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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------
FORM 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) MARCH 31, 1998
--------------
MENLO ACQUISITION CORP. FDBA FOCUS SURGERY, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
DELAWARE 0-22136 77-0332937
- --------------------------------------------------------------------------------
(State or other jurisdiction of (Commission File (IRS Employer
incorporation) Number) Identification No.)
113 TYNAN WAY, PORTOLA VALLEY, CA 94028
- --------------------------------------------------------------------------------
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code (415) 529-0730
--------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
Item 3. Bankruptcy or Receivership
On February 9, 1996, the Registrant filed for protection under Chapter 11
of the federal bankruptcy laws in the United States Bankruptcy Court, Northern
District of California, Oakland division ("Bankruptcy Court") pursuant to which
the Registrant's existing directors and officers will continue in possession but
subject to the supervision and orders of the bankruptcy court.
The Registrant made a cash distribution of $267,218 to unsecured creditors
in February 1998. It is unclear at this time whether any funds will be
available for distribution to the shareholders. The Registrant plans to file a
Plan of Reorganization and Disclosure Statement with the bankruptcy court in the
near future.
As directed by the Bankruptcy Court in a hearing taking place on May 6,
1998, the Registrant will no longer file monthly operating reports with the
United States Bankruptcy Court.
Item 7. Financial Statements and Exhibits
Exhibit No. Description
99.27 Summary of Financial Status of the
Registrant for the month ended March
1998, as filed with the United States
Bankruptcy Court, Northern District of
California, Oakland division.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Menlo Acquisition Corp. FDBA Focus Surgery, Inc.
-------------------------------------------------
(Registrant)
Date: May 8, 1998 By: /s/ RICK REDETT
------------------------------------------
Name: Rick Redett
Title: President and Chief Executive Officer
<PAGE>
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
In re: MENLO ACQUISITION CORP. Case No. 96-41107-N
FDBA FOCUS SURGERY, INC., Debtor.
EMPLOYER'S TAX IDENTIFICATION CHAPTER 11
NO.: 77-0332937 MONTHLY OPERATING REPORT
(General Business Case)
- --------------------------------------------------
SUMMARY OF FINANCIAL STATUS
MONTH ENDED MAR-98
--------------
1. Debtor in possession (or trustee) hereby submits this Monthly Operating
Report on the Accrual Basis of accounting (or if checked here ___ the Office
of the U.S. Trustee or the Court has approved the Cash Basis of Accounting
for the Debtor). Dollars reported in ($ _____).
<TABLE>
<CAPTION>
End of End of As of
Current Prior Petition
2. Asset/Liability Summary Month Month Filing
----- ------ ------
<S> <C> <C> <C>
CURRENT ASSETS (MARKET VALUE) $238,540 $240,077 $502,204
----------- ---------- -----------
TOTAL ASSETS (MARKET VALUE) $238,540 $240,077 $2,152,204
----------- ---------- -----------
CURRENT LIABILITIES $101,644 $116,405
----------- ---------- -----------
TOTAL LIABILITIES $121,644 $116,405 $831,829
----------- ---------- -----------
Petition
Current Prior Date to
3. Statement of Cash Receipts & Disbursements for Month Month Month Month End
----- ------ ---------
a. TOTAL RECEIPTS $613 $2,624 $1,510,444
----------- ---------- -----------
b. TOTAL DISBURSEMENTS $2,150 $267,363 $1,291,477
----------- ---------- -----------
c. EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS (a - b) ($1,537) ($264,739) $218,967
----------- ---------- -----------
d. CASH BALANCE BEGINNING OF MONTH $240,077 $504,816
----------- ----------
e. CASH BALANCE END OF MONTH (c + d) $238,540 $240,077
----------- ----------
----------- ----------
4. Post-petition Liabilities & Receivables Receivables Liabilities
----------- -----------
BALANCE AT END OF PREVIOUS MONTH $116,405
----------- -----------
BALANCE AT END OF CURRENT MONTH $101,644
----------- -----------
5. Past Due Post-Petition Liabilities
BALANCE AT END OF PREVIOUS MONTH (OVER 30 DAYS) $0
-----------
BALANCE AT END OF CURRENT MONTH (OVER 30 DAYS) $0
-----------
Yes No
--- --
6. ARE ALL FEDERAL, STATE, AND LOCAL TAXES CURRENT? (IF NO, ATTACH
SCHEDULE OF UNPAID ITEMS) X
---------- -----------
7. HAVE ANY PAYMENTS BEEN MADE TO PRE-PETITION CREDITORS, OTHER THAN
PAYMENTS IN THE NORMAL COURSE TO SECURED CREDITORS OR LESSORS?
(IF YES, ATTACH LISTING INCLUDING DATE OF PAYMENT, AMOUNT OF PAYMENT
AND NAME OF PAYEE) X
---------- -----------
8. HAVE ANY PAYMENTS BEEN MADE TO OFFICERS, INSIDERS, SHAREHOLDERS,
RELATIVES? (IF YES, ATTACH LISTING INCLUDING DATE OF PAYMENT,
AMOUNT AND REASON FOR PAYMENT, AND NAME OF PAYEE) X
---------- -----------
9. HAVE ANY PAYMENTS BEEN MADE TO PROFESSIONALS? (IF YES, ATTACH
LISTING INCLUDING DATE OF PAYMENT, AMOUNT OF PAYMENT AND NAME OF PAYEE) X
---------- -----------
10. IF YOU ANSWERED YES TO LINE 7,8, OR 9, WERE ALL SUCH PAYMENTS APPROVED
BY THE COURT?
---------- -----------
11. IS THE ESTATE INSURED FOR REPLACEMENT COST OF ASSETS AND FOR GENERAL
LIABILITY? X
---------- -----------
12. ARE U.S. TRUSTEE QUARTERLY FEES CURRENT? X
---------- -----------
</TABLE>
I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE REVIEWED THE ABOVE SUMMARY AND
ATTACHED FINANCIAL STATEMENTS, AND AFTER MAKING REASONABLE INQUIRY BELIEVE
THAT THESE DOCUMENTS ARE CORRECT.
Date: APRIL 29, 1998 /S/ Rick Redett
---------------------- ----------------------------
RESPONSIBLE INDIVIDUAL
<PAGE>
BALANCE SHEET
(General Business Case)
For the Month Ended MAR-98
--------------
($ )
----------
Assets
<TABLE>
<CAPTION>
From Schedules Market Value
-------------- ------------
<S> <C> <C>
Current Assets
CASH AND CASH EQUIVALENTS - UNRESTRICTED $238,540
---------------
CASH AND CASH EQUIVALENTS - RESTRICTED
---------------
ACCOUNTS RECEIVABLE (NET) A
---------------
INVENTORY B $0
---------------
PREPAID EXPENSES
---------------
OTHER: INTEREST RECEIVABLE
------------------------- ---------------
--------------------------------- ---------------
Total Current Assets $238,540
---------------
Property and Equipment (Market Value)
REAL PROPERTY C $0
---------------
MACHINERY AND EQUIPMENT D $0
---------------
FURNITURE AND FIXTURES D $0
---------------
OFFICE EQUIPMENT D $0
---------------
LEASEHOLD IMPROVEMENTS D $0
---------------
VEHICLES D $0
---------------
OTHER: D
------------------------- ---------------
D
-------------------------------- ---------------
D
-------------------------------- ---------------
D
-------------------------------- ---------------
D
-------------------------------- ---------------
Total Property and Equipment $0
---------------
Other Assets
PATENTS, COPYRIGHTS, AND OTHER INTELLECTUAL PROPERTY $0
----------------------------------------------------- ---------------
ALL TECHNOLOGY SOLD TO TAKAI HOSPITAL IN JULY 1996.
----------------------------------------------------- ---------------
----------------------------------------------------- ---------------
----------------------------------------------------- ---------------
Total Other Assets $0
---------------
Total Assets $238,540
---------------
---------------
</TABLE>
NOTE:
INDICATE THE METHOD USED TO ESTIMATE THE MARKET VALUE OF ASSETS
(E.G., APPRAISALS; FAMILIARITY WITH COMPARABLE MARKET PRICES, ETC.)
AND THE DATE THE VALUE WAS DETERMINED.
-----------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
---------------------------------------------------------------------
<PAGE>
LIABILITIES AND EQUITY
(General Business Case)
($ )
--------
<TABLE>
<CAPTION>
Liabilities From Schedules
--------------
<S> <C> <C>
Post-Petition
Current Liabilities
SALARIES AND WAGES
---------------
PAYROLL TAXES
---------------
REAL AND PERSONAL PROPERTY TAXES
---------------
INCOME TAXES
---------------
NOTES PAYABLE (SHORT TERM)
---------------
ACCOUNTS PAYABLE (TRADE) A $0
---------------
REAL PROPERTY LEASE ARREARAGE
---------------
PERSONAL PROPERTY LEASE ARREARAGE
---------------
ACCRUED PROFESSIONAL FEES $100,144
---------------
CURRENT PORTION OF LONG-TERM DEBT
(DUE WITHIN 12 MONTHS)
---------------
OTHER: OTHER ACCRUALS $1,500
------------------------- ---------------
--------------------------------- ---------------
--------------------------------- ---------------
Total Current Liabilities $101,644
---------------
Long-Term Debt, Net of Current Portion
---------------
Total Post-Petition Liabilities $101,644
---------------
Pre-Petition Liabilities (allowed amount)
SECURED CLAIMS E
---------------
PRIORITY UNSECURED CLAIMS E $0
---------------
GENERAL UNSECURED CLAIMS E $20,000
---------------
Total Pre-Petition Liabilities $20,000
---------------
Total Liabilities $121,644
---------------
Equity (Deficit)
--------------------------------------- ---------------
--------------------------------------- ---------------
--------------------------------------- ---------------
--------------------------------------- ---------------
MARKET VALUE ADJUSTMENT
---------------
Total Equity (Deficit) $116,896
---------------
Total Liabilities and Equity (Deficit) $238,540
---------------
---------------
</TABLE>
<PAGE>
SCHEDULES
(General Business Case)
($ )
--------
Schedule A
Accounts Receivable(Net)/Payable
<TABLE>
<CAPTION>
Accounts Accounts Payable Past Due
RECEIVABLES AND PAYABLES AGEINGS Receivable [Post Petition] Post Petition Debt
---------- ---------------- ------------------
<S> <C> <C> <C>
0 -30 DAYS $0 $0
---------- --------------- -
31-60 DAYS $0 |
---------- --------------- |
61-90 DAYS $0 | $0
---------- --------------- | -----------------
91+ DAYS $0 $0 |
---------- --------------- -
TOTAL ACCOUNTS RECEIVABLE/PAYABLE $0 $0
---------- ---------------
---------------
ALLOWANCE FOR DOUBTFUL ACCOUNTS
----------
ACCOUNTS RECEIVABLE (NET) $0
----------
----------
</TABLE>
Schedule B
Inventory/Cost of Goods Sold
<TABLE>
<CAPTION>
Types and Amount of Inventory(ies) Cost of Goods Sold
---------------------------------- ------------------
<S> <C>
Inventory(ies) INVENTORY BEGINNING OF MONTH
Balance at -----------------
End of Month ADD -
RETAIL/RESTAURANTS - NET PURCHASES
-----------------
PRODUCT FOR RESALE --------------------- DIRECT LABOR
-----------------
MANUFACTURING OVERHEAD
-----------------
DISTRIBUTION - FREIGHT IN
-----------------
PRODUCT FOR RESALE --------------------- OTHER:
----------------------- -----------------
MANUFACTURER - ----------------------- -----------------
RAW MATERIALS $0
---------------------
WORK-IN-PROGRESS $0 LESS -
---------------------
FINISHED GOODS $0 INVENTORY END OF MONTH
--------------------- -----------------
SHRINKAGE
-----------------
OTHER - PERSONAL USE
--------------------- -----------------
EXPLAIN
---------------------------------- COST OF GOODS SOLD $0
------------------
------------------------------------------- ------------------
TOTAL $0
---------------------
---------------------
<CAPTION>
<S> <C>
Method of Inventory Control Inventory Valuation Methods
--------------------------- ---------------------------
DO YOU HAVE A FUNCTIONING PERPETUAL INVENTORY INDICATE BY A CHECKMARK METHOD OF INVENTORY VALUATION USED.
SYSTEM?
YES X NO
--- ---
HOW OFTEN DO YOU TAKE A COMPLETE PHYSICAL VALUATION METHODS -
INVENTORY?
FIFO COST X
---------
WEEKLY LIFO COST
--- ---------
MONTHLY LOWER OF COST OR
--- MARKET X
QUARTERLY ---------
--- RETAIL METHOD
SEMI-ANNUALLY ---------
---
ANNUALLY X OTHER -
--- ----------
EXPLAIN
DATE OF LAST PHYSICAL
INVENTORY WAS 12/31/94 --------------------------
------------
--------------------------
DATE OF NEXT PHYSICAL
INVENTORY IS NOT SCHEDULED
---------------
</TABLE>
<PAGE>
Schedule C
Real Property
<TABLE>
<CAPTION>
Description Cost Market Value
----------- ---- ------------
<S> <C> <C>
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
Total $0 $0
---------- ---------------
---------- ---------------
</TABLE>
Schedule D
Other Depreciable Assets
<TABLE>
<CAPTION>
Description Cost Market Value
----------- ---- ------------
<S> <C> <C>
Machinery & Equipment -
SEE LISTING ATTACHED TO ORIGINAL PETITION FILING - ALL $0 $0
--------------------------------------------------------- ---------- ---------------
EQUIPMENT SOLD TO TAKAI HOSPITAL IN JULY 1996.
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
Total $0 $0
---------- ---------------
---------- ---------------
Furniture & Fixtures -
$0
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
Total $0 $0
---------- ---------------
---------- ---------------
Office Equipment -
SEE LISTING ATTACHED TO ORIGINAL PETITION FILING - ALL
--------------------------------------------------------- ---------- ---------------
EQUIPMENT SOLD TO TAKAI HOSPITAL IN JULY 1996.
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
Total $0 $0
---------- ---------------
---------- ---------------
Leasehold Improvements -
NONE - THE COMPANY DOES NOT CURRENTLY LEASE FACILITIES $0
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
Total $0 $0
---------- ---------------
---------- ---------------
Vehicles -
NONE
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
--------------------------------------------------------- ---------- ---------------
Total $0 $0
---------- ---------------
---------- ---------------
</TABLE>
Schedule E
Pre-Petition Liabilities
<TABLE>
<CAPTION>
Claimed Allowed
List Total Claims For Each Classification - Amount Amount (b)
----------------------------------------- ------- ----------
<S> <C> <C>
SECURED CLAIMS (a) $115,778
---------- ---------------
PRIORITY CLAIMS OTHER THAN TAXES $0
---------- ---------------
PRIORITY TAX CLAIMS $0
---------- ---------------
GENERAL UNSECURED CLAIMS $586,534 $287,218
---------- ---------------
</TABLE>
(a) LIST TOTAL AMOUNT OF CLAIMS EVEN IF UNDER SECURED.
(b) ESTIMATED AMOUNT OF CLAIM TO BE ALLOWED AFTER COMPROMISE OR
LITIGATION. AS AN EXAMPLE, YOU ARE A DEFENDANT IN A LAWSUIT ALLEGING
DAMAGE OF $10,000,000 AND A PROOF OF CLAIM IS FILED IN THAT AMOUNT.
YOU BELIEVE THAT YOU CAN SETTLE THE CASE FOR A CLAIM OF $3,000,000.
FOR SCHEDULE E REPORTING PURPOSES YOU SHOULD LIST $10,000,000 AS THE
CLAIMED AMOUNT AND $3,000,000 AS THE ALLOWED AMOUNT.
<PAGE>
Schedule F
Rental Income Information
NOT APPLICABLE TO GENERAL BUSINESS CASES.
<PAGE>
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended MAR-98
--------------
$
------------
<TABLE>
<CAPTION>
Current Month
- ------------------------------------------- Cumulative Next Month
Actual Forecast Variance (Case to Date) Forecast
------ -------- -------- -------------- --------
<S> <C> <C> <C> <C> <C>
Revenues
$0 $0 1 GROSS SALES
- ------------- ------------- ------------- -------------- ------------
$0 $0 2 LESS: SALES RETURNS & ALLOWANCES
- ------------- ------------- ------------- -------------- ------------
$0 $0 $0 3 NET SALES $0
- ------------- ------------- ------------- -------------- ------------
$0 $0 4 LESS: COST OF GOODS SOLD (SCHEDULE 'B')
- ------------- ------------- ------------- -------------- ------------
$0 $0 $0 5 GROSS PROFIT $0
- ------------- ------------- ------------- -------------- ------------
$0 6 INTEREST
- ------------- ------------- ------------- -------------- ------------
7 OTHER INCOME:
$0 8 OTHER INCOME $25,565
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 9
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 $0 $0 10 Total Revenues $25,565 $0
- ------------- ------------- ------------- -------------- ------------
Expenses
$0 11 COMPENSATION TO OWNER(S)/OFFICER(S)
- ------------- ------------- ------------- -------------- ------------
$0 12 SALARIES/COMMISSIONS
- ------------- ------------- ------------- -------------- ------------
$0 13 MANAGEMENT FEES
- ------------- ------------- ------------- -------------- ------------
$0 $0 14 DEPRECIATION $368,860 $0
- ------------- ------------- ------------- -------------- ------------
$0 15 TAXES:
- ------------- ------------- ------------- -------------- ------------
$0 16 EMPLOYER PAYROLL TAXES
- ------------- ------------- ------------- -------------- ------------
$0 17 REAL PROPERTY TAXES
- ------------- ------------- ------------- -------------- ------------
$0 18 OTHER TAXES
- ------------- ------------- ------------- -------------- ------------
$0 19 OTHER SELLING
- ------------- ------------- ------------- -------------- ------------
$1,183 $800 ($383) 20 OTHER ADMINISTRATIVE $40,066 $500
- ------------- ------------- ------------- -------------- ------------
$0 21 INTEREST
- ------------- ------------- ------------- -------------- ------------
22 OTHER EXPENSES:
------------- -------------- ------------
$0 23 WRITEDOWN OF RECEIVABLES AND OTHER $274,406
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
($20,000) $20,000 24 REDUCTION OF PAYABLES TO SETTLEMENT AMOUNT ($455,184)
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 25
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 26
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 27
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 28
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 29
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 30
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
($18,817) $800 $19,617 31 Total Expenses $228,148 $500
- ------------- ------------- ------------- -------------- ------------
$18,817 ($800) $19,617 32 Subtotal ($202,583) ($500)
- ------------- ------------- ------------- -------------- ------------
Reorganization Items
$6,207 $4,000 ($2,207) 33 PROFESSIONAL FEES $285,218 $4,000
- ------------- ------------- ------------- -------------- ------------
$0 34 PROVISIONS FOR REJECTED EXECUTORY CONTRACTS
- ------------- ------------- ------------- -------------- ------------
INTEREST EARNED ON ACCUMULATED CASH
($613) ($400) $213 35 RESULTING FROM CHP 11 CASE (29,972) ($400)
- ------------- ------------- ------------- -------------- ------------
$0 36 LOSS FROM SALE OF EQUIPMENT, INVENTORY AND PATENTS $450,000
- ------------- ------------- ------------- -------------- ------------
$3,000 $3,000 37 MISCELLANEOUS $16,952 $3,000
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$0 38 SETTLEMENTS $682,500
- ------------- ------------- ------------- -------------------------------------------- -------------- ------------
$5,594 $6,600 $1,006 39 Total Reorganization Items $1,404,698 $6,600
- ------------- ------------- ------------- -------------- ------------
$13,223 ($7,400) $20,623 40 Net Profit (Loss) Before Federal & State Taxes ($1,607,281) ($7,100)
- ------------- ------------- ------------- -------------- ------------
$0 41 FEDERAL & STATE INCOME TAXES
- ------------- ------------- ------------- -------------- ------------
$13,223 ($7,400) $20,623 42 Net Profit (Loss) ($1,607,281) ($7,100)
- ------------- ------------- ------------- -------------- ------------
- ------------- ------------- ------------- -------------- ------------
Explanation of Variance to Statement of Operations
(For variances greater than +/- 10% only)
AMOUNTS DUE TO UNSECURED CREDITORS WERE ADJUSTED DOWN TO EQUAL AMOUNTS DISTRIBUTED.
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
(General Business Case)
For the Month Ended MAR-98
--------------
<TABLE>
<S> <C>
CASH BALANCE BEGINNING OF MONTH $240,077
---------------
---------------
Cash Receipts (1) $613
---------------
Cash Disbursements (1) $2,150
---------------
Excess (Deficiency) of Receipts Over Disbursements ($1,537)
---------------
Cash Balance End of Month $238,540
---------------
---------------
</TABLE>
<TABLE>
<CAPTION>
Recapitulation of Funds Held at End of Month
- --------------------------------------------
Account 1 Account 2 Account 3
--------- --------- ---------
<S> <C> <C> <C>
Bank SILICON VALLEY BANK MERRILL LYNCH TRUST ACCT -
----------------------- ------------------- -----------------
Account Type CHECKING CHECKING MURRAY & MURRAY
----------------------- ------------------- -----------------
Account No. 3300023699 233-07K66
----------------------- ------------------- -----------------
Account Purpose GENERAL OPERATING ACCT. INVESTMENT
----------------------- ------------------- -----------------
Balance, End of Month $4,960 $71 $100,351
----------------------- --------------- -----------------
<CAPTION>
Account 1 Account 2 Account 3
--------- --------- ---------
<S> <C> <C> <C>
Bank SILICON VALLEY BANK DISTRIBUTION ACCT
----------------------- ------------------- -----------------
Account Type CHECKING
----------------------- ------------------- -----------------
Account No. 3300023699
----------------------- ------------------- -----------------
Account Purpose MONEY MARKET
----------------------- ------------------- -----------------
Balance, End of Month $112,376 $20,782
----------------------- ------------------- -----------------
Total Funds on Hand for all Accounts $238,540
----------------------
----------------------
</TABLE>
EFFECTIVE 1/1/95
(1) EXCLUDING BANK TRANSFERS BETWEEN YOUR ACCOUNTS.
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