Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - RONSON CORP | form8k-116559_rclc.htm |
| EX-99.1 - EXHIBIT 99.1 - RONSON CORP | ex99_1.htm |
| EX-99.2 - EXHIBIT 99.2 - RONSON CORP | ex99_2.htm |
Exhibit 99.3
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW JERSEY
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 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
|
REQUIRED DOCUMENTS
|
Form No.
|
Document
Attached |
Explanation
Attached |
Affidavit/Supplement
Attached |
|
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
X
|
|||
|
Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
|
X
|
|||
|
Schedule of Professional Fees Paid
|
MOR-1b
|
X
|
|||
|
Copies of bank statements
|
X
|
||||
|
Cash disbursements journals
|
N/A
|
||||
|
Statement of Operations
|
MOR-2
|
X
|
|||
|
Balance Sheet
|
MOR-3
|
X
|
|||
|
Status of Postpetition Taxes
|
MOR-4
|
X
|
|||
|
Copies of IRS Form 6123 or payment receipt
|
None
|
||||
|
Copies of tax returns filed during reporting period
|
None
|
||||
|
Summary of Unpaid Postpetition Debts
|
MOR-4
|
X
|
|||
|
Listing of aged accounts payable
|
MOR-4
|
None
|
|||
|
Accounts Receivable Reconciliation and Aging
|
MOR-5
|
X
|
|||
|
Debtor Questionnaire
|
MOR-5
|
X
|
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
|
Signature of Debtor
|
Date
|
||
|
Signature of Joint Debtor
|
Date
|
||
|
/s/ Daryl Holcomb
|
June 9, 2011
|
||
|
Signature of Authorized Individual *
|
Date
|
||
|
Daryl K. Holcomb
|
Vice President & Chief Financial Officer
|
||
|
Printed Name of Authorized Individual
|
Title of Authorized Individual
|
||
* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
|||
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
|
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
|
Cash Beginning of Month
|
$ | 1,592,530.98 | $ | 100.00 | $ | 100.00 | $ | - | $ | 1,592,730.98 | $ | - | $ | 39,997.99 | $ | - | ||||||||||||||||
|
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Cash Sales
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
|
Accounts Receivable (1)
|
561.75 | 561.75 | 1,681,581.06 | |||||||||||||||||||||||||||||
|
Loans and Advances
|
- | 992,000.00 | ||||||||||||||||||||||||||||||
|
Sale of Assets
|
- | 10,161,703.97 | ||||||||||||||||||||||||||||||
|
Other (Attach List)
|
- | - | - | - | - | 42,066.71 | ||||||||||||||||||||||||||
|
Transfers (From DIP Accts.)
|
- | 1,679,599.93 | ||||||||||||||||||||||||||||||
|
Change in clearings
|
- | (36.53 | ) | |||||||||||||||||||||||||||||
|
Total Receipts
|
$ | 561.75 | $ | - | $ | - | $ | - | $ | 561.75 | $ | - | $ | 14,556,915.14 | $ | - | ||||||||||||||||
|
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Net Payroll
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 155,078.58 | $ | - | ||||||||||||||||
|
Payroll Taxes
|
- | 70,021.34 | ||||||||||||||||||||||||||||||
|
Sales, Use, & Other Taxes
|
- | 2,035.00 | ||||||||||||||||||||||||||||||
|
Inventory Purchases
|
- | 516,930.24 | ||||||||||||||||||||||||||||||
|
Secured/Rental/Leases
|
- | 17,932.38 | ||||||||||||||||||||||||||||||
|
Insurance
|
- | 45,258.12 | ||||||||||||||||||||||||||||||
|
Administrative
|
- | - | 5,715.62 | |||||||||||||||||||||||||||||
|
Selling
|
- | - | ||||||||||||||||||||||||||||||
|
Other (Attach List)
|
- | - | - | - | - | 2,327,044.55 | ||||||||||||||||||||||||||
|
Loan payments
|
- | 7,254,641.60 | ||||||||||||||||||||||||||||||
|
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
|
Transfers (To DIP Accts)
|
193,933.00 | - | 193,933.00 | 1,642,487.99 | ||||||||||||||||||||||||||||
| - | - | |||||||||||||||||||||||||||||||
|
Professional Fees
|
34,204.41 | 34,204.41 | 1,168,112.39 | |||||||||||||||||||||||||||||
|
U.S. Trustee Quarterly Fees
|
6,000.00 | 6,000.00 | 32,500.00 | |||||||||||||||||||||||||||||
|
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 234,137.41 | $ | - | $ | - | $ | - | $ | 234,137.41 | $ | - | $ | 13,237,757.81 | $ | - | ||||||||||||||||
|
Net Cash Flow
|
(233,575.66 | ) | - | - | - | (233,575.66 | ) | 1,319,157.33 | ||||||||||||||||||||||||
|
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
|
Cash - End of Month
|
$ | 1,358,955.32 | $ | 100.00 | $ | 100.00 | $ | - | $ | 1,359,155.32 | $ | - | $ | 1,359,155.32 | $ | - | ||||||||||||||||
* 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
|
$ | 234,137.41 | ||
|
Less: Transfers to Debtor in Possession Accounts
|
(193,933.00 | ) | ||
|
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||
|
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 40,204.41 | ||
(1) Until October 15, 2010, all receipts were swept by the lender and applied directly to the secured debt.
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
OTHER RECEIPTS & DISBURSEMENTS
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
|
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
|
Other Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Interest on escrow funds
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 4.38 | $ | - | ||||||||||||||||
|
Forward to Zippo Mfg receipts belonging to Zippo
|
- | (78,378.75 | ) | |||||||||||||||||||||||||||||
|
Forward to Trenton Aviation receipts belonging to Trenton Aviation
|
- | (4,507.32 | ) | |||||||||||||||||||||||||||||
|
Collect other current assets
|
- | 6,252.81 | ||||||||||||||||||||||||||||||
|
Collect miscellaneous receivables
|
- | 37,591.17 | ||||||||||||||||||||||||||||||
|
Collect prepaid expenses
|
- | 34,855.08 | ||||||||||||||||||||||||||||||
|
Transfer from affiliate, RCC, Inc
|
- | 36,385.00 | ||||||||||||||||||||||||||||||
|
Return of utility deposits
|
- | 9,864.34 | ||||||||||||||||||||||||||||||
|
Total Other Receipts
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 42,066.71 | $ | - | ||||||||||||||||
|
Other Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Building & ramp costs
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 4,647.48 | $ | - | ||||||||||||||||
|
Maintenance costs
|
- | 12,510.15 | ||||||||||||||||||||||||||||||
|
Transfers to RCLC, Inc. (1)
|
- | - | ||||||||||||||||||||||||||||||
|
401k deposits
|
- | 11,812.72 | ||||||||||||||||||||||||||||||
|
NJDEP
|
- | 2,500.00 | ||||||||||||||||||||||||||||||
|
US Customs
|
- | 1,254.40 | ||||||||||||||||||||||||||||||
|
Prior month reconciling items
|
- | (750.41 | ) | |||||||||||||||||||||||||||||
|
Getzler Henrich
|
- | 1,895,050.59 | ||||||||||||||||||||||||||||||
|
Utilities deposits
|
- | 12,632.00 | ||||||||||||||||||||||||||||||
|
Utilities
|
- | 3,917.23 | ||||||||||||||||||||||||||||||
|
Equipment
|
- | 511.20 | ||||||||||||||||||||||||||||||
|
Professional fees of Greenberg Traurig on behalf of Wells Fargo
|
- | 374,459.91 | ||||||||||||||||||||||||||||||
|
File copying
|
- | - | 8,046.40 | |||||||||||||||||||||||||||||
|
Payment reimbursed by Trenton Aviation
|
- | - | 452.88 | |||||||||||||||||||||||||||||
| - | - | |||||||||||||||||||||||||||||||
| - | - | |||||||||||||||||||||||||||||||
| - | - | |||||||||||||||||||||||||||||||
|
Total Other Disbursements
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 2,327,044.55 | $ | - | ||||||||||||||||
(1) Included in transfers to DIP accounts
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
|
Operating
|
Tax
|
Payroll
|
Other
|
|||||||||||||||||||||||||||||
|
Capital One Bank
|
Capital One Bank
|
Capital One Bank
|
Cash on hand
|
|||||||||||||||||||||||||||||
| * | * | * | ||||||||||||||||||||||||||||||
|
Balance Per Book
|
$ | 1,358,955.32 | $ | 100.00 | $ | 100.00 | $ | - | ||||||||||||||||||||||||
|
Balance Per Bank
|
$ | 1,364,955.32 | $ | 100.00 | $ | 100.00 | $ | - | ||||||||||||||||||||||||
|
(+) Deposits in Transit (Attach List)
|
- | - | - | - | ||||||||||||||||||||||||||||
|
(-) Outstanding Checks (Attach List)
|
(6,000.00 | ) | - | - | - | |||||||||||||||||||||||||||
|
Other (Attach Explanation)
|
- | - | - | - | ||||||||||||||||||||||||||||
|
Adjusted Bank Balance *
|
$ | 1,358,955.32 | $ | 100.00 | $ | 100.00 | $ | - | ||||||||||||||||||||||||
|
* Adjusted bank balance must equal
balance per books
|
||||||||||||||||||||||||||||||||
|
Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
|
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
||||||||||||||||||||||||
| 4001 | $ | 6,000.00 | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
| $ | 6,000.00 | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
* Account number has been redacted.
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 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
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
||||||||||||||||||
|
SSG Capital Advisors, LLC
|
$ | - | $ | - | $ | - | |||||||||||||||||||||
| $ | 350,235.45 | $ | 1,904.36 | ||||||||||||||||||||||||
|
Szaferman, Lakind, Blumstein & Blader, P.C.
|
|||||||||||||||||||||||||||
| 12,151.50 | 221.36 | ||||||||||||||||||||||||||
|
Cole, Schotz, Meisel, Forman & Leonard, P.A.
|
2/1 - 2/28/11
|
18,912.17 |
RA Liq Corp
|
MT040511
|
04/05/11
|
14,483.43 | 807.88 | ||||||||||||||||||||
| 3/1 - 3/31/11 | 23,582.40 | RA Liq Corp | MT042611 |
04/26/11
|
18,677.20 | 235.90 | 463,989.48 | 27,561.68 | |||||||||||||||||||
|
J.H. Cohn LLP
|
|||||||||||||||||||||||||||
| 130,413.82 | 222.27 | ||||||||||||||||||||||||||
|
Lowenstein Sandler PC
|
|||||||||||||||||||||||||||
| 180,414.05 | 3,619.44 | ||||||||||||||||||||||||||
| $ | 42,494.57 | $ | 33,160.63 | $ | 1,043.78 | $ | 1,137,204.30 | $ | 33,529.11 | ||||||||||||||||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
STATEMENT OF OPERATIONS
(Income Statement)
Accrual Basis
|
Revenues
|
Month
|
Cumulative
Filing to Date |
||||||
|
Gross Revenues
|
$ | - | $ | 1,232,865.00 | ||||
|
Less: Returns and Allowances
|
- | (846.00 | ) | |||||
|
Net Revenue
|
- | 1,232,019.00 | ||||||
|
Cost of Goods Sold
|
||||||||
|
Beginning Inventory
|
- | 223,977.00 | ||||||
|
Add: Purchases
|
- | 545,011.00 | ||||||
|
Add: Cost of Labor
|
- | 162,703.00 | ||||||
|
Add: Other Costs (attach schedule)
|
- | 201,334.00 | ||||||
|
Less: Ending Inventory
|
- | (203,620.00 | ) | |||||
|
Cost of Goods Sold
|
- | 929,405.00 | ||||||
|
Gross Profit
|
- | 302,614.00 | ||||||
|
Operating Expenses
|
||||||||
|
Advertising
|
||||||||
|
Auto and Truck Expense
|
- | 948.00 | ||||||
|
Bad Debts
|
(561.75 | ) | (7,569.23 | ) | ||||
|
Contributions
|
- | |||||||
|
Employee Benefits Programs
|
- | 6,560.00 | ||||||
|
Insider Compensation *
|
||||||||
|
Insurance
|
- | 1,054.00 | ||||||
|
Management Fees
|
53,352.00 | 719,717.00 | ||||||
|
Office Expense
|
- | 7,371.25 | ||||||
|
Pension & Profit-Sharing Plans
|
- | 732.00 | ||||||
|
Repairs and Maintenance
|
- | 283.00 | ||||||
|
Rent and Lease Expense
|
||||||||
|
Salaries/Commissions/Fees
|
- | 39,731.00 | ||||||
|
Supplies
|
- | 583.00 | ||||||
|
Taxes - Payroll
|
- | 1,551.00 | ||||||
|
Taxes - Real Estate
|
||||||||
|
Taxes - Other
|
- | 75.00 | ||||||
|
Travel and Entertainment
|
||||||||
|
Utilities
|
||||||||
|
Other (attach schedule)
|
- | 133,818.80 | ||||||
|
Total Operating Expenses Before Depreciation
|
52,790.25 | 904,854.82 | ||||||
|
Depreciation/Depletion/Amortization
|
- | 31,452.00 | ||||||
|
Net Profit (Loss) Before Other Income & Expenses
|
(52,790.25 | ) | (633,692.82 | ) | ||||
|
Other Income and Expenses
|
||||||||
|
Other Income (attach schedule)
|
- | (245,234.00 | ) | |||||
|
Interest Expense
|
- | 60,342.00 | ||||||
|
Other Expense (attach schedule)
|
||||||||
|
Net Profit (Loss) Before Reorganization Items
|
(52,790.25 | ) | (448,800.82 | ) | ||||
|
Reorganization Items
|
||||||||
|
Professional Fees
|
43,139.62 | 761,672.45 | ||||||
|
U.S. Trustee Quarterly Fees
|
6,000.00 | 32,500.00 | ||||||
|
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
21.24 | 82.91 | ||||||
|
Gain (Loss) from Sale of Equipment
|
- | 5,890,082.00 | ||||||
|
Other Reorganization Expenses (attach schedule)
|
- | 59,458.00 | ||||||
|
Total Reorganization Expenses
|
49,118.38 | (5,036,534.46 | ) | |||||
|
Income Taxes - deferred & allocated among affiliates
|
- | 1,433,958.00 | ||||||
|
Income Taxes - current
|
- | 1,960.00 | ||||||
|
Net Profit (Loss)
|
$ | (101,908.63 | ) | $ | 3,151,815.64 | |||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
STATEMENT OF OPERATIONS - continuation sheet
|
Breakdown of "Other" Category
|
Month
|
Cumulative
Filing to Date |
||||||
|
Other Costs
|
||||||||
|
Building & ramp department costs
|
$ | - | $ | 169,045.00 | ||||
|
Avionics department costs
|
2,129.00 | |||||||
|
Maintenance department costs
|
23,049.00 | |||||||
|
Parts & service administration costs
|
7,111.00 | |||||||
| $ | - | $ | 201,334.00 | |||||
|
Other Operational Expenses
|
||||||||
|
Audit fees
|
$ | - | $ | 8,333.00 | ||||
|
Legal fees
|
||||||||
|
Fees charged by the secured lender
|
19,238.80 | |||||||
|
Amortization of loan costs & write-off of unamortized portion
|
98,201.00 | |||||||
|
Records copying
|
- | 8,046.00 | ||||||
| $ | - | $ | 133,818.80 | |||||
|
Other Income
|
||||||||
|
Write off of prior overaccrual of estimated fees
|
$ | - | $ | 51,031.00 | ||||
|
Adjustment in prior Chief Restructuring Officer fees
|
100,000.00 | |||||||
|
Adjustment in prior consulting fees - Getzler
|
- | 92,137.00 | ||||||
|
Other
|
- | 66.00 | ||||||
|
Recovery of prior escrow funds
|
2,000.00 | |||||||
| $ | - | $ | 245,234.00 | |||||
|
Other Expenses
|
||||||||
| $ | - | $ | - | |||||
| $ | - | $ | - | |||||
|
Other Reorganization Expenses
|
||||||||
|
Professional fees
|
$ | - | $ | 59,458.00 | ||||
| $ | - | $ | 59,458.00 | |||||
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding.
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
BALANCE SHEET
Accrual Basis
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
|
Current Assets
|
||||||||
|
Unrestricted Cash and Equivalents
|
$ | 1,359,155.32 | $ | 39,998.00 | ||||
|
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
|
Accounts Receivable (Net)
|
- | 143,218.00 | ||||||
|
Notes Receivable
|
||||||||
|
Inventories
|
223,977.00 | |||||||
|
Prepaid Expenses
|
14,712.37 | 91,243.00 | ||||||
|
Professional Retainers
|
- | 25,000.00 | ||||||
|
Other Current Assets (attach schedule)
|
567,531.60 | 527,549.00 | ||||||
|
Total Current Assets
|
1,941,399.29 | 1,050,985.00 | ||||||
|
Property and Equipment
|
||||||||
|
Real Property and Improvements
|
5,505,335.00 | |||||||
|
Machinery and Equipment
|
667,352.00 | |||||||
|
Furniture, Fixtures and Office Equipment
|
346,616.00 | |||||||
|
Leasehold Improvements
|
1,108,308.00 | |||||||
|
Vehicles
|
15,872.00 | |||||||
|
Less Accumulated Depreciation
|
(4,389,112.00 | ) | ||||||
|
Total Property & Equipment
|
- | 3,254,371.00 | ||||||
|
Other Assets
|
||||||||
|
Loans to Insiders *
|
||||||||
|
Other Assets (see schedule)
|
3,462,391.21 | 3,514,233.00 | ||||||
|
Total Other Assets
|
3,462,391.21 | 3,514,233.00 | ||||||
|
Total Assets
|
$ | 5,403,790.50 | $ | 7,819,589.00 | ||||
|
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
|
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
|
Accounts Payable
|
$ | - | $ | - | ||||
|
Taxes Payable (refer to Form MOR-4)
|
4,015.06 | |||||||
|
Wages Payable
|
||||||||
|
Notes Payable
|
||||||||
|
Rent/Leases - Building/Equipment
|
||||||||
|
Secured Debt / Adequate Protection Payments
|
||||||||
|
Professional Fees
|
120,213.22 | |||||||
|
Amounts Due to Insiders *
|
- | |||||||
|
Other Postpetition Liabilities (attach schedule)
|
166,230.63 | |||||||
|
Total Postpetition Liabilities
|
290,458.91 | - | ||||||
|
Liabilities Subject to Compromise
|
||||||||
|
Secured Debt
|
3,576,750.00 | |||||||
|
Priority Debt
|
6,122.47 | 21,836.00 | ||||||
|
Unsecured Debt
|
969,228.32 | 3,234,837.58 | ||||||
|
Total Pre-Petition Liabilities
|
975,350.79 | 6,833,423.58 | ||||||
|
Total Liabilities
|
1,265,809.70 | 6,833,423.58 | ||||||
|
Owner Equity
|
||||||||
|
Capital Stock
|
9,040.00 | 9,040.00 | ||||||
|
Additional Paid-In Capital
|
5,987,035.74 | 5,987,036.00 | ||||||
|
Partners' Capital Account
|
||||||||
|
Owner's Equity Account
|
||||||||
|
Retained Earning - Pre-Petition
|
(5,009,910.58 | ) | (5,009,910.58 | ) | ||||
|
Retained Earning - Postpetition
|
3,151,815.64 | |||||||
|
Adjustments to Owner Equity (attach schedule)
|
||||||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
|
Net Owner Equity
|
4,137,980.80 | 986,165.42 | ||||||
|
Total Liabilities and Owners' Equity
|
$ | 5,403,790.50 | $ | 7,819,589.00 | ||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 -4/30/11
|
BALANCE SHEET - continuation sheet
|
Assets
|
Book Value at End of
Current Reporting Month
|
Book Value on
Petition Date
|
||||||
|
Other Current Assets
|
||||||||
|
Deferred income tax assets
|
$ | 67,193.00 | $ | 120,059.00 | ||||
|
Deferred costs of business sale
|
397,995.00 | |||||||
|
Other receivables
|
190.18 | 9,495.00 | ||||||
|
Environmental escrow accounts
|
500,148.42 | |||||||
| $ | 567,531.60 | $ | 527,549.00 | |||||
|
Other Assets
|
||||||||
|
Deferred income tax assets
|
$ | 404,927.00 | $ | 888,294.00 | ||||
|
Deferred loan costs
|
- | 98,201.00 | ||||||
|
Trademark
|
2,000.00 | |||||||
|
Accrued income tax - intercompany allocation
|
- | 313,071.00 | ||||||
|
Account receivable - RCLC
|
3,057,464.21 | 2,212,667.00 | ||||||
| $ | 3,462,391.21 | $ | 3,514,233.00 | |||||
|
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
|
Other Postpetition Liabilities
|
||||||||
|
Employee 401k deductions
|
$ | - | $ | - | ||||
|
Other payroll deductions
|
||||||||
|
Sales and use taxes
|
||||||||
|
Accrued vacation, sick, and holiday pay
|
||||||||
|
Accrued audit fees
|
8,333.30 | |||||||
|
Accrued line service incentive pay
|
||||||||
|
Accrued interest expense
|
||||||||
|
Accrued other bank charges
|
||||||||
|
Accrued 401k Company match
|
||||||||
|
Accrued credit card fees
|
||||||||
|
Accrued income taxes
|
||||||||
|
Accrued other
|
8,690.38 | |||||||
|
Deferred rental income
|
||||||||
|
Intercompany payable - RCLC, Inc.
|
53,352.00 | |||||||
|
Intercompany payable - RCPC Liq Corp
|
95,854.95 | |||||||
| $ | 166,230.63 | $ | - | |||||
|
Adjustments to Owner Equity
|
||||||||
| $ | - | $ | - | |||||
| $ | - | $ | - | |||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
| $ | - | $ | - | |||||
| $ | - | $ | - | |||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
STATUS OF POSTPETITION TAXES
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
||||||||||||||||
|
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
||||||||||||||
|
Federal
|
|||||||||||||||||||
|
Withholding
|
$ | - | $ | - | $ | - | $ | - | |||||||||||
|
FICA-Employee
|
- | - | - | - | |||||||||||||||
|
FICA-Employer
|
- | - | - | - | |||||||||||||||
|
Unemployment
|
- | - | - | - | |||||||||||||||
|
Income
|
- | ||||||||||||||||||
|
Other:
|
- | - | - | ||||||||||||||||
|
Total Federal Taxes
|
- | - | - | - | |||||||||||||||
|
State and Local
|
|||||||||||||||||||
|
Withholding - New Jersey
|
- | - | - | - | |||||||||||||||
|
Withholding - Pennsylvania
|
- | - | - | - | |||||||||||||||
|
Sales
|
3,522.00 | - | 3,522.00 | ||||||||||||||||
|
Excise
|
- | ||||||||||||||||||
|
Unemployment
|
493.06 | - | 493.06 | ||||||||||||||||
|
Real Property
|
- | ||||||||||||||||||
|
Personal Property
|
- | ||||||||||||||||||
|
Other: Fee
|
|||||||||||||||||||
|
Other: Income
|
- | ||||||||||||||||||
|
Total State and Local
|
4,015.06 | - | - | 4,015.06 | |||||||||||||||
|
Total Taxes
|
$ | 4,015.06 | $ | - | $ | - | $ | 4,015.06 | |||||||||||
SUMMARY OF UNPAID POSTPETITION DEBTS
|
Attach aged listing of accounts payable
|
||||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
|
Accounts Payable
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
|
Wages Payable
|
- | - | ||||||||||||||||||||||
|
Taxes Payable
|
4,015.06 | 4,015.06 | ||||||||||||||||||||||
|
Rent/Leases-Building
|
- | |||||||||||||||||||||||
|
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
- | |||||||||||||||||||||||
|
Professional Fees
|
68,139.62 | 18,815.60 | 23,645.68 | 7,000.84 | 2,611.48 | 120,213.22 | ||||||||||||||||||
|
Amounts Due to Insiders *
|
- | |||||||||||||||||||||||
|
Other: Accrued expenses
|
17,023.68 | 17,023.68 | ||||||||||||||||||||||
|
Other: Due to RCLC, Inc.
|
53,352.00 | 53,352.00 | ||||||||||||||||||||||
|
Other: Due to RCPC Liquidating Corp
|
95,854.95 | 95,854.95 | ||||||||||||||||||||||
|
Total Postpetition Debts
|
$ | 238,385.31 | $ | 18,815.60 | $ | 23,645.68 | $ | 7,000.84 | $ | 2,611.48 | $ | 290,458.91 | ||||||||||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|
|
Reporting Period
|
4/01/11 - 4/30/11
|
ACCOUNTS RECEIVABLE RECONCILING AND AGING
|
Accounts Receivable Reconciliation
|
Amount
|
|||||||
|
Total Accounts Receivable at the beginning of the reporting period
|
$ | 4,080.20 | ||||||
|
(+) Amounts billed during the period
|
||||||||
|
(+) Credit balances transferred to prepetition liabilities
|
- | |||||||
|
(-) Amounts collected during the period
|
561.75 | |||||||
|
(-) Credit card fees and credits during the period
|
- | |||||||
|
Total Accounts Receivable at the end of the reporting period
|
$ | 3,518.45 | ||||||
|
Accounts Receivable Aging
|
Amount
|
|||||||
|
0 – 30 days old
|
- | |||||||
|
31 – 60 days old
|
- | |||||||
|
61 – 90 days old
|
- | |||||||
|
91 + days old
|
3,518.45 | |||||||
|
Total Accounts Receivable
|
$ | 3,518.45 | ||||||
|
Amounts considered uncollectible (Bad Debt)
|
(3,518.45 | ) | ||||||
|
Accounts Receivable (Net)
|
$ | - | ||||||
DEBTOR QUESTIONNAIRE
|
Must be completed each month
|
Yes
|
No
|
||
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
X
|
||
|
this reporting period? If yes, provide an explanation below.
|
||||
|
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
X
|
||
|
account this reporting period? If yes, provide an explanation
|
||||
|
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
X
|
||
|
below.
|
||||
|
4.
|
Are workers compensation, general liability and other necessary insurance
|
X
|
||
|
coverage in effect? If no, provide an explanation below.
|
||||
|
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
|||
|
documentation identifying the opened account(s).
|
X
|
|||
Notes:
4 The policies were terminated effective October 15, 2010, upon the sale of the assets and business.