Attached files
file | filename |
---|---|
8-K - FORM 8-K - IMPERIAL CAPITAL BANCORP, INC. | t69495_8k.htm |
EX-99.1 - EXHIBIT 99.1 - IMPERIAL CAPITAL BANCORP, INC. | ex99-1.htm |
EX-99.3 - EXHIBIT 99.3 - IMPERIAL CAPITAL BANCORP, INC. | ex99-3.htm |
Exhibit 99.2
UNITED STATES DEPARTMENT OF JUSTICE
|
OFFICE OF THE UNITED STATES TRUSTEE
|
SOUTHERN DISTRICT OF CALIFORNIA
|
In Re:
|
CHAPTER 11 (BUSINESS)
|
|
|
CASE NO. 3:09-bk-19431
|
|
IMPERIAL CAPITAL BANCORP, INC.,
|
OPERATING REPORT NO. 11
|
|
a Delaware corporation |
FOR THE MONTH ENDING:
|
|
OCTOBER 2010
|
||
Debtor(s).
|
I. CASH RECEIPTS AND DISBURSEMENTS
A.1 (BANK OF AMERICA GENERAL ACCOUNT)
1.
|
TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
|
$
|
5,952,722.52
|
||||||
2.
|
LESS:
|
TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
|
$
|
5,952,722.52
|
|||||
3.
|
BEGINNING BALANCE:
|
$
|
0.00
|
||||||
4.
|
RECEIPTS DURING CURRENT PERIOD:
|
||||||||
ACCOUNTS RECEIVABLE - PRE-FILING
|
$
|
0.00
|
|||||||
ACCOUNTS RECEIVABLE - POST-FILING
|
$
|
0.00
|
|||||||
GENERAL SALES
|
$
|
0.00
|
|||||||
OTHER (SPECIFY) Payments on residual interests
|
$
|
0.00
|
|||||||
OTHER** (SPECIFY) Refunds
|
$
|
0.00
|
|||||||
TOTAL RECEIPTS THIS PERIOD:
|
$
|
0.00
|
|||||||
5.
|
BALANCE:
|
$
|
0.00
|
||||||
6.
|
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
|
TRANSFERS TO OTHER DIP ACCOUNTS
|
$
|
0.00
|
||||||
DISBURSEMENTS
|
$
|
0.00
|
||||||
TOTAL DISBURSEMENTS THIS PERIOD***:
|
$
|
0.00
|
||||||
7.
|
ENDING BALANCE:
|
$
|
0.00
|
|||||
8.
|
GENERAL ACCOUNT NUMBER
|
|||||||
DEPOSITORY NAME AND LOCATION Bank of America, 1655 Grant Street Bldg A, 10th Floor, Concord, CA 94520-2445
|
1
TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
DATE
|
CHECK
NUMBER
|
PAYEE
|
PURPOSE
|
AMOUNT | |||
TOTAL DISBURSEMENTS THIS PERIOD |
$
|
0.00
|
||
Add additional pages as necessary to include all disbursements.
|
2
GENERAL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/10
|
$
|
0.00
|
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
||||||
$
|
|||||||
$
|
|||||||
$
|
|||||||
Total deposits in transit
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||||
Total outstanding checks
|
<
|
0.00>
|
|||
Bank statement adjustments**
|
|||||
Adjusted bank balance
|
$
|
0.00
|
*
|
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
|
**
|
Please attach a detailed explanation of any bank statement adjustment.
|
3
I. CASH RECEIPTS AND DISBURSEMENTS
A.2 (TORREY PINES ACCOUNT)
1.
|
TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
|
$
|
5,954,754.27
|
||||||
2.
|
LESS:
|
TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
|
$
|
5,752,498.59
|
|||||
3.
|
BEGINNING BALANCE:
|
$
|
202,255.68
|
||||||
4.
|
RECEIPTS DURING CURRENT PERIOD:
|
||||||||
ACCOUNTS RECEIVABLE - PRE-FILING
|
$
|
0.00
|
|||||||
ACCOUNTS RECEIVABLE - POST-FILING
|
$
|
0.00
|
|||||||
GENERAL SALES
|
$
|
0.00
|
|||||||
OTHER (SPECIFY) Payments on residual interests
|
$
|
19,595.82
|
|||||||
OTHER (SPECIFY) Asset sales
|
$
|
10,240.00
|
|||||||
OTHER (SPECIFY) Refunds
|
$
|
2,648.12
|
|||||||
OTHER (SPECIFY)
|
$
|
0.00
|
|||||||
TOTAL RECEIPTS THIS PERIOD:
|
$
|
32,483.94
|
|||||||
5.
|
BALANCE:
|
$
|
234,739.62
|
||||||
6.
|
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
|
||||||||
TRANSFERS TO OTHER DIP ACCOUNTS
|
$
|
32,347.80
|
|||||||
DISBURSEMENTS
|
$
|
100,430.05
|
|||||||
TOTAL DISBURSEMENTS THIS PERIOD***:
|
$
|
132,777.85
|
|||||||
7.
|
ENDING BALANCE:
|
$
|
101,961.77
|
||||||
8.
|
GENERAL ACCOUNT NUMBER ___________________________
|
||||||||
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130, San Diego, CA 92121
|
4
TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
DATE
|
CHECK
NUMBER
|
PAYEE
|
PURPOSE
|
AMOUNT
|
||||||
10/04/10
|
1056
|
Joseph Kiley
|
Expense reimbursement
|
301.34
|
||||||
10/05/10
|
1064
|
Mary Jane Mulson
|
Janitorial services
|
160.00
|
||||||
10/08/10
|
1066
|
State Compensation Insurance Fund
|
Workers compensation insurance premium
|
459.62
|
||||||
10/12/10
|
1067
|
Ace Parking Management
|
Parking services
|
350.00
|
||||||
10/08/10
|
1068
|
888 Prospect LJ, LLC
|
Office rent
|
6,440.56
|
||||||
10/13/10
|
1069
|
Public Storage
|
Storage services
|
194.20
|
||||||
10/18/10
|
1070
|
Verizon Wireless
|
Telephone services
|
201.65
|
||||||
10/12/10
|
1071
|
Takeo Sasaki
|
Consulting – accounting services
|
1,768.50
|
||||||
10/13/10
|
1072
|
Coffee Ambassador
|
Office expense
|
84.57
|
||||||
10/15/10
|
1073
|
Mass Mutual
|
Retirement plan expense
|
11.81
|
||||||
10/12/10
|
1074
|
UPS
|
Shipping services
|
68.54
|
||||||
10/15/10
|
1075
|
Time Warner Cable
|
Internet services
|
186.47
|
||||||
10/07/10
|
1076
|
Mary Jane Mulson
|
Janitorial services
|
1,000.00
|
||||||
10/18/10
|
1077
|
Freedom Voice
|
Telephone services
|
344.49
|
||||||
10/13/10
|
1078
|
San Diego Gas & Electric
|
Utilities
|
679.58
|
||||||
10/19/10
|
1079
|
Joseph Kiley
|
Expense reimbursement
|
287.97
|
||||||
10/28/10
|
1080
|
State Compensation Insurance Fund
|
Workers compensation insurance premium
|
459.62
|
||||||
10/27/10
|
1082
|
Union Bank
|
Trustee fees for employee benefit plans
|
15,619.39
|
||||||
10/21/10
|
1083
|
A Quality Connection
|
Telephone maintenance
|
561.00
|
||||||
10/29/10
|
1084
|
A Quality Connection
|
Telephone maintenance
|
561.00
|
||||||
10/29/10
|
1085
|
Mary Jane Mulson
|
Janitorial services
|
160.00
|
||||||
10/13/10
|
Bank Debit
|
Torrey Pines Bank
|
Wire transfer fee
|
30.00
|
||||||
10/13/10
|
Bank Debit
|
Akin Gump Strauss Hauer & Feld
|
Wire transfer for legal fees
|
70,489.74
|
||||||
10/25/10
|
Bank Debit
|
Torrey Pines Bank
|
Wire transfer fee
|
10.00
|
||||||
TOTAL DISBURSEMENTS THIS PERIOD
|
$
|
100,430.05
|
||||||||
Add additional pages as necessary to include all disbursements.
|
5
GENERAL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/10
|
$
|
101,961.77
|
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
||||||
$
|
|||||||
$
|
|||||||
$
|
|||||||
Total deposits in transit
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
|||||
1081
|
10/18/10
|
$ |
3,015.55
|
||||
1086
|
10/29/10
|
$ |
500.00
|
||||
Total outstanding checks
|
<
|
3,515.55>
|
|||
Bank statement adjustments**
|
|||||
Adjusted bank balance
|
$
|
98,446.22
|
*
|
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
|
**
|
Please attach a detailed explanation of any bank statement adjustment.
|
6
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.1 (BANK OF AMERICA PAYROLL ACCOUNT)
1.
|
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$
|
117,770.84
|
||
2.
|
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$
|
117,770.84
|
||
3.
|
BEGINNING BALANCE
|
$
|
0.00
|
||
4.
|
RECEIPTS:
|
||||
TRANSFERRED FROM OTHER GENERAL ACCOUNT
|
$
|
0.00
|
|||
5.
|
BALANCE
|
$
|
0.00
|
||
6.
|
LESS: DISBURSEMENTS DURING CURRENT PERIOD
|
DATE
|
CHECK NO.
|
PAYEE
|
AMOUNT
|
|||||
TOTAL DISBURSEMENTS THIS PERIOD:
|
$
|
0.00
|
||||
7.
|
ENDING BALANCE:
|
$
|
0.00
|
|||
8.
|
PAYROLL ACCOUNT NUMBER _________________________________
|
|||||
DEPOSITORY NAME AND LOCATION Bank of America, 1655 Grant Street Bldg A, 10th Floor, Concord, California 94500-2455
|
7
PAYROLL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/10
|
$
|
0.00
|
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
||||||
$
|
|||||||
$
|
|||||||
$
|
|||||||
Total deposits in transit
|
0.00 |
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||||
Total outstanding checks
|
<
|
0.00>
|
|||
Bank statement adjustments**
|
|||||
Adjusted bank balance
|
$
|
0.00
|
8
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.2 (TORREY PINES PAYROLL ACCOUNT)
1.
|
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$
|
198,220.18
|
||
2.
|
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$
|
197,813.72
|
||
3.
|
BEGINNING BALANCE
|
$
|
406.46
|
||
4.
|
RECEIPTS:
|
||||
TRANSFERRED FROM OTHER ACCOUNT
|
|||||
(Torrey Pines Bank general account)
|
$
|
32,347.80
|
|||
5.
|
BALANCE
|
$
|
32,754.26
|
||
6.
|
LESS: DISBURSEMENTS DURING CURRENT PERIOD
|
DATE
|
CHECK NO.
|
PAYEE
|
AMOUNT
|
|||||
10/14/10
|
Payroll fee
|
NPS Payroll Services
|
64.00
|
|||||
10/14/10
|
Transfer payroll 10/1 to 10/15
|
NPS Payroll Services
|
4,820.69
|
|||||
10/14/10
|
Transfer payroll 10/1 to 10/15
|
NPS Payroll Services
|
11,289.21
|
|||||
10/28/10
|
Payroll fee
|
NPS Payroll Services
|
74.00
|
|||||
10/28/10
|
Transfer payroll 10/16 to 10/31
|
NPS Payroll Services
|
2,931.43
|
|||||
10/28/10
|
Transfer payroll 10/16 to 10/31
|
NPS Payroll Services
|
6,922.38
|
|||||
10/29/10
|
Transfer payroll 10/16 to 10/31
|
NPS Payroll Services
|
1,644.42
|
|||||
10/29/10
|
Transfer payroll 10/16 to 10/31
|
NPS Payroll Services
|
4,611.67
|
TOTAL DISBURSEMENTS THIS PERIOD:
|
$
|
32,357.80
|
||||
7.
|
ENDING BALANCE:
|
$
|
396.46
|
|||
8.
|
PAYROLL ACCOUNT NUMBER _________________________________
|
|||||
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130, San Diego, CA 92121
|
9
PAYROLL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/10
|
$
|
396.46
|
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
||||||
$
|
|||||||
$
|
|||||||
$
|
|||||||
Total deposits in transit
|
0.00 |
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||||
Total outstanding checks
|
<
|
0.00>
|
|||
Bank statement adjustments**
|
|||||
Adjusted bank balance
|
$
|
396.46
|
*
|
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
|
**
|
Please attach a detailed explanation of any bank statement adjustment.
|
10
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
C. (TAX ACCOUNT)
1.
|
TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS
|
$
|
0.00
|
|||
2.
|
LESS:
|
TOTAL DISBURSEMENTS PER ALL PRIOR TAX ACCOUNT REPORTS
|
$
|
0.00
|
||
3.
|
BEGINNING BALANCE
|
$
|
0.00
|
|||
4.
|
RECEIPTS:
|
|||||
TRANSFERRED FROM GENERAL ACCOUNT
|
$
|
0.00
|
||||
5.
|
BALANCE
|
$
|
0.00
|
|||
6.
|
LESS: DISBURSEMENTS DURING CURRENT PERIOD
|
DATE
|
CHECK NO.
|
PAYEE
|
AMOUNT
|
|||||
TOTAL DISBURSEMENTS THIS PERIOD:
|
$
|
0.00
|
||||
7.
|
ENDING BALANCE:
|
$
|
0.00
|
|||
8.
|
TAX ACCOUNT NUMBER _________________________________
|
|||||
DEPOSITORY NAME AND LOCATION Bank of America, 1655 Grant St, Bldg A, 10th Floor Concord, CA 94520-2445
|
11
TAX ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: ____________________
|
$
|
0.00
|
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
||||
$
|
|||||
Total deposits in transit
|
0.00
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||||
Total outstanding checks
|
<
|
0.00>
|
||
Bank statement adjustments**
|
||||
Adjusted bank balance
|
$
|
0.00
|
12
D. SUMMARY SCHEDULE OF CASH
ENDING BALANCE FOR PERIOD:
|
|||||
GENERAL ACCOUNT – Bk of America
|
$
|
0.00
|
|||
GENERAL ACCOUNT – Torrey Pines Bk
|
$
|
101,961.77
|
|||
PAYROLL ACCOUNT – Bk of America
|
$
|
0.00
|
|||
PAYROLL ACCOUNT – Torrey Pines Bk
|
$
|
396.46
|
|||
TAX ACCOUNT
|
$
|
0.00
|
|||
OTHER ACCOUNTS*:
|
|||||
Torrey Pines Bank
|
|||||
4350 Executive Drive, Suite 130
|
|||||
San Diego, CA 92121
|
|||||
Money Market Account #
|
$
|
4,987,794.61
|
|||
Torrey Pines Bank
|
|||||
4350 Executive Drive, Suite 130
|
|||||
San Diego, CA 92121
|
|||||
Rabbi Trust Assets
|
|||||
Money Market Account #
|
$
|
6,850,904.22
|
|||
OTHER MONIES*:_______________
|
$
|
||||
PETTY CASH**
|
$
|
250.00
|
|||
TOTAL CASH AVAILABLE
|
$
|
11,941,307.06
|
|||
NOTE: Attach copies of monthly accounts statements from financial institutions for each account.
|
13
II. STATUS OF PAYMENTS TO SECURED CREDITORS, LESSORS,
AND OTHER PARTIES TO EXECUTORY CONTRACTS
CREDITOR,
LESSOR, ETC.
|
FREQUENCY OF
PAYMENTS
(Mo./Qtr.)
|
AMOUNT OF
PAYMENT
|
POST-PETITION
PAYMENTS
NOT MADE
(NUMBER)
|
TOTAL DUE
|
|||||||||||
888 Prospect LJ, LLC
|
Monthly
|
$
|
6,440.56
|
None
|
None
|
||||||||||
|
|||||||||||||||
|
|||||||||||||||
|
|||||||||||||||
TOTAL DUE
|
None
|
III. TAX LIABILITIES
FOR THE REPORTING PERIOD:
|
||||
GROSS SALES SUBJECT TO SALES TAX
|
$
|
0
|
||
TOTAL WAGES PAID
|
$
|
30,715.34
|
TOTAL POST-
PETITION
AMOUNTS OWING
|
AMOUNT
DELINQUENT
|
DATE DELINQUENT
AMOUNT DUE
|
|||||||||||
FEDERAL WITHHOLDING
|
$
|
0.00
|
$
|
0.00
|
|||||||||
STATE WITHHOLDING
|
$
|
$
|
|||||||||||
FICA - EMPLOYER’S SHARE
|
$
|
$
|
|||||||||||
FICA - EMPLOYEE’S SHARE
|
$
|
$
|
|||||||||||
FEDERAL UNEMPLOYMENT
|
$
|
$
|
|||||||||||
STATE WITHHOLDING
|
$
|
$
|
|||||||||||
SALES AND USE
|
$
|
$
|
|||||||||||
REAL PROPERTY
|
$
|
$
|
|||||||||||
OTHER: (SPECIFY)
|
$
|
$
|
|||||||||||
TOTAL:
|
$
|
$
|
14
IV. AGING OF ACCOUNTS PAYABLE AND ACCOUNTS RECEIVABLE
ACCOUNTS PAYABLE*
(POST-PETITION ONLY)
|
ACCOUNTS
Pre-Petition
|
RECEIVABLE
Post-Petition
|
|||||||||||
30 days or less
|
None
|
None
|
None
|
||||||||||
31 - 60 days
|
|||||||||||||
61 - 90 days
|
|||||||||||||
91 - 120 days
|
|||||||||||||
Over 120 days
|
|||||||||||||
TOTALS:
|
V. INSURANCE COVERAGE
NAME OF
CARRIER
|
AMOUNT OF
COVERAGE
|
POLICY
EXPIRATION
DATE
|
PREMIUM PAID
THROUGH:
|
||||||||||
General Liability
|
Hartford
|
$1,000,000/occurrence
|
3/15/11
|
3/15/11
|
|||||||||
Worker Compensation
|
State Fund
|
$1,000,000/occurrence
|
2/15/11
|
November 2010
|
|||||||||
Vehicle
|
Hartford
|
$1,000,000/occurrence
|
3/15/11
|
3/15/11
|
|||||||||
VI. UNITED STATES TRUSTEE QUARTERLY FEES
(TOTAL PAYMENTS)
Qtrly Period Ending
|
Total
Disbursements |
Qtrly Fees
|
Date Paid
|
Amount Paid
|
Qtrly Fee Still
Owing |
||||||||||||||||
12/31/09
|
$
|
3,100.00
|
$
|
325.00
|
1/29/10
|
$
|
325.00
|
$
|
0.00
|
||||||||||||
3/31/10
|
$
|
165,607.22
|
$
|
1,625.00
|
4/7/10,
5/13/10
|
$
$
|
325.00,
1,300.00
|
$
|
0.00
|
||||||||||||
6/30/10
|
$
|
260,256.53
|
$
|
1,950.00
|
8/17/10
|
$
|
1,950.00
|
$
|
0.00
|
||||||||||||
9/30/10
|
$
|
708,521.60
|
$
|
4,875.00
|
$
|
4,875.00
|
*
|
Post-Petition Accounts Payable should not include professionals’ fees and expenses which have been incurred but not yet awarded by the Court. Post-Petition Accounts Payable should include professionals ‘ fees and expenses authorized by Court Order but which remain unpaid as of the close of the period of the report.
|
15
VII. SCHEDULE OF COMPENSATION PAID TO INSIDERS
Name of Insider
|
Date of Order
Authorizing
Compensation
|
Authorized Gross
Compensation*
|
Gross Compensation
Paid During the Month
|
|||||||||||
Joseph W. Kiley, III
|
3/11/10
|
$10,000/month
|
$
|
10,000.00
|
||||||||||
Anthony Rusnak
|
3/11/10
|
$148,000/year plus additional amount in insider compensation request
|
$
|
12,333.34
|
||||||||||
* Please indicate how compensation was identified in the order (e.g., $1,000/wk, $2,500/mo)
VIII. SCHEDULE OF OTHER AMOUNTS PAID TO INSIDERS
Name of Insider
|
Date of Order
Authorizing Payment
|
Description
|
Amount Paid During
the Month
|
None
|
|||
|
|||
|
|||
|
16
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
Current Month
|
Cumulative Post-Petition
|
|||||||
Sales/Revenue:
|
||||||||
Gross Sales/Revenue
|
0.00 | 0.00 | ||||||
Less: Returns/Discounts
|
(0.00 | ) | (0.00 | ) | ||||
Net Sales/Revenue
|
0.00 | 0.00 | ||||||
Cost of Goods Sold:
|
||||||||
Beginning Inventory at cost Purchases
|
0.00 | 0.00 | ||||||
Less: Ending Inventory at cost
|
(0.00 | ) | (0.00 | ) | ||||
Cost of Goods Sold (COGS)
|
0.00 | 0.00 | ||||||
Gross Profit
|
||||||||
Other Operating Income (Itemize)
|
0.00 | 0.00 | ||||||
Operating Expenses:
|
||||||||
Payroll - Insiders
|
0.00 | 0.00 | ||||||
Payroll - Other Employees
|
30,715.34 | 322,522.74 | ||||||
Payroll Taxes
|
1,504.46 | 24,589.92 | ||||||
Other Taxes (Itemize)
|
0.00 | 0.00 | ||||||
Depreciation and Amortization
|
0.00 | 0.00 | ||||||
Lease Expense
|
6,440.56 | 64,405.60 | ||||||
Insurance
|
16,283.47 | 185,198.83 | ||||||
Telephone and Utilities
|
1,412.19 | 13,095.83 | ||||||
Repairs, Maintenance, Janitorial, Office, Plant Service
|
2,366.57 | 7,738.60 | ||||||
Travel and Entertainment (Itemize)
|
||||||||
Mileage, Parking and Auto
|
230.20 | 2,825.09 | ||||||
Meals
|
16.49 | 836.97 | ||||||
Airfare
|
0.00 | 12,500.00 | ||||||
Miscellaneous Operating Expenses (Itemize)
|
||||||||
Insurance – Employees
|
0.00 | (137,423.64 | ) | |||||
Workers Compensation Insurance
|
919.24 | 4,648.50 | ||||||
Parking Services
|
850.00 | 5,800.00 | ||||||
Storage and Moving
|
194.20 | 8,529.40 | ||||||
Bank Service Charges
|
70.00 | 3,704.43 | ||||||
Payroll Fees
|
(310.12 | ) | 1,797.13 | |||||
Office Supplies
|
0.00 | 217.93 | ||||||
Postage and Shipping
|
109.82 | 641.15 | ||||||
Employee Expense
|
0.00 | (58.05 | ) | |||||
Advertising
|
(2,200.00 | ) | (3,200.00 | ) | ||||
Taxes and Licenses
|
0.00 | 1,214.00 | ||||||
Fines, Penalties and Late Charges
|
0.00 | 2,815.63 | ||||||
Director Expense
|
0.00 | 5,000.00 | ||||||
US Trustee Fees
|
0.00 | 3,900.00 | ||||||
Total Operating Expenses
|
58,602.42 | 531,300.06 | ||||||
Net Gain/(Loss) from Operations
|
(58,602.42 | ) | (531,300.06 | ) | ||||
Non-Operating Income:
|
||||||||
Interest on Cash Accounts
|
9,601.10 | 36,930.45 | ||||||
Gain (Loss) on Sale of Assets
|
(33,555.38 | ) | 33,084.84 | |||||
Prudential Stock Dividends
|
0.00 | 1,332.10 | ||||||
Mark to Market on CSV of Life Insurance Policies
|
0.00 | 158,385.18 | ||||||
Income taxes
|
0.00 | 2,703,141.71 | ||||||
Total Non-Operating income
|
(23,954.28 | ) | 2,932,874.28 | |||||
Non-Operating Expenses:
|
||||||||
Interest Expense
|
0.00 | 0.00 | ||||||
Legal Expense
|
222,727.38 | 1,798,562.79 | ||||||
Audit and Accounting
|
69,058.08 | 373,346.10 | ||||||
Consulting
|
20,415.25 | 69,631.10 | ||||||
Other (Itemize)
|
0.00 | (4,566.44 | ) | |||||
Total Non-Operating Expenses
|
312,200.71 | 2,236,973.55 | ||||||
NET INCOME/(LOSS)
|
(394,757.41 | ) | 164,600.67 | |||||
(Attach exhibit listing all itemizations required above)
|
17
X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
Current Month End
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Unrestricted Cash
|
11,937,791.51 | |||||||
Other (Itemize)
|
||||||||
Security Deposit Held by Landlord
|
30,971.51 | |||||||
Money Market Accounts
|
0.00 | |||||||
Total Current Assets
|
11,968,763.02 | |||||||
Other Assets (Net of Amortization):
|
||||||||
Due from Insiders
|
0.00 | |||||||
Other (Itemize)
|
||||||||
Cash Improperly Withheld in former ICB account (City National Bank)
|
47,285.39 | |||||||
Residual Interest in Securities
|
322,386.96 | |||||||
Investment in ITLA Mortgage Loan Securitization 2002-1
|
75,000.00 | |||||||
Automobiles
|
24,275.00 | |||||||
Furniture and Equipment
|
0.00 | |||||||
Current and Deferred Income Taxes
|
29,297,406.00 | |||||||
Delaware Franchise Taxes
|
99,945.00 | |||||||
Prepaid Expenses, Net
|
54,498.58 | |||||||
Interests in Insurance Policies
|
441,240.00 | |||||||
Interest in Rabbi Trust Agreement
|
25,635.02 | |||||||
Other
|
49,028.35 | |||||||
Total Other Assets
|
30,436,700.30 | |||||||
TOTAL ASSETS
|
42,405,463.32 | |||||||
LIABILITIES
|
||||||||
Postpetition Liabilities:
|
||||||||
Accounts Payable
|
0.00 | |||||||
Taxes Payable
|
0.00 | |||||||
Professional fees
|
0.00 | |||||||
Secured Debt
|
0.00 | |||||||
Total Postpetition Liabilities
|
0.00 | |||||||
Prepetition Liabilities:
|
||||||||
Secured Liabilities
|
0.00 | |||||||
Priority Liabilities
|
0.00 | |||||||
Unsecured Liabilities
|
100,077,633.73 | |||||||
Total Prepetition Liabilities
|
100,077,633.73 | |||||||
TOTAL LIABILITIES
|
100,077,633.73 | |||||||
EQUITY:
|
||||||||
Prepetition Owners’ Equity
|
(57,741,774.08 | ) | ||||||
Postpetition Profit/(Loss)
|
164,600.67 | |||||||
Direct Charges to Equity
|
(94,997.00 | ) | ||||||
TOTAL EQUITY
|
(57,672,170.41 | ) | ||||||
TOTAL LIABILITIES & EQUITY
|
42,405,463.32 |
18
XI. QUESTIONNAIRE
1.
|
Has the debtor-in-possession made any payments on its pre-petition unsecured debt, except as have been authorized by the court?
|
X No.
|
|
Yes. Explain
|
|
2.
|
Has the debtor-in-possession during this reporting period provided compensation or remuneration to any officers, directors, principals, or other insiders without appropriate authorization?
|
X No.
|
|
Yes. Amount, to whom, and for what period?
|
|
3.
|
State what progress was made during the reporting period toward filing a plan of reorganization:
|
The Debtor filed for chapter 11 protection on December 18, 2009 just after the Federal Deposit Insurance Corporation (“FDIC”) seized its subsidiary, Imperial Capital Bank. The Debtor, its Board of Directors, and outside professionals are presently analyzing various restructuring options to determine the best return for the Debtor’s unsecured creditors. Given that the Debtor is a public company with substantial net operating losses, the Debtor may be able to implement a business restructuring, rather than a chapter 11 liquidation. On October 4, 2010, the Debtor filed a liquidating plan with the Court.
|
|
4.
|
Describe potential future developments which may have a significant impact on the case.
|
The Debtor has filed two adversary proceedings against the FDIC, and has objected to the priority proof of claim asserted by the FDIC. The outcome of the Debtor/FDIC litigation will determine the amount available for distribution to creditors. As disclosed in the recently filed status conference report, the Official Committee of Unsecured Creditors and Debtor are formulating a potential settlement to present to the FDIC.
|
|
5.
|
Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period. NONE
|
6.
|
Did you receive any exempt income this month, which is not set forth in the operating report?
|
X No.
|
|
Yes. Please set forth the amounts and the source of the income.
|
|
I, Joseph W. Kiley, III, Chief Executive Officer, (Name and title), declare under penalty of perjury that I have fully read and understood the foregoing debtor-in-possession operating report and that the information contained herein is true and complete to the best of my knowledge.
|
Date:
|
November 19, 2010
|
/s/ Joseph W. Kiley
|
|
Principal for debtor-in-possession
|
19