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) June 17, 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 Citv. Utah 84101
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(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 May 1,
1996 to May 31, 1996, as filed with the bankruptcy court is included as an
exhibit hereto. On June 12, 1992, Roger G. Segal was appointed as the Chapter
11 Bankruptcy Trustee for the Company.
Item 5. Other Events.
For information on litigation and matters previously reported, refer to
the narrative on pages Form 2-G of the accompanying bankruptcy report.
[PAGE]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned "hereunto duly authorized."
BONNEVILLE PACIFIC CORPORATION
_______________________________________
By: Roger G. Segal, Chapter 11 Trustee
DATED June 17, 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 "hereunto duly authorized."
BONNEVELLE PACIFIC CORPORATION
____________________________________________
By: R. Stephen Blackham, Assistant Controller
DATED June 17, 1996
[PAGE]
INDEX TO EXHIBITS
Exhibit Page No.
______________________________________________________________________________
28.1 5
Monthly Financial Report - Chapter 11, for the period May 1,1996 to
May 31, 1996, of the Registrant, dated June 17, 1996as filed by the
Registrant with the United States Bankruptcy Court for the District
of Utah, Central Division on June 17, 1996
[PAGE]
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period May 1 to May 31 , 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 attacheach of the following reports/
documents unless the U.S. Trustee has waived the
Required Report/ requirement in writing. File original with Clerk of
Document 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: June 17, 1996
Debtor(s): BONNEVILLE PACIFIC CORPORATION
____________________________________
By: R. Stephen Blackham
Position: Assistant Controller
[PAGE]
Statement of Chapter 11 Trustee
Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville
Pacific Corporation,having been so appointed on June 12, 1992, hereby states
that he has reviewed the following Monthly Financial Report and any attachments
thereto and that, based on his review and the representations of officers and
employees of the debtor, Bonneville Pacific Corporation, he believes that the
information contained in the Monthly Financial Report and attachments is true
and correct. However, neither Roger G. Segal, Chapter 11 Trustee, nor Neilson,
Elggren, Durkin & Company, as accountants for Roger G. Segal, Chapter 11
Trustee, has had an opportunity to independently verify that the information
contained in the following Monthly Financial Report and the attachments thereto
is true and correct.
DATED this 17th day of June 1996.
______________________________________________
Roger G. Segal, Chapter 11 Trustee
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended May 31, 1996
Bonneville Pacific Corporation (the Company) has continued to conduct its
normal business activities during the month of May 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 May and
the first part of June 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 sixty (60) days have resulted in substantial
changes in the Litigation. Specifically, the Trustee has, within the
last sixty (60) days, conditionally settled with the following
defendants for the following amounts:
Defendant Amount of Settlement[2]
Deloitte Touche $65,000,000.00
Mayer Brown & Platt $30,000,000.00[3]
Perkins-Coie $12,750,000.00
L. Wynn Johnson $ 1,650,000.00[4]
Robert Pratt/Moriah Enterprises $ 675,000.00
[1] This narrarative attempts to summarize significant events affecting the
Company through June 14, 1996.
[2] Each Settlement Agreement should be reviewed in its entirety for all terms
and conditions (and consideration) of the settlement.
[3] Mayer Brown & Plastt 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 an 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 is required, pursuant to the terms of the
Settlement Agreement, as approved by the Bankruptcy Court, to pay, by
June 30, 1996, the $65,000,000.00 (plus interest from June 21, 1996) into
an interest-bearing escrow account. 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. One June 13, 1996 the Trustee filed with the District Court
motions to dismiss the appeals.
All of the other above-referenced settlements are 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 Motions by the Trustee seeking
approval of the Mayer Brown & Platt settlement and the Perkins-Coie
settlements were heard as scheduled by the Bankruptcy Court on May 24,
1996. No objection to either Motion was filed and at the hearings the
Bankruptcy Court approved each of the settlements.
However, the District Court has not dismissed Mayer Brown & Platt, Perkins
- Coie or Pratt/Moriah from the Litigation because of certain Motions made
by the remaining defendants in the Litigation; a hearing on such motions
is scheduled before the District Court on June 18, 1996. If the District
Court dismisses Mayer Brown & Platt and it's partners from the Litigation,
then the Mayer Brown & Platt $30,000,000.00 payment is due on June 30,
1996 and the $177,000 plus accrued interest will be paid to the estate.
If the District Court dismisses Perkins-Coie from the Litigation; the
Perkins-Coie $12,750,000.00 payment is due on July 1, 1996. The Pratt/
Moriah settlement payment of $675,000 was due on June 1, 1996 but as of
this time has not been paid to the estate pending dismissal of said
defendants from the Litigation by the District Court.
The Johnson settlement amount is payable $250,000.00 upon dismissal by the
District Court and the remaining $1,400,000.00 over a period of
approximately two years; a Motion to so dismiss Johnson from the
Litigation was filed on June 14, 1996.
Each of the above-referenced settlement sums (as well as all other
settlement's 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.
[PAGE]
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.) 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.
The remaining defendants in the Litigation[5] 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 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. The 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, 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 April 8, 1996, the Trustee executed a Settlement Agreement which had
been orally agreed to on March 28,1996 with Robert L. Wood, a former
officer and director of Bonneville Pacific Corporation (including, at
various times, President, Chief Financial Officer, Chief Executive
Officer and Chairman of the Board) and one of the named defendants in the
above-referenced Segal v. Portland General. et al. litigation and with his
wife, Nora Wood. The settlement provides for dismissal with prejudice of
Robert L. Wood, Nora Wood, and the Wood Trusts as defendants and a
release of claims by the estate against them in exchange for payment of
Six Hundred Sixty-Five Thousand Dollars ($665,000.00). In addition,
Robert L. Wood and Nora Wood are obligated to pay to the estate 50% of the
net amount of any tax refunds received by them as a consequence of the
Six Hundred Sixty-Five Thousand Dollar ($665,000.00) settlement payment
or their connection with Bonneville. Furthermore, the agreement provides
that Mr. Wood will meet with the Trustee and his counsel in order to
disclose his knowledge about all matters related to Bonneville. On May
1, 1996, the Bankruptcy Court approved the settlement and on May 3, 1996
the District Court dismissed
[5] Defendants in separate actions which were served from the Litigation are
Calpine Corporation, Ronald Yanke, Dinuba Energy and William Cerutti.
[PAGE]
the Woods from the Litigation. Wood paid (by check) the $665,000.00
payment to the Company on May 9, 1996.
On May 30, 1996 Mr. Wood pursuant to plea bargain plead guilty to two (2)
felony counts in a criminal case related to Bonneville. All other criminal
counts against Mr. Wood were dropped. Mr. Wood is scheduled to be
sentenced on August 5, 1996.
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)[6]. 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.
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. In 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 same by the Bankruptcy Court.
(6) 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
Fuel stock) and the remaining $49,000,000.00 relates to Portland General's
purchase of the Company's common stock.
[PAGE]
In addition to the above described litigation matters, the Company continues in
its business operations. Significant actions and events during May 1996 related
to business matters are as follows:
1. The Trustee and his counsel continue to monitor the Company's 50% general
partnershipinterest 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 #I 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
#[occurred 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").
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, 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.
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 unfired 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
[PAGE]
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 ofinterest 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 on pages 3 and 4 of 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 3 0, 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.
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
has been given to certain creditors and interested parties and a hearing has
been scheduled on the application before the Bankruptcy Court on June 18, 1996;
objections to the application have been filed.
On May 22,1996 the Bankruptcy Court entered its Memorandum Opinion and Decision
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.
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION CASE NO. 91A-27701
___________________________________ _________
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period 5/1/96 to 5/31/96
CASH RECONCILIATION
1. Beginning Cash Balance: $23,830,993.20
2. Cash Receipts:(See Page 2 of 2) 755,850.87
3. Cash Disbursements:(See Page 2 of 2) (113,914.30)
4. Net Cash Flow: 641,936.57
5. Ending Cash Balance:(to Form 2-c) $24,472,929.77
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
_______________________ _______________ ________________________
PAYROLL ACCOUNT $1,208.56 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 374.46 KEY BANK OF UTAH
GENERAL CORP CASH 639,282.09 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JT ACCT 2,804,412.22 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE- CD ACCT 10,635,310.27 (A) WEST ONE BANK
CHPTR 11 TRUSTEE - JNT CD 5,142,480.17 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,020,958.90 (A) BANK ONE
PROCEEDS FROM ASSET SALES 3,905.52 (A) KEY BANK OF UTAH
NCA I SALES TAX ESCROW 106,802.00*(B) ABN AMRO BANK OF NEW YORK
KYOCERA MAINTENANCE RESERVE 118,195.58 KEY BANK OF UTAH
_____________
$24,472,929.77
=============
* RESTRICTED CASH $106,802.00
=============
(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 5/1/96 to 5/31/96
CASH RECEIPTS JOURNALS
PAGE
BANK ACCOUNT TOTAL REF
______________________________________________________________________________
PAYROLL ACCOUNT $20,856.55 A
PAYROLL TAX ACCOUNT 10,852.97 B
GENERAL CORP CASH 55,862.41 C
CHPTR 11 TRUSTEE JOINT ACCT 702,745.26 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 23,622.27 F
CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A
PROCEEDS FROM ASSET SALES 10.40 G
NCA I SALES TAX ESCROW 599.10 H
KYOCERA MAINTENANCE RESERVE 11,755.53 I
826,304.49
____________
LESS: ACCOUNT TRANSFERS (70,453.62)
____________
TOTAL CASH RECEIPTS $755,850.87
===========
CASH DISBURSEMENTS JOURNALS
PAGE
BANK ACCOUNT TOTAL REF
_____________________________________________________________________________
PAYROLL ACCOUNT $20,889.67 A
PAYROLL TAX ACCOUNT 10,872.55 B
GENERAL CORP CASH 91,200.57 D
CHPTR 11 TRUSTEE JOINT ACCT 43.32 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 0.00 F
CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A
PROCEEDS FROM ASSET SALES 0.00 G
NCA I SALES TAX ESCROW 27,549.10 H
KYOCERA MAINTENANCE RESERVE 33,812.71 I
__________
184,367.92
LESS: ACCOUNT TRANSFERS (70,453.62)
___________
TOTAL CASH DISBURSEMENTS $113,914.30
===========
FORM 2-B
[PAGE] Page 2 of 2
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
PAYROLL ACCOUNT
FOR THE PERIOD 5/1/96 TO 5/31/96
CASH RECEIPTS JOURNAL
DATE DOC# PAYOR AMOUNT DESCRIPTION
___________ __________ _____________ _________ _______________
05/13/96 CR# 5656 BPC - GENERAL $10,368.61 PAYROLL TRANSFER
05/29/96 5676 BPC - GENERAL 10,487.94 PAYROLL TRANSFER
__________
TOTAL CASH RECEIPTS $20,856.55
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC# PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ _____________
05/15/96 PAYROLL SUMMARY $10,487.94
05/31/96 PAYROLL SUMMARY 10,487.94
05/31/96 BANK STMT KEY BANK OF UTAH 33.12 SERVICE CHARGE
TOTAL CASH DISBURSEMENTS $20,889.67
A
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
PAYROLL TAX ACCOUNT
FOR THE PERIOD 5/1/96 TO 5/31/96
CASH RECEIPTS JOURNAL
DATE DOC# PAYOR AMOUNT DESCRIPTION
___________ ___________ ____________ _________ _______________
05/13/96 CR# 5657 BPC - GENERAL $5,576.32 PR TAX TRANSFER
05/29/96 5677 BPC - GENERAL 5,276.65 PR TAX TRANSFER
TOTAL CASH RECEIPTS $10,852.97
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ _________ __________________
05/13/96 CR# 1191 KEY BANK OF UTAH $4,728.52 FEDERAL TAX DEPOSIT
05/29/96 1192 KEY BANK OF UTAH 4,433.83 FEDERAL TAX DEPOSIT
05/29/96 1193 UTAH STATE TAX COMMISSION 1,690.62 STATE INCOME TAX
05/31/96 BANK STMT KEY BANK OF UTAH 19.58 SERVICE CHARGE
TOTAL CASH DISBURSEMENTS $10,872.55
==========
B
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
GENERAL CORP CASH
FOR THE PERIOD 5/1/96 TO 5/31/96
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ _________ ________________
05/10/96 DS051096 D. GARDINER $240.00 INS. REIMBURSMENT
05/10/96 DS051096 J.SLOAT 236.00 INS. REIMBURSMENT
05/11/96 DS051196 KYOCERA AMERICA 40,725.11 ENERGY REV-KYOCERA
05/11/96 DS051196 BURBIDGE MITCHELL 554.60 OFFICE EXP. REIMB
05/24/96 DS052496 SEDGWICK JAMES 6,646.00 INS. REIMBURSMENT
05/24/96 DS052496 MOLLERUP MOVING & STORAGE 194.00 OFFICE EXP. REIMB
05/24/96 DS052496 WORKERS COMP. FUND OF UTAH 755.17 INS. REIMBURSMENT
05/24/96 DS052496 J. SLOAT 472.00 INS. REIMBURSMENT
05/31/96 DS053196 D. GARDINER 240.00 INS. REIMBURSMENT
05/31/96 DS053196 J.A. TRENT 3,086.51 DIST-TRENT BANKRUPT
05/31/96 BANK STMT KEY BANK OF UTAH 2,713.02 INTEREST INCOME
_________
TOTAL CASH RECEIPTS $55,862.41
==========
C
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
GENERAL CORP CASH
FOR THE PERIOD 05/1/96 TO
05/31/96
CASH DISBURSEMENTS JOURNAL
DATE CHECK# PAYEE AMOUNT DESCRIPTION
_______________________________________________________________________________
05-06-96 1005643 50 W. BROADWAY ASSOCIATES $12,513.00 RENT:OFFICE SPACE/PARKING
05-06-96 1005644 ACCOUNTEMPS INC 1,754.05 TEMPORARY STAEF SERVICES
05-06-96 1005645 AMPCO SYSTEM PARKING 591.00 RENT - PARKING
05-06-96 1005646 AUTOMATED OFFICE SYSTEMS INC 310.95 OFFICE SUPPLIES & EXPENSE
05-06-96 1005647 BENEFICIAL LIFE INS. CO 576.93 INSURANCE - LIFE
05-06-96 1005648 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT. RESERVE
05-06-96 1005649 1st INTERSTATE BANK OF CA 1,192.64 401K QUARTERLY BANK FEES
05-06-96 1005650 GEM INSURANCE COMPANY 46.00 INSURANCE - HEALTH
05-06-96 1005651 MOUNT OLYMPUS WATER 23.14 OFFICE SUPPLIES & EXPENSE
05-06-96 1005652 MORRIS TRAVEL 1,354.56 TRAVEL EXPENSE
05-06-96 1005653 THE PRUDENTIAL 988.98 INSURANCE - DISABILITY
05-06-96 1005654 SAN DIEGO GAS & ELECTRIC 101.26 O & M EXPENSE - KYOCERA
05-09-96 1005655 SALT LAKE COUNTY ASSESSOR 5,204.44 PERSONAL PROPERTY TAX
05-13-96 1005656 BONNEVILLE PACIFIC CORP 10,368.61 TRANSFER - PAYROLL ACCT
05-13-96 1005657 BONNEVILLE PACIFIC CORP 5,576.32 TRANSFER-PAYROLL TAX ACCT
05-13-96 1005658 FIRST INTERSTATE BANK 733.63 401K CONTRIBUTIONS
05-21-96 1005659 ACCOUNTEMPS INC 1,435.70 TEMPORARY STAFF SERVICES
05-21-96 1005660 AIRBORNE EXPRESS 9.98 EXPRESS MAIL EXPENSE
05-21-96 1005661 CSC NETWORKS 31.00 OFFICE SUPPLIES & EXPENSE
05-21-96 1005662 EXPRESS MESSENGER SYSTEMS 10.00 RUNNER SERVICES
05-21-96 1005663 FLORAL TAPESTRY 44.57 OFFICE SUPPLIES & EXPENSE
05-21-96 1005664 GENERATOR POWER SYS INC 16,179.06 O & M EXPENSE - KYOCERA
05-21-96 1005665 INSTY PRINTS INC 435.70 OFFICE SUPPLIES & EXPENSE
05-21-96 1005666 MOUNT OLYMPUS WATER 39.52 OFFICE SUPPLIES & EXPENSE
05-21-96 1005667 MORRIS TRAVEL 96.00 TRAVEL EXPENSE
05-21-96 1005668 OFFICE TEAM 576.26 TEMPORARY OFFICE STAFF
05-21-96 1005669 PITNEY BOWES INC 170.28 OFFICE SUPPLIES & EXPENSE
05-21-96 1005670 PREFERRED DATA SUPPLY INC 398.02 OFFICE SUPPLIES & EXPENSE
05-21-96 1005671 REDMAN VAN & STORAGE CO INC 846.19 RENT - STORAGE
05-21-96 1005672 SEDGWICK JAMES OF COLORADO 175.00 INS.-RECLAMATION BONDS
05-21-96 1005673 XEROX CORPORATION 337.37 OFFICE SUPPLIES & EXPENSE
05-21-96 1005674 UNITED PARCEL SERVICE 36.79 EXPRESS MAIL EXPENSE
05-24-96 1005675 MARCIA CUSTER 120.02 OFFICE SUPPLY REIMBURS
05-29-96 1005676 BONNEVILLE PACIFIC CORP 10,487.94 TRANSFER - PAYROLL ACCT
05-29-96 1005677 BONNEVILLE PACIFIC CORP 5,276.65 TRANSFER-PAYROLL TAX ACCT
05-29-96 1005678 FIRST INTERSTATE BANK 733.63 401K CONTRIBUTIONS
05-29-96 1005679 BONNEVILLE PACIFIC SERVICES 1,139.00 INSURANCE REIMBURSEMENT
05-31-96 KEY BANK 91.38 BANK SERVICE CHARGES
____________
TOTAL DISBURSEMENTS $91,200.57
============
D
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
CHAPTER 11 TRUSTEE JOINT ACCT
FOR THE PERIOD 5/1/96 TO 5/31/96
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ __________________
05/10/96 GJ277 ROBERT WOOD $665,000.00 SETTLEMENT PAYMENT
05/24/96 GJ277 ABN AMRO 27,549.10 TRANSFER
05/31/96 BANK STMT KEY BANK OF UTAH 10,196.16 INTEREST INCOME
TOTAL CASH RECEIPTS $702,745.26
===========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ __________________
05/31/96 BANK STMT KEY BANK OF UTAH 43.32 BANK SERV. CHARGE
E
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
CHAPTER 11 TRUSTEE - JNT CD
ACCT
FOR THE PERIOD 5/1/96 TO
5/31/96
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ _______________
05/31/96 BK STMT KEY BANK OF UTAH $23,622.27 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ _______________
NONE
F
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
PROCEEDS FROM ASSET SALES
FOR THE PERIOD 5/1/96 TO 5/31/96
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ _______________
05/31/96 BANK STMT KEY BANK OF UTAH $10.40 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ _________ _______________
NONE
G
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
NCA I SALES TAX ESCROW
FOR THE PERIOD 5/1/96 TO 5/31/96
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ _______________
05/31/96 BANK STMT KEY BANK OF UTAH $599.10 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ ________________
05/24/96 GJ27 ABN AMRO $27,549.10 TRANSFER
H
[PAGE]
BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701
KYOCERA MAINTENANCE RESERVE
FOR THE PERIOD 5/1/96 TO
5/31/96
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ ________________
05/01/96 CR #5648 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER
05/31/96 BANK STMT KEY BANK OF UTAH 560.53 INTEREST INCOME
$11,755.53
===========
CASH DISBURSEMENTS JOURNAL
DATE DOC PAYEE AMOUNT DESCRIPTION
___________ ___________ ____________ __________ _______________
05/31/96 CK #1023 GENERATOR POWER SYS. INC $33,812.71 O&M EXPENSE-KYO
I
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of May 31, 1996
ASSETS
Current Assets:
Cash $ 24,472,930
Accounts receivable - trade 103,495
Accounts receivable - settlements (Note 7) 50,000
Accounts receivable - affiliates 260,612
Prepaid Insurance 6,081
Accrued interest receivable 130,322
Total current assets ___________
$ 25,023,440
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 26,979,254
Other assets 67,258
Total other assets ____________ 27,046,512
__________
TOTAL ASSETS $53,076,021
===========
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 33,832
Accounts payable - professional fees
and costs (Note 7) 2,808,710
Taxes payable 111,213
Accrued interest 361,220
Total post-petition liabilities $3,314,977
Pre-petition liabilities:
Priority claims 61,186
Secured debt 3,011,064
Unsecured debt (Note 5) 131,970,180
Total pre-petition liabilities 135,042,430
___________
TOTAL LIABILITIES 138,357,407
===========
Commitments and Contingent Liabilities (Notes 3, 4 and 6)
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 <118,470,004>
TOTAL OWNERS' EQUITY <85.281,386>
TOTAL LIABILITIES AND OWNERS' EQUITY $ 53,076,021
Form 2-C
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period May 1 - May 31, 1996
Gross operating revenue $ 160,696
Less discount, returns and allowances -0-
Net operating revenue $ 160,696
_________
Cost of goods sold <135,636>
Gross profit 25,060
Operating expenses:
Salaries and wages 31,566
Rent and leases 12,363
Payroll taxes 2,233
Insurance <4,854>
Other 33,903
Total operating expenses <75,211>
Operating income <loss> <50,151>
Legal and professional fees and costs (Note 7) 330,484
Depreciation, depletion and amortization 1,203
Interest expense 32,522
Total <364,209>
Net operating income <loss> <414,360>
Non-operating income and <expenses>:
Interest income 105,053
Other income 7,118
Other income - settlements (Note 7) 665,000
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 1,044,959
Net non-operating income or <expenses> 1,822,130
Net income <loss> before income taxes 1,407,770
Provision for income taxes (Note 8) -0-
_________
NET INCOME <loss> $ 1,407,770
===========
Form 2-D
Page 1 of 3
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period May 1 to May 31, 1996
1. The Balance Sheet and Income Statement of Bonneville Pacific
Corporation, included in the Monthly Financial Report, are prepared
on the accrual basis. As a result, revenues are generally recorded
when earned rather than when received and expenses are generally
recognized when the obligation is incurred rather than when the
expenses are paid. During bankruptcy accrued interest payable is
recorded only on post petition debt and pre-petition secured debt to
the extent that the underlying collateral equals or exceeds the
outstanding principal plus the accrued interest payable. These
financial statements are prepared in a format required by the U.S.
Bankruptcy Code. While every effort is made to comply with generally
accepted accounting principles (GAAP), these financial statements
may not comply with GAAP in all respects.
2. Equity in earnings of subsidiaries and partnerships represents an
accrual of the Company's share of earnings or losses of its operating
subsidiaries and partnerships. These earnings are affected by a
number of factors including seasonality, operating costs and
operating efficiency. The 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 1 1 U.S.C. Section 510 (b).
4. The balance sheet does not reflect CIGNA's settled and allowed
$10,000,000 subordinated claim which is on par with any allowed
equity claims.
Form 2-D
Page 2 of 3
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period May 1 to May 31, 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 May 31, 1996 and are reflected
on the May 31, 1996 Financial Statements.
Settlements reached between the Trustee and any person or entity
where all conditions for the settlement to become fully effective has
not occurred as of May 31, 1996 are not reflected on the May 31, 1996
Financial Statements. Such settlements include those with:
Deloitte and Touche $65,000,000
Mayer Brown and Platt $30,000,000
Perkins-Coie $12,750,000
L. Wynn Johnson $1,650,000
Robert Pratt/Morial $675,000
The Trustee has also reached a settlement in the amount of
1,000,000 subsequent to the date of the financial statement which, is
also not reflected on the May 31, 1996 financial statements.
Contingent professional fees of up to approximately $40,000,000
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).
[PAGE]
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 year may, therefore, result in a tax
liability to Bonneville.
Form 2-D
Page 3 of 3
[PAGE]
[CAPTION] BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period May 1 to May 31, 1996
<TABLE>
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- $ $<4,696.59> $ 2,355.56 5/13/96 1191 $ -0-
2,341.03 5/29/96 1192 -0-
State -0- <1,690.62> 1,690.62 5/29/96 1193 -0-
FICA tax withheld -0- <2,232.88> 1,186.48 5/13/96 1191
1,046.40 5/19/96 1192 -0-
Employer's FICA tax -0- <2,232.88> 1,186.48 5/13/96 1191
1,046.40 5/29/96 1192 -0-
Unemployment tax:
Federal -0-
State -0-
Sales, use & excise taxes -0- -0-
Property taxes <90,278.00> <15,000.00> <2,317.00> <77,595.00>
Accrued income tax:
Federal -0- -0-
State -0- -0-
Delaware franchise tax <75,000.00> 75,000.00 <33,618.40> <33,618.40>
Employee withholding -0- <1,467.26> 733.63 5/13/96 1005658 -0-
733.63 5/29/96 1005678
TOTALS $<165,278.00> <$90.000.00> $<48.255.63> $12.320.23 $<111.213.40>
____________ __________ ___________ __________ ____________
</TABLE>
[PAGE]
[CAPTION]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period May 1 to May 31, 1996
<TABLE>
Policy
Amount Expiration Premium Paid
Carrier/Agent Of Coverage Date Thru Date
<S> <C> <C> <C> <C>
Worker's Compensation Various State Statutory
Funds $ 1,000,000 (A) 05/31/96
General Liability Travelers Insurance/
Sedgwick James 5,000,000 06/06/96 06/06/96
Vehicles Travelers Insurance/
(Hired/Non-owned) Sedgwick James 5,000,000 06/06/96 06/06/96
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
</TABLE>
(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.
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period May 1 to May 31, 1996
Non-Affiliate
Accounts Accounts
Receivable Payable
----------- ----------
Under 30 day $ 152,928 $1,660,167
30 to 60 days 10 -0-
61 to 90 days 7 -0-
Over 90 days 550 1,182,542(*)
Total post-petition 53,495 2,842,542
Pre-petition amounts -0- 4,273,537
Total accounts receivable 153,495
Net accounts receivable 153,495
Total accounts payable ------- $7,116,079
==========
Affiliate
Accounts
Receivable
----------
Under 30 days $ 5,640
30 to 60 days 6,705
61 to 90 days 6,601
Over 90 days 241,666
-------
Total post-petition affiliate
accounts receivable $260,612
========
(*) 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
Professional
For Period May 1 to May 31, 1996
Amount Date of Estimated
Paid Court Approval Balance Due
Debtor's counsel $ -0- $ 554,684*
Counsel for unsecuredcreditors'committee -0- 139,487
Court appointed Trustee -0- 73,132**
Trustee's counsel -0- 236,417**
Trustee's accountants -0- 400,095
Special Litigation Counsel forTrustee -
Costs -0- 421,245
Trustee - Fees 0***
Debtor's Accountant -0- 50,920****
Buccino & Associates -0- 132,853
Financial Advisors for unsecured
Creditors Committee -0- 290,223
Creditors Committee -0- 9,634
TOTAL $ -0- $2,808,710
====== ==========
* Includes $295,717 which has been disallowed by Bankruptcy Court order
and subsequent memoranda decision and order on motion for rehearing.
Also includes $76,250 to be waived pursuant to a settlement which is
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
approvedsettlements 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 May 1 to May 31, 1996
Payee Name Position Nature of Payment Amount
Ralph F Cox Director Director fees -0-
Calvin L Rampton Director Director fees -0-
Clark M Mower President Salary 12,014.60
Form 2-E
Page 5 of 5
[PAGE]
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended May 31, 1996
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
January $1,328,436.60
February 250,804.29
March 2,301.171.04
------------
Total 1st Quarter 3,880,411.93 $5,000.00 1005634 4/23/96
April 262,428.76
May 113,914.30
-----------
June
Total 2nd Quarter 376,343.06
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
