has employed the law firm of Weil, Gotshall & Manges, L.L.P., with
its principal office in New York City, as Special Plan Counsel. The purpose of
the employment includes, but is not limited to, advising the Trustee concerning
tax issues and assisting the Trustee and his General Counsel concerning a plan
of reorganization and issues relating thereto.
________________________
(7) The Company's consolidated income tax returns for the tax year ending April
30, 1996 have not yet been filed but appropriate extensions have been received
by the Company.
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DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period September 1 - September 30, 1996
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CASH RECONCILIATION
1. Beginning Cash Balance: $54,495,581.18
2. Cash Receipts: (See Page 2 of 2) 85,282,729.75
3. Cash Disbursements: (See Page 2 of 2) (23,406,763.83)
4. Net Cash Flow: 61,875,965.92
5. Ending Cash Balance: (to Form 2-C) $116,371,547.10
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CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
PAYROLL ACCOUNT $1,082.87 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 360.91 KEY BANK OF UTAH
GENERAL CORP CASH 386,526.45 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 1,986,392.85 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 10,701,362.96 (A) US BANK
CHPTR 11 TRUSTEE - JNT CD 5,208,408.50 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,128,505.53 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 344,738.41 (A) BANK ONE
UNITED STATES TREASURY BONDS 92,445,933.21 BANK ONE
PROCEEDS FROM ASSET SALES 3,946.75 (A) KEY BANK OF UTAH
NCA 1 SALES TAX ESCROW 0.00* (B) ABN AMRO BANK OF NEW YORK
KYOCERA MAINTENANCE RESERVE 164,288.66 KEY BANK OF UTAH
$116,371,547.10
* RESTRICTED CASH $0.00
(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 were pledged as
collateral to the State of Nevada. The final transfer was made in
September. The account was closed and the requirements of the State of
Nevada relating to sales tax reserves have been met.
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DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period September 1 - September 30, 1996
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CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $21,780.60 17-A
PAYROLL TAX ACCOUNT 9,994.09 18-B
GENERAL CORP CASH 1,976,612.73 19-C
CHPTR 11 TRUSTEE JOINT ACCT 1,216,585.49 21-E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 64,660.39 22-F
CHPTR 11 TRUSTEE JT SAVINGS 55,536,082.89 23-G
UNITED STATES TREASURY BONDS 121,062,500.76 24-H
PROCEEDS FROM ASSET SALES 10.18 25-I
NCA 1 SALES TAX ESCROW 101.56 26-J
KYOCERA MAINTENANCE RESERVE 11,744.21 27-K
179,900,072.90
LESS: ACCOUNT TRANSFERS (94,617,343.15)
TOTAL CASH RECEIPTS $85,282,729.75
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $21,814.00 17-A
PAYROLL TAX ACCOUNT 9,999.05 18-B
GENERAL CORP CASH 1,967,866.84 20-D
CHPTR 11 TRUSTEE JOINT ACCT 43.32 21-E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 0.00 22-F
CHPTR 11 TRUSTEE JT SAVINGS 55,233,548.40 23-G
UNITED STATES TREASURY BONDS 60,764,781.81 24-H
PROCEEDS FROM ASSET SALES 0.00 25-I
NCA 1 SALES TAX ESCROW 26,053.56 26-J
KYOCERA MAINTENANCE RESERVE 0.00 27-K
118,024,106.98
LESS: ACCOUNT TRANSFERS (94,617,343.15)
TOTAL CASH DISBURSEMENTS $23,406,763.83
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DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period September 1 - September 30, 1996
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CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/11/96 CK# 5859 BPC - GENERAL $11,187.36 PAYROLL TRANSFER
9/26/96 CK# 5868 BPC - GENERAL 10,593.24 PAYROLL TRANSFER
TOTAL CASH RECEIPTS $21,780.60
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
9/15/96 PAYROLL SUMMARY $11,187.36
9/30/96 PAYROLL SUMMARY 10,593.24
9/30/96 BNK STMT KEY BANK OF UTAH 33.40 SERVICE CHARGE
TOTAL CASH DISBURSEMENTS $21,814.00
17-A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/11/96 CK# 5860 BPC - GENERAL $5,271.14 PR TAX TRANSFER
9/26/96 CK# 5869 BPC - GENERAL 4,722.95 PR TAX TRANSFER
TOTAL CASH RECEIPTS $9,994.09
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
9/11/96 CK# 1205 KEY BANK OF UTAH $4,400.91 FED TAX DEPOSIT
9/26/96 CK# 1206 KEY BANK OF UTAH 3,921.69 FED TAX DEPOSIT
9/26/96 CK# 1207 UT STATE TAX COMMISSION 1,671.49 STATE INCOME TAX
9/30/96 BNK STMT KEY BANK OF UTAH 4.96 SERVICE CHARGE
TOTAL CASH DISBURSEMENTS $9,999.05
18-B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1996
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
9/17/96 DS091796 SAN DIEGO GAS & ELECTRIC $3,829.83 ENERGY REV-KYOCERA
9/17/96 DS091796 MORRIS TRAVEL 194.00 EXPENSE REIMBURSEMENT
9/20/96 DS092096 BONNEVILLE NEVADA CORP 1,800,000.00 DIVIDEND PAYMENT
9/26/96 DS092696 BONNEVILLE PACIFIC SVCS 40,238.72 EXPENSE REIMBURSEMENT
9/26/96 DS092696 BONNEVILLE NEVADA CORP 20,807.05 EXPENSE REIMBURSEMENT
9/26/96 DS092696 KYOCERA AMERICA 101,093.31 ENERGY REV-KYOCERA
9/26/96 DS092696 RAY HIXSON TRUST 7,956.38 INSURANCE REIMBURSEMENT
9/30/96 BNK STMT KEY BANK OF UTAH 2,493.44 INTEREST INCOME
TOTAL CASH RECEIPTS $1,976,612.73
19-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
DATE CHECK # PAYEE AMOUNT DESCRIPTION
9/3/96 1005828 AIRBORNE EXPRESS 9.98 EXPRESS MAIL EXPENSE
9/3/96 1005829 AMPCO SYSTEM PARKING 591.00 RENT - PARKING
9/3/96 1005830 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER - MAINT RESERVE
9/3/96 1005831 GEM INSURANCE CO. 4,040.00 INSURANCE - HEALTH
9/3/96 1005832 MOUNT OLYMPUS WATER 28.92 OFFICE SUPPLIES & EXP
9/3/96 1005833 MOUNTAIN STATES OFF PRODUCTS 143.27 OFFICE SUPPLIES & EXP
9/3/96 1005834 SECRETARY OF STATE OF CA 10.00 OFFICE SUPPLIES & EXP
9/3/96 1005835 SEDGWICK JAMES OF COLORADO 52,885.00 INSURANCE-PROP & ERTHQK
9/3/96 1005836 STEVEN H STEPANEK 528.82 TRAVEL REIMBURSEMENT
9/3/96 1005837 TOWN OF SHELDON TOWN TREAS 2,191.49 PROPERTY TAXES
9/3/96 1005838 US WEST COMMUNICATIONS 878.16 TELEPHONE EXPENSE
9/3/96 1005839 WELLS FARGO BANK 45.00 401K TRUST FEES
9/3/96 1005840 ALPHA GRAPHICS LITIGATION 576.00 OFFICE SUPPLIES & EXP
9/6/96 1005841 50 WEST BROADWAY ASSOC INC 12,413.00 RENT-OFFICE SPACE & PRKG
9/6/96 1005842 AIRBORNE EXPRESS 19.96 EXPRESS MAIL EXPENSE
9/6/96 1005843 AUTOMATED OFFICE SYSTEMS I 310.95 OFFICE SUPPLIES & EXP
9/6/96 1005844 BENEFICIAL LIFE INSURANCE 727.24 INSURANCE LIFE
9/6/96 1005845 INTERWEST GROUP INC 45.00 OFFICE SUPPLIES & EXP
9/6/96 1005846 MOUNT OLYMPUS WATER 10.61 OFFICE SUPPLIES & EXP
9/6/96 1005847 MOUNTAIN STATES OFF PRODUCTS 165.56 OFFICE SUPPLIES & EXP
9/6/96 1005848 OMNI COMPUTER PRODUCTS 559.65 OFFICE SUPPLIES & EXP
9/6/96 1005849 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXP
9/6/96 1005850 THE PRUDENTIAL 1,273.53 INSURANCE - DISABILITY
9/6/96 1005851 PREFERRED DATA SUPPLY INC 508.72 OFFICE SUPPLIES & EXP
9/6/96 1005852 STATE OF UTAH 10.00 OFFICE SUPPLIES & EXP
9/6/96 1005853 TRAVEL ZONE CRUISE ZONE 1,774.90 TRAVEL EXPENSE
9/6/96 1005854 WESTERN TRAVEL INC 3,299.64 TRAVEL EXPENSE
9/6/96 1005855 XEROX CORPORATION 329.90 OFFICE SUPPLIES & EXP
1005856 VOID
9/6/96 1005857 FIDELITY TRANSFER COMPANY 800.00 OFFICE SUPPLIES & EXP
9/10/96 1005858 VISIBLE COMPUTER SUPPLY CO 63.77 OFFICE SUPPLIES & EXP
9/11/96 1005859 BONNEVILLE PACIFIC/PAYROLL 11,187.36 TRANSFER-PAYROLL ACCT
9/11/96 1005860 BPC PAYROLL TAX ACCOUNT 5,271.14 TRANSFER-PAYROLL TAX ACCT
9/11/96 1005861 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS
9/13/96 1005862 GENERATOR POWER SYSTEMS IN 12,347.15 O&M EXPENSE KYOCERA
9/13/96 1005863 MOUNT OLYMPUS WATER 34.70 OFFICE SUPPLIES & EXPENSE
9/13/96 1005864 REDMAN VAN & STORAGE CO IN 611.83 RENT - STORAGE
9/13/96 1005865 SEDGWICK JAMES OF COLORADO 200.00 INSURANCE - POLICY FEES
20
<PAGE>
9/20/96 1005866 BOT FINANCIAL CORP 1,800,000.00 LOAN PAYMENT
9/24/96 1005867 LAW MAIL 3,500.00 OFFICE SUPPLIES & EXPENSE
9/26/96 1005868 BONNEVILLE PACIFIC/PAYROLL 10,593.24 TRANSFER-PAYROLL ACCT
9/26/96 1005869 BPC PAYROLL TAX ACCOUNT 4,722.95 TRANSFER-PAYROLL TAX ACCT
9/26/96 1005870 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS
9/26/96 1005871 CASH 484.97 OFFICES SUPPLIES & EXP
9/26/96 1005872 CBSA-CORP BENEFIT SVCS OF 21,782.27 INSURANCE HEALTH
9/30/96 BNK STMT KEY BANK 49.32 SERVICE CHARGE
TOTAL CASH DISBURSMTS 1,967,866.84
20-D
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/05/96 GJ278 BONNEVILLE PACIFIC CORP $783,781.50 TRANSFER
9/06/96 GJ278 NATIONAL UNION 400,000.00 SETTLEMENT PYMT
9/18/96 GJ278 ABN AMRO 26,053.56 TRANSFER
9/30/96 BNK STMT KEY BANK OF UTAH 6,750.43 INTEREST INCOME
TOTAL CASH RECEIPTS $1,216,585.49
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
9/30/96 BANK STMT KEY BANK OF UTAH $43.32 BANK SERVICE CHRG
21-E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD ACCOUNT
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/30/96 AJE0907 BANK ONE $64,660.39 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
22-F
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period September 1 - September 30, 1996
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/04/96 GJ279 FRASER BEATTY $9,999,996.00 SETTLEMENT PAYMENT
9/12/96 GJ279 BANK ONE 22,260,000.00 TRANSFER
9/19/96 GJ279 PIPER JAFFRAY 7,000,000.00 SETTLEMENT PAYMENT
9/26/96 GJ279 BANK ONE 16,271,000.00 TRANSFER
9/30/96 BANK STMT BANK ONE 5,086.89 INTEREST INCOME
$55,536,082.89
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
9/06/96 GJ279 BONNEVILLE PACIFIC CORP $9,800,129.86 TRANSFER TO SECURITIES
9/06/96 GJ279 BONNEVILLE PACIFIC CORP 21,664,118.34 TRANSFER TO SECURITIES
9/20/96 GJ279 BONNEVILLE PACIFIC CORP 7,499,285.61 TRANSFER TO SECURITIES
9/26/96 GJ279 BONNEVILLE PACIFIC CORP 16,270,004.59 TRANSFER TO SECURITIES
9/30/96 BANK STMT BANK ONE 10.00 BANK SERVICE CHARGE
$55,233,548.40
23-G
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Short Term Marketable Securities
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/05/96 GJ279 US BANK $22,215,759.16 DELOITTE & TOUCHE STLMT
9/05/96 GJ279 US BANK 18,022.65 GAIN ON SALE OF T-BILL
9/05/96 GJ279 US BANK 21,138,305.97 DELOITTE & TOUCHE STLMT
9/05/96 GJ279 US BANK 21,998,259.51 DELOITTE & TOUCHE STLMT
9/06/96 GJ279 BONNEVILLE PACIFIC CORP 9,800,129.86 TRANSFER
9/12/96 GJ279 BONNEVILLE PACIFIC CORP 21,664,118.34 TRANSFER
9/20/96 GJ279 BONNEVILLE PACIFIC CORP 7,499,285.61 TRANSFER
9/26/96 GJ279 BONNEVILLE PACIFIC CORP 16,270,004.59 TRANSFER
9/30/96 BANK STMT BANK ONE 458,615.07 INTEREST
$121,062,500.76
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
9/05/96 GJ279 BEUS GILBERT & MORRILL $21,450,000.00 PROFESSIONAL FEES
9/05/96 GJ279 BONNEVILLE PACIFIC CORP 783,781.50 TRANSFER
9/05/96 GJ279 US BANK .31 SERVICE CHARGE
9/12/96 GJ279 BONNEVILLE PACIFIC CORP 22,260,000.00 TRANSFER
9/26/96 GJ279 BONNEVILLE PACIFIC CORP 16,271,000.00 TRANSFER
$60,764,781.81
24-H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/30/96 BNK STMT KEY BANK OF UTAH $10.18 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
25-I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
NCA 1 Sales Tax Escrow
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/30/96 BNK STMT KEY BANK OF UTAH $101.56 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
9/18/96 GJ278 ABN AMRO $26,053.56 TRANSFER
`
26-J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period September 1 - September 30, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
9/03/96 CK# 5830 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER
9/30/96 BNK STMT KEY BANK OF UTAH 549.21 INTEREST INCOME
TOTAL CASH RECEIPTS $11,744.21
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
27-K
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of September 30, 1996
- -----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $116,371,547
Accounts receivable - trade 94,553
Accounts receivable - settlements
(Note 7) 4,350,000
Accounts receivable - affiliates 258,555
Prepaid Insurance 62,104
Accrued interest receivable 608,670
Total current assets $121,745,429
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 28,467,652
Other assets 62,446
Total other assets 28,530,098
TOTAL ASSETS $151,281,596
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $59,823
Accounts payable - professional fees
and costs (Note 7) 9,398,028
Accrued income taxes payable 1,324,056
Taxes payable (Note 9) 86,463
Accrued interest 3,479
Total post-petition liabilities $10,871,849
Pre-petition liabilities:
Priority claims 61,186
Secured debt 942,336
Unsecured debt (Notes 1, 5 and 9) 131,840,639
Total pre-petition liabilities 132,844,161
TOTAL LIABILITIES 143,716,010
Commitments and Contingent Liabilities (Notes 3, 4 and 6)
29
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of September 30, 1996 (continued)
OWNERS' EQUITY
Capital stock or owners' investment 213,752
Paid-in-capital 91,835,029
Treasury stock (2,308,255)
Retained earnings:
Pre-petition (56,551,908)
Post-petition (25,623,032)
TOTAL OWNERS' EQUITY (Notes 3, 4 and 6) 7,565,586
TOTAL LIABILITIES AND OWNERS' EQUITY $151,281,596
30
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period September 1 - September 30, 1996
- -----------------------------------------------------------------------------
Gross operating revenue $188,596
Less discount, returns and allowances 0
Net operating revenue $ 188,596
Cost of goods sold (99,972)
Gross profit 88,624
Operating expenses:
Salaries and wages 32,309
Rent and leases 12,263
Payroll taxes 1,678
Insurance 5,420
Other 58,456
Total operating expenses (110,126)
Operating income (loss) (21,502)
Legal and professional fees and costs
(Note 7) 6,754,056
Depreciation, depletion and amortization 1,203
Interest expense (Note 9) 24,047
Total (6,779,306)
Net operating income (loss) (6,800,808)
Non-operating income and (expenses):
Interest income 482,108
Other income 3,282
Other income - settlements (Note 7) 20,007,956
Equity in earnings (losses)
of subsidiariesand partnerships
(Note 2) 792,247
Net non-operating income or (expenses) 21,285,593
Net income (loss) before income taxes 14,484,785
Provision for income taxes (Note 8) 291,696
NET INCOME (LOSS) $14,193,089
31
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period September 1 to September 30, 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. Specifically,
prepetition unsecured debt does not include any accrual of interest after
December 5, 1991. 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. Also see the narrative
which is attached hereto.
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.
5. Included in recorded liabilities are liabilities of approximately
$31,000,000 that are being disputed by the Trustee. In addition, some other
liabilities are being investigated by the Trustee for possible objection.
32
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period September 1 to September 30, 1996
- ------------------------------------------------------------------------------
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, and potential administrative fees as may be allowed by
the Bankruptcy Court. See narrative for information concerning December 16,
1996 supplemental claims bar dead line.
7. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were fully
effective as of September 30, 1996 and are reflected on the September 30,
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 September 30, 1996 are not reflected on the September 30, 1996 Financial
Statements. Such settlements include those with:
Portland General $30,621,000
Waiver of Book Obligations
Kidder Peabody $15,000,000
Cash settlement
Contingent professional fees of up to approximately $5,000,000 relating to
these settlements have not been reflected on the financial statements
(further information concerning these 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 $2,200,000 alternative minimum tax liability
resulting from operations and the receipt of proceeds from settlements.
9. Interest expense and accrued interest payable that are reflected on the
financial statements are related only to financial obligations incurred
post-bankruptcy and do not relate to pre- bankruptcy liabilities.
33
<PAGE>
<TABLE>
<CAPTION>
BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period September 1 to September 30, 1996
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
Income tax withheld:
Federal $-0- $ $ (4,966.28) $ 2,641.59 9/11/96 1205
2,324.69 9/26/96 1206 $-0-
State -0- (1,671.49) 1,671.49 9/26/96 1207 -0-
FICA tax withheld -0- (1,678.16) 879.66 9/11/96 1205
798.50 9/26/96 1206 -0-
Employer's FICA tax -0- (1,678.16) 879.66 9/11/96 1205
798.50 9/26/96 1206 -0-
Unemployment tax:
Federal -0- -0-
State -0- -0-
Sales, use & excise taxes -0- -0-
Property taxes (84,246.00) (2,217.00) (86,463.00)
Accrued income tax:
Federal (1,109,103.00) (291,696.00) (1,400,799.00)
State 76,743.00 76,743.00
Delaware franchise tax -0- -0-
Employee withholding -0- (1,577.34) 788.67 9/11/96 1005861 -0-
788.67 9/26/96 1005870
TOTALS ($1,116,606.00) $ -0- $(305,484.43) $11,571.43 (1,410,519)
</TABLE>
34
<PAGE>
<TABLE>
<CAPTION>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period September 1 to September 30, 1996
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Policy
Amount of Expiration Premium Paid
Carrier/Agent Coverage Date Thru Date
Worker's Compensation Various State Funds Statutory
$1,000,000 (A) 09/30/96
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 08/17/97
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/96 08/17/97
(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>
35
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period September 1 to September 30, 1996
- ----------------------------------------------------------------------------
Non-Affiliate
Accounts Accounts
Receivable Payable
Under 30 days $ 4,443,937 $ 8,682,938
30 to 60 days 19 0
61 to 90 days 9 0
Over 90 days 588 676,771
Total post-petition 4,444,553 9,359,709
Pre-petition amounts 0 3,994,994
Total accounts receivable $ 4,444,553
Total accounts payable $13,354,703
Affiliate
Accounts
Receivable
Under 30 days $ 21,663
30 to 60 days 3,670
61 to 90 days 3,691
Over 90 days 229,531
Total post-petition affiliate
accounts receivable $ 258,555
(*) 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.
36
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments of Fees and Costs to Attorneys and Other Professionals
For Period September 1 to September 30, 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 64,499**
Trustee's Counsel 0 235,915**
Trustee's Accountants 0 175,224
Trustee's Special Plan Counsel 0 100,000
Special Litigation Counsel for
Trustee - Costs 0 655,926
Trustee - Fees 0 7,494,267***
Buccino and Associates 0 132,853
Financial Advisors for
Unsecured Creditors
Committee 0 290,223
Creditor's Committee 0 9,634
Total 0 $9,398,028
* Settlement amounts under advisement by the Court were approved on October
7, 1996.
** 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.
37
<PAGE>
DEBTOR: BONNEVIllE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period September 1 to September 30, 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
38
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended September 30, 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 1,092,955.09
September 23,406,763.83
Total 3rd Quarter 38,934,933.99
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.
39
