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) April 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 March 1, 1998 to March 31, 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
/S/ Roger G. Segal
By: Roger G. Segal, Chapter 11 Trustee
DATED April 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 April 15, 1998
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- -----------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11,
for the period March 1, 1998 to March
31, 1998, of the Registrant, dated
April 15, 1998 as filed by the
Registrant with the United States
Bankruptcy Court for the District of
Utah, Central Division on April 15,1998. . . . . . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period March 1 to March 31, 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 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 (For 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: April 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 April 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 March 31, 1998
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of March 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 March and the
first part of April 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 has been
concluded.
- ---------------
(1) This narrative attempts to summarize significant events affecting the
Company through April 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 also entered into "tolling agreements" with certain persons
which agreements toll the running of any applicable statute of
limitation which might otherwise bar the Trustee from initiating suit
against such person. The Trustee is no longer considering possible
claims against any individuals who executed a tolling agreement and at
this time the Trustee does not anticipate that litigation will be
commenced against any party who entered into a tolling agreement.
In light of the conclusion of the Litigation, the Trustee's Special
Litigation Counsel, Beus, Gilbert and Morrill, P.L.L.C. ("BG&M"), a
Phoenix, Arizona law firm which was retained by the Trustee in 1992 on a
contingent fee basis with Bankruptcy Court approval, filed with the
Bankruptcy Court its final fee and cost application. Based upon total
litigation recoveries in excess of $187,000,000.00, BG&M has been paid
to date fees totaling $55,471,941.93 and BG&M sought in its final fee
application an additional approximately $1,834,865.09 in fees. BG&M has
also been paid to date costs totaling $5,275,241.81 and BG&M sought in
its final cost application an additional $2,298.05 in costs. A hearing on
BG&M's final fee and cost application was held as scheduled on
April 13, 1998 at which hearing the Court approved the final
Applications and allowed all fees and costs.
On March 18, 1998, L. Wynn Johnson caused to be paid to the Trustee on
behalf of the Company the balance of the $995,549.72 due and owing
pursuant to the terms of the Court approved settlement dated May 15, 1996.
On April 8, 1998, Westinghouse Electric paid the Company the final
installment of $3,000,000.00 which was due on April 10, 1998 pursuant to
the terms of the court approved settlement dated December 23, 1996.
On February 12, 1998 the United States District Court for the District of
Utah, the Honorable Thomas R. Brett presiding, issued an Order in Appeal
No. 2:96-CV-573-B which Order affirmed the Bankruptcy Court's rulings
which denied the law firm of Snell & Wilmer more than two hundred thousand
dollars in asserted fees and costs which arose in connection with such
firm's representation of the Debtor-in-possession. The Bankruptcy Court's
original decisions are published in 147 B.R. 803 (Bankr. D. Utah 1992) and
196 B.R. 868 (Bankr. D. Utah 1996). The District Court's Order has not,
to date, been published. The aforesaid District Court Order also provided
that the estate may be required to pay $71,765.23 (plus fees and costs for
November of 1992) to Snell & Wilmer for its 1992 legal services as
special counsel for the Trustee. On March 19, 1998 the Trustee and Snell
& Wilmer entered into a settlement of the claims which are the subject
matter of the District Court Order. Pursuant to the settlement neither
the Trustee nor Snell and Wilmer will appeal the District Court Order and
Bonneville will pay to Snell & Wilmer the sum of $73,915.08 in complete
and full satisfaction of all of Snell & Wilmer's claims against the
estate. The settlement is conditioned upon approval by the Bankruptcy
Court. A hearing on the Trustee's motion for approval of the settlement
is scheduled for April 17, 1998.
<PAGE>
On December 1, 1997, the Trustee filed a Motion for Authority to
Terminate the Debtor's ESOP and Distribute its Assets among the ESOP's
199 Participants, all of whom are past and/or 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 Company, the ESOP Trustee and the Trustee are continuing with
the action necessary to terminate the ESOP and to distribute the ESOP
assets to the qualified participants. The assets of the ESOP that are
being distributed to the participants 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 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 Utilities Commission of Nevada
("PUCN"). 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 PUCN. A public hearing was held before the
PUCN on April 6, 1998. The Petition is scheduled to go before the PUCN
for approval at their next regularly scheduled meeting. The Trustee and
his counsel continue to monitor the appeal before the First Judicial
District Court of the State of Nevada of curtailment protocols issued by
the PUCN. A stipulation staying the briefing schedule and permitting the
PUCN 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 issued by Region IX of the United States Environmental
Protection Agency (the "EPA") for alleged violations of the Clean Air
Act's Prevention of Significant Deterioration program applicable for the
State of Nevada. Specifically, EPA alleges that NCA #1, contrary to
applicable operating permits, failed to timely install "Best Available
Control Technology" at the plant in the form of a selective catalytic
reduction system to control Nox emissions. Management of NCA#1 has
disputed the EPA's claims. Representatives of both sides of this
dispute have reached an agreement in principle. Attorneys for the EPA
have recently submitted a revised draft of a proposed agreement ("Consent
Decree") which has been reviewed by representatives of NCA#1 and
representatives of NCA #1 have provided their comments concerning the
revised draft of the proposed agreement to attorneys for the EPA and
which the parties anticipate will be finalized and signed sometime later
this year.
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
<PAGE>
supplementary claims bar date by which all creditors of Bonneville who had not
previously been adequately notified to file claims must complete and file a
proof of claim with the Clerk of the Bankruptcy Court. The Trustee believes
that most of the new claims which have been filed relate to possible claims
against Bonneville arising out of the purchase or sale of its securities.
See 11 U.S.C. Section 510(b). A hearing on the Motion was scheduled before
the Bankruptcy Court on September 10, 1996. No objections to the Motion were
filed and at the hearing the Court granted the Motion and signed an order
establishing the supplementary claims bar deadline. Consequently, the Trustee
proceeded with the action authorized by the order granting the Motion;
specifically, notice was sent to thousands of potential claimants and notice
was published in newspapers of general circulation throughout the United
States. Through December 16, 1996 approximately 4,000 new proofs of claim were
filed with the Bankruptcy Court and approximately 370 additional claims have
been filed since December 16, 1996. A total of 4,620 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. 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.
The Company completed preparation of its U.S. Corporate Income Tax Return for
the short year December 31, 1996, which tax return was filed on
September 15, 1997 with a letter request pursuant to 11 U.S.C. Section 505 (b)
for a determination of any tax owing. The Internal Revenue Service, by letter
dated October 8, 1997, notified the Trustee that the tax return for the short
year (beginning May 1, 1996 and ending December 31, 1996) was accepted as
filed. The Company's net operating loss carry forward for federal corporate
income tax purposes as set forth in the Company's U.S. Corporate Income Tax
Return for the period ending December 31, 1996 is only approximately
$3,488,000.00. The Trustee and his tax professionals have completed an
analysis of the Company's 1997 federal income tax situation and the preliminary
conclusion is that the only federal tax liability for tax year ending
December 31, 1997 is likely to be a relatively small amount of alternative
minimum tax; however, neither the Trustee nor his tax professionals can or do
make any representations concerning this preliminary conclusion as the
Company's federal income tax return is subject to review by the Internal
Revenue Service. Preliminary work for preparation of the 1997 U.S. Corporate
Income Tax Return has commenced.
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.
<PAGE>
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 1997.
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 and filed by the Trustee in the immediate
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 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 by August 31, 1998, 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. The Trustee intends to file his Chapter 11 plan
and disclosure statement sometime within the next week. Such disclosure
statement, when filed, will discuss the estimated value of the Company's
assets, the Company's liabilities and how those liabilities will be treated
pursuant to the plan.
- ---------------
(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 moved to intervene in the Adversary Proceeding
and, the Trustee's motion to intervene was granted at a hearing held on
March 2, 1998. The Trustee, in accordance with his previously stated
intention, filed a Motion to Dismiss the complaint because the Trustee
believes that the post-petition interest issue is better resolved in the
plan confirmation process instead of in an adversary proceeding which
involved only two parties-in-interest. Halcyon/Alan B. Slifka
Management & Co. also filed a Motion to Dismiss. The hearing on the
Motions to Dismiss were held as scheduled on March 30, 1998 at which
hearing the Court granted the Motions and dismissed, without prejudice,
the adversary proceeding.
<PAGE>
In light of the CLA 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 CLA.
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 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>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $151,305,615.31
2. Cash Receipts: (See Page 2 of 2) 1,669,409.78
3. Cash Disbursements: (See Page 2 of 2) (149,371.16)
----------
4. Net Cash Flow: 1,520,038.62
------------
5. Ending Cash Balance: $152,825,653.93
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $1,252.88 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 520.69 KEY BANK OF UTAH
GENERAL CORP CASH 296,539.45 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 3,890,795.77 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,413,297.67 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 14,946,047.19 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 26,913,620.44 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 31,579.58 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 95,247,111.94 (A) NATIONS BANK
PROCEEDS FROM ASSET SALES 4,143.00 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 80,745.32 KEY BANK OF UTAH
---------
$152,825,653.93
===============
</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 March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,233.33 A
PAYROLL TAX ACCOUNT 10,045.69 B
GENERAL CORP CASH 55,096.15 C
CHPTR 11 TRUSTEE JOINT ACCT 1,008,594.56 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 161,688.41 F
CHPTR 11 TRUSTEE JT SAVINGS 10,937.98 G
CHPTR 11 TRUSTEE JOINT MMA ACCT 432,839.74 H
PROCEEDS FROM ASSET SALES 10.41 I
KYOCERA MAINTENANCE RESERVE 10,242.53 J
---------
1,708,688.80
LESS: ACCOUNT TRANSFERS (39,279.02)
---------
TOTAL CASH RECEIPTS $1,669,409.78
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,283.34 A
PAYROLL TAX ACCOUNT 10,048.63 B
GENERAL CORP CASH 120,360.25 D
CHPTR 11 TRUSTEE JOINT ACCT 43.00 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 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 38,914.96 J
---------
188,650.18
LESS: ACCOUNT TRANSFERS (39,279.02)
---------
TOTAL CASH DISBURSEMENTS $149,371.16
===========
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/11/98 CK# 6876 BPC - GENERAL $9,543.01 PAYROLL TRANSFER
03/27/98 CK# 6911 BPC - GENERAL 9,690.32 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,233.33
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/15/98 PAYROLL SUMMARY $9,543.01
03/31/98 PAYROLL SUMMARY 9,690.32
03/31/98 BANK STMT KEY BANK OF UTAH 50.01 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $19,283.34
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/11/98 CK# 6875 BPC - GENERAL $4,987.22 PR TAX TRANSFER
03/27/98 CK# 6910 BPC - GENERAL 5,058.47 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $10,045.69
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/15/98 KEY TAX KEY BANK OF UTAH $4,277.67 FEDERAL TAX DEPOSIT
03/31/98 KEY TAX KEY BANK OF UTAH 4,336.94 FEDERAL TAX DEPOSIT
03/31/98 CK# 1256 UTAH ST TAX COMMISSION 1,431.08 STATE TAX DEPOSIT
03/31/98 BANK STMT KEY BANK OF UTAH 2.94 BANK SERVICE CHARGE
----
TOTAL CASH DISBURSEMENTS $10,048.63
==========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/04/98 DS030498 C. MOWER $12.00 EXPENSE REIMBURSEMENT
03/04/98 DS030498 SAN DIEGO GAS & ELECTRIC 3,165.02 ENERGY REVENUE-KYOCERA
03/18/98 DS031898 BONNEVILLE FUELS CORP 12,824.00 EXPENSE REIMBURSEMENT
03/18/98 DS031898 BONNEVILLE PACIFIC SERVICES 32,759.12 EXPENSE REIMBURSEMENT
03/18/98 DS031898 BONNEVILLE NEVADA CORP 1,707.89 EXPENSE REIMBURSEMENT
03/31/98 DS033198 WATSONVILLE COGEN PARTNERSHIP 3,325.23 EXPENSE REIMBURSEMENT
03/31/98 BANK STMT KEY BANK OF UTAH 1,302.89 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $55,096.15
==========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/02/98 1006859 BONNEVILLE NEVADA CORP $14,314.00 EXPENSE REIMBURSEMENT
1006860 VOID
03/03/98 1006861 BUSINESS & LEGAL REPORTS INC 184.40 OFFICE SUPPLIES & EXPENSE
1006862 VOID
03/03/98 1006863 FRONTIER COMMUNICATIONS 476.17 TELEPHONE EXPENSE
03/03/98 1006864 HERITAGE PRODUCTS INC 265.49 OFFICE SUPPLIES & EXPENSE
03/03/98 1006865 JD GRIFFIN & ASSOCIATES PC 4,344.00 OFFICE SUPPLIES & EXPENSE
03/03/98 1006866 MOUNTAIN STATES OFFICE PRODUCTS 54.03 OFFICE SUPPLIES & EXPENSE
03/03/98 1006867 THE PLANT GALLERY 69.50 OFFICE SUPPLIES & EXPENSE
03/03/98 1006868 PRINTELLIGENT INC 79.76 OFFICE SUPPLIES & EXPENSE
03/03/98 1006869 BPC-KYOCERA MAINT RESERVE ACCT 10,000.00 TRANSFER-KYOCERA MAINT
03/03/98 1006870 DORN ASSOCIATES LDT 10,906.00 RENT-OFFICE SPACE & PARKING
03/11/98 1006871 AIRBORNE EXPRESS 19.96 EXPRESS MAIL EXPENSE
03/11/98 1006872 AUTOMATED OFFICE SYSTEMS 338.99 OFFICE SUPPLIES & EXPENSE
03/11/98 1006873 BENEFICIAL LIFE INSURANCE CO 819.57 INSURANCE-LIFE
03/11/98 1006874 BONNEVILLE PACIFIC SERVICES 2,122.09 KYOCERA-O&M EXPENSE
03/11/98 1006875 BPC-PAYROLL TAX ACCT 4,987.22 TRANSFER-PAYROLL TAX ACCT
03/11/98 1006876 BPC-PAYROLL ACCOUNT 9,543.01 TRANSFER-PAYROLL ACCT
03/11/98 1006877 DAY TIMERS INC 27.65 OFFICE SUPPLIES & EXPENSE
03/11/98 1006878 FIRST CONTINENTAL LIFE & ACCIDENT 3,040.62 INSURANCE-DENTAL
03/11/98 1006879 GENERATOR POWER SYSTEMS INC 10,019.83 KYOCERA-O&M EXPENSE
03/11/98 1006880 KWIK KOPY 102.34 OFFICE SUPPLIES & EXPENSE
03/11/98 1006881 MOUNT OLYMPUS WATER 28.71 OFFICE SUPPLIES & EXPENSE
03/11/98 1006882 THE PRUDENTIAL 1,170.33 INSURANCE-DISABILITY
03/11/98 1006883 PRINTELLIGENT INC 57.43 OFFICE SUPPLIES & EXPENSE
03/11/98 1006884 TRAVEL ZONE CRUISE ZONE 1,771.86 TRAVEL EXPENSE
03/11/98 1006885 WELLS FARGO BANK 847.30 401K CONTRIBS & LOAN PMTS
03/18/98 1006886 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
03/18/98 1006887 THE COBB GROUP 49.00 DUES & SUBSCRIPTIONS
03/18/98 1006888 GENERATOR POWER SYSTEMS INC 8,199.70 KYOCERA-O&M EXPENSE
03/18/98 1006889 JD GRIFFIN & ASSOCIATES PC 8,660.00 OFFICE SUPPLIES & EXPENSE
03/18/98 1006890 POWER GENERATION MARKETS QTRLY 745.00 DUES & SUBSCRIPTIONS
03/18/98 1006891 PRINTELLIGENT INC 207.38 OFFICE SUPPLIES & EXPENSE
03/18/98 1006892 REDMAN VAN & STORAGE 2,076.81 RENT-STORAGE SPACE
03/18/98 1006893 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE
03/18/98 1006894 SAN DIEGO COUNTY APCD 1,765.00 TAXES & LICENSES
03/18/98 1006895 TRAVEL ZONE CRUISE ZONE 391.00 TRAVEL EXPENSE
03/18/98 1006896 US WEST COMMUNICATIONS 779.45 TELEPHONE EXPENSE
03/18/98 1006897 WELLS FARGO BANK 117.00 OFFICE SUPPLIES & EXPENSE
03/23/98 1006898 MARCIA CUSTER 766.61 OFFICE SUPPLIES & EXPENSE
03/24/98 1006899 MARCIA CUSTER 378.18 OFFICE SUPPLIES & EXPENSE
03/26/98 1006900 AIRBORNE EXPRESS 39.94 EXPRESS MAIL EXPENSE
03/26/98 1006901 GENERATOR POWER SYSTEMS INC 2,535.00 KYOCERA-O&M EXPENSE
03/26/98 1006902 MOUNT OLYMPUS WATER 24.04 OFFICE SUPPLIES & EXPENSE
03/26/98 1006903 PITNEY BOWES INC 207.38 OFFICE SUPPLIES & EXPENSE
03/26/98 1006904 TRAVEL ZONE CRUISE ZONE 1,070.00 TRAVEL EXPENSE
03/26/98 1006905 WORLDTECH COMPUTERS INC 178.32 OFFICE SUPPLIES & EXPENSE
03/26/98 1006906 XEROX CORPORATION 422.81 OFFICE SUPPLIES & EXPENSE
1006907 VOID
1006908 VOID
1006909 VOID
03/27/98 1006910 BPC-PAYROLL TAX ACCT 5,058.47 TRANSFER-PAYROLL TAX ACCT
03/27/98 1006911 BPC-PAYROLL ACCT 9,690.32 TRANSFER-PAYROLL ACCT
03/27/98 1006912 WELLS FARGO BANK 847.30 401K CONTRIBS & LOAN PMTS
1006913 VOID
03/30/98 1006914 CLARK MOWER 400.00 TRAVEL EXPENSE REIMBURSMNT
03/31/98 BANK STMT KEY BANK OF UTAH 50.07 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $120,360.25
===========
</TABLE>
D
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/18/98 WYNN JOHNSON $995,549.72 SETTLEMENT PAYMENT
03/31/98 BANK STMT KEY BANK 13,044.84 INTEREST INCOME
---------
$1,008,594.56
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/31/98 BANK STMT KEY BANK OF UTAH $43.00 BANK SERVICE CHARGE
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/31/98 BANK STMT BANK ONE $161,688.41 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
F
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/31/98 BANK STMT BANK ONE $10,937.98 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
G
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - MMA Account
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/31/98 BANK STMT NATIONS BANK $432,839.74 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/31/98 BANK STMT KEY BANK OF UTAH $10.41 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period March 1 - March 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/02/98 CK# 6869 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
03/31/98 BANK STMT KEY BANK OF UTAH 242.53 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,242.53
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
03/03/98 CK #1037 GENERATOR POWER SYSTEMS $31,844.40 KYOCERA O&M EXPENSE
03/05/98 CK #1038 AA-1 SERVICES INC 2,000.00 KYOCERA O&M EXPENSE
03/18/98 CK #1039 GENERATOR POWER SYSTEMS 780.00 KYOCERA O&M EXPENSE
03/31/98 CK #1040 SAN DIEGO CHILLER SERVICE INC 4,290.56 KYOCERA O&M EXPENSE
--------
TOTAL CASH DISBURSEMENTS $38,914.96
==========
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of March 31, 1998
- -----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $152,825,654
Accounts receivable - trade 97,016
Accounts receivable - settlements (Note 4) 4,500,000
Accounts receivable - affiliates 49,269
Prepaid insurance 11,712
Accrued interest receivable 427,678
-------
Total current assets $157,911,329
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,809,639
---------
Total fixed assets 4,008,063
Less: Accumulated depreciation (3,197,282)
---------
Net fixed assets 810,781
Other Assets:
Investment in and advances to subsidiaries
and partnership (Note 7) 26,233,605
Other assets 1,820
-----
Total other assets 26,235,425
----------
TOTAL ASSETS $184,957,535
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $131,941
Accounts payable - professional fees
and costs 2,362,360
Accrued income taxes payable (Note 5) 0
Taxes payable 0
Accrued interest 47,225,851
----------
Total post-petition liabilities $49,720,152
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 149,678,988
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) (27,665,071)
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 35,278,547
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $184,957,535
===========
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period March 1 to March 31, 1998
- -----------------------------------------------------------------------------
Gross operating revenue $82,818
Less discount, returns and allowances 0
-
Net operating revenue $82,818
Cost of goods sold (186,648)
-------
Gross profit (103,830)
Operating expenses:
Salaries and wages 29,434
Rent and leases 2,201
Payroll taxes 10,626
Insurance 4,008
Other 25,329
------
Total operating expenses (71,598)
------
Operating income (loss) (175,428)
Legal and professional fees and costs (Note 4) 49,694
Depreciation, depletion and administration 3,618
Claims settlement expense 0
Interest expense 636,648
-------
Total (689,960)
Net operating income (loss) -------
(865,388)
Non-operating income and (expenses):
Interest income 695,823
Other income - settlements 0
Other income 0
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 693,663
-------
Net non-operating income or (expenses) 1,389,486
---------
Net income (loss) before income taxes 524,098
Provision for income taxes (benefit) (Note 5) 0
-
NET INCOME (LOSS) $524,098
========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period March 1 to March 31, 1998
- -----------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific Corporation,
included in the Monthly Financial Report, are prepared on the accrual
basis. As a result, revenues are generally recorded when earned rather
than when received and expenses are generally recognized when the
obligation is incurred rather than when the expenses are paid. During the
bankruptcy, until the December 31, 1997 Financial Statements, accrued
interest payable has been recorded only on post-petition debt, where such
is contractually due, and pre-petition secured debt to the extent that
the underlying collateral equals or exceeds the outstanding principal plus
the accrued interest payable. The Financial Statements included in Monthly
Financial Reports for all reporting periods prior to December 1, 1997 have
not included any accrual of interest on any pre-petition unsecured debt.
However, in light of the Conditional Letter Agreement signed by the Trustee
and holders of certain senior claims that provides for the calculation and
payment of post-petition interest on certain pre-petition unsecured debt,
interest has now been accrued on certain pre-petition unsecured debt
consistent with the interest rates set forth in the Conditional Letter
Agreement.
2. Equity in earnings of subsidiaries and partnerships represents an accrual
of the Company's share of earnings or losses of its operating subsidiaries
and partnerships. These earnings are affected by a number of factors
including seasonality, operating costs and operating efficiency. The
operating entities which comprise these earnings include Bonneville Pacific
Services Company, Bonneville Fuels Corporation, and Bonneville Nevada
Corporation through its investment in the NCA #1 Partnership.
3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and
potential claims include pre-petition debenture sale claims in the
approximate amount of $5,500,000.00, post-petition debenture sale claims in
the approximate amount of $10,000,000.00, limited partner claims in the
approximate amount of $3,000,000.00, Section 510(b) equity claims in the
approximate amount of between $41,000,000.00 and $44,000,000.00 (including
the allowed compromised claim of CIGNA and the ESOP claim as allowed on
January 12, 1998 in the amount of $984,245.37), $8,945,000.00 in deeply
subordinated claims, $400,000.00 for attorneys of certain senior creditor's
fees as agreed in the Conditional Letter Agreement, 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.
Form 2-D
Page 2 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
(Continued)
For Period March 1 to March 31, 1998
- -----------------------------------------------------------------------------
For further information concerning liabilities and potential claims, see
the "Trustee's Preliminary Report (Estimate) Concerning Claims Filed
Against the Estate" dated March 17, 1997, which was originally filed on
March 17, 1997 and which was originally attached to the Financial Report
for the period February 1, 1997 through February 28, 1997 and the "Report
of Trustee Regarding Administration of the Estate from 7/1/96 through
6/30/97" filed with the Bankruptcy Court on September 4, 1997.
4. Accounts Receivable Settlements represent only court approved settlements
where all conditions precedent have occurred and the settlements were fully
effective as of March 31, 1998 and are reflected on the March 31, 1998
Financial Statements. Approved settlements are as follows:
Westinghouse Electric $3,000,000
Piper Jaffray 1,500,000
---------
$4,500,000
5. As of December 31, 1996, Bonneville and Subsidiaries had approximately
$3,488,000 in federal net operating loss carry-forwards for Federal Income
Tax purposes and approximately $6,925,000 in Alternative Minimum Tax Loss
carry-forwards. Pursuant to current tax law, only 90 percent of current
Alternative Minimum Taxable Income can be offset by Alternative Minimum Tax
Loss carry-forwards.
6. Retained earnings post-petition have been impacted by the accrual of post-
petition interest on pre-petition unsecured debt as rates set forth in the
Conditional Letter Agreement dated December 31, 1997.
7. Investment in and advanced to subsidiaries and partnerships is book value
and is impacted by the dividends paid from the subsidiaries to the Company.
The value stated (based upon the valuation work of Trustee's Financial
Advisor) is believed to be materially less than the current market value of
such assets.
Form 2-D
Page 3 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For the Period March 1 to March 31, 1998
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $0.00 $0.00 ($4,212.41) $2,092.13 03/15/98 KEY TAX $0.00
2,120.28 03/31/98 KEY TAX
State 0.00 (1,431.08) 1,431.08 03/31/98 1256
FICA tax withheld 0.00 (2,201.10) 1,092.77 03/15/98 KEY TAX
1,108.33 03/31/98 KEY TAX 0.00
Employer's FICA tax 0.00 (2,201.10) 1,092.77 03/15/98 KEY TAX
1,108.33 03/31/98 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 0.00 0.00 0.00
Accrued income tax:
Federal 0.00 0.00 0.00
State 0.00 0.00 0.00 0.00 0.00
Delaware franchise tax 0.00 0.00
Employee withholding 0.00 0.00 (1,531.20) 765.60 03/11/98 1006885 0.00
---- ---- -------- 765.60 03/27/98 1006912 ----
------
TOTALS $0.00 $0.00 ($11,576.89) $11,576.89 $0.00
===== ===== ========== ========== =====
</TABLE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period March 1 to March 31, 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) 03/31/98
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/17/98 08/17/98
Vehicles Travelers Insurance/
(Hired/Non-Owned) Sedgwick James 5,000,000 08/17/98 08/17/98
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/98 08/17/98
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/98 08/17/98
</TABLE>
(A) All workers compensation insurance policies are insured through various
state insurance funds. As such, they continue in force as premiums are
paid and have no policy expiration dates.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period March 1 to March 31, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $4,537,652 $127,282 $2,362,360
30 to 60 days 59,364 85 0
61 to 90 days 0 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 4,597,016 131,941 2,362,360
Pre-petition amounts 0 3,664,200 0
- --------- -
Total accounts receivable $4,597,016
==========
Total accounts payable $3,796,141 $2,362,360
========== ==========
Affiliate
Accounts
Receivable
Under 30 days $26,865
30 to 60 days 22,404
61 to 90 days 0
Over 90 days 0
-
Total post-petition
affiliate accounts
receivable $49,269
=======
</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 March 1 to March 31, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $0 $85,878 (1)
Trustee's Counsel 0 255,282 (1)
Trustee's Accountants 0 38,676
Trustee's Special Plan Counsel 0 118,141
Special Litigation Counsel for
Trustee - Costs 0 2,298
Trustee - Fees 0 1,798,500 (2)
Auditors 0 63,585
Financial Consultants 0 0 (3)
- -
Total $0 $2,362,360
== ==========
</TABLE>
(1) Includes only hourly rate and miscellaneous Trustee costs. Does not
include any additional amounts that may be awarded by the court relating
to 11 USC Section 326 or as an enhanced fee to either the Trustee or
the Trustee's general counsel.
(2) Includes an accrual for any contingent fees due as a result of Court
approved settlements or recoveries. Estimated contingent fees are
accrued when settlements are approved by the Court. The contingent fees
fees that have been accrued on settlements approved by the Court are as
follows:
1. $3,000,000.00 - Westinghouse Settlement (rec. 4/98) Fees - $990,000
2. $1,500,000.00 - Piper Jaffray Settlement (due 9/98) Fees - $495,000
3. $1,050,000.00 - Johnson Settlement (rec. 3/98) Fees - $313,500
(3) The financial consultants received a retainer in the amount of $100,000.
The estimated remaining liability to the financial consultants is equal
to the $100,000 retainer.
Form 2-E
Page 4 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period March 1 to March 31, 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 $400.00
</TABLE>
Form 2-E
Page 5 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended March 31, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Cash Quarterly Payment
Disbursement Fee Due Check No. Date
<S> <C> <C> <C> <C>
January $377,740.24
February 169,278.67
March 149,371.16
----------
Total 1st Quarter 696,390.07
April
May
June
Total 2nd Quarter
July
August
September
Total 3rd Quarter
October
November
December
Total 4th Quarter
</TABLE>
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
Form 2-F
