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Previous: PREFERRED INCOME MANAGEMENT FUND INC, N-30D, 1998-01-30 |
Next: CHIC BY H I S INC, 10-K, 1998-01-30 |
<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): January 30, 1998
MOLTEN METAL TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 0-21042 52-1659959
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
400-2 TOTTEN POND ROAD, WALTHAM, MASSACHUSETTS 02154
Address of principal executive offices
Registrant's telephone number, including area code: (781) 487-9700
<PAGE> 2
ITEM 5. OTHER EVENTS
MONTHLY OPERATING REPORTS FILED WITH FEDERAL TRUSTEE
On December 3, 1997, Molten Metal Technology, Inc. (the "Company") and
its subsidiaries filed a voluntary petition for reorganization under Chapter 11
of the U.S. Bankruptcy Code. The petition was filed in the U.S. Bankruptcy Court
for the District of Massachusetts (Eastern Division). The case numbers are as
follows:
<TABLE>
<S> <C>
Molten Metal Technology, Inc. 97-21385-CJK
MMT of Tennessee Inc. 97-21386-CJK
MMT Federal Holdings, Inc. 97-21387-CJK
M4 Environmental Management Inc. 97-21388-CJK
M4 Environmental L.P. 97-21389-CJK
</TABLE>
Pursuant to Bankruptcy Rule 2015 and the United States Trustee's
Operating Guidelines and Reporting requirements for Chapter 11 cases, the
Company is obligated to file Monthly Operating Reports (MORs) with the Federal
Trustee for each of these bankruptcy cases. The Company's MORs for these cases
for the month ending December 31, 1997, plus a consolidated report, were filed
with the Federal Trustee at the U.S. Bankruptcy Court in Boston, Massachusetts
on January 30, 1998. Such MORs are attached hereto as Exhibits 99.1 through 99.6
and are incorporated by reference herein.
EXTENSION OF DUE DATE FOR LOAN
On December 22, 1997, the Company secured a short-term loan of $7.7
million from a lender (the "Lender") to fund continued operations and to allow
the Company time to secure medium-term financing from various potential
financing sources, including from the Lender. The loan was approved by a final
Order of the Bankruptcy Court on January 6, 1998. The loan, which was
originally due on January 30, 1998, is secured with a lien on substantially all
of the assets of the Company and its subsidiaries. On January 30, 1998, the
Lender agreed in writing to extend the term of the loan for an additional week,
to February 6, 1998, so that the Lender can complete its due diligence with
respect to offering a $20 million medium-term loan.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit
Number Description of Document
- ------- -----------------------
<S> <C>
99.1 Monthly Operating Report (Consolidated) of the Company and its
subsidiaries for the month ending December 31, 1997 (1)
99.2 Monthly Operating Report of the Company for the month ending
December 31, 1997 (1)
99.3 Monthly Operating Report of the Company's subsidiary MMT of
Tennessee Inc. for the month ending December 31, 1997 (1)
99.4 Monthly Operating Report of the Company's subsidiary MMT Federal
Holdings, Inc. for the month ending December 31, 1997 (1)
99.5 Monthly Operating Report of the Company's subsidiary M4
Environmental Management Inc. for the month ending December 31,
1997 (1)
</TABLE>
<PAGE> 3
<TABLE>
<S> <C>
99.6 Monthly Operating Report of the Company's subsidiary M4
Environmental, L.P. for the month ending December 31, 1997 (1)
</TABLE>
(1) The Company agrees to furnish supplementally a copy of any omitted
schedule or similar attachment to the Commission upon its request.
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.
MOLTEN METAL TECHNOLOGY, INC.
Dated: January 30, 1998 By: /s/ F. Gordon Bitter
---------------------------------
F. Gordon Bitter
Chief Executive Officer and
Chief Financial Officer
<PAGE> 1
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: Molten Metal Technology, Inc. (Consolidated) CASE NO.: 97-21385-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING 12/31/97
COMES NOW, MOLTEN METAL TECHNOLOGY, INC. (CONSOLIDATED) , Debtor in Possession,
and hereby its Monthly Operating Report for the period commencing 12/3/97 and
ending 12/31/97 as shown by the report and exhibits consisting of 9
pages and containing the following, as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
------
X Comparative Balance Sheets (Forms OPR-1 and OPR-2)
------
X Summary of Accounts Receivable (Form OPR-3)
------
X Schedule of Post-Petition Liabilities (Form OPR-4)
------
X Income Statement (Form OPR-5)
------
X Statement of Sources and Uses of Cash (Form OPR-6)
------
I declare under penalty of perjury that this report and all attachments are true
and correct to the best of my knowledge and belief.
Date: 1/28/98 DEBTOR-IN-POSSESSION
By:
/s/ F. Gordon Bitter
--------------------------------
Name & Title: F. Gordon Bitter, CEO & CFO
Molten Metal Technology, Inc.
400-2 Totten Pond Road
Waltham, MA 02109
Telephone: 781-487-7600
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: Molten Metal Technology, Inc. (Consolidated) CASE NO.: 97-21385-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
NOTE TO THE MONTHLY OPERATING REPORT:
The company uses a centralized system for its cash management.
Accordingly, payments to suppliers and vendors, in the ordinary
course, and post-petition trade accounts payable are reflected in
the Molten Metal Technology, Inc. corporate level records.
Intercompany accounts receivable and payable are charged with the
transfer of cash and other transactions, to appropriately account
for such activity.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
FILING MONTH
DATE ENDED MONTH MONTH MONTH MONTH MONTH MONTH
12/3/97 12/31/97 ENDED ENDED ENDED ENDED ENDED ENDED
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 4,654,326 7,309,283
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 7,589,596 7,768,045
Less: allowance for doubtful accounts (150,000) (150,000)
Accounts Receivable-Other 3,362,193 3,000,754
Inventory, at cost 4,642,718 2,999,979
Prepaid expenses 2,944,501 4,314,678
Deposits 199,046 176,955
Other:
Investment in Nichimen Joint Venture 433,739 433,739
Investment in CW, LLC 1,497,718 1,497,718
Long Term Notes Receivable 20,806,950 20,806,950
Restricted Cash Collateral Deposits 3,921,953 3,930,999
---------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 49,902,740 52,089,100 0 0 0 0 0 0
---------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 158,480,555 158,577,054
Less: Accumulated Depreciation (23,789,824) (24,685,394)
---------------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 134,690,731 133,891,660 0 0 0 0 0 0
---------------------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 26,143,973 26,143,421 0
Less: Accumulated Amortization (4,212,236) (4,412,755)
---------------------------------------------------------------------------------
TOTAL OTHER ASSETS 21,931,737 21,730,666 0 0 0 0 0 0
---------------------------------------------------------------------------------
TOTAL ASSETS 206,525,208 207,711,426 0 0 0 0 0 0
=================================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS FORM OPR-2
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
FILING MONTH
DATE ENDED MONTH MONTH MONTH MONTH MONTH MONTH
12/3/97 12/31/97 ENDED ENDED ENDED ENDED ENDED ENDED
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 5,260,000
Unsecured Debt-Intercompany Obligations due
to cash transfers in Post Petition
Operations
Unsecured Debt-Obligations incurred in Post
Petition Operations (See Form OPR-4) 3,076,569
----------------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 8,336,569 0 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES
DEFERRED REVENUE/DEFERRED INCOME 12,378,455 10,198,534
TOTAL OTHER PRE PETITION LIABILITIES 242,148,750 242,227,594
----------------------------------------------------------------------------------
TOTAL LIABILITIES 254,527,205 260,762,697 0 0 0 0 0 0
----------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 15,874,471 16,793,713
Common Stock 237,810 237,810
Paid in Capital 170,893,690 170,893,690
Valuation Allowance 9,683 11,636
Dividends Paid (4,343,230) (5,262,472)
Treasury Stock (1,251,319) (1,251,319)
Deferred Compensation (127,137) (120,489)
Retained Earnings
Through Filing Date (229,295,965) (229,295,965)
Post Filing Date (5,057,875)
----------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (48,001,997) (53,051,271) 0 0 0 0 0 0
----------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 206,525,208 207,711,426 0 0 0 0 0 0
==================================================================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 7,589,596 4,116,989 943,972 797,630 1,731,005
Allowance for doubtful accounts (150,000) (150,000)
------------------------------------------------------------------
7,439,596 4,116,989 943,972 797,630 1,581,005
==================================================================
MONTH: 12/31/97 7,768,045 1,875,415 3,473,011 519,172 1,900,447
Allowance for doubtful accounts (150,000) (150,000)
------------------------------------------------------------------
7,618,045 1,875,415 3,473,011 519,172 1,750,447
==================================================================
MONTH: 0
Allowance for doubtful accounts 0
------------------------------------------------------------------
0 0 0 0 0
==================================================================
MONTH: 0
Allowance for doubtful accounts 0
------------------------------------------------------------------
0 0 0 0 0
==================================================================
MONTH: 0
Allowance for doubtful accounts 0
------------------------------------------------------------------
0 0 0 0 0
==================================================================
MONTH: 0
Allowance for doubtful accounts 0
------------------------------------------------------------------
0 0 0 0 0
==================================================================
MONTH:
Allowance for doubtful accounts
------------------------------------------------------------------
0 0 0 0 0
==================================================================
</TABLE>
<PAGE> 6
SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes NONE
FICA-Employer's Share NONE
FICA-Employee's Share NONE
Unemployment Tax NONE
State Sales & Use Tax NONE
State __________ Tax NONE
Personal Property Tax NONE
----------------------------------------------
TOTAL TAXES PAYABLE 0 0 0 0 0
----------------------------------------------
POST PETITION SECURED DEBT
DIP FINANCING
Post petition advances-Morgens Waterfall
Financing 12/22 & 12/29/97 1/30/98 5,072,000
ACCRUED INTEREST PAYABLE
Post petition interest on Morgens Waterfall
Financing 188,000
----------------------------------------------
TOTAL POST PETITION SECURED DEBT 5,260,000 0 0 0 0
----------------------------------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules) 1,703,280
Payroll withholdings
Accrued Payroll
Accrued expenses-Estimated liability incurred,
but not invoiced as of the end of the period
and deferred obligations 1,373,289
----------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 3,076,569 0 0 0 0
----------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 8,336,569 0 0 0 0
==============================================
</TABLE>
<PAGE> 7
INCOME STATEMENT FORM OPR-5
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
PRE POST
PETITION PETITION MONTH MONTH MONTH MONTH MONTH MONTH MONTH
12/3/97 12/31/97 ENDED ENDED ENDED ENDED ENDED ENDED ENDED
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 0 4,103,641
--------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 224,548 1,676,135
Benefits 562,849
Bad debt expense 18,625
Cost of goods sold 1,200,000
Decontamination & disposal 26,758
Disposal costs-secondary wastes 112,496
Financing costs 212,000
Insurance 108,638
Legal services 342,713
Materials 1,125,235
Office expense & supplies 37,650
Other 18,202
Outside services 814,013
Professional services 857,587
Rent-equipment 104,873
Rent-office/buildings 264,752
Supplies-processing 18,515
Taxes 87,546
Telephone 134,438
Transportation 110,472
Travel & entertainment 43,509
Utilities 234,343
--------------------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 224,548 8,111,349 0 0 0 0 0 0 0
--------------------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (224,548) (4,007,708) 0 0 0 0 0 0 0
--------------------------------------------------------------------------------------
INTEREST EXPENSE 62,539
DEPRECIATION AND AMORTIZATION 1,096,271
INCOME TAX EXPENSE (BENEFIT)
OTHER (INCOME) EXPENSE (108,643)
(GAIN) LOSS ON SALE OF ASSETS
--------------------------------------------------------------------------------------
NET INCOME (LOSS) (224,548) (5,057,875) 0 0 0 0 0 0 0
======================================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (5,057,875) (5,057,875)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 1,096,271 1,096,271
Decrease (Increase)-Accounts Receivable 182,990 182,990
Decrease (Increase)-Inventories 1,642,739 1,642,739
Decrease (Increase)-Prepaid Expenses (1,370,177) (1,370,177)
Decrease (Increase)-Other Assets 13,597 13,597
Increase (Decrease)-Pre Petition Liabilities (2,101,259) (2,101,259)
Increase (Decrease)-Post Petition Liabilities 3,076,569 3,076,569
----------------------------------------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 (2,517,145) (2,517,145) 0 0 0
----------------------------------------------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures (96,499) (96,499)
Sale of Net Fixed Assets
----------------------------------------------------------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 (96,499) (96,499) 0 0 0
----------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall 5,260,000 5,260,000
Increase (Decrease)-Shareholder Valuations 8,601 8,601
Purchase of Treasury Stock-Preferred Shares
----------------------------------------------------------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 5,268,601 5,268,601 0 0 0
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 2,654,957 2,654,957 0 0 0
Cash and Cash Equivalents at Beginning of Period 4,654,326 4,654,326 7,309,283 7,309,283 7,309,283
----------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 7,309,283 7,309,283 7,309,283 7,309,283 7,309,283
============================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH
ENDED ENDED
------------------------
<S> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization
Decrease (Increase)-Accounts Receivable
Decrease (Increase)-Inventories
Decrease (Increase)-Prepaid Expenses
Decrease (Increase)-Other Assets
Increase (Decrease)-Pre Petition Liabilities
Increase (Decrease)-Post Petition Liabilities ------------------------
0 0
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES ------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures
Sale of Net Fixed Assets ------------------------
0 0
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES ------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall
Increase (Decrease)-Shareholder Valuations
Purchase of Treasury Stock-Preferred Shares ------------------------
0 0
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES ------------------------
0 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
7,309,283 7,309,283
Cash and Cash Equivalents at Beginning of Period ------------------------
7,309,283 7,309,283
Cash and Cash Equivalents at End of Period ========================
</TABLE>
<PAGE> 9
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
PAGE 1
1. PAYROLL
State the amount of all executive wages paid and taxes withheld and
paid.
<TABLE>
<CAPTION>
NAME AND TITLE OF DATE WAGES PAID TAXES WITHHELD
EXECUTIVE PAID GROSS NET DUE PAID
----------------- -------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
H. W. Arrowsmith, VP Nuclear Sales & Marketing 12/7 & 12/21/97 20,557 13,568 5,687 5,687
Eugene Berman, VP, Regul, Legal, & Extern Aff 12/7 & 12/21/97 15,620 10,427 5,262 5,262
F. Gordon Bitter, CEO & CFO, Director 12/7 & 12/21/97 19,150 12,205 6,840 6,840
Steven Brien, VP, Chemical Sales & Marketing 12/7 & 12/21/97 18,917 13,846 4,118 4,118
Bill J. Garner, VP, Design & Development 12/7 & 12/21/97 55,865 30,750 25,116 25,116
Victor E. Gatto, Jr., VP, Government Markets 12/7 & 12/21/97 16,458 15,546 751 751
David Hoey, V,P Business Development 12/7 & 12/21/97 16,615 10,017 4,463 4,463
F. James Howie, III, VP, Procurement 12/7 & 12/21/97 12,160 9,356 2,675 2,675
Ethan E. Jacks, VP, General Counsel, Secretary 12/7 & 12/21/97 15,074 9,830 4,725 4,725
James E. Johnston, VP, Technical Development 12/7 & 12/21/97 12,501 7,975 4,391 4,391
Andrew T. Karnakis, Assistant Secretary 12/7 & 12/21/97 5,712 4,471 1,241 1,241
Leonard Leal, VP, Industrial Sales 12/7 & 12/21/97 9,615 4,945 3,909 3,909
Elliot J. Mark, Assistant Secretary 12/7 & 12/21/97 9,519 8,724 2,576 2,576
Kathy Santoro, VP, Human Resources 12/7 & 12/21/97 11,319 7,551 3,641 3,641
Charles W. Shaver, President & COO, Director 12/7 & 12/21/97 22,067 14,153 7,455 7,455
Willis Wang, Assistant Counsel 12/7 & 12/21/97 6,945 4,514 1,679 1,679
-----------------------------------------
TOTAL EXECUTIVE PAYROLL 268,095 177,878 84,527 84,527
=========================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? Yes
-----
Are payments current? Yes
-----
If any policy has lapsed, been replaced or renewed, state
so in the schedule below. Attach a copy of the new policy's
binder or coverage page.
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number: 97-21385-CJK
PAGE 2
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
MMT MMT TENNESSEE TENNESSEE ALEX OPPEN-
OPERATING PAYROLL OPERATING PAYROLL BROWN HEIMER
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALEX OPPEN-
BANK NAME U.S. TRUST U.S. TRUST U.S. TRUST U.S. TRUST BROWN HEIMER
ACCOUNT NUMBER 1100937836 1100937844 110937851 1100937869 210-71007 033-82238
BEGINNING BOOK BALANCE 233,275 21,163 0 66,358 6,543 4,273,222
PLUS: Deposits-Collections of A/R 380,277 1,549,237
Other Receipts
Loan Advances 4,372,000
LESS: Disbursements (2,509,656)
Payroll (1,095,916) (478,220)
Returned Checks 552,575
Loan Repayments
OTHER: Adjustments (53,781)
Transfers In (Out) 680,000 1,112,000 (621,000) 491,000 (1,662,000)
------------------------------------------------------------------------------------
ENDING BOOK BALANCE 3,654,690 37,247 928,237 79,138 6,543 2,611,222
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
M4 LP MMT FED
OPERATING HOLDINGS TOTAL
-----------------------------------------
<S> <C> <C> <C>
BANK NAME SUNTRUST U.S. TRUST
ACCOUNT NUMBER 0005618983 002239244-1
BEGINNING BOOK BALANCE 53,265 500 4,654,326
PLUS: Deposits-Collections of A/R 1,929,514
Other Receipts
Loan Advances 4,372,000
LESS: Disbursements (61,559) (2,571,215)
Payroll (1,574,136)
Returned Checks 552,575
Loan Repayments
OTHER: Adjustments (53,781)
Transfers In (Out)
-----------------------------------------
ENDING BOOK BALANCE (8,294) 500 7,309,283
=========================================
</TABLE>
4. POST PETITION PAYMENTS TO PROFESSIONALS AND ON PRE PETITION DEBTS
List any post petition payments to professional and payments on
Pre-petition debts in the schedule below.
<TABLE>
<CAPTION>
Payments To/On Amount Date Check #
------------------------- --------------------------------
<S> <C> <C> <C>
PROFESSIONALS (ATTORNEYS,
ACCOUNTANTS, ETC.):
-------
0
=======
PRE-PETITION DEBTS
Payment of pre-petition salaries & wages 224,548 Various Included in regular payroll runs
Payment of pre-petition vacation claims 141,680 Various Included in regular payroll runs
Payment of pre-petition employee expense
reimbursements 94,226 Various
Monthly bond interest deducted by automatic funds 61,559 12/1/98
transfer on December 1 (pre-petition), but not
recorded in company's books until post-petition
accounting period.
-------
TOTAL PAYMENTS OF PRE-PETITION DEBTS 522,013 (NOTE: See attached schedule)
=======
</TABLE>
<PAGE> 11
Insurance Expiration Statement
I declare under penalty of perjury that the information provided on the
attachments hereto is true and correct to the best of my knowledge and belief.
January 28, 1998 Molten Metal Technology, Inc.
By: /s/ F. Gordon Bitter
-------------------------------
F. Gordon Bitter
Chief Executive Officer
MMT of Tennessee, Inc.
By: /s/ F. Gordon Bitter
-------------------------------
F. Gordon Bitter
Vice President
M4 Environmental, L.P..
By: M4 Environmental Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
-------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
-------------------------------
F. Gordon Bitter
Vice President
<PAGE> 1
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: MOLTEN METAL TECHNOLOGY, INC. CASE NO.: 97-21385-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 12/31/97
----------
COMES NOW, MOLTEN METAL TECHNOLOGY, INC. , Debtor in Possession, and hereby its
Monthly Operating Report for the period commencing 12/3/97 and ending 12/31/97
as shown by the report and exhibits consisting of 9 pages and containing the
following, as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
----------
X Comparative Balance Sheets (Forms OPR-1 and OPR-2)
----------
X Summary of Accounts Receivable (Form OPR-3)
----------
X Schedule of Post-Petition Liabilities (Form OPR-4)
----------
X Income Statement (Form OPR-5)
----------
X Statement of Sources and Uses of Cash (Form OPR-6)
----------
I declare under penalty of perjury that this report and all attachments are true
and correct to the best of my knowledge and belief.
Date: 1/28/98 DEBTOR-IN-POSSESSION
----------
By:
/s/ F. Gordon Bitter
----------------------------------------
Name & Title: F. Gordon Bitter, CEO & CFO
Molten Metal Technology, Inc.
400-2 Totten Pond Road
Waltham, MA 02109
Telephone: 781-487-7600
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: MOLTEN METAL TECHNOLOGY, INC. CASE NO.: 97-21385-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
NOTE TO THE MONTHLY OPERATING REPORT:
The company uses a centralized system for its cash management.
Accordingly, payments to suppliers and vendors, in the ordinary course,
and post-petition trade accounts payable are reflected in the Molten
Metal Technology, Inc. corporate level records. Intercompany accounts
receivable and payable are charged with the transfer of cash and other
transactions, to appropriately account for such activity.
<PAGE> 3
COMPARATIVE BALANCE SHEETS
Case Name: MOLTEN METAL TECHNOLOGY, INC. FORM OPR-1
Case Number: 97-21385-CJK
MONTH ENDED 12/31/97
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
----------------------------------------------------------------------------------
12/3/97 12/31/97
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 4,893,869 6,434,879
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 1,094,993 891,484
Less: allowance for doubtful accounts
Accounts Receivable-Other 336,181 424,339
Accounts Receivable-Intercompany
Inventory, at cost 3,032,515 1,832,965
Prepaid expenses 2,994,736 4,158,840
Deposits 141,546 119,455
Other:
Investment in Nichimen Joint Venture 433,739 433,739
Investment in MMT of Tennessee 10 10
Investment in MMT Federal Holdings 1,000 1,000
Long Term Notes Receivable 1,806,950 1,806,950
Restricted Cash Collateral Deposits 3,706,433 3,715,479
----------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 18,441,972 19,819,140 0 0 0 0 0 0
----------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 86,181,337 86,206,483
Less: Accumulated Depreciation (21,105,234) (21,693,189)
----------------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 65,076,103 64,513,294 0 0 0 0 0 0
----------------------------------------------------------------------------------
OTHER ASSETS (Itemized if value exceeds
10% of "Total Assets")
Intangible Assets 11,221,338 11,220,787 0
Less: Accumulated Amortization (1,765,428) (1,783,197)
----------------------------------------------------------------------------------
TOTAL OTHER ASSETS 9,455,910 9,437,590 0 0 0 0 0 0
----------------------------------------------------------------------------------
TOTAL ASSETS 92,973,985 93,770,024 0 0 0 0 0 0
==================================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS
Case Name: MOLTEN METAL TECHNOLOGY, INC. FORM OPR-3
Case Number: 97-21385-CJK
MONTH ENDED 12/31/97
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 5,260,000
Unsecured Debt-Intercompany Obligations due to cash
transfers in Post Petition Operations (1,183,624)
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 3,076,569
---------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 7,152,945 0 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES (126,615,241) (126,615,241)
DEFERRED REVENUE/DEFERRED INCOME 11,151,728 9,342,638
TOTAL OTHER PRE PETITION LIABILITIES 198,513,032 198,592,951
---------------------------------------------------------------------------
TOTAL LIABILITIES 83,049,519 88,473,293 0 0 0 0 0 0
---------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 15,874,471 16,793,713
Common Stock 237,810 237,810
Paid in Capital 170,893,690 170,893,690
Valuation Allowance 9,683 11,636
Dividends Paid (4,343,230) (5,262,472)
Treasury Stock (1,251,319) (1,251,319)
Deferred Compensation (127,137) (120,489)
Retained Earnings
Through Filing Date (171,369,502) (171,369,502)
Post Filing Date (4,636,336)
---------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) 9,924,466 5,296,731 0 0 0 0 0 0
---------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 92,973,985 93,770,024 0 0 0 0 0 0
===========================================================================
92,973,985 93,770,024
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE
Case Name: MOLTEN METAL TECHNOLOGY, INC. FORM OPR-3
Case Number: 97-21385-CJK
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING 12/3/97 1,094,993 818,022 66,192 42,053 168,726
Allowance for doubtful accounts (150,000) (150,000)
---------------------------------------------------------------------
944,993 818,022 66,192 42,053 18,726
=====================================================================
MONTH: 12/31/97 891,484 8 680,697 0 210,779
Allowance for doubtful accounts 0
---------------------------------------------------------------------
891,484 8 680,697 0 210,779
=====================================================================
MONTH: 0
Allowance for doubtful accounts 0
---------------------------------------------------------------------
0 0 0 0 0
=====================================================================
MONTH: 0
Allowance for doubtful accounts 0
0 0 0 0 0
MONTH: 0
Allowance for doubtful accounts 0
---------------------------------------------------------------------
0 0 0 0 0
=====================================================================
MONTH: 0
Allowance for doubtful accounts 0
---------------------------------------------------------------------
0 0 0 0 0
=====================================================================
MONTH:
Allowance for doubtful accounts
---------------------------------------------------------------------
0 0 0 0 0
=====================================================================
</TABLE>
<PAGE> 6
SCHEDULE OF POST PETITION LIABILITIES
Case Name: MOLTEN METAL TECHNOLOGY, INC. FORM OPR-4
Case Number: 97-21385-CJK
MONTH ENDED 12/31/97
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes NONE
FICA-Employer's Share NONE
FICA-Employee's Share NONE
Unemployment Tax NONE
State Sales & Use Tax NONE
State __________ Tax NONE
Personal Property Tax NONE
----------------------------------------------
TOTAL TAXES PAYABLE 0 0 0 0 0
----------------------------------------------
POST PETITION SECURED DEBT
DIP FINANCING
Post petition advances-Morgens Waterfall Financing 12/22 & 12/29/97 1/30/98 5,072,000
ACCRUED INTEREST PAYABLE
Post petition interest on Morgens Waterfall Financing 188,000
----------------------------------------------
TOTAL POST PETITION SECURED DEBT 5,260,000 0 0 0 0 0
----------------------------------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules) 1,703,280
Payroll withholdings
Accrued Payroll
Accrued expenses-Estimated liability incurred, but not invoiced
as of the end of the period and deferred obligations. 1,373,289
----------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 3,076,569 0 0 0 0 0
----------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 8,336,569 0 0 0 0 0
==============================================
</TABLE>
<PAGE> 7
INCOME STATEMENT
Case Name: MOLTEN METAL TECHNOLOGY, INC. FORM OPR-5
Case Number: 97-21385-CJK
MONTH ENDED 12/31/97
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 1,871,483
----------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 1,154,821
Benefits 489,984
Bad debt expense
Cost of goods sold 1,200,000
Decontamination & disposal
Disposal costs-secondary wastes 145,779
Financing costs 212,000
Insurance 98,733
Legal services
Materials 391,707
Office expense & supplies 248
Other 4,393
Outside services 369,073
Professional services 1,073,857
Rent-equipment 73,365
Rent-office/buildings 260,103
Supplies-processing
Taxes 79,546
Telephone 123,714
Transportation 3,355
Travel & entertainment 20,585
Utilities 200,831
----------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 5,902,094 0 0 0 0 0 0 0
----------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 (4,030,611) 0 0 0 0 0 0 0
----------------------------------------------------------------------------
INTEREST EXPENSE
DEPRECIATION AND AMORTIZATION 605,724
INCOME TAX EXPENSE (BENEFIT)
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
----------------------------------------------------------------------------
NET INCOME (LOSS) 0 (4,636,335) 0 0 0 0 0 0 0
============================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH
Case Name: MOLTEN METAL TECHNOLOGY, INC. FORM OPR-6
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (4,636,335) (4,636,335)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 605,724 605,724
Decrease (Increase)-Accounts Receivable 115,351 115,351
Decrease (Increase)-Inventories 1,199,550 1,199,550
Decrease (Increase)-Prepaid Expenses (1,164,104) (1,164,104)
Decrease (Increase)-Other Assets 13,596 13,596
Increase (Decrease)-Pre Petition Liabilities 79,919 79,919
Increase (Decrease)-Post Petition Liabilities 1,892,945 1,892,945
Increase (Decrease)-Deferred Revenue (1,809,090) (1,809,090)
--------------------------------------------------------------------
Net Cash Provided (Used) by Operating Activities 0 (3,702,444) (3,702,444) 0 0
--------------------------------------------------------------------
Cash Flows Used in Investing Activities
Capital Expenditures (25,146) (25,146)
Sale of Net Fixed Assets
--------------------------------------------------------------------
Net Cash Provided (Used) in Investing Activities 0 (25,146) (25,146) 0 0
--------------------------------------------------------------------
Cash Flows From Financing Activities:
Increase (Decrease)-Morgens Waterfall 5,260,000 5,260,000
Increase (Decrease)-Shareholder Valuations 8,601 8,601
Purchase of Treasury Stock-Preferred Shares
--------------------------------------------------------------------
Net Cash Provided (Used) in Financing Activities 0 5,268,601 5,268,601 0 0
--------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 1,541,011 1,541,011 0 0
Cash and Cash Equivalents at Beginning of Period 4,893,869 4,893,869 6,434,880 6,434,880
--------------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 6,434,880 6,434,880 6,434,880 6,434,880
====================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH
ENDED ENDED ENDED
-------------------------------------
<S> <C> <C> <C>
Net Earnings (Loss)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & AmortizationM
Decrease (Increase)-Accounts Receivable
Decrease (Increase)-Inventories
Decrease (Increase)-Prepaid Expenses
Decrease (Increase)-Other Assets
Increase (Decrease)-Pre Petition Liabilities
Increase (Decrease)-Post Petition Liabilities
Increase (Decrease)-Deferred Revenue
-------------------------------------
Net Cash Provided (Used) by Operating Activities 0 0 0
-------------------------------------
Cash Flows Used in Investing Activities
Capital Expenditures
Sale of Net Fixed Assets -------------------------------------
Net Cash Provided (Used) in Investing Activities 0 0 0
-------------------------------------
Cash Flows From Financing Activities:
Increase (Decrease)-Morgens Waterfall
Increase (Decrease)-Shareholder Valuations
Purchase of Treasury Stock-Preferred Shares
-------------------------------------
Net Cash Provided (Used) in Financing Activities 0 0 0
-------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0
Cash and Cash Equivalents at Beginning of Period 6,434,880 6,434,880 6,434,880
-------------------------------------
Cash and Cash Equivalents at End of Period 6,434,880 6,434,880 6,434,880
=====================================
</TABLE>
<PAGE> 9
ATTACHMENT 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
MONTH ENDED: 12/31/97
PAGE 1
1. PAYROLL
State the amount of all executive wages paid and taxes withheld and paid.
<TABLE>
<CAPTION>
Name and Title of Date Wages Paid Taxes Withheld
Executive Paid Gross Net Due Paid
- --------------------------- -----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
H. W. Arrowsmith, VP Nuclear Sales & Marketing 12/7 & 12/21/97 20,557 13,568 5,687 5,687
Eugene Berman, VP, Regul, Legal, & Extern Aff 12/7 & 12/21/97 15,620 10,427 5,262 5,262
F. Gordon Bitter, CEO & CFO, Director 12/7 & 12/21/97 19,150 12,205 6,840 6,840
Steven Brien, VP, Chemical Sales & Marketing 12/7 & 12/21/97 18,917 13,846 4,118 4,118
Bill J. Garner, VP, Design & Development 12/7 & 12/21/97 55,865 30,750 25,116 25,116
Victor E. Gatto, Jr., VP, Government Markets 12/7 & 12/21/97 16,458 15,546 751 751
David Hoey, V,P Business Development 12/7 & 12/21/97 16,615 10,017 4,463 4,463
F. James Howie, III, VP, Procurement 12/7 & 12/21/97 12,160 9,356 2,675 2,675
Ethan E. Jacks, VP, General Counsel, Secretary 12/7 & 12/21/97 15,074 9,830 4,725 4,725
James E. Johnston, VP, Technical Development 12/7 & 12/21/97 12,501 7,975 4,391 4,391
Andrew T. Karnakis, Assistant Secretary 12/7 & 12/21/97 5,712 4,471 1,241 1,241
Leonard Leal, VP, Industrial Sales 12/7 & 12/21/97 9,615 4,945 3,909 3,909
Elliot J. Mark, Assistant Secretary 12/7 & 12/21/97 9,519 8,724 2,576 2,576
Kathy Santoro, VP, Human Resources 12/7 & 12/21/97 11,319 7,551 3,641 3,641
Charles W. Shaver, President & COO, Director 12/7 & 12/21/97 22,067 14,153 7,455 7,455
----------------------------------------
TOTAL EXECUTIVE PAYROLL 261,150 173,364 82,848 82,848
========================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? Yes
Are payments current? Yes
If any policy has lapsed, been replaced or renewed, state so in the
schedule below.
Attach a copy of the new policy's binder or coverage page.
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
<PAGE> 10
ATTACHMENT 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
PAGE 2
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
MMT MMT TENNESSEE TENNESSEE ALEX OPPEN-
OPERATING PAYROLL OPERATING PAYROLL BROWN HEIMER TOTAL
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ALEX OPPEN-
BANK NAME U.S. TRUST U.S. TRUST U.S. TRUST U.S. TRUST BROWN HEIMER
ACCOUNT NUMBER 1100937836 1100937844 110937851 1100937869 210-71007 033-82238
BEGINNING BOOK BALANCE 287,040 21,163 6,543 4,273,222 4,587,968
0
PLUS: Deposits-Collections of A/R 380,277 380,277
Other Receipts 0
Loan Advances 4,372,000 4,372,000
0
LESS: Disbursements (2,571,215) (2,571,215)
Payroll (1,095,916) (1,095,916)
Returned Checks 552,575 552,575
Loan Repayments 0
0
OTHER: Adjustments (53,781) (53,781)
Transfers In (Out) 680,000 1,112,000 (1,662,000) 130,000
----------------------------------------------------------------------------------------------
ENDING BOOK BALANCE 3,646,896 37,247 0 0 6,543 2,611,222 6,301,908
==============================================================================================
6,434,879
</TABLE>
4. POST PETITION PAYMENTS TO PROFESSIONALS AND ON PRE PETITION DEBTS
List any post petition payments to professional and payments on
Pre-petition debts in the schedule below.
<TABLE>
<CAPTION>
Payments To/On Amount Date Check #
--------------------------------- -----------------------------------
<S> <C> <C> <C>
PROFESSIONALS (ATTORNEYS, ACCOUNTANTS, ETC.):
-----------
0
===========
PRE-PETITION DEBTS
Payment of pre-petition salaries & wages 144,801 Various Included in regular payroll runs
Payment of pre-petition vacation claims 92,479 Various Included in regular payroll runs
Payment of pre-petition employee expense
reimbursements 79,948 Various
-----------
TOTAL PAYMENTS OF PRE-PETITION DEBTS 317,228 (NOTE: See attached schedule)
===========
</TABLE>
<PAGE> 11
Insurance Expiration Statement
I declare under penalty of perjury that the information provided on the
attachments hereto is true and correct to the best of my knowledge and
belief.
January 28, 1998 Molten Metal Technology, Inc.
By: /s/ F. Gordon Bitter
--------------------
F. Gordon Bitter
Chief Executive Officer
MMT of Tennessee, Inc.
By: /s/ F. Gordon Bitter
--------------------
F. Gordon Bitter
Vice President
M4 Environmental, L.P.
By: M4 Environmental Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
--------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
--------------------
F. Gordon Bitter
Vice President
<PAGE> 1
Exhibit 99.3
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: MMT OF TENNESSEE, INC. CASE NO.: 97-21386-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 12/31/97
COMES NOW, MMT OF TENNESSEE, INC. , Debtor in Possession, and hereby its Monthly
Operating Report for the period commencing 12/3/97 and ending 12/31/97 as shown
by the report and exhibits consisting of 9 pages and containing the following,
as indicated:
/X/ Monthly Reporting Questionnaire (Attachment 1)
/X/ Comparative Balance Sheets (Forms OPR-1 and OPR-2)
/X/ Summary of Accounts Receivable (Form OPR-3)
/X/ Schedule of Post-Petition Liabilities (Form OPR-4)
/X/ Income Statement (Form OPR-5)
/X/ Statement of Sources and Uses of Cash (Form OPR-6)
I declare under penalty of perjury that this report and all attachments are true
and correct to the best of my knowledge and belief.
Date: 1/28/98 DEBTOR-IN-POSSESSION
By: /s/ F. Gordon Bitter
-------------------------
Name & Title: F. Gordon Bitter, Vice President
MMT of Tennessee, Inc.
400-2 Totten Pond Road
Waltham, MA 02109
Telephone: 781-487-7600
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: MMT OF TENNESSEE, INC. CASE NO.: 97-21386-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
NOTE TO THE MONTHLY OPERATING REPORT:
The company uses a centralized system for its cash management.
Accordingly, payments to suppliers and vendors, in the ordinary course,
and post-petition trade accounts payable are reflected in the Molten
Metal Technology, Inc. corporate level records. Intercompany accounts
receivable and payable are charged with the transfer of cash and other
transactions, to appropriately account for such activity.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 66,358 1,007,375
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 6,494,603 6,876,561
Less: allowance for doubtful accounts (150,000) (150,000)
Accounts Receivable-Other 291,141 156,625
Inventory, at cost 1,610,203 1,167,014
Prepaid expenses 30,357 155,838
Deposits 57,500 57,500
Other:
Restricted Cash Collateral Deposits 215,520 215,520
---------------------------------------------------------------------------
TOTAL CURRENT ASSETS 8,615,682 9,486,433 0 0 0 0 0 0
---------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 61,645,241 61,716,593
Less: Accumulated Depreciation (2,104,309) (2,281,673)
---------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 59,540,932 59,434,920 0 0 0 0 0 0
---------------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 12,508,628 12,508,628 0
Less: Accumulated Amortization (2,344,293) (2,509,114)
---------------------------------------------------------------------------
TOTAL OTHER ASSETS 10,164,335 9,999,514 0 0 0 0 0 0
---------------------------------------------------------------------------
TOTAL ASSETS 78,320,949 78,920,867 0 0 0 0 0 0
===========================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS FORM OPR-2
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4)
Unsecured Debt-Intercompany Obligations due to cash
transfers in Post Petition Operations 1,209,386
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 35,238
---------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 1,244,624 0 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES 90,708,931 90,708,931
DEFERRED REVENUE/DEFERRED INCOME 1,226,727 855,896
TOTAL OTHER PRE PETITION LIABILITIES 2,666,165 2,666,165
---------------------------------------------------------------------------
TOTAL LIABILITIES 94,601,823 95,475,616 0 0 0 0 0 0
---------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock
Common Stock 10 10
Paid in Capital
Valuation Allowance
Dividends Paid
Treasury Stock
Deferred Compensation
Retained Earnings
Through Filing Date (16,280,884) (16,280,884)
Post Filing Date (273,875)
---------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (16,280,874) (16,554,749) 0 0 0 0 0 0
---------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 78,320,949 78,920,867 0 0 0 0 0 0
===========================================================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 6,494,603 3,298,967 877,780 755,577 1,562,279
Allowance for doubtful accounts 0
--------------------------------------------------------------------
6,494,603 3,298,967 877,780 755,577 1,562,279
====================================================================
MONTH: 12/31/97 6,876,561 1,785,407 2,792,314 519,172 1,779,668
Allowance for doubtful accounts 0
--------------------------------------------------------------------
6,876,561 1,785,407 2,792,314 519,172 1,779,668
====================================================================
MONTH: 0
Allowance for doubtful accounts 0
--------------------------------------------------------------------
0 0 0 0 0
====================================================================
MONTH: 0
Allowance for doubtful accounts 0
--------------------------------------------------------------------
0 0 0 0 0
====================================================================
MONTH: 0
Allowance for doubtful accounts 0
--------------------------------------------------------------------
0 0 0 0 0
====================================================================
MONTH: 0
Allowance for doubtful accounts 0
--------------------------------------------------------------------
0 0 0 0 0
====================================================================
MONTH:
Allowance for doubtful accounts
--------------------------------------------------------------------
0 0 0 0 0
====================================================================
</TABLE>
<PAGE> 6
SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes NONE
FICA-Employer's Share NONE
FICA-Employee's Share NONE
Unemployment Tax NONE
State Sales & Use Tax NONE
State __________ Tax NONE
Personal Property Tax NONE
---------------------------------------------
TOTAL TAXES PAYABLE 0 0 0 0 0
---------------------------------------------
POST PETITION SECURED DEBT
DIP FINANCING
ACCRUED INTEREST PAYABLE
---------------------------------------------
TOTAL POST PETITION SECURED DEBT 0 0 0 0 0
---------------------------------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules)
Payroll withholdings
Accrued Payroll
Accrued expenses-Estimated liability incurred, but not invoiced 35,238
as of the end of the period.
---------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 35,238 0 0 0 0
---------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 35,238 0 0 0 0
=============================================
</TABLE>
<PAGE> 7
INCOME STATEMENT FORM OPR-5
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 2,232,158
-------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 521,313
Benefits 72,866
Bad debt expense 18,625
Cost of goods sold
Decontamination & disposal 7,870
Disposal costs-secondary wastes (33,283)
Financing costs
Insurance 9,905
Legal services
Materials 752,418
Office expense & supplies
Other 5,866
Outside services 444,939
Professional services 126,443
Rent-equipment 31,509
Rent-office/buildings 4,649
Supplies-processing 18,515
Taxes 8,000
Telephone 10,724
Transportation 107,117
Travel & entertainment 22,923
Utilities 33,512
-------------------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 2,163,911 0 0 0 0 0 0 0
-------------------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 68,247 0 0 0 0 0 0 0
-------------------------------------------------------------------------------------
INTEREST EXPENSE
DEPRECIATION AND AMORTIZATION 342,185
INCOME TAX EXPENSE (BENEFIT)
OTHER (INCOME) EXPENSE (63)
(GAIN) LOSS ON SALE OF ASSETS
-------------------------------------------------------------------------------------
NET INCOME (LOSS) 0 (273,875) 0 0 0 0 0 0 0
=====================================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (273,875) (273,875)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 342,185 342,185
Decrease (Increase)-Accounts Receivable (247,442) (247,442)
Decrease (Increase)-Inventories 443,189 443,189
Decrease (Increase)-Prepaid Expenses (125,481) (125,481)
Decrease (Increase)-Other Assets 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0
Increase (Decrease)-Deferred revenue (370,831) (370,831)
Increase (Decrease)-Post Petition Liabilities 1,244,624 1,244,624
----------------------------------------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 1,012,369 1,012,369 0 0 0
----------------------------------------------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures (71,352) (71,352)
Sale of Net Fixed Assets
----------------------------------------------------------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 (71,352) (71,352) 0 0 0
----------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall 0 0
Increase (Decrease)-Shareholder Valuations 0 0
Purchase of Treasury Stock-Preferred Shares
----------------------------------------------------------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0 0 0 0 0
----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 941,017 941,017 0 0 0
Cash and Cash Equivalents at Beginning of Period 66,358 66,358 1,007,375 1,007,375 1,007,375
----------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 1,007,375 1,007,375 1,007,375 1,007,375 1,007,375
============================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH
ENDED ENDED
------------------------
<S> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization
Decrease (Increase)-Accounts Receivable
Decrease (Increase)-Inventories
Decrease (Increase)-Prepaid Expenses
Decrease (Increase)-Other Assets
Increase (Decrease)-Pre Petition Liabilities
Increase (Decrease)-Deferred revenue
Increase (Decrease)-Post Petition Liabilities
------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 0
------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures
Sale of Net Fixed Assets
------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 0
------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall
Increase (Decrease)-Shareholder Valuations
Purchase of Treasury Stock-Preferred Shares
------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0
------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0
Cash and Cash Equivalents at Beginning of Period 1,007,375 1,007,375
------------------------
Cash and Cash Equivalents at End of Period 1,007,375 1,007,375
========================
</TABLE>
<PAGE> 9
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 12/31/97
PAGE 1
1. PAYROLL
State the amount of all executive wages paid and taxes withheld and paid.
<TABLE>
<CAPTION>
NAME AND TITLE OF DATE WAGES PAID TAXES WITHHELD
EXECUTIVE PAID GROSS NET DUE PAID
----------------- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
THE FOLLOWING OFFICERS OF THIS DEBTOR ARE EMPLOYEES AND OFFICERS OF MOLTEN METAL TECHNOLOGY, INC. ("MMT").
THESE OFFICERS DO NOT RECEIVE COMPENSATION FROM THIS DEBTOR, BUT ARE COMPENSATED MMT, WHICH
HAS DISCLOSED SUCH COMPENSATION IN ITS MONTHLY OPERATING REPORT (CASE NUMBER 97-21385-CJK).
F. Gordon Bitter, CEO & CFO, Director
Ethan E. Jacks, VP, General Counsel, Secretary
Elliot J. Mark, Assistant Secretary
Charles W. Shaver, President & COO, Director
Willis Wang, Assistant Secretary
H. W. Arrowsmith, VP Nuclear Sales & Marketing
-------------------------------------------
TOTAL EXECUTIVE PAYROLL 0 0 0 0
===========================================
</TABLE>
2. INSURANCE
<TABLE>
<S> <C>
Is Workers' Compensation and other insurance in effect? Yes
-------
Are payments current? Yes
-------
If any policy has lapsed, been replaced or renewed, state so in the
schedule below. Attach a copy of the new policy's binder or coverage
page.
</TABLE>
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
PAGE 2
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
TENNESSEE TENNESSEE
OPERATING PAYROLL TOTAL
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
BANK NAME U.S. TRUST U.S. TRUST
ACCOUNT NUMBER 110937851 1100937869
BEGINNING BOOK BALANCE 0 66,358 66,358
0
PLUS: Deposits-Collections of A/R 1,549,237 1,549,237
Other Receipts 0
Loan Advances 0
0
LESS: Disbursements 0
Payroll (478,220) (478,220)
Returned Checks 0
Loan Repayments 0
0
OTHER: Adjustments 0
Transfers In (Out) (621,000) 491,000 (130,000)
--------------------------------------------------------------------------
ENDING BOOK BALANCE 0 0 928,237 79,138 0 0 1,007,375
==========================================================================
</TABLE>
4. POST PETITION PAYMENTS TO PROFESSIONALS AND ON PRE PETITION DEBTS
List any post petition payments to professional and payments on
Pre-petition debts in the schedule below.
<TABLE>
<CAPTION>
Payments To/On Amount Date Check #
-------------------------- -------------------------------------------
<S> <C> <C> <C>
PROFESSIONALS (ATTORNEYS, ACCOUNTANTS, ETC.):
------------
0
============
PRE-PETITION DEBTS
Payment of pre-petition salaries & wages 79,747 Various Included in regular payroll runs
Payment of pre-petition vacation claims 49,201 Various Included in regular payroll runs
Payment of pre-petition employee expense
reimbursements 14,278 Various
------------
TOTAL PAYMENTS OF PRE-PETITION DEBTS 143,226 (NOTE: See attached schedule)
============
</TABLE>
<PAGE> 11
INSURANCE EXPIRATION STATEMENT
I declare under penalty of perjury that the information provided on the
attachments hereto is true and correct to the best of my knowledge and belief.
January 28, 1998 Molten Metal Technology, Inc.
By: /s/ F. Gordon Bitter
------------------------------------
F. Gordon Bitter
Chief Executive Officer
MMT of Tennessee, Inc.
By: /s/ F. Gordon Bitter
------------------------------------
F. Gordon Bitter
Vice President
M4 Environmental, L.P.
By: M4 Environmental Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
------------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
------------------------------------
F. Gordon Bitter
Vice President
<PAGE> 1
EXHIBIT 99.4
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: MMT FEDERAL HOLDINGS, INC. CASE NO.: 97-21387-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 12/31/97
--------
COMES NOW, MMT FEDERAL HOLDINGS, INC. , Debtor in Possession, and hereby its
Monthly Operating Report for the period commencing 12/3/97 and ending 12/31/97
as shown by the report and exhibits consisting of 9 pages and containing the
following,as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
------------
X Comparative Balance Sheets (Forms OPR-1 and OPR-2)
------------
X Summary of Accounts Receivable (Form OPR-3)
------------
X Schedule of Post-Petition Liabilities (Form OPR-4)
------------
X Income Statement (Form OPR-5)
------------
X Statement of Sources and Uses of Cash (Form OPR-6)
------------
I declare under penalty of perjury that this report and all attachments are true
and correct to the best of my knowledge and belief.
Date: 1/28/98 DEBTOR-IN-POSSESSION
---------------
By:
/s/ F. Gordon Bitter
---------------------------------
Name & Title: F. Gordon Bitter, Vice President
MMT Federal Holdings, Inc.
400-2 Totten Pond Road
Waltham, MA 02109
Telephone: 781-487-7600
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: MMT FEDERAL HOLDINGS, INC. CASE NO.: 97-21387-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
NOTE TO THE MONTHLY OPERATING REPORT:
The company uses a centralized system for its cash management.
Accordingly, payments to suppliers and vendors, in the ordinary course,
and post-petition trade accounts payable are reflected in the Molten
Metal Technology, Inc. corporate level records. Intercompany accounts
receivable and payable are charged with the transfer of cash and other
transactions, to appropriately account for such activity.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 500 500
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3)
Less: allowance for doubtful accounts
Accounts Receivable-Other
Inventory, at cost
Prepaid expenses
Deposits
Other:
Stock & interests in:
M4 Environmental Management, Inc. (100%) Unknown Unknown
Lockheed Martin Chemical Demilitarization Unknown Unknown
LLC (50% owned, 50% owned by
Lockheed Martin)
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS 500 500 0 0 0 0 0 0
----------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST
Less: Accumulated Depreciation
----------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------
OTHER ASSETS (Itemized if value exceeds
10% of "Total Assets")
Intangible Assets 0
Less: Accumulated Amortization
-----------------------------------------------------------------------------
TOTAL OTHER ASSETS 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------------
TOTAL ASSETS 500 500 0 0 0 0 0 0
=============================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS
Case Name: MMT FEDERAL HOLDINGS, INC. FORM OPR-2
Case Number: 97-21387-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4)
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4)
--------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 0 0 0 0 0 0 0
--------------------------------------------------------------------------
TOTAL PRE PETITION LIABILITIES
--------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock
Common Stock 10 10
Paid in Capital 990 990
Valuation Allowance (500) (500)
Dividends Paid
Treasury Stock
Deferred Compensation
Retained Earnings
Through Filing Date
Post Filing Date
--------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) 500 500 0 0 0 0 0 0
--------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 500 500 0 0 0 0 0 0
==========================================================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
<TABLE>
<CAPTION>
MONTH ENDED 12/31/97
--------
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-----------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING 12/3/97 0
Allowance for doubtful accounts 0
-----------------------------------------------
0 0 0 0 0
================================================
MONTH: 12/31/97 0
Allowance for doubtful accounts 0
-----------------------------------------------
0 0 0 0 0
================================================
MONTH: 0
Allowance for doubtful accounts 0
-----------------------------------------------
0 0 0 0 0
================================================
MONTH: 0
Allowance for doubtful accounts 0
-----------------------------------------------
0 0 0 0 0
================================================
MONTH: 0
Allowance for doubtful accounts 0
-----------------------------------------------
0 0 0 0 0
================================================
MONTH: 0
Allowance for doubtful accounts 0
-----------------------------------------------
0 0 0 0 0
================================================
MONTH:
Allowance for doubtful accounts
-----------------------------------------------
0 0 0 0 0
================================================
</TABLE>
<PAGE> 6
SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
---------------------
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes NONE
FICA-Employer's Share NONE
FICA-Employee's Share NONE
Unemployment Tax NONE
State Sales & Use Tax NONE
State __________ Tax NONE
Personal Property Tax NONE
-----------------------------------------------
TOTAL TAXES PAYABLE 0 0 0 0 0
-----------------------------------------------
POST PETITION SECURED DEBT
DIP FINANCING
ACCRUED INTEREST PAYABLE
-----------------------------------------------
TOTAL POST PETITION SECURED DEBT 0 0 0 0 0
-----------------------------------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules)
Payroll withholdings
Accrued Payroll
Accrued expenses
-----------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 0 0 0 0 0
-----------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 0 0 0 0 0
===============================================
</TABLE>
<PAGE> 7
INCOME STATEMENT FORM OPR-5
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME)
------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages
Benefits
Bad debt expense
Cost of goods sold
Decontamination & disposal
Disposal costs-secondary wastes
Financing costs
Insurance
Legal services
Materials
Office expense & supplies
Other
Outside services
Professional services
Rent-equipment
Rent-office/buildings
Supplies-processing
Taxes
Telephone
Transportation
Travel & entertainment
Utilities
------------------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0
------------------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 0 0 0 0 0 0 0 0
------------------------------------------------------------------------------------
INTEREST EXPENSE
DEPRECIATION AND AMORTIZATION
INCOME TAX EXPENSE (BENEFIT)
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
------------------------------------------------------------------------------------
NET INCOME (LOSS) NONE NONE 0 0 0 0 0 0 0
====================================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
TOTAL
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) NONE NONE
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 0 0
Decrease (Increase)-Accounts Receivable 0 0
Decrease (Increase)-Inventories 0 0
Decrease (Increase)-Prepaid Expenses 0 0
Decrease (Increase)-Other Assets 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0
Increase (Decrease)-Post Petition Liabilities 0 0
-----------------------------------------------------------------------
Net Cash Provided (Used) by Operating Activities 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------
Cash Flows Used in Investing Activities
Capital Expenditures 0 0
Sale of Net Fixed Assets
-----------------------------------------------------------------------
Net Cash Provided (Used) in Investing Activities 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------
Cash Flows From Financing Activities:
Increase (Decrease)-Morgens Waterfall 0 0
Increase (Decrease)-Shareholder Valuations 0 0
Purchase of Treasury Stock-Preferred Shares
-----------------------------------------------------------------------
Net Cash Provided (Used) in Financing Activities 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0 0 0 0 0 0
Cash and Cash Equivalents at Beginning of Period 500 500 500 500 500 500 500
-----------------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 500 500 500 500 500 500 500
=======================================================================
</TABLE>
<PAGE> 9
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
MONTH ENDED: 12/31/97
------------------------
PAGE 1
1. PAYROLL
State the amount of all executive wages paid and taxes withheld and
paid.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Name and Title of Date Wages Paid Taxes Withheld
Executive Paid Gross Net Due Paid
-------------------------- -----------------------------------------------------------------
THE FOLLOWING OFFICERS OF THIS DEBTOR ARE EMPLOYEES AND OFFICERS OF MOLTEN METAL TECHNOLOGY, INC. ("MMT").
THESE OFFICERS DO NOT RECEIVE COMPENSATION FROM THIS DEBTOR, BUT ARE COMPENSATED MMT, WHICH
HAS DISCLOSED SUCH COMPENSATION IN ITS MONTHLY OPERATING REPORT (CASE NUMBER 97-21385-CJK).
F. Gordon Bitter, CEO & CFO, Director
Ethan E. Jacks, VP, General Counsel, Secretary
Elliot J. Mark, Assistant Secretary
Charles W. Shaver, President & COO, Director
Willis Wang, Assistant Secretary
-----------------------------------------------------------------
TOTAL EXECUTIVE PAYROLL 0 0 0 0
================================================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? N/A
-------------
Are payments current?
--------------
If any policy has lapsed, been replaced or renewed, state so in the
schedule below. Attach a copy of the new policy's binder or coverage
page.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
PAGE 2
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
MMT FED
OPERATING TOTAL
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Bank Name U.S. TRUST
Account Number 002239244-1
BEGINNING BOOK BALANCE 500 500
PLUS: Deposits-Collections of A/R
Other Receipts
Loan Advances
LESS: Disbursements
Payroll
Returned Checks
Loan Repayments
OTHER: Adjustments
Transfers In (Out)
----------------------------------------------------------------------------------------------
ENDING BOOK BALANCE 0 0 0 0 500 0 500
==============================================================================================
</TABLE>
4. POST PETITION PAYMENTS TO PROFESSIONALS AND ON PRE PETITION DEBTS
List any post petition payments to professional and payments on
Pre-petition debts in the schedule below.
<TABLE>
<CAPTION>
Payments To/On Amount Date Check #
-------------------------- -------------------------------------------
<S> <C> <C> <C>
Professionals (attorneys, accountants, etc.):
NONE
===============
0
===============
PRE-PETITION DEBTS
NONE
===============
Total payments of pre-petition debts 0
===============
</TABLE>
<PAGE> 11
INSURANCE EXPIRATION STATEMENT
I declare under penalty of perjury that the information provided on the
attachments hereto is true and correct to the best of my knowledge and belief.
January 28, 1998 Molten Metal Technology, Inc.
By:/s/ F. Gordon Bitter
---------------------------
F. Gordon Bitter
Chief Executive Officer
MMT of Tennessee, Inc.
By:/s/ F. Gordon Bitter
---------------------------
F. Gordon Bitter
Vice President
M4 Environmental, L.P.
By: M4 Environmental Management, Inc.
General Partner
By:/s/ F. Gordon Bitter
---------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By:/s/ F. Gordon Bitter
---------------------------
F. Gordon Bitter
Vice President
<PAGE> 1
EXHIBIT 99.5
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: M4 ENVIRONMENTAL MANAGEMENT, INC. CASE NO.: 97-21388-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 12/31/97
----------
COMES NOW, M4 ENVIRONMENTAL MANAGEMENT, INC. , Debtor in Possession, and hereby
its Monthly Operating Report for the period commencing 12/3/97 and ending
12/31/97 as shown by the report and exhibits consisting of 9 pages and
containing the following, as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
--------------
X Comparative Balance Sheets (Forms OPR-1 and OPR-2)
--------------
X Summary of Accounts Receivable (Form OPR-3)
--------------
X Schedule of Post-Petition Liabilities (Form OPR-4)
--------------
X Income Statement (Form OPR-5)
--------------
X Statement of Sources and Uses of Cash (Form OPR-6)
--------------
I declare under penalty of perjury that this report and all attachments are true
and correct to the best of my knowledge and belief.
Date: 1/28/98 DEBTOR-IN-POSSESSION
-------
By: /s/ F. Gordon Bitter
---------------------------------
Name & Title: F. Gordon Bitter, Vice President
M4 Environmental Management, Inc.
400-2 Totten Pond Road
Waltham, MA 02109
Telephone: 781-487-7600
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: M4 ENVIRONMENTAL MANAGEMENT, INC. CASE NO.: 97-21388-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
NOTE TO THE MONTHLY OPERATING REPORT:
The company uses a centralized system for its cash management.
Accordingly, payments to suppliers and vendors, in the ordinary course,
and post-petition trade accounts payable are reflected in the Molten
Metal Technology, Inc. corporate level records. Intercompany accounts
receivable and payable are charged with the transfer of cash and other
transactions, to appropriately account for such activity.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3)
Less: allowance for doubtful accounts
Accounts Receivable-Other
Inventory, at cost
Prepaid expenses
Deposits
Other:
Stock & interests in:
M4 Environmental, LP (1% ownership, Unknown Unknown
99% owned by MMT Federal Holdings, Inc.)
-----------------------------------------------------------------------
TOTAL CURRENT ASSETS 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST
Less: Accumulated Depreciation
-----------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------
OTHER ASSETS (itemized if value exceeds
10% of "Total Assets")
Intangible Assets 0
Less: Accumulated Amortization
-----------------------------------------------------------------------
TOTAL OTHER ASSETS 0 0 0 0 0 0 0 0
-----------------------------------------------------------------------
TOTAL ASSETS 0 0 0 0 0 0 0 0
=======================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS FORM OPR-2
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4)
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4)
------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 0 0 0 0 0 0 0
------------------------------------------------------------------
TOTAL PRE PETITION LIABILITIES
------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock
Common Stock Nil Nil
Paid in Capital
Valuation Allowance
Dividends Paid
Treasury Stock
Deferred Compensation
Retained Earnings
Through Filing Date
Post Filing Date
------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) 0 0 0 0 0 0 0 0
------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 0 0 0 0 0 0 0 0
==================================================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 0
Allowance for doubtful accounts 0
============================================================
0 0 0 0 0
============================================================
MONTH: 12/31/97
Allowance for doubtful accounts 0
============================================================
0 0 0 0 0
============================================================
MONTH: 0
Allowance for doubtful accounts 0
============================================================
0 0 0 0 0
============================================================
MONTH: 0
Allowance for doubtful accounts 0
============================================================
0 0 0 0 0
============================================================
MONTH: 0
Allowance for doubtful accounts 0
============================================================
0 0 0 0 0
============================================================
MONTH: 0
Allowance for doubtful accounts 0
============================================================
0 0 0 0 0
============================================================
MONTH:
Allowance for doubtful accounts
============================================================
0 0 0 0 0
============================================================
</TABLE>
<PAGE> 6
SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes NONE
FICA-Employer's Share NONE
FICA-Employee's Share NONE
Unemployment Tax NONE
State Sales & Use Tax NONE
State __________ Tax NONE
Personal Property Tax NONE
---------------------------------------------
TOTAL TAXES PAYABLE 0 0 0 0 0
---------------------------------------------
POST PETITION SECURED DEBT
DHP FINANCING
ACCRUED INTEREST PAYABLE
---------------------------------------------
TOTAL POST PETITION SECURED DEBT 0 0 0 0 0
---------------------------------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules)
Payroll withholdings
Accrued Payroll
Accrued expenses
---------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 0 0 0 0 0
---------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 0 0 0 0 0
=============================================
</TABLE>
<PAGE> 7
INCOME STATEMENT FORM OPR-5
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME)
----------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages
Benefits
Bad debt expense
Cost of goods sold
Decontamination & disposal
Disposal costs-secondary wastes
Financing costs
Insurance
Legal services
Materials
Office expense & supplies
Other
Outside services
Professional services
Rent-equipment
Rent-office/buildings
Supplies-processing
Taxes
Telephone
Transportation
Travel & entertainment
Utilities
----------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------
INTEREST EXPENSE
DEPRECIATION AND AMORTIZATION
INCOME TAX EXPENSE (BENEFIT)
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
----------------------------------------------------------------------------
NET INCOME (LOSS) NONE NONE 0 0 0 0 0 0 0
============================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) NONE NONE
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 0 0
Decrease (Increase)-Accounts Receivable 0 0
Decrease (Increase)-Inventories 0 0
Decrease (Increase)-Prepaid Expenses 0 0
Decrease (Increase)-Other Assets 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0
Increase (Decrease)-Post Petition Liabilities 0 0
-------------------------------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 0 0 0 0
-------------------------------------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures 0 0
Sale of Net Fixed Assets
-------------------------------------------------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 0 0 0 0
-------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall 0 0
Increase (Decrease)-Shareholder Valuations 0 0
Purchase of Treasury Stock-Preferred Shares
-------------------------------------------------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0 0 0 0
-------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0 0 0
Cash and Cash Equivalents at Beginning of Period 0 0 0 0
-------------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 0 0 0 0
===================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH ENDED: 12/31/97
--------
MONTH MONTH MONTH
ENDED ENDED ENDED
-----------------------------------------------
<S> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization
Decrease (Increase)-Accounts Receivable
Decrease (Increase)-Inventories
Decrease (Increase)-Prepaid Expenses
Decrease (Increase)-Other Assets
Increase (Decrease)-Pre Petition Liabilities
Increase (Decrease)-Post Petition Liabilities
-----------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 0 0
-----------------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures
Sale of Net Fixed Assets
-----------------------------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 0 0
-----------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall
Increase (Decrease)-Shareholder Valuations
Purchase of Treasury Stock-Preferred Shares
-----------------------------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0 0
-----------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0
Cash and Cash Equivalents at Beginning of Period 0 0 0
-----------------------------------------------
Cash and Cash Equivalents at End of Period 0 0 0
===============================================
</TABLE>
<PAGE> 9
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
MONTH ENDED: 12/31/97
PAGE 1
1. PAYROLL
State the amount of all executive wages paid and taxes withheld and
paid.
<TABLE>
<CAPTION>
DATE WAGES PAID TAXES WITHHELD
NAME AND TITLE OF EXECUTIVE PAID GROSS NET DUE PAID
- ---------------------------- ---------------------------------------------------
<S> <C> <C> <C> <C> <C>
THE FOLLOWING OFFICERS OF THIS DEBTOR ARE EMPLOYEES AND
OFFICERS OF MOLTEN METAL TECHNOLOGY, INC. ("MMT").
THESE OFFICERS DO NOT RECEIVE COMPENSATION FROM THIS
DEBTOR, BUT ARE COMPENSATED MMT, WHICH HAS DISCLOSED
SUCH COMPENSATION IN ITS MONTHLY OPERATING REPORT
(CASE NUMBER 97-21385-CJK).
F. Gordon Bitter, CEO & CFO, Director
Ethan E. Jacks, VP, General Counsel, Secretary
Elliot J. Mark, Assistant Secretary
Charles W. Shaver, President & COO, Director
Willis Wang, Assistant Secretary
---------------------------------------------------
TOTAL EXECUTIVE PAYROLL 0 0 0 0
===================================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? N/A
===
Are payments current?
If any policy has lapsed, been replaced or renewed, state
so in the schedule below. Attach a copy of the new policy's
binder or coverage page.
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
PAGE 2
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
TOTAL
<S> <C> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------
BANK NAME
ACCOUNT NUMBER
BEGINNING BOOK BALANCE 0
PLUS: Deposits-Collections of A/R
Other Receipts
Loan Advances
LESS: Disbursements
Payroll
Returned Checks
Loan Repayments
OTHER: Adjustments
Transfers In (Out)
----------------------------------------------------------------------------------------------
ENDING BOOK BALANCE 0 0 0 0 0 0 0
==============================================================================================
</TABLE>
4. POST PETITION PAYMENTS TO PROFESSIONALS AND ON PRE PETITION DEBTS
List any post petition payments to professional and payments on
Pre-petition debts in the schedule below.
Payments To/On Amount Date Check #
-------------------------- ---------------------------------
PROFESSIONALS (ATTORNEYS,
ACCOUNTANTS, ETC.):
NONE
===========
0
===========
PRE-PETITION DEBTS
NONE
===========
TOTAL PAYMENTS OF PRE-PETITION DEBTS 0
===========
<PAGE> 11
Insurance Expiration Statement
I declare under penalty of perjury that the information provided on the
attachments hereto is true and correct to the best of my knowledge and belief.
January 28, 1998 Molten Metal Technology, Inc.
By: /s/ F. Gordon Bitter
------------------------------
F. Gordon Bitter
Chief Executive Officer
MMT of Tennessee, Inc.
By: /s/ F. Gordon Bitter
------------------------------
F. Gordon Bitter
Vice President
M4 Environmental, L.P..
By: M4 Environmental Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
------------------------------
F. Gordon Bitter
Vice President
<PAGE> 1
Exhibit 99.6
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: M4 ENVIRONMENTAL, LP CASE NO.: 97-21389-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 12/31/97
--------
COMES NOW, M4 ENVIRONMENTAL, LP, Debtor in Possession, and hereby its Monthly
Operating Report for the period commencing 12/3/97 and ending 12/31/97 as shown
by the report and exhibits consisting of 9 pages and containing the following,
as indicated:
X Monthly Reporting Questionnaire (Attachment 1)
---------
X Comparative Balance Sheets (Forms OPR-1 and OPR-2)
---------
X Summary of Accounts Receivable (Form OPR-3)
---------
X Schedule of Post-Petition Liabilities (Form OPR-4)
---------
X Income Statement (Form OPR-5)
---------
X Statement of Sources and Uses of Cash (Form OPR-6)
---------
I declare under penalty of perjury that this report and all attachments are true
and correct to the best of my knowledge and belief.
Date: 1/29/98 DEBTOR-IN-POSSESSION
-----------
By: /s/ F. Gordon Bitter
-----------------------------------------
Name & Title: F. Gordon Bitter, Vice President
M4 Environmental Management, Inc.
as General Partner of M4 Environmental LP
400-2 Totten Pond Road
Waltham, MA 02109
Telephone: 781-487-7600
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MASSACHUSETTS
IN RE: M4 ENVIRONMENTAL, LP CASE NO.: 97-21389-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
NOTE TO THE MONTHLY OPERATING REPORT:
The company uses a centralized system for its cash management.
Accordingly, payments to suppliers and vendors, in the ordinary
course, and post-petition trade accounts payable are reflected in
the Molten Metal Technology, Inc. corporate level records.
Intercompany accounts receivable and payable are charged with the
transfer of cash and other transactions, to appropriately account
for such activity.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 53,265
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3)
Less: allowance for doubtful accounts
Accounts Receivable-Other 2,294,613 2,294,613
Inventory, at cost
Prepaid expenses
Deposits
Other:
Investment in CW LLC 1,497,718 1,497,718
Long Term Notes Receivable from
Lockheed Martin 19,000,000 19,000,000
-------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 22,845,596 22,792,331 0 0 0 0 0 0
-------------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 10,653,977 10,653,977
Less: Accumulated Depreciation (580,281) (710,532) (130,251)
-------------------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 10,073,696 9,943,445 (130,251) 0 0 0 0 0
-------------------------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 2,414,005 2,414,005 0
Less: Accumulated Amortization (102,512) (120,443) (17,931)
-------------------------------------------------------------------------------------
TOTAL OTHER ASSETS 2,311,493 2,293,562 (17,931) 0 0 0 0 0
-------------------------------------------------------------------------------------
TOTAL ASSETS 35,230,785 35,029,338 (148,182) 0 0 0 0 0
=====================================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS FORM OPR-2
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4)
Unsecured Debt-Intercompany Obligations due to cash
transfers in Post Petition Operations (25,762)
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 34,057
------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 8,295 0 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES 35,906,310 35,906,310
TOTAL OTHER PRE PETITION LIABILITIES 40,969,552 40,907,477
------------------------------------------------------------------------
TOTAL LIABILITIES 76,875,862 76,822,082 0 0 0 0 0 0
PARTNERSHIP EQUITY (DEFICIT)
Retained Earnings
Through Filing Date (41,645,077) (41,645,077)
Post Filing Date (147,667)
------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (41,645,077) (41,792,744) 0 0 0 0 0 0
------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 35,230,785 35,029,338 0 0 0 0 0 0
========================================================================
35,230,785 35,029,338
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 0
Allowance for doubtful accounts 0
==============================================================
0 0 0 0 0
==============================================================
MONTH: 12/31/97 0
Allowance for doubtful accounts 0
==============================================================
0 0 0 0 0
==============================================================
MONTH: 0
Allowance for doubtful accounts 0
==============================================================
0 0 0 0 0
==============================================================
MONTH: 0
Allowance for doubtful accounts 0
==============================================================
0 0 0 0 0
==============================================================
MONTH: 0
Allowance for doubtful accounts 0
==============================================================
0 0 0 0 0
==============================================================
MONTH: 0
Allowance for doubtful accounts 0
==============================================================
0 0 0 0 0
==============================================================
MONTH:
Allowance for doubtful accounts
==============================================================
0 0 0 0 0
==============================================================
</TABLE>
<PAGE> 6
SCHEDULE OF POST PETITION LIABILITIES FORM OPR-4
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30 31-60 61-90 OVER
INCURRED DUE DUE DAYS DAYS DAYS 90 DAYS
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes NONE
FICA-Employer's Share NONE
FICA-Employee's Share NONE
Unemployment Tax NONE
State Sales & Use Tax NONE
State __________ Tax NONE
Personal Property Tax NONE
------------------------------------
TOTAL TAXES PAYABLE 0 0 0 0 0
- -------------------
------------------------------------
POST PETITION SECURED DEBT
- --------------------------
ACCRUED INTEREST PAYABLE
------------------------------------
TOTAL POST PETITION SECURED DEBT 0 0 0 0 0
- --------------------------------
------------------------------------
POST PETITION UNSECURED DEBT
- ----------------------------
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules) Unsecured debt-Bank
processed automatic funds transfer debit
to pay bond interest on December 1 against insufficient funds balance.
This created an overdraft of $8,294 and an unsecured debt obligation
to the bank. 8,294
Accrued expenses-Deferred Decontamination
& Decommissioning Expenses 25,763
------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 34,057 0 0 0 0
------------------------------------
TOTAL ALL POST PETITION LIABILITIES 34,057 0 0 0 0
====================================
</TABLE>
<PAGE> 7
INCOME STATEMENT FORM OPR-5
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME)
--------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages
Benefits
Bad debt expense
Cost of goods sold
Decontamination & disposal
Disposal costs-secondary wastes
Financing costs
Insurance
Legal services
Materials
Office expense & supplies
Other
Outside services
Professional services
Rent-equipment
Rent-office/buildings
Supplies-processing
Taxes
Telephone
Transportation
Travel & entertainment
Utilities
--------------------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 0 0 0 0 0 0 0 0
--------------------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 0 0 0 0 0 0 0 0
--------------------------------------------------------------------------------------
INTEREST EXPENSE (515)
DEPRECIATION AND AMORTIZATION 148,182
INCOME TAX EXPENSE (BENEFIT)
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
--------------------------------------------------------------------------------------
NET INCOME (LOSS) 0 (147,667) 0 0 0 0 0 0 0
======================================================================================
(147,667)
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 12/31/97
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (147,667) (147,667)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 148,182 148,182
Decrease (Increase)-Accounts Receivable 0 0
Decrease (Increase)-Inventories 0 0
Decrease (Increase)-Prepaid Expenses 0 0
Decrease (Increase)-Other Assets 0 0
Increase (Decrease)-Pre Petition Liabilities (62,075) (62,075)
Increase (Decrease)-Post Petition Liabilities 8,295 8,295
-----------------------------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 (53,265) (53,265) 0 0
-----------------------------------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures 0 0
Sale of Net Fixed Assets
-----------------------------------------------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 0 0 0 0
-----------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall 0 0
Increase (Decrease)-Shareholder Valuations
Purchase of Treasury Stock-Preferred Shares
-----------------------------------------------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0 0 0 0
-----------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 (53,265) (53,265) 0 0
Cash and Cash Equivalents at Beginning of Period 53,265 53,265 0 0
-----------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 0 0 0 0
=================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH
ENDED ENDED ENDED
---------------------------------------
<S> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization
Decrease (Increase)-Accounts Receivable
Decrease (Increase)-Inventories
Decrease (Increase)-Prepaid Expenses
Decrease (Increase)-Other Assets
Increase (Decrease)-Pre Petition Liabilities
Increase (Decrease)-Post Petition Liabilities
--------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 0 0
--------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures
Sale of Net Fixed Assets
--------------------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 0 0
--------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall
Increase (Decrease)-Shareholder Valuations
Purchase of Treasury Stock-Preferred Shares
--------------------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0 0
--------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0
Cash and Cash Equivalents at Beginning of Period 0 0 0
--------------------------------------
Cash and Cash Equivalents at End of Period 0 0 0
======================================
</TABLE>
<PAGE> 9
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 12/31/97
PAGE 1
1. PAYROLL
State the amount of all executive wages paid and taxes withheld and paid.
<TABLE>
<CAPTION>
NAME AND TITLE OF DATE WAGES PAID TAXES WITHHELD
EXECUTIVE PAID GROSS NET DUE PAID
-------------------------- --------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NONE
----------------------------------------------
TOTAL EXECUTIVE PAYROLL 0 0 0 0
==============================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? Yes
------
Are payments current? Yes
------
If any policy has lapsed, been replaced or renewed, state so in the
schedule below. Attach a copy of the new policy's binder or coverage page.
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- -----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
Page 2
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
M4 LP
OPERATING TOTAL
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
BANK NAME SUNTRUST
ACCOUNT NUMBER 0005618983
BEGINNING BOOK BALANCE 53,265 53,265
PLUS: Deposits-Collections of A/R
Other Receipts
Loan Advances
LESS: Disbursements (61,559) (61,559)
Payroll
Returned Checks
Loan Repayments
OTHER: Adjustments
Transfers In (Out)
-----------------------------------------------------------------------------------------
ENDING BOOK BALANCE 0 0 0 0 (8,294) 0 (8,294)
=========================================================================================
</TABLE>
4. POST PETITION PAYMENTS TO PROFESSIONALS AND ON PRE PETITION DEBTS
List any post petition payments to professional and payments on
Pre-petition debts in the schedule below.
<TABLE>
<CAPTION>
Payments To/On Amount Date Check #
-------------------------- --------------------------------------
<S> <C> <C> <C>
PROFESSIONALS (ATTORNEYS, ACCOUNTANTS, ETC.):
NONE
==========
0
==========
PRE-PETITION DEBTS
Monthly bond interest deducted by automatic funds 61,559
transfer on December 1 (pre-petition), but not
recorded in company's books until post-petition
accounting period.
==========
TOTAL PAYMENTS OF PRE-PETITION DEBTS 61,559
==========
</TABLE>
<PAGE> 11
INSURANCE EXPIRATION STATEMENT
I declare under penalty of perjury that the information provided on the
attachments hereto is true and correct to the best of my knowledge and belief.
January 28, 1998
Molten Metal Technology, Inc.
By: /s/ F. Gordon Bitter
----------------------------------------
F. Gordon Bitter
Chief Executive Officer
MMT of Tennessee, Inc.
By: /s/ F. Gordon Bitter
----------------------------------------
F. Gordon Bitter
Vice President
M4 Environmental, L.P..
By: M4 Environmental Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
----------------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
----------------------------------------
F. Gordon Bitter
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