Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AMERICANWEST BANCORPORATION | d8k.htm |
Exhibit 99.1
UST–3 OFFICE OF THE U.S. TRUSTEE – REGION 18 3/23/90
SEATTLE, WASHINGTON
MONTHLY REPORTING REQUIREMENTS CORPORATIONS AND PARTNERSHIPS
All Chapter 11 debtors (other than individuals) must serve the U.S. Trustee with the documents and reports identified below no later than the 15th day of the month following the end of the month covered by the report.
Debtor Name: Americanwest Bancorporation
Case Number: 10.06097-PCW11 For the month of: December 2010
Required Documents Document Attached Previously Submitted Explanation Attached
1. Income Statement (profit and loss statement).
2. Comparative Balance Sheet.
3. Statement of Cash Receipts and Disbursements.
4. Statement of Aged Receivables.
5. Statement of Aged Payables.
6. Statement of Operations, Taxes, Insurance and Personnel.
7. Other documents/reports as required by the U.S. Trustee: None noted
The undersigned certifies under penalty of perjury (28 U.S.C. § 1746) that the information contained in this and accompanying reports is complete, true and correct to the best of my knowledge, information and belief.
By: Shelly L Krasselt Dated: 1/12/11 , 2011
Principal Accounting Officer
Title of Debtor Representative
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
For the period: Refer to dates below
Basis of Accounting: Accrual
| 10/28-10/31 | 11/1-11/30 | 12/1-12/31 | ||||||||||
| Income |
||||||||||||
| Gain on sale of assets |
$ | — | $ | — | $ | 37,020 | ||||||
| Expenses |
||||||||||||
| Payroll Expenses |
$ | 1,909 | $ | 3,215 | $ | 1,970 | ||||||
| Occupancy |
$ | — | $ | 971 | $ | 595 | ||||||
| Director Fees |
$ | — | $ | — | $ | 750 | ||||||
| Investor Relations |
$ | 692 | $ | 234 | $ | — | ||||||
| Service Contracts |
$ | — | $ | 89 | $ | — | ||||||
| On going Professional costs |
$ | — | $ | 1,646 | $ | 2,334 | ||||||
| Professionals |
$ | — | $ | — | $ | 65,179 | ||||||
| Interest Expense DIP loan |
$ | — | $ | 1,700 | $ | 4,038 | ||||||
| Loan Fee |
$ | — | $ | 100,000 | $ | — | ||||||
| Special Cousel |
$ | — | $ | 332,726 | $ | 162,000 | ||||||
| Debtor’s Counsel |
$ | — | $ | 75,540 | $ | 50,854 | ||||||
| Total Expenses |
$ | 2,601 | $ | 516,121 | $ | 287,719 | ||||||
| Net Loss |
$ | (2,601 | ) | $ | (516,121 | ) | $ | (250,699 | ) | |||
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Comparative Balance Sheet
| 10/31/2010 | Activity | 11/30/2010 | Activity | 12/31/2010 | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Current Assets |
||||||||||||||||||||
| Cash |
$ | 97,345 | $ | 6,891,453 | $ | 6,988,798 | $ | (889,896 | ) | $ | 6,098,902 | |||||||||
| Investment in WIN Partners |
$ | 100,000 | $ | — | $ | 100,000 | $ | (100,000 | ) | $ | — | |||||||||
| Total Current Assets |
$ | 197,345 | $ | 6,891,453 | $ | 7,088,798 | $ | (989,896 | ) | $ | 6,098,902 | |||||||||
| Accounts/Dividend Receivable |
||||||||||||||||||||
| Accrued Dividend Receivable - TRUPS prepetition |
$ | 184,842 | $ | — | $ | 184,842 | $ | 184,842 | ||||||||||||
| Accrued Dividend Receivable - TRUPS postpetition |
$ | — | $ | — | $ | — | $ | — | ||||||||||||
| Total Accounts Receivable |
$ | 184,842 | $ | — | $ | 184,842 | $ | — | $ | 184,842 | ||||||||||
| Other Assets |
||||||||||||||||||||
| Dashiell Insurance Policy Assignment of Benefits |
$ | 160,797 | $ | — | $ | 160,797 | $ | (160,797 | ) | $ | — | |||||||||
| Real Property - Prosser Building and Land |
$ | 202,184 | $ | — | $ | 202,184 | $ | (202,184 | ) | $ | — | |||||||||
| Investment in AmericanWest Bank |
$ | 6,000,000 | $ | — | $ | 6,000,000 | $ | (6,000,000 | ) | $ | — | |||||||||
| Investment in TRUPS |
$ | 1,239,000 | $ | — | $ | 1,239,000 | $ | 1,239,000 | ||||||||||||
| Total Other Assets |
$ | 7,601,981 | $ | — | $ | 7,601,981 | $ | (6,362,980 | ) | $ | 1,239,000 | |||||||||
| Total Assets |
$ | 7,984,167 | $ | 6,891,453 | $ | 14,875,621 | $ | (7,352,876 | ) | $ | 7,522,744 | |||||||||
| Liabilities |
||||||||||||||||||||
| Postpetition Liabilities: |
||||||||||||||||||||
| Accounts Payable |
$ | 692 | $ | 407,574 | $ | 408,266 | $ | (102,177 | ) | $ | 306,089 | |||||||||
| Debtor in Possession Loan to SKBHC Hawks Nest |
$ | — | $ | 850,000 | $ | 850,000 | $ | (850,000 | ) | $ | — | |||||||||
| Stalking Horse Bid Deposit |
$ | — | $ | 6,150,000 | $ | 6,150,000 | $ | (6,150,000 | ) | $ | — | |||||||||
| Accrued Dividend Payable |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Total Postpetition Liabilities |
$ | 692 | $ | 7,407,574 | $ | 7,408,266 | $ | (7,102,177 | ) | $ | 306,089 | |||||||||
| Prepetition Liabilities |
||||||||||||||||||||
| Accounts Payable |
$ | 1,337 | $ | — | $ | 1,337 | $ | — | $ | 1,337 | ||||||||||
| Notes Payable |
$ | 41,239,000 | $ | — | $ | 41,239,000 | $ | — | $ | 41,239,000 | ||||||||||
| Accrued Dividend Payable |
$ | 6,152,827 | $ | — | $ | 6,152,827 | $ | — | $ | 6,152,827 | ||||||||||
| Total Prepetition Liabilities |
$ | 47,393,164 | $ | — | $ | 47,393,164 | $ | — | $ | 47,393,164 | ||||||||||
| Total Liabilities |
$ | 47,393,856 | $ | 7,407,574 | $ | 54,801,430 | $ | (7,102,177 | ) | $ | 47,699,253 | |||||||||
| Owner Equity |
||||||||||||||||||||
| Preferred Stock |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Common Stock |
$ | 253,482,472 | $ | — | $ | 253,482,472 | $ | — | $ | 253,482,472 | ||||||||||
| Retained Deficit |
$ | (292,892,160 | ) | $ | (516,121 | ) | $ | (293,408,281 | ) | $ | (250,699 | ) | $ | (293,658,981 | ) | |||||
| Total Owner Equity |
$ | (39,409,689 | ) | $ | (516,121 | ) | $ | (39,925,809 | ) | $ | (250,699 | ) | $ | (40,176,509 | ) | |||||
| Total Liabilities and Equity |
$ | 7,984,167 | $ | 6,891,453 | $ | 14,875,621 | $ | (7,352,876 | ) | $ | 7,522,744 | |||||||||
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Cash Disbursements
Cash Disbursements
| Date | Check No. | Payee | Description | Amount | ||||||
| 12/10/2010 | via wire | Hawks Nest Acquisition Corp | Net refund of incremental bid | $ | 500,000.00 | |||||
| 12/17/2010 | via wire | Hawks Nest Acquisition Corp | Interest on DIP loan | 4,037.50 | ||||||
| 12/17/2010 | 1002 | AmericanWest Bank | Operating expense allocations | 4,404.25 | ||||||
| 12/28/2010 | via wire | Morrison Foerester | Special Counsel Fees | 267,958.85 | ||||||
| 12/28/2010 | via wire | Foster Pepper | Debtor’s Counsel Fees | 61,256.72 | ||||||
| 12/28/2010 | AmericanWest Bank | Wire fees | 40.00 | |||||||
| 12/31/2010 | via wire | Sandler O’Neil | Financial Advisor Fees | 52,178.70 | ||||||
| 12/31/2010 | AmericanWest Bank | Wire fees | 20.00 | |||||||
| $ | 889,896.02 | |||||||||
Office of the US Trustee - Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Aged Payables
NOTE: Schedule only includes postpetition debts.
| Account Name | Description | Total Due | Current | Past Due | Past Due | Past Due | ||||||||||||||||
| (0-30 Days) | (31-60 Days) | (61-90 Days) | (91 & Over) | |||||||||||||||||||
| Foster Pepper |
$ | 65,137 | $ | 50,944 | $ | 14,193 | $ | — | $ | — | ||||||||||||
| Morrison Foerster |
$ | 226,767 | $ | 162,000 | $ | 64,767 | $ | — | $ | — | ||||||||||||
| Sandler O’Neil |
$ | 13,000 | $ | 13,000 | $ | — | $ | — | $ | — | ||||||||||||
| RR Donnelly |
$ | 1,185 | $ | 1,185 | $ | — | $ | — | $ | — | ||||||||||||
| Totals |
$ | 306,089 | $ | 227,129 | $ | 78,960 | $ | — | $ | — | ||||||||||||
| Accounts Payable Reconciliation |
||||||||||||||||||||||
| Opening Balance |
$ | 408,266 | ||||||||||||||||||||
|
Total New Indebtedness Incurred this Month |
$ |
227,039 |
|
|||||||||||||||||||
| Balance |
$ | 635,305 | ||||||||||||||||||||
| Amount paid on Prior Accounts Payable |
$ | 329,216 | ||||||||||||||||||||
| Closing Balance |
$ | 306,089 | ||||||||||||||||||||
UST–9 OFFICE OF THE U.S. TRUSTEE – REGION 18 3/23/90
SEATTLE, WASHINGTON STATEMENT OF OPERATIONS. TAXES. INSURANCE AND PERSONNEL
For the Month Ending: December 31,2010
Debtor Name: Americanwest Bancorporation
Case Number: 10-06097-PCWll
1. What efforts have been made toward presentation of a plan to the creditors?
On December 9,2010, the bankruptcy court approved the sale of substantially all of the assets, of the estate for # 6.5 million, which is the net amount the debtor received. The sale closed on December 20,2010.
The debtor expects to file a
plan to distribute the sale proceeds by February 25,2011
2. Has the Debtor in Possession, subsequent to the filing of the petition, made any payments on its prepetition unsecured debt, except as have been authorized by the Court?
: Yes
X : No Identify amount, who was paid and date paid:
3. Provide a narrative report of significant events and events out of the ordinary course of business: (attach separate sheet if necessary)
refer to item1 above regarding the sale of substantially all assets
4. List any payments during this period on debt that has been personally guaranteed by any principal, partner or officer of the business.
none
UST–9 3/23/90
5. If assets have been sold in other than the ordinary course of business, please provide details as to the asset sold, date of sale, total sales price, deductions (i.e. commissions), and net amount received.
refer to item 1 above
6. STATUS OF TAXES none
FEDERAL TAXES AMOUNT WITHHELD OR ACCRUED AMOUNT PAID DATE PAID POSTPETITION TAXES PAST DUE
FICA
Withholding
Unemployment
Income
Other
STATE TAXES
Dept. of Labor and Industries
Income
Employment Sec.
Dept. of Revenue
B&O
Sales
Excise
OTHER TAXES
City Business/License
Personal Property
Real Property
Other (List)
Explain reason for any past due postpetition taxes:
n/a
UST–9 3/23/90
7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO PRINCIPALS / EXECUTIVES / INSIDERS*
Payee Name Amount
Position
Nature of Payment
Americanwest Bank
Subsidiary
Operating Expenses /Board fees
$ 4,404.25
*List accrued salaries whether or not paid and any draws of any kind or perks such as car etc. made to or for the benefit of any proprietor, owner, partner, shareholder, officer, director or insider,
8. SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS
Appointment Date
Amount Paid This Month
Date of Court Approval
Aggregate Received
Estimated Balance
Due
Debtor’s Counsel
11/17/10
$61,257
*
$61,257
$14,193
Counsel For Unsecured Creditors’ Committee
$
$
$
Trustee’s Counsel
$
$
$
Accountant
$
$
$
Other:Special Counsel
11/12/10
$267,959
*
$267,959
$64,769
Financial Advisor
11/12/10
52,179
*
52,179
13,000
Identify fees accrued but not paid:
Debtor’s counsel $65,137; Special counsel $226,767, and Financial Advisor $ 13,000
* paid per 12/14/10 interim payment order
9. Please explain any changes in insurance coverage that took place this month,
none
10. PERSONNEL
Full Time
Part Time
Total number of employees at beginning of period Number hired during the period Number terminated or resigned during period Total number of employees on payroll at period end Total payroll for the period S
note: payroll expenses for the month of December on the
income statement are related to an allocation from Americanwest Bank through 12/19/2010.