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) February 17, 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 January 1, 1997 to January 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.
On or about February 20, 1997, the Registrant, through the Trustee entered
into a settlement agreement with Dinuba Energy, Inc. ("Dinuba"), an Idaho
corporation, and Ronald C. Yanke ("Yanke"), of Boise, Idaho. The formal
settlement agreement was executed on February 24, 1997. The Trustee's claims
against Dinuba and Yanke were part of a civil action entitled Segal (Trustee) v.
Dinuba Energy, Inc. and Ronald C. Yanke, United States District Court for the
District of Utah, Case No. 92-CV-1116 J. The settlement provides for payment by
Dinuba and Yanke to the Registrant of Four Million Five Hundred Thousand Dollars
($4,500,000.00) by not later than March 20, 1997. The settlement is conditioned
upon approval by the United States District Court (the Honorable Bruce S.
Jenkins) and by the Unites States Bankruptcy Court (the Honorable John H.
Allen).
Although Dinuba and Yanke have agreed to the settlement, they each continue
to deny all of the Trustee's allegations of wrongdoing or liability.
The litigation was being prosecuted on behalf of the Trustee by the law
firm of Beus, Gilbert & Morrill (Phoenix) pursuant to a contingent fee
agreement. That contingent fee agreement, which as been approved by the
Bankruptcy Court, provides that Beus, Gilbert & Morrill is entitled, as a fee,
after deduction of litigation costs, to thirty-three percent (33%) of any
litigation recoveries received by the Trustee less fees paid to the Trustee's
local counsel, Cohne, Rappaport & Segal (Salt Lake). Any fees must be allowed
(approved) by the Bankruptcy Court.
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 February 24, 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 February 24, 1997
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter 11, for the period January 1, 1997
to January 31, 1997, of the Registrant, dated February 17, 1997 as filed
by the Registrant with the United States Bankruptcy Court for the
District of Utah, Central Division on February 17, 1997.............5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period January 1 to January 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 The debtor must attach each of the following reports/documents
For Each unless the U.S. Trustee has waived the requirement in writing.
Required Report/ File original with Clerk of Court. File duplicate with U.S.
Document 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: February 17, 1997
Debtor(s): BONNEVILLE PACIFIC CORPORATION
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 17th day of February 1997.
/x/ Roger G. Segal
---------------------------------------
Roger G. Segal, Chapter 11 Trustee
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended January 31, 1997
Form 2-G
- ------------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to
conduct its normal business activities during the month of January 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 January and
the first part of February 1997(1) (other than administrative matters, including
professional fee applications) in accordance with various provisions of the
Bankruptcy Code are as follows:
1. The Segal v. Portland General, et al. action pending in the United States
District Court, Case No. 92-C-364-J (the "Litigation") has been discussed
at length in the previous Monthly Financial Reports filed by the Trustee
and in the Trustee's four (4) Annual Reports, including the Report for the
period of July 1, 1995 through June 30, 1996 filed on September 19, 1996
concerning the Administration of the Estate. These Reports (which are on
file with both the Bankruptcy Court and the Securities & Exchange
Commission) must be reviewed for an understanding of the history and nature
of the Litigation, including previous settlements 2 reached by the Trustee.
For all practical purposes the Litigation has been concluded (but also see
the discussion below).
On December 10, 1996 the Trustee entered into a verbal settlement agreement
with Calpine Corporation, a Defendant in an action severed from the main
Litigation. Pursuant to the settlement, which was documented by a formal
settlement agreement2 dated December 30, 1996, Calpine agreed a) to pay to
Bonneville Pacific the sum of $767,500.00; and b) to release and withdraw
with prejudice its filed claims in the total amount of $3,057,969.60. The
Company and Calpine also agreed to jointly release one another from any and
all claims or causes of action. The settlement was conditioned upon
approval of the settlement by the
--------
1 This narrative attempts to summarize significant events affecting the
Company through February 14, 1997.
2 Each settlement agreement should be reviewed in its entirety for all
terms and conditions (and consideration) of the settlement.
<PAGE>
United States District Court and the United States Bankruptcy Court. The
Trustee's Motion for Approval of the Settlement Agreement was heard as
scheduled on January 28, 1997 at which hearing the Bankruptcy Court
granted the Trustee's Motion and approved the settlement. The United
States District Court, based upon the parties Stipulated Motion for Final
Judgment and Order for Dismissal on February 4, 1997, signed the Judgment
and Order dismissing the lawsuit. Calpine paid the $767,500.00 settlement
amount to the estate (the Company) on February 11, 1997.
On or about December 4, 1996 the Trustee entered into a formal settlement
agreement with Jack & Nancy Dunlop. The settlement agreement provides2 for
payment of $10,000.00 by Jack Dunlop and other consideration to Bonneville
Pacific Corporation in exchange for a full release of any and all claims
which the estate may have against Jack Dunlop. The settlement was
conditioned upon approval of the settlement by the United States District
Court and the United States Bankruptcy Court. The Trustee's Motion for
Approval of the Settlement Agreement was heard as scheduled on January 13,
1997, at which hearing the Bankruptcy Court approved the settlement. The
United States District Court, based upon the parties Stipulated Motion for
Final Judgment and Order for Dismissal, signed the Judgment and Order
dismissing Dunlop from the litigation. Dunlop paid the $10,000.00
settlement amount to the estate (the Company) on February 14, 1997.
On January 6, 1997 the Trustee filed a Motion for an Order Authorizing the
Trustee to Amend the Estate's May 2, 1996 Settlement Agreement with Mayer
Brown & Platt. The proposed amendment to the Settlement Agreement affects
paragraph 11 of the Settlement Agreement which provides for an additional
payment by Mayer Brown & Platt to the Trustee if Mayer Brown & Platt
subsequently settled claims asserted against it by Portland General.
Specifically, pursuant to paragraph 11 of the Settlement Agreement as
approved by the Court, if Portland General settled with Mayer Brown &
Platt before Portland General initiated suit against Mayer Brown & Platt
then Mayer Brown & Platt would pay the Trustee for Bonneville Pacific $3.5
million and if Portland General settled with Mayer Brown & Platt after
suit was initiated, but before trial commenced, then Mayer Brown & Platt
would pay to the Trustee for Bonneville Pacific $1.75 million. Conversely,
if a trial on the merits commenced between Portland General and Mayer
Brown & Platt and the parties then settled, or if the suit was fully
litigated to a judgment, then the Trustee for Bonneville Pacific would
receive no additional amount from Mayer Brown & Platt. Without Portland
General having filed suit, Mayer Brown & Platt and Portland General have
tentatively reached a settlement agreement between themselves which
settlement is conditioned upon the Trustee agreeing to amend the
Settlement Agreement so that the Trustee for Bonneville Pacific would
receive $1.75 million pursuant to paragraph 11 of the Settlement Agreement
(rather than $3.5 million). The Trustee's Motion for Approval of the
Amendment to the Settlement Agreement was held as scheduled before the
Bankruptcy Court on January 28, 1997, at which hearing the Bankruptcy
Court granted the Trustee's Motion and approved the settlement. Mayer
Brown & Platt on February 4, 1997 paid the $1.75 Million to the estate of
Bonneville Pacific (the Company).
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
<PAGE>
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.
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 has 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 further hearing
on the matter has now been scheduled for February 28, 1997.
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 such persons
or entities who or which signed tolling agreements and who or which the
Trustee believe are liable to the Bonneville estate (e.g., Norwest Bank
and the LDS Church), then in the next few months the Trustee, through his
special litigation counsel, may commence additional litigation on behalf
of the Trustee for Bonneville Pacific.
In addition to the above described litigation matters, the Company continues in
its business operations. Significant actions and events during January 1997
related to business matters are as follows:
1. The Trustee and his counsel continue to monitor the Company's 50% general
partnership interest in NCA #1 owned through the Company's wholly owned
subsidiary, Bonneville Nevada Corporation. NCA #1 is a Nevada general
partnership that owns an 85-megawatt cogeneration project located near Las
Vegas, Nevada. As previously reported, Nevada Power Company ("NPC") has
previously curtailed purchases of electrical power from NCA #1 but no
curtailments occurred during the Reporting Period. 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 an effort to mitigate future difficulties and curtailments,
representatives of NCA #1 and NPC have met to explore possible
modifications to the Power Purchase Agreement between them. As previously
reported a Displacement Agreement was entered into by the parties for the
Reporting Period. The Displacement Agreement allows NPC, for
consideration, to displace a portion of its energy purchase obligation
under the Power Purchase Agreement. January operations under the
Displacement Agreement were sufficiently successful to warrant renewal of
the agreement for the month of February. The parties will still need to
determine whether a long term Displacement Agreement would be economically
feasible.
<PAGE>
As previously reported, various appeals have been filed by the NCA #1 and
NPC relative to NPC curtailment actions. The Trustee and his counsel
continue to monitor these cases. Presently NCA #1 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.
Counsel has been informed that oral arguments on the case will not occur
until late summer, 1997. The Trustee continues to monitor matters before
the First Judicial District Court of the State of Nevada which have been
previously reported.
On September 27, 1996, NCA #1 was served with Findings and Notices of
Violation ("NOV") issued by Region IX of the United States Environmental
Protection Agency (the "EPA") for alleged violations of the Clean Air
Act's Prevention of Significant Deterioration program applicable for the
State of Nevada. Specifically, EPA alleges that NCA #1, contrary to
applicable operating permits, failed to timely install "Best Available
Control Technology" at the plant in the form of a selective catalytic
reduction system ("SCR") to control Nox emissions. NCA #1 refutes these
allegations and has submitted additional information regarding SCR
operations which had been requested by the EPA. NCA #1 is presently
awaiting EPA's response.
Analysis of Claims and Possible Distributions.
Prepetition claims against the Bonneville Pacific bankruptcy estate total
approximately two hundred million dollars in booked and unbooked liabilities
(excluding any addition for possible post-petition interest). The exact amount
of such claims is still undetermined and the distribution priority for such
claims is still being researched, investigated, litigated or negotiated by the
Trustee and other parties in interest (see the further discussion which
follows).
On August 20, 1996 the Trustee filed a Motion for Establishment of a
Supplementary Claims Bar Date seeking to set December 16, 1996 as the
supplementary claims bar date by which all creditors of Bonneville who had not
previously been adequately notified to file claims must complete and file a
proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes that
most of the new claims which have been filed relate to possible claims against
Bonneville arising out of the purchase or sale of its securities. See 11 U.S.C.
Section 510(b). The Motion also sought approval of a form of notice to be sent
to potential creditors, approval of a form proof of claim, approval of a
procedure to identify potential claimants and a procedure for notice by
publication. A hearing on the Motion was scheduled before the Bankruptcy Court
on September 10, 1996. No objections to the Motion were filed and at the hearing
the Court granted the Motion and signed an order establishing the supplementary
claims bar deadline. Consequently, the Trustee proceeded with the action
authorized by the order granting the Motion; specifically, notice was sent to
thousands of potential claimants and notice was published in newspapers of
general circulation throughout the United States. Through December 16, 1996
approximately 4,000 new proofs of claim were filed with the Bankruptcy Court and
approximately 260 additional claims have been filed since December 16, 1996. The
Trustee is currently in the process of finalizing his initial review of each of
the claims; this review process has been delayed due to the large number of
claims and the diverse manner in which the claim forms were filled out by the
claimants. The Trustee anticipates completing his preliminary claim analysis in
the next few weeks. The Trustee anticipates that he will likely object to a
number of the new claims which have been filed.
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
<PAGE>
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. Section 505). To date the
IRS has not granted the Company's application to change its tax year.
In preparation for a plan of reorganization, the Trustee on behalf of the
Company has made a decision to employ Hein + Associates, a national accounting
firm, to prepare audited financial statements for Bonneville Pacific
Corporation. An application seeking approval of the employment was filed and
hearing on the application was held as scheduled on December 20, 1996. At the
hearing the Court approved the Application. Hein + Associates has been employed
and is now proceeding with work on the audits.
At this time it is not known whether interest will ever be paid on any allowed
unsecured claim because (a) it is not at all clear that the estate will possess
sufficient funds to pay interest on any particular class of claims, and (b) the
law concerning payment of interest to any particular class of claims is not
clear and therefore, even if sufficient funds did exist, the issue of payment of
interest (and the applicable rate of interest, if any) 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 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.
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 in connection with valuing the Company's (and its affiliates)
business assets and assisting the Trustee concerning the plan of reorganization
issues. The Trustee anticipates soon filing a motion with the Bankruptcy Court
for approval of his employment of a Financial Advisor.
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 and the respective Monthly Financial Statements for the period from
July 1, 1996 through the present Monthly Financial Statement. 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.
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>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period January 1 - January 31, 1997
- ------------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $119,381,683.55
2. Cash Receipts: (See Page 2 of 2)105 457,140.20
3. Cash Disbursements: (See Page 2 of 2) (220,508.24)
------------
4. Net Cash Flow: 236,631.96
----------
5. Ending Cash Balance: (to Form 2-C) $119,618,315.51
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
PAYROLL ACCOUNT $953.68 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 129.27 KEY BANK OF UTAH
GENERAL CORP CASH 1,009,730.60 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 3,104,156.72 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 10,907,657.57 (A) US BANK
CHPTR 11 TRUSTEE - JNT CD 5,273,014.77 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 10,197,322.23 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 19,192.93 (A) BANK ONE
UNITED STATES TREASURY BILLS 88,895,252.71 BANK ONE
PROCEEDS FROM ASSET SALES 3,989.86 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 206,915.17 KEY BANK OF UTAH
--------------
$119,618,315.51
===============
(A) Accounts requiring signatures of both the US Trustee and Chapter 11
Trustee for disbursements.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period January 1 - January 31, 1997
- --------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $30,956.15 A
PAYROLL TAX ACCOUNT 17,337.65 B
GENERAL CORP CASH 110,795.51 C
CHPTR 11 TRUSTEE JOINT ACCT 1,009,565.99 E
CHPTR 11 TRUSTEE - CD ACCT 69,366.93 F
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A
CHPTR 11 TRUSTEE JT SAVINGS 21,568,063.78 G
UNITED STATES TREASURY BILLS 21,834,004.30 H
PROCEEDS FROM ASSET SALES 11.31 I
KYOCERA MAINTENANCE RESERVE 11,933.23 J
---------------
44,652,034.85
LESS: ACCOUNT TRANSFERS (44,194,894.65)
TOTAL CASH RECEIPTS $457,140.20
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $30,984.40 A
PAYROLL TAX ACCOUNT 17,558.98 B
GENERAL CORP CASH 1,231,410.54 D
CHPTR 11 TRUSTEE JOINT ACCT 43.12 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 F
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 0.00 N/A
CHPTR 11 TRUSTEE JT SAVINGS 21,567,405.85 G
UNITED STATES TREASURY BILLS 21,568,000.00 H
PROCEEDS FROM ASSET SALES 0.00 I
KYOCERA MAINTENANCE RESERVE 0.00 J
----------------
44,415,402.89
LESS: ACCOUNT TRANSFERS (44,194,894.65)
TOTAL CASH DISBURSEMENTS $220,508.24
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period January 1 - January 31, 1997
- ------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/13/97 CK# 6081 BPC - GENERAL $10,365.74 PAYROLL TRANSFER
01/16/97 CK# 6101 BPC - GENERAL 9,956.02 PAYROLL TRANSFER
01/29/97 CK# 6128 BPC - GENERAL 10,634.39 PAYROLL TRANSFER
---------
TOTAL CASH RECEIPTS $30,956.15
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
01/15/97 PAYROLL SUMMARY $10,365.74
01/21/97 PAYROLL SUMMARY 9,956.02
01/31/97 PAYROLL SUMMARY 10,634.39
01/31/97 BNK STMT KEY BANK OF UTAH 28.25 SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $30,984.40
============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period January 1 - January 31, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/13/97 CK# 6082 BPC - GENERAL $5,545.90 PR TAX TRANSFER
01/16/97 CK# 6102 BPC - GENERAL 6,144.29 PR TAX TRANSFER
01/29/97 CK# 6129 BPC - GENERAL 5,647.46 PR TAX TRANSFER
---------
TOTAL CASH RECEIPTS $17,337.65
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
01/09/97 CK# 1222 UTAH DEPT OF EMPLOYMENT SEC. $216.78 STATE UNEMPLOYMENT
01/13/97 CK# 1223 KEY BANK OF UTAH 4,731.23 FEDERAL TAX DEPOSIT
01/16/97 CK# 1224 KEY BANK OF UTAH 5,307.06 FEDERAL TAX DEPOSIT
01/29/97 CK# 1225 KEY BANK OF UTAH 4,815.43 FEDERAL TAX DEPOSIT
01/29/97 CK# 1226 UTAH STATE TAX COMMISSION 2,483.93 STATE TAX DEPOSIT
01/31/97 BNK STMT KEY BANK OF UTAH 4.55 SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $17,558.98
============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period January 1 - January 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
01/07/97 DS010797 W. JOHNSON $50,000.00 SETTLEMENT PAYMENT
01/07/97 DS010797 WESTERN TRAVEL 380.22 EXPENSE REIMBURSEMENT
01/07/97 DS010797 BONNEVILLE FUELS 10,837.11 EXPENSE REIMBURSEMENT
01/22/97 DS012297 SAN DIEGO GAS & ELECTRIC 1,300.00 ENERGY REVENUE-KYOCERA
01/22/97 DS012297 COHNE RAPPAPORT & SEGAL 458.70 EXPENSE REIMBURSEMENT
01/22/97 DS012297 D. GARDINER 369.59 INSURANCE REIMBURSEMENT
01/29/97 DS012997 KYOCERA AMERICA 21,283.66 ENERGY REVENUE-KYOCERA
01/29/96 DS012997 J. ALLSOP 1,135.32 INSURANCE REIMBURSEMENT
01/31/97 DS013197 HARTFORD INSURANCE 17,836.71 INSURANCE REFUND
01/31/97 BNK STMT KEY BANK OF UTAH 7,194.20 INTEREST INCOME
------------
TOTAL CASH RECEIPTS $110,795.51
===========
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period January 1 - January 31, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
01/06/97 1006067 50 WEST BROADWAY ASSOC INC 12,573.00 RENT-OFFICE SPACE & PARKING
01/06/97 1006068 VOID VOID
01/06/97 1006069 AMPCO SYSTEM PARKING 591.00 RENT - PARKING
01/06/97 1006070 AMERICAN INSTITUTE OF CPA' 187.06 PUBLICATIONS & SUBSCRIPTIONS
01/06/97 1006071 BENEFICIAL LIFE INSURANCE 734.98 INSURANCE - LIFE
01/06/97 1006072 BONNEVILLE PACIFIC SERVICES 34.65 O&M EXPENSE - KYOCERA
01/06/97 1006073 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE ACCT
01/06/97 1006074 JD GRIFFIN & ASSOCIATES PC 7,845.00 OFFICE SUPPLIES & EXPENSE
01/06/97 1006075 MOUNT OLYMPUS WATER 11.57 OFFICE SUPPLIES & EXPENSE
01/06/97 1006076 NATIONAL HEALTH CARE TRUST 26,673.36 INSURANCE - HEALTH
01/06/97 1006077 UNUM LIFE INSURANCE CO OF 1,581.05 INSURANCE - DISABILITY
01/06/97 1006078 AIRBORNE EXPRESS 110.43 EXPRESS MAIL
01/07/97 1006079 AMPCO SYSTEM PARKING 75.00 RENT - PARKING
01/09/97 1006080 WORKERS COMPENSATION FND 474.82 INSURANCE - WORKERS COMP
01/13/97 1006081 BONNEVILLE PACIFIC/PAYROLL 10,365.74 TRANSFER - PAYROLL ACCT
01/13/97 1006082 BPC PAYROLL TAX ACCOUNT 5,545.90 TRANSFER - PAYROLL TAX ACCT
01/13/97 1006083 WELLS FARGO BANK 799.04 401K CONTRIBUTIONS
01/15/97 1006084 BANK ONE INVESTMENT MANAGE 7,855.22 PRINCIPAL INVESTMENT FEE
01/15/97 1006085 R. STEPHEN BLACKHAM 455.61 EXPENSE REIMBURSEMENT
01/15/97 1006086 CYMA HELP! 60.00 OFFICE SUPPLIES & EXPENSE
01/15/97 1006087 DEAN WITTER REYNOLDS INC 1,207.20 OFFICE SUPPLIES & EXPENSE
01/15/97 1006088 FIDELITY TRANSFER COMPANY 440.00 OFFICE SUPPLIES & EXPENSE
01/15/97 1006089 GENERATOR POWER SYSTEMS 14,613.95 O&M EXPENSE - KYOCERA
01/15/97 1006090 HERITAGE PRODUCTS INC 64.87 OFFICE SUPPLIES & EXPENSE
01/15/97 1006091 MOUNT OLYMPUS WATER 10.61 OFFICE SUPPLIES & EXPENSE
01/15/97 1006092 MOUNTAIN STATES OFF PRODUCTS 94.70 OFFICE SUPPLIES & EXPENSE
01/15/97 1006093 CLARK MOWER 775.01 EXPENSE REIMBURSEMENT
01/15/97 1006094 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXPENSE
01/15/97 1006095 THE PRUDENTIAL 990.17 INSURANCE - DISABILITY
01/15/97 1006096 PRINTELLIGENT INC 196.52 OFFICE SUPPLIES & EXPENSE
01/15/97 1006097 REDMAN VAN & STORAGE CO 472.35 RENT - STORAGE SPACE
01/15/97 1006098 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE - KYOCERA
01/15/97 1006099 SAN DIEGO COUNTY APCD 19,280.00 O&M EXPENSE - KYOCERA
01/15/97 1006100 XEROX CORPORATION 337.34 OFFICE SUPPLIES & EXPENSE
01/16/97 1006101 BONNEVILLE PACIFIC/PAYROLL 9,956.02 TRANSFER - PAYROLL ACCT
01/16/97 1006102 BPC PAYROLL TAX ACCOUNT 6,144.29 TRANSFER - PAYROLL TAX ACCT
01/21/97 1006103 BPC-CHAPTER 11 TTEES JOINT 1,000,000.00 TRANSFER - CHPTR 11 TTEES ACCT
01/22/97 1006104 US TRUSTEE 10,000.00 QUARTERLY DISBURSEMENT FEE
01/27/97 1006105 AIRBORNE EXPRESS 34.49 EXPRESS MAIL EXPENSE
01/27/97 1006106 AIR POLLUTION CONTROL DIST 1,406.00 O&M EXPENSE - KYOCERA
01/27/97 1006107 AMPCO SYSTEM PARKING 591.00 RENT - PARKING
01/27/97 1006108 AUTOMATED OFFICE SYSTEMS 311.24 OFFICE SUPPLIES & EXPENSE
01/27/97 1006109 BEUS GILBERT & MORRILL 541.92 EXPENSE REIMBURSEMENT
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period December 1 - December 31, 1996
- ---------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONT.)
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
01/27/97 1006110 COMPUSERVE 100.00 OFFICE SUPPLIES AND EXPENSE
01/27/97 1006111 VOID VOID
01/27/97 1006112 ENERGY & BUSINESS NEWSLETTER 945.00 CONFERENCES & SEMINARS
01/27/97 1006113 FRONTIER COMMUNICATIONS SR 794.91 TELEPHONE EXPENSE
01/27/97 1006114 DEEA L HOBBS 16.97 EXPENSE REIMBURSEMENT
01/27/97 1006115 JD GRIFFIN & ASSOCIATES PC 6,531.00 OFFICE SUPPLIES & EXPENSE
01/27/97 1006116 MOUNT OLYMPUS WATER 23.17 OFFICE SUPPLIES & EXPENSE
01/27/97 1006117 MOUNTAIN STATES OFF PRODUCTS 295.09 OFFICE SUPPLIES & EXPENSE
01/27/97 1006118 NATIONAL HEALTH CARE TRUST 22,238.56 INSURANCE - HEALTH
01/27/97 1006119 OFFICE TEAM 426.94 OFFICE SUPPLIES & EXPENSE
01/27/97 1006120 PRYOR RESOURCES INC 158.00 CONFERENCES & SEMINARS
01/27/97 1006121 REDMAN VAN & STORAGE CO 84.87 RENT - STORAGE
01/27/97 1006122 TRAVEL ZONE CRUISE ZONE 760.38 TRAVEL EXPENSE
01/27/97 1006123 US WEST COMMUNICATIONS 773.46 TELEPHONE EXPENSE
01/27/97 1006124 VOID VOID
01/27/97 1006125 MARCIA CUSTER 160.93 EXPENSE REIMBURSEMENT
01/27/97 1006126 TRAVEL ZONE CRUISE ZONE 859.00 TRAVEL EXPENSE
01/27/97 1006127 AMPCO SYSTEM PARKING 150.00 RENT - PARKING
01/29/97 1006128 BONNEVILLE PACIFIC/PAYROLL 10,634.39 TRANSFER - PAYROLL ACCT
01/29/97 1006129 BPC PAYROLL TAX ACCOUNT 5,647.46 TRANSFER - PAYROLL TAX ACCT
01/29/97 1006130 WELLS FARGO BANK 799.04 401K CONTRIBUTIONS
01/27/97 1006131 FRANCHISE TAX BOARD OF CAL 25,095.33 CLAIMS SETTLEMENT
01/31/97 BANK STMT KEY BANK 109.17 BANK SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $1,231,410.54
=============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period January 1 - January 31, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/21/97 CK# 6103 BONNEVILLE PACIFIC CORP $1,000,000.00 TRANSFER FROM GEN ACCT
01/31/97 BANK STMT KEY BANK OF UTAH 9,565.99 INTEREST INCOME
TOTAL $1,009,565.99
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
01/31/97 BANK STMT KEY BANK OF UTAH 43.12 BANK SERVICE CHARGE
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period January 1 - January 31, 1997
- ----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/31/97 BANK STMT US BANK $69,366.93 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 January 1 - January 31, 1997
- ---------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/31/97 BANK STMT BONNEVILLE PACIFIC CORP $21,568,000.00 TRNSFR FROM SECURITY
01/31/97 BANK STMT BANK ONE 63.78 INTEREST INCOME
--------------
TOTAL $21,568,063.78
==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
01/31/97 BANK STMT $21,567,405.85 TRNSFR-PURCHASE SECURITY
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
United States Treasury Bills
For Period January 1 - January 31, 1997
- -------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/31/97 BANK STMT BONNEVILLE PACIFIC CORP $21,567,405.85 TRNSFR-PURCHASE SEC.
01/31/97 BANK STMT BANK ONE TRUST 266,598.45 EARNED DISCOUNT T-BILL
TOTAL $21,834,004.30
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
01/31/97 BANK STMT BONNEVILLE PACIFIC CORP $21,568,000.00 TRANSFER TO SAVINGS
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period January 1 - January 31, 1997
- ---------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/31/97 BANK STMT KEY BANK OF UTAH $11.31 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 January 1 - January 31, 1997
- ----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
01/01/97 CK# 6073 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER
01/31/97 BNK STMT KEY BANK OF UTAH 738.23 INTEREST INCOME
----------
TOTAL CASH RECEIPTS $11,933.23
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
NONE
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of January 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS
Current Assets:
Cash $119,618,316
Accounts receivable - trade 1,489
Accounts receivable - settlements (Note 4) 12,000,000
Accounts receivable - affiliates 270,701
Prepaid Insurance 35,390
Accrued interest receivable 1,236,904
------------
Total current assets $133,162,800
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,754,893
Total fixed assets 3,953,317
Less: Accumulated depreciation (3,052,152)
Net fixed assets 901,165
Other Assets:
Investment in and advances to subsidiaries
and partnership 28,858,712
Other assets 1,820
Total other assets 28,860,532
TOTAL ASSETS $162,924,497
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 135,743
Accounts payable - professional fees
and costs (Note 4) 4,965,926
Accrued income taxes payable (Note 5) 51,347
Taxes payable 128,331
Accrued interest 0
------------
Total post-petition liabilities $ 5,281,347
Pre-petition liabilities:
Priority claims 61,186
Secured debt 0
Unsecured debt (Notes 1 and 3) 99,699,658
------------
Total pre-petition liabilities 99,760,844
TOTAL LIABILITIES 105,042,191
Commitments and Contingent Liabilities (Note 3)
OWNERS' EQUITY
Capital stock or owners' investment 213,752
Paid-in-capital 121,590,029
Treasury stock (2,308,255)
Retained earnings:
Pre-petition (56,551,908)
Post-petition (5,061,312)
TOTAL OWNERS' EQUITY (Notes 1 and 3) 57,882,306
TOTAL LIABILITIES AND OWNERS' EQUITY $162,924,497
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period January 1 - January 31, 1997
- ------------------------------------------------------------------------------
Gross operating revenue $ 104,082
Less discount, returns and allowances 0
---------
Net operating revenue $ 104,082
Cost of goods sold (165,259)
Gross profit (61,177)
Operating expenses:
Salaries and wages 47,067
Rent and leases 12,905
Payroll taxes 3,762
Insurance 11,392
Other 78,094
----------
Total operating expenses (153,220)
-----------
Operating income (loss) (214,397)
Legal and professional fees and costs
(Note 4) 639,962
Depreciation, depletion and Administration 1,333
Total (641,295)
Net operating income (loss) (855,692)
Non-operating income and (expenses):
Interest income 537,308
Other income 20,192
Other income - settlements (Note 4) 1,750,000
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 822,759
----------
Net non-operating income or (expenses) 3,130,259
---------------------------------
Net income (loss) before income taxes 2,274,567
Provision for income taxes (Note 5) 45,691
-----------
NET INCOME (LOSS) $ 2,228,876
===========
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period January 1 to January 31, 1997
- ------------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific
Corporation, included in the Monthly Financial Report, are prepared on
the accrual basis. As a result, revenues are generally recorded when
earned rather than when received and expenses are generally recognized
when the obligation is incurred rather than when the expenses are
paid. During bankruptcy accrued interest payable is recorded only on
post petition debt and pre-petition secured debt to the extent that
the underlying collateral equals or exceeds the outstanding principal
plus the accrued interest payable. Specifically, prepetition unsecured
debt does not include any accrual of interest after December 5, 1991.
These financial statements are prepared in a format required by the
U.S. Bankruptcy Code. While every effort is made to comply with
generally accepted accounting principles (GAAP), these financial
statements may not comply with GAAP in all respects. Also see the
narrative which is attached hereto.
2. Equity in earnings of subsidiaries and partnerships represents an
accrual of the Company's share of earnings or losses of its operating
subsidiaries and partnerships. These earnings are affected by a number
of factors including seasonality, operating costs and operating
efficiency. The operating entities which comprise these earnings
include Bonneville Pacific Services Company, Bonneville Fuels
Corporation, and Bonneville Nevada Corporation through its investment
in the NCA #1 Partnership.
3. Unrecorded Liabilities and Potential Claims.
Deeply subordinated claims $8,945,000
Subordinated CIGNA claim 10,000,000
Potential claims (estimated) 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
estimated amount includes but is not limited to potential claims of
limited partners, potential claims of equity holders, claims against
Bonneville arising out of the purchase and subsequent sale of its
securities, 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 January 1 to January 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 January 31, 1997 and are reflected on the January
31, 1997 Financial Statements. Approved settlements are as follows:
W. Johnson $1,250,000
Westinghouse Electric 6,000,000
Piper Jaffray 3,000,000
Mayer Brown and Platt 1,750,000
___________
$12,000,000
5. As of April 30, 1996, Bonneville and Subsidiaries had approximately
$150,000,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $140,000,000 in Alternative Minimum
Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent of
current Alternative Minimum Taxable Income can be offset by Alternative
Minimum Tax Loss carry-forwards. The financial statements reflect the
accrual of an estimated $2,490,000 alternative minimum tax liability and
an estimated $350,000 state tax liability 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
response to this request is still pending. If permission is granted to
change the tax year end of the debtor, amounts required to be accrued for
federal and state taxes may change.
<PAGE>
BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period January 1 to January 31, 1997
- ----------------------------------------------------------------------------
<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 $ 0.00 $ $ (7,762.68) $ 2,356.15 01/13/97 1223 $ 0.00
3,018.80 01/16/97 1224
2,387.73 01/29/97 1225
State 0.00 (2,483.93) 2,483.93
FICA tax withheld 0.00 (3,545.52) 1,187.54 01/13/97 1223
1,144.13 01/16/97 1224 0.00
1,213.85 01/29/97 1225
Employer's FICA tax 0.00 (3,545.52) 1,187.54 01/13/97 1223
1,144.13 01/16/97 1224 0.00
1,213.85 01/29/97 1225
Unemployment tax:
Federal 0.00 0.00
State 0.00 (216.78) 216.78 01/09/97 1222
Sales, use & excise taxes 0.00 0.00
Property taxes (93,114.00) (2,217.00) (95,331.00)
Accrued income tax:
Federal (5,656.00) 0.00 (45,691.00) 0.00 (51,347.00)
State 0.00 0.00 0.00
Delaware franchise tax 0.00 (33,000.00) 33,000.00
Employee withholding 0.00 (1,598.08) 799.04 01/11/97 1006083 0.00
799.04 01/21/97 1006130
-------------- ----------- ------------- ------------ -----------
TOTALS $ (98,770.00) $ 0.00 $(100,060.51) $19,152.51 $ (179,678.00)
============== =========== ============ ============ ===============
</TABLE>
<PAGE>
9EBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period January 1 to January 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) 01/31/97
General Liability Travelers Insurance/
Sedgwick James 5,000,000 06/06/97 06/06/97
Vehicles Travelers Insurance/
[Hired/Non-owned] Sedgwick James 5,000,000 06/06/97 06/06/97
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/96 08/17/97
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/96 08/17/97
(A) All workers compensation insurance policies are insured through various
state insurance funds. As such, they continue in force as premiums are
paid and have no policy expiration dates.
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period January 1 to January 31, 1997
- ----------------------------------------------------------------------------
Non-Affiliate
Accounts Accounts
Receivable Payable
Under 30 days $12,001,489 $ 4,824,512
30 to 60 days 0 243
61 to 90 days 0 0
Over 90 days 0 276,914
----------- -----------
Total post-petition 12,001,489 5,101,669
Pre-petition amounts 0 3,527,206
----------- -----------
Total accounts receivable $12,001,489
Total accounts payable $ 8,628,875
===========
Affiliate
Accounts
Receivable
Under 30 days $ 45,205
30 to 60 days 58
61 to 90 days 0
Over 90 days 225,438
-----------
Total post-petition affiliate
accounts receivable $ 270,701
===========
(*) 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 January 1 to January 31, 1997
- ----------------------------------------------------------------------------
Date of
Court Estimated
Amount Paid Approval Balance Due
Counsel for Unsecured
Creditors' Committee $0 $139,487
Court Appointed Trustee 0 63,147 (1)
Trustee's Counsel 0 186,981 (1)
Trustee's Accountants 0 70,799
Trustee's Special Plan Counsel 0 116,699
Special Litigation Counsel for
Trustee - Costs 0 279,460
Trustee - Fees 0 3,976,500 (2)
Buccino and Associates 0 132,853 (3)
Total $ 0 $4,965,926
========================================
(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 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.
(3) 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 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.
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 January 1 to January 31, 1997
- --------------------------------------------------------------------------
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 12,566.68
Unused Vacation/Sick
Day All 11,587.78
Expense Reimbursement 775.01
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended December 31, 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<S> <C> <C> <C> <C>
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 11,800,656.99
December 1,713,138.88
-------------
Total 4th Quarter 15,306,025.48 10,000.00 1006104 01/22/97
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended January 31, 1997
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<S> <C> <C> <C> <C>
January $ 220,508.24
February
March
Total 1st Quarter 220,508.24
April
May
June
Total 2nd Quarter
July
August
September
Total 3rd Quarter
October
November
December
Total 4th Quarter
</TABLE>
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
