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) January 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 December 1, 1996 to December 31,
1996, as filed with the bankruptcy court is included as an exhibit hereto. On
June 12, 1992, Roger G. Segal was appointed as the Chapter 11 Bankruptcy Trustee
for the Company.
Item 5. Other Events.
For information on litigation and other matters, refer to the narrative on
pages Form 2-G of the accompanying bankruptcy report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
By: Roger G. Segal, Chapter 11 Trustee
DATED January 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
By: R. Stephen Blackham, Assistant Controller
DATED January 15, 1997
-3-
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter 11, for the period
December 1, 1996 to December 31, 1996, of the Registrant,
dated Janaury 15, 1997 as filed by the Registrant with the
United States Bankruptcy Court for the District of Utah,
Central Division on January 15, 1997.......................5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
CASE NO. 91A-27701 For Period December 1 to December 31, 1996
--------------- ------------- --------------
Accounting Method Used: |X| Accrual Basis|_| Cash Basis
COVER SHEET
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH.
Mark One Box For The debtor must attach each of the following reports/documents
Each Required unless the U.S. Trustee has waived the requirement in writing.
Report/Document 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: January 15, 1997
Debtor(s): BONNEVILLE PACIFIC CORPORATION
By: R. Stephen Blackham
Position: Assistant Controller
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended December 31, 1996
Form 2-G
- ----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued to
conduct its normal business activities during the month of December 1996 (the
reporting period). These activities have included responding to the Operating
Guidelines and Reporting Requirements for Chapter 11 debtors.
Significant actions related to the Company during the month of December and the
first part of January 1997 (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 reached by the Trustee.
Except for the severed action of Segal (Trustee) v. Dinuba Energy, Inc. &
Ronald C. Yanke, United States District Court for the District of Utah,
Case No. 92-CV- 1116-J-H which is now scheduled for trial in March of 1997,
for all practical purposes the Litigation has been concluded (but also see
the discussion below).
On December 2, 1996, the Trustee entered into a verbal settlement
agreement with Westinghouse Electric ("Westinghouse"). Pursuant to the
settlement, which was documented by formal settlement agreement dated
December 3, 1996, Westinghouse agreed a) to pay $6,000,000.00 to
Bonneville Pacific Corporation payable $3,000,000.00 not later than April
10, 1997 and $3,000,000.00 not later than April 10, 1998; and b) withdraw
with prejudice its unsecured $6,000,000.00 subordinated claim. The Company
and Westinghouse also agreed to jointly release one another from any and
all claims or causes of action. The settlement was
- -----------------
1 This narrative attempts to summarize significant events affecting the
Company through January 13, 1997.
2 Each settlement agreement should be reviewed in its entirety for all terms
and conditions (and consideration) of the settlement.
<PAGE>
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 was heard as scheduled on December 20, 1996 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 on December 20, 1996, signed the Judgment
and Order of Dismissal of Westinghouse from the Litigation.
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 agreement 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 is
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 filed and a hearing on the Motion
is scheduled before the Bankruptcy Court on January 28, 1997.
On or about December 4, 1996 the Trustee entered into a formal settlement
agreement with Jack & Nancy Dunlop. The settlement agreement provides 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 is
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 filed and a hearing on the Motion
was held as scheduled before the Bankruptcy Court on January 13, 1997, at
which time the Bankruptcy Court approved the settlement. To date the
District Court has not entered its final judgment dismissing Jack Dunlop
from the Litigation.
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). A hearing on the Trustee's Motion for Approval
of the Amendment to the Settlement Agreement is scheduled before the
Bankruptcy Court on January 28, 1997. If the Motion is approved and the
tentative settlement agreement between Mayer Brown & Platt and Portland
General is effectuated, then the Trustee for Bonneville Pacific should
receive the $1.75 million in February, 1997.
<PAGE>
All litigation settlement recoveries actually received by the Company are
subject to a contingency fee in favor of the law firm of Beus, Gilbert &
Morrill, special litigation counsel for the Trustee. The "Legal
Representation Agreement" between the Trustee and Beus, Gilbert & Morrill,
which agreement sets forth the terms of the contingent fee arrangement,
was approved by the Bankruptcy Court in 1992. Pursuant to the contingent
fee agreement, Beus, Gilbert & Morrill would, after subtracting for
litigation costs, be paid forty percent (40%) of any settlement or
litigation recoveries received after trial commences, thirty-three percent
(33%) of any settlement sums received after the litigation is filed but
before trial commences, or, as the case may be, twenty percent (20%) of
the settlement sum received if the settlement occurs before litigation is
commenced ( in all instances less amounts paid to the Trustee's General
Counsel, Cohne, Rappaport & Segal, P.C., for fees related to the
Litigation). Any fees or costs to be paid to Beus, Gilbert & Morrill must
first be allowed (approved) by the Bankruptcy Court upon application after
notice and hearing.
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. Further hearing on
the matter has not yet been scheduled.
The Trustee has also entered into "tolling agreements" with certain
persons or entities which agreements toll the running of any applicable
statute of limitation which might otherwise bar the Trustee from
initiating suit against such person or entity. The Trustee and his
respective attorneys are now completing their investigation into those
persons or entities which executed tolling agreements. If the Trustee is
not able to settle possible claims held by the estate against persons or
entities who the Trustee believe are liable to the Bonneville estate, 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 December 1996
related to business matters are as follows:
1. The Trustee and his counsel continue to monitor the Company's 50% general
partnership interest in NCA #1 owned through the Company's wholly owned
subsidiary, Bonneville Nevada Corporation. NCA #1 is a Nevada general
partnership that owns an 85-megawatt cogeneration project located near Las
Vegas, Nevada. As previously reported, Nevada Power Company ("NPC")
curtailed its purchases of electrical power from NCA #1 during significant
portions of 1994 and 1995. The curtailments have continued during 1996 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 a result of
such negotiations, during the reporting period, the parties entered into a
Displacement Agreement which allows NPC, for consideration, to displace a
portion of its energy purchase obligation under the Power Purchase
<PAGE>
Agreement. This is a trial agreement and is effective only for the month
of January, 1997. Following the trial period, the parties will assess
their positions and determine whether a long term agreement would be
economically feasible.
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.
Oral arguments on the appeal are expected to be heard in the Spring of
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. During the reporting period NCA #1 submitted additional
information regarding SCR operations which had been requested by the EPA.
NCA #1 is presently awaiting EPA's response.
On December 11, 1996, NCA #1 made a partnership distribution pursuant to
which Bonneville Nevada received $4,480,000.00.
2. During December of 1996, the Company received Federal tax refunds totaling
approximately $825,000.00 relating to prepetition taxes paid during 1988
through 1990. The Trustee anticipates additional refunds from state taxing
authorities sometime in 1997.
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.
ss.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
<PAGE>
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 200 additional claims have been filed since December 16, 1996. The
Trustee is currently in the process of reviewing each of the claims and expects
to have a preliminary analysis of the claims completed by approximately January
31, 1997. The preliminary analysis will allow the claims to be categorized and
for the Trustee and his attorneys to identify issues created by the claims. The
Trustee anticipates that he will likely object to a number of the new claims
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
present tax year would be from May 1, 1996 through December 31, 1996 and
thereafter would be on a calendar year basis) in order to facilitate the filing
of a plan of reorganization of the Company. By shortening the Company's tax
year, the Trustee may be able to receive a prompt tax determination for the tax
year ending December 31, 1996, which determination will facilitate any party in
interest filing a plan of reorganization because the amount of tax owed by the
Debtor, if any, should be quantified (see 11 U.S.C. ss.505). To date the IRS has
not granted the Company's application to change its tax year.
On December 4, 1996, the Trustee filed a Motion for Approval of the Trustee's
Resolution of Intercompany Receivable and Payables by which certain debts
allegedly due and owing by Bonneville Pacific Corporation to its wholly-owned
subsidiaries and certain obligations of the subsidiaries due and owing to
Bonneville Pacific pre- petition would be offset and any net payable to
Bonneville Pacific would be converted to equity. A hearing on the Motion was
held as scheduled on December 20, 1996 at which hearing the Motion was approved;
consequently, the Trustee and the Company have now taken all of the actions
necessary to so resolve the intercompany receivables and payables as authorized
by the Bankruptcy Court.
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 proceeding with preliminary work 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) 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.
<PAGE>
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.
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>
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 January 1997.
---------------------------------------
Roger G. Segal, Chapter 11 Trustee
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period December 1 - December 31, 1996
- ------------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $118,389,281.45
2. Cash Receipts: (See Page 2 of 2)105 2,705,540.98
3. Cash Disbursements: (See Page 2 of 2) (1,713,138.88)
-------------
4. Net Cash Flow: 992,402.10
5. Ending Cash Balance: (to Form 2-C) $119,381,683.55
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
ACCOUNT AMOUNT FINANCIAL INSTITUTION
PAYROLL ACCOUNT $981.93 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 350.60 KEY BANK OF UTAH
GENERAL CORP CASH 2,130,345.63 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 2,094,633.85 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 10,838,290.64 (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 18,535.00 (A) BANK ONE
UNITED STATES TREASURY BILLS 88,629,248.41 BANK ONE
PROCEEDS FROM ASSET SALES 3,978.55 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 194,981.94 KEY BANK OF UTAH
--------------
$119,381,683.55
===============
(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 December 1 - December 31, 1996
- --------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $40,582.20 A
PAYROLL TAX ACCOUNT 20,930.16 B
GENERAL CORP CASH 3,957,209.64 C
CHPTR 11 TRUSTEE JOINT ACCT 11,220.24 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 5,045,731.40 F
CHPTR 11 TRUSTEE JT SAVINGS 37,969,766.34 G
UNITED STATES TREASURY BILLS 33,988,219.62 H
PROCEEDS FROM ASSET SALES 11.03 I
KYOCERA MAINTENANCE RESERVE 11,890.76 J
---------------
81,045,561.39
LESS: ACCOUNT TRANSFERS (78,340,020.41)
---------------
TOTAL CASH RECEIPTS $2,705,540.98
==============
CASH DISBURSEMENTS JOURNALS
BANK ACCOUNT TOTAL PAGE REF
PAYROLL ACCOUNT $40,614.33 A
PAYROLL TAX ACCOUNT 20,932.28 B
GENERAL CORP CASH 1,719,454.24 D
CHPTR 11 TRUSTEE JOINT ACCT 2,000,043.29 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JNT CD 0.00 N/A
CHPTR 11 TRUSTEE JOINT ACCT 0.00 F
CHPTR 11 TRUSTEE JT SAVINGS 38,299,313.05 G
UNITED STATES TREASURY BILLS 37,968,000.00 H
PROCEEDS FROM ASSET SALES 0.00 I
KYOCERA MAINTENANCE RESERVE 4,802.10 J
-----------------
80,053,159.29
LESS: ACCOUNT TRANSFERS (78,340,020.41)
-----------------
TOTAL CASH DISBURSEMENTS $1,713,138.88
=================
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period December 1 - December 31, 1996
- -----------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/11/96 CK# 6024 BPC - GENERAL $10,141.83 PAYROLL TRANSFER
12/19/96 CK# 6046 BPC - GENERAL 19,762.06 PAYROLL TRANSFER
12/27/96 CK# 6063 BPC - GENERAL 10,678.31 PAYROLL TRANSFER
---------
TOTAL CASH RECEIPTS $40,582.20
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
12/15/96 PAYROLL SUMMARY $10,141.83
12/19/96 PAYROLL SUMMARY 19,762.06
12/31/96 PAYROLL SUMMARY 10,678.31
12/31/96 BNK STMT KEY BANK OF UTAH 32.13 SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $40,614.33
==========
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period December 1 - December 31, 1996
- ---------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/11/96 CK# 6025 BPC - GENERAL $4,469.76 PR TAX TRANSFER
12/19/96 CK# 6047 BPC - GENERAL 11,995.68 PR TAX TRANSFER
12/27/96 CK# 6064 BPC - GENERAL 4,464.72 PR TAX TRANSFER
---------
TOTAL CASH RECEIPTS $20,930.16
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
12/04/96 CK# 1216 KEY BANK OF UTAH $169.39 FEDERAL TAX DEPOSIT
12/11/96 CK# 1217 KEY BANK OF UTAH 3,711.04 FEDERAL TAX DEPOSIT
12/19/96 CK# 1219 KEY BANK OF UTAH 10,155.57 FEDERAL TAX DEPOSIT
12/27/96 CK# 1220 KEY BANK OF UTAH 3,511.18 FEDERAL TAX DEPOSIT
12/27/96 CK# 1221 UTAH STATE TAX COMM. 3,382.98 STATE TAX DEPOSIT
12/31/96 BNK STMT KEY BANK OF UTAH 2.12 SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $20,932.28
============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period December 1 - December 31, 1996
- ------------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
12/04/96 DS120496 BONNEVILLE PACIFIC SER. $20,311.73 EXPENSE REIMBURSEMENT
12/04/96 DS120496 C. CAMOZZI 283.83 INSURANCE REIMBURSEMENT
12/04/96 DS120496 D. GARDINER 369.00 INSURANCE REIMBURSEMENT
12/04/96 DS120496 WATSONVILLE COGENERATION 7,429.00 EXPENSE REIMBURSEMENT
12/06/96 DS120696 D. CORRADINI & Y. ROSS/FISCORP 34,615.14 SETTLEMENT PAYMENT
12/09/96 DS120996 CHPTR 11 TRUSTEES JOINT ACCT 2,000,000.00 TRANSFER
12/16/96 DS121696 SAN DIEGO GAS & ELECTRIC 749.18 ENERGY REVENUE-KYOCERA
12/19/96 DS121996 BONNEVILLE NEVADA CORP. 951,507.89 SUBSIDIARY DIVIDEND
12/23/96 DS122396 KYOCERA AMERICA 51,516.64 ENERGY REVENUE-KYOCERA
12/23/96 DS122396 BONNEVILLE FUELS 8,125.48 EXPENSE REIMBURSEMENT
12/23/96 DS122396 J. MACK 548.91 INSURANCE REIMBURSEMENT
12/23/96 DS122396 BEUS GILBERT & MORRILL 20.56 EXPENSE REIMBURSEMENT
12/31/96 DS123196 BONNEVILLE PACIFIC SERVICES 43,061.23 EXPENSE REIMBURSEMENT
12/31/96 DS123196 R. HIXSON TRUST 7,956.38 SETTLEMENT PAYMENT
12/31/96 DS123196 BEUS GILBERT & MORRILL 85.50 EXPENSE REIMBURSEMENT
12/31/96 DS123196 US TREASURY 183,836.06 INCOME TAX REFUND-1988
12/31/96 DS123196 US TREASURY 504,810.06 INCOME TAX REFUND-1989
12/31/96 DS123196 US TREASURY 137,813.74 INCOME TAX REFUND-1990
12/31/96 DS123196 US TREASURY 11.03 PR TAX REFUND - 3/93
12/31/96 DS123196 US TREASURY 4.70 PR TAX REFUND - 12/91
12/31/96 BNK STMT KEY BANK OF UTAH 4,153.58 INTEREST INCOME
------------
TOTAL CASH RECEIPTS $3,957,209.64
=============
</TABLE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period December 1 - December 31, 1996
- --------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE CHECK # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
12/05/96 1006010 50 WEST BROADWAY ASSOC INC 12,413.00 RENT-OFFICE SPACE & PARKING
12/05/96 1006011 AIRBORNE EXPRESS 315.78 EXPRESS MAIL EXPENSE
12/05/96 1006012 AMPCO SYSTEM PARKING 591.00 RENT - PARKING
12/05/06 1006013 AUTOMATED OFFICE SYSTEMS I 621.89 OFFICE SUPPLIES & EXPENSE
12/05/96 1006014 BENEFICIAL LIFE INSURANCE 708.90 INSURANCE - LIFE
12/05/96 1006015 BONNEVILLE PACIFIC SERVICE 1,346.54 O&M EXPENSE - KYOCERA
12/05/96 1006016 BPC-KYOCERA MAINT RESERVE 11,195.00 TRANSFER-MAINT RESERVE ACCT
12/05/96 1006017 CBSA-CRP BNFT SRV AMR/SEE 43,039.63 INSURANCE - HEALTH
12/05/96 1006018 FRONTIER COMMUNICATIONS SR 997.02 TELEPHONE EXPENSE
12/05/96 1006019 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE
12/05/96 1006020 PRINTELLEGENT INC 63.66 OFFICE SUPPLIES & EXPENSE
12/05/96 1006021 WESTERN TRAVEL INC 468.00 TRAVEL EXPENSE
12/06/96 1006022 MARCIA CUSTER 75.00 RENT PARKING
12/06/96 1006023 COLORADO DEPARTMENT OF REV 97,190.00 STATE INCOME TAX & INTEREST
12/11/96 1006024 BONNEVILLE PACIFIC/PAYROLL 10,141.83 TRANSFER - PAYROLL ACCT
12/11/96 1006025 BPC PAYROLL TAX ACCOUNT 4,469.76 TRANSFER - PAYROLL TAX ACCT
12/11/96 1006026 WELLS FARGO BANK 788.67 401K CONTRIBUTIONS
12/16/96 1006027 ANDERSON FLORAL & GIFTS 53.06 OFFICE SUPPLIES & EXPENSE
12/16/96 1006028 CASH 472.93 OFFICE SUPPLIES & EXPENSE
12/16/96 1006029 FLORAL TAPESTRY 123.11 OFFICE SUPPLIES & EXPENSE
12/16/96 1006030 DEEA L. HOBBS 16.95 OFFICE SUPPLIES & EXPENSE
12/16/96 1006031 MOUNT OLYMPUS WATER 23.14 OFFICE SUPPLIES & EXPENSE
12/16/96 1006032 MOUNTAIN STATES OFF PRODUCT 69.33 OFFICE SUPPLIES & EXPENSE
12/16/96 1006033 CLARK MOWER 266.85 TRAVEL REIMBURSEMENT
12/16/96 1006034 THE PRUDENTIAL 953.68 INSURANCE - DISABILITY
12/16/96 1006035 PROTEL 73.26 OFFICE SUPPLIES & EXPENSE
12/16/96 1006036 REDMAN VAN & STORAGE CO IN 497.73 RENT - STORAGE SPACE
12/16/96 1006037 SAN DIEGO GAS & ELECTRIC 101.26 O&M EXPENSE - KYOCERA
12/16/96 1006038 TUSCANY 1,250.00 EMPLOYEE CHRISTMAS PARTY
12/16/96 1006039 XEROX CORPORATION 379.35 OFFICE SUPPLIES & EXPENSE
12/16/96 1006040 GENERATOR POWER SYSTEMS IN 13,003.41 O&M EXPENSE - KYOCERA
12/16/96 1006041 KEY BANK 1,315,000.00 FEDERAL INCOME TAX
12/16/96 1006042 UTAH STATE TAX COMMISSION 115,000.00 STATE INCOME TAX
12/16/96 1006043 FRANCHISE TAX BOARD OF CAL 27,000.00 STATE INCOME TAX
12/17/96 1006044 CUTLERS SANDWICHES & COOKIES 33.00 LUNCHEON MEETING
1006045 VOID VOID
12/19/96 1006046 BONNEVILLE PACIFIC/PAYROLL 19,762.06 TRANSFER - PAYROLL ACCT
12/19/96 1006047 BPC PAYROLL TAX ACCOUNT 11,995.68 TRANSFER - PAYROLL TAX ACCT
12/27/96 1006048 AIRBORNE EXPRESS 39.92 EXPRESS MAIL EXPENSE
12/27/96 1006049 AMPCO SYSTEM PARKING 75.00 RENT - PARKING
12/27/96 1006050 A T & T 240.71 TELEPHONE EXPENSE
12/27/96 1006051 AUTOMATED OFFICE SYSTEMS I 1,442.51 OFFICE SUPPLIES & EXPENSE
12/27/96 1006052 MARCIA CUSTER 376.95 EXP RMBRSMNT/CHRISTMAS PARTY
</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>
12/27/96 1006053 HERITAGE PRODUCTS INC 110.51 OFFICE SUPPLIES AND EXPENSE
12/27/96 1006054 INDEPENDENT POWER REPORT 915.00 DUES & SUBSCRIPTIONS
12/27/96 1006055 MOUNT OLYMPUS WATER 11.57 OFFICE SUPPLIES & EXPENSE
12/27/96 1006056 PURCHASE POWER PITNEY BOWE 1,009.50 OFFICE SUPPLIES & EXPENSE
12/27/96 1006057 REDMAN VAN & STORAGE CO IN 84.87 RENT - STORAGE SPACE
12/27/96 1006058 SALT LAKE CITY CORPORATION 142.00 FEES & LICENSES
12/27/96 1006059 STEVEN H. STEPANEK 111.08 TRAVEL REIMBURSEMENT
12/27/96 1006060 TRAVEL ZONE CRUISE ZONE 1,474.00 TRAVEL EXPENSE
12/27/96 1006061 US WEST COMMUNICATIONS 988.50 TELEPHONE EXPENSE
12/27/96 1006062 TODD L. WITWER 106.82 TRAVEL REIMBURSEMENT
12/27/96 1006063 BONNEVILLE PACIFIC/PAYROLL 10,678.31 TRANSFER - PAYROLL ACCT
12/27/96 1006064 BPC PAYROLL TAX ACCOUNT 4,464.72 TRANSFER - PAYROLL TAX ACCT
12/27/96 1006065 WELLS FARGO BANK 672.51 401K CONTRIBUTIONS
12/30/96 1006066 BONNEVILLE NEVADA 5,798.79 EXPENSE REIMBURSEMENT
12/31/96 BANK STMT KEY BANK 71.49 BANK SERVICE CHARGE
------------
TOTAL CASH DISBURSEMENTS $1,719,454.24
=============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period December 1 - December 31, 1996
- ----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/31/96 BANK STMT KEY BANK OF UTAH $11,220.24 INTEREST INCOME
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
12/09/96 DS120996 BONNEVILLE PACIFIC CORP $2,000,000.00 TRNSFR TO GENERAL ACCT
12/31/96 BANK STMT KEY BANK OF UTAH 43.29 BANK SERVICE CHARGE
--------------
TOTAL $2,000,043.29
==============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period December 1 - December 31, 1996
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/26/96 BANK STMT BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER
12/31/96 BANK STMT BANK ONE OF UTAH 45,731.40 INTEREST INCOME
-------------
TOTAL $5,045,731.40
=============
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 December 1 - December 31, 1996
- ----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/05/96 BANK STMT BONNEVILLE PACIFIC CORP $5,000,000.00 MATURITY OF T-BILL
12/26/96 BANK STMT BONNEVILLE PACIFIC CORP 32,968,000.00 MATURITY OF T-BILL
12/31/96 BANK STMT BANK ONE 1,766.34 INTEREST INCOME
--------------
TOTAL $37,969,766.34
==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
12/05/96 BANK STMT $4,999,365.48 TRNSFR-PURCHASE T-BILL
12/26/96 BANK STMT 28,299,947.57 TRNSFR-PURCHASE T-BILL
12/26/96 BANK STMT 5,000,000.00 TRANSFER-PURCHASE CD
--------------
TOTAL $38,299,313.05
==============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
United States Treasury Bills
For Period December 1 - December 31, 1996
- ---------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/05/96 BANK STMT BONNEVILLE PACIFIC CORP $4,999,365.48 TRNSFR-PURCHASE T-BILL
12/05/96 BANK STMT BANK ONE TRUST 65,000.00 EARNED DISCOUNT T-BILL
12/26/96 BANK STMT BONNEVILLE PACIFIC CORP 28,299,947.57 TRNSFR-PURCHASE T-BILL
12/26/96 BANK STMT BANK ONE TRUST 623,906.57 EARNED DISCOUNT T-BILL
--------------
TOTAL $33,988,219.62
==============
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
12/05/96 BANK STMT BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER-MAT OF T-BILL
12/26/96 BANK STMT BONNEVILLE PACIFIC CORP 32,968,000.00 TRANSFER-MAT OF T-BILL
--------------
TOTAL $37,968,000.00
==============
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period December 1 - December 31, 1996
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/31/96 BANK STMT KEY BANK OF UTAH $11.03 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 December 1 - December 31, 1996
- ---------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
DATE DOC # PAYOR AMOUNT DESCRIPTION
12/02/96 CK# 6016 BONNEVILLE PACIFIC CORP $11,195.00 TRANSFER
12/31/96 BNK STMT KEY BANK OF UTAH 695.76 INTEREST INCOME
----------
TOTAL CASH RECEIPTS $11,890.76
==========
CASH DISBURSEMENTS JOURNAL
DATE DOC # PAYEE AMOUNT DESCRIPTION
12/31/96 CK# 1025 GENERATOR POWER SYSTEMS $4,802.10 O&M EXPENSE-KYOCERA
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of December 31, 1996
- -------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSETS
<S> <C> <C>
Current Assets:
Cash $119,381,684
Accounts receivable - trade 21,284
Accounts receivable - settlements (Note 4) 10,300,000
Accounts receivable - affiliates 236,333
Prepaid Insurance 42,068
Accrued interest receivable 1,053,135
------------
Total current assets $131,034,504
Fixed Assets:
Land 198,424
Equipment, furniture and fixtures 3,748,302
-----------
Total fixed assets 3,946,726
Less: Accumulated depreciation (3,036,056)
-----------
Net fixed assets 910,670
Other Assets:
Investment in and advances to subsidiaries
and partnership 28,035,953
Other assets 1,820
-----------
Total other assets 28,037,773
------------
TOTAL ASSETS $159,982,947
============
LIABILITIES
Post-petition liabilities:
Accounts payable - trade $ 136,357
Accounts payable - professional fees
and costs (Note 4) 4,325,964
Accrued income taxes payable (Note 5) 5,655
Taxes payable 93,114
Accrued interest 0
------------
Total post-petition liabilities $ 4,561,090
Pre-petition liabilities:
Priority claims 61,186
Secured debt 0
Unsecured debt (Notes 1 and 3) 99,707,241
------------
Total pre-petition liabilities 99,768,427
-----------
TOTAL LIABILITIES 104,329,517
Commitments and Contingent Liabilities (Note 3)
OWNERS' EQUITY
Capital stock or owners' investment 213,752
Paid-in-capital 121,590,029
Treasury stock (2,308,255)
Retained earnings:
<PAGE>
Pre-petition (56,551,908)
Post-petition (7,290,188)
------------
TOTAL OWNERS' EQUITY (Notes 1 and 3) 55,653,430
------------
TOTAL LIABILITIES AND OWNERS' EQUITY $159,982,947
============
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period December 1 - December 31, 1996
- ----------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Gross operating revenue $ 101,271
Less discount, returns and allowances 0
---------
Net operating revenue $ 101,271
Cost of goods sold (293,986)
------------
Gross profit (192,715)
Operating expenses:
Salaries and wages 60,898
Rent and leases 12,263
Payroll taxes 2,795
Insurance 3,178
Other 130,750
----------
Total operating expenses (209,884)
-----------
Operating income (loss) (402,599)
Legal and professional fees and costs
(Note 4) 2,154,978
Interest expense 0
---------
Total (2,154,978)
-----------
Net operating income (loss) (2,557,577)
Non-operating income and (expenses):
Interest income 588,241
Other income 859,903
Gain on settlement of claims 6,042,572
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 1,292,949
----------
Net non-operating income or (expenses) 8,783,665
----------------------------
Net income (loss) before income taxes 6,226,088
Provision for income taxes (Note 5) 290,000
-----------
NET INCOME (LOSS) $ 5,936,088
===========
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period December 1 to December 31, 1996
- ------------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation,
included in the Monthly Financial Report, are prepared on the accrual
basis. As a result, revenues are generally recorded when earned rather than
when received and expenses are generally recognized when the obligation is
incurred rather than when the expenses are paid. During bankruptcy accrued
interest payable is recorded only on post petition debt and pre-petition
secured debt to the extent that the underlying collateral equals or exceeds
the outstanding principal plus the accrued interest payable. Specifically,
prepetition unsecured debt does not include any accrual of interest after
December 5, 1991. These financial statements are prepared in a format
required by the U.S. Bankruptcy Code. While every effort is made to comply
with generally accepted accounting principles (GAAP), these financial
statements may not comply with GAAP in all respects. Also see the narrative
which is attached hereto.
2. Equity in earnings of subsidiaries and partnerships represents an accrual
of the Company's share of earnings or losses of its operating subsidiaries
and partnerships. These earnings are affected by a number of factors
including seasonality, operating costs and operating efficiency. The
operating entities which comprise these earnings include Bonneville
Pacific Services Company, Bonneville Fuels Corporation, and Bonneville
Nevada Corporation through its investment in the NCA #1 Partnership.
3. Unrecorded Liabilities and Potential Claims.
Deeply subordinated claims $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 December 1 to December 31, 1996
- ------------------------------------------------------------------------------
4. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were
fully effective as of December 31, 1996 and are reflected on the December
31, 1996 Financial Statements.
5. As of April 30, 1996, Bonneville and Subsidiaries had approximately
$150,000,000 in federal net operating loss carryforwards and approximately
$140,000,000 in alternative minimum tax loss carryforwards for Federal
Income Tax purposes. Pursuant to current tax law, only 90 percent of
current alternative minimum taxable income can be offset by alternative
minimum tax loss carryforwards. The financial statements reflect the
accrual of an estimated $2,440,000 alternative minimum tax liability and
an estimated $330,000 state tax liability resulting from operations and
the receipt of proceeds from settlements.
<PAGE>
BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For Period December 1 to December 31, 1996
- -------------------------------------------------------------------------
<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 $ $(12,127.19) $2,214.20 12/11/96 1217 $ 0.00
7,640.09 12/19/96 1219
2,272.90 12/27/96 1220
State 0.00 (3,382.98) 3,382.98 12/27/96 1221 0.00
FICA tax withheld 0.00 (2,625.30) 748.42 12/11/96 1217
1,257.74 12/19/96 1219 0.00
619.14 12/27/96 1220
Employer's FICA tax 0.00 (2,794.69) 169.39 12/04/96 1216
748.42 12/11/96 1217 0.00
1,257.74 12/19/96 1219
619.14 12/27/96 1220
Unemployment tax:
Federal 0.00 0.00
State 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes (90,897.00) (2,217.00) (93,114.00)
Accrued income tax:
Federal (1,349,399.00) 318,743.00 (290,000.00) 1,315,000.00 (5,656.00)
State 176,743.00 (318,743.00) 115,000.00 12/16/96 1006042 0.00
27,000.00 12/16/96 1006043 0.00
Delaware franchise tax 0.00 0.00
Employee withholding 0.00 (1,461.18) 788.67 12/11/96 1006026 0.00
672.51 12/27/96 1006065
-------------- ----------- ------------- ------------- -----------
TOTALS $(1,263,553.00) $ 0.00 $(314,608.34) $1,479,391.34 $ (98,770.00)
============== ============ ============ ============= ==============
</TABLE>
<PAGE>
9EBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period December 1 to December 31, 1996
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Policy
Amount of Expiration Premium Paid
Carrier/Agent Coverage Date Thru Date
<S> <C> <C> <C> <C>
Worker's Compensation Various State Funds Statutory
$1,000,000 (A) 12/31/96
General Liability Travelers Insurance/
Sedgwick James 5,000,000 06/06/97 06/06/97
Vehicles Travelers Insurance/
[Hired/Non-owned] Sedgwick James 5,000,000 06/06/97 06/06/97
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/96 08/17/97
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/96 08/17/97
(A) All workers compensation insurance policies are insured through various
state insurance funds. As such, they continue in force as premiums are
paid and have no policy expiration dates.
</TABLE>
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period December 1 to December 31, 1996
- ----------------------------------------------------------------------------
Non-Affiliate
Accounts Accounts
Receivable Payable
Under 30 days $10,321,284 $ 4,185,407
30 to 60 days 0 0
61 to 90 days 0 0
Over 90 days 0 276,914
----------- -----------
Total post-petition 10,321,284 4,462,321
Pre-petition amounts 0 3,534,788
----------- -----------
Total accounts receivable $10,321,284
===========
Total accounts payable $ 7,997,109
===========
Affiliate
Accounts
Receivable
Under 30 days $ 4,932
30 to 60 days 5,963
61 to 90 days 0
Over 90 days 225,438
-----------
Total post-petition affiliate
accounts receivable $ 236,333
===========
(*) 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 December 1 to December 31, 1996
- ------------------------------------------------------------------------------
Date of
Court Estimated
Amount Paid Approval Balance Due
Counsel for Unsecured
Creditors' Committee $0 $139,487
Court Appointed Trustee 0 39,050 (1)
Trustee's Counsel 0 129,157 (1)
Trustee's Accountants 0 60,082
Trustee's Special Plan Counsel 0 160,000
Special Litigation Counsel for
Trustee - Costs 0 266,335
Trustee - Fees 0 3,399,000 (2)
Buccino and Associates 0 132,85 (3)
Total $ 0 $4,325,964
========================================
(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
<PAGE>
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 December 1 to December 31, 1996
- --------------------------------------------------------------------
Payee Name Position Nature of Payment Amount
Ralph F Cox Director Director fees -0-
Calvin L Rampton Director Director fees -0-
Clark M Mower President Salary 12,014.60
Year End Bonus 16,500.00
Expense Reimbursement 266.85
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary (1)
Month Ended December 31, 1996
- -------------------------------------------------------------------------
<TABLE>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<CAPTION>
<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
</TABLE>
<PAGE>
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
<PAGE>
