CIRCUIT CITY STORES INC - FORM 8-K - EX-99.1 - FEBRUARY 2010 MONTHLY OPERATING REPORT

Attached files

file	filename
8-K - MONTHLY OPERATING REPORT - CIRCUIT CITY STORES INC	ccs041910_8k.htm

Exhibit 99.1

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.		ACCRUAL BASIS
CASE NUMBER: 08-35653
JUDGE: KEVIN R. HUENNEKENS


UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF VIRGINIA

RICHMOND DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: FEBRUARY 1, 2010 TO FEBRUARY 28, 2010



IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I
DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING
MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND
THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE
DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER
(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH
PREPARER HAS ANY KNOWLEDGE.



RESPONSIBLE PARTY:

/s/ CATHERINE W. BRADSHAW	VICE PRESIDENT AND CONTROLLER
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY	TITLE

CATHERINE W. BRADSHAW	APRIL 14, 2010
PRINTED NAME OF RESPONSIBLE PARTY	DATE



PREPARER:

/s/ ANN P. PIETRANTONI	DIRECTOR, FINANCIAL REPORTING
ORIGINAL SIGNATURE OF PREPARER	TITLE

ANN P. PIETRANTONI	APRIL 14, 2010
PRINTED NAME OF PREPARER	DATE

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-1
CASE NUMBER: 08-35653

BALANCE SHEET
(amounts in thousands)

	2/28/2010
ASSETS

CURRENT ASSETS
Cash and cash equivalents		438,636
Restricted cash		5,314
Short-term investments		1,070
Accounts receivable, net		340,124
Tax receivable		58,151
Prepaid expenses and other current assets		3,996
Intercompany receivables and investments in subsidiaries		85,134

TOTAL CURRENT ASSETS		932,425

Property and equipment		6,871
Accumulated depreciation		(3,436	)
Net property and equipment		3,435
Other assets		20,187

TOTAL ASSETS		956,047


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Merchandise payable		174,168
Expenses payable		21,548
Accrued expenses and other current liabilities		29,781
Intercompany payables		-

TOTAL CURRENT LIABILITIES		225,497

Deferred income taxes		7,084

LIABILITIES NOT SUBJECT TO COMPROMISE		232,581

LIABILITIES SUBJECT TO COMPROMISE		1,485,808

TOTAL LIABILITIES		1,718,389

STOCKHOLDERS' EQUITY
Common stock		435,612
Additional paid-in capital		304,915
Retained deficit		(1,493,101	)
Accumulated other comprehensive loss		(9,768	)

TOTAL STOCKHOLDERS' EQUITY		(762,342	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		956,047

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-2
CASE NUMBER: 08-35653

INCOME STATEMENT
(Amounts in thousands)	2/1/2010 - 2/28/2010
Net sales		-
Cost of sales, buying and warehousing		-
Gross profit		-
Selling, general and administrative expenses		3,131
Operating loss		(3,131	)
Interest income		-
Interest expense		-
Loss before reorganization items, GAAP reversals and income taxes		(3,131	)
Net loss from reorganization items (1)		(100,722	)
Net gain from GAAP reversals		197
Income tax expense		(1	)
Net loss		(103,657	)

(1) During February 2010, the company reconciled its estimate of lease rejection damages, resulting in a charge of $100.7 million to net loss from reorganization items.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-2
CASE NUMBER: 08-35653

INCOME STATEMENT
(Amounts in thousands)	11/10/2008 - 2/28/2010
Net sales		3,200,966
Cost of sales, buying and warehousing		2,825,511
Gross profit		375,455
Selling, general and administrative expenses		1,071,280
Asset impairment charges (1)		756,785
Operating loss		(1,452,610	)
Interest income		90
Interest expense		24,695
Loss before reorganization items, GAAP reversals and income taxes		(1,477,215	)
Net loss from reorganization items		(737,302	)
Net gain from GAAP reversals (2)		282,452
Income tax benefit (3)		85,973
Net loss		(1,846,092	)

(1) The company recorded non-cash impairment charges of $756.8 million during the period between 11/10/2008 and 2/28/2010. The charges were primarily related to long-lived assets at the company's stores and the company's investment in its Canadian subsidiary.
(2) During the period between 1/1/09 and 2/28/10, the company reversed items that had been recorded solely for purposes of complying with generally accepted accounting principles. Items reversed include accrued straight-line rent, certain liabilities subject to compromise and other reserves established under GAAP. The net impact of these GAAP reversals was a non-cash gain of $282.5 million.
(3) During December 2009, the company recorded a net income tax benefit primarily resulting from the filing of a refund claim under the federal five year net operating loss carryback regulations.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-3
CASE NUMBER: 08-35653

CASH RECEIPTS AND
DISBURSEMENTS
(amounts in thousands)
	2/1/2010 - 2/28/2010
Operating Activities:
Net loss	$	(103,657	)

Adjustments to reconcile net loss to net cash
provided by operating activities:
Net loss from reorganization items		100,722
Net gain from GAAP reversals		(197	)
Depreciation expense		8
Changes in operating assets and liabilities:
Restricted cash and cash held by BOA		(1	)
Accounts receivable, net		1,732
Prepaid expenses & other current assets		515
Other assets		77
Merchandise payable		419
Expenses payable		2,508
Accrued expenses, other current liabilities and
income taxes		103,072
Intercompany receivables		(556	)
Net cash provided by operating activities before
reorganization items		104,642
Cash effect of reorganization items (professional fees)		(1,142	)
Net cash provided by operating activities		103,500

Financing Activities:
Change in overdraft balances		(54	)
Net cash used in financing activities		(54	)

Increase in cash and cash equivalents		103,446
Cash and cash equivalents at beginning of period		335,190
Cash and cash equivalents at end of period	$	438,636

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-3
CASE NUMBER: 08-35653

CASH RECEIPTS AND
DISBURSEMENTS
(amounts in thousands)
	11/10/2008 - 2/28/2010
Operating Activities:
Net loss		(1,846,092	)

Adjustments to reconcile net loss to net cash provided by
operating activities:
Net loss from reorganization items		737,302
Net gain from GAAP reversals		(282,452	)
Depreciation expense		44,305
Amortization expense		4
Asset impairment charges		756,785
Stock-based compensation benefit		(8,447	)
Loss on dispositions of property & equipment		453,029
Provision for deferred income taxes		3,383
Other		(9,813	)
Changes in operating assets and liabilities:
Restricted cash and cash held by BOA		(13,034	)
Accounts receivable, net		(91,666	)
Merchandise inventory		1,605,958
Prepaid expenses & other current assets		87,614
Other assets		17,676
Merchandise payable		(4,210	)
Expenses payable		(43,968	)
Accrued expenses, other current liabilities and
income taxes		(112,800	)
Intercompany receivables		6,132
Other long-term liabilities		(231,876	)
Net cash provided by operating activities before
reorganization items		1,067,830
Cash effect of reorganization items (professional fees & settlement of receivables)		5,937
Net cash provided by operating activities		1,073,767

Investing Activities:
Purchases of property and equipment		(748	)
Dividend received from captive insurance subsidiary		8,952
Proceeds from sales of property & equipment		72,414
Net cash provided by investing activities		80,618

Financing Activities:
Proceeds from DIP borrowings		2,961,203
Principal payments on DIP borrowings		(3,691,794	)
Principal payments on other short-term borrowings		(198	)
Proceeds from long-term debt		401
Principal payments on long-term debt		(1,983	)
Change in overdraft balances		(4,710	)
Net cash used in financing activities before
reorganization items		(737,081	)
Cash effect of reorganization items (debt issuance costs)		(26,682	)
Net cash used in financing activities		(763,763	)

Increase in cash and cash equivalents		390,622
Cash and cash equivalents at beginning of period		48,014
Cash and cash equivalents at end of period	$	438,636

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.									ACCRUAL BASIS-4
CASE NUMBER: 08-35653


							SCHEDULE		MONTH			MONTH			MONTH
ACCOUNTS RECEIVABLE AGING							AMOUNT		12/31/2009			1/31/2010			2/28/2010
	1.		0-30							-			-			-
	2.		31-60							-			-			-
	3.		61-90							-			-			-
	4.		91	+						355,661,797			346,381,246			341,239,348
	5.	TOTAL ACCOUNTS RECEIVABLE							$	355,661,797		$	346,381,246		$	341,239,348
	6.	AMOUNT CONSIDERED UNCOLLECTIBLE								1,115,696			1,115,696			1,115,696
	7.	ACCOUNTS RECEIVABLE (NET)							$	354,546,101		$	345,265,550		$	340,123,652



AGING OF POSTPETITION TAXES AND PAYABLES									MONTH:			2/1/2010 - 2/28/2010

						0-30		31-60		61-90			91+
TAXES PAYABLE					DAYS		DAYS		DAYS			DAYS			TOTAL
	1.	FEDERAL			$	31,121	$	-	$	-		$	-		$	31,121
	2.	STATE				5,095		-		-			242,973			248,068
	3.	LOCAL				1,047,192		3,530,154		1,097,938			4,682,215			10,357,499
	4.	OTHER (SEE APPENDIX A)				425,816		-		-			12,429,289			12,855,105
	5.	TOTAL TAXES PAYABLE			$	1,509,224	$	3,530,154	$	1,097,938		$	17,354,477		$	23,491,793

	6.	MERCHANDISE PAYABLE			$	-	$	-	$	-		$	174,167,935		$	174,167,935
		EXPENSES PAYABLE			$	128,154	$	349,158	$	247,652		$	20,823,322		$	21,548,286



STATUS OF POSTPETITION TAXES									MONTH:			2/1/2010 - 2/28/2010

							BEGINNING		AMOUNT						ENDING
							TAX		WITHHELD AND/			AMOUNT			TAX
FEDERAL							LIABILITY*		OR ACCRUED			PAID			LIABILITY
	1.	WITHHOLDING**					$	16,713	$	33,780		$	(33,780	)	$	16,713
	2.	FICA-EMPLOYEE**						7,166		14,487			(14,455	)		7,198
	3.	FICA-EMPLOYER**						7,166		14,487			(14,455	)		7,198
	4.	UNEMPLOYMENT						141		70			(199	)		12
	5.	INCOME						-								-
	6.	OTHER (ATTACH LIST)						-		-			-			-
	7.	TOTAL FEDERAL TAXES					$	31,186	$	62,824		$	(62,889	)	$	31,121
STATE AND LOCAL & OTHER
	8.	WITHHOLDING					$	4,954	$	9,993		$	(9,985	)	$	4,962
	9.	SALES						241,875		1,098			-			242,973
	10.	EXCISE						-								-
	11.	UNEMPLOYMENT						729		406			(1,002	)		133
	12.	REAL PROPERTY						37,869		84,626			-			122,495
	13.	PERSONAL PROPERTY						10,235,004		-			-			10,235,004
	14.	OTHER (SEE APPENDIX A)						16,138,933		(3,283,828	)		-			12,855,105
	15.	TOTAL STATE & LOCAL & OTHER					$	26,659,364	$	(3,187,705	)	$	(10,987	)	$	23,460,672
	16.	TOTAL TAXES					$	26,690,550	$	(3,124,881	)	$	(73,876	)	$	23,491,793

	*	The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
	**	Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.						APPENDIX A
CASE NUMBER: 08-35653


OTHER TAXES PAYABLE
	0-30 days		31-60 days			61-90 days		91+ days		Total
State & Local Income Taxes	$	425,816	$	-		$	-	$	-		425,816
Business Licenses and Gross Receipts Taxes		-		-			-		870,272		870,272
Real Estate Taxes (passed through by landlord)		-		-			-		11,559,017		11,559,017

Other Taxes Payable	$	425,816	$	-		$	-	$	12,429,289	$	12,855,105






STATUS OF POSTPETITION TAXES - OTHER TAXES

	Beginning Tax Liability		Amount Withheld and/or Accrued					Ending Tax Liability
	Beginning Tax Liability		Amount Withheld and/or Accrued			Amount Paid		Ending Tax Liability

Other Taxes
State & Local Income Taxes (1) (2)	$	425,816	$	-		$	-	$	425,816
Business Licenses and Gross Receipts Taxes		870,272		-			-		870,272
Real Estate Taxes (passed through by landlord)		14,842,845		(3,283,828	)		-		11,559,017

Total Other Taxes	$	16,138,933	$	(3,283,828	)	$	-	$	12,855,105

(1) Income/Franchise taxes related to the fiscal year ending 2/28/09 are considered "postpetition" taxes because the ending date of the period on which the returns are based is postpetition.

(2) During March 2009 - February 2010, the company did not record a full tax provision. Therefore, the ending tax liability does not include an additional accrual for that period of time.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.

ACCRUAL BASIS-5

CASE NUMBER: 08-35653

The debtor in possession must complete the reconciliation below for each bank account,

including all general, payroll and tax accounts, as well as all savings and investment

accounts, money market accounts, certificates of deposit, government obligations, etc.

Accounts with restricted funds should be identified by placing an asterisk next to the

account number. Attach additional sheets if necessary.

MONTH:

2/1/2010 - 2/28/2010

BANK RECONCILIATIONS

Account #1

Account #2

Account #3

A. BANK:

see APPENDIX B

B. ACCOUNT NUMBER:

TOTAL

C. PURPOSE (TYPE):

BALANCE PER BANK STATEMENT

ADD: TOTAL DEPOSITS NOT CREDITED

SUBTRACT: OUTSTANDING CHECKS

OTHER RECONCILING ITEMS

MONTH END BALANCE PER BOOKS

443,950,397

NUMBER OF LAST CHECK WRITTEN

INVESTMENT ACCOUNTS

DATE OF

TYPE OF

PURCHASE

CURRENT

BANK, ACCOUNT NAME & NUMBER

PURCHASE

INSTRUMENT

PRICE

VALUE

10.

11.

TOTAL INVESTMENTS

CASH

12.

CURRENCY ON HAND

13.

TOTAL CASH - END OF MONTH

443,950,397

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.									APPENDIX B
CASE NUMBER: 08-35653
G/L Acct #		Account Name	Bank Acct #		Debtor	Description	Bank Balance		G/L Balance			As of Date	Reconciled as of 2/28/10

	101003	Wachovia Circuit City Master		2055275431509	Circuit City Stores, Inc.	Funding Account	$	100,647	$	-		2/28/2010		Y
	101003	Wachovia Circuit City Main Disbursement		2000045277427	Circuit City Stores, Inc.	Funding Account		12,790,080		12,890,727		2/28/2010		Y
	101004	BOA Main Account		4426954215	Circuit City Stores, Inc.	Funding Account		423,819,455		423,819,455		2/28/2010		Y
	101063	Wachovia Sublease Lockbox		2055303192189	Circuit City Stores, Inc.	Depository Account		-		-		2/28/2010		Y
	101100	Suntrust Concentration		88001883706	Circuit City Stores, Inc.	Funding Account		3,549		3,549		2/28/2010		Y
	101217	Wachovia Payroll		2079900613908	XS Stuff, LLC	Payroll Account		8,881		11,936		2/28/2010		Y
	101255	Wachovia Service Payables		2079900056044	Circuit City Stores, Inc.	Disbursement Account		-		(185,076	)	2/28/2010		Y
	101307	Chase CC Empire Blue Cross		475600266	Circuit City Stores, Inc.	Depository Account		1,045,685		1,045,685		2/28/2010		Y
	101332	Suntrust EP Disbursement		8800606660	Circuit City Stores, Inc.	Disbursement Account		-		-		2/28/2010		Y
	101453	Solutran Citizens State Bank Parago Funding Acct		737934	Circuit City Stores, Inc.	Funding Account		-		-		2/28/2010		Y
	101530	Wachovia Ventoux International		2000022979528	Ventoux International	Depository Account		1,050,000		1,050,000		2/28/2010		Y
	101677	BA Liquidation Acct		4426864923	Circuit City Stores, Inc.	Escrow Account		5,314,121		5,314,121		2/28/2010		Y

							$	444,132,418	$	443,950,397

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.									ACCRUAL BASIS-6
CASE NUMBER: 08-35653

									MONTH:		2/1/2010 - 2/28/2010

PAYMENTS TO INSIDERS AND PROFESSIONALS

OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID
TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE)
AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF
COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,
TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.

INSIDERS
				TYPE OF	AMOUNT		TOTAL PAID
			NAME	PAYMENT	PAID		TO DATE
	1.
	2.
	3.
	4.
	5.
	6.		TOTAL PAYMENTS
			TO INSIDERS (1)


PROFESSIONALS
				DATE OF COURT							TOTAL
				ORDER AUTHORIZING	AMOUNT		AMOUNT		TOTAL PAID		INCURRED
			NAME	PAYMENT	APPROVED		PAID		TO DATE		& UNPAID *
	1.		FTI Consulting, Inc.				$	311,393	$	8,654,320	$	327,726
	2.		Kirkland & Ellis LLP					-		291,017		-
	3.		KPMG LLP					-		926,558		5,286
	4.		Kurtzman Carson Consultants LLC					326,456		7,369,446		998,688
	5.		McGuire Woods, LLP					199,123		3,757,903		384,434
	6.		Skadden, Arps, Slate, Meagher & Flom, LLP					-		10,226,488		1,659,753
	7.		Ernst & Young LLP					-		1,795,222		327,536
	8.		Tavenner & Beran, PLC					-		236,017		-
	9.		Jefferies & Company, Inc.					-		658,254		-
	10.		Pachulski, Stang, Ziehl & Jones					117,868		2,689,346		66,913
	11.		Rothschild Inc.					-		3,017,829		-
	12.		Protiviti					227,644		2,860,670		60,540
	13.		DJM Realty Services, LLC					-		741,139		1,434
	14.		Lucy Thomson					-		74,526		-
	15.		Gowling Lafleur Henderson LLP					-		-		105,206
			TOTAL PAYMENTS
			TO PROFESSIONALS		$	-	$	1,182,484	$	43,298,735	$	3,937,516

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS

					SCHEDULED		AMOUNTS
					MONTHLY		PAID		TOTAL
					PAYMENTS		DURING		UNPAID
NAME OF CREDITOR					DUE		MONTH		POSTPETITION
	1.		Leases (2)		$	11,336	$	11,336	$	11,008,541
	2.
	3.
	4.
	5.
	6.		TOTAL		$	11,336	$	11,336	$	11,008,541

	(1	)	Other than salary, fees and benefit payments made in the ordinary course of business and reimbursements for business expenses, no payments have been made to insiders during the reporting period.
	(2	)	The leases line item is made up of several landlords. As such, only the total amount is reported in this schedule. The unpaid balance remaining at 2/28/2010 primarily includes some rent payments due for the period from 11/10/2008 - 11/30/2008.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.

ACCRUAL BASIS-7

CASE NUMBER: 08-35653

MONTH:

2/1/2010 - 2/28/2010

QUESTIONNAIRE

YES

HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE

THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?

HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT

OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?

ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR

LOANS) DUE FROM RELATED PARTIES?

HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES

THIS REPORTING PERIOD?

HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE

DEBTOR FROM ANY PARTY?

ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?

ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES

PAST DUE?

ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?

ARE ANY OTHER POSTPETITION TAXES PAST DUE?

10.

ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS

DELINQUENT?

11.

HAVE ANY PREPETITION TAXES BEEN PAID DURING THE

REPORTING PERIOD?

12.

ARE ANY WAGE PAYMENTS PAST DUE?

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED

EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

Certain real estate taxes are passed through to the debtors from the landlords. A portion of these real estate taxes is past due.

Certain business license taxes that covered both prepetition and postpetition periods were due on or before 2/28/2010 but were not paid.

10.

The rent for some store leases owed for the period 11/10/2008 through 11/30/2008 is past due; these payments are being held pursuant to a Court order. In addition, due to the liquidation proceedings, the debtors are currently reconciling amounts due to post-petition creditors, which has slowed creditor payments.

INSURANCE

YES

ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER

NECESSARY INSURANCE COVERAGES IN EFFECT?

ARE ALL PREMIUM PAYMENTS PAID CURRENT?

PLEASE ITEMIZE POLICIES BELOW.

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN

CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION

BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.


	INSTALLMENT PAYMENTS
TYPE OF			PAYMENT AMOUNT
POLICY	CARRIER	PERIOD COVERED	& FREQUENCY
Workers’ Compensation & Employer’s Liability	ACE American Insurance Company	4/1/09 - 4/1/10	$4,396 paid at inception, $4,089 paid on 7/29/09 and $203 paid on 9/29/09
General Liability and Non-owned Auto Liability	First Specialty Insurance Company	4/1/09 - 4/1/10	$85,000 paid at inception
Excess Liability	RSUI Indemnity Company	4/1/09 - 4/1/10	$55,000 paid at inception
Crime/Fidelity	C.V. Starr & Co., Inc.	12/1/09 - 12/1/10	$35,000 to be paid in April 2010
D&O (Traditional) - Primary	Chartis	12/1/09 - 12/1/10	$125,000 paid at inception
D&O (Traditional) - Layer 1	C.V. Starr & Co., Inc.	12/1/09 - 12/1/10	$69,000 paid at inception
D&O (Traditional) - Layer 2	CNA	12/1/09 - 12/1/10	$55,000 paid at inception
D&O (Traditional) - Layer 3	Valiant Insurance Group	12/1/09 - 12/1/10	$50,000 paid at inception
D&O (Traditional) - Layer 4	C.V. Starr & Co., Inc.	12/1/09 - 12/1/10	$25,000 paid at inception
D&O (Traditional) - Layer 5	Chartis	12/1/09 - 12/1/10	$25,000 paid at inception
Runoff D&O - Primary	CNA	12/1/08 - 12/1/14	$1,177,500 paid at inception
Runoff D&O - Layer 1	Chubb Group	12/1/08 - 12/1/14	$487,500 paid at inception
Runoff D&O - Layer 2 (Year 1)	Great American Insurance Group	12/1/08 - 12/1/14	$240,000 paid at inception
Runoff D&O - Layer 2 (Years 2 - 6)	Axis Insurance	12/1/08 - 12/1/14	$240,000 paid at inception
Runoff D&O - Layer 3	Travelers	12/1/08 - 12/1/14	$822,000 paid at inception
Runoff D&O - Layer 4	Axis Insurance	12/1/08 - 12/1/14	$698,700 paid at inception
Runoff D&O - Layer 5	RSUI Group, Inc.	12/1/08 - 12/1/14	$589,050 paid at inception
Runoff D&O - Layer 6	Arch Insurance Group	12/1/08 - 12/1/14	$540,000 paid at inception
Runoff D&O - Layer 7 (Side A DIC)	XL Insurance	12/1/08 - 12/1/14	$1,275,000 paid at inception
Runoff D&O - Layer 8	Chubb Group	12/1/08 - 12/1/14	$375,000 paid at inception
Property - All Risk	Columbia Casualty Company	8/15/09 - 8/15/10	$77,290 paid at inception

CIRCUIT CITY STORES INC - FORM 8-K - EX-99.1 - FEBRUARY 2010 MONTHLY OPERATING REPORT - April 19, 2010

Attached files