SECURITIES AND EXCHANGE COMMISSION
----------------------------------
Washington, D.C. 20549
FORM 8-K
--------
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date Report (Date of earliest event reported) October 15, 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 September 1, 1998 to September 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 October 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 October 15, 1998
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter 11, or
the period September 1, 1998 to September
30, 1998, of the Registrant, dated
October 15, 1998 as filed by the
Registrant with the United States
Bankruptcy Court for the District of
Utah, Central Division on
October 15, 1998 . . . . . . . . . . . . . . . . . .5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period September 1 to September 30, 1998
--------- ---------------------------------
Accounting Method Used: [X] Accrual Basis [ ] Cash Basis
COVER SHEET
- -----------------------------------------------------------------------------
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE
Mark One Box MONTH. The debtor must attach each of the following
For Each 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: October 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 October 1998.
By: Roger G. Segal, Chapter 11 Trustee
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Bankruptcy No. 91A-27701
Narrative
For the Month Ended September 30, 1998
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of September 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 September and
the first part of October 1998(1) (other than administrative matters,
including professional fee applications) in accordance with various
provisions of the Bankruptcy Code are as follows:
The Trustee's Amended Chapter 11 Plan for the Estate of Bonneville Pacific
Corporation dated April 22, 1998 (the "Trustee's Amended Plan") details the
treatment of all the Company's creditors and equity interest holders. The
Trustee's Amended Plan, if it becomes effective, would resolve most of the
legal and factual disputes which currently affect the Company.
The hearing on confirmation of the Trustee's Amended Plan was held as
scheduled on August 26, 1998 at which hearing the Bankruptcy Court
established the estimated value of the common stock to be issued pursuant to
the Trustee's Amended Plan at $2.36 per share and confirmed the Trustee's
Amended Plan. The order confirming the Trustee's Amended Plan was entered on
August 27, 1998. Notice of the confirmation of the Trustee's Amended Plan
was mailed to all parties in interest on or about September 16, 1998.
- ---------------
(1) This narrative attempts to summarize significant events
affecting the Company through approximately October 13, 1998.
<PAGE>
The Trustee currently anticipates that the effective date of the Trustee's
Amended Plan will be November 2, 1998. Accordingly, the Trustee currently
anticipates that the distributions of cash and stock as set forth in the
Trustee's Amended Plan will occur sometime during the first part of
November, 1998. The Reverse Stock Split (the one-for-four reverse stock
split set forth in the Trustee's Amended Plan) is also currently anticipated
to occur on November 2, 1998.(2)
The board of directors for the Reorganized Debtor on the effective date will
be James Bernard, Ralph Cox, Hal Dittmer, Michael Devitt, Michael Fowler,
Harold Robinson III and Steve Stepanek.
Preparation of the 1997 U.S. Corporate Income Tax Return has been completed
and the tax return was filed in late July, 1998, along with a request
pursuant to 11 U.S.C. Section 505 (b) for a prompt tax determination. The
return reflects no tax due and owing. The Internal Revenue Service, by
letter dated August 28, 1998, notified the Trustee that the 1997 U.S.
Corporate Income Tax Return 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, 1997 is approximately $23,700,000.00 and approximately
$26,700,000.00 in Alternative Minimum Tax Loss carry-forwards. Tax loss
carry-forwards are subject to future review or determination by the Internal
Revenue Service. 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 Section382 of the Internal Revenue
Code. Preparation of all 1997 State Corporate Income Tax Returns for the
Company has been completed and such tax returns have all now been filed. To
the best of the Trustee's knowledge the Company is now current in its filing
of all required Corporate Income Tax Returns.
In preparation for the 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. Now that the Trustee's Amended Plan has
been confirmed and the Internal Revenue Service has accepted as filed the
Company's 1997 U.S. Corporate Income Tax Return, Hein + Associates has been
instructed to complete all outstanding audit work so that the Company can
emerge from Chapter 11 and be in compliance with the reporting requirements
of the U.S. Securities and Exchange Commission. Hein + Associates is
currently engaged in performing all of the work to complete the audited
financial statements.
Bear, Stearns & Company (the Trustee's financial advisor/investment banker)
completed its work in estimating the value of the Company's (and its
affiliates') business assets. The Trustee has made public
- ---------------
(2) The Company's common stock is currently traded on a limited
basis in the over-the-counter market. It is anticipated that
for market trading purposes, the Reverse Stock Split will be
effective at the commencement of business on November 3, 1998.
<PAGE>
the summary of such work performed by Bear, Stearns & Company as Exhibit "2"
to the Disclosure Statement (Amended) for the Trustee's Amended Chapter 11
Plan for the Estate of Bonneville Pacific Corporation Dated April 22, 1998
(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
fair market value of such business assets. For purposes of the Trustee's
Amended Plan, the estimated value of the Company's business assets as of
December 31, 1997 was (including cash held by the Company's subsidiaries)
approximately sixty-three million dollars ($63,000,000.00)
The Trustee, on September 28, 1998, received another written expression of
interest from a large corporation in the power generation business concerning
the possible acquisition, for cash, of the non oil and gas assets of the
Company or, in the alternative, the purchase of the outstanding shares of
the Company's common stock. The possible purchase price for such non oil and
gas assets is generally consistent with the range of values generally
discussed in the Trustee's Amended Disclosure Statement. The party making
such expression of interest indicated that (a) it had made certain
fundamental assumptions in developing its proposal; (b) such assumptions
would need to be confirmed through additional due diligence; (c) the possible
purchase price would be subject to adjustment based upon the results of such
due diligence and other factors; (d) the proposal was subject to various
federal and state governmental approvals; (e) the proposal was subject to
the consents of lenders and various parties who had contracts with the
Company or its subsidiaries; and (f) the proposal was subject to a definitive
agreement. For several reasons, not the least of which are (a) the uncertain
and contingent nature of the expression of interest and (b) the possibility
that if the Trustee were to now postpone the effective date of the confirmed
Trustee's Amended Plan for what would likely be at least several months then
the Trustee's Amended Plan might never become effective, the Trustee has
decided not to pursue the expression of interest because the Trustee believes
it is in the best interest of the Company, its creditors and shareholders to
have the confirmed Trustee's Amended Plan become effective. However, the
Trustee has notified the Company's management and the future members of the
Company's new board of directors (which will be seated on the effective date
of the Trustee's Amended Plan) of such expression of interest.
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
<PAGE>
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 until recently to
settle his proof of claim in a manner that reflected a realistic assessment
of its true value. As a consequence the Trustee filed a formal objection to
such claim and was proceeding with discovery but a hearing on the objection
had not yet been scheduled. In early September Weesner agreed to accept a
$100,000.00 payment in settlement of his claim. The settlement has been
reduced to formal agreement and is conditioned upon Bankruptcy Court
approval. The Trustee has filed a Motion for Approval of the Settlement
Agreement and a hearing on the Motion is now scheduled before the Bankruptcy
Court on October 28, 1998.
The only other unresolved Proof of Claim of significance is the claim of
First American Bank (Claim No. 3345) filed as a Section 510 (b) Securities
Claim (Class 9 under the Trustee's Amended Plan) in an undetermined amount
but which, according to the claimant, could be as much as approximately
$580,000.00. The Trustee disputes the claim and on September 27, 1998 the
Trustee filed a formal objection to the claim. A hearing on the claim
objection is now scheduled for October 26, 1998.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period September 1 - September 30, 1998
CASH RECONCILIATION
1. Beginning Cash Balance: $156,814,544.09
2. Cash Receipts: (See Page 2 of 2) 4,378,368.24
3. Cash Disbursements: (See Page 2 of 2) (707,026.92)
----------
4. Net Cash Flow: 3,671,341.32
------------
5. Ending Cash Balance: $160,485,885.41
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $922.16 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 512.29 KEY BANK OF UTAH
GENERAL CORP CASH 1,109,396.17 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 1,887,426.07 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,468,214.75 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 20,535,635.94 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 27,700,110.93 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 32,276.22 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 97,704,964.37 (A) NATIONS BANK
PROCEEDS FROM ASSET SALES 4,199.76 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 42,226.75 KEY BANK OF UTAH
---------
$160,485,885.41
===============
</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 September 1 - September 30, 1998
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,974.70 A
PAYROLL TAX ACCOUNT 8,666.64 B
GENERAL CORP CASH 1,628,750.65 C
CHPTR 11 TRUSTEE JOINT ACCT 1,853,129.13 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 253,598.90 F
CHPTR 11 TRUSTEE - JT CD 241,217.04 G
CHPTR 11 TRUSTEE JT SAVINGS 115.25 H
CHPTR 11 TRUSTEE JOINT MMA ACCT 401,475.57 I
PROCEEDS FROM ASSET SALES 8.60 J
KYOCERA MAINTENANCE RESERVE 10,073.10 K
---------
4,417,009.58
LESS: ACCOUNT TRANSFERS (38,641.34)
---------
TOTAL CASH RECEIPTS $4,378,368.24
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $20,016.31 A
PAYROLL TAX ACCOUNT 8,666.64 B
GENERAL CORP CASH 716,942.19 D
CHPTR 11 TRUSTEE JOINT ACCT 43.12 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 F
CHPTR 11 TRUSTEE - JT CD 0.00 G
CHPTR 11 TRUSTEE JT SAVINGS 0.00 H
CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 I
PROCEEDS FROM ASSET SALES 0.00 J
KYOCERA MAINTENANCE RESERVE 0.00 K
----
745,668.26
LESS: ACCOUNT TRANSFERS (38,641.34)
---------
TOTAL CASH DISBURSEMENTS $707,026.92
===========
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/11/98 CK# 7218 BPC - GENERAL $9,977.44 PAYROLL TRANSFER
09/28/98 CK# 7238 BPC - GENERAL 9,997.26 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,974.70
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/15/98 PAYROLL SUMMARY $9,977.44
09/30/98 PAYROLL SUMMARY 9,997.26
09/30/98 BANK STMT FIRST SECURITY BANK 41.61 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $20,016.31
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/11/98 CK# 7217 BPC - GENERAL $4,328.15 PR TAX TRANSFER
09/28/98 CK# 7237 BPC - GENERAL 4,338.49 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $8,666.64
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/11/98 KEY TAX KEY BANK OF UTAH $3,600.89 FEDERAL TAX DEPOSIT
09/28/98 KEY TAX KEY BANK OF UTAH 3,609.41 FEDERAL TAX DEPOSIT
09/28/98 CK# 1264 UTAH ST TAX COMMISSION 1,456.34 STATE TAX DEPOSIT
--------
TOTAL CASH DISBURSEMENTS $8,666.64
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/09/98 PIPER JAFFERY $1,500,000.00 SETTLEMENT PAYMENT
09/16/98 DS091698 BONNEVILLE NEVADA CORP 1,522.24 EXPENSE REIMBURSEMENT
09/16/98 DS091698 BONNEVILLE PACIFIC SERVICES 1,442.89 EXPENSE REIMBURSEMENT
09/29/98 DS092998 PITNEY BOWES 403.53 EXPENSE REIMBURSEMENT
09/29/98 DS092998 BSA ADVERTISING 4,273.40 EXPENSE REIMBURSEMENT
09/29/98 DS092998 EDWARDS SOOY & BYRON 34.71 EXPENSE REIMBURSEMENT
09/29/98 DS092998 SAN DIEGO GAS & ELECTRIC 1,244.70 ENERGY REVENUE-KYOCERA
09/29/98 DS092998 KYOCERA AMERICA 114,176.40 ENERGY REVENUE-KYOCERA
09/29/98 DS092999 BONNEVILLE FUELS 1,815.66 EXPENSE REIMBURSEMENT
09/30/98 BANK STMT KEY BANK OF UTAH 3,837.12 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $1,628,750.65
=============
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1998
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
1007193 VOID $0.00
09/01/98 1007194 BSA ADVERTISING 16,000.00 OFFICE SUPPLIES & EXPENSE
09/03/98 1007195 ADAPTEC INC 10.58 KYOCERA-O&M EXPENSE
09/03/98 1007196 AUTOMATED OFFICE SYSTEMS 59.82 OFFICE SUPPLIES & EXPENSE
09/03/98 1007197 BENEFICIAL LIFE INSURANCE 910.69 INSURANCE-LIFE
09/03/98 1007198 BONNEVILLE PACIFIC SERVICES 806.40 OFFICE SUPPLIES & EXPENSE
09/03/98 1007199 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-KYOCERA MAINT
09/03/98 1007200 DORN ASSOCIATES LTD 10,906.00 RENT-OFFICE SPACE & PARKING
09/03/98 1007201 FIRST CONTINENTAL LIFE & ACCIDENT 3,579.28 INSURANCE-DENTAL
09/03/98 1007202 FRONTIER COMMUNICATIONS 601.57 TELEPHONE EXPENSE
09/03/98 1007203 KWIK COPY 50.14 OFFICE SUPPLIES & EXPENSE
09/03/98 1007204 MOUNT OLYMPUS WATER 18.03 OFFICE SUPPLIES & EXPENSE
09/03/98 1007205 REDMAN VAN & STORAGE CO 159.87 RENT-STORAGE
09/03/98 1007206 TOWN OF SHELDON TOWN TREASURER 2,421.76 PROPERTY TAXES
09/03/98 1007207 TRAVEL ZONE CRUISE ZONE 2,851.30 TRAVEL EXPENSE
09/03/98 1007208 UNITED HEALTH CARE 23,963.26 INSURANCE-HEALTH
09/03/98 1007209 MARCIA CUSTER 1,116.65 OFFICE EQUIPMENT
09/09/98 1007210 PROTEL 74.45 OFFICE SUPPLIES & EXPENSE
09/09/98 1007211 REDMAN VAN & STORAGE CO 75.00 RENT-STORAGE
09/09/98 1007212 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE
09/09/98 1007213 SEDGWICK OF TENNESSEE INC 89,716.00 INSURANCE-PROP & GEN LIAB
09/09/98 1007214 SWIRE COCA-COLA USA 119.91 OFFICE SUPPLIES & EXPENSE
09/09/98 1007215 UNUM LIFE INSURANCE CO 3,793.31 INSURANCE-DISABILITY
09/09/98 1007216 CLARK MOWER 374.64 TRAVEL REIMBURSEMENT
09/11/98 1007217 BPC-PAYROLL TAX ACCOUNT 4,328.15 TRANSFER-PAYROLL TAX ACCT
09/11/98 1007218 BPC-PAYROLL ACCOUNT 9,977.44 TRANSFER-PAYROLL ACCOUNT
09/11/98 1007219 MARCIA CUSTER 167.94 OFFICE SUPPLIES & EXPENSE
09/11/98 1007220 MOUNT OLYMPUS WATER 28.67 OFFICE SUPPLIES & EXPENSE
09/11/98 1007221 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS
09/11/98 1007222 XEROX CORP 449.24 OFFICE SUPPLIES & EXPENSE
09/14/98 1007223 BEUS GILBERT & MORRILL 495,000.00 PROFESSIONAL FEES
09/28/98 1007224 AIRBORNE EXPRESS 55.93 EXPRESS MAIL
09/28/98 1007225 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
09/28/98 1007226 FEDERAL EXPRESS 129.00 EXPRESS MAIL
09/28/98 1007227 GENERATOR POWER SYSTEMS 15,508.22 KYOCERA-O&M EXPENSE
09/28/98 1007228 MOUNT OLYMPUS WATER 12.02 OFFICE SUPPLIES & EXPENSE
09/28/98 1007229 MOUNTAIN STATES OFFICE PRODUCTS 98.69 OFFICE SUPPLIES & EXPENSE
09/28/98 1007230 THE PLANT GALLERY 270.00 OFFICE SUPPLIES & EXPENSE
09/28/98 1007231 PROTEL 37.22 OFFICE SUPPLIES & EXPENSE
09/28/98 1007232 REDMAN VAN & STORAGE CO 874.74 RENT-STORAGE
09/28/98 1007233 TRAVEL ZONE CRUISE ZONE 1,146.21 TRAVEL EXPENSE
09/28/98 1007234 UNUM LIFE INSURANCE CO 2,975.11 INSURANCE-DISABILITY
09/28/98 1007235 US WEST COMMUNICATIONS 786.08 TELEPHONE EXPENSE
09/28/98 1007236 THE WALL STREET JOURNAL 299.00 DUES & SUBSCRIPTIONS
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period September 1 - September 30, 1998
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/28/98 1007237 BPC-PAYROLL TAX ACCT 4,338.49 TRANSFER-PAYROLL TAX ACCT
09/28/98 1007238 BPC-PAYROLL ACCOUNT 9,997.26 TRANSFER-PAYROLL ACCT
09/28/98 1007239 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS
09/29/98 1007240 UNITED STATES POSTMASTER 1,000.00 OFFICE SUPPLIES & EXPENSE
09/30/98 BANK STMT KEY BANK OF UTAH 50.87 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $716,942.19
===========
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/17/98 BONNEVILLE NEVADA CORP $1,850,000.00 DIVIDEND
09/30/98 BANK STMT KEY BANK 3,129.13 INTEREST INCOME
--------
$1,853,129.13
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/98 BANK STMT KEY BANK 43.12 BANK SERVICE CHARGE
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/18/98 BANK STMT KEY BANK OF UTAH $68,392.09 INTEREST INCOME
09/30/98 BANK STMT KEY BANK OF UTAH 73,452.83 INTEREST INCOME
09/30/98 BANK STMT KEY BANK OF UTAH 54,265.81 INTEREST INCOME
09/30/98 BANK STMT KEY BANK OF UTAH 57,488.17 INTEREST INCOME
---------
$253,598.90
===========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
F
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/04/98 BANK STMT BANK ONE $60,495.80 INTEREST INCOME
09/04/98 BANK STMT BANK ONE 68,760.64 INTEREST INCOME
09/04/98 BANK STMT BANK ONE 60,456.93 INTEREST INCOME
09/30/98 BANK STMT BANK ONE 51,503.67 INTEREST INCOME
---------
$241,217.04
===========
</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 September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/98 BANK STMT BANK ONE $115.25 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - MMA Account
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/98 BANK STMT NATIONS BANK $401,475.57 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/30/98 BANK STMT KEY BANK OF UTAH $8.60 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period September 1 - September 30, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
09/01/98 CK# 7199 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
09/30/98 BANK STMT KEY BANK OF UTAH 73.10 INTEREST INCOME
-----
TOTAL CASH RECEIPTS $10,073.10
==========
</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 September 30, 1998
ASSETS
Current Assets:
Cash $160,485,885
Accounts receivable - trade 97,742
Accounts receivable - settlements (Note 4) 0
Accounts receivable - affiliates 90,540
Prepaid insurance 51,284
Accrued interest receivable 226,522
-------
Total current assets $160,951,973
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,823,480
---------
Total fixed assets 4,021,905
Less: Accumulated depreciation (3,275,959)
---------
Net fixed assets 745,945
Other Assets:
Investment in and advances to subsidiaries
and partnership (Note 6) 28,410,182
Other assets 14,779
------
Total other assets 28,424,961
----------
TOTAL ASSETS $190,122,879
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $123,482
Accounts payable - professional fees
and costs 476,749
Accounts payable - other (Note 7) 550,000
Accrued income taxes payable (Note 4) 0
Taxes payable 0
Accrued interest 50,984,126
----------
Total post-petition liabilities $52,134,357
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 152,093,194
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 5) (24,913,933)
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 38,029,685
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $190,122,878
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period September 1 to September 30, 1998
Gross operating revenue $176,916
Less discount, returns and allowances 0
-
Net operating revenue $176,916
Cost of goods sold (110,271)
-------
Gross profit 66,645
Operating expenses:
Salaries and wages 29,602
Rent and leases 1,427
Payroll taxes 10,626
Insurance 4,249
Other taxes and licenses 52,422
Other 16,920
------
Total operating expenses (115,246)
-------
Operating income (loss) (48,601)
Legal and professional fees and costs 105,021
Plan approved claimant fees (Note 7) 0
Depreciation, depletion and administration 3,617
Claims settlement expense
Interest expense 616,111
-------
Total (724,749)
-------
Net operating income (loss) (773,350)
Non-operating income and (expenses):
Interest income 672,637
Other income - settlements 0
Approved claims 0
Other income 0
Equity in earnings (losses) of subsidiaries
And partnerships (Note 2) 539,488
-------
Net non-operating income or (expenses) 1,212,125
---------
Net income (loss) before income taxes 438,775
Provision for income taxes (benefit) (Note 5) 0
-
NET INCOME (LOSS) $438,775
========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period September 1 to September 30, 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. 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 "Trustee's Amended
Chapter 11 Plan for the Estate of Bonneville Pacific Corporation Dated
April 22, 1998" (the "Trustee's Amended Plan") which was confirmed by
the Bankruptcy Court in an order entered on August 27, 1998, interest
has been accrued on certain pre-petition unsecured debt consistent with
the interest rates set forth in the Trustee's Amended Plan. For further
information see the Trustee's Amended Plan and the Amended Disclosure
Statement related thereto.
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 Other Claims. Unrecorded liabilities and
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,
potential administrative fees which may be allowed by the Bankruptcy
Court and the contingent unsecured claim of John Weesner (proof of
claim #3). Most of the unrecorded liabilities (except administration
claims and the Weesner Claim) will be satisfied as set forth in the
confirmed Trustee's Amended Plan by the issuance of approximately
17,666,723 shares of additional common stock in the Company. For
further information, see the Trustee's Amended Plan and the Amended
Disclosure Statement related thereto.
Form 2-D
Page 2 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
(Continued)
For Period September 1 to September 30, 1998
For further information concerning unrecorded liabilities and claims,
see the Trustee's Amended Plan dated 4/22/98 and the Amended Disclosure
Statement relating thereto.
4. As of December 31, 1997, Bonneville and Subsidiaries had approximately
$23,750,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $27,250,000 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. Tax loss carry-forwards are
subject to future review or determination by the Internal Revenue
Service. 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.
5. 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 Trustee's Amended Plan.
6. 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 is believed to be materially less than the
current market value of such assets. 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 fair market value of such business assets.
For purposes of the Trustee's Amended Plan, the estimated value of the
Company's business assets as of December 31, 1997 was (including cash
held by the Company's subsidiaries) approximately sixty-three million
dollars ($63,000,000.00).
7. Accounts Payable Other represents payments to Derek Anderson of
$150,000 as provided in a Bankruptcy Court approved stipulation and to
Halcyon of $400,000 as provided in the Trustee's Amended Plan.
Form 2-D
Page 3 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For the Period September 1 to September 30, 1998
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $0.00 $0.00 ($4,356.58) $2,176.19 09/11/98 KEY TAX $0.00
2,180.39 09/28/98 KEY TAX
State 0.00 (1,456.34) 1,456.34 09/28/98 1264 0.00
FICA tax withheld 0.00 (1,426.86) 712.35 09/11/98 KEY TAX
714.51 09/28/98 KEY TAX 0.00
Employer's FICA tax 0.00 (1,426.86) 712.35 09/11/98 KEY TAX
714.51 09/28/98 KEY TAX 0.00
Unemployment tax:
Federal 0.00 0.00
State 0.00 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes (14,398.34) 1,439.83 (12,958.51)
Accrued income tax:
Federal 0.00 0.00
State 0.00 0.00
Delaware franchise tax 0.00 50,000.00 50,000.00
Employee withholding 0.00 0.00 (1,528.64) 764.32 09/11/98 1007221 0.00
---- ---- -------- 764.32 09/28/98 1007239
------
TOTALS ($14,398.34) $51,439.83 ($10,195.28) $10,195.28 $37,041.49
========== ========== ========== ========== ==========
</TABLE>
(*) Amount subject to results of audit.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For September 1 to September 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) 09/30/98
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/17/99 08/17/99
Vehicles Travelers Insurance/
(Hired/Non-Owned) Sedgwick James 5,000,000 08/17/99 08/17/99
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/99 08/17/99
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/99 08/17/99
</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 September 1 to September 30, 1998
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $97,742 $118,908 $476,749
30 to 60 days 0 0 0
61 to 90 days 0 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 97,742 123,482 476,749
Pre-petition amounts 0 3,664,200 0
- --------- -
Total accounts receivable $97,742
=======
Total accounts payable $3,787,682 $476,749
========== ========
Affiliate
Accounts
Receivable
Under 30 days $33,688
30 to 60 days 56,852
61 to 90 days 0
Over 90 days 0
-
Total post-petition
affiliate accounts
receivable $90,540
=======
</TABLE>
Form 2-E
Page 3 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments of Fees and Costs to Attorneys and Other Professionals
For Period September 1 to September 30, 1998
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $0 - $70,015
Trustee's Counsel 0 - 203,032
Trustee's Accountants 0 - 48,702
Trustee's Special Plan Counsel 0 - 155,000
Special Litigation Counsel for
Trustee - Costs 0 - 0
Trustee - Fees 495,000 09/14/98 0
Auditors 0 - 0
Financial Consultants 0 0 (1)
- -
Total $495,000 $476,749
======== ========
</TABLE>
(2) 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 September 1 to September 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 $374.64
</TABLE>
Form 2-E
Page 5 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended September 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 $3,750.00 1006970 04/24/98
April 1,903,079.51
May 105,288.54
June 185,124.57
----------
Total 2nd Quarter 2,193,492.62 $7,500.00 1007150 07/22/98
July 214,935.24
August 709,965.72
September 707,026.92
----------
Total 3rd Quarter 1,631,927.88
October
November
December
Total 4th Quarter
</TABLE>
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
Form 2-F
