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) May 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
April 1, 1997 to April 30, 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 May 14, 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 May 15, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- -------------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11,
for the period April 1, 1997 to April
30, 1997, of the Registrant, dated May
15, 1997 as filed by the Registrant with
the United States Bankruptcy Court for
the District of Utah, Central Division
on May 15, 1997 . . . . . . . . . . . . . . . . . . . . . .5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period April 1 to April 30, 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: May 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 14th day of May 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 April 30, 1997
Form 2-G
- -------------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of April 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 April and the
first part of May 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
- ---------------
(1) This narrative attempts to summarize significant events affecting the
Company through May 13, 1997.
<PAGE>
settlements(2) reached by the Trustee. For all practical purposes the
Litigation has been concluded (but also see the discussion below).
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 examination. 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 believe are liable to the Bonneville estate, then in the next few
months the Trustee, through his special litigation counsel, may commence
additional litigation on behalf of the Trustee for Bonneville Pacific.
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.
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,
- ---------------
(2) Each settlement agreement should be reviewed in its entirety for all terms
and conditions (and consideration) of the settlement.
<PAGE>
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 April 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 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 continue to resolve this matter during the
Reporting Period. Significant progress toward settlement occurred
during the Reporting Period and a final settlement agreement is
anticipated shortly.
<PAGE>
Analysis of Claims and Possible Distributions.
Prepetition claims against the Bonneville Pacific bankruptcy estate total
approximately 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). The Motion also sought approval of a form of
notice to be sent to potential creditors, approval of a form proof of claim,
approval of a procedure to identify potential claimants and a procedure for
notice by publication. A hearing on the Motion was scheduled before the
Bankruptcy Court on September 10, 1996. No objections to the Motion were
filed and at the hearing the Court granted the Motion and signed an order
establishing the supplementary claims bar deadline. Consequently, the Trustee
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 320 additional claims
have been filed since December 16, 1996. The Trustee has completed his initial
review of each of the claims; such review process was delayed due to the large
number of claims and the diverse manner in which the claim forms were filled
out by the claimants. 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.
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 will reduce its $2,504,869.14 claim related to
the Crystal Springs Project to fifty thousand dollars ($50,000.00). This
settlement is conditioned upon approval by the Bankruptcy Court. A hearing
on the Motion for Approval of the Settlement Agreement is scheduled for
June 2, 1997. If the Bankruptcy Court approves the settlement then First
<PAGE>
Security's combined bank claim against the estate will total $800,000.00.
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 have now entered into a
Settlement Agreement dated May 8, 1997, which resolves all matters between the
estate and LeBoeuf. Pursuant to the Settlement Agreement, LeBoeuf will waive
its claims to any and all fees and costs and will reimburse Bonneville
$64,679.25 in previously allowed and paid fees and costs and the parties will
mutually release one another from any and all claims. The settlement is
conditioned upon approval of the United States District Court and a hearing has
been scheduled on June 6, 1997.
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.
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 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
<PAGE>
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. Recently 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.
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 now proceeding 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. A meeting was held on April 25, 1997 in New York City with
major creditors, equity owners and other claimants and parties in interest at
which meeting certain issues relating to a plan were discussed. While general
plan negotiations with parties in interest are now beginning, 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 anticipates that
<PAGE>
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 April 1 - April 30 1997
- -------------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $128,620,396.00
2. Cash Receipts: (See Page 2 of 2) 3,630,261.36
3. Cash Disbursements: (See Page 2 of 2) (4,093,233.83)
--------------
4. Net Cash Flow: (462,972.47)
----------------
5. Ending Cash Balance: $128,157,423.53
================
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $665.33 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT (2,497.36) KEY BANK OF UTAH
GENERAL CORP CASH 533,057.35 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,232,428.75 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,046,513.45 (A) US BANK
CHPTR 11 TRUSTEE - JNT CD 10,340,868.09 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JNT CD 10,378,799.39 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 195,356.77 (A) BANK ONE
UNITED STATES TREASURY BILLS 90,269,673.63 BANK ONE
PROCEEDS FROM ASSET SALES 4,022.33 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 158,535.80 KEY BANK OF UTAH
---------------
$128,157,423.53
===============
(A) Accounts requiring signatures of both the US Trustee and Chapter 11
Trustee for disbursements.
</TABLE>
FORM 2-B
Page 1 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $18,530.25 A
PAYROLL TAX ACCOUNT 10,031.85 B
GENERAL CORP CASH 3,904,390.87 C
CHPTR 11 TRUSTEE JOINT ACCT 3,024,610.73 E
CHPTR 11 TRUSTEE - CD ACCT 72,296.74 F
CHPTR 11 TRUSTEE - JNT CD 5,000,000.00 G
CHPTR 11 TRUSTEE - JNT CD 49,016.05 H
CHPTR 11 TRUSTEE JT SAVINGS 21,846,713.76 I
UNITED STATES TREASURY BILLS 21,950,093.15 J
PROCEEDS FROM ASSET SALES 10.88 K
KYOCERA MAINTENANCE RESERVE 7,043.18 L
--------------
55,882,737.46
LESS: ACCOUNT TRANSFERS (52,252,476.10)
--------------
TOTAL CASH RECEIPTS $3,630,261.36
==============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $18,575.25 A
PAYROLL TAX ACCOUNT 13,127.33 B
GENERAL CORP CASH 4,055,199.02 D
CHPTR 11 TRUSTEE JOINT ACCT 8,700,000.00 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 21,671,499.00 I
UNITED STATES TREASURY BILLS 21,846,000.00 J
PROCEEDS FROM ASSET SALES 0.00 K
KYOCERA MAINTENANCE RESERVE 41,309.33 L
-------------
56,345,709.93
LESS: ACCOUNT TRANSFERS (52,252,476.10)
-------------
TOTAL CASH DISBURSEMENTS $4,093,233.83
=============
</TABLE>
FORM 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/11/97 CK# 6265 BPC - GENERAL $9,317.43 PAYROLL TRANSFER
04/28/97 CK# 6291 BPC - GENERAL 9,212.82 PAYROLL TRANSFER
----------
TOTAL CASH RECEIPTS $18,530.25
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/15/97 PAYROLL SUMMARY $9,317.43
04/30/97 PAYROLL SUMMARY 9,212.82
04/30/97 BANK STMT KEY BANK OF UTAH 45.00 SERVICE CHARGE
----------
TOTAL CASH DISBURSEMENTS $18,575.25
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/11/97 CK# 6266 BPC - GENERAL $5,033.65 PR TAX TRANSFER
04/28/97 CK# 6293 BPC - GENERAL 4,998.20 PR TAX TRANSFER
----------
TOTAL CASH RECEIPTS $10,031.85
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/11/97 CK# 1234 KEY BANK OF UTAH $4,306.05 FEDERAL TAX DEPOSIT
04/28/97 CK# 1235 KEY BANK OF UTAH 405.67 FEDERAL TAX DEPOSIT
04/28/97 CK# 1236 UT DEPT OF EMPLOY SECURITY 2,685.34 STATE UNEMPLOYMENT
04/28/97 CK# 1237 KEY BANK OF UTAH 4,276.63 FEDERAL TAX DEPOSIT
04/28/97 CK# 1238 UTAH ST TAX COMMISSION 1,449.17 STATE TAX DEPOSIT
04/30/97 BANK STMT KEY BANK OF UTAH 4.47 SERVICE CHARGE
----------
TOTAL CASH DISBURSEMENTS $13,127.33
==========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/02/97 DS040297 W. JOHNSON $100,000.00 SETTLEMENT PAYMENT
04/07/97 DS040797 BONNEVILLE PACIFIC CORP 3,700,000.00 TRANSFER
04/15/97 DS041597 SAN DIEGO GAS & ELECTRIC 2,156.28 ENERGY REVENUE-KYOCERA
04/15/97 DS041597 BONNEVILLE NEVADA CORP 835.96 EXPENSE REIMBURSEMENT
04/15/97 DS041597 BONNEVILLE PACIFIC SERVICES 51,888.86 EXPENSE REIMBURSEMENT
04/30/97 DS043097 T. HOUGHTON 955.14 INSURANCE REIMBURSEMENT
04/30/97 DS043097 KYOCERA AMERICA 28,988.00 ENERGY REVENUE-KYOCERA
04/30/97 DS043097 BONNEVILLE FUELS 15,675.04 EXPENSE REIMBURSEMENT
04/30/97 BNK STMT KEY BANK OF UTAH 3,891.59 INTEREST INCOME
-------------
TOTAL CASH RECEIPTS $3,904,390.87
=============
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/02/97 1006235 50 WEST BROADWAY ASSOC INC 12,573.00 RENT OFFICE SPACE & PARKING
04/02/97 1006236 AIRBORNE EXPRESS 19.13 EXPRESS MAIL EXPENSE
04/02/97 1006237 AMPCO SYSTEM PARKING 378.00 RENT - PARKING
04/02/97 1006238 AUTOMATED OFFICE SYSTEMS 311.24 OFFICE SUPPLIES & EXPENSE
04/02/97 1006239 BENEFICIAL LIFE INSURANCE 781.39 INSURANCE - LIFE
04/02/97 1006240 BONNEVILLE PACIFIC SERVICES 2,223.73 KYOCERA O&M EXPENSE
04/02/97 1006241 BPC-KYOCERA MAINT RESERVE 6,415.00 TRANSFER - MAINT RESERVE ACCT
04/02/97 1006242 BUSINESS & LEGAL REPORTS 184.40 PUBLICATIONS & SUBSCRIPTIONS
04/02/97 1006243 THE ENTERPRISE 48.00 PUBLICATIONS & SUBSCRIPTIONS
04/02/97 1006244 GENERATOR POWER SYSTEMS 16,138.27 KYOCERA O&M EXPENSE
04/02/97 1006245 TERESA A HOUGHTON 610.00 OFFICE SUPPLIES & EXPENSE
04/02/97 1006246 IDAHO STATE TAX COMMISSION 21.78 STATE INCOME TAX
04/02/97 1006247 JD GRIFFIN & ASSOCIATES PC 455.00 OFFICE SUPPLIES & EXPENSE
04/02/97 1006248 MOUNT OLYMPUS WATER 11.58 OFFICE SUPPLIES & EXPENSE
04/02/97 1006249 MOUNTAIN STATES OFF PRODCT 179.15 OFFICE SUPPLIES & EXPENSE
04/02/97 1006250 CLARK MOWER 139.74 TRAVEL REIMBURSEMENT
04/02/97 1006251 NATIONAL HEALTH CARE TRUST 21,517.19 INSURANCE - HEALTH
04/02/97 1006252 OFFICE TEAM 422.40 OFFICE SUPPLIES & EXPENSE
04/02/97 1006253 REDMAN VAN & STORAGE CO 569.78 RENT - STORAGE SPACE
04/02/97 1006254 TRAVEL ZONE CRUISE ZONE 3,294.55 TRAVEL EXPENSE
04/02/97 1006255 UNUM LIFE INSURANCE CO 1,525.12 INSURANCE - DISABILITY
04/02/97 1006256 US WEST COMMUNICATIONS 773.46 TELEPHONE EXPENSE
04/07/97 1006257 BEUS GILBERT & MORRILL 274,447.16 PROFESSIONAL COSTS
04/07/97 1006258 COHNE RAPPAPORT & SEGAL PC 174,834.46 PROFESSIONAL FEES & COSTS
04/07/97 1006259 NEILSON ELGGREN DURKIN 66,331.70 PROFESSIONAL FEES & COSTS
04/07/97 1006260 ROGER G SEGAL 68,350.10 PROFESSIONAL FEES & COSTS
04/07/97 1006261 WEIL GOTSHALL & MANGES 114,168.12 PROFESSIONAL FEES & COSTS
04/07/97 1006262 BEUS GILBERT & MORRILL 2,202,922.12 PROFESSIONAL FEES
04/07/97 1006263 BUCCINO & ASSOCIATES 42,997.97 PROFESSIONAL FEES & COSTS
04/10/97 1006264 BEUS GILBERT & MORRILL 990,000.00 PROFESSIONAL FEES
04/11/97 1006265 BONNEVILLE PACIFIC/PAYROLL 9,317.43 TRANSFER - PAYROLL ACCT
04/11/97 1006266 BPC PAYROLL TAX ACCOUNT 5,033.65 TRANSFER - PAYROLL TAX ACCT
04/11/97 1006267 WELLS FARGO BANK 767.41 401K CONTRIBUTIONS
04/17/97 1006268 US TRUSTEE 3,750.00 QUARTERLY DISBURSEMENT FEE
04/17/97 1006269 KEY DATA SYSTEMS 288.75 OFFICE SUPPLIES & EXPENSE
04/18/97 1006270 AUTOMATED OFFICE SYSTEMS 577.60 OFFICE SUPPLIES & EXPENSE
04/18/97 1006271 BANK ONE UTAH NA 40.00 OFFICE SUPPLIES & EXPENSE
04/18/97 1006272 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
04/18/97 1006273 FEDERAL EXPRESS INC 35.45 EXPRESS MAIL EXPENSE
04/18/97 1006274 GENERATOR POWER SYSTEMS 10,021.99 KYOCERA O&M EXPENSE
04/18/97 1006275 HERITAGE PRODUCTS INC 491.65 OFFICE SUPPLIES & EXPENSE
04/18/97 1006276 TERESA A HOUGHTON 320.00 OFFICE SUPPLIES & EXPENSE
04/18/97 1006277 MOUNT OLYMPUS WATER 39.58 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>
04/18/97 1006278 MOUNTAIN STATES OFF PRODCT 179.02 OFFICE SUPPLIES & EXPENSE
04/18/97 1006279 CLARK MOWER 1,210.28 TRAVEL REIMBURSEMENT
04/18/97 1006280 OFFICE TEAM 158.40 OFFICE SUPPLIES & EXPENSE
04/18/97 1006281 PHOENIX PUBLISHING SYSTEMS 58.00 OFFICE SUPPLIES & EXPENSE
04/18/97 1006282 THE PRUDENTIAL 1,329.24 INSURANCE - DISABILITY
04/18/97 1006283 PROTEL 174.49 OFFICE SUPPLIES & EXPENSE
04/18/97 1006284 PURCHASE POWER PITNEY BOWES 1,024.50 OFFICE SUPPLIES & EXPENSE
04/18/97 1006285 REDMAN VAN & STORAGE CO 424.70 RENT - STORAGE SPACE
04/18/97 1006286 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE
04/18/97 1006287 SECRETARY OF STATE OF CA 10.00 OFFICE SUPPLIES & EXPENSE
04/18/97 1006288 STEVEN H STEPANEK 237.92 TRAVEL REIMBURSEMENT
04/18/97 1006289 BRENDA L TRIMBLE 103.45 OFFICE SUPPLIES & EXPENSE
04/18/97 1006290 XEROX CORPORATION 473.23 OFFICE SUPPLIES & EXPENSE
04/28/97 1006291 WORKERS COMPENSATION FND 308.58 INSURANCE - WORKERS COMP
04/28/97 1006292 BONNEVILLE PACIFIC/PAYROLL 9,212.82 TRANSFER - PAYROLL ACCT
04/28/97 1006293 BPC PAYROLL TAX ACCOUNT 4,998.20 TRANSFER - PAYROLL TAX ACCT
04/28/97 1006294 WELLS FARGO BANK 759.04 401K CONTRIBUTIONS
04/28/97 1006295 WELLS FARGO BANK 39.54 401K LOAN PAYMENT
04/30/97 1006296 INTERNAL REVENUE SERVICE 504.33 FEDERAL INCOME TAX
04/30/97 1006297 INTERNAL REVENUE SERVICE 504.33 FEDERAL INCOME TAX
04/30/97 BANK STMT KEY BANK OF UTAH 50.69 BANK SERVICE CHARGE
-------------
TOTAL CASH DISBURSEMENTS $4,055,199.02
=============
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/09/97 WESTINGHOUSE $3,000,000.00 SETTLEMENT PAYMENT
04/30/97 BANK STMT KEY BANK OF UTAH 24,610.73 INTEREST INCOME
-------------
TOTAL $3,024,610.73
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/07/97 DS040797 BONNEVILLE PACIFIC CORP $3,700,000.00 TRNSFR TO GENERAL ACCT
04/07/97 BONNEVILLE PACIFIC CORP 5,000,000.00 TRANSFER TO NEW CD
-------------
TOTAL CASH DISBURSEMENTS $8,700,000.00
=============
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/97 BANK STMT US BANK $72,296.74 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 April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/07/97 BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER
</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 April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/97 BANK STMT BANK ONE $49,016.05 INTEREST INCOME
</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 April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/03/97 MEMO ADVC BANK ONE $21,846,000.00 TRANSFER-T-BILL
04/30/97 BANK STMT BANK ONE 713.76 INTEREST INCOME
--------------
TOTAL $21,846,713.76
==============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/03/97 MEMO ADVC BANK ONE $21,671,499.00 TRANSFER-T-BILL
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Short Term Marketable Securities
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/03/97 MEMO ADVC BANK ONE $21,671,499.00 TRANSFER-T-BILL
04/30/97 MEMO ADVC BANK ONE 278,594.15 DISCOUNT CLLCTD
--------------
TOTAL $21,950,093.15
==============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/03/97 MEMO ADVC BANK ONE $21,846,000.00 TRANSFER-T-BILL
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/97 BANK STMT KEY BANK OF UTAH $10.88 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 April 1 - April 30, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/01/97 CK# 6241 BONNEVILLE PACIFIC CORP $6,415.00 TRANSFER
04/30/97 BNK STMT KEY BANK OF UTAH 628.18 INTEREST INCOME
---------
TOTAL CASH RECEIPTS $7,043.18
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/97 CK# 1028 GENERATOR POWER $31,327.33 KYOCERA O&M
04/30/97 CK# 1029 GENERATOR POWER 9,982.00 KYOCERA O&M
----------
TOTAL CASH DISBURSEMENTS $41,309.33
==========
</TABLE>
L
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of April 30, 1997
- -------------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $128,157,424
Accounts receivable - trade 35,962
Accounts receivable - settlements (Note 4) 7,150,000
Accounts receivable - affiliates 274,749
Prepaid Insurance 15,355
Accrued interest receivable 816,535
------------
Total current assets $136,450,025
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,758,977
------------
Total fixed assets 3,957,401
Less: Accumulated depreciation <3,078,297>
------------
Net fixed assets 879,104
Other Assets:
Investment in and advances to subsidiaries
and partnership 29,988,526
Other assets 1,820
------------
Total other assets 29,990,346
------------
TOTAL ASSETS $167,319,475
============
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 106,246
Accounts payable - professional fees
and costs 3,012,898
Accrued income taxes payable (Note 5) 179,447
Taxes payable 101,982
Accrued interest 0
------------
Total post-petition liabilities $ 3,400,573
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 103,161,417
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 1,214,440
------------
TOTAL OWNERS' EQUITY (Notes 1 and 3) 64,158,058
------------
TOTAL LIABILITIES AND OWNERS' EQUITY $167,319,475
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period April 1 - April 30, 1997
- -------------------------------------------------------------------------------
Gross operating revenue $154,849
Less discount, returns and allowances 0
--------
Net operating revenue $154,849
Cost of goods sold <155,925>
--------
Gross profit <1,076>
Operating expenses:
Salaries and wages 28,577
Rent and leases 12,363
Payroll taxes 5,232
Insurance 5,397
Other 21,383
--------
Total operating expenses <72,952>
--------
Operating income <loss> <74,028>
Legal and professional fees and costs
(Note 4) <32,807>
Depreciation, depletion and Administration 1,333
Interest expense 0
--------
Total 31,474
--------
Net operating income <loss> <42,554>
Non-operating income and <expenses>:
Interest income 555,753
Other income 2,315
Other income - settlements (Note 4) 0
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) <55,793>
--------
Net non-operating income or <expenses> 502,275
--------
Net income <loss> before income taxes 459,721
Provision for income taxes (Note 5) 9,200
--------
NET INCOME <LOSS> $450,521
========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period April 1 to April 30, 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 April 1 to April 30, 1997
- -------------------------------------------------------------------------------
4. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were fully
effective as of April 30, 1997 and are reflected on the April 30, 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 April 1 to April 30, 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 $ $ <4,300.62> $ 2,157.27 04/11/97 1234 $ 0.00
2,143.35 04/28/97 1237
State 0.00 <1,449.17> 1,449.17 04/28/97 1238
FICA tax withheld 0.00 <2,141.03> 1,074.39 04/11/97 1234
1,066.64 04/28/97 1237 0.00
Employer's FICA tax 0.00 <2,141.03> 1,074.39 04/11/97 1234
1,066.64 04/28/97 1237 0.00
Unemployment tax:
Federal 0.00 <405.67> 405.67 04/28/97 1235 0.00
State 0.00 <2,685.34> 2,685.34 04/28/97 1236 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes <99,765.00> <2,217.00> <101,982.00>
Accrued income tax:
Federal <170,247.00> 0.00 <9,200.00> 0.00 <179,447.00>
State 0.00 0.00 0.00
Delaware franchise tax 0.00 0.00
Employee withholding 0.00 <1,526.45> 767.41 04/11/97 1006267 0.00
759.04 04/28/97 1006294
------------ ----------- ----------- ---------- ------------
TOTALS $<270,012.00> $ 0.00 $<26,066.31> $14,649.31 $<281,429.00>
============ =========== =========== ========== ============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period April 1 to April 30, 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) 04/30/97
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
(A) All workers compensation insurance policies are insured through various state insurance funds.
As such, they continue in force as premiums are paid and have no policy expiration dates.
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period April 1 to April 30, 1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $7,185,951 $ 101,672 $2,873,411
30 to 60 days 8 0 0
61 to 90 days 0 0 0
Over 90 days 3 4,574 139,487
---------- ---------- ----------
Total post-petition 7,185,962 106,246 3,012,898
Pre-petition amounts 0 3,527,206 0
---------- ---------- ----------
Total accounts receivable $7,185,962
==========
Total accounts payable $3,633,452 $3,012,898
========== ==========
Affiliate
Accounts
Receivable
Under 30 days $ 44,209
30 to 60 days 5,103
61 to 90 days 0
Over 90 days 225,437
----------
Total post-petition
affiliate accounts
receivable $ 274,749
==========
</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 April 1 to April 30, 1997
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C>
Counsel for Unsecured
Creditors' Committee $0 $139,487
Court Appointed Trustee 68,350 3/31/97 46,561 (1)
Trustee's Counsel 174,834 3/31/97 117,131 (1)
Trustee's Accountants 66,332 3/31/97 40,881
Trustee's Special Plan Counsel 114,168 3/31/97 75,000
Special Litigation Counsel for
Trustee - Costs 274,447 3/31/97 101,338
Trustee - Fees 3,192,922 3/31/97 2,392,500 (2)
Buccino and Associates 42,998 4/01/97 0 (3)
Auditors 0 100,000
Financial Consultants 0 0
---------- ----------
Total $3,934,051 $3,012,898
========== ==========
</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
Form 2-E
Page 4 of 6
<PAGE>
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.
(3) Pursuant to Order dated October 15, 1996, the Court approved the
Application for Certain Costs in the amount of $60,297.25 of Buccino &
Associates, taken under advisement at a hearing held on August 11, 1992.
Payment of the $60,297.25 was ordered but Buccino & Associates was paid
an $80,000.00 pre-petition retainer for which it had not accounted.
Furthermore the Court's Order, dated October 15, 1996, did not specify
whether $59,049.00 in actual fees as well as an additional $13,525.93 in
costs which were the subject matter of the application taken under
advisement were allowed. As a consequence, the Trustee filed a Request
for Clarification of the Court's Order dated October 15, 1996 and at a
hearing held on April 1, 1997 the Court ordered payment of the sum of
$42,997.97 to Buccino & Associates as final fees and costs.
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 April 1 to April 30, 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 1,350.02
</TABLE>
Form 2-E
Page 6 of 6
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended April 30, 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 4/17/97
April 4,093,233.83
May
June
Total 2nd Quarter
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
