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) July 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 if the Registrant modified its reporting obligations under
the Exchange Act. A copy of the Monthly Financial Report for the period June
1, 1996 to June 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.
[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 July 15, 1996
[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: R. Stephen Blackham
Assistant Controller
DATED July 15, 1996
[PAGE]
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter 11, for the period June
1, 1996 to June 30, 1996, of the Registrant, dated July 15,
1996 as filed by the Registrant with the United States
Bankruptcy Court for the District of Utah, Central Division
on July 15, 1996. . . . . . . . . . . . . . . . .5
[PAGE]
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period June 1 to June 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/ documents unless the U.S. Trustee has waived the
Document 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: July 15, 1996
Debtor(s): BONNEVILLE PACIFIC CORPORATION
-----------------------------------
By: R. Stephen Blackham
Position: Assistant Controller
[PAGE]
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period June 1 to June 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/ documents unless the U.S. Trustee has waived the
Document 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: July 15, 1996
Debtor(s): BONNEVILLE PACIFIC CORPORATION
-----------------------------------
By: R. Stephen Blackham
Position: Assistant Controller
[PAGE]
Bankruptcy No. 91A-27701
Narrative
For the Month Ended June 30, 1996
______________________________________________________________________________
Bonneville Pacific Corporation (the Company) has continued to conduct its
normal business activities during the month of June 1996 (the reporting
period). These activities have included responding to the Operating Guidelines
nd Reporting Requirements for Chapter 11 debtors.
Significant actions related to the Company during the month of June and the
first part of July 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 three (3) Annual Reports Concerning
the Administration of the Estate. These Reports (which are on file
with both the Bankruptcy Court and the Securities & Exchange
Commission) should be reviewed for an understanding of the history and
nature of the Litigation.
The last ninety (90) days have resulted in substantial changes in the
Litigation. Specifically, the Trustee has,within the last ninety (90)
days, conditionally settled with the following defendants for the
following amounts:
Defendant Amount of Settlement2
Deloitte Touche $ 65,000,000.00
Mayer Brown & Platt $ 30,000,000.003
Perkins-Coie $ 12,750,000.00
L. Wynn Johnson $ 1,650,000 004
Robert Pratt/Moriah Enterprises $ 675,000.00
______________________
1. This narrative attempts to summarize significant events affecting
the Company through July 12, 1996
2. Each Settlement Agreement should be reviewed in its entirety for
all terms and conditions (and consideration) of the settlement.
3. Mayer Brown & Platt is also required to disgorge $177,000 plus
interest in prepetition attorneys fees paid by the Company.
Additionally, Mayer Brown & Platt under certain circumstances may
be required to pay up to a n additional $3,500,000.00 to the
Company.
4. Plus other consideration such as one-half (1/2) of any tax refund
received by Johnson or entities related to Johnson.
[PAGE]
The $65,000,000.00 Deloitte settlement has been approved by the Bankruptcy
Court and the litigation by the Trustee against Deloitte has been dismissed
by the District Court; however, two appeals to the United States District Court
for the District of Utah have been 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. In the
event that the appeals are finally resolved in the Trustee's favor, the
escrowed funds, together with accrued interest, will be disbursed to the
Trustee. If, on appeal, the Bankruptcy Court's Order approving the Settlement
Agreement is vacated, reversed or amended in a material manner, the Settlement
Agreement will not become effective and the escrowed funds, together with
interest thereon, will be returned to Deloitte & Touche and the Litigation
against Deloitte & Touche will be reinstated as if never dismissed. On June
13, 1996 the Trustee filed with the District Court motions to dismiss the
appeals. All parties to the appeals are now in the process of fully briefing
the issues on appeal, with such briefing to be complete by approximately the
end of July, 1996.
All of the other above-referenced settlements were conditioned upon final
approval by the Bankruptcy Court and dismissal by the District Court; the
Johnson and Pratt/Moriah settlements were approved (without objection) by the
Bankruptcy Court on May 14, 1996; the Mayer, Brown & Platt and Perkins-Coie
settlements were approved (without objection) by the Bankruptcy Court on May
24, 1996.
Motions to dismiss the above described settling defendants from the District
Court litigation were filed and a hearing was held before the District Court
on June 18, 1996. At the hearing the District Court dismissed Mayer Brown &
Platt, Perkins-Coie, Johnson and Pratt/Moriah from the Litigation and
subsequently the orders of dismissal were entered by the District Court.
Mayer Brown & Platt, as required by the Court Approved Settlement, paid the
$30,000,000.00 to the estate on June 30, 1996. In addition the $177,000
plus interest previously paid by Mayer Brown & Platt which was held in escrow
by the Trustee was unconditionally transferred to the estate on July 1, 1996.
The Pratt/Moriah settlement payment of $675,000.00 was paid to the estate on
June 21, 1996.
The Johnson initial settlement payment of $250,000.00 was paid to the estate
on June 24, 1996 and the remaining $1,400,000.00 over a period of approximately
two years (of which $50,000.00 was paid by Johnson on or about July 1, 1996).
On July 3, 1996 Mr. Johnson, pursuant to a plea bargain, plead guilty to two
(2) Felony Counts in a criminal case related to Bonneville. All other criminal
counts against Mr. Johnson were dismissed. Mr. Johnson is scheduled to be
sentenced on September 12, 1996.
Perkins Coie, as required by the terms of the Court Approved Settlement, paid
the $12,750,000.00 to the estate on July 1, 1996.
Each of the above-referenced settlement sums (as well as all other settlements
referenced in this narrative) are, if paid, 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 (which total several million dollars) receive thirty-three
percent (33%) of the settlement sums actually paid (except 20% for the Hixson
settlement, see paragraph 5), less amounts paid to the Trustee's General
Counsel (Cohne, Rappaport & Segal, P.C.)
[PAGE]
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.
Beus, Gilbert & Morrill, on July 2. 1996, filed its Third Application for
Allowance of Fees seeking allowance of $34,583,542.92 of which $13,133,542.92
would be payable immediately and the remaining $21,450,000.00 would be paid
when the estate receives the Deloitte & Touche settlement funds from the
escrow.
The remaining defendants in the Litigation5 are Piper Jaffray, Kidder Peabody,
Portland General and related individuals, Fraser & Beatty, Michael Bradley and
Westinghouse Electric Corporation. On March 31, 1996, the Trustee filed with
the Court a revised damage calculation pursuant to which the bankruptcy estate
continues to assert damage claims against the remaining defendants totaling
several hundred million dollars. The remaining defendants adamantly dispute
the Trustee's damage claims and the defendants have filed Motions to strike
the revised damage calculation. A pre-trial hearing began on May 6, 1996 and
concluded on May 14, 1996. At the conclusion of the pre-trial hearing, the
Court scheduled (a) a further pre-trial hearing solely on the issue of damages
for July 30 and July 31, 1996; (b) a final pre-trial hearing beginning on
September 10, 1996; and (c) a trial date to begin on October 1, 1996. 6The
Court also, during the pre-trial hearing, excluded all of the Trustee's RICO
claims against the various defendants and the RICO claim of Portland General
asserted in its counterclaim against the Company. While the Court has various
motions to dismiss under advisement and while up to eighteen (18) pending
Motions for Summary Judgment have been filed by the defendants the Trustee
believes that ultimately most, if not all, of the remaining defendants, to the
extent they do not settle, will have to defend the litigation on the merits.
As with any litigation, the ultimate net return to the estate from the
remaining defendants is uncertain. It is estimated that the Litigation,
taking into account appeals, may take years to fully resolve.
2. On June 28, 1996 Deedee Corradini and Yan Ross made the last $50,000.00
payment as required by the Court Approved August 17, 1993 Settlement
Agreement with the Trustee.
3. On December 19, 1995, a hearing was held in the District Court concerning
Portland General's Motion for Authority to File a Counterclaim against
the Company in connection with the Segal v.Portland General, et al,
litigation. The Court ruled that Portland General may assert a limited
counterclaim for the purpose of liquidating its alleged claim against the
estate (such claim asserted by Portland General is apparently in excess
of $76,000,000.00)7. The Trustee continues to assert that Portland
General should have no claim against the Company or, alternatively, that
any claim Portland General has against the Company be equitably
subordinated to all other claims of any kind whatsoever. Portland General
continues to assert that its claim should be allowed in full, although at
this time it is not clear whether Portland General wants to keep its
asserted 9,842,067 shares of stock in the Company, wants to assert a
monetary claim relating to the purchase of that stock, or wants to both
keep the stock and pursue the stock claim.
______________________
5. Defendants in separate actions which were severed from the Litigation
are Calpine Corporation, William Cerutti, Ronald Yanke and Dinuba
Energy.
6. The Court may schedule additional days of pretrial before the now
scheduled 10/1/96 trial date.
7. Specifically, Portland General asserts that it has an approximately
$27,000,000.00 claim relating to monies allegedly loaned by Portland
General to the Company (of which a portion is allegedly a secured
claim - on Bonneville Fuels stock) and the remaining $49,000,000.00
relates to Portland General's purchase of the Company's common stock.
[PAGE]
4. The Trustee is currently engaged in ongoing negotiations 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. At the present
time, a final settlement agreement is being circulated for execution.
5. On June 13, 1996 the Trustee entered into a comprehensive settlement
agreement with Raymond Hixson, a former officer, director and large
shareholder of the Company, and other parties or entities related to
Mr. Hixson. A Motion for approval of the settlement was filed with
the Bankruptcy Court on June 20, 1996 and a hearing on the Motion is
scheduled for July 22, 1996. Pursuant to the settlement agreement the
Trustee agreed, on behalf of the Company and its bankruptcy estate, to
waive all claims possessed by the Trustee against Hixson (Hixson had
signed a "tolling agreement" which tolled the running of the statute
of limitations on such claims) in exchange for Hixson agreeing to pay
to the estate one million dollars ($1,000,000.00) and other
consideration. Such other consideration included assigning to the
Trustee one-half of any future tax refunds received by the Hixsons and
a one-half interest in a charitable trust created by the Hixsons. Mr.
Hixson also agreed to meet with the Trustee and his counsel concerning
his knowledge about Bonneville and its financial affairs. The
settlement agreement should be reviewed in its entirety for all terms
and conditions (and consideration) of the settlement. The settlement
is conditioned upon approval of the Settlement Agreement by the
Bankruptcy Court.
On July 9, 1996 Mr Hixson, pursuant to plea bargain, plead guilty to
two (2) felony counts in a criminal case related to Bonneville. All
other criminal counts against Mr. Hixson were dismissed. Mr Hixson is
scheduled to be sentenced on September 20, 1996.
In addition to the above described litigation matters, the Company continues
in its business operations. Significant actions and events during June 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, On July 24, 1995, NCA #1 together with 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 for the NPC curtailments during
1994-95. Arbitration hearings were held and an Interim Arbitration
Award was issued. Subsequently, the parties entered into a Settlement
and Release Agreement wherein NCA #1 was awarded $829,920 for improper
curtailments during the designated period. Payment of the settlement
award by Nevada Power Company to NCA #1occurred as expected during the
month of May 1996. The Settlement and Release Agreement does not
include any provisions regulating future curtailments of the Projects
but keeps in tact each of the parties' rights to pursue curtailment
protocol issues in the courts, as described below and before the Public
Service Commission of Nevada ("PSCN").
[PAGE]
Since January 1, 1996, curtailments of NCA #1 have continued but at a
dramatically lower level than during the same period in 1995. 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. No further
action took place relative this matter during the reporting period.
On June 24, 1996 NCA #1 made a distribution to its partners and
Bonneville Nevada Corporation received $600,000.00, which was
subsequently up streamed to the company and paid by the company on June
27, 1996 to Bank of Tokyo in accordance with the terms of the Adequate
Protection Agreement.
Analysis of Claims and Possible Distributions.
Claims against the Bonneville Pacific bankruptcy estate total several hundred
million dollars; the exact amount of such claims (which include unfiled claims
relating to the sale of the Company's stock and bonds) and the distribution
priority for such claims are still being researched, investigated, litigated or
negotiated by the Trustee and other parties in interest.
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 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 discussed in this narrative,
the Company may now be in a position to have all claims filed (many potential
claimants were not given proper notice of the original claim bar date in 1992)
and then begin the process of negotiating and proposing a plan of
reorganization. Until such time as all claims have been filed (particularly
those claims relating to the sale of the Company's stock and bonds), it is not
realistic to propose a plan. Additionally, Portland General's $76,000,000.00
claim against the Company (discussed in this Narrative) may also have to be
resolved (by settlement or litigation) or "crammed-down," before a plan could
be confirmed. The Trustee anticipates beginning the work necessary to have all
claims filed in the near future. Plan negotiations may not begin for several
months 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 VIII of
the Trustee's Third Annual Report for the period from July 1, 1994 through June
30, 1995. As indicated therein, claims of the bondholders may be subordinate
in payment priority to the claims of banks and those creditors similarly
situated. For additional discussion concerning claims against the estate
also see the damage calculation filed by the Trustee with the District Court on
March 31, 1996 in the Segal v. Portland General, et al. Litigation.
[PAGE]
On June 7, 1996 the Trustee filed an application to employ 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, assisting the Trustee and the Trustee's General Counsel concerning
a plan of reorganization and issues relating thereto, including, in some
instances, dealing with claims against the Estate. Notice of the application
was given to certain creditors and interested parties and a hearing was held
as scheduled before the Bankruptcy Court on June 18, 1996; at the conclusion
of the hearing the Court overruled the two (2) objections, approved the
application and entered its order approving the Trustee's employment of Weil,
Gotshall and Manges.
On May 22, 1996 the Bankruptcy Court entered its Memorandum Opinion and
Decision8 on the Motion for Re-Consideration filed by Hansen, Jones and Leta
and Snell & Wilmer concerning the Court's December 2, 1992 Memorandum Decision
denying both law firms any fee compensation (as counsel for the Debtor-in-
possession) and Ordering disgorgement of all payments previously received
(approximately $178,000.00) by such law firms as counsel for the Company.
Both law firms have filed an appeal of the decision. The amount at issue
(i.e., total fees paid to or requested by the two firms) totals almost
$500,000.00. Snelll & Wilmer on June 27, 1996 paid $29,650.39 (the amount
it was ordered to disgorge) to the Trustee to be held by the Trustee in an
interest bearing account pending final resolution of Snell & Wilmer's appeal.
The $29,650.39 was deposited by the Trustee to such a separate interest bearing
account and will be held pending resolution of the appeal.
__________________________________
8. Ralph R. Mabey and the law firm of Leoeuf, Lamb, Greene and Macrae
(hereinafter collectively "LeBoeuf") filed on June 10, 1996 a "Civil
Ac tion for Extraordinary Relief in the Nature of Mandamus" in
connection with the Bankruptcy Court's May 22, 1996 decision.
LeBoeuf served as counsel for the Unsecured Creditors' Committee until
June 17, 1996 and has (or may) seek payment of fees and costs from the
estate totaling in excess of $300,000.00.
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period June 1 - June 30, 1996
CASH RECONCILIATION
- ------------------------------------------------------------------------------
1. Beginning Cash Balance: . . . . . . . . . . . . . . . $24,472,929.77
2. Cash Receipts: (See Page 2 of 2) . . . . . 31,738,970.28
3. Cash Disbursements: (See Page 2 of 2). . . ( 793,980.15)
4. Net Cash Flow: . . . . . . . . . . . . . 30,944,990,13
-------------
5. Ending Cash Balance: (to Form 2-C) . . . . . . . . . . . . 55,417,919.90
=============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
PAYROLL ACCOUNT $1,177.37 1ST SECURITY BANK/UTAH
PAYROLL TAX ACCOUNT 372.14 KEY BANK OF UTAH
GENERAL CORP CASH 583,506.85 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 7,517,540.80 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 10,635,310.27 (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 26,260,090.49 (A) BANK ONE
PROCEEDS FROM ASSET SALES 3,915.62 (A) KEY BANK OF UTAH
NCA 1 SALES TAX ESCROW 79,852.00* (B) ABN AMRO BANK/NEW YORK
KYOCERA MAINTENANCE RESERVE 129,829.50 KEY BANK OF UTAH
-----------
$ 55,417,919.90
=============
* RESTRICTED CASH 79,852.00
(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 June 1 - June 30, 1996
CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
----------------------------------------------------------
PAYROLL ACCOUNT $19,461.01 A
PAYROLL TAX ACCOUNT 8,645.25 B
GENERAL CORP CASH 749,317.76 C
CHPTR 11 TRUSTEE JOINT ACT 4,713,172.22 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 42,886.24 F
CHPTR 11 TRUSTEE JT SAVINGS 30,260,095.49 G
PROCEEDS FROM ASSET SALES 10.10 H
NCA 1 SALES TAX ESCROW 472.82 I
KYOCERA MAINTENANCE RESERVE 11,633.47 J
-------------
35,805,694.37
LESS: ACCOUNT TRANSFERS (4,066,724.09)
-------------
TOTAL CASH RECEIPTS $31,738,970.28
==============
CASH DISBURSEMENTS JOURNALS
- ------------------------------------------------------------------------------
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $19,492.20 A
PAYROLL TAX ACCOUNT 8,647.58 B
GENERAL CORP CASH 805,093.00 D
CHPTR 11 TRUSTEE JOINT ACCT 43.64 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 N/A
CHPTR 11 TRUSTEE JT SAVINGS 4,000,005.00 G
PROCEEDS FROM ASSET SALES 0.00 H
NCA 1 SALES TAX ESCROW 27,422.82 I
KYOCERA MAINTENANCE RESERVE 0.00 J
-----------
LESS: ACCOUNT TRANSFERS 4,860,704.24
(4,066,724.09)
--------------
TOTAL CASH DISBURSEMENTS $793,980.15
============
FORM 2-B
Page 2 of 2
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
----------------------------------------------------------------------------
6/12/96 CK# 5701 BPC - GENERAL $10,118.95 PAYROLL TRANSFER
6/26/96 CK# 5737 BPC - GENERAL 9,342.06 PAYROLL TRANSFER
----------
TOTAL CASH RECEIPTS $19,461.01
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
----------------------------------------------------------------------------
6/15/96 PAYROLL SUMMARY $10,118.94
6/30/96 PAYROLL SUMMARY 9,342.06
6/30/96 BNK STMT KEY BANK OF UTAH 31.20 SERVICE CHARGE
----------
TOTAL CASH DISBURSEMENTS $19,492.20
A
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
----------------------------------------------------------------------------
6/12/96 CK# 5702 BPC - GENERAL $4,490.16 PR TAX TRANSFER
6/26/96 CK# 5738 BPC - GENERAL 4,155.10 PR TAX TRANSFER
---------
TOTAL CASH RECEIPTS $8,645.26
=========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
-----------------------------------------------------------------------------
6/12/96 CK# 1194 KEY BANK OF UTAH $3,703.37 FEDERAL TAX DEPOSIT
6/26/96 CK# 1195 KEY BANK OF UTAH 3,425.26 FEDERAL TAX DEPOSIT
6/26/96 CK# 1196 UTAH STATE TAX COM'N 1,516.63 STATE INCOME. TAX
6/30/96 BNK STMT KEY BANK OF UTAH 2.32 SERVICE CHARGE
---------
TOTAL CASH DISBURSEMENTS $8,647.58
=========
B
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
-----------------------------------------------------------------------------
6/11/96 DS061196 C. MOWER $18.94 OFF.EXP.REIMB
6/11/96 DS061196 J. SLOAT 236.00 INS. REIMBU.
6/11/96 DS061196 KYOCERA AMERICA 6,824.18 ENERGY REV-KYO
6/21/96 DS061196 WORKERS COMP OF UTAH 158.73 INS. REIMBU.
6/21/96 DS062196 BONNEVILLE PACIFIC SERV. 12,929.13 OFF.EXP.REIMB
6/21/96 DS062196 J. ALLSOP 1,416.00 INS. REIMBU.
6/21/96 DS062196 SAN DIEGO GAS & ELEC. 1,801.32 ENERGY REV-KY0
6/21/96 DS062196 KYOCERA AMERICA 117,620.34 ENEERGY REV-KYO
6/21/96 DS062196 BONNEVILLE NEVADA 6,060.99 OFF.EXP.REIMBU
6/27/96 DS062796 BONNEVILLE NEVADA 600,000.00 DIVIDEND PMT
6/30/96 BNK STMT KEY BANK OF UTAH 2,252.13 INTEREST INC.
----------
TOTAL CASH RECEIPTS $749,317.76
===========
C
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1996
[PAGE]
DATE CHECK # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/3/96 1005680 VOID
6/3/96 1005681 AIRBORNE EXPRESS 51.73 EXPRESS MAIL EXP.
6/3/96 1005682 AMPCO PARKING SYSTEMS 533.00 RENT-PARKING
6/3/96 1005683 AT&T 1,016.56 TELEPHONE EXP.
6/3/96 1005684 AUTOMATED OFFICE SYST. 310.95 OFFICE SUP/EXPENSE
6/3/96 1005685 BENEFICIAL LIFE INSUR.CO. 613.77 INSURANCE-LIFE
6/3/96 1005686 BONNEVILLE PACIFIC SERVICS 645.65 O&M EXPENSE-KYOCERA
6/3/96 1005687 BPC-KYOCERA MAINT. RESERVE 11,195.00 TRANSFER-MAINT.RESERVE
6/3/96 1005688 PETTY CASH 487.79 OFFICE SUP/EXPENSE
6/3/96 1005689 DAY TIMERS, INC. 27.85 OFFICE SUP/EXPENSE
6/3/96 1005690 GEM INSURANCE CO. 3,685.00 INSURANCE-HEALTH
6/3/96 1005691 HERITAGE PRODUCTS INC. 439.66 OFFICE SUP/EXPENSE
6/3/96 1005692 MOUNT OLYMPUS WATER 23.14 OFFICE SUP/EXPENSE
6/3/96 1005693 MT. STATES OFFICE PRODUCTS 65.88 OFFICE SUP/EXPENSE
6/3/96 1005694 CLARK MOWER 898.26 TRAVEL REIMBURSEMENT
6/3/96 1005695 OFFICE WARE 141.68 OFFICE SUP/EXPENSE
6/3/96 1005696 UNUM LIFE INSURANCE CO. 1,442.94 INSURANCE-DISABILITY
6/3/96 1005697 US WEST COMMUNICAITONS 900.37 TELEPHONE EXPENSE
6/3/96 1005698 50 W. BROADWAY ASSOC. 12,513.00 RENT-OFFICE & PARKING
6/7/96 1005699 HURST & ASSOC. 20,000.00 INS. TRUSTEES BOND
6/12/96 1005700 DELAWARE SECRETARY OF STATE 33,618.40 FRANCHISE TAX
6/12/96 1005701 BONNEVILLE PACIFIC CORP. 10,118.95 TRANSFER-PAYROLL
6/12/96 1005702 BONNEVILLE PACIFIC CORP. 4,490.16 TRANSFER-PAYROLL
6/12/96 1005703 FIRST INTERSTATE BANK 733.30 401K CONTRIBUTIONS
6/14/96 1005704 50 W. BROADWAY ASSOC. 250.00 RENT-OFFICE PARKING
6/14/96 1005705 ACCOUNTEMPS INC 183.60 TEMPROARY OFFICE STAFF
6/14/96 1005706 APPLE SPICE JUNCTION 50.14 LUNCHEON MEETING
6/14/96 1005707 FEDERAL EXPRESS, INC. 46.00 EXPRESS MAIL EXPENSE
6/14/96 1005708 GEM INSURANCE CO. 712.00 INSURANCE - HEALTH
6/14/96 1005709 GENERATOR POWER SYSTEMS 23,951.37
6/14/96 1005710 HERITAGE PRODUCTS INC. 203.48 OFFICE SUP/EXPENSE
6/14/96 1005711 INSTY PRINTS INC. 116.37 OFFICE SUP/EXPENSE
6/14/96 1005712 MOUNT OLYMPUS WATER 32.70 OFFICE SJP/REIMBURSE.
6/14/96 1005713 MORRIS TRAVEL 299.00 TRAVEL EXPENSE
6/14/96 1005714 OFFICE TEAM 245.03 TEMPORARY STAFF SERV.
6/14/96 1005715 THE PRUDENTIAL 969.62 INSURANCE-DISABILITY
6/14/96 1005716 PROTEL 62.61 OFFICE SUP/EXPENSES
6/14/96 1005717 REDMAN VAN & STORAGE CO INC. 1,291.33 RENT - STORAGE
6/14/96 1005718 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE-KYOCERA
6/14/96 1005719 SEDGEWICK JAMES OF COLORADO 49,684.00 INS. LIABILITY & AUTO
6/14/96 1005720 WARREN, GORHAM & LAMONT INC. 78.80 OFFICE SUP/EXPENSE
6/14/96 1005721 XEROX CORPORATION 466.37 OFFICE SUP/EXPENSE
6/21/96 1005722 VOID
6/25/96 1005723 CORPROATE TRAVEL INTERNATIONAL 398.00 TRAVEL EXPENSE
6/25/96 1005724 AIRBORNE EXPRESS 19.48 EXPRESS MAIL EXP.
D-1
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1996
CASH DISBURSEMENTS JOURNAL (Cont'd)
DATE CHECK # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/25/96 1005725 AT&T $776.15 TELEPHONE EXPENSE
6/25/96 1005726 AUTOMATED OFFICE SYSTEMS INC. 310.95 OFFICE SUP/EXP.
6/25/96 1005727 FIRST INTERSTATE BANK OF CA 1,230.00 401K QUART. BANK
6/25/96 1005728 DEEA HOBBS 60.45 EXPENSE REIMBURSEM.
6/25/96 1005729 INSTY PRINTS INC. 101.03 OFFICE SUP/EXPENSE
6/25/96 1005730 MT STATES OFFICE PRODUCTS 26.11 OFFICE SUP/EXPENSE
6/25/96 1005731 CLARK MOWER 1,253.99 TRAVEL REIMBURSEMENT
6/25/96 1005732 OFFICE TEAM 104.36 TEMPROARY STAFF SERV.
6/25/96 1005733 PROTEL 366.13 OFFICE SUP/EXPENSE
6/25/96 1005734 STEVEN STEPANEK 348.04 TRAVEL REIMBURSEMENT
6/25/96 1005635 UNUM LIFE INSURANCE CO. 1,565.98 INSURANCE-DISABILITY
6/25/96 1005636 US WEST COMMUNICATIONS 860.15 TELEPHONE EXPENSES
6/26/96 1005637 BONNEVILLE PACIFIC CORP. 9,342.06 TRANSFER-PAYROLL ACCT.
6/26/96 1005638 BONNEVILLE PACIFIC CORP. 4,155.10 TRANSFER-PAYROLL ACCT.
6/26/96 1005639 FIRST INTERSTATE BANK 693.30 401K CONTRIBUTIONS
6/26/96 1005640 CYMA SYSTEMS INC. 625.10 CONFERENCES/SEMINARS
6/27/96 1005641 BANK OF TOKYO 600,000.00 LOAN PAYMENT
6/30/96 1005642 KEY BANK 69.90 BANK SERVICE CHARGES
TOTAL CASH DISBURSEMENTS $805,093.00
===========
D-2
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC# PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/21/96 GJ277 ROBERT PRATT $675,000.00 SETTLEMENT PMT
6/21/96 GJ277 ABN AMRO 27,422.82 TRANSFER
6/28/96 GJ277 BONNEVILLE PACIFIC CORP. 4,000,000.00 TRANSFER
6/30/96 BNK STMT KEY BANK OF UTAH 10,749.40 INTEREST INCOME
TOTAL CASH RECEIPTS $4,713,172.22
==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/30/96 BNK STMT KEY BANK OF UTAH $43.64 BANK SERVICE CHARGE
E
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD ACCOUNT
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/30/96 BNK STM BANK ONE $42,886.24 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 June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/24/96 GJ277 WYNN JOHNSON $250,000.00 SETTLEMENT PMT
6/28/96 GJ277 MAYER BROWN PLATT 30,000,000.00 SETTLEMENT PMT
6/30/96 BNK STM.BANK ONE 10,095.49 INTEREST INCOME
TOTAL CASH RECEIPTS $30,260,095.49
==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/28/96 GJ277 BONNEVILLE PACIFIC CORP. $4,000,000.00 TRANSFER
6/30/96 BNK STM BANK ONE 5.00 BANK SERV.CHRG
============
TOTAL CASH DISBURSEMENTS $4,000,005.00
G
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/30/96 BNK STMT KEY BANK OF UTAH $10.10 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
NONE
H
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
NCA 1 Sales Tax Escrow
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/30/96 BNK STMT KEY BANK OF UTAH $472.82 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/21/96 GJ277 ABN AMRO $27,422.82 TRANSFER
I
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period June 1 - June 30, 1996
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
6/03/96 CK#5687 BONNEVILLE PACIFIC CORP. $11,195.00 TRANSFER
6/03/96 BNK ST. KEY BANK OF UTAH 438.47 INTEREST INC.
----------
TOTAL CASH RECEIPTS $11,633.47
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
- ------------------------------------------------------------------------------
NONE
J
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of June 30, 1996
ASSETS
Current Assets:
Cash $ 55,417,920
Accounts receivable - trade 105,499
Accounts receivable - settlements
(Note 7) 14,383,260
Accounts receivable - affiliates 289,986
Prepaid Insurance 20,993
Accrued interest receivable 152,072
Total current assets -------- $ 70,369,730
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 26,486,894
Other assets 66,055
Total other assets ---------- 26,552,949
------------
TOTAL ASSETS $ 97,928,748
============
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 15,568
Accounts payable - professional fees
and costs (Note 7) 16,123,798
Taxes payable 79,812
Accrued interest 1,789
Total post-petition liabilities ---------- $ 16,220,967
Pre-petition liabilities:
Priority claims 61,186
Secured debt 2,664,536
Unsecured debt (Note 5) 132,119,182
Total pre-petition liabilities ----------- 134,844,904
-----------
TOTAL LIABILITIES 151,065,871
===========
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 <86,325,741>
TOTAL OWNERS' EQUITY ----------- <53,137,123>
-----------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 97,928,748
============
Form 2-C
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period June 1 - June 30, 1996
Gross operating revenue $ 186,826
Less discount, returns and allowances -0-
Net operating revenue ---------- $ 186,826
Cost of goods sold <91,261>
-------
Gross profit 95,565
Operating expenses:
Salaries and wages 28,716
Rent and leases 12,363
Payroll taxes 1,407
Insurance 342
Other 11,950
Total operating expenses ------- <54,778>
--------
Operating income <loss> 40,787
Legal and professional fees and costs
(Note 7) 13,315,088
Depreciation, depletion and amortization 1,203
Interest expense 39,117
Total ---------- <13,355,408>
----------
Net operating income <loss> <13,314,621>
Non-operating income and <expenses>:
Interest income 94,915
Other income 4,329
Other income - settlements (Note 7) 45,252,000
Equity in earnings (losses) of
subsidiaries and partnerships (Note 2) 736,304
Net non-operating income or
<expenses> 46,087,548
----------
Net income <loss> before income taxes 32,772,927
----------
Provision for income taxes (Note 8) -0-
----------
NET INCOME <LOSS> $32,772,927
===========
Form 2-D
Page 1 of 3
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period June 1 to June 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. 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
significant 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. Sec. 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 June 1 to June 30, 1996
5. Included in recorded liabilities are liabilities of $31,081,188 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 June 30, 1996 and are reflected on the June 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 June 30, 1996 are not reflected on the June 30, 1996 Financial
Statements. Such settlements include those with:
Deloitte and Touche $65,000,000
Raymond L. Hixson $ 1,000,000
Contingent professional fees of up to approximately $21,650,000 relating to
the settlements have not been reflected on the financial statements
(further information concerning the settlements is contained in the
narrative, which is attached).
8. Federal and state income taxes are not accrued on these financial
statements. As of April 30,1995, Bonneville had approximately $114,000,000
in alternative minimum tax loss carry-forwards for Federal Income Tax
purposes. Pursuant to current tax law, only 90% of current alternative
minimum taxable income can be offset by such loss carry-forwards. The
receipt of funds from various settlements entered into during the current
tax year may, therefore, result in a tax liability to Bonneville.
Form 2-D
Page 3 of 3
[PAGE]
<TABLE>
BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period June 1 to June 30, 1996
<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- $ $<4,315.19> $ 2,214.77 6/12/96 1194
2,100.42 6/26/96 1195 $ -0-
State -0- <1,516.63> 1,516.63 6/26/96 1196 -0-
FICA tax withheld -0- <1,406.72> 744.30 6/12/96 1194
662.42 6/26/96 1195 -0-
Employer's FICA tax -0- <1,406.72> 744.30 6/12/96 1194
662.42 6/26/96 1195 -0-
Unemployment tax:
Federal -0-
State -0-
Sales, use & excise taxes -0- -0-
Property taxes <77,595.00> <2,317.00> <79,912.00>
Accrued income tax:
Federal -0- -0-
State -0- -0-
Delaware franchise tax <33,618.40> 33,618.40 6/12/96 1005700 -0-
Employee withholding -0- <1,426.60> 733.30 6/12/96 1005703 -0-
693.30 6/26/96 1005739
---------- ---------- --------- --------
TOTALS $<111,213.40> $ -0- $<12,388.86> $43,690.26 $ <79,912.00>
</TABLE>
[PAGE]
<TABLE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period June 1 to June 30, 1996
<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) 06/30/96
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 08/17/96
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 June 1 to June 30, 1996
Non-Affiliate
Accounts Accounts
Receivable Payable
---------- ----------
Under 30 days $14,488,180 $15,511,675
30 to 60 days 12 0
61 to 90 days 10 0
Over 90 days 557 627,691*
Total post-petition 14,488,759 16,139,366
---------- ----------
Pre-petition amounts 0 4,273,537
---------- ----------
Total accounts receivable $14,488,759
===========
Total accounts payable $20,412,903
===========
Affiliate
Accounts
Receivable
Under 30 days $ 48,364
30 to 60 days 5,640
61 to 90 days 2,552
Over 90 days 233,430
---------
Total post-petition affiliate
accounts receivable $ 289,986
===========
(*) 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 June 1 to June 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 88,261**
Trustee's Counsel 0 308,005**
Trustee's Accountants 0 440,443
Special Litigation Counsel for
Trustee - Costs 0 958,429
Trustee - Fees 0 13,605,543***
Debtor's Accountant 0 50,920****
Buccino and Associates 0 132,853
Financial Advisors for
Unsecured Creditors Committee 0 290,223
Creditor's Committee 0 9,634
-------- ----------
Total $0 $16,123,798
======== ==========
* 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.
**** Waived pursuant to a court approved settlement agreement between the
Trustee and Deloitte and Touche which has been appealed.
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 June 1 to June 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
Expense Reimbursement 2,152.25
Form 2-E
Page 5 of 5
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended June 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
July
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
