SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date Report (Date of earliest event reported) August 15, 1997
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
July 1, 1997 to July 31, 1997, 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
/S/ Roger G. Segal
By: Roger G. Segal, Chapter 11 Trustee
DATED August 15, 1997
<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
/S/ R. Stephen Blackham
By: R. Stephen Blackham, Assistant Controller
DATED August 15, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- ------------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11, for the period
July 1, 1997 to July 31, 1997, of the Registrant, dated
August 15, 1997 as filed by the Registrant with the United
States Bankruptcy Court for the District of Utah, Central
Division on August 15, 1975. . . . . . . . . . . . . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period July 1 to July 31, 1997
--------- ------ -------------
Accounting Method Used: [X] Accrual Basis [ ] Cash Basis
COVER SHEET
- ------------------------------------------------------------------------------
Mark One Box THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH.
For Each Required The debtor must attach each of the following
Report/Document reports/documents unless the U.S. Trustee has waived
the requirement in writing. File original with Clerk
of Court. File duplicate with U.S. Trustee.
- ------------------------------------------------------------------------------
Report/
Document Previously
Attached Waived REQUIRED REPORTS/DOCUMENTS
- ------------------------------------------------------------------------------
[X] [ ] Cash Receipts & Disbursements Statement (Form 2-B)
[X] [ ] Balance Sheet (Form 2-C)
[X] [ ] Profit and Loss Statement (Form 2-D)
[X] [ ] Supporting Schedules (Form 2-E)
[X] [ ] Quarterly Fee Summary (Form 2-F)
[X] [ ] Narrative (Form 2-G)
- -------------------------------------------------------------------------------
I declare under penalty of perjury that the following Monthly Financial
Report and any attachments thereto, is true and correct to the best of my
knowledge and belief.
Executed on: August 15, 1997
---------------
Debtor(s): BONNEVILLE PACIFIC CORPORATION
/S/ R. Stephen Blackham
By: R. Stephen Blackham
Position: Assistant Controller
<PAGE>
Statement of Chapter 11 Trustee
Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville
Pacific Corporation, having been so appointed on June 12, 1992, hereby states
that he has reviewed the following Monthly Financial Report and any
attachments thereto and that, based on his review and the representations of
officers and employees of the debtor, Bonneville Pacific Corporation, he
believes that the information contained in the Monthly Financial Report and
attachments is true and correct. However, neither Roger G. Segal,
Chapter 11 Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for
Roger G. Segal, Chapter 11 Trustee, has had an opportunity to independently
verify that the information contained in the following Monthly Financial
Report and the attachments thereto is true and correct.
DATED this 15th day of August 1997.
/S/ Roger G. Segal
By: Roger G. Segal, Chapter 11 Trustee
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended July 31, 1997
Form 2-G
- ------------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of July 1997 (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 July and the
first part of August 1997(1) (other than administrative matters, including
professional fee applications) in accordance with various provisions of the
Bankruptcy Code are as follows:
The SEGAL V. PORTLAND GENERAL, ET AL. action pending in the United States
District Court, Case No. 92-C-364-J (the "Litigation") has been discussed
at length in the previous Monthly Financial Reports filed by the Trustee
and in the Trustee's four (4) Annual Reports, including the Report for
the period of July 1, 1995 through June 30, 1996 filed on September 19,
1996 concerning the Administration of the Estate. These Reports
(which are on file with both the Bankruptcy Court and the Securities &
Exchange Commission) must be reviewed for an understanding of the history
and nature of the Litigation, including previous settlements(2) reached
by the Trustee. For all practical purposes the Litigation has been
concluded (but also see the discussion below).
- ---------------
(1) This narrative attempts to summarize significant events affecting the
Company through August 14, 1997.
(2) Each settlement agreement should be reviewed in its entirety for all
terms and conditions (and consideration) of the settlement.
<PAGE>
A continued hearing was held by the District Court on November 1, 1996
in one of the actions severed from the main Litigation concerning the
Motion by Defendant William Cerutti for Summary Judgment (SEGAL V.
CERUTTI, United States District Court for the District of Utah, Case
No. 92-CV-1115-J-C). At the hearing the Court made an oral ruling
GRANTING the Defendant's motion. The Defendant filed a Proposed Order
Granting Summary Judgment and on December 16, 1996 the Trustee filed a
Motion for Reconsideration and an objection to the Proposed Order. A
hearing on the Trustee's Motion for Reconsideration was held on
February 28, 1997 at which time the Court took the matter under
advisement. As of this date the Court has not ruled on the Motion.
The Trustee has also entered into "tolling agreements" with certain
persons or entities which agreements toll the running of any applicable
statute of limitation which might otherwise bar the Trustee from
initiating suit against such person or entity. The Trustee and his
respective attorneys are now completing their investigation into those
persons or entities which executed tolling agreements. If the Trustee
is not able to settle possible claims held by the estate against persons
or entities who or which signed tolling agreements and who or which the
Trustee believes are liable to the Bonneville estate, then in the next
few months the Trustee, through his special litigation counsel, may
commence additional litigation.
On May 23, 1997 the Trustee entered into a formal Settlement Agreement
with the Corporation of the President of The Church of Jesus Christ of
Latter-Day Saints (the "Church"); the settlement was announced on
June 10, 1997. Pursuant to the Settlement Agreement, the Church agreed
to pay to the Trustee the sum of $1,100,000.00 and the Church would be
allowed a claim of up to approximately $500,000.00 for damages incurred
by the Church arising from its purchase of stock of the Company. The
settlement was conditioned upon approval by the United States Bankruptcy
Court. The hearing on the Trustee's Motion for Approval of the
Settlement Agreement was held as scheduled on July 7, 1997 at which
hearing the Court granted the Trustee's Motion and approved the
settlement. The $1,100,000.00 settlement was paid to the Trustee on
July 17, 1997.
On May 23, 1997 the Trustee entered into a formal Settlement Agreement
with the Deseret Trust Company ("DTC"), the Church, Raymond L. Hixson
and Vivian M. Hixson concerning the Raymond L. Hixson Charitable
Remainder Unitrust which Unitrust was funded with shares of Bonneville
Pacific Corporation owned by Raymond L. Hixson; the settlement was filed
with the Bankruptcy Court on June 10, 1997. Pursuant to the settlement,
the Church agreed to pay a total of $580,000.00 to purchase the "income
interest" specified in the Unitrust as well as any other right, title or
interest the Hixsons, the Trustee, Bonneville Pacific Corporation or its
bankruptcy estate may have in the Unitrust or its assets. The
$580,000.00 payment would be paid $232,000.00 directly to Vivian Hixson
as required by the provisions of the previously Court approved Trustee's
settlement agreement with Raymond Hixson and Vivian Hixson; $232,000.00
directly to the Trustee for the benefit of the estate; and $116,000.00
directly to the Trustee to be held by him for payment (subject to
<PAGE>
Bankruptcy Court approval) to his special litigation counsel, Beus,
Gilbert & Morrill, pursuant to the 1992 contingent fee agreement between
the Trustee and Beus, Gilbert & Morrill. The settlement was conditioned
upon approval by the United States Bankruptcy Court. A hearing on the
Motion for Approval of the Settlement Agreement was held as scheduled on
July 7, 1997 at which hearing the Court granted the Motion and approved
the settlement. The settlement sum was paid to the Trustee on
July 17, 1997. On August 4, 1997 the Bankruptcy Court authorized the
Trustee to pay the aforesaid $116,000.00 (less costs and local counsel
fees) to Beus, Gilbert & Morrill pursuant to the 1992 contingent fee
agreement.
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") has previously curtailed purchases of electrical power from NCA
#1 but curtailments, if any, have been minimal over the last several
Reporting Periods. 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. NCA #1 and
representatives of NPC have reached a preliminary settlement agreement,
subject to the approval of the Public Service Commission of Nevada
("PSCN"). The Trustee continues to monitor its appeal before the First
Judicial District Court of the State of Nevada of curtailment protocols
issued by the Public Service Commission of Nevada. A stipulation
staying the briefing schedule and permitting PSCN's approval of the
settlement agreement, has been signed by the parties. On September 27,
1996, NCA #1 was served with Findings and Notices of Violation ("NOV")
issued by Region IX of the United States Environmental Protection Agency
(the "EPA") for alleged violations of the Clean Air Act's Prevention of
Significant Deterioration program applicable for the State of Nevada.
Specifically, EPA alleges that NCA #1, contrary to applicable operating
permits, failed to timely install "Best Available Control Technology"
at the plant in the form of a selective catalytic reduction system
("SCR") to control Nox emissions. Representatives of both sides of this
dispute have reached an agreement in principal but a written agreement
has yet to be executed. Attorneys for the EPA are drafting such an
agreement, which the parties anticipate signing in the near future.
On August 20, 1996 the Trustee filed a Motion for Establishment of a
Supplementary Claims Bar Date seeking to set December 16, 1996 as the
supplementary claims bar date by which all creditors of Bonneville who had
not previously been adequately notified to file claims must complete and file
a proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes
that most of the new claims which have been filed relate to possible claims
against Bonneville arising out of the purchase or sale of its securities.
See 11 U.S.C. Section 510(b). A hearing on the Motion was scheduled before
the Bankruptcy Court on September 10, 1996. No objections to the Motion were
filed and at the hearing the Court granted the Motion and signed an order
establishing the supplementary claims bar deadline. Consequently, the Trustee
proceeded with the action authorized by the order granting the Motion;
<PAGE>
specifically, notice was sent to thousands of potential claimants and notice
was published in newspapers of general circulation throughout the United
States. Through December 16, 1996 approximately 4,000 new proofs of claim
were filed with the Bankruptcy Court and approximately 350 additional claims
have been filed since December 16, 1996. A total of 4,604 proofs of claims
have been filed. The Trustee has completed his initial review of each of the
claims. See the Trustee's Preliminary Report (Estimate) Concerning Claims
Filed Against the Estate referenced above. The Trustee anticipates that he
will likely object to a number of the new claims which have been filed and
has filed the first of the objections; for example, the Trustee has filed
objections to the individual claims filed by current holders of the Company's
debentures because such claims are duplicative of the $64,750,000.00 claim
filed by the Indenture Trustee, Norwest Bank (Claim No. 146); a hearing
on that objection is scheduled for August 18, 1997.
On June 17, 1997 the Trustee entered into a formal settlement agreement with
Hansen, Jones & Leta, P.C. and the Home Insurance Company, its insurer.
Hansen, Jones & Leta served as counsel for Bonneville Pacific Corporation
from November 18, 1991 to December 5, 1991 and as counsel for Bonneville as
debtor in possession from December 5, 1991 to March 31, 1992. By court order
dated December 2, 1992 (with a related motion to alter or amend being denied
on May 22, 1996), the Bankruptcy Court denied Hansen, Jones & Leta's Final
Fee and Cost Application and further ordered disgorgement of all fees
previously paid to Hansen, Jones & Leta. The settlement agreement resolved
all legal issues and the pending appeal involving the court order and provides
for payment of $149,012.20 to the estate and further provides for a release of
claims (subject to certain limitations) between the parties. The settlement
was conditioned upon approval by the United States Bankruptcy Court. A
hearing on the Trustee's Motion for Approval of the Settlement Agreement was
held as scheduled on July 14, 1997, at which hearing the Court approved the
settlement. The $149,012.20 was paid to the Trustee on July 16, 1997 and the
appeal was dismissed on or about July 21, 1997.
The Trustee currently estimates that the Company may have to spend
approximately One Hundred Thousand Dollars ($100,000.00) to plug and abandon
certain geothermal well sites connected with the Mammoth Project in
California. The Company is continuing with the process of making
arrangements to plug the wells.
In an effort to resolve tax issues relating to the material litigation
settlements which have occurred since May 1, 1996, the Trustee filed with the
Internal Revenue Service an application to change the Company's tax year from
one ending on April 30th to one ending on December 31st. The Trustee desired
to change the Company's tax year period (when changed the Company's past tax
year would be from May 1, 1996 through December 31, 1996 and thereafter would
be on a calendar year basis) in order to facilitate the filing of a plan of
reorganization of the Company. By shortening the Company's tax year, the
Trustee may be able to receive a prompt tax determination for the tax year
ending December 31, 1996, which determination will facilitate any party in
interest filing a plan of reorganization because the amount of tax owed by the
Debtor, if any, should be quantified (see 11 U.S.C. Section 505). The IRS,
on February 24, 1997, conditionally granted the Company's application
<PAGE>
to change its tax year. It is believed that the Company can meet and comply
with all of the conditions imposed by the IRS and therefore the Company is
proceeding as if its tax year has been changed and a U.S. Corporation Income
Tax Return will be filed for the short year ended December 31, 1996. The IRS
has notified the Trustee that the IRS will not be auditing the Company's filed
consolidated U.S. Corporation Income Tax Return for the period ending April
30, 1996. The Company, with court approved Accountant, is in the process of
preparing the U.S. Corporate Income Tax Return for the year ending December
31, 1996, which tax return may be filed within the next thirty (30) days.
On June 23, 1997, the Bankruptcy Court granted the Trustee's Motion for
Management Retention Programs for the Company's Subsidiaries. The Trustee
has been working with the employees of Bonneville Fuels Corporation and
Bonneville Pacific Service Corporation on employment agreements, which
employment agreements will soon be finalized.
In preparation for a plan of reorganization, the Trustee on behalf of the
Company made a decision to employ Hein + Associates, a national accounting
firm, to prepare audited financial statements for Bonneville Pacific
Corporation. An application seeking approval of the employment was filed
and hearing on the application was held as scheduled on December 20, 1996.
At the hearing the Court approved the application. Hein + Associates has
been employed and has completed most of the work required for the audits.
At this time it is not known whether INTEREST will ever be paid on any
allowed unsecured claim because (a) it is not at all clear that the estate
will possess sufficient funds to pay interest on any particular class of
claims, and (b) the law concerning payment of interest to any particular
class of claims is not clear and therefore, even if sufficient funds did
exist, the issue of payment of interest (and the applicable rate of interest,
if any, and from what date), 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.
In light of the settlements to date reached in the Litigation and in light of
the December 16, 1996 supplementary claim deadline, the Company and the
Trustee are now continuing with efforts to formulate and propose a plan of
reorganization. While general plan negotiations with parties in interest have
now commenced and the Trustee met with several parties in interest during the
subject period, it will be several months, if not substantially more, before
any creditor with an allowed claim can anticipate receiving any distribution
from the estate. The Trustee has arranged a meeting in New York City on
August 27, 1997 with certain creditors to discuss, among other things, issues
which should be resolved if progress is to be made on a consensual plan of
reorganization.
In January of 1997 the Trustee, his counsel and the Company's management
interviewed several firms who were interested in serving as the Trustee's
financial advisor (investment banker) in connection with valuing the Company's
(and its affiliates') business assets and assisting the Trustee concerning
plan of reorganization issues. The Trustee, with the participation of others,
concluded that the firm of Bear Stearns & Co., Inc. was the best qualified to
provide the desired service. The Trustee caused an Application seeking
<PAGE>
approval of his employment of Bear Stearns & Co., Inc as Financial Advisor to
be filed with the Bankruptcy Court. The hearing on the Application was held
as scheduled on March 20, 1997, at which hearing the Court approved the
Application. Bear, Stearns & Co. has been employed by the Trustee and is now
in the process of reviewing information and documentation to enable it to
provide the required financial advisory services. Bear, Stearns & Company
has preliminarily completed most of its initial work in valuing the Company's
(and its affiliates) business assets but has made no written report to the
Trustee. At this time the Trustee has not decided whether to make public the
valuation work to date performed by Bear, Stearns & Company. However in part,
based upon the preliminary valuation work of Bear, Stearns & Company, the
Trustee is of the opinion that the book value of the Company's business
assets, which is the value used on the Company's balance sheet which is
included in these Monthly Financial Statements filed with the Bankruptcy
Court (under the category "Other Assets: Investment in and advances to
subsidiaries and partnership") is likely materially less than the current
fair market value of such business assets.
The Trustee has employed the law firm of Weil, Gotshal & Manges, L.L.P., with
its principal office in New York City, as Special Plan Counsel. The purpose
of the employment includes, but is not limited to, advising the Trustee
concerning tax issues and assisting the Trustee and his General Counsel
concerning a plan of reorganization and issues relating thereto.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $135,518,732.92
2. Cash Receipts: (See Page 2 of 2) 1,743,714.53
3. Cash Disbursements: (See Page 2 of 2) (126,042.84)
------------
4. Net Cash Flow: 1,617,671.69
------------
5. Ending Cash Balance: $137,136,404.61
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $558.00 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 562.57 KEY BANK OF UTAH
GENERAL CORP CASH 702,796.67 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 3,709,943.68 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,187,101.88 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 14,445,452.68 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 10,471,991.34 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 22,883.19 (A) BANK ONE
UNITED STATES TREASURY BILLS 96,400,622.03 BANK ONE
PROCEEDS FROM ASSET SALES 4,055.42 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 190,437.15 KEY BANK OF UTAH
----------
$137,136,404.61
===============
</TABLE>
(A) Accounts requiring signatures of both the US Trustee and Chapter 11
Trustee for disbursements.
Form 2-B
Page 1 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,814.42 A
PAYROLL TAX ACCOUNT 9,775.54 B
GENERAL CORP CASH 211,238.12 C
CHPTR 11 TRUSTEE JOINT ACCT 1,459,461.45 E
CHPTR 11 TRUSTEE - CD ACCT 72,247.93 F
CHPTR 11 TRUSTEE - JT CD 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 N/A
CHPTR 11 TRUSTEE JT SAVINGS 77.87 G
UNITED STATES TREASURY BILLS 0.00 N/A
PROCEEDS FROM ASSET SALES 11.18 H
KYOCERA MAINTENANCE RESERVE 10,677.98 I
---------
1,783,304.49
LESS: ACCOUNT TRANSFERS (39,589.96)
----------
TOTAL CASH RECEIPTS $1,743,714.53
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,852.88 A
PAYROLL TAX ACCOUNT 9,780.41 B
GENERAL CORP CASH 135,955.19 D
CHPTR 11 TRUSTEE JOINT ACCT 44.32 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 F
CHPTR 11 TRUSTEE - JT CD 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 N/A
CHPTR 11 TRUSTEE JT SAVINGS 0.00 G
UNITED STATES TREASURY BILLS 0.00 N/A
PROCEEDS FROM ASSET SALES 0.00 H
KYOCERA MAINTENANCE RESERVE 0.00 I
----
165,632.80
LESS: ACCOUNT TRANSFERS (39,589.96)
---------
TOTAL CASH DISBURSEMENTS $126,042.84
===========
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/11/97 CK# 6432 BPC - GENERAL $9,869.44 PAYROLL TRANSFER
07/29/97 CK# 6464 BPC - GENERAL 9,944.98 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,814.42
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/15/97 PAYROLL SUMMARY $9,869.44
07/31/97 PAYROLL SUMMARY 9,944.98
07/31/97 BANK STMT KEY BANK OF UTAH 38.46 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $19,852.88
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/11/97 CK# 6433 BPC - GENERAL $4,309.12 PR TAX TRANSFER
07/22/97 CK# 6453 BPC - GENERAL 1,192.84 PR TAX TRANSFER
07/29/97 CK# 6465 BPC - GENERAL 4,273.58 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $9,775.54
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/15/97 KEY TAX KEY BANK OF UTAH $3,578.04 FEDERAL TAX DEPOSIT
07/22/97 KEY TAX KEY BANK OF UTAH 33.00 FEDERAL UNEMPLOYMENT TAX
07/23/97 CK# 1245 UTAH DEPT OF EMPLOY SECURITY 1,159.84 STATE UNEMPLOYMENT TAX
07/29/97 CK# 1246 UTAH ST TAX COMMISSION 1,453.06 STATE TAX DEPOSIT
07/29/97 KEY TAX KEY BANK OF UTAH 3,551.60 FEDERAL TAX DEPOSIT
07/31/97 BANK STMT KEY BANK OF UTAH 4.87 SERVICE CHARGE
----
TOTAL CASH DISBURSEMENTS $9,780.41
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/08/97 DS070897 THERAPIST UNLIMITED $361.00 RENT INCOME-OFFICE SPACE
07/08/97 DS070897 THERAPIST UNLIMITED 180.50 RENT INCOME-OFFICE SPACE
07/08/97 DS070897 SEDGWICK JAMES 21,539.00 EXPENSE REIMBURSEMENT
07/08/97 DS070897 SAN DIEGO GAS & ELECTRIC 1,216.96 ENERGY REVENUE-KYOCERA
07/16/97 DS071697 HANSEN JONES & LETA 48,561.20 SETTLEMENT PAYMENT
07/16/97 DS071697 HANSEN JONES & LETA 100,451.00 SETTLEMENT PAYMENT
07/16/97 DS071697 STATE OF HAWAII 6,332.70 STATE INCOME TAX REFUND
07/31/97 DS073197 GERRY MONSON 30,000.00 SETTLEMENT PAYMENT
07/31/97 BANK STMT KEY BANK OF UTAH 2,595.76 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $211,238.12
===========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/03/97 1006407 AIRBORNE EXPRESS $58.80 EXPRESS MAIL EXPENSE
07/03/97 1006408 AMPCO SYSTEM PARKING 378.00 RENT-PARKING
07/03/97 1006409 BENEFICIAL LIFE INSURANCE 768.35 INSURANCE-LIFE
07/03/97 1006410 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT
07/03/97 1006411 FEDERAL EXPRESS 24.99 EXPRESS MAIL EXPENSE
07/03/97 1006412 FRONTIER COMMUNICATIONS 786.87 TELEPHONE EXPENSE
07/03/97 1006413 MOUNT OLYMPUS WATER 12.00 OFFICE SUPPLIES & EXPENSE
07/03/97 1006414 MOUNTAIN STATES OFFICE PRODUCTS 7.65 OFFICE SUPPLIES & EXPENSE
07/03/97 1006415 OFFICE TEAM 264.00 OFFICE SUPPLIES & EXPENSE
07/03/97 1006416 THE PRUDENTIAL 1,000.56 INSURANCE-DISABILITY
07/03/97 1006417 PRODUCTIVITY POINT INTERNATIONAL 100.00 CONFERENCES & SEMINARS
07/03/97 1006418 STEVEN STEPANEK 61.19 TRAVEL REIMBURSEMENT
07/03/97 1006419 TRAVEL ZONE CRUISE ZONE 667.00 TRAVEL EXPENSE
07/03/97 1006420 UNUM LIFE INSURANCE CO 1,525.01 INSURANCE-DISABILITY
1006421 VOID
1006422 VOID
1006423 VOID
1006424 VOID
1006425 VOID
07/09/97 1006426 50 WEST BROADWAY ASSOCIATES 12,573.00 RENT-OFFICE SPACE & PARKING
1006427 VOID
07/09/97 1006428 GEOTHERMEX INC 12,645.00 ABANDONMNT EXP-MAMMOTH
07/09/97 1006429 GENERATOR POWER SYSTEMS INC 22,658.01 KYOCERA-O&M EXPENSE
07/09/97 1006430 BONNEVILLE PACIFIC SERVICES 1,827.81 KYOCERA-O&M EXPENSE
1006431 VOID
07/11/97 1006432 BPC-PAYROLL ACCT 9,869.44 TRANSFER-PAYROLL ACCT
07/11/97 1006433 BPC-PAYROLL TAX ACCT 4,309.12 TRANSFER-PAYROLL TAX ACCT
1006434 VOID
07/11/97 1006435 WELLS FARGO BANK 763.35 401K CONTRIBUTIONS
07/11/97 1006436 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
07/16/97 1006437 ADVANCED SEALING & SUPPLY INC 1,145.36 KYOCERA-O&M EXPENSE
07/16/97 1006438 AIRBORNE EXPRESS 23.13 EXPRESS MAIL EXPENSE
07/16/97 1006439 AUTOMATED OFFICE SYSTEMS INC 311.24 OFFICE SUPPLIES & EXPENSE
07/16/97 1006440 BRODERBUND SOFTWARE 71.08 OFFICE SUPPLIES & EXPENSE
07/16/97 1006441 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
07/16/97 1006442 FEDERAL EXPRESS 14.28 EXPRESS MAIL EXPENSE
07/16/97 1006443 FIDELITY TRANSFER COMPANY 875.00 OFFICE SUPPLIES & EXPENSE
07/16/97 1006444 TERESA HOUGHTON 280.00 OFFICE SUPPLIES & EXPENSE
07/16/97 1006445 MOUNT OLYMPUS WATER 36.02 OFFICE SUPPLIES & EXPENSE
07/16/97 1006446 CLARK MOWER 376.56 TRAVEL REIMBURSEMENT
07/16/97 1006447 NEWSPAPER AGENCY CORPORATION 76.84 OFFICE SUPPLIES & EXPENSE
07/09/97 1006448 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXPENSE
07/09/97 1006449 REDMAN VAN & STORAGE CO INC 687.53 RENT-STORAGE SPACE
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/16/97 1006450 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE
07/16/97 1006451 XEROX CORPORATION 415.54 OFFICE SUPPLIES & EXPENSE
07/22/97 1006452 WORKERS COMPENSATION FUND OF UT 302.52 INSURANCE-WORKERS COMP
07/22/97 1006453 BPC-PAYROLL TAX ACCT 1,192.84 TRANSFER-PAYROLL TAX ACCT
07/23/97 1006454 NATIONAL HEALTH CARE TRUST 21,801.03 INSURANCE-HEALTH
07/23/97 1006455 PRODUCTIVITY POINT INTERNATIONAL 1,250.00 CONFERENCES & SEMINARS
07/23/97 1006456 TRAVEL ZONE CRUISE ZONE 2,312.00 TRAVEL EXPENSE
07/23/97 1006457 US WEST COMMUNICATIONS 784.51 TELEPHONE EXPENSE
07/23/97 1006458 US TRUSTEE 8,000.00 QUARTERLY TRUSTEE FEE
07/23/97 1006459 STATE OF UTAH 15.00 OFFICE SUPPLIES & EXPENSE
07/23/97 1006460 STATE OF UTAH 25.00 OFFICE SUPPLIES & EXPENSE
07/23/97 1006461 INTERNAL REVENUE SERVICE 100.00 HAWAII POWER INCOME TAX
1006462 VOID
07/28/97 1006463 OLSON & REID PC 163.62 BONNE MCKNZ ACCNTNG SRVCS
07/29/97 1006464 BPC-PAYROLL ACCT 9,944.98 TRANFER-PAYROLL ACCOUNT
07/28/97 1006465 BPC-PAYROLL TAX ACCT 4,273.58 TRANSFER-PAYROLL TAX ACCT
07/28/97 1006466 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
07/28/97 1006467 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
07/29/97 BANK STMT IC SECURITY PRINTERS 118.13 PRINTED CHECK CHARGE
07/31/97 BANK STMT KEY BANK OF UTAH 51.56 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $135,955.19
===========
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/17/97 LDS CHURCH $1,100,000.00 SETTLEMENT PAYMENT
07/17/97 DESERET TRUST 348,000.00 SETTLEMENT PAYMENT
07/31/97 BANK STMT KEY BANK OF UTAH 11,461.45 INTEREST INCOME
---------
TOTAL CASH RECEIPTS $1,459,461.45
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/97 BANK STMT KEY BANK OF UTAH $44.32 BANK SERVICE CHARGE
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/97 BANK STMT US BANK $72,247.93 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
F
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/97 BANK STMT BANK ONE $77.87 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
G
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/97 BANK STMT KEY BANK OF UTAH $11.18 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/01/97 CK# 6410 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
07/31/97 BANK STMT KEY BANK OF UTAH 677.98 INTEREST INCOME
----------
TOTAL CASH RECEIPTS $10,677.98
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of July 31, 1997
- ------------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $137,136,405
Accounts receivable - trade 181,703
Accounts receivable - settlements (Note 4) 7,145,305
Accounts receivable - affiliates 303,319
Prepaid Insurance 15,319
Accrued interest receivable 1,128,613
---------
Total current assets $145,910,664
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,767,791
---------
Total fixed assets 3,966,215
Less: Accumulated depreciation (3,106,811)
---------
Net fixed assets 859,404
Other Assets:
Investment in and advances to subsidiaries
and partnership 32,432,286
Other assets 1,820
-----
Total other assets 32,434,106
----------
TOTAL ASSETS $179,204,174
============
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $90,106
Accounts payable - professional fees
and costs 4,781,852
Accrued income taxes payable (Note 5) 376,947
Taxes payable 108,633
Accrued interest 0
-
Total post-petition liabilities $5,357,538
Pre-petition liabilities:
Priority claims 61,186
Secured debt 0
Unsecured debt (Notes 1 and 3) 99,974,449
----------
Total pre-petition liabilities 100,035,635
-----------
TOTAL LIABILITIES 105,393,173
Commitments and Contingent Liabilities (Note 3)
OWNERS' EQUITY
Capital stock or owners' investment 213,752
Paid-in-capital 121,590,029
Treasury stock (2,308,255)
Retained earnings:
Pre-petition (56,551,908)
Post-petition 10,867,383
----------
TOTAL OWNERS' EQUITY (Notes 1 and 3) 73,811,001
----------
TOTAL LIABILITIES AND OWNERS' EQUITY $179,204,174
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period July 1 - July 31, 1997
- ------------------------------------------------------------------------------
Gross operating revenue $156,964
Less discount, returns and allowances 0
-
Net operating revenue $156,964
Cost of goods sold (130,551)
-------
Gross profit 26,413
Operating expenses:
Salaries and wages 29,146
Rent and leases 12,293
Payroll taxes 2,611
Insurance 4,563
Other 25,823
------
Total operating expenses (74,436)
------
Operating income (loss) (48,023)
Legal and professional fees and costs Note 4) 413,515
Depreciation, depletion and Administration 1,333
Claims settlement expense 0
Interest expense 0
-
Total (414,848)
-------
Net operating income (loss) (462,871)
Non-operating income and (expenses):
Interest income 592,256
Other income 31,588
Other income - settlements (Note 4) 1,627,012
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 600,898
-------
Net non-operating income or (expenses) 2,851,754
---------
Net income (loss) before income taxes 2,388,883
Provision for income taxes (Note 5) 48,000
------
NET INCOME (LOSS) $2,340,883
==========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period July 1 to July 31, 1997
- ------------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation,
included in the Monthly Financial Report, are prepared on the accrual
basis. As a result, revenues are generally recorded when earned rather
than when received and expenses are generally recognized when the
obligation is incurred rather than when the expenses are paid. During
bankruptcy accrued interest payable is recorded only on post petition
debt and pre-petition secured debt to the extent that the underlying
collateral equals or exceeds the outstanding principal plus the accrued
interest payable. Specifically, prepetition unsecured debt does not
include any accrual of interest after December 5, 1991. These financial
statements are prepared in a format required by the U.S. Bankruptcy
Code. While every effort is made to comply with generally accepted
accounting principles (GAAP), these financial statements may not comply
with GAAP in all respects. Also see the narrative which is attached
hereto.
2. Equity in earnings of subsidiaries and partnerships represents an
accrual of the Company's share of earnings or losses of its operating
subsidiaries and partnerships. These earnings are affected by a number
of factors including seasonality, operating costs and operating
efficiency. The operating entities which comprise these earnings
include Bonneville Pacific Services Company, Bonneville Fuels
Corporation, and Bonneville Nevada Corporation through its investment in
the NCA #1 Partnership.
3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and
potential claims include pre-petition debenture sale claims in the
approximate amount of $5,500,000.00, post-petition debenture sale claims
in the approximate amount of $11,000,000.00, limited partner claims in
the approximate amount of $4,000,000.00, Section 510(b) equity claims in
the approximate amount of $50,000,000.00 (including the $10,000,000.00
allowed compromised claim of CIGNA and the $3,000,000.00 claim filed by
the plan Trustee for the debtor's ESOP plan) and $8,945,000.00 in deeply
subordinated claims, accrued interest on certain claims and potential
administrative fees which may be allowed by the Bankruptcy Court.
The recording of the above described liabilities, if allowed, will reduce
equity by a corresponding amount.
For further information concerning liabilities and potential claims, see
the "Trustee's Preliminary Report (Estimate) Concerning Claims Filed
Against the Estate" dated March 17, 1997, which was originally filed on
March 17, 1997 and which was originally attached to the Financial Report
for the period February 1, 1997 through February 28, 1997.
Form 2-D
Page 2 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period July 1 to July 31, 1997
- ------------------------------------------------------------------------------
4. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were
fully effective as of July 31, 1997 and are reflected on the July 31, 1997
Financial Statements. Approved settlements are as follows:
W. Johnson $1,145,305
Westinghouse Electric 3,000,000
Piper Jaffray 3,000,000
---------
$7,145,305
5. As of April 30, 1996, Bonneville and Subsidiaries had approximately
$150,000,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $140,000,000 in Alternative
Minimum Tax Loss carry-forwards. Pursuant to current tax law, only 90
percent of current Alternative Minimum Taxable Income can be offset by
Alternative Minimum Tax Loss carry-forwards. The financial statements
reflect an estimated $2,700,000 alternative minimum tax provision and
an estimated $350,000 state tax provision resulting from operations and
the receipt of proceeds from settlements through the end of the current
period.
The Trustee has requested permission from the Internal Revenue Service
to change the tax year end of Bonneville and Subsidiaries to December 31.
The request has been granted.
Form 2-D
Page 3 of 3
<PAGE>
BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period July 1 to July 31, 1997
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $0.00 $0.00 $(4,294.08) $2,162.36 07/15/97 KEY TAX $0.00
2,131.72 07/29/97 KEY TAX
State 0.00 (1,453.06) 1,453.06 07/29/97 1246
FICA tax withheld 0.00 (1,417.78) 707.84 07/15/97 KEY TAX
709.94 07/29/97 KEY TAX 0.00
Employer's FICA tax 0.00 (1,417.78) 707.84 07/15/97 KEY TAX
709.94 07/29/97 KEY TAX 0.00
Unemployment tax:
Federal 0.00 (33.00) 33.00 07/22/97 KEY TAX 0.00
State 0.00 (1,159.84) 1,159.84 07/22/97 KEY TAX 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes (106,416.00) (2,217.00) (108,633.00)
Accrued income tax:
Federal (328,947.00) 0.00 (48,000.00) 0.00 (376,947.00)
State 0.00 0.00 0.00 0.00
Delaware franchise tax 0.00 0.00
Employee withholding 0.00 (1,516.25) 763.35 07/11/97 1006435 0.00
752.90 07/29/97 1006466
---- ---- -------- ------ ----
TOTALS $(435,363.00) $0.00 $(61,508.79) $11,291.79 $(485,580.00)
============ ===== =========== ========== ============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period July 1 to July 31, 1997
<TABLE>
<CAPTION>
Policy
Amount of Expiration Premium Paid
Carrier/Agent Coverage Date Thru Date
<S> <C> <C> <C> <C>
Worker's Compensation Various State Funds Statutory
$1,000,000 (A) 07/31/97
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/06/97 08/06/97
Vehicles Travelers Insurance/
[Hired/Non-owned] Sedgwick James 5,000,000 08/06/97 08/06/97
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/96 08/17/97
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/96 08/17/97
</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 July 1 to July 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $7,224,432 $85,391 $4,781,852
30 to 60 days 102,557 141 0
61 to 90 days 19 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 7,327,008 90,106 4,781,852
Pre-petition amounts 0 3,751,997 0
- --------- -
Total accounts receivable $7,327,008
==========
Total accounts payable $3,842,103 $4,781,852
========== ==========
Affiliate
Accounts
Receivable
Under 30 days $22,675
30 to 60 days 48,366
61 to 90 days 6,840
Over 90 days 225,438
-------
Total post-petition
affiliate accounts
receivable $303,319
========
</TABLE>
Form 2-E
Page 3 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments of Fees and Costs to Attorneys and Other Professionals
For Period July 1 to July 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee 0 85,673 (1)
Trustee's Counsel 0 276,777 (1)
Trustee's Accountants 0 93,484
Trustee's Special Plan Counsel 0 100,000
Special Litigation Counsel for
Trustee - Costs 0 200,132
Trustee - Fees 0 3,815,786 (2)
Auditors 0 90,000
Financial Consultants 0 120,000
- -------
Total $0 $4,781,852
== ==========
</TABLE>
(1) 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.
(2) Includes an accrual for any contingent fees due as a result of
Court approved settlements or recoveries. Estimated contingent
fees are accrued when settlements are approved by the Court. The
contingent fees that have been accrued on settlements approved by
the Court are as follows:
1. $3,000,000.00 - Westinghouse Settlement
Fees - $990,000.00
2. $3,000,000.00 - Piper Jaffray Settlement
Fees - $990,000.00
3. $1,250,000.00 - Johnson Settlement
Fees - $412,500.00
4. $5,000,000.00 - Norwest Bank Settlement
Fees - $1,000,000
5. $985,000.00 - Coffin Settlement
Fees - $197,000
6. $69,314 - Cost Offset
7. $1,100,000.00 - LDS Church Settlement
Fees - $220,000.00
8. $348,000.00 - Deseret Trust Settlement
Fees - $69,600.00
9. $30,000.00 - Gerry Monson Settlement
Fees - $6,000.00
The $3,000,000.00 Westinghouse settlement payment, the
$3,000,000.00 Piper Jaffray settlement payment and approximately
$1,145,305.00 of the Johnson settlement have not yet been received
by the estate, but the settlements were approved and such
settlements have been booked as receivables.
Form 2-E
Page 4 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period July 1 to July 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Payee Name Position Nature of Payment Amount
<S> <C> <C> <C>
Ralph F Cox Director Director fees 0.00
Calvin L Rampton Director Director fees 0.00
Clark M Mower President Salary 12,566.68
Expense Reimbursement 376.56
</TABLE>
Form 2-E
Page 6 of 6
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended July 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<S> <C> <C> <C> <C>
January $220,508.24
February 169,408.87
March 215,808.71
----------
Total 1st Quarter 605,725.82 3,750.00 1006268 04/17/97
April 4,093,233.83
May 128,144.26
June 152,976.15
----------
Total 2nd Quarter 4,374,354.24 8,000.00 1006458 07/23/97
July 126,042.84
August
September
----------
Total 3rd Quarter
October
November
December
Total 4th Quarter
</TABLE>
(1) This summary is to reflect the current calendar year's
information cumulative to the end of the current reporting period.
Form 2-F
