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Previous: MORGAN STANLEY DEAN WITTER DISCOVER & CO, 424B3, 1998-03-04 |
Next: CMC SECURITIES CORP II, 8-K, 1998-03-04 |
<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): February 25, 1998
Molten Metal Technology, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-21042 52-1659959
(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
421 Currant Road, Fall River, MA 02720
Address of Principal Executive Offices
Registrant's telephone number, including area code: (508) 675-3900
400-2 Totten Pond Road, Waltham, Massachusetts 02154
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
Item 5. Other Events
Change of Registrant's Address and Telephone Number
Effective March 2, 1998, Molten Metal Technology, Inc. (the "Company")
moved its corporate offices from Waltham, Massachusetts to Fall River,
Massachusetts. The Company's new address and phone number are as follows:
Molten Metal Technology, Inc.
421 Currant Road
Fall River, MA 02720
508-675-3900
Monthly Operating Reports Filed With Federal Trustee
On December 3, 1997, 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:
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
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 January 31, 1998, plus a consolidated report, were filed with the Federal
Trustee at the U.S. Bankruptcy Court in Boston, Massachusetts on February 25,
1998. Such MORs are attached hereto as Exhibits 99.1 through 99.6 and are
incorporated by reference herein.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit
Number Description of Document
- ------ -----------------------
99.1 Monthly Operating Report (Consolidated) of the Company and its
subsidiaries for the month ending January 31, 1998 (1)
<PAGE> 3
99.2 Monthly Operating Report of the Company for the month ending January
31, 1998 (1)
99.3 Monthly Operating Report of the Company's subsidiary MMT of Tennessee
Inc. for the month ending January 31, 1998 (1)
99.4 Monthly Operating Report of the Company's subsidiary MMT Federal
Holdings, Inc. for the month ending January 31, 1998 (1)
99.5 Monthly Operating Report of the Company's subsidiary M4 Environmental
Management Inc. for the month ending January 31, 1998 (1)
99.1 Monthly Operating Report of the Company's subsidiary M4 Environmental,
L.P. for the month ending January 31, 1998 (1)
(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: March 4, 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 MASSACHUSSETTS
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: 1/31/98
-------
COMES NOW, MOLTEN METAL TECHNOLOGY, INC. (Consolidated) , Debtor in Possession,
and hereby its Monthly Operating Report for the period commencing ####### and
ending ####### as shown by the report and exhibits consisting of 10 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: 2/25/98 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:
Consistent with the Debtor's historical accounting practices, this
operating report accounts for all cash transfers among the Debtor and its
affiliates and allocates some, but not all, of the expenses borne by one
affiliate for the benefit of another or the others. In the absence of a
decision for substantive consolidation, the Debtor will develop an
appropriate allocation of expenses among the affiliated entities.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
Case Number 97-21385-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/97 1/31/1998
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 4,654,326 7,712,988 7,222,698
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 7,589,596 7,768,045 6,001,822
Less: allowance for doubtful accounts (150,000) (150,000) (150,000)
Accounts Receivable-Other 3,362,193 3,114,234 3,630,556
Inventory, at cost 4,642,718 2,999,979 2,981,683
Prepaid expenses 2,944,501 3,432,683 3,590,453
Deposits 199,046 176,955 258,371
Other:
Investment in Nichimen Joint Venture 433,739 433,739 433,739
Investment in CW, LLC 1,497,718 1,497,718 1,497,718
Long Term Notes Receivable 20,806,950 20,806,950 20,806,950
Restricted Cash Collateral Deposits 3,921,953 3,930,999 3,940,000
-----------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 49,902,740 51,724,290 50,213,990 0 0 0 0 0
-----------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 158,480,555 158,577,054 158,881,900
Less: Accumulated Depreciation (23,789,824) (24,685,394) (25,710,487)
-----------------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 134,690,731 133,891,660 133,171,413 0 0 0 0 0
-----------------------------------------------------------------------------------
OTHER ASSETS (Itemized if value exceeds
10% of "Total Assets")
Intangible Assets 26,143,973 26,143,421 26,168,331 0
Less: Accumulated Amortization (4,212,236) (4,412,755) (4,604,973)
-----------------------------------------------------------------------------------
TOTAL OTHER ASSETS 21,931,737 21,730,666 21,563,358 0 0 0 0 0
-----------------------------------------------------------------------------------
TOTAL ASSETS 206,525,208 207,346,616 204,948,761 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: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 5,260,000 7,000,000
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 2,266,637
------------------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 8,336,569 9,266,637 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES
DEFERRED REVENUE/DEFERRED INCOME 12,378,455 10,623,523 10,213,992
TOTAL OTHER PRE PETITION LIABILITIES 242,148,750 241,463,644 242,349,829
------------------------------------------------------------------------------------
TOTAL LIABILITIES 254,527,205 260,423,736 261,830,458 0 0 0 0 0
------------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 15,874,471 16,793,713 17,319,518
Common Stock 237,810 237,810 237,810
Paid in Capital 170,893,690 170,893,690 170,893,907
Valuation Allowance 9,683 11,636
Dividends Paid (4,343,230) (5,262,472) (5,788,277)
Treasury Stock (1,251,319) (1,251,319) (1,251,319)
Deferred Compensation (127,137) (120,489) (113,842)
Retained Earnings
Through Filing Date (229,295,965) (229,295,965) (229,295,965)
Post Filing Date (5,083,724) (8,883,529)
------------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (48,001,997) (53,077,120) (56,881,697) 0 0 0 0 0
------------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 206,525,208 207,346,616 204,948,761 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: 1/31/98
-------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
DATE OF FILING: 12/03/1997 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: 12/31/1997 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: 01/31/1998 6,001,822 1,290,680 1,267,373 1,458,561 1,985,208
Allowance for doubtful accounts (150,000) (150,000)
---------------------------------------------------------------------------
5,851,822 1,290,680 1,267,373 1,458,561 1,835,208
===========================================================================
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: 1/31/98
--------------------
<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 Various- 03/04/1998 7,000,000
January
ACCRUED INTEREST PAYABLE
Post petition interest on Morgens
Waterfall Financing
--------------------------------------------------------
TOTAL POST PETITION SECURED DEBT 7,000,000 0 0 0 0
--------------------------------------------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules) 937,752
Payroll withholdings
Accrued Payroll
Accrued expenses-Estimated liability incurred,
but not invoiced as of the end of the period
and deferred obligations. 1,328,885
--------------------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 2,266,637 0 0 0 0
--------------------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 9,266,637 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: 1/31/98
-------
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 0 4,103,641 1,797,407
------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 224,548 1,676,135 1,353,865
Less: Salaries & wages capitalized
in fixed assets (121,795)
Benefits 562,849 318,037
Bad debt expense 18,625
Cost of goods sold 1,200,000 (20,833)
Decontamination & disposal 26,758 26,758
Disposal costs-secondary wastes 112,496 105,018
Financing costs 212,000 9,000
Insurance 108,638 114,934
Legal services 342,713
Materials 1,151,084 866,199
Office expense & supplies 37,650 21,138
Other 18,202 57,436
Outside services 814,013 443,144
Professional services 857,587 59,868
Rent-equipment 104,873 39,324
Rent-office/buildings 264,752 317,269
Supplies-processing 18,515
Taxes 87,546 40,219
Telephone 134,438 46,167
Transportation 110,472 93,218
Travel & entertainment 43,509 71,260
Utilities 234,343 8,819
------------------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 224,548 8,137,198 3,849,045 0 0 0 0 0
------------------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (224,548) (4,033,557) (2,051,638) 0 0 0 0 0
------------------------------------------------------------------------------------
INTEREST(INCOME) EXPENSE 62,539 90,855
DEPRECIATION AND AMORTIZATION 1,096,271 1,217,312
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE 440,000
OTHER (INCOME) EXPENSE (108,643)
(GAIN) LOSS ON SALE OF ASSETS
------------------------------------------------------------------------------------
NET INCOME (LOSS) (224,548) (5,083,724) (3,799,805) 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: 1/31/98
-------
<TABLE>
<CAPTION>
TOTAL 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 12/31/1997 01/31/1998
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (5,083,724) (5,083,724) (3,799,805)
Adjustments to Reconcile Net
Earnings to Net Cash
Provided (Used) by
Operating Activities:
Depreciation &
Amortization 1,096,271 1,096,271 1,217,312
Decrease (Increase)-
Accounts Receivable 69,510 69,510 1,249,901
Decrease (Increase)-
Inventories 1,642,739 1,642,739 18,296
Decrease (Increase)-
Prepaid Expenses (488,182) (488,182) (157,770)
Decrease (Increase)-
Other Assets 13,597 13,597 (90,417)
Increase (Decrease)-
Pre Petition Liabilities (2,440,220) (2,440,220) 476,653
Increase (Decrease)-
Post Petition Liabilities 3,076,569 3,076,569 (809,932)
--------------------------------------------------------------------------------------------------
Net Cash Provided (Used) by
Operating Activities 0 (2,113,440) (2,113,440) (1,895,762) 0 0 0 0
--------------------------------------------------------------------------------------------------
Cash Flows Used in Investing
Activities
Capital Expenditures (96,499) (96,499) (329,756)
Sale of Net Fixed Assets
--------------------------------------------------------------------------------------------------
Net Cash Provided (Used) in
Investing Activities 0 (96,499) (96,499) (329,756) 0 0 0 0
--------------------------------------------------------------------------------------------------
Cash Flows From Financing
Activities:
Increase (Decrease)
-Morgens Waterfall 5,260,000 5,260,000 1,740,000
Increase (Decrease)
-Shareholder Valuations 8,601 8,601 (4,772)
Purchase of Treasury
Stock-Preferred Shares
--------------------------------------------------------------------------------------------------
Net Cash Provided (Used) in
Financing Activities 0 5,268,601 5,268,601 1,735,228 0 0 0 0
--------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 0 3,058,662 3,058,662 (490,290) 0 0 0 0
Cash and Cash Equivalents
at Beginning of Period 4,654,326 4,654,326 7,712,988 7,222,698 7,222,698 7,222,698 7,222,698
---------------------------------------------------------------------------------------------------
Cash and Cash Equivalents
at End of Period 0 7,712,988 7,712,988 7,222,698 7,222,698 7,222,698 7,222,698 7,222,698
===================================================================================================
</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:1/31/98
--------------------
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 1/9 & 1/23/98 17,308 9,996 5,439 5,439
Eugene Berman, VP, Regul, Legal, & Extern Aff 1/9 & 1/23/98 13,354 7,400 5,067 5,067
F. Gordon Bitter, CEO & CFO, Director 1/9 & 1/23/98 17,308 10,206 6,997 6,997
Steven Brien, VP, Chemical Sales & Marketing 1/9 & 1/23/98 12,308 7,109 4,325 4,325
Victor E. Gatto, Jr., VP, Government Markets 1/9 & 1/23/98 13,862 12,348 1,352 1,352
David Hoey, V,P Business Development 1/9 & 1/23/98 12,308 8,022 4,126 4,126
F. James Howie, III, VP, Procurement 1/9 & 1/23/98 10,240 7,186 2,901 2,901
Ethan E. Jacks, VP, General Counsel, Secretary 1/9 & 1/23/98 12,694 3,901 4,397 4,397
James E. Johnston, VP, Technical Development 1/9 & 1/23/98 10,791 5,743 3,827 3,827
Leonard Leal, VP, Industrial Sales 1/9 & 1/23/98 13,101 5,947 6,149 6,149
Elliot J. Mark, Assistant Secretary 1/9 & 1/23/98 6,558 3,893 2,314 2,314
Kathy Santoro, VP, Human Resources 1/9 & 1/23/98 8,804 5,246 2,854 2,854
Charles W. Shaver, President & COO, Director 1/9 & 1/23/98 19,615 11,449 7,239 7,239
--------------------------------------------------
TOTAL EXECUTIVE PAYROLL 168,251 98,446 56,987 56,987
==================================================
</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.
COVERAGE POLICY EXPIRATION PREMIUM
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT
- --------------------------------------------------------------------------------
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
---------------------------------------------
<PAGE> 10
ATTACHMENT 1
CHAPTER 11
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
OPERATING PAYROLL OPERATING PAYROLL BROWN
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ALEX
Bank Name U.S. TRUST U.S. TRUST U.S. TRUST U.S. TRUST BROWN
Account Number 1100937836 1100937844 110937851 1100937869 210-71007
BEGINNING BOOK BALANCE 3,654,690 37,247 928,237 79,138 6,543
PLUS: Deposits-Collections of A/R 875,456 1,731,528
Other Receipts 70,259
Loan Advances 2,237,198
LESS: Disbursements (3,957,371)
Payroll 606 (795,494) (451,890)
Returned Checks
Loan Repayments 0
OTHER: Adjustments 66,978 (23,302) (488) (9,269)
Transfers In (Out) (795,000) 795,000 (396,000) 396,000
------------------------------------------------------------------------------
ENDING BOOK BALANCE 2,152,816 13,451 2,263,277 13,979 6,543
==============================================================================
<CAPTION>
OPPEN- M4 LP ESCROW AT MMT FED
HEIMER OPERATING ROPES HOLDINGS TOTAL
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPPEN- ROPES &
Bank Name HEIMER SUNTRUST GRAY U.S. TRUST
Account Number 033-82238 0005618983 002239244-1
BEGINNING BOOK BALANCE 2,611,222 (8,294) 403,705 500 7,712,988
PLUS: Deposits-Collections of A/R 2,606,984
Other Receipts 70,259
Loan Advances 2,237,198
0
LESS: Disbursements (234,501) (4,191,872)
Payroll (1,246,778)
Returned Checks 0
Loan Repayments 0
0
OTHER: Adjustments 33,919
Transfers In (Out) 0
0
------------------------------------------------------------------------------
ENDING BOOK BALANCE 2,611,222 (8,294) 169,204 500 7,222,698
==============================================================================
</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 Exhibit D
<TABLE>
<CAPTION>
INSURANCE COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
CARRIER NAME AND ADDRESS TYPE AGENT AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SEE ATTACHED
</TABLE>
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.
Date: 2/25/98
-------
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:/s/ F. Gordon Bitter
----------------------------------
M4 Environmental Managment, 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: 1/31/98
-------
COMES NOW, MOLTEN METAL TECHNOLOGY, INC. , Debtor in Possession, and hereby its
Monthly Operating Report for the period commencing ####### and ending ####### as
shown by the report and exhibits consisting of 10 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: 2/25/98 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:
Consistent with the Debtor's historical accounting practices, this
operating report accounts for all cash transfers among the Debtor and its
affiliates and allocates some, but not all, of the expenses borne by one
affiliate for the benefit of another or the others. In the absence of a
decision for substantive consolidation, the Debtor will develop an
appropriate allocation of expenses among the affiliated entities.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 4,893,869 6,713,407 4,953,236
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 1,094,993 891,484 451,441
Less: allowance for doubtful accounts
Accounts Receivable-Other 336,181 662,994 673,987
Accounts Receivable-Intercompany
Inventory, at cost 3,032,515 1,832,965 1,832,965
Prepaid expenses 2,994,736 3,276,848 3,447,882
Deposits 141,546 119,455 181,446
Other:
Investment in Nichimen Joint Venture 433,739 433,739 433,739
Investment in MMT of Tennessee 10 10 10
Investment in MMT Federal Holdings 1,000 1,000 1,000
Long Term Notes Receivable 1,806,950 1,806,950 1,806,950
Restricted Cash Collateral Deposits 3,706,433 3,715,479 3,724,480
-----------------------------------------------------------------------------
TOTAL CURRENT ASSETS 18,441,972 19,454,331 17,507,136 0 0 0 0 0
-----------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 86,181,337 86,206,483 86,347,343
Less: Accumulated Depreciation (21,105,234) (21,693,189) (22,282,884)
-----------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 65,076,103 64,513,294 64,064,459 0 0 0 0 0
-----------------------------------------------------------------------------
OTHER ASSETS (Itemized if value exceeds
10% of "Total Assets")
Intangible Assets 11,221,338 11,220,787 11,245,697 0
Less: Accumulated Amortization (1,765,428) (1,783,197) (1,801,012)
-----------------------------------------------------------------------------
TOTAL OTHER ASSETS 9,455,910 9,437,590 9,444,685 0 0 0 0 0
-----------------------------------------------------------------------------
TOTAL ASSETS 92,973,985 93,405,215 91,016,280 0 0 0 0 0
============================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS FORM OPR-2
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 5,260,000 7,000,000
Unsecured Debt-Intercompany Obligations due to cash
transfers in Post Petition Operations (1,183,624) (2,201,140)
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 3,076,569 1,960,397
-------------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 7,152,945 6,759,257 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES (126,615,241) (126,615,241) (126,615,241)
DEFERRED REVENUE/DEFERRED INCOME 11,151,728 9,342,638 9,165,259
TOTAL OTHER PRE PETITION LIABILITIES 198,513,032 198,221,086 199,232,030
-------------------------------------------------------------------------------
TOTAL LIABILITIES 83,049,519 88,101,428 88,541,305 0 0 0 0 0
-------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT) (88,101,428)
Preferred Stock 15,874,471 16,793,713 17,319,518
Common Stock 237,810 237,810 237,810
Paid in Capital 170,893,690 170,893,690 170,893,690
Valuation Allowance 9,683 11,636 217
Dividends Paid (4,343,230) (5,262,472) (5,788,277)
Treasury Stock (1,251,319) (1,251,319) (1,251,319)
Deferred Compensation (127,137) (120,489) (113,842)
Retained Earnings
Through Filing Date (171,369,502) (171,362,447) (171,362,447)
Post Filing Date (4,636,335) (7,460,375)
-------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) 9,924,466 5,303,787 2,474,975 0 0 0 0 0
-------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 92,973,985 93,405,215 91,016,280 0 0 0 0 0
===============================================================================
</TABLE>
<PAGE> 5
SCHEDULE OF POST ACCOUNTS RECEIVABLE FORM OPR-3
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
DATE OF FILING: 12/03/1997 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: 12/31/1997 891,484 8 680,697 0 210,779
Allowance for doubtful accounts 0
--------------------------------------------------------------------
891,484 8 680,697 0 210,779
====================================================================
MONTH: 01/31/1998 451,441 0 9 240,654 210,778
Allowance for doubtful accounts 0
--------------------------------------------------------------------
451,441 0 9 240,654 210,778
====================================================================
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
SUMMARY OF POST PETITION LIABILITIES FORM OPR-4
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
MONTH ENDED: 1/31/98
-------
<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 Various-January 03/04/1998 7,000,000
ACCRUED INTEREST PAYABLE
Post petition interest on Morgens
Waterfall Financing
---------------------------------------------
TOTAL POST PETITION SECURED DEBT 7,000,000 0 0 0 0
---------------------------------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached
schedules) 937,752
Payroll withholdings
Accrued Payroll
Accrued expenses-Estimated liability
incurred, but not invoiced as of the
end of the period and deferred obligations. 1,022,645
---------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 1,960,397 0 0 0 0
---------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 8,960,397 0 0 0 0
=============================================
</TABLE>
<PAGE> 7
INCOME STATEMENT FORM OPR-5
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 1,871,483 0
------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 1,154,821 868,277
Less: Salaries & wages capitalized
in fixed assets 0
Benefits 489,984 226,464
Bad debt expense 0
Cost of goods sold 1,200,000 (20,833)
Decontamination & disposal 18,888
Disposal costs-secondary wastes 145,779 (100,000)
Financing costs 212,000 9,000
Insurance 98,733 94,603
Legal services 0
Materials 391,707 70,359
Office expense & supplies 248 (7,193)
Other 4,393 57,436
Outside services 369,073 143,619
Professional services 1,073,857 (99,264)
Rent-equipment 73,365 1,759
Rent-office/buildings 260,103 307,269
Supplies-processing (15,755)
Taxes 79,546 23,100
Telephone 123,714 34,394
Transportation 3,355 20,000
Travel & entertainment 20,585 50,206
Utilities 200,831 3,345
-----------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 5,902,094 1,685,674 0 0 0 0 0 0
-----------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 (4,030,611) (1,685,674) 0 0 0 0 0 0
-----------------------------------------------------------------------------
INTEREST EXPENSE 90,855
DEPRECIATION AND AMORTIZATION 605,724 607,511
INCOME TAX EXPENSE (BENEFIT) 0
REORGANIZATION EXPENSE 440,000
OTHER (INCOME) EXPENSE 0
(GAIN) LOSS ON SALE OF ASSETS 0
-----------------------------------------------------------------------------
NET INCOME (LOSS) 0 (4,636,335) (2,824,040) 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.
Case Number: 97-21385-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
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 12/31/1997 01/31/1998
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (4,636,335) (4,636,335) (2,824,040)
Adjustments to Reconcile
Net Earnings to Net Cash Provided
(Used) by Operating Activities:
Depreciation & Amortization 605,724 605,724 607,510
Decrease (Increase)
-Accounts Receivable (123,304) (123,304) 429,050
Decrease (Increase)
-Inventories 1,199,550 1,199,550 0
Decrease (Increase)
-Prepaid Expenses (282,112) (282,112) (171,034)
Decrease (Increase)
-Other Assets 13,596 13,596 (95,902)
Increase (Decrease)
-Pre Petition Liabilities (291,946) (291,946) 1,010,944
Increase (Decrease)
-Post Petition Liabilities 1,892,945 1,892,945 (2,133,688)
Increase (Decrease)
-Deferred Revenue (1,809,090) (1,809,090) (177,379)
--------------------------------------------------------------------------------------------------
Net Cash Provided (Used) by
Operating Activities (3,430,972) (3,430,972) (3,354,539) 0 0 0 0
--------------------------------------------------------------------------------------------------
Cash Flows Used in
Investing Activities
Capital Expenditures (25,146) (25,146) (140,860)
Sale of Net Fixed Assets
--------------------------------------------------------------------------------------------------
Net Cash Provided (Used) in
Investing Activities (25,146) (25,146) (140,860) 0 0 0 0
--------------------------------------------------------------------------------------------------
Cash Flows From Financing
Activities:
Increase (Decrease)
-Morgens Waterfall 5,260,000 5,260,000 1,740,000
Increase (Decrease)
-Shareholder Valuations 15,656 15,656 (4,772)
Purchase of Treasury Stock
-Preferred Shares
--------------------------------------------------------------------------------------------------
Net Cash Provided (Used) in
Financing Activities 0 5,275,656 5,275,656 1,735,228 0 0 0 0
--------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS 0 1,819,538 1,819,538 (1,760,171) 0 0 0 0
Cash and Cash Equivalents at
Beginning of Period 4,893,869 4,893,869 6,713,407 4,953,236 4,953,236 4,953,236 4,953,236
--------------------------------------------------------------------------------------------------
Cash and Cash Equivalents at
End of Period 0 6,713,407 6,713,407 4,953,236 4,953,236 4,953,236 4,953,236 4,953,236
==================================================================================================
</TABLE>
<PAGE> 9
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: MOLTEN METAL TECHNOLOGY, INC.
Case Number: 97-21385-CJK
MONTH ENDED: 1/31/98
-------
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 1/9 & 1/23/98 17,308 9,996 5,439 5,439
Eugene Berman, VP, Regul, Legal, & Extern Aff 1/9 & 1/23/98 13,354 7,400 5,067 5,067
F. Gordon Bitter, CEO & CFO, Director 1/9 & 1/23/98 17,308 10,206 6,997 6,997
Steven Brien, VP, Chemical Sales & Marketing 1/9 & 1/23/98 12,308 7,109 4,325 4,325
Victor E. Gatto, Jr., VP, Government Markets 1/9 & 1/23/98 13,862 12,348 1,352 1,352
David Hoey, V,P Business Development 1/9 & 1/23/98 12,308 8,022 4,126 4,126
F. James Howie, III, VP, Procurement 1/9 & 1/23/98 10,240 7,186 2,901 2,901
Ethan E. Jacks, VP, General Counsel, Secretary 1/9 & 1/23/98 12,694 3,901 4,397 4,397
James E. Johnston, VP, Technical Development 1/9 & 1/23/98 10,791 5,743 3,827 3,827
Leonard Leal, VP, Industrial Sales 1/9 & 1/23/98 13,101 5,947 6,149 6,149
Elliot J. Mark, Assistant Secretary 1/9 & 1/23/98 6,558 3,893 2,314 2,314
Kathy Santoro, VP, Human Resources 1/9 & 1/23/98 8,804 5,246 2,854 2,854
Charles W. Shaver, President & COO, Director 1/9 & 1/23/98 19,615 11,449 7,239 7,239
-------------------------------------------------------
TOTAL EXECUTIVE PAYROLL 168,251 98,446 56,987 56,987
=======================================================
</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
CHAPTER 11 ATTACHMENT 1
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 ALEX OPPEN-
OPERATING PAYROLL BROWN HEIMER TOTAL
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ROPES & ALEX OPPEN-
Bank Name U.S. TRUST U.S. TRUST GRAY BROWN HEIMER
Account Number 1100937836 1100937844 210-71007 033-82238
BEGINNING BOOK BALANCE 3,654,690 37,247 403,705 6,543 2,611,222 6,713,407
0
PLUS: Deposits-Collections of A/R 875,456 875,456
Other Receipts 70,259 70,259
Loan Advances 2,237,198 2,237,198
0
LESS: Disbursements (3,957,371) (234,501) (4,191,872)
Payroll 606 (795,494) (794,888)
Returned Checks 0
Loan Repayments 0 0
0
OTHER: Adjustments 66,978 (23,302) 43,676
Transfers In (Out) (795,000) 795,000 0
----------------------------------------------------------------------------------------------
ENDING BOOK BALANCE 2,152,816 13,451 0 169,204 6,543 2,611,222 4,953,236
==============================================================================================
</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
Exhibit D
INSURANCE EXPIRATION STATEMENT
<TABLE>
<CAPTION>
INSURANCE COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
CARRIER NAME AND ADDRESS TYPE AGENT AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SEE ATTACHED
</TABLE>
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.
Date: 2/25/98
----------------
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 Presient
M4 Environmental, L.P.,
By: /s/ F. Gordon Bitter
--------------------------------
M4 Environmental Managment, Inc.
General Partner
By: /s/ F. Gordon Bitter
--------------------------------
F. Gordon Bitter
Vice Presient
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
--------------------------------
F. Gordon Bitter
Vice Presient
<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: 1/31/98
-------
COMES NOW, MMT OF TENNESSEE, INC. , Debtor in Possession, and hereby its Monthly
Operating Report for the period commencing ####### and ending ####### as shown
by the report and exhibits consisting of 10 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: 2/25/98 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:
Consistent with the Debtor's historical accounting practices, this
operating report accounts for all cash transfers among the Debtor and its
affiliates and allocates some, but not all, of the expenses borne by one
affiliate for the benefit of another or the others. In the absence of a
decision for substantive consolidation, the Debtor will develop an
appropriate allocation of expenses among the affiliated entities.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 66,358 1,007,375 2,277,256
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 6,494,603 6,876,561 6,001,822
Less: allowance for doubtful accounts (150,000) (150,000) (150,000)
Accounts Receivable-Other 291,141 156,625 207,867
Inventory, at cost 1,610,203 1,167,014 1,148,718
Prepaid expenses 30,357 155,838 145,218
Deposits 57,500 57,500 76,925
Other:
Restricted Cash Collateral Deposits 215,520 215,520 215,520
-----------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 8,615,682 9,486,433 9,923,326 0 0 0 0 0
-----------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 61,645,241 61,716,593 61,880,581
Less: Accumulated Depreciation (2,104,309) (2,281,673) (2,598,650)
-----------------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 59,540,932 59,434,920 59,281,931 0 0 0 0 0
-----------------------------------------------------------------------------------
OTHER ASSETS (Itemized if value exceeds
10% of "Total Assets")
Intangible Assets 12,508,628 12,508,628 12,508,630 0
Less: Accumulated Amortization (2,344,293) (2,509,114) (2,665,588)
-----------------------------------------------------------------------------------
TOTAL OTHER ASSETS 10,164,335 9,999,514 9,843,042 0 0 0 0 0
-----------------------------------------------------------------------------------
TOTAL ASSETS 78,320,949 78,920,867 79,048,299 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: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-----------------------------------------------------------------------------------
<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 2,137,381
Unsecured Debt-Obligations incurred in
Post Petition Operations
(See Form OPR-4) 35,238 306,240
-----------------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 1,244,624 2,443,621 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES 90,708,931 90,708,931 90,708,931
DEFERRED REVENUE/DEFERRED INCOME 1,226,727 1,280,885 1,048,733
TOTAL OTHER PRE PETITION LIABILITIES 2,666,165 2,274,081 2,274,081
-----------------------------------------------------------------------------------
TOTAL LIABILITIES 94,601,823 95,508,521 96,475,366 0 0 0 0 0
-----------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock
Common Stock 10 10 10
Paid in Capital
Valuation Allowance
Dividends Paid
Treasury Stock
Deferred Compensation
Retained Earnings
Through Filing Date (16,280,884) (16,280,884) (16,280,884)
Post Filing Date (306,780) (1,146,193)
-----------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (16,280,874) (16,587,654) (17,427,067) 0 0 0 0 0
-----------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 78,320,949 78,920,867 79,048,299 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: 1/31/98
-------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/03/1997 6,494,603 3,298,967 877,780 755,577 1,562,279
Allowance for doubtful accounts (150,000) (150,000)
------------------------------------------------------------------
6,344,603 3,298,967 877,780 755,577 1,412,279
==================================================================
MONTH: 12/31/1997 6,876,561 1,785,407 2,792,314 519,172 1,779,668
Allowance for doubtful accounts (150,000) (150,000)
------------------------------------------------------------------
6,726,561 1,785,407 2,792,314 519,172 1,629,668
==================================================================
MONTH: 01/31/1998 6,001,822 1,290,680 1,267,373 1,458,561 1,985,208
Allowance for doubtful accounts (150,000) (150,000)
------------------------------------------------------------------
5,851,822 1,290,680 1,267,373 1,458,561 1,835,208
==================================================================
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: 1/31/98
--------------------
<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 306,240
as of the end of the period.
-----------------------------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 306,240 0 0 0 0
-----------------------------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 306,240 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: 1/31/98
-------
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 2,232,158 1,797,407
------------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 521,313 485,588
Less: Salaries & wages
capitalized in fixed assets (121,795)
Benefits 72,866 91,573
Bad debt expense 18,625
Cost of goods sold
Decontamination & disposal 7,870 7,870
Disposal costs-secondary wastes (378) 205,018
Financing costs
Insurance 9,905 20,331
Legal services
Materials 752,418 795,840
Office expense & supplies 28,331
Other 5,866
Outside services 444,939 299,525
Professional services 126,443 159,132
Rent-equipment 31,509 37,565
Rent-office/buildings 4,649 10,000
Supplies-processing 18,515 15,755
Taxes 8,000 17,119
Telephone 10,724 11,773
Transportation 107,117 73,218
Travel & entertainment 22,923 21,054
Utilities 33,512 5,474
------------------------------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 2,196,816 2,163,371 0 0 0 0 0 0
------------------------------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 35,342 (365,964) 0 0 0 0 0 0
------------------------------------------------------------------------------------------
INTEREST EXPENSE
DEPRECIATION AND AMORTIZATION 342,185 473,449
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE
OTHER (INCOME) EXPENSE (63)
(GAIN) LOSS ON SALE OF ASSETS
------------------------------------------------------------------------------------------
NET INCOME (LOSS) 0 (306,780) (839,413) 0 0 0 0 0 0
==========================================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-5
Case Name: MMT OF TENNESSEE, INC.
Case Number: 97-21386-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
TOTAL 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 12/31/1997 01/31/1998
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (306,780) (306,780) (839,413)
Adjustments to Reconcile Net
Earnings to Net Cash
Provided (Used) by Operating
Activities:
Depreciation &
Amortization 342,185 342,185 473,449
Decrease (Increase)-
Accounts Receivable (247,442) (247,442) 823,497
Decrease (Increase)
-Inventories 443,189 443,189 18,296
Decrease (Increase)
-Prepaid Expenses (125,481) (125,481) 10,620
Decrease (Increase)
-Other Assets 0 0 (19,427)
Increase (Decrease)
-Pre Petition Liabilities (392,084) (392,084) 0
Increase (Decrease)
-Deferred revenue 54,158 54,158 (232,150)
Increase (Decrease)-Post
Petition Liabilities 1,244,624 1,244,624 1,198,997
---------------------------------------------------------------------------------------------------
Net Cash Provided (Used) by
Operating Activities 0 1,012,369 1,012,369 1,433,869 0 0 0 0
---------------------------------------------------------------------------------------------------
Cash Flows Used in Investing
Activities
Capital Expenditures (71,352) (71,352) (163,988)
Sale of Net Fixed Assets
---------------------------------------------------------------------------------------------------
Net Cash Provided (Used) in
Investing Activities 0 (71,352) (71,352) (163,988) 0 0 0 0
---------------------------------------------------------------------------------------------------
Cash Flows From Financing
Activities:
Increase (Decrease)
-Morgens Waterfall 0 0 0
Increase (Decrease)
-Shareholder Valuations 0 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 0 941,017 941,017 1,269,881 0 0 0 0
Cash and Cash Equivalents
at Beginning of Period 66,358 66,358 1,007,375 2,277,256 2,277,256 2,277,256 2,277,256
---------------------------------------------------------------------------------------------------
Cash and Cash Equivalents
at End of Period 0 1,007,375 1,007,375 2,277,256 2,277,256 2,277,256 2,277,256 2,277,256
===================================================================================================
</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: 1/31/98
-------
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>
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
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>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
---------------------------------------------
</TABLE>
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 TENNESSE
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 928,237 79,138 1,007,375
0
PLUS: Deposits-Collections of A/R 1,731,528 1,731,528
Other Receipts 0
Loan Advances 0
0
LESS: Disbursements 0
Payroll (451,890) (451,890)
Returned Checks 0
Loan Repayments 0
0
OTHER: Adjustments (488) (9,269) (9,757)
Transfers In (Out) (396,000) 396,000 0
-----------------------------------------------------------------------------------------------
ENDING BOOK BALANCE 0 0 2,263,277 13,979 0 0 2,277,256
===============================================================================================
</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 Exhibit D
<TABLE>
<CAPTION>
INSURANCE COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
CARRIER NAME AND ADDRESS TYPE AGENT AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SEE ATTACHED
</TABLE>
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.
Date: 2/25/98
-----------------------------
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: /s/ F. Gordon Bitter
----------------------------------
M4 Environmental Managment, 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 MASSACHUSETTES
IN RE: MMT FEDERAL HOLDINGS, INC. CASE NO.: 97-21387-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 1/31/98
-------
COMES NOW, MMT FEDERAL HOLDINGS, INC. , Debtor in Possession, and hereby its
Monthly Operating Report for the period commencing ####### and ending ####### as
shown by the report and exhibits consisting of 10 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: 2/25/98 DEBTOR-IN-POSSESSION
------
By:
/s/ F. Fordon 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:
Consistent with the Debtor's historical accounting practices, this
operating report accounts for all cash transfers among the Debtor and its
affiliates and allocates some, but not all, of the expenses borne by one
affiliate for the benefit of another or the others. In the absence of a
decision for substantive consolidation, the Debtor will develop an
appropriate allocation of expenses among the affiliated entities.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 500 500 500
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 Unknown
Lockheed Martin Chemical Demilitarizaiton Unknown Unknown Unknown
LLC (50% owned, 50% owned by
Lockheed Martin)
-----------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 500 500 500 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 500 500 500 0 0 0 0 0
===================================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS FORM OPR-2
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------
<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
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4)
------------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 0 0 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES
DEFERRED REVENUE/DEFERRED INCOME
TOTAL OTHER PRE PETITION LIABILITIES
------------------------------------------------------------------------------
TOTAL LIABILITIES 0 0 0 0 0 0 0 0
------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock
Common Stock 10 10 10
Paid in Capital 990 990 990
Valuation Allowance (500) (500) (500)
Dividends Paid
Treasury Stock
Deferred Compensation
Retained Earnings
Through Filing Date
Post Filing Date
------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) 500 500 500 0 0 0 0 0
------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 500 500 500 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
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING:12/03/1997 0
Allowance for doubtful accounts 0
-----------------------------------------------------------------------
0 0 0 0 0
=======================================================================
MONTH: 12/31/1997 0
Allowance for doubtful accounts 0
-----------------------------------------------------------------------
0 0 0 0 0
=======================================================================
MONTH: 01/31/1998 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
MONTH ENDED: 1/31/98
--------------------
<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
-------------------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 0 0 0 0 0
-------------------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 0 0 0 0 0
=======================================================
</TABLE>
<PAGE> 7
SCHEDULE OF POST PETITION LIABILITIES FORM OPR-5
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME)
------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages
Less: Salaries & wages
capitalized in fixed assets
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)
REORGANIZATION EXPENSE
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
------------------------------------------------------------------------------------
NET INCOME (LOSS) NONE NONE NONE 0 0 0 0 0 0
====================================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USE OF CASH FORM OPR-6
Case Name: MMT FEDERAL HOLDINGS, INC.
Case Number: 97-21387-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
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 12/31/1997 01/31/1998
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) NONE NONE NONE
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 0 0 0
Decrease (Increase)-Accounts Receivable 0 0 0
Decrease (Increase)-Inventories 0 0 0
Decrease (Increase)-Prepaid Expenses 0 0 0
Decrease (Increase)-Other Assets 0 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0 0
Increase (Decrease)-Post Petition Liabilities 0 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 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 0
Increase (Decrease)-Shareholder Valuations 0 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: 1/31/98
--------------------
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>
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 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> <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.
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 Exhibit D
<TABLE>
<CAPTION>
INSURANCE COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
CARRIER NAME AND ADDRESS TYPE AGENT AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SEE ATTACHED
</TABLE>
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.
Date: 2/25/98
-----------------------------
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: /s/ F. Gordon Bitter
----------------------------------
M4 Environmental Managment, 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: 1/31/98
-------
COMES NOW, M4 ENVIRONMENTAL MANAGEMENT, INC., Debtor in Possession, and hereby
its Monthly Operating Report for the period commencing ####### and ending
####### as shown by the report and exhibits consisting of 10 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: 2/25/98 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:
Consistent with the Debtor's historical accounting practices, this
operating report accounts for all cash transfers among the Debtor and its
affiliates and allocates some, but not all, of the expenses borne by one
affiliate for the benefit of another or the others. In the absence of a
decision for substantive consolidation, the Debtor will develop an
appropriate allocation of expenses among the affiliated entities.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------------
<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,
99% owned by MMT Federal Holdings, Inc.) Unknown Unknown Unknown
-----------------------------------------------------------------------------------
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
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
------------------------------------------------------------------------------
<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
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4)
------------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 0 0 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES
DEFERRED REVENUE/DEFERRED INCOME
TOTAL OTHER PRE PETITION LIABILITIES
------------------------------------------------------------------------------
TOTAL LIABILITIES 0 0 0 0 0 0 0 0
------------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock
Common Stock Nil 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
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING:12/03/1997 0
Allowance for doubtful accounts 0
-----------------------------------------------------------------------
0 0 0 0 0
=======================================================================
MONTH: 12/31/1997 0
Allowance for doubtful accounts 0
-----------------------------------------------------------------------
0 0 0 0 0
=======================================================================
MONTH: 01/31/1998 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
MONTH ENDED: 1/31/98
--------------------
<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
-----------------------------------------------------------------
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
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME)
-------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages
Less: Salaries & wages
capitalized in fixed assets
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)
REORGANIZATION EXPENSE
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
-----------------------------------------------------------------------------------
NET INCOME (LOSS) NONE NONE NONE 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
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
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 12/31/1997 01/31/1998
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) NONE NONE NONE
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 0 0 0
Decrease (Increase)-Accounts Receivable 0 0 0
Decrease (Increase)-Inventories 0 0 0
Decrease (Increase)-Prepaid Expenses 0 0 0
Decrease (Increase)-Other Assets 0 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0 0
Increase (Decrease)-Post Petition Liabilities 0 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 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 0
Increase (Decrease)-Shareholder Valuations 0 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 0 0 0 0 0 0 0
---------------------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 0 0 0 0 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: 1/31/98
--------------------
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>
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>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
---------------------------------------------
</TABLE>
PAGE 2
3. BANK ACCOUNTS
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: M4 ENVIRONMENTAL MANAGEMENT, INC.
Case Number: 97-21388-CJK
<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.
<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 Exhibit D
<TABLE>
<CAPTION>
INSURANCE COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
CARRIER NAME AND ADDRESS TYPE AGENT AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SEE ATTACHED
</TABLE>
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.
Date: 2/28/98
-----------------------------
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: /s/ F. Gordon Bitter
----------------------------------
M4 Environmental Managment, 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: 1/31/98
-------
COMES NOW, M4 ENVIRONMENTAL, LP, Debtor in Possession, and hereby its Monthly
Operating Report for the period commencing ####### and ending ####### as shown
by the report and exhibits consisting of 10 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: 2/25/98 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, LP CASE NO.: 97-21389-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
NOTE TO THE MONTHLY OPERATING REPORT:
Consistent with the Debtor's historical accounting practices, this
operating report accounts for all cash transfers among the Debtor and its
affiliates and allocates some, but not all, of the expenses borne by one
affiliate for the benefit of another or the others. In the absence of a
decision for substantive consolidation, the Debtor will develop an
appropriate allocation of expenses among the affiliated entities.
<PAGE> 3
COMPARATIVE BALANCE SHEETS FORM OPR-1
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-----------------------------------------------------------------------------------
<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 2,294,613
Inventory, at cost
Prepaid expenses
Deposits
Other:
Investment in CW LLC 1,497,718 1,497,718 1,497,718
Long Term Notes Receivable from
Lockheed Martin 19,000,000 19,000,000 19,000,000
-----------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 22,845,596 22,792,331 22,792,331 0 0 0 0 0
-----------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 10,653,977 10,653,977 10,653,977
Less: Accumulated Depreciation (580,281) (710,532) (828,954)
-----------------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 10,073,696 9,943,445 9,825,023 0 0 0 0 0
-----------------------------------------------------------------------------------
OTHER ASSETS (Itemized if value exceeds
10% of "Total Assets")
Intangible Assets 2,414,005 2,414,005 2,414,005 0
Less: Accumulated Amortization (102,512) (120,443) (138,373)
-----------------------------------------------------------------------------------
TOTAL OTHER ASSETS 2,311,493 2,293,562 2,275,632 0 0 0 0 0
-----------------------------------------------------------------------------------
TOTAL ASSETS 35,230,785 35,029,338 34,892,986 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: 1/31/98
-------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-----------------------------------------------------------------------------------
<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) 63,760
Unsecured Debt-Obligations incurred in
Post Petition Operations (See Form OPR-4) 34,057 8,294
-----------------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 8,295 72,054 0 0 0 0 0
PRE PETITION INTERCOMPANY LIABILITIES 35,906,310 35,906,310 35,906,310
DEFERRED REVENUE/DEFERRED INCOME
TOTAL OTHER PRE PETITION LIABILITIES 40,969,552 40,907,477 40,843,718
-----------------------------------------------------------------------------------
TOTAL LIABILITIES 76,875,862 76,822,082 76,822,082 0 0 0 0 0
PARTNERSHIP EQUITY (DEFICIT)
Retained Earnings
Through Filing Date (41,645,077) (41,645,077) (41,645,077)
Post Filing Date (147,667) (284,019)
-----------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (41,645,077) (41,792,744) (41,929,096) 0 0 0 0 0
-----------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 35,230,785 35,029,338 34,892,986 0 0 0 0 0
===================================================================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/03/1997 0
Allowance for doubtful accounts 0
-----------------------------------------------------------------
0 0 0 0 0
=================================================================
MONTH: 12/31/1997 0
Allowance for doubtful accounts 0
-----------------------------------------------------------------
0 0 0 0 0
=================================================================
MONTH: 01/31/1998 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: 1/31/98
-------
<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 0
-----------------------------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 8,294 0 0 0 0
-----------------------------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 8,294 0 0 0 0
=================================================================
</TABLE>
<PAGE> 7
INCOME STATEMENT FORM OPR-5
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
MONTH ENDED: 1/31/98
-------
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/03/1997 12/31/1997 01/31/1998
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET REVENUE (INCOME)
-----------------------------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages
Less: Salaries & wages
capitalized in fixed assets
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 148,182 136,352
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
-----------------------------------------------------------------------------------------
NET INCOME (LOSS) 0 (147,667) (136,352) 0 0 0 0 0 0
=========================================================================================
</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: 1/31/98
--------------------
<TABLE>
<CAPTION>
TOTAL 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 12/31/1997 01/31/1998
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (147,667) (147,667) (136,352)
Adjustments to Reconcile
Net Earnings to
Net Cash Provided (Used)
by Operating Activities:
Depreciation & Amortization 148,182 148,182 136,352
Decrease (Increase)
-Accounts Receivable 0 0 0
Decrease (Increase)
-Inventories 0 0 0
Decrease (Increase)
-Prepaid Expenses 0 0 0
Decrease (Increase)
-Other Assets 0 0 0
Increase (Decrease)
-Pre Petition Liabilities (62,075) (62,075) (63,759)
Increase (Decrease)
-Post Petition Liabilities 8,295 8,295 63,759
-------------------------------------------------------------------------------------------------
Net Cash Provided (Used)
by Operating Activities 0 (53,265) (53,265) 0 0 0 0 0
-------------------------------------------------------------------------------------------------
Cash Flows Used in
Investing Activities
Capital Expenditures 0 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 0
Increase (Decrease)
-Shareholder Valuations
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 (53,265) (53,265) 0 0 0 0 0
Cash and Cash Equivalents
at Beginning of Period 53,265 53,265 0 0 0 0 0
-------------------------------------------------------------------------------------------------
Cash and Cash Equivalents
at End of Period 0 0 0 0 0 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: 1/31/98
--------------------
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>
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>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
---------------------------------------------
</TABLE>
PAGE 2
3. BANK ACCOUNTS
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
Case Name: M4 ENVIRONMENTAL, LP
Case Number: 97-21389-CJK
<TABLE>
<CAPTION>
M4 LP
OPERATING TOTAL
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Bank Name SUNTRUST
Account Number 0005618983
BEGINNING BOOK BALANCE (8,294) (8,294)
PLUS: Deposits-Collections of A/R
Other Receipts
Loan Advances
LESS: Disbursements 0
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
NONE
--------------
Total payments of pre-petition debts 0
==============
</TABLE>
<PAGE> 11
INSURANCE EXPIRATION STATEMENT Exhibit D
<TABLE>
<CAPTION>
INSURANCE COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
CARRIER NAME AND ADDRESS TYPE AGENT AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SEE ATTACHED
</TABLE>
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.
Date: 2/25/98
-----------------------------
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: /s/ F. Gordon Bitter
----------------------------------
M4 Environmental Managment, 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
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