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) November 15, 1996
BONNEVILLE PACIFIC CORPORATION
(Exact name of registrant as specified in charter)
Delaware 0-14846 87-0363215
(State or other (Commission (IRA Employer
jurisdiction of File Number) Identification No.)
incorporation)
50 West 300 South, Suite 300, Salt Lake 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 October 1, 1996 to October 31, 1996,
as filed with the bankruptcy court is included as an exhibit hereto. On June 12,
1992, Roger G. Segal was appointed as the Chapter 11 Bankruptcy Trustee for the
Company.
Item 5. Other Events.
For information on litigation and matters previously reported, refer to the
narrative on pages Form 2-G of the accompanying bankruptcy report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
By: Roger G. Segal, Chapter 11 Trustee
DATED November 15, 1996
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
By: R. Stephen Blackham
Assistant Controller
DATED November 15, 1996
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter 11, for the period
October 1, 1996 to October 31, 1996, of the Registrant,
dated November 15, 1996 as filed by the Registrant with
the United States Bankruptcy Court for the District of Utah,
Central Division on November 15, 1996......................5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period October 1 to October 31, 1996
--------------- ------------ -------------
Accounting Method Used: |X| Accrual Basis|_| Cash Basis
COVER SHEET
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH.
Mark One Box For Each The debtor must attach each of the following reports/
Required Report/Document 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: November 15, 1996
Debtor(s): BONNEVILLE PACIFIC CORPORATION
By: R. Stephen Blackham
Position: Assistant Controller
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended October 31, 1996
FORM 2G
- ------------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to
conduct its normal business activities during the month of October 1996 (the
reporting period). These activities have included responding to the Operating
Guidelines and Reporting Requirements for Chapter 11 debtors.
Significant actions related to the Company during the month of October and the
first part of November 19961 (other than administrative matters, including
professional fee applications) in accordance with various provisions of the
Bankruptcy Code are as follows:
1. The Segal v. Portland General, et al. action pending in the United
States District Court, Case No. 92-C-364-J (the "Litigation") has been discussed
at length in the previous Monthly Financial Reports filed by the Trustee and in
the Trustee's four (4) Annual Reports, including the Report for the period of
July 1, 1995 through June 30, 1996 filed on September 19, 1996, Concerning the
Administration of the Estate. These Reports (which are on file with both the
Bankruptcy Court and the Securities & Exchange Commission) must be reviewed for
an understanding of the history and nature of the Litigation, including previous
settlements 2 reached by the Trustee.
On August 22, 1996 the Trustee entered into a comprehensive verbal
settlement agreement with Portland General Corporation ("PGC"), its wholly owned
subsidiary, Portland General Holding Inc. ("PGHI") and certain past and present
officers of PGC or PGHI (collectively such entities and persons are referred to
as "Portland"). Pursuant to the settlement, which
____________________________________
1 This narrative attempts to summarize significant events affecting the
Company through November 13, 1996.
2 Each settlement agreement should be reviewed in its entirety for all
terms and conditions (and consideration) of the settlement.
<PAGE>
was documented by formal settlement agreement2 dated September 9, 1996,
Portland released any and all claims against Bonneville, its estate and related
entities and individuals except that PGHI retained ownership of 2,000,000 shares
of common stock of Bonneville.
PGHI will surrender ownership of approximately 7,842,000 shares of common
stock of Bonneville and Portland will withdraw with prejudice its filed claim
(in the amount of $230,369,276.00) against Bonneville. Portland General has
dismissed its counterclaim against Bonneville and its estate now pending in the
Litigation and has withdrawn its claim. In exchange Portland received a release
from Bonneville and its estate of all claims and causes of action, including
those asserted in the Litigation. The settlement is intended to resolve any and
all claims and/or rights and interest of the parties against one another and
related entities and individuals except for such restricted rights as PGHI will
have as the owner of 2,000,000 shares of common stock of Bonneville. Furthermore
the settlement has resulted in a Thirty Million Six Hundred Twenty Thousand Five
Hundred Forty Dollars ($30,620,540.00) of liabilities heretofore reflected on
Bonneville's Balance Sheet being removed therefrom; and b) reduction of
approximately Two Hundred Million Dollars ($200,000,000.00) from the amount of
unbooked liabilities heretofore reflected in note 6 to the Balance Sheet. The
settlement was conditioned upon approval by the United States District Court and
the United States Bankruptcy Court. The Motion for Approval of the Settlement
Agreement was heard by the United States Bankruptcy Court as scheduled on
October 7, 1996, at which hearing the Bankruptcy Court approved the Motion. The
United States District Court, based upon the Stipulated Motion of the parties on
October 11, 1996, signed the Final Judgment and Order of Dismissal of Portland
General from the Litigation.
On September 20, 1996 the Trustee entered into a verbal settlement
agreement with Kidder Peabody. Pursuant to the settlement, which was documented
by formal settlement agreement dated October 4, 1996, Kidder Peabody agreed to
pay $15,000,000.00 to Bonneville Pacific Corporation , for a complete release of
any and all claims which the Trustee or the estate has against Kidder Peabody.
The settlement was conditioned upon approval by the United States District Court
and the United States Bankruptcy Court. The Trustee's Motion for Approval of the
Settlement Agreement was granted by the United States Bankruptcy Court on
October 28, 1996. The District Court dismissed Kidder Peabody from the
Litigation on October 28, 1996 and therefore the $15,000,000.00, which was paid
by Kidder Peabody to the Trustee in trust on October 5, 1996 pending approval of
the settlement, plus accrued interest, has been received by the estate.
<PAGE>
All litigation settlement recoveries actually received by the Company are
subject to a contingency fee in favor of the law firm of Beus, Gilbert &
Morrill, special litigation counsel for the Trustee. The "Legal Representation
Agreement" between the Trustee and Beus, Gilbert & Morrill, which agreement sets
forth the terms of the contingent fee arrangement, was approved by the
Bankruptcy Court in 1992. Pursuant to the contingent fee agreement, Beus,
Gilbert & Morrill would, after subtracting for litigation costs, be paid forty
percent (40%) of any settlement or litigation recoveries received after trial
commences, thirty-three percent (33%) of any settlement sums received after the
litigation is filed but before trial commences, or, as the case may be, twenty
percent (20%) of the settlement sum received if the settlement occurs before
litigation is commenced ( in all instances less amounts paid to the Trustee's
General Counsel, Cohne, Rappaport & Segal, P.C., for fees related to the
Litigation). Any fees or costs to be paid to Beus, Gilbert & Morrill must first
be allowed (approved) by the Bankruptcy Court upon application after notice and
hearing. Beus, Gilbert & Morrill, on October 10, 1996, filed its Fifth
Application for Allowance of Interim Fees seeking allowance of $10,678,397.33 in
fees based upon (a) the Ten Million Dollar ($10,000,000.00) Fraser & Beatty
settlement, (b) the Fifteen Million Dollar ($15,000,000.00) Kidder Peabody
Settlement (if approved and paid), (c) the Seven Million Dollar ($7,000,000.00)
settlement sum paid by Piper Jaffray, (d) the One Million Dollar ($1,000,000.00)
Hixson Settlement, and (e) miscellaneous other litigation recoveries, which
collectively for the period total less then One Million Dollars ($1,000,000.00).
Beus, Gilbert & Morrill was also seeking, based upon its thirteenth interim cost
application, reimbursement for litigation costs expended during the period from
June 1, 1996 to September 30, 1996 which total $655,956.09. The United States
Bankruptcy Court allowed the requested fees and costs at a hearing held on
November, 4, 1996 and the estate paid such fees and costs (which totaled
$11,334,353.42) to Beus, Gilbert & Morrill on or about November 5, 1996.
The remaining defendant in the Litigation3 is Westinghouse Electric
Corporation. On March 31, 1996, the Trustee filed with the Court a revised
damage calculation. Westinghouse adamantly disputed the Trustee's damage claims
and filed motions to strike the revised damage calculation. At various pretrial
hearings beginning on July 30, 1996 and continuing on various days thereafter,
the Court struck some of the Trustee's
- --------
3 Defendants in separate actions which were severed from the Litigation are
Calpine Corporation, William Cerutti, Ronald Yanke and Dinuba Energy. The
Trustee also has entered into several agreements with other persons or entities
which agreements toll the running of any applicable statute of limitation
concerning any claim or cause of action possessed by the Company against such
persons or entities.
<PAGE>
remaining causes of action against Westinghouse and substantially reduced
the amount of possible damages recoverable from that sought by the Trustee in
his March 31, 1996 revised damage calculation. At further pre-trial hearings
held on November 8, 1996, the Court eliminated a number of Westinghouses
asserted defenses to the Trustee's causes of action. Trial of the Litigation
against Westinghouse is now scheduled for January 14, 1997.
A continued hearing was held by the 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 USDC for Def. 4 Case No.
92-CV-1115-J-C). At the hearing the Court made an oral ruling granting the
Defendant's motion.
Further hearings are scheduled in December in the other two actions
involving defendants Calpine Corporation and Ronald Yanke & Dinuba Energy,
severed from the main litigation.
As with any litigation, the ultimate net return to the estate from the
remaining defendants discussed above is uncertain. It is estimated that the
litigation, taking into account appeals, may take years to fully resolve.
During the period covered by this report Robert Wood, L. Wynn Johnson &
Raymond Hixson, former Officers and Directors of Bonneville, were sentenced
based upon the plea bargain each had negotiated whereby each pled guilty to two
felony counts in exchange for dismissal of all other criminal counts. Robert
Wood was sentenced to serve twelve (12) months and one (1) day in a federal
prison facility and L. Wynn Johnson was sentenced to serve Thirteen (13) months
in a federal prison facility. Raymond Hixson was sentenced to community service
and ordered to pay a One Hundred Fifty Thousand Dollar ($150,000.00) fine.
In addition to the above described litigation matters, the Company
continues in its business operations. Significant actions and events during
October 1996 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")
curtailed its purchases of electrical power from NCA #1 during significant
portions of 1994 and 1995. The curtailments have continued during 1996.
As previously reported, various appeals have been filed by the NCA #1 and
NPC relative to NPC curtailment actions. The Trustee and his counsel
continues to monitor these
<PAGE>
cases. Presently the project is awaiting oral argument before the Nevada
Supreme Court relative to NPC's appeal of a lower court's decision not to
enjoin arbitration of curtailment issues. Oral arguments on the appeal are
expected to be heard in the Spring of 1997.
Since January 1, 1996, curtailments of NCA #1 have continued but at a
significantly lower level than during the same period in 1995. Minor NPC
curtailments occurred during the reporting period. There is no assurance
that this trend will continue. It is NCA #1's position that the
curtailments are in possible violation of applicable curtailment protocols
and possible breach of NCA #1's Power Purchase Contract with NPC. The
Trustee will continue to monitor this situation. In addition to the NPC
curtailments, the scheduled fall outage for maintenance purposes was
extended an additional seven (7) days to address cooling channel problems
within one turbine. This resulted in a one time reduction in monthly
revenues and associated net income.
On June 7, 1995, NPC filed a petition with the Public Service Commission of
Nevada ("PSCN") seeking to ratify its prior curtailment practices. NCA #1
filed an objection to this petition and the First Judicial District Court
of the State of Nevada stayed further action on the petition pending
resolution of collateral matters. On September 18, 1996 NPC has Submitted a
motion to clarify and limit the scope of the stay relative to other
cogeneration facilities which may have a collateral effect upon the First
Judicial District Court's prior rulings. NCA #1 has prepared its brief in
opposition and the Trustee will also monitor this litigation.
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 to control NOx emissions. NCA #1 refutes these
allegations. On October 29, 1996, a representative of the partnership met
with EPA representatives to determine if the NOV could be resolved without
litigation. This initial meeting of the parties was inconclusive and
additional meetings will need to be held.
On October 21, 1996 the estate paid to Bank of Tokyo the sum of
$951,507.89 in full payment of such creditor's secured claim against the
estate. With such payment Bank of
<PAGE>
Tokyo will return to the estate the pledged collateral. Specifically, the
stock of Bonneville Nevada Corporation, the wholly owned subsidiary of the
Company which possesses the 50% partnership interest in the NCA #1
project.
Representatives of NCA #1 and NCA #2 (a related power project) have been
meeting with representatives of the bank in an effort to reduce financing
costs and administrative requirements given current market conditions.
Such negotiations have been productive but, as of October 31, 1996, a
definitive amendment to the Project Credit Facilities had not been
executed. It is anticipated that such an amendment would be finalized in
November, 1996.
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 (which include unfiled subordinated claims relating to the
purchase or sale of the Company's stock and bonds for which a December 16, 1996
bar date has now been established) 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.
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 may be filed would relate to possible claims
against Bonneville arising out of the purchase or sale of its securities. 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 is proceeding with the action authorized by
the order granting the Motion. Pursuant to the Order Approving the Motion,
notice has been sent to more than 6,000 potential claimants and notice has been
published in newspapers throughout the United States. Through October 31, 1996
several hundred new proofs of claim have been filed with the Bankruptcy Court.
<PAGE>
At this time it is not clear what post petition taxes for periods after
April 30, 1995, if any, are owed by the Company.4 In an effort to resolve tax
issues relating to the material litigation settlements which have occurred since
May 1, 1996, the Trustee has 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 desires to change the Company's tax
year period (if changed the Company's present 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. ss.505).
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) to any
particular class of claims would have to be either consensually resolved in a
plan of reorganization or would have to be adjudicated by a court of competent
jurisdiction.
No plan of reorganization negotiations which include the Trustee are now
being conducted. However, in light of the settlements to date reached in the
Litigation and the recent approval of the Portland Settlement 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. Plan negotiations with creditors will not begin at the earliest
for several weeks and it will be several months, if not substantially more,
before any creditor with an allowed claim can anticipate receiving any
distribution from the estate.
For a discussion of some of the claims against the estate, see Section VII
of the Trustee's Fourth Annual Report for the period from July 1, 1995 through
June 30, 1996. Claims of the bondholders (debenture holders) may be subordinate
in payment priority to the claims of banks and those creditors similarly
situated. The Trustee is continuing with efforts to resolve claims against the
estate.
--------
4 The Company's consolidated income tax returns for the tax year ending
April 30, 1996 have not yet been filed but appropriate extensions have been
obtained by the Company.
<PAGE>
The Trustee has employed the law firm of Weil, Gotshall & Manges, L.L.P., with
its principal office in New York City, as Special Plan Counsel. The purpose of
the employment includes, but is not limited to, advising the Trustee concerning
tax issues and assisting the Trustee and his General Counsel concerning a plan
of reorganization and issues relating thereto.
<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 November 1996.
---------------------------------------
Roger G. Segal
Chapter 11 Trustee
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period October 1 - October 31, 1996
- ------------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $116,371,547.10
2. Cash Receipts: (See Page 2 of 2)105 15,478,484.62
3. Cash Disbursements: (See Page 2 of 2) (1,792,229.61)
-------------
4. Net Cash Flow: 13,686,255.01
5. Ending Cash Balance: (to Form 2-C) $130,057,802.11
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
PAYROLL ACCOUNT $1,047.44 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 357.29 KEY BANK OF UTAH
GENERAL CORP CASH 394,286.35 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 341,050.85 (A) KEY BANK OF UTAH
CHPTR 11 US TRUSTEE JT ACCT 15,054,508.19 (A) US BANK
CHPTR 11 TRUSTEE - CD ACCT 10,770,760.58 (A) US BANK
CHPTR 11 TRUSTEE - JNT CD 5,208,408.50 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,151,590.83 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 346,729.91 (A) BANK ONE
UNITED STATES TREASURY BONDS 92,609,028.79 (A) BANK ONE
PROCEEDS FROM ASSET SALES 3,957.29 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 176,076.09 KEY BANK OF UTAH
--------------
$130,057,802.11
(A) Accounts requiring signatures of both the US Trustee and Chapter 11
Trustee for disbursements.
FORM 2-B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period October 1 - October 31, 1996
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $20,658.35 A
PAYROLL TAX ACCOUNT 9,669.68 B
GENERAL CORP CASH 1,811,101.53 C
CHPTR 11 TRUSTEE JOINT ACCT 54,701.93 E
CHPTR 11 US TRUSTEE JT ACCT 15,054,508.19 F
CHPTR 11 TRUSTEE - CD ACCT 69,397.62 G
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 23,085.30 H
CHPTR 11 TRUSTEE JT SAVINGS 21,303,393.05 I
UNITED STATES TREASURY BONDS 21,465,095.58 J
PROCEEDS FROM ASSET SALES 10.54 K
KYOCERA MAINTENANCE RESERVE 11,787.43 L
---------------
59,823,409.20
LESS: ACCOUNT TRANSFERS (44,344,924.58)
TOTAL CASH RECEIPTS $15,478,484.62
===============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $20,693.78 A
PAYROLL TAX ACCOUNT 9,673.30 B
GENERAL CORP CASH 1,803,341.63 D
CHPTR 11 TRUSTEE JOINT ACCT 1,700,043.93 E
CHPTR 11 US TRUSTEE JT ACCT 0.00 F
CHPTR 11 TRUSTEE - CD ACCT 0.00 G
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 0.00 H
CHPTR 11 TRUSTEE JT SAVINGS 21,301,401.55 I
UNITED STATES TREASURY BONDS 21,302,000.00 J
PROCEEDS FROM ASSET SALES 0.00 K
KYOCERA MAINTENANCE RESERVE 0.00 L
----------------
46,137,154.19
LESS: ACCOUNT TRANSFERS (44,344,924.58)
_______________
TOTAL CASH DISBURSEMENTS $1,792,229.61
===============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period October 1 - October 31, 1996
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/11/96 CK# 5905 BPC - GENERAL $10,214.44 PAYROLL TRANSFER
10/28/96 CK# 5868 BPC - GENERAL 10,443.91 PAYROLL TRANSFER
----------
TOTAL CASH RECEIPTS $20,658.35
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
10/15/96 PAYROLL SUMMARY $10,214.44
10/31/96 PAYROLL SUMMARY 10,443.91
10/31/96 BNK STMT KEY BANK OF UTAH 35.43 SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $20,693.78
==========
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period October 1 - October 31, 1996
- --------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/11/96 CK# 5906 BPC - GENERAL $4,507.38 PR TAX TRANSFER
10/22/96 CK# 5932 BPC - GENERAL 535.61 PR TAX TRANSFER
10/28/96 CK# 5948 BPC - GENERAL 4,626.69 PR TAX TRANSFER
---------
TOTAL CASH RECEIPTS $9,669.68
=========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
10/11/96 CK# 1208 KEY BANK OF UTAH $3,742.01 FEDERAL TAX DEPOSIT
10/22/96 CK# 1209 INTERNAL REVENUE SERVICE 21.80 FEDERAL TAX DEPOSIT
10/22/96 CK# 1210 UTAH DEPT OF EMP. SECURITY 513.81 STATE UNEMPLOYMENT
10/28/96 CK# 1211 KEY BANK OF UTAH 3,840.26 FEDERAL TAX DEPOSIT
10/28/96 CK# 1212 UTAH STATE TAX COMMISSION 1,551.80 STATE INCOME TAX
10/31/96 BNK STMT KEY BANK OF UTAH 3.62 SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $9,673.30
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period October 1 - October 31, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
10/01/96 DS100196 C. MOWER $11.66 EXPENSE REIMBURSEMENT
10/01/96 DS100196 C. CAMOZZI 290.93 INSURANCE REIMBURSEMENT
10/01/96 DS101596 J. MACK 548.91 INSURANCE REIMBURSEMENT
10/15/96 DS101596 BONNEVILLE PACIFIC CORP 1,700,000.00 TRANSFER
10/15/96 DS101596 SAN DIEGO GAS & ELECTRIC 2,235.27 ENERGY REV-KYOCERA
10/15/96 DS101596 BONNEVILLE FUELS 11,454.20 EXPENSE REIMBURSEMENT
10/15/96 DS101596 D. GARDINER 369.59 INSURANCE REIMBURSEMENT
10/15/96 DS101596 J. ALLSOP 143.49 INSURANCE REIMBURSEMENT
10/28/96 DS102896 KYOCERA AMERICA 92,952.17 ENERGY REV-KYOCERA
10/28/96 DS102896 C. CAMOZZI 283.83 INSURANCE REIMBURSEMENT
10/31/96 BNK STMT KEY BANK OF UTAH 2,811.48 INTEREST INCOME
------------
TOTAL CASH RECEIPTS $1,811,101.53
===============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period October 1 - October 31, 1996
- -------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
10/01/96 1005873 AIRBORNE EXPRESS 19.00 EXPRESS MAIL EXPENSE
10/01/96 1005874 AMPCO SYSTEM PARKING 1,292.00 RENT - PARKING
10/01/96 1005875 APPLE SPICE JUNCTION 68.44 LUNCHEON MEETING
10/01/96 1005876 A T & T 1,114.19 TELEPHONE EXPENSE
10/01/96 1005877 AUTOMATED OFFICE SYSTEMS INC. 248.86 OFFICE SUPPLIES & EXPENSE
10/01/96 1005878 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE
10/01/96 1005879 HERITAGE PRODUCTS INC 318.07 OFFICE SUPPLIES & EXPENSE
10/01/96 1005880 VOID VOID VOID
10/01/96 1005881 MOUNT OLYMPUS WATER 23.14 OFFICE SUPPLIES & EXPENSE
10/01/96 1005882 MOUNTAIN STATES OFF PRODUCTS 62.61 OFFICE SUPPLIES & EXPENSE
10/01/96 1005883 CLARK MOWER 1,146.23 TRAVEL REIMBURSEMENT
10/01/96 1005884 NAT'L WHOLESALE DISTRBTRS 72.41 OFFICE SUPPLIES & EXPENSE
10/01/96 1005885 NEWSPAPER AGENCY CORPORATION 240.24 DUES & SUBSCRIPTIONS
10/01/96 1005886 PITNEY BOWES INC 322.62 OFFICE SUPPLIES & EXPENSE
10/01/96 1005887 REDMAN VAN & STORAGE CO INC. 84.87 RENT-STORAGE
10/01/96 1005888 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE-KYOCERA
10/01/96 1005889 STATE OF UTAH 10.00 OFFICE SUPPLIES & EXPENSE
10/01/96 1005890 TRAVEL ZONE CRUISE ZONE 215.50 TRAVEL EXPENSE
10/01/96 1005891 UNUM LIFE INSURANCE CO OF AMERICA 1,496.08 INSURANCE-DISABILITY
10/01/96 1005892 US WEST COMMUNICATIONS 904.63 TELEPHONE EXPENSE
10/01/96 1005893 VOID VOID VOID
10/01/96 1005894 VOID VOID VOID
10/01/96 1005895 CLARK MOWER 475.78 TRAVEL REIMBURSEMENT
10/01/96 1005896 VANIER BUSINESS FORMS GRAPHICS 97.83 OFFICE SUPPLIES & EXPENSE
10/01/96 1005897 WARREN GORHAM & LAMONT INC. 82.51 DUES & SUBSCRIPTIONS
10/01/96 1005898 KEY BANK 47,175.00 OFFICE SUPPLIES & EXPENSE
10/04/96 1005899 50 WEST BROADWAY ASSOC INC 12,413.00 RENT-OFFICE SPACE & PARKING
10/04/96 1005900 AUTOMATED OFFICE SYSTEMS INC. 310.95 OFFICE SUPPLIES & EXPENSE
10/04/96 1005901 BENEFICIAL LIFE INSURANCE 698.48 INSURANCE-LIFE
10/04/96 1005902 BONNEVILLE PACIFIC SERVICES 92.40 O&M EXPENSE-KYOCERA
10/04/96 1005903 REDMAN VAN & STORAGE CO INC 84.87 RENT-STORAGE
10/04/96 1005904 TRAVEL ZONE CRUISE ZONE 1,369.80 TRAVEL EXPENSE
10/11/96 1005905 BONNEVILLE PACIFIC/PAYROLL 10,214.44 TRANSFER - PAYROLL ACCT
10/11/96 1005906 BPC PAYROLL TAX ACCOUNT 4,507.38 TRANSFER - PAYROLL TAX ACCT
10/11/96 1005907 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS
10/10/96 1005908 FIDELITY TRANSFER COMPANY 2,068.98 OFFICE SUPPLIES & EXPENSE
10/14/96 1005909 AIRBORNE EXPRESS 57.03 EXPRESS MAIL EXPENSE
10/14/96 1005910 AMERICAN INSTITUTE OF CPA'S 120.00 MEMBERSHIP DUES
10/14/96 1005911 APPLE SPICE JUNCTION 67.76 LUNCHEON MEETING
10/14/96 1005912 EXPRESS MESSENGER SYSTEMS 5.00 RUNNER SERVICES
10/14/96 1005913 EXECUTIVE ENTERPRISES 1,395.00 CONFERENCES & SEMINARS
10/14/96 1005914 GENERATOR POWER SYSTEMS INC 13,051.41 O&M EXPENSE-KYOCERA
10/14/96 1005915 LAW MAIL 4,671.16 OFFICE SUPPLIES & EXPENSE
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period October 1 - October 31, 1996
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONT.)
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
10/14/96 1005916 MOUNT OLYMPUS WATER 27.96 OFFICE SUPPLIES & EXPENSE
10/14/96 1005917 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE
10/14/96 1005918 THE PRUDENTIAL 975.92 INSURANCE - DISABILITY
10/14/96 1005919 REDMAN VAN & STORAGE 780.99 RENT - STORAGE
10/14/96 1005920 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE-KYOCERA
10/14/96 1005921 SEDGWICK JAMES OF COLORADO 250.00 INSURANCE-RECLAMATION BOND
10/14/96 1005922 STEVEN H. STEPANEK 88.05 TRAVEL REIMBURSEMENT
10/14/96 1005923 WARREN GORHAM & LAMONT INC 79.86 DUES & SUBSCRIPTIONS
10/14/96 1005924 WESTERN TRAVEL INC 3,277.08 TRAVEL EXPENSE
10/14/96 1005925 XEROX CORPORATION 383.28 OFFICE SUPPLIES & EXPENSE
10/15/96 1005926 KEY BANK 500,000.00 FEDERAL INCOME TAX
10/15/96 1005927 UTAH STATE TAX COMMISSION 90,000.00 STATE INCOME TAX
10/15/96 1005928 FRANCHISE TAX BOARD OF CAL 10,000.00 STATE INCOME TAX
10/16/96 1005929 PARSONS BEHLE & LATIMER 100,000.00 PROFESSIONAL FEES (SETTLEMENT)
10/21/96 1005930 BOT FINANCIAL CORPORATION 951,507.89 LOAN PAYMENT
10/22/96 1005931 WORKERS COMPENSATION FND OF UTAH 293.97 INSURANCE-WORKERS COMP
10/22/96 1005932 BPC PAYROLL TAX ACCOUNT 535.61 TRANSFER-PAYROLL TAX ACCT
10/25/96 1005933 AIRBORNE EXPRESS 89.82 EXPRESS MAIL EXPENSE
10/25/96 1005934 AMPCO SYSTEM PARKING 55.00 RENT - PARKING
10/25/96 1005935 A T & T 1,230.34 TELEPHONE EXPENSE
10/25/96 1005936 AUTOMATED OFFICE SYSTEMS INC 119.39 OFFICE SUPPLIES & EXPENSE
10/25/96 1005937 CSC NETWORKS 1,544.40 OFFICE SUPPLIES & EXPENSE
10/25/96 1005938 EXPRESS MESSENGER SYSTEMS 7.50 RUNNER SERVICES
10/25/96 1005939 MOUNT OLYMPUS WATER 38.15 OFFICE SUPPLIES & EXPENSE
10/25/96 1005940 MOUNTAIN STATES OFF PRODUCTS 317.95 OFFICE SUPPLIES & EXPENSE
10/25/96 1005941 CLARK MOWER 1,625.11 TRAVEL REIMBURSEMENT
10/25/96 1005942 VOID VOID VOID
10/25/96 1005943 PURCHASE POWER PITNEY BOWES 779.50 OFFICE SUPPLIES & EXPENSE
10/25/96 1005944 US WEST COMMUNICATIONS 871.31 TELEPHONE EXPENSE
10/25/96 1005945 NAT'L WHOLESALE DISTRBTRS 348.39 OFFICE SUPPLIES & EXPENSE
10/28/96 1005946 ALPHA GRAPHICS 388.42 OFFICE SUPPLIES & EXPENSE
10/28/96 1005947 BONNEVILLE PACIFIC/PAYROLL 10,443.91 TRANSFER - PAYROLL ACCT
10/28/96 1005948 BPC PAYROLL TAX ACCOUNT 4,626.69 TRANSFER - PAYROLL TAX ACCT
10/28/96 1005949 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS
10/28/96 1005950 INTERNAL REVENUE SERVICE 2,894.59 FEDERAL INCOME TAX
10/31/96 BANK STMT KEY BANK 49.02 SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $1,803,341.63
==============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period October 1 - October 31, 1996
- -------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/01/96 GJ279 WYNN JOHNSON $50,000.00 SETTLEMENT PAYMENT
10/31/96 BNK STMT KEY BANK OF UTAH 4,701.93 INTEREST INCOME
__________
TOTAL CASH RECEIPTS $54,701.93
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
10/15/96 DS101596 BPC-GENERAL ACCT $1,700,000.00 TRANSFER
10/31/96 BANK STMT KEY BANK OF UTAH 43.93 BANK SERVICE CHARGE
-------------
TOTAL CASH DISBARMENTS $1,700,043.93
=============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 US Trustee Joint Account
For Period October 1 - October 31, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/04/96 AJE1025 KIDDER PEABODY $15,046,721.30 SETTLEMENT PYMNT & INT*
10/31/96 BANK STMT US BANK 7,786.89 INTEREST INCOME
TOTAL CASH RECEIPTS $15,054,508.19
==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
* The Kidder Peabody settlement was for $15,000,000. The $46,721.30 represents
interest earned on the settlement while pending final court approval, which
approval was received on October 28, 1996.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period October 1 - October 31, 1996
- --------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/31/96 BANK STMT US BANK $69,397.62 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period October 1 - October 31, 1996
- -------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/31/96 AJE1007 BANK ONE $23,085.30 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period October 1 - October 31, 1996
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/03/96 AJE1026 BANK ONE $21,302,000.00 MATURITY OF T BILLS
10/31/96 BANK STMT BANK ONE 1,393.05 INTEREST INCOME
$21,303,393.05
==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
10/03/96 AJE1027 BONNEVILLE PACIFIC CORP $21,301,401.55 PURCHASE OF T BILLS
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Short Term Marketable Securities
For Period October 1 - October 31, 1996
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/03/96 AJE1027 BONNEVILLE PACIFIC CORP $21,301,401.55 TRANSFER
10/31/96 BANK STMT BANK ONE 163,694.03 INTEREST INCOME
---------------
$21,465,095.58
===============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
10/03/96 AJE1026 BONNEVILLE PACIFIC CORP $21,302,000.00 TRANSFER
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period October 1 - October 31, 1996
- ---------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/31/96 BANK STMT KEY BANK OF UTAH $10.54 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period October 1 - October 31, 1996
- ------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
10/01/96 CK# 5878 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER
10/31/96 BNK STMT KEY BANK OF UTAH 592.43 INTEREST INCOME
----------
TOTAL CASH RECEIPTS $11,787.43
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of October 31, 1996
- -------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $130,057,802
Accounts receivable - trade 84,326
Accounts receivable - settlements (Note 4) 4,300,000
Accounts receivable - affiliates 255,096
Prepaid Insurance 55,426
Accrued interest receivable 858,362
Total current assets $135,611,012
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,745,635
Total fixed assets 3,944,059
Less: Accumulated depreciation (2,937,990)
Net fixed assets 1,006,069
Other Assets:
Investment in and advances to subsidiaries
and partnership 28,921,743
Other assets 61,243
Total other assets 28,982,986
TOTAL ASSETS $165,600,067
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 18,537
Accounts payable - professional fees
and costs (Note 4) 13,842,165
Accrued income taxes payable (Note 5) 990,656
Taxes payable 88,680
Accrued interest (Note 6) 0
Total post-petition liabilities $14,940,038
Pre-petition liabilities:
Priority claims 61,186
Secured debt (Note 6) 0
Unsecured debt (Notes 1 and 3) 101,219,713
Total pre-petition liabilities 101,280,899
TOTAL LIABILITIES 116,220,937
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:
<PAGE>
Pre-petition (56,551,908)
Post-petition (13,564,488)
TOTAL OWNERS' EQUITY (Notes 1 and 3) 49,379,130
TOTAL LIABILITIES AND OWNERS' EQUITY $165,600,067
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period October 1 - October 31, 1996
- ----------------------------------------------------------------------------
Gross operating revenue $ 132,478
Less discount, returns and allowances 0
Net operating revenue $ 132,478
Cost of goods sold (108,598)
Gross profit 23,880
Operating expenses:
Salaries and wages 30,552
Rent and leases 12,263
Payroll taxes 2,073
Insurance 232
Other 21,589
Total operating expenses (66,709)
Operating income (loss) (42,829)
Legal and professional fees and costs
(Note 4) 4,544,136
Depreciation, depletion and amortization 1,203
Interest expense (Note 6) 5,693
Total (4,551,032)
Net operating income (loss) (4,593,861)
Non-operating income and (expenses):
Interest income 569,886
Other income 2,338
Other income - settlements (Notes 4 and 7) 15,892,690
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 454,091
Net non-operating income or (expenses) 16,919,005
Net income (loss) before income taxes 12,325,144
Provision for income taxes (Note 5) 266,600
NET INCOME (LOSS) $12,058,544
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period October 1 to October 31, 1996
- ------------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific
Corporation, included in the Monthly Financial Report, are prepared on
the accrual basis. As a result, revenues are generally recorded when
earned rather than when received and expenses are generally recognized
when the obligation is incurred rather than when the expenses are
paid. During bankruptcy accrued interest payable is recorded only on
post petition debt and pre-petition secured debt to the extent that
the underlying collateral equals or exceeds the outstanding principal
plus the accrued interest payable. 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.
Deeply subordinated claims $14,945,000
Subordinated CIGNA claim 10,000,000
Potential claims 125,000,000
Deeply subordinated claims are court approved claims in which the creditor
has agreed to be subordinated to all other claims. The subordinated CIGNA
claim is an allowed claim on par with allowed equity claims. Potential
claims are unrecorded claims pending trustee and or court approval. This
amount includes but is not limited to potential claims of limited partners,
potential claims of equity holders, disputed claims, and accrued interest
on certain claims, and potential administrative fees as may be allowed by
the Bankruptcy Court. The recording of any of these liabilities and
potential claims may reduce equity by a corresponding amount. See narrative
for information concerning the December 16, 1996 supplemental claims bar
deadline.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period October 1 to October 31, 1996
- ------------------------------------------------------------------------------
4. Accounts Receivable Settlements represent only court approved
settlements where all conditions precedent have occurred and the
settlements were fully effective as of October 31, 1996 and are
reflected on the October 31, 1996 Financial Statements.
5. As of April 30, 1995, Bonneville and Subsidiaries had approximately
$124,000,000 in federal net operating loss carryforwards and
approximately $114,000,000 in alternative minimum tax loss
carryforwards for Federal Income Tax purposes. The April 30, 1996 tax
return for Bonneville Pacific and Subsidiaries is currently being
prepared by the Trustee's accountants. Although this tax return is not
yet complete it is estimated that the tax return will show a federal
net operating loss carryforward of approximately $100,000,000 for
regular income tax purposes and an alternative minimum tax loss
carryforward of approximately $90,000,000. Pursuant to current tax
law, only 90 percent of current alternative minimum taxable income can
be offset by alternative minimum tax loss carryforwards. The financial
statements reflect the accrual of an estimated $2,300,000 alternative
minimum tax liability resulting from operations and the receipt of
proceeds from settlements.
6. Interest expense and accrued interest payable that are reflected on
the financial statements are related only to financial obligations
incurred post-bankruptcy and do not relate to pre- bankruptcy
liabilities.
7. Included in Other Income - Settlements is $865,540 for forgiveness of
the accrued interest on the Portland General advances and other
expenses which were deducted as an expense in prior periods. Any other
income statement impact resulting from the Portland General settlement
has not yet been determined at this date. See narrative for
explanation of the Portland General settlement.
<PAGE>
BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period October 1 to October 31, 1996
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $ -0- $ $ (4,507.71) $ 2,229.55 10/11/96 1208
2,278.16 10/28/96 1211 $ -0-
State -0- (1,551.80) 1,551.80 10/22/96 1212 -0-
FICA tax withheld -0- (1,537.28) 756.23 10/11/96 1208
781.05 10/28/96 1211 -0-
Employer's FICA tax -0- (1,559.08) 756.23 10/11/96 1208
21.80 10/22/96 1209 -0-
781.05 10/28/96 1211
Unemployment tax:
Federal -0- -0-
State -0- (513.81) 513.81 10/22/96 1210
Sales, use & excise taxes -0- -0-
Property taxes (86,463.00) (2,217.00) (88,680.00)
Accrued income tax:
Federal (1,400,799.00) (266,600.00) 500,000.00 10/15/96 1005926 (1,167,399.00)
State 76,743.00 90,000.00 10/15/96 1005927 176,743.00
10,000.00 10/15/96 1005928
Delaware franchise tax -0- -0-
Employee withholding -0- (1,577.34) 788.67 10/11/96 1005907 -0-
788.67 10/28/96 1005949
<PAGE>
TOTALS $(1,410,519.00) $ -0- $(280,064.02) $611,247.02 $(1,079,336.00)
============== =========== ============== =========== ==============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period October 1 to October 31, 1996
- ---------------------------------------------------------------------------
<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) 10/31/96
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.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period October 1 to October 31, 1996
- ----------------------------------------------------------------------------
Non-Affiliate
Accounts Accounts
Receivable Payable
Under 30 days $ 4,383,707 $13,583,788
30 to 60 days 3 0
61 to 90 days 19 0
Over 90 days 596 276,914
Total post-petition 4,384,326 13,860,702
Pre-petition amounts 0 3,948,725
Total accounts receivable $ 4,384,326
Total accounts payable $17,809,427
Affiliate
Accounts
Receivable
Under 30 days $ 7,996
30 to 60 days 21,662
61 to 90 days 0
Over 90 days 225,438
Total post-petition affiliate
accounts receivable $ 255,096
(*) Accounts payable over 90 days past due primarily represents professional
fees incurred prior to the Trustee's appointment currently being
considered by the court for payment.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments of Fees and Costs to Attorneys and Other Professionals
For Period October 1 to October 31, 1996
- -------------------------------------------------------------------------
Date of
Court Estimated
Amount Paid Approval Balance Due
Debtor's Counsel $100,000 $0 (1)
Counsel for Unsecured
Creditors' Committee 0 139,487
Court Appointed Trustee 0 80,508 (2)
Trustee's Counsel 0 298,290 (2)
Trustee's Accountants 0 190,117
Trustee's Special Plan Counsel 0 150,000
Special Litigation Counsel for
Trustee - Costs 0 753,513
Trustee - Fees 0 12,097,397 (3)
Buccino and Associates 0 132,85 (4)
Financial Advisors Unsecured
Creditors' Committee 0
Creditors' Committee 0 (6)
----------- ----------
Total $ 0 $13,842,165
========================================
(1) Settlement amounts under advisement by the Court were approved on October
7, 1996. A check was issued to Parsons Behle & Latimer for $100,000 on
October 16, 1996.
(2) 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.
(3) Includes an accrual for any contingent fees due as a result of court
approved settlements or recoveries. Estimated contingent fees will be
accrued when settlements are approved by the court and the accrual will
be revised when fee applications are filed with the Bankruptcy Court.
(4) Pursuant to Order dated October 15, 1996, the Court approved the
application for certain costs in the amount of $60,297.24 of Buccino &
Associates taken under advisement at a hearing held
<PAGE>
on August 11, 1992. Payment of the $60,297.24 was ordered but Buccino &
Associates was paid an $80,000.00 pre-petition retainer, for which it may
not have accounted and therefore the amount actually due and owing to
Buccino & Associates is undetermined.
(5) Pursuant to Order dated October 15, 1996, the Court denied the
application for fees and costs of Ernst & Young, Accountants
and Financial Advisors to the Official Unsecured Creditors Committee,
in the amount of $275,763.00 which was taken under advisement at
a hearing held on August 11, 1992. The Court further ordered
disgorgement of $26,764.00 previously awarded and paid to Ernst
& Young.
(6) Pursuant to Order dated October 15, 1996, the Court denied the
application of certain members of the Official Unsecured Creditors
Committee for reimbursement of expenses in the amount of $9,634.00 taken
under advisement at a hearing held on August 11, 1992.
Further information concerning settlements is contained in the narrative which
is attached.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period October 1 to October 31, 1996
- ------------------------------------------------------------------------------------------
Payee Name Position Nature of Payment Amount
Ralph F Cox Director Director fees -0-
Calvin L Rampton Director Director fees -0-
Clark M Mower President Salary 12,014.60
Expense Reimbursement 3,247.12
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended October 31, 1996
- ----------------------------------------------------------------------------------------
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
January $1,328,436.60
February 250,804.29
March 2,301,171.04
Total 1st Quarter 3,880,411.93 $5,000.00 1005634 4/23/96
April 262,428.76
May 113,914.30
June 793,980.15
Total 2nd Quarter 1,170,323.21 3,750.00 1005783 7/25/96
July 14,435,215.07
August 1,092,955.09
September 23,406,763.83
Total 3rd Quarter 38,934,933.99 5,000.00 1005980 11/13/96
October 1,792,229.61
November
December
Total 4th Quarter 1,792,229.61
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
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