<PAGE> 1
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 of Report (Date of earliest event reported): June 23, 1997 (April 30, 1997)
COMPTRONIX CORPORATION
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 0-17743 63-0860282
---------------------------------------------- ----------------------- -------------------
(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
5123 Virginia Way, Unit C-22, Brentood, Tennessee 37027
------------------------------------------------- ----------
(Address of principal executive offices) (Zip Code)
</TABLE>
Registrant's telephone number, including area code: (615) 377-3330
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 3. Bankruptcy and Receivership and Item 5. Other Events.
---
As previously reported, the Registrant filed a petition for
reorganization relief under Chapter 11 of the Bankruptcy Code in the United
States Bankruptcy Court for the Middle District of Tennessee (Case No.
396-06840) on August 8, 1996. On November 1, 1996, the Registrant consummated
the sale of substantially all of its assets to Sanmina Corporation pursuant to
the terms of an Asset Purchase Agreement which was approved by the Bankruptcy
Court pursuant to Section 363 of the Bankruptcy Code. Proceeds from the sale
were used to repay the Registrant's secured indebtedness and the balance
remaining after repaying all secured indebtedness will be distributed to the
Registrant's administrative and priority claimants and unsecured creditors
pursuant to the Registrant's proposed joint plan of liquidation which was
approved by the Bankruptcy Court on June 4, 1997. The plan, a copy of which is
filed as an exhibit hereto, provides for the distribution of the Registrant's
remaining assets. Holders of the Registrant's Common Stock and Series A
Convertible Preferred Stock will receive no distributions pursuant to the joint
plan of liquidation. It is currently estimated that the Registrant's unsecured
creditors, including holders of the Registrant's Convertible Subordinated
Debentures, will receive approximately ten cents on the dollar for their claims
after payment of expenses.
The Registrant is also filing its reports to the U.S. Bankruptcy Court
for the periods ended April 30, 1997 and May 31, 1997, which were filed with the
Bankruptcy Court on June 17, 1997.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Exhibits.
99.1 Report to U.S. Bankruptcy Court for May 1997
99.2 Report to U.S. Bankruptcy Court for April 1997
99.3 Second Amended Joint Chapter 11 Plan of Liquidation
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COMPTRONIX CORPORATION
Date: June 23, 1997 By: /s/ E. Townes Duncan
------------------------------------
E. Townes Duncan
Chairman of the Board
<PAGE> 1
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF TENNESSEE
In re: Case No.: 396-06840
---------
Comptronix Corporation
----------------------------- Judge: Lundin
---------
-----------------------------
Chapter 11
Debtor(s)
MONTHLY OPERATING REPORT FOR MONTH ENDING 5/31/97
--------------------------
COMES NOW, COMPTRONIX CORPORATION
----------------------------------------------------
Debtor-In-Possession, and hereby submits its Monthly Operating Report for the
period commencing 1-May-97 and ending 31-May-97 as shown
-------- ---------
by the report and exhibits consisting of 13 pages and containing the
----------
following, as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
------------
X Comparative Balance Sheets (Forms OPR-1 & OPR-2)
------------
X Summary of Accounts Receivable (Form OPR-3)
------------
X Schedule of Postpetition Liabilities (Form OPR-4)
------------
X Statement of Income (Loss) (Form OPR-5)
------------
I declare under penalty of perjury that this report and all
attachments are true and correct to the best of my knowledge and belief. I also
hereby certify that the original Monthly Operating Report was filed with the
Bankruptcy Court Clerk and a copy delivered to the U.S. Trustee.
Date: 6/17/97 DEBTOR-IN-POSSESSION
-------------------------
By: /s/ E. Townes Duncan
-------------------------------
Name & Title: E. Townes Duncan, CEO
----------------------
Address: 5123 Virginia Way, C-22
--------------------------
Brentwood, TN 37027
-----------------------------------
Telephone Number: (615) 377-3300
-----------------
<PAGE> 2
ATTACHMENT 1
PAGE 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
-----------------------------------------
CASE NUMBER: 396-06840
-----------------------------------------
MONTH OF: May 1997
-----------------------------------------
1. Payroll State the amount of all executive wages paid and taxes
withheld and paid.
<TABLE>
<CAPTION>
Wages Paid Taxes
Name and Title -------------------------------- ----------------------------
of Executive Gross Net Due Paid
------------- ---------------- -------------- ------------- -------------
<S> <C>
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Total Executive Payroll: - - - -
-------------------------------------------------------------------------------
</TABLE>
2. Insurance Are all premium payments current? yes Please detail
coverages in effect below. If any coverages have been changed or renewed,
please attach binder or certicate.
<TABLE>
<CAPTION>
Date
Name of Coverage Expiration Premium Coverage
Type Carrier Amount Policy # Date Amounts Pd. Thru
---- --------------------------------- -------------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Casualty
---------------------------------------------------------------------------------------------
Workers' comp
---------------------------------------------------------------------------------------------
General liab.
---------------------------------------------------------------------------------------------
Vehicle
---------------------------------------------------------------------------------------------
Other (specify):
D&O St. Paul Surplus $3,000,000 SD05500726 7/1/97 $128,400 7/1/97
--------------------------------------------------------------------------------------------------------------------
Excess D&O Tamarack Amer $2,000,000 TDX9823938 7/1/97 $ 64,200 7/1/97
--------------------------------------------------------------------------------------------------------------------
Excess Workers' Comp Midwest Employ $2,000,000 4400-SA-AL 7/1/98 $ 41,920 7/1/97
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
ATTACHMENT 1
PAGE 2
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
------------------------------
CASE NUMBER: 396-06840
------------------------------
MONTH OF: May 1997
------------------------------
<TABLE>
<CAPTION>
3. Bank Accounts Account Type
------------- ------------------------------------------------------------------------------
Operating Int Bearing Payroll Other Total
------------- --------------- ------------- ------------- --------------
Lockbox
Bank name Amsouth Amsouth Amsouth NationsBank
------------- --------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Account # 2,791,862 5,300,426,253 2,791,870 102,321,446
------------- --------------- ------------- -------------
Beginning book balance 169,622 4,163,462 - - 4,333,084
------------- --------------- ------------- ------------- --------------
Plus: Deposits - - -
------------- --------------- ------------- ------------- --------------
(Attach detailed listing)
Less: Disbursements 20,320 - - - 20,320
------------- --------------- ------------- ------------- --------------
(Attach detailed listing)
Other:
Transfers In (Out) - - - -
------------- --------------- ------------- ------------- --------------
Ending book balance 149,302 4,163,462 - - 4,312,764
------------- --------------- ------------- ------------- --------------
</TABLE>
4. Postpetition Payments List any postpetition payments to
professionals and payments on prepetition debts in the schedule below
(attach separate sheet if necessary).
<TABLE>
<CAPTION>
Payments To/On Amount Date Check # Order Date
------------------------------------------------- --------------- ------------- ------------- --------------
<S> <C> <C> <C> <C>
Professionals (attorneys, accountants, etc.):
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
Prepetition debts: (Payment to secured creditor)
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
</TABLE>
<PAGE> 4
ATTACHMENT 1
PAGE 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
--------------------------------------------
CASE NUMBER: 396-06840
--------------------------------------------
MONTH OF: May 1997
--------------------------------------------
BANK NAME: Amsouth Operating ACCOUNT #: 2791862
------------------------------------ --------------
Detail of Receipts:
<TABLE>
<CAPTION>
Date Received from Explanation Amount
- ------------ ----------------------------------------- ---------------------------------------- -----------------
<S> <C> <C> <C>
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
* Must agree to "Deposits" line of
Total Receipts - * Item 3 on Attachment 1 (Page 2).
-----------------------------
</TABLE>
<PAGE> 5
ATTACHMENT 1
PAGE 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
-----------------------------------------------
CASE NUMBER: 396-06840
-----------------------------------------------
MONTH OF: May 1997
-----------------------------------------------
BANK NAME: AmSouth Interest Bearing Account ACCOUNT #: 5300426253
-------------------------------------- ----------
Detail of Receipts:
<TABLE>
<CAPTION>
Date Received from Explanation Amount
- ------------ ---------------------------------------- -------------------------------------- ------------------
<S> <C> <C> <C>
-
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
* Must agree to "Deposits" line of
Total Receipts * * Item 3 on Attachment 1 (Page 2).
-----------------------------
</TABLE>
<PAGE> 6
ATTACHMENT 1
PAGE 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
--------------------------------------------
CASE NUMBER: 396-06840
--------------------------------------------
MONTH OF: May 1997
--------------------------------------------
BANK NAME: Amsouth Operating ACCOUNT #: 2791862
-------------------------------- --------------
Detail of Disbursements:
<TABLE>
<CAPTION>
Date Check # Paid To/In Payment Of Amount
- ------------- ---------------- ------------------------------------------------------------------ ------------
<S> <C> <C> <C>
See attached listing
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
* Must agree to "Disbursements" line
Total Disburesements 20,320.44* of Item 3 on Attachment 1 (Page 2).
-----------------------
</TABLE>
<PAGE> 7
<TABLE>
Cash
<S> <C> <C> <C> <C> <C>
169,621.72
5/5/97 4178 Corporate Communications 6,755.00 x 162,866.72
5/13/97 4179 Gullett Sanford Robinson 5,687.56 x 157,179.16
5/13/97 4180 ADP/ICS 3,860.28 x 153,318.88
5/13/97 4181 Kristi Hester 500.00 152,818.88
5/27/97 5182 U.S. Trustee 1,500.00 151,318.88
5/27/97 5183 Smith Barney 120.00 151,198.88
5/27/97 5184 Kristi Hester 1,000.00 150,198.88
5/27/97 5185 Cellular One 98.80 150,100.08
5/27/97 4186 Bowne of Atlanta 766.80 149,333.28
5/27/97 4187 US Post Office 32.00 149,301.28
20,320.44 0.00
</TABLE>
Page 7
<PAGE> 8
ATTACHMENT 1
PAGE 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
-----------------------------------------------
CASE NUMBER: 396-06840
-----------------------------------------------
MONTH OF: May 1997
-----------------------------------------------
BANK NAME: AmSouth Interest Bearing Account ACCOUNT #: 5300426253
--------------------------------------- -----------
Detail of Disbursements:
<TABLE>
<CAPTION>
Date Check # Paid To/In Payment Of Amount
- ------------- --------------- --------------------------------------------------------------- ------------------
<S> <C> <C> <C>
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
* Must agree to "Disbursements" line
Total Disburesements - * of Item 3 on Attachment 1 (Page 2).
----------------------
</TABLE>
<PAGE> 9
CASE NAME: Comptronix Corporation COMPARATIVE BALANCE SHEETS
------------------------
CASE NUMBER: 396-06840 MONTH ENDED: 5/31/97
------------------------ --------------
<TABLE>
<CAPTION>
FILING
DATE MONTH MONTH MONTH
8/8/96 9/29/96 10/27/96 11/24/96
----------- ----------- ----------- ---------
ASSETS
CURRENT ASSETS
<S> <C> <C> <C> <C>
Cash -- 910,343 1,067,914 5,352,153
----------- ----------- ----------- ---------
Other negotiable instruments (i.e
CD's, Treasury bills, etc.) -- -- -- --
----------- ----------- ----------- ---------
Accounts receivable, net (See OPR-3) 6,178,018 6,960,493 6,641,386 539,349
----------- ----------- ----------- ---------
Less allowance for doubtful accounts (267,662) (120,331) (124,331) --
----------- ----------- ----------- ---------
Inventory, at lower of cost or market 14,077,309 9,802,242 4,085,577 --
----------- ----------- ----------- ---------
Prepaid expenses and deposits 1,706,757 1,220,618 1,191,303 623,174
----------- ----------- ----------- ---------
Investments 3,024 3,024 3,024 3,024
----------- ----------- ----------- ---------
Other: OTHER RECEIVABLE 200,450 755,260 728,748 468,870
---------------- ----------- ----------- ----------- ---------
TOTAL CURRENT ASSETS 21,897,895 19,531,649 13,593,621 6,986,570
----------- ----------- ----------- ---------
PROPERTY, PLANT AND EQUIPMENT, AT COST 40,764,692 40,784,390 34,810,623 --
----------- ----------- ----------- ---------
Less accumulated depreciation 27,101,242 27,712,523 28,012,084 --
----------- ----------- ----------- ---------
NET PROPERTY, PLANT AND EQUIPMENT 13,663,449 13,071,867 6,798,539 --
----------- ----------- ----------- ---------
OTHER ASSETS
DEFERRED FINANCING COSTS * 1,017,907 972,157 -- --
------------------------------------- ----------- ----------- ----------- ---------
ASSETS HELD FOR SALE * 38,227 38,227 -- --
------------------------------------- ----------- ----------- ----------- ---------
TOTAL ASSETS 36,617,479 33,613,900 20,392,160 6,986,570
----------- ----------- ----------- ---------
<CAPTION>
MONTH MONTH MONTH MONTH MONTH MONTH
12/31/96 2/2/97 2/28/97 3/30/97 4/30/97 5/31/97
--------- --------- --------- --------- --------- ---------
CURRENT ASSETS
<S> <C> <C> <C> <C> <C> <C>
Cash 4,310,109 4,225,864 4,258,693 4,294,683 4,333,083 4,312,764
--------- --------- --------- --------- --------- ---------
Other negotiable instruments (i.e
CD's, Treasury bills, etc.)
--------- --------- --------- --------- --------- ---------
Accounts receivable, net (See OPR-3) 504,605 504,605 504,605 504,605 504,605 504,605
--------- --------- --------- --------- --------- ---------
Less allowance for doubtful accounts
--------- --------- --------- --------- --------- ---------
Inventory, at lower of cost or market
--------- --------- --------- --------- --------- ---------
Prepaid expenses and deposits 621,174 621,174 597,776 597,776 364,728 364,728
--------- --------- --------- --------- --------- ---------
Investments 3,024 3,024 3,024 3,024 3,024 3,024
--------- --------- --------- --------- --------- ---------
Other: OTHER RECEIVABLE 464,247 464,247 464,247 464,247 464,247 464,247
--------- --------- --------- --------- --------- ---------
TOTAL CURRENT ASSETS 5,903,159 5,818,914 5,828,345 5,864,335 5,669,687 5,649,368
--------- --------- --------- --------- --------- ---------
PROPERTY, PLANT AND EQUIPMENT, AT COST
--------- --------- --------- --------- --------- ---------
Less accumulated depreciation
--------- --------- --------- --------- --------- ---------
NET PROPERTY, PLANT AND EQUIPMENT
--------- --------- --------- --------- --------- ---------
OTHER ASSETS
DEFERRED FINANCING COSTS*
--------- --------- --------- --------- --------- ---------
ASSETS HELD FOR SALE*
--------- --------- --------- --------- --------- ---------
TOTAL ASSETS 5,903,159 5,818,914 5,828,345 5,864,335 5,669,687 5,649,368
--------- --------- --------- --------- --------- ---------
</TABLE>
* Itemize on separate page if value of "Other Assets" exceeds 10% of "Total
Assets".
<PAGE> 10
CASE NAME: Comptronix Corporation COMPARATIVE BALANCE SHEETS
---------------------
CASE NUMBER: 396-06840 MONTH ENDED: 5/31/97
------------------ --------------
<TABLE>
<CAPTION>
FILING
DATE MONTH MONTH MONTH
8/8/96 9/29/96 10/27/96 11/24/96
------------ ------------ ------------- -----------
LIABILITIES
<S> <C> <C> <C> <C>
POST PETITION LIABILITIES (See OPR-4) -- 1,280,695 1,965,257 1,435,848
Miscellaneous Accruals 470,411 -- -- --
PRE PETITION LIABILITIES
Priority debt -- -- -- --
------------ ------------ ------------ ------------
Secured debt 14,312,340 12,574,884 12,220,823 --
------------ ------------ ------------ ------------
Unsecured debt 41,103,974 41,878,875 41,380,756 39,953,764
------------ ------------ ------------ ------------
TOTAL PRE PETITION LIABILITIES 55,416,314 54,453,759 53,601,578 39,953,764
------------ ------------ ------------ ------------
TOTAL LIABILITIES 55,886,725 55,734,454 55,566,835 41,389,613
------------ ------------ ------------ ------------
SHAREHOLDERS' EQUITY (DEFICIT)
PREFERRED STOCK 19,964,001 20,013,911 20,013,911 14,101,603
------------ ------------ ------------ ------------
COMMON STOCK 132,984 132,984 132,984 140,374
------------ ------------ ------------ ------------
PAID-IN CAPITAL 29,784,050 29,793,880 29,798,794 35,703,712
------------ ------------ ------------ ------------
RETAINED EARNINGS
Through filing date (69,150,281) (69,150,281) (69,150,281) (69,150,281)
------------ ------------ ------------ ------------
Post filing date -- (2,911,048) (15,970,083) (15,198,452)
------------ ------------ ------------ ------------
TOTAL SHAREHOLDERS'EQUITY (19,269,246) (22,120,554) (35,174,675) (34,403,043)
------------ ------------ ------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 36,617,479 33,613,900 20,392,160 6,986,570
------------ ------------ ------------ ------------
<CAPTION>
MONTH MONTH MONTH MONTH MONTH MONTH
12/31/96 2/2/97 3/2/97 3/30/97 4/30/97 5/31/97
------------ ------------ ------------- ----------- ------------ ------------
LIABILITIES
<S> <C> <C> <C> <C> <C> <C>
POST PETITION LIABILITIES (See OPR-4) 512,478 590,909 590,909 590,909 590,909 590,909
Miscellaneous Accruals -- -- -- -- -- --
PRE PETITION LIABILITIES
Priority debt -- -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Secured debt -- -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Unsecured debt 40,053,699 39,953,257 39,953,257 39,953,257 39,953,257 39,953,257
------------ ------------ ------------ ------------ ------------ ------------
TOTAL PRE PETITION LIABILITIES 40,053,699 39,953,257 39,953,257 39,953,257 39,953,257 39,953,257
------------ ------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES 40,566,177 40,544,166 40,544,166 40,544,166 40,544,166 40,544,166
------------ ------------ ------------ ------------ ------------ ------------
SHAREHOLDERS' EQUITY (DEFICIT)
PREFERRED STOCK 14,101,603 14,101,603 14,101,603 14,101,603 14,101,603 14,101,603
------------ ------------ ------------ ------------ ------------ ------------
COMMON STOCK 140,374 140,374 140,374 140,374 140,374 140,374
------------ ------------ ------------ ------------ ------------ ------------
PAID-IN CAPITAL 35,703,712 35,703,712 35,703,712 35,703,712 35,703,712 35,703,712
------------ ------------ ------------ ------------ ------------ ------------
RETAINED EARNINGS
Through filing date (69,150,281) (69,150,281) (69,150,281) (69,150,281) (69,150,281) (69,150,281)
------------ ------------ ------------ ------------ ------------ ------------
Post filing date (15,458,427) (15,520,660) (15,511,229) (15,475,239) (15,669,887) (15,690,207)
------------ ------------ ------------ ------------ ------------ ------------
TOTAL SHAREHOLDERS'EQUITY (34,663,018) (34,725,252) (34,715,821) (34,679,831) (34,874,479) (34,894,798)
------------ ------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 5,903,159 5,818,914 5,828,345 5,864,335 5,669,687 5,649,368
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
<PAGE> 11
CASE NAME: Comptronix Corporation SUMMARY OF ACCOUNTS RECEIVABLE
---------------------------
CASE NUMBER: 396-06840 MONTH ENDED: 5/31/97
---------------------- -------------------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
--------- ------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
DATE OF FILING: 8/8/96 6,178,018 3,112,009 2,245,054 525,722 295,234
---------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (267,662) (267,662)
--------- ------------- ------------- ------------ ------------
MONTH: August - Ending 8/25/96 6,759,103 3,659,066 1,892,451 929,043 278,543
--------------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (271,662) (271,662)
--------- ------------- ------------- ------------ ------------
MONTH: September - Ending 9/29/96 6,960,493 3,688,742 1,961,765 1,012,861 297,126
--------------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (120,331) (120,331)
--------- ------------- ------------- ------------ ------------
MONTH: October - Ending 10/27/96 6,641,386 3,558,288 1,858,472 1,088,644 135,982
--------------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (124,331) (124,331)
--------- ------------- ------------- ------------ ------------
MONTH: November - Ending 11/24/96 539,349 34,744 504,605
--------------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts
--------- ------------- ------------- ------------ ------------
MONTH: December - Ending 12/31/96 504,605 504,605
--------------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts
--------- ------------- ------------- ------------ ------------
MONTH: January - Ending 2/2/97 504,605 504,605
--------------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts
--------- ------------- ------------- ------------ ------------
MONTH: May 1997 504,605 504,605
--------------------------- --------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts
--------- ------------- ------------- ------------ ------------
</TABLE>
NOTE: Total accounts receivable and total allowance for doubtful accounts shown
here must agree with the same items as shown on Form OPR-1.
<PAGE> 12
CASE NAME: Comptronix Corporation SCHEDULE OF POST PETITION LIABILITIES
----------------------
CASE NUMBER: 396-06840 MONTH ENDED: 5/31/97
---------- -------------------------
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30
INCURED DUE DUE DAYS
------------- --------------- ---------------- ----------------
TAXES PAYABLE
<S> <C> <C> <C> <C>
Federal/State Income Tax Withholding
------------- --------------- ---------------- ----------------
FICA
------------- --------------- ---------------- ----------------
Unemployment Tax
------------- --------------- ---------------- ----------------
Sales Tax
------------- --------------- ---------------- ----------------
Personal Property Tax
------------- --------------- ---------------- ----------------
TOTAL TAXES PAYABLE
------------- --------------- ---------------- ----------------
POSTPETITION SECURED DEBT
------------- --------------- ---------------- ----------------
POSTPETITION UNSECURED DEBT
------------- --------------- ---------------- ----------------
ACCRUED INTEREST PAYABLE
------------- --------------- ---------------- ----------------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately*)
Miscellaneous Accruals Various Various 590,909.00 590,909.00
-------------------------------------- ------------- --------------- ---------------- ----------------
-------------------------------------- ------------- --------------- ---------------- ----------------
-------------------------------------- ------------- --------------- ---------------- ----------------
-------------------------------------- ------------- --------------- ---------------- ----------------
-------------------------------------- ------------- --------------- ---------------- ----------------
TOTALS 590,909.00 590,909.00
------------- --------------- ---------------- ----------------
<CAPTION>
31-60 61-90 OVER
DAYS DAYS 90 DAYS
-------------- ------------- --------------
TAXES PAYABLE
<S> <C> <C> <C>
Federal/State Income Tax Withholding
-------------- ------------- --------------
FICA
-------------- ------------- --------------
Unemployment Tax
-------------- ------------- --------------
Sales Tax
-------------- ------------- --------------
Personal Property Tax
-------------- ------------- --------------
TOTAL TAXES PAYABLE
-------------- ------------- --------------
POSTPETITION SECURED DEBT
-------------- ------------- --------------
POSTPETITION UNSECURED DEBT
-------------- ------------- --------------
ACCRUED INTEREST PAYABLE
-------------- ------------- --------------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately*)
Miscellaneous Accruals
-------------------------------------- -------------- ------------- --------------
-------------------------------------- -------------- ------------- --------------
-------------------------------------- -------------- ------------- --------------
-------------------------------------- -------------- ------------- --------------
-------------------------------------- -------------- ------------- --------------
TOTALS
-------------- ------------- --------------
</TABLE>
* Attach separate page if necessary.
NOTE: Total postpetition liabilities shown here must agree with the same
item as shown on Form OPR-2 of this report.
<PAGE> 13
CASE NAME: Comptronix Corporation STATEMENT OF INCOME (LOSS)
-----------------------
CASE NUMBER: 396-06840 MONTH ENDED: 5/31/97
------------------- ----------------
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH MONTH MONTH
SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY FEBRUARY
------------ ----------- --------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 4,658,022 3,345,428 394,765
------------ ----------- ---------- ----------- ---------- -----------
COST OF GOODS SOLD
Material 3,136,107 3,990,275 311,460
------------ ----------- ---------- ----------- ---------- -----------
Labor-Direct 646,885 426,149 101,695
------------ ----------- ---------- ----------- ---------- -----------
Manufacturing Overhead 1,016,584 421,596 359,434 181,779
------------ ----------- ---------- ----------- ---------- -----------
TOTAL COST OF GOODS SOLD 4,799,576 4,838,019 772,589 181,779
------------ ----------- ---------- ----------- ---------- -----------
GROSS PROFIT (141,554) (1,492,591) (377,824) (181,779)
------------ ----------- ---------- ----------- ---------- -----------
OPERATING EXPENSES
Selling and Marketing
------------ ----------- ---------- ----------- ---------- -----------
General and Administrative 461,869 321,931 374,387 105,959 (62,233) 9,431
------------ ----------- ---------- ----------- ---------- -----------
Other: Amortization and Misc. 997,222 1,174 (33,218) (27,763)
----------------------- ------------ ----------- ---------- ----------- ---------- -----------
TOTAL OPERATING EXPENSES 1,459,091 323,105 341,169 78,196
------------ ----------- ---------- ----------- ---------- -----------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES OR EXTRAORDINARY EXPENSES (1,600,645) (1,815,697) (718,992) (259,975) (62,233) 9,431
------------ ----------- ---------- ----------- ---------- -----------
INTEREST EXPENSE (4,926) 117,062 (85,355)
------------ ----------- ---------- ----------- ---------- -----------
DEPRECIATION 302,589 299,561
------------ ----------- ---------- ----------- ---------- -----------
LOSS ON SALE OF ASSETS (EST) 9,854,558 (1,405,268)
------------ ----------- ---------- ----------- ---------- -----------
PREFERRED DIVIDENDS (ACCRUAL) (49,910)
------------ ----------- ---------- ----------- ---------- -----------
NET INCOME (11,702,955) (2,232,319) 771,631 (259,975) (62,233) 9,431
------------ ----------- ---------- ----------- ---------- -----------
FILING
MONTH MONTH MONTH TO DATE
MARCH APRIL MAY
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
NET REVENUE (INCOME) 10,548,753
---------- ---------- ---------- ------------
COST OF GOODS SOLD
Material 8,879,226
---------- ---------- ---------- ------------
Labor-Direct 1,402,177
---------- ---------- ---------- ------------
Manufacturing Overhead 3,444,348
---------- ---------- ---------- ------------
TOTAL COST OF GOODS SOLD 13,725,751
---------- ---------- ---------- ------------
GROSS PROFIT (3,176,998)
---------- ---------- ---------- ------------
OPERATING EXPENSES
Selling and Marketing -
---------- ---------- ---------- ------------
General and Administrative 35,990 (194,647.16) (20,320) 1,581,571
---------- ---------- ------------
Other: Amortization and Misc. 979,561
----------------------- ---------- ---------- ---------- ------------
TOTAL OPERATING EXPENSES 2,792,911
---------- ---------- ---------- ------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES OR EXTRAORDINARY EXPENSES 35,990 (194,647) (20,320) (6,201,688)
---------- ---------- ---------- ------------
INTEREST EXPENSE 199,567
---------- ---------- ---------- ------------
DEPRECIATION 789,752
---------- ---------- ---------- ------------
LOSS ON SALE OF ASSETS (EST) 8,449,290
---------- ---------- ---------- ------------
PREFERRED DIVIDENDS (ACCRUAL) 49,910
---------- ---------- ---------- ------------
NET INCOME 35,990 (194,647) (20,320) (15,690,206)
---------- ---------- ---------- ------------
</TABLE>
<PAGE> 1
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF TENNESSEE
In re: Case No.: 396-06840
---------
Comptronix Corporation
------------------------------------------------
Judge: Lundin
------------------------------------------------ ---------
Chapter 11
Debtor(s)
MONTHLY OPERATING REPORT FOR MONTH ENDING 4/30/97
--------------------------
COMES NOW, COMPTRONIX CORPORATION
Debtor-In-Possession, and hereby submits its Monthly Operating Report for the
period commencing 1-Apr-97 and ending 30-Apr-97 as shown
by the report and exhibits consisting of 13 pages and containing
----------------
the following, as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
------------
X Comparative Balance Sheets (Forms OPR-1 & OPR-2)
------------
X Summary of Accounts Receivable (Form OPR-3)
------------
X Schedule of Postpetition Liabilities (Form OPR-4)
------------
X Statement of Income (Loss) (Form OPR-5)
------------
I declare under penalty of perjury that this report and all attachments
are true and correct to the best of my knowledge and belief. I also hereby
certify that the original Monthly Operating Report was filed with the
Bankruptcy Court Clerk and a copy delivered to the U.S. Trustee.
Date: 6/17/97 DEBTOR-IN-POSSESSION
-------------------------
By: /s/ E. Townes Duncan
----------------------------------------
Name & Title: E. Townes Duncan, CEO
-----------------------------
Address: 5123 Virginia Way, C-22
-----------------------------------
Brentwood, TN 37027
-------------------------------------------
Telephone Number: (615) 377-3300
-------------------------
<PAGE> 2
ATTACHMENT 1
PAGE 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
---------------------------------------
CASE NUMBER: 396-06840
---------------------------------------
MONTH OF: April 1997
---------------------------------------
1. Payroll State the amount of all executive wages paid and taxes
withheld and paid.
<TABLE>
<CAPTION>
Name and Title Wages Paid Taxes
of Executive -------------------------------- -------------------------
Gross Net Due Paid
------------- ---------------- -------------- ------------- -----------
<S> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
Total Executive Payroll: - - - -
------------------------------------------------------------------------------
</TABLE>
2. Insurance Are all premium payments current? yes Please detail
coverages in effect below. If any coverages have been changed or
renewed, please attach binder or certicate.
<TABLE>
<CAPTION>
Date
Name of Coverage Expiration Premium Coverage
Type Carrier Amount Policy # Date Amounts Pd. Thru
---- --------------------------------- -------------- ------------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
Casualty
---------------------------------------------------------------------------------------------
Workers' comp
---------------------------------------------------------------------------------------------
General liab.
---------------------------------------------------------------------------------------------
Vehicle
---------------------------------------------------------------------------------------------
Other (specify):
D&O St. Paul Surplus $ 3,000,000 SD05500726 7/1/97 $ 128,400 7/1/97
--------------------------------------------------------------------------------------------------------------------
Excess D&O Tamarack Amer $ 2,000,000 TDX9823938 7/1/97 $ 64,200 7/1/97
--------------------------------------------------------------------------------------------------------------------
Excess Workers' Comp Midwest Employ $ 2,000,000 4400-SA-AL 7/1/98 $ 41,920 7/1/97
--------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 3
ATTACHMENT 1
PAGE 2
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
--------------------------------------------------------
CASE NUMBER: 396-06840
--------------------------------------------------------
MONTH OF: April 1997
--------------------------------------------------------
<TABLE>
<CAPTION>
3. Bank Accounts Account Type
------------- ------------------------------------------------------------------------------
Operating Int Bearing Payroll Other Total
------------- -------------- ------------ ------------- --------------
Lockbox
Bank name Amsouth Amsouth Amsouth NationsBank
------------- -------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
Account # 2,791,862 5300426253 2791870 102321446
------------- -------------- ------------ -------------
Beginning book balance 148,014 4,146,670 - - 4,294,684
------------- -------------- ------------ ------------- --------------
Plus: Deposits 37,154 16,792 - - 53,946
------------- -------------- ------------ ------------- --------------
(Attach detailed listing)
Less: Disbursements 15,547 - - - 15,547
------------- -------------- ------------ ------------- --------------
(Attach detailed listing)
Other:
Transfers In (Out) - - - - -
------------- -------------- ------------ ------------- --------------
Ending book balance 169,621 4,163,462 - 4,333,083
------------- -------------- ------------ ------------- --------------
</TABLE>
4. Postpetition Payments List any postpetition payments to
professionals and payments on prepetition debts in the schedule below
(attach separate sheet if necessary).
<TABLE>
<CAPTION>
Payments To/On Amount Date Check # Order Date
------------------------------------------------- --------------- ------------- ------------- --------------
Professionals (attorneys,
accountants, etc.):
<S> <C> <C> <C> <C>
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
Prepetition debts: (Payment to secured creditor)
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
------------------------------------------------- --------------- ------------- ------------- --------------
</TABLE>
<PAGE> 4
ATTACHMENT 1
PAGE 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
--------------------------------------------------------
CASE NUMBER: 396-06840
--------------------------------------------------------
MONTH OF: April 1997
--------------------------------------------------------
BANK NAME: Amsouth Operating ACCOUNT #: 2791862
---------------------------------------------------------
Detail of Receipts:
<TABLE>
<CAPTION>
Date Received from Explanation Amount
- ------------ ----------------------------------------- ---------------------------------------- -----------------
<S> <C> <C> <C>
4/24/97 U.S. TREASURY DUTY REFUND 4,801.56
- ------------ ----------------------------------------- ---------------------------------------- -----------------
4/24/97 D&B ACCOUNT COLECTIONS 2,040.00 20,040.00
- ------------ ----------------------------------------- ---------------------------------------- -----------------
4/24/97 COLORADO COMP INS W/C REFUND 1,751.00
- ------------ ----------------------------------------- ---------------------------------------- -----------------
4/24/97 UPS FREIGHT REFUND 3,920.00
- ------------ ----------------------------------------- ---------------------------------------- -----------------
4/24/97 MARSH MCCLENNAN P&C INSURANCE REFUNDS 24,641.61
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------
- ------------ ----------------------------------------- ---------------------------------------- -----------------E
* Must agree to "Deposits" line of
Total Receipts 37,154.17 * Item 3 on Attachment 1 (Page 2).
-----------------------------
</TABLE>
<PAGE> 5
ATTACHMENT 1
PAGE 3
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
--------------------------------------------------------
CASE NUMBER: 396-06840
--------------------------------------------------------
MONTH OF: April 1997
--------------------------------------------------------
<TABLE>
<CAPTION>
BANK NAME: AmSouth Interest Bearing Account ACCOUNT #: 5300426253
------------------------------------------------------ --------------------------------
Detail of Receipts:
Date Received from Explanation Amount
- ------------ ---------------------------------------- -------------------------------------- ------------------
<S> <C> <C> <C>
4/15/97 AMSOUTH INTEREST EARNED 16,792.00
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
- ------------ ---------------------------------------- -------------------------------------- ------------------
* Must agree to "Deposits" line of
Total Receipts 16,792.00 * Item 3 on Attachment 1 (Page 2).
-----------------------------
</TABLE>
<PAGE> 6
ATTACHMENT 1
PAGE 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
-----------------------------------------------------
CASE NUMBER: 396-06840
-----------------------------------------------------
MONTH OF: April 1997
-----------------------------------------------------
<TABLE>
<CAPTION>
BANK NAME: Amsouth Operating ACCOUNT #: 2791862
------------------------------------------------------- ---------------------------
Detail of Disbursements:
<S> <C> <C> <C>
Date Check # Paid To/In Payment Of Amount
- ------------- ---------------- ------------------------------------------------------------------ ------------
See attached listing
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
- ------------- ---------------- ------------------------------------------------------------------ ------------
* Must agree to "Disbursements" line
Total Disburesements 15,547.01 * of Item 3 on Attachment 1 (Page 2).
-----------------------
</TABLE>
<PAGE> 7
<TABLE>
<CAPTION>
Cash
<S> <C> <C> <C> <C> <C>
3/5/97 148,014.27
3/5/97 4168 Professional Reprographics 941.96 X 147,072.31
4/4/97 4172 Kristi Hester 2,560.00 X 144,512.31
4/18/97 4173 Kristi Hester 1,000.00 X 143,512.31
4/18/97 4174 Cellular One 91.69 X 143,420.62
4/18/97 4175 Howard Arledge 1,950.00 X 141,470.62
4/24/97 4176 Kristi Hester 500.00 X 140,970.62
4/24/97 Deposit 37,154.17 178,124.79
4/30/97 4177 Howard Arledge 8,503.36 X 169,621.43
15,547.01 37,154.17
</TABLE>
Page 7
<PAGE> 8
ATTACHMENT 1
PAGE 4
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: Comptronix Corporation
--------------------------------------------------------
CASE NUMBER: 396-06840
--------------------------------------------------------
MONTH OF: April 1997
--------------------------------------------------------
<TABLE>
<CAPTION>
BANK NAME: AmSouth Interest Bearing Account ACCOUNT #: 5300426253
---------------------------------------------------- ---------------------------------
Detail of Disbursements:
Date Check # Paid To/In Payment Of Amount
- ------------- --------------- --------------------------------------------------------------- ------------------
<S> <C> <C> <C>
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
- ------------- --------------- --------------------------------------------------------------- ------------------
* Must agree to "Disbursements" line
Total Disburesements * of Item 3 on Attachment 1 (Page 2).
----------------------
</TABLE>
<PAGE> 9
CASE NAME: Comptronix Corporation COMPARATIVE BALANCE SHEETS
------------------------
CASE NUMBER: 396-06840 MONTH ENDED: 4/30/97
------------------------- -----------
<TABLE>
<CAPTION>
FILING
DATE MONTH MONTH MONTH MONTH MONTH
8/8/96 9/29/96 10/27/96 11/24/96 12/31/96 2/2/97
------------ ------------ ----------- ----------- ----------- -----------
ASSETS
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
<S> <C> <C> <C> <C> <C> <C>
Cash - 910,343 1,067,914 5,352,153 4,310,109 4,225,864
------------ ------------ ----------- ----------- ----------- -----------
Other negotiable instruments (i.e.
CD's, Treasury bills, etc.) - - - - -
------------ ------------ ----------- ----------- ----------- -----------
Accounts receivable, net (See OPR-3) 6,178,018 6,960,493 6,641,386 539,349 504,605 504,605
------------ ------------ ----------- ----------- ----------- -----------
Less allowance for doubtful accounts (267,662) (120,331) (124,331) -
------------ ------------ ----------- ----------- ----------- -----------
Inventory, at lower of cost or market 14,077,309 9,802,242 4,085,577 -
------------ ------------ ----------- ----------- ----------- -----------
Prepaid expenses and deposits 1,706,757 1,220,618 1,191,303 623,174 621,174 621,174
------------ ------------ ----------- ----------- ----------- -----------
Investments 3,024 3,024 3,024 3,024 3,024 3,024
------------ ------------ ----------- ----------- ----------- -----------
Other: OTHER RECEIVABLE 200,450 755,260 728,748 468,870 464,247 464,247
------------------------- ------------ ------------ ----------- ----------- ----------- -----------
TOTAL CURRENT ASSETS 21,897,895 19,531,649 13,593,621 6,986,570 5,903,159 5,818,914
------------ ------------ ----------- ----------- ----------- -----------
PROPERTY, PLANT AND EQUIPMENT, AT COST 40,764,692 40,784,390 34,810,623 -
------------ ------------ ----------- ----------- ----------- -----------
Less accumulated depreciation 27,101,242 27,712,523 28,012,084 -
------------ ------------ ----------- ----------- ----------- -----------
NET PROPERTY, PLANT AND EQUIPMENT 13,663,449 13,071,867 6,798,539 -
------------ ------------ ----------- ----------- ----------- -----------
OTHER ASSETS
DEFERRED FINANCING COSTS * 1,017,907 972,157 - -
------------------------------------ ------------ ------------ ----------- ----------- ----------- -----------
ASSETS HELD FOR SALE * 38,227 38,227 - -
------------------------------------ ------------ ------------ ----------- ----------- ----------- -----------
TOTAL ASSETS 36,617,479 33,613,900 20,392,160 6,986,570 5,903,159 5,818,914
------------ ------------ ----------- ----------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH
2/28/97 3/30/97 4/30/97
------- ------- -------
ASSETS
- ---------------------------------------------------------------------------------------------
CURRENT ASSETS
<S> <C> <C> <C>
Cash 4,258,693 4,294,683 4,333,083
----------- ------------ ------------
Other negotiable instruments (i.e.
CD's, Treasury bills, etc.)
----------- ------------ ------------
Accounts receivable, net (See OPR-3) 504,605 504,605 504,605
----------- ------------ ------------
Less allowance for doubtful accounts
----------- ------------ ------------
Inventory, at lower of cost or market
----------- ------------ ------------
Prepaid expenses and deposits 597,776 597,776 364,728
----------- ------------ ------------
Investments 3,024 3,024 3,024
----------- ------------ ------------
Other: OTHER RECEIVABLE 464,247 464,247 464,247
------------------------- ----------- ------------ ------------
TOTAL CURRENT ASSETS 5,828,345 5,864,335 5,669,687
----------- ------------ ------------
PROPERTY, PLANT AND EQUIPMENT, AT COST
----------- ------------ ------------
Less accumulated depreciation
----------- ------------ ------------
NET PROPERTY, PLANT AND EQUIPMENT
----------- ------------ ------------
OTHER ASSETS
DEFERRED FINANCING COSTS *
------------------------------------ ----------- ------------ ------------
ASSETS HELD FOR SALE *
------------------------------------ ----------- ------------ ------------
TOTAL ASSETS 5,828,345 5,864,335 5,669,687
----------- ------------ ------------
</TABLE>
* Itemize on separate page if value of "Other Assets" exceeds 10% of "Total
Assets".
<PAGE> 10
CASE NAME: Comptronix Corporation COMPARATIVE BALANCE SHEETS
---------------------
CASE NUMBER: 396-06840 MONTH ENDED: 4/30/97
------------------- -------------
<TABLE>
<CAPTION>
FILING
DATE MONTH MONTH MONTH
8/8/96 9/29/96 10/27/96 11/24/96
------------- ------------ ------------- ------------
<S> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES (See OPR-4) 1,280,695 1,965,257 1,435,848
Miscellaneous Accruals 470,411 -- -- --
PRE PETITION LIABILITIES
Priority debt
----------- ----------- ----------- -----------
Secured debt 14,312,340 12,574,884 12,220,823 --
----------- ----------- ----------- -----------
Unsecured debt 41,103,974 41,878,875 41,380,756 39,953,764
----------- ----------- ----------- -----------
TOTAL PRE PETITION LIABILITIES 55,416,314 54,453,759 53,601,578 39,953,764
----------- ----------- ----------- -----------
TOTAL LIABILITIES 55,886,725 55,734,454 55,566,835 41,389,613
----------- ----------- ----------- -----------
SHAREHOLDERS' EQUITY (DEFICIT)
PREFERRED STOCK 19,964,001 20,013,911 20,013,911 14,101,603
----------- ----------- ----------- -----------
COMMON STOCK 132,984 132,984 132,984 140,374
----------- ----------- ----------- -----------
PAID-IN CAPITAL 29,784,050 29,793,880 29,798,794 35,703,712
----------- ----------- ----------- -----------
RETAINED EARNINGS
Through filing date (69,150,281) (69,150,281) (69,150,281) (69,150,281)
----------- ----------- ----------- -----------
Post filing date (2,911,048) (15,970,083) (15,198,452) (15,458,427)
----------- ----------- ----------- -----------
TOTAL SHAREHOLDERS' EQUITY (19,269,246) (22,120,554) (35,174,675) (34,403,043)
----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 36,617,479 33,613,900 20,392,160 6,986,570
----------- ----------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH MONTH
12/31/96 2/2/97 3/2/97 3/30/97 4/30/97
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES (See OPR-4) 512,478 590,909 590,909 590,909 590,909
----------- ----------- ----------- ----------- -----------
Miscellaneous Accruals
----------- ----------- ----------- ----------- -----------
PRE PETITION LIABILITIES
Priority debt
Secured debt
Unsecured debt 40,053,699 39,953,257 39,953,257 39,953,257 39,953,257
----------- ----------- ----------- ----------- -----------
TOTAL PRE PETITION LIABILITIES 40,053,699 39,953,257 39,953,257 39,953,257 39,953,257
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES 40,566,177 40,544,166 40,544,166 40,544,166 40,544,166
----------- ----------- ----------- ----------- -----------
SHAREHOLDERS' EQUITY (DEFICIT)
PREFERRED STOCK 14,101,603 14,101,603 14,101,603 14,101,603 14,101,603
----------- ----------- ----------- ----------- -----------
COMMON STOCK 140,374 140,374 140,374 140,374 140,374
----------- ----------- ----------- ----------- -----------
PAID-IN CAPITAL 35,703,712 35,703,712 35,703,712 35,703,712 35,703,712
----------- ----------- ----------- ----------- -----------
RETAINED EARNINGS
Through filing date (69,150,281) (69,150,281) (69,150,281) (69,150,281) (69,150,281)
----------- ----------- ----------- ----------- -----------
Post filing date (15,458,427) (15,520,660) (15,511,229) (15,475,239) (15,669,887)
----------- ----------- ----------- ----------- -----------
TOTAL SHAREHOLDERS' EQUITY (34,663,018) (34,725,252) (34,715,821) (34,679,831) (34,874,479)
----------- ----------- ----------- ----------- -----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 5,903,159 5,818,914 5,828,345 5,864,335 5,669,687
----------- ----------- ----------- ----------- -----------
</TABLE>
<PAGE> 11
CASE NAME: Comptronix Corporation SUMMARY OF ACCOUNTS RECEIVABLE
---------------------------
CASE NUMBER: 396-06840 MONTH ENDED: 4/30/97
---------------------- -------------------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-------------- ------------- ------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 8/8/96 6,178,018 3,112,009 2,245,054 525,722 295,234
---------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (267,662) (267,662)
-------------- ------------- ------------- ------------ ------------
MONTH: August - Ending 8/25/96 6,759,103 3,659,066 1,892,451 929,043 278,543
--------------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (271,662) (271,662)
-------------- ------------- ------------- ------------ ------------
MONTH: September - Ending 9/29/96 6,960,493 3,688,742 1,961,765 1,012,861 297,126
--------------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (120,331) (120,331)
-------------- ------------- ------------- ------------ ------------
MONTH: October - Ending 10/27/96 6,641,386 3,558,288 1,858,472 1,088,644 135,982
--------------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts (124,331) (124,331)
-------------- ------------- ------------- ------------ ------------
MONTH: November - Ending 11/24/96 539,349 34,744 504,605
--------------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts -
-------------- ------------- ------------- ------------ ------------
MONTH: December - Ending 12/31/96 504,605 504,605
--------------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts
-------------- ------------- ------------- ------------ ------------
MONTH: January - Ending 2/2/97 504,605 504,605
--------------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts
-------------- ------------- ------------- ------------ ------------
MONTH: April 1997 504,605 504,605
--------------------------- -------------- ------------- ------------- ------------ ------------
Allowance for doubtful accounts
-------------- ------------- ------------- ------------ ------------
</TABLE>
NOTE: Total accounts receivable and total allowance for doubtful accounts
shown here must agree with the same items as shown on Form OPR-1.
<PAGE> 12
CASE NAME: Comptronix Corporation SCHEDULE OF POST PETITION LIABILITIES
----------------------
CASE NUMBER: 396-06840 MONTH ENDED: 4/30/97
----------------- -------------------------
<TABLE>
<CAPTION>
DATE DATE TOTAL
INCURED DUE DUE
------------- --------------- ----------------
<S> <C> <C> <C>
TAXES PAYABLE
Federal/State Income Tax Withholding
------------- --------------- ----------------
FICA
------------- --------------- ----------------
Unemployment Tax
------------- --------------- ----------------
Sales Tax
------------- --------------- ----------------
Personal Property Tax
------------- --------------- ----------------
TOTAL TAXES PAYABLE
------------- --------------- ----------------
POSTPETITION SECURED DEBT
------------- --------------- ----------------
POSTPETITION UNSECURED DEBT
------------- --------------- ----------------
ACCRUED INTEREST PAYABLE
------------- --------------- ----------------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately*)
Miscellaneous Accruals Various Various 590,909.00
-------------------------------------- ------------- --------------- ----------------
-------------------------------------- ------------- --------------- ----------------
-------------------------------------- ------------- --------------- ----------------
-------------------------------------- ------------- --------------- ----------------
-------------------------------------- ------------- --------------- ----------------
TOTALS 590,909.00
------------- --------------- ----------------
</TABLE>
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
DAYS DAYS DAYS 90 DAYS
------------ ------------ ------------- --------------
<S> <C> <C> <C> <C>
TAXES PAYABLE
Federal/State Income Tax Withholding
------------ ------------ ------------- --------------
FICA
------------ ------------ ------------- --------------
Unemployment Tax
------------ ------------ ------------- --------------
Sales Tax
------------ ------------ ------------- --------------
Personal Property Tax
------------ ------------ ------------- --------------
TOTAL TAXES PAYABLE
------------ ------------ ------------- --------------
POSTPETITION SECURED DEBT
------------ ------------ ------------- --------------
POSTPETITION UNSECURED DEBT
------------ ------------ ------------- --------------
ACCRUED INTEREST PAYABLE
------------ ------------ ------------- --------------
TRADE ACCOUNTS PAYABLE & OTHER:
(list separately*)
Miscellaneous Accruals 590,909.00
-------------------------------------- ------------ ------------ ------------- --------------
-------------------------------------- ------------ ------------ ------------- --------------
-------------------------------------- ------------ ------------ ------------- --------------
-------------------------------------- ------------ ------------ ------------- --------------
-------------------------------------- ------------ ------------ ------------- --------------
TOTALS 590,909.00 - - -
------------ ------------ ------------- --------------
</TABLE>
* Attach separate page if necessary.
NOTE: Total postpetition liabilities shown here must agree with the same item
as shown on Form OPR-2 of this report.
<PAGE> 13
CASE NAME: Comptronix Corporation STATEMENT OF INCOME (LOSS)
------------------------
CASE NUMBER: 396-06840 MONTH ENDED: 4/30/97
-------------------- ------------------------
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH MONTH
SEPTEMBER OCTOBER NOVEMBER DECEMBER JANUARY
------------- ----------- ------------------------- -----------
<S> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 4,658,022 3,345,428 394,765
------------- ----------- ----------- ------------ -----------
COST OF GOODS SOLD
Material 3,136,107 3,990,275 311,460
------------- ----------- ----------- ------------ -----------
Labor-Direct 646,885 426,149 101,695
------------- ----------- ----------- ------------ -----------
Manufacturing Overhead 1,016,584 421,596 359,434 181,779
------------- ----------- ----------- ------------ -----------
TOTAL COST OF GOODS SOLD 4,799,576 4,838,019 772,589 181,779
------------- ----------- ----------- ------------ -----------
GROSS PROFIT (141,554) (1,492,591) (377,824) (181,779)
------------- ----------- ----------- ------------ -----------
OPERATING EXPENSES
Selling and Marketing -
------------- ----------- ----------- ------------ -----------
General and Administrative 461,869 321,931 374,387 105,959 (62,233)
------------- ----------- ----------- ------------ -----------
Other: Amortization and Misc. 997,222 1,174 (33,218) (27,763)
------------------------ ------------- ----------- ----------- ------------ -----------
TOTAL OPERATING EXPENSES 1,459,091 323,105 341,169 78,196
------------- ----------- ----------- ------------ -----------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES OR EXTRAORDINARY EXPENSES (1,600,645) (1,815,697) (718,992) (259,975) (62,233)
------------- ----------- ----------- ------------ -----------
INTEREST EXPENSE (4,926) 117,062 (85,355)
------------- ----------- ----------- ------------ -----------
DEPRECIATION 302,589 299,561
------------- ----------- ----------- ------------ -----------
LOSS ON SALE OF ASSETS (EST) 9,854,558 (1,405,268)
------------- ----------- ----------- ------------ -----------
PREFERRED DIVIDENDS (ACCRUAL) (49,910)
------------- ----------- ----------- ------------ -----------
NET INCOME (11,702,955) (2,232,319) 771,631 (259,975) (62,233)
------------- ----------- ----------- ------------ -----------
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH FILING
FEBRUARY MARCH APRIL TO DATE
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
NET REVENUE (INCOME) 10,548,753
----------- ----------- ----------- ------------
COST OF GOODS SOLD
Material 8,879,226
----------- ----------- ----------- ------------
Labor-Direct 1,402,177
----------- ----------- ----------- ------------
Manufacturing Overhead 3,444,348
----------- ----------- ----------- ------------
TOTAL COST OF GOODS SOLD 13,725,751
----------- ----------- ----------- ------------
GROSS PROFIT (3,176,998)
----------- ----------- ----------- ------------
OPERATING EXPENSES
Selling and Marketing -
----------- ----------- ----------- ------------
General and Administrative 9,431 35,990 (194,647.16) 1,601,891
----------- ----------- ----------- ------------
Other: Amortization and Misc. 979,561
------------------------ ----------- ----------- ----------- ------------
TOTAL OPERATING EXPENSES 2,792,911
----------- ----------- ----------- ------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES OR EXTRAORDINARY EXPENSES 9,431 35,990 (194,647) (6,181,368)
----------- ----------- ----------- ------------
INTEREST EXPENSE 199,567
----------- ----------- ----------- ------------
DEPRECIATION 789,752
----------- ----------- ----------- ------------
LOSS ON SALE OF ASSETS (EST) 8,449,290
----------- ----------- ----------- ------------
PREFERRED DIVIDENDS (ACCRUAL) 49,910
----------- ----------- ----------- ------------
NET INCOME 9,431 35,990 (194,647) (15,669,886)
----------- ----------- ----------- ------------
</TABLE>
<PAGE> 1
Exhibit 99.3
SECOND AMENDED JOINT CHAPTER 11 PLAN OF LIQUIDATION
Comptronix Corporation, a Delaware corporation, Debtor and
Debtor-in-Possession in the above-captioned Chapter 11 case, and the Official
Committee of Unsecured Creditors hereby jointly propose the following plan of
liquidation pursuant to section 1121(a), title 11, United States Code:
ARTICLE I.
RULES OF CONSTRUCTION AND DEFINITIONS
1.A. Rules of Construction.
1.A.1. In this Plan unless otherwise provided, each capitalized term
shall have the meaning set forth in section B of this Article.
1.A.2. Any capitalized term used in this Plan that is not defined in
section B of this Article shall have the meaning ascribed to such term, if any,
in the Code.
1.A.3. The rules of construction used in section 102 of the Code shall
apply to the construction of this Plan. In computing any period of time
prescribed or allowed by the Plan, the provisions of Federal Rule of Bankruptcy
Procedure shall apply.
1.A.4. Wherever the Plan distribution shall occur "on" any date, it
shall mean "on, or as after" such date.
1.A.5. The meanings belongs equally to the singular, plural and
possessive forms and of the defined terms.
1.A.6. All of the following are intended to be part of the substantive
provisions of this Plan and shall have the same force and effect as any
other provision of this Plan.
1.B. Definitions.
1.B.1. "Administrative Claim" means a claim, timely filed in respect
of the Administrative Claims Bar Date, for costs and expenses of administration
allowed under sections 503(b), 507(a)(1), 1103, 1114(e)(2) of the Bankruptcy
Code, including, without limitation: (a) the actual and necessary costs and
expenses incurred after the Petition Date of preserving the Estate and operating
the business of the Debtor; (b) compensation for legal, financial advisory,
accounting and other services and reimbursement of expenses awarded or allowed
under sections 327, 328, 330, 331, or 1103 of the Code; (c) Claims of the
Indenture Trustee for reasonable costs and expenses relating to its duties
performed subsequent to the Petition Date; and (d) all fees and charges assessed
against the Estate under 28 U.S.C. Section 1930.
<PAGE> 2
1.B.2. "Administrative Claims Bar Date" means the date established by
order of the Court upon the motion of the Debtor establishing the last date for
parties, except professionals retained by order of the Court and listed hereto
in Exhibit A, to file Administrative Claims.
1.B.3. "Aggregate Disallowed Amount" shall have the meaning
attributed to such term in Section 6.E. of the Plan.
1.B.4. "Allowed Administrative Claim" means an Administrative Claim
that has been timely filed and with respect to which no objection has been has
been interposed within thirty (30) days following the Administrative Claims Bar
Date or, as to which any objection has been so interposed, to the extent
allowed as an Administrative Claim by a Final Order.
1.B.5. "Allowed Claim" means any Claim against the Debtor that is
scheduled by the Debtor as not disputed, contingent or unliquidated, or proof
of which has been filed timely and properly with the Court, and, in either
case, any Claim as to which (a) no objection or motion to estimate has been
interposed within thirty (30) days following the Effective Date or (b) an
objection or motion to estimate has been interposed and such Claim has been
allowed by a Final Order of the Court, but only to the extent such Claim has
been so allowed.
1.B.6. "Allowed Priority Claim" means a Priority Claim that is or
becomes an Allowed Claim.
1.B.7. "Allowed Unsecured Claim" means an Unsecured Claim that is or
becomes an Allowed Claim.
1.B.8. "Available Cash" means all Cash and cash equivalents, other
than the Cash Reserves and the Distribution Reserve, in possession or under the
control of the Debtor.
1.B.9. "Avoidance Actions" means any actions or proceedings that may
be instituted for the recovery of property pursuant to chapter 5 of the Code
(11 U.S.C. Section 501-560).
1.B.10. "Bonds" means $34,500,000 in the original principal amount of
6.75% Convertible Subordinated Debentures due 2002 issued by the Debtor
pursuant to an Indenture of Trust (the "Indenture") dated as of August 17, 1992
between the Debtor and The Bank of New York, as Trustee (the "Indenture
Trustee").
1.B.11. "Business Day" means a day on which banks are not required or
authorized to be closed in Nashville, Tennessee.
1.B.12. "Case" means the above-captioned chapter 11 case with respect
to the Debtor.
1.B.13. "Cash" means legal tender of the United States of America.
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<PAGE> 3
1.B.14. "Cash Reserve" shall have the meaning attributed to such term
in Section 8.C. of the Plan.
1.B.15. "CIT" means the CIT Group/Business Credit, Inc.
1.B.16. "CIT Claims" means any and all Claims held at any time by CIT,
or any of its related entities, including, but not limited to the Claims
(secured and/or otherwise) described in CIT's proof of claim dated August 14,
1996.
1.B.17. "Claim" means any right to payment from the Debtor arising on
or before the Effective Date, whether or not such right is reduced to judgment,
liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,
undisputed, legal, equitable, secured or unsecured, known or unknown; or any
right to an equitable remedy against the Debtor arising on or before the
Effective Date for breach of performance if such breach gives rise to a right
of payment from the Debtor whether or not such right to an equitable remedy is
reduced to judgment, fixed, contingent, matured, disputed, undisputed, secured
or unsecured without regard to whether such right to payment or equitable
remedy has been or is asserted.
1.B.18. "Claimant" means the holder of a Claim on the Confirmation
Date.
1.B.19. "Class" means a category of Claims or Interests as provided
for in Article III of this Plan.
1.B.20. "Code" means Title 11 of the United States Code (11 U.S.C.
Section 101 et seq.), as in effect on the Petition Date and as amended after
the Petition Date to the extent applicable to the Case.
1.B.21. "Committee" means the Official Committee of Unsecured Creditors
of Comptronix Corporation appointed on September 6, 1996, as such Committee may
be reconstituted from time to time, and all successors in interest thereto or
other Persons to whom the rights and powers of the Committee are assigned,
whether pursuant to this Plan or otherwise.
1.B.22. "Confirmation Date" means the date the Court enters an order
confirming this Plan.
1.B.23. "Confirmation Order" means the order entered by the Court
confirming this Plan in accordance with the provisions of the Code.
1.B.24. "Court" means the United States Bankruptcy Court for the
Middle District of Tennessee or such other court or adjunct thereof as may have
jurisdiction over the Case.
1.B.25. "Debtor" means Comptronix Corporation, a Delaware corporation,
the debtor and debtor-in-possession in Case No. 396-06840 pending before the
Court.
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<PAGE> 4
1.B.26. "Disbursing Agent" means an individual, corporation,
partnership, association or other entity by the Committee and approved by the
Court on the Confirmation Date.
1.B.27. "Disclosure Statement" means the disclosure statement as filed
by the Debtor pursuant to section 1125 of the Code, either in its present form
or as it may be altered, amended or modified from time to time with the written
consent of the Committee.
1.B.28. "Disputed Claim" means any Claim (i) listed on the Schedules
as unliquidated, disputed or contingent or (ii) as to which the Debtor, the
Committee or any other party in interest has interposed, no later than thirty
(30) days following the Effective Date, an objection or request for
subordination or estimation in accordance with the Code and the Rules, which
objection or request for subordination or estimation has not been withdrawn or
determined by a Final Order.
1.B.29. "Distribution Reserve" shall have the meaning attributed to
such term in Section 6.C. of the Plan.
1.B.30. "Effective Date" means the date on which the Confirmation
Order becomes a Final Order.
1.B.31. "Estate" means the estate created in the Case pursuant to
section 541 of the Code.
1.B.32. "Final Order" means an order or judgment of the Court, or
other court of competent jurisdiction, as entered on the appropriate docket,
which has not been reversed, stayed, modified, vacated or amended, and as to
which any appeal, reargument or petition for certiorari that has been or may be
taken has been finally resolved and as to which the time for further appeal,
reargument or for filing any petition for certiorari has expired.
1.B.33. "First American National Bank Claims" means any and all Claims
held at any time by First American National Bank, or any of its related
entities, including, but not limited to, the Claims (secured and/or otherwise)
described in First American Bank's proof of claim dated Ocrober 16, 1996.
1.B.34. "Interest" means any right, claim, benefit or interest related
to, derived from or represented by any equity (as defined in the Code) in the
Debtor, including, but not limited to, the Debtor's outstanding common stock
and Series A Convertible preferred stock.
1.B.35. "Maximum Amount" shall have the meaning attributed to such
term in Section 6.C. of the Plan
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<PAGE> 5
1.B.36. "Miscellaneous Secured Claims" shall mean all Allowed Claims
against the Debtor not consisting of the Southtrust/Bank Group Claims, First
American National Bank Claims or CIT Claims, secured by security inerests in or
liens upon property of the Estate.
1.B.37. "Petition Date" means August 8, 1996.
1.B.38. "Plan" means this Joint Chapter 11 Plan, either in its present
form or as it may be altered, amended or modified from time to time.
1.B.39. "Priority Claim" means the Reclamation Claims, if any, and
that portion of a Claim that is entitled to priority under sections 507(a)(2),
(3), (4), (5), (6), (7) or (8) of the Code.
1.B.40. "Proponents" means the Debtor and the Committee.
1.B.41. "Pro Rata" means the ratio of the amount of an Allowed Claim
in a particular Class to the aggregate amount of all Allowed Claims and the
Maximum Amount of all Disputed Claims in such Class.
1.B.42. "Reclamation Claims" means the Allowed Claims, if any, that
are entitled to priority pursuant to Section 546(c) of the Code.
1.B.43. "Rules" means the Federal Rules of Bankruptcy Procedure (Fed.
R. Bankr. Proc. 1001 et seq.) as in effect on the Petition Date and as amended
to the extent applicable to the Debtor's Case.
1.B.44. "Sanmina" means Sanmina Corporation.
1.B.45. "Schedules" means the respective schedules of assets and
liabilities, as amended, and the respective statements of financial affairs, as
amended, filed with the Court by the Debtor.
1.B.46. "SouthTrust" means SouthTrust Bank of Alabama, N.A.
individually and as agent for First American National Bank Compass Bank f/k/a
Central Bank of the South, and First Union National Bank f/k/a Dominion Bank of
Middle Tennessee (the "Bank Group").
1.B.47. "SouthTrust/Bank Group Claims" means any and all Claims held
at any time by SouthTrust and/or any member of the Bank Group, or any of their
respective related entities, including, but not limited to, the Claims (secured
and/or otherwise) described in SouthTrust's proof of claim dated October 22,
1996.
1.B.48. "Unsecured Claim" means any Claim against the Debtor other
than (i) Administrative Claims, (ii) the CIT Claims, (iii) the First American
National Bank Claims, (iv) the South Trust/Bank Group Claims, (vi) the
Miscellaneous Secured Claims, (vi) Priority
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<PAGE> 6
Claims or (vii) Inrerests and specifically includes the Claims of holders of the
Bonds (the "Bondholders").
ARTICLE II.
ADMINISTRATIVE CLAIMS
2.A. Admintstrative Claims. Administrative Claims are
unclassified under the Plan. Each holder of an Allowed Administrative Claim
shall receive (i) Cash in the full amount of such Allowed Administrative Claim
on or before the Effective Date or (ii) such less favorable treatment as agreed
to by the holder of such Allowed Administrative Claim and the Committee. All
fees and expenses payable to professionals shall be subject to prior allowance
by the Court, after application and hearing.
2.B. Bar Date for Administrative Claims. All applications for
compensation of professionals for services rendered during the time period from
the Petition Date through the Confirmation Date, all Claims relating to the
Debtor's self-insured employee medical coverage, and all other requests for
payment of Administrative Claims shall be filed no later than twenty (20) days
after the Confirmation Date. Any party who is required to file an application
for compensation, requesting payment under the Debtor's self-insured employee
medical coverage or asserting any Administrative Claims and who does not file
such application or request within twenty (20) days of the Confirmation Date
shall be barred from asserting such claim against the Debtor, the Estate or
from receiving any payment or distribution under the Plan on account of such
Claims.
ARTICLE III.
CLASSIFICATION OF CLAIMS AND INTERESTS
All Claims and Interests, other than Administrative Claims,
are classified into the following Classes pursuant to section 1123(a) of the
Code. A Claim or Interest is classified in a particular Class only to the
extent that such Claim or Interest qualifies within the description of that
Class and is classified in a different Class to the extent that such Claim or
Interest qualifies within the description of such Class.
3.A. Class 1 Claims. Class 1 contains the CIT Claims.
3.B. Class 2 Claims. Class 2 contains the First American
National Bank Claims.
3.C. Class 3 Claims. Class 3 contains the SouthTrust/Bank
Group Claims.
3.D. Class 4 Claims. Class 4 contains all Priority Claims.
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<PAGE> 7
3.E. Class 5 Claims. Class 5 contains all Unsecured Claims.
3.F. Class 6 Interests. Class 6 contains all Interests.
3.G. Class 7 Claims. Class 7 contains all Miscellaneous Secured
Claims.
ARTICLE IV.
IMPAIRMENT OF CLAIMS OR INTERESTS
Claims classified in Classes 1, 2, 3, 4 and 7 are unimpaired under
the Plan. Claims classified in Class 7 will receive such treatment pursuant to
section 1124 of the Code so as to be unimpaired under the Plan. Claims
classified in Class 5 and Interests classified in Class 6 are impaired under
the provisions of this Plan. The Debtor is only soliciting acceptances to the
Plan from the Claimants in Class 5. The Debtor is not soliciting acceptances to
the Plan from the holders of Interests in Class 6 because, pursuant to section
1126(g) of the Code, Class 6 is deemed to have rejected the Plan.
A Class of creditors shall have accepted the Plan if the Plan is
accepted by at least two-thirds (2/3) in amount and more than one-half (1/2) in
number of the holders of Allowed Claims in such Class that have voted to accept
or reject the Plan.
ARTICLE V.
TREATMENT OF CLAIMS OR INTERESTS
5.A. Treatment of Class 1 (CIT Claims). In full satisfaction,
payment and discharge of all CIT Claims, CIT shall retain the distributions
made by the Debtor pursuant to the Stipulation and Agreed Order relating to the
CIT Claims entered by the Court on October 30, 1996.
5.B. Treatment of Class 2 (First American National Bank Claims). In
full satisfaction, payment and discharge of all First American National Bank
Claims, First American National Bank shall retain the distributions made by the
Debtor pursuant to the Stipulation and Agreed Order relating to the First
American National Bank Claims entered by the Court on October 30, 1996.
5.C. Treatment of Class 3 (SouthTrust/Bank Group Claims). In full
satisfaction, payment and discharge of all SouthTrust/Bank Group Claims,
SouthTrust shall retain the distributions made by the Debtor pursuant to the
Stipulation and Agreed Order relating to the SouthTrust/Bank Group Claims
entered by the Court on October 30, 1996.
- 7 -
<PAGE> 8
5.D. Treatment of Class 4 (Priority Claims). In full satisfaction,
payment and discharge of the Priority Claims, each holder of an Allowed
Priority Claim shall receive (i) payment in full in Cash on or before the
Effective Date or (ii) treatment on such other terms as agreed to by the holder
of an Allowed Priority Claim and the Committee.
5.E. Treatment of Class 5 (Unsecured Claims). In full satisfaction
and payment of its Claims against the Estate, each holder of an Allowed
Unsecured Claim shall receive distributions from time to time equal to its Pro
Rata share of the Available Cash as provided for in Article VIII of the Plan.
The Bonds shall be cancelled.
5.F. Treatment of Class 6 (Interests). Holders of Interests shall
not receive any distribution on account of such Interests. The Interests shall
be cancelled.
5.G. Treatment of Class 7 (Miscellaneous Secured Claims). Unless
otherwise agreed to by the Claimant and the Committee, each holder of an
Allowed Claim in Class 7 will receive its collateral or otherwise be treated in
a manner described in section 1124(2) of the Code that will result in its
Allowed Claim being deemed unimpaired.
ARTICLE VI.
PROVISIONS FOR TREATMENT OF DISPUTED CLAIMS
6.A. Prosecution of Disputed Claims. The Debtor reserves the right
for the Committee to object to Claims, including, without limitation, those
Claims that are not listed in the Schedules, are listed therein as disputed,
contingent and/or unliquidated in amount, or are listed therein at a lesser
amount or different status (i.e. secured or priority) than asserted by the
relevant Claimant. Subject to further extension by the Court with or without
notice, the Debtor and/or the Committee shall file objections to the allowance
of Claims on or before thirty (30) days following the Effective Date (the
"Claims Objection Date"). Any Claim which has not previously been disallowed,
shall be conclusively deemed to be an Allowed Claim as of the Claims Objection
Date, unless prior thereto either an objection to such Claim has been filed
(including objections based on Code section 502(d)). From and after the
Confirmation Date, the Committee shall succeed to all of the rights of the
Debtor in respect of all objections to Claims and in that capacity shall have
the exclusive power to, on behalf of and in the name of the Debtor, prosecute,
defend, compromise, settle and otherwise deal with all such objections.
6.B. Distribution on Disputed Claims. Notwithstanding any provision
in the Plan to the contrary, no partial payments and no partial distributions
shall be made with respect to a Claim until such Claim becomes an Allowed
Claim. In the event, and to the extent a claim becomes an Allowed Claim after
the Confirmation Date, the holder of such Allowed claim shall receive all
payments and/or distribution to which such holder is entitled under the Plan.
- 8 -
<PAGE> 9
6.C. Reserve for Disputed Claim Amounts. Notwithstanding anything
to the contrary contained herein, when determining any Claimant's Pro Rata
share of the Available Cash, the Debtor shall assume that each Disputed Claim
is an Allowed Claim in an amount equal to the lesser of (i) the amount listed
on the timely filed proof of claim relating to such Disputed Claim and (ii) the
Committee's estimate of such Disputed Claim, provided that the Committee
notifies the appropriate Claimant of such estimate and, if the Claimant objects
to such estimate before the Confirmation Date, the Court shall determine an
appropriate estimate in respect of such Disputed Claim (the "Maximum Amount").
The amount of Available Cash attributable to Disputed Claims, but not
distributed, shall be placed in reserve for the benefit of holders of such
Disputed Claims (the "Distribution Reserve"). The Distribution Reserve shall be
maintained by the Debtor or the Disbursing Agent. No other reserve for Disputed
Claims shall be required. In no event shall a holder of a Disputed Claim
receive distributions under the Plan greater than that which would have been
distributed on the Effective Date and thereafter to an Allowed Claim equal to
the Maximum Amount of such Disputed Claim.
6.D. Distributions After Allowance. Distributions to each holder of
a Disputed Claim, to the extent that such claim ultimately becomes an Allowed
Claim, shall be made in accordance with the provisions of the Plan. As soon as
practicable after the date that the order or judgment of the Court allowing any
Disputed Claim becomes a Final Order, the Disbursing Agent shall distribute
from the Distribution Reserve to the holder of such Claim any payments that
would have been distributed to such holder if the Claim had been an Allowed
Claim from the Effective Date through such date.
6.E. Distributions After Disallowance. The Committee shall
determine the amount, if any, of Disputed Claims that have been (i) disallowed
by Final Order of the Court, (ii) withdrawn by the Claimant or (iii) otherwise
expunged (collectively, the "Aggregate Disallowed Amount") and the funds being
held in the Distribution Reserve in respect of the Aggregate Disallowed Amount
shall be released from the Distribution Reserve.
ARTICLE VII.
EXECUTORY CONTRACTS AND UNEXPIRED LEASES
As of the date of the Court's entry of an order approving the
Disclosure Statement, in accordance with the provisions of sections 365 and
1123 of the Code, the Debtor shall be deemed to have rejected all executory
contracts and unexpired leases which have not previously been assumed and
assigned or are specifically assumed and assigned hereunder. Entry of the
Confirmation Order by the Court shall constitute approval of the foregoing
rejections pursuant to sections 365 and 1123 of the Code. All proofs of claim
with respect to Claims arising from the deemed rejection of executory contracts
or unexpired leases under this Plan mst be filed with the Court at lease five
(5) days before the Confirmation Date. Any such Claims, proof of which are not
filed timely, shall be barred forever from assertion against the Debtor, its
Estate, assets or property. In the event any proof of claim is filed in respect
of the deemed rejection of an executory contract or an unexpired lease,
notwithstanding the
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<PAGE> 10
deemed rejection the Debtor may elect to assume such executory contract or
unexpired lease prior to the Effective Date. Unless the Debtor elects to assume
an executory contract or unexpired lease or as otherwise ordered by the Court,
all such properly filed Claims, shall be, and shall be treated as, Unsecured
Claims.
ARTICLE VIII.
DISBURSING AGENT, CONTINUED OPERATION OF THE DEBTOR, CASH
RESERVES AND DISTRIBUTIONS
8.A. Disbursing Agent. The Committee, subject to the Court's
approval, shall select an individual, corporation, partnership, association or
other entity to serve as Disbursing Agent. The Disbursing Agent shall make all
distributions provided for under the Plan. It is anticipated that the Indenture
Trustee will serve as the Disbursing Agent.
8.B. Continued Operation of the Debtor. At the direction of the
Commitee, from and after the Confirmation Date, the Debtor shall cause the
liquidation of the Debtor's remaining assets, claims and causes of action. The
Debtor shall not have the authority to engage in any trade or business, and
none of the Debtor's Cash or other assets shall be used in the conduct of a
trade or business. Without limitation, but subject to the approval of the
Committee, the Debtor shall be authorized to:
(i) execute and file any and all documents and take any and all
other actions related to, or in connection with, the liquidation
of the Debtor's assets, claims or causes of action;
(ii) protect and enforce the rights of the Debtor to its
assets, claims or causes of action including, without
limitation, by judicial proceedings or pursuant to any
applicable bankruptcy, insolvency, moratorium or similar law
and general principles of equity;
(iii) collect and receive any and all money and other
property of any kind or nature due, owing or belonging to the
Debtor;
(iv) compromise, adjust, arbitrate, sue on or defend, abandon,
or otherwise deal with and settle claims in favor of or against
the Debtor; and
(v) make Pro Rata distributions of Available Cash to
the holders of Allowed Unsecured Claims as provided for in the
Plan.
8.C. Cash Reserves. No later than five Business Days prior to the
first date scheduled for the commencement of the hearing to consider
confirmation of the Plan, the
- 10 -
<PAGE> 11
Debtor shall deliver to the Committee a detailed accounting of the Debtor's
good faith estimate of the amount of Cash required by the Debtor to fund its
obligations under the Plan other than in respect of Class 5 Claims. Such
estimate shall include, without duplication, the amount estimated to be
distributed or otherwise payable in respect of Administrative Claims (including
professionals' fees), Priority Claims, taxes, if any, and all other costs and
expenses in connection with the implementation of the Plan (including fees of
the Disbursing Agent and other costs of making the distributions required
thereunder), the winding up of the affairs of the Debtor and the dissolution
thereof. The amount of Cash so reasonably estimated by the Debtor, as modified
by the Committee in its reasonable judgement, shall be the amount of Cash
retained by the Debtor on the Confirmation Date from which the Debtor shall
satisfy the above enumerated obligations under the Plan (the "Cash Reserves").
From time to time the, Committee, and only the Commitee, may in its sole
discretion increase or decrease the amount of the Cash Reserves.
8.D. Distributions of Available Cash. Within thirty (30) days of
the Effective Date the Disbursing Agent shall distribute to each holder of an
Allowed Unsecured Claim in Class 5 such Claimant's Pro Rata portion of the
Available Cash as of the Effective Date (the "Initial Distribution"). After the
date of the Initial Distribution, the Disbursing Agent shall distribute all of
the remaining Available Cash Pro Rata to each holder of an Allowed Unsecured
Claim in Class 5 (the "Final Distribution"). No distributions of less than
$50.00 shall be made.
ARTICLE IX.
IMPLEMENTATION OF THE PLAN
9.A. Liquidation of the Debtor's Assets. The Plan is a liquidating
plan under Section 1123 of the Code.
9.B. Vesting of Assets. On the Effective Date, title to all assets
and property of the Debtor's Estate shall pass to and vest in the Debtor, free
and clear of all Claims, Interests, liens, encumbrances, charges and other
rights and interests of creditors, Claimants and holders of Interest arising
prior to the Effective Date, but subject to the terms and provisions of this
Plan. Except as otherwise provided in the Plan, the rights afforded in the Plan
and the treatment of all Claims therein shall be in exchange for and in
complete satisfaction and release of Claims, of any nature whatsoever
(including any interest accrued on such Claims), against the Estate or any of
its assets or properties. Without limiting the generality of the foregoing, and
except as otherwise provided herein, all such assets and property in the
possession of any creditor, Claimant or holder of any Interest of the Debtor
shall be delivered to the Debtor before the Effective Date.
9.C. Rights of Action. On the Effective Date, any rights or causes
of action accruing to the Debtor, specifically including all Avoidance Actions,
shall be transferred to and vested in the Committee. In accordance with section
1123(b)(3)(B) of the Code, the
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<PAGE> 12
Committee may pursue all reserved rights of action for the benefit of the
Claimants. Any distributions provided for in the Plan and the allowance of any
Claim for the purposes of voting on the Plan is and shall be without prejudice
to the rights of the Committee to pursue and prosecute any reserved rights of
action.
9.D. Post-Confirmation Administration and Corporate Action. The
directors of the Debtor, other than E. Townes Duncan, shall be deemed to have
resigned as members of the Debtor's Board of Directors as of the Effective
Date. E. Townes Duncan or such other person as appointed by the Committee (the
"Officer"), shall be the sole officer of the Debtor from and after the
Confirmation Date and will operate the Debtor, as directed by the Committee, in
a manner consistent with the purposes of the Plan. The Officer may serve in
this capacity until such time as the Final Distribution has been made or as
otherwise driected by the Committee and shall only be entitled to receive
compensation and reimbursement of expenses from the Debtor as authorized by the
Committee for services rendered and time spent on behalf of the Debtor at a fee
to be agreed upon by the Committee and the Officer. On the Effective Date, any
maters provided for under the Plan involving corporate action by the Debtor's
Board of Directors shall be deemed to have occurred and shall be in effect from
and after the Effective Date pursuant to section 303 of the Delaware General
Corporation Law and any other applicable law, without any requirement of
further action by the Debtor's stockholders and/or directors. On the Effective
Date, all agreements entered into pursuant to the Plan shall be valid, binding
and in full force and effect.
9.E. Waiver of Subordination. The distributions under the Plan take
into account the relative priority of each class in connection with any
contractural subordination provisions relating thereto. Accordingly, the
distributions under this Plan shall not be subject to levy, garnishment,
attachment, or other legal process by any holder (a "Senior Creditor") of a
Claim or Interest purporting to be entitled to the benefits of such contractual
subordination. On the effective date, any and all Senior Creditors shall be
deemed to have waived all contractural subordination rights which they have
with respect to such distribution, and shall be permanently enjoined from
enforcing or attempting to enforce any such rights with respect to the
distributions under this Plan.
9.F. Cancellation of Existing Securities, Instruments and
Agreements. On the Effective Date, except as otherwise provided herein, all
securities, instruments and agreements governing any Claims or Interests
impaired hereby shall be deemed cancelled and terminated with respect to the
Debtor and the Case, and the obligations of the Estate relating to, arising
under, in respect of or in connection with such securities, instruments or
agreements shall be discharged; provided, however, that except as otherwise
provided herein, notes and other evidences of Claims shall, effective upon the
Effective Date, solely represent the right to participate in the distributions
contemplated by the Plan. In addition, the provisions of the Indenture which
give the Indenture Trustee the right to recover its reasonable fees and
expenses by asserting a lien upon distributions to be made to Bondholders under
the Plan shall survive the Effective Date.
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<PAGE> 13
9.G. Survival of the Committee. The Committee shall be dissolved
thirty (30) days following the Final Distribution (the "Dissolution Date").
Until the Dissolution Date, the Committee may continue to retain professionals
(including, without limitation, those that the Court has authorized it to
employ during the Case).
9.H. Retention of Professionals. Until the Dissolution Date, the
Committee and the Debtor may retain, or continue to retain, professionals
(including, without limitation, those that the Court has authorized to be
employed during the Case), which in the Committee's sole discretion are
necessary to carry out the terms of the Plan. From and after the Confirmation
Date, professionals retained by the Committee and/or the Debtor shall be
entitled to receive monthly compensation from the Debtor or the Disbursing
Agent, provided however, that the Office of the United States Trustee shall
receive all requests for payment of professional fees. The Debtor or the
Disbursing Agent shall pay requests for professional fees which are not
objected to by the United States Trustee, in writing, within ten (10) days of
the request for payment. If a written objection is received by the Debtor or
Disbursing Agent and the professional seeking payment, the Debtor or Disbursing
Agent shall pay only the amount agreed to by the Office of the United States
Trustee and the requesting professional or as otherwise ordered by the Court.
ARTICLE X.
DISTRIBUTIONS
10.A. Distribution of Cash. All distributions of Cash pursuant to
the Plan shall be made by the Disbursing Agent to the holders of Allowed Claims
entitled to receive Cash under the Plan. All distributions of Cash under the
Plan may be made either by check or by wire transfer, at the option of the
Disbursing Agent.
10.B. Setoffs. The Committee may, but shall not be required to,
setoff against any Claim the payments or distributions to be made pursuant to
the Plan in respect of such Claim, any claims of any nature whatsoever the
Debtor may have against the holder thereof. Neither the failure to do so nor
the allowance of any Claim hereunder, for voting or otherwise, shall constitute
a waiver or release by the Debtor of any such claim that such entities may have
against such holder.
10.C. Delivery of Distributions. Distributions shall be made: (a)
at the address set forth on the proofs of claim filed by such holders (or at
the last known address of such holders if no proof of claim is filed or if the
Debtor actually has been notified of a change of address); (b) at the address
set forth in any written notices of address change delivered to and actually
received by the Debtor or the Disbursing Agent after the date of any related
proof of claim; (c) at the address reflected in the Schedules if no proof of
claim has been filed and the Debtor or Disbursing Agent have not actually
received a notice of a change in address; or (d) at the address set forth in
any written notices of transfer of Claim delivered to and actually received by
the Debtor or Disbursing Agent. Distributions made pursuant to the Plan shall
be
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<PAGE> 14
null and void if not accepted by the appropriate Claimant within thirty (30)
days of the issuance thereof.
10.D. Distribution Record Date. Unless otherwise ordered by the
Court, the record date for the Initial Distribution shall be the Confirmation
Date. The record date for the Final Distribution shall be determined by the
Committee and the Disbursing Agent.
ARTICLE XI.
EFFECTS OF CONFIRMATION
11.A. Injunction. Until the Final Distribution, except as otherwise
ordered by the Court or actions before the Court to liquidate or otherwise
enforce a Claim or Interest, any and all entities which have held, hold or may
hold Claims or Interest or any other rights or claims against the Debtor and
any and all successors, assigns or representatives of any of the foregoing
shall be precluded and enjoined on and after the Effective Date as against the
Debtor, its control persons, its current officers and directors, and each in
their capacity as such, any and all successors or assigns of any of the
foregoing and any of their assets and properties from (a) commencing or
continuing in any manner any claim, action or other proceeding of any kind with
respect to any Claim, Interest or any other right or claim which they
possessed or may possess prior to the Effective Date, (b) the enforcement,
attachment, collection or recovery by any manner or means of any judgment,
award, decree or order with respect to any Claim, Interest or any other right
or claim which they possessed or may possess prior to the Effective Date, (c)
creating, perfecting or enforcing any encumbrance of any kind with respect to
any Claim, Interest or any other right or claim which they possessed or may
possess prior to the Effective Date and (d) asserting any setoff, right of
subrogation or recoupment of any kind against any obligation due with respect
to any Claim, Interest or any other right or claim which they possessed or may
possess prior to the Effective Date.
11.B. Dissolution. From and after the Effective Date, the Debtor
shall use its reasonable best efforts to liquidate its assets and causes of
action, make distributions of the Available Cash as provided for in the Plan
and dissolve itself or effect a winding down as quickly as is reasonably
practicable and after due consideration of any tax consequences which may
result upon such dissolution or winding down. In that connection, subject
always to the consideration described in the preceding sentence, the Debtor
shall prepare and file all corporate resolutions, statements, notices, tax
returns and other documents necessary to accomplish such dissolution. Any and
all Cash and other property held by the Debtor as of its date of dissolution
shall be distributed to holders of Allowed Unsecured Claims in Class 5 as
provided for by the Plan or otherwise held by the Disbursing Agent as Cash
Reserves or Distribution Reserves. When requested by the Committee, the Debtor
shall provide the Committee with a detailed balance sheet listing all of its
assets and liabilities.
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<PAGE> 15
ARTICLE XII.
CRAMDOWN AND MODIFICATION OF THE PLAN
12.A. Cramdown. The Proponents request that the Court confirm the
Plan pursuant to section 1129(b) of the Code notwithstanding the deemed
rejection of the Plan by Class 6. The Proponents reserve the right to modify
the Plan in response to, and/or to request at the hearing on confirmation of
the Plan that the Court confirm the Plan notwithstanding, the voted rejection,
if any, by any other impaired Class.
12.B. Modification. The Committee may alter, amend, or modify the
Plan under section 1127 of the Code at any time prior to the Effective Date.
After the Effective Date, the Committee may institute proceedings in the Court,
as appropriate, to remedy any defect or omission or reconcile any
inconsistencies in the Plan, the Disclosure Statement, or the Confirmation
Order, or to address such matters as may be necessary to carry out the purposes
and effects of the Plan. Each holder of a Claim that has previously accepted
the Plan in respect of such Claim shall be deemed to have accepted, without the
need for resolicitation, in respect of such claim any and all modifications to
the Plan that do not materially and adversely change the treatment of such
Claim.
ARTICLE XIII.
RETENTION OF JURISDICTION
Notwithstanding the entry of the Confirmation Order or the
occurrence of the Effective Date, the Court shall retain and shall have
exclusive jurisdiction over the Case, the Debtor and any and all proceedings
related to any of the foregoing, including, without limitation, in respect of
the following:
13.A. Claims. To determine any and all objections to the allowance
of Claims or Administrative Claims or any other matters affecting the rights
among the Debtor and holders of Claims against or Interests in the Debtor;
13.B. Estimation. To determine any and all motions to estimate
Claims, at any time, regardless of whether the Claim to be estimated is the
subject of a pending objection, a pending appeal, or otherwise;
13.C. Assumption/Rejection. To determine any and all applications
for the rejection or assumption and assignment of executory contracts or
unexpired leases to which the Debtor is a party or with respect to which the
Debtor may be liable, and to hear and determine, and if need be to liquidate,
any and all Claims arising therefrom;
13.D. Sale of Assets to Sanmina. To determine any and all
controversies, suits or disputes that may arise in connection with or relating
to the Debtor's sale of assets to Sanmina, or any party's obligations or rights
pursuant to the sale;
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<PAGE> 16
13.E. Adversary Proceedings. To determine any and all applications,
adversary proceedings and contested or litigated matters that may be pending on
the Effective Date or that may be instituted thereafter in connection with any
matter or rights of action, specifically including the Avoidance Actions
retained and assigned pursuant to this Plan;
13.F. Modifications. To consider and approve any modifications of
the Plan, to cure any defect or omission, or reconcile any inconsistency in the
Plan or in any order of the Court;
13.G. Dispute Resolution. To determine all controversies, suits and
disputes that arise in connection with (i) the interpretation or consummation
of the Plan, (ii) any act or omission of the Committee, the Debtor or the
Disbursing Agent relating to the Plan, or (iii) the obligations of the Debtor
or any other entities under the Plan;
13.H. Compensation. To determine any and all applications for
allowances of compensation and reimbursement of expenses and any other fees and
expenses authorized to be paid or reimbursed under the Code or the Plan; and
13.1. Plan. To hear and determine other issues presented or arising
under the Plan, to issue any appropriate injunctions and orders and take all
other actions in aid of execution, interpretation, implementation or
enforcement of the Plan and to enforce the Confirmation Order.
ARTICLE XIV.
MISCELLANEOUS PROVISIONS
14.A. Payment of Statutory Fees. All U.S. Trustee fees arising
pursuant to section 1930 of title 28 of the United States Code and that are due
and owing on or before the Effective Date shall be paid in full in Cash on or
before the Effective Date. All U.S. Trustee fees that become due and payable
after the Effective Date shall be paid as they become due until a final decree
is entered in this case. The payment of U.S. Trustee fees both before and after
the Effective Date shall be made from the Available Cash. Notwithstanding the
foregoing, the Debtor or the Committee may move the Court for modification of
this provision based upon the applicability or constitutionality of 28 U.S.C.
section 1930, or any subsection thereof. Any motion to modify this provision
shall not be made after the entry of a final decree in this case.
14.B. Headings. Headings are used in the Plan for convenience and
reference only and shall not constitute a part of the Plan for any other
purpose.
14.C. Binding Effect. The Plan shall be binding upon and inure to
the benefit of the Debtor, the holders of Claims and Interests and their
respective successors and assigns.
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<PAGE> 17
14.D. Limitation of Liability. Neither the Debtor, the Committee,
the Disbursing Agent nor any of their respective members, officers, directors,
employees, representatives, counsel, accountants, advisors or agents shall
have incurred or shall incur any liability to any holder of a Claim,
Administrative Claim or Interest or any other person or entity for any act,
conduct or omission in connection with, or arising out of, the Disclosure
Statement, the pursuit of approval of the Disclosure Statement, the Plan, the
pursuit of confirmation of the Plan, the consummation of the Plan or the
administration of the Plan or the property to be distributed under the Plan
(collectively, the "Released Acts"), except for willful misconduct or gross
negligence, and all such persons, in all respects, shall be entitled to rely
upon the advice of counsel with respect to their duties and responsibilities
under the Plan and under the Code and shall be fully protected from liability
in acting or in refraining from action in accordance with such advice; provided
that, this section shall nor limit the obligations of the Debtor under the
Plan. Subject to the Committee's discretion, the Debtor may indemnity any of
the aforementioned parties for costs and expenses relating to the defense of a
Released Act.
14.E. Revocation or Withdrawal. The Committee shall have the right
to revoke or withdraw the Plan prior to the Effective Date. If the Committee
revokes or withdraws the Plan prior to the Effective Date, or if the Effective
Date does not occur, then the Plan shall be deemed null and void. In such
event, nothing contained herein shall be deemed to constitute a waiver,
release, admission or concession of any claims or Claims by or against the
Debtor or any other entity or prejudice in any manner the rights of the Debtor
or any entity in any further proceedings involving the Debtor.
14.F. Notices. Any notice to the Proponents required or permitted
to be provided under the Plan or the Disclosure Statement shall be in writing
and shall be served by either (i) certified mail, return receipt requested,
postage prepaid, (ii) hand delivery, or (iii) reputable overnight delivery
service, freight prepaid, to be addressed as follows:
Bass, Berry & Sims PLC
2700 First American Center
Nashville, Tennessee 37238
Attn: Paul G. Jennings, Esq.
Kramer, Levin, Naftalis & Frankel
919 Third Avenue
New York New York 10022
Attn: Paul S. Pearlman, Esq.
Saul E. Burian, Esq.
Gullett, Sanford, Robinson & Martin, PLLC
230 Fourth Avenue North
Nashville, Tennessee 37219
Attn: G. Rhea Bucy, Esq.
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<PAGE> 18
14.G. Saturday, Sunday, or Legal Holiday. If any payment,
distribution or act under the Plan is required to be made or performed on a
date that is not a Business Day, then the making of such payment, distribution
or the performance of such act may be completed on the next succeeding Business
Day, but shall be deemed to have been completed as of the required date.
14.H. Controlling Documents. The provisions of the Plan shall
control over any inconsistent provision contained in any other document.
14.I. Final Applications. Any and all parties requesting allowance
and/or payment for any period ending on or before the Effective Date from the
Debtor or its Estate pursuant to sections 503(b)(2), (3), (4), (5) or (6) of
the Code shall file and serve final applications therefor on the Committee no
later than twenty (20) days after the Effective Date. Any and all parties
requesting compensation for services rendered after the Effective Date from the
Debtor or its Estate shall submit requests for payment therefor directly to the
Committee.
14.J. Reservation of Rights. If the Plan is not confirmed for any
reason, the rights of all parties in interest in the Debtor's Case are and
shall be reserved in full. Any concession reflected or provision contained
herein, if any, is made for purposes of the Plan only, and if the Plan does not
become effective, no party in interest in the Case shall be bound or deemed
prejudiced by any such concession.
14.K. Unknown Assets. To the extent that the Debtor, the Disbursing
Agent or the Committee discovers assets of the Debtor that were unknown to the
Debtor as of the date hereof, those assets shall be liquidated and distributed
pursuant to the Plan. In the event such asset is not reasonably subject to
liquidation, the Committee shall, in its sole discretion, dispose of such
assets.
14.L. Counterparts. The Plan may be executed in any number of
counterparts, each of which when so executed and delivered shall be an
original, but all of which shall together constitute one and the same
instrument
Date: Nashville, Tennessee
May 27, 1997
Respectfully submitted,
COMPTRONIX CORPORATION
Paddock III
5123 Virginia Way, Unit C-22
Brentwood, TN 37027
(615) 377-3330
By:
---------------
Its:
---------------
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<PAGE> 19
GULLETT, SANFORD, ROBINSON & MARTIN, PLLC
230 Fourth Avenue North
Nashville, Tennessee 37219
(615) 244-4994
By:
--------------------------
CO-COUNSEL FOR THE OFFICIAL
COMMITTEE OF UNSECURED CREDITORS
OF COMPTRONIX CORPORATION
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<PAGE> 20
UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF TENNESSEE
<TABLE>
<CAPTION> <C> <C> <C>
In re: )
)
COMPTRONIX CORPORATION )
Paddock III ) Chapter I I
5123 Virginia Way, Unit C-22 )
Brentwood, TN 37027, ) Case No. 396-06840
) Judge Lundin
Debtor. )
- ------------------------------------------------------------------------------------------------------------------------------------
SECOND AMENDED JOINT CHAPTER 11 PLAN OF LIQUIDATION
Dated: May 27, 1997
BASS, BERRY & SIMS PLC KRAMER, LEVIN, NAFTALIS
Paul G. Jennings & FRANKEL
2700 First American Center Paul S. Pearlman
Nashville, Tennessee 37238 Saul E. Burian
(615) 742-6200 919 Third Avenue
New York, New York 10022
COUNSEL FOR THE DEBTOR (212) 715-9100
AND DEBTOR-IN-POSSESSION
GULLETT, SANFORD, ROBINSON
& MARTIN, PLLC
G. Rhea Bucy
230 Fourth Avenue North
Nashville, Tennessee 37219
(615) 244-4994
CO-COUNSEL FOR THE OFFICIAL
COMMITTEE OF UNSECURED
CREDITORS
</TABLE>
<PAGE> 21
EXHIBIT A
Professionals retained by order of the Court
