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) September 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 August 1, 1997 to August 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 September 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 September 15, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- -----------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11, for
the period August 1, 1997 to August 31, 1997,
of the Registrant, dated September 15, 1997
as filed by the Registrant with the United
States Bankruptcy Court for the District of
Utah, Central Division on September 15, 1997. . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period August 1 to August 31, 1997
--------- -------- ---------------
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
Required reports/documents unless the U.S. Trustee has waived
Report/Document 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: September 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 September 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 August 31, 1997
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of August 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 August and the
first part of September 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 five (5) Annual Reports, including the Report for
the period of July 1, 1996 through June 30, 1997 filed on
September 4, 1997 concerning the Administration of the Estate. These
Reports (which are on file with both the Bankruptcy Court and the
Securities & Exchange Commission) must be reviewed for an understanding
of the history and nature of the Litigation, including previous
settlements(2) reached by the Trustee. For all practical purposes the
Litigation has been concluded (but also see the discussion below).
- ---------------
(1) This narrative attempts to summarize significant events affecting the
Company through September 12, 1997.
(2) Each settlement agreement should be reviewed in its entirety for all
terms and conditions (and consideration) of the settlement.
<PAGE>
A continued hearing was held by the District Court on November 1, 1996 in
one of the actions severed from the main Litigation concerning the Motion
by Defendant William Cerutti for Summary Judgment (SEGAL V. CERUTTI,
United States District Court for the District of Utah, Case
No. 92-CV-1115-J-C). At the hearing the Court made an oral ruling
GRANTING the Defendant's motion. The Defendant filed a Proposed Order
Granting Summary Judgment and on December 16, 1996 the Trustee filed a
Motion for Reconsideration and an objection to the Proposed Order. A
hearing on the Trustee's Motion for Reconsideration was held on
February 28, 1997 at which time the Court took the matter under
advisement. As of this date the Court has not ruled on the Motion.
On or about September 9, 1997 the Trustee timely received from Piper-
Jaffray the $1,500,000.00 payment as required by the August 12, 1998
settlement agreement between the Company & Piper Jaffray (such settlement
being in connection with the SEGAL (TRUSTEE) V. PORTLAND GENERAL ET. AL
litigation).
The Trustee has also entered into "tolling agreements" with certain
persons or entities which agreements toll the running of any applicable
statute of limitation which might otherwise bar the Trustee from
initiating suit against such person or entity. The Trustee and his
respective attorneys are now completing their investigation into those
persons or entities which executed tolling agreements. If the Trustee
is not able to settle possible claims held by the estate against persons
or entities who or which signed tolling agreements and who or which the
Trustee believes are liable to the Bonneville estate, then in the next
few months the Trustee, through his special litigation counsel, may
commence additional litigation.
The Trustee and his counsel continue to monitor the Company's 50% general
partnership interest in NCA #1 owned through the Company's wholly owned
subsidiary, Bonneville Nevada Corporation. NCA #1 is a Nevada general
partnership that owns an 85-megawatt cogeneration project located near
Las Vegas, Nevada. As previously reported, Nevada Power Company ("NPC")
has previously curtailed purchases of electrical power from NCA #1 but
curtailments, if any, have been minimal over the last several Reporting
Periods. It is NCA #1's position that the curtailments are in possible
violation of applicable curtailment protocols and possible breach of
NCA #1's Power Purchase Contract with NPC. NCA #1 and representatives of
NPC have reached a preliminary settlement agreement, subject to the
approval of the Projects Lending Group and the Public Service Commission
of Nevada ("PSCN"). The Trustee continues to monitor the 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
<PAGE>
applicable operating permits, failed to timely install "Best Available
Control Technology" at the plant in the form of a selective catalytic
reduction system ("SCR") to control Nox emissions. Representatives of
both sides of this dispute have reached an agreement in principal but a
written agreement has yet to be executed. Attorneys for the EPA are
drafting such an agreement, which the parties anticipate signing in the
near future. Bonneville Nevada Corporation received a distribution from
NCA #1 in the approximate amount of $1,980,000.00 on September 10, 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. A total of 4,604 proofs of claims
have been filed. The Trustee has completed his initial review of each of the
claims. See the Trustee's Preliminary Report (Estimate) Concerning Claims
Filed Against the Estate referenced above and the Annual Report for the period
July 1, 1996 through June 30, 1997 filed by the Trustee on September 4, 1997.
The Trustee anticipates that he will likely object to a number of the new
claims which have been filed and has filed the first of the objections; for
example, the Trustee filed objections to the individual claims filed by
current holders of the Company's debentures because such claims are
duplicative of the $64,750,000.00 claim filed by the Indenture Trustee,
Norwest Bank (Claim No. 146). The hearing on the objection was held as
scheduled August 18, 1997, at which hearing the Court disallowed the claim of
each individual bondholder evidenced by a filed Proof of Claim on the basis
that such claims were duplicative of the claim filed by the Indenture Trustee.
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 has made arrangements to have the wells plugged and
work should begin and hopefully be completed within the next fifteen (15)
days.
In an effort to resolve tax issues relating to the material litigation
settlements which have occurred since May 1, 1996, the Trustee filed with the
Internal Revenue Service an application to change the Company's tax year from
one ending on April 30th to one ending on December 31st. The Trustee
desired to change the Company's tax year period (when changed the Company's
past tax year would be from May 1, 1996 through December 31, 1996 and
thereafter would be on a calendar year basis) in order to facilitate the
<PAGE>
filing of a plan of reorganization of the Company. By shortening the
Company's tax year, the Trustee may be able to receive a prompt tax
determination for the tax year ending December 31, 1996, which determination
will facilitate any party in interest filing a plan of reorganization because
the amount of tax owed by the Debtor, if any, should be quantified (see 11
U.S.C. Section 505). The IRS, on February 24, 1997, conditionally granted
the Company's application to change its tax year. It is believed that the
Company can meet and comply with all of the conditions imposed by the IRS and
therefore the Company is proceeding as if its tax year has been changed and a
U.S. Corporation Income Tax Return will be filed for the short year ended
December 31, 1996. The IRS has notified the Trustee that the IRS will not be
auditing the Company's filed consolidated U.S. Corporation Income Tax Return
for the period ending April 30, 1996. The Company, with court approved
Accountant, is in the process of preparing the U.S. Corporate Income Tax
Return for the year ending December 31, 1996, which tax return will be filed
on September 15, 1997.
On June 23, 1997, the Bankruptcy Court granted the Trustee's Motion for
Management Retention Programs for the Company's Subsidiaries. The Trustee
has been working with the employees of Bonneville Fuels Corporation and
Bonneville Pacific Service Corporation on employment agreements, which
employment agreements will soon be finalized.
In preparation for a plan of reorganization, the Trustee on behalf of the
Company made a decision to employ Hein + Associates, a national accounting
firm, to prepare audited financial statements for Bonneville Pacific
Corporation. An application seeking approval of the employment was filed and
hearing on the application was held as scheduled on December 20, 1996. At
the hearing the Court approved the application. Hein + Associates has been
employed and has completed most of the work required for the audits.
At this time it is not known whether INTEREST will ever be paid on any allowed
unsecured claim because (a) it is not at all clear that the estate will
possess sufficient funds to pay interest on any particular class of claims,
and (b) the law concerning payment of interest to any particular class of
claims is not clear and therefore, even if sufficient funds did exist, the
issue of payment of interest (and the applicable rate of interest, if any,
and from what date), to any particular class of claims would have to be either
consensually resolved in a plan of reorganization or would have to be
adjudicated by a court of competent jurisdiction.
In light of the settlements to date reached in the Litigation and in light of
the December 16, 1996 supplementary claim deadline, the Company and the
Trustee are now continuing with efforts to formulate and propose a plan of
reorganization. While general plan negotiations with parties in interest have
now commenced and the Trustee met with several parties in interest during the
subject period, it will be several months, if not substantially more, before
any creditor with an allowed claim can anticipate receiving any distribution
from the estate. The Trustee held as scheduled meetings in New York City on
August 27 and August 28, 1997 with certain creditors at which meetings
<PAGE>
discussions were held on issues which should be resolved if progress is to
be made on a consensual plan of reorganization. To date a general consensus
among creditors has NOT been reached.
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. Bear, Stearns & Company
has preliminarily completed most of its initial work in valuing the Company's
(and its affiliates) business assets but has made no written report to the
Trustee. The Trustee has not yet decided whether to make public the valuation
work to date performed by Bear, Stearns & Company. However, in part based
upon the preliminary valuation work of Bear, Stearns & Company, the Trustee
is of the opinion that the book value of the Company's business assets, which
is the value used on the Company's balance sheet which is included in these
Monthly Financial Statements filed with the Bankruptcy Court (under the
category "Other Assets: Investment in and advances to subsidiaries and
partnership") is likely materially less than the current fair market value
of such business assets.
The Trustee has employed the law firm of Weil, Gotshal & Manges, L.L.P., with
its principal office in New York City, as Special Plan Counsel. The purpose
of the employment includes, but is not limited to, advising the Trustee
concerning tax issues and assisting the Trustee and his General Counsel
concerning a plan of reorganization and issues relating thereto.
For additional information concerning the Company see the "Report of Trustee
Regarding Administration of the Estate from July 1, 1996 through
June 30, 1997" filed by the Trustee on September 4, 1997.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $137,136,404.61
2. Cash Receipts: (See Page 2 of 2) 1,794,653.30
3. Cash Disbursements: (See Page 2 of 2) (2,298,948.13)
------------
4. Net Cash Flow: (504,294.83)
----------
5. Ending Cash Balance: $136,632,109.78
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $523.13 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 558.44 KEY BANK OF UTAH
GENERAL CORP CASH 1,148,444.94 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 1,218,628.93 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,258,148.43 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 14,581,481.70 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 15,815,154.49 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 15,955.21 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 92,388,000.00 (A) NATIONS BANK
UNITED STATES TREASURY BILLS 0.00 BANK ONE
PROCEEDS FROM ASSET SALES 4,066.62 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 201,147.89 KEY BANK OF UTAH
----------
$136,632,109.78
===============
</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 August 1- August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,455.96 A
PAYROLL TAX ACCOUNT 8,370.85 B
GENERAL CORP CASH 2,754,492.90 C
CHPTR 11 TRUSTEE JOINT ACCT 8,749.75 E
CHPTR 11 TRUSTEE - CD ACCT 71,046.55 F
CHPTR 11 TRUSTEE - JT CD 136,029.02 G
CHPTR 11 TRUSTEE - JT CD 5,343,163.15 H
CHPTR 11 TRUSTEE JT SAVINGS 5,243,072.02 I
CHPTR 11 TRUSTEE JOINT MMA ACCT 92,388,000.00 J
UNITED STATES TREASURY BILLS 1,230,377.97 K
PROCEEDS FROM ASSET SALES 11.20 L
KYOCERA MAINTENANCE RESERVE 10,710.74 M
---------
107,213,480.11
LESS: ACCOUNT TRANSFERS (105,418,826.81)
--------------
TOTAL CASH RECEIPTS $1,794,653.30
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,490.83 A
PAYROLL TAX ACCOUNT 8,374.98 B
GENERAL CORP CASH 2,308,844.63 D
CHPTR 11 TRUSTEE JOINT ACCT 2,500,064.50 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 F
CHPTR 11 TRUSTEE - JT CD 0.00 G
CHPTR 11 TRUSTEE - JT CD 0.00 H
CHPTR 11 TRUSTEE JT SAVINGS 5,250,000.00 I
CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 J
UNITED STATES TREASURY BILLS 97,631,000.00 K
PROCEEDS FROM ASSET SALES 0.00 L
KYOCERA MAINTENANCE RESERVE 0.00 M
----
107,717,774.94
LESS: ACCOUNT TRANSFERS (105,418,826.81)
--------------
TOTAL CASH DISBURSEMENTS $2,298,948.13
=============
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/13/97 CK# 6508 BPC - GENERAL $9,784.02 PAYROLL TRANSFER
08/26/97 CK# 6513 BPC - GENERAL 9,671.94 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,455.96
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/15/97 PAYROLL SUMMARY $9,784.02
08/31/97 PAYROLL SUMMARY 9,671.94
08/31/97 BANK STMT KEY BANK OF UTAH 34.87 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $19,490.83
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/13/97 CK# 6509 BPC - GENERAL $4,213.87 PR TAX TRANSFER
08/26/97 CK# 6514 BPC - GENERAL 4,156.98 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $8,370.85
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/13/97 KEY TAX KEY BANK OF UTAH $3,501.63 FEDERAL TAX DEPOSIT
08/26/97 KEY TAX KEY BANK OF UTAH 3,455.58 FEDERAL UNEMPLOYMENT TAX
08/26/97 CK# 1247 UTAH ST TAX COMMISSION 1,413.64 STATE TAX DEPOSIT
08/31/97 BANK STMT KEY BANK OF UTAH 4.13 SERVICE CHARGE
----
TOTAL CASH DISBURSEMENTS $8,374.98
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/13/97 DS081397 THERAPIST UNLIMITED $361.00 RENT INCOME-OFFICE SPACE
08/13/97 DS081397 SAN DIEGO GAS & ELECTRIC 1,175.96 ENERGY REVENUE-KYOCERA
08/13/97 DS081397 KYOCERA AMERICA 102,555.40 ENERGY REVENUE-KYOCERA
08/13/97 DS081397 COFFIN SNYDER & MATTHEWS 5,511.67 SETTLEMENT PAYMENT
08/13/97 DS081397 BONNEVILLE PACIFIC CORP. 2,500,000.00 TRANSFER FROM TRUSTEE JT.
08/26/97 DS082697 KYOCERA AMERICA 77,061.27 ENERGY REVENUE-KYOCERA
08/29/97 DS082997 BONNEVILLE PACIFIC SERVICES 57,848.95 EXPENSE REIMBURSEMENT
08/29/97 DS082997 SAN DIEGO GAS & ELECTRIC 2,392.01 ENERGY REVENUE-KYOCERA
08/31/97 DS083197 BONNEVILLE NEVADA CORPORATION 3,580.51 EXPENSE REIMBURSEMENT
08/31/97 BANK STMT KEY BANK OF UTAH 4,006.13 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $2,754,492.90
=============
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/01/97 1006468 AMPCO SYSTEM PARKING $378.00 RENT-PARKING
08/01/97 1006469 BENEFICIAL LIFE INSURANCE 774.87 INSURANCE-LIFE
08/01/97 1006470 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT
08/01/97 1006471 HERITAGE PRODUCTS INC 426.01 OFFICE SUPPLIES & EXPENSE
08/01/97 1006472 MOUNT OLYMPUS WATER 23.98 OFFICE SUPPLIES & EXPENSE
08/01/97 1006473 MOUNTAIN STATES OFFICE PRODUCTS 70.03 OFFICE SUPPLIES & EXPENSE
08/01/97 1006474 REDMAN VAN & STORAGE CO INC 84.87 RENT-STORAGE SPACE
08/01/97 1006475 SELECTFORM INC 56.45 OFFICE SUPPLIES & EXPENSE
08/01/97 1006476 STATE OF DELAWARE CORP DIV 6,600.00 QUARTERLY STATE TAX
08/01/97 1006477 UNUM LIFE INSURANCE CO 1,479.13 INSURANCE-DISABILITY
08/01/97 1006478 STATE OF UTAH DEPT OF COMM 10.00 OFFICE SUPPLIES & EXPENSE
08/01/97 1006479 STATE TREASURER OF CALIFORNIA 34,762.95 1991-1996 WELL TAX
08/12/97 1006480 AIRBORNE EXPRESS 45.96 EXPRESS MAIL EXPENSE
08/12/97 1006481 AMERICAN INSTITUTE OF CPA'S 120.00 DUES & MEMBERSHIP
08/12/97 1006482 BANC ONE TRUST GROUP 7,927.74 QUARTERLY INVESTMENT FEE
08/12/97 1006483 BEUS GILBERT & MORRILL 1,529,685.99 PROFESSIONAL FEES
08/12/97 1006484 BONNEVILLE PACIFIC SERVICES 2,242.15 KYOCERA-O&M EXPENSE
08/12/97 1006485 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
08/12/97 1006486 COHNE RAPPAPORT & SEGAL 185,391.84 PROFESSIONAL FEES & COSTS
08/12/97 1006487 FRONTIER COMMUNICATIONS SRVC 771.83 TELEPHONE EXPENSE
08/12/97 1006488 GENERATOR POWER SYSTEMS INC 15,093.32 KYOCERA-O&M EXPENSE
08/12/97 1006489 HEIN & ASSOCIATES 79,078.36 PROFESSIONAL FEES & COSTS
08/12/97 1006490 MOUNT OLYMPUS WATER 10.61 OFFICE SUPPLIES & EXPENSE
08/12/97 1006491 NEILSON ELGGREN DURKIN & CO 49,365.74 PROFESSIONAL FEES & COSTS
08/12/97 1006492 OMNI COMPUTER PRODUCTS 100.92 OFFICE SUPPLIES & EXPENSE
08/12/97 1006493 PITNEY BOWES INC 168.70 OFFICE SUPPLIES & EXPENSE
08/12/97 1006494 PROTEL 81.70 OFFICE SUPPLIES & EXPENSE
08/12/97 1006495 REDMAN VAN & STORAGE CO INC 871.21 RENT-STORAGE SPACE
08/12/97 1006496 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE
08/12/97 1006497 SEDGWICK OF COLORADO INC 60.00 INSURANCE EXPENSE
08/12/97 1006498 ROGER G. SEGAL 62,041.13 PROFESSIONAL FEES & COSTS
08/12/97 1006499 TOWN OF SHELDON TOWN TREASURER 2,196.77 1997 PROPERTY TAXES
08/12/97 1006500 WELLS FARGO BANK 1,332.77 401K TRUSTEE FEE
1006501 VOID
1006502 VOID
08/12/97 1006503 BEUS GILBERT & MORRILL 188,997.60 PROFESSIONAL COSTS
08/12/97 1006504 WEIL GOTSHALL & MANGES 62,575.38 PROFESSIONAL FEES & COSTS
08/12/97 1006505 AUTOMATED OFFICE SYSTEMS INC 8,617.18 COMPUTER EQUIPMENT
08/12/97 1006506 R. STEPHEN BLACKHAM 109.60 EXPENSE REIMBURSEMENT
08/12/97 1006507 THE PRUDENTIAL 1,004.61 INSURANCE - DISABILITY
08/13/97 1006508 BPC-PAYROLL ACCOUNT 9,784.02 TRANSFER-PAYROLL ACCOUNT
08/13/97 1006509 BPC-PAYROLL TAX ACCOUNT 4,213.87 TRANSFER-PAYROLL TAX ACCT
08/13/97 1006510 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/13/97 1006511 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
08/15/97 1006512 STATE TREASURER OF CALIFORNIA 2,520.00 ANNUAL WELL ASSESSMENT
08/26/97 1006513 BPC-PAYROLL ACCOUNT 9,671.94 TRANSFER-PAYROLL ACCOUNT
08/26/97 1006514 BPC-PAYROLL TAX ACCT 4,156.98 TRANSFER-PAYROLL TAX ACCT
08/26/97 1006515 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
08/26/97 1006516 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
08/26/97 1006517 AIRBORNE EXPRESS 14.18 EXPRESS MAIL EXPENSE
08/26/97 1006518 MOUNT OLYMPUS WATER 23.98 OFFICE SUPPLIES & EXPENSE
08/26/97 1006519 MOUNTAIN STATES OFFICE PRODUCTS 252.30 OFFICE SUPPLIES & EXPENSE
08/26/97 1006520 NATIONAL HEALTH CARE TRUST 21,207.65 INSURANCE-HEALTH
08/26/97 1006521 PITNEY BOWES INC 207.14 OFFICE SUPPLIES & EXPENSE
08/26/97 1006522 STEVEN STEPANEK 130.19 EXPENSE REIMBURSEMENT
08/26/97 1006523 TRAVEL ZONE CRUISE ZONE 1,153.00 TRAVEL EXPENSE
08/26/97 1006524 US WEST COMMUNICATIONS 801.29 TELEPHONE EXPENSE
08/26/97 1006525 XEROX CORPORATION 409.26 OFFICE SUPPLIES & EXPENSE
08/31/97 BANK STMT KEY BANK OF UTAH 50.34 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $2,308,844.63
=============
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/31/97 BANK STMT KEY BANK $8,749.75 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/13/97 BONNEVILLE PACIFIC CORP. $2,500,000.00 TRANSFER TO GENERAL ACCT
08/31/97 BANK STMT KEY BANK OF UTAH 64.50 BANK SERVICE CHARGE
-----
$2,500,064.50
=============
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/31/97 BANK STMT US BANK $71,046.55 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
F
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/27/97 BANK STMT KEY BANK OF UTAH $63,983.92 INTEREST INCOME
08/30/97 BANK STMT KEY BANK OF UTAH 72,045.10 INTEREST INCOME
---------
TOTAL CASH RECEIPTS $136,029.02
===========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
G
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/14/97 BONNEVILLE PACIFIC CORP. $5,250,000.00 TRANSFER FROM JT SAVINGS
08/24/97 BANK STMT BANK ONE 45,677.34 INTEREST INCOME
08/29/97 BANK STMT BANK ONE 47,485.81 INTEREST INCOME
---------
TOTAL CASH RECEIPTS $5,343,163.15
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/14/97 BONNEVILLE PACIFIC CORP. $5,243,000.00 TRANSFER FROM SECURITIES
08/31/97 BANK STMT BANK ONE 72.02 INTEREST INCOME
-----
TOTAL CASH RECEIPTS $5,243,072.02
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/14/97 BONNEVILLE PACIFIC CORP. $5,250,000.00 TRANSFER TO BANK ONE CD
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - MMA Account
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/28/97 BONNEVILLE PACIFIC CORP. $92,388,000.00 TRANSFER FROM SECURITIES
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
United States Treasury Bills
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/14/97 MEMO ADVC BANK ONE $68,534.75 DISCOUNT COLLECTED
08/28/97 MEMO ADVC BANK ONE 1,161,843.22 DISCOUNT COLLECTED
------------
TOTAL CASH RECEIPTS $1,230,377.97
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/14/97 BONNEVILLE PACIFIC CORP. $5,243,000.00 TRANSFER TO CHPTR 11 JT SVGS
08/28/97 BONNEVILLE PACIFIC CORP. 92,388,000.00 TRANSFER TO NATIONS BK MMA
-------------
TOTAL CASH DISBURSEMENTS $97,631,000.00
==============
</TABLE>
K
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/31/97 BANK STMT KEY BANK OF UTAH $11.20 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
L
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
08/01/97 CK# 6470 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
08/31/97 BANK STMT KEY BANK OF UTAH 710.74 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,710.74
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
M
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of August 31, 1997
- -----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $136,632,110
Accounts receivable - trade 114,489
Accounts receivable - settlements (Note 4) 7,145,305
Accounts receivable - affiliates 295,514
Prepaid insurance 58,462
Accrued interest receivable 169,070
-------
Total current assets $144,414,950
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,776,408
---------
Total fixed assets 3,974,832
Less: Accumulated depreciation (3,116,316)
---------
Net fixed assets 858,516
Other Assets:
Investment in and advances to subsidiaries
and partnership 33,203,659
Other assets 1,820
-----
Total other assets 33,205,479
----------
TOTAL ASSETS $178,478,945
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $163,712
Accounts payable - professional fees
and costs 2,786,262
Accrued income taxes payable (Note 5) 400,947
Taxes payable 110,850
Accrued interest (Note 1) 0
-
Total post-petition liabilities $3,461,771
Pre-Petition Liabilities:
Priority claims 61,186
Secured debt 0
Unsecured debt (Notes 1 and 3) 99,974,449
----------
Total Pre-Petition Liabilities 100,035,635
-----------
TOTAL LIABILITIES 103,497,406
Commitments and Contingent Liabilities (Note 3)
OWNER'S EQUITY
Capital Stock or Owner's Investment 213,752
Paid-In-Capital 121,590,029
Treasury Stock (2,308,255)
Retained Earnings:
Pre-Petition (56,551,908)
Post-Petition 12,037,921
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 74,981,539
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $178,478,945
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period August 1 - August 31, 1997
- -----------------------------------------------------------------------------
Gross operating revenue $191,123
Less discount, returns and allowances 0
-
Net operating revenue $191,123
Cost of goods sold (114,092)
-------
Gross profit 77,031
Operating expenses:
Salaries and wages 28,607
Rent and leases 0
Payroll taxes 1,376
Insurance 4,774
Other 43,615
------
Total operating expenses (78,372)
------
Operating income (loss) (1,341)
Legal and professional fees and costs (Note 4) 161,546
Depreciation, depletion and administration 1,333
Claims settlement expense 0
Interest expense 0
-
Total (162,879)
-------
Net operating income (loss) (164,220)
Non-operating income and (expenses):
Interest income 584,624
Other income 9,362
Other income - settlements (Note 4) 0
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 771,372
-------
Net non-operating income or (expenses) 1,365,358
---------
Net income (loss) before income taxes 1,201,138
Provision for income taxes (Note 5) 30,600
------
NET INCOME (LOSS) $1,170,538
==========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period August 1 to August 31, 1997
- -----------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation,
included in the Monthly financial Report, are prepared on the accrual
basis. As a result, revenues are generally recorded when earned rather
than when received and expenses are generally recognized when the
obligation is incurred rather than when the expenses are paid. During
bankruptcy accrued interest payable is recorded only on post-petition
debt and pre-petition secured debt to the extent that the underlying
collateral equals or exceeds the outstanding principal plus the accrued
interest payable. Specifically, pre-petition 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 and the "Report
of Trustee Regarding Administration of the Estate from 7/1/96 through
6/30/97" filed with the Bankruptcy Court on September 4, 1997.
Form 2-D
Page 2 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
(Continued)
For Period August 1 to August 31, 1997
- -----------------------------------------------------------------------------
4. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were
fully effective as of August 31, 1997 and are reflected on the
August 31, 1997 Financial Statements. Approved settlements are as
follows:
W. Johnson $1,145,305
Westinghouse Electric 3,000,000
Piper Jaffray 3,000,000
---------
$7,145,305
5. As of April 30, 1996, Bonneville and Subsidiaries had approximately
$150,000,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $140,000,000 in Alternative Minimum
Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of
current Alternative Minimum Taxable Income can be offset by Alternative
Minimum Tax Loss carry-forwards. The financial statements reflect an
estimated $2,700,000 alternative minimum tax provision and an estimated
$350,000 state tax provision resulting from operations and the receipt of
proceeds from settlements through the end of the current period.
The Trustee has requested permission from the Internal Revenue Service
to change the tax year end of Bonneville and Subsidiaries to December 31.
The request has been granted.
Form 2-D
Page 3 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For the Period August 1 to August 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $0.00 $0.00 ($4,204.07) $2,113.09 08/13/97 KEY TAX $0.00
2,090.98 08/26/97 KEY TAX
State 0.00 (1,413.64) 1,413.64 08/26/97 1247
FICA tax withheld 0.00 (1,376.57) 694.27 08/13/97 KEY TAX
682.30 08/26/97 KEY TAX 0.00
Employer's FICA tax 0.00 (1,376.57) 694.27 08/13/97 KEY TAX
682.30 08/26/97 KEY TAX 0.00
Unemployment tax:
Federal 0.00 KEY TAX 0.00
State 0.00 KEY TAX 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes (108,633.00) (2,217.00) (110,850.00)
Accrued income tax:
Federal (376,947.00) 0.00 (24,000.00) 0.00 (400,947.00)
State 0.00 0.00 (6,600.00) 6,600.00 08/01/97 1006476 0.00
Delaware franchise tax 0.00 0.00
Employee withholding 0.00 0.00 (1,505.80) 752.90 08/13/97 1006510 0.00
752.90 08/26/97 1006515
---- ---- -------- ------ ----
TOTALS ($485,580.00) $0.00 ($42,693.65) $16,476.65 ($511,797.00)
=========== ==== ========== ========= ==========
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period August 1 to August 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Policy
Amount of Expiration Premium Paid
Carrier/Agent Coverage Date Thru Date
<S> <C> <C> <C> <C>
Worker's Compensation Various State Funds Statutory
$1,000,000 (A) 08/31/97
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/06/98 08/06/98
Vehicles Travelers Insurance/
(Hired/Non-Owned) Sedgwick James 5,000,000 08/06/98 08/06/98
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/98 08/17/98
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/98 08/17/98
</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 August 1 to August 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $7,259,691 $151,716 $2,786,261
30 to 60 days 82 7,422 0
61 to 90 days 2 0 0
Over 90 days 19 4,574 0
-- ----- -
Total post-petition 7,259,794 163,712 2,786,261
Pre-petition amounts 0 3,751,997 0
- --------- -
Total accounts receivable $7,259,794
==========
Total accounts payable $3,915,709 $2,786,261
========== ==========
Affiliate
Accounts
Receivable
----------
Under 30 days $53,624
30 to 60 days 5,413
61 to 90 days 9,750
Over 90 days 226,727
-------
Total post-petition
affiliate accounts
receivable $295,514
========
</TABLE>
Form 2-E
Page 3 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments of Fees and Costs to Attorneys and Other Professionals
For Period August 1 to August 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $62,041 08/05/97 $36,816 (1)
Trustee's Counsel 185,392 08/05/97 140,910 (1)
Trustee's Accountants 49,366 08/05/97 64,118
Trustee's Special Plan Counsel 62,575 08/05/97 50,000
Special Litigation Counsel for
Trustee - Costs 188,998 08/05/97 13,357
Trustee - Fees 1,529,686 08/05/97 2,330,139 (2)
Auditors 79,078 08/05/97 10,921
Financial Consultants 0 140,000
- -------
Total $2,157,136 $2,786,261
========== ==========
</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. $1,050,000.00 - Johnson Settlement Fees - $346,500.00
4. $2,361.00 - Cost Offset
5. $30,000.00 - Gerry Monson Settlement Fees - $6,000.00
The $3,000,000.00 Westinghouse settlement payment, the $3,000,000.00
Piper Jaffray settlement payment and approximately $1,145,305.00 of
the Johnson settlement have not yet been received. Settlements
have been booked as receivables.
Form 2-E
Page 4 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period August 1 to August 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Payee Name Position Nature of Payment Amount
<S> <C> <C> <C>
Ralph F. Cox Director Director Fees $0.00
Calvin L. Rampton Director Director Fees $0.00
Clark M. Mower President Salary $12,566.68
</TABLE>
Form 2-E
Page 5 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended August 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<S> <C> <C> <C> <C>
January $220,508.24
February 169,408.87
March 215,808.71
----------
Total 1st Quarter 605,725.82 $3,750.00 1006268 04/17/97
April 4,093,233.83
May 128,144.26
June 152,976.15
----------
Total 2nd Quarter 4,374,354.24 $8,000.00 1006458 07/23/97
July 126,042.84
August 2,298,948.13
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
