Attached files
| file | filename |
|---|---|
| 8-K - FOM 8-K - AMERICANWEST BANCORPORATION | d8k.htm |
Exhibit 99.1
Office of the US Trustee—Region 18
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: March 2011
| Required Documents |
Document Attached |
Previously Submitted |
Explanation Attached | |||||
| 1. | Income Statement (profit and loss statement). |
( X ) | ( ) | ( ) | ||||
| 2. | Comparative Balance Sheet. |
( X ) | ( ) | ( ) | ||||
| 3. | Statement of Cash Receipts and Disbursements. |
( X ) | ( ) | ( ) | ||||
| 4. | Statement of Aged Receivables. |
( X ) | ( ) | ( ) | ||||
| 5. | Statement of Aged Payables. |
( X ) | ( ) | ( ) | ||||
| 6. | Statement of Operations, Taxes, Insurance and Personnel. |
( X ) | ( ) | ( ) | ||||
| 7. | Other documents/reports as required by the U.S. Trustee: None |
( ) | ( ) | ( ) |
The undersigned certifies under penalty of perjurty (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: | /s/ Shelly L. Krasselt | Dated: April 9, 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
| Month Ending | ||||||||||||||||||||||||
| 10/28/10-10/31/10 | November 30, 2010 |
December 31, 2010 |
January 31, 2011 |
February 29, 2011 |
March 31, 2011 |
|||||||||||||||||||
| Income |
||||||||||||||||||||||||
| Gain on sale of assets |
$ | — | $ | — | $ | 37,020 | $ | — | $ | — | $ | — | ||||||||||||
| Expenses |
||||||||||||||||||||||||
| Payroll/Officer Expenses |
$ | 1,909 | $ | 3,215 | $ | 1,970 | $ | 5,750 | $ | 3,660 | $ | 5,477 | ||||||||||||
| Occupancy |
— | 971 | 595 | — | — | |||||||||||||||||||
| Director Fees |
— | — | 750 | 2,500 | 3,500 | 2,500 | ||||||||||||||||||
| Investor Relations |
692 | 234 | — | — | — | — | ||||||||||||||||||
| Service Contracts |
— | 89 | — | — | — | — | ||||||||||||||||||
| Ongoing Professional costs |
— | 1,646 | 2,334 | 12,298 | 5,529 | 3,995 | ||||||||||||||||||
| Professionals |
— | — | 65,179 | — | — | |||||||||||||||||||
| Interest Expense DIP loan |
— | 1,700 | 4,038 | — | — | — | ||||||||||||||||||
| Loan Fee |
— | 100,000 | — | — | — | — | ||||||||||||||||||
| Special Counsel |
— | 332,726 | 162,000 | 16,000 | 15,381 | 2,000 | ||||||||||||||||||
| Debtor’s Counsel |
— | 75,540 | 50,854 | 24,139 | 20,549 | 17,217 | ||||||||||||||||||
| Total Expenses |
$ | 2,601 | $ | 516,121 | $ | 287,719 | $ | 60,687 | $ | 48,620 | $ | 31,189 | ||||||||||||
| Net Loss |
$ | (2,601 | ) | $ | (516,121 | ) | $ | (250,699 | ) | $ | (60,687 | ) | $ | (48,620 | ) | $ | (31,189 | ) | ||||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Comparative Balance Sheet
| 10/31/2010 | 11/30/2010 | 12/31/2010 | 1/31/2011 | 2/28/2011 | 3/31/2011 | |||||||||||||||||||
| Assets |
||||||||||||||||||||||||
| Current Assets |
||||||||||||||||||||||||
| Cash |
$ | 97,345 | $ | 6,988,798 | $ | 6,098,902 | $ | 5,910,113 | $ | 5,896,209 | $ | 5,827,500 | ||||||||||||
| Investment in WIN Partners |
$ | 100,000 | $ | 100,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Total Current Assets |
$ | 197,345 | $ | 7,088,798 | $ | 6,098,902 | $ | 5,910,113 | $ | 5,896,209 | $ | 5,827,500 | ||||||||||||
| Accounts/Dividend Receivable |
||||||||||||||||||||||||
| Accrued Dividend Receivable—TRUPS prepetition |
$ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | ||||||||||||
| Accrued Dividend Receivable—TRUPS postpetition |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Total Accounts Receivable |
$ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | ||||||||||||
| Other Assets |
||||||||||||||||||||||||
| Dashiell Insurance Policy Assignment of Benefits |
$ | 160,797 | $ | 160,797 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Real Property—Prosser Building and Land |
$ | 202,184 | $ | 202,184 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Investment in AmericanWest Bank |
$ | 6,000,000 | $ | 6,000,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Investment in TRUPS |
$ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | ||||||||||||
| Total Other Assets |
$ | 7,601,981 | $ | 7,601,981 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | ||||||||||||
| Total Assets |
$ | 7,984,167 | $ | 14,875,621 | $ | 7,522,744 | $ | 7,333,956 | $ | 7,320,051 | $ | 7,251,343 | ||||||||||||
| Liabilities |
||||||||||||||||||||||||
| Postpetition Liabilities: |
||||||||||||||||||||||||
| Accounts Payable |
$ | 692 | $ | 408,266 | $ | 306,089 | $ | 177,988 | $ | 212,703 | $ | 175,184 | ||||||||||||
| Debtor in Possession Loan to SKBHC Hawks Nest |
$ | — | $ | 850,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Stalking Horse Bid Deposit |
$ | — | $ | 6,150,000 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Total Postpetition Liabilities |
$ | 692 | $ | 7,408,266 | $ | 306,089 | $ | 177,988 | $ | 212,703 | $ | 175,184 | ||||||||||||
| Prepetition Liabilities |
||||||||||||||||||||||||
| Accounts Payable |
$ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | ||||||||||||
| Notes Payable |
$ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | ||||||||||||
| Accrued Dividend Payable |
$ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | ||||||||||||
| Total Prepetition Liabilities |
$ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | ||||||||||||
| Total Liabilities |
$ | 47,393,856 | $ | 54,801,430 | $ | 47,699,253 | $ | 47,571,152 | $ | 47,605,867 | $ | 47,568,348 | ||||||||||||
| Owner Equity |
||||||||||||||||||||||||
| Preferred Stock |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
| Common Stock |
$ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | ||||||||||||
| Retained Deficit |
$ | (292,892,160 | ) | $ | (293,408,281 | ) | $ | (293,658,981 | ) | $ | (293,719,668 | ) | $ | (293,768,288 | ) | $ | (293,799,477 | ) | ||||||
| Total Owner Equity |
$ | (39,409,689 | ) | $ | (39,925,809 | ) | $ | (40,176,509 | ) | $ | (40,237,196 | ) | $ | (40,285,816 | ) | $ | (40,317,005 | ) | ||||||
| Total Liabilities and Equity |
$ | 7,984,167 | $ | 14,875,621 | $ | 7,522,744 | $ | 7,333,956 | $ | 7,320,051 | $ | 7,251,343 | ||||||||||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Cash Receipts
For the Month Ending: March 31, 2011
Cash Receipts
| Date |
Date Description (Source) |
Amount | ||||
| Beginning Cash Balance |
$ | 5,896,209.11 | ||||
| $ | — | |||||
| Total Cash Receipts |
$ | — | ||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Cash Disbursements
For the Month Ending: March 31, 2011
Cash Disbursements
| Date |
Check No. | Payee |
Description |
Amount | ||||||
| 3/2/2011 | Wire | Foster Pepper |
January Services Rendered |
$ | 19,336.93 | |||||
| 3/2/2011 | Wire | Morrison Foerester |
January Services Rendered |
$ | 13,524.82 | |||||
| 3/2/2011 | Wire | AmericanWest Bank |
Wire Transfer Fees |
$ | 20.00 | |||||
| 3/2/2011 | Wire | AmericanWest Bank |
Wire Transfer Fees |
$ | 20.00 | |||||
| 3/4/2011 | 1019 | IST Shareholder Services |
Transfer Agent Service Fees and Out of Pocket |
$ | 2,067.89 | |||||
| 3/4/2011 | 1020 | RR Donnelley |
EDGAR Preparation and Transmission Fees |
$ | 558.00 | |||||
| 3/17/2011 | 1021 | Idaho State Tax Commission |
Extension payment for state return |
$ | 90.00 | |||||
| 3/17/2011 | 1022 | Utah State Tax Commission |
Extension payment for state return |
$ | 300.00 | |||||
| 3/28/2011 | Wire | Foster Pepper |
February Services Rendered |
$ | 15,882.50 | |||||
| 3/28/2011 | Wire | Morrison Foerester |
February Services Rendered |
$ | 12,867.56 | |||||
| 3/28/2011 | Wire | AmericanWest Bank |
Wire Transfer Fees |
$ | 20.00 | |||||
| 3/28/2011 | Wire | AmericanWest Bank |
Wire Transfer Fees |
$ | 20.00 | |||||
| 3/29/2011 | 1023 | RR Donnelley |
EDGAR Preparation and Transmission Fees |
$ | 899.00 | * | ||||
| 3/29/2011 | 1024 | J. Frank Armijo |
March Retainer Board of Director Fees |
$ | 500.00 | * | ||||
| 3/29/2011 | 1025 | Kay C. Carnes |
March Retainer Board of Director Fees |
$ | 500.00 | * | ||||
| 3/29/2011 | 1026 | Craig D. Eerkes |
March Retainer Board of Director Fees |
$ | 500.00 | * | ||||
| 3/29/2011 | 1027 | Donald H. Swartz |
March Retainer Board of Director Fees |
$ | 500.00 | * | ||||
| 3/29/2011 | 1028 | P. Mike Taylor |
March Retainer Board of Director Fees |
$ | 500.00 | * | ||||
| 3/29/2011 | 1029 | Jay B. Simmons |
Out of pocket expenses |
$ | 586.45 | |||||
| 3/30/2011 | 1030 | Shelly L. Krasselt |
Out of pocket expenses |
$ | 15.54 | |||||
| Total Cash Disbursements |
$ | 68,708.69 | ||||||||
| Adjustments (explain) |
$ | — | ||||||||
| Ending Cash Balance (must be reconcile to the bank statement for account cited above) |
$ | 5,827,500.42 | ||||||||
* Noted amounts have not yet cleared the bank statement. Items below remain outstanding from prior months:
| Date |
Check No. | Payee |
Description |
Amount | ||||||
| 1/25/2011 | 1009 | J. Frank Armijo | January 2011 Board Fees | 500.00 | ||||||
AMERICANWEST BANCORPORATION DEBTOR IN POSSESSION
100605591
Operations TEST
Mar 31, 2011
Pg 1 of 1
Ban Control
03/01/2011 Beginning Balance 5,905,038.49
0 Deposits/Other Credits + .00
19 Checks/Other Debits – 73,639.07
03/31/2011 Ending Balance 31 Days in Statement Period 5,831,399.42
Checks listed in numerical order; (*) indicates gap in sequence
Check Date Amount Check Date Amount
1013 03/07 700.00 1020 03/09 558.00
1014 03/01 700.00 1021 03/23 90.00
1015 03/08 700.00 1022 03/24 300.00
1017* 03/01 700.00 1029* 03/29 586.45
1018 03/02 5,529.38 1030 03/30 15.54
1019 03/14 2,067.89
Other Debits
03/02/2011 Outgoing Wire Trans 19,336.93
FOSTER PEPPER PL WIRE XFER
03/02/2011 Outgoing Wire Trans 13,524.82
MORRISON & FOERS WIRE XFER
03/02/2011 Wire Transfer Fee 20.00
FOSTER PEPPER PL WIRE XFER
03/02/2011 Wire Transfer Fee 20.00
MORRISON & FOERS WIRE XFER
03/28/2011 Outgoing Wire Trans 15,882.50
FOSTER PEPPER PL WIRE XFER
03/28/2011 Outgoing Wire Trans 12,867.56
MORRISON & FOERS WIRE XFER
03/28/2011 Wire Transfer Fee 20.00
FOSTER PEPPER PL WIRE XFER
03/28/2011 Wire Transfer Fee 20.00
MORRISON & FOERS WIRE XFER
Daily Ending Balance
03/01 5,903,638.49 03/09 5,863,249.36 03/28 5,832,001.41
03/02 5,865,207.36 03/14 5,861,181.47 03/29 5,831,414.96
03/07 5,864,507.36 03/23 5,861,091.47 03/30 5,831,399.42
03/08 5,863,807.36 03/24 5,860, 791.47
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Aged Receivables
For the month ending March 31, 2011
| Total Due |
Current (0-30 Days) |
Past Due (31-60 Days) |
Past Due (61-90 Days) |
Past Due (91 & Over) |
||||||||||||||
| Prepetition | ||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
| Postpetition | ||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
| Totals | ||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
|
|
Accounts Receivable Reconciliation |
|
||||||||||||||||
|
|
Opening Balance |
|
$ | — | ||||||||||||||
|
|
New Accounts this Month |
|
$ | — | ||||||||||||||
|
|
Balance |
|
$ | — | ||||||||||||||
|
|
Amount Collected on Prior Accounts |
|
$ | — | ||||||||||||||
|
|
Closing Balance |
|
$ | — | ||||||||||||||
|
|
Check Figure |
|
$ | — | ||||||||||||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Aged Payables
For the month ending March 31, 2011
NOTE: Schedule only includes postpetition debts.
| Account Name |
Description |
Total Due | Current (0-30 Days) |
Past Due (31-60 Days) |
Past Due (61-90 Days) |
Past Due (91 & Over) |
||||||||||||||||
| Foster Pepper | $ | 50,036 | $ | 17,218 | $ | 3,970 | $ | 4,802 | $ | 24,045 | ||||||||||||
| Morrison Foerster | $ | 97,863 | $ | 2,000 | $ | 3,210 | $ | 2,475 | $ | 90,179 | ||||||||||||
| Sandler O’Neil | $ | 13,000 | $ | — | $ | — | $ | — | $ | 13,000 | ||||||||||||
| Patrick J. Rusnak Services Performed | $ | 2,825 | $ | 675 | $ | 900 | $ | 1,250 | $ | — | ||||||||||||
| Jay Simmons Services Performed | $ | 8,260 | $ | 3,400 | $ | 1,860 | $ | 3,000 | $ | — | ||||||||||||
| Shelly L. Krasselt Services Performed | $ | 3,200 | $ | 800 | $ | 900 | $ | 1,500 | $ | — | ||||||||||||
| Totals | $ | 175,184 | $ | 24,093 | $ | 10,840 | $ | 13,028 | $ | 127,224 | ||||||||||||
| Accounts Payable Reconciliation | ||||||||||||||||||||||
| Opening Balance | $ | 212,703 | ||||||||||||||||||||
| Total New Indebtedness Incurred this Month | $ | 24,093 | ||||||||||||||||||||
| Balance | $ | 236,796 | ||||||||||||||||||||
| Amount paid on Prior Accounts Payable | $ | 61,612 | ||||||||||||||||||||
| Closing Balance | $ | 175,184 | ||||||||||||||||||||
Office of the US Trustee—Region 18
Seattle, Washington
Statement of Operations, Taxes, Insurance and Personnel
For the Month Ending: March 31, 2011
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
1. What efforts have been made toward presentation of a plan to the creditors?
AmericanWest Bancorporation filed its proposed Plan and Disclosure Statement on March 15, 2011. Objections to the Disclosure Statement, if any are due by April 16, 2011. After approval of the Disclosure Statement by the Court the Plan, Disclosure Statement and Ballot will be sent to creditors for acceptance. The hearing on confirmation of the plan would follow approximately 30 days after the submission of the approved Disclosure Statement and Plan to creditors.
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 the date paid: N/A
3. Provide a narrative report of significant events and events out of the ordinary course of business:
None
4. List any payments during this period on debt that has been personally guaranteed by any principal, partner or officer of the business.
None
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.
6. STATUS OF TAXES
| AMOUNT WITHHELD OR ACCRUED |
AMOUNT PAID |
DATE PAID |
POSTPETITION TAXES PAST DUE |
|||||||||||||
| FEDERAL TAXES |
||||||||||||||||
| FICA |
$ | — | $ | — | N/A | $ | — | |||||||||
| Withholding |
$ | — | $ | — | N/A | $ | — | |||||||||
| Unemployment |
$ | — | $ | — | N/A | $ | — | |||||||||
| Income |
$ | — | $ | — | N/A | $ | — | |||||||||
| Other |
$ | — | $ | — | N/A | $ | — | |||||||||
| STATE TAXES |
||||||||||||||||
| Dept. of Labor and Industries |
$ | — | $ | — | N/A | $ | — | |||||||||
| Income |
$ | — | $ | — | N/A | $ | — | |||||||||
| Employment Sec. |
$ | — | $ | — | N/A | $ | — | |||||||||
| Dept. of Revenue |
$ | — | $ | — | N/A | $ | — | |||||||||
| B&O |
$ | — | $ | — | N/A | $ | — | |||||||||
| Sales |
$ | — | $ | — | N/A | $ | — | |||||||||
| Excise |
$ | — | $ | — | N/A | $ | — | |||||||||
| OTHER TAXES |
||||||||||||||||
| City Business/License |
$ | — | $ | — | N/A | $ | — | |||||||||
| Personal Property |
$ | — | $ | — | N/A | $ | — | |||||||||
| Real Property |
$ | — | $ | — | N/A | $ | — | |||||||||
| Other (List) |
$ | — | $ | — | N/A | $ | — | |||||||||
Explain reason for any past due postpetition taxes:
N/A
7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO PRINCIPALS / EXECUTIVES / INSIDERS*
| Payee Name |
Position |
Nature of Payment |
Amount | |||||
| Patrick J. Rusnak |
CEO and President | Services Performed | $ | 2,825 | ||||
| Jay Simmons |
EVP, General Counsel and Secretary | Services Performed | $ | 8,260 | ||||
| Shelly L. Krasselt |
Principal Accounting Officer | Services Performed | $ | 3,200 | ||||
*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 |
11/17/2010 | $ | 35,219 | * | $ | 137,568 | $ | 50,036 | ||||||||||||
| Counsel For Unsecured Creditors’ Committee |
$ | — | $ | — | $ | — | ||||||||||||||
| Trustee’s Counsel |
$ | — | $ | — | $ | — | ||||||||||||||
| Accountant |
$ | — | $ | — | $ | — | ||||||||||||||
| Special Counsel |
11/2/2010 | $ | 26,392 | * | $ | 430,940 | $ | 97,863 | ||||||||||||
| Financial Advisor |
11/2/2010 | $ | — | * | $ | 52,179 | $ | 13,000 | ||||||||||||
*Paid per 12/14/2010 interim payment order.
Identify fees accrued but not paid: Debtors Counsel $17,218; Special Counsel $2,000.
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 |
0 | 3 | ||||
| Number hired during the period |
0 | 0 | ||||
| Number terminated or resigned during the period |
0 | 0 | ||||
| Total number of employees on payroll at period end |
0 | 3 | ||||
| Total payroll for the period |
$4,875 | |||||