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Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 4/1/11 — 4/30/11
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.
                 
                Affidavit /
        Document   Explanation   Supplement
REQUIRED DOCUMENTS   Form No.   Attached   Attached   Attached
Schedule of Cash Receipts and Disbursements
  MOR-1   YES        
Bank Reconciliation (or copies of debtor’s bank reconciliations)
  MOR-1a   YES        
Schedule of Professional Fees Paid
  MOR-1b   YES        
Copies of bank statements
      YES        
Cash disbursements journals
      YES        
Statement of Operations
  MOR-2   YES        
Balance Sheet
  MOR-3   YES        
Status of Post-petition Taxes
  MOR-4   YES        
Copies of IRS Form 6123 or payment receipt
      N/A        
Copies of tax returns filed during reporting period
      N/A        
Summary of Unpaid Post-petition Debts
  MOR-4   YES        
Listing of aged accounts payable
  MOR-4   YES        
Accounts Receivable Reconciliation and Aging
  MOR-5   YES        
Debtor Questionnaire
  MOR-5   YES        
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/ Kevin McCarthy
      May 20, 2011
 
       
Signature of Authorized Individual*
      Date
 
       
Kevin McCarthy
      CEO
 
       
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 PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 4/1/11 — 4/30/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE FILING  
    BANK ACCOUNTS     CURRENT MONTH     TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
  $ 68,110.03             $ 44,773,911.97             $ 44,842,022.00             $ 3,637,884.57          
 
                                                               
RECEIPTS
                                                               
CASH SALES
                                                               
ACCOUNTS RECEIVABLE
                                                               
LOANS AND ADVANCES
                                                               
SALE OF ASSETS
                                                  $ 1,033,315.22          
OTHER (ATTACH LIST)
  $ 157,912.20 1                           $ 157,912.20             $ 45,288,111.33          
TRANSFERS (FROM DIP ACCTS)
                                                               
 
                                                               
TOTAL RECEIPTS
  $ 157,912.20                             $ 157,912.20             $ 46,321,426.55          
 
                                                               
DISBURSEMENTS
                                                               
NET PAYROLL
  $ 9,015.69                             $ 9,015.69             $ 635,772.70          
PAYROLL TAXES
                                                               
SALES, USE & OTHER TAXES
                                                               
INVENTORY PURCHASES
                                                               
SECURED RENTAL/LEASES
                                                               
INSURANCE
                                                               
ADMINISTRATIVE
  $ 29,053.33             $ 344.76             $ 29,398.09             $ 993,425.27          
SELLING
                                                               
OTHER (ATTACH LIST)
                                                  $ 46,506.27          
 
                                                               
OWNER DRAW*
                                                               
TRANSFERS (TO DIP ACCTS)
                                                               
 
                                                               
PROFESSIONAL FEES
                                                  $ 3,285,037.45          
U.S. TRUSTEE QUARTERLY FEES
                                                  $ 37,049.01          
COURT COSTS
                                                               
TOTAL DISBURSEMENTS
  $ 38,069.02             $ 344.76             $ 38,413.78             $ 4,997,790.70          
 
                                                               
NET CASH FLOW
                                                               
(RECEIPTS LESS DISBURSEMENTS)
  $ 119,843.18             $ (344.76 )           $ 119,498.42             $ 41,323,635.85          
 
CASH — END OF MONTH
  $ 187,953.21             $ 44,773,567.21             $ 44,961,520.42             $ 44,961,520.42          
     
*  
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
  $ 38,413.78  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
  $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
  $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
  $ 38,413.78  
 
     
1  
Settlement Funds Received $157,912.20

 

 


 

Account 9146
Account Name PFF Bancorp, Inc.
Reconciliation As of Date 4/30/11
                 
Balance per Bank
          $ 208,876.03  
 
               
Deposits in Transit
               
Date
  Amount        
 
               
Total
               
 
               
Outstanding Checks
               
Check #
  Amount        
1386
  $ 110.51          
1387
  $ 5,422.01          
1388
  $ 10,391.94          
 
               
Total
          $ (15,924.46 )
Other (List)
               
 
               
Bank charge on bank not on books
          $ 3.61  
Payroll check on books not on bank
          $ (5,001.97 )
 
               
Balance per Books
          $ 187,953.21  

 

 


 

Account 9472
Account Name PFF Bancorp, Inc. — Tax Refund Holding
Reconciliation As of Date 4/30/11
                 
Balance per Bank
          $ 44,773,222.45  
 
               
Deposits in Transit
               
Date
  Amount        
 
               
Total
               
 
               
Outstanding Checks
               
Check #
  Amount        
 
               
Total
               
Other (List)
               
Bank charge on bank not on books
          $ 344.76  
 
               
Balance per Books
          $ 44,773,567.21  

 

 


 

     
In re PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 4/1/11 — 4/30/11
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
                                                                         
            Amount             Check     Amount Paid     Year-To-Date  
Payee   Period Covered     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
Paul, Hastings, Janofsky & Walker, LLP
                                                          $ 1,791,373.60     $ 24,982.85  
 
                                                                       
JH Cohn
                                                          $ 581,973.90     $ 5,472.15  
 
                                                                       
Blank Rome
                                                          $ 706,419.20     $ 22,498.51  
 
                                                                       
Richards Layton & Finger
                                                          $ 148,785.04     $ 3,532.20  

 

 


 

     
Bank of America LOGO
  Account Number 9146
 
  01 01 149 01 M0000 E# 6
CUSTOMER CONNECTION
  Last Statement: 03/31/2011
BANK OF AMERICA, N.A.
  This Statement: 04/29/2011
DALLAS, TEXAS 75283-2406
   
 
   
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
   
DEBTOR IN POSSESSION #08-13127-KJC
   
OPERATING ACCOUNT
   
2058 N. MILLS AVE #139
  Page 1 of 2
CLAREMONT CA 91711
   
 
  Bankruptcy Case Number: 0813127KJC
Beginning April 1, 2011 the Federal Deposit Insurance Corporation (FDIC) will change its assessment methodology used to ensure the solvency of its Deposit Insurance Fund (DIF). Currently, the FDIC applies an assessment based on bank deposits; the FDIC will base its assessment on certain types of Bank assets. The purpose of the assessment continues ot be to provide deposit insurance through the Deposit Insurance Fund. Over time, the new methodology may result in changes to the amount of the FDIC fee on your statements to reflect the changes in costs of the insurance. Bank of America Merrill Lynch reserves the right to alter FDIC fees on deposits from time to time without additional notification.
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
    04/01/2011 – 04/29/2011     Statement Beginning Balance   $ 82,379.80  
Number of Deposits/Credits
    2     Amount of Deposits/Credits   $ 157,912.20  
Number of Checks
    6     Amount of Checks   $ 27,288.26  
Number of Other Debits
    5     Amount of Other Debits   $ 4,127.71  
 
          Statement Ending Balance   $ 208,876.03  
Number of Enclosures
    6              
 
          Service Charge   $ 3.61  
Deposits and Credits
Checks
                         
Date   Customer                 Bank
Posted   Reference     Amount     Description   Reference
04/12
          $ 142,912.20     CA BANKING CENTER DEPOSIT   235306360065883
04/19
          $ 15,000.00     CA BANKING CENTER DEPOSIT   235306260343358
Withdrawals and Debits
Checks
                                                         
            Date     Bank     Check             Date     Bank  
Check Number   Amount     Posted     Reference     Number     Amount     Posted     Reference  
1381
  $ 4,434.08       04/01       8592618396       1384     $ 1,139.40       04/11       6792499983  
1382
  $ 53.75       04/01       9392897094       1385     $ 11,856.40       04/11       1182225319  
1383
  $ 4,740.26       04/01       1082712693       10061 *   $ 5,064.37       04/01       9392846365  
Other Debits
                             
Date
Posted
  Customer
Reference
    Amount     Description   Bank
Reference
 
04/04
    1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900005  
04/06
          $ 49.94     ADP PAYROLL FEES DES: ADP — FEES ID: 13Z8V 5052499 INDN: PFF BANCORP INC CO ID: 9659605001 CCD     95002392575  
04/12
          $ 4,013.72     ADP TX/FINCL SVC DES: ADP — TAX ID: E2Z8V 041314A01 INDN: PFF BANCORP INC CO ID: 1223006057 CCD     01004666179  
04/20
          $ 60.44     ADP PAYROLL FEES DES: ADP — FEES ID: 13Z8V 5585233 INDN: PFF BANCORP INC CO ID: 9659605001 CCD     09004105389  
04/29
          $ 1.61     FDIC ASSESSMENT        
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
03/31
  $ 82,379.80     $ 82,379.80       04/18     $ 193,938.08     $ 193,938.08  
04/01
  $ 68,087.34     $ 68,087.34       04/19     $ 208,938.08     $ 193,938.08  
04/04
  $ 68,085.34     $ 68,085.34       04/20     $ 208,877.64     $ 193,877.64  
04/06
  $ 68,035.40     $ 68,035.40       04/22     $ 208,877.64     $ 207,977.64  
04/11
  $ 55,039.60     $ 55,039.60       04/25     $ 208,877.64     $ 208,877.64  
04/12
  $ 193,938.08     $ 51,025.88       04/29     $ 208,876.03     $ 208,876.03  
04/15
  $ 193,938.08     $ 185,363.35                          
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

     
 
  Account Number 9146
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 6
BANK OF AMERICA, N.A.
  Last Statement: 03/31/2011
DALLAS, TEXAS 75283-2406
  This Statement: 04/29/2011
 
   
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
   
 
   
 
  Page 2 of 2
 
   
 
  Bankruptcy Case Number: 0813127KJC
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
     
*  
Tell us your name and account number
 
*  
Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*  
Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

     
Bank of America LOGO
  Account Number 9472
 
  01 01 152 01 M0000 E# 0
CUSTOMER CONNECTION
  Last Statement: 03/31/2011
BANK OF AMERICA, N.A.
  This Statement: 04/29/2011
DALLAS, TEXAS 75283-2406
   
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
   
DEBTOR IN POSSESSION #08-13127-KJC
   
TAX REFUND HOLDING ACCOUNT
   
2058 N. MILLS AVE #139
  Page 1 of 2
CLAREMONT CA 91711
   
 
  Bankruptcy Case Number: 0813127KJC
Beginning April 1, 2011 the Federal Deposit Insurance Corporation (FDIC) will change its assessment methodology used to ensure the solvency of its Deposit Insurance Fund (DIF). Currently, the FDIC applies an assessment based on bank deposits; the FDIC will base its assessment on certain types of Bank assets. The purpose of the assessment continues ot be to provide deposit insurance through the Deposit Insurance Fund. Over time, the new methodology may result in changes to the amount of the FDIC fee on your statements to reflect the changes in costs of the insurance. Bank of America Merrill Lynch reserves the right to alter FDIC fees on deposits from time to time without additional notification.
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
    04/01/2011 — 04/29/2011     Statement Beginning Balance   $ 44,773,567.21  
Number of Deposits/Credits
    0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
    0     Amount of Checks   $ 0.00  
Number of Other Debits
    1     Amount of Other Debits   $ 344.76  
 
          Statement Ending Balance   $ 44,773,222.45  
Number of Enclosures
    0              
 
          Service Charge   $ 344.76  
Withdrawals and Debits
Other Debits
                             
Date Posted   Customer
Reference
    Amount     Description   Bank
Reference
 
04/29
          $ 344.76     FDIC ASSESSMENT        
Daily Balances
                                         
Date   Ledger Balance     Collected
Balance
    Date     Ledger
Balance
    Collected
Balance
 
03/31
  $ 44,773,567.21     $ 44,773,567.21       04/29     $ 44,773,222.45     $ 44,773,222.45  
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

     
 
  Account Number 9472
CUSTOMER CONNECTION
  01 01 152 01 M0000 E# 0
BANK OF AMERICA, N.A.
  Last Statement: 03/31/2011
DALLAS, TEXAS 75283-2406
  This Statement: 04/29/2011
 
   
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
   
 
   
 
  Page 2 of 2
 
   
 
  Bankruptcy Case Number: 0813127KJC
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
 
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
     
*  
Tell us your name and account number
 
*  
Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*  
Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

PFF Bancorp, Inc.
Transaction Detail by Account
April 2011
                                                 
Date   Type   Num     Name     Memo/Description     Split   Amount     Balance  
B of A Checking
                                               
04/01/2011
  Journal Entry     461                     -SPLIT-     -72.63       -72.63  
04/06/2011
  Journal Entry     462                     -SPLIT-     -1,139.40       -1,212.03  
04/06/2011
  Journal Entry     463                     -SPLIT-     -11,856.40       -13,068.43  
04/08/2011
  Journal Entry     465                     -SPLIT-     -110.51       -13,178.94  
04/08/2011
  Journal Entry     464                     -SPLIT-     -9,076.13       -22,255.07  
04/11/2011
  Journal Entry     466                     -SPLIT-     142,912.20       120,657.13  
04/18/2011
  Journal Entry     467                     -SPLIT-     15,000.00       135,657.13  
04/22/2011
  Journal Entry     468                     -SPLIT-     -5,422.01       130,235.12  
04/23/2011
  Journal Entry     469                     -SPLIT-     -10,391.94       119,843.18  
 
                                             
Total for B of A Checking
                                    119,843.18          
Money Market — Tax Refund
                                               
04/01/2011
  Journal Entry     460                     -SPLIT-     -344.76       -344.76  
 
                                             
Total for Money Market — Tax Refund
                                    -344.76          
Settlement Funds Received
                                               
04/11/2011
  Journal Entry     466                     -SPLIT-     142,912.20       142,912.20  
04/18/2011
  Journal Entry     467                     -SPLIT-     15,000.00       157,912.20  
 
                                             
Total for Settlement Funds Received
                                    157,912.20          
Bank Charges
                                               
04/01/2011
  Journal Entry     461                     -SPLIT-     72.63       72.63  
04/01/2011
  Journal Entry     460                     -SPLIT-     344.76       417.39  
 
                                             
Total for Bank Charges
                                    417.39          
Contractor — Talbott
                                               
04/06/2011
  Journal Entry     463                     -SPLIT-     11,625.00       11,625.00  
04/23/2011
  Journal Entry     469                     -SPLIT-     10,250.00       21,875.00  
 
                                             
Total for Contractor — Talbott
                                    21,875.00          
Contractor — Talbott — Expenses
                                               
04/06/2011
  Journal Entry     463                     -SPLIT-     231.40       231.40  
04/23/2011
  Journal Entry     469                     -SPLIT-     141.94       373.34  
 
                                             
Total for Contractor — Talbott — Expenses
                                    373.34          
Kurtzman Carson
                                               
04/22/2011
  Journal Entry     468                     -SPLIT-     5,422.01       5,422.01  
 
                                             
Total for Kurtzman Carson
                                    5,422.01          
Office Expenses
                                               
04/06/2011
  Journal Entry     462                     -SPLIT-     1,139.40       1,139.40  
04/08/2011
  Journal Entry     464                     -SPLIT-     60.44       1,199.84  
 
                                             
Total for Office Expenses
                                    1,199.84          
Payroll
                                               
04/08/2011
  Journal Entry     464                     -SPLIT-     4,013.72       4,013.72  
04/08/2011
  Journal Entry     464                     -SPLIT-     5,001.97       9,015.69  
 
                                             
Total for Payroll
                                    9,015.69          
Postage
                                               
04/08/2011
  Journal Entry     465                     -SPLIT-     92.66       92.66  
 
                                             
Total for Postage
                                    92.66          
Travel
                                               
04/08/2011
  Journal Entry     465                     -SPLIT-     17.85       17.85  
 
                                             
Total for Travel
                                    17.85          
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/01/2011    
                 
Account   Debit     Credit  
 
               
Bank Charges
  $ 72.63          
B of A Checking
          $ 72.63  
 
               
Totals
  $ 72.63     $ 72.63  
Memo: B of A — Mar
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/06/2011    
                 
Account   Debit     Credit  
 
               
Office Expenses
  $ 1,139.40          
B of A Checking
          $ 1,139.40  
 
               
Totals
  $ 1,139.40     $ 1,139.40  
Memo: 8-K 4/1/11
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/06/2011    
                 
Account   Debit     Credit  
 
               
Contractor — Talbott
  $ 11,625.00          
Contractor — Talbott – Expenses
  $ 231.40          
B of A Checking
          $ 11,856.40  
 
               
Totals
  $ 11,856.40     $ 11,856.40  
Memo: 3/27/11 — 4/6/11
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/08/2011    
                 
Account   Debit     Credit  
 
               
Travel
  $ 17.85          
Postage
  $ 92.66          
B of A Checking
          $ 110.51  
 
               
Totals
  $ 110.51     $ 110.51  
Memo: McCarthy 3/26 — 4/8/11
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/08/2011    
                 
Account   Debit     Credit  
 
               
Payroll
  $ 5,001.97          
Payroll
  $ 4,013.72          
Office Expenses
  $ 60.44          
B of A Checking
          $ 9,076.13  
 
               
Totals
  $ 9,076.13     $ 9,076.13  
Memo: McCarthy 3/26 — 4/8/11
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/11/2011    
                 
Account   Debit     Credit  
 
               
B of A Checking
  $ 142,912.20          
Settlement Funds Received
          $ 142,912.20  
 
               
Totals
  $ 142,912.20     $ 142,912.20  
Memo: RR Donelley — $139,912.20 Computershare — $3,000.00
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/18/2011    
                 
Account   Debit     Credit  
 
B of A Checking
  $ 15,000.00          
Settlement Funds Received
          $ 15,000.00  
 
               
Totals
  $ 15,000.00     $ 15,000.00  
Memo: Sandler O’Neill & Partners
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/22/2011    
                 
Account   Debit     Credit  
 
               
Kurtzman Carson
  $ 5,422.01          
B of A Checking
          $ 5,422.01  
 
               
Totals
  $ 5,422.01     $ 5,422.01  
Memo: 3/1 — 3/31/11
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/23/2011    
                 
Account   Debit     Credit  
 
               
Contractor — Talbott
  $ 10,250.00          
Contractor — Talbott – Expenses
  $ 141.94          
B of A Checking
          $ 10,391.94  
 
               
Totals
  $ 10,391.94     $ 10,391.94  
Memo: 4/7 — 4/23/11
     
*  
The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

PFF Bancorp, Inc.
Profit & Loss
April 2011
         
    Total  
Income
       
Settlement Funds Received
    157,912.20  
 
     
 
       
Total Income
  $ 157,912.20  
Expenses
       
Bank Charges
    417.39  
Contractor — Talbott
    21,875.00  
Contractor — Talbott — Expenses
    373.34  
Kurtzman Carson
    5,422.01  
Office Expenses
    1,199.84  
Payroll
    9,015.69  
Postage
    92.66  
Travel
    17.85  
 
     
Total Expenses
  $ 38,413.78  
 
     
 
       
Net Operating Income
  $ 119,498.42  
 
     
 
       
Net Income
  $ 119,498.42  
 
     
     
*   The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

PFF Bancorp, Inc.
Profit & Loss
December 5, 2008 — April 30, 2011
         
    Total  
Income
       
Interest Income
    49,630.00  
Refunds-Allowances
    17,200.00  
Settlement Funds Received
    157,912.20  
Workers Comp Experience Refund
    10,563.00  
 
     
 
       
Total Income
  $ 235,305.20  
Expenses
       
Accrued Expenses
    0.00  
Bank Charges
    1,991.64  
Blank Rome — Expenses
    22,498.51  
Blank Rome — Fees
    706,419.20  
Commissions & Fees
    0.00  
Contractor — Talbott
    612,305.75  
Contractor — Talbott — Expenses
    6,836.17  
Interest Expense
    0.99  
JH Cohn — Expenses
    5,472.15  
JH Cohn — Fees
    581,973.90  
Kurtzman Carson
    230,889.14  
Legal & Professional Fees
    258,102.77  
Office Expenses
    55,934.05  
Payroll
    635,772.70  
PHJW Expenses
    24,982.85  
PHJW Fees
    1,791,373.60  
Postage
    2,592.09  
Progressive Reimb
    -202,416.95  
RLF — Fees
    148,785.04  
RLF Expenses
    3,532.20  
Supplies
    383.11  
Taxes & Licenses
    8,613.23  
Travel
    17,004.25  
US Trustee
    37,049.01  
 
     
 
       
Total Expenses
  $ 4,950,095.40  
 
     
 
       
Net Operating Income
  $ -4,714,790.20  
Other Income
       
Other Income
    125,750.46  
 
     
 
       
Total Other Income
  $ 125,750.46  
Other Expenses
       
 
       
Charge Off Invest in PFF B&T
    142,517,693.00  
Miscellaneous
    2,000.20  
 
     
 
       
Total Other Expenses
  $ 142,519,693.20  
 
       
Net Other Income
  $ -142,393,942.74  
 
     
 
Net Income
  $ -147,108,732.94  
 
     
     
*   The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

PFF Bancorp, Inc.
Balance Sheet
As of April 30, 2011
         
    Total  
ASSETS
       
Current Assets
       
Bank Accounts
       
B of A Checking
    187,953.21  
Checking
    0.00  
Citigroup Margin
    700,000.00  
M&I Bank Account
    1,000,000.00  
Money Market — Tax Refund
    44,773,567.21  
Paine Webber Business Svcs.
    0.00  
Trust Inv A/C
    0.00  
 
     
 
       
Total Bank Accounts
  $ 46,661,520.42  
Other Current Assets
       
Prepaid — Moffett
    44,060.00  
 
     
Total Other Current Assets
  $ 44,060.00  
 
     
 
       
Total Current Assets
  $ 46,705,580.42  
Other Assets
       
Accrued Interest
    5,666.00  
Accum Comp Gain/Loss 1
    136,845.00  
Accum Comp Gain/Loss 2
    -3,531,160.00  
Capital SERP PFF
    -377,518.00  
Capital Stock Investment
    0.00  
Common Stock Dist. Def. Comp
    1,389,015.00  
Common Stock Dist. SERP
    641,438.00  
Deferred Costs — JR SUB
    91,654.00  
Interest Receivable
    82,351.00  
Investment in PFF Real Estate Svcs.
    55,000.00  
Investment in Trust I
    928,000.00  
Investment in Trust II
    774,000.00  
Investment in Trust III
    928,000.00  
Investment with Subsidiaries
    1,307,442.00  
Kurtzman Carson Retainer
    15,000.00  
Net Income/Loss
    0.00  
Net Income/Loss — DBS
    16,886,374.00  
Net Income/Loss — GIA
    730,807.00  
Net Income/Loss — PFF RESI
    -29,275.00  
 
       
Net Income/Loss DBS correction
    -33,772,748.00  
PFF B&T Cash Dividend
    0.00  
PFF FAS 115
    1,228,035.00  
Prepaid Expenses
    33,000.00  
Prepaid OTS Assessment
    6,357.00  
     
*   The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

         
    Total  
Progressive — Tail
    0.00  
RLF Retainer
    65,940.94  
Stock Options Granted
    24,911,967.00  
Travellers Tail
    0.00  
US Treasury Bonds — HTM
    0.00  
US Treasury Bonds — UNAM
    953.00  
US Treasury Bonds Mkt Value
    13,329.00  
Valuation Allowance
    -1,500,413.00  
 
     
 
       
Total Other Assets
  $ 11,020,059.94  
 
     
 
       
TOTAL ASSETS
  $ 57,725,640.36  
 
     
LIABILITIES AND EQUITY
       
Liabilities
       
Current Liabilities
       
Other Current Liabilities
       
Accrued Expenses Payable
    0.00  
Due to FDIC — Taxes
    654,985.55  
Suspense — NOL Carryback
    44,003,715.50  
 
     
 
       
Total Other Current Liabilities
  $ 44,658,701.05  
 
     
 
       
Total Current Liabilities
  $ 44,658,701.05  
Long Term Liabilities
       
Accrued Tax Fees
    6,311.00  
Deferred FIT
    -28,733.10  
Deferred SIT
    -1,378,007.00  
FAS 115 FIT
    4,132.00  
FAS 115 SIT
    1,466.00  
Intercompany Payable
    15.00  
Interest Payable — JR SUB Debt
    2,743,922.00  
Interest Payable — M&I
    -106,985.00  
Interest Payable — Other Notes
    -304,034.00  
Interest Payable — Secured Borrowings
    80,821.00  
Interest Payable — Swap Fixed
    452,506.00  
Interest Payable — Swap Variable
    -364,583.00  
JR SUB Debt I
    30,928,000.00  
JR SUB Debt II
    25,774,000.00  
JR SUB Debt III
    30,928,000.00  
JR SUB Debt MTM
    779,740.00  
 
       
Notes Payable — DBS
    -19,280,093.00  
Notes Payable M&I
    44,000,000.00  
Other Accrued Liabilities
    2,806,000.00  
Secured Borrowings
    486,849.00  
 
     
 
       
Total Long Term Liabilities
  $ 117,529,326.90  
 
     
 
       
Total Liabilities
  $ 162,188,027.95  
     
*   The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

         
    Total  
Equity
       
APIC Equity Incentive Plan
    5,565,899.00  
APIC ESOP
    28,709,074.00  
APIC Preferred Stock
    6,990,000.00  
 
       
APIC Retained Earnings
    -53,645,740.00  
APIC SERP
    -377,518.00  
APIC Stock Options Granted
    24,901,591.00  
 
       
APIC Treasury
    -113,220,689.00  
APIC Valuation Def Tax
    10,376.00  
Common Stock
    224,811.00  
Common Stock Aquired
    -86,371.00  
Common Stock Dist Def Comp
    1,389,015.00  
Common Stock Dist SERP
    641,438.00  
Dividends
    81,713,632.00  
ISO Stock Options FAS 123R
    326,562.00  
NQ Stock Options FAS 123R
    700,675.00  
 
       
Opening Balance Equity
    -163,427,263.00  
Other Comprehensive Earnings
    -2,152,951.00  
 
       
Paid-In Capital or Surplus
    224,451,453.00  
Preferred Stock
    10,000.00  
 
       
Retained Earnings
    -146,678,997.03  
Net Income
    -507,384.56  
 
     
 
       
Total Equity
  $ -104,462,387.59  
 
     
 
       
TOTAL LIABILITIES AND EQUITY
  $ 57,725,640.36  
 
     
     
*   The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

     
In re PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 4/1/11 — 4/30/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                         
        Amount                         Ending  
    Beginning   Withheld or     Amount             Check No.   Tax  
Federal   Tax Liability   Accrued     Paid     Date Paid     _____T   Liability  
Withholding
  NONE                               NONE
FICA-Employee
  NONE                               NONE
FICA-Employer
  NONE                               NONE
Unemployment
  NONE                               NONE
Income
  NONE                               NONE
Other:
  NONE                               NONE
Total Federal Taxes
  NONE                               NONE
State and Local
                                       
Withholding
  NONE                               NONE
Sales
  NONE                               NONE
Excise
  NONE                               NONE
Unemployment
  NONE                               NONE
Real Property
  NONE                               NONE
Personal Property
  NONE                               NONE
Other:
  NONE                               NONE
Total State and Local
  NONE                               NONE
Total Taxes
  NONE                               NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                             
    Current   0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                      NONE
Wages Payable
                                      NONE
Taxes Payable
                                      NONE
Rent/Leases-Building
                                      NONE
Rent/Leases-Equipment
                                      NONE
Secured Debt/Adequate Protection Payments
                                      NONE
Professional Fees
                                      NONE
Amounts Due to Insiders*
                                      NONE
Other: _____________
                                      NONE
Other: _____________
                                      NONE
Total Postpetition Debts
                                      NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).
 
*   The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 


 

In re PFF Bancorp, Inc.
      Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
       
Total Accounts Receivable at the beginning of the reporting period
  NONE
+ Amounts billed during the period
  NONE
- Amounts collected during the period
  NONE
Total Accounts Receivable at the end of the reporting period
  NONE
Accounts Receivable Aging
       
0 - 30 days old
  NONE
31 -60 days old
  NONE
61 - 90 days old
  NONE
91+ days old
  NONE
Total Accounts Receivable
  NONE
Amount considered uncollectible (Bad Debt)
  NONE
Accounts Receivable (Net)
  NONE
DEBTOR QUESTIONNAIRE
         
Must be completed each month   Yes   No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
      X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
      X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
  X    
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
  X    
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
      X

 

 


 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 4/1/11 — 4/30/11
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.
                         
                    Affidavit /  
        Document   Explanation     Supplement  
REQUIRED DOCUMENTS   Form No.   Attached   Attached     Attached  
Schedule of Cash Receipts and Disbursements
  MOR-1   YES                
Bank Reconciliation (or copies of debtor’s bank reconciliations)
  MOR-1a   YES                
Schedule of Professional Fees Paid
  MOR-1b   YES                
Copies of bank statements
      YES                
Cash disbursements journals
      YES                
Statement of Operations
  MOR-2   YES                
Balance Sheet
  MOR-3   YES                
Status of Post-petition Taxes
  MOR-4   YES                
Copies of IRS Form 6123 or payment receipt
      N/A                
Copies of tax returns filed during reporting period
      N/A                
Summary of Unpaid Post-petition Debts
  MOR-4   YES                
Listing of aged accounts payable
  MOR-4   YES                
Accounts Receivable Reconciliation and Aging
  MOR-5   YES                
Debtor Questionnaire
  MOR-5   YES                
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/ Kevin McCarthy
  May 20, 2011
 
   
Signature of Authorized Individual*
  Date
 
   
Kevin McCarthy
  CEO
 
   
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 Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 4/1/11 — 4/30/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE FILING  
    BANK ACCOUNTS     CURRENT MONTH     TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
  $ 94,075.70                             $ 94,075.70             $ 31,278.00          
 
                                                               
CASH SALES
                                                  $ 3,516.02          
ACCOUNTS RECEIVABLE
                                                               
LOANS AND ADVANCES
                                                               
SALE OF ASSETS
                                                  $ 30,277.00          
OTHER (ATTACH LIST)
  $ 1,200.15 1                           $ 1,200.15             $ 61,359.96          
TRANSFERS (FROM DIP ACCTS)
                                                  $ 196,027.42          
 
                                                               
TOTAL RECEIPTS
  $ 1,200.15                             $ 1,200.15             $ 291,180.40          
 
                                                               
NET PAYROLL
                                                  $ 27,609.67          
PAYROLL TAXES
                                                               
SALES, USE & OTHER TAXES
                                                               
INVENTORY PURCHASES
                                                               
SECURED RENTAL/LEASES
                                                  $ 124,519.58          
INSURANCE
                                                               
ADMINISTRATIVE
  $ 550.72                             $ 550.72             $ 66,609.02          
SELLING
                                                               
OTHER (ATTACH LIST)
                                                               
 
                                                               
OWNER DRAW*
                                                               
TRANSFERS (TO DIP ACCTS)
                                                  $ 4,445.00          
 
                                                               
PROFESSIONAL FEES
                                                               
U.S. TRUSTEE QUARTERLY FEES
                                                  $ 4,550.00          
COURT COSTS
                                                               
TOTAL DISBURSEMENTS
  $ 550.72                             $ 550.72             $ 227,733.27          
 
                                                               
NET CASH FLOW
                                                               
(RECEIPTS LESS DISBURSEMENTS)
  $ 649.43                             $ 649.43             $ 63,447.13          
 
                                                               
CASH — END OF MONTH
  $ 94,725.13                             $ 94,725.13             $ 94,725.13          
     
*   COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
 
                 
1 California Financial Partners
  Feb 2011   $ 599.89  
 
  Mar 2011   $ 600.26  
 
             
 
          $ 1,200.15  
 
             

 

 


 

THE FOLLOWING SECTION MUST BE COMPLETED
                 
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN)                
TOTAL DISBURSEMENTS
  $ 649.43          
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
  $            
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
  $            
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
  $ 649.43          

 

 


 

Account 9162
Account Name Glencrest Investment Advisors, Inc.
Reconciliation As of Date 4/30/11
                 
Balance per Bank
          $ 95,274.40  
 
               
Deposits in Transit
               
Date
  Amount        
 
               
Total
               
 
               
Outstanding Checks
               
Check #
  Amount        
1138
  $ 550.00          
 
               
Total
          $ (550.00 )
Other (List)
               
Bank charge on bank not on books
          $ 0.73  
 
               
Balance per Books
          $ 94,725.13  

 

 


 

     
In re Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 4/1/11 — 4/30/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
 
                                                                       
 
                  NONE                                                

 

 


 

     
Bank of America LOGO
  Account Number 9162
 
  01 01 149 01 M0000 E# 0
CUSTOMER CONNECTION
  Last Statement: 03/31/2011
BANK OF AMERICA, N.A.
  This Statement: 04/29/2011
DALLAS, TEXAS 75283-2406
   
 
   
 
  Customer Service 1-800-342-7722
GLENCREST INVESTMENT ADVISORS, INC.
   
DEBTOR IN POSSESSION #08-13128
   
OPERATING ACCOUNT
  Page 1 of 2
2058 N. MILLS AVE #139
   
CLAREMONT CA 91711
  Bankruptcy Case Number: 0813128
Beginning April 1, 2011 the Federal Deposit Insurance Corporation (FDIC) will change its assessment methodology used to ensure the solvency of its Deposit Insurance Fund (DIF). Currently, the FDIC applies an assessment based on bank deposits; the FDIC will base its assessment on certain types of Bank assets. The purpose of the assessment continues ot be to provide deposit insurance through the Deposit Insurance Fund. Over time, the new methodology may result in changes to the amount of the FDIC fee on your statements to reflect the changes in costs of the insurance. Bank of America Merrill Lynch reserves the right to alter FDIC fees on deposits from time to time without additional notification.
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
    04/01/2011 – 04/29/2011     Statement Beginning Balance   $ 94,074.98  
Number of Deposits/Credits
    1     Amount of Deposits/Credits   $ 1,200.15  
Number of Checks
    0     Amount of Checks   $ 0.00  
Number of Other Debits
    1     Amount of Other Debits   $ 0.73  
 
          Statement Ending Balance   $ 95,274.40  
Number of Enclosures
    0              
 
          Service Charge   $ 0.73  
Deposits and Credits
                                 
Date   Customer                     Bank  
Posted   Reference     Amount     Description   Reference  
04/12
          $ 1,200.15     CA BANKING CENTER DEPOSIT     235306360065880  
Withdrawals and Debits
Other Debits
                                 
Date   Customer                     Bank  
Posted   Reference     Amount     Description   Reference  
04/29
          $ 0.73     FDIC ASSESSMENT        
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
03/31
  $ 94,074.98     $ 94,074.98       04/18     $ 95,275.13     $ 95,275.13  
04/12
  $ 95,275.13     $ 94,074.98       04/29     $ 95,274.40     $ 95,274.40  
04/15
  $ 95,275.13     $ 95,203.13                          

 

 


 

     
 
  Account Number 9162
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 0
BANK OF AMERICA, N.A.
  Last Statement: 03/31/2011
DALLAS, TEXAS 75283-2406
  This Statement: 04/29/2011
 
   
 
  Customer Service 1-800-342-7722
GLENCREST INVESTMENT ADVISORS, INC.
   
 
  Page 2 of 2
 
   
 
  Bankruptcy Case Number: 0813128
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 


 

Glencrest Investment Advisors, Inc.
Transaction Detail by Account
April 2011
                                                         
Date   Type     Num     Name     Memo/Description     Split     Amount     Balance  
B of A Checking
                                                       
04/01/2011
  Journal Entry     261                     -SPLIT-     -0.72       -0.72  
04/11/2011
  Journal Entry     262                     -SPLIT-     1,200.15       1,199.43  
04/21/2011
  Journal Entry     263                     -SPLIT-     -550.00       649.43  
 
                                                     
Total for B of A Checking
                                            649.43          
CA Financial Ptnr Income
                                                       
04/11/2011
  Journal Entry     262                     -SPLIT-     1,200.15       1,200.15  
 
                                                     
Total for CA Financial Ptnr Income
                                            1,200.15          
Bank Charges
                                                       
04/01/2011
  Journal Entry     261                     -SPLIT-     0.72       0.72  
 
                                                     
Total for Bank Charges
                                            0.72          
Reliable Self Storage
                                                       
04/21/2011
  Journal Entry     263                     -SPLIT-     550.00       550.00  
 
                                                     
Total for Reliable Self Storage
                                            550.00          

 

 


 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 04/01/2011    
                 
Account   Debit     Credit  
 
               
Bank Charges
  $ 0.72          
B of A Checking
          $ 0.72  
 
               
Totals
  $ 0.72     $ 0.72  
 
               
Memo: B of A — Mar
               

 

 


 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 04/11/2011    
                 
Account   Debit     Credit  
 
               
B of A Checking
  $ 1,200.15          
CA Financial Ptnr Income
          $ 1,200.15  
 
               
Totals
  $ 1,200.15     $ 1,200.15  
 
               
Memo: Feb and Mar ’11 (24th & 25th of 48)
               

 

 


 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 04/21/2011    
                 
Account   Debit     Credit  
 
               
Reliable Self Storage
  $ 550.00          
B of A Checking
          $ 550.00  
 
               
Totals
  $ 550.00     $ 550.00  
 
               
Memo: May ‘11
               

 

 


 

Glencrest Investment Advisors, Inc.
Profit & Loss
April 2011
         
    Total  
Income
       
CA Financial Ptnr Income
    1,200.15  
 
     
Total Income
  $ 1,200.15  
Expenses
       
Bank Charges
    0.72  
Reliable Self Storage
    550.00  
 
     
Total Expenses
  $ 550.72  
 
     
Net Operating Income
  $ 649.43  
 
     
Net Income
  $ 649.43  
 
     

 

 


 

Glencrest Investment Advisors, Inc.
Profit & Loss
December 8, 2008 — April 30, 2011
         
    Total  
Income
       
Ameritrade Close Out
    22,111.54  
CA Financial Ptnr Income
    13,588.53  
Fees Billed
    3,124.12  
Misc Asset Sales — Claremont
    30,277.00  
Rental Income Palm Desert
    27,573.93  
Sublease — PFF
    6,279.10  
Trailer Income
    3,263.56  
 
     
 
Total Income
  $ 106,217.78  
Expenses
       
Bank Charges
    463.56  
Computek I.T.
    1,275.00  
I 365 Data Storage
    20,751.64  
Janitorial — Claremont
    1,720.00  
Janitorial — Palm Desert
    560.00  
Legal & Professional Fees
    -7,097.45  
Office Expenses
    3,884.35  
Other General and Admin Expenses
    4,141.78  
Payroll Expenses
    27,603.90  
Reliable Self Storage
    12,637.74  
Rent — Claremont
    93,547.58  
Rent — Palm Desert
    32,194.67  
Supplies
    -233.34  
Taxes & Licenses
    2,480.41  
US Trustee
    4,550.00  
Utilities
    2,500.98  
Utilities — Gas Co
    939.56  
Utilities — Phone and Data
    13,180.03  
Utilities — SCE
    7,260.65  
Utilities — Siemens
    848.52  
Utilities — Water
    15.14  
 
     
 
Total Expenses
  $ 223,224.72  
 
     
 
Net Operating Income
  $ -117,006.94  
Other Income
       
Other Income
    12,419.88  
 
     
Total Other Income
  $ 12,419.88  
Other Expenses
       
Miscellaneous
    54.11  
 
     
Total Other Expenses
  $ 54.11  
 
     
Net Other Income
  $ 12,365.77  
 
     
 
Net Income
  $ -104,641.17  
 
     

 

 


 

Glencrest Investment Advisors, Inc.
Balance Sheet
As of April 30, 2011
         
    Total  
ASSETS
       
Current Assets
       
Bank Accounts
       
B of A Checking
    94,725.13  
PFF Checking
    0.00  
Prepaid Rent — Claremont
    0.00  
 
     
Total Bank Accounts
  $ 94,725.13  
 
     
Total Current Assets
  $ 94,725.13  
Other Assets
       
Advances to Trust
    80,000.00  
Lease Deposit
    0.00  
Net Income/Loss GIS
    58,822.00  
Prepaid — Other
    17,680.08  
Prepaid A/P
    23,437.00  
Prepaid Rent & CAM — Claremont
    0.00  
Prepaid Rent — Palm Desert
    0.00  
Prin Rec FHLMC SEC Fixed
    2,916.92  
Property & Equipment
    492,486.00  
Utility Deposit
    0.00  
Valuation Allowance
    -43,570.00  
 
     
 
       
Total Other Assets
  $ 631,772.00  
 
     
 
       
TOTAL ASSETS
  $ 726,497.13  
 
     
LIABILITIES AND EQUITY
       
Liabilities
       
Long Term Liabilities
       
125 Deductions
    5,150.00  
401K
    469.00  
Accrued Payroll
    8,000.00  
Accrued Vacation
    34,313.00  
Deferred Federal Inc Tax
    93,597.00  
Deferred State Franchise Tax
    -137,167.00  
Employer FICA Tax Payable
    27.00  
Fed Inc Tax W/H
    178.00  
Federal Employee FICA
    27.00  
Intercompany Payable
    14,433.00  
MISC Unapplied Funds
    -224.00  
Other Accrued Liability
    40,000.00  
State Tax W/H
    34.00  
Sublease Deposit
    1.00  
 
     
Total Long Term Liabilities
  $ 58,838.00  
 
     
Total Liabilities
  $ 58,838.00  

 

 


 

         
    Total  
Equity
       
APIC
    6,870,597.00  
APIC — Retained Earnings
    -6,206,986.00  
Common Stock
    3.00  
Opening Balance Equity
    -1.00  
Retained Earnings
    4,255.98  
Net Income
    -209.85  
 
     
 
       
Total Equity
  $ 667,659.13  
 
     
 
       
TOTAL LIABILITIES AND EQUITY
  $ 726,497.13  
 
     

 

 


 

     
In re Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 4/1/11 — 4/30/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                                 
            Amount                             Ending  
    Beginning     Withheld or     Amount             Check No.     Tax  
Federal   Tax Liability     Accrued     Paid     Date Paid     _____T     Liability  
Withholding
  NONE                                   NONE
FICA-Employee
  NONE                                   NONE
FICA-Employer
  NONE                                   NONE
Unemployment
  NONE                                   NONE
Income
  NONE                                   NONE
Other:
  NONE                                   NONE
Total Federal Taxes
  NONE                                   NONE
State and Local
                                               
Withholding
  NONE                                   NONE
Sales
  NONE                                   NONE
Excise
  NONE                                   NONE
Unemployment
  NONE                                   NONE
Real Property
  NONE                                   NONE
Personal Property
  NONE                                   NONE
Other:
  NONE                                   NONE
Total State and Local
  NONE                                   NONE
Total Taxes
  NONE                                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                          NONE
Wages Payable
                                          NONE
Taxes Payable
                                          NONE
Rent/Leases-Building
                                          NONE
Rent/Leases-Equipment
                                          NONE
Secured Debt/Adequate Protection Payments
                                          NONE
Professional Fees
                                          NONE
Amounts Due to Insiders*
                                          NONE
Other: _____________
                                          NONE
Other: _____________
                                          NONE
Total Postpetition Debts
                                          NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 


 

In re Glencrest Investment Advisors, Inc.
     Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
       
Total Accounts Receivable at the beginning of the reporting period
  NONE
+ Amounts billed during the period
  NONE
- Amounts collected during the period
  NONE
Total Accounts Receivable at the end of the reporting period
  NONE
Accounts Receivable Aging
       
0 - 30 days old
  NONE
31 -60 days old
  NONE
61 - 90 days old
  NONE
91+ days old
  NONE
Total Accounts Receivable
  NONE
Amount considered uncollectible (Bad Debt)
  NONE
Accounts Receivable (Net)
  NONE
DEBTOR QUESTIONNAIRE
                 
Must be completed each month   Yes     No  
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
            X  
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
            X  
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
    X          
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
    X          
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
            X  

 

 


 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 4/1/11 — 4/30/11
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.
                                 
                            Affidavit /  
            Document     Explanation     Supplement  
REQUIRED DOCUMENTS   Form No.     Attached     Attached     Attached  
Schedule of Cash Receipts and Disbursements
  MOR-1   YES                
Bank Reconciliation (or copies of debtor’s bank reconciliations)
  MOR-1a   YES                
Schedule of Professional Fees Paid
  MOR-1b   YES                
Copies of bank statements
          YES                
Cash disbursements journals
          YES                
Statement of Operations
  MOR-2   YES                
Balance Sheet
  MOR-3   YES                
Status of Post-petition Taxes
  MOR-4   YES                
Copies of IRS Form 6123 or payment receipt
          N/A                
Copies of tax returns filed during reporting period
          N/A                
Summary of Unpaid Post-petition Debts
  MOR-4   YES                
Listing of aged accounts payable
  MOR-4   YES                
Accounts Receivable Reconciliation and Aging
  MOR-5   YES                
Debtor Questionnaire
  MOR-5   YES                
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/ Kevin McCarthy
  May 20, 2011    
 
Signature of Authorized Individual*
 
 
Date
   
 
       
Kevin McCarthy
  CEO    
 
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 Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 4/1/11 — 4/30/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE FILING TO  
    BANK ACCOUNTS     CURRENT MONTH     DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
  $ 91,095.06                             $ 91,095.06             $ 44,046.24          
 
                                                               
RECEIPTS
                                                               
CASH SALES
  $ 108.66                                             $ 49,934.65          
ACCOUNTS RECEIVABLE
                                                               
LOANS AND ADVANCES
                                                               
SALE OF ASSETS
                                                  $ 307.22          
OTHER (ATTACH LIST)
                                                               
TRANSFERS (FROM DIP ACCTS)
                                                               
 
                                                               
TOTAL RECEIPTS
                                                  $ 50,241.87          
 
                                                               
DISBURSEMENTS
                                                               
NET PAYROLL
                                                               
PAYROLL TAXES
                                                               
SALES, USE & OTHER TAXES
                                                               
INVENTORY PURCHASES
                                                               
SECURED RENTAL/LEASES
                                                               
INSURANCE
                                                               
ADMINISTRATIVE
  $ 0.70                             $ 0.70             $ 268.75          
SELLING
                                                               
OTHER (ATTACH LIST)
                                                               
 
                                                               
OWNER DRAW*
                                                               
TRANSFERS (TO DIP ACCTS)
                                                               
 
                                                               
PROFESSIONAL FEES
                                                               
U.S. TRUSTEE QUARTERLY FEES
                                                  $ 2,925.00          
COURT COSTS
                                                               
TOTAL DISBURSEMENTS
  $ 0.70                             $ 0.70             $ 3,193.75          
 
                                                               
NET CASH FLOW
                                                               
(RECEIPTS LESS DISBURSEMENTS)
  $ (0.70 )                           $ (0.70 )           $ 47,048.12          
 
                                                               
CASH — END OF MONTH
  $ 91,094.36                             $ 91,094.36             $ 91,094.36          
     
*   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
  $ 0.70  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
  $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
  $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
  $ 0.70  

 

 


 

Account 8202
Account Name Glencrest Insurance Services, Inc.
Reconciliation As of Date 4/30/11
                 
Balance per Bank
          $ 91,093.66  
 
               
Deposits in Transit
               
Date
  Amount        
 
               
Total
               
 
               
Outstanding Checks
               
Check #
  Amount        
 
               
Total
               
Other (List)
               
Bank charge on bank not on books
          $ 0.70  
 
               
Balance per Books
          $ 91,094.36  

 

 


 

     
In re Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 4/1/11 — 4/30/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
 
                                                                       
 
                  NONE                                                

 

 


 

     
Bank of America LOGO
  Account Number 8202
 
  01 01 149 01 M0000 E# 0
CUSTOMER CONNECTION
  Last Statement: 03/31/2011
BANK OF AMERICA, N.A.
  This Statement: 04/29/2011
DALLAS, TEXAS 75283-2406
   
 
   
 
  Customer Service 1-800-342-7722
GLENCREST INSURANCE SERVICES, INC.
   
DEBTOR IN POSSESSION #08-13131
   
2058 N. MILLS AVE #139
  Page 1 of 2
CLAREMONT CA 91711
   
 
  Bankruptcy Case Number: 0813131
Beginning April 1, 2011 the Federal Deposit Insurance Corporation (FDIC) will change its assessment methodology used to ensure the solvency of its Deposit Insurance Fund (DIF). Currently, the FDIC applies an assessment based on bank deposits; the FDIC will base its assessment on certain types of Bank assets. The purpose of the assessment continues ot be to provide deposit insurance through the Deposit Insurance Fund. Over time, the new methodology may result in changes to the amount of the FDIC fee on your statements to reflect the changes in costs of the insurance. Bank of America Merrill Lynch reserves the right to alter FDIC fees on deposits from time to time without additional notification.
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
    04/01/2011 – 04/29/2011     Statement Beginning Balance   $ 91,094.36  
Number of Deposits/Credits
    0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
    0     Amount of Checks   $ 0.00  
Number of Other Debits
    1     Amount of Other Debits   $ 0.70  
 
          Statement Ending Balance   $ 91,093.66  
Number of Enclosures
    0              
 
          Service Charge   $ 0.70  
Withdrawals and Debits
Other Debits
                             
Date   Customer                 Bank  
Posted   Reference     Amount     Description   Reference  
04/29
          $ 0.70     FDIC ASSESSMENT        
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
03/31
  $ 91,094.36     $ 91,094.36       04/29     $ 91,093.66     $ 91,093.66  

 

 


 

     
 
  Account Number 8202
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 0
BANK OF AMERICA, N.A.
  Last Statement: 03/31/2011
DALLAS, TEXAS 75283-2406
  This Statement: 04/29/2011
 
   
 
  Customer Service 1-800-342-7722
GLENCREST INSURANCE SERVICES, INC.
   
 
   
 
  Page 2 of 2
 
   
 
  Bankruptcy Case Number: 0813131
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 


 

Glencrest Insurance Services, Inc.
Transaction Detail by Account
April 2011
                                                         
Date   Type     Num     Name     Memo/Description     Split     Amount     Balance  
B of A Checking
                                                       
04/01/2011
  Journal Entry     105                     -SPLIT-     -0.70       -0.70  
 
                                                     
Total for B of A Checking
                                            -0.70          
Bank Charges
                                                       
04/01/2011
  Journal Entry     105                     -SPLIT-     0.70       0.70  
 
                                                     
Total for Bank Charges
                                            0.70          

 

 


 

Journal Entry
Adjusting Journal Entry: BETA
Date: 04/01/2011
                 
Account   Debit     Credit  
 
               
Bank Charges
  $ 0.70          
B of A Checking
          $ 0.70  
 
               
Totals
  $ 0.70     $ 0.70  
Memo: B of A — Mar

 

 


 

Glencrest Insurance Services, Inc.
Profit & Loss
April 2011
         
    Total  
Income
       
Total Income
       
Expenses
       
Bank Charges
    0.70  
 
     
Total Expenses
  $ 0.70  
 
     
Net Operating Income
  $ -0.70  
 
     
Net Income
  $ -0.70  
 
     

 

 


 

Glencrest Insurance Services, Inc.
Profit & Loss
December 8, 2008 — April 30, 2011
         
    Total  
Income
       
Fees Billed
    49,934.65  
 
     
Total Income
  $ 49,934.65  
Expenses
       
Bank Charges
    268.75  
Taxes & Licenses
    0.00  
US Trustee
    2,925.00  
 
     
Total Expenses
  $ 3,193.75  
 
     
Net Operating Income
  $ 46,740.90  
Other Income
       
Other Income
    307.22  
 
     
Total Other Income
  $ 307.22  
 
     
Net Other Income
  $ 307.22  
 
     
Net Income
  $ 47,048.12  
 
     

 

 


 

Glencrest Insurance Services, Inc.
Balance Sheet
As of April 30, 2011
         
    Total  
ASSETS
       
Current Assets
       
Bank Accounts
       
B of A Checking
    91,094.36  
Operating Acct
    0.00  
PFF Checking
    0.00  
 
     
Total Bank Accounts
  $ 91,094.36  
 
     
Total Current Assets
  $ 91,094.36  
Other Assets
       
Prepaid Expenses and Other Assets
    36,194.00  
Property & Equipment
    16,201.00  
 
     
Total Other Assets
  $ 52,395.00  
 
     
 
       
TOTAL ASSETS
  $ 143,489.36  
 
     
LIABILITIES AND EQUITY
       
Liabilities
       
Long Term Liabilities
       
Deferred Tax
    36,194.00  
Fees Payable
    -322.00  
 
     
Total Long Term Liabilities
  $ 35,872.00  
 
     
Total Liabilities
  $ 35,872.00  
Equity
       
APIC — R/E Dividends Paid
    -5,440,000.00  
APIC — Retained Earnings
    5,480,569.00  
Common Stock
    20,000.00  
Opening Balance Equity
    0.24  
Retained Earnings
    46,960.14  
Net Income
    87.98  
 
     
 
       
Total Equity
  $ 107,617.36  
 
     
 
       
TOTAL LIABILITIES AND EQUITY
  $ 143,489.36  
 
     

 

 


 

     
In re Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 4/1/11 — 4/30/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                                 
            Amount                             Ending  
    Beginning     Withheld or     Amount             Check No.     Tax  
Federal   Tax Liability     Accrued     Paid     Date Paid     _____T     Liability  
Withholding
  NONE                                   NONE
FICA-Employee
  NONE                                   NONE
FICA-Employer
  NONE                                   NONE
Unemployment
  NONE                                   NONE
Income
  NONE                                   NONE
Other:
  NONE                                   NONE
Total Federal Taxes
  NONE                                   NONE
State and Local
                                               
Withholding
  NONE                                   NONE
Sales
  NONE                                   NONE
Excise
  NONE                                   NONE
Unemployment
  NONE                                   NONE
Real Property
  NONE                                   NONE
Personal Property
  NONE                                   NONE
Other:
  NONE                                   NONE
Total State and Local
  NONE                                   NONE
Total Taxes
  NONE                                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                          NONE
Wages Payable
                                          NONE
Taxes Payable
                                          NONE
Rent/Leases-Building
                                          NONE
Rent/Leases-Equipment
                                          NONE
Secured Debt/Adequate Protection Payments
                                          NONE
Professional Fees
                                          NONE
Amounts Due to Insiders*
                                          NONE
Other: _____________
                                          NONE
Other: _____________
                                          NONE
Total Postpetition Debts
                                          NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 


 

In re Glencrest Insurance Services, Inc.
     Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
       
Total Accounts Receivable at the beginning of the reporting period
  NONE
+ Amounts billed during the period
  NONE
- Amounts collected during the period
  NONE
Total Accounts Receivable at the end of the reporting period
  NONE
Accounts Receivable Aging
       
0 - 30 days old
  NONE
31 - 60 days old
  NONE
61 - 90 days old
  NONE
91+ days old
  NONE
Total Accounts Receivable
  NONE
Amount considered uncollectible (Bad Debt)
  NONE
Accounts Receivable (Net)
  NONE
DEBTOR QUESTIONNAIRE
                 
Must be completed each month   Yes     No  
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
            X  
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
            X  
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
    X          
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
    X          
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
            X  

 

 


 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 4/1/11 — 4/30/11
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.
                                 
                            Affidavit /  
            Document     Explanation     Supplement  
REQUIRED DOCUMENTS   Form No.     Attached     Attached     Attached  
Schedule of Cash Receipts and Disbursements
  MOR-1   YES                
Bank Reconciliation (or copies of debtor’s bank reconciliations)
  MOR-1a   YES                
Schedule of Professional Fees Paid
  MOR-1b   YES                
Copies of bank statements
          YES                
Cash disbursements journals
          YES                
Statement of Operations
  MOR-2   YES                
Balance Sheet
  MOR-3   YES                
Status of Post-petition Taxes
  MOR-4   YES                
Copies of IRS Form 6123 or payment receipt
            N/A                  
Copies of tax returns filed during reporting period
            N/A                  
Summary of Unpaid Post-petition Debts
  MOR-4   YES                
Listing of aged accounts payable
  MOR-4   YES                
Accounts Receivable Reconciliation and Aging
  MOR-5   YES                
Debtor Questionnaire
  MOR-5   YES                
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/ Kevin McCarthy
  May 20, 2011
 
   
Signature of Authorized Individual*
  Date
 
   
Kevin McCarthy
  CEO
 
   
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 Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 4/1/11 — 4/30/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE  
    BANK ACCOUNTS     CURRENT MONTH     FILING TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
  $ 1,758,657.06                             $ 1,758,657.06             $ 1,186,035.00          
 
                                                               
RECEIPTS
                                                               
CASH SALES
                                                               
ACCOUNTS RECEIVABLE
                                                               
LOANS AND ADVANCES
                                                               
SALE OF ASSETS
                                                               
OTHER (ATTACH LIST)
                                                  $ 350,000.00          
TRANSFERS (FROM DIP ACCTS)
                                                  $ 227,179.23          
 
                                                               
TOTAL RECEIPTS
                                                  $ 577,179.23          
 
                                                               
DISBURSEMENTS
                                                               
NET PAYROLL
                                                               
PAYROLL TAXES
                                                               
SALES, USE & OTHER TAXES
                                                               
INVENTORY PURCHASES
                                                               
SECURED RENTAL/LEASES
                                                               
INSURANCE
                                                               
ADMINISTRATIVE
  $ 13.54                             $ 13.54             $ 1,546.37          
SELLING
                                                               
OTHER (ATTACH LIST)
                                                  $ 99.34          
 
                                                               
OWNER DRAW*
                                                               
TRANSFERS (TO DIP ACCTS)
                                                               
 
                                                               
PROFESSIONAL FEES
                                                               
U.S. TRUSTEE QUARTERLY FEES
                                                  $ 2,925.00          
COURT COSTS
                                                               
TOTAL DISBURSEMENTS
  $ 13.54                             $ 13.54             $ 4,570.71          
 
                                                               
NET CASH FLOW
                                                               
(RECEIPTS LESS DISBURSEMENTS)
  $ (13.54 )                           $ (13.54 )           $ 572,608.52          
 
                                                               
CASH — END OF MONTH
  $ 1,758,643.52                             $ 1,758,643.52             $ 1,758,643.52          
     
*   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
  $ 13.54  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
  $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
  $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
  $ 13.54  

 

 


 

Account 9188
Account Name Diversified Builder Services, Inc.
Reconciliation As of Date 4/30/11
                 
Balance per Bank
          $ 1,758,629.98  
 
Deposits in Transit
               
Date
  Amount        
 
               
Total
               
 
Outstanding Checks
               
Check #
  Amount        
 
Total
               
Other (List)
               
Bank charge on bank not on books
          $ 13.54  
 
               
Balance per Books
          $ 1,758,643.52  

 

 


 

     
In re Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 4/1/11 — 4/30/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
 
 
                  NONE                                                  

 

 


 

     
Bank of America LOGO
  Account Number 9188
 
  01 01 149 01 M0000 E# 0 
CUSTOMER CONNECTION
  Last Statement: 03/31/2011
BANK OF AMERICA, N.A.
  This Statement: 04/29/2011
DALLAS, TEXAS 75283-2406
   
 
   
 
  Customer Service 1-800-342-7722 
DIVERSIFIED BUILDER SERVICES, INC.
   
DEBTOR IN POSSESSION #08-13129
   
OPERATING ACCOUNT
  Page 1 of 2
2058 N. MILLS AVE #139
   
CLAREMONT CA 91711
  Bankruptcy Case Number: 0813129 
Beginning April 1, 2011 the Federal Deposit Insurance Corporation (FDIC) will change its assessment methodology used to ensure the solvency of its Deposit Insurance Fund (DIF). Currently, the FDIC applies an assessment based on bank deposits; the FDIC will base its assessment on certain types of Bank assets. The purpose of the assessment continues ot be to provide deposit insurance through the Deposit Insurance Fund. Over time, the new methodology may result in changes to the amount of the FDIC fee on your statements to reflect the changes in costs of the insurance. Bank of America Merrill Lynch reserves the right to alter FDIC fees on deposits from time to time without additional notification.
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
    04/01/2011 – 04/29/2011     Statement Beginning Balance   $ 1,758,643.52  
Number of Deposits/Credits
    0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
    0     Amount of Checks   $ 0.00  
Number of Other Debits
    1     Amount of Other Debits   $ 13.54  
 
          Statement Ending Balance   $ 1,758,629.98  
Number of Enclosures
    0              
 
          Service Charge   $ 13.54  
Withdrawals and Debits
Other Debits
                                 
Date   Customer                     Bank  
Posted   Reference     Amount     Description     Reference  
04/29
          $ 13.54     FDIC ASSESSMENT        
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
03/31
  $ 1,758,643.52     $ 1,758,643.52       04/29     $ 1,758,629.98     $ 1,758,629.98  

 

 


 

     
 
  Account Number 9188
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 0
BANK OF AMERICA, N.A.
  Last Statement: 03/31/2011
DALLAS, TEXAS 75283-2406
  This Statement: 04/29/2011
 
   
 
  Customer Service 1-800-342-7722
DIVERSIFIED BUILDER SERVICES, INC.
   
 
   
 
  Page 2 of 2
 
   
 
  Bankruptcy Case Number: 0813129
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
     
*  
Tell us your name and account number
 
*  
Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*  
Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 


 

Diversified Builder Services, Inc.
Transaction Detail by Account
April 2011
                                                           
Date     Type   Num     Name     Memo/Description     Split   Amount     Balance  
B of A Checking
                                                         
04/01/2011
    Journal Entry     48                     -SPLIT-     -13.54       -13.54  
 
                                                       
Total for B of A Checking
                                              -13.54          
Bank Charges
                                                         
04/01/2011
    Journal Entry     48                     -SPLIT-     13.54       13.54  
 
                                                       
Total for Bank Charges
                                              13.54          

 

 


 

     
Journal Entry   Adjusting Journal Entry: BETA
     
Date: 04/01/2011    
                 
Account   Debit     Credit  
 
Bank Charges
  $ 13.54          
B of A Checking
          $ 13.54  
 
               
Totals
  $ 13.54     $ 13.54  
 
               
Memo: B of A — Mar
               

 

 


 

Diversified Builder Services, Inc.
Profit & Loss
April 2011
         
    Total  
Income
       
Total Income
       
Expenses
       
Bank Charges
    13.54  
 
     
Total Expenses
  $ 13.54  
 
     
Net Operating Income
  $ -13.54  
 
     
Net Income
  $ -13.54  
 
     

 

 


 

Diversified Builder Services, Inc.
Profit & Loss
December 8, 2008 — April 30, 2011
         
    Total  
Income
       
Lafferty Tax Refunds
    227,179.23  
 
     
 
Total Income
  $ 227,179.23  
Expenses
       
Appraisal Services
    1,000.00  
Bank Charges
    546.37  
Taxes & Licenses
    0.00  
U S Trustee
    2,925.00  
 
     
Total Expenses
  $ 4,471.37  
 
     
 
Net Operating Income
  $ 222,707.86  
Other Income
       
Other Income
    -99.34  
 
     
Total Other Income
  $ -99.34  
 
     
Net Other Income
  $ -99.34  
 
     
 
Net Income
  $ 222,608.52  
 
     

 

 


 

Diversified Builder Services, Inc.
Balance Sheet
As of April 30, 2011
         
    Total  
ASSETS
       
Current Assets
       
Bank Accounts
       
B of A Checking
    1,758,643.52  
PFF Checking
    0.00  
PFF Checking — 10102
    0.00  
 
     
 
Total Bank Accounts
  $ 1,758,643.52  
 
     
 
Total Current Assets
  $ 1,758,643.52  
Other Assets
       
100% Loan Loss — Comm Loans — MI
    -300,000.00  
Accounts Receivable
    288,500.00  
Commercial LOC — MI
    4,300,000.00  
Commercial LOC Contra Asset — CLS
    -1,050.00  
Def Income — Comm Non Accr
    -217,552.00  
Partial Charge-Offs Comm. Unsecured
    -2,579,081.00  
Property & Equipment
    7,489.00  
Val Allow — FIT Deferred Taxes
    1,951,021.00  
Val Allow — SIT Deferred Taxes
    -6,886,601.00  
 
     
 
Total Other Assets
  $ -3,437,274.00  
 
     
 
TOTAL ASSETS
  $ -1,678,630.48  
 
     
LIABILITIES AND EQUITY
       
Liabilities
       
Long Term Liabilities
       
Accrued Interest — Notes Payable
    304,034.00  
DBS Insurance Payable
    160.00  
Deferred Fed Income Taxes
    1,951,021.00  
Deferred Income
    288,500.00  
Deferred State Inc Taxes
    -6,886,601.00  
Intercompany Payable
    6.00  
Notes Payable
    19,280,093.00  
 
     
 
Total Long Term Liabilities
  $ 14,937,213.00  
 
     
 
Total Liabilities
  $ 14,937,213.00  
Equity
       
APIC
    28,000,000.00  
 
APIC — Retained Earnings
    -44,838,453.00  
Opening Balance Equity
    1.00  
Retained Earnings
    223,036.84  
Net Income
    -428.32  
 
     
 
Total Equity
  $ -16,615,843.48  
 
     
 
TOTAL LIABILITIES AND EQUITY
  $ -1,678,630.48  
 
     

 

 


 

     
In re Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 4/1/11 — 4/30/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                                 
            Amount                             Ending  
    Beginning     Withheld or     Amount     Date     Check No.     Tax  
Federal   Tax Liability     Accrued     Paid     Paid     ____T     Liability  
Withholding
  NONE                                   NONE
FICA-Employee
  NONE                                   NONE
FICA-Employer
  NONE                                   NONE
Unemployment
  NONE                                   NONE
Income
  NONE                                   NONE
Other:
  NONE                                   NONE
Total Federal Taxes
  NONE                                   NONE
State and Local
                                               
Withholding
  NONE                                   NONE
Sales
  NONE                                   NONE
Excise
  NONE                                   NONE
Unemployment
  NONE                                   NONE
Real Property
  NONE                                   NONE
Personal Property
  NONE                                   NONE
Other:
  NONE                                   NONE
Total State and Local
  NONE                                   NONE
Total Taxes
  NONE                                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                          NONE
Wages Payable
                                          NONE
Taxes Payable
                                          NONE
Rent/Leases-Building
                                          NONE
Rent/Leases-Equipment
                                          NONE
Secured Debt/Adequate Protection Payments
                                          NONE
Professional Fees
                                          NONE
Amounts Due to Insiders*
                                          NONE
Other: ____
                                          NONE
Other: ____
                                          NONE
Total Postpetition Debts
                                          NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 


 

In re   Diversified Builder Services, Inc.
Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation        
Total Accounts Receivable at the beginning of the reporting period
  $ 4,300,000.00  
- Amounts charged off during the period
       
- Amounts collected during the period
       
Total Accounts Receivable at the end of the reporting period
  $ 4,300,000.00  
Accounts Receivable Aging
       
0 - 30 days old
       
31 - 60 days old
       
61 - 90 days old
       
91+ days old
  $ 4,300,000.00  
Total Accounts Receivable
  $ 4,300,000.00  
Amount considered uncollectible (Bad Debt)
  $ 2,579,081.00  
Accounts Receivable (Net)
  $ 1,720,911.00  
DEBTOR QUESTIONNAIRE
                         
Must be completed each month   Yes     No  
1.  
Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
            X  
2.
Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
            X  
3.
Have all postpetition tax returns been timely filed? If no, provide an explanation below.
    X          
4.
Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
    X          
5.
Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
            X  

 

 


 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 4/1/11 — 4/30/11
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.
                                 
                            Affidavit /  
            Document     Explanation     Supplement  
REQUIRED DOCUMENTS   Form No.     Attached     Attached     Attached  
Schedule of Cash Receipts and Disbursements
  MOR-1   YES                
Bank Reconciliation (or copies of debtor’s bank reconciliations)
  MOR-1a   YES                
Schedule of Professional Fees Paid
  MOR-1b   YES                
Copies of bank statements
          YES                
Cash disbursements journals
          YES                
Statement of Operations
  MOR-2   YES                
Balance Sheet
  MOR-3   YES                
Status of Post-petition Taxes
  MOR-4   YES                
Copies of IRS Form 6123 or payment receipt
            N/A                  
Copies of tax returns filed during reporting period
            N/A                  
Summary of Unpaid Post-petition Debts
  MOR-4   YES                
Listing of aged accounts payable
  MOR-4   YES                
Accounts Receivable Reconciliation and Aging
  MOR-5   YES                
Debtor Questionnaire
  MOR-5   YES                
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/ Kevin McCarthy
    May 20, 2011
 
     
Signature of Authorized Individual*
    Date
 
       
Kevin McCarthy
    CEO
 
     
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 PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 4/1/11 — 4/30/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH – ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE  
    BANK ACCOUNTS     CURRENT MONTH     FILING TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
  $ 22,637.23                             $ 22,637.23             $ 25,725.04          
 
                                                               
RECEIPTS
                                                               
CASH SALES
                                                               
ACCOUNTS RECEIVABLE
                                                               
LOANS AND ADVANCES
                                                               
SALE OF ASSETS
                                                               
OTHER (ATTACH LIST)
                                                               
TRANSFERS (FROM DIP ACCTS)
                                                               
 
                                                               
TOTAL RECEIPTS
                                                               
 
                                                               
DISBURSEMENTS
                                                               
NET PAYROLL
                                                               
PAYROLL TAXES
                                                               
SALES, USE & OTHER TAXES
                                                               
INVENTORY PURCHASES
                                                               
SECURED RENTAL/LEASES
                                                               
INSURANCE
                                                               
ADMINISTRATIVE
  $ 0.17                             $ 0.17             $ 162.98          
SELLING
                                                               
OTHER (ATTACH LIST)
                                                               
 
                                                               
OWNER DRAW*
                                                               
TRANSFERS (TO DIP ACCTS)
                                                               
 
                                                               
PROFESSIONAL FEES
                                                               
U.S. TRUSTEE QUARTERLY FEES
                                                  $ 2,925.00          
COURT COSTS
                                                               
TOTAL DISBURSEMENTS
  $ 0.17                             $ 0.17             $ 3,087.98          
 
                                                               
NET CASH FLOW
                                                               
(RECEIPTS LESS DISBURSEMENTS)
  $ (0.17 )                           $ (0.17 )           $ (3,087.98 )        
 
                                                               
CASH — END OF MONTH
  $ 22,637.06                             $ 22,637.06             $ 22,637.06          
     
*  
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
  $ 0.17  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
  $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
  $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
  $ 0.17  

 

 


 

Account 8192
Account Name PFF Real Estate Services, Inc.
Reconciliation As of Date 4/30/11
                 
Balance per Bank
          $ 22,636.89  
 
               
Deposits in Transit
               
Date
  Amount        
 
               
Total
               
 
               
Outstanding Checks
               
Check #
  Amount        
 
               
 
               
Total
               
Other (List)
               
 
               
Bank charge on bank not on books
          $ 0.17  
 
               
Balance per Books
          $ 22,637.06  

 

 


 

     
In re PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 4/1/11 — 4/30/11
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     Covered     Payor   Number     Date     Fees     Expenses     Fees     Expenses  
 
                                                                       
 
                  NONE                                                

 

 


 

     
Bank of America LOGO
  Account Number 8192
 
   01 01 149 01 M0000 E# 0
CUSTOMER CONNECTION
  Last Statement: 03/31/2011
BANK OF AMERICA, N.A.
  This Statement: 04/29/2011
DALLAS, TEXAS 75283-2406
   
 
   
 
  Customer Service 1-800-342-7722
PFF REAL ESTATE SERVICES, INC.
   
DEBTOR IN POSSESSION #08-13130
   
2058 N. MILLS AVE #139
  Page 1 of 2
CLAREMONT CA 91711
   
 
  Bankruptcy Case Number: 0813130
Beginning April 1, 2011 the Federal Deposit Insurance Corporation (FDIC) will change its assessment methodology used to ensure the solvency of its Deposit Insurance Fund (DIF). Currently, the FDIC applies an assessment based on bank deposits; the FDIC will base its assessment on certain types of Bank assets. The purpose of the assessment continues ot be to provide deposit insurance through the Deposit Insurance Fund. Over time, the new methodology may result in changes to the amount of the FDIC fee on your statements to reflect the changes in costs of the insurance. Bank of America Merrill Lynch reserves the right to alter FDIC fees on deposits from time to time without additional notification.
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
    04/01/2011 – 04/29/2011     Statement Beginning Balance   $ 22,637.06  
Number of Deposits/Credits
    0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
    0     Amount of Checks   $ 0.00  
Number of Other Debits
    1     Amount of Other Debits   $ 0.17  
 
          Statement Ending Balance   $ 22,636.89  
Number of Enclosures
    0              
 
          Service Charge   $ 0.17  
Withdrawals and Debits
                                 
Other Debits                            
 
Date   Customer                     Bank  
Posted   Reference     Amount     Description     Reference  
04/29
          $ 0.17     FDIC ASSESSMENT          
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
03/31
  $ 22,637.06     $ 22,637.06       04/29     $ 22,636.89     $ 22,636.89  

 

 


 

     
 
  Account Number 8192
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 0
BANK OF AMERICA, N.A.
  Last Statement: 03/31/2011
DALLAS, TEXAS 75283-2406
  This Statement: 04/29/2011
 
   
 
  Customer Service 1-800-342-7722
PFF REAL ESTATE SERVICES, INC.
   
 
   
 
  Page 2 of 2
 
   
 
  Bankruptcy Case Number: 0813130
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*  
Tell us your name and account number
 
*  
Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*  
Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 


 

PFF Real Estate Services, Inc.
Transaction Detail by Account
April 2011
                                                         
Date   Type     Num     Name     Memo/Description     Split   Amount     Balance  
B of A Checking
                                                       
04/01/2011
  Journal Entry       43                     -SPLIT-     -0.17       -0.17  
Total for B of A Checking
                                            -0.17          
Bank Charges
                                                       
04/01/2011
  Journal Entry     43                     -SPLIT-     0.17       0.17  
Total for Bank Charges
                                            0.17          

 

 


 

     
Journal Entry  

Adjusting Journal Entry: BETA
Date: 04/01/2011
                 
Account   Debit     Credit  
 
               
Bank Charges
  $ 0.17          
B of A Checking
          $ 0.17  
 
               
Totals
  $ 0.17     $ 0.17  
 
               
Memo: Mar — B of A

 

 


 

PFF Real Estate Services, Inc.
Profit & Loss
April 2011
         
    Total  
Income
       
Total Income
       
Expenses
       
Bank Charges
    0.17  
 
     
Total Expenses
  $ 0.17  
 
     
Net Operating Income
  $ -0.17  
 
     
Net Income
  $ -0.17  
 
     

 

 


 

PFF Real Estate Services, Inc.
Profit & Loss
December 5, 2008 — April 30, 2011
         
    Total  
Income
       
Total Income
       
Expenses
       
Bank Charges
    162.98  
U S Trustee
    2,925.00  
 
     
Total Expenses
  $ 3,087.98  
 
     
Net Operating Income
  $ -3,087.98  
Other Income
       
Other Income
    0.04  
 
     
Total Other Income
  $ 0.04  
 
     
Net Other Income
  $ 0.04  
 
     
Net Income
  $ -3,087.94  
 
     

 

 


 

PFF Real Estate Services, Inc.
Balance Sheet
As of April 30, 2011
         
    Total  
ASSETS
       
Current Assets
       
Bank Accounts
       
B of A Checking
    22,637.06  
PFF Checking
    0.00  
 
     
Total Bank Accounts
  $ 22,637.06  
 
     
Total Current Assets
  $ 22,637.06  
 
     
TOTAL ASSETS
  $ 22,637.06  
 
     
LIABILITIES AND EQUITY
       
Liabilities
       
Total Liabilities
       
Equity
       
APIC — Retained Earnings
    -29,275.00  
Common Stock
    55,000.00  
Opening Balance Equity
    0.00  
Retained Earnings
    -2,744.06  
Net Income
    -343.88  
 
     
Total Equity
  $ 22,637.06  
 
     
TOTAL LIABILITIES AND EQUITY
  $ 22,637.06  
 
     

 

 


 

     
In re PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 4/1/11 — 4/30/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                         
        Amount               Ending
    Beginning   Withheld or   Amount       Check No.   Tax
Federal   Tax Liability   Accrued   Paid   Date Paid   _____T   Liability
Withholding
  NONE                   NONE
FICA-Employee
  NONE                   NONE
FICA-Employer
  NONE                   NONE
Unemployment
  NONE                   NONE
Income
  NONE                   NONE
Other:
  NONE                   NONE
Total Federal Taxes
  NONE                   NONE
State and Local
                       
Withholding
  NONE                   NONE
Sales
  NONE                   NONE
Excise
  NONE                   NONE
Unemployment
  NONE                   NONE
Real Property
  NONE                   NONE
Personal Property
  NONE                   NONE
Other:
  NONE                   NONE
Total State and Local
  NONE                   NONE
Total Taxes
  NONE                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                         
    Current   0-30   31-60   61-90   Over 90   Total
Accounts Payable
                      NONE
Wages Payable
                      NONE
Taxes Payable
                      NONE
Rent/Leases-Building
                      NONE
Rent/Leases-Equipment
                      NONE
Secured Debt/Adequate Protection Payments
                      NONE
Professional Fees
                      NONE
Amounts Due to Insiders*
                      NONE
Other:                     
                      NONE
Other:                     
                      NONE
Total Postpetition Debts
                      NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*  
“Insider” is defined in 11 U.S.C. Section 101(31).

 

 


 

In re  
PFF Real Estate Services, Inc.
Debtor
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
       
Total Accounts Receivable at the beginning of the reporting period
  NONE
+ Amounts billed during the period
  NONE
- Amounts collected during the period
  NONE
Total Accounts Receivable at the end of the reporting period
  NONE
Accounts Receivable Aging
       
0 - 30 days old
  NONE
31 - 60 days old
  NONE
61 - 90 days old
  NONE
91+ days old
  NONE
Total Accounts Receivable
  NONE
Amount considered uncollectible (Bad Debt)
  NONE
Accounts Receivable (Net)
  NONE
DEBTOR QUESTIONNAIRE
         
Must be completed each month   Yes   No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
      X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
      X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
  X    
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
  X    
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
      X