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Previous: NICHOLAS APPLEGATE MUTUAL FUNDS, NT-NSAR, 1998-05-29 |
Next: CAPITAL APPRECIATION PORTFOLIO, NSAR-A, 1998-05-29 |
<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): May 20, 1998
MOLTEN METAL TECHNOLOGY, INC.
--------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
DELAWARE 0-21042 52-1659959
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of 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
-------------
<PAGE> 2
ITEM 5. OTHER EVENTS
MONTHLY OPERATING REPORTS FILED WITH UNITED STATES TRUSTEE
On December 3, 1997, Molten Metal Technology, Inc. (the "Company") and its
subsidiaries filed a voluntary petition for reorganization under Chapter 11 of
the U.S. Bankruptcy Code. The petition was filed in the U.S. Bankruptcy Court
for the District of Massachusetts (Eastern Division). The case numbers are as
follows:
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 Federal Rule of Bankruptcy Procedure 2015 and the United States
Trustee's Operating Guidelines and Reporting Requirements for Chapter 11 cases,
each of the Company, MMT of Tennessee, Inc., MMT Federal Holdings, Inc., M4
Environmental Management Inc., and M4 Environmental, L.P. (collectively, the
"Companies") must file a Monthly Operating Report (MOR) with the Office of the
United States Trustee (Region One). The MOR for each of the Companies for the
month ending April 30, 1998, together with a consolidated report, were filed
with the Office of the United States Trustee on May 20, 1998. Copies of these
MORs are attached hereto as Exhibits 99.1 through 99.6 and are incorporated
herein by reference.
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 April 30, 1998 (1)
99.2 Monthly Operating Report of the Company for the month ending
April 30, 1998 (1)
99.3 Monthly Operating Report of the Company's subsidiary MMT of
Tennessee Inc. for the month ending April 30, 1998 (1)
99.4 Monthly Operating Report of the Company's subsidiary MMT Federal
Holdings, Inc. for the month ending April 30, 1998 (1)
<PAGE> 3
99.5 Monthly Operating Report of the Company's subsidiary M4
Environmental Management Inc. for the month ending April 30, 1998
(1)
99.6 Monthly Operating Report of the Company's subsidiary M4
Environmental, L.P. for the month ending April 30, 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: May 28, 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
DISTRICT OF MASSACHUSETTS
EASTERN DIVISION
IN RE: MOLTEN METAL (CONSOLIDATED) CASE NO.: 97-21385-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 4/30/98
COMES NOW, MOLTEN METAL TECHNOLOGY, INC. (CONSOLIDATED), Debtor in Possession,
and hereby its Monthly Operating Report for the period commencing 4/1/98 and
ending 4/30/98 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: 5/19/98 DEBTOR-IN-POSSESSION
By:
/s/ F. Gordon Bitter
----------------------------------------
Name & Title: F. Gordon Bitter, CEO & CFO
Molten Metal Technology, Inc.
421 Currant Road
Fall River, MA 02720
Telephone: 508-324-6497
<PAGE> 2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MASSACHUSETTS
EASTERN DIVISION
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
<TABLE>
<CAPTION>
MONTH ENDED: 4/30/98
FILING MONTH MONTH MONTH
DATE ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
------- -------- ------- -------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 4,654,326 7,712,988 7,222,698 5,141,902
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 6,121,182
Less: allowance for doubtful accounts (150,000) (150,000) (150,000) (150,000)
Accounts Receivable-Other 3,362,193 3,114,234 3,630,556 3,936,087
Inventory, at cost 4,642,718 2,999,979 2,981,683 2,953,384
Prepaid expenses 2,944,501 3,432,683 3,590,453 3,912,070
Deposits 199,046 176,955 258,371 264,731
Other:
Investment in Nichimen Joint Venture 433,739 433,739 433,739 433,739
Investment in CW, LLC 1,497,718 1,497,718 1,497,718 1,497,718
Long Term Notes Receivable 20,806,950 20,806,950 20,806,950 20,806,950
Restricted Cash Collateral Deposits 3,921,953 3,930,999 3,940,000 3,948,082
------------ ------------ ------------ ------------
TOTAL CURRENT ASSETS 49,902,740 51,724,290 50,213,990 48,865,845
------------ ------------ ------------ ------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 158,480,555 158,577,054 158,881,900 159,301,814
Less: Accumulated Depreciation (23,789,824) (24,685,394) (25,710,487) (26,735,581)
------------ ------------ ------------ ------------
NET PROPERTY, PLANT AND EQUIPMENT 134,690,731 133,891,660 133,171,413 132,566,233
------------ ------------ ------------ ------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 26,143,973 26,143,421 26,168,331 26,189,604
Less: Accumulated Amortization (4,212,236) (4,412,755) (4,604,973) (4,797,190)
------------ ------------ ------------ ------------
TOTAL OTHER ASSETS 21,931,737 21,730,666 21,563,358 21,392,414
------------ ------------ ------------ ------------
TOTAL ASSETS 206,525,208 207,346,616 204,948,761 202,824,492
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
3/31/98 4/30/98
------- -------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 1,679,329 822,084
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 7,604,873 7,663,418
Less: allowance for doubtful accounts (150,000) (150,000)
Accounts Receivable-Other 3,466,844 3,998,122
Inventory, at cost 3,252,606 3,070,450
Prepaid expenses 4,053,504 3,798,824
Deposits 327,840 327,840
Other:
Investment in Nichimen Joint Venture 433,739 433,739
Investment in CW, LLC 1,497,718 1,497,718
Long Term Notes Receivable 20,806,950 20,806,950
Restricted Cash Collateral Deposits 4,236,270 4,236,270
------------ ------------ -------- --------
TOTAL CURRENT ASSETS 47,209,673 46,505,415 0 0
------------ ------------ -------- --------
PROPERTY, PLANT AND EQUIPMENT, AT COST 159,543,659 160,680,666
Less: Accumulated Depreciation (27,727,471) (28,736,212)
------------ ------------ -------- --------
NET PROPERTY, PLANT AND EQUIPMENT 131,816,188 131,944,454 0 0
------------ ------------ -------- --------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 26,398,877 26,488,284
Less: Accumulated Amortization (4,992,683) (5,199,409)
------------ ------------ -------- --------
TOTAL OTHER ASSETS 21,406,194 21,288,875 0 0
------------ ------------ -------- --------
TOTAL ASSETS 200,432,055 199,738,744 0 0
============ ============ ======== ========
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS
FORM OPR-2
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
CASE NUMBER: 97-21385-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 4/30/98
FILING MONTH MONTH MONTH
DATE ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
------- -------- ------- -------
<S> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 5,260,000 7,000,000 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 4,943,854
------------ ------------ ------------ ------------
TOTAL POST PETITION LIABILITIES 0 8,336,569 9,266,637 11,943,854
PRE PETITION INTERCOMPANY LIABILITIES
DEFERRED REVENUE/DEFERRED INCOME 12,378,455 10,623,523 10,213,992 10,200,940
TOTAL OTHER PRE PETITION LIABILITIES 242,148,750 241,463,644 242,349,829 240,705,035
------------ ------------ ------------ ------------
TOTAL LIABILITIES 254,527,205 260,423,736 261,830,458 262,849,829
------------ ------------ ------------ ------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 15,874,471 16,793,713 17,319,518 17,845,322
Common Stock 237,810 237,810 237,810 237,810
Paid in Capital 170,893,690 170,893,690 170,893,907 170,893,907
Valuation Allowance 9,683 11,636
Dividends Paid (4,343,230) (5,262,472) (5,788,277) (6,314,081)
Treasury Stock (1,251,319) (1,251,319) (1,251,319) (1,251,319)
Deferred Compensation (127,137) (120,489) (113,842) (107,838)
Retained Earnings
Through Filing Date (229,295,965) (229,295,965) (229,295,965) (229,295,965)
Post Filing Date (5,083,724) (8,883,529) (12,033,173) (14,610,905)
------------ ------------ ------------ ------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (48,001,997) (53,077,120) (56,881,697) (60,025,337)
------------ ------------ ------------ ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 206,525,208 207,346,616 204,948,761 202,824,492
============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
3/31/98 4/30/98
------- ------- ----- -----
<S> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 7,000,000 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) 5,414,210 5,228,901
------------ ------------ --------- --------
TOTAL POST PETITION LIABILITIES 12,414,210 12,228,901 0 0
PRE PETITION INTERCOMPANY LIABILITIES
DEFERRED REVENUE/DEFERRED INCOME 10,180,107 10,347,984
TOTAL OTHER PRE PETITION LIABILITIES 240,424,837 241,011,506
------------ ------------ --------- --------
TOTAL LIABILITIES 263,019,154 263,588,391 0 0
------------ ------------ --------- --------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 18,371,126 18,011,989
Common Stock 237,810 237,810
Paid in Capital 170,893,907 170,893,690
Valuation Allowance
Dividends Paid (6,830,562) (6,471,425)
Treasury Stock (1,251,319) (1,251,319)
Deferred Compensation (101,191) (94,758)
Retained Earnings
Through Filing Date (229,295,965) (229,295,965)
Post Filing Date (15,879,669)
------------ ------------ --------- --------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (62,587,099) (63,849,647) 0 0
------------ ------------ --------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 200,432,055 199,738,744 0 0
============ ============ ========= ========
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE
FORM OPR-3
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
CASE NUMBER: 97-21385-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 4/30/98
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
----- ---- ---- ---- -------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 7,589,596 4,116,989 943,972 797,630 1,731,005
Allowance for doubtful accounts (150,000) (150,000)
--------- --------- --------- --------- ---------
7,439,596 4,116,989 943,972 797,630 1,581,005
========= ========= ========= ========= =========
MONTH: 12/31/97 7,768,045 1,875,415 3,473,011 519,172 1,900,447
Allowance for doubtful accounts (150,000) (150,000)
--------- --------- --------- --------- ---------
7,618,045 1,875,415 3,473,011 519,172 1,750,447
========= ========= ========= ========= =========
MONTH: 1/31/98 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: 2/28/98 6,121,182 1,377,798 1,019,381 572,967 3,151,036
Allowance for doubtful accounts (150,000) (150,000)
--------- --------- --------- --------- ---------
5,971,182 1,377,798 1,019,381 572,967 3,001,036
========= ========= ========= ========= =========
MONTH: 3/31/98 7,604,873 3,156,081 1,505,814 286,492 2,656,486
Allowance for doubtful accounts 0
--------- --------- --------- --------- ---------
7,604,873 3,156,081 1,505,814 286,492 2,656,486
========= ========= ========= ========= =========
MONTH: 4/30/98 7,663,418 3,222,525 851,867 791,510 2,797,516
Allowance for doubtful accounts 0
--------- --------- --------- --------- ---------
7,663,418 3,222,525 851,867 791,510 2,797,516
========= ========= ========= ========= =========
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
<TABLE>
<CAPTION>
MONTH ENDED: 4/30/98
DATE DATE TOTAL 0-30 31-60
INCURRED DUE DUE DAYS DAYS
-------- --- --- ---- ----
<S> <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
---------- --------- ---------
POST PETITION SECURED DEBT
DIP FINANCING
---------- --------- ---------
Post petition advances-Morgens
Waterfall Financing 3/20/98 12/31/99 7,000,000 0 0
---------- --------- ---------
ACCRUED INTEREST PAYABLE
Post petition interest on
Morgens Waterfall Financing
---------- --------- ---------
TOTAL POST PETITION SECURED DEBT 7,000,000 0 0
---------- --------- ---------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached
schedules) 989,493
Payroll withholdings
Accrued Payroll
Accrued expenses-Estimated liability
incurred, but not invoiced as of
the end of the period and deferred
obligations. 4,239,408
---------- --------- ---------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 5,228,901 0 0
---------- --------- ---------
TOTAL ALL POST PETITION LIABILITIES 12,228,901 0 0
========== ========= =========
</TABLE>
<TABLE>
<CAPTION>
61-90 OVER
DAYS 90 DAYS
---- -------
<S> <C> <C>
TAXES PAYABLE
Federal Income Taxes
FICA-Employer's Share
FICA-Employee's Share
Unemployment Tax
State Sales & Use Tax
State __________ Tax
Personal Property Tax
TOTAL TAXES PAYABLE 0 0
--------- ---------
POST PETITION SECURED DEBT
DIP FINANCING
Post petition advances-Morgens
Waterfall Financing 0 0
--------- ---------
ACCRUED INTEREST PAYABLE
Post petition interest on
Morgens Waterfall Financing
TOTAL POST PETITION SECURED DEBT 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 as of
the end of the period and deferred
obligations.
--------- ---------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 0 0
--------- ---------
TOTAL ALL POST PETITION LIABILITIES 0 0
========= =========
</TABLE>
<PAGE> 7
INCOME STATEMENT
FORM OPR-5
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
CASE NUMBER: 97-21385-CJK
<TABLE>
<CAPTION>
MONTH ENDED: 4/30/98
PRE POST MONTH MONTH
PETITION PETITION ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
------- -------- ------- -------
<S> <C> <C> <C> <C>
NET REVENUE (INCOME) 0 4,103,641 1,797,407 2,069,601
---------- ---------- ---------- ----------
COST OF GOODS SOLD
Salaries & wages 224,548 1,676,135 1,353,865 1,050,129
Less: Salaries & wages capitalized in fixed assets (121,795) (120,000)
Benefits 562,849 318,037 314,271
Bad debt expense 18,625
Cost of goods sold 1,200,000 (20,833)
Decontamination & disposal 26,758 26,758 26,758
Disposal costs-secondary wastes 112,496 105,018 431,112
Financing costs 212,000 9,000
Insurance 108,638 114,934 84,457
Legal services 342,713
Materials 1,151,084 866,199 418,286
Office expense & supplies 37,650 21,138 66,470
Other 18,202 57,436 8,528
Outside services 814,013 443,144 473,118
Professional services 857,587 59,868 145,646
Rent-equipment 104,873 39,324 87,631
Rent-office/buildings 264,752 317,269 107,221
Supplies-processing 18,515
Taxes 87,546 40,219 31,143
Telephone 134,438 46,167 38,809
Transportation 110,472 93,218 164,655
Travel & entertainment 43,509 71,260 80,591
Utilities 234,343 8,819 73,848
---------- ---------- ---------- ----------
TOTAL COST OF GOODS SOLD 224,548 8,137,198 3,849,045 3,482,673
---------- ---------- ---------- ----------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (224,548) (4,033,557) (2,051,638) (1,413,072)
---------- ---------- ---------- ----------
INTEREST(INCOME) EXPENSE 62,539 90,855 91,010
DEPRECIATION AND AMORTIZATION 1,096,271 1,217,312 1,217,312
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE 440,000 428,250
OTHER (INCOME) EXPENSE (108,643)
(GAIN) LOSS ON SALE OF ASSETS
---------- ---------- ---------- ----------
NET INCOME (LOSS) (224,548) (5,083,724) (3,799,805) (3,149,644)
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED ENDED
3/31/98 4/30/98
------- ------- ----- ----- -----
<S> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 2,643,744 4,467,381
---------- ---------- ---------- ---------- ----------
COST OF GOODS SOLD
Salaries & wages 1,123,331 1,056,053
Less: Salaries & wages capitalized in fixed assets
Benefits 311,609 267,260
Bad debt expense
Cost of goods sold
Decontamination & disposal 26,758 26,758
Disposal costs-secondary wastes 522,653 417,282
Financing costs
Insurance 83,183 83,183
Legal services
Materials 562,465 999,505
Office expense & supplies 51,520 11,113
Other 4,343 1,769
Outside services 443,347 660,144
Professional services 124,269 (121,092)
Rent-equipment 58,604 36,257
Rent-office/buildings (94,110) 136,063
Supplies-processing
Taxes 35,459 41,746
Telephone 17,319 32,054
Transportation 132,244 152,740
Travel & entertainment 110,575 123,532
Utilities 48,105 79,853
TOTAL COST OF GOODS SOLD 3,561,674 4,004,220 0 0 0
---------- ---------- ---------- ---------- ----------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (917,930) 463,161 0 0 0
---------- ---------- ---------- ---------- ----------
INTEREST(INCOME) EXPENSE 71,976 129,416
DEPRECIATION AND AMORTIZATION 1,230,989 1,215,466
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE 352,871 387,043
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS 3,966
---------- ---------- ---------- ---------- ----------
NET INCOME (LOSS) (2,577,732) (1,268,764) 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
<TABLE>
<CAPTION>
MONTH ENDED: 4/30/98
TOTAL
PRE POST MONTH MONTH
PETITION PETITION ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97 1/31/98
--------- ---------- -------- -------
<S> <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)
---------- ---------- ---------- ----------
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)
---------- ---------- ---------- ----------
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
---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 3,058,662 3,058,662 (490,290)
Cash and Cash Equivalents at Beginning of Period 4,654,326 4,654,326 7,712,988
---------- ---------- ---------- ----------
Cash and Cash Equivalents at End of Period 0 7,712,988 7,712,988 7,222,698
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
2/28/98 3/31/98 4/30/98
------- ------- ------- -----
<S> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (3,149,644) (2,577,732) (1,268,764)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 1,217,312 1,230,989 1,215,466
Decrease (Increase)-Accounts Receivable (424,891) (1,014,448) (589,823)
Decrease (Increase)-Inventories 28,299 (299,222) 182,156
Decrease (Increase)-Prepaid Expenses (321,617) (141,434) 254,680
Decrease (Increase)-Other Assets (14,442) (351,297) 0
Increase (Decrease)-Pre Petition Liabilities (1,657,847) (301,032) 754,545
Increase (Decrease)-Post Petition Liabilities 2,677,217 470,356 (185,309)
---------- ---------- ---------- --------
Net Cash Provided (Used) by Operating Activities (1,645,613) (2,983,820) 362,951 0
---------- ---------- ---------- --------
Cash Flows Used in Investing Activities
Capital Expenditures (441,187) (451,118) (1,226,414)
Sale of Net Fixed Assets (43,605)
---------- ---------- ---------- --------
Net Cash Provided (Used) in Investing Activities (441,187) (494,723) (1,226,414) 0
---------- ---------- ---------- --------
Cash Flows From Financing Activities:
Increase (Decrease)-Morgens Waterfall 0 0 0
Increase (Decrease)-Shareholder Valuations 6,004 15,970 6,218
Purchase of Treasury Stock-Preferred Shares
---------- ---------- ---------- --------
Net Cash Provided (Used) in Financing Activities 6,004 15,970 6,218 0
---------- ---------- ---------- --------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,080,796) (3,462,573) (857,245) 0
Cash and Cash Equivalents at Beginning of Period 7,222,698 5,141,902 1,679,329 822,084
---------- ---------- ---------- --------
Cash and Cash Equivalents at End of Period 5,141,902 1,679,329 822,084 822,084
========== ========== ========== =======
</TABLE>
<PAGE> 9
ATTACHMENT 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
(CONSOLIDATED)
CASE NUMBER: 97-21385-CJK
MONTH ENDED: 4/30/98
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 4/3 & 4/17/98 17,308 10,051 5,384 5,384
Eugene Berman, VP, Regul, Legal, & Extern Aff 4/3 & 4/17/98 14,011 7,831 4,616 4,616
F. Gordon Bitter, CEO & CFO, Director 4/3 & 4/17/98 22,011 13,646 6,966 6,966
Steven Brien, VP, Chemical Sales & Marketing 4/3 & 4/17/98 12,308 7,109 4,324 4,324
Victor E. Gatto, Jr., VP, Government Markets 4/3 & 4/17/98 13,862 12,309 1,057 1,057
David Hoey, V,P Business Development 4/3 & 4/17/98 14,022 8,983 4,113 4,113
F. James Howie, III, VP, Procurement 4/3 & 4/17/98 11,097 7,263 3,074 3,074
Ethan E. Jacks, VP, General Counsel, Secretary 4/3 & 4/17/98 13,551 7,890 4,047 4,047
James E. Johnston, VP, Technical Development 4/3 & 4/17/98 11,538 6,488 3,370 3,370
Christopher Nagel, Chief Technology Officer 4/3 & 4/17/98 11,538 6,488 3,995 3,995
Charles W. Shaver, President & COO, Director 4/3 & 4/17/98 20,472 12,455 5,851 5,851
------------- ------- ------- ------ ------
TOTAL EXECUTIVE PAYROLL 161,718 100,513 46,797 46,797
======= ======= ====== ======
</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> 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 MMT TENNESSEE TENNESSEE TENNESSEE ALEX
OPERATING PAYROLL PAYROLL OPERATING PAYROLL PAYROLL BROWN
--------- ------- ------- --------- ------- ------- -----
<S> <C> <C> <C> <C> <C> <C> <C>
ALEX
Bank Name U.S. TRUST U.S. TRUST NATIONSBANK U.S. TRUST U.S. TRUST NATIONSBANK BROWN
Account Number 1100937836 1100937844 3001270655 110937851 1100937869 3001270846 210-71007
BEGINNING BOOK BALANCE (224,464) 0 16,387 1,195,150 0 17,501 6,543
PLUS: Deposits-Collections of A/R 1,032,984 1,733,378
Other Receipts 1,800,000
Loan Advances
LESS: Disbursements (3,817,055) (3,318)
Payroll (998,769) (604,465)
Returned Checks
Loan Repayments
OTHER: Adjustments 695,000 980,000 (1,750,000) 615,000
Transfers In (Out)
-------- ----------- -------- --------- --------- ---------- ---------
ENDING BOOK BALANCE (513,535) 0 (2,382) 1,175,210 0 28,036 6,543
======== =========== ======== ========= ========= ========== =========
</TABLE>
<TABLE>
<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 676,006 (8,294) 0 500 1,679,329
PLUS: Deposits-Collections of A/R 2,766,362
Other Receipts 1,800,000
Loan Advances 0
0
LESS: Disbursements (3,820,373)
Payroll (1,603,234)
Returned Checks 0
Loan Repayments 0
0
OTHER: Adjustments (540,000) 0
Transfers In (Out) 0
0
--------- ---------- -------- ----------- ----------
ENDING BOOK BALANCE 136,006 (8,294) 0 500 822,084
========= ========== ======== =========== ==========
</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.):
The Blackstone Group 133,418 5/11/98 41931
-------
133,418
=======
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: 5/19/98
------------------------
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 Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
-----------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
-----------------------------------
F. Gordon Bitter
Vice President
<PAGE> 12
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
Carrier Name & Address Type Broker Limits Policy
Number
<S> <C> <C> <C> <C>
Commerce & Industry Insurance Co. General Liability Aon $1,000,000 340-94-76
70 Pine Street Automobile Liability Aon $1,000,000 766-56-11
New York, NY 10270 Excess Liability - 1st layer Aon $20,000,000 606-23-31
excess of $1M
New Hampshire Insurance Co. Workers Compensation Aon Statutory WC588-59-75
70 Pine Street Workers Compensation - CA Aon Statutory WC588-59-77
New York NY 10270 Employers' Liability Aon $1,000,000 WC588-59-75
and -77[CA]
American International Specialty Lines Pollution Liability - MA/TN Aon $3,000,000 8199951
Insurance Co. Pollution Liability - TX Aon $1,000,000 8199950
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company Fidelity Aon $500,000 751-118812-98
P.O. Box 91394 Fiduciary Aon $2,000,000 751-118834-98
Chicago, IL 60693
Executive Risk Indemnity Company Directors & Officers Liability Aon $10,000,000 751-091628-98
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies Foreign Liability Aon $1,000,000 PST 00 9648288
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. Property Aon ########### CC626
Allendale Park Blanket
Johnston, RI 02919
American Nuclear Insurers Nuclear All Risk Property J&H/M&M $45,000,000 98262
Town Center Nuclear Liability Facility Form - TN J&H/M&M $50,000,000 NF-0338
29 South Main Street Master Worker Certificate - TN J&H/M&M ########### NW-0235
West Hartford, CT 06107 Shared Agg.
</TABLE>
<TABLE>
<CAPTION>
Carrier Name & Address Expiration Premium Paid
Date Thru
<S> <C> <C> <C>
Commerce & Industry Insurance Co. 12/3/98 $53,000 Current
70 Pine Street 12/3/98 $3,540 Current
New York, NY 10270 12/3/98 $43,185 Current
New Hampshire Insurance Co. 12/3/98 $111,250 Current
70 Pine Street 12/3/98 $753 Current
New York NY 10270 12/3/98 inclu. Current
American International Specialty Lines 12/3/98 $28,342 Current
Insurance Co. 12/3/98 $16,919 Current
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company 5/9/99 $6,000 Current
P.O. Box 91394 5/9/99 $6,000 Current
Chicago, IL 60693
Executive Risk Indemnity Company 1/19/99 $350,000 Current
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies 2/1/99 $2,000 Current
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. 12/2/99 $170,000 Current
Allendale Park
Johnston, RI 02919
American Nuclear Insurers 1/1/99 $97,500 Current
Town Center 12/31/98 $124,215 Current
29 South Main Street 12/31/98 $550 Not yet invoiced
West Hartford, CT 06107
</TABLE>
Page 13 of 16
<PAGE> 13
<TABLE>
<CAPTION>
Carrier Name & Address Type Broker Limits Policy
Number
<S> <C> <C> <C> <C>
Nuclear Supplier's & Transp. J&H/M&M $15,000,000 NS-0539
Nuclear Liability Facility Form - SC J&H/M&M $10,000,000 NF-0329
Nuclear Foreign Supplier's & Transp. J&H/M&M $10,000,000 TBD
Master Worker Certificate - SC J&H/M&M ########### NW-0237
Shared Agg.
Nuclear Facility Liability - Comm. Park J&H/M&M $10,000,000 NF-0337
Master Worker Certificate - Comm. Park J&H/M&M ########### NW-0234
Shared Agg.
American International Specialty Pollution Legal and Closure/Post Closure J&H/M&M $3,000,000 8183013
Lines Ins. Co. Pollution Legal
Harborside Financial Center $3,400,000
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
<TABLE>
<CAPTION>
Expiration Premium Paid
Date Thru
<S> <C> <C> <C>
12/31/98 $8,670 Current
12/31/98 $13,590 Current
12/31/98 TBD Based on Foreign Sales
12/31/98 $550 Not yet invoiced
12/31/98 $39,568 Current
12/31/98 $550 Not yet invoiced
American International Specialty 10/15/00 $94,400 Current
Lines Ins. Co. Poll. Legal
Harborside Financial Center 12/7/00 $425,000 Current
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
Note: The premium for the Pollution Legal/Closure policy (AISLIC no. 8183013) is
billed in 5 annual installments of $19,280 (Pollution Legal) and $85,000
(Closure). To date, the first three installments are paid in full. The remaining
installments come due on the anniversary date. Thus, the remaining installments
for 12/15/98 and 1999 for Pollution and for 1/4/99 and 2000 for Closure, are
unbilled and unpaid.
Page 14 of 16
<PAGE> 14
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
Carrier Name & Address Type CO Limits Expiration
Entity Date
<S> <C> <C> <C> <C>
Blue Cross & Blue Shield of RI Full Coverage Medical MMT 4/1-4/30/98
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan Self Funded Dental MMT 4/1-4/30/98
PO Box 5-0198
Woburn, MA 01815-0198
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT 4/1-4/30/98
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT TN 4/1-4/30/98
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT 4/1-4/30/98
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT TN 4/1-4/30/98
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Self Funded Medical Claims MMT & 4/1-4/30/98
10159 Wayzata Boulevard MMT TN
Minnetonka, MN 55305
UNUM Life Insurance Employee Funded Long Term Disability MMT 4/1-4/30/98
</TABLE>
<TABLE>
<CAPTION>
Carrier Name & Address Premium Paid
Thru
<S> <C> <C>
Blue Cross & Blue Shield of RI $10,622 Current
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan None Current
PO Box 5-0198 Current
Woburn, MA 01815-0198 Current
Fortis Benefits Insurance Co. $1,968 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. $1,185 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services $10,960 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services $8,231 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services $50,000 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
UNUM Life Insurance $1,951 Current
</TABLE>
Page 15 of 16
<PAGE> 15
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
Carrier Name & Address Type CO Limits Expiration
Entity Date
<S> <C> <C> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance Short Term Disability MMT 4/1-4/30/98
2211 Congress Street
Portland, ME 04122
</TABLE>
<TABLE>
<CAPTION>
Carrier Name & Address Premium Paid
Thru
<S> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance $2,110 Current
2211 Congress Street
Portland, ME 04122
</TABLE>
Page 16 of 16
<PAGE> 1
EXHIBIT 99.2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MASSACHUSETTS
EASTERN DIVISION
IN RE: MOLTEN METAL TECHNOLOGY, INC. CASE NO.: 97-21385-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 4/30/98
COMES NOW, MOLTEN METAL TECHNOLOGY, INC. , Debtor in Possession, and hereby its
Monthly Operating Report for the period commencing 4/1/98 and ending 4/30/98 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: 5/19/98 DEBTOR-IN-POSSESSION
By:
/s/ F. Gordon Bitter
-------------------------------
Name & Title: F. Gordon Bitter, CEO & CFO
Molten Metal Technology, Inc.
421 Currant Road
Fall River, MA 02720
Telephone: 508-324-6497
<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: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH
DATE ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
-------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 4,893,869 6,713,407 4,953,236 4,072,063
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 1,094,993 891,484 451,441 392,839
Less: allowance for doubtful accounts
Accounts Receivable-Other 336,181 662,994 673,987 633,723
Accounts Receivable-Intercompany
Inventory, at cost 3,032,515 1,832,965 1,832,965 1,832,965
Prepaid expenses 2,994,736 3,276,848 3,447,882 3,783,158
Deposits 141,546 119,455 181,446 185,611
Other:
Investment in Nichimen Joint Venture 433,739 433,739 433,739 433,739
Investment in MMT of Tennessee 10 10 10 10
Investment in MMT Federal Holdings 1,000 1,000 1,000 1,000
Long Term Notes Receivable 1,806,950 1,806,950 1,806,950 1,806,950
Restricted Cash Collateral Deposits 3,706,433 3,715,479 3,724,480 3,732,562
-------------------------------------------------------------------
TOTAL CURRENT ASSETS 18,441,972 19,454,331 17,507,136 16,874,620
-------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 86,181,337 86,206,483 86,347,343 86,409,258
Less: Accumulated Depreciation (21,105,234) (21,693,189) (22,282,884) (22,872,579)
-------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 65,076,103 64,513,294 64,064,459 63,536,679
-------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 11,221,338 11,220,787 11,245,697 11,266,969
Less: Accumulated Amortization (1,765,428) (1,783,197) (1,801,012) (1,818,825)
-------------------------------------------------------------------
TOTAL OTHER ASSETS 9,455,910 9,437,590 9,444,685 9,448,144
-------------------------------------------------------------------
TOTAL ASSETS 92,973,985 93,405,215 91,016,280 89,859,443
===================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
3/31/98 4/30/98
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 474,472 (373,368)
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3) 830,839 277,703
Less: allowance for doubtful accounts
Accounts Receivable-Other 627,686 497,002
Accounts Receivable-Intercompany
Inventory, at cost 1,832,965 1,832,965
Prepaid expenses 3,998,312 4,517,384
Deposits 246,394 246,394
Other:
Investment in Nichimen Joint Venture 433,739 433,739
Investment in MMT of Tennessee 10 10
Investment in MMT Federal Holdings 1,000 1,000
Long Term Notes Receivable 1,806,950 1,806,950
Restricted Cash Collateral Deposits 4,020,750 4,020,750
---------------------------------------------------------------------
TOTAL CURRENT ASSETS 14,273,117 13,260,529 0 0
---------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 86,482,544 86,522,002
Less: Accumulated Depreciation (23,421,627) (23,994,609)
---------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 63,060,917 62,527,393 0 0
---------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 11,476,242 11,565,648
Less: Accumulated Amortization (1,839,916) (1,872,238)
---------------------------------------------------------------------
TOTAL OTHER ASSETS 9,636,326 9,693,410 0 0
---------------------------------------------------------------------
TOTAL ASSETS 86,970,360 85,481,332 0 0
=====================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS
FORM OPR-2
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
CASE NUMBER: 97-21385-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH
DATE ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 5,260,000 7,000,000 7,000,000
Unsecured Debt-Intercompany Obligations due to cash
transfers in Post Petition Operations (1,183,624) (2,201,140) (1,829,262)
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 3,076,569 1,960,397 2,092,200
------------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 7,152,945 6,759,257 7,262,938
PRE PETITION INTERCOMPANY LIABILITIES (126,615,241) (126,615,241) (126,615,241) (126,615,241)
DEFERRED REVENUE/DEFERRED INCOME 11,151,728 9,342,638 9,165,259 9,144,426
TOTAL OTHER PRE PETITION LIABILITIES 198,513,032 198,221,086 199,232,030 199,566,949
------------------------------------------------------------------------
TOTAL LIABILITIES 83,049,519 88,101,428 88,541,305 89,359,072
------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 15,874,471 16,793,713 17,319,518 17,845,322
Common Stock 237,810 237,810 237,810 237,810
Paid in Capital 170,893,690 170,893,690 170,893,690 170,893,690
Valuation Allowance 9,683 11,636 217 9,323
Dividends Paid (4,343,230) (5,262,472) (5,788,277) (6,314,081)
Treasury Stock (1,251,319) (1,251,319) (1,251,319) (1,251,319)
Deferred Compensation (127,137) (120,489) (113,842) (107,838)
Retained Earnings
Through Filing Date (171,369,502) (171,362,447) (171,362,447) (171,362,447)
Post Filing Date (4,636,335) (7,460,375) (9,450,089)
------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) 9,924,466 5,303,787 2,474,975 500,371
------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 92,973,985 93,405,215 91,016,280 89,859,443
========================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
3/31/98 4/30/98
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4) 7,000,000 7,000,000
Unsecured Debt-Intercompany Obligations due to cash
transfers in Post Petition Operations (3,038,101) (4,245,999)
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 2,468,346 2,164,943
-----------------------------------------------------------------------=--
TOTAL POST PETITION LIABILITIES 6,430,245 4,918,944 0 0
PRE PETITION INTERCOMPANY LIABILITIES (126,615,241) (126,615,241)
DEFERRED REVENUE/DEFERRED INCOME 9,123,593 8,888,307
TOTAL OTHER PRE PETITION LIABILITIES 199,295,786 200,075,660
-------------------------------------------------------------------------
TOTAL LIABILITIES 88,234,383 87,267,670 0 0
-------------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 18,371,126 18,011,989
Common Stock 237,810 237,810
Paid in Capital 170,893,690 170,893,690
Valuation Allowance 9,323 9,323
Dividends Paid (6,839,885) (6,480,748)
Treasury Stock (1,251,319) (1,251,319)
Deferred Compensation (101,191) (94,758)
Retained Earnings
Through Filing Date (171,362,447) (171,362,447)
Post Filing Date (11,221,130) (11,749,878)
-------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (1,264,023) (1,786,338) 0 0
-------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 86,970,360 85,481,332 0 0
=========================================================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE
FORM OPR-3
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
CASE NUMBER: 97-21385-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
===========================================================
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 1,094,993 818,022 66,192 42,053 168,726
Allowance for doubtful accounts (150,000) (150,000)
-----------------------------------------------------------
944,993 818,022 66,192 42,053 18,726
===========================================================
MONTH: 12/31/97 891,484 8 680,697 0 210,779
Allowance for doubtful accounts 0
-----------------------------------------------------------
891,484 8 680,697 0 210,779
===========================================================
MONTH: 1/31/98 451,441 0 9 240,654 210,778
Allowance for doubtful accounts 0
-----------------------------------------------------------
451,441 0 9 240,654 210,778
===========================================================
MONTH: 2/28/98 392,839 0 (58,602) 8 451,433
Allowance for doubtful accounts 0
-----------------------------------------------------------
392,839 0 (58,602) 8 451,433
===========================================================
MONTH: 3/31/98 830,839 438,009 (58,602) 451,432
Allowance for doubtful accounts 0
-----------------------------------------------------------
830,839 438,009 0 (58,602) 451,432
===========================================================
MONTH: 4/30/98 277,703 67,500 210,203
Allowance for doubtful accounts 0
-----------------------------------------------------------
277,703 67,500 0 0 210,203
===========================================================
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.
CASE NUMBER: 97-21385-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30
INCURRED DUE DUE DAYS
----------------------------------------------
<S> <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
---------------------
POST PETITION SECURED DEBT
DIP FINANCING
Post petition advances-Morgens Waterfall Financing 3/20/98 12/31/99 7,000,000
ACCRUED INTEREST PAYABLE
Post petition interest on Morgens Waterfall Financing
---------------------
TOTAL POST PETITION SECURED DEBT 7,000,000 0
---------------------
POST PETITION UNSECURED DEBT
TRADE ACCOUNTS PAYABLE & OTHER:
Trade Accounts Payable (see attached schedules) 989,493
Payroll withholdings
Accrued Payroll
Accrued expenses-Estimated liability incurred, but not invoiced
as of the end of the period and deferred obligations. 1,175,450
---------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 2,164,943 0
---------------------
TOTAL ALL POST PETITION LIABILITIES 9,164,943 0
=====================
</TABLE>
<TABLE>
<CAPTION>
31-60 61-90 OVER
DAYS DAYS 90 DAYS
-----------------------------
<S> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes
FICA-Employer's Share
FICA-Employee's Share
Unemployment Tax
State Sales & Use Tax
State __________ Tax
Personal Property Tax
--------------------------
TOTAL TAXES PAYABLE 0 0 0
--------------------------
POST PETITION SECURED DEBT
DIP FINANCING
Post petition advances-Morgens Waterfall Financing
ACCRUED INTEREST PAYABLE
Post petition interest on Morgens Waterfall Financing
--------------------------
TOTAL POST PETITION SECURED DEBT 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
as of the end of the period and deferred obligations.
--------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 0 0 0
--------------------------
TOTAL ALL POST PETITION LIABILITIES 0 0 0
==========================
</TABLE>
<PAGE> 7
INCOME STATEMENT
FORM OPR-5
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
CASE NUMBER: 97-21385-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
PRE POST MONTH MONTH
PETITION PETITION ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
---------------------------------------------------------
<S> <C> <C> <C> <C>
NET REVENUE (INCOME) 1,871,483 0
---------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 1,154,821 868,277 666,693
Less: Salaries & wages capitalized in fixed assets 0
Benefits 489,984 226,464 207,528
Bad debt expense 0
Cost of goods sold 1,200,000 (20,833)
Decontamination & disposal 18,888 18,888
Disposal costs-secondary wastes 145,779 (100,000)
Financing costs 212,000 9,000
Insurance 98,733 94,603 64,126
Legal services 0
Materials 391,707 70,359 (289,672)
Office expense & supplies 248 (7,193) 58,624
Other 4,393 57,436 416
Outside services 369,073 143,619 (213,980)
Professional services 1,073,857 (99,264) 60,575
Rent-equipment 73,365 1,759 42,453
Rent-office/buildings 260,103 307,269 102,221
Supplies-processing (15,755)
Taxes 79,546 23,100 23,143
Telephone 123,714 34,394 36,810
Transportation 3,355 20,000 (10,055)
Travel & entertainment 20,585 50,206 55,770
Utilities 200,831 3,345 39,704
---------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 5,902,094 1,685,674 863,244
---------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 (4,030,611) (1,685,674) (863,244)
---------------------------------------------------------
INTEREST EXPENSE 90,855 90,960
DEPRECIATION AND AMORTIZATION 605,724 607,511 607,510
INCOME TAX EXPENSE (BENEFIT) 0
REORGANIZATION EXPENSE 440,000 428,000
OTHER (INCOME) EXPENSE 0
(GAIN) LOSS ON SALE OF ASSETS 0
---------------------------------------------------------
NET INCOME (LOSS) 0 (4,636,335) (2,824,040) (1,989,714)
=========================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED ENDED
3/31/98 4/30/98
-----------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 438,373 1,745,985
-----------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 595,742 558,048
Less: Salaries & wages capitalized in fixed assets
Benefits 226,374 174,882
Bad debt expense
Cost of goods sold (20,833)
Decontamination & disposal 18,888 18,888
Disposal costs-secondary wastes (61,832)
Financing costs
Insurance 62,851 62,851
Legal services
Materials 29,516 93,000
Office expense & supplies 48,345 13,330
Other 3,162 1,959
Outside services 83,245 57,665
Professional services 111,138 (142,485)
Rent-equipment 19,203 5,635
Rent-office/buildings (94,110) 126,063
Supplies-processing
Taxes 23,656 69,948
Telephone 17,060 30,525
Transportation 13,981
Travel & entertainment 61,786 85,638
Utilities (16,525) 44,973
-----------------------------------------------------------
TOTAL COST OF GOODS SOLD 1,169,498 1,153,069 0 0 0
-----------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (731,125) 592,916 0 0 0
-----------------------------------------------------------
INTEREST EXPENSE 71,976 129,317
DEPRECIATION AND AMORTIZATION 594,069 605,304
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE 343,147 387,043
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS 30,724
-----------------------------------------------------------
NET INCOME (LOSS) (1,771,041) (528,748) 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: 4/30/98
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED
2/1-12/2 12/3-12/31 12/31/97 1/31/98 2/28/98
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (4,636,335) (4,636,335) (2,824,040) (1,989,714)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating
Activities:
Depreciation & Amortization 605,724 605,724 607,510 607,508
Decrease (Increase)-
Accounts Receivable (123,304) (123,304) 429,050 98,866
Decrease (Increase)-
Inventories 1,199,550 1,199,550 0 0
Decrease (Increase)-
Prepaid Expenses (282,112) (282,112) (171,034) (335,276)
Decrease (Increase)-
Other Assets 13,596 13,596 (95,902) (33,519)
Increase (Decrease)-
Pre Petition Liabilities (291,946) (291,946) 1,010,944 334,919
Increase (Decrease)-
Post Petition Liabilities 1,892,945 1,892,945 (2,133,688) 503,681
Increase (Decrease)-
Deferred Revenue (1,809,090) (1,809,090) (177,379) (20,833)
------------------------------------------------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING
ACTIVITIES 0 (3,430,972) (3,430,972) (3,354,539) (834,368)
------------------------------------------------------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures (25,146) (25,146) (140,860) (61,915)
Sale of Net Fixed Assets
------------------------------------------------------------------------------------
NET CASH PROVIDED (USED) IN INVESTING
ACTIVITIES 0 (25,146) (25,146) (140,860) (61,915)
------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-
Morgens Waterfall 5,260,000 5,260,000 1,740,000 0
Increase (Decrease)-
Shareholder Valuations 15,656 15,656 (4,772) 15,110
Purchase of Treasury
Stock-Preferred Shares
------------------------------------------------------------------------------------
NET CASH PROVIDED (USED) IN
FINANCING ACTIVITIES 0 5,275,656 5,275,656 1,735,228 15,110
------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 0 1,819,538 1,819,538 (1,760,171) (881,173)
Cash and Cash Equivalents at Beginning
of Period 4,893,869 4,893,869 6,713,407 4,953,236
------------------------------------------------------------------------------------
Cash and Cash Equivalents at End of Perio 0 6,713,407 6,713,407 4,953,236 4,072,063
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH
ENDED ENDED ENDED
3/31/98 4/30/98
-----------------------------------------------
<S> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (1,771,041) (528,748)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 570,139 605,304
Decrease (Increase)-Accounts Receivable (431,963) 683,820
Decrease (Increase)-Inventories 0 0
Decrease (Increase)-Prepaid Expenses (215,154) (519,072)
Decrease (Increase)-Other Assets (558,244) (89,406)
Increase (Decrease)-Pre Petition Liabilities (271,163) 779,874
Increase (Decrease)-Post Petition Liabilities (832,693) (1,511,301)
Increase (Decrease)-Deferred Revenue (20,833) (235,286)
------------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (3,530,952) (814,815) 0
------------------------------------------------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures (73,286) (39,458)
Sale of Net Fixed Assets
------------------------------------------------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES (73,286) (39,458) 0
------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall 0 0
Increase (Decrease)-Shareholder Valuations 6,647 6,433
Purchase of Treasury Stock-Preferred Shares
------------------------------------------------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 6,647 6,433 0
------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,597,591) (847,840) 0
Cash and Cash Equivalents at Beginning of Period 4,072,063 474,472 (373,368)
------------------------------------------------
Cash and Cash Equivalents at End of Period 474,472 (373,368) (373,368)
================================================
</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: 4/30/98
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 4/3 & 4/17/98 17,308 10,051 5,384 5,384
Eugene Berman, VP, Regul, Legal, & Extern Aff 4/3 & 4/17/98 14,011 7,831 4,616 4,616
F. Gordon Bitter, CEO & CFO, Director 4/3 & 4/17/98 22,011 13,646 6,966 6,966
Steven Brien, VP, Chemical Sales & Marketing 4/3 & 4/17/98 12,308 7,109 4,324 4,324
Victor E. Gatto, Jr., VP, Government Markets 4/3 & 4/17/98 13,862 12,309 1,057 1,057
David Hoey, V,P Business Development 4/3 & 4/17/98 14,022 8,983 4,113 4,113
F. James Howie, III, VP, Procurement 4/3 & 4/17/98 11,097 7,263 3,074 3,074
Ethan E. Jacks, VP, General Counsel, Secretary 4/3 & 4/17/98 13,551 7,890 4,047 4,047
James E. Johnston, VP, Technical Development 4/3 & 4/17/98 11,538 6,488 3,370 3,370
Christopher Nagel, Chief Technology Officer 4/3 & 4/17/98 11,538 6,488 3,995 3,995
Charles W. Shaver, President & COO, Director 4/3 & 4/17/98 20,472 12,455 5,851 5,851
-------------------------------------------------
TOTAL EXECUTIVE PAYROLL 161,718 100,513 46,797 46,797
=================================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? Yes
Are payments current? Yes
If any policy has lapsed, been replaced or renewed, state so in the
schedule below. Attach a copy of the new policy's binder or coverage
page.
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
PAGE 2
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: MOLTEN METAL TECHNOLOGY, INC.
CASE NUMBER: 97-21385-CJK
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
MMT MMT MMT ALEX OPPEN- ESCROW AT
OPERATING PAYROLL PAYROLL BROWN HEIMER ROPES
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ALEX OPPEN- ROPES &
BANK NAME U.S. TRUST U.S. TRUST NATIONSBANK BROWN HEIMER GRAY
ACCOUNT NUMBER 1100937836 1100937844 3001270655 210-71007 033-82238
BEGINNING BOOK BALANCE (224,464) 0 16,387 6,543 676,006 0
PLUS: Deposits-Collections of A/R 1,032,984
Other Receipts 1,800,000
Loan Advances
LESS: Disbursements (3,817,055)
Payroll (998,769)
Returned Checks
Loan Repayments
OTHER: Adjustments 695,000 980,000 (540,000)
Transfers In (Out)
------------------------------------------------------------------------------------
ENDING BOOK BALANCE (513,535) 0 (2,382) 6,543 136,006 0
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
TOTAL
------------
<S> <C>
BANK NAME
ACCOUNT NUMBER
BEGINNING BOOK BALANCE 474,472
PLUS: Deposits-Collections of A/R 1,032,984
Other Receipts 1,800,000
Loan Advances 0
0
LESS: Disbursements (3,817,055)
Payroll (998,769)
Returned Checks 0
Loan Repayments 0
0
OTHER: Adjustments 1,135,000
Transfers In (Out) 0
0
------------
ENDING BOOK BALANCE (373,368)
============
</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.):
The Blackstone Group 133,418 5/11/98 41931
---------
133,418
=========
PRE-PETITION DEBTS
---------
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>
</TABLE>
SEE ATTACHED
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: 5/19/98
_______________
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 Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
______________________________________
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
______________________________________
F. Gordon Bitter
Vice President
<PAGE> 12
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE BROKER LIMITS
---------------------- ---- ------ ------
<S> <C> <C> <C>
Commerce & Industry Insurance Co. General Liability Aon $1,000,000
70 Pine Street Automobile Liability Aon $1,000,000
New York, NY 10270 Excess Liability - 1st layer Aon $20,000,000
excess of $1M
New Hampshire Insurance Co. Workers Compensation Aon Statutory
70 Pine Street Workers Compensation - CA Aon Statutory
New York NY 10270 Employers' Liability Aon $1,000,000
American International Specialty Lines Pollution Liability - MA/TN Aon $3,000,000
Insurance Co. Pollution Liability - TX Aon $1,000,000
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company Fidelity Aon $500,000
P.O. Box 91394 Fiduciary Aon $2,000,000
Chicago, IL 60693
Executive Risk Indemnity Company Directors & Officers Liability Aon $10,000,000
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies Foreign Liability Aon $1,000,000
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. Property Aon ############
Allendale Park Blanket
Johnston, RI 02919
American Nuclear Insurers Nuclear All Risk Property J&H/M&M $45,000,000
Town Center Nuclear Liability Facility Form - TN J&H/M&M $50,000,000
29 South Main Street Master Worker Certificate - TN J&H/M&M ############
West Hartford, CT 06107 Shared Agg.
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS POLICY EXPIRATION PREMIUM PAID
NUMBER DATE THRU
------ ---- ----
<S> <C> <C> <C> <C>
Commerce & Industry Insurance Co. 340-94-76 12/3/98 $53,000 Current
70 Pine Street 766-56-11 12/3/98 $3,540 Current
New York, NY 10270 606-23-31 12/3/98 $43,185 Current
New Hampshire Insurance Co. WC588-59-75 12/3/98 $111,250 Current
70 Pine Street WC588-59-77 12/3/98 $753 Current
New York NY 10270 WC588-59-75 12/3/98 inclu. Current
and -77[CA]
American International Specialty Lines 8199951 12/3/98 $28,342 Current
Insurance Co. 8199950 12/3/98 $16,919 Current
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company 751-118812-98 5/9/99 $6,000 Current
P.O. Box 91394 751-118834-98 5/9/99 $6,000 Current
Chicago, IL 60693
Executive Risk Indemnity Company 751-091628-98 1/19/99 $350,000 Current
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies PST 00 9648288 2/1/99 $2,000 Current
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. CC626 12/2/99 $170,000 Current
Allendale Park
Johnston, RI 02919
American Nuclear Insurers 98262 1/1/99 $97,500 Current
Town Center NF-0338 12/31/98 $124,215 Current
29 South Main Street NW-0235 12/31/98 $550 Not yet invoiced
West Hartford, CT 06107
</TABLE>
Page 12 of 15
<PAGE> 13
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE BROKER LIMITS
---------------------- ---- ------ ------
<S> <C> <C> <C>
Nuclear Supplier's & Transp. J&H/M&M $15,000,000
Nuclear Liability Facility Form - SC J&H/M&M $10,000,000
Nuclear Foreign Supplier's & Transp. J&H/M&M $10,000,000
Master Worker Certificate - SC J&H/M&M ############
Shared Agg.
Nuclear Facility Liability - Comm. Park J&H/M&M $10,000,000
Master Worker Certificate - Comm. Park J&H/M&M ############
Shared Agg.
American International Specialty Pollution Legal and Closure/Post Closure J&H/M&M $3,000,000
Lines Ins. Co. Pollution Legal
Harborside Financial Center $3,400,000
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS POLICY EXPIRATION PREMIUM PAID
NUMBER DATE THRU
------ ---- ----
<S> <C> <C> <C> <C>
NS-0539 12/31/98 $8,670 Current
NF-0329 12/31/98 $13,590 Current
TBD 12/31/98 TBD Based on Foreign Sales
NW-0237 12/31/98 $550 Not yet invoiced
NF-0337 12/31/98 $39,568 Current
NW-0234 12/31/98 $550 Not yet invoiced
American International Specialty 8183013 10/15/00 $94,400 Current
Lines Ins. Co. Poll. Legal
Harborside Financial Center 12/7/00 $425,000 Current
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
Note: The premium for the Pollution Legal/Closure policy (AISLIC no. 8183013) is
billed in 5 annual installments of $19,280 (Pollution Legal) and $85,000
(Closure). To date, the first three installments are paid in full. The remaining
installments come due on the anniversary date. Thus, the remaining installments
for 12/15/98 and 1999 for Pollution and for 1/4/99 and 2000 for Closure, are
unbilled and unpaid.
Page 13 of 15
<PAGE> 14
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION
ENTITY DATE
------ ----
<S> <C> <C> <C> <C>
Blue Cross & Blue Shield of RI Full Coverage Medical MMT 4/1-4/30/98
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan Self Funded Dental MMT 4/1-4/30/98
PO Box 5-0198
Woburn, MA 01815-0198
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT 4/1-4/30/98
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT TN 4/1-4/30/98
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT 4/1-4/30/98
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT TN 4/1-4/30/98
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Self Funded Medical Claims MMT & 4/1-4/30/98
10159 Wayzata Boulevard MMT TN
Minnetonka, MN 55305
UNUM Life Insurance Employee Funded Long Term Disability MMT 4/1-4/30/98
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS PREMIUM PAID
THRU
----
<S> <C> <C>
Blue Cross & Blue Shield of RI $10,622 Current
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan None Current
PO Box 5-0198 Current
Woburn, MA 01815-0198 Current
Fortis Benefits Insurance Co. $1,968 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. $1,185 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services $10,960 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services $8,231 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services $50,000 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
UNUM Life Insurance $1,951 Current
</TABLE>
Page 14 of 15
<PAGE> 15
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION
ENTITY DATE
------ ----
<S> <C> <C> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance Short Term Disability MMT 4/1-4/30/98
2211 Congress Street
Portland, ME 04122
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS PREMIUM PAID
THRU
----
<S> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance $2,110 Current
2211 Congress Street
Portland, ME 04122
</TABLE>
Page 15 of 15
<PAGE> 1
EXHIBIT 99.3
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MASSACHUSETTS
EASTERN DIVISION
IN RE: MMT OF TENNESSEE, INC. CASE NO.: 97-21386-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 4/30/98
COMES NOW, MMT OF TENNESSEE, INC., Debtor in Possession, and hereby its Monthly
Operating Report for the period commencing 4/1/98 and ending 4/30/98 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: 5/19/98 DEBTOR-IN-POSSESSION
By: /s/ F. Gordon Bitter
-------------------------------------------
Name & Title: F. Gordon Bitter, Vice President
MMT of Tennessee, Inc.
421 Currant Road
Fall River, MA 02720
Telephone: 508-324-6497
<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: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 66,358 1,007,375 2,277,256 1,077,633 1,212,651 1,206,564
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 6,051,677 6,624,034 7,385,716
Less: allowance for doubtful accounts (150,000) (150,000) (150,000) (150,000) (150,000) (150,000)
Accounts Receivable-Other 291,141 156,625 207,867 693,516 692,222 1,203,183
Inventory, at cost 1,610,203 1,167,014 1,148,718 1,120,419 1,369,641 1,237,485
Prepaid expenses 30,357 155,838 145,218 128,915 107,515 97,109
Deposits 57,500 57,500 76,925 79,120 81,446 81,446
Other:
Restricted Cash Collateral Deposits 215,520 215,520 215,520 215,520 215,520 215,520
----------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 8,615,682 9,486,433 9,923,326 9,216,800 10,153,029 11,277,023
----------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 61,645,241 61,716,593 61,880,581 62,238,580 62,407,138 62,689,022
Less: Accumulated Depreciation (2,104,309) (2,281,673) (2,598,650) (2,915,627) (3,240,046) (3,557,383)
----------------------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 59,540,932 59,434,920 59,281,931 59,322,953 59,167,092 59,131,639
----------------------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 12,508,628 12,508,628 12,508,630 12,508,629 12,508,629 12,508,630
Less: Accumulated Amortization (2,344,293) (2,509,114) (2,665,588) (2,822,059) (2,978,531) (3,135,004)
----------------------------------------------------------------------------------
TOTAL OTHER ASSETS 10,164,335 9,999,514 9,843,042 9,686,570 9,530,098 9,373,626
----------------------------------------------------------------------------------
TOTAL ASSETS 78,320,949 78,920,867 79,048,299 78,226,323 78,850,219 79,782,288
==================================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH
ENDED ENDED
--------------------------
<S> <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:
Restricted Cash Collateral Deposits
--------------------------
TOTAL CURRENT ASSETS 0 0
--------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST
Less: Accumulated Depreciation
--------------------------
NET PROPERTY, PLANT AND EQUIPMENT 0 0
--------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets
Less: Accumulated Amortization
--------------------------
TOTAL OTHER ASSETS 0 0
--------------------------
TOTAL ASSETS 0 0
==========================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS FORM OPR-2
CASE NAME: MMT OF TENNESSEE, INC.
CASE NUMBER: 97-21386-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98
--------------------------------------------------------------------
<S> <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 1,765,503 2,973,763
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 35,238 306,240 2,851,654 2,945,864
--------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 1,244,624 2,443,621 4,617,157 5,919,627
PRE PETITION INTERCOMPANY LIABILITIES 90,708,931 90,708,931 90,708,931 90,708,931 90,708,931
DEFERRED REVENUE/DEFERRED INCOME 1,226,727 1,280,885 1,048,733 1,056,514 1,056,514
TOTAL OTHER PRE PETITION LIABILITIES 2,666,165 2,274,081 2,274,081 294,367 285,142
--------------------------------------------------------------------
TOTAL LIABILITIES 94,601,823 95,508,521 96,475,366 96,676,969 97,970,214
--------------------------------------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock
Common Stock 10 10 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) (16,280,884) (16,280,884)
Post Filing Date (306,780) (1,146,193) (2,169,772) (2,839,121) (3,489,783)
--------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (16,280,874) (16,587,654) (17,427,067) (18,450,646) (19,119,995)
--------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 78,320,949 78,920,867 79,048,299 78,226,323 78,850,219
====================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH
ENDED ENDED ENDED
4/30/98
----------------------------------------
<S> <C> <C> <C>
LIABILITIES
POST PETITION LIABILITIES
Secured Debt (See Form OPR-4)
Unsecured Debt-Intercompany Obligations due to cash 4,181,934
transfers in Post Petition Operations
Unsecured Debt-Obligations incurred in Post Petition 3,063,958
Operations (See Form OPR-4)
----------------------------------------
7,245,892 0 0
TOTAL POST PETITION LIABILITIES
90,708,931
PRE PETITION INTERCOMPANY LIABILITIES 1,459,677
DEFERRED REVENUE/DEFERRED INCOME 138,445
TOTAL OTHER PRE PETITION LIABILITIES ----------------------------------------
99,552,945 0 0
TOTAL LIABILITIES ----------------------------------------
SHAREHOLDERS' EQUITY (DEFICIT)
Preferred Stock 10
Common Stock
Paid in Capital
Valuation Allowance
Dividends Paid
Treasury Stock
Deferred Compensation
Retained Earnings (16,280,884)
Through Filing Date
Post Filing Date
----------------------------------------
(19,770,657) 0 0
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) ----------------------------------------
79,782,288 0 0
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY ========================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
CASE NAME: MMT OF TENNESSEE, INC.
CASE NUMBER: 97-21386-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 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: 12/31/97 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: 1/31/98 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: 2/28/98 6,051,677 1,308,292 1,019,381 572,967 3,151,037
Allowance for doubtful accounts (150,000) (150,000)
------------------------------------------------------------
5,901,677 1,308,292 1,019,381 572,967 3,001,037
============================================================
MONTH: 3/31/98 6,624,034 2,568,080 1,505,814 345,094 2,205,046
Allowance for doubtful accounts 0
------------------------------------------------------------
6,624,034 2,568,080 1,505,814 345,094 2,205,046
============================================================
MONTH: 4/30/98 7,385,716 3,155,026 851,867 791,510 2,587,313
Allowance for doubtful accounts 0
------------------------------------------------------------
7,385,716 3,155,026 851,867 791,510 2,587,313
============================================================
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: 4/30/98
<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, 3,063,958
but not invoiced as of the end of the period
--------------------------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 3,063,958 0 0 0 0
--------------------------------------------------------
TOTAL ALL POST PETITION LIABILITIES 3,063,958 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: 4/30/98
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET REVENUE (INCOME) 2,232,158 1,797,407 2,069,601 2,205,371
------------------------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 521,313 485,588 383,435 527,591
Less: Salaries & wages capitalized in fixed assets (121,795) (120,000)
Benefits 72,866 91,573 106,745 85,236
Bad debt expense 18,625
Cost of goods sold
Decontamination & disposal 7,870 7,870 7,870 7,870
Disposal costs-secondary wastes (378) 205,018 431,112 522,653
Financing costs
Insurance 9,905 20,331 20,331 20,331
Legal services
Materials 752,418 795,840 709,052 547,077
Office expense & supplies 28,331 12,759 2,792
Other 5,866 1,064 1,878
Outside services 444,939 299,525 498,275
Professional services 126,443 159,132 284,046 386,411
Rent-equipment 31,509 37,565 45,179 39,401
Rent-office/buildings 4,649 10,000 5,000
Supplies-processing 18,515 15,755
Taxes 8,000 17,119 8,000 10,393
Telephone 10,724 11,773 2,000 260
Transportation 107,117 73,218 165,645 128,791
Travel & entertainment 22,923 21,054 24,819 48,515
Utilities 33,512 5,474 34,099 64,629
------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 0 2,196,816 2,163,371 2,619,431 2,393,828
------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 35,342 (365,964) (549,830) (188,457)
------------------------------------------------------------------
INTEREST EXPENSE 50
DEPRECIATION AND AMORTIZATION 342,185 473,449 473,449 480,892
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE 250
OTHER (INCOME) EXPENSE (63)
(GAIN) LOSS ON SALE OF ASSETS
------------------------------------------------------------------
NET INCOME (LOSS) 0 (306,780) (839,413) (1,023,579) (669,349)
==================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
4/30/98
-----------------------------------------------------
<S> <C> <C> <C> <C>
NET REVENUE (INCOME) 2,721,396
-----------------------------------------------------
COST OF GOODS SOLD
Salaries & wages 490,006
Less: Salaries & wages capitalized in fixed assets
Benefits 100,378
Bad debt expense
Cost of goods sold
Decontamination & disposal 7,870
Disposal costs-secondary wastes 26,866
Financing costs
Insurance 20,331
Legal services
Materials 905,582
Office expense & supplies (1,278)
Other 353
Outside services 745,567
Professional services 330,022
Rent-equipment 30,622
Rent-office/buildings 10,000
Supplies-processing
Taxes 18,768
Telephone 1,529
Transportation 138,760
Travel & entertainment 37,894
Utilities 34,880
-----------------------------------------------------
TOTAL COST OF GOODS SOLD 2,898,150 0 0 0
-----------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (176,754) 0 0 0
-----------------------------------------------------
INTEREST EXPENSE 100
DEPRECIATION AND AMORTIZATION 473,808
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
-----------------------------------------------------
NET INCOME (LOSS) (650,662) 0 0 0
=====================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH FORM OPR-6
CASE NAME: MMT OF TENNESSEE, INC.
CASE NUMBER: 97-21386-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
TOTAL TOTAL TOTAL
PRE POST MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97 1/31/98 2/28/98
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (306,780) (306,780) (839,413) (1,023,579)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 342,185 342,185 473,449 473,449
Decrease (Increase)-Accounts Receivable (247,442) (247,442) 823,497 (535,504)
Decrease (Increase)-Inventories 443,189 443,189 18,296 28,299
Decrease (Increase)-Prepaid Expenses (125,481) (125,481) 10,620 16,303
Decrease (Increase)-Other Assets 0 0 (19,427) (2,194)
Increase (Decrease)-Pre Petition Liabilities (392,084) (392,084) 0 (1,979,714)
Increase (Decrease)-Deferred revenue 54,158 54,158 (232,150) 7,780
Increase (Decrease)-Post Petition Liabilities 1,244,624 1,244,624 1,198,997 2,173,536
---------- ---------- ---------- ---------- ----------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 0 1,012,369 1,012,369 1,433,869 (841,624)
---------- ---------- ---------- ---------- ----------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures (71,352) (71,352) (163,988) (357,999)
Sale of Net Fixed Assets
---------- ---------- ---------- ---------- ----------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES 0 (71,352) (71,352) (163,988) (357,999)
---------- ---------- ---------- ---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall 0 0 0 0
Increase (Decrease)-Shareholder Valuations 0 0 0 0
Purchase of Treasury Stock-Preferred Shares
---------- ---------- ---------- ---------- ----------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0 0 0 0
---------- ---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 941,017 941,017 1,269,881 (1,199,623)
Cash and Cash Equivalents at Beginning of Period 66,358 66,358 1,007,375 2,277,256
---------- ---------- ---------- ---------- ----------
Cash and Cash Equivalents at End of Period 0 1,007,375 1,007,375 2,277,256 1,077,633
========== ========== ========== ========== ==========
<CAPTION>
TOTAL
MONTH MONTH MONTH
ENDED ENDED ENDED
3/31/98 4/30/98
---------- ---------- ---------
<S> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (669,349) (650,662)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 480,892 473,808
Decrease (Increase)-Accounts Receivable (571,063) (1,272,643)
Decrease (Increase)-Inventories (249,222) 132,156
Decrease (Increase)-Prepaid Expenses 21,400 10,406
Decrease (Increase)-Other Assets (2,326) 2
Increase (Decrease)-Pre Petition Liabilities (9,225) (146,697)
Increase (Decrease)-Deferred revenue (1) 403,162
Increase (Decrease)-Post Petition Liabilities 1,302,470 1,326,265
---------- ---------- ---------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 303,576 275,797 0
---------- ---------- ---------
CASH FLOWS USED IN INVESTING ACTIVITIES
Capital Expenditures (168,558) (281,884)
Sale of Net Fixed Assets
---------- ---------- ---------
NET CASH PROVIDED (USED) IN INVESTING ACTIVITIES (168,558) (281,884) 0
---------- ---------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease)-Morgens Waterfall 0 0
Increase (Decrease)-Shareholder Valuations 0 0
Purchase of Treasury Stock-Preferred Shares
---------- ---------- ---------
NET CASH PROVIDED (USED) IN FINANCING ACTIVITIES 0 0 0
---------- ---------- ---------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 135,018 (6,087) 0
Cash and Cash Equivalents at Beginning of Period 1,077,633 1,212,651 1,206,564
---------- ---------- ---------
Cash and Cash Equivalents at End of Period 1,212,651 1,206,564 1,206,564
========== ========== =========
</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: 4/30/98
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>
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>
<S> <C> <C> <C> <C> <C> <C>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
PAGE 2
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: MMT OF TENNESSEE, INC.
CASE NUMBER: 97-21386-CJK
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
TENNESSEE TENNESSEE TENNESSEE
OPERATING PAYROLL PAYROLL TOTAL TOTAL
---------------------------------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
BANK NAME U.S. TRUST U.S. TRUST NATIONSBANK
ACCOUNT NUMBER 110937851 1100937869 3001270846
BEGINNING BOOK BALANCE 1,195,150 0 17,501 1,212,651
PLUS: Deposits-Collections of A/R 1,733,378 1,733,378
Other Receipts
Loan Advances
LESS: Disbursements (3,318)
Payroll (604,465) (604,465)
Returned Checks
Loan Repayments 0
OTHER: Adjustments (1,750,000) 615,000 (1,135,000)
Transfers In (Out) 0
---------------------------------------- -----------
ENDING BOOK BALANCE 1,175,210 0 28,036 1,206,564
======================================== ===========
</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>
<S> <C> <C> <C> <C> <C> <C> <C>
INSURANCE COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
CARRIER NAME AND ADDRESS TYPE AGENT AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------
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: 5/19/98
-----------------
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 Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
__________________________
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
__________________________
F. Gordon Bitter
Vice President
<PAGE> 12
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
=============================================================================================================================
CARRIER NAME & ADDRESS TYPE BROKER LIMITS POLICY
NUMBER
=============================================================================================================================
<S> <C> <C> <C> <C>
Commerce & Industry Insurance Co. General Liability Aon $ 1,000,000 340-94-76
70 Pine Street Automobile Liability Aon $ 1,000,000 766-56-11
New York, NY 10270 Excess Liability - 1st layer Aon $ 20,000,000 606-23-31
excess of $1M
New Hampshire Insurance Co. Workers Compensation Aon Statutory WC588-59-75
70 Pine Street Workers Compensation - CA Aon Statutory WC588-59-77
New York NY 10270 Employers' Liability Aon $ 1,000,000 WC588-59-75
and -77[CA]
American International Specialty Line Pollution Liability - MA/TN Aon $ 3,000,000 8199951
Insurance Co. Pollution Liability - TX Aon $ 1,000,000 8199950
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company Fidelity Aon $ 500,000 751-118812-98
P.O. Box 91394 Fiduciary Aon $ 2,000,000 751-118834-98
Chicago, IL 60693
Executive Risk Indemnity Company Directors & Officers Liability Aon $ 10,000,000 751-091628-98
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies Foreign Liability Aon $ 1,000,000 PST 00 9648288
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. Property Aon ############ CC626
Allendale Park Blanket
Johnston, RI 02919
American Nuclear Insurers Nuclear All Risk Property J&H/M&M $ 45,000,000 98262
Town Center Nuclear Liability Facility Form - TN J&H/M&M $ 50,000,000 NF-0338
29 South Main Street Master Worker Certificate - TN J&H/M&M ############ NW-0235
West Hartford, CT 06107 Shared Agg.
</TABLE>
<TABLE>
<CAPTION>
===================================================================================
CARRIER NAME & ADDRESS EXPIRATION PREMIUM PAID
DATE THRU
===================================================================================
<S> <C> <C> <C>
Commerce & Industry Insurance Co. 12/3/98 $ 53,000 Current
70 Pine Street 12/3/98 $ 3,540 Current
New York, NY 10270 12/3/98 $ 43,185 Current
New Hampshire Insurance Co. 12/3/98 $ 111,250 Current
70 Pine Street 12/3/98 $ 753 Current
New York NY 10270 12/3/98 inclu. Current
American International Specialty Line 12/3/98 $ 28,342 Current
Insurance Co. 12/3/98 $ 16,919 Current
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company 5/9/99 $ 6,000 Current
P.O. Box 91394 5/9/99 $ 6,000 Current
Chicago, IL 60693
Executive Risk Indemnity Company 1/19/99 $ 350,000 Current
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies 2/1/99 $ 2,000 Current
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. 12/2/99 $ 170,000 Current
Allendale Park
Johnston, RI 02919
American Nuclear Insurers 1/1/99 $ 97,500 Current
Town Center 12/31/98 $ 124,215 Current
29 South Main Street 12/31/98 $ 550 Not yet invoiced
West Hartford, CT 06107
</TABLE>
Page 12 of 15
<PAGE> 13
<TABLE>
<CAPTION>
=============================================================================================================================
CARRIER NAME & ADDRESS TYPE BROKER LIMITS POLICY
NUMBER
=============================================================================================================================
<S> <C> <C> <C> <C>
Nuclear Supplier's & Transp. J&H/M&M $ 15,000,000 NS-0539
Nuclear Liability Facility Form - SC J&H/M&M $ 10,000,000 NF-0329
Nuclear Foreign Supplier's & Transp. J&H/M&M $ 10,000,000 TBD
Master Worker Certificate - SC J&H/M&M ############ NW-0237
Shared Agg.
Nuclear Facility Liability - Comm. Park J&H/M&M $ 10,000,000 NF-0337
Master Worker Certificate - Comm. Park J&H/M&M ############ NW-0234
Shared Agg.
American International Specialty Pollution Legal and Closure/Post Closure J&H/M&M $ 3,000,000 8183013
Lines Ins. Co. Pollution Legal
Harborside Financial Center $ 3,400,000
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
<TABLE>
<CAPTION>
===================================================================================
CARRIER NAME & ADDRESS EXPIRATION PREMIUM PAID
DATE THRU
===================================================================================
<S> <C> <C> <C>
12/31/98 $ 8,670 Current
12/31/98 $ 13,590 Current
12/31/98 TBD Based on Foreign Sales
12/31/98 $ 550 Not yet invoiced
12/31/98 $ 39,568 Current
12/31/98 $ 550 Not yet invoiced
American International Specialty 10/15/00 $ 94,400 Current
Lines Ins. Co. Poll. Legal
Harborside Financial Center 12/7/00 $ 425,000 Current
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
Note: The premium for the Pollution Legal/Closure policy (AISLIC no. 8183013) is
billed in 5 annual installments of $19,280 (Pollution Legal) and $85,000
(Closure). To date, the first three installments are paid in full. The remaining
installments come due on the anniversary date. Thus, the remaining installments
for 12/15/98 and 1999 for Pollution and for 1/4/99 and 2000 for Closure, are
unbilled and unpaid.
Page 13 of 15
<PAGE> 14
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
====================================================================================================================================
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION PREMIUM PAID
ENTITY DATE THRU
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Blue Cross & Blue Shield of RI Full Coverage Medical MMT 4/1-4/30/98 $10,622 Current
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan Self Funded Dental MMT 4/1-4/30/98 None Current
PO Box 5-0198 Current
Woburn, MA 01815-0198 Current
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT 4/1-4/30/98 $ 1,968 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT TN 4/1-4/30/98 $ 1,185 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT 4/1-4/30/98 $10,960 Current
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT TN 4/1-4/30/98 $ 8,231 Current
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Self Funded Medical Claims MMT & 4/1-4/30/98 $50,000 Current
10159 Wayzata Boulevard MMT TN
Minnetonka, MN 55305
UNUM Life Insurance Employee Funded Long Term Disability MMT 4/1-4/30/98 $ 1,951 Current
</TABLE>
Page 14 of 15
<PAGE> 15
<TABLE>
<CAPTION>
====================================================================================================================================
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION PREMIUM PAID
ENTITY DATE THRU
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance Short Term Disability MMT 4/1-4/30/98 $ 2,110 Current
2211 Congress Street
Portland, ME 04122
</TABLE>
Page 15 of 15
<PAGE> 1
EXHIBIT 99.4
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MASSACHUSETTS
EASTERN DIVISION
IN RE: MMT FEDERAL HOLDINGS, INC. CASE NO.: 97-21387-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 4/30/98
----------
COMES NOW, MMT FEDERAL HOLDINGS INC., Debtor in Possession, and hereby its
Monthly Operating Report for the period commencing 4/1/98 and ending 4/30/98 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: 5/19/98 DEBTOR-IN-POSSESSION
--------------
By:
/s/ F. Gordon Bitter
-----------------------------
Name & Title: F. Gordon Bitter, Vice
President MMT Federal
Holdings, Inc.
421 Currant Road
Fall River, MA 02720
Telephone: 508-324-6497
<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 substitute
consolidation, the Debtor will develop an appropriate allocation of expenses
among the affiliated entities.
<PAGE> 3
COMPARATIVE BALANCE SHEETS
CASE NAME: MMT FEDERAL HOLDINGS, INC. FORM OPR-1
CASE NUMBER: 97-21387-CJK
MONTH ENDED: 4/30/98
---------------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash 500 500 500 500 500 500
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 Unknown Unknown Unknown
Lockheed Martin Chemical Demilitarization Unknown Unknown Unknown Unknown Unknown Unknown
LLC (50% owned, 50% owned by
Lockheed Martin)
-------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 500 500 500 500 500 500 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 500 500 500 500 500 500 0 0
===============================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS
CASE NAME: MMT FEDERAL HOLDINGS, INC. FORM OPR-2
CASE NUMBER: 97-21387-CJK
MONTH ENDED: 4/30/98
---------------
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
------------------------------------------------------------------------------
<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 10 10 10
Paid in Capital 990 990 990 990 990 990
Valuation Allowance (500) (500) (500) (500) (500) (500)
Dividends Paid
Treasury Stock
Deferred Compensation
Retained Earnings
Through Filing Date
Post Filing Date
------------------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) 500 500 500 500 500 500 0 0
------------------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 500 500 500 500 500 500 0 0
==============================================================================
</TABLE>
<PAGE> 5
CASE NAME: MMT FEDERAL HOLDINGS, INC. FORM OPR-3
CASE NUMBER: 97-21387-CJK
MONTH ENDED: 4/30/98
---------------
<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: 12/3/97 0
Allowance for doubtful accounts 0
----------------------------------------------------------------
0 0 0 0 0
================================================================
MONTH: 12/31/97 0
Allowance for doubtful accounts 0
----------------------------------------------------------------
0 0 0 0 0
================================================================
MONTH: 1/31/98 0
Allowance for doubtful accounts 0
----------------------------------------------------------------
0 0 0 0 0
================================================================
MONTH: 2/28/98 0
Allowance for doubtful accounts 0
----------------------------------------------------------------
0 0 0 0 0
================================================================
MONTH: 3/31/98 0
Allowance for doubtful accounts 0
----------------------------------------------------------------
0 0 0 0 0
================================================================
MONTH: 4/30/98 0
Allowance for doubtful accounts 0
----------------------------------------------------------------
0 0 0 0 0
================================================================
MONTH:
Allowance for doubtful accounts
----------------------------------------------------------------
0 0 0 0 0
================================================================
</TABLE>
<PAGE> 6
SCHEDULE OF POST PETITION LIABILITIES
CASE NAME: MMT FEDERAL HOLDINGS, INC. FORM OPR-5
CASE NUMBER: 97-21387-CJK
MONTH ENDED: 4/30/98
---------------
<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>
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
CASE NAME: MMT FEDERAL HOLDINGS, INC. FORM OPR-5
CASE NUMBER: 97-21387-CJK
MONTH ENDED: 4/30/98
---------------
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
--------------------------------------------------------------------------------------------
<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 NONE NONE NONE 0 0 0
============================================================================================
</TABLE>
<PAGE> 8
STATEMENT OF SOURCES AND USES OF CASH
CASE NAME: MMT FEDERAL HOLDINGS, INC. FORM OPR-6
CASE NUMBER: 97-21387-CJK
MONTH ENDED: 4/30/98
---------------
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97 1/31/98 2/28/98
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) NONE NONE NONE NONE
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 0 0 0 0
Decrease (Increase)-Accounts Receivable 0 0 0 0
Decrease (Increase)-Inventories 0 0 0 0
Decrease (Increase)-Prepaid Expenses 0 0 0 0
Decrease (Increase)-Other Assets 0 0 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0 0 0
Increase (Decrease)-Post Petition Liabilities 0 0 0 0
----------------------------------------------------------------------
Net Cash Provided (Used) by Operating Activities 0 0 0 0 0
----------------------------------------------------------------------
Cash Flows Used in Investing Activities
Capital Expenditures 0 0 0 0
Sale of Net Fixed Assets
----------------------------------------------------------------------
Net Cash Provided (Used) in Investing Activities 0 0 0 0 0
----------------------------------------------------------------------
Cash Flows From Financing Activities:
Increase (Decrease)-Morgens Waterfall 0 0 0 0
Increase (Decrease)-Shareholder Valuations 0 0 0 0
Purchase of Treasury Stock-Preferred Shares
----------------------------------------------------------------------
Net Cash Provided (Used) in Financing Activities 0 0 0 0 0
----------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0 0 0
Cash and Cash Equivalents at Beginning of Period 500 500 500 500
----------------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 500 500 500 500
======================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH
ENDED ENDED ENDED
3/31/98 4/30/98
------------------------------------------
<S> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) NONE NONE
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 0 0
Decrease (Increase)-Accounts Receivable 0 0
Decrease (Increase)-Inventories 0 0
Decrease (Increase)-Prepaid Expenses 0 0
Decrease (Increase)-Other Assets 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0
Increase (Decrease)-Post Petition Liabilities 0 0
------------------------------------------
Net Cash Provided (Used) by Operating Activities 0 0 0
------------------------------------------
Cash Flows Used in Investing Activities
Capital Expenditures 0 0
Sale of Net Fixed Assets
------------------------------------------
Net Cash Provided (Used) in Investing Activities 0 0 0
------------------------------------------
Cash Flows From Financing Activities:
Increase (Decrease)-Morgens Waterfall 0 0
Increase (Decrease)-Shareholder Valuations 0 0
Purchase of Treasury Stock-Preferred Shares
------------------------------------------
Net Cash Provided (Used) in Financing Activities 0 0 0
------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0
Cash and Cash Equivalents at Beginning of Period 500 500 500
------------------------------------------
Cash and Cash Equivalents at End of Period 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: 4/30/98
---------------
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>
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
<TABLE>
<S> <C>
Is Workers' Compensation and other insurance in effect? N/A
--------------------
Are payments current?
--------------------
</TABLE>
If any policy has lapsed, been replaced or renewed, state so in the schedule
below.
Attach a copy of the new policy's binder or coverage page.
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: MMT FEDERAL HOLDINGS, INC.
CASE NUMBER: 97-21387-CJK
PAGE 2
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
MMT FED
OPERATING TOTAL
----------- ---------
<S> <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 500 500
=========== ========
</TABLE>
4. POST PETITION PAYMENTS TO PROFESSIONALS AND ON PRE PETITION DEBTS
List any post petition payments to professional and payments on
Pre-petition debts in the schedule below.
<TABLE>
<CAPTION>
Payments To/On Amount Date Check #
-------------------------- -------------------------------------------------
<S> <C> <C> <C>
Professionals (attorneys,
accountants, etc.):
NONE
---------------
0
===============
PRE-PETITION DEBTS
NONE
---------------
Total payments of pre-petition debts 0
===============
</TABLE>
<PAGE> 11
INSURANCE EXPIRATION STATEMENT
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: 5/19/98
-----------------------------
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 Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
------------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
------------------------------------
F. Gordon Bitter
Vice President
<PAGE> 12
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
==================================================================================================================================
Carrier Name & Address Type Broker Limits
==================================================================================================================================
<S> <C> <C> <C>
Commerce & Industry Insurance Co. General Liability Aon $1,000,000
70 Pine Street Automobile Liability Aon $1,000,000
New York, NY 10270 Excess Liability - 1st layer Aon $20,000,000
excess of $1M
New Hampshire Insurance Co. Workers Compensation Aon Statutory
70 Pine Street Workers Compensation - CA Aon Statutory
New York NY 10270 Employers' Liability Aon $1,000,000
American International Specialty Line Pollution Liability - MA/TN Aon $3,000,000
Insurance Co. Pollution Liability - TX Aon $1,000,000
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company Fidelity Aon $500,000
P.O. Box 91394 Fiduciary Aon $2,000,000
Chicago, IL 60693
Executive Risk Indemnity Company Directors & Officers Liability Aon $10,000,000
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies Foreign Liability Aon $1,000,000
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. Property Aon ######
Allendale Park Blanket
Johnston, RI 02919
American Nuclear Insurers Nuclear All Risk Property J&H/M&M $45,000,000
Town Center Nuclear Liability Facility Form - TN J&H/M&M $50,000,000
29 South Main Street Master Worker Certificate - TN J&H/M&M ######
West Hartford, CT 06107 Shared Agg.
</TABLE>
<TABLE>
<CAPTION>
===============================================================================================================
Policy Expiration Premium Paid
Number Date Thru
===============================================================================================================
<S> <C> <C> <C> <C>
Commerce & Industry Insurance Co. 340-94-76 12/3/98 $53,000 Current
70 Pine Street 766-56-11 12/3/98 $3,540 Current
New York, NY 10270 606-23-31 12/3/98 $43,185 Current
New Hampshire Insurance Co. WC588-59-75 12/3/98 $111,250 Current
70 Pine Street WC588-59-77 12/3/98 $753 Current
New York NY 10270 WC588-59-75 12/3/98 inclu. Current
and -77[CA]
American International Specialty Line 8199951 12/3/98 $28,342 Current
Insurance Co. 8199950 12/3/98 $16,919 Current
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company 751-118812-98 5/9/99 $6,000 Current
P.O. Box 91394 751-118834-98 5/9/99 $6,000 Current
Chicago, IL 60693
Executive Risk Indemnity Company 751-091628-98 1/19/99 $350,000 Current
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies PST 00 9648288 2/1/99 $2,000 Current
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. CC626 12/2/99 $170,000 Current
Allendale Park
Johnston, RI 02919
American Nuclear Insurers 98262 1/1/99 $97,500 Current
Town Center NF-0338 12/31/98 $124,215 Current
29 South Main Street NW-0235 12/31/98 $550 Not yet invoiced
West Hartford, CT 06107
</TABLE>
Page 12 of 15
<PAGE> 13
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
==================================================================================================================================
Carrier Name & Address Type Broker Limits
==================================================================================================================================
<S> <C> <C> <C>
Nuclear Supplier's & Transp. J&H/M&M $15,000,000
Nuclear Liability Facility Form - SC J&H/M&M $10,000,000
Nuclear Foreign Supplier's & Transp. J&H/M&M $10,000,000
Master Worker Certificate - SC J&H/M&M ######
Shared Agg.
Nuclear Facility Liability - Comm. Park J&H/M&M $10,000,000
Master Worker Certificate - Comm. Park J&H/M&M ######
Shared Agg.
American International Specialty Pollution Legal and Closure/Post Closure J&H/M&M $3,000,000
Lines Ins. Co. Pollution Legal
Harborside Financial Center $3,400,000
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
<TABLE>
<CAPTION>
======================================================================================================================
Policy Expiration Premium Paid
Number Date Thru
======================================================================================================================
<S> <C> <C> <C> <C>
NS-0539 12/31/98 $8,670 Current
NF-0329 12/31/98 $13,590 Current
TBD 12/31/98 TBD Based on Foreign Sales
NW-0237 12/31/98 $550 Not yet invoiced
NF-0337 12/31/98 $39,568 Current
NW-0234 12/31/98 $550 Not yet invoiced
American International Specialty 8183013 10/15/00 $94,400 Current
Lines Ins. Co. Poll. Legal
Harborside Financial Center 12/7/00 $425,000 Current
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
Note: The premium for the Pollution Legal/Closure policy (AISLIC no. 8183013) is
billed in 5 annual installments of $19,280 (Pollution Legal) and $85,000
(Closure). To date, the first three installments are paid in full. The remaining
installments come due on the anniversary date. Thus, the remaining installments
for 12/15/98 and 1999 for Pollution and for 1/4/99 and 2000 for Closure, are
unbilled and unpaid.
Page 13 of 15
<PAGE> 14
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
==========================================================================================================================
Carrier Name & Address Type CO Limits
Entity
==========================================================================================================================
<S> <C> <C> <C>
Blue Cross & Blue Shield of RI Full Coverage Medical MMT
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan Self Funded Dental MMT
PO Box 5-0198
Woburn, MA 01815-0198
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT TN
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT TN
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Self Funded Medical Claims MMT &
10159 Wayzata Boulevard MMT TN
Minnetonka, MN 55305
UNUM Life Insurance Employee Funded Long Term Disability MMT
</TABLE>
<TABLE>
<CAPTION>
===========================================================================================
Expiration Premium Paid
Date Thru
===========================================================================================
<S> <C> <C> <C>
Blue Cross & Blue Shield of RI 4/1-4/30/98 $10,622 Current
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan 4/1-4/30/98 None Current
PO Box 5-0198 Current
Woburn, MA 01815-0198 Current
Fortis Benefits Insurance Co. 4/1-4/30/98 $1,968 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. 4/1-4/30/98 $1,185 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services 4/1-4/30/98 $10,960 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services 4/1-4/30/98 $8,231 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services 4/1-4/30/98 $50,000 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
UNUM Life Insurance 4/1-4/30/98 $1,951 Current
</TABLE>
Page 14 of 15
<PAGE> 15
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
==========================================================================================================================
Carrier Name & Address Type CO Limits
Entity
==========================================================================================================================
<S> <C> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance Short Term Disability MMT
2211 Congress Street
Portland, ME 04122
</TABLE>
<TABLE>
<CAPTION>
========================================================================
Expiration Premium Paid
Date Thru
========================================================================
<S> <C> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance 4/1-4/30/98 $2,110 Current
2211 Congress Street
Portland, ME 04122
</TABLE>
Page 15 of 15
<PAGE> 1
EXHIBIT 99.5
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MASSACHUSETTS
EASTERN DIVISION
IN RE: M4 ENVIRONMENTAL MANAGEMENT, INC. CASE NO.: 97-21388-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 4/30/98
COMES NOW, M4 ENVIRONMENTAL MANAGEMENT, INC. , Debtor in Possession, and hereby
its Monthly Operating Report for the period commencing 4/1/98 and ending 4/30/98
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: 5/19/98 DEBTOR-IN-POSSESSION
By: /s/ F. Gordon Bitter
--------------------------------
Name & Title: F. Gordon Bitter, Vice President
M4 Environmental Management, Inc.
421 Currant Road
Fall River, MA 02720
Telephone: 508-324-6497
<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
FORM OPR-1
COMPARATIVE BALANCE SHEETS
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
CURRENT ASSETS
Cash
Other negotiable instruments (i.e. CD's,
Treasury Bills, Etc.)
Accounts Receivable-Trade, Net (OPR-3)
Less: allowance for doubtful accounts
Accounts Receivable-Other
Inventory, at cost
Prepaid expenses
Deposits
Other:
Stock & interests in:
M4 Environmental, LP (1% ownership, Unknown Unknown Unknown Unknown Unknown Unknown
99% owned by MMT Federal Holdings, Inc.)
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL CURRENT ASSETS 0 0 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------- -------- --------
PROPERTY, PLANT AND EQUIPMENT, AT COST
Less: Accumulated Depreciation
-------- -------- -------- -------- -------- -------- -------- --------
NET PROPERTY, PLANT AND EQUIPMENT 0 0 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------- -------- --------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 0
Less: Accumulated Amortization
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL OTHER ASSETS 0 0 0 0 0 0 0 0
-------- -------- -------- -------- -------- -------- -------- --------
TOTAL ASSETS 0 0 0 0 0 0 0 0
======== ======== ======== ======== ======== ======== ======== ========
</TABLE>
<PAGE> 4
FORM OPR-2
COMPARATIVE BALANCE SHEETS
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH MONTH MONTH MONTH MONTH
DATE ENDED ENDED ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
------- ------- ------- ------- ------- ------- ------- -------
<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 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
FORM OPR-3
SUMMARY OF ACCOUNTS RECEIVABLE
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 0
Allowance for doubtful accounts 0
-------- -------- -------- -------- --------
0 0 0 0 0
======== ======== ======== ======== ========
MONTH: 12/31/97
Allowance for doubtful accounts 0
-------- -------- -------- -------- --------
0 0 0 0 0
======== ======== ======== ======== ========
MONTH: 1/31/98 0
Allowance for doubtful accounts 0
-------- -------- -------- -------- --------
0 0 0 0 0
======== ======== ======== ======== ========
MONTH: 2/28/98 0
Allowance for doubtful accounts 0
-------- -------- -------- -------- --------
0 0 0 0 0
======== ======== ======== ======== ========
MONTH: 3/31/98 0
Allowance for doubtful accounts 0
-------- -------- -------- -------- --------
0 0 0 0 0
======== ======== ======== ======== ========
MONTH: 4/30/98 0
0
-------- -------- -------- -------- --------
0 0 0 0 0
======== ======== ======== ======== ========
MONTH:
Allowance for doubtful accounts
-------- -------- -------- -------- --------
0 0 0 0 0
======== ======== ======== ======== ========
</TABLE>
<PAGE> 6
FORM OPR-4
SCHEDULE OF POST PETITION LIABILITIES
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
MONTH ENDED: 4/30/98
<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
FORM OPR-5
INCOME STATEMENT
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
PRE POST MONTH MONTH MONTH MONTH MONTH
PETITION PETITION ENDED ENDED ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
-------- -------- -------- -------- -------- -------- --------
<S> <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
-------- -------- -------- -------- -------- -------- --------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 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 NONE NONE NONE 0
======== ======== ======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH
ENDED ENDED
-------- --------
<S> <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
-------- --------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 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) 0 0
======== ========
</TABLE>
<PAGE> 8
FORM OPR-6
STATEMENT OF SOURCES AND USES OF CASH
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
TOTAL TOTAL 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 12/31/97 1/31/98 2/28/98 3/31/98 4/30/98
------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) NONE NONE NONE NONE NONE NONE
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 0 0 0 0 0 0
Decrease (Increase)-Accounts Receivable 0 0 0 0 0 0
Decrease (Increase)-Inventories 0 0 0 0 0 0
Decrease (Increase)-Prepaid Expenses 0 0 0 0 0 0
Decrease (Increase)-Other Assets 0 0 0 0 0 0
Increase (Decrease)-Pre Petition Liabilities 0 0 0 0 0 0
Increase (Decrease)-Post Petition Liabilities 0 0 0 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 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 0 0 0
Increase (Decrease)-Shareholder Valuations 0 0 0 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
ATTACHMENT 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
MONTH ENDED: 4/30/98
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>
</TABLE>
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
<TABLE>
<S> <C> <C> <C> <C>
------------------------------------
TOTAL EXECUTIVE PAYROLL 0 0 0 0
====================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? N/A
-------------
Are payments current?
=============
If any policy has lapsed, been replaced or renewed, state
so in the schedule below. Attach a copy of the new
policy's binder or coverage page.
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
<PAGE> 10
ATTACHMENT 1
CHAPTER 11
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: M4 ENVIRONMENTAL MANAGEMENT, INC.
CASE NUMBER: 97-21388-CJK
PAGE 2
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
TOTAL
--------------
<S> <C>
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
==============
</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 0
PRE-PETITION DEBTS
============
</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: 5/19/98
-------------------
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 Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
-----------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
-----------------------------------
F. Gordon Bitter
Vice President
<PAGE> 12
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
===============================================================================================================================
CARRIER NAME & ADDRESS TYPE BROKER LIMITS
===============================================================================================================================
<S> <C> <C> <C>
Commerce & Industry Insurance Co. General Liability Aon $1,000,000
70 Pine Street Automobile Liability Aon $1,000,000
New York, NY 10270 Excess Liability - 1st layer Aon $20,000,000
excess of $1M
New Hampshire Insurance Co. Workers Compensation Aon Statutory
70 Pine Street Workers Compensation - CA Aon Statutory
New York NY 10270 Employers' Liability Aon $1,000,000
American International Specialty Lines Pollution Liability - MA/TN Aon $3,000,000
Insurance Co. Pollution Liability - TX Aon $1,000,000
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company Fidelity Aon $500,000
P.O. Box 91394 Fiduciary Aon $2,000,000
Chicago, IL 60693
Executive Risk Indemnity Company Directors & Officers Liability Aon $10,000,000
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies Foreign Liability Aon $1,000,000
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. Property Aon $147,000,000
Allendale Park Blanket
Johnston, RI 02919
American Nuclear Insurers Nuclear All Risk Property J&H/M&M $45,000,000
Town Center Nuclear Liability Facility Form - TN J&H/M&M $50,000,000
29 South Main Street Master Worker Certificate - TN J&H/M&M $200,000,000
West Hartford, CT 06107 Shared Agg.
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================================
CARRIER NAME & ADDRESS POLICY EXPIRATION PREMIUM PAID
NUMBER DATE THRU
=======================================================================================================================
<S> <C> <C> <C> <C>
Commerce & Industry Insurance Co. 340-94-76 12/3/98 $53,000 Current
70 Pine Street 766-56-11 12/3/98 $3,540 Current
New York, NY 10270 606-23-31 12/3/98 $43,185 Current
New Hampshire Insurance Co. WC588-59-75 12/3/98 $111,250 Current
70 Pine Street WC588-59-77 12/3/98 $753 Current
New York NY 10270 WC588-59-75 12/3/98 inclu. Current
and -77[CA]
American International Specialty Lines 8199951 12/3/98 $28,342 Current
Insurance Co. 8199950 12/3/98 $16,919 Current
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company 751-118812-98 5/9/99 $6,000 Current
P.O. Box 91394 751-118834-98 5/9/99 $6,000 Current
Chicago, IL 60693
Executive Risk Indemnity Company 751-091628-98 1/19/99 $350,000 Current
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies PST 00 9648288 2/1/99 $2,000 Current
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. CC626 12/2/99 $170,000 Current
Allendale Park
Johnston, RI 02919
American Nuclear Insurers 98262 1/1/99 $97,500 Current
Town Center NF-0338 12/31/98 $124,215 Current
29 South Main Street NW-0235 12/31/98 $550 Not yet invoiced
West Hartford, CT 06107
</TABLE>
Page 1 of 4
<PAGE> 13
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
================================================================================================================================
CARRIER NAME & ADDRESS TYPE BROKER LIMITS
================================================================================================================================
<S> <C> <C> <C>
Nuclear Supplier's & Transp. J&H/M&M $15,000,000
Nuclear Liability Facility Form - SC J&H/M&M $10,000,000
Nuclear Foreign Supplier's & Transp. J&H/M&M $10,000,000
Master Worker Certificate - SC J&H/M&M $200,000,000
Shared Agg.
Nuclear Facility Liability - Comm. Park J&H/M&M $10,000,000
Master Worker Certificate - Comm. Park J&H/M&M $200,000,000
Shared Agg.
American International Specialty Pollution Legal and Closure/Post Closure J&H/M&M $3,000,000
Lines Ins. Co. Pollution Legal
Harborside Financial Center $3,400,000
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
<TABLE>
<CAPTION>
==============================================================================================================
CARRIER NAME & ADDRESS POLICY EXPIRATION PREMIUM PAID
NUMBER DATE THRU
==============================================================================================================
<S> <C> <C> <C> <C>
NS-0539 12/31/98 $8,670 Current
NF-0329 12/31/98 $13,590 Current
TBD 12/31/98 TBD Based on Foreign Sales
NW-0237 12/31/98 $550 Not yet invoiced
NF-0337 12/31/98 $39,568 Current
NW-0234 12/31/98 $550 Not yet invoiced
American International Specialty 8183013 10/15/00 $94,400 Current
Lines Ins. Co. Poll. Legal
Harborside Financial Center 12/7/00 $425,000 Current
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
Note: The premium for the Pollution Legal/Closure policy (AISLIC no. 8183013) is
billed in 5 annual installments of $19,280 (Pollution Legal) and $85,000
(Closure). To date, the first three installments are paid in full. The remaining
installments come due on the anniversary date. Thus, the remaining installments
for 12/15/98 and 1999 for Pollution and for 1/4/99 and 2000 for Closure, are
unbilled and unpaid.
Page 2 of 4
<PAGE> 14
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
====================================================================================================================================
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION PREMIUM PAID
ENTITY DATE THRU
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Blue Cross & Blue Shield of RI Full Coverage Medical MMT 4/1-4/30/98 $10,622 Current
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan Self Funded Dental MMT 4/1-4/30/98 None Current
PO Box 5-0198 Current
Woburn, MA 01815-0198 Current
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT 4/1-4/30/98 $1,968 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT TN 4/1-4/30/98 $1,185 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT 4/1-4/30/98 $10,960 Current
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT TN 4/1-4/30/98 $8,231 Current
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Self Funded Medical Claims MMT & 4/1-4/30/98 $50,000 Current
10159 Wayzata Boulevard MMT TN
Minnetonka, MN 55305
</TABLE>
Page 3 of 4
<PAGE> 15
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
====================================================================================================================================
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION PREMIUM PAID
ENTITY DATE THRU
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
UNUM Life Insurance Employee Funded Long Term Disability MMT 4/1-4/30/98 $1,951 Current
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance Short Term Disability MMT 4/1-4/30/98 $2,110 Current
2211 Congress Street
Portland, ME 04122
</TABLE>
Page 4 of 4
<PAGE> 1
EXHIBIT 99.6
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MASSACHUSETTS
EASTERN DIVISION
IN RE: M4 ENVIRONMENTAL, LP CASE NO.: 97-21389-CJK
DEBTOR JUDGE: CAROL J. KENNER
CHAPTER 11
MONTHLY OPERATING REPORT FOR MONTH ENDING: 4/30/98
COMES NOW, M4 ENVIRONMENTAL, LP , Debtor in Possession, and hereby its Monthly
Operating Report for the period commencing 4/1/98 and ending 4/30/98 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: 5/19/98 DEBTOR-IN-POSSESSION
By:
/s/ F. Gordon Bitter
------------------------------------
Name & Title: F. Gordon Bitter, Vice President
M4 Environmental Management, Inc.
as General Partner of M4
Environmental LP
421 Currant Road
Fall River, MA 02720
Telephone: 508-324-6497
<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: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH
DATE ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
-------------------------------------------------------------------
<S> <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 2,294,613
Inventory, at cost
Prepaid expenses
Deposits
Other:
Investment in CW LLC 1,497,718 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 19,000,000
-------------------------------------------------------------------
TOTAL CURRENT ASSETS 22,845,596 22,792,331 22,792,331 22,792,331
-------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 10,653,977 10,653,977 10,653,977 10,653,977
Less: Accumulated Depreciation (580,281) (710,532) (828,954) (947,376)
-------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 10,073,696 9,943,445 9,825,023 9,706,601
-------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 2,414,005 2,414,005 2,414,005 2,414,005
Less: Accumulated Amortization (102,512) (120,443) (138,373) (156,304)
-------------------------------------------------------------------
TOTAL OTHER ASSETS 2,311,493 2,293,562 2,275,632 2,257,701
-------------------------------------------------------------------
TOTAL ASSETS 35,230,785 35,029,338 34,892,986 34,756,633
===================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
3/31/98 4/30/98
--------------------------------------------------------------------
<S> <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 2,294,613 2,294,613
Inventory, at cost
Prepaid expenses
Deposits
Other:
Investment in CW LLC 1,497,718 1,497,718
Long Term Notes Receivable from
Lockheed Martin 19,000,000 19,000,000
--------------------------------------------------------------------
TOTAL CURRENT ASSETS 22,792,331 22,792,331 0 0
--------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT, AT COST 10,653,977 10,653,977
Less: Accumulated Depreciation (1,065,798) (1,184,220)
--------------------------------------------------------------------
NET PROPERTY, PLANT AND EQUIPMENT 9,588,179 9,469,757 0 0
--------------------------------------------------------------------
OTHER ASSETS (ITEMIZED IF VALUE EXCEEDS
10% OF "TOTAL ASSETS")
Intangible Assets 2,414,005 2,414,005
Less: Accumulated Amortization (174,235) (192,166)
--------------------------------------------------------------------
TOTAL OTHER ASSETS 2,239,770 2,221,839 0 0
--------------------------------------------------------------------
TOTAL ASSETS 34,620,280 34,483,927 0 0
====================================================================
</TABLE>
<PAGE> 4
COMPARATIVE BALANCE SHEETS
FORM OPR-2
CASE NAME: M4 ENVIRONMENTAL, LP
CASE NUMBER: 97-21389-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
FILING MONTH MONTH MONTH
DATE ENDED ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
--------------------------------------------------------------------
<S> <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 63,760
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 34,057 8,294 8,294
--------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 0 8,295 72,054 72,054
PRE PETITION INTERCOMPANY LIABILITIES 35,906,310 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 40,843,718
--------------------------------------------------------------------
TOTAL LIABILITIES 76,875,862 76,822,082 76,822,082 76,822,082
PARTNERSHIP EQUITY (DEFICIT)
Retained Earnings
Through Filing Date (41,645,077) (41,645,077) (41,645,077) (41,645,077)
Post Filing Date (147,667) (284,019) (420,372)
--------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (41,645,077) (41,792,744) (41,929,096) (42,065,449)
--------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 35,230,785 35,029,338 34,892,986 34,756,633
====================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
3/31/98
---------------------------------------------------------------------
<S> <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 64,065 64,065
Unsecured Debt-Obligations incurred in Post Petition
Operations (See Form OPR-4) 8,294 8,294
---------------------------------------------------------------------
TOTAL POST PETITION LIABILITIES 72,359 72,359 0 0
PRE PETITION INTERCOMPANY LIABILITIES 35,906,310 35,906,310
DEFERRED REVENUE/DEFERRED INCOME
TOTAL OTHER PRE PETITION LIABILITIES 40,844,824 40,844,824
---------------------------------------------------------------------
TOTAL LIABILITIES 76,823,493 76,823,493 0 0
PARTNERSHIP EQUITY (DEFICIT)
Retained Earnings
Through Filing Date (41,645,077) (41,645,077)
Post Filing Date (558,136) (694,489)
---------------------------------------------------------------------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) (42,203,213) (42,339,566) 0 0
---------------------------------------------------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 34,620,280 34,483,927 0 0
=====================================================================
</TABLE>
<PAGE> 5
SUMMARY OF ACCOUNTS RECEIVABLE FORM OPR-3
CASE NAME: M4 ENVIRONMENTAL, LP
CASE NUMBER: 97-21389-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
0-30 31-60 61-90 OVER
TOTAL DAYS DAYS DAYS 90 DAYS
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DATE OF FILING: 12/3/97 0
Allowance for doubtful accounts 0
-------------------------------------------------------------------------
0 0 0 0 0
=========================================================================
MONTH: 12/31/97 0
Allowance for doubtful accounts 0
-------------------------------------------------------------------------
0 0 0 0 0
=========================================================================
MONTH: 1/31/98 0
Allowance for doubtful accounts 0
-------------------------------------------------------------------------
0 0 0 0 0
=========================================================================
MONTH: 2/28/98 0
Allowance for doubtful accounts 0
-------------------------------------------------------------------------
0 0 0 0 0
=========================================================================
MONTH: 3/31/98 0
Allowance for doubtful accounts 0
-------------------------------------------------------------------------
0 0 0 0 0
=========================================================================
MONTH: 4/30/98 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: 4/30/98
<TABLE>
<CAPTION>
DATE DATE TOTAL 0-30
INCURRED DUE DUE DAYS
----------------------------------------------------------
<S> <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
----------------------------
POST PETITION SECURED DEBT
ACCRUED INTEREST PAYABLE
----------------------------
TOTAL POST PETITION SECURED DEBT 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
----------------------------
TOTAL ALL POST PETITION LIABILITIES 8,294 0
============================
</TABLE>
<TABLE>
<CAPTION>
31-60 61-90 OVER
DAYS DAYS 90 DAYS
----------------------------------------
<S> <C> <C> <C>
TAXES PAYABLE
Federal Income Taxes
FICA-Employer's Share
FICA-Employee's Share
Unemployment Tax
State Sales & Use Tax
State __________ Tax
Personal Property Tax
---------------------------------------
TOTAL TAXES PAYABLE 0 0 0
---------------------------------------
POST PETITION SECURED DEBT
ACCRUED INTEREST PAYABLE
---------------------------------------
TOTAL POST PETITION SECURED DEBT 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.
Accrued expenses-Deferred Decontamination
& Decommissioning Expenses
---------------------------------------
TOTAL TRADE ACCOUNTS PAYABLE & OTHER 0 0 0
---------------------------------------
TOTAL ALL POST PETITION LIABILITIES 0 0 0
=======================================
</TABLE>
<PAGE> 7
INCOME STATEMENT
FORM OPR-5
CASE NAME: M4 ENVIRONMENTAL, LP
CASE NUMBER: 97-21389-CJK
MONTH ENDED: 4/30/98
<TABLE>
<CAPTION>
PRE POST MONTH MONTH
PETITION PETITION ENDED ENDED
12/3/97 12/31/97 1/31/98 2/28/98
-----------------------------------------------------------------
<S> <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
-----------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES 0 0 0 0
-----------------------------------------------------------------
INTEREST EXPENSE (515)
DEPRECIATION AND AMORTIZATION 148,182 136,352 136,353
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
-----------------------------------------------------------------
NET INCOME (LOSS) 0 (147,667) (136,352) (136,353)
=================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED ENDED
3/31/98 4/30/98
-----------------------------------------------------------------------
<S> <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 1,411
Telephone
Transportation
Travel & entertainment
Utilities
-----------------------------------------------------------------------
TOTAL COST OF GOODS SOLD 1,411 0 0 0 0
-----------------------------------------------------------------------
INCOME BEFORE INTEREST, DEPRECIATION,
TAXES, OR EXTRAORDINARY EXPENSES (1,411) 0 0 0 0
-----------------------------------------------------------------------
INTEREST EXPENSE
DEPRECIATION AND AMORTIZATION 136,353 136,353
INCOME TAX EXPENSE (BENEFIT)
REORGANIZATION EXPENSE
OTHER (INCOME) EXPENSE
(GAIN) LOSS ON SALE OF ASSETS
-----------------------------------------------------------------------
NET INCOME (LOSS) (137,764) (136,353) 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: 4/30/98
<TABLE>
<CAPTION>
TOTAL
PRE POST MONTH MONTH
PETITION PETITION ENDED ENDED
12/1-12/2 12/3-12/31 12/31/97 1/31/98
-----------------------------------------------------------------
<S> <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
-----------------------------------------------------------------
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
-----------------------------------------------------------------
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
-----------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 (53,265) (53,265) 0
Cash and Cash Equivalents at Beginning of Period 53,265 53,265 0
-----------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 0 0 0
=================================================================
</TABLE>
<TABLE>
<CAPTION>
MONTH MONTH MONTH MONTH
ENDED ENDED ENDED ENDED
2/28/98 3/31/98 4/3*/98
--------------------------------------------------------------
<S> <C> <C> <C> <C>
CASH FLOWS-OPERATING ACTIVITIES:
Net Earnings (Loss) (136,353) (137,764) (136,353)
Adjustments to Reconcile Net Earnings to
Net Cash Provided (Used) by Operating Activities:
Depreciation & Amortization 136,353 136,353 136,353
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 1,106 0
Increase (Decrease)-Post Petition Liabilities 0 305 0
--------------------------------------------------------------
NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES 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
--------------------------------------------------------------
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
--------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 0 0 0 0
Cash and Cash Equivalents at Beginning of Period 0 0 0 0
--------------------------------------------------------------
Cash and Cash Equivalents at End of Period 0 0 0 0
==============================================================
</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: 4/30/98
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>
NONE
---------------------------------------------------------------------
TOTAL EXECUTIVE PAYROLL 0 0 0 0
=====================================================================
</TABLE>
2. INSURANCE
Is Workers' Compensation and other insurance in effect? Yes
Are payments current? Yes
If any policy has lapsed, been replaced or renewed,
state so in the schedule below.
Attach a copy of the new policy's binder or coverage page.
<TABLE>
<CAPTION>
DATE
COVERAGE POLICY EXPIRATION PREMIUM COVERAGE
TYPE CARRIER NAME AMOUNT NUMBER DATE AMOUNT PAID THRU
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
</TABLE>
SEE ATTACHED INSURANCE EXPIRATION CERTIFICATE
<PAGE> 10
CHAPTER 11 ATTACHMENT 1
MONTHLY OPERATING REPORT
MONTHLY REPORTING QUESTIONNAIRE
CASE NAME: M4 ENVIRONMENTAL, LP
CASE NUMBER: 97-21389-CJK
PAGE 2
3. BANK ACCOUNTS
<TABLE>
<CAPTION>
M4 LP
OPERATING TOTAL
--------- -----
<S> <C> <C>
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 (8,294) (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>
</TABLE>
SEE ATTACHED
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: 5/19/98
---------------
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 Management, Inc.
General Partner
By: /s/ F. Gordon Bitter
-----------------------------------
F. Gordon Bitter
Vice President
MMT Federal Holdings, Inc.
By: /s/ F. Gordon Bitter
-----------------------------------
F. Gordon Bitter
Vice President
<PAGE> 12
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE BROKER LIMITS
---------------------- ---- ------ ------
<S> <C> <C> <C>
Commerce & Industry Insurance Co. General Liability Aon $1,000,000
70 Pine Street Automobile Liability Aon $1,000,000
New York, NY 10270 Excess Liability - 1st layer Aon $20,000,000
excess of $1M
New Hampshire Insurance Co. Workers Compensation Aon Statutory
70 Pine Street Workers Compensation - CA Aon Statutory
New York NY 10270 Employers' Liability Aon $1,000,000
American International Specialty Lines Pollution Liability - MA/TN Aon $3,000,000
Insurance Co. Pollution Liability - TX Aon $1,000,000
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company Fidelity Aon $500,000
P.O. Box 91394 Fiduciary Aon $2,000,000
Chicago, IL 60693
Executive Risk Indemnity Company Directors & Officers Liability Aon $10,000,000
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies Foreign Liability Aon $1,000,000
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. Property Aon ############
Allendale Park Blanket
Johnston, RI 02919
American Nuclear Insurers Nuclear All Risk Property J&H/M&M $45,000,000
Town Center Nuclear Liability Facility Form - TN J&H/M&M $50,000,000
29 South Main Street Master Worker Certificate - TN J&H/M&M ############
West Hartford, CT 06107 Shared Agg.
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS POLICY EXPIRATION PREMIUM PAID
----------------------- NUMBER DATE -------- THRU
------ ---- ----
<S> <C> <C> <C> <C>
Commerce & Industry Insurance Co. 340-94-76 12/3/98 $53,000 Current
70 Pine Street 766-56-11 12/3/98 $3,540 Current
New York, NY 10270 606-23-31 12/3/98 $43,185 Current
New Hampshire Insurance Co. WC588-59-75 12/3/98 $111,250 Current
70 Pine Street WC588-59-77 12/3/98 $753 Current
New York NY 10270 WC588-59-75 12/3/98 inclu. Current
and -77[CA]
American International Specialty Lines 8199951 12/3/98 $28,342 Current
Insurance Co. 8199950 12/3/98 $16,919 Current
70 Pine Street
New York NY 10270
Executive Risk Indemnity Company 751-118812-98 5/9/99 $6,000 Current
P.O. Box 91394 751-118834-98 5/9/99 $6,000 Current
Chicago, IL 60693
Executive Risk Indemnity Company 751-091628-98 1/19/99 $350,000 Current
P.O. Box 91394
Chicago, IL 60693
CNA Insurance Companies PST 00 9648288 2/1/99 $2,000 Current
180 Maiden Lane
New York, NY 10038
Allendale Mutual Insurance Co. CC626 12/2/99 $170,000 Current
Allendale Park
Johnston, RI 02919
American Nuclear Insurers 98262 1/1/99 $97,500 Current
Town Center NF-0338 12/31/98 $124,215 Current
29 South Main Street NW-0235 12/31/98 $550 Not yet invoiced
West Hartford, CT 06107
</TABLE>
Page 12 of 15
<PAGE> 13
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE BROKER LIMITS
---------------------- ---- ------ ------
<S> <C> <C> <C>
Nuclear Supplier's & Transp. J&H/M&M $15,000,000
Nuclear Liability Facility Form - SC J&H/M&M $10,000,000
Nuclear Foreign Supplier's & Transp. J&H/M&M $10,000,000
Master Worker Certificate - SC J&H/M&M ############
Shared Agg.
Nuclear Facility Liability - Comm. Park J&H/M&M $10,000,000
Master Worker Certificate - Comm. Park J&H/M&M ############
Shared Agg.
American International Specialty Pollution Legal and Closure/Post Closure J&H/M&M $3,000,000
Lines Ins. Co. Pollution Legal
Harborside Financial Center $3,400,000
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS POLICY EXPIRATION PREMIUM PAID
---------------------- NUMBER DATE -------- THRU
------ ---- ----
<S> <C> <C> <C> <C>
NS-0539 12/31/98 $8,670 Current
NF-0329 12/31/98 $13,590 Current
TBD 12/31/98 TBD Based on Foreign Sales
NW-0237 12/31/98 $550 Not yet invoiced
NF-0337 12/31/98 $39,568 Current
NW-0234 12/31/98 $550 Not yet invoiced
American International Specialty 8183013 10/15/00 $94,400 Current
Lines Ins. Co. Poll. Legal
Harborside Financial Center 12/7/00 $425,000 Current
401 Plaza 3 Closure
Jersey City, NJ 07311
</TABLE>
Note: The premium for the Pollution Legal/Closure policy (AISLIC no. 8183013) is
billed in 5 annual installments of $19,280 (Pollution Legal) and $85,000
(Closure). To date, the first three installments are paid in full. The remaining
installments come due on the anniversary date. Thus, the remaining installments
for 12/15/98 and 1999 for Pollution and for 1/4/99 and 2000 for Closure, are
unbilled and unpaid.
Page 13 of 15
<PAGE> 14
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION
---------------------- ---- ENTITY ------ DATE
------ ----
<S> <C> <C> <C> <C>
Blue Cross & Blue Shield of RI Full Coverage Medical MMT 4/1-4/30/98
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan Self Funded Dental MMT 4/1-4/30/98
PO Box 5-0198
Woburn, MA 01815-0198
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT 4/1-4/30/98
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. Employee Funded-Supplemental Life MMT TN 4/1-4/30/98
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT 4/1-4/30/98
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Medical Stop Loss and Life Insurance MMT TN 4/1-4/30/98
10159 Wayzata Boulevard Premiums
Minnetonka, MN 55305
Fortis Self Funded Admin Services Self Funded Medical Claims MMT & 4/1-4/30/98
10159 Wayzata Boulevard MMT TN
Minnetonka, MN 55305
UNUM Life Insurance Employee Funded Long Term Disability MMT 4/1-4/30/98
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS PREMIUM PAID
----------------------- -------- THRU
----
<S> <C> <C>
Blue Cross & Blue Shield of RI $10,622 Current
PO Box 1057
Providence, RI
02901-1057
Delta Dental Plan None Current
PO Box 5-0198 Current
Woburn, MA 01815-0198 Current
Fortis Benefits Insurance Co. $1,968 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Benefits Insurance Co. $1,185 Current
PO Box 27-644-1
Kansas City, MO 64180-0644
Fortis Self Funded Admin Services $10,960 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services $8,231 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
Fortis Self Funded Admin Services $50,000 Current
10159 Wayzata Boulevard
Minnetonka, MN 55305
UNUM Life Insurance $1,951 Current
</TABLE>
Page 14 of 15
<PAGE> 15
Molten Metal Technology Insurance Schedule
Exhibit A
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS TYPE CO LIMITS EXPIRATION
---------------------- ----- ENTITY ------- DATE
------ ----
<S> <C> <C> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance Short Term Disability MMT 4/1-4/30/98
2211 Congress Street
Portland, ME 04122
</TABLE>
<TABLE>
<CAPTION>
CARRIER NAME & ADDRESS PREMIUM PAID
---------------------- ------- THRU
----
<S> <C> <C>
PO Box 7777-W0050
Philadelphia, PA
19175-0050
UNUM Life Insurance $2,110 Current
2211 Congress Street
Portland, ME 04122
</TABLE>
Page 15 of 15
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