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) June 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 May 1, 1998 to May 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 June 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 June 15, 1998
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- -----------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11, for the
period May 1, 1998 to May 31, 1998, of the
Registrant, dated June 15, 1998 as filed by the
Registrant with the United States Bankruptcy
Court for the District of Utah, Central
Division on June 15, 1998 . . . . . . . . . . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period May 1 to May 31, 1998
--------- ---------------------
Accounting Method Used: [X] Accrual Basis [ ] Cash Basis
COVER SHEET
- -----------------------------------------------------------------------------
THIS REPORT IS DUE 15 DAYS AFTER THE END
Mark One Box OF THE MONTH. The debtor must attach each of
For Each the following reports/documents unless the U.S.
Required Trustee has waived the requirement in writing.
Report/Document File original with Clerk of Court. File
duplicate with U.S. Trustee
- -----------------------------------------------------------------------------
Report/
Document Previously
Attached Waived REQUIRED REPORTS/DOCUMENTS
- -----------------------------------------------------------------------------
[X] [ ] Cash Receipts & Disbursements Statement (Form 2-B)
[X] [ ] Balance Sheet (Form 2-C)
[X] [ ] Profit and Loss Statement (Form 2-D)
[X] [ ] Supporting Schedules (Form 2-E)
[X] [ ] Quarterly Fee Summary (Form 2-F)
[X] [ ] Narrative (Form 2-G)
[X] [ ] Bank Statement(s) for Debtor in Possession Account(s)
- -----------------------------------------------------------------------------
I declare under penalty of perjury that the following Monthly Financial
Report and any attachments thereto, is true and correct to the best of my
knowledge and belief.
Executed on: June 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 June 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 May 31, 1998
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of May 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 May and the
first part of June 1998(1) (other than administrative matters, including
professional fee applications) in accordance with various provisions of the
Bankruptcy Code are as follows:
The SEGAL V. PORTLAND GENERAL, ET AL. action in the United
States District Court, Case No. 92-C-364-J (the "Litigation")
has been discussed at length in the previous Monthly Financial
Reports filed by the Trustee 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 settlements(2) reached by the Trustee.
The Litigation has been concluded.
- ---------------
(1) This narrative attempts to summarize significant events affecting the
Company through June 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 person
who executed a tolling agreement and at this time the Trustee
does not anticipate that litigation will be commenced against
any person who entered into a tolling agreement.
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 the Trustee
and Snell and Wilmer agreed that neither will appeal the
District Court Order and Bonneville agreed to 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 was conditioned upon approval by the Bankruptcy
Court. A hearing on the Trustee's motion for approval of the
settlement was held as scheduled on April 17, 1998 at which
hearing the Court approved the settlement. The $73,915.08 was
paid to Snell & Wilmer on April 22, 1998 and the settlement
has been fully performed and the matter has been concluded.
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
include an allowed, pre-petition $984,245.47 Section 510(b)
equity claim against the Company arising from the ESOP's
purchase of the Company's common stock.
The Trustee and his counsel continue to monitor the Company's
50% general partnership interest in NCA #1 owned through the
Company's wholly owned subsidiary, Bonneville Nevada
Corporation. NCA #1 is a Nevada general partnership that owns
an 85-megawatt cogeneration project located near Las Vegas,
Nevada. As previously reported, Nevada Power Company ("NPC")
has previously curtailed purchases of electrical power from
NCA #1. However, there have been no curtailments since
October of 1996. NPC & NCA #1 have reached a settlement
<PAGE>
agreement relating to curtailment issues, which settlement was
subject to the approval of the Projects Lending Group and the
Public Utilities Commission of Nevada ("PUCN"). The Projects
Lending Group approved the Settlement Agreement and the
Petition for Approval of the Settlement was filed on November
3, 1997 with the PUCN. A public hearing before the PUCN was
held on April 3, 1998 concerning the Petition for approval of
the settlement. The Petition for approval of the settlement
on April 17, 1998 went before the PUCN as scheduled at which
time the Petition (settlement) was approved. In light of the
approval of the Petition (settlement) the issues being
litigated between NCA #1 and NPC on appeal before the First
Judicial District Court of the State of Nevada have been
settled and the pending appeal will be dismissed.
On September 27, 1996, NCA #1 was served with Findings and
Notices of Violation issued by Region IX of the United States
Environmental Protection Agency (the "EPA") for alleged
violations of the Clean Air Act's Prevention of Significant
Deterioration program applicable for the State of Nevada.
Specifically, EPA alleges that NCA #1, contrary to applicable
operating permits, failed to timely install "Best Available
Control Technology" at the plant in the form of a selective
catalytic reduction system to control NOx emissions.
Management of NCA#1 has disputed the EPA's claims.
Representatives of both sides of this dispute have reached an
agreement in principle. Attorneys for the EPA have recently
submitted a revised draft of a proposed agreement ("Consent
Decree") which has been reviewed by representatives of NCA#1
and representatives of NCA #1 have provided their comments
concerning the revised draft of the proposed agreement to
attorneys for the EPA and which the parties anticipate will be
finalized and signed sometime later this year.
The Company completed preparation of its U.S. Corporate Income Tax Return for
the short year December 31, 1996, which tax return was filed on
September 15, 1997 with a letter request pursuant to 11 U.S.C. Section 505 (b)
for a determination of any tax owing. The Internal Revenue Service, by letter
dated October 8, 1997, notified the Trustee that the tax return for the short
year (beginning May 1, 1996 and ending December 31, 1996) was accepted as
filed. The Company's net operating loss carry forward for federal corporate
income tax purposes as set forth in the Company's U.S. Corporate Income Tax
Return for the period ending December 31, 1996 is only approximately
$3,488,000.00. The Trustee and his tax professionals have completed an
analysis of the Company's 1997 federal income tax situation and the
preliminary conclusion is that the only federal tax liability for tax year
ending December 31, 1997 is likely to be a relatively small amount of
alternative minimum tax; however, neither the Trustee nor his tax
professionals can or do make any representations concerning this preliminary
conclusion as the Company's federal income tax return is subject to review
by the Internal Revenue Service. Preliminary work for preparation of the
1997 U.S. Corporate Income Tax Return has generally been completed and
preparation of the actual tax return is in process.
For future tax years, to the extent the Company may possess net operating loss
carry forwards, the Trustee and his tax professionals have preliminarily
concluded that such net operating loss carry forwards may be substantially
restricted by virtue of the provisions of Section 382 of the Internal Revenue
Code.
<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 a hearing on the application was held as scheduled on
December 20, 1996. At the hearing the Court approved the application. Hein +
Associates has been employed and has completed most of the work required for
the audits for years 1994, 1995, 1996 and 1997.
On April 22, 1998 the Trustee filed with the Bankruptcy Court, the "Disclosure
Statement for Trustee's Chapter 11 Plan for the Estate of Bonneville Pacific
Corporation Dated April 22, 1998" (hereafter the "Disclosure Statement"). The
Trustee believes that the proposed Chapter 11 Plan which is attached to the
Disclosure Statement as Exhibit "1" (hereafter "Trustee's Proposed Plan")
is consistent with the provisions of the December 31, 1997 "Conditional
Letter Agreement" between the Trustee and certain creditors of the Company.
The Disclosure Statement, along with all its exhibits, totals approximately
600 pages in length and a copy has been filed with the United States
Securities and Exchange Commission.
The Disclosure Statement itemizes and discusses in detail all of the Company's
assets and liabilities. The Trustee's Proposed Plan sets forth the proposed
treatment of all the Company's creditors and equity holders. The Trustee's
Proposed Plan, if confirmed by the Bankruptcy Court, would resolve most of the
legal and factual disputes which currently affect the Company.(3)
A hearing before the Bankruptcy Court on the adequacy of the Disclosure
Statement, as well as a hearing on the "Trustee's Motion Regarding Plan
Confirmation Issues", was scheduled for June 3, 1998.(4) Wexford Management,
L.L.C. and C. Derek Anderson, each shareholders of Bonneville, the Ad Hoc
Committee of Common Shareholders (consisting of Thomas Keyes, Steven
Steinhouse & Wexford Management, L.L.C.) and Billy R. Thedford, a debenture
holder, each filed objections to the Trustee's proposed Disclosure Statement
(hereafter collectively the "Objecting Parties").
- ---------------
(3) One of the issues which would be resolved (settled) if the Trustee's
Proposed Plan is confirmed is the amount of post-petition interest to be
paid on the approximately $100 million in senior (pre-petition) debt. On
December 12, 1997, C. Derek Anderson initiated (and later served) an
Adversary Proceeding in the Bankruptcy Court against one of the senior
creditors, Halcyon/Alan B. Slifka Management Co. ("Halcyon"), seeking a
judgment declaring that Halcyon is not entitled to any (or limited) post-
petition interest (Adversary Proceeding No. 97PA-2396). The Trustee
moved to intervene in the Adversary Proceeding and the Trustee's motion
to intervene was granted at a hearing held on March 2, 1998. The Trustee
then filed a Motion to Dismiss Anderson's complaint because the Trustee
believes that the post-petition interest issue is better resolved
(settled) in the plan confirmation process instead of in an adversary
proceeding which involves only two parties-in-interest. Halcyon also
filed a Motion to Dismiss. The hearing on the Motions to Dismiss was
held as scheduled on March 30, 1998 at which hearing the Court granted
the Motions and dismissed, without prejudice, the Adversary Proceeding.
The Order Dismissing the Adversary Proceeding was entered on
April 15, 1998 and Derek Anderson, on or about April 24, 1998, filed an
appeal of such Order. The Trustee has filed a Motion to Dismiss the
Appeal and Derek Anderson on or about June 5, 1998, filed his opposition
to the Trustee's Motion to Dismiss the Appeal.
(4) On or about May 18, 1998, the Bankruptcy Court denied C. Derek Anderson's
ex-parte motion to continue (for several weeks) the hearing on the
adequacy of the Disclosure Statement.
<PAGE>
The hearing on the adequacy of the Disclosure Statement and on the Trustee's
Motion was held on June 3, 1998 as scheduled. At the hearing the Trustee
informed the Court that while he was holding discussions with NRG Energy
concerning Bonneville, he was proceeding with the Trustees's Proposed Plan.
At the hearing the Trustee also informed the Court that the Trustee would be
making certain amendments to the Disclosure Statement ("Amendments"). The
Court, after hearing the arguments of counsel for the Trustee and for the
Objecting Parties, preliminarily ruled that the Disclosure Statement, as
modified by the Amendments, would be approved. The Court scheduled a hearing
for July 1, 1998 at 2:00 p.m. to consider (a) the Amendments to the
Disclosure Statement (and any objection thereto); (b) a proposed form of Order
Approving the Disclosure Statement (with the Amendments thereto); and
(c) modifications to the Trustee's April 22, 1998 "Motion Regarding Plan
Confirmation Issues".
On June 3, 1998 the Court also denied Wexford Management, L.L.C.'s Motion for
the Appointment of an Official Equity Committee.
If the Bankruptcy Court enters a formal order approving the adequacy of the
Disclosure Statement, then the Disclosure Statement and the Trustee's Proposed
Plan will be circulated to all parties-in-interest and creditors and
shareholders will be provided with an opportunity to vote to accept or reject
the Trustee's Proposed Plan. Until the Bankruptcy Court enters a formal
order approving the adequacy of the Disclosure Statement, no party-in-interest
can solicit the acceptance or rejection of the Trustee's Proposed Plan. Any
Chapter 11 Plan for the Company must first be approved (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.
As set forth in the Trustee's Proposed Plan, the Trustee is of the opinion,
based upon the particular facts involved in the Company's bankruptcy
proceeding, that the Company will be required to pay some interest on the
approximately $100,000,000.00 in "senior" bank, trade and current debenture
debt. Accordingly, the Trustee has reflected on the Company's books and
intends to reflect in the Company's Corporate Income Tax Returns for the year
ended December 31, 1997 the interest liability on the approximate
$100,000,000.00 of "senior" claims from the petition date at the rates of
interest set forth in the Trustee's Proposed Plan.
Bear, Stearns & Company (the Trustee's financial advisor/investment banker)
has completed its initial work in estimating the value of the Company's (and
its affiliates') business assets. The Trustee has made public the summary of
such work performed by Bear, Stearns & Company as Exhibit "2" to the
Disclosure Statement. Based in part upon the work of Bear, Stearns & Company,
the Trustee is of the opinion that the book value of the Company's business
assets, which is the value used on the Company's balance sheet which is
included in these Monthly Financial Statements filed with the Bankruptcy Court
(under the category "Other Assets: Investment in and advances to subsidiaries
and partnership") is materially less than the current fair market value of
such business assets.
The Trustee has employed the law firm of Weil, Gotshal & Manges, L.L.P., with
its principal office in New York City, as Special Plan Counsel. The purpose
of the employment includes, but is not limited to, advising the Trustee
<PAGE>
concerning tax issues and assisting the Trustee and his General Counsel
concerning a plan of reorganization and issues relating thereto.
For over a year, the Trustee (represented by Weil, Gotshal & Manges, L.L.P)
has been attempting to resolve the unsecured claim filed by John D. Weesner
(Proof of Claim number 3). Weesner's claim arises from Bonneville Pacific
Corporation's efforts in the late 1980's to build and operate small, wood-
fired electric power generation plants in Vermont. During that period,
Bonneville Pacific Corporation entered into various agreements with Weesner,
including (1) an agreement whereunder Bonneville Pacific Corporation is by
virtue of a guarantee contingently liable for certain royalty payments that
Weesner currently receives from the operation of one plant (the "Ryegate
Project"), and (2) an agreement to make certain payments to Weesner in the
event that Bonneville Pacific Corporation developed another, similar plant
(the "Springfield Project"). Subsequent to entering into the agreements with
Weesner, Bonneville Pacific Corporation sold its interest in the Ryegate
Project and determined that development of the Springfield Project was
commercially impossible. Weesner in his filed proof of claim asserts that he
is owed an undetermined amount of money (which he estimates could be many
millions of dollars) in respect of Bonneville Pacific Corporation's contingent
liability of the Ryegate Project royalties, to compensate him in the event
that such payments are not made by the current owners of the plant. In the
opinion of the Trustee, Weesner has been unwilling to settle his proof of
claim in a manner that reflects a realistic assessment of its true value.
Accordingly, the Trustee intends to file a formal objection to such claim in
the immediate future, and thereafter move to have the claim allowed at a
negligible amount.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECONCILIATION
1. Beginning Cash Balance: $154,981,141.93
2. Cash Receipts: (See Page 2 of 2) 597,169.14
3. Cash Disbursements: (See Page 2 of 2) (105,288.54)
----------
4. Net Cash Flow: 491,880.60
----------
5. Ending Cash Balance: $155,473,022.53
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $1,062.28 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 519.57 KEY BANK OF UTAH
GENERAL CORP CASH 306,964.35 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,432,360.33 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,415,013.85 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 15,148,237.89 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 27,036,688.98 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 31,810.12 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 96,036,345.43 (A) NATIONS BANK
PROCEEDS FROM ASSET SALES 4,162.63 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 59,857.10 KEY BANK OF UTAH
---------
$155,473,022.53
===============
</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 May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,381.43 A
PAYROLL TAX ACCOUNT 9,729.79 B
GENERAL CORP CASH 114,913.39 C
CHPTR 11 TRUSTEE JOINT ACCT 20,090.18 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 75,049.53 F
CHPTR 11 TRUSTEE JT SAVINGS 117.37 G
CHPTR 11 TRUSTEE JOINT MMA ACCT 386,810.41 H
PROCEEDS FROM ASSET SALES 9.57 I
KYOCERA MAINTENANCE RESERVE 10,178.69 J
---------
636,280.36
LESS: ACCOUNT TRANSFERS (39,111.22)
---------
TOTAL CASH RECEIPTS $597,169.14
===========
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,534.58 A
PAYROLL TAX ACCOUNT 9,730.91 B
GENERAL CORP CASH 101,974.97 D
CHPTR 11 TRUSTEE JOINT ACCT 55.12 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 13,104.18 J
---------
144,399.76
LESS: ACCOUNT TRANSFERS (39,111.22)
---------
TOTAL CASH DISBURSEMENTS $105,288.54
===========
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/13/98 CK# 7009 BPC - GENERAL $9,577.58 PAYROLL TRANSFER
05/26/98 CK# 7028 BPC - GENERAL 9,803.85 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,381.43
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/15/98 PAYROLL SUMMARY $9,577.58
05/31/98 PAYROLL SUMMARY 9,803.85
05/31/98 BANK STMT IC SECURITY PRINTERS 100.70 PRINTED CHECKS
05/31/98 BANK STMT FIRST SECURITY BANK 52.45 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $19,534.58
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/13/98 CK# 7008 BPC - GENERAL $5,108.68 PR TAX TRANSFER
05/26/98 CK# 7027 BPC - GENERAL 4,621.11 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $9,729.79
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/15/98 KEY TAX KEY BANK OF UTAH $4,382.18 FEDERAL TAX DEPOSIT
05/31/98 KEY TAX KEY BANK OF UTAH 3,894.52 FEDERAL TAX DEPOSIT
05/31/98 CK# 1259 UTAH ST TAX COMMISSION 1,453.09 STATE TAX DEPOSIT
05/31/98 BANK STMT KEY BANK OF UTAH 1.12 BANK SERVICE CHARGE
----
TOTAL CASH DISBURSEMENTS $9,730.91
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/15/98 DS051598 BONNEVILLE FUELS CORP $13,035.68 EXPENSE REIMBURSEMENT
05/15/98 DS051598 SNELL & WILMER 31,520.21 SETTLEMENT PAYMENT
05/27/98 DS052798 KYOCERA AMERICA 48,538.17 ENERGY REVENUE-KYOCERA
05/27/98 DS052798 BONNEVILLE NEVADA CORP 2,525.55 EXPENSE REIMBURSEMENT
05/29/98 DS052998 BONNEVILLE PACIFIC SERVICES 18,357.19 EXPENSE REIMBURSEMENT
05/31/98 BANK STMT KEY BANK OF UTAH 936.59 INTEREST INCOME
------
TOTAL CASH RECEIPTS $114,913.39
===========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/04/98 1006983 AMPCO SYSTEM PARKING $120.00 RENT-PARKING
05/06/98 1006984 AIRBORNE EXPRESS 24.16 EXPRESS MAIL EXPENSE
05/06/98 1006985 BENEFICIAL LIFE INSURANCE CO 872.17 INSURANCE-LIFE
05/06/98 1006986 JAMES BERNARD 229.00 TRAVEL REIMBURSEMENT
05/06/98 1006987 BONNEVILLE PACIFIC SERVICES 77.46 KYOCERA-O&M EXPENSE
05/06/98 1006988 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-KYOCERA MAINT
05/06/98 1006989 CENTRAL PARKING SYSTEMS 73.00 RENT-PARKING
05/06/98 1006990 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
05/06/98 1006991 DORN ASSOCIATES LTD 10,906.00 RENT-OFFICE SPACE & PARKING
05/06/98 1006992 FIRST CONTINENTAL LIFE & ACCIDENT 3,191.86 INSURANCE-DENTAL
05/06/98 1006993 FLORAL TAPESTRY 52.11 OFFICE SUPPLIES & EXPENSE
05/06/98 1006994 FRONTIER COMMUNICATIONS 688.10 TELEPHONE EXPENSE
05/06/98 1006995 GENERATOR POWER SYSTEMS INC 826.50 KYOCERA-O&M EXPENSE
05/06/98 1006996 JD GRIFFIN & ASSOCIATES PC 791.00 OFFICE SUPPLIES & EXPENSE
05/06/98 1006997 MOUNT OLYMPUS WATER 22.66 OFFICE SUPPLIES & EXPENSE
05/06/98 1006998 MOUNTAIN STATES OFFICE PRODUCTS 94.40 OFFICE SUPPLIES & EXPENSE
05/06/98 1006999 CLARK MOWER 447.50 TRAVEL REIMBURSEMENT
05/06/98 1007000 PRINTELLIGENT INC 276.51 OFFICE SUPPLIES & EXPENSE
05/06/98 1007001 TRAVEL ZONE CRUISE ZONE 297.00 TRAVEL EXPENSE
05/06/98 1007002 UNUM LIFE INSURANCE CO 1,515.22 INSURANCE-DISABILITY
05/06/98 1007003 UNITED HEALTH CARE 19,749.62 INSURANCE-HEALTH
05/06/98 1007004 WELLS FARGO BANK 1,511.10 401K ADMINISTRATION FEES
05/13/98 1007005 ADVANCED SYSTEMS INC 111.67 OFFICE SUPPLIES & EXPENSE
05/13/98 1007006 AIRBORNE EXPRESS 50.14 OFFICE SUPPLIES & EXPENSE
05/13/98 1007007 AUTOMATED OFFICE SYSTEMS INC 299.11 OFFICE SUPPLIES & EXPENSE
05/13/98 1007008 BPC-PAYROLL TAX ACCT 5,108.68 TRANSFER-PAYROLL TAX ACCT
05/13/98 1007009 BPC-PAYROLL ACCT 9,577.58 TRANSFER-PAYROLL ACCT
05/13/98 1007010 THE COBB GROUP 49.00 OFFICE SUPPLIES & EXPENSE
05/13/98 1007011 MARCIA CUSTER 42.91 OFFICE SUPPLIES & EXPENSE
05/13/98 1007012 GENERATOR POWER SYSTEMS INC 13,579.11 KYOCERA-O&M EXPENSE
05/13/98 1007013 MOUNTAIN STATES OFFICE PRODUCTS 348.06 OFFICE SUPPLIES & EXPENSE
05/13/98 1007014 THE PRUDENTIAL 1,519.77 INSURANCE-DISABILITY
05/13/98 1007015 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE
05/13/98 1007016 STEVEN STEPANEK 80.63 EXPENSE REIMBURSEMENT
05/13/98 1007017 TRAVEL ZONE CRUISE ZONE 164.00 TRAVEL EXPENSE
05/13/98 1007018 WELLS FARGO BANK 846.30 401K CONTRIBS & LOAN PMTS
05/20/98 1007019 APPLE SPICE JUNCTION 62.80 OFFICE SUPPLIES & EXPENSE
05/20/98 1007020 MARCIA CUSTER 266.44 OFFICE SUPPLIES & EXPENSE
05/20/98 1007021 MOUNT OLYMPUS WATER 30.04 OFFICE SUPPLIES & EXPENSE
05/20/98 1007022 REDMAN VAN & STORAGE CO 1,305.00 RENT-STORAGE
05/20/98 1007023 STATE OF UTAH 10.00 OFFICE SUPPLIES & EXPENSE
05/20/98 1007024 SWIRE COCA COLA USA 62.98 OFFICE SUPPLIES & EXPENSE
05/20/98 1007025 US WEST COMMUNICATIONS 679.43 TELEPHONE EXPENSE
05/26/98 1007026 AIRBORNE EXPRESS 29.94 EXPRESS MAIL EXPENSE
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/26/98 1007027 BPC-PAYROLL TAX ACCOUNT 4,621.11 TRANSFER-PAYROLL TAX ACCT
05/26/98 1007028 BPC-PAYROLL ACCOUNT 9,803.85 TRANSFER-PAYROLL ACCT
05/26/98 1007029 WELLS FARGO BANK 861.46 401K CONTRIBS & LOAN PMTS
05/26/98 1007030 XEROX CORP 420.67 OFFICE SUPPLIES & EXPENSE
05/31/98 BANK STMT IC SECURITY PRINTERS 114.77 OFFICE SUPPLIES & EXPENSE
05/31/98 BANK STMT KEY BANK OF UTAH 52.94 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $101,974.97
===========
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/98 BANK STMT KEY BANK 20,090.18 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/98 BANK STMT KEY BANK OF UTAH 55.12 BANK SERVICE CHARGE
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/98 BANK STMT BANK ONE $75,049.53 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 May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/98 BANK STMT BANK ONE $117.37 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 May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/98 BANK STMT NATIONS BANK $386,810.41 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 May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/31/98 BANK STMT KEY BANK OF UTAH $9.57 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 May 1 - May 31, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/01/98 CK# 6988 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
05/31/98 BANK STMT KEY BANK OF UTAH 178.69 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,178.69
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
05/20/98 CK #1043 GENERATOR POWER SYSTEMS $13,104.18 KYOCERA O&M EXPENSE
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of May 31, 1998
- -----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $155,473,023
Accounts receivable - trade 108,545
Accounts receivable - settlements (Note 4) 1,500,000
Accounts receivable - affiliates 17,926
Prepaid insurance (1,645)
Accrued interest receivable 449,061
-------
Total current assets $157,546,910
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,809,639
---------
Total fixed assets 4,008,063
Less: Accumulated depreciation (3,223,508)
---------
Net fixed assets 784,555
Other Assets:
Investment in and advances to subsidiaries
and partnership (Note 7) 27,232,218
Other assets 1,820
-----
Total other assets 27,234,038
----------
TOTAL ASSETS $185,565,503
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $87,845
Accounts payable - professional fees
and costs 962,443
Accrued income taxes payable (Note 5) 0
Taxes payable 0
Accrued interest 48,478,609
----------
Total post-petition liabilities $49,528,897
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 149,487,733
Commitments and Contingent Liabilities (Note 3)
OWNER'S EQUITY
Capital Stock or Owner's Investment 213,752
Paid-In-Capital 121,590,029
Treasury Stock (2,308,255)
Retained Earnings:
Pre-Petition (56,551,908)
Post-Petition (Note 6) (26,865,848)
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 36,077,770
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $185,565,503
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period May 1 to May 31, 1998
- -----------------------------------------------------------------------------
Gross operating revenue $229,651
Less discount, returns and allowances 0
-
Net operating revenue $229,651
Cost of goods sold (129,238)
-------
Gross profit 100,413
Operating expenses:
Salaries and wages 29,537
Rent and leases 1,964
Payroll taxes 10,626
Insurance 1,752
Other 6,247
-----
Total operating expenses (50,126)
------
Operating income (loss) 50,287
Legal and professional fees and costs (Note 4) 86,484
Depreciation, depletion and administration 3,618
Claims settlement expense 0
Interest expense 636,648
-------
Total (726,750)
-------
Net operating income (loss) (676,463)
Non-operating income and (expenses):
Interest income 682,018
Other income - settlements 0
Approved claims 31,520
Other income 0
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 755,147
-------
Net non-operating income or (expenses) 1,468,685
---------
Net income (loss) before income taxes 792,222
Provision for income taxes (benefit) (Note 5) 0
-
NET INCOME (LOSS) $792,222
========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period May 1 to May 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. For further information
see disclosure statement for Trustee Chapter 11 Plan dated 4/22/98.
2. Equity in earnings of subsidiaries and partnerships represents an accrual
of the Company's share of earnings or losses of its operating
subsidiaries and partnerships. These earnings are affected by a number
of factors including seasonality, operating costs and operating
efficiency. The operating entities which comprise these earnings
include Bonneville Pacific Services Company, Bonneville Fuels
Corporation, and Bonneville Nevada Corporation through its investment in
the NCA #1 Partnership.
3. Unrecorded Liabilities and Potential Claims. Unrecorded liabilities and
potential claims include pre-petition debenture sale claims in the
approximate amount of $5,500,000.00, post-petition debenture sale claims
in the approximate amount of $10,000,000.00, limited partner claims in
the approximate amount of $2,900,000.00, Section 510(b) equity claims in
the approximate amount of $44,000,000.00 (including the allowed
compromised claim of CIGNA and the ESOP claim as allowed on
January 12, 1998 in the amount of $984,245.37), $8,945,000.00 in deeply
subordinated claims, $400,000.00 for attorneys of certain senior
creditor's fees as agreed in the Conditional Letter Agreement, potential
administrative fees which may be allowed by the Bankruptcy Court and the
contingent unsecured claim of John Weesner (proof of claim #3). For
further information see disclosure statement for Trustee Chapter 11 Plan
dated 4/22/98.
The recording of the above described liabilities or potential claims, if
allowed, will reduce equity by a corresponding amount.
Form 2-D
Page 2 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
(Continued)
For Period May 1 to May 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 Settlement represent only court approved settlements
where all conditions precedent have occurred and the settlement was fully
effective as of May 31, 1998 and are reflected on the May 31, 1998
Financial Statements. Approved settlement is as follows:
Piper Jaffray 1,500,000
5. As of December 31, 1996, Bonneville and Subsidiaries had approximately
$3,488,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $6,925,000 in Alternative Minimum
Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent
of current Alternative Minimum Taxable Income can be offset by
Alternative Minimum Tax Loss carry-forwards.
6. Retained earnings post-petition have been impacted by the accrual of
post-petition interest on pre-petition unsecured debt at rates set forth
in the Conditional Letter Agreement dated December 31, 1997.
7. Investment in and advances to subsidiaries and partnerships is book value
and is impacted by the dividends paid from the subsidiaries to the
Company. The value stated (based upon the valuation work of Trustee's
Financial Advisor) is believed to be materially less than the current
market value of such assets. See Exhibit "2" to the Disclosure
Statement.
Form 2-D
Page 3 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For the Period May 1 to May 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 ($4,348.82) $2,174.58 05/15/98 KEY TAX $0.00
2,174.24 05/31/98 KEY TAX
State 0.00 (1,453.09) 1,453.09 05/31/98 1259
FICA tax withheld 0.00 (1,963.94) 1,103.80 05/15/98 KEY TAX
860.14 05/31/98 KEY TAX 0.00
Employer's FICA tax 0.00 (1,963.94) 1,103.80 05/15/98 KEY TAX
860.14 05/31/98 KEY TAX 0.00
Unemployment tax:
Federal 0.00 0.00 0.00
State 0.00 0.00 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes 0.00 0.00 0.00
Accrued income tax:
Federal 0.00 0.00 0.00
State 0.00 0.00 0.00 0.00
Delaware franchise tax 0.00 0.00 (*)
Employee withholding 0.00 0.00 (1,544.36) 764.60 05/13/98 1007018 0.00
---- ---- -------- 779.76 05/26/98 1007029 ----
------
TOTALS $0.00 $0.00 ($11,274.15) $11,274.15 $0.00
===== ===== ========== ========== =====
</TABLE>
(*) Amount subject to results of audit.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period May 1 to May 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) 05/31/98
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.
Form 2-E
Page 2 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period May 1 to May 31, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $1,608,545 $82,954 $962,443
30 to 60 days 0 317 0
61 to 90 days 0 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 1,608,545 87,845 962,443
Pre-petition amounts 0 3,664,200 0
- --------- -
Total accounts receivable $1,608,545
==========
Total accounts payable $3,752,045 $962,443
========== ========
Affiliate
Accounts
Receivable
Under 30 days $7,889
30 to 60 days 10,037
61 to 90 days 0
Over 90 days 0
-
Total post-petition
affiliate accounts
receivable $17,926
=======
</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 May 1 to May 31, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $0 - $66,572 (1)
Trustee's Counsel 0 - 202,344 (1)
Trustee's Accountants 0 - 28,599
Trustee's Special Plan Counsel 0 - 70,000
Special Litigation Counsel for
Trustee - Costs 0 - 0
Trustee - Fees 0 - 495,000 (2)
Auditors 0 - 99,927
Financial Consultants 0 - 0 (3)
- -
Total $0 $962,442
== ========
</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 that have been accrued on settlements approved by the Court are as
follows:
$1,500,000.00 - Piper Jaffray Settlement (due 9/98) Fees - $495,000
(3) The financial consultants received a retainer in the amount of $100,000.
The estimated remaining liability to the financial consultants is equal
to the $100,000 retainer.
Form 2-E
Page 4 of 5
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period May 1 to May 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 $447.50
</TABLE>
Form 2-E
Page 5 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended May 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 1,903,079.51
May 105,288.54
June
----------
Total 2nd Quarter 2,008,368.05
July
August
September
Total 3rd Quarter
October
November
December
Total 4th Quarter
(1) This summary is to reflect the current calendar year's information
cumulative to the end of the current reporting period.
Form 2-F
</TABLE>
