TAL WIRELESS NETWORKS INC
8-K, 1999-04-23
COMMUNICATIONS SERVICES, NEC
Previous: SDL INC, 424B4, 1999-04-23
Next: DF DENT & CO INC, 13F-HR, 1999-04-23



<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, 1999
                                                 ---------------

                              TAL WIRELESS NETWORKS, INC.
- -------------------------------------------------------------------------------
                 (Exact name of registrant as specified in charter)

DELAWARE                           0-26110                 13-3768554   
- -------------------------------------------------------------------------------
(State or other jurisdiction     (Commission                IRS Employer
or incorporation)                 File Number)           Identification No.)

113 TYNAN WAY, PORTOLA VALLEY, CA                                 94028
- -------------------------------------------------------------------------------
(Address of principal executive offices)                         (Zip Code)


Registrant's telephone number, including area code          (650) 529-0730
                                                   ----------------------------

________________________________________________________________________
   (Former name or former address, if changed since last report)

<PAGE>


Item 3. Bankruptcy or Receivership


     On October 6, 1997, the Registrant filed a voluntary petition for 
protection under Chapter 11 of the Federal Bankruptcy Laws in the United 
States Bankruptcy Court, Northern District of California, San Jose Division 
pursuant to which the Registrant's existing directors will continue in 
possession but subject to the supervision and orders of the Bankruptcy Court.

     The Company plans to liquidate assets and review the claims of its 
various creditors. It is unclear at this time whether there will be any funds 
available for distribution to shareholders. Once this information has been 
determined, the Company may file a Plan of Reorganization with the Bankruptcy 
Court.

Item 7. Financial Statements and Exhibits

Exhibit No.        Description

99.19              Summary of Financial Status of the Registrant
                   for the month ended March 31, 1999, as filed with the United
                   States Bankruptcy Court, Northern District of California,
                   San Jose 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.


                                     TAL WIRELESS NETWORKS, INC.
                                  -----------------------------------
                                             (Registrant)



Date   April 23, 1999
                               By:  /S/RICHARD J. REDETT
                                  -----------------------------------
                                     Name:  Richard J. Redett
                                     Title: Director




<PAGE>

                                                                 EXHIBIT 99.19


<PAGE>

                         UNITED STATES BANKRUPTCY COURT
                         NORTHERN DISTRICT OF CALIFORNIA




IN RE:  TAL WIRELESS NETWORKS, INC.                 CASE NO: 97-58435 MM

                                                    CHAPTER 11
                                                    MONTHLY OPERATING REPORT
                                                    (GENERAL BUSINESS CASE)

- -------------------------------------------------
                          SUMMARY OF FINANCIAL STATUS

MONTH ENDED     March, 1999
           --------------------

1.     Debtor in possession 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
                                                                                MONTH               MONTH              FILING
                                                                                -----               -----              ------
<S>                                                                        <C>                <C>                 <C>              
2.     ASSET/LIABILITY SUMMARY

         Current Assets (Market Value)                                             $114,716            $219,169           $245,867
                                                                           -----------------  ------------------  -----------------
         Total Assets (Market Value)                                             $3,114,716          $3,219,169         $5,665,985
                                                                           -----------------  ------------------  -----------------
         Current Liabilities                                                       $202,705            $192,287                 $0
                                                                           -----------------  ------------------  -----------------
         Total Liabilities                                                       $5,569,740          $5,659,322         $5,467,035
                                                                           -----------------  ------------------  -----------------
</TABLE>

<TABLE>
<CAPTION>
                                                                                                                      PETITION
                                                                               CURRENT              PRIOR             DATE TO
                                                                                MONTH               MONTH            MONTH END
                                                                                -----               -----            ---------
<S>                                                                        <C>                <C>                 <C> 
3.     STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH 
         a.  Total Receipts                                                              $0            $100,000           $257,213
                                                                           -----------------  ------------------  -----------------
         b.  Total Disbursements                                                   $104,453              $1,220           $158,978
                                                                           -----------------  ------------------  -----------------
         c.  Excess (Deficiency) of Receipts Over Disbursements (a - b)           ($104,453)            $98,780            $98,235
                                                                           -----------------  ------------------  =================
         d.  Cash Balance Beginning of Month                                       $219,169            $120,389
                                                                           -----------------  ------------------
         e.  Cash Balance End of Month (c + d)                                     $114,716            $219,169
                                                                           =================  ==================
</TABLE>

<TABLE>
<CAPTION>
                                                                             RECEIVABLES                            LIABILITIES
                                                                             -----------                            -----------
<S>                                                                        <C>                                    <C>            
4.     POST-PETITION LIABILITIES & RECEIVABLES
         Balance at End of Previous Month                                                $0                               $192,287
                                                                           -----------------                      -----------------
         Balance at End of Current Month                                                 $0                               $202,705
                                                                           -----------------                      -----------------
</TABLE>

<TABLE>
<S>                                                                        <C>             
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
                                                                           -----------------
</TABLE>

<TABLE>
<CAPTION>
                                                                                                                           YES  NO
                                                                                                                           ---  --
<S>                                                                                                                        <C>  <C>
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?                                X
                                                                                                                           ---  ---
11.    Is the estate insured for replacement cost of assets and for general liability?                                     N/A
                                                                                                                           ---  ---
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 19, 1999                    Richard J Redett
            -------------------------------    ---------------------------------
                                                    Responsible Individual

<PAGE>

                                  BALANCE SHEET
                             (GENERAL BUSINESS CASE)

                   FOR THE MONTH ENDED         March, 1999
                                         --------------------

                                ($_________)

         ASSETS

<TABLE>
<CAPTION>
                                                                    FROM SCHEDULES            MARKET VALUE
                                                                    --------------            ------------
<S>         <C>                                                     <C>                   <C>  
            CURRENT ASSETS
    1            Cash and cash equivalents - unrestricted                                               $114,716
                                                                                          -----------------------
    2            Cash and cash equivalents - restricted                                                       $0
                                                                                          -----------------------
    3            Accounts receivable (net)                                A                                   $0
                                                                                          -----------------------
    4            Inventory                                                B                                   $0
                                                                                          -----------------------
    5            Prepaid expenses                                                                             $0
                                                                                          -----------------------
    6            Other:
                         -------------------------------------------                      -----------------------
    7
                 ---------------------------------------------------                      -----------------------

    8                TOTAL CURRENT ASSETS                                                               $114,716
                                                                                          -----------------------


            PROPERTY AND EQUIPMENT (MARKET VALUE)
    9            Real property                                            C                                   $0
                                                                                          -----------------------
   10            Machinery and equipment                                  D                                   $0
                                                                                          -----------------------
   11            Furniture and fixtures                                   D                                   $0
                                                                                          -----------------------
   12            Office equipment                                         D                                   $0
                                                                                          -----------------------
   13            Leasehold improvements                                   D                                   $0
                                                                                          -----------------------
   14            Vehicles                                                 D                                   $0
                                                                                          -----------------------
   15            Other:                                                   D
                         -------------------------------------------                      -----------------------
   16                                                                     D
                 ---------------------------------------------------                      -----------------------
   17                                                                     D
                 ---------------------------------------------------                      -----------------------
   18                                                                     D
                 ---------------------------------------------------                      -----------------------
   19                                                                     D
                 ---------------------------------------------------                      -----------------------

   20                TOTAL PROPERTY AND EQUIPMENT                                                             $0
                                                                                          -----------------------

            OTHER ASSETS
   21            Notes receivable-net of allowances                                                   $3,000,000
                 ---------------------------------------------------                      -----------------------
   22            Investment-NST                                                                               $0
                 ---------------------------------------------------                      -----------------------
   23            Investment-subs                                                                              $0
                 ---------------------------------------------------                      -----------------------
   24            Accounts receivable-intercompany net of allowances                                           $0
                 ---------------------------------------------------                      -----------------------

   25                TOTAL OTHER ASSETS                                                                $3,000,000
                                                                                          ------------------------

   26                TOTAL ASSETS                                                                      $3,114,716
                                                                                          ========================
</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>                    <C>
            POST-PETITION

                 CURRENT LIABILITIES
   27                Salaries and wages
                                                                                                       --------------
   28                Payroll taxes
                                                                                                       --------------
   29                Real and personal property taxes
                                                                                                       --------------
   30                Income taxes
                                                                                                       --------------
   31                Notes payable (short term)
                                                                                                       --------------
   32                Accounts payable (trade)                                         A
                                                                                                       --------------
   33                Real property lease arrearage
                                                                                                       --------------
   34                Personal property lease arrearage
                                                                                                       --------------
   35                Accrued professional fees                                                              $202,705
                                                                                                       --------------
   36                Current portion of long-term debt (due within 12 months)
                                                                                                       --------------
   37                Other:
                                        ---------------------------------------                        --------------
   38
                         ------------------------------------------------------                        --------------
   39
                         ------------------------------------------------------                        --------------

   40                TOTAL CURRENT LIABILITIES                                                              $202,705
                                                                                                       --------------

   41            LONG-TERM DEBT, NET OF CURRENT PORTION
                                                                                                       --------------

   42                TOTAL POST-PETITION LIABILITIES                                                        $202,705
                                                                                                       --------------

            PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
   43                Secured claims                                                   E
                                                                                                       --------------
   44                Priority unsecured claims                                        E                     $101,776
                                                                                                       --------------
   45                General unsecured claims                                         E                   $5,265,259
                                                                                                       --------------

   46                TOTAL PRE-PETITION LIABILITIES                                                       $5,367,035
                                                                                                       --------------

   47                TOTAL LIABILITIES                                                                    $5,569,740
                                                                                                       --------------

         EQUITY (DEFICIT)

   48                    Preferred Stock                                                                     $80,000
                         ------------------------------------------------------                        --------------
   49                    Common Stock                                                                        $28,846
                         ------------------------------------------------------                        --------------
   50                    Additional Paid-In Capital                                                      $18,461,441
                         ------------------------------------------------------                        --------------
   51                    Accumulated Deficit                                                            ($20,990,568)
                         ------------------------------------------------------                        --------------
   52            Market value adjustment                                                                    ($34,743)
                                                                                                       --------------
   53                TOTAL EQUITY (DEFICIT)                                                              ($2,455,024)
                                                                                                       --------------


   54                TOTAL LIABILITIES AND EQUITY (DEFICIT)                                               $3,114,716
                                                                                                       ==============
</TABLE>


<PAGE>
                                    SCHEDULES
                             (GENERAL BUSINESS CASE)
                                    ($_______)

                                   SCHEDULE A
                       ACCOUNTS RECEIVABLE(NET)/PAYABLE

<TABLE>
<CAPTION>
                                                      ACCOUNTS         ACCOUNTS PAYABLE                 PAST DUE
                                                     RECEIVABLE         [POST PETITION]            POST PETITION DEBT
                                                     ----------        ----------------            ------------------
<S>                                               <C>                 <C>                     <C>
Receivables and Payables Ageings   
   0 -30 Days
                                                  -----------------   --------------------
   31-60 Days
                                                  -----------------   --------------------
   61-90 Days                                                                                                         $0
                                                  -----------------   --------------------     --------------------------
   91+ Days
                                                  -----------------   --------------------
   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>                      <C>                                    <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
                              ----------------------
   Work-in-progress                                    Less -
                              ----------------------
   Finished goods                                              Inventory End of Month
                              ----------------------                                          ------------------------
                                                               Shrinkage
                                                                                              ------------------------
Other -                                                        Personal Use
                              ----------------------                                          ------------------------
   Explain
            -------------------------------
                                                        Cost of Goods Sold                        $0
   ----------------------------------------                                                   ========================

        TOTAL                                   $0
                              ======================
</TABLE>

<TABLE>
<CAPTION>
METHOD OF INVENTORY CONTROL                                            INVENTORY VALUATION METHODS
- ---------------------------                                            ---------------------------
<S>                                                                    <C>
Do you have a functioning perpetual inventory system?                  Indicate by a checkmark method of inventory valuation used.
                       Yes              No
                           ----            ---
How often do you take a complete physical inventory?                   Valuation methods -
                                                                               FIFO cost
                                                                                                       --------------------
   Weekly                                                                      LIFO cost
                           ----                                                                        --------------------
   Monthly                                                                     Lower of cost or
                           ----
   Quarterly                                                                       market
                           ----                                                                        --------------------
   Semi-annually                                                               Retail method
                           ----                                                                        --------------------
   Annually
                           ----
                                                                               Other -
                                                                                                       --------------------
Date of last physical inventory was           Unknown                              Explain
                                              ----------------------

                                                                                   -----------------------------------------------
Date of next physical inventory is            N/A
                                              ----------------------               -----------------------------------------------
</TABLE>

<PAGE>
                                   SCHEDULE C
                                  REAL PROPERTY

<TABLE>
<CAPTION>
DESCRIPTION                                                    COST             MARKET VALUE
- -----------                                                    ----             ------------
<S>                                                        <C>                  <C>
None
- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------
     TOTAL                                                             $0               $0
                                                           ===============      ===========
</TABLE>


                                   SCHEDULE D
                            OTHER DEPRECIABLE ASSETS

<TABLE>
<CAPTION>
DESCRIPTION                                                    COST             MARKET VALUE
- -----------                                                    ----             ------------
<S>                                                        <C>                  <C>

MACHINERY & EQUIPMENT -

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------
     TOTAL                                                             $0               $0
                                                           ===============      ===========

FURNITURE & FIXTURES -

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------
     TOTAL                                                             $0               $0
                                                           ===============      ===========

OFFICE EQUIPMENT -

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------
     TOTAL                                                             $0               $0
                                                           ===============      ===========

LEASEHOLD IMPROVEMENTS -

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------
     TOTAL                                                             $0               $0
                                                           ===============      ===========

VEHICLES -

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------

- ----------------------------------------------------       ---------------      -----------
     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)
                                                          -------------------       ------------------------
   Priority claims other than taxes
                                                          -------------------       ------------------------
   Priority tax claims                                              $101,776
                                                          -------------------       ------------------------
   General unsecured claims                                       $5,265,259
                                                          -------------------       ------------------------
</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.


                                   SCHEDULE F


<PAGE>

                            STATEMENT OF OPERATIONS
                            (GENERAL BUSINESS CASE)
                        FOR THE MONTH ENDED  March, 1999
                                            ------------
                               $
                                 --------------

<TABLE>
<CAPTION>
              CURRENT MONTH                                                                        
- -----------------------------------                                                                        CUMULATIVE     NEXT MONTH
 Actual      FORECAST      VARIANCE                                                                      (CASE TO DATE)     FORECAST
 ------      --------      --------                                                                      --------------     --------
<S>          <C>         <C>              <C>   <C>                                                     <C>                 <C>
                                                REVENUES
                                 $0         1       Gross Sales                                                  $7,000
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0         2       less: Sales Returns & Allowances
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0         3       Net Sales                                                    $7,000          $0
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0         4       less: Cost of Goods Sold   (Schedule 'B')                    $68,271
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0         5       Gross Profit                                               ($61,271)         $0
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0         6       Interest                                                        $92
- ----------   ---------   -----------                                                                    ----------------    --------
                                            7       Other Income:
                                 $0         8       Miscellaneous                                                  $996
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0         9       Insurance Settlement                                       $130,000
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------

       $0          $0            $0        10            TOTAL REVENUES                                         $69,817          $0
- ----------   ---------   -----------                                                                    ----------------    --------


                                                EXPENSES
                                 $0        11       Compensation to Owner(s)/Officer(s)
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        12       Salaries/Commissions
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        13       Management Fees
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        14       Depreciation
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        15       Taxes:
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        16            Employer Payroll Taxes
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        17            Real Property Taxes
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        18            Other Taxes
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        19       Other Selling
- ----------   ---------   -----------                                                                    ----------------    --------
      $42                      ($42)       20       Other Administrative                                         $1,862
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        21       Write-off Investment Subs                                  $112,618
- ----------   ---------   -----------                                                                    ----------------    --------
                                           22       Other Expenses:
                                 $0        23       Storage Rental                                               $3,251
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0        24       Accounting                                                   $1,510
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0        25       Press Release                                                  $725
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0        26       Telecommunications                                           $5,015
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
     $411                     ($411)       27       SEC Reporting                                                $6,971
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0        28       Litigation Costs                                             $1,193
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0        29       Write-off of Accounts Receivable                            $55,156
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0        30       Writedown of Notes Receivable                            $2,000,000
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------

     $453          $0         ($453)       31            TOTAL EXPENSES                                      $2,188,301          $0
- ----------   ---------   -----------                                                                    ----------------    --------

    ($453)         $0         ($453)       32   SUBTOTAL                                                    ($2,118,484)         $0
- ----------   ---------   -----------                                                                    ----------------    --------

                                                REORGANIZATION ITEMS
  $10,438                  ($10,438)       33       Professional Fees                                          $310,781
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        34       Provisions for Rejected Executory Contracts
- ----------   ---------   -----------                                                                    ----------------    --------
                                                    Interest Earned on Accumulated Cash
                                 $0        35            Resulting from Chp 11 Case
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        36       Gain or (Loss) from Sale of Equipment                        $4,592
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        37       US Trustee Fees                                              $1,750
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------
                                 $0        38       Loss from Sale of Investments                              $220,000
- ----------   ---------   -----------                ----------------------------------------------      ----------------    --------

  $10,438          $0      ($10,438)       39            TOTAL REORGANIZATION ITEMS                            $527,939          $0
- ----------   ---------   -----------                                                                    ----------------    --------

 ($10,891)         $0      ($10,891)       40   NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES              ($2,646,423)         $0
- ----------   ---------   -----------                                                                    ----------------    --------
                                 $0        41       Federal & State Income Taxes
- ----------   ---------   -----------                                                                    ----------------    --------

 ($10,891)         $0      ($10,891)       42   NET PROFIT (LOSS)                                          ($2,646,423)         $0
==========   =========   ===========                                                                    ================    ========
</TABLE>

EXPLANATION OF VARIANCE TO STATEMENT OF OPERATIONS
(FOR VARIANCES GREATER THAN +/- 10% ONLY)

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

- -------------------------------------------------------------------------------

<PAGE>


                   SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS
                             (GENERAL BUSINESS CASE)

                         FOR THE MONTH ENDED March, 1999
                                            -------------




<TABLE>
<S>                                                           <C>
CASH BALANCE BEGINNING OF MONTH                                    $219,169
                                                              --------------

CASH RECEIPTS  (1)                                                       $0
                                                              --------------

CASH DISBURSEMENTS  (1)                                            $104,453
                                                              --------------

EXCESS (DEFICIENCY) OF RECEIPTS OVER DISBURSEMENTS                ($104,453)
                                                              --------------

CASH BALANCE END OF MONTH                                          $114,716
                                                              ==============
</TABLE>






RECAPITULATION OF FUNDS HELD AT END OF MONTH
- --------------------------------------------

<TABLE>
<CAPTION>
                                                         ACCOUNT 1                ACCOUNT 2                 ACCOUNT 3
                                                         ---------                ---------                 ---------
<S>                                                 <C>                      <C>                      <C>
BANK                                                Wells Fargo              Mallesons Stephen Jaques
                                                    ---------------------    ------------------------ ----------------------
ACCOUNT TYPE                                        Checking                 Trust Account
                                                    ---------------------    ---------------------    ----------------------
ACCOUNT NO.                                         0114-458243
                                                    ---------------------    ---------------------    ----------------------
ACCOUNT PURPOSE                                     General                  Litigation Turst
                                                    ---------------------    ---------------------    ----------------------

BALANCE, END OF MONTH                                            $98,481                  $16,235
                                                    ---------------------    ---------------------    ----------------------

TOTAL FUNDS ON HAND FOR ALL ACCOUNTS                            $114,716
                                                    =====================
</TABLE>



(1)  Excluding bank transfers between your accounts.





© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission