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 16, 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 May 1, 1997 to May 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 June 16, 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 June 16, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- --------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11,
for the period May 1, 1997 to May 31,
1997, of the Registrant, dated June 16,
1997 as filed by the Registrant with the
United States Bankruptcy Court for the
District of Utah, Central Division on
June 16, 1997 . . . . . . . . . . . . . . . . . .5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period May 1 to May 31, 1997
--------- ----- ------------
Accounting Method Used: [X] Accrual Basis [ ] Cash Basis
COVER SHEET
- ------------------------------------------------------------------------------
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE
Mark One Box For Each MONTH. The debtor must attach each of the following
Required 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)
[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 16, 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 16th day of June 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 May 31, 1997
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has
continued to conduct its normal business activities during the
month of May 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
May and the first part of June 1997(1) (other than administrative
matters, including professional fee applications) in accordance
with various provisions of the Bankruptcy Code are as follows:
1. The Segal v. Portland General, et al. action pending in the
United States District Court, Case No. 92-C-364-J (the "Litigation")
has been discussed at Length in the previous Monthly Financial
Reports filed by the Trustee and in the Trustee's four (4) Annual
Reports, including the Report for the period of July 1, 1995 through
June 30, 1996 filed on September 19, 1996 concerning the
Administration of the Estate. 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 June 12, 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; such
investigation includes conducting additional Rule 2004
examinations. 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 April 10, 1997, the Trustee entered into a verbal
settlement agreement with one of the entities which had
signed a tolling agreement, Norwest Bank Minnesota, N.A,
("Norwest"). Pursuant to the settlement, which was promptly
documented by formal settlement agreement, Norwest agreed to
pay to the Trustee the sum of five million dollars
($5,000,000.00) and the Trustee agreed to waive and release
all claims against Norwest. 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 May 12, 1997
at which hearing the Bankruptcy Court granted the Trustee's
Motion and approved the settlement. Norwest paid the
settlement amount of $5,000,000.00 on May 12, 1997.
On May 30, 1997 the Trustee entered into a formal Settlement
Agreement with Terry E. Coffin, Coffin, Snyder & Matthews
and Runft, Coffin & Matthews, Charted (collectively the
"Coffin Parties") pursuant to which the Coffin Parties
agreed to pay the Trustee the sum of approximately
$985,000.00 and pursuant to which the parties agreed to a
mutual release of claims against one another. The
settlement is conditioned upon approval by the United States
Bankruptcy Court. A hearing on the Trustee's Motion for
Approval of the Settlement Agreement is scheduled for June
30, 1997. The Coffin Parties on June 6, 1997 paid
$985,000.00 to the Trustee pending approval of the
settlement.
On May 23, 1997 the Trustee entered into a formal Settlement
Agreement with the Corporation of 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 will pay to the Trustee the
sum of $1,100,000.00 and the Church shall be granted 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 is conditioned upon approval by the
<PAGE>
United States Bankruptcy Court. A hearing on the Trustee's
Motion for Approval of the Settlement Agreement is scheduled
for July 7, 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 will 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 will 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 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 is
conditioned upon approval by the United States Bankruptcy
Court. A hearing on the Motion for Approval of the
Settlement Agreement is scheduled for July 7, 1997.
All litigation settlement recoveries actually received by
the Company are subject to a contingency fee in favor of the
law firm of Beus, Gilbert & Morrill, special litigation
counsel for the Trustee. The "Legal Representation
Agreement" between the Trustee and Beus, Gilbert & Morrill,
which agreement sets forth the terms of the contingent fee
arrangement, was approved by the Bankruptcy Court in 1992. Pursuant
to the contingent fee agreement, Beus, Gilbert & Morrill would,
after subtracting for litigation costs, be paid forty percent (40%)
of any settlement or litigation recoveries received after trial
commences, thirty-three percent (33%) of any settlement sums
received after the litigation is filed but before trial
commences, or, as the case may be, twenty percent (20%) of
the settlement sum received if the settlement occurs before
litigation is commenced ( in all instances less amounts paid
to the Trustee's General Counsel, Cohne, Rappaport & Segal, P.C.,
For fees related to the Litigation). Any fees or costs to be
paid to Beus, Gilbert & Morrill must first be allowed (approved) by
the Bankruptcy Court upon application after notice and hearing.
In addition to the above described litigation matters, the
Company continues in its business operations. Significant
actions and events during May, 1997 related to business matters
are as follows:
1. The Trustee and his counsel continue to monitor the
Company's 50% general partnership interest in NCA #1 owned through
the Company's wholly owned subsidiary, Bonneville Nevada Corporation.
NCA #1 is a Nevada general partnership that owns an 85-megawatt
cogeneration project located near Las Vegas, Nevada. As previously
reported, Nevada Power Company ("NPC") 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
<PAGE>
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 continues to negotiate with representatives
of NPC to resolve curtailment and other Power Purchase Contract issues.
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.
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.
Analysis of Claims and Possible Distributions.
Prepetition claims against the Bonneville Pacific bankruptcy estate total
less than two hundred million dollars in booked and unbooked liabilities
(excluding any addition for possible post-petition interest). The exact
amount of such claims is still undetermined and the distribution priority
for such claims is still being researched, investigated, litigated or
negotiated by the Trustee and other parties in interest (see the further
discussion which follows). Also see the "Trustee's Preliminary Report
(Estimate) Concerning Claims filed Against the Estate" which was attached to
the February and March 1997 Monthly Financial Reports and which report was
filed with the Bankruptcy Court on or about March 17, 1997.
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; 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 330 additional claims have been filed since December 16, 1996.
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
<PAGE>
to a number of the new claims which have been filed and expects to file the
first of the objections in the next few weeks.
Concerning Claim No. 145 filed by First Security Bank, N.A., related to the
Crystal Springs Project, the Trustee and First Security reached a settlement
now documented by formal Settlement Agreement dated April 18, 1997.
Pursuant to the settlement, First Security reduced its $2,504,869.14 claim
related to the Crystal Springs Project to fifty thousand dollars ($50,000.00).
The settlement was conditioned upon approval by the Bankruptcy Court. A
hearing on the Motion for Approval of the Settlement Agreement was held as
scheduled on June 2, 1997 at which hearing the Bankruptcy Court approved the
settlement. As a consequence of the settlement First Security's combined
bank claim against the estate totals $800,000.00, (i.e., $750,000.00
related to the Antelope Valley Project and $50,000.00 related to the Crystal
Springs Project).
On or about March 26, 1997 the Honorable Thomas R. Brett, United States
District Court Judge, withdrew reference from the Bankruptcy Court of all
matters related to the firm of LeBoeuf, Lamb, Greene & MacRae ("LeBoeuf").
The Trustee estimates that LeBoeuf (which had represented the Official
Unsecured Creditors' Committee prior to June 16, 1992) could have sought
final fees and costs (an administrative claim) totaling approximately
several hundred thousand dollars. However, LeBoeuf and the Trustee entered
into a Settlement Agreement dated May 8, 1997, which resolves all matters
between the estate and LeBoeuf. The settlement was conditioned upon
approval of the United States District Court. The hearing on the Motion for
Approval of the Settlement was held as scheduled on June 6, 1997, at which
hearing the District Court approved the settlement. Pursuant to the
Settlement Agreement, LeBoeuf has waived its claims to any and all fees and
costs and has reimbursed Bonneville $64,679.25 in previously allowed and
paid fees and costs and the parties have mutually released one another from
any and all claims.
On May 5, 1997, the United States Bankruptcy Court for the District of Utah
approved a settlement agreement between the Company and Vulcan Power
Company ("Vulcan") a debtor-in-possession in a case pending in Oregon.
The settlement is intended to resolve issues arising from the Company's sale
to Vulcan of its interest in the Mammoth Project in California. 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. The Company is
now in the process of making arrangements to plug the wells.
On or about April 22, 1997, certain investment partnerships affiliated with
Wexford Management L.L.C. issued a press release announcing, among other
things, that the investment partnerships had (a) acquired $752,500 common
shares of Bonneville and (b) filed a Schedule 13D with the Securities and
Exchange Commission.
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
<PAGE>
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 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.
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 is continuing with work on 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 is now in
the position to begin the process of formulating and proposing a plan of
reorganization. While general plan negotiations with parties in interest have
now commenced, it will be several months, if not substantially more, before
any creditor with an allowed claim can anticipate receiving any distribution
from the estate.
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 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. The Trustee
<PAGE>
anticipates that Bear, Stearns & Company's initial work in valuing the
Company's (and its affiliates) business assets will be completed in the next
few weeks.
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 May 1 - May 31 1997
- ------------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $128,157,423.53
2. Cash Receipts: (See Page 2 of 2) 6,237,045.83
3. Cash Disbursements: (See Page 2 of 2) (128,144.26)
-------------
4. Net Cash Flow: 6,108,901.57
---------------
5. Ending Cash Balance: $134,266,325.10
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
- -----------------------------------------------------------------------------
PAYROLL ACCOUNT $630.13 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 590.40 KEY BANK OF UTAH
GENERAL CORP CASH 431,426.92 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,252,685.81 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,114,853.95 (A) US BANK
CHPTR 11 TRUSTEE - JNT CD 10,445,452.68 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JNT CD 10,424,153.33 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 22,730.06 (A) BANK ONE
UNITED STATES TREASURY BILLS 96,400,622.03 BANK ONE
PROCEEDS FROM ASSET SALES 4,033.45 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 169,146.34 KEY BANK OF UTAH
---------------
$134,266,325.10
===============
(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 May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,079.16 A
PAYROLL TAX ACCOUNT 12,131.77 B
GENERAL CORP CASH 39,506.15 C
CHPTR 11 TRUSTEE JOINT ACCT 20,312.30 E
CHPTR 11 TRUSTEE - CD ACCT 68,340.50 F
CHPTR 11 TRUSTEE - JNT CD 104,584.59 G
CHPTR 11 TRUSTEE - JNT CD 45,353.94 H
CHPTR 11 TRUSTEE JT SAVINGS 96,228,000.32 I
UNITED STATES TREASURY BILLS 97,357,948.40 J
PROCEEDS FROM ASSET SALES 11.12 K
KYOCERA MAINTENANCE RESERVE 10,610.54 L
---------------
193,905,878.79
LESS: ACCOUNT TRANSFERS (187,668,832.96)
---------------
TOTAL CASH RECEIPTS $6,237,045.83
===============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,114.36 A
PAYROLL TAX ACCOUNT 9,044.01 B
GENERAL CORP CASH 141,136.58 D
CHPTR 11 TRUSTEE JOINT ACCT 55.24 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 F
CHPTR 11 TRUSTEE - JNT CD 0.00 G
CHPTR 11 TRUSTEE - JNT CD 0.00 H
CHPTR 11 TRUSTEE JT SAVINGS 96,400,627.03 I
UNITED STATES TREASURY BILLS 91,227,000.00 J
PROCEEDS FROM ASSET SALES 0.00 K
KYOCERA MAINTENANCE RESERVE 0.00 L
---------------
187,796,977.22
LESS: ACCOUNT TRANSFERS (187,668,832.96)
---------------
TOTAL CASH DISBURSEMENTS $128,144.26
===============
</TABLE>
FORM 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/13/97 CK# 6325 BPC - GENERAL $9,492.19 PAYROLL TRANSFER
05/28/97 CK# 6350 BPC - GENERAL 9,586.97 PAYROLL TRANSFER
----------
TOTAL CASH RECEIPTS $19,079.16
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/15/97 PAYROLL SUMMARY $9,492.19
05/31/97 PAYROLL SUMMARY 9,586.97
05/31/97 BANK STMT KEY BANK OF UTAH 35.20 SERVICE CHARGE
----------
TOTAL CASH DISBURSEMENTS $19,114.36
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/01/97 CK# 6322 BPC - GENERAL $3,091.01 PR TAX TRANSFER
05/13/97 CK# 6329 BPC - GENERAL 4,817.39 PR TAX TRANSFER
05/28/97 CK# 6351 BPC - GENERAL 4,223.37 PR TAX TRANSFER
----------
TOTAL CASH RECEIPTS $12,131.77
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/13/97 CK# 1239 KEY BANK OF UTAH $4,082.20 FEDERAL TAX DEPOSIT
05/28/97 CK# 1240 KEY BANK OF UTAH 3,502.93 FEDERAL TAX DEPOSIT
05/28/97 CK# 1241 UTAH ST TAX COMMISSION 1,455.63 STATE TAX DEPOSIT
05/31/97 BANK STMT KEY BANK OF UTAH 3.25 SERVICE CHARGE
---------
TOTAL CASH DISBURSEMENTS $9,044.01
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/09/97 DS050997 C. MOWER $93.00 EXPENSE REIMBURSEMENT
05/09/97 DS050997 T. HOUGHTON 477.57 INSURANCE REIMBURSEMENT
05/09/97 DS050997 SAN DIEGO GAS & ELECTRIC 2,187.66 ENERGY REVENUE-KYOCERA
05/15/97 DS051597 J. ALLSOP 1,135.32 INSURANCE REIMBURSEMENT
05/18/97 DS051897 KYOCERA AMERICA 33,748.58 ENERGY REVENUE-KYOCERA
05/31/97 BANK STMT KEY BANK OF UTAH 1,864.02 INTEREST INCOME
----------
TOTAL CASH RECEIPTS $39,506.15
==========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period May 1 - May 31, 1997
- -------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/01/97 1006298 AIRBORNE EXPRESS 91.87 EXPRESS MAIL EXPENSE
05/01/97 1006299 AMPCO SYSTEM PARKING 378.00 RENT - PARKING
05/01/97 1006300 AUTOMATED OFFICE SYSTEMS 311.24 OFFICE SUPPLIES & EXPENSE
05/01/97 1006301 BENEFICIAL LIFE INSURANCE 774.87 INSURANCE - LIFE
05/01/97 1006302 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER - MAINT RESERVE ACCT
05/01/97 1006303 DAY TIMERS INC 27.85 OFFICE SUPPLIES & EXPENSE
05/01/97 1006304 DESKTOP PUBLISHERS JOURNAL 9.97 PUBLICATIONS & SUBSCRIPTIONS
05/01/97 1006305 FRONTIER COMMUNICATIONS SR 819.98 TELEPHONE EXPENSE
05/01/97 1006306 TERESA A HOUGHTON 200.00 OFFICE SUPPLIES & EXPENSE
05/01/97 1006307 MOUNT OLYMPUS WATER 28.95 OFFICE SUPPLIES & EXPENSE
05/01/97 1006308 MOUNTAIN STATES OFF PRODUCTS 38.56 OFFICE SUPPLIES & EXPENSE
05/01/97 1006309 NATIONAL HEALTH CARE TRUST 21,431.42 INSURANCE HEALTH
05/01/97 1006310 OFFICE TEAM 422.40 OFFICE SUPPLIES & EXPENSE
05/01/97 1006311 PITNEY BOWES INC 50.16 OFFICE SUPPLIES & EXPENSE
05/01/97 1006312 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE
05/01/97 1006313 PONDEROSA PRINTING 26.56 OFFICE SUPPLIES & EXPENSE
05/01/97 1006314 THE PRUDENTIAL 1,017.00 INSURANCE - DISABILITY
05/01/97 1006315 PROTEL 74.36 OFFICE SUPPLIES & EXPENSE
05/01/97 1006316 REDMAN VAN & STORAGE CO 452.57 RENT - STORAGE SPACE
05/01/97 1006317 TRAVEL ZONE CRUISE ZONE 337.00 TRAVEL EXPENSE
05/01/97 1006318 UNUM LIFE INSURANCE CO 1,552.51 INSURANCE - DISABILITY
05/01/97 1006319 US WEST COMMUNICATIONS 773.46 TELEPHONE EXPENSE
05/01/97 1006320 STATE OF UTAH DEPT OF COMM 10.00 OFFICE SUPPLIES & EXPENSE
05/01/97 1006321 WINDOWS MAGAZINE 16.97 PUBLICATIONS & SUBSCRIPTIONS
05/01/97 1006322 BPC PAYROLL TAX ACCOUNT 3,091.01 TRANSFER - PAYROLL TAX ACCT
05/06/97 1006323 VOID VOID VOID
05/06/97 1006324 VOID VOID VOID
05/06/97 1006325 50 WEST BROADWAY ASSOC 12,573.00 RENT - OFFICE SPACE & PARKING
05/06/97 1006326 CASH 486.71 OFFICE SUPPIES & EXPENSE
05/09/97 1006327 MCEWEN GISVOLD RANKIN CART 5,762.62 PROFESSIONAL FEES
05/13/97 1006328 BONNEVILLE PACIFIC/PAYROLL 9,492.19 TRANSFER - PAYROLL ACCT
05/13/97 1006329 BPC PAYROLL TAX ACCOUNT 4,817.39 TRANSFER - PAYROLL TAX ACCT
05/13/97 1006330 WELLS FARGO BANK 767.53 401K CONTRIBUTIONS
05/13/97 1006331 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
05/16/97 1006332 AIRBORNE EXPRESS 174.08 EXPRESS MAIL EXPENSE
05/16/97 1006333 AUTOMATED OFFICE SYSTEMS 516.49 OFFICE SUPPLIES & EXPENSE
05/16/97 1006334 BANC ONE TRUST GROUP 7,539.94 QUARTERLY INVESTMENT FEE
05/16/97 1006335 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
05/16/97 1006336 GENERATOR POWER SYSTEMS 17,574.09 KYOCERA O&M EXPENSE
05/16/97 1006337 KWIK KOPY 60.66 OFFICE SUPPLIES & EXPENSE
05/16/97 1006338 MICRON ELECTRONICS INC 7,983.45 COMPUTER EQUIPMENT
05/16/97 1006339 MOUNT OLYMPUS WATER 10.62 OFFICE SUPPLIES & EXPENSE
05/16/97 1006340 MOUNTAIN STATES OFF PRODUCTS 108.98 OFFICE SUPPLIES & EXPENSE
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period March 1 - March 31, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/16/97 1006341 OFFICE TEAM 264.00 OFFICE SUPPLIES & EXPENSE
05/16/97 1006342 PITNEY BOWES INC 168.90 OFFICE SUPPLIES & EXPENSE
05/16/97 1006343 REDMAN VAN & STORAGE CO 521.92 RENT - STORAGE SPACE
05/16/97 1006344 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE
05/16/97 1006345 STEVEN H. STEPANEK 718.44 TRAVEL REIMBURSEMENT
05/16/97 1006346 WELLS FARGO BANK 1,350.97 QUARTERLY 401K FEE
05/16/97 1006347 TODD L. WITWER 146.44 TRAVEL REIMBURSEMENT
05/21/97 1006348 STATE OF DELAWARE CORP DIV 13,200.00 FRANCHISE TAX
05/21/97 1006349 UNITED PARCEL SERVICE 21.99 EXPRESS MAIL EXPENSE
05/28/97 1006350 BONNEVILLE PACIFIC/PAYROLL 9,586.97 TRANSFER - PAYROLL ACCT
05/28/97 1006351 BPC PAYROLL TAX ACCOUNT 4,223.37 TRANSFER - PAYROLL TAX ACCT
05/28/97 1006352 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
05/28/97 1006353 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
05/31/97 BANK STMT KEY BANK OF UTAH 51.93 BANK SERVICE CHARGE
-----------
TOTAL CASH DISBURSEMENTS $141,136.58
===========
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/97 BANK STMT KEY BANK OF UTAH $20,312.30 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/97 BANK STMT KEY BANK OF UTAH $55.24 SERVICE CHARGE
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period May 1 - May 31, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/97 BANK STMT US BANK $68,340.50 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
F
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period May 1 - May 31, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/97 BANK STMT KEY BANK OF UTAH $104,584.59 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
G
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint - CD Account
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/26/97 BANK STMT BANK ONE $22,240.11 MATURITY OF CD
05/29/97 BANK STMT BANK ONE 23,113.83 MATURITY OF CD
----------
TOTAL CASH RECEIPTS $45,353.94
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/13/97 MEMO ADVC BANK ONE $5,000,000.00 NORWEST SETTTLEMENT
05/29/97 MEMO ADVC BANK ONE 91,227,000.00 TRANSFER T-BILL
05/31/97 BANK STMT BANK ONE 1,000.32 INTEREST INCOME
--------------
TOTAL $96,228,000.32
==============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/13/97 MEMO ADVC BANK ONE $5,174,465.25 TRANSFER-T-BILL
05/29/97 MEMO ADVC BANK ONE 91,226,156.78 TRANSFER-T-BILL
05/31/97 BANK STMT BANK ONE 5.00 SERVICE CHARGE
--------------
TOTAL CASH DISBURSEMENTS $96,400,627.03
==============
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Short Term Marketable Securities
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/13/97 MEMO ADVC BANK ONE $5,174,465.25 TRANSFER-T-BILL
05/29/97 MEMO ADVC BANK ONE 957,326.37 DISCOUNT CLLCTD
05/29/97 MEMO ADVC BANK ONE 91,226,156.78 TRANSFER-T-BILL
--------------
TOTAL CASH RECEIPTS $97,357,948.40
==============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/29/97 MEMO ADVC BANK ONE $91,227,000.00 TRANSFER-T-BILL
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period May 1 - May 31, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/97 BANK STMT KEY BANK OF UTAH $11.12 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
K
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/01/97 CK# 6302 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
05/31/97 BNK STMT KEY BANK OF UTAH 610.54 INTEREST INCOME
----------
TOTAL CASH RECEIPTS $10,610.54
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
L
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of May 31, 1997
- ------------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $134,266,325
Accounts receivable - trade 109,750
Accounts receivable - settlements (Note 4) 7,150,000
Accounts receivable - affiliates 281,590
Prepaid Insurance 28,676
Accrued interest receivable 203,034
------------
Total current assets $142,039,375
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,758,977
------------
Total fixed assets 3,957,401
Less: Accumulated depreciation <3,087,802>
------------
Net fixed assets 869,599
Other Assets:
Investment in and advances to subsidiaries
and partnership 30,838,378
Other assets 1,820
------------
Total other assets 30,840,198
------------
TOTAL ASSETS $173,749,172
============
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 107,040
Accounts payable - professional fees
and costs 4,288,194
Accrued income taxes payable (Note 5) 282,747
Taxes payable 104,199
Accrued interest 0
------------
Total post-petition liabilities $ 4,782,180
Pre-petition liabilities:
Priority claims 61,186
Secured debt 0
Unsecured debt (Notes 1 and 3) 99,699,658
------------
Total pre-petition liabilities 99,760,844
------------
TOTAL LIABILITIES 104,543,024
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 6,262,530
-----------
TOTAL OWNERS' EQUITY (Notes 1 and 3) 69,206,148
------------
TOTAL LIABILITIES AND OWNERS' EQUITY $173,749,172
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period May 1 - May 31, 1997
- ------------------------------------------------------------------------------
Gross operating revenue $ 178,232
Less discount, returns and allowances 0
---------
Net operating revenue $ 178,232
Cost of goods sold <118,780>
-----------
Gross profit 59,452
Operating expenses:
Salaries and wages 28,644
Rent and leases 12,293
Payroll taxes 1,634
Insurance <57>
Other 9,018
--------
Total operating expenses <51,532>
----------
Operating income <loss> 7,920
Legal and professional fees and costs
(Note 4) 1,281,058
Depreciation, depletion and Administration 1,333
Interest expense 0
---------
Total <1,282,391>
----------
Net operating income <loss> <1,274,471>
Non-operating income and <expenses>:
Interest income 585,903
Other income 3,308
Other income - settlements (Note 4) 5,000,000
Equity in earnings (losses) of
subsidiaries and partnerships (Note 2) 849,851
---------
Net non-operating income or <expenses> 6,439,062
----------
Net income <loss> before income taxes 5,164,591
Provision for income taxes (Note 5) 116,500
----------
NET INCOME <LOSS> $5,048,091
==========
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, 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 May 1 to May 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 May
31, 1997 and are reflected on the May 31, 1997 Financial
Statements. Approved settlements are as follows:
W. Johnson $1,150,000
Westinghouse Electric 3,000,000
Piper Jaffray 3,000,000
----------
$7,150,000
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 $2,600,000
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 May 1 to May 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 $ $ <4,316.65> $ 2,175.56 05/13/97 1239 $ 0.00
2,141.09 05/28/97 1240
State 0.00 <1,455.63> 1,455.63 05/28/97 1241
FICA tax withheld 0.00 <1,634.24> 953.32 05/13/97 1239
680.92 05/28/97 1240 0.00
Employer's FICA tax 0.00 <1,634.24> 953.32 05/13/97 1239
680.92 05/28/97 1240 0.00
Unemployment tax:
Federal 0.00 0.00
State 0.00 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes <101,982.00> <2,217.00> <104,199.00>
Accrued income tax:
Federal <179,447.00> 0.00 <103,300.00> 0.00 <282,747.00>
State 0.00 0.00 0.00 0.00
Delaware franchise tax 0.00 <13,200.00> 13,200.00 05/21/97 1006348 0.00
Employee withholding 0.00 <1,520.43> 767.53 05/13/97 1006330 0.00
752.90 05/28/97 1006352
------------- ---------- ------------- ---------- -------------
TOTALS $<281,429.00> $ 0.00 $<129,278.19> $23,761.19 $<386,946.00>
============= ========== ============= ========== =============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period May 1 to May 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) 05/31/97
General Liability Travelers Insurance/
Sedgwick James 5,000,000 06/06/97 06/06/97
Vehicles Travelers Insurance/
[Hired/Non-owned] Sedgwick James 5,000,000 06/06/97 06/06/97
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/96 08/17/97
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/96 08/17/97
</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, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $7,259,724 $102,466 $4,148,707
30 to 60 days 15 0 0
61 to 90 days 8 0 0
Over 90 days 3 4,574 139,487
---------- ---------- ----------
Total post-petition 7,259,750 107,040 4,288,194
Pre-petition amounts 0 3,527,206 0
---------- ---------- ----------
Total accounts receivable $7,259,750
==========
Total accounts payable $3,634,246 $4,288,194
========== ==========
Affiliate
Accounts
Receivable
Under 30 days $ 6,840
30 to 60 days 44,209
61 to 90 days 5,103
Over 90 days 225,438
----------
Total post-petition
affiliate accounts
receivable $ 281,590
==========
</TABLE>
Form 2-E
Page 3 of 6
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments of Fees and Costs to Attorneys and Other Professionals
For Period May 1 to May 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Counsel for Unsecured
Creditors' Committee $0 $139,487 (3)
Court Appointed Trustee 0 57,880 (1)
Trustee's Counsel 0 180,880 (1)
Trustee's Accountants 0 50,881
Trustee's Special Plan Counsel 0 75,000
Special Litigation Counsel for
Trustee - Costs 0 191,566
Trustee - Fees 0 3,392,500 (2)
Auditors 0 100,000
Financial Consultants 0 100,000
-- ----------
Total $0 $4,288,194
== ==========
</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
The $3,000,000.00 Westinghouse settlement payment, the
$3,000,000.00 Piper Jaffray settlement payment and approximately
$1,150,000.00 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 6
<PAGE>
3) On June 6, 1997, the U.S. District Court approved a settlement with
Laboeuf, Lamb, Green and MacRae, L.L.P. and Ralph R. Mabey by which
Laboeuf, Lamb, Green and MacRae, L.L.P. waives its claim to any
and all attorneys' fees and cost.
Further information concerning settlements is contained in the narrative
which is attached.
Form 2-E
Page 5 of 6
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period May 1 to May 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
</TABLE>
Form 2-E
Page 6 of 6
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended May 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
-------------
Total 2nd Quarter 4,221,378.09
July
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