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) August 17, 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 July 1, 1998 to July 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 August 17, 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 August 17, 1998
<PAGE>
INDEX TO EXHIBITS
Exhibit Page No.
28.1 Monthly Financial Report - Chapter 11,
for the period July 1, 1998 to July 31,
1998, of the Registrant, dated
August 17, 1998 as filed by the Registrant
with the United States Bankruptcy Court
for the District of Utah, Central
Division on August 17, 1998 . . . . . . . . . . 5
<PAGE>
MONTHLY FINANCIAL REPORT
CHAPTER 11
DEBTOR: BONNEVILLE PACIFIC CORPORATION
------------------------------
CASE NO. 91A-27701 For Period July 1 to July 31, 1998
--------- -----------------------
Accounting Method Used: [X] Accrual Basis [ ] Cash Basis
COVER SHEET
- -----------------------------------------------------------------------------
THIS REPORT IS DUE 15 DAYS AFTER THE END OF THE
Mark One Box MONTH. The debtor must attach each of the following
For Each Required reports/documents unless the U.S. Trustee has waived
Report/Document the requirement in writing. File original with
Clerk of Court. File duplicate with U.S. Trustee
- -----------------------------------------------------------------------------
Report/
Document Previously
Attached Waived REQUIRED REPORTS/DOCUMENTS
- -----------------------------------------------------------------------------
[X] [ ] Cash Receipts & Disbursements Statement (Form 2-B)
[X] [ ] Balance Sheet (Form 2-C)
[X] [ ] Profit and Loss Statement (Form 2-D)
[X] [ ] Supporting Schedules (Form 2-E)
[X] [ ] Quarterly Fee Summary (Form 2-F)
[X] [ ] Narrative (Form 2-G)
[X] [ ] Bank Statement(s) for Debtor in Possession Account(s)
- -----------------------------------------------------------------------------
I declare under penalty of perjury that the following Monthly
Financial Report and any attachments thereto, is true and correct
to the best of my knowledge and belief.
Executed on: August 17, 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 17th day of August 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 July 31, 1998
Form 2-G
- -----------------------------------------------------------------------------
Bonneville Pacific Corporation (the "Company" or "Bonneville") has continued
to conduct its normal business activities during the month of July 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 July and the
first part of August 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. The Litigation has been
concluded.
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.
- ---------------
(1) This narrative attempts to summarize significant events
affecting the Company through approximately August 14, 1998.
<PAGE>
On December 1, 1997, the Trustee filed a Motion for Authority
to Terminate the Debtor's ESOP and Distribute its Assets among
the ESOP's 199 Participants, all of whom are past and/or
present employees of the Debtor and its subsidiaries. A
hearing on the Motion was held as scheduled on January 12,
1998 at which hearing the Court approved the Motion. The
Company, the ESOP Trustee and the Trustee are continuing with
the action necessary to terminate the ESOP and to distribute
the ESOP assets to the qualified participants. The assets of
the ESOP that are being distributed to the participants
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 and
NCA #1 have resolved their dispute concerning curtailment
issues and the settlement has been approved. On September 27,
1996, NCA #1 was served with Findings and Notices of
Violation issued by Region IX of the United States
Environmental Protection Agency (the "EPA") for alleged
violations of the Clean Air Act's Prevention of Significant
Deterioration program applicable for the State of Nevada.
Specifically, EPA alleges that NCA #1, contrary to applicable
operating permits, failed to timely install "Best Available
Control Technology" at the plant in the form of a selective
catalytic reduction system to control Nox emissions.
Management of NCA#1 has disputed the EPA's claims.
Representatives of both sides of this dispute have reached an
agreement in principle. Attorneys for the EPA have recently
submitted a revised draft of a proposed agreement ("Consent
Decree") which has been reviewed by representatives of NCA#1
and representatives of NCA #1 have provided their comments
concerning the revised draft of the proposed agreement to
attorneys for the EPA and which the parties anticipate will be
finalized and signed sometime later this year.
On 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.(2)
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.(3) Wexford Management,
L.L.C. ("Wexford") and C. Derek Anderson ("Anderson"), each shareholders of
Bonneville, the Ad Hoc Committee of Common Shareholders (consisting of
Thomas Keyes, Steven Steinhouse & Wexford) and Billy R. Thedford, a debenture
holder, each filed objections to the Trustee's proposed Disclosure Statement
(hereafter collectively the "Objecting Parties").
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 the Trustee would be making certain amendments to the
Trustee's proposed Plan and 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 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 19, 1998 the Trustee filed his Amendments, including the amendments
to the Disclosure Statement (hereafter the "Trustee's Amended Disclosure
Statement"), and amendments to the Trustees' Proposed Plan (hereafter the
"Trustee's Amended Plan").
Wexford and Anderson filed objections to the Trustee's Amended Disclosure
Statement. On July 1, 1998, Anderson also filed a Motion Requesting
Continuance of the July 1, 1998 Hearing on the Adequacy of the Trustee's
Amended Disclosure Statement.
- ---------------
(2) 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.
(3) 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>
Wexford on or about June 15, 1998 filed its "Shareholder's Plan of
Reorganization" and on or about June 19, 1998 filed its "Amended
Shareholder's Plan of Reorganization" (hereafter "Wexford's Proposed Plan").
On or about June 19, 1998, Wexford filed its Disclosure Statement related to
Wexford's Proposed Plan (hereafter "Wexford's Disclosure Statement") and,
based upon a Motion to Shorten Time and to Limit Notice, which Motion was
granted, a hearing on Wexford's Disclosure Statement was scheduled for July 1,
1998. Wexford's Proposed Plan was similar to the Trustee's Proposed Plan
except in Wexford's Proposed Plan claimants in Classes 1, 2, 3 and 4 would
receive less interest on their senior unsecured claims with claimants or
equity holders in Classes 6 through 11 receiving most of the benefit of such
reductions to Classes 1, 2, 3 and 4.
The Trustee, Halcyon, Norwest Bank (Indenture Trustee), Wellhead Electric
(and affiliates) and State Street Bank filed objections to the adequacy of
Wexford's Disclosure Statement.
At the hearings held on July 1, 1998, the Bankruptcy Court (1) denied
Anderson's Motion to Continue the Hearing on the Trustee's Amended Disclosure
Statement; (2) held that Wexford's Disclosure Statement was not sufficient
and therefore denied approval of Wexford's Disclosure Statement; (3) approved
the Trustee's Amended Disclosure Statement; and (4) approved the Trustee's
Amended Motion Regarding Plan Confirmation Issues. On July 2, 1998 the Court
entered formal orders (1) Approving the Trustee's Amended Disclosure
Statement for the Trustee's Amended Chapter 11 Plan for the Estate of
Bonneville Pacific Corporation Dated April 22, 1998; and (2) Scheduling
Confirmation Hearing, Temporarily Allowing Claims for Voting Purposes and
Approving Other Procedures.
A hearing on the confirmation of the Trustee's Amended Plan has been
scheduled to begin on August 26, 1998 at 9:00 o'clock a.m. The Trustee's
Amended Disclosure Statement along with the Trustee's Amended Plan and
ballots, where appropriate, were initially mailed on July 17,1998 to
creditors and equity holders in accordance with the Bankruptcy Court's Order.
Notice of the confirmation hearing (and other matters related to the Plan)
was also published in various newspapers during the first part of July, 1998.
Ballots for voting to accept or reject the Trustee's Amended Plan must be
received by the Trustee by no later than August 17, 1998 in order to be
counted. Objections to the confirmation of the Trustee's Amended Plan must
be filed and served by no later than August 17, 1998.
At the present time the Trustee does not intend to propose any significant
changes to the Trustee's Amended Plan. On August 14, 1998 the Trustee filed
a pleading designating his proposed seven (7) person board of directors for
the Reorganized Debtor. The currently proposed board members are
(1) Steven H. Stepanek, (2) Hal Dittmer, (3) James Bernard, (4) Ralph Cox,
(5) Michael Devitt, (6) Michael Fowler and (7) either Mary Draper,
Gerald Wedren or Roger Segal. The pleading also contained the Trustee's
proposed Restated and Amended By-Laws and Certificate of Incorporation for
the Reorganized Debtor.
As set forth in the Trustee's Amended Disclosure Statement, 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
<PAGE>
debenture debt. Accordingly, the Trustee has reflected on the Company's
books and reflected 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 Amended Plan.
Preparation of the 1997 U.S. Corporate Income Tax Return has been completed
and the tax return was filed in late July, 1998, along with a request
pursuant to 11 U.S.C. Section 505 (b) for a prompt tax determination. The
return reflects no tax due and owing. The Company's net operating loss
carry forward for federal corporate income tax purposes as set forth in the
Company's U.S. Corporate Income Tax Return for the period ending
December 31, 1997 is approximately $23,700,000.00 and approximately
$26,700,000.00 in Alternative Minimum Tax Loss carry-forwards. Pursuant to
current tax law, only 90 percent of current Alternative Minimum Taxable
Income can be offset by Alternative Minimum Tax Loss carry-forwards. Neither
the Trustee nor his tax professionals can or do make any representations
concerning the Company's tax situation as the Company's 1997 federal income
tax return is subject to review by the Internal Revenue Service.
To the extent the Company possesses 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.
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
Trustee's Amended Disclosure Statement. Based in part upon the work of Bear,
Stearns & Company, the Trustee is of the opinion that the book value of the
Company's business assets, which is the value used on the Company's balance
sheet which is included in these Monthly Financial Statements filed with the
Bankruptcy Court (under the category "Other Assets: Investment in and
advances to subsidiaries and partnership") is materially less than the
current fair market value of such business assets.
The Trustee has employed the law firm of Weil, Gotshal & Manges, L.L.P., with
its principal office in New York City, as Special Plan Counsel. The purpose
of the employment includes, but is not limited to, advising the Trustee
concerning tax issues and assisting the Trustee and his General Counsel
concerning the Trustee's Amended Plan and issues relating thereto.
<PAGE>
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.
The Trustee has filed a formal objection to such claim and is proceeding with
discovery. A hearing on the objection has not yet been scheduled.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Cash Receipts and Disbursements Statement
For Period July 1 - July 31, 1998
CASH RECONCILIATION
1. Beginning Cash Balance: $156,392,873.02
2. Cash Receipts: (See Page 2 of 2) 675,278.46
3. Cash Disbursements: (See Page 2 of 2) (214,935.24)
----------
4. Net Cash Flow: 460,343.22
----------
5. Ending Cash Balance: $156,853,216.24
===============
CASH ACCOUNT SUMMARY - ENDING BALANCES
<TABLE>
<CAPTION>
ACCOUNT AMOUNT FINANCIAL INSTITUTION
<S> <C> <C> <C>
PAYROLL ACCOUNT $995.49 FIRST SECURITY BANK OF UTAH
PAYROLL TAX ACCOUNT 515.72 KEY BANK OF UTAH
GENERAL CORP CASH 310,893.76 KEY BANK OF UTAH
CHPTR 11 TRUSTEE JOINT ACCT 458,086.24 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - CD ACCT 11,415,013.85 (A) US BANK
CHPTR 11 TRUSTEE - JT CD 20,282,037.04 (A) KEY BANK OF UTAH
CHPTR 11 TRUSTEE - JT CD 27,382,350.89 (A) BANK ONE
CHPTR 11 TRUSTEE JT SAVINGS 32,042.32 (A) BANK ONE
CHPTR 11 TRUSTEE JOINT MMA ACCT 96,886,860.28 (A) NATIONS BANK
PROCEEDS FROM ASSET SALES 4,181.52 (A) KEY BANK OF UTAH
KYOCERA MAINTENANCE RESERVE 80,239.13 KEY BANK OF UTAH
---------
$156,853,216.24
===============
</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 July 1 - July 31, 1998
CASH RECEIPTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $20,170.76 A
PAYROLL TAX ACCOUNT 9,349.68 B
GENERAL CORP CASH 183,014.84 C
CHPTR 11 TRUSTEE JOINT ACCT 3,513.96 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 5,000,000.00 F
CHPTR 11 TRUSTEE - JT CD 70,515.96 N/A
CHPTR 11 TRUSTEE JT SAVINGS 118.21 G
CHPTR 11 TRUSTEE JOINT MMA ACCT 417,910.10 H
PROCEEDS FROM ASSET SALES 9.61 I
KYOCERA MAINTENANCE RESERVE 10,195.78 J
---------
5,714,798.90
LESS: ACCOUNT TRANSFERS (5,039,520.44)
------------
TOTAL CASH RECEIPTS $675,278.46
===========
</TABLE>
CASH DISBURSEMENTS JOURNALS
<TABLE>
<CAPTION>
BANK ACCOUNT TOTAL PAGE REF
<S> <C> <C>
PAYROLL ACCOUNT $20,207.48 A
PAYROLL TAX ACCOUNT 9,353.53 B
GENERAL CORP CASH 224,894.67 D
CHPTR 11 TRUSTEE JOINT ACCT 5,000,000.00 E
CHPTR 11 TRUSTEE - CD ACCT 0.00 N/A
CHPTR 11 TRUSTEE - JT CD 0.00 F
CHPTR 11 TRUSTEE - JT CD 0.00 N/A
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 0.00 J
----
5,254,455.68
LESS: ACCOUNT TRANSFERS (5,039,520.44)
------------
TOTAL CASH DISBURSEMENTS $214,935.24
===========
</TABLE>
Form 2-B
Page 2 of 2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Account
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/13/98 CK# 7100 BPC - GENERAL $10,046.91 PAYROLL TRANSFER
07/28/98 CK# 7125 BPC - GENERAL 10,123.85 PAYROLL TRANSFER
---------
TOTAL CASH RECEIPTS $20,170.76
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/15/98 PAYROLL SUMMARY $10,046.91
07/31/98 PAYROLL SUMMARY 10,123.85
07/31/98 BANK STMT FIRST SECURITY BANK 36.72 SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $20,207.48
==========
</TABLE>
A
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Payroll Tax Account
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/13/98 CK# 7099 BPC - GENERAL $4,364.14 PR TAX TRANSFER
07/23/98 CK# 7121 BPC - GENERAL 581.46 PR TAX TRANSFER
07/28/98 CK# 7124 BPC - GENERAL 4,404.08 PR TAX TRANSFER
--------
TOTAL CASH RECEIPTS $9,349.68
=========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/13/98 KEY TAX KEY BANK OF UTAH $3,630.51 FEDERAL TAX DEPOSIT
07/23/98 KEY TAX KEY BANK OF UTAH 54.98 FEDERAL UNEMPLOYMENT TAX
07/23/98 CK #1261 UTAH DEPT OF WORKFORCE SERVICES 526.48 STATE UNEMPLOYEMENT TAX
07/28/98 KEY TAX KEY BANK OF UTAH 3,663.55 FEDERAL TAX DEPOSIT
07/28/98 CK# 1262 UTAH ST TAX COMMISSION 1,474.16 STATE TAX DEPOSIT
07/31/98 BANK STMT KEY BANK OF UTAH 3.85 BANK SERVICE CHARGE
----
TOTAL CASH DISBURSEMENTS $9,353.53
=========
</TABLE>
B
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/08/98 DS070898 US BANK $26,754.93 INTEREST INCOME
07/21/98 DS072198 SAN DIEGO GAS & ELECTRIC 2,838.86 ENERGY REVENUE-KYOCERA
07/21/98 DS072198 SEDGWICK OF COLORADO 807.00 INSURANCE PREMIUM REFUND
07/21/98 DS072198 BONNEVILLE FUELS CORP 1,925.43 EXPENSE REIMBURSEMENT
07/28/98 DS072898 KYOCERA AMERICA 86,183.64 ENERGY REVENUE-KYOCERA
07/28/98 DS072898 MARCIA CUSTER 8.50 EXPENSE REIMBURSEMENT
07/28/98 DS072898 US BANK 26,754.94 INTEREST INCOME
07/31/98 DS073198 BONNEVILLE NEVADA CORP 1,380.89 EXPENSE REIMBURSEMENT
07/31/98 DS073198 BONNEVILLE PACIFIC SERVICES 35,206.95 EXPENSE REIMBURSEMENT
07/31/98 BANK STMT KEY BANK OF UTAH 1,153.70 INTEREST INCOME
--------
TOTAL CASH RECEIPTS $183,014.84
===========
</TABLE>
C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1998
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/02/98 1007078 BENEFICIAL LIFE INSURANCE $898.69 INSURANCE-LIFE
07/02/98 1007079 BPC-KYOCERA MAINT RESERVE 10,000.00 TRANSFER-KYOCERA MAINT
07/02/98 1007080 COMPUTER CITY 425.31 COMPUTER EQUIPMENT
07/02/98 1007081 DORN ASSOCIATES LTD 10,906.00 RENT-OFFICE SPACE & PARKING
07/02/98 1007082 FIRST CONTINENTAL LIFE & ACCIDENT 3,512.98 INSURANCE-DENTAL
07/02/98 1007083 HERITAGE PRODUCTS INC 554.29 OFFICE SUPPLIES & EXPENSE
07/02/98 1007084 MOUNT OLYMPUS WATER 18.03 OFFICE SUPPLIES & EXPENSE
07/02/98 1007085 SWIRE COCA-COLA USA 119.91 OFFICE SUPPLIES & EXPENSE
07/02/98 1007086 TRAVEL ZONE CRUISE ZONE 463.00 TRAVEL EXPENSE
07/02/98 1007087 UNUM LIFE INSURANCE CO 1,795.50 INSURANCE-DISABILITY
07/08/98 1007088 AIRBORNE EXPRESS 38.86 EXPRESS MAIL EXPENSE
07/08/98 1007089 AMERICAN INSTITUTE OF CPA'S 120.00 DUES & SUBSCRIPTIONS
07/08/98 1007090 BONNEVILLE PACIFIC SERVICES 758.76 KYOCERA-O&M EXPENSE
07/08/98 1007091 COMPUSERVE 9.95 OFFICE SUPPLIES & EXPENSE
07/08/98 1007092 FRONTIER COMMUNICATIONS 546.49 TELEPHONE EXPENSE
07/08/98 1007093 GENERATOR POWER SYSTEMS INC 13,241.60 KYOCERA-O&M EXPENSE
07/08/98 1007094 XEROX CORPORATION 352.26 OFFICE SUPPLIES & EXPENSE
1007095 VOID
7/10/98 1007096 BSA ADVERTISING INC 30,785.09 *OFFICE SUPPLIES & EXPENSE
07/10/98 1007097 RR DONNELLEY 15,000.00 *OFFICE SUPPLIES & EXPENSE
07/13/98 1007098 CENTRAL PARKING SYSTEMS 10.00 RENT-PARKING
07/13/98 1007099 BPC-PAYROLL TAX ACCT 4,364.14 TRANSFER-PAYROLL TAX ACCT
07/13/98 1007100 BPC-PAYROLL ACCT 10,046.91 TRANSFER-PAYROLL ACCT
07/13/98 1007101 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS
1007102 VOID
07/13/98 1007103 US POSTAL SERVICE 1,130.00 OFFICE SUPPLIES & EXPENSE
07/17/98 1007104 AUTOMATED OFFICE SYSTEMS INC 294.32 OFFICE SUPPLIES & EXPENSE
07/17/98 1007105 THE COBB GROUP 24.95 DUES & SUBSCRIPTIONS
07/17/98 1007106 MOUNT OLYMPUS WATER 10.64 OFFICE SUPPLIES & EXPENSE
07/17/98 1007107 MOUNTAIN STATES OFFICE PRODUCTS 92.52 OFFICE SUPPLIES & EXPENSE
07/17/98 1007108 THE PLANT GALLERY 250.70 OFFICE SUPPLIES & EXPENSE
07/17/98 1007109 PROTEL 37.22 OFFICE SUPPLIES & EXPENSE
07/17/98 1007110 REDMAN VAN & STORAGE CO 1,060.47 RENT-STORAGE
07/17/98 1007111 SAN DIEGO GAS & ELECTRIC 101.26 KYOCERA-O&M EXPENSE
07/17/98 1007112 TIME & INSTRUMENT COMPANY 62.00 OFFICE SUPPLIES & EXPENSE
07/22/98 1007113 AIRBORNE EXPRESS 18.48 EXPRESS MAIL EXPENSE
07/22/98 1007114 GENERATOR POWER SYSTEMS INC 1,957.50 KYOCERA-O&M EXPENSE
07/22/98 1007115 US BANKRUPTCY COURT 2,007.00 COURT FEES
07/22/98 1007116 MOUNT OLYMPUS WATER 24.04 OFFICE SUPPLIES & EXPENSE
07/22/98 1007117 CLARK MOWER 709.75 TRAVEL REIMBURSEMENT
07/22/98 1007118 US SHRED LLC 45.00 OFFICE SUPPLIES & EXPENSE
07/22/98 1007119 US WEST COMMUNICATIONS 781.26 TELEPHONE EXPENSE
07/22/98 1007120 US TRUSTEE 7,500.00 2ND QUARTER FEE
07/23/98 1007121 BPC-PAYROLL TAX ACCT 581.46 TRANSFER-PAYROLL TAX ACCT
</TABLE>
* Plan confirmation expense - print, publish and mail
D-1
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Corp Cash
For Period July 1 - July 31, 1998
CASH DISBURSEMENTS JOURNAL (CONTINUED)
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/23/98 1007122 WORKERS COMP FUND OF UT 261.84 INSURANCE-WORKERS COMP
07/28/98 1007123 ALPHA GRAPHICS 18.81 OFFICE SUPPLIES & EXPENSE
07/28/98 1007124 BPC-PAYROLL TAX ACCT 4,404.08 TRANSFER-PAYROLL TAX ACCT
07/28/98 1007125 BPC-PAYROLL ACCT 10,123.85 TRANSFER-PAYROLL ACCT
07/28/98 1007126 CENTRAL PARKING SYSTEMS 256.00 RENT-PARKING
07/28/98 1007127 TRAVEL ZONE CRUISE ZONE 1,412.72 TRAVEL EXPENSE
07/28/98 1007128 WELLS FARGO BANK 846.02 401K CONTRIBS & LOAN PMTS
07/28/98 1007129 STATE OF DELAWARE CORP DIVISION 79,020.00 FRANCHISE TAX
07/28/98 1007130 STATE OF DELAWARE CORP DIVISION 7,000.00 FRANCHISE TAX
07/31/98 BANK STMT KEY BANK OF UTAH 48.99 BANK SERVICE CHARGE
-----
TOTAL CASH DISBURSEMENTS $224,894.67
===========
</TABLE>
D-2
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee Joint Account
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/98 BANK STMT KEY BANK $3,513.96 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/98 BONNEVILLE PACIFIC CORP $5,000,000.00 TRANSFER
</TABLE>
E
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - CD Account
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/98 BANK STMT KEY BANK OF UTAH $5,000,000.00 TRANSFER
</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 July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/98 BANK STMT BANK ONE $70,515.96 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 Savings
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/98 BANK STMT BANK ONE $118.21 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
H
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Chapter 11 Trustee JT - MMA Account
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/98 BANK STMT NATIONS BANK $417,910.10 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
I
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Proceeds From Asset Sales
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/31/98 BANK STMT KEY BANK OF UTAH $9.61 INTEREST INCOME
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
J
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Kyocera Maintenance Reserve
For Period July 1 - July 31, 1998
CASH RECEIPTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYOR AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
07/01/98 CK# 7079 BONNEVILLE PACIFIC CORP $10,000.00 TRANSFER
07/31/98 BANK STMT KEY BANK OF UTAH 195.78 INTEREST INCOME
------
TOTAL CASH RECEIPTS $10,195.78
==========
</TABLE>
CASH DISBURSEMENTS JOURNAL
<TABLE>
<CAPTION>
DATE DOC # PAYEE AMOUNT DESCRIPTION
<S> <C> <C> <C> <C>
NONE
</TABLE>
K
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Balance Sheet
As of July 31, 1998
ASSETS
Current Assets:
Cash $156,853,216
Accounts receivable - trade 98,167
Accounts receivable - settlements (Note 4) 1,500,000
Accounts receivable - affiliates 25,888
Prepaid insurance 4,999
Accrued interest receivable 317,494
-------
Total current assets $158,799,764
Fixes Assets:
Land 198,424
Equipment, furniture and fixtures 3,818,715
---------
Total fixed assets 4,017,139
Less: Accumulated depreciation (3,249,734)
---------
Net fixed assets 767,405
Other Assets:
Investment in and advances to subsidiaries
and partnership (Note 7) 28,985,054
Other assets 1,820
-----
Total other assets 28,986,874
----------
TOTAL ASSETS $188,554,043
============
LIABILITIES
Post-Petition Liabilities:
Accounts payable - trade $88,528
Accounts payable - professional fees
and costs 1,225,983
Accrued income taxes payable (Note 5) 0
Taxes payable 0
Accrued interest 49,731,368
----------
Total post-petition liabilities $51,045,879
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 151,004,715
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) (25,394,290)
----------
TOTAL OWNER'S EQUITY (Notes 1 and 3) 37,549,328
----------
TOTAL LIABILITIES AND OWNER'S EQUITY $188,554,043
============
Form 2-C
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Profit and Loss Statement
For Period July 1 to July 31, 1998
Gross operating revenue $177,028
Less discount, returns and allowances 0
Net operating revenue $177,028
Cost of goods sold (110,298)
-------
Gross profit 66,730
Operating expenses:
Salaries and wages 29,879
Rent and leases 2,029
Payroll taxes 10,626
Insurance 550
Other taxes and licenses 1,527
Other 53,209
------
Total operating expenses (97,820)
------
Operating income (loss) (31,090)
Legal and professional fees and costs (Note 4) 111,424
Depreciation, depletion and administration 3,617
Claims settlement expense 0
Interest expense 636,648
-------
Total (751,689)
-------
Net operating income (loss) (782,779)
Non-operating income and (expenses):
Interest income 690,308
Other income - settlements 0
Approved claims 0
Other income 0
Equity in earnings (losses) of subsidiaries
And partnerships (Note 2) 727,518
-------
Net non-operating income or (expenses) 1,417,826
---------
Net income (loss) before income taxes 635,047
Provision for income taxes (benefit) (Note 5) 0
-
NET INCOME (LOSS) $635,047
========
Form 2-D
Page 1 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
General Notes to Financial Statements
For Period July 1 to July 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 Amended Disclosure Statement for the Trustee's Amended 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 Amended
Disclosure Statement for the Trustee's Amended 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 July 1 to July 31, 1998
For further information concerning liabilities and potential claims, see
the Amended Disclosure Statement for the Trustee's Amended Chapter 11
Plan dated 4/22/98.
4. Accounts Receivable Settlement represent only court approved settlements
where all conditions precedent have occurred and the settlement was fully
effective as of July 31, 1998 and are reflected on the July 31, 1998
Financial Statements. Approved settlement is as follows:
Piper Jaffray 1,500,000
5. As of December 31, 1997, Bonneville and Subsidiaries had approximately
$23,700,000 in federal net operating loss carry-forwards for Federal
Income Tax purposes and Approximately $26,700,000 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. The future utilization of the net
Operating loss and certain other tax attributes may be subject to
limitation pursuant to the Provisions of IRC Section 382. Neither the
Trustee nor his tax professionals can or do make Any representations
concerning the Company's tax situation as the Company's 1997 federal
income tax return is subject to review by the Internal Revenue Service.
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 Amended Disclosure
Statement for the Trustee's Amended Chapter 11 Plan dated 4/22/98.
Form 2-D
Page 3 of 3
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Taxes Payable Schedule (Post-Petition)
For the Period July 1 to July 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 ($4,398.06) $2,190.89 07/15/98 KEY TAX $0.00
2,207.17 07/31/98 KEY TAX
State 0.00 (1,474.16) 1,474.16 07/31/98 1262 0.00
FICA tax withheld 0.00 (1,448.00) 719.81 07/15/98 KEY TAX
728.19 07/31/98 KEY TAX 0.00
Employer's FICA tax 0.00 (1,448.00) 719.81 07/15/98 KEY TAX
728.19 07/31/98 KEY TAX 0.00
Unemployment tax:
Federal 0.00 (54.98) 54.98 07/23/98 KEY TAX 0.00
State 0.00 (526.48) 526.48 07/23/98 1261 0.00
Sales, use & excise taxes 0.00 0.00
Property taxes 0.00 (2,300.00) (2,300.00)
Accrued income tax:
Federal 0.00 0.00
State 0.00 0.00
Delaware franchise tax (94,000.00) 7,980.00 79,020.00 07/28/98 1007129
7,000.00 07/28/98 1007130
Employee withholding 0.00 0.00 (1,528.64) 764.32 07/13/98 1007101 0.00
---- ---- -------- 764.32 07/28/98 1007128
------
TOTALS ($94,000.00) $7,980.00 ($13,178.32) $96,898.32 ($2,300.00)
========== ========= ========== ========== =========
</TABLE>
(*) Amount subject to results of audit.
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Insurance Schedule
For Period July 1 to July 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) 07/31/98
General Liability Travelers Insurance/
Sedgwick James 5,000,000 08/17/99 08/17/98
Vehicles Travelers Insurance/
(Hired/Non-Owned) Sedgwick James 5,000,000 08/17/99 08/17/98
Property:
Bonneville Pacific Federal Insurance Co./
Sedgwick James 735,000 08/17/99 08/17/98
Kyocera Federal/Hartford Steam/Agriculture
Sedgwick James 5,697,000 08/17/99 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 July 1 to July 31, 1998
<TABLE>
<CAPTION>
Accounts
Non-Affiliate Accounts Payable
Accounts Payable Professional
Receivable Trade Fees
<S> <C> <C> <C>
Under 30 days $1,598,167 $7,954 $1,225,983
30 to 60 days 0 8,200 0
61 to 90 days 0 0 0
Over 90 days 0 4,574 0
- ----- -
Total post-petition 1,598,167 20,728 1,225,983
Pre-petition amounts 0 3,664,200 0
- --------- -
Total accounts receivable $1,598,167
==========
Total accounts payable $3,684,928 $1,225,983
========== ==========
Affiliate
Accounts
Receivable
Under 30 days $4,781
30 to 60 days 21,107
61 to 90 days 0
Over 90 days 0
-
Total post-petition
affiliate accounts
receivable $25,888
=======
</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 July 1 to July 31, 1998
<TABLE>
<CAPTION>
Date of
Court Estimated
Amount Paid Approval Balance Due
<S> <C> <C> <C> <C>
Court Appointed Trustee $0 - $107,768 (1)
Trustee's Counsel 0 - 314,176 (1)
Trustee's Accountants 0 - 59,112
Trustee's Special Plan Counsel 0 - 150,000
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 $1,225,983
== ==========
</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 and or the Trustee's professionals.
(2) Includes an accrual for any contingent fees due as a result of Court
approved settlements or recoveries. Estimated contingent fees are
accrued when settlements are approved by the Court. The contingent fees
fees that have been accrued on settlements approved by the Court are as
follows:
$1,500,000.00 - 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 July 1 to July 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 $709.75
</TABLE>
Form 2-E
Page 5 of 5
<PAGE>
DEBTOR: BONNEVILLE PACIFIC CORPORATION
Case No. 91A-27701
Quarterly Fee Summary
Month Ended July 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 $3,750.00 1006970 04/24/98
April 1,903,079.51
May 105,288.54
June 185,124.57
----------
Total 2nd Quarter 2,193,492.62 $7,500.00 1007150 07/22/98
July 214,935.24
August
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
