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) May 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 April 1, 1998 to April 30, 1998, as filed with the bankruptcy
court is included as an exhibit hereto. On June 12, 1992, Roger G. Segal
was appointed as the Chapter 11 Bankruptcy Trustee for the Company.
Item 5. Other Events.
For information on litigation and matters previously reported, refer to
the narrative on pages Form 2-G of the accompanying bankruptcy report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused its report to be signed on its behalf by the
undersigned thereunto duly authorized.
BONNEVILLE PACIFIC CORPORATION
/S/ Roger G. Segal
By: Roger G. Segal, Chapter 11 Trustee
DATED May 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 May 15, 1998
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
- -----------------------------------------------------------------------------
28.1 Monthly Financial Report - Chapter 11,
for the period April 1, 1998 to
April 30, 1998, of the Registrant,
dated May 15, 1998 as filed by the
Registrant with the United States
Bankruptcy Court for the District of
Utah, Central Division on May 15, 1998. . . . . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period April 1 to April 30, 1998
--------- -------------------------
Accounting Method Used: [X] Accrual Basis [ ] Cash Basis
COVER SHEET
- -----------------------------------------------------------------------------
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE MONTH. The
Mark One Box For debtor must attach each of the following reports/documents
Each Required unless the U.S. Trustee has waived the requirement in
Report/Document writing. File original with Clerk of Court. File
duplicate with U.S. Trustee
- -----------------------------------------------------------------------------
Report/
Document Previously
Attached Waved 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: May 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 May 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 April 30, 1998
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of April 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 April and the
first part of May 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 May 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.
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 applications. Based upon total
litigation recoveries in excess of $187,000,000.00, BG&M has been paid
prior to April 1998 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 prior to April 1998 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. The allowed fees to
the extent based upon recoveries actually received by the Company as of
the hearing date and the costs as allowed were paid on April 17, 1998.
BG&M will be paid the additional amount of allowed fees as and when
additional recoveries on court approved settlements are received by the
Company.
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 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 &
<PAGE>
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 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. NPC & NCA #1 have reached a settlement 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 and
Amendment to the Power Purchase Agreement. The Petition for approval of
the settlement on April 17, 1998 went before the PUCN as scheduled at
which time the Petition (settlement) and therefore the Amendment, were
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.
<PAGE>
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 Section 382 of the Internal Revenue
Code.
In preparation for the possible reorganization of the Company, the Trustee on
behalf of the Company made a decision to employ Hein + Associates, a national
accounting firm, to prepare audited financial statements for Bonneville
Pacific Corporation. An application seeking approval of the employment was
filed and a hearing on the application was held as scheduled on December 20,
1996. At the hearing the Court approved the application. Hein + Associates
has been employed and has completed most of the work required for the audits
for years 1994, 1995, 1996 and 1997.
On April 22, 1998 the Trustee filed with the Bankruptcy Court, the
"Disclosure Statement for Trustee's Chapter 11 Plan for the Estate of
Bonneville Pacific Corporation Dated April 22, 1998" (hereafter the
"Disclosure Statement"). The Trustee believes that the proposed Chapter 11
Plan which is attached to the Disclosure Statement as Exhibit "1" (hereafter
"Trustee's Proposed Plan") is consistent with the provisions of the
December 31, 1997 "Conditional Letter Agreement" between the Trustee and
certain creditors of the Company. The Disclosure Statement, along with all
its exhibits, totals approximately 600 pages in length and a copy has been
filed with the United States Securities and Exchange Commission.
The Disclosure Statement itemizes and discusses in detail all of the
Company's assets and liabilities. The Trustee's Proposed Plan sets forth the
proposed treatment of all the Company's creditors and equity holders. The
<PAGE>
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 by the Bankruptcy Court on the adequacy of the Disclosure
Statement, as well as a hearing on the "Trustee's Motion Regarding Plan
Confirmation Issues", is currently scheduled for June 3, 1998 at 10:00 a.m..
Until the Bankruptcy Court enters an order approving the adequacy of the
Disclosure Statement, no party-in-interest can solicit the acceptance or
rejection of the Trustee's Proposed Plan.
If the Bankruptcy Court approves 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 impaired creditors will be provided
with an opportunity to vote to accept or reject 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 valuing the Company's (and its affiliates')
business assets. The Trustee has made public the summary of the valuation
work performed by Bear, Stearns & Company as Exhibit A2" to the Disclosure
Statement. Based in part 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.
- ---------------
(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
judgement 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 an 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.
<PAGE>
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.
For over a year, the Trustee with the assistance of Weil, Gotshal & Manges
LLP 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 April 1 - April 30, 1998
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CASH RECONCILIATION
1. Beginning Cash Balance: $152,825,653.93
2. Cash Receipts: (See Page 2 of 2) 4,058,567.51
3. Cash Disbursements: (See Page 2 of 2) (1,903,079.51)
--------------
4. Net Cash Flow: 2,155,488.00
------------
5. Ending Cash Balance: $154,981,141.93
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $1,215.43 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 520.69 KEY BANK OF UTAH
GENERAL CORP CASH 294,025.93 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 5,412,325.27 (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 26,961,639.45 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 31,692.75 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 95,649,535.02 (A) NATIONS BANK
PROCEEDS FROM ASSET SALES 4,153.06 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 62,782.59 KEY BANK OF UTAH
---------
$154,981,141.93
===============
</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 April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,329.17 A
PAYROLL TAX ACCOUNT 11,677.79 B
GENERAL CORP CASH 1,882,314.91 C
CHPTR 11 TRUSTEE JOINT ACCT 3,021,573.17 E
CHPTR 11 TRUSTEE - CD ACCT 1,716.18 F
CHPTR 11 TRUSTEE - JT CD 202,190.70 G
CHPTR 11 TRUSTEE - JT CD 48,019.01 H
CHPTR 11 TRUSTEE JT SAVINGS 113.17 I
CHPTR 11 TRUSTEE JOINT MMA ACCT 402,423.08 J
PROCEEDS FROM ASSET SALES 10.06 K
KYOCERA MAINTENANCE RESERVE 10,207.23 L
---------
5,599,574.47
LESS: ACCOUNT TRANSFERS (1,541,006.96)
------------
TOTAL CASH RECEIPTS $4,058,567.51
=============
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $19,366.62 A
PAYROLL TAX ACCOUNT 11,677.79 B
GENERAL CORP CASH 1,884,828.43 D
CHPTR 11 TRUSTEE JOINT ACCT 1,500,043.67 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 F
CHPTR 11 TRUSTEE - JT CD 0.00 G
CHPTR 11 TRUSTEE - JT CD 0.00 H
CHPTR 11 TRUSTEE JT SAVINGS 0.00 I
CHPTR 11 TRUSTEE JOINT MMA ACCT 0.00 J
PROCEEDS FROM ASSET SALES 0.00 K
KYOCERA MAINTENANCE RESERVE 28,169.96 L
---------
3,444,086.47
LESS: ACCOUNT TRANSFERS (1,541,006.96)
------------
TOTAL CASH DISBURSEMENTS $1,903,079.51
=============
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 1A-27701
Payroll Account
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/13/98 CK# 6941 BPC - GENERAL $9,758.45 PAYROLL TRANSFER
04/28/98 CK# 6975 BPC - GENERAL 9,570.72 PAYROLL TRANSFER
--------
TOTAL CASH RECEIPTS $19,329.17
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/15/98 PAYROLL SUMMARY $9,758.45
04/30/98 PAYROLL SUMMARY 9,570.72
04/30/98 BANK STMT FIRST SECURITY BANK 37.45 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $19,366.62
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/13/98 CK# 6940 BPC - GENERAL $5,095.15 PR TAX TRANSFER
04/27/98 CK# 6973 BPC - GENERAL 1,476.18 PR TAX TRANSFER
04/28/98 CK# 6974 BPC - GENERAL 5,106.46 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $11,677.79
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/15/98 KEY TAX KEY BANK OF UTAH $4,367.29 FEDERAL TAX DEPOSIT
04/30/98 KEY TAX KEY BANK OF UTAH 4,379.74 FEDERAL TAX DEPOSIT
04/30/98 KEY TAX KEY BANK OF UTAH 357.32 FEDERAL UNEMPLOYMENT TAX
04/30/98 CK # 1257 UTAH DEPT OR WORKFORCE SRVCS 1,118.86 STATE UNEMPLOYEMENT TAX
04/30/98 CK# 1258 UTAH ST TAX COMMISSION 1,454.58 STATE TAX DEPOSIT
04/30/98 BANK STMT KEY BANK OF UTAH 0.00 BANK SERVICE CHARGE
----
TOTAL CASH DISBURSEMENTS $11,677.79
==========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/03/98 DS040398 STATE OF UTAH $91,328.00 INCOME TAX REFUND FYE 4/90
04/09/98 DS040998 US BANK 78,086.33 INTEREST INCOME
04/14/98 DS041498 KYOCERA AMERICA 59,363.68 ENERGY REVENUE-KYOCERA
04/21/98 DS042198 BPC-CHAPTER 11 TRUSTEES JT ACCT 1,500,000.00 TRANSFER
04/21/98 DS042198 CLARK MOWER 20.00 EXPENSE REIMBURSEMENT
04/29/98 DS042998 BONNEVILLE PACIFIC SERVICES 33,490.64 EXPENSE REIMBURSEMENT
04/29/98 DS042998 BONNEVILLE NEVADA CORP 2,742.63 EXPENSE REIMBURSEMENT
04/29/98 DS042998 SAN DIEGO GAS & ELECTRIC 978.62 ENERGY REVENUE-KYOCERA
04/29/98 DS042998 SEDGWICK 345.00 INSURANCE REFUND
04/30/98 DS043098 KYOCERA AMERICA 36,330.93 ENERGY REVENUE-KYOCERA
04/30/98 DS043098 US BANK 77,962.25 INTEREST INCOME
04/29/98 BANK STMT KEY BANK OF UTAH 1,666.83 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $1,882,314.91
=============
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/01/98 1006915 BPC-KYOCERA MAINT RESERVE ACCT $10,000.00 TRANSFER-KYOCERA MAINT
04/01/98 1006916 DORN ASSOCIATES LDT 10,906.00 RENT-OFFICE SPACE & PARKING
04/01/98 1006917 FIRST CONTINENTAL LIFE & ACCIDENT 3,191.86 INSURANCE-DENTAL
04/01/98 1006918 REDMAN VAN & STORAGE 159.87 RENT-STORAGE SPACE
04/01/98 1006919 UNUM LIFE INSURANCE CO 1,415.78 INSURANCE-DISABILITY
04/01/98 1006920 UNITED HEALTH CARE 21,144.39 INSURANCE-HEALTH
04/02/98 1006921 ARIZONA DEPARTMENT OF REVENUE 50.00 STATE INCOME TAX
04/02/98 1006922 FRANCHISE TAX BOARD OF CALIF. 4,800.00 STATE INCOME TAX
04/02/98 1006923 IDAHO STATE TAX COMMISSION 60.00 STATE INCOME TAX
04/02/98 1006924 NEW MEXICO TAXATION & REVENUE 50.00 STATE INCOME TAX
04/02/98 1006925 UTAH STATE TAX COMMISSION 900.00 STATE INCOME TAX
04/09/98 1006926 BENEFICIAL LIFE INSURANCE CO 826.09 INSURANCE-LIFE
04/09/98 1006927 CENTRAL PARKING SYSTEMS 195.00 RENT-PARKING
04/09/98 1006928 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
04/09/98 1006929 FLORAL TAPESTRY 68.06 OFFICE SUPPLIES & EXPENSE
04/09/98 1006930 GENERATOR POWER SYSTEMS INC 22,810.19 KYOCERA-O&M EXPENSE
04/09/98 1006931 JD GRIFFIN & ASSOCIATES PC 7,897.00 OFFICE SUPPLIES & EXPENSE
04/09/98 1006932 MOUNT OLYMPUS WATER 28.67 OFFICE SUPPLIES & EXPENSE
04/09/98 1006933 THE PRUDENTIAL 1,165.22 INSURANCE-DISABILITY
04/09/98 1006934 PROTEL 37.22 OFFICE SUPPLIES & EXPENSE
04/09/98 1006935 PRINTELLIGENT INC 235.03 OFFICE SUPPLIES & EXPENSE
04/09/98 1006936 TRAVEL ZONE CRUISE ZONE 95.00 TRAVEL EXPENSE
04/09/98 1006937 US SHRED LLC 45.00 OFFICE SUPPLIES & EXPENSE
04/09/98 1006938 JOSEPH WAGDA 242.00 TRAVEL REIMBURSEMENT
04/13/98 1006939 AUTOMATED OFFICE SYSTEMS INC 465.88 OFFICE SUPPLIES & EXPENSE
04/13/98 1006940 BPC-PAYROLL TAX ACCT 5,095.15 TRANSFER-PAYROLL TAX ACCT
04/13/98 1006941 BPC-PAYROLL ACCT 9,758.45 TRANSFER-PAYROLL ACCT
1006942 VOID
04/13/98 1006943 CLARK MOWER 1,675.90 EXPENSE REIMBURSEMENT
04/13/98 1006944 WELLS FARGO BANK 853.79 401K CONTRIBS & LOAN PMTS
04/17/98 1006945 BEUS GILBERT & MORRILL 1,319,111.61 PROFESSIONAL FEES
04/17/98 1006946 BEUS GILBERT & MORRILL 2,298.05 PROFESSIONAL COSTS
04/17/98 1006947 WEIL GOTSHAL & MANGES 83,141.46 PROFESSIONAL FEES & COSTS
04/17/98 1006948 NEILSON ELGGREN DURKIN & CO 21,396.22 PROFESSIONAL FEES & COSTS
04/17/98 1006949 COHNE RAPPAPORT & SEGAL 157,818.83 PROFESSIONAL FEES & COSTS
04/17/98 1006950 ROGER SEGAL, TRUSTEE 54,324.73 PROFESSIONAL FEES & COSTS
04/21/98 1006951 AMPCO SYSTEM PARKING 60.00 RENT-PARKING
04/22/98 1006952 AIRBORNE EXPRESS 29.94 OFFICE SUPPLIES & EXPENSE
04/22/98 1006953 AMPCO SYSTEM PARKING 40.50 RENT-PARKING
04/22/98 1006954 BANK ONE UTAH NA 48.00 OFFICE SUPPLIES & EXPENSE
04/22/98 1006955 BONNEVILLE PACIFIC SERVICES 614.91 KYOCERA-O&M EXPENSE
04/22/98 1006956 THE COBB GROUP 88.00 DUES & SUBSCRIPTIONS
04/22/98 1006957 GENERATOR POWER SYSTEMS INC 1,000.50 KYOCERA-O&M EXPENSE
04/22/98 1006958 MOUNT OLYMPUS WATER 12.02 OFFICE SUPPLIES & EXPENSE
</TABLE>
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/22/98 1006959 THE PLANT GALLERY 139.00 OFFICE SUPPLIES & EXPENSE
04/22/98 1006960 PROTEL 229.97 OFFICE SUPPLIES & EXPENSE
04/22/98 1006961 REDMAN VAN & STORAGE 1,682.76 RENT-STORAGE
04/22/98 1006962 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA O&M EXPENSE
04/22/98 1006963 SNELL & WILMER 73,915.08 SETTLEMENT PAYMENT
04/22/98 1006964 STEVEN STEPANEK 246.77 TRAVEL REIMBURSEMENT
04/22/98 1006965 TRAVEL ZONE CRUISE ZONE 470.00 TRAVEL EXPENSE
04/22/98 1006966 UNITED STATES POSTAL SERVICE 10,000.00 OFFICE SUPPLIES & EXPENSE
04/22/98 1006967 US WEST COMMUNICATIONS 773.79 TELEPHONE EXPENSE
04/22/98 1006968 XEROX CORPORATION 375.34 OFFICE SUPPLIES & EXPENSE
04/24/98 1006969 PONDEROSA PRINTING 490.27 OFFICE SUPPLIES & EXPENSE
04/24/98 1006970 OFFICE OF THE US TRUSTEE 3,750.00 QUARTERLY FEE
04/24/98 1006971 BSA ADVERTISING 28,793.38 OFFICE SUPPLIES & EXPENSE
04/27/98 1006972 WORKERS COMP FUND OF UT 268.70 INSURANCE-WORKERS COMP
04/27/98 1006973 BPC-PAYROLL TAX ACCT 1,476.18 TRANSFER-PAYROLL TAX ACCT
04/28/98 1006974 BPC-PAYROLL TAX ACCT 5,106.46 TRANSFER-PAYROLL TAX ACCT
04/28/98 1006975 BPC-PAYROLL ACCT 9,570.72 TRANSFER-PAYROLL ACCT
04/28/98 1006976 FRONTIER COMMUNICATIONS 839.52 TELEPHONE EXPENSE
04/28/98 1006977 HENWOOD ENERGY SERVICES 285.50 TRAVEL REIMBURSEMENT
04/28/98 1006978 KWIK COPY 302.93 OFFICE SUPPLIES & EXPENSE
04/28/98 1006979 WELLS FARGO BANK 847.30 401K CONTRIBS & LOAN PMTS
04/28/98 1006980 TRAVEL ZONE CRUISE ZONE 654.00 TRAVEL EXPENSE
04/28/98 1006981 MARCIA CUSTER 20.58 OFFICE SUPPLIES & EXPENSE
04/28/98 1006982 HERITAGE PRODUCTS INC 272.05 OFFICE SUPPLIES & EXPENSE
04/30/98 BANK STMT KEY BANK OF UTAH 50.60 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $1,884,828.43
=============
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/08/98 WESTINGHOUSE $3,000,000.00 SETTLEMENT PAYMENT
04/30/98 BANK STMT KEY BANK 21,573.17 INTEREST INCOME
---------
$3,021,573.17
=============
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/21/98 BONNEVILLE PACIFIC CORP $1,500,000.00 TRANSFER TO GENERAL ACCT
04/30/98 BANK STMT KEY BANK OF UTAH 43.67 BANK SERVICE CHARGE
-----
$1,500,043.67
=============
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee - CD Account
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/98 BANK STMT US BANK $1,716.18 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 - CD Account
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/24/98 BANK STMT KEY BANK OF UTAH $202,190.70 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 - CD Account
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/98 BANK STMT BANK ONE $48,019.01 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT Savings
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/98 BANK STMT BANK ONE $113.17 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
Chapter 11 Trustee JT - MMA Account
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/98 BANK STMT NATIONS BANK $402,423.08 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/30/98 BANK STMT KEY BANK OF UTAH $10.06 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
K
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period April 1 - April 30, 1998
- -----------------------------------------------------------------------------
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/01/98 CK# 6915 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
04/30/98 BANK STMT KEY BANK OF UTAH 207.23 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,207.23
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
04/08/98 CK #1041 GENERATOR POWER SYSTEMS $323.25 KYOCERA O&M EXPENSE
04/22/98 CK #1042 GENERATOR POWER SYSTEMS 27,846.71 KYOCERA O&M EXPENSE
---------
TOTAL CASH DISBURSEMENTS $28,169.96
==========
</TABLE>
L
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of April 30, 1998
- -----------------------------------------------------------------------------
ASSETS
Current Assets:
Cash $154,981,142
Accounts receivable - trade 49,860
Accounts receivable - settlements (Note 4) 1,500,000
Accounts receivable - affiliates 43,955
Prepaid insurance 5,034
Accrued interest receivable 250,235
-------
Total current assets $156,830,226
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,809,639
---------
Total fixed assets 4,008,063
Less: Accumulated depreciation (3,210,395)
---------
Net fixed assets 797,668
Other Assets:
Investment in and advances to subsidiaries
and partnership (Note 7) 26,477,071
Other assets 1,820
-----
Total other assets 26,478,891
----------
TOTAL ASSETS $184,106,785
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $95,943
Accounts payable - professional fees
and costs 875,958
Accrued income taxes payable (Note 5) 0
Taxes payable 0
Accrued interest 47,841,962
----------
Total post-petition liabilities $48,813,863
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 148,772,699
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) (27,609,532)
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 35,334,086
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $184,106,785
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period April 1 to April 30, 1998
- -----------------------------------------------------------------------------
Gross operating revenue $117,685
Less discount, returns and allowances 0
-
Net operating revenue $117,685
Cost of goods sold (105,019)
-------
Gross profit 12,666
Operating expenses:
Salaries and wages 29,674
Rent and leases 3,696
Payroll taxes 10,626
Insurance 4,157
Other 52,707
------
Total operating expenses (100,860)
-------
Operating income (loss) (88,194)
Legal and professional fees and costs (Note 4) 151,689
Depreciation, depletion and administration 3,617
Claims settlement expense 0
Interest expense 616,111
-------
Total (771,417)
-------
Net operating income (loss) (859,611)
Non-operating income and (expenses):
Interest income 656,525
Other income - settlements 91,673
Approved claims (73,915)
Other income 0
Equity in earnings (losses) of subsidiaries
and partnerships (Note 2) 243,466
-------
Net non-operating income or (expenses) 917,749
-------
Net income (loss) before income taxes 58,138
Provision for income taxes (benefit) (Note 5) 0
-
NET INCOME (LOSS) $58,138
=======
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period April 1 to April 30, 1998
- -----------------------------------------------------------------------------
1. The Balance Sheet and Income Statement of Bonneville Pacific
Corporation, included in the Monthly Financial Report, are prepared on
the accrual basis. As a result, revenues are generally recorded when
earned rather than when received and expenses are generally recognized
when the obligation is incurred rather than when the expenses are paid.
During the bankruptcy, until the December 31, 1997 Financial Statements,
accrued interest payable has been recorded only on post-petition debt,
where such is contractually due, and pre-petition secured debt to the
extent that the underlying collateral equals or exceeds the outstanding
principal plus the accrued interest payable. The Financial Statements
included in Monthly Financial Reports for all reporting periods prior to
December 1, 1997 have not included any accrual of interest on any pre-
petition unsecured debt. However, in light of the Conditional Letter
Agreement signed by the Trustee and holders of certain senior claims
that provides for the calculation and payment of post-petition interest
on certain pre-petition unsecured debt, interest has now been accrued on
certain pre-petition unsecured debt consistent with the interest rates
set forth in the Conditional Letter Agreement.
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).
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 April 1 to April 30, 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 April 30, 1998 and are reflected on the April 30,
1998 Financial Statements. Approved settlement is as follows:
Piper Jaffray 1,500,000
5. As of December 31, 1996, Bonneville and Subsidiaries had approximately
$3,488,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and approximately $6,925,000 in Alternative Minimum
Tax Loss carry-forwards. Pursuant to current tax law, only 90 percent
of current Alternative Minimum Taxable Income can be offset by
Alternative Minimum Tax Loss carry-forwards.
6. Retained earnings post-petition have been impacted by the accrual of
post-petition interest on pre-petition unsecured debt 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. 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 April 1 to April 30, 1998
<TABLE>
<CAPTION>
Beginning Payments Date Check Ending
Balance Adjustments Additions Deposits Paid Numb. Balance
<S> <C> <C> <C> <C> <C> <C> <C>
Income tax withheld:
Federal $0.00 $0.00 ($4,308.11) $2,134.81 04/15/98 KEY TAX $0.00
2,173.30 04/30/98 KEY TAX
State 0.00 (1,454.58) 1,454.58 04/30/98 1258
FICA tax withheld 0.00 (2,219.46) 1,116.24 04/15/98 KEY TAX
1,103.22 04/30/98 KEY TAX 0.00
Employer's FICA tax 0.00 (2,219.46) 1,116.24 04/15/98 KEY TAX
1,103.22 04/30/98 KEY TAX 0.00
Unemployment tax:
Federal 0.00 (357.32) 357.32 04/30/98 KEY TAX 0.00
State 0.00 (1,118.86) 1,118.86 04/30/98 1257 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 (5,860.00) 5,860.00 04/02/98 VARIOUS 0.00
Delaware franchise tax 0.00 0.00(*)
Employee withholding 0.00 0.00 (1,537.69) 772.09 04/13/98 1006944 0.00
---- ---- -------- 765.60 04/28/98 1006979 ----
------
TOTALS $0.00 $0.00 ($19,075.48) $19,075.48 $0.00
===== ===== ============ ========== =====
</TABLE>
(*) Amount subject to results of audit.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period April 1 to April 30, 1998
<TABLE>
<CAPTION>
Policy
Amount of Expiration Premium Paid
Carrier/Agent Coverage Date Thru Date
<S> <C> <C> <C> <C>
Worker's Compensation Various State Funds Statutory
$1,000,000 (A) 04/30/98
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/17/98 08/17/98
Vehicles Travelers Insurance/
(Hired/Non-Owned) Sedgwick James 5,000,000 08/17/98 08/17/98
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/98 08/17/98
Kyocera Federal/Hartford Steam/
Sedgwick James 5,352,879 08/17/98 08/17/98
</TABLE>
(A) All workers compensation insurance policies are insured through various
state insurance funds. As such, they continue in force as premiums are
paid and have no policy expiration dates.
Form 2-E
Page 2 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Accounts Receivable and Payable Aging
For Period April 1 to April 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $1,549,860 $91,369 $875,958
30 to 60 days 0 0 0
61 to 90 days 0 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 1,549,860 95,943 875,958
Pre-petition amounts 0 3,664,200 0
- --------- -
Total accounts receivable $1,549,860
==========
Total accounts payable $3,760,143 $875,958
========== ========
Affiliate
Accounts
Receivable
----------
Under 30 days $30,920
30 to 60 days 7,054
61 to 90 days 5,981
Over 90 days 0
-
Total post-petition
affiliate accounts
receivable $43,955
=======
</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 April 1 to April 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $54,325 04/13/98 $59,277 (1)
Trustee's Counsel 157,819 04/13/98 150,623 (1)
Trustee's Accountants 21,396 04/13/98 21,280
Trustee's Special Plan Counsel 83,141 04/13/98 45,000
Special Litigation Counsel for
Trustee - Costs 2,298 04/13/98 0
Trustee - Fees 1,319,112 04/13/98 495,000 (2)
Auditors 0 104,778
Financial Consultants 0 0 (3)
- -
Total $1,638,091 $875,958
========== ========
</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
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Schedule of Payments to Principal/Executives
For Period April 1 to April 30, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Payee Name Position Nature of Payment Amount
<S> <C> <C> <C>
Ralph F. Cox Director Director Fees $0.00
Calvin L. Rampton Director Director Fees $0.00
Clark M. Mower President Salary $12,833.34
Expense Reimbursement $1,675.90
</TABLE>
Form 2-E
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<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended April 30, 1998
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<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
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Total 1st Quarter 696,390.07
April 1,903,079.51
May
June
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Total 2nd Quarter 1,903,079.51
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
