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) October 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 September 1, 1997 to September 30, 1997, as filed with the
bankruptcy court is included as an exhibit hereto. On June 12, 1992,
Roger G. Segal was appointed as the Chapter 11 Bankruptcy Trustee for the
Company.
Item 5. Other Events.
For information on litigation and matters previously reported, refer to
the narrative on pages Form 2-G of the accompanying bankruptcy report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
/S/ ROGER G. SEGAL
By: Roger G. Segal, Chapter 11 Trustee
DATED October 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 October 15, 1997
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- -----------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11, for
the period September 1, 1997 to September 30,
1997, of the Registrant, dated October 15, 1997
as filed by the Registrant with the United States
Bankruptcy Court for the District of Utah, Central
Division on October 15, 1997 . . . . . . . . . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period September 1 to September 30, 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 Report/ reports/documents unless the U.S. Trustee has waived
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: October 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 October 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 September 30, 1997
Form 2-G
- ------------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of September 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 September and
the first part of October 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 14, 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 sumarize significant events affecting the
Company through October 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. On September 30, 1997 the Court entered its ruling on the
Trustee's Motion for Reconsideration. The Court denied the Motion for
Reconsideration and simultaneously entered judgment dismissing the
Trustee's Complaint against William P. Cerutti, with each party to bear
his own costs.
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, 1996 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 which agreements toll the running of any applicable statute of
limitation which might otherwise bar the Trustee from initiating suit
against such person. The Trustee is considering possible claims against
only two (2) individuals who executed tolling agreements. If the Trustee
is not able to settle possible claims held by the estate against such
persons, then in the next few months the Trustee, through his special
litigation counsel, may commence additional litigation.
On September 30, 1997 the Trustee entered into a formal Settlement
Agreement with KLM Collections, Inc., a dissolved Utah professional
corporation formerly known as Kruse, Landa & Maycock, a professional
corporation, Kruse, Landa & Maycock, L.L.C., James R. Kruse and The Home
Insurance Company (collectively the "Kruse Parties"); some of the Kruse
Parties had signed tolling agreements. Pursuant to the settlement,
the Kruse Parties have agreed to pay the Trustee $900,000.00 and the
parties have agreed to a mutual release of claims against one another.
The settlement is conditioned upon approval by the United States
Bankruptcy Court. The $900,000.00 has been paid to the Trustee and is
being held by the Trustee pending approval. A hearing of the Trustee's
Motion for Approval of the Settlement Agreement is scheduled for
November 4, 1997.
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.
There have however been no curtailments over the last several Reporting
<PAGE>
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 relating to this
curtailment issue, which settlement is 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 October 1, 1997 the
Projects Lending Group approved the settlement agreement and the
settlement agreement was signed by the parties on October 3, 1997. It
is now expected that the Petition for Approval of the settlement will be
promptly filed with the Public Service Commission of Nevada.
On September 27, 1996, NCA #1 was served with Findings and Notices of
Violation ("NOV") issued by Region IX of the United States Environmental
Protection Agency (the "EPA") for alleged violations of the Clean Air
Act's Prevention of Significant Deterioration program applicable for the
State of Nevada. Specifically, EPA alleges that NCA #1, contrary to
applicable operating permits, failed to timely install "Best Available
Control Technology" at the plant in the form of a selective catalytic
reduction system ("SCR") to control Nox emissions. Representatives of
both sides of this dispute 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
amount of $1,980,000.00 on September 10, 1997. During this reporting
period Bonneville Nevada Corporation, from funds on deposit from the
September distribution and prior distributions, up-streamed to the
Company $5,000,000.00 as reflected in the attached financial statements.
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 more than 4,600 proofs
of claims have now been filed. The Trustee has completed his initial review
<PAGE>
of each of the claims. See the Trustee's Preliminary Report (Estimate)
Concerning Claims Filed Against the Estate filed on or about March 17, 1997
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 is also in the process of preparing to file
additional objections to claims to resolve claims that (a) are not
sufficiently documented as required by Rule 3001 of the Bankruptcy Rules or
(b) were filed after the supplementary claims bar date.
The Company made arrangements to have certain geothermal wells associated with
the Mammoth project in California plugged. The work to plug and abandon the
wells has been completed at a cost of approximately $110,000.00. Efforts are
in process to obtain the required releases from the State of California -
Department of Conservation Division of Oil, Gas and Geothermal Resources so
that bonds posted by the Company can be released.
In an effort to resolve tax issues relating to the material litigation
settlements which have occurred since May 1, 1996, the Trustee filed with the
Internal Revenue Service an application to change the Company's tax year from
one ending on April 30th to one ending on December 31st. The Trustee desired
to change the Company's tax year period (when changed the Company's past tax
year would be from May 1, 1996 through December 31, 1996 and thereafter would
be on a calendar year basis) in order to facilitate the filing of a plan of
reorganization of the Company. By shortening the Company's tax year, the
Trustee may be able to receive a prompt tax determination for the tax year
ending December 31, 1996, which determination will facilitate any party in
interest filing a plan of reorganization because the amount of tax owed by
the Debtor, if any, should be quantified (see 11 U.S.C. Section 505). The
IRS, on February 24, 1997, conditionally granted the Company's application to
change its tax year. It is believed that the Company can meet and comply with
all of the conditions imposed by the IRS and therefore the Company has
proceeded as if its tax year has been changed. The Company completed
preparation of its U.S. Corporate Income Tax Return for the short year ending
December 31, 1996, which tax return was filed on September 15, 1997 with a
letter request pursuant to 11 U.S.C. Section 505(b) for a determination of any
tax owing. The Internal Revenue Service, by letter dated October 8, 1997,
notified the Trustee that the tax return for the short year ending
December 31, 1996 was accepted as filed. The Company's net operating loss
carry forward for federal corporate income tax purposes as set forth in the
Company's U.S. Corporate Income Tax Return for the period ending
December 31, 1996 is only approximately $3,488,000.00.
On June 23, 1997, the Bankruptcy Court granted the Trustee's Motion for
Management Retention Programs for the Company's Subsidiaries. The Trustee
<PAGE>
has been working with the employees of Bonneville Fuels Corporation and
Bonneville Pacific Service Corporation on employment agreements, all of which
employment agreements have now been prepared and signed.
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. One party in interest,
C. Derek Anderson, filed with the Bankruptcy Court on or about
September 25, 1997 a motion to determine status of unsecured creditor claims
for post-petition interest; that motion has not been served or set for
hearing.
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 has had discussions 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. To date a general
consensus among creditors as to an agreeable plan of reorganization 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
<PAGE>
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 September 1 - September 30, 1997
- -----------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $136,632,109.78
2. Cash Receipts: (See Page 2 of 2) 7,151,082.35
3. Cash Disbursements: (See Page 2 of 2) (957,979.91)
------------
4. Net Cash Flow: 6,193,102.44
------------
5. Ending Cash Balance: $142,825,212.22
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
- --------------------------- -------------- ------------------------
PAYROLL ACCOUNT $482.68 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 534.09 KEY BANK OF UTAH
GENERAL CORP CASH 318,898.19 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 2,727,741.32 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,258,148.43 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 14,633,595.35 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 20,815,154.49 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 16,012.38 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 92,839,159.84 (A) NATIONS BANK
PROCEEDS FROM ASSET SALES 4,077.50 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 211,407.95 KEY BANK OF UTAH
----------
$142,825,212.22
===============
(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 September 1- September 30, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,459.08 A
PAYROLL TAX ACCOUNT 8,339.67 B
GENERAL CORP CASH 137,916.47 C
CHPTR 11 TRUSTEE JOINT ACCT 1,509,120.51 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 52,113.65 F
CHPTR 11 TRUSTEE - JT CD 5,000,000.00 G
CHPTR 11 TRUSTEE JT SAVINGS 57.17 H
CHPTR 11 TRUSTEE JOINT MMA ACCT 451,159.84 I
PROCEEDS FROM ASSET SALES 10.88 J
KYOCERA MAINTENANCE RESERVE 10,703.83 K
---------
7,188,881.10
LESS: ACCOUNT TRANSFERS (37,798.75)
---------
TOTAL CASH RECEIPTS $7,151,082.35
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,499.53 A
PAYROLL TAX ACCOUNT 8,364.02 B
GENERAL CORP CASH 967,463.22 D
CHPTR 11 TRUSTEE JOINT ACCT 8.12 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 F
CHPTR 11 TRUSTEE - JT CD 0.00 G
CHPTR 11 TRUSTEE JT SAVINGS 0.00 H
CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 I
PROCEEDS FROM ASSET SALES 0.00 J
KYOCERA MAINTENANCE RESERVE 443.77 K
------
995,778.66
LESS: ACCOUNT TRANSFERS (37,798.75)
---------
TOTAL CASH DISBURSEMENTS $957,979.91
===========
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/11/97 CK# 6557 BPC - GENERAL $9,751.51 PAYROLL TRANSFER
09/26/97 CK# 6573 BPC - GENERAL 9,707.57 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,459.08
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/15/97 PAYROLL SUMMARY $9,751.51
09/30/97 PAYROLL SUMMARY 9,707.57
09/30/97 BANK STMT KEY BANK OF UTAH 40.45 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $19,499.53
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/11/97 CK# 6558 BPC - GENERAL $4,182.28 PR TAX TRANSFER
09/26/97 CK# 6574 BPC - GENERAL 4,157.39 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $8,339.67
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/11/97 KEY TAX KEY BANK OF UTAH $3,477.03 FEDERAL TAX DEPOSIT
09/26/97 KEY TAX KEY BANK OF UTAH 3,455.85 FEDERAL UNEMPLOYMENT TAX
09/26/97 CK# 1248 UTAH ST TAX COMMISSION 1,406.79 STATE TAX DEPOSIT
09/30/97 BANK STMT KEY BANK OF UTAH 24.35 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $8,364.02
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/16/97 DS091697 THERAPIST UNLIMITED $361.00 RENT INCOME-OFFICE SPACE
09/16/97 DS091697 SAN DIEGO GAS & ELECTRIC 1,528.38 ENERGY REVENUE-KYOCERA
09/16/97 DS091697 BONNEVILLE FUELS 16,287.06 EXPENSE REIMBURSEMENT
09/16/97 DS091697 OLSEN REED 56.54 EXPENSE REIMBURSEMENT
09/16/97 DS091697 FIRST SECURITY BANK 457.25 SETTLEMENT PYMT - CORRADINI
09/16/97 DS091697 FIRST SECURITY BANK 1,246.03 SETTLEMENT PYMT - CORRADINI
09/16/97 DS091697 T. HOUGHTON 477.57 INSURANCE REIMBURSEMENT
09/16/97 DS091697 C. MOWER 29.97 EXPENSE REIMBURSEMENT
09/16/97 DS091697 J. ALLSOP 1,135.32 INSURANCE REIMBURSEMENT
09/16/97 DS091697 CSC NETWORKS 165.00 EXPENSE REIMBURSEMENT
09/23/97 DS092397 KYOCERA AMERICA 113,210.22 ENERGY REVENUE-KYOCERA
09/30/97 BANK STMT KEY BANK OF UTAH 2,962.13 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $137,916.47
===========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/03/97 1006526 AMPCO SYSTEM PARKING $195.00 RENT-PARKING
09/03/97 1006527 BENEFICIAL LIFE INSURANCE 753.15 INSURANCE-LIFE
09/03/97 1006528 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-MAINT RES ACCT
09/03/97 1006529 FLORAL TAPESTRY 94.43 OFFICE SUPPLIES & EXPENSE
09/03/97 1006530 KWIK KOPY 56.41 OFFICE SUPPLIES & EXPENSE
09/03/97 1006531 MOUNTAIN STATES OFFICE PRODUCTS 235.86 OFFICE SUPPLIES & EXPENSE
09/03/97 1006532 CLARK MOWER 307.62 TRAVEL EXPENSE REIMBURSMNT
09/03/97 1006533 SEDGWICK OF COLORADO INC 80,506.00 INSURANCE-LIABILITY & PROP
09/03/97 1006534 UNUM LIFE INSURANCE CO 1,584.57 INSURANCE-DISABILITY
09/03/97 1006535 UTAH DIVISION OF CORP & COMM 10.00 OFFICE SUPPLIES & EXPENSE
09/03/97 1006536 PARK CORPORATION 18,364.92 SETTLEMENT PAYMENT
1006537 VOID
09/09/97 1006538 50 WEST BROADWAY ASSOCIATES 12,573.00 RENT-OFFICE SPACE & PARKING
09/09/97 1006539 50 WEST BROADWAY ASSOCIATES 12,573.00 RENT-OFFICE SPACE & PARKING
09/09/97 1006540 BEUS GILBERT & MORRILL 495,000.00 PROFESSIONAL FEES
09/10/97 1006541 AIRBORNE EXPRESS 142.80 EXPRESS MAIL EXPENSE
09/10/97 1006542 BONNEVILLE PACIFIC SERVICES 1,158.15 KYOCERA-O&M EXPENSE
09/10/97 1006543 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
09/10/97 1006544 THE COBB GROUP 39.00 OFFICE SUPPLIES & EXPENSE
09/10/97 1006545 MARCIA CUSTER 80.75 EXPENSE REIMBURSEMENT
09/10/97 1006546 FRONTIER COMMUNICATIONS 578.84 TELEPHONE EXPENSE
09/10/97 1006547 MOUNT OLYMPUS WATER 4.21 OFFICE SUPPLIES & EXPENSE
09/10/97 1006548 OMNI COMPUTER PRODUCTS 79.38 OFFICE SUPPLIES & EXPENSE
09/10/97 1006549 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE
09/10/97 1006550 THE PRUDENTIAL 1,314.97 INSURANCE-DISABILITY
09/10/97 1006551 PRODUCTIVITY POINT INTERNATIONAL 25.00 CONFERENCES & SEMINARS
09/10/97 1006552 REDMAN VAN & STORAGE CO INC 560.36 RENT-STORAGE SPACE
09/10/97 1006553 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE
09/10/97 1006554 STOREY DRILLING SERVICES 34,535.00 COST OF ABANDONED PROPERTY
09/10/97 1006555 SWIRE COCA COLA USA 10.62 OFFICE SUPPLIES & EXPENSE
09/10/97 1006556 XEROX CORPORATION 297.96 OFFICE SUPPLIES & EXPENSE
09/11/97 1006557 BPC-PAYROLL ACCOUNT 9,751.51 TRANSFER-PAYROLL ACCT
09/11/97 1006558 BPC-PAYROLL TAX ACCOUNT 4,182.28 TRANSFER-PAYROLL TAX ACCT
09/11/97 1006559 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
09/11/97 1006560 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
09/15/97 1006561 KEY BANK 209,771.00 FEDERAL INCOME TAX PAYMENT
09/15/97 1006562 NEW MEXICO TAXATION & REVENUE 50.00 STATE INCOME TAX PAYMENT
09/17/97 BANK STMT KEY BANK 16.81 CANADIAN FUNDS ADJUSTMNT
09/17/97 1006563 AIRBORNE EXPRESS 88.77 EXPRESS MAIL EXPENSE
09/17/97 1006564 GENERATOR POWER SYSTEMS INC 32,434.93 KYOCERA-O&M EXPENSE
09/17/97 1006565 PITNEY BOWES INC 338.46 OFFICE SUPPLIES & EXPENSE
09/17/97 1006566 TRAVEL ZONE CRUISE ZONE 2,726.00 TRAVEL EXPENSE
09/17/97 1006567 US WEST COMMUNICATIONS 781.76 TELEPHONE EXPENSE
09/26/97 1006568 FEDERAL EXPRESS INC 12.00 EXPRESS MAIL EXPENSE
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/26/97 1006569 GENERATOR POWER SYSTEMS INC 4,936.00 KYOCERA-O&M EXPENSE
09/26/97 1006570 CLARK MOWER 1,090.80 TRAVEL REIMBURSEMENT
09/26/97 1006571 SEDGWICK OF COLORADO INC 14,241.00 INSURANCE-LIABILITY & PROP
09/26/97 1006572 SEDGWICK OF COLORADO INC 250.00 INSURANCE-BONDS
09/26/97 1006573 BPC-PAYROLL ACCOUNT 9,707.57 TRANSFER-PAYROLL ACCT
09/26/97 1006574 BPC-PAYROLL TAX ACCOUNT 4,157.39 TRANSFER-PAYROLL TAX ACCT
09/26/97 1006575 WELLS FARGO BANK 752.90 401K CONTRIBUTIONS
09/26/97 1006576 WELLS FARGO BANK 37.04 401K LOAN PAYMENT
09/30/97 BANK STMT KEY BANK OF UTAH 15.85 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $967,463.22
===========
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period September 1 - September 30, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/97 PIPER JAFFERY $1,500,000.00 SETTLEMENT PAYMENT
09/30/97 BANK STMT KEY BANK 9,120.51 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $1,509,120.51
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/97 BANK STMT KEY BANK OF UTAH 8.12 BANK SERVICE CHARGE
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period September 1 - September 30, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/97 BANK STMT KEY BANK OF UTAH $52,113.65 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 September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/97 BONNEVILLE NEVADA CORPORATION $5,000,000.00 DIVIDEND INCOME
</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 September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
N/A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/97 BANK STMT BANK ONE $57.17 INTEREST INCOME
</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 - MMA Account
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/97 BANK STMT NATIONS BANK $451,159.84 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/97 BANK STMT KEY BANK OF UTAH $10.88 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period September 1 - September 30, 1997
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/01/97 CK# 6528 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
09/30/97 BANK STMT KEY BANK OF UTAH 703.83 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,703.83
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/17/97 CK #1030 GENERATOR POWER SYSTEMS INC $443.77 KYOCERA O&M EXPENSE
</TABLE>
K
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of September 30, 1997
- ------------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $142,825,212
Accounts receivable - trade 134,794
Accounts receivable - settlements (Note 4) 5,645,305
Accounts receivable - affiliates 284,523
Prepaid insurance 51,783
Accrued interest receivable 261,061
-------
Total current assets $149,202,678
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,785,116
---------
Total fixed assets 3,983,540
Less: Accumulated depreciation (3,125,821)
---------
Net fixed assets 857,719
Other Assets:
Investment in and advances to subsidiaries
and partnership 29,127,006
Other assets 1,820
-----
Total other assets 29,128,826
----------
TOTAL ASSETS $179,189,223
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $123,075
Accounts payable - professional fees
and costs 2,368,854
Accrued income taxes payable (Note 5) 219,176
Taxes payable 113,067
Accrued interest 0
-
Total post-petition liabilities $2,824,172
Pre-Petition Liabilities:
Priority claims 5,180
Secured debt 0
Unsecured debt (Notes 1 and 3) 100,005,754
-----------
Total Pre-Petition Liabilities 100,010,934
-----------
TOTAL LIABILITIES 102,835,106
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 13,410,499
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 76,354,117
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $179,189,223
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period September 1 - September 30, 1997
- ------------------------------------------------------------------------------
Gross operating revenue $209,731
Less discount, returns and allowances 0
-
Net operating revenue $209,731
Cost of goods sold 207,666
-------
Gross profit 2,065
Operating expenses:
Salaries and wages 28,581
Rent and leases 24,586
Payroll taxes 1,375
Insurance 2,312
Other 59,842
------
Total operating expenses (116,696)
-------
Operating income (loss) (114,631)
Legal and professional fees and costs (Note 4) 77,592
Depreciation, depletion and administration 1,333
Claims settlement expense 0
Interest expense 0
-
Total (78,925)
------
Net operating income (loss) (193,556)
Non-operating income and (expenses):
Interest income 608,118
Other income 5,781
Other income - settlements (Note 4) 56,887
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 923,347
-------
Net non-operating income or (expenses) 1,594,133
---------
Net income (loss) before income taxes 1,400,577
Provision for income taxes (Note 5) 28,000
------
NET INCOME (LOSS) $1,372,577
==========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period September 1 to September 30, 1997
- ------------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation,
included in the Monthly Financial Report, are prepared on the accrual
basis. As a result, revenues are generally recorded when earned rather
than when received and expenses are generally recognized when the
obligation is incurred rather than when the expenses are paid. During
bankruptcy accrued interest payable is recorded only on post-petition debt
and pre-petition secured debt to the extent that the underlying collateral
equals or exceeds the outstanding principal plus the accrued interest
payable. Specifically, 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 September 1 to September 30, 1997
- ------------------------------------------------------------------------------
4. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were
fully effective as of September 30, 1997 and are reflected on the
September 30, 1997 Financial Statements. Approved settlements are as
follows:
W. Johnson $1,145,305
Westinghouse Electric 3,000,000
Piper Jaffray 1,500,000
---------
$5,645,305
5. As of December 31, 1996, Bonneville and Subsidiaries had approximately
$3,488,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $6,925,000 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.
Form 2-D
Page 3 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For the Period September 1 to September 30, 1997
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $0.00 $0.00 ($4,183.86) $2,097.69 09/11/97 KEY TAX $0.00
2,086.17 09/26/97 KEY TAX
State 0.00 (1,406.79) 1,406.79 09/26/97 1248
FICA tax withheld 0.00 (1,374.51) 689.67 09/11/97 KEY TAX
684.84 09/26/97 KEY TAX 0.00
Employer's FICA tax 0.00 (1,374.51) 689.67 09/11/97 KEY TAX
684.84 09/26/97 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 (2,217.00) 0.00
Property taxes (110,850.00) (113,067.00)
Accrued income tax:
Federal (400,947.00) 0.00 (28,000.00) 209,771.00 09/15/97 1006561 (219,176.00)
State 0.00 0.00 0.00 0.00 0.00
Delaware franchise tax 0.00 0.00
Employee withholding 0.00 0.00 (1,505.80) 752.90 09/11/97 1006559 0.00
752.90 09/26/97 1006575
---- ---- -------- ------ ----
TOTALS ($511,797.00) $0.00 ($40,062.47) $219,616.47 ($332,243.00)
=========== ===== ========== =========== ===========
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period September 1 to September 30, 1997
<TABLE>
<CAPTION>
Policy
Amount of Expiration Premium Paid
Carrier/Agent Coverage Date Thru Date
<S> <C> <C> <C> <C>
Worker's Compensation Various State Funds Statutory
$1,000,000 (A) 09/30/97
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/17/98 08/17/98
Vehicles Travelers Insurance/
(Hired/Non-Owned) Sedgwick James 5,000,000 08/17/98 08/17/98
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 September 1 to September 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $5,779,996 $118,501 $2,368,854
30 to 60 days 0 0 0
61 to 90 days 82 0 0
Over 90 days 21 4,574 0
-- ----- -
Total post-petition 5,780,099 123,075 2,368,854
Pre-petition amounts 0 3,716,298 0
- --------- -
Total accounts receivable $5,780,099
==========
Total accounts payable $3,839,373 $2,368,854
========== ==========
Affiliate
Accounts
Receivable
Under 30 days $5,461
30 to 60 days 53,624
61 to 90 days 0
Over 90 days 225,438
-------
Total post-petition
affiliate accounts
receivable $284,523
========
</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 September 1 to September 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $0 $49,777 (1)
Trustee's Counsel 0 168,841 (1)
Trustee's Accountants 0 75,738
Trustee's Special Plan Counsel 0 75,000
Special Litigation Counsel for
Trustee - Costs 0 13,437
Trustee - Fees 495,000 09/09/97 1,835,139 (2)
Auditors 0 10,922
Financial Consultants 0 140,000
- -------
Total $495,000 $2,368,854
======== ==========
</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
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. $1,500,000.00 - Piper Jaffray Settlement Fees - $495,000.00
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 $1,500,000.00
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 September 1 to September 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Payee Name Position Nature of Payment Amount
<S> <C> <C> <C>
Ralph F. Cox Director Director Fees $0.00
Calvin L. Rampton Director Director Fees $0.00
Clark M. Mower President Salary $12,566.68
Expense Reimbursement $1,398.42
</TABLE>
Form 2-E
Page 5 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended September 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<S> <C> <C> <C> <C>
January $220,508.24
February 169,408.87
March 215,808.71
----------
Total 1st Quarter 605,725.82 $3,750.00 1006268 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 957,979.91
----------
Total 3rd Quarter 3,382,970.88
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
