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) July 15, 1998
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 June 1, 1998 to June 30,
1998, as filed with the bankruptcy court is included as an
exhibit hereto. On June 12, 1992, Roger G. Segal was appointed
as the Chapter 11 Bankruptcy Trustee for the Company.
Item 5. Other Events.
For information on litigation and matters previously
reported, refer to the narrative on pages Form 2-G of the
accompanying bankruptcy report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused its report to be signed
on its behalf by the undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
By: Roger G. Segal, Chapter 11 Trustee
DATED July 15, 1998
<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 July 15, 1998
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter
11, for the period June 1, 1998 to
June 30, 1998, of the Registrant,
dated July 15, 1998 as filed by the
Registrant with the United States
Bankruptcy Court for the District of
Utah, Central Division on July 15, 1998 . . . . .5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period June 1 to June 30, 1998
--------- -----------------------
Accounting Method Used: [ ] Accrual Basis [X] Cash Basis
COVER SHEET
- -----------------------------------------------------------------------------
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE
Mark One Box For Each MONTH. The debtor must attach each of the following
Required reports/documents unless the U.S. Trustee has waived
Report/Document the requirement in writing. File original with
Clerk of Court. File duplicate with U.S. Trustee.
- -----------------------------------------------------------------------------
Report/
Document Previously
Attached Waived REQUIRED REPORTS/DOCUMENTS
- -----------------------------------------------------------------------------
[x] [ ] Cash Receipts & Disbursements Statement (Form 2-B)
[x] [ ] Balance Sheet (Form 2-C)
[x] [ ] Profit and Loss Statement (Form 2-D)
[x] [ ] Supporting Schedules (Form 2-E)
[x] [ ] Quarterly Fee Summary (Form 2-F)
[x] [ ] Narrative (Form 2-G)
[x] [ ] Bank Statement(s) for Debtor in Possession Account(s)
- -----------------------------------------------------------------------------
I declare under penalty of perjury that the following Monthly
Financial Report and any attachments thereto, is true and correct
to the best of my knowledge and belief.
Executed on: July 15, 1998
Debtor(s): BONNEVILLE PACIFIC CORPORATION
By: R. Stephen Blackham
Position: Assistant Controller
<PAGE>
Statement of Chapter 11 Trustee
Roger G. Segal, Chapter 11 Trustee of the bankruptcy case of
Bonneville Pacific Corporation, having been so appointed on June
12, 1992, hereby states that he has reviewed the following
Monthly Financial Report and any attachments thereto and that,
based on his review and the representations of officers and
employees of the debtor, Bonneville Pacific Corporation, he
believes that the information contained in the Monthly Financial
Report and attachments is true and correct. However, neither
Roger G. Segal, Chapter 11 Trustee, nor Neilson, Elggren, Durkin
& Company, as accountants for Roger G. Segal, Chapter 11 Trustee,
has had an opportunity to independently verify that the
information contained in the following Monthly Financial Report
and the attachments thereto is true and correct.
DATED this 15th day of July 1998.
By: Roger G. Segal, Chapter 11 Trustee
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended June 30, 1998
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville")
has continued to conduct its normal business activities during the
month of June 1998 (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 June
and the first part of July 1998(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 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. The Litigation has been
concluded.
The Trustee 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 no longer considering possible claims against any person
who executed a tolling agreement and at this time the Trustee
does not anticipate that litigation will be commenced against
any person who entered into a tolling agreement.
- ---------------
(1) This narrative attempts to summarize events affecting the
Company through July 13, 1998.
<PAGE>
On December 1, 1997, the Trustee filed a Motion for Authority
to Terminate the Debtor's ESOP and Distribute its Assets among
the ESOP's 199 Participants, all of whom are past and/or
resent employees of the Debtor and its subsidiaries. A
hearing on the Motion was held as scheduled on January 12,
1998 at which hearing the Court approved the Motion. The
Company, the ESOP Trustee and the Trustee are continuing with
the action necessary to terminate the ESOP and to distribute
the ESOP assets to the qualified participants. The assets of
the ESOP that are being distributed to the participants
include an allowed, pre-petition $984,245.47 Section 510(b)
equity claim against the Company arising from the ESOP's
purchase of the Company's common stock.
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 and NCA
#1 have resolved their dispute concerning curtailment issues
and the settlement has been approved. On September 27, 1996,
NCA #1 was served with Findings and Notices of Violation
issued by Region IX of the United States Environmental
Protection Agency (the "EPA") for alleged violations of the
Clean Air Act's Prevention of Significant Deterioration
program applicable for the State of Nevada. Specifically, EPA
alleges that NCA #1, contrary to applicable operating permits,
failed to timely install "Best Available Control Technology"
at the plant in the form of a selective catalytic reduction
system to control Nox emissions. Management of NCA#1 has
disputed the EPA's claims. Representatives of both sides of
this dispute have reached an agreement in principle.
Attorneys for the EPA have recently submitted a revised draft
of a proposed agreement ("Consent Decree") which has been
reviewed by representatives of NCA#1 and representatives of
NCA #1 have provided their comments concerning the revised
draft of the proposed agreement to attorneys for the EPA and
which the parties anticipate will be finalized and signed
sometime later this year.
The Company completed preparation of its U.S. Corporate Income Tax
Return for the short year 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 (beginning May
1, 1996 and 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. The Trustee and his tax professionals
have completed an analysis of the Company's 1997 federal income tax
situation and the preliminary conclusion is that the only (if any)
federal tax liability for tax year ending December 31, 1997 is
likely to be a relatively small amount of alternative minimum tax;
however, neither the Trustee nor his tax professionals can or do
make any representations concerning this preliminary conclusion as
the Company's federal income tax return is subject to review by the
Internal Revenue Service. Preliminary work for preparation of the
1997 U.S. Corporate Income Tax Return has generally been completed
<PAGE>
and preparation of the actual tax return is in process and should
soon be completed and filed.
For future tax years, to the extent the Company may possess net
operating loss carry forwards, the Trustee and his tax
professionals have preliminarily concluded that such net operating
loss carry forwards may be substantially restricted by virtue of
the provisions of Section 382 of the Internal Revenue Code.
In preparation for the possible reorganization of the Company, 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 a
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 for years 1994, 1995, 1996 and 1997.
On April 22, 1998 the Trustee filed with the Bankruptcy Court, the
"Disclosure Statement for Trustee's Chapter 11 Plan for the Estate
of Bonneville Pacific Corporation Dated April 22, 1998" (hereafter
the "Disclosure Statement"). The Trustee believes that the
proposed Chapter 11 Plan which is attached to the Disclosure
Statement as Exhibit "1" (hereafter "Trustee's Proposed Plan")
is consistent with the provisions of the December 31, 1997
"Conditional Letter Agreement" between the Trustee and certain
creditors of the Company. The Disclosure Statement, along with all
its exhibits, totals approximately 600 pages in length and a copy
has been filed with the United States Securities and Exchange
Commission.
The Disclosure Statement itemizes and discusses in detail all of
the Company's assets and liabilities. The Trustee's Proposed Plan
sets forth the proposed treatment of all the Company's creditors
and equity holders. The Trustee's Proposed Plan, if confirmed by
the Bankruptcy Court, would resolve most of the legal and factual
disputes which currently affect the Company.(2)
A hearing before the Bankruptcy Court on the adequacy of the
Disclosure Statement, as well as a hearing on the "Trustee's
- ---------------
(2) One of the issues which would be resolved (settled) if the
Trustee's Proposed Plan is confirmed is the amount of post-
petition interest to be paid on the approximately $100 million
in senior (pre-petition) debt. On December 12, 1997, C. Derek
Anderson initiated (and later served) an Adversary Proceeding
in the Bankruptcy Court against one of the senior creditors,
Halcyon/Alan B. Slifka Management Co.("Halcyon"), seeking a
judgment declaring that Halcyon is not entitled to any (or
limited) post-petition interest (Adversary Proceeding No.
97PA-2396). The Trustee moved to intervene in the Adversary
Proceeding and the Trustee's motion to intervene was granted
at a hearing held on March 2, 1998. The Trustee then filed a
Motion to Dismiss Anderson's complaint because the Trustee
believes that the post-petition interest issue is better
resolved (settled) in the plan confirmation process instead of
in an adversary proceeding which involves only two parties-in-
interest. Halcyon also filed a Motion to Dismiss. The
hearing on the Motions to Dismiss was held as scheduled on
March 30, 1998 at which hearing the Court granted the Motions
and dismissed, without prejudice, the Adversary Proceeding.
The Order Dismissing the Adversary Proceeding was entered on
April 15, 1998 and Derek Anderson, on or about April 24, 1998,
filed an appeal of such Order. The Trustee has filed a Motion
to Dismiss the Appeal and Derek Anderson on or about June 5,
1998 filed his opposition to the Trustee's Motion to Dismiss
the Appeal.
<PAGE>
Motion Regarding Plan Confirmation Issues", was scheduled for June
3, 1998.(3) Wexford Management, L.L.C. ("Wexford") and C. Derek
Anderson ("Anderson"), each shareholders of Bonneville, the Ad
Hoc Committee of Common Shareholders (consisting of Thomas Keyes,
Steven Steinhouse & Wexford) and Billy R. Thedford, a debenture
holder, each filed objections to the Trustee's proposed Disclosure
Statement (hereafter collectively the "Objecting Parties").
The hearing on the adequacy of the Disclosure Statement and on the
Trustee's Motion was held on June 3, 1998 as scheduled. At the
hearing the Trustee informed the Court that the Trustee would be
making certain amendments to the Trustee's proposed Plan and the
Disclosure Statement ("Amendments"). The Court, after hearing the
arguments of counsel for the Trustee and for the Objecting Parties,
preliminarily ruled that the Disclosure Statement, as modified by
the Amendments, would be approved. The Court scheduled a hearing
for July 1, 1998 to consider (a) the Amendments to the Disclosure
Statement (and any objection thereto); (b) a proposed form of Order
Approving the Disclosure Statement (with the Amendments thereto);
and (c) modifications to the Trustee's April 22, 1998 "Motion
Regarding Plan Confirmation Issues".
On June 3, 1998 the Court also denied Wexford's Motion for the
Appointment of an Official Equity Committee.
On June 19, 1998 the Trustee filed his Amendments, including the
amendments to the Disclosure Statement (hereafter the "Trustee's
Amended Disclosure Statement").
Wexford and Anderson filed objections to the Trustee's Amended
Disclosure Statement. On July 1, 1998, Anderson also filed a
Motion Requesting Continuance of the July 1, 1998 Hearing on the
Adequacy of the Trustee's Amended Disclosure Statement.
Wexford on or about June 15, 1998 filed its "Shareholder's Plan of
Reorganization" and on or about June 19, 1998 filed its "Amended
Shareholder's Plan of Reorganization" (hereafter "Wexford's
Proposed Plan"). On or about June 19, 1998, Wexford filed its
Disclosure Statement related to Wexford's Proposed Plan (hereafter
"Wexford's Disclosure Statement") and, based upon a Motion to
Shorten Time and to Limit Notice, which Motion was granted, a
hearing on Wexford's Disclosure Statement was scheduled for July 1,
1998. Wexford's Proposed Plan was similar to the Trustee's
Proposed Plan except in Wexford's Proposed Plan claimants in
Classes 1, 2, 3 and 4 would receive less interest on their senior
unsecured claims with claimants or equity holders in Classes 6
through 11 receiving most of the benefit of such reductions to
Classes 1, 2, 3 and 4.
The Trustee, Halcyon, Norwest Bank (Indenture Trustee), Wellhead
Electric (and affiliates) and State Street Bank filed objections to
the adequacy of Wexford's Disclosure Statement.
- ---------------
(3) On or about May 18, 1998, the Bankruptcy Court denied C. Derek
Anderson's ex-parte motion to continue (for several weeks) the
hearing on the adequacy of the Disclosure Statement.
<PAGE>
At the hearings held on July 1, 1998, the Bankruptcy Court (1)
denied Anderson's Motion to Continue the Hearing on the Trustee's
Amended Disclosure Statement; (2) held that Wexford's Disclosure
Statement was not sufficient and therefore denied approval of
Wexford's Disclosure Statement; (3) approved the Trustee's Amended
Disclosure Statement; and (4) approved the Trustee's Amended Motion
Regarding Plan Confirmation Issues. On July 2, 1998 the Court
entered formal orders (1) Approving the Trustee's Amended
Disclosure Statement for the Trustee's Amended Chapter 11 Plan for
the Estate of Bonneville Pacific Corporation Dated April 22, 1998;
and (2) Scheduling Confirmation Hearing, Temporarily Allowing
Claims for Voting Purposes and Approving Other Procedures.
A hearing on confirmation of the Trustee's Amended Plan has been
scheduled for August 26, 1998 at 9:00 o'clock a.m. and the Trustee
is now in the process of finalizing the arrangements to mail the
approved Trustee's Amended Disclosure Statement along with the
Trustee's Amended Plan and ballots, where appropriate, with voting
instructions to creditors and equity holders, all of which will be
accomplished on or before July 20, 1998. Ballots for voting to
accept or reject the Trustee's Amended Plan must be received by the
Trustee by no later than August 17, 1998 in order to be counted.
Objections to the confirmation of the Trustee's Amended Plan must
be filed and served by no later than August 17, 1998.
As set forth in the Trustee's Proposed Plan, the Trustee is of the
opinion, based upon the particular facts involved in the Company's
bankruptcy proceeding, that the Company will be required to pay
some interest on the approximately $100,000,000.00 in "senior"
bank, trade and current debenture debt. Accordingly, the Trustee
has reflected on the Company's books and intends to reflect in the
Company's Corporate Income Tax Returns for the year ended December
31, 1997 the interest liability on the approximate $100,000,000.00
of "senior" claims from the petition date at the rates of interest
set forth in the Trustee's Proposed Plan.
Bear, Stearns & Company (the Trustee's financial advisor/investment
banker) has completed its initial work in estimating the value of
the Company's (and its affiliates') business assets. The Trustee
has made public the summary of such work performed by Bear, Stearns
& Company as Exhibit "2" to the Trustee's Amended Disclosure
Statement. Based in part upon the work of Bear, Stearns & Company,
the Trustee is of the opinion that the book value of the Company's
business assets, which is the value used on the Company's balance
sheet which is included in these Monthly Financial Statements filed
with the Bankruptcy Court (under the category "Other Assets:
Investment in and advances to subsidiaries and partnership") is
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.
<PAGE>
For over a year, the Trustee (represented by Weil, Gotshal &
Manges, L.L.P) has been attempting to resolve the unsecured claim
filed by John D. Weesner (Proof of Claim number 3). Weesner's
claim arises from Bonneville Pacific Corporation's efforts in the
late 1980's to build and operate small, wood-fired electric power
generation plants in Vermont. During that period, Bonneville
Pacific Corporation entered into various agreements with Weesner,
including (1) an agreement whereunder Bonneville Pacific
Corporation is by virtue of a guarantee contingently liable for
certain royalty payments that Weesner currently receives from the
operation of one plant (the "Ryegate Project"), and (2) an
agreement to make certain payments to Weesner in the event that
Bonneville Pacific Corporation developed another, similar plant
(the "Springfield Project"). Subsequent to entering into the
agreements with Weesner, Bonneville Pacific Corporation sold its
interest in the Ryegate Project and determined that development of
the Springfield Project was commercially impossible. Weesner in
his filed proof of claim asserts that he is owed an undetermined
amount of money (which he estimates could be many millions of
dollars) in respect of Bonneville Pacific Corporation's contingent
liability of the Ryegate Project royalties, to compensate him in
the event that such payments are not made by the current owners of
the plant. In the opinion of the Trustee, Weesner has been
unwilling to settle his proof of claim in a manner that reflects a
realistic assessment of its true value. Accordingly, the Trustee
intends to file a formal objection to such claim in the immediate
future, and thereafter move to have the claim allowed at a
negligible amount, if any.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period June 1 - June 30, 1998
CASH RECONCILIATION
1. Beginning Cash Balance: $155,473,022.53
2. Cash Receipts: (See Page 2 of 2) 1,077,106.81
3. Cash Disbursements: (See Page 2 of 2) (157,256.32)
----------
4. Net Cash Flow: 919,850.49
----------
5. Ending Cash Balance: $156,392,873.02
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $1,032.21 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 519.57 KEY BANK OF UTAH
GENERAL CORP CASH 352,773.59 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,454,572.28 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,415,013.85 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 15,282,037.04 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 27,311,834.93 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 31,924.11 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 96,468,950.18 (A) NATIONS BANK
PROCEEDS FROM ASSET SALES 4,171.91 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 70,043.35 KEY BANK OF UTAH
---------
$156,392,873.02
===============
</TABLE>
(A) Accounts requiring signatures of both the US Trustee and Chapter 11
Trustee for disbursements.
Form 2-B
Page 1 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period June 1 - June 30, 1998
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $20,144.06 A
PAYROLL TAX ACCOUNT 8,753.50 B
GENERAL CORP CASH 212,992.49 C
CHPTR 11 TRUSTEE JOINT ACCT 22,254.95 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 133,799.15 F
CHPTR 11 TRUSTEE - JT CD 275,145.95 G
CHPTR 11 TRUSTEE JT SAVINGS 113.99 H
CHPTR 11 TRUSTEE JOINT MMA ACCT 432,604.75 I
PROCEEDS FROM ASSET SALES 9.28 J
KYOCERA MAINTENANCE RESERVE 10,186.25 K
---------
1,116,004.37
LESS: ACCOUNT TRANSFERS (38,897.56)
---------
TOTAL CASH RECEIPTS $1,077,106.81
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $20,174.13 A
PAYROLL TAX ACCOUNT 8,753.50 B
GENERAL CORP CASH 167,183.25 D
CHPTR 11 TRUSTEE JOINT ACCT 43.00 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 0.00 K
----
196,153.88
LESS: ACCOUNT TRANSFERS (38,897.56)
---------
TOTAL CASH DISBURSEMENTS $157,256.32
===========
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/11/98 CK# 7059 BPC - GENERAL $10,097.24 PAYROLL TRANSFER
06/26/98 CK# 7076 BPC - GENERAL 10,046.82 PAYROLL TRANSFER
---------
TOTAL CASH RECEIPTS $20,144.06
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/15/98 PAYROLL SUMMARY $10,097.24
06/30/98 PAYROLL SUMMARY 10,046.82
06/30/98 BANK STMT FIRST SECURITY BANK 30.07 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $20,174.13
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/11/98 CK# 7058 BPC - GENERAL $4,389.18 PR TAX TRANSFER
06/26/98 CK# 7075 BPC - GENERAL 4,364.32 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $8,753.50
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/15/98 KEY TAX KEY BANK OF UTAH $3,651.75 FEDERAL TAX DEPOSIT
06/30/98 KEY TAX KEY BANK OF UTAH 3,630.69 FEDERAL TAX DEPOSIT
06/30/98 CK# 1260 UTAH ST TAX COMMISSION 1,471.06 STATE TAX DEPOSIT
--------
TOTAL CASH DISBURSEMENTS $8,753.50
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/10/98 DS061098 US BANK $51,229.46 INTEREST INCOME
06/23/98 DS062398 BONNEVILLE FUELS INC 10,036.82 EXPENSE REIMBURSEMENT
06/23/98 DS062398 BONNEVILLE NEVADA CORP 2,060.24 EXPENSE REIMBURSEMENT
06/23/98 DS062398 BONNEVILLE PACIFIC SERVICES 3,903.28 EXPENSE REIMBURSEMENT
06/23/98 DS062398 SAN DIEGO GAS & ELECTRIC 122.95 ENERGY REVENUE-KYOCERA
06/23/98 DS062398 SAN DIEGO GAS & ELECTRIC 3,771.33 ENERGY REVENUE-KYOCERA
06/30/98 DS063098 KYOCERA AMERICA 112,199.45 ENERGY REVENUE-KYOCERA
06/30/98 DS063098 SAN DIEGO GAS & ELECTRIC 2,693.40 ENERGY REVENUE-KYOCERA
06/30/98 DS063098 US BANK 25,891.87 INTEREST INCOME
06/30/98 BANK STMT KEY BANK OF UTAH 1,083.69 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $212,992.49
===========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1998
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/01/98 1007031 AMPCO SYSTEM PARKING $120.00 RENT-PARKING
1007032 VOID
06/03/98 1007033 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-KYOCERA MAINT
06/03/98 1007034 BONNEVILLE FUELS CORP 48.20 EXPENSE REIMBURSEMENT
06/03/98 1007035 DORN ASSOCIATES LTD 10,906.00 RENT-OFFICE SPACE & PARKING
06/03/98 1007036 FIRST CONTINENTAL LIFE & ACCIDENT 3,664.22 INSURANCE-DENTAL
06/03/98 1007037 FRONTIER COMMUNICATIONS 777.74 TELEPHONE EXPENSE
06/03/98 1007038 MOUNT OLYMPUS WATER 18.03 OFFICE SUPPLIES & EXPENSE
06/03/98 1007039 REDMAN VAN & STORAGE CO 159.87 RENT-STORAGE
06/03/98 1007040 STEVEN STEPANEK 767.59 TRAVEL REIMBURSEMENT
06/03/98 1007041 TRAVEL ZONE CRUISE ZONE 1,801.00 TRAVEL EXPENSE
06/03/98 1007042 UNUM LIFE INSURANCE CO 1,438.00 INSURANCE-DISABILITY
06/03/98 1007043 UNITED HEALTH CARE 24,139.00 INSURANCE-HEALTH
06/04/98 1007044 GENERATOR POWER SYSTEMS INC 2,436.00 KYOCERA-O&M EXPENSE
06/04/98 1007045 CLARK MOWER 1,719.78 TRAVEL REIMBURSEMENT
06/10/98 1007046 AIRBORNE EXPRESS 135.81 EXPRESS MAIL EXPENSE
06/10/98 1007047 BENEFICIAL LIFE INSURANCE 892.69 INSURANCE-LIFE
06/10/98 1007048 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
06/10/98 1007049 HURST & ASSOC INSURANCE INC 20,000.00 INSURANCE-TRUSTEE BOND
06/10/98 1007050 MICRON ELECTRONICS INC 1,776.17 OFFICE EQUIPMENT
06/10/98 1007051 MOUNT OLYMPUS WATER 10.64 OFFICE SUPPLIES & EXPENSE
06/10/98 1007052 THE PLANT GALLERY 89.50 OFFICE SUPPLIES & EXPENSE
06/10/98 1007053 PROTEL 108.73 OFFICE SUPPLIES & EXPENSE
06/10/98 1007054 REDMAN VAN & STORAGE CO 90.00 RENT-STORAGE
06/10/98 1007055 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE
06/10/98 1007056 TRAVEL ZONE CRUISE ZONE 704.00 TRAVEL EXPENSE
06/10/98 1007057 XEROX CORPORATION 339.86 OFFICE SUPPLIES & EXPENSE
06/11/98 1007058 BPC-PAYROLL TAX ACCT 4,389.18 TRANSFER-PAYROLL TAX ACCT
06/11/98 1007059 BPC-PAYROLL ACCT 10,097.24 TRANSFER-PAYROLL ACCT
06/11/98 1007060 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS
06/17/98 1007061 GENERATOR POWER SYSTEMS INC 18,383.53 KYOCERA-O&M EXPENSE
06/17/98 1007062 MOUNT OLYMPUS WATER 18.03 OFFICE SUPPLIES & EXPENSE
1007063 VOID
06/17/98 1007064 TRAVEL ZONE CRUISE ZONE 463.00 TRAVEL EXPENSE
06/17/98 1007065 UNUM LIFE INSURANCE CO 1,361.18 INSURANCE-DISABILITY
06/24/98 1007066 AIRBORNE EXPRESS 96.91 EXPRESS MAIL EXPENSE
06/24/98 1007067 AMPCO SYSTEM PARKING 130.00 RENT-PARKING
06/24/98 1007068 AUTOMATED OFFICE SYSTEMS INC 1,374.57 OFFICE EQUIPMENT
06/24/98 1007069 CENTRAL PARKING SYSTEMS 390.00 RENT-PARKING
06/24/98 1007070 REDMAN VAN & STORAGE CO 1,797.40 RENT-STORAGE
06/24/98 1007071 TRAVEL ZONE CRUISE ZONE 465.00 TRAVEL EXPENSE
06/24/98 1007072 US WEST COMMUNICATIONS 1,081.43 TELEPHONE EXPENSE
06/24/98 1007073 STATE TREASURER OF CALIFORNIA 3,370.00 COST OF ABANDONED PROJECTS
06/24/98 1007074 UNITED HEALTH CARE 25,357.55 INSURANCE-HEALTH
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period June 1 - June 30, 1998
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/26/98 1007075 BPC-PAYROLL TAX ACCOUNT 4,364.32 TRANSFER-PAYROLL TAX ACCT
06/26/98 1007076 BPC-PAYROLL ACCOUNT 10,046.82 TRANSFER-PAYROLL ACCT
06/26/98 1007077 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS
06/30/98 BANK STMT KEY BANK OF UTAH 51.01 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $167,183.25
===========
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
</TABLE>
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/98 BANK STMT KEY BANK $22,254.95 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/98 BANK STMT KEY BANK OF UTAH $43.00 BANK SERVICE CHARGE
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/23/98 BANK STMT KEY BANK OF UTAH $50,114.17 INTEREST INCOME
06/23/98 BANK STMT KEY BANK OF UTAH 46,661.41 INTEREST INCOME
06/23/98 BANK STMT KEY BANK OF UTAH 37,023.57 INTEREST INCOME
---------
TOTAL CASH RECEIPTS $133,799.15
===========
</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 June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/02/98 BANK STMT BANK ONE $75,514.64 INTEREST INCOME
06/11/98 BANK STMT BANK ONE 73,869.66 INTEREST INCOME
06/17/98 BANK STMT BANK ONE 61,637.16 INTEREST INCOME
06/20/98 BANK STMT BANK ONE 64,124.49 INTEREST INCOME
---------
TOTAL CASH RECEIPTS $275,145.95
===========
</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 Savings
For Period June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/98 BANK STMT BANK ONE $113.99 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 June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/98 BANK STMT NATIONS BANK $432,604.75 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 June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/30/98 BANK STMT KEY BANK OF UTAH $9.28 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 June 1 - June 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
06/01/98 CK# 7033 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
06/30/98 BANK STMT KEY BANK OF UTAH 186.25 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,186.25
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
K
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of June 30, 1998
ASSETS
Current Assets:
Cash $156,392,873
Accounts receivable - trade 87,766
Accounts receivable - settlements (Note 4) 1,500,000
Accounts receivable - affiliates 59,621
Prepaid insurance 11,677
Accrued interest receivable 174,112
-------
Total current assets $158,226,049
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,818,290
---------
Total fixed assets 4,016,714
Less: Accumulated depreciation (3,236,621)
---------
Net fixed assets 780,093
Other Assets:
Investment in and advances to subsidiaries
and partnership (Note 7) 28,257,537
Other assets 1,820
-----
Total other assets 28,259,357
----------
TOTAL ASSETS $187,265,499
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $183,102
Accounts payable - professional fees
and costs 1,114,560
Accrued income taxes payable (Note 5) 0
Taxes payable 0
Accrued interest 49,094,720
----------
Total post-petition liabilities $50,392,382
Pre-Petition Liabilities:
Priority claims 5,180
Secured debt 0
Unsecured debt (Notes 1 and 3) 99,953,656
----------
Total Pre-Petition Liabilities 99,958,836
----------
TOTAL LIABILITIES 150,351,218
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 (Note 6) (26,029,337)
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 36,914,281
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $187,265,499
============
Form C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period June 1 to June 30, 1998
Gross operating revenue $188,895
Less discount, returns and allowances 0
-
Net operating revenue $188,895
Cost of goods sold (122,428)
-------
Gross profit 66,467
Operating expenses:
Salaries and wages 29,840
Rent and leases 1,445
Payroll taxes 10,626
Insurance 6,617
Other taxes and licenses 94,000
Other 8,271
-----
Total operating expenses (150,799)
-------
Operating income (loss) (84,332)
Legal and professional fees and costs (Note 4) 152,117
Depreciation, depletion and administration 3,617
Claims settlement expense 0
Interest expense 616,111
-------
Total (771,845)
-------
Net operating income (loss) (856,177)
Non-operating income and (expenses):
Interest income 667,370
Other income - settlements 0
Approved claims 0
Other income 0
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 1,025,318
---------
Net non-operating income or (expenses) 1,692,688
---------
Net income (loss) before income taxes 836,511
Provision for income taxes (benefit) (Note 5) 0
-
NET INCOME (LOSS) $836,511
========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period June 1 to June 30, 1998
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
the bankruptcy, until the December 31, 1997 Financial Statements, accrued
interest payable has been recorded only on post-petition debt, where such
is contractually due, and pre-petition secured debt to the extent that
the underlying collateral equals or exceeds the outstanding principal
plus the accrued interest payable. The Financial Statements included in
Monthly Financial Reports for all reporting periods prior to December 1,
1997 have not included any accrual of interest on any pre-petition
unsecured debt. However, in light of the Conditional Letter Agreement
signed by the Trustee and holders of certain senior claims that provides
for the calculation and payment of post-petition interest on certain
pre-petition unsecured debt, interest has now been accrued on certain
pre-petition unsecured debt consistent with the interest rates set forth
in the Conditional Letter Agreement. For further information see Amended
Disclosure Statement for the Trustee's Amended Chapter 11 Plan dated
4/22/98.
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 $10,000,000.00, limited partner claims in
the approximate amount of $2,900,000.00, Section 510(b) equity claims in
the approximate amount of $44,000,000.00 (including the allowed
compromised claim of CIGNA and the ESOP claim as allowed on January 12,
1998 in the amount of $984,245.37), $8,945,000.00 in deeply subordinated
claims, $400,000.00 for attorneys of certain senior creditor's fees as
agreed in the Conditional Letter Agreement, potential administrative fees
which may be allowed by the Bankruptcy Court and the contingent unsecured
claim of John Weesner (proof of claim #3). For further information see
Amended Disclosure Statement for the Trustee's Amended Chapter 11 Plan
dated 4/22/98.
The recording of the above described liabilities or potential claims, if
allowed, will reduce equity by a corresponding amount.
Form 2-D
Page 2 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
(Continued)
For Period June 1 to June 30, 1998
For further information concerning liabilities and potential claims, see
the Amended Disclosure Statement for the Trustee's Amended Chapter 11
Plan dated 4/22/98.
4. Accounts Receivable Settlement represent only court approved settlements
where all conditions precedent have occurred and the settlement was fully
effective as of June 30, 1998 and are reflected on the June 30, 1998
Financial Statements. Approved settlement is as follows:
Piper Jaffray 1,500,000
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.
6. Retained earnings post-petition have been impacted by the accrual of
post-petition interest on pre-petition unsecured debt at rates set forth
in the Conditional Letter Agreement dated December 31, 1997.
7. Investment in and advances to subsidiaries and partnerships is book
value and is impacted by the dividends paid from the subsidiaries to the
Company. The value stated (based upon the valuation work of Trustee's
Financial Advisor) is believed to be materially less than the current
market value of such assets. See Exhibit "2" to the Amended Disclosure
Statement for the Trustee's Amended Chapter 11 Plan dated 4/22/98.
Form 2-D
Page 3 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For the Period June 1 to June 30, 1998
<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 ($4,392.28) $2,201.39 06/15/98 KEY TAX $0.00
2,190.89 06/30/98 KEY TAX
State 0.00 (1,471.06) 1,471.06 06/30/98 1260 0.00
FICA tax withheld 0.00 (1,445.08) 725.18 06/15/98 KEY TAX
719.90 06/30/98 KEY TAX 0.00
Employer's FICA tax 0.00 (1,445.08) 725.18 06/15/98 KEY TAX
719.90 06/30/98 KEY TAX 0.00
Unemployment tax:
Federal 0.00 0.00 0.00
State 0.00 0.00 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes 0.00 0.00
Accrued income tax:
Federal 0.00 0.00 0.00
State 0.00 0.00 0.00 0.00
Delaware franchise tax 0.00 (94,000.00) (94,000.00)
Employee withholding 0.00 0.00 (1,528.64) 764.32 06/11/98 100706 0.00
---- ---- -------- 764.32 06/26/98 100707 ----
------
TOTALS $0.00 $0.00 ($104,282.14) $10,282.14 ($94,000.00)
===== ===== =========== ========== ==========
</TABLE>
(*) Amount subject to results of audit.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period June 1 to June 30, 1998
<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) 06/30/98
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.
Form 2-E
Page 2 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period June 1 to June 30, 1998
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $1,587,766 $178,528 $1,114,560
30 to 60 days 0 0 0
61 to 90 days 0 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 1,587,766 183,102 1,114,560
Pre-petition amounts 0 3,664,200 0
Total accounts receivable $1,587,766
==========
Total accounts payable $3,847,302 $1,114,560
========== ==========
Affiliate
Accounts
Receivable
Under 30 days $57,695
30 to 60 days 1,926
61 to 90 days 0
Over 90 days 0
-
Total post-petition
affiliate accounts
receivable $59,621
=======
</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 June 1 to June 30, 1998
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $0 - $87,073 (1)
Trustee's Counsel 0 - 260,344 (1)
Trustee's Accountants 0 - 47,216
Trustee's Special Plan Counsel 0 - 125,000
Special Litigation Counsel for
Trustee - Costs 0 - 0
Trustee - Fees 0 - 495,000 (2)
Auditors 0 - 99,927
Financial Consultants 0 0 (3)
- -
Total $0 $1,114,560
== ==========
</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:
$1,500,000.00 - Piper Jaffray Settlement (due 9/98) Fees - $495,000
(3) The financial consultants received a retainer in the amount of $100,000.
The estimated remaining liability to the financial consultants is equal
to the $100,000 retainer.
Form 2-E
Page 4 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period June 1 to June 30, 1998
<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 $12,833.34
Expense Reimbursement $1,719.78
</TABLE>
Form 2-E
Page 5 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended June 30, 1998
<TABLE>
<CAPTION>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<S> <C> <C> <C> <C>
January $377,740.24
February 169,278.67
March 149,371.16
----------
Total 1st Quarter 696,390.07
April 1,903,079.51
May 105,288.54
June 185,124.57
----------
Total 2nd Quarter 2,193,492.62
July
August
September
Total 3rd Quarter
October
November
December
Total 4th Quarter
</TABLE>
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
Form 2-F
