BONNEVILLE PACIFIC CORP
8-K, 1998-01-20
COGENERATION SERVICES & SMALL POWER PRODUCERS
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                      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, 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  December 1, 1997 to December  31,
1997, as filed with the bankruptcy  court is included as an exhibit  hereto.  On
June 12, 1992, Roger G. Segal was appointed as the Chapter 11 Bankruptcy Trustee
for the Company.


Item 5.     Other Events.

For  information on litigation  and matters  previously  reported,  refer to the
narrative on pages Form 2-G of the accompanying bankruptcy report.



<PAGE>



                                  SIGNATURES


      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  its  report  to be  signed  on its  behalf  by the
undersigned thereunto duly authorized.

                                    BONNEVILLE PACIFIC CORPORATION



                                         /s/ Roger G. Segal
                                    By:  Roger G. Segal, Chapter 11
                                          Trustee

DATED January 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



                                         /s/ R. Stephen Blackham
                                    By:  R. Stephen Blackham,
                                          Assistant Controller

DATED January 15, 1998



<PAGE>



                               INDEX TO EXHIBITS


Exhibit                                                               Page No.


28.1              Monthly Financial Report - Chapter
                  11, for the period December 1, 1997
                  to December 31, 1997, of the
                  Registrant, dated January 15, 1998
                  as filed by the Registrant with the
                  United States Bankruptcy Court for
                  the District of Utah, Central
                  Division on January 15, 1998...............................5



<PAGE>






MONTHLY FINANCIAL REPORT
CHAPTER 11

DEBTOR:    BONNEVILLE PACIFIC CORPORATION

CASE NO. 91A-27701 For Period December 1 to December 31, 1997
              Accounting Method Used:  [X] Accrual Basis [ ] 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: January 15, 1998

                                    Debtor(s):BONNEVILLE PACIFIC CORPORATION
                                               /s/ R. Stephen Blackham
                                    By:            R. Stephen Blackham
                                    Position:      Assistant Controller


<PAGE>



                         Statement of Chapter 11 Trustee


      Roger G. Segal,  Chapter 11 Trustee of the  bankruptcy  case of Bonneville
Pacific  Corporation,  having been so appointed on June 12, 1992,  hereby states
that he has reviewed the following  Monthly Financial Report and any attachments
thereto and that,  based on his review and the  representations  of officers and
employees of the debtor,  Bonneville Pacific  Corporation,  he believes that the
information  contained in the Monthly  Financial  Report and attachments is true
and correct.  However,  neither Roger G. Segal, Chapter 11 Trustee, nor Neilson,
Elggren,  Durkin &  Company,  as  accountants  for Roger G.  Segal,  Chapter  11
Trustee,  has had an opportunity to  independently  verify that the  information
contained in the following Monthly Financial Report and the attachments  thereto
is true and correct.

      DATED this 15th day of January 1998.


                                     /s/ Roger G. Segal
                                    _________________________________
                                    By:  Roger G. Segal, Chapter 11
                                          Trustee




<PAGE>



                    DEBTOR:  BONNEVILLE PACIFIC CORPORATION
                           Bankruptcy No. 91A-27701
                                   Narrative
                     For the Month Ended December 31, 1997


                                   Form 2-G


- -------------------------------------------------------------------------------

Bonneville  Pacific   Corporation  (the  "Company")  or  "Bonneville")  has
continued to conduct its normal business activities during the month of December
1997 (the reporting  period).  These activities have included  responding to the
Operating Guidelines and Reporting Requirements for Chapter 11 debtors.

Significant actions related to the Company during the month of December and
the first part of January 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 pending in the United States
      District Court, Case No. 92-C-364-J (the  "Litigation") has been discussed
      at length in the previous Monthly  Financial  Reports filed by the Trustee
      and in the Trustee's five (5) Annual Reports, including the Report for the
      period of July 1, 1996  through  June 30, 1997 filed on  September 4, 1997
      concerning the  Administration of the Estate.  These Reports (which are on
      file with both the  Bankruptcy  Court and the United  States  Securities &
      Exchange  Commission) must be reviewed for an understanding of the history
      and nature of the Litigation,  including previous settlements (2) reached 
      by the Trustee. The Litigation is now concluded.

- --------
(1)  This  narrative  attempts to summarize  significant  events  affecting  the
     Company through January 13, 1998.

(2)  Each settlement  agreement should be reviewed in its entirety for all terms
     and conditions (and consideration) of the settlement.




<PAGE>




      The  Trustee has also  entered  into  "tolling  agreements"  with  certain
      persons which  agreements  toll the running of any  applicable  statute of
      limitation  which might  otherwise  bar the Trustee from  initiating  suit
      against such person.  The Trustee is considering  possible  claims against
      only one (1) individual who executed a tolling  agreement.  If the Trustee
      is not able to settle  possible  claims  held by the estate  against  such
      person,  then in the next few  months the  Trustee,  through  his  special
      litigation counsel, may commence additional  litigation.  In the Trustee's
      opinion, the value of the "tolled" claims is not substantial.


      On or about  November  12,  1997 the  Trustee  entered  into a  settlement
      agreement with Jerry Hansen  ("Hansen")  concerning  Hansen's  $182,347.00
      unsecured  priority claim against the estate (Claim No. 3097), which claim
      related to a November 1, 1990 employment  agreement between Hansen and the
      Company.  The settlement  provides for the payment to Hansen by the estate
      of the sum of $55,000.00  within ten (10) business days after the approval
      of the settlement  agreement by the Bankruptcy  Court in full and complete
      satisfaction of such claim.  The settlement was conditioned  upon approval
      by the  Bankruptcy  Court.  A hearing  on the  Trustee's  motion  for such
      approval was held as scheduled on December 10, 1997,  at which hearing the
      Court approved the settlement.  The estate, on December 20, 1997, made the
      required payment of $55,000.00 to Hansen.


      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 present 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
      Trustee will proceed with the action  necessary to terminate  the ESOP and
      to distribute the ESOP assets to the qualified participants. The assets of
      the ESOP that will be distributed to the participants includes 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




<PAGE>



      Corporation.  NCA  #1  is  a  Nevada  general  partnership  that  owns  an
      85-megawatt  cogeneration  project  located  near Las  Vegas,  Nevada.  As
      previously reported, Nevada Power Company ("NPC") has previously curtailed
      purchases of  electrical  power from NCA #1.  However,  there have been no
      curtailments since October of 1996. NCA #1 and representatives of NPC have
      reached a  settlement  agreement  relating to  curtailment  issues,  which
      settlement  is subject to the approval of the Projects  Lending  Group and
      the Public Service  Commission of Nevada  ("PSCN").  The Projects  Lending
      Group has approved the Settlement  Agreement and the Petition for Approval
      of the  Settlement  was filed on November 3, 1997 with the Public  Service
      Commission of Nevada.  The Trustee  continues to monitor the appeal before
      the First  Judicial  District  Court of the State of Nevada of curtailment
      protocols issued by the Public Service Commission of Nevada. A stipulation
      staying the  briefing  schedule  and  permitting  the PSCN to consider the
      approval of the above referenced  settlement agreement has been signed and
      filed by the parties.

      On  September  27,  1996,  NCA #1 was served with  Findings and Notices of
      Violation  ("NOV") issued by Region IX of the United States  Environmental
      Protection  Agency  (the "EPA") for  alleged  violations  of the Clean Air
      Act's Prevention of Significant  Deterioration  program applicable for the
      State of  Nevada.  Specifically,  EPA  alleges  that NCA #1,  contrary  to
      applicable  operating  permits,  failed to timely install "Best  Available
      Control  Technology"  at the  plant in the form of a  selective  catalytic
      reduction system ("SCR") to control Nox emissions. Representatives of both
      sides of this dispute have reached an agreement in principle but a written
      agreement has not yet been executed.  Attorneys for the EPA are working on
      a revised  draft of a proposed  agreement,  which the  parties  anticipate
      signing sometime later this year.

      Bonneville  Nevada  Corporation  received a distribution from NCA#1 in the
      amount  of   $1,550,000.00  on  December  10,  1997.  The  amount  of  the
      distribution,  plus an  additional  $550,000.00  on deposit at  Bonneville
      Nevada Corporation (for a total of $2,100,000.00) was "up-streamed" (paid)
      to the Company by Bonneville  Nevada  Corporation on December 31, 1997. As
      of December 31, 1997,  Bonneville  Nevada  Corporation  had  approximately
      $575,000.00  of cash on  deposit,  of which  $500,000.00  is  deemed to be
      necessary  to maintain  operations  and  maintain a reserve for any NCA #1
      partnership cash call.






<PAGE>


      On December 30 and December 31, 1997 the total sum of $3,900,000.00  of 
      funds on deposit at Bonneville  Pacific Services Company ("BPSC"),  a 
      wholly  owned  subsidiary  of the Debtor,  was  "up-streamed" (paid)  to
      the  Company  by  BPSC.  As of  December  31,  1997,  BPSC  had 
      approximately  $2,375,000.00 of cash on deposit, of which $1,950,000.00 
      is deemed to be necessary to maintain operations and to complete  
      development of BPSC's interest in a 4-megawatt power project.

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.
510(b).  A hearing on the Motion was scheduled  before the Bankruptcy  Court on
September  10, 1996.  No  objections to the Motion were filed and at the hearing
the Court granted the Motion and signed an order  establishing the supplementary
claims  bar  deadline.  Consequently,  the  Trustee  proceeded  with the  action
authorized by the order  granting the Motion;  specifically,  notice was sent to
thousands of potential  claimants  and notice was  published  in  newspapers  of
general  circulation  throughout  the United States.  Through  December 16, 1996
approximately 4,000 new proofs of claim were filed with the Bankruptcy Court and
approximately  370 additional  claims have been filed since December 16, 1996. A
total of 4,619 proofs of claims have now been filed.  The Trustee has  completed
his initial review of each of the claims.  See the Trustee's  Preliminary Report
(Estimate)  Concerning  Claims Filed  Against the Estate filed on or about March
17, 1997 and the Annual Report for the period July 1, 1996 through June 30, 1997
filed by the Trustee on  September 4, 1997.  For updated  figures on some of the
claims see the "Conditional Letter Agreement"  dated December 31, 1997 which was
filed with the  Bankruptcy  Court on  December  31,  1997 and was filed with the
United  States  Securities  &  Exchange  Commission  (in a Form  8K) on or about
January 5, 1998 and also see Note Number 3 to the  herewith  attached  Financial
Statement  for  December,  1997.  The Trustee has  objected to (with most of the
objections  having  been  sustained  by the  Bankruptcy  Court) and will  likely
continue  to object to a number of the new  claims  which  have been  filed.  On
October  23,  1997  the  Trustee  filed  his  objection  to  the   approximately
$325,000.00  Substantial  Contribution  Administrative  Claim  of  the  Official
Bondholders  Committee  et.al.  and a  hearing  on the  objection  was  held  as
scheduled  on  December  8,  1997,  at which  hearing  the Court  sustained  the
Trustee's objection and disallowed the claim in its entirety.




<PAGE>



The Trustee on November  13, 1997 filed an  objection  to certain  claims  filed
after the supplementary  claims bar date and a hearing on the objection was held
as scheduled on December 15, 1997;  at the hearing the Court (a)  sustained  the
Trustee's objection with regard to 55 claims and disallowed such claims in their
entirety,  and (b) allowed as timely filed an additional 88 claims that were the
subject of the objection.


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. 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  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.

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 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
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 will soon commence work on an audit for 1997.





<PAGE>



After lengthy  negotiations with various  parties-in-interest,  on December
31, 1997 the Trustee entered into a "Conditional  Letter  Agreement"  (hereafter
the "CLA") with certain  creditors  of the Company.  A copy of the CLA was filed
with the  Bankruptcy  Court on  December  31,  1997 and with the  United  States
Securities and Exchange Commission (in the form of an 8K) on or about January 5,
1998.  The CLA sets forth some of the terms of a Chapter 11 plan for the Company
that will be proposed by the Trustee in the  future.  Such  Chapter 11 plan,  if
confirmed by the Bankruptcy  Court,  would resolve most of the legal and factual
disputes  which  currently  affect  the  Company.  The CLA also  sets  forth the
treatment  that will be accorded to most of the  creditors of the Company in the
proposed Chapter 11 plan to be filed by the Trustee.(3) The press release issued
by the Trustee on December 31, 1997 concerning the CLA, which summarizes some of
the terms of the CLA, is attached  hereto.  The CLA must be read in its entirety
for all the  provisions of the  conditional  settlement.  The CLA is conditioned
upon  approval  by the  Bankruptcy  Court in the  context  of a Chapter  11 plan
confirmation process; such process includes the approval by the Bankruptcy Court
of a disclosure statement; until a disclosure statement has been approved by the
Bankruptcy Court, no  party-in-interest  may solicit the acceptance or rejection
of any plan. If the  Bankruptcy  Court does not confirm the proposed  Chapter 11
plan to be submitted by the Trustee for the Company,  then the CLA will be void.
Any Chapter 11 plan for the Company must first be approved  (and  confirmed)  by
the Bankruptcy  Court after full notice and hearing (with an opportunity for any
party-in-interest  to object) before any plan can become effective.  The Trustee
believes that the settlement reflected in the CLA is fair,  reasonable and is in
the  best  interest  of the  Company,  its  creditors  and  stockholders  as the
Trustee's  proposed Chapter 11 plan would, if confirmed by the Bankruptcy Court,
permit the Company to emerge from its bankruptcy proceeding sometime in 1998.


In light of the Conditional Letter Agreement and the Trustee's previously stated
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, 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  Conditional
Letter Agreement.

- --------
    (3) One  of  the  issues  conditionally  resolved  in the  CLA,  subject  to
Bankruptcy Court approval in the context of the plan  confirmation  process,  is
the  amount  of  post-petition  interest  to be paid on the  approximately  $100
million in senior (pre-petition) debt. On December 12, 1997 (a date prior to the
execution  of the CLA),  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., seeking a judgment  declaring
that  senior  creditors  are  not  entitled  to any (or  limited)  post-petition
interest (Adversary Proceeding No. 97PA-2396).  In light of the CLA, the Trustee
may seek to intervene in the Adversary  Proceeding  and then move to dismiss the
complaint.




<PAGE>



On or about January 5, 1998, the Bankruptcy Court approved a settlement  between
the Trustee and San Diego  County  (California)  concerning  a dispute  over the
property  taxes owed by the Company  relating  to the  Company's  Kyocera  Power
Project.  Pursuant to the  settlement,  on or about January 12, 1998 the Company
paid San Diego County the sum of  $120,000.00  in complete  satisfaction  of all
property taxes related to the Kyocera Power  Project,  including but not limited
to property taxes for the period from July 1, 1993 through June 30, 1998.


Bear, Stearns & Company (the Trustee's financial advisor/investment banker)
has  completed its initial work in valuing the  Company's  (and its  affiliates)
business  assets.  The Trustee will probably not make public the valuation  work
performed by Bear,  Stearns & Company  until such time as the Trustee  completes
his proposed  disclosure  statement  which will be filed along with his proposed
Chapter 11 Plan. However, in part based upon the valuation work of Bear, Stearns
& Company,  the Trustee is of the opinion  that the book value of the  Company's
business assets, which is the value used on the Company's balance sheet which is
included in these Monthly  Financial  Statements filed with the Bankruptcy Court
(under the category "Other  Assets":  Investment in and advances to subsidiaries
and  partnership)  is 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>



                                 PRESS RELEASE
- ------------------------------------------------------------------------------

                       Roger G. Segal, Chapter 11 Trustee
                P.O. Box 11008 * Salt Lake City, Utah 84147-0008
                        (801) 532-2666 * (801) 355-1813

For Immediate Release

Date:       December 31, 1997
Contact:    Roger G. Segal, Trustee
Phone:      (801) 532-2666
Fax:        (801) 355-1813

                  CHAPTER 11 TRUSTEE FOR BONNEVILLE PACIFIC
                 CORPORATION ANNOUNCES CONDITIONAL SETTLEMENT
              REGARDING POST-PETITION INTEREST AND OTHER ISSUES

SALT LAKE CITY, UTAH, DECEMBER 31, 1997:

      Roger G.  Segal,  as the  Chapter 11  Bankruptcy  Trustee  for  Bonneville
Pacific  Corporation  (BPCO),  announced  today that he has reached  conditional
settlements  with the  holders  of certain  senior  claims  with  respect to the
calculation  and payment of  post-petition  interest and with holders of certain
subordinated  claims and equity  interests who will not oppose a Chapter 11 plan
to be  filed in the  future  by the  Trustee.  The  settlements  and some of the
general  terms of a Chapter 11 plan to be  proposed in the future by the Trustee
are detailed in an eight (8) page letter  agreement,  a copy of which is on file
with the United States Bankruptcy Court for the District of Utah and can also be
obtained by contacting  the Trustee.  The letter  agreement  must be read in its
entirety for all the provisions of the conditional settlements.

     The Trustee's conditional agreement with certain senior creditors provides,
among other  things,  as follows:  Generally,  holders of Senior  Claims  (bank,
debenture  and  trade  claims)  would  receive  in full  satisfaction  of  their
approximately  $100  million of senior  unsecured  debt,  approximately  $145.25
million as of December 5, 1997, plus interest after that date. Specifically, the
banks  would  receive   post-petition   interest  on  their  allowed  claims  of
approximately  $31.5 million at an effective  rate of 8.03% through  December 5,
1997,  and at  8.1%  thereafter;  the  debentures  would  receive  post-petition
interest on their allowed  claim of  approximately  $64.75  million at a rate of
7.32%; and allowed general unsecured trade claims of approximately $3.75 million
would receive  post-petition  interest at 5.5%. No interest would be compounded.
All payments to the Senior Claims would be in cash at the distribution date of a
confirmed plan of reorganization; at the




<PAGE>



Trustee's  discretion,  certain  senior  creditors  have agreed that up to $3.25
million of the payment on the Senior Claims can be in the form of a one-year 10%
unsecured  note payable to those  certain  senior  creditors;  one of the senior
creditors would also receive an additional $400,000.00 for partial reimbursement
of its  post-petition  attorneys'  fee  expense  provided  for  under  its  loan
documents.

     The Trustee's  conditional  agreement with certain  holders of subordinated
claims and existing  equity  interests  provides,  among other things,  that the
Trustee  will file a proposed  Chapter  11 plan  which  will  propose to pay the
Pre-petition Section 510(b) Selling Debenture Claims, the Post-petition  Section
510(b) Selling  Debenture  Claims,  the Deeply  Subordinated  Claims and Limited
Partner Claims in New Common Stock of the  reorganized  debtor.  Part of the New
Common Stock would be distributed as follows:

(a)  For  Pre-petition  Section 510(b)  Selling  Debenture  Claims,  100% of the
     allowed  (compromised  and  without  post-petition  interest)  claim in New
     Common Stock;

(b)  For  Post-petition  Section 510(b)  Selling  Debenture  Claims,  70% of the
     allowed  (compromised  and  without  post-petition  interest)  claim in New
     Common Stock;

(c)  For  Deeply  Subordinated   Claims,  10%  of  the  allowed  claim  (without
     post-petition interest) in New Common Stock; and

(d)  For Limited  Partner  Claims,  25% of the allowed  claim  (compromised  and
     without post-petition interest) in New Common Stock.

After  distribution  of the  New  Common  Stock  as set  forth  above,  the
remaining  New Common  Stock will be divided  one-half  (50%) to Section  510(b)
Equity  Claims  (which  would  also  include  the  Cigna  Claim,  which  will be
separately classified and treated as an allowed Section 510(b) Equity Claim plus
ten percent) and one-half  (50%) to then  existing  shareholders.  The Trustee's
proposed  Chapter 11 plan will not be  prepared  and filed  with the  Bankruptcy
Court for at least thirty (30) days;  the proposed plan will set forth in detail
all the  numerous  terms and  conditions  relating  to  payment of claims in the
Debtor's Chapter 11 case.

      The  above-referenced  settlements  are  conditioned  upon approval by the
Bankruptcy Court in the context of a Chapter 11 plan confirmation  process; such
process includes the approval by the Bankruptcy Court of a disclosure statement;
until a disclosure  statement  has been  approved by the  Bankruptcy  Court,  no
party-in-interest  may solicit the  acceptance  or rejection of any plan. If the
Bankruptcy  Court does not confirm the proposed  Chapter 11 plan to be submitted
by the Trustee,  then the settlements and the letter agreement will be void. Any
Chapter 11 plan must first be approved (and  confirmed) by the Bankruptcy  Court
after full notice and hearing (with an opportunity for any  party-in-interest to
object) before any plan can become effective.







<PAGE>





                     DEBTOR: BONNEVILLE PACIFIC CORPORATION
                       ----------------------------------
                               Case No. 91A-27701
                   Cash Receipts and Disbursements Statement
                    For Period December 1 -December 31, 1997
- -------------------------------------------------------------------------------

                              CASH RECONCILIATION

1.  Beginning Cash Balance:                                      $144,808,517.51
2.  Cash Receipts:  (See Page 2 of 2)        6,720,932.84
3.  Cash Disbursements:  (See Page 2 of 2)  (1,065,805.09)
                                           ---------------
4.  Net Cash Flow:                                                  5,655,127.75
                                                                 ---------------
5.  Ending Cash Balance:                                         $150,463,645.26
                                                                 ===============






                     CASH ACCOUNT SUMMARY - ENDING BALANCES

             ACCOUNT                 AMOUNT                FINANCIAL INSTITUTION
- ------------------------         ---------------           ---------------------
PAYROLL ACCOUNT                       $365.97        FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT                    525.79                   KEY BANK OF UTAH
GENERAL CORP CASH                  470,860.92                   KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT      2,861,356.87       (A)         KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT      11,413,297.67       (A)         US BANK
CHPTR 11 TRUSTEE - JT CD        14,817,624.96       (A)         KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD        26,676,647.49       (A)         BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS         16,175.18       (A)         BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 94,032,275.14       (A)         NATIONS BANK
PROCEEDS FROM ASSET SALES            4,111.04       (A)         KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE        170,404.23                   KEY BANK OF UTAH
                              ---------------
                              $150,463,645.26
                              ===============

(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, 1997
- ---------------------------------- --------------------- ----- ---

                             CASH RECEIPTS JOURNALS

           BANK ACCOUNT                    TOTAL          PAGE
                                                           REF
- ----------------------------------    ---------------    ----- ---
                   PAYROLL ACCOUNT         $35,459.08      A
               PAYROLL TAX ACCOUNT          16,805.42      B
                 GENERAL CORP CASH         618,545.84      C
       CHPTR 11 TRUSTEE JOINT ACCT          12,169.14      E
        CHPTR 11 TRUSTEE - CD ACCT               0.00     N/A
          CHPTR 11 TRUSTEE - JT CD               0.00     N/A
          CHPTR 11 TRUSTEE - JT CD       5,643,375.12      F
       CHPTR 11 TRUSTEE JT SAVINGS              55.04      G
   CHPTR 11 TRUSTEE JOINT MMA ACCT         446,001.57      H
         PROCEEDS FROM ASSET SALES              11.33      I
       KYOCERA MAINTENANCE RESERVE          10,774.80      J
                                      ---------------
                                         6,783,197.34
          LESS:  ACCOUNT TRANSFERS        (62,264.50)
                                      ---------------
               TOTAL CASH RECEIPTS      $6,720,932.84
                                      ===============



CASH DISBURSEMENTS JOURNALS

           BANK ACCOUNT                    TOTAL         PAGE
                                                         REF
- ----------------------------------    ---------------    ----- ---
                   PAYROLL ACCOUNT         $35,505.10      A
               PAYROLL TAX ACCOUNT          16,807.72      B
                 GENERAL CORP CASH       1,002,380.50      D
       CHPTR 11 TRUSTEE JOINT ACCT              43.98      E
        CHPTR 11 TRUSTEE - CD ACCT               0.00     N/A
          CHPTR 11 TRUSTEE - JT CD               0.00     N/A
          CHPTR 11 TRUSTEE - JT CD               0.00      F
       CHPTR 11 TRUSTEE JT SAVINGS               0.00      G
   CHPTR 11 TRUSTEE JOINT MMA ACCT               0.00      H
         PROCEEDS FROM ASSET SALES               0.00      I
       KYOCERA MAINTENANCE RESERVE          73,332.29      J
                                      ---------------
                                         1,128,069.59
          LESS:  ACCOUNT TRANSFERS        (62,264.50)
                                      ---------------
          TOTAL CASH DISBURSEMENTS      $1,065,805.09
                                      ===============

















<PAGE>




                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                                 Payroll Account

                    For Period December 1 - December 31, 1997

- ------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>

   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
<S>             <C>                 <C>                        <C>               <C>  
 12/11/97       CK# 6712            BPC - GENERAL              $9,683.39         PAYROLL TRANSFER
 12/15/97       CK# 6719            BPC - GENERAL              15,785.05         PAYROLL TRANSFER
 12/23/97       CK# 6736            BPC - GENERAL               9,990.64         PAYROLL TRANSFER
                                                              ------------

              TOTAL CASH                                        $35,459.08
                RECEIPTS
                                                              ============
</TABLE>



                                      CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>

   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
<S>            <C>                  <C>                        <C>               <C>  

 12/15/97                           PAYROLL SUMMARY            $9,683.39
 12/15/97                           PAYROLL SUMMARY            15,785.05
 12/31/97                           PAYROLL SUMMARY             9,990.64
 12/31/97      BANK STMT            KEY BANK OF UTAH               46.02         SERVICE CHARGE
                                                              ------------

              TOTAL CASH                                        $35,505.10
             DISBURSEMENTS
                                                              ============

</TABLE>






<PAGE>


                                DEBTOR: BONNEVILLE PACIFIC CORPORATION

                                          Case No. 91A-27701

                                          Payroll Tax Account

                               For Period December 1 - December 31, 1997

- ------------------------------------------------------------------------------

                                         CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
  <S>           <C>                  <C>                       <C>               <C>          

  12/11/97      CK# 6713             BPC - GENERAL              $4,160.56        PR TAX TRANSFER
  12/15/97      CK# 6716             BPC - GENERAL               8,716.95        PR TAX TRANSFER
  12/23/97      CK# 6735             BPC - GENERAL               3,927.91        PR TAX TRANSFER
                                                              ------------

              TOTAL CASH                                        $16,805.42
                RECEIPTS
                                                              ============
</TABLE>



                           CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
  <S>          <C>                <C>                          <C>                <C> 

  12/15/97       KEY TAX          KEY BANK OF UTAH             $3,459.01          FEDERAL TAX DEPOSIT
  12/19/97       KEY TAX          KEY BANK OF UTAH              7,360.54          FEDERAL TAX DEPOSIT
  12/31/97       KEY TAX          KEY BANK OF UTAH              3,210.77          FEDERAL TAX DEPOSIT
  12/31/97      CK# 1252          UTAH ST TAX COMMISSION        2,775.10            STATE TAX DEPOSIT
  12/31/97     BANK STMT          KEY BANK OF UTAH                  2.30               SERVICE CHARGE
                                                              ------------

              TOTAL CASH                                        $16,807.72
             DISBURSEMENTS
                                                              ============

</TABLE>




<PAGE>





                     DEBTOR: BONNEVILLE PACIFIC CORPORATION
                               Case No. 91A-27701
                                General Corp Cash
                    For Period December 1 - December 31, 1997

- -------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>           <C>             <C>                            <C>             <C> 

 12/09/97       DS120997       BONNEVILLE FUELS               $15,496.22      EXPENSE REIMBURSEMENT
 12/19/97       DS121997       SAN DIEGO GAS & ELECTRIC         1,205.74      ENERGY REVENUE-KYOCERA
 12/19/97       DS121997       BONNEVILLE NEVADA CORP.            996.60      EXPENSE REIMBURSEMENT
 12/19/97       DS121997       STATE OF CALIFORNIA             40,437.28      1989 INCOME TAX REFUND
 12/19/97       DS121997       C. MOWER                            42.85      EXPENSE REIMBURSEMENT
 12/30/97       DS123097       BONNEVILLE PACIFIC SERVICES    500,000.00      SUBSIDIARY DIVIDEND
 12/30/97       DS123097       J. ALLSOP                          114.69      INSURANCE REIMBURSEMENT
 12/30/97       DS123097       BONNEVILLE PACIFIC SERVICES     17,122.11      EXPENSE REIMBURSEMENT
 12/30/97       DS123097       COHNE RAPPAPORT & SEGAL            619.75      EXPENSE REIMBURSEMENT
 12/30/97       DS123097       KYOCERA AMERICA                 32,356.86      ENERGY REVENUE-KYOCERA
 12/30/97       DS123097       BANK ONE                            37.00      INTEREST INCOME
 12/30/97       DS123097       STATE OF VERMONT                   174.00      1994 INCOME TAX REFUND
 12/30/97       DS123097       BONNEVILLE FUELS                 6,598.77      EXPENSE REIMBURSEMENT
 12/31/97      BANK STMT       KEY BANK OF UTAH                 3,343.97      INTEREST INCOME
                                                              ------------

              TOTAL CASH RECEIPTS                             $618,545.84
                                                              ============
</TABLE>



<PAGE>










                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                                General Corp Cash

                    For Period December 1 - December 31, 1997

- ------------------------------------------------------------------------------

                           CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>         <C>            <C>                               <C>            <C>   

 12/03/97    1006690        BENEFICIAL LIFE INSURANCE CO         $766.15      INSURANCE-DISABILITY
 12/03/97    1006691        BONNEVILLE PACIFIC SERVICES         1,408.48      KYOCERA O&M EXPENSE
 12/03/97    1006692        BPC-KYOCERA MAINT RESERVE          10,000.00      TRANSFER-MAINT RESERVE
 12/03/97    1006693        MARCIA CUSTER                          64.67      OFFICE SUPPLIES & EXPENSE
 12/03/97    1006694        DORN ASSOCIATES LTD                12,573.00      RENT-OFFICE SPACE & PARKING
 12/03/97    1006695        FIRST CONTINENTAL LIFE & ACCIDENT   6,253.64      INSURANCE-DENTAL
 12/03/97    1006696        FLORAL TAPESTRY                        43.50      OFFICE SUPPLIES & EXPENSE
 12/03/97    1006697        JOHN FLANDERS                         325.00      ENTERTAINMENT EXPENSE
 12/03/97    1006698        THE PLANT GALLERY                      69.50      OFFICE SUPPLIES & EXPENSE
 12/03/97    1006699        REDMAN VAN & STORAGE CO INC            44.26      RENT-STORAGE
 12/03/97    1006700        UNUM LIFE INSURANCE CO              1,438.21      INSURANCE-DISABILITY
 12/10/97    1006701        COMPUSERVE                              9.95      OFFICE SUPPLIES & EXPENSE
 12/10/97    1006702        EXPRESS MESSENGER SYSTEMS INC           5.00      OFFICE SUPPLIES & EXPENSE
 12/10/97    1006703        FEDERAL EXPRESS INC                    12.00      EXPRESS MAIL EXPENSE
 12/10/97    1006704        GENERATOR POWER SYSTEMS INC        21,161.33      KYOCERA-O&M EXPENSE
 12/10/97    1006705        HERITAGE PRODUCTS INC                 291.06      OFFICE SUPPLIES & EXPENSE
 12/10/97    1006706        SANDY KENT                             27.52      OFFICE SUPPLIES & EXPENSE
 12/10/97    1006707        CLARK MOWER                           650.82      TRAVEL REIMBURSEMENT
 12/10/97    1006708        THE PRUDENTIAL                        973.97      INSURANCE-DISABILITY
 12/10/97    1006709        REDMAN VAN & STORAGE CO INC           142.22      RENT-STORAGE
 12/10/97    1006710        SAN DIEGO GAS & ELECTRIC              101.26      KYOCERA-O&M EXPENSE
 12/10/97    1006711        SWIRE COCA-COLA USA                    10.62      OFFICE SUPPLIES & EXPENSE
 12/11/97    1006712        BPC-PAYROLL ACCOUNT                 9,683.39      TRANFER-PAYROLL ACCT
 12/11/97    1006713        BPC-PAYROLL TAX ACCT                4,160.56      TRANSFER-PAYROLL TAX ACCT
 12/11/97    1006714        WELLS FARGO BANK                      753.10      401K CONTRIBUTIONS
 12/11/97    1006715        WELLS FARGO BANK                       81.70      401K EMPLOYEE LOAN PAYMENT
 12/15/97    1006716        BPC-PAYROLL TAX ACCT                8,716.95      TRANSFER-PAYROLL TAX ACCT
             1006717        VOID
 12/15/97    1006718        JERRY HANSEN                       55,000.00      SETTLEMENT PAYMENT
 12/15/97    1006719        BPC-PAYROLL ACCOUNT                15,785.05      TRANSFER-PAYROLL ACCT
 12/17/97    1006720        AIRBORNE EXPRESS                       60.13      EXPRESS MAIL EXPENSE
 12/17/97    1006721        ARIZONA DEPT OF REVENUE             2,092.48      STATE INCOME TAX
 12/17/97    1006722        AUTOMATED OFFICE SYSTEMS INC          398.34      OFFICE SUPPLIES & EXPENSE
 12/17/97    1006723        MARCIA CUSTER                       1,205.59      EMPLOYEE PARTY REIMBURSE
 12/17/97    1006724        FRONTIER COMMUNICATIONS SRVCS         762.51      TELEPHONE EXPENSE
 12/17/97    1006725        MICRON ELECTRONICS INC              2,441.18      COMPUTER EQUIPMENT
 12/17/97    1006726        MOUNT OLYMPUS WATER                    34.60      OFFICE SUPPLIES & EXPENSE
 12/17/97    1006727        MOUNTAIN STATES OFFICE PRODUCTS       391.90      OFFICE SUPPLIES & EXPENSE
 12/17/97    1006728        PURCHASE POWER PITNEY BOWES             9.50      OFFICE SUPPLIES & EXPENSE
 12/17/97    1006729        REDMAN VAN & STORAGE CO INC            88.52      RENT-STORAGE
 12/17/97    1006730        UNITED HEALTH CARE                 20,875.40      INSURANCE-HEALTH
 12/17/97    1006731        XEROX CORPORATION                     349.55      OFFICE SUPPLIES & EXPENSE
 12/23/97    1006732        AEE ENERGY SEMINARS                 1,490.00      CONFERENCES & SEMINARS
 12/23/97    1006733        BEAR STEARNS & CO INC             214,743.77      PROFESSIONAL FEES

</TABLE>









<PAGE>







                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                                General Corp Cash

                    For Period December 1 - December 31, 1997

- ------------------------------------------------------------------------------

                     CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>         <C>               <C>                             <C>              <C> 

 12/23/97    1006734           BEUS GILBERT & MORRILL          208,823.35       PROFESSIONAL FEES
 12/23/97    1006735           BPC-PAYROLL TAX ACCT              3,927.91       TRANSFER-PAYROLL TAX ACCT
 12/23/97    1006736           BPC-PAYROLL ACCT                  9,990.64       TRANSFER-PAYROLL ACCT
 12/23/97    1006737           COHNE RAPPAPORT & SEGAL         163,253.59       PROFESSIONAL FEES & COSTS
 12/23/97    1006738           HEIN & ASSOCIATES                   986.62       PROFESSIONAL FEES & COSTS
 12/23/97    1006739           MOUNT OLYMPUS WATER                  11.98       OFFICE SUPPLIES & EXPENSE
 12/23/97    1006740           NEILSON ELGGREN DURKIN & CO      69,783.04       PROFESSIONAL FEES & COSTS
 12/23/97    1006741           REDMAN VAN & STORAGE CO INC         448.36       RENT-STORAGE
 12/23/97    1006742           ROGER G. SEGAL, TRUSTEE          52,038.81       PROFESSIONAL FEES & COSTS
 12/23/97    1006743           US WEST COMMUNICATIONS              794.25       TELEPHONE EXPENSE
 12/23/97    1006744           WELLS FARGO BANK                    434.80       401K CONTRIBUTIONS
 12/23/97    1006745           WEIL GOTCHALL & MANGES           56,067.14       PROFESSIONAL FEES & COSTS
 12/23/97    1006746           BEUS GILBERT & MORRILL           13,760.39       PROFESSIONAL COSTS
 12/30/97    1006747           BJ SERVICES COMPANY              25,577.95       COST OF ABANDONED PROPRTY
 12/31/97    1006767           WELLS FARGO BANK                    936.00       401K CONTRIBUTIONS
 12/31/97    BANK STMT         KEY BANK OF UTAH                     49.29       BANK SERVICE CHARGE
                                                              ------------

              TOTAL CASH                                      $1,002,380.50
             DISBURSEMENTS
                                                              ============
</TABLE>







<PAGE>



                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                        Chapter 11 Trustee Joint Account

                    For Period December 1 - December 31, 1997

- -------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
  <S>         <C>           <C>                                <C>            <C> 

  12/31/97    BANK STMT     KEY BANK                           $12,169.14     INTEREST INCOME

</TABLE>





                                      CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>           <C>          <C>                                 <C>             <C>  

 12/31/97      BANK STMT    KEY BANK OF UTAH                    $43.98          BANK SERVICE CHARGE

</TABLE>









<PAGE>








                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                       Chapter 11 Trustee JT - CD Account

                    For Period December 1 - December 31, 1997

- -------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
  <S>         <C>           <C>                               <C>                <C> 

  12/31/97                  BONNEVILLE NEVADA CORPORATION     $2,100,000.00      DIVIDEND PAYMENT
  12/31/97                  BONNEVILLE PACIFIC SERIVCES        3,400,000.00      DIVIDEND PAYMENT
  12/31/97     BANK STMT                          BANK ONE       143,375.12      INTEREST INCOME

              TOTAL CASH RECEIPTS                              5,643,375.12
                                                              ==============
</TABLE>



                                      CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>         <C>            <C>                               <C>            <C> 
                            NONE
</TABLE>


























<PAGE>















                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                         Chapter 11 Trustee - CD Account

                    For Period December 1 - December 31, 1997

- -------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>          <C>            <C>                              <C>            <C>  

 12/31/97     BANK STMT      BANK-ONE                         $55.04         INTEREST INCOME

</TABLE>



                                      CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>          <C>            <C>                              <C>            <C> 
                             NONE

</TABLE>









<PAGE>


- -------------------------------------------------------------------------------
                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                       Chapter 11 Trustee JT - MMA Account

                    For Period December 1 - December 31, 1997

- -------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
  <S>          <C>           <C>                              <C>             <C> 
  12/31/97     BANK STMT     NATIONS BANK                     $446,001.57     INTEREST INCOME

</TABLE>



                           CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>          <C>            <C>                              <C>             <C> 
                             NONE

</TABLE>













<PAGE>







                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                            Proceeds From Asset Sales

                    For Period December 1 - December 31, 1997

- ------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>          <C>            <C>                                 <C>            <C> 
 12/31/97      BANK STMT     KEY BANK OF UTAH                    $11.33         INTEREST INCOME

</TABLE>




                           CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>          <C>            <C>                               <C>              <C> 
                             NONE

</TABLE>

















<PAGE>








                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                           Kyocera Maintenance Reserve

                    For Period December 1 - December 31, 1997

- -------------------------------------------------------------------------------

                              CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYOR                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>          <C>                <C>                          <C>               <C> 

 12/01/97     CK# 6692           BONNEVILLE PACIFIC CORP      $10,000.00        TRANSFER
 12/31/97     BANK STMT          KEY BANK OF UTAH                 774.80        INTEREST INCOME
                                                              ------------

              TOTAL CASH RECEIPTS                             $10,774.80
                                                              ============

</TABLE>


                           CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
   DATE         DOC #                   PAYEE                    AMOUNT             DESCRIPTION
- ----------   -----------    ------------------------------    ------------   --------------------------
 <S>            <C>           <C>                             <C>               <C> 
 12/10/97       CK #1031      GENERATOR POWER SYSTEMS         $63,332.29        KYOCERA O&M EXPENSE
 12/15/97       CK #1032      CABLE MECHANICAL                 10,000.00        KYOCERA O&M EXPENSE

                                                              $73,332.29
                                                             ============
</TABLE>





<PAGE>




                                                        

                     DEBTOR: BONNEVILLE PACIFIC CORPORATION
                               Case No. 91A-27701
                                  Balance Sheet
                             As of December 31, 1997

- -------------------------------------------------------------------------------
    ASSETS
    Current Assets:
       Cash                                       $150,463,645
       Accounts receivable - trade                       1,321
       Accounts receivable - settlements (Note4)     5,583,087
       Accounts receivable - affiliates                 28,229
       Prepaid insurance                                31,748
       Accrued interest receivable                     209,620
                                                   ------------
       Total current assets                                       $156,317,650

    Fixes Assets:
       Land                                            198,424
       Equipment, furniture and fixtures             3,797,557
                                                   ------------
       Total fixed assets                            3,995,981
       Less:  Accumulated depreciation              (3,157,944)
                                                   ------------
       Net fixed assets                                                838,037
    Other Assets:
       Investment in and advances to subsidiaries
         and partnership (Note 7)                   25,040,791
       Other assets                                      1,820
                                                   ------------
       Total other assets                                           25,042,611
                                                                  -------------
    TOTAL ASSETS                                                  $182,198,298
                                                                  =============

    LIABILITIES
    Post-Petition Liabilities:
       Accounts payable - trade                       $118,284
       Accounts payable - professional fees
         and costs                                   2,132,412
       Accrued income taxes payable (Note 5)                 0
       Taxes payable                                   120,000
       Accrued interest                             45,430,505
                                                   ------------
       Total post-petition liabilities                             $47,801,201
    Pre-Petition Liabilities:
       Priority claims                                   5,180
       Secured debt                                          0
       Unsecured debt (Notes 1 and 3)               99,968,782
                                                   ------------
    Total Pre-Petition Liabilities                                  99,973,962
                                                                   ------------
    TOTAL LIABILITIES                                              147,775,163

    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)                      (28,520,483)
                                                   ------------
    TOTAL OWNER'S EQUITY (Notes 1 and 3)                            34,423,135
                                                                  -------------
    TOTAL LIABILITIES AND OWNER'S EQUITY                          $182,198,298
                                                                  =============





<PAGE>





                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                            Profit and Loss Statement

                    For Period December 1 - December 31, 1997

- -----------------------------------------------------------------------------

  Gross operating revenue                         $86,351
  Less discount, returns and allowances                 0
                                                ----------
     Net operating revenue                                       $86,351

     Cost of goods sold                                         (229,515)
                                                               ----------

     Gross profit                                               (143,164)

  Operating expenses:
     Salaries and wages                            52,690
     Rent and leases                                2,386
     Payroll taxes                                 12,293
     Insurance                                      4,271
     Other                                          8,311
                                                ----------
     Total operating expenses                                    (79,951)
                                                               ----------

     Operating income (loss)                                    (223,115)

  Legal and professional fees and costs (Note 4)  196,718
  Depreciation, depletion and administration        3,618
  Claims settlement expense                             0
  Interest expense                             45,430,505
                                               -----------
      Total                                                  (45,630,841)
                                                             ------------
      Net operating income (loss)                            (45,853,956)

  Non-operating income and (expenses):
    Interest income                               678,253
    Other income - settlements                    (55,000)
    Other income                                  565,189
    Equity in earnings (losses) of subsidiaries
      and partnerships (Note 2)                   863,117
                                               -----------
        Net non-operating income or (expenses)                 2,051,559
                                                              -----------

        Net income (loss) before income taxes                (43,802,397)

        Provision for income taxes (benefit) (Note 5)           (225,084) 
                                                              -----------

        NET INCOME (LOSS)                                   ($43,577,313)
                                                            ==============






<PAGE>







                 DEBTOR: BONNEVILLE PACIFIC CORPORATION

                           Case No. 91A-27701

                 General Notes to Financial Statements

               For Period December 1 to December 31, 1997

- ------------------------------------------------------------------------

1.   The Balance Sheet and Income Statement of Bonneville  Pacific  Corporation,
     included  in the  Monthly  Financial  Report,  are  prepared on the accrual
     basis. As a result, revenues are generally recorded when earned rather than
     when received and expenses are generally  recognized when the obligation is
     incurred  rather than when the  expenses are paid.  During the  bankruptcy,
     until this Financial Statement,  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.

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 $5,100,000.00, post-petition debenture sale claims in
     the  approximate  amount of  $10,700,000.00,  limited partner claims in the
     approximate  amount of  $4,000,000.00,  Section 510(b) equity claims in the
     approximate  amount of  $45,000,000.00  (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,  and potential  administrative fees which
     may be allowed by the Bankruptcy Court.

     THE RECORDING OF THE ABOVE DESCRIBED LIABILITIES OR POTENTIAL CLAIMS, IF 
     ALLOWED, WILL REDUCE EQUITY BY A CORRESPONDING AMOUNT.










<PAGE>











                 DEBTOR: BONNEVILLE PACIFIC CORPORATION

                           Case No. 91A-27701

                 General Notes to Financial Statements

                              (Continued)

               For Period December 1 to December 31, 1997

- ------------------------------------------------------------------------




     For further  information  concerning  liabilities and potential dlaims,
     see the "Trustee's  Preliminary  Report  (Estimate)  Concerning  Claims
     Filed  Against the Estate" dated March 17, 1997,  which was  originally
     filed on March  17,  1997 and  which  was  originally  attached  to the
     Financial  Report for the period February 1, 1997 through  February 28,
     1997 and the "Report of Trustee Regarding  Administration of the Estate
     from  7/1/96  through  6/30/97"  filed  with  the  Bankruptcy  Court on
     September 4, 1997.

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, 1997 and are  reflected  on the December 31,
     1997 Financial Statements. Approved settlements are as follows:

                          W. Johnson               $1,083,087
                          Westinghouse Electric     3,000,000
                          Piper Jaffray             1,500,000
                                                   -----------
                                                   $5,583,087

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 as 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.
     Based  in  part  on  certain  valuation  work  performed  by the  Trustee's
     financial  advisor,  the  Trusteee is of the opinion that the book value of
     the  Company's  investment  in,  and  advances  to,  its  subsidiaries  and
     partnerships  is materially less than the current fair market value of such
     assets.



















<PAGE>












                        DEBTOR: BONNEVILLE PACIFIC CORPORATION

                                  Case No. 91A-27701

                        Taxes Payable Schedule (Post-Petition)

                    For the Period December 1 to December 31, 1997

- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                       Beginning                                  Payments      Date       Check       Ending
                        Balance     Adjustments    Additions      Deposits      Paid       Numb.       Balance
                      -----------   -----------   -----------    ----------   --------   ---------   -----------
<S>                   <C>             <C>         <C>            <C>          <C>        <C>         <C>

Income tax withheld:
   Federal               $0.00         $0.00      ($9,258.26)    $2,086.15    12/15/97    KEY TAX       $0.00
                                                                  4,984.54    12/19/97    KEY TAX
                                                                  2,187.57    12/31/97    KEY TAX
   State                  0.00                     (2,775.10)     2,775.10    12/31/97    1252

FICA tax withheld         0.00                     (2,386.03)       686.43    12/15/97    KEY TAX
                                                                  1,188.00    12/19/97    KEY TAX        0.00
                                                                    511.60    12/31/97    KEY TAX
Employer's FICA tax       0.00                     (2,386.03)       686.43    12/15/97    KEY TAX
                                                                  1,188.00    12/19/97    KEY TAX        0.00
                                                                    511.60    12/31/97    KEY TAX
Unemployment tax:
   Federal                0.00                                                                           0.00
   State                  0.00                                                                           0.00

Sales, use & excise       0.00                                                                           0.00
  taxes
   Property taxes     (117,501.00)                 (2,499.00)                                        (120,000.00)

Accrued income tax:
   Federal            (227,176.00)   227,176.00                                                          0.00
   State                  0.00          0.00       (2,092.48)     2,092.48    12/17/97    1006721        0.00

Delaware franchise tax    0.00                                                                           0.00

Employee withholding      0.00          0.00       (2,042.20)       753.10    12/11/97    1006714        0.00
                      -----------   -----------   -----------                                         -----------
                                                                    353.10    12/23/97    1006744
                            
                                                                    936.00    12/31/97    1006767
                                                                 -----------
TOTALS               ($344,677.00)  $227,176.00  ($23,439.10)    $20,940.10                          ($120,000.00)
                      ===========   ===========  ============    ===========                         =============

</TABLE>




<PAGE>





                    DEBTOR: BONNEVILLE PACIFIC CORPORATION

                              Case No. 91A-27701

                              Insurance Schedule

                  For Period December 1 to December 31, 1997

- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                 Policy
                                                   Amount of    Expiration  Premium Paid
                             Carrier/Agent         Coverage       Date      Thru Date
                           -----------------      -----------   --------    ----------
<S>                        <C>                     <C>          <C>         <C>  


Worker's Compensation      Various State Funds     Statutory
                                                   $1,000,000      (A)       12/31/97

General Liability          Travelers Insurance/
                           Sedgwick James           5,000,000    08/17/98    08/17/98

Vehicles                   Travelers Insurance/
(Hired/Non-Owned)          Sedgwick James           5,000,000    08/17/98    08/17/98

Property:
   Bonneville Pacific      Federal Insurance Co./
                           Sedgwick James             735,000    08/17/98    08/17/98

   Kyocera                 Federal/Hartford Steam/
                           Sedgwick James           5,352,879    08/17/98    08/17/98
</TABLE>


(A)    All workers  compensation  insurance policies are insured through various
       state  insurance  funds.  As such, they continue in force as premiums are
       paid and have no policy expiration dates.









<PAGE>





                     DEBTOR: BONNEVILLE PACIFIC CORPORATION
                               Case No. 91A-27701
                      Accounts Receivable and Payable Aging
                   For Period December 1 to December 31, 1997
- ------------------------------------------------------------------------------

                                                      Accounts
                          Non-Affiliate  Accounts      Payable
                           Accounts      Payable     Professional
                          Receivable      Trade         Fees
                          ----------    ----------   -----------

          Under 30 days   $5,584,408      $113,640    $2,132,412
          30 to 60 days            0            70             0
          61 to 90 days            0             0             0
           Over 90 days            0         4,574             0
                          ----------    ----------   -----------

    Total post-petition    5,584,408       118,284     2,132,412

   Pre-petition amounts            0     3,665,012             0
                          ----------    ----------   -----------

Total accounts receivable $5,584,408
                          ==========

 Total accounts payable                 $3,783,296    $2,132,412
                                        ==========   ===========


                          Affiliate
                           Accounts
                          Receivable
                          ----------

          Under 30 days      $28,229
          30 to 60 days            0
          61 to 90 days            0
           Over 90 days            0
                          ----------

    Total post-petition
     affiliate accounts
             receivable      $28,229
                          ==========
















<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, 1997

- ------------------------------------------------------------------------------



                                               Date of
                                                Court       Estimated
                                Amount Paid    Approval    Balance Due
                                -----------   ----------   -----------

Court Appointed Trustee           $52,039      12/23/97      $38,619   (1)
Trustee's Counsel                 163,254      12/23/97      110,001   (1)
Trustee's Accountants              69,783      12/23/97       22,859
Trustee's Special Plan Counsel     56,067      12/23/97       60,000
Special Litigation Counsel for
    Trustee - Costs                13,760      12/23/97        2,432
    Trustee - Fees                208,823      12/23/97    1,798,500   (2)
Auditors                              987      12/23/97            0
Financial Consultants             214,744      12/23/97      100,000
                                ----------                -----------

                       Total     $779,457                  $2,132,411
                                ==========                ===========


(1)   Includes  only  hourly  rate and  miscellaneous  Trustee  costs.  Does not
      include any  additional  amounts that may be awarded by the court relating
      to 11 USC Section  326 or as an enhanced  fee to either the Trustee or the
      Trustee's general counsel.

(2)    Includes  an  accrual  for any  contingent  fees due as a result of Court
       approved settlements or recoveries. Estimated contingent fees are accrued
       when settlements are approved by the Court. The contingent fees fees that
       have been accrued on settlements approved by the Court are as follows:

          1.  $3,000,000.00 - Westinghouse Settlement     Fees - $990,000.00
          2.  $1,500,000.00 - Piper Jaffray Settlement    Fees - $495,000.00
          3.  $1,050,000.00 - Johnson Settlement          Fees - $346,500.00

       The  $3,000,000.00  Westinghouse  settlement  payment,  the $1,500,000.00
       Piper Jaffray settlement  payment and approximately  $1,145,305.00 of the
       Johnson settlement have not yet been received. Settlements have
        been booked as receivables.










<PAGE>





                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                  Schedule of Payments to Principal/Executives

                   For Period December 1 to December 31, 1997

- ------------------------------------------------------------------------------


       Payee Name          Position     Nature of Payment          Amount
     ---------------       --------     ------------------       ----------

      Ralph F. Cox         Director      Director Fees             $0.00

      Calvin L. Rampton    Director      Director Fees             $0.00

      Clark M. Mower      President      Salary                 $12,566.68
                                         Bonus                  $10,000.00
                                         Expense Reimbursement     $650.82








<PAGE>










                     DEBTOR: BONNEVILLE PACIFIC CORPORATION

                               Case No. 91A-27701

                              Quarterly Fee Summary

                          Month Ended December 31, 1997

- ------------------------------------------------------------------------------

                      Cash         Quarterly    Payment
                   Disbursement     Fee Due     Check No.    Date
                   -----------     ---------    --------   ---------

      January      $220,508.24
      February      169,408.87
      March         215,808.71
                   -----------
      Total 1st     605,725.82     $3,750.00     1006268    04/17/97
       Quarter


      April       4,093,233.83
      May           128,144.26
      June          152,976.15
                   -----------
      Total 2nd   4,374,354.24     $8,000.00     1006458    07/23/97
       Quarter


      July          126,042.84
      August      2,298,948.13
      September     957,979.91
                   -----------
      Total 3rd   3,382,970.88     $8,000.00     1006639    10/29/97
       Quarter


      October       147,513.05
      November      458,527.92
      December    1,065,805.09
                   -----------
      Total 4th   1,671,846.06
       Quarter


(1)    This  summary is to  reflect  the  current  calendar  year's  information
       cumulative to the end of the current reporting period.






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