RONSON CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3

Attached files

file	filename
EX-99.2 - EXHIBIT 99.2 - RONSON CORP	ex99-2.htm
EX-99.1 - EXHIBIT 99.1 - RONSON CORP	ex99-1.htm
8-K - FORM 8K - RONSON CORP	form8k-114624_rclc.htm

UNITED STATES BANKRUPTCY COURT

DISTRICT OF NEW JERSEY



In re	RA Liquidating Corp	Case No.	10-35315-MBK
		Reporting Period	3/01/11 - 3/31/11


MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month.


Submit copy of report to any official committee appointed in the case

		Document	Explanation	Affidavit/Supplement
REQUIRED DOCUMENTS	Form No.	Attached	Attached	Attached
Schedule of Cash Receipts and Disbursements	MOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliation)	MOR-1a	X
Schedule of Professional Fees Paid	MOR-1b	X
Copies of bank statements		X
Cash disbursements journals		N/A
Statement of Operations	MOR-2	X
Balance Sheet	MOR-3	X
Status of Postpetition Taxes	MOR-4	X
Copies of IRS Form 6123 or payment receipt		N/A
Copies of tax returns filed during reporting period		X
Summary of Unpaid Postpetition Debts	MOR-4	X
Listing of aged accounts payable	MOR-4	N/A
Accounts Receivable Reconciliation and Aging	MOR-5	X
Debtor Questionnaire	MOR-5	X



I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
are true and correct to the best of my knowledge and belief.



Signature of Debtor					Date




Signature of Joint Debtor					Date



/s/ Daryl K. Holcomb					May 4, 2011
Signature of Authorized Individual *					Date


Daryl K. Holcomb					Vice President & Chief Financial Officer
Printed Name of Authorized Individual					Title of Authorized Individual


* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
is a partnership; a manager or member if debtor is a limited liability company.

In re	RA Liquidating Corp									Case No.	10-35315-MBK
										Reporting Period	3/01/11 - 3/31/11


	SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

	Bank Accounts								Current Month				Cumulative Filing to Date
	Operating		Payroll		Tax		Other		Actual		Projected		Actual			Projected

Cash Beginning of Month	$	807,095.22	$	96.40	$	68.27	$	-	$	807,259.89	$	-	$	39,997.99		$	-

Receipts	Amount		Amount		Amount		Amount		Amount		Amount		Amount			Amount
Cash Sales	$	-	$	-	$	-	$	-	$	-	$	-	$	-		$	-
Accounts Receivable (1)		6,366.75								6,366.75				1,681,019.31
Loans and Advances										-				992,000.00
Sale of Assets										-				10,161,703.97
Other (Attach List)		38,008.00		-		-		-		38,008.00				42,066.71
Transfers (From DIP Accts.)		1,384,343.00		3.60		1,991.73				1,386,338.33				1,679,599.93
Change in clearings										-				(36.53	)
Total Receipts	$	1,428,717.75	$	3.60	$	1,991.73	$	-	$	1,430,713.08	$	-	$	14,556,353.39		$	-



Disbursements	Amount		Amount		Amount		Amount		Amount		Amount		Amount			Amount
Net Payroll	$	-	$	-	$	-	$	-	$	-	$	-	$	155,078.58		$	-
Payroll Taxes										-				70,021.34
Sales, Use, & Other Taxes		75.00				1,960.00				2,035.00				2,035.00
Inventory Purchases										-				516,930.24
Secured/Rental/Leases										-				17,932.38
Insurance										-				45,258.12
Administrative		-								-				5,715.62
Selling										-				-
Other (Attach List)		-		-		-		-		-				2,327,044.55
Loan payments										-				7,254,641.60
Owner Draw *										-				-
Transfers (To DIP Accts)		550,492.33				-				550,492.33				1,448,554.99
										-				-
Professional Fees		92,714.66								92,714.66				1,133,907.98
U.S. Trustee Quarterly Fees										-				26,500.00
Court Costs										-				-

Total Disbursements	$	643,281.99	$	-	$	1,960.00	$	-	$	645,241.99	$	-	$	13,003,620.40		$	-


Net Cash Flow		785,435.76		3.60		31.73		-		785,471.09				1,552,732.99
(Receipts Less Disbursements)



Cash - End of Month	$	1,592,530.98	$	100.00	$	100.00	$	-	$	1,592,730.98	$	-	$	1,592,780.98		$	-

* Compensation to Sole Proprietors for Services Rendered to Bankruptcy Estate


THE FOLLOWING SECTION MUST BE COMPLETED
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
Total Disbursements	$	645,241.99
Less: Transfers to Debtor in Possession Accounts		(550,492.33	)
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
Total Disbursements for Calculating U.S. Trustee Quarterly Fees	$	94,749.66

(1) Until October 15, 2010, all receipts were swept by the lender and applied directly to the secured debt.

In re	RA Liquidating Corp									Case No.	10-35315-MBK
										Reporting Period	3/01/11 - 3/31/11


SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
OTHER RECEIPTS & DISBURSEMENTS

	Bank Accounts								Current Month				Cumulative Filing to Date
	Operating		Payroll		Tax		Other		Actual		Projected		Actual			Projected

Other Receipts	Amount		Amount		Amount		Amount		Amount		Amount		Amount			Amount
Interest on escrow funds	$	-	$	-	$	-	$	-	$	-	$	-	$	4.38		$	-
Forward to Zippo Mfg receipts belonging to Zippo										-				(78,378.75	)
Forward to Trenton Aviation receipts belonging to Trenton Aviation										-				(4,507.32	)
Collect other current assets										-				6,252.81
Collect miscellaneous receivables										-				37,591.17
Collect prepaid expenses		1,623.00								1,623.00				34,855.08
Transfer from affiliate, RCC, Inc		36,385.00								36,385.00				36,385.00
Return of utility deposits										-				9,864.34
Total Other Receipts	$	38,008.00	$	-	$	-	$	-	$	38,008.00	$	-	$	42,066.71		$	-



Other Disbursements	Amount		Amount		Amount		Amount		Amount		Amount		Amount			Amount
Building & ramp costs	$	-	$	-	$	-	$	-	$	-	$	-	$	4,647.48		$	-
Maintenance costs										-				12,510.15
Transfers to RCLC, Inc. (1)										-				-
401k deposits										-				11,812.72
NJDEP										-				2,500.00
US Customs										-				1,254.40
Prior month reconciling items										-				(750.41	)
Getzler Henrich										-				1,895,050.59
Utilities deposits										-				12,632.00
Utilities										-				3,917.23
Equipment										-				511.20
Professional fees of Greenberg Traurig on behalf of Wells Fargo										-				374,459.91
File copying		-								-				8,046.40
Payment reimbursed by Trenton Aviation		-								-				452.88
										-				-
										-				-
										-				-
Total Other Disbursements	$	-	$	-	$	-	$	-	$	-	$	-	$	2,327,044.55		$	-

(1) Included in transfers to DIP accounts

In re

RA Liquidating Corp

Case No.

10-35315-MBK

Reporting Period

3/01/11 - 3/31/11

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

	Operating			Tax			Payroll			Other
	Capital One Bank			Capital One Bank			Capital One Bank			Cash on hand
	*			*			*

Balance Per Book		$	1,592,530.98		$	100.00		$	100.00		$	-

Balance Per Bank		$	1,592,530.98		$	100.00		$	100.00		$	-
(+) Deposits in Transit (Attach List)			-			-			-			-
(-) Outstanding Checks (Attach List)			-			-			-			-
Other (Attach Explanation)			-			-			-			-
Adjusted Bank Balance *		$	1,592,530.98		$	100.00		$	100.00		$	-
* Adjusted bank balance must equal
balance per books


Deposits in Transit	Date	Amount		Date	Amount		Date	Amount		Date	Amount
		$	-		$	-		$	-		$	-

		$	-		$	-		$	-		$	-


Checks Outstanding	Ck.#	Amount		Ck.#	Amount		Ck.#	Amount		Ck.#	Amount
		$	-		$	-		$	-		$	-




		$	-		$	-		$	-		$	-


		$	-		$	-		$	-		$	-


		$	-		$	-		$	-		$	-



*Account number has been redacted

In re	RA Liquidating Corp					Case No.	10-35315-MBK
						Reporting Period	3/01/11 - 3/31/11

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all retained professional payments from case inception to current month.


	Period	Amount			Check		Amount Paid				Year-To-Date
Payee	Covered	Approved		Payor	Number	Date	Fees		Expenses		Fees		Expenses
SSG Capital Advisors, LLC		$	-				$	-	$	-
											$	350,235.45	$	1,904.36
Szaferman, Lakind, Blumstein & Blader, P.C.
												12,151.50		221.36

Cole, Schotz, Meisel, Forman & Leonard, P.A.	1/1 - 1/31/11		19,654.68	RA Liq Corp	MT030411	03/04/11		15,503.09		275.81
												430,828.85		26,517.90

J.H. Cohn LLP	1/01 - 1/31/11		15,652.99	RA Liq Corp	MT031811	03/18/11		12,507.83		18.20
	8/17 - 12/31/10		23,566.10	RA Liq Corp	MT032811	03/28/11		23,566.10				130,413.82		222.27

Lowenstein Sandler PC	12/01 - 12/31/10		5,755.09	RA Liq Corp	MT031811	03/18/11		3,977.07		783.76
	8/17 - 12/31/10		36,082.80	RA Liq Corp	MT032811	03/28/11		36,082.80		-		180,414.05		3,619.44
		$	100,711.66				$	91,636.89	$	1,077.77	$	1,104,043.67	$	32,485.33

In re	RA Liquidating Corp			Case No.	10-35315-MBK
				Reporting Period	3/01/11 - 3/31/11


STATEMENT OF OPERATIONS
(Income Statement)
Accrual Basis

				Cumulative
Revenues	Month			Filing to Date
Gross Revenues	$	-		$	1,232,865.00
Less: Returns and Allowances		-			(846.00	)
Net Revenue		-			1,232,019.00

Cost of Goods Sold
Beginning Inventory		-			223,977.00
Add: Purchases		-			545,011.00
Add: Cost of Labor		-			162,703.00
Add: Other Costs (attach schedule)		-			201,334.00
Less: Ending Inventory		-			(203,620.00	)
Cost of Goods Sold		-			929,405.00
Gross Profit		-			302,614.00

Operating Expenses
Advertising
Auto and Truck Expense		-			948.00
Bad Debts					(7,007.48	)
Contributions					-
Employee Benefits Programs		-			6,560.00
Insider Compensation *
Insurance		(1,623.00	)		1,054.00
Management Fees		51,361.00			666,365.00
Office Expense		193.25			7,371.25
Pension & Profit-Sharing Plans		-			732.00
Repairs and Maintenance		-			283.00
Rent and Lease Expense
Salaries/Commissions/Fees		-			39,731.00
Supplies		-			583.00
Taxes - Payroll		-			1,551.00
Taxes - Real Estate
Taxes - Other		75.00			75.00
Travel and Entertainment
Utilities
Other (attach schedule)		-			133,818.80
Total Operating Expenses Before Depreciation		50,006.25			852,064.57
Depreciation/Depletion/Amortization		-			31,452.00
Net Profit (Loss) Before Other Income & Expenses		(50,006.25	)		(580,902.57	)

Other Income and Expenses
Other Income (attach schedule)		-			(245,234.00	)
Interest Expense		-			60,342.00
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items		(50,006.25	)		(396,010.57	)

Reorganization Items
Professional Fees		47,728.69			718,532.83
U.S. Trustee Quarterly Fees					26,500.00
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)		19.19			61.67
Gain (Loss) from Sale of Equipment		-			5,890,082.00
Other Reorganization Expenses (attach schedule)		-			59,458.00
Total Reorganization Expenses		47,709.50			(5,085,652.84	)
Income Taxes - deferred & allocated among affiliates		-			1,433,958.00
Income Taxes - current		1,960.00			1,960.00
Net Profit (Loss)	$	(99,675.75	)	$	3,253,724.27

In re	RA Liquidating Corp		Case No.		10-35315-MBK
			Reporting Period		3/01/11 - 3/31/11


STATEMENT OF OPERATIONS - continuation sheet

			Cumulative
Breakdown of "Other" Category	Month		Filing to Date

Other Costs
Building & ramp department costs	$	-	$	169,045.00
Avionics department costs				2,129.00
Maintenance department costs				23,049.00
Parts & service administration costs				7,111.00

	$	-	$	201,334.00
Other Operational Expenses
Audit fees	$	-	$	8,333.00
Legal fees
Fees charged by the secured lender				19,238.80
Amortization of loan costs & write-off of unamortized portion				98,201.00
Records copying		-		8,046.00
	$	-	$	133,818.80
Other Income
Write off of prior overaccrual of estimated fees	$	-	$	51,031.00
Adjustment in prior Chief Restructuring Officer fees				100,000.00
Adjustment in prior consulting fees - Getzler		-		92,137.00
Other		-		66.00
Recovery of prior escrow funds				2,000.00

	$	-	$	245,234.00
Other Expenses
	$	-	$	-




	$	-	$	-
Other Reorganization Expenses
Professional fees	$	-	$	59,458.00




	$	-	$	59,458.00



Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding.

In re	RA Liquidating Corp			Case No.		10-35315-MBK
				Reporting Period		3/01/11 - 3/31/11


BALANCE SHEET
Accrual Basis

	Book Value at End of		Book Value on
Assets	Current Reporting Month		Petition Date
Current Assets
Unrestricted Cash and Equivalents	$	1,592,730.98	$	39,998.00
Restricted Cash and Equivalents (see continuation sheet)
Accounts Receivable (Net)		-		143,218.00
Notes Receivable
Inventories				223,977.00
Prepaid Expenses		14,712.37		91,243.00
Professional Retainers		-		25,000.00
Other Current Assets (attach schedule)		567,510.36		527,549.00
Total Current Assets		2,174,953.71		1,050,985.00

Property and Equipment
Real Property and Improvements				5,505,335.00
Machinery and Equipment				667,352.00
Furniture, Fixtures and Office Equipment				346,616.00
Leasehold Improvements				1,108,308.00
Vehicles				15,872.00
Less Accumulated Depreciation				(4,389,112.00	)
Total Property & Equipment		-		3,254,371.00

Other Assets
Loans to Insiders *
Other Assets (see schedule)		3,462,391.21		3,514,233.00
Total Other Assets		3,462,391.21		3,514,233.00

Total Assets	$	5,637,344.92	$	7,819,589.00


	Book Value at End of			Book Value on
Liabilities And Owner Equity	Current Reporting Month			Petition Date
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable	$	-		$	-
Taxes Payable (refer to Form MOR-4)		4,015.06
Wages Payable
Notes Payable
Rent/Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees		111,278.01
Amounts Due to Insiders *		-
Other Postpetition Liabilities (attach schedule)		306,811.63
Total Postpetition Liabilities		422,104.70			-
Liabilities Subject to Compromise
Secured Debt					3,576,750.00
Priority Debt		6,122.47			21,836.00
Unsecured Debt		969,228.32			3,234,837.58
Total Pre-Petition Liabilities		975,350.79			6,833,423.58
Total Liabilities		1,397,455.49			6,833,423.58

Owner Equity
Capital Stock		9,040.00			9,040.00
Additional Paid-In Capital		5,987,035.74			5,987,036.00
Partners' Capital Account
Owner's Equity Account
Retained Earning - Pre-Petition		(5,009,910.58	)		(5,009,910.58	)
Retained Earning - Postpetition		3,253,724.27
Adjustments to Owner Equity (attach schedule)
Postpetition contributions (Distributions) (Draws) (attach schedule)
Net Owner Equity		4,239,889.43			986,165.42

Total Liabilities and Owners' Equity	$	5,637,344.92		$	7,819,589.00

In re	RA Liquidating Corp			Case No.		10-35315-MBK
				Reporting Period		3/01/11 - 3/31/11


BALANCE SHEET - continuation sheet

	Book Value at End of		Book Value on
Assets	Current Reporting Month		Petition Date
Other Current Assets
Deferred income tax assets	$	67,193.00	$	120,059.00
Deferred costs of business sale				397,995.00
Other receivables		190.18		9,495.00
Environmental escrow accounts		500,127.18
	$	567,510.36	$	527,549.00
Other Assets
Deferred income tax assets	$	404,927.00	$	888,294.00
Deferred loan costs		-		98,201.00
Trademark				2,000.00
Accrued income tax - intercompany allocation		-		313,071.00
Account receivable - RCLC		3,057,464.21		2,212,667.00
	$	3,462,391.21	$	3,514,233.00


	Book Value at End of		Book Value on
Liabilities And Owner Equity	Current Reporting Month		Petition Date
Other Postpetition Liabilities
Employee 401k deductions	$	-	$	-
Other payroll deductions
Sales and use taxes
Accrued vacation, sick, and holiday pay
Accrued audit fees		8,333.30
Accrued line service incentive pay
Accrued interest expense
Accrued other bank charges
Accrued 401k Company match
Accrued credit card fees
Accrued income taxes
Accrued other		8,690.38
Deferred rental income
Intercompany payable - RCLC, Inc.		193,933.00
Intercompany payable - RCPC Liq Corp		95,854.95
	$	306,811.63	$	-

Adjustments to Owner Equity
	$	-	$	-



	$	-	$	-

Postpetition contributions (Distributions) (Draws) (attach schedule)

	$	-	$	-


	$	-	$	-

In re

RA Liquidating Corp

Case No.

10-35315-MBK

Reporting Period

3/01/11 - 3/31/11


STATUS OF POSTPETITION TAXES

	Beginning		Amount Withheld						Check No.		Ending
	Tax Liability		or Accrued		Amount Paid		Date Paid		or EFT		Tax Liability
Federal
Withholding	$	-	$	-	$	-					$	-
FICA-Employee		-		-		-						-
FICA-Employer		-		-		-						-
Unemployment		-		-		-						-
Income												-
Other:		-		-								-
Total Federal Taxes		-		-		-						-

State and Local
Withholding - New Jersey		-		-		-						-
Withholding - Pennsylvania		-		-		-						-
Sales		3,522.00				-						3,522.00
Excise												-
Unemployment		496.06		-								496.06
Real Property												-
Personal Property												-
Other: Fee				75.00		75.00	03/14/11		EFT
Other: Income				1,960.00		1,960.00	03/15/11		EFT			-
Total State and Local		4,018.06		2,035.00		2,035.00						4,018.06

Total Taxes	$	4,018.06	$	2,035.00	$	2,035.00					$	4,018.06


SUMMARY OF UNPAID POSTPETITION DEBTS

Attach aged listing of accounts payable
	Current		0-30		31-60		61-90		Over 90		Total
Accounts Payable	$	-	$	-	$	-	$	-	$	-	$	-
Wages Payable		-										-
Taxes Payable		4,015.06										4,015.06
Rent/Leases-Building												-
Rent/Leases-Equipment												-
Secured Debt/Adequate Protection Payments												-
Professional Fees		62,728.70		38,935.05		7,002.78		2,611.48		-		111,278.01
Amounts Due to Insiders *												-
Other: Accrued expenses		17,023.68										17,023.68
Other: Due to RCLC, Inc.		193,933.00										193,933.00
Other: Due to RCPC Liquidating Corp		95,854.95										95,854.95
Total Postpetition Debts	$	373,555.39	$	38,935.05	$	7,002.78	$	2,611.48	$	-	$	422,104.70

In re	RA Liquidating Corp		Case No.	10-35315-MBK
			Reporting Period	3/01/11 - 3/31/11


ACCOUNTS RECEIVABLE RECONCILING AND AGING


Accounts Receivable Reconciliation	Amount
Total Accounts Receivable at the beginning of the reporting period	$	10,640.20
(+) Amounts billed during the period
(+) Credit balances transferred to prepetition liabilities		-
(-) Amounts collected during the period		6,366.75
(-) Credit card fees and credits during the period		193.25
Total Accounts Receivable at the end of the reporting period			$	4,080.20

Accounts Receivable Aging	Amount
0 - 30 days old		-
31 - 60 days old		-
61 - 90 days old		-
91 + days old		4,080.20
Total Accounts Receivable			$	4,080.20
Amounts considered uncollectible (Bad Debt)				(4,080.20	)
Accounts Receivable (Net)			$	-

DEBTOR QUESTIONNAIRE

Must be completed each month		Yes	No
1.	Have any assets been sold or transferred outside the normal course of business		X
	this reporting period? If yes, provide an explanation below.
2.	Have any funds been disbursed from any account other than a debtor in possession		X
	account this reporting period? If yes, provide an explanation
3.	Have all postpetition tax returns been timely filed? If no, provide an explanation	X
	below.
4.	Are workers compensation, general liability and other necessary insurance	X
	coverage in effect? If no, provide an explanation below.
5.	Has any bank account been opened during the reporting period? If yes, provide
	documentation identifying the opened account(s).		X


Notes:
4	The policies were terminated effective October 15, 2010, upon the sale of the assets and business.

Attached files

RONSON CORP Reports

Also read

RONSON CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - May 10, 2011

Attached files

RONSON CORP Reports

Also read