<PAGE>
OMEGA ENVIRONMENTAL, INC. EXHIBIT 99.1
Debtor In Posession Case #97-06084
Comparative Balance Sheet Information
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
MARCH 31, FEBRUARY 29, MARCH 31, FEBRUARY 29,
2000 2000 2000 2000
ESD ESD CHANGE CORPORATE CORPORATE CHANGE
------------------------------------- --------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash 13,357 17,469 (4,112) 157,746 161,402 (3,656)
Restricted cash held in escrow -- -- -- --
Accounts receivable
A/R--trade 9,463,759 9,902,508 (438,749) -- -- --
A/R--remediation systems 218,920 -- 218,920 -- -- --
A/R--employees 18,508 16,485 2,023 -- -- --
A/R--supplemental -- -- -- -- -- --
A/R--miscellaneous 1,050 -- 1,050 1,224,094 1,224,094 --
Allowance for doubtful accounts (288,713) (497,534) 208,821 (1,076,094) (1,076,094) --
------------------------------------- --------------------------------------
Accounts receivable, net 9,413,524 9,421,459 (7,935) 148,000 148,000 --
------------------------------------- --------------------------------------
Costs and earnings in excess of billings 4,604,097 4,749,180 (145,083) --
Costs and earnings in excess of billings
for Remediation Systems 664,713 676,049 (11,336) --
Prepaid expenses 238,791 219,149 19,642 62,350 119,948 (57,598)
------------------------------------- --------------------------------------
TOTAL CURRENT ASSETS 14,934,482 15,083,306 (148,824) 368,096 429,350 (61,254)
------------------------------------- --------------------------------------
PROPERTY AND EQUIPMENT
Field equipment 2,168,479 2,172,681 (4,202) -- -- --
Automotive equipment 932,781 932,781 -- -- -- --
Office furniture and equipment 1,020,976 1,017,001 3,975 27,206 27,206 --
Land, Building, and leasehold improvements 107,729 107,729 -- -- -- --
------------------------------------- --------------------------------------
TOTAL PROPERTY & EQUIP., AT COST 4,229,965 4,230,192 (227) 27,206 27,206 --
Accum. Depreciation (3,382,137) (3,355,457) (26,680) (27,206) (27,206) --
------------------------------------- --------------------------------------
TOTAL PROPERTY & EQUIP., NET 847,828 874,735 (26,907) -- -- --
------------------------------------- --------------------------------------
Other Assets 88,049 88,941 (892) 41,622 41,622 --
Investment & Intercompany in Subsidiaires -- -- -- 74,375,431 74,375,431 --
------------------------------------- --------------------------------------
TOTAL ASSETS 15,870,359 16,046,982 (176,623) 74,785,149 74,846,403 (61,254)
===================================== ======================================
POST PETITION CURRENT LIABILITIES
Accounts payable 945,948 933,480 12,468 28,145 33,427 (5,282)
Accounts payable - remediation systems 883,634 676,049 207,585 -- -- --
Line of Credit with GMAC -- -- -- 25,751,101 25,704,314 46,787
Transfer of Pre-petition preference
collections from vendors -- -- -- (963,284) (925,021) (38,263)
------------------------------------- --------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences -- -- -- 24,787,817 24,779,293 8,524
Accrued expenses, excluding bankruptcy costs 530,308 562,441 (32,133) 7,573 8,308 (735)
Estimated claims against cash held in escrow -- -- -- -- -- --
------------------------------------- --------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 8,790,566 8,779,750 10,816 9,742,391 9,548,008 194,383
Intercompany Notes Payable 7,435,857 7,435,857 -- --
Pre Petition Preference collections from vendors -- -- -- 963,284 925,021 38,263
Pre Petition Liabilities -- -- -- 3,606,863 3,606,863 --
Pre Petition Estimated Construction Claims -- -- -- --
------------------------------------- --------------------------------------
TOTAL LIABILITIES 16,226,423 16,215,607 10,816 14,312,538 14,079,892 232,646
------------------------------------- --------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 --
Additional paid in capital 14,557,677 14,557,677 -- 127,234,871 127,234,871 --
Treasury Stock A-P-I-C (562,506) (562,506) --
Retained earnings - prior (9,028,340) (9,028,340) -- (49,321,103) (49,321,103) --
Y-T-D net income pre petition (8,532) (8,532) -- (2,399,934) (2,399,934) --
Y-T-D net income post petition (5,876,869) (5,689,430) (187,439) (14,600,006) (14,306,106) (293,900)
------------------------------------- --------------------------------------
TOTAL SHAREHOLDERS' EQUITY (356,064) (168,625) (187,439) 60,472,611 60,766,511 (293,900)
------------------------------------- --------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 15,870,359 16,046,982 (176,623) 74,785,149 74,846,403 (61,254)
===================================== ======================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
Debtor In Posession Case #97-06084
Comparative Balance Sheet Information
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
MARCH 31, FEBRUARY 29, MARCH 31, FEBRUARY 29,
2000 2000 2000 2000
CONTINUING CONTINUING DISCONTINUED DISCONTINUED
OPERATIONS OPERATIONS CHANGE OPERATIONS OPERATIONS CHANGE
----------------------------------------- --------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CURRENT ASSETS
Cash 171,103 178,871 (7,768) -- -- --
Restricted cash held in escrow -- -- -- 2,732,711 2,730,694 2,017
Accounts receivable
A/R--trade 9,463,759 9,902,508 (438,749) 3,240,282 3,240,282 --
A/R--remediation systems 218,920 -- 218,920 -- -- --
A/R--employees 18,508 16,485 2,023 -- -- --
A/R--supplemental -- -- -- 1,242,986 1,242,986 --
A/R--miscellaneous 1,225,144 1,224,094 1,050 10,078 10,078 --
Allowance for doubtful accounts (1,364,807) (1,573,628) 208,821 (3,411,768) (3,411,768) --
--------------------------------------- ------------------------------------
Accounts receivable, net 9,561,524 9,569,459 (7,935) 1,081,578 1,081,578 --
--------------------------------------- ------------------------------------
Costs and earnings in excess of billings 4,604,097 4,749,180 (145,083) --
Costs and earnings in excess of billings
for Remediation Systems 664,713 676,049 (11,336) --
Prepaid expenses 301,141 339,097 (37,956) -- -- --
--------------------------------------- ------------------------------------
TOTAL CURRENT ASSETS 15,302,578 15,512,656 (210,078) 3,814,289 3,812,272 2,017
--------------------------------------- ------------------------------------
PROPERTY AND EQUIPMENT
Field equipment 2,168,479 2,172,681 (4,202) 1,000 1,000 --
Automotive equipment 932,781 932,781 -- -- -- --
Office furniture and equipment 1,048,182 1,044,207 3,975 -- -- --
Land, Building, and leasehold improvements 107,729 107,729 -- -- -- --
--------------------------------------- ------------------------------------
TOTAL PROPERTY & EQUIP., AT COST 4,257,171 4,257,398 (227) 1,000 1,000 --
Accum. Depreciation (3,409,343) (3,382,663) (26,680) -- -- --
--------------------------------------- ------------------------------------
TOTAL PROPERTY & EQUIP., NET 847,828 874,735 (26,907) 1,000 1,000 --
--------------------------------------- ------------------------------------
Other Assets 129,671 130,563 (892) -- -- --
Investment & Intercompany in Subsidiaires 74,375,431 74,375,431 -- --
--------------------------------------- ------------------------------------
TOTAL ASSETS 90,655,508 90,893,385 (237,877) 3,815,289 3,813,272 2,017
======================================= ====================================
POST PETITION CURRENT LIABILITIES
Accounts payable 974,093 966,907 7,186 -- -- --
Accounts payable - remediation systems 883,634 676,049 207,585 -- -- --
Line of Credit with GMAC 25,751,101 25,704,314 46,787 --
Transfer of Pre-petition preference
collections from vendors (963,284) (925,021) (38,263) --
--------------------------------------- ------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences 24,787,817 24,779,293 8,524 -- -- --
Accrued expenses, excluding bankruptcy costs 537,881 570,749 (32,868) 69,976 69,976 --
Estimated claims against cash held in escrow -- -- -- 2,534,466 2,532,449 2,017
--------------------------------------- ------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 18,532,957 18,327,758 205,199 12,648,780 12,646,763 2,017
Intercompany Notes Payable 7,435,857 7,435,857 -- 4,811,126 4,811,126 --
Pre Petition Preference collections from vendors 963,284 925,021 38,263 --
Pre Petition Liabilities 3,606,863 3,606,863 -- 11,809,110 11,809,110 --
Pre Petition Estimated Construction Claims -- -- -- 1,800,000 1,800,000 --
--------------------------------------- ------------------------------------
TOTAL LIABILITIES 30,538,961 30,295,499 243,462 31,069,016 31,066,999 2,017
--------------------------------------- ------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 -- 5,454,120 5,454,120 --
Additional paid in capital 141,792,548 141,792,548 -- 39,347,007 39,347,007 --
Treasury Stock A-P-I-C (562,506) (562,506) -- -- -- --
Retained earnings - prior (58,349,443) (58,349,443) -- (53,656,003) (53,656,003) --
Y-T-D net income pre petition (2,408,466) (2,408,466) -- 499,770 499,770 --
Y-T-D net income post petition (20,476,875) (19,995,536) (481,339) (18,898,621) (18,898,621) --
--------------------------------------- ------------------------------------
TOTAL SHAREHOLDERS' EQUITY 60,116,547 60,597,886 (481,339) (27,253,727) (27,253,727) --
--------------------------------------- ------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 90,655,508 90,893,385 (237,877) 3,815,289 3,813,272 2,017
======================================= ====================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
Debtor In Posession Case #97-06084
Comparative Balance Sheet Information
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MARCH 31, FEBRUARY 29,
2000 2000
COMBINED COMBINED
FINAL FINAL CHANGE
------------ ------------ --------
<S> <C> <C> <C>
CURRENT ASSETS
Cash 171,103 178,871 (7,768)
Restricted cash held in escrow 2,732,711 2,730,694 2,017
Accounts receivable
A/R--trade 12,704,041 13,142,790 (438,749)
A/R--remediation systems 218,920 -- 218,920
A/R--employees 18,508 16,485 2,023
A/R--supplemental 1,242,986 1,242,986 --
A/R--miscellaneous 1,235,222 1,234,172 1,050
Allowance for doubtful accounts (4,776,575) (4,985,396) 208,821
--------------------------------------------
Accounts receivable, net 10,643,102 10,651,037 (7,935)
--------------------------------------------
Costs and earnings in excess of billings 4,604,097 4,749,180 (145,083)
Costs and earnings in excess of billings
for Remediation Systems 664,713 676,049 (11,336)
Prepaid expenses 301,141 339,097 (37,956)
--------------------------------------------
TOTAL CURRENT ASSETS 19,116,867 19,324,928 (208,061)
--------------------------------------------
PROPERTY AND EQUIPMENT
Field equipment 2,169,479 2,173,681 (4,202)
Automotive equipment 932,781 932,781 --
Office furniture and equipment 1,048,182 1,044,207 3,975
Land, Building, and leasehold improvements 107,729 107,729 --
--------------------------------------------
TOTAL PROPERTY & EQUIP., AT COST 4,258,171 4,258,398 (227)
Accum. Depreciation (3,409,343) (3,382,663) (26,680)
--------------------------------------------
TOTAL PROPERTY & EQUIP., NET 848,828 875,735 (26,907)
--------------------------------------------
Other Assets 129,671 130,563 (892)
Investment & Intercompany in Subsidiaires 0 0 --
--------------------------------------------
TOTAL ASSETS 20,095,366 20,331,226 (235,860)
============================================
POST PETITION CURRENT LIABILITIES
Accounts payable 974,093 966,907 7,186
Accounts payable - remediation systems 883,634 676,049 207,585
Line of Credit with GMAC 25,751,101 25,704,314 46,787
Transfer of Pre-petition preference
collections from vendors (963,284) (925,021) (38,263)
--------------------------------------------
Line of Credit with GMAC, net of
pre-petition preferences 24,787,817 24,779,293 8,524
Accrued expenses, excluding bankruptcy costs 607,857 640,725 (32,868)
Estimated claims against cash held in escrow 2,534,466 2,532,449 2,017
--------------------------------------------
TOTAL POST PETITION CURRENT LIABILITIES 31,181,737 30,974,521 207,216
Intercompany Notes Payable -- -- --
Pre Petition Preference collections from vendors 963,284 925,021 38,263
Pre Petition Liabilities 15,415,973 15,415,973 --
Pre Petition Estimated Construction Claims 1,800,000 1,800,000 --
--------------------------------------------
TOTAL LIABILITIES 49,360,994 49,115,515 245,479
--------------------------------------------
SHAREHOLDERS' EQUITY
Common stock at par 121,289 121,289 --
Additional paid in capital 124,465,227 124,465,227 --
Treasury Stock A-P-I-C (562,506) (562,506) --
Retained earnings - prior (112,005,446) (112,005,446) --
Y-T-D net income pre petition (1,908,696) (1,908,696) --
Y-T-D net income post petition (39,375,496) (38,894,157) (481,339)
--------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (29,265,628) (28,784,289) (481,339)
--------------------------------------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 20,095,366 20,331,226 (235,860)
============================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC. EXHIBIT 99.1
Debtor In Possession Case #97-06084
Comparative Statement of
Operations Information
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED MONTH ENDED MONTH ENDED
MARCH 31, 2000 FEBRUARY 29, 2000 MARCH 31, 2000 FEBRUARY 29, 2000
ESD ESD CHANGE CORPORATE CORPORATE CHANGE
-------------------------------------------- -------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Sales 1,371,507 998,146 373,361 -- -- --
Cost of Sales 1,178,560 873,151 305,409 -- -- --
----------------------------------------- ----------------------------------------
Gross Profit 192,947 124,995 67,952 -- -- --
Selling, General, and Administrative 323,836 398,397 (74,561) 79,824 63,010 16,814
----------------------------------------- ----------------------------------------
Income (Loss) From Operations (130,889) (273,402) 142,513 (79,824) (63,010) (16,814)
Other Income(Expense):
I/C Interest Income (Expense) (56,550) (56,526) (24) 56,550 56,526 24
Interest Expense -- -- -- (245,502) (227,363) (18,139)
Other Expense -- -- -- (2,142) (4,513) 2,371
----------------------------------------- ----------------------------------------
Total Other (Expense) (56,550) (56,526) (24) (191,094) (175,350) (15,744)
Net Income (Loss) Before Bankruptcy
Administrative Expenses (187,439) (329,928) 142,489 (270,918) (238,360) (32,558)
Bankruptcy Administrative Expenses (22,982) (122,117) 99,135
----------------------------------------- ----------------------------------------
Net Income (Loss) (187,439) (329,928) 142,489 (293,900) (360,477) 66,577
========================================= ========================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
Debtor In Possession Case #97-06084
Comparative Statement of
Operations Information
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED MONTH ENDED MONTH ENDED
MARCH 31, 2000 FEBRUARY 29, 2000 MARCH 31, 2000 FEBRUARY 29, 2000
CONTINUING CONTINUING DISCONTINUED DISCONTINUED
OPERATIONS OPERATIONS CHANGE OPERATIONS OPERATIONS CHANGE
-------------------------------------------- --------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Sales 1,371,507 998,146 373,361 -- -- --
Cost of Sales 1,178,560 873,151 305,409 -- -- --
----------------------------------------- -----------------------------------------
Gross Profit 192,947 124,995 67,952 -- -- --
Selling, General, and Administrative 403,660 461,407 (57,747) -- -- --
----------------------------------------- -----------------------------------------
Income (Loss) From Operations (210,713) (336,412) 125,699 -- -- --
Other Income(Expense):
I/C Interest Income (Expense) -- -- -- -- -- --
Interest Expense (245,502) (227,363) (18,139) -- -- --
Other Expense (2,142) (4,513) 2,371 -- 31,100 (31,100)
----------------------------------------- -----------------------------------------
Total Other (Expense) (247,644) (231,876) (15,768) -- 31,100 (31,100)
Net Income (Loss) Before Bankruptcy
Administrative Expenses (458,357) (568,288) 109,931 -- 31,100 (31,100)
Bankruptcy Administrative Expenses (22,982) (122,117) 99,135 -- -- --
----------------------------------------- -----------------------------------------
Net Income (Loss) (481,339) (690,405) 209,066 -- 31,100 (31,100)
========================================= =========================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC.
Debtor In Possession Case #97-06084
Comparative Statement of
Operations Information
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED
MARCH 31, 2000 FEBRUARY 29, 2000
COMBINED COMBINED
FINAL FINAL CHANGE
----------------------------------------------
<S> <C> <C> <C>
Sales 1,371,507 998,146 373,361
Cost of Sales 1,178,560 873,151 305,409
-------------------------------------------
Gross Profit 192,947 124,995 67,952
Selling, General, and Administrative 403,660 461,407 (57,747)
-------------------------------------------
Income (Loss) From Operations (210,713) (336,412) 125,699
Other Income(Expense):
I/C Interest Income (Expense) - - -
Interest Expense (245,502) (227,363) (18,139)
Other Expense (2,142) 26,587 (28,729)
-------------------------------------------
Total Other (Expense) (247,644) (200,776) (46,868)
Net Income (Loss) Before Bankruptcy
Administrative Expenses (458,357) (537,188) 78,831
Bankruptcy Administrative Expenses (22,982) (122,117) 99,135
-------------------------------------------
Net Income (Loss) (481,339) (659,305) 177,966
===========================================
</TABLE>
See accompanying notes to financial statement information
<PAGE>
OMEGA ENVIRONMENTAL, INC. EXHIBIT 99.1
DEBTOR IN POSSESSION CASE #97 - 06084
COMPARATIVE COMBINED STATEMENT OF CASH FLOWS INFORMATION
<TABLE>
<CAPTION>
(UNAUDITED) (UNAUDITED)
MONTH ENDED MONTH ENDED
MARCH 31, 2000 FEBRUARY 29, 2000 CHANGE
-------------- ----------------- ---------
<S> <C> <C> <C>
Cash flows from operating activities:
Net loss ($481,339) ($659,305) $ 177,966
Adjustments to reconcile net loss to net cash
(used in) provided by operating activities:
Depreciation 30,481 40,304 (9,823)
Write off of accounts receivable -- 105,920 (105,920)
Change in certain assets & liabilities:
(Increase) decrease in:
Receivables, net 226,855 (234,287) 461,142
Receivables - remediation systems, net (218,920) -- (218,920)
Costs in excess of billings 145,083 380,241 (235,158)
Costs in excess of billings - remediation systems 11,336 (20,650)
Prepaids & other assets 37,956 (205,872) 243,828
Increase (decrease) in:
Accounts payable - remediation systems 207,585 20,650 186,935
Accrued expenses (18,096) 85,280 (103,376)
Other net changes in assets and liabilities 892 700 192
--------- --------- ---------
Total adjustments 430,358 135,815 262,557
--------- --------- ---------
Net cash provided by (used in) operating activities (50,981) (523,490) 440,523
Cash flows from investing activities:
Proceeds from sale of equipment 400 11,002 (10,602)
Additions to property and equipment (3,974) (33,597) 29,623
--------- --------- ---------
Net cash provided by (used in) investing activities (3,574) (22,595) 19,021
Cash flows from financing and other activities:
Net proceeds (repayments) from revolver credit loan 46,787 167,059 (120,272)
Proceeds from pre-petition preference payment receipts 38,263 128,578 (90,315)
(Reduction) Increase of pre-petition liabilities (38,263) (128,578) 90,315
--------- --------- ---------
Net cash provided by (used in) financing activities 46,787 167,059 (120,272)
--------- --------- ---------
Net increase (decrease) in cash (7,768) (379,026) 339,272
CASH AT BEGINNING OF PERIOD 178,871 557,898 (379,026)
--------- --------- ---------
CASH AT END OF PERIOD $ 171,103 $ 178,871 ($ 39,754)
========= ========= =========
</TABLE>
See accompanying notes to financial statement information
<PAGE>
EXHIBIT 99.1
Omega Environmental, Inc.
Debtor in Possession Case # 97-06084
March 31, 2000 Financial Reporting Information
Notes to Financial Statement Information
Basis of Presentation
The financial statement information presented is un-audited and does not comply
with generally accepted accounting principles. Additionally, significant
estimates were used in the preparation of this financial statement information
and actual results may vary significantly from these estimates.
GMAC Credit Corporation
As of March 31, 2000, the Company's borrowings from GMAC Credit Corporation
("GMACCC") were $25,751,101.
Costs and Earnings in Excess of Billing
The asset, "Costs and earnings in excess of billings" recorded on the
Environmental Services Division's balance sheet, represents estimated revenues
recognized in excess of amounts billed using the percentage of completion method
of contract accounting. In the past, as projects were completed and billed,
significant write-offs of this asset were recorded in excess of reserves
provided. Management believes that as a result of improvements in project
management and time charging practices no material write-offs in excess of the
normal allocated reserves will be required in the future.
Accounts Receivable
Accounts receivable recorded on the Environmental Services Division's balance
sheet are primarily due from various State reimbursement programs for clean up
of leaking underground storage tanks. The collection period for these
receivables frequently exceeds 180 days. Due to the significant amount of time
required to collect these receivables, management is continually analyzing the
collectability of these accounts and estimated bad debts may be significantly in
excess of established reserves. The results of this analysis are not complete at
this time due to the lengthy collection time frame, and any adjustment may have
a material adverse effect on the financial statements.
<PAGE>
Accounts receivable recorded on the Discontinued Operation's balance sheet
primarily represent amounts recorded as due from customers of the company's
discontinued construction business. The amounts ultimately collected by the
company will be significantly less than net recorded amounts in part because of
set-offs, liens, bonding issues and customer disputes which may result in
refusal to pay receivable amounts or require payment or set-off of pre-petition
liabilities and claims. The amount ultimately collectible is not determinable at
this time.
Accounts receivable recorded on the corporate balance sheet of $148,000
represents funds held in escrow at Debtor's Bankruptcy Counsel as a result of
the Petroleum Services Division (PSD) Houston branch asset sale in December
1998. These funds are held in escrow pending the final determination of the
amount of liens asserted by Texas tax authorities.
Florida Supplemental
In January 2000, the ESD Florida Supplemental balances were transferred to
Discontinued Operations. The amounts of the transaction transferred were:
Restricted Cash Held in Escrow of $2.7 million, net receivables of $300,000 and
Estimated claims against cash held in escrow of $2.5 million.
Pre-Petition Preference Receipts
Beginning in June 1999, Omega began collecting pre-petition preferences. These
are accounted for in the pre-petition liabilities section of the corporate
balance sheet. Collections for the month of March 2000 and total collections
since June 1999 were $38,263 and $963,283 respectively.
