Guaranty Financial Group Inc. - FORM 8-K - EX-99.1 - April 14, 2011

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Exhibit 99.1
Case 09-35582-bjh11     Doc 482     Filed 04/12/11     Entered 04/12/11     14:47:46     Desc
Main Document     Page 1 of 13
         
CASE NAME: Guaranty Financial Group Inc.
      ACCRUAL BASIS
 
        
CASE NUMBER: 09-35582
       
 
        
JUDGE: Judge Houser
   
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DALLAS      DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: March 31, 2011
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/ Dennis S. Faulkner
       Chief Restructuring Officer
 
   
Original Signature of Responsible Party
  Title
 
    
Dennis S. Faulkner
  04/11/11
 
   
Printed Name of Responsible Party
  Date
 
    
PREPARER:
    
 
    
/s/ Jason A. Rae
       Accountant
 
   
Original Signature of Preparer
  Title
 
    
Jason A. Rae
  04/11/11
 
   
Printed Name of Preparer
  Date

 

 

Case 09-35582-bjh11      Doc 482     Filed 04/12/11     Entered 04/12/11     14:47:46     Desc
Main Document     Page 2 of 13
         
CASE NAME: Guaranty Financial Group Inc.   ACCRUAL BASIS — 1
 
        
CASE NUMBER: 09-35582    
     
COMPARATIVE BALANCE SHEET
  (SEE GENERAL FOOTNOTE)
                                 
    AMENDED              
    SCHEDULED     MONTH     MONTH     MONTH  
ASSETS   AMOUNT     Jan-11     Feb-11     Mar-11  
1. Unrestricted Cash
     11,143,730       9,766,427       9,739,888       9,703,842  
2. Restricted Cash
             1,220,880       1,220,880       1,220,880  
 
                        
3. Total Cash
     11,143,730       10,987,306       10,960,768       10,924,722  
 
                        
4. Accounts Receivable (Net)
                                
5. Inventory
                                
6. Notes Receivable
                                
7. Prepaid Expenses
     673,704       323,660       323,660       323,660  
8. Other (Attach List)
     880,141       3,107,731       3,107,731       3,109,409  
 
                        
9. Total Current Assets
     12,697,575       14,418,697       14,392,159       14,357,791  
 
                        
10. Property, Plant & Equipment
                                
11. Less: Accumulated Depreciation/Depletion
                                
12. Net Property, Plant & Equipment
                                
13. Due From Insiders
                                
14. Other Assets — Net of Amortization (Attach List)
                                
15. Other (Attach List)
                                
 
                        
16. Total Assets
     12,697,575       14,418,697       14,392,159       14,357,791  
 
                        
 
POST PETITION LIABILITIES
                                
17. Accounts Payable
             200       200          
18. Taxes Payable
                                
19. Notes Payable
                                
20. Professional Fees
             227,194       465,017       521,465  
21. Secured Debt
                                
22. Other (Attach List)
                                
 
                        
23. Total Post Petition Liabilities
             227,394       465,217       521,465  
 
                        
 
PRE PETITION LIABILITIES
                                
24. Secured Debt
                                
25. Priority Debt
     84,031       84,031       84,031       84,031  
26. Unsecured Debt
     328,632,433       328,632,433       328,632,433       328,632,433  
27. Other (Attach List)
                                
28. Total Pre Petition Liabilities
     328,716,464       328,716,464       328,716,464       328,716,464  
 
                        
29. Total Liabilities
     328,716,464       328,943,858       329,181,680       329,237,929  
 
                        
 
EQUITY
                                
30. Pre Petition Owners’ Equity
             (316,018,889 )     (316,018,889 )     (316,018,889 )
31. Post Petition Cumulative Profit Or (Loss)
             (1,161,936 )     (1,426,297 )     (1,516,913.19 )
32. Direct Charges To Equity
             2,655,664       2,655,664       2,655,664  
33. Total Equity
             (314,525,161 )     (314,789,522 )     (314,880,138 )
 
                        
34. Total Liabilities and Equity
             14,418,697       14,392,159       14,357,791  
 
                        
This form _X__ does ___ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 482     Filed 04/12/11     Entered 04/12/11     14:47:46     Desc
Main Document     Page 3 of 13
         
CASE NAME: Guaranty Financial Group Inc.   SUPPLEMENT TO
 
        
CASE NUMBER: 09-35582   ACCRUAL BASIS — 1
     
COMPARATIVE BALANCE SHEET
  (SEE GENERAL FOOTNOTE)
                                 
    SCHEDULED     MONTH     MONTH     MONTH  
ASSETS   AMOUNT     Jan-11     Feb-11     Mar-11  
A. 2008 Federal IncomeTax Refund
     880,141       876,067       876,067       876,067  
B. 2008 California Tax Refund
             2,231,664       2,231,664       2,231,664  
C. Due from Debtors-GGC, GGV & GHI
                             1,679  
D.
                                
E.
                                
 
                        
TOTAL OTHER ASSETS — LINE 8
     880,141       3,107,731       3,107,731       3,109,409  
 
                        
 
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
 
                        
TOTAL OTHER ASSETS NET OF AMORTIZATION — LINE 14
                                
 
                        
 
                                
A. Shares of Guaranty Financial Group
   Unknown                        
B. Shares of Guaranty Group Capital, Inc.
   Unknown                        
C. Shares of Guaranty Group Ventures, Inc.
   Unknown                        
D. Shares of Guaranty Bank (Preferred)
   Unknown                        
E. Shares of Master Trust (Common)
   Unknown                        
F. Guaranty Holdings Inc I (Subsidiary)
   Unknown                        
 
                        
TOTAL OTHER ASSETS — LINE 15
                                
 
                        
 
                                
POST PETITION LIABILITIES
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
 
                        
TOTAL OTHER POST PETITION LIABILITIES — LINE 22
                                
 
                        
 
                                
PRE PETITION LIABILITIES
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
 
                        
TOTAL OTHER PRE PETITION LIABILITIES — LINE 27
                                
 
                        

 

 

Case 09-35582-bjh11     Doc 482     Filed 04/12/11     Entered 04/12/11 14:47:46     Desc
Main Document     Page 4 of 13
         
CASE NAME: Guaranty Financial Group Inc.   ACCRUAL BASIS — 2
 
        
CASE NUMBER: 09-35582    
     
INCOME STATEMENT
  (SEE GENERAL FOOTNOTE)
                                 
    MONTH     MONTH     MONTH     QUARTER  
REVENUES   Jan-11     Feb-11     Mar-11     TOTAL  
1. Gross Revenues
                                
2. Less: Returns & Discounts
                                
3. Net Revenue
                                
 
COST OF GOODS SOLD
                                
4. Material
                                
5. Direct Labor
                                
6. Direct Overhead
                                
 
                        
7. Total Cost Of Goods Sold
                                
 
                        
8. Gross Profit
                                
 
OPERATING EXPENSES
                                
9. Officer / Insider Compensation
                                
10. Selling & Marketing
                                
11. General & Administrative
     15,217       27,301       34,168       76,687  
12. Rent & Lease
                                
13. Other (Attach List)
                                
 
                        
14. Total Operating Expenses
     15,217       27,301       34,168       76,687  
 
                        
15. Income Before Non-Operating Income & Expense
     (15,217 )     (27,301 )     (34,168 )     (76,687 )
 
OTHER INCOME & EXPENSES
                                
16. Non-Operating Income (Att List)
     259       763       0       1,022  
17. Non-Operating Expense (Att List)
                                
18. Interest Expense
                                
19. Depreciation / Depletion
                                
20. Amortization
                                
21. Other (Attach List)
                                
22. Net Other Income & Expenses
     259       763       0       1,022  
 
REORGANIZATION EXPENSES
                                
23. Professional Fees
     39,050       237,823       56,449       333,321  
24. U.S. Trustee Fees
     4,875                       4,875  
25. Other (Attach List)
                                
 
                        
26. Total Reorganization Expenses
     43,925       237,823       56,449       338,196  
 
                        
27. Income Tax
                                
 
                        
28. Net Profit (Loss)
     (58,883 )     (264,361 )     (90,617 )     (413,860 )
 
                        
This form _X__ does ___ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11     Doc 482     Filed 04/12/11     Entered 04/12/11 14:47:46     Desc
Main Document     Page 5 of 13
         
CASE NAME: Guaranty Financial Group Inc.   SUPPLEMENT TO
 
        
CASE NUMBER: 09-35582   ACCRUAL BASIS — 2
 
        
INCOME STATEMENT    
                                 
    MONTH     MONTH     MONTH     QUARTER  
OPERATING EXPENSES   Jan-11     Feb-11     Mar-11     TOTAL  
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
F.
                                
G.
                                
H.
                                
I.
                                
J.
                                
K.
                                
 
                        
TOTAL OTHER OPERATING EXPENSES — LINE 13
                                
 
                        
 
                                
OTHER INCOME & EXPENSES
                                
A. Interest Income
     259       763       0       1,022  
B. Refund — Michigan State Taxes
                                
C.
                                
D.
                                
 
                        
TOTAL NON-OPERATING INCOME — LINE 16
     259       763       0       1,022  
 
                        
 
                                
A.
                                
B.
                                
C.
                                
D.
                                
 
                        
TOTAL NON-OPERATING EXPENSE — LINE 17
                                
 
                        
 
                                
REORGANIZATION EXPENSES
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
 
                        
TOTAL OTHER REORGANIZATION EXPENSES — LINE 25
                                
 
                        

 

 

Case 09-35582-bjh11     Doc 482     Filed 04/12/11     Entered 04/12/11 14:47:46     Desc
Main Document     Page 6 of 13
         
CASE NAME: Guaranty Financial Group Inc.   ACCRUAL BASIS — 3
 
        
CASE NUMBER: 09-35582    
 
        
                                 
    MONTH     MONTH     MONTH     QUARTER  
CASH RECEIPTS AND DISBURSEMENTS   Jan-11     Feb-11     Mar-11     TOTAL  
1. Cash — Beginning Of Month
     11,007,140       10,987,306       10,960,768       11,007,140  
 
RECEIPTS FROM OPERATIONS
                                
2. Cash Sales
                                
 
COLLECTION OF ACCOUNTS RECEIVABLE
                                
3. Pre Petition
                                
4. Post Petition
                                
5. Total Operating Receipts
                                
 
NON-OPERATING RECEIPTS
                                
6. Loans & Advances (Attach List)
                                
7. Sale of Assets
                                
8. Other (Attach List)
     259       763       0       1,022  
9. Total Non-Operating Receipts
     259       763       0       1,022  
 
                        
10. Total Receipts
     259       763       0       1,022  
 
                        
11. Total Cash Available
     11,007,399       10,988,069       10,960,768       11,008,162  
 
OPERATING DISBURSEMENTS
                                
12. Net Payroll
                                
13. Payroll Taxes Paid
                                
14. Sales, Use & Other Taxes Paid
             25,506       2,592       28,098  
15. Secured / Rental / Leases
                                
16. Utilities
                                
17. Insurance
                                
18. Inventory Purchases
                                
19. Vehicle Expenses
                                
20. Travel
                                
21. Entertainment
                                
22. Repairs & Maintenance
                                
23. Supplies
                                
24. Advertising
                                
25. Other (Attach List)
     15,217       1,795       33,455       50,467  
26. Total Operating Disbursements
     15,217       27,301       36,047       78,565  
 
REORGANIZATION DISBURSEMENTS
                                
27. Professional Fees
                                
28. U.S. Trustee Fees
     4,875                       4,875  
29. Other (Attach List)
                                
30. Total Reorganization Expenses
     4,875                       4,875  
 
                        
31. Total Disbursements
     20,092       27,301       36,047       83,440  
 
                        
32. Net Cash Flow
     (19,833 )     (26,538 )     (36,047 )     (82,418 )
33. Cash — End of Month
     10,987,306       10,960,768       10,924,722       10,924,722  
This form _X__ does ___ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11     Doc 482     Filed 04/12/11     Entered 04/12/11 14:47:46     Desc
Main Document     Page 7 of 13
         
CASE NAME: Guaranty Financial Group Inc.
  SUPPLEMENT TO
 
        
CASE NUMBER: 09-35582
  ACCRUAL BASIS — 3
 
        
 
        
CASH RECEIPTS AND DISBURSEMENTS    
                                 
    MONTH     MONTH     MONTH     QUARTER  
NON-OPERATING RECEIPTS   Jan-11     Feb-11     Mar-11     TOTAL  
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
 
                        
TOTAL LOANS & ADVANCES — LINE 6
                                
 
                        
 
                                
A. Interest
     259       763       0       1,022  
B. Refund — Michigan State Taxes
                                
C. Refund — US Income Taxes
                                
D. Refund — Insurance Premiums
                                
E.
                                
 
                        
TOTAL OTHER NON-OPERATING RECEIPTS — LINE 8
     259       763       0       1,022  
 
                        
 
                                
OPERATING DISBURSEMENTS
                                
A. Bowne
     3,491       1,435       1,419       6,346  
B. Litigation Solution
     6,246                       6,246  
C. Computershare
     5,121               6,846       11,966  
D. Temple Inland
     360       360               720  
E. Corporation Service Company
                     1,879       1,879  
F. Elite Document Technology
                     13,241       13,241  
G. RR Donnelley Financial
                     1,434       1,434  
H. Miller Advertising
                     8,636       8,636  
 
                        
TOTAL OTHER OPERATING DISBURSEMENTS — LINE 25
     15,217       1,795       33,455       50,467  
 
                        
 
REORGANIZATION DISBURSEMENTS
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
 
                        
TOTAL OTHER REORGANIZATION DISBURSEMENTS — LINE 29
                                
 
                        

 

 

Case 09-35582-bjh11     Doc 482     Filed 04/12/11     Entered 04/12/11 14:47:46     Desc
Main Document     Page 8 of 13
         
CASE NAME: Guaranty Financial Group Inc.
  ACCRUAL BASIS — 4
 
        
CASE NUMBER: 09-35582
(SEE GENERAL FOOTNOTE)
                                 
    SCHEDULED     MONTH     MONTH     MONTH  
ACCOUNTS RECEIVABLE AGING   AMOUNT     Jan-11     Feb-11     Mar-11  
1. 0 - 30
                                
2. 31 - 60
                                
3. 61 - 90
                                
 
                        
4. 91 +
                                
 
                        
5. Total Accounts Receivable
                                
6. (Amount Considered Uncollectible)
                                
7. Accounts Receivable (Net)
                                
     
 
  MONTH: March-11
AGING OF POST PETITION TAXES AND PAYABLES
    
                                         
    0 - 30     31 - 60     61 - 90     91 +        
TAXES PAYABLE   DAYS     DAYS     DAYS     DAYS     TOTAL  
1. Federal
                                        
2. State
                                        
3. Local
                                        
4. Other (Attach List)
                                        
                               
5. Total Taxes Payable
                                        
                               
                                       
                               
6. Accounts Payable
                               
     
 
  MONTH: March-11
 
    
STATUS OF POST PETITION TAXES
    
                                 
    BEGINNING TAX     AMOUNT WITHHELD             ENDING TAX  
FEDERAL   LIABILITY *     AND/OR ACCRUED     (AMOUNT PAID)     LIABILITY  
1. Withholding **
                                
2. FICA — Employee **
                                
3. FICA — Employer **
                                
4. Unemployment
                                
5. Other — Misc Adj
                                
6. Other — Earned Income Credit
                                
                         
7. Total Federal Taxes
     —       —       —       —  
                         
 
STATE AND LOCAL
                                
8. Withholding
                                
9. Sales
                                
10. Excise
                                
11. Unemployment
                                
12. Real Property
                                
13. Personal Property
                                
                         
14. Other (Attach List)
     —                          
                         
15. Total State And Local
     —                          
16. Total Taxes
     —                          
 
*   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 of deposit.
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 482      Filed 04/12/11       Entered 04/12/11 14:47:46      Desc
Main Document       Page 9 of 13
         
CASE NAME: Guaranty Financial Group Inc.
  ACCRUAL BASIS — 5
 
        
CASE NUMBER: 09-35582
     
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: March-11
                                         
BANK RECONCILIATIONS   Account # 1     Account # 2     Account # 3     Other Accounts          
A. BANK:
   Bank of America   Bank of America   Bank of America   (Attach List)        
B. ACCOUNT NUMBER:
     4429005271       4429005268       4429005284             TOTAL
C. PURPOSE (TYPE):
   Operating   GFG Shareholder
Svcs-MMKT		   GFG GB Cash
(Stanford Realty)
MMKT		                
1. Balance Per Bank Statement
     —       455,502       1,796,032       8,673,187       10,924,722  
                             
2. Add: Total Deposits Not Credited
                                        
3. Subtract: Outstanding Checks
                                        
4. Other Reconciling Items
                                        
5. Month End Balance Per Books
     —       455,502       1,796,032       8,673,187       10,924,722  
                             
6. Number of Last Check Written
     3080       N/A       N/A                  
                             
INVESTMENT ACCOUNTS
                                 
    DATE OF     TYPE OF     PURCHASE     CURRENT  
BANK, ACCOUNT NAME & NUMBER   PURCHASE     INSTRUMENT     PRICE     VALUE  
7.
                                
8.
                                
9.
                                
10. (Attach List)
                                
 
                        
11. Total Investments
                                
 
                        
 
                                
CASH
                                
 
                        
12. Currency On Hand
                                
 
                        
 
 
                        
13. Total Cash — End of Month
                             10,924,722  
 
                        
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 482      Filed 04/12/11      Entered 04/12/11 14:47:46      Desc
Main Document      Page 10 of 13
         
CASE NAME: Guaranty Financial Group Inc.
  SUPPLEMENT TO
 
        
CASE NUMBER: 09-35582
  ACCRUAL BASIS — 5
     
 
  MONTH: March-11
 
    
BANK RECONCILIATIONS
    
A. BANK:
   Bank of America   Bank of America   Bank of America           TOTAL OTHER
BANK ACCOUNTS
B. ACCOUNT NUMBER:
     4429005297       4429005307       4429005501              
C. PURPOSE (TYPE):
   GFG WCMA Treasury Fund   GFG Operating MMKT   GFG Reserve MMKT            
1. Balance Per Bank Statement
     24,410       7,427,897       1,220,880               8,673,187  
2. Add: Total Deposits Not Credited
                                        
3. Subtract: Outstanding Checks
                                        
4. Other Reconciling Items
                                        
5. Month End Balance Per Books
     24,410       7,427,897       1,220,880               8,673,187  
 
                              
6. Number of Last Check Written
     N/A       N/A       N/A                  
 
                              
 
                                        
INVESTMENT ACCOUNTS
                                        
 
    DATE OF     TYPE OF             PURCHASE     CURRENT  
BANK, ACCOUNT NAME & NUMBER   PURCHASE     INSTRUMENT           PRICE     VALUE  
A.
                                        
B.
                                        
C.
                                        
D.
                                        
                               
E. Total Investments
                                        
                               

 

 

Case 09-35582-bjh11      Doc 482      Filed 04/12/11      Entered 04/12/11      14:47:46      Desc
Main Document      Page 11 of 13
         
CASE NAME: Guaranty Financial Group Inc.
  ACCRUAL BASIS — 6
 
        
CASE NUMBER: 09-35582
   
     
 
  MONTH: March-11
 
    
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.
                        
7.
                        
8. (Attach List)
                  
9. Total Payments To Insiders
                  
PROFESSIONALS
                                         
    DATE OF COURT                                
    ORDER                             TOTAL  
    AUTHORIZING     AMOUNT     AMOUNT     TOTAL PAID     INCURRED &  
                    NAME   PAYMENT     APPROVED     PAID     TO DATE     UNPAID *  
1. Lain, Faulkner & Co.
     12/29/09                       179,144       109,800  
 
                                      
2. Haynes & Boone
     12/29/09                       507,800       411,665  
3. Pope Shamsie & Dooley
     08/13/10               80,000       245,000          
4.
                                        
5. (Attach List)
                                        
 
                              
6. Total Payments To Professionals
                     80,000       931,944       521,465  
 
                              
 
*   Include all fees incurred, both approved and unapproved
POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
                         
    SCHEDULED     AMOUNTS     TOTAL  
    MONTHLY     PAID     UNPAID  
    PAYMENTS     DURING     POST  
                    NAME OF CREDITOR   DUE     MONTH     PETITION  
1.
   $ —                  
2.
                        
3.
                        
5. (Attach List)
                        
 
                  
6. TOTAL
           $ —     $ —  
 
                  
This form __X_ does ___ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 482      Filed 04/12/11      Entered 04/12/11      14:47:46      Desc
Main Document      Page 12 of 13
         
CASE NAME: Guaranty Financial Group Inc.
  ACCRUAL BASIS - 7
 
        
CASE NUMBER: 09-35582
   
     
 
  MONTH: March-11
 
    
QUESTIONNAIRE
    
         
    YES   NO
1. Have any Assets been sold or transferred outside the normal course of business this reporting period?
      X
2. Have any funds been disbursed from any account other than a debtor in possession account?
      X
3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties?
      X
4. Have any payments been made on Pre Petition Liabilities this reporting period?
      X
5. Have any Post Petition Loans been received by the debtor from any party?
      X
6. Are any Post Petition Payroll Taxes past due?
      X
7. Are any Post Petition State or Federal Income Taxes past due?
      X
8. Are any Post Petition Real Estate Taxes past due?
      X
9. Are any other Post Petition Taxes past due?
      X
10. Are any amounts owed to Post Petition creditors delinquent?
      X
11. Have any Pre Petition Taxes been paid during the reporting period?
      X
12. Are any wage payments past due?
      X
If the answer to any of the above questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.
INSURANCE
       
  YES   NO
1. Are Worker’s Compensation, General Liability and other necessary insurance coverages in effect?
See Below
2. Are all premium payments paid current?
See Below
3. Please itemize policies below.
      
If the answer to any of the above questions is “No”, or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary.
INSTALLMENT PAYMENTS
             
            PAYMENT AMOUNT
TYPE OF POLICY   CARRIER   PERIOD COVERED   & FREQUENCY
General Liability
  Burlington Insurance Co.   7/1/10 — 7/1/11   Paid in Full
General Liability-Mortgagee in Possession
  Lexington Insurance Co.   10/27/08 — 10/27/11   Paid in Full
This form ___ does _X__ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 482      Filed 04/12/11      Entered 04/12/11 14:47:46      Desc
Main Document      Page 13 of 13
         
CASE NAME: Guaranty Financial Group Inc.
      FOOTNOTES
 
        
CASE NUMBER: 09-35582
    ACCRUAL BASIS
     
 
  MONTH: March-11
             
ACCRUAL BASIS   LINE    
FORM NUMBER   NUMBER   FOOTNOTE / EXPLANATION
General
          The Office of Thrift Supervision appointed the FDIC as receiver for Guaranty Bank, an indirect subsidiary of the Debtor on August 21, 2009. The Debtor subsequently filed its petition with the U.S. Bankruptcy Court on August 27, 2009.
 
General
          Effective February 1, 2011, all Bank of America Money Market Saving accounts over $250,000 were converted to Non-Interest Bearing accounts. This policy change was approved by the U.S. Trustee’s Office. During the month of February the final interest received was posted.
 
Accrual 1
    1     Pursuant to the Order Implementing the Requirements of Section 345(B) of the Bankruptcy Code and the Region VI, Northern District of Texas, Guidelines for Chapter 11 Debtors-In-Possession filed on September 3, 2009, the Debtor’s transferred cash to its debtor-in-possession bank accounts.
 
Accrual 1
    2     The Debtors and the FDIC contemplate that during the administration of this Chapter 11 case, certain assets, refunds and other recoveries, including, for example, tax refunds, insurance premium refunds and insurance recoveries (the “Reserve Funds”), will be paid to either the Debtors or the FDIC as receiver of Guaranty Bank. The Debtors and the FDIC may dispute the ownership of the Reserve Funds. They have agreed that the Reserve Funds will be deposited into a separate and segregated account at Bank of America. This amount represents the Reserve Funds plus accrued interest received through the filing of this report.
 
Accrual 1
    8, 32     Since the tax returns are filed on a consolidated basis, any refunds received should be allocated among the consolidating entities. The amount of the allocations are unknown at this time. During November 2010 an additional refund from the IRS in the amount of $410,000 was recorded based upon a carryback claim bringing the total requested refund to $1,290,141. During the month of December, $414,074 of this amount was received, in addition, a refund from the State of California for Franchise / Income Taxes for 2008 in the amount of $2,231,664 was recorded based upon the 2008 return.
 
Accrual 1
    7, 32     The payments listed on Item 9 “Payments Related to Debt Counseling or Bankruptcy” of the
 
Accrual 6
          Debtor’s Statement of Financial Affairs include a residual retainer balance of $14,000 for Haynes & Boone. The retainer balance is disclosed in Haynes and Boone’s First Interim Fee Application that was filed in December 2009.