SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date Report (Date of earliest event reported) July 15, 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
June 1, 1997 to June 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 July 15, 1997
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
/S/ R. Stephen Blackham
By: R. Stephen Blackham, Assistant Controller
DATED July 15, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- ------------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11, for the period
June 1, 1997 to June 30, 1997, of the Registrant,
dated July 15, 1997 as filed by the Registrant with
the United States Bankruptcy Court for the District
of Utah, Central Division on July 15, 1997 . . . . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period June 1 to June 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: July 15, 1997
-------------
Debtor(s): BONNEVILLE PACIFIC CORPORATION
/S/ R. Stephen Blackham
By: R. Stephen Blackham
Position: Assistant Controller
<PAGE>
Statement of Chapter 11 Trustee
Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of Bonneville
Pacific Corporation, having been so appointed on June 12, 1992, hereby states
that he has reviewed the following Monthly Financial Report and any
attachments thereto and that, based on his review and the representations of
officers and employees of the debtor, Bonneville Pacific Corporation, he
believes that the information contained in the Monthly Financial Report and
attachments is true and correct. However, neither Roger G. Segal, Chapter 11
Trustee, nor Neilson, Elggren, Durkin & Company, as accountants for Roger G.
Segal, Chapter 11 Trustee, has had an opportunity to independently verify that
the information contained in the following Monthly Financial Report and the
attachments thereto is true and correct.
DATED this 15th day of July 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 June 30, 1997
Form 2-G
- ------------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to
conduct its normal business activities during the month of June 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 June and the
first part of July 1997(1) (other than administrative matters, including
professional fee applications) in accordance with various provisions of the
Bankruptcy Code are as follows:
The SEGAL V. PORTLAND GENERAL, ET AL. action pending in the United
States District Court, Case No. 92-C-364-J (the "Litigation") has been
discussed at length in the previous Monthly Financial Reports filed by the
Trustee and in the Trustee's four (4) Annual Reports, including the
Report for the period of July 1, 1995 through June 30, 1996 filed on
September 19, 1996 concerning the Administration of the Estate. These
Reports (which are on file with both the Bankruptcy Court and the
Securities & Exchange Commission) must be reviewed for an understanding
of the history and nature of the Litigation, including previous
settlements(2) reached by the Trustee. For all practical purposes the
Litigation has been concluded (but also see the discussion below).
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
- ---------------
(1) This narrative attempts to summarize significant events affecting the
Company through July 15, 1997.
(2) Each settlement agreement should be reviewed in its entirety for all
terms and conditions (and consideration) of the settlement.
<PAGE>
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 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 was conditioned upon
approval by the United States Bankruptcy Court. A hearing on the
Trustee's Motion for Approval of the Settlement Agreement was held as
scheduled on June 30, 1997 at which hearing the Court granted the
Trustee's Motion and approved the settlement. The Coffin Parties on
June 6, 1997 paid $985,000.00 to the Trustee.
On May 23, 1997 the Trustee entered into a formal Settlement Agreement
with the Corporation of the President of The Church of Jesus Christ of
Latter-Day Saints (the "Church"); the settlement was announced on
June 10, 1997. Pursuant to the Settlement Agreement, the Church will
pay to the Trustee the sum of $1,100,000.00 and the Church shall be
allowed a claim of up to approximately $500,000.00 for damages incurred
by the Church arising from its purchase of stock of the Company. The
settlement was conditioned upon approval by the United States Bankruptcy
Court. The hearing on the Trustee's Motion for Approval of the
Settlement Agreement was held as scheduled on July 7, 1997 at which
hearing the Court granted the Trustee's Motion and approved the
settlement. The $1,100,000.00 settlement amount should be paid to the
Trustee prior to the end of July, 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
<PAGE>
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 was conditioned
upon approval by the United States Bankruptcy Court. A hearing on the
Motion for Approval of the Settlement Agreement was held as scheduled on
July 7, 1997 at which hearing the Court granted the Motion and approved
the settlement. The settlement payment should be paid to the estate
prior to the end of July, 1997.
On the 18th day of June, 1997 the Trustee entered into a formal
settlement agreement with Gerald Monson, a former officer of the company
who had signed a tolling agreement. Pursuant to the settlement, Gerald
Monson has agreed to pay the estate the sum of $30,000.00 and the Trustee
has agreed to waive and release all claims against Gerald Monson. 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 was held as scheduled on July 14, 1997, at which hearing the
Court approved the settlement.
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. Significant progress has been made
in this area and a preliminary settlement agreement, subject to the
approval of the Public Service Commission of Nevada ("PSCN"), is
anticipated shortly.
The Trustee continues to monitor its appeal before the First Judicial
District Court of the State of Nevada of curtailment protocols issued by
the Public Service Commission of Nevada. A stipulation staying the
briefing schedule and permitting PSCN's approval of the settlement
agreement, has been signed by the parties.
On September 27, 1996, NCA #1 was served with Findings and Notices of
Violation ("NOV") issued by Region IX of the United States Environmental
Protection Agency (the "EPA") for alleged violations of the Clean Air
Act's Prevention of Significant Deterioration program applicable for the
State of Nevada. Specifically, EPA alleges that NCA #1, contrary to
applicable operating permits, failed to timely install "Best Available
Control Technology" at the plant in the form of a selective catalytic
reduction system ("SCR") to control Nox emissions. Representatives of
<PAGE>
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 350 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 to a number of the new claims
which have been filed and has filed the first of the objections.
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
<PAGE>
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 June 17, 1997 the Trustee entered into a formal settlement agreement with
Hansen, Jones & Leta, P.C. and the Home Insurance Company, its insurer.
Hansen, Jones & Leta served as counsel for Bonneville Pacific Corporation from
November 18, 1991 to December 5, 1991 and as counsel for Bonneville as debtor
in possession from December 5, 1991 to March 31, 1992. By court order dated
December 2, 1992 (with a related motion to alter or amend being denied on
May 22, 1996), the Bankruptcy Court denied Hansen, Jones & Leta's Final Fee
and Cost Application and further ordered disgorgement of all fees previously
paid to Hansen, Jones & Leta. The settlement agreement resolves all legal
issues and the pending appeal involving the court order and provides for
payment of $149,012.20 to the estate and further provides for a release of
claims (subject to certain limitations) between the parties. The settlement
was conditioned upon approval by the United States Bankruptcy Court. A
hearing on the Trustee's Motion for Approval of the Settlement Agreement was
held as scheduled on July 14, 1997, at which hearing the Court approved the
settlement.
The Trustee currently estimates that the Company may have to spend
approximately One Hundred Thousand Dollars ($100,000.00) to plug and abandon
certain geothermal well sites connected with the Mammoth Project in
California. The Company is continuing with the process of making
arrangements to plug the wells.
In an effort to resolve tax issues relating to the material litigation
settlements which have occurred since May 1, 1996, the Trustee filed with the
Internal Revenue Service an application to change the Company's tax year from
one ending on April 30th to one ending on December 31st. The Trustee desired
to change the Company's tax year period (when changed the Company's past tax
year would be from May 1, 1996 through December 31, 1996 and thereafter would
be on a calendar year basis) in order to facilitate the filing of a plan of
reorganization of the Company. By shortening the Company's tax year, the
Trustee may be able to receive a prompt tax determination for the tax year
ending December 31, 1996, which determination will facilitate any party in
interest filing a plan of reorganization because the amount of tax owed by the
Debtor, if any, should be quantified (see 11 U.S.C. Section 505). The IRS, on
February 24, 1997, conditionally granted the Company's application to change
its tax year. It is believed that the Company can meet and comply with all of
the conditions imposed by the IRS and therefore the Company is proceeding as if
its tax year has been changed and a U.S. Corporation Income Tax Return will
be filed for the short year ended December 31, 1996. The IRS has notified the
Trustee that the IRS will not be auditing the Company's filed consolidated
U.S. Corporation Income Tax Return for the period ending April 30, 1996. The
Company, with court approved Accountant, is in the process of preparing the
U.S. Corporate Income Tax Return for the year ending December 31, 1996.
<PAGE>
On June 23, 1997, the Bankruptcy Court granted the Trustee's Motion for
Management Retention Programs for the Company's Subsidiaries. The Trustee is
currently in the process of working with the employees of Bonneville Fuels
Corporation and Bonneville Pacific Service Corporation on employment
agreements.
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 and the Trustee met with several parties in interest during the
subject period, it will be several months, if not substantially more, before
any creditor with an allowed claim can anticipate receiving any distribution
from the estate.
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 Bear, Stearns & Company's initial work in valuing
the Company's (and its affiliates) business assets will be completed in the
next few weeks.
<PAGE>
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 June 1 - June 30, 1997
CASH RECONCILIATION
1. Beginning Cash Balance: $134,266,325.10
2. Cash Receipts: (See Page 2 of 2) 1,405,383.97
3. Cash Disbursements: (See Page 2 of 2) (152,976.15)
------------
4. Net Cash Flow: 1,252,407.82
------------
5. Ending Cash Balance: $135,518,732.92
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $596.46 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 567.44 KEY BANK OF UTAH
GENERAL CORP CASH 627,513.74 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 2,250,526.55 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,114,853.95 (A) US BANK
CHPTR 11 TRUSTEE - JNT CD 14,445,452.68 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JNT CD 10,471,991.34 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 22,805.32 (A) BANK ONE
UNITED STATES TREASURY BILLS 96,400,622.03 BANK ONE
PROCEEDS FROM ASSET SALES 4,044.24 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 179,759.17 KEY BANK OF UTAH
----------
$135,518,732.92
===============
</TABLE>
(A) Accounts requiring signatures of both the US Trustee and Chapter 11
Trustee for disbursements.
FORM 2-B
Page 1 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,070.17 A
PAYROLL TAX ACCOUNT 8,393.04 B
GENERAL CORP CASH 358,963.34 C
CHPTR 11 TRUSTEE JOINT ACCT 997,883.74 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 4,000,000.00 F
CHPTR 11 TRUSTEE - JNT CD 47,838.01 G
CHPTR 11 TRUSTEE JT SAVINGS 75.26 H
UNITED STATES TREASURY BILLS 0.00 N/A
PROCEEDS FROM ASSET SALES 10.79 I
KYOCERA MAINTENANCE RESERVE 10,612.83 J
---------
5,442,847.18
LESS: ACCOUNT TRANSFERS (4,037,463.21)
--------------
TOTAL CASH RECEIPTS $1,405,383.97
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,103.84 A
PAYROLL TAX ACCOUNT 8,416.00 B
GENERAL CORP CASH 162,876.52 D
CHPTR 11 TRUSTEE JOINT ACCT 4,000,043.00 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 0.00 F
CHPTR 11 TRUSTEE - JNT CD 0.00 G
CHPTR 11 TRUSTEE JT SAVINGS 0.00 H
UNITED STATES TREASURY BILLS 0.00 N/A
PROCEEDS FROM ASSET SALES 0.00 I
KYOCERA MAINTENANCE RESERVE 0.00 J
----
4,190,439.36
LESS: ACCOUNT TRANSFERS (4,037,463.21)
--------------
TOTAL CASH DISBURSEMENTS $152,976.15
===========
</TABLE>
FORM 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/11/97 CK# 6379 BPC - GENERAL $9,513.56 PAYROLL TRANSFER
06/26/97 CK# 6403 BPC - GENERAL 9,556.61 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,070.17
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/15/97 PAYROLL SUMMARY $9,513.56
06/30/97 PAYROLL SUMMARY 9,556.61
06/30/97 BANK STMT KEY BANK OF UTAH 33.67 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $19,103.84
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/11/97 CK# 6380 BPC - GENERAL $4,185.35 PR TAX TRANSFER
06/26/97 CK# 6404 BPC - GENERAL 4,207.69 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $8,393.04
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/11/97 CK# 1242 KEY BANK OF UTAH $3,471.64 FEDERAL TAX DEPOSIT
06/26/97 CK# 1243 KEY BANK OF UTAH 3,490.03 FEDERAL TAX DEPOSIT
06/26/97 CK# 1244 UTAH ST TAX COMMISSION 1,431.37 STATE TAX DEPOSIT
06/30/97 BANK STMT KEY BANK OF UTAH 22.96 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $8,416.00
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/13/97 DS061397 BONNEVILLE PACIFIC SERVICES $34,744.77 EXPENSE REIMBURSEMENT
06/13/97 DS061397 BONNEVILLE NEVADA CORPORATION 3,504.25 EXPENSE REIMBURSEMENT
06/13/97 DS061397 LEBOEUF LAMB 64,679.25 SETTLEMENT PAYMENT
06/13/97 DS061397 WORKERS COMP FUND OF UTAH 99.13 EXPENSE REIMBURSEMENT
06/24/97 DS062497 BONNEVILLE FUELS 11,062.60 EXPENSE REIMBURSEMENT
06/24/97 DS062497 T. HOUGHTON 477.57 INSURANCE REIMBURSEMENT
06/24/97 DS062497 BEUS GILBERT & MORRILL 25.68 EXPENSE REIMBURSEMENT
06/27/97 DS062797 KYOCERA AMERICA 142,698.39 ENERGY REVENUE-KYOCERA
06/30/97 DS063097 NORTHCREST FINANCIAL-JOHNSON 50,000.00 SETTLEMENT PAYMENT
06/30/97 DS063097 WYNN JOHNSON 50,000.00 SETTLEMENT PAYMENT
06/30/97 BNK STMT KEY BANK OF UTAH 1,671.70 INTEREST INCOME
--------
TOTAL CASH RECEIPT $358,963.34
===========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/03/97 1006354 UTAH STATE TAX COMMISSION 13.00 OFFICE SUPPLIES & EXPENSE
06/03/97 1006255 50 WEST BROADWAY ASSOC INC 12,573.00 RENT-OFFICE SPACE/PARKING
06/03/97 1006356 AIRBORNE EXPRESS 65.92 EXPRESS MAIL EXPENSE
06/03/97 1006357 AMPCO SYSTEM PARKING 378.00 RENT - PARKING
06/03/97 1006358 AUTOMATED OFFICE SYSTEMS INC 1,215.48 OFFICE SUPPLIES & EXPENSE
06/03/97 1006359 BENEFICIAL LIFE INSURANCE 774.87 INSURANCE - DISABILITY
06/03/97 1006360 BONNEVILLE PACIFIC SERVICES 111.77 KYOCERA - O & M EXPENSE
06/03/97 1006361 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT
06/03/97 1006362 CSC NETWORKS 165.00 OFFICE SUPPLIES & EXPENSE
06/03/97 1006363 FRONTIER COMMUNICATIONS 1,016.94 TELEPHONE EXPENSE
06/03/97 1006364 HERITAGE PRODUCTS INC 347.61 OFFICE SUPPLIES & EXPENSE
06/03/97 1006365 HURST & ASSOC INSURANCE INC 20,000.00 INSURANCE - TRUSTEE BOND
06/03/97 1006366 INSTY PRINTS INC 56.35 OFFICE SUPPLIES & EXPENSE
06/03/97 1006367 MOUNT OLYMPUS WATER 18.01 OFFICE SUPPLIES & EXPENSE
06/03/97 1006368 CLARK MOWER 2,209.02 TRAVEL REIMBURSEMENT
06/03/97 1006369 NATIONAL HEALTH CARE TRUST 23,233.74 INSURANCE - HEALTH
06/03/97 1006370 OFFICE TEAM 422.40 OFFICE SUPPLIES & EXPENSE
06/03/97 1006371 REDMAN VAN & STORAGE CO INC 179.74 RENT - STORAGE SPACE
06/03/97 1006372 STERLING COMPUTER PRODUCTS 113.93 OFFICE SUPPLIES & EXPENSE
06/03/97 1006373 TRAVEL ZONE CRUISE ZONE 1,798.00 TRAVEL EXPENSE
06/03/97 1006374 UNUM LIFE INSURANCE CO 1,497.51 INSURANCE - DISABILITY
06/03/97 1006375 US WEST COMMUNICATIONS 773.96 TELEPHONE EXPENSE
06/03/97 1006376 XEROX CORPORATION 408.67 OFFICE SUPPLIES & EXPENSE
06/03/97 1006377 UNITED PARCEL SERVICE 10.70 EXPRESS MAIL EXPENSE
06/17/97 1006378 AIRBORNE EXPRESS 179.19 EXPRESS MAIL EXPENSE
06/11/97 1006379 BPC-PAYROLL ACCT 9,513.56 TRANSFER - PAYROLL ACCT
06/11/97 1006380 BPC-PAYROLL TAX ACCT 4,185.35 TRANSFER-PAYROLL TAX
06/11/97 1006381 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
06/11/97 1006382 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
06/17/97 1006383 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
06/17/97 1006384 CSC NETWORKS 165.00 OFFICE SUPPLIES & EXPENSE
06/17/97 1006385 CYMA HELP! 345.00 OFFICE SUPPLIES & EXPENSE
06/17/97 1006386 FIDELITY TRANSFER COMPANY 202.10 OFFICE SUPPLIES & EXPENSE
06/17/97 1006387 GENERATOR POWER SYSTEMS INC 15,901.78 KYOCERA O&M EXPENSE
06/17/97 1006388 HERITAGE PRODUCTS INC 254.47 OFFICE SUPPLIES & EXPENSE
06/17/97 1006389 MICRON ELECTRONICS INC 13,361.40 COMPUTER EQUIPMENT
06/17/97 1006390 MOUNT OLYMPUS WATER 63.23 OFFICE SUPPLIES & EXPENSE
06/17/97 1006391 CLARK MOWER 193.96 TRAVEL REIMBURSEMENT
06/17/97 1006392 NATIONAL HEALTH CARE TRUST 21,801.03 INSURANCE - HEALTH
06/17/97 1006393 OFFICE TEAM 105.60 OFFICE SUPPLIES & EXPENSE
06/17/97 1006394 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXPENSE
06/17/97 1006395 THE PRUDENTIAL 1,021.66 INSURANCE - DISABILITY
06/17/97 1006396 PREFERRED DATA SUPPLY INC 255.36 OFFICE SUPPLIES & EXPENSE
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/17/97 1006397 PROTEL 193.61 OFFICE SUPPLIES & EXPENSE
06/17/97 1006398 REDMAN VAN & STORAGE CO INC 533.63 RENT - STORAGE SPACE
06/17/97 1006399 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE
06/17/97 1006400 US WEST COMMUNICATIONS 777.84 TELEPHONE EXPENSE
06/17/97 1006401 XEROX CORPORATION 303.35 OFFICE SUPPLIES & EXPENSE
06/18/97 1006402 ARIZONA DEPARTMENT OF REVENUE 560.01 STATE INCOME TAX
06/26/97 1006403 BPC-PAYROLL ACCT 9,556.61 TRANSFER - PAYROLL ACCT
06/26/97 1006404 BPC-PAYROLL TAX ACCT 4,207.69 TRANSFER - PAYROLL TAX ACCT
06/26/97 1006405 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
06/26/97 1006406 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
06/30/97 BANK STMT KEY BANK OF UTAH 50.88 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $162,876.52
===========
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/06/97 BANK STMT COFFIN $985,000.00 SETTLEMENT
06/30/97 BANK STMT KEY BANK OF UTAH 12,883.74 INTEREST INCOME
---------
TOTAL CASH RECEIPTS $997,883.74
===========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/09/97 CK #008 BONNEVILLE PACIFIC CORP. $4,000,000.00 TRANSFER
06/30/97 BANK STMT KEY BANK OF UTAH 43.00 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $4,000,043.00
=============
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
</TABLE>
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/09/97 BANK STMT BONNEVILLE PACIFIC CORP. $4,000,000.00 TRANSFER
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
F
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint - CD Account
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/97 BANK STMT BANK ONE $47,838.01 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 JT Savings
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/97 BANK STMT BANK ONE $75.26 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/97 BANK STMT KEY BANK OF UTAH $10.79 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
NONE
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period June 1 - June 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/01/97 CK# 6361 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
06/30/97 BNK STMT KEY BANK OF UTAH 612.83 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,612.83
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
NONE
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of June 30, 1997
- ------------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $135,518,733
Accounts receivable - trade 105,318
Accounts receivable - settlements (Note 4) 7,145,305
Accounts receivable - affiliates 280,644
Prepaid Insurance 21,998
Accrued interest receivable 623,429
-------
Total current assets $143,695,427
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,767,791
---------
Total fixed assets 3,966,215
Less: Accumulated depreciation <3,097,306>
-----------
Net fixed assets 868,909
Other Assets:
Investment in and advances to subsidiaries
and partnership 31,831,388
Other assets 1,820
-----
Total other assets 31,833,208
----------
TOTAL ASSETS $176,397,544
============
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $88,091
Accounts payable - professional fees
and costs 4,368,336
Accrued income taxes payable (Note 5) 328,947
Taxes payable 106,416
Accrued interest 0
-
Total post-petition liabilities $4,891,790
Pre-petition liabilities:
Priority claims 61,186
Secured debt 0
Unsecured debt (Notes 1 and 3) 99,974,450
----------
Total pre-petition liabilities 100,035,636
-----------
TOTAL LIABILITIES 104,927,426
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 8,526,500
---------
TOTAL OWNERS' EQUITY (Notes 1 and 3) 71,470,118
----------
TOTAL LIABILITIES AND OWNERS' EQUITY $176,397,544
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period June 1 - June 30, 1997
- -------------------------------------------------------------------------------
Gross operating revenue $212,695
Less discount, returns and allowances 0
-
Net operating revenue $212,695
Cost of goods sold <115,602>
---------
Gross profit 97,093
Operating expenses:
Salaries and wages 28,269
Rent and leases 12,293
Payroll taxes 1,351
Insurance 8,294
Other 4,714
-----
Total operating expenses <54,921>
--------
Operating income <loss> 42,172
Legal and professional fees and costs
(Note 4) 80,142
Depreciation, depletion and Administration 1,333
Claims settlement expense 274,791
Interest expense 0
-
Total <356,266>
---------
Net operating income <loss> <314,094>
Non-operating income and <expenses>:
Interest income 578,793
Other income 3,342
Other income - settlements (Note 4) 1,049,679
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 993,011
-------
Net non-operating income or <expenses> 2,624,824
---------
Net income <loss> before income taxes 2,310,730
Provision for income taxes (Note 5) 46,760
------
NET INCOME <LOSS> $2,263,970
==========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period June 1 to June 30, 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 June 1 to June 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 June 30, 1997 and are reflected on the
June 30, 1997 Financial Statements. Approved settlements are as follows:
W. Johnson $1,145,305
Westinghouse Electric 3,000,000
Piper Jaffray 3,000,000
---------
$7,145,305
5. As of April 30, 1996, Bonneville and Subsidiaries had approximately
$150,000,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $140,000,000 in Alternative Minimum
Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of
current Alternative Minimum Taxable Income can be offset by Alternative
Minimum Tax Loss carry-forwards. The financial statements reflect an
estimated $2,600,000 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 June 1 to June 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 $0.00 $<4,260.23> $2,125.56 06/11/97 1242 $0.00
2,134.67 06/27/97 1243
State 0.00 <1,431.37> 1,431.37 06/26/97 1244
FICA tax withheld 0.00 <1,350.72> 673.04 06/11/97 1242
677.68 06/26/97 1243 0.00
Employer's FICA tax 0.00 <1,350.72> 673.04 06/11/97 1242
677.68 06/26/97 1243 0.00
Unemployment tax:
Federal 0.00 0.00
State 0.00 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes <104,199.00> <2,217.00> <106,416.00>
Accrued income tax:
Federal <282,747.00> 0.00 <46,200.00> 0.00 <328,947.00>
State 0.00 0.00 0.00 0.00
Delaware franchise tax 0.00 0.00
Employee withholding 0.00 <1,505.80> 752.90 06/11/97 1006381 0.00
752.90 06/26/97 1006405
---- ---- ---------- ------ ----
TOTALS $<386,946.00> $0.00 $<58,315.84> $9,898.84 $<435,363.00>
============= ===== ============ ========= =============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period June 1 to June 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) 06/30/97
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/06/97 08/06/97
Vehicles Travelers Insurance/
[Hired/Non-owned] Sedgwick James 5,000,000 08/06/97 08/06/97
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/96 08/17/97
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/96 08/17/97
</TABLE>
(A) All workers compensation insurance policies are insured through various
state insurance funds. As such, they continue in force as premiums are
paid and have no policy expiration dates.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period June 1 to June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $7,250,604 $20,356 $4,368,336
30 to 60 days 19 0 0
61 to 90 days 0 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 7,250,623 24,930 4,368,336
Pre-petition amounts 0 3,751,997 0
- --------- -
Total accounts receivable $7,250,623
==========
Total accounts payable $3,776,927 $4,368,336
========== ==========
</TABLE>
<TABLE>
<CAPTION>
Affiliate
Accounts
Receivable
<S> <C>
Under 30 days $48,366
30 to 60 days 6,840
61 to 90 days 0
Over 90 days 225,438
-------
Total post-petition
affiliate accounts
receivable $280,644
========
</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 June 1 to June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Counsel for Unsecured
Creditors' Committee $0 $0 (3)
Court Appointed Trustee 0 74,252 (1)
Trustee's Counsel 0 233,343 (1)
Trustee's Accountants 0 78,688
Trustee's Special Plan Counsel 0 75,000
Special Litigation Counsel for
Trustee - Costs 0 196,867
Trustee - Fees 0 3,520,186 (2)
Auditors 0 90,000
Financial Consultants 0 100,000
- -------
Total $0 $4,368,335
== ==========
</TABLE>
(1) Includes only hourly rate and miscellaneous Trustee costs. Does not
include any additional amounts that may be awarded by the court relating
to 11 USC Section 326 or as an enhanced fee to either the Trustee
or the Trustee's general counsel.
(2) Includes an accrual for any contingent fees due as a result of
Court approved settlements or recoveries. Estimated contingent
fees are accrued when settlements are approved by the Court. The
contingent fees that have been accrued on settlements approved by
the Court are as follows:
1. $3,000,000.00 - Westinghouse Settlement
Fees - $990,000.00
2. $3,000,000.00 - Piper Jaffray Settlement
Fees - $990,000.00
3. $1,250,000.00 - Johnson Settlement
Fees - $412,500.00
4. $5,000,000.00 - Norwest Bank Settlement
Fees - $1,000,000
5. $985,000.00 - Coffin Settlement
Fees - $197,000
6. $69,314 - Cost Offset
The $3,000,000.00 Westinghouse settlement payment, the
$3,000,000.00 Piper Jaffray settlement payment and approximately
$1,145,305.00 of the Johnson settlement have not yet been received
by the estate, but the settlements were approved and such
settlements have been booked as receivables.
Form 2-E
Page 4 of 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. waived 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 June 1 to June 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 2,402.98
</TABLE>
Form 2-E
Page 6 of 6
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended June 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 128,144.26
June 152,976.15
----------
Total 2nd Quarter 4,374,354.24
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