Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PFF BANCORP INC | c19038e8vk.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
IN THE DISTRICT OF DELAWARE
In re Diversified Builder Services, Inc.
|
Case No. 08-13129 | |
| Reporting Period: 5/1/11 — 5/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| 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
|
June 17, 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: 5/1/11 — 5/31/11 |
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 |
$ | 1,758,643.52 | $ | 1,758,643.52 | $ | 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 | $ | 1,559.91 | ||||||||||||||||||||||||||
SELLING |
||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
$ | 99.34 | ||||||||||||||||||||||||||||||
OWNER DRAW* |
||||||||||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) |
||||||||||||||||||||||||||||||||
PROFESSIONAL FEES |
||||||||||||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES |
$ | 325.00 | $ | 325.00 | $ | 3,250.00 | ||||||||||||||||||||||||||
COURT COSTS |
||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 338.54 | $ | 338.54 | $ | 4,909.25 | ||||||||||||||||||||||||||
NET CASH FLOW |
||||||||||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) |
$ | (338.54 | ) | $ | (338.54 | ) | $ | 572,269.98 | ||||||||||||||||||||||||
CASH — END OF MONTH |
$ | 1,758,304.98 | $ | 1,758,304.98 | $ | 1,758,304.98 | ||||||||||||||||||||||||||
| * | COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE |
THE FOLLOWING SECTION MUST BE COMPLETED
| DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS |
$ | 338.54 | ||
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 |
$ | 338.54 |
Account 9188
Account Name Diversified Builder Services, Inc.
Reconciliation As of Date 5/31/11
Balance per Bank |
$ | 1,758,291.44 | ||||||
Deposits in Transit |
||||||||
Date |
Amount | |||||||
Total |
||||||||
Outstanding Checks |
||||||||
Check # |
Amount | |||||||
Total |
||||||||
Other (List) |
||||||||
Service charge on bank not on books |
$ | 13.54 | ||||||
Balance per Books |
$ | 1,758,304.98 | ||||||
In re Diversified Builder Services, Inc.
|
Case No. 08-13129 | |
| Reporting Period: 5/1/11 — 5/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||||||||||||||||||||||
| Payee | Covered | Covered | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||||||||||||||||
| NONE | ||||||||||||||||||||||||||||||||||||
Bank of America LOGO
|
Account Number 9188 | |
| 01 01 149 01 M0000 E# 1 | ||
CUSTOMER CONNECTION
|
Last Statement: 04/29/2011 | |
BANK OF AMERICA, N.A.
|
This Statement: 05/31/2011 | |
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 |
04/30/2011 – 05/31/2011 | Statement Beginning Balance | $ | 1,758,629.98 | ||||||
Number of Deposits/Credits |
0 | Amount of Deposits/Credits | $ | 0.00 | ||||||
Number of Checks |
1 | Amount of Checks | $ | 325.00 | ||||||
Number of Other Debits |
1 | Amount of Other Debits | $ | 13.54 | ||||||
| Statement Ending Balance | $ | 1,758,291.44 | ||||||||
Number of Enclosures |
1 | |||||||||
| Service Charge | $ | 13.54 |
Withdrawals and Debits
Checks
| Check | Date | Bank | Check | Date | Bank | |||||||||||||||||||||||
| Number | Amount | Posted | Reference | Number | Amount | Posted | Reference | |||||||||||||||||||||
1013 |
$ | 325.00 | 05/12 | 6292708981 | ||||||||||||||||||||||||
Other Debits
| Date | Customer | Bank | ||||||||||||
| Posted | Reference | Amount | Description | Reference | ||||||||||
| 5/31 | $ | 13.54 | FDIC ASSESSMENT |
|||||||||||
Daily Balances
| Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
04/29 |
$ | 1,758,629.98 | $ | 1,758,629.98 | 05/31 | $ | 1,758,291.44 | $ | 1,758,291.44 | |||||||||||
05/12 |
$ | 1,758,304.98 | $ | 1,758,304.98 | ||||||||||||||||
| Account Number 9188 | ||
CUSTOMER CONNECTION
|
01 01 149 01 M0000 E# 1 | |
BANK OF AMERICA, N.A.
|
Last Statement: 04/29/2011 | |
DALLAS, TEXAS 75283-2406
|
This Statement: 05/31/2011 | |
| 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.
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
May 2011
Transaction Detail by Account
May 2011
| Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||||
B of A Checking |
||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 49 | -SPLIT- | -325.00 | -325.00 | |||||||||||||||||||||
| 05/04/2011 | Journal Entry | 50 | -SPLIT- | -13.54 | -338.54 | |||||||||||||||||||||
Total for B of A Checking |
$ | -338.54 | ||||||||||||||||||||||||
Bank Charges |
||||||||||||||||||||||||||
| 05/04/2011 | Journal Entry | 50 | -SPLIT- | 13.54 | 13.54 | |||||||||||||||||||||
Total for Bank Charges |
$ | 13.54 | ||||||||||||||||||||||||
U S Trustee |
||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 49 | -SPLIT- | 325.00 | 325.00 | |||||||||||||||||||||
Total for U S Trustee |
$ | 325.00 | ||||||||||||||||||||||||
| Journal Entry | Adjusting Journal Entry: BETA | |
| Date: 05/02/2011 |
| Account | Debit | Credit | ||||||
US Trustee |
$ | 325.00 | ||||||
B of A Checking |
$ | 325.00 | ||||||
Totals |
$ | 325.00 | $ | 325.00 | ||||
Memo: Q1 — 2011
| Journal Entry | Adjusting Journal Entry: BETA | |
| Date: 05/04/2011 |
| Account | Debit | Credit | ||||||
Bank Charges |
$ | 13.54 | ||||||
B of A Checking |
$ | 13.54 | ||||||
Totals |
$ | 13.54 | $ | 13.54 | ||||
Memo: B of A — Apr
Diversified Builder Services, Inc.
Profit & Loss
May 2011
Profit & Loss
May 2011
| Total | ||||
Income |
||||
Total Income |
||||
Expenses |
||||
Bank Charges |
13.54 | |||
U S Trustee |
325.00 | |||
Total Expenses |
$ | 338.54 | ||
Net Operating Income |
$ | -338.54 | ||
Net Income |
$ | -338.54 | ||
Diversified Builder Services, Inc.
Profit & Loss
December 8, 2008 — May 31, 2011
Profit & Loss
December 8, 2008 — May 31, 2011
| Total | ||||
Income |
||||
Lafferty Tax Refunds |
227,179.23 | |||
Total Income |
$ | 227,179.23 | ||
Expenses |
||||
Appraisal Services |
1,000.00 | |||
Bank Charges |
559.91 | |||
Taxes & Licenses |
0.00 | |||
U S Trustee |
3,250.00 | |||
Total Expenses |
$ | 4,809.91 | ||
Net Operating Income |
$ | 222,369.32 | ||
Other Income |
||||
Other Income |
-99.34 | |||
Total Other Income |
$ | -99.34 | ||
Net Other Income |
$ | -99.34 | ||
Net Income |
$ | 222,269.98 | ||
Diversified Builder Services, Inc.
Balance Sheet
As of May 31, 2011
Balance Sheet
As of May 31, 2011
| Total | ||||
ASSETS |
||||
Current Assets |
||||
Bank Accounts |
||||
B of A Checking |
1,758,304.98 | |||
PFF Checking |
0.00 | |||
PFF Checking - 10102 |
0.00 | |||
Total Bank Accounts |
$ | 1,758,304.98 | ||
Total Current Assets |
$ | 1,758,304.98 | ||
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 |
$ | -1,678,969.02 | ||
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 |
-766.86 | |||
Total Equity |
$ | -16,616,182.02 | ||
TOTAL LIABILITIES AND EQUITY |
$ | -1,678,969.02 | ||
In re Diversified Builder Services, Inc.
|
Case No. 08-13129 | |
| Reporting Period: 5/1/11 — 5/31/11 |
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 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 THE DISTRICT OF DELAWARE
In re Glencrest Insurance Services, Inc.
|
Case No. 08-13131 Reporting Period: 5/1/11 — 5/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| 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.
Kevin McCarthy
|
CEO
|
| * | 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: 5/1/11 — 5/31/11 |
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 |
$ | 91,094.36 | $ | 91,094.36 | $ | 44,046.24 | ||||||||||||||||||||||||||
RECEIPTS |
||||||||||||||||||||||||||||||||
CASH SALES |
$ | 123.96 | $ | 123.96 | $ | 50,058.61 | ||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE |
||||||||||||||||||||||||||||||||
LOANS AND ADVANCES |
||||||||||||||||||||||||||||||||
SALE OF ASSETS |
$ | 307.22 | ||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
||||||||||||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) |
||||||||||||||||||||||||||||||||
TOTAL RECEIPTS |
$ | 123.96 | $ | 123.96 | $ | 50,365.83 | ||||||||||||||||||||||||||
DISBURSEMENTS |
||||||||||||||||||||||||||||||||
NET PAYROLL |
||||||||||||||||||||||||||||||||
PAYROLL TAXES |
||||||||||||||||||||||||||||||||
SALES, USE & OTHER TAXES |
||||||||||||||||||||||||||||||||
INVENTORY PURCHASES |
||||||||||||||||||||||||||||||||
SECURED RENTAL/LEASES |
||||||||||||||||||||||||||||||||
INSURANCE |
||||||||||||||||||||||||||||||||
ADMINISTRATIVE |
$ | 0.70 | $ | 0.70 | $ | 269.45 | ||||||||||||||||||||||||||
SELLING |
||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
||||||||||||||||||||||||||||||||
OWNER DRAW* |
||||||||||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) |
||||||||||||||||||||||||||||||||
PROFESSIONAL FEES |
||||||||||||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES |
$ | 325.00 | $ | 325.00 | $ | 3,250.00 | ||||||||||||||||||||||||||
COURT COSTS |
||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 325.70 | $ | 325.70 | $ | 3,519.45 | ||||||||||||||||||||||||||
NET CASH FLOW |
||||||||||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) |
$ | (201.74 | ) | $ | (201.74 | ) | $ | 46,846.38 | ||||||||||||||||||||||||
CASH — END OF MONTH |
$ | 90,892.62 | $ | 90,892.62 | $ | 90,892.62 | ||||||||||||||||||||||||||
| * | 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 |
$ | 325.70 | ||||||
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 |
$ | 325.70 |
Account 8202
Account Name Glencrest Insurance Services, Inc.
Reconciliation As of Date 5/31/11
Balance per Bank |
$ | 90,891.92 | ||||||
Deposits in Transit |
||||||||
Date |
Amount | |||||||
Total |
||||||||
Outstanding Checks |
||||||||
Check # |
Amount | |||||||
Total |
||||||||
Other (List) |
||||||||
Service charge on bank not on books |
$ | 0.70 | ||||||
Balance per Books |
$ | 90,892.62 | ||||||
In re Glencrest Insurance Services, Inc.
|
Case No. 08-13131 Reporting Period: 5/1/11 — 5/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||||||||||||||||||||||
| Payee | Covered | Covered | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||||||||||||||||
| NONE | ||||||||||||||||||||||||||||||||||||
Bank of America LOGO
|
Account Number 8202 | |
| 01 01 149 01 M0000 E# 1 | ||
CUSTOMER CONNECTION
|
Last Statement: 04/29/2011 | |
BANK OF AMERICA, N.A.
|
This Statement: 05/31/2011 | |
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 |
04/30/2011 – 05/31/2011 | Statement Beginning Balance | $ | 91,093.66 | ||||||
Number of Deposits/Credits |
1 | Amount of Deposits/Credits | $ | 123.96 | ||||||
Number of Checks |
1 | Amount of Checks | $ | 325.00 | ||||||
Number of Other Debits |
1 | Amount of Other Debits | $ | 0.70 | ||||||
| Statement Ending Balance | $ | 90,891.92 | ||||||||
Number of Enclosures |
1 | |||||||||
| Service Charge | $ | 0.70 |
Deposits and Credits
| Date | Customer | |||||||||||
| Posted | Reference | Amount | Description | Bank Reference | ||||||||
05/04 |
$ | 123.96 | CA BANKING CENTER DEPOSIT | 235306560021198 | ||||||||
Withdrawals and Debits
Checks
| Check | Date | Bank | Check | Date | Bank | |||||||||||||||||||||||
| Number | Amount | Posted | Reference | Number | Amount | Posted | Reference | |||||||||||||||||||||
1012 |
$ | 325.00 | 05/12 | 6292708984 | ||||||||||||||||||||||||
Other Debits |
||||||||||||||||||||||||||||
| Date | Customer | Bank | ||||||||||||||
| Posted | Reference | Amount | Description | Reference | ||||||||||||
05/31 |
$ | 0.70 | FDIC ASSESSMENT | |||||||||||||
Daily Balances
| Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
04/29 |
$ | 91,093.66 | $ | 91,093.66 | 05/10 | $ | 91,217.62 | $ | 91,217.62 | |||||||||||
05/04 |
$ | 91,217.62 | $ | 91,093.66 | 05/12 | $ | 90,892.62 | $ | 90,892.62 | |||||||||||
05/09 |
$ | 91,217.62 | $ | 91,210.19 | 05/31 | $ | 90,891.92 | $ | 90,891.92 | |||||||||||
| Account Number 8202 | ||
CUSTOMER CONNECTION
|
01 01 149 01 M0000 E# 1 | |
BANK OF AMERICA, N.A.
|
Last Statement: 04/29/2011 | |
DALLAS, TEXAS 75283-2406
|
This Statement: 05/31/2011 | |
| 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.
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
May 2011
Transaction Detail by Account
May 2011
| Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||||
B of A Checking |
||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 106 | -SPLIT- | -325.00 | -325.00 | |||||||||||||||||||||
| 05/03/2011 | Journal Entry | 107 | -SPLIT- | 123.96 | -201.04 | |||||||||||||||||||||
| 05/04/2011 | Journal Entry | 108 | -SPLIT- | -0.70 | -201.74 | |||||||||||||||||||||
Total for B of A Checking |
$ | -201.74 | ||||||||||||||||||||||||
Fees Billed |
||||||||||||||||||||||||||
| 05/03/2011 | Journal Entry | 107 | -SPLIT- | 123.96 | 123.96 | |||||||||||||||||||||
Total for Fees Billed |
$ | 123.96 | ||||||||||||||||||||||||
Bank Charges |
||||||||||||||||||||||||||
| 05/04/2011 | Journal Entry | 108 | -SPLIT- | 0.70 | 0.70 | |||||||||||||||||||||
Total for Bank Charges |
$ | 0.70 | ||||||||||||||||||||||||
US Trustee |
||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 106 | -SPLIT- | 325.00 | 325.00 | |||||||||||||||||||||
Total for US Trustee |
$ | 325.00 | ||||||||||||||||||||||||
| Journal Entry | ||
| Adjusting Journal Entry: BETA | ||
| Date: 05/02/2011 |
| Account | Debit | Credit | ||||||
US Trustee |
$ | 325.00 | ||||||
B of A Checking |
$ | 325.00 | ||||||
Totals |
$ | 325.00 | $ | 325.00 | ||||
Memo: Q1 — 2011
| Journal Entry | ||
| Adjusting Journal Entry: BETA | ||
| Date: 05/03/2011 |
| Account | Debit | Credit | ||||||
B of A Checking |
$ | 123.96 | ||||||
Fees Billed |
$ | 123.96 | ||||||
Totals |
$ | 123.96 | $ | 123.96 | ||||
Memo: Transamerica
| Journal Entry | ||
| Adjusting Journal Entry: BETA | ||
| Date: 05/04/2011 |
| Account | Debit | Credit | ||||||
Bank Charges |
$ | 0.70 | ||||||
B of A Checking |
$ | 0.70 | ||||||
Totals |
$ | 0.70 | $ | 0.70 | ||||
Memo: B of A — Apr
Glencrest Insurance Services, Inc.
Profit & Loss
May 2011
Profit & Loss
May 2011
| Total | ||||
Income |
||||
Fees Billed |
123.96 | |||
Total Income |
$ | 123.96 | ||
Expenses |
||||
Bank Charges |
0.70 | |||
US Trustee |
325.00 | |||
Total Expenses |
$ | 325.70 | ||
Net Operating Income |
$ | -201.74 | ||
Net Income |
$ | -201.74 | ||
Glencrest Insurance Services, Inc.
Profit & Loss
December 8, 2008 — May 31, 2011
Profit & Loss
December 8, 2008 — May 31, 2011
| Total | ||||
Income |
||||
Fees Billed |
50,058.61 | |||
Total Income |
$ | 50,058.61 | ||
Expenses |
||||
Bank Charges |
269.45 | |||
Taxes & Licenses |
0.00 | |||
US Trustee |
3,250.00 | |||
Total Expenses |
$ | 3,519.45 | ||
Net Operating Income |
$ | 46,539.16 | ||
Other Income |
||||
Other Income |
307.22 | |||
Total Other Income |
$ | 307.22 | ||
Net Other Income |
$ | 307.22 | ||
Net Income |
$ | 46,846.38 | ||
Glencrest Insurance Services, Inc.
Balance Sheet
As of May 31, 2011
Balance Sheet
As of May 31, 2011
| Total | ||||
ASSETS |
||||
Current Assets |
||||
Bank Accounts |
||||
B of A Checking |
90,892.62 | |||
Operating Acct |
0.00 | |||
PFF Checking |
0.00 | |||
Total Bank Accounts |
$ | 90,892.62 | ||
Total Current Assets |
$ | 90,892.62 | ||
Other Assets |
||||
Prepaid Expenses and Other Assets |
36,194.00 | |||
Property & Equipment |
16,201.00 | |||
Total Other Assets |
$ | 52,395.00 | ||
TOTAL ASSETS |
$ | 143,287.62 | ||
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 |
-113.76 | |||
Total Equity |
$ | 107,415.62 | ||
TOTAL LIABILITIES AND EQUITY |
$ | 143,287.62 | ||
In re Glencrest Insurance Services, Inc.
|
Case No. 08-13131 Reporting Period: 5/1/11 — 5/31/11 |
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 THE DISTRICT OF DELAWARE
In re
|
Glencrest Investment Advisors, Inc. | Case No. 08-13128 | ||
| Reporting Period: 5/1/11 — 5/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| 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.
/s/ Kevin McCarthy
|
June 17, 2011 | |||
Kevin McCarthy
|
CEO | |||
| * | 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: 5/1/11 — 5/31/11 |
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 |
$ | 94,725.13 | $ | 94,725.13 | $ | 31,278.00 | ||||||||||||||||||||||||||
CASH SALES |
$ | 3,516.02 | ||||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE |
||||||||||||||||||||||||||||||||
LOANS AND ADVANCES |
||||||||||||||||||||||||||||||||
SALE OF ASSETS |
$ | 30,277.00 | ||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
$ | 599.42 | 1 | $ | 599.42 | $ | 61,959.38 | |||||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) |
$ | 196,027.42 | ||||||||||||||||||||||||||||||
TOTAL RECEIPTS |
$ | 599.42 | $ | 599.42 | $ | 291,779.82 | ||||||||||||||||||||||||||
NET PAYROLL |
$ | 27,609.67 | ||||||||||||||||||||||||||||||
PAYROLL TAXES |
||||||||||||||||||||||||||||||||
SALES, USE & OTHER TAXES |
||||||||||||||||||||||||||||||||
INVENTORY PURCHASES |
||||||||||||||||||||||||||||||||
SECURED RENTAL/LEASES |
$ | 124,519.58 | ||||||||||||||||||||||||||||||
INSURANCE |
||||||||||||||||||||||||||||||||
ADMINISTRATIVE |
$ | 625.73 | $ | 625.73 | $ | 67,234.75 | ||||||||||||||||||||||||||
SELLING |
||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
||||||||||||||||||||||||||||||||
OWNER DRAW* |
||||||||||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) |
$ | 4,445.00 | ||||||||||||||||||||||||||||||
PROFESSIONAL FEES |
||||||||||||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES |
$ | 325.00 | $ | 325.00 | $ | 4,875.00 | ||||||||||||||||||||||||||
COURT COSTS |
||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 950.73 | $ | 950.73 | $ | 228,684.00 | ||||||||||||||||||||||||||
NET CASH FLOW |
||||||||||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) |
($351.31 | ) | ($351.31 | ) | $ | 63,095.82 | ||||||||||||||||||||||||||
CASH — END OF MONTH |
$ | 94,373.82 | $ | 94,373.82 | $ | 94,373.82 | ||||||||||||||||||||||||||
| * | 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 |
$ | 950.73 | ||
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 |
$ | 950.73 |
1 California Financial Partners |
April 2011 | $ | 599.42 | |||
Account 9162
Account Name Glencrest Investment Advisors, Inc.
Reconciliation As of Date 5/31/11
Balance per Bank |
$ | 94,448.09 | ||||||
Deposits in Transit |
||||||||
Date |
Amount | |||||||
Total |
||||||||
Outstanding Checks |
||||||||
Check # |
Amount | |||||||
1141 |
$ | 75.00 | ||||||
Total |
$ | (75.00 | ) | |||||
Other (List) |
||||||||
Service charge on bank not on books |
$ | 0.73 | ||||||
Balance per Books |
$ | 94,373.82 | ||||||
In re
|
Glencrest Investment Advisors, Inc. | Case No. 08-13128 | ||
| Reporting Period: 5/1/11 — 5/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||||||||||||||||||||||
| Payee | Covered | Covered | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||||||||||||||||
| NONE | ||||||||||||||||||||||||||||||||||||
Bank of America LOGO
|
Account Number 9162 | |
| 01 01 149 01 M0000 E# 3 | ||
CUSTOMER CONNECTION
|
Last Statement: 04/29/2011 | |
BANK OF AMERICA, N.A.
|
This Statement: 05/31/2011 | |
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
|
04/30/2011 - 05/31/2011 | Statement Beginning Balance | $ | 95,274.40 | ||||||
Number of Deposits/Credits
|
1 | Amount of Deposits/Credits | $ | 599.42 | ||||||
Number of Checks
|
3 | Amount of Checks | $ | 1,425.00 | ||||||
Number of Other Debits
|
1 | Amount of Other Debits | $ | 0.73 | ||||||
| Statement Ending Balance | $ | 94,448.09 | ||||||||
Number of Enclosures
|
3 | |||||||||
| Service Charge | $ | 0.73 |
Deposits and Credits
| Date | Customer | Bank | ||||||||||
| Posted | Reference | Amount | Description | Reference | ||||||||
05/12 |
$ | 599.42 | CA BANKING CENTER DEPOSIT | 254006560389172 | ||||||||
Withdrawals and Debits
Checks
| Check | Date | Bank | Check | Date | Bank | |||||||||||||||||||||||
| Number | Amount | Posted | Reference | Number | Amount | Posted | Reference | |||||||||||||||||||||
1138 |
$ | 550.00 | 05/04 | 5992406004 | 1140 | $ | 550.00 | 05/31 | 6592358668 | |||||||||||||||||||
1139 |
$ | 325.00 | 05/12 | 6292708982 | ||||||||||||||||||||||||
Other Debits
| Date | Customer | Bank | ||||||||||||||
| Posted | Reference | Amount | Description | Reference | ||||||||||||
05/31 |
$ | 0.73 | FDIC ASSESSMENT | |||||||||||||
Daily Balances
| Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
04/29 |
$ | 95,274.40 | $ | 95,274.40 | 05/17 | $ | 94,998.82 | $ | 94,962.86 | |||||||||||
05/04 |
$ | 94,724.40 | $ | 94,724.40 | 05/18 | $ | 94,998.82 | $ | 94,998.82 | |||||||||||
05/12 |
$ | 94,998.82 | $ | 94,399.40 | 05/31 | $ | 94,448.09 | $ | 94,448.09 | |||||||||||
| Account Number 9162 | ||
CUSTOMER CONNECTION
|
01 01 149 01 M0000 E# 3 | |
BANK OF AMERICA, N.A.
|
Last Statement: 04/29/2011 | |
DALLAS, TEXAS 75283-2406
|
This Statement: 05/31/2011 | |
GLENCREST INVESTMENT ADVISORS, INC.
|
Customer Service 1-800-342-7722 | |
| 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
May 2011
Transaction Detail by Account
May 2011
| Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||||
B of A Checking |
||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 264 | -SPLIT- | -325.00 | -325.00 | |||||||||||||||||||||
| 05/04/2011 | Journal Entry | 265 | -SPLIT- | -0.73 | -325.73 | |||||||||||||||||||||
| 05/10/2011 | Journal Entry | 266 | -SPLIT- | 599.42 | 273.69 | |||||||||||||||||||||
| 05/21/2011 | Journal Entry | 267 | -SPLIT- | -550.00 | -276.31 | |||||||||||||||||||||
| 05/27/2011 | Journal Entry | 268 | -SPLIT- | -75.00 | -351.31 | |||||||||||||||||||||
Total for B of A Checking |
$ | -351.31 | ||||||||||||||||||||||||
Fees Billed |
||||||||||||||||||||||||||
| 05/10/2011 | Journal Entry | 266 | -SPLIT- | 599.42 | 599.42 | |||||||||||||||||||||
Total for Fees Billed |
$ | 599.42 | ||||||||||||||||||||||||
Bank Charges |
||||||||||||||||||||||||||
| 05/04/2011 | Journal Entry | 265 | -SPLIT- | 0.73 | 0.73 | |||||||||||||||||||||
Total for Bank Charges |
$ | 0.73 | ||||||||||||||||||||||||
Office Expenses |
||||||||||||||||||||||||||
| 05/27/2011 | Journal Entry | 268 | -SPLIT- | 75.00 | 75.00 | |||||||||||||||||||||
Total for Office Expenses |
$ | 75.00 | ||||||||||||||||||||||||
Reliable Self Storage |
||||||||||||||||||||||||||
| 05/21/2011 | Journal Entry | 267 | -SPLIT- | 550.00 | 550.00 | |||||||||||||||||||||
Total for Reliable Self Storage |
$ | 550.00 | ||||||||||||||||||||||||
US Trustee |
||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 264 | -SPLIT- | 325.00 | 325.00 | |||||||||||||||||||||
Total for US Trustee |
$ | 325.00 | ||||||||||||||||||||||||
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/02/2011
| Account | Debit | Credit | ||||||
US Trustee |
$ | 325.00 | ||||||
B of A Checking |
$ | 325.00 | ||||||
Totals |
$ | 325.00 | $ | 325.00 | ||||
Memo: Q1 — 2011
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/04/2011
| Account | Debit | Credit | ||||||
Bank Charges |
$ | 0.73 | ||||||
B of A Checking |
$ | 0.73 | ||||||
Totals |
$ | 0.73 | $ | 0.73 | ||||
Memo: B of A — Apr
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/10/2011
| Account | Debit | Credit | ||||||
B of A Checking |
$ | 599.42 | ||||||
Fees Billed |
$ | 599.42 | ||||||
Totals |
$ | 599.42 | $ | 599.42 | ||||
Memo: April 2011 (26 of 48)
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/21/2011
| Account | Debit | Credit | ||||||
Reliable Self Storage |
$ | 550.00 | ||||||
B of A Checking |
$ | 550.00 | ||||||
Totals |
$ | 550.00 | $ | 550.00 | ||||
Memo: 6/1 — 6/30/11
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/27/2011
| Account | Debit | Credit | ||||||
Office Expenses |
$ | 75.00 | ||||||
B of A Checking |
$ | 75.00 | ||||||
Totals |
$ | 75.00 | $ | 75.00 | ||||
Memo: Claremont Hts Postal 5/1 — 8/1/11
Glencrest Investment Advisors, Inc.
Profit & Loss
May 2011
Profit & Loss
May 2011
| Total | ||||
Income |
||||
Fees Billed |
599.42 | |||
Total Income |
$ | 599.42 | ||
Expenses |
||||
Bank Charges |
0.73 | |||
Office Expenses |
75.00 | |||
Reliable Self Storage |
550.00 | |||
US Trustee |
325.00 | |||
Total Expenses |
$ | 950.73 | ||
Net Operating Income |
-$351.31 | |||
Net Income |
-$351.31 | |||
Glencrest Investment Advisors, Inc.
Profit & Loss
December 8, 2008 — May 31, 2011
Profit & Loss
December 8, 2008 — May 31, 2011
| Total | ||||
Income |
||||
Ameritrade Close Out |
22,111.54 | |||
CA Financial Ptnr Income |
13,588.53 | |||
Fees Billed |
3,723.54 | |||
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 |
$ | 106,817.20 | ||
Expenses |
||||
Bank Charges |
464.29 | |||
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 |
3,959.35 | |||
Other General and Admin Expenses |
4,141.78 | |||
Payroll Expenses |
27,603.90 | |||
Reliable Self Storage |
13,187.74 | |||
Rent — Claremont |
93,547.58 | |||
Rent — Palm Desert |
32,194.67 | |||
Supplies |
-233.34 | |||
Taxes & Licenses |
2,480.41 | |||
US Trustee |
4,875.00 | |||
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 |
$ | 224,175.45 | ||
Net Operating Income |
$ | -117,358.25 | ||
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 |
$ | -104,992.48 | ||
Glencrest Investment Advisors, Inc.
Balance Sheet
As of May 31, 2011
Balance Sheet
As of May 31, 2011
| Total | ||||
ASSETS |
||||
Current Assets |
||||
Bank Accounts |
||||
B of A Checking |
94,373.82 | |||
PFF Checking |
0.00 | |||
Prepaid Rent — Claremont |
0.00 | |||
Total Bank Accounts |
$ | 94,373.82 | ||
Total Current Assets |
$ | 94,373.82 | ||
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 |
$ | 726,145.82 | ||
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 | ||
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 |
-561.16 | |||
Total Equity |
$ | 667,307.82 | ||
TOTAL LIABILITIES AND EQUITY |
$ | 726,145.82 | ||
In re
|
Glencrest Investment Advisors, Inc. | Case No. 08-13128 | ||
| Reporting Period: 5/1/11 — 5/31/11 |
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 THE DISTRICT OF DELAWARE
| In re PFF Bancorp, Inc. | Case No. 08-13127 | |
| Reporting Period: 5/1/11 — 5/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
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.
/s/ Kevin McCarthy
|
June 17, 2011
|
|||
Kevin McCarthy
|
CEO
|
| * | 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: 5/1/11 — 5/31/11 |
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 |
$ | 187,953.21 | $ | 44,773,567.21 | $ | 44,961,520.42 | $ | 3,637,884.57 | ||||||||||||||||||||||||
RECEIPTS |
||||||||||||||||||||||||||||||||
CASH SALES |
||||||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE |
||||||||||||||||||||||||||||||||
LOANS AND ADVANCES |
||||||||||||||||||||||||||||||||
SALE OF ASSETS |
$ | 1,033,315.22 | ||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
$ | 45,288,111.33 | ||||||||||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) |
||||||||||||||||||||||||||||||||
TOTAL RECEIPTS |
$ | 46,321,426.55 | ||||||||||||||||||||||||||||||
DISBURSEMENTS |
||||||||||||||||||||||||||||||||
NET PAYROLL |
$ | 8,073.75 | $ | 8,073.75 | $ | 643,846.45 | ||||||||||||||||||||||||||
PAYROLL TAXES |
||||||||||||||||||||||||||||||||
SALES, USE & OTHER TAXES |
||||||||||||||||||||||||||||||||
INVENTORY PURCHASES |
||||||||||||||||||||||||||||||||
SECURED RENTAL/LEASES |
||||||||||||||||||||||||||||||||
INSURANCE |
||||||||||||||||||||||||||||||||
ADMINISTRATIVE |
$ | 16,974.58 | $ | 344.76 | $ | 17,319.34 | $ | 1,010,744.61 | ||||||||||||||||||||||||
SELLING |
||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
$ | 46,506.27 | ||||||||||||||||||||||||||||||
OWNER DRAW* |
||||||||||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) |
||||||||||||||||||||||||||||||||
PROFESSIONAL FEES |
$ | 3,285,037.45 | ||||||||||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES |
$ | 4,875.00 | $ | 4,875.00 | $ | 41,924.01 | ||||||||||||||||||||||||||
COURT COSTS |
||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 29,923.33 | $ | 344.76 | $ | 30,268.09 | $ | 5,028,058.79 | ||||||||||||||||||||||||
NET CASH FLOW |
||||||||||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) |
$ | (29,923.33 | ) | $ | (344.76 | ) | $ | (30,268.09 | ) | $ | 41,293,367.76 | |||||||||||||||||||||
CASH — END OF MONTH |
$ | 158,029.88 | $ | 44,773,222.45 | $ | 44,931,252.33 | $ | 44,931,252.33 | ||||||||||||||||||||||||
| * | 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 |
$ | 30,268.09 | ||
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 |
$ | 30,268.09 |
Account 9146
Account Name PFF Bancorp, Inc.
Reconciliation As of Date 5/31/11
Balance per Bank |
$ | 158,054.60 | ||||||
Deposits in Transit |
||||||||
Date |
Amount | |||||||
Total |
||||||||
Outstanding Checks |
||||||||
Check # |
Amount | |||||||
Total |
||||||||
Other (List) |
||||||||
Service charge on bank not on books |
$ | 25.22 | ||||||
ADP charge on books not on bank |
$ | (49.94 | ) | |||||
Balance per Books |
$ | 158,029.88 | ||||||
Account 9472
Account Name PFF Bancorp, Inc. — Tax Refund Holding
Reconciliation As of Date 5/31/11
Balance per Bank |
$ | 44,772,877.70 | ||||||
Deposits in Transit |
||||||||
Date |
Amount | |||||||
Total |
||||||||
Outstanding Checks |
||||||||
Check # |
Amount | |||||||
Total |
||||||||
Other (List) |
||||||||
Service charge on bank not on books |
$ | 344.75 | ||||||
Balance per Books |
$ | 44,773,222.45 | ||||||
| In re PFF Bancorp, Inc. | Case No. 08-13127 | |
| Reporting Period: 5/1/11 — 5/31/11 |
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# 12 | ||
CUSTOMER CONNECTION
|
Last Statement: 04/29/2011 | |
BANK OF AMERICA, N.A.
|
This Statement: 05/31/2011 | |
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 3 | |
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 |
04/30/2011 – 05/31/2011 | Statement Beginning Balance | $ | 208,876.03 | ||||||
Number of Deposits/Credits |
0 | Amount of Deposits/Credits | $ | 0.00 | ||||||
Number of Checks |
12 | Amount of Checks | $ | 47,720.38 | ||||||
Number of Other Debits |
16 | Amount of Other Debits | $ | 3,101.05 | ||||||
| Statement Ending Balance | $ | 158,054.60 | ||||||||
Number of Enclosures |
12 | |||||||||
| Service Charge | $ | 25.22 |
Withdrawals and Debits
Checks
| Check | Date | Bank | Check | Date | Bank | |||||||||||||||||||||||
| Number | Amount | Posted | Reference | Number | Amount | Posted | Reference | |||||||||||||||||||||
1386 |
$ | 110.51 | 05/13 | 9092415994 | 1392 | $ | 11,297.85 | 05/13 | 2182281725 | |||||||||||||||||||
1387 |
$ | 5,422.01 | 05/04 | 7792800766 | 1393 | $ | 96.72 | 05/31 | 9592636310 | |||||||||||||||||||
1388 |
$ | 10,391.94 | 05/04 | 6092904647 | 1394 | $ | 4,307.98 | 05/31 | 2182335107 | |||||||||||||||||||
1389 |
$ | 1,129.50 | 05/12 | 6292714894 | 10062 | * | $ | 5,001.97 | 05/02 | 8892766885 | ||||||||||||||||||
1390 |
$ | 4,875.00 | 05/12 | 6292708980 | 10063 | $ | 2,314.89 | 05/13 | 9092788884 | |||||||||||||||||||
1391 |
$ | 39.04 | 05/13 | 9092415993 | 10064 | $ | 2,732.97 | 05/31 | 9592536975 | |||||||||||||||||||
Other Debits
| Date | Customer | Bank | ||||||||||
| Posted | Reference | Amount | Description | Reference | ||||||||
05/03 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900018 | |||||||
05/03 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900019 | |||||||
05/03 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900020 | |||||||
05/03 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900021 | |||||||
05/03 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900022 | |||||||
05/03 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900023 | |||||||
05/05 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900017 | |||||||
05/05 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900018 | |||||||
05/05 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900019 | |||||||
05/05 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900020 | |||||||
05/05 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900021 | |||||||
05/05 |
1 | $ | 2.00 | PHOTOCOPY/DOCUMENT IMAGE | 09939900022 | |||||||
05/10 |
$ | 1,318.30 | ADP TX/FINCL SVC DES: ADP — TAX ID: E2Z8V 051118A01 | 29010989692 | ||||||||
| INDN: PFF BANCORP INC CO ID: 1223006057 CCD | ||||||||||||
05/18 |
$ | 49.94 | ADP PAYROLL FEES DES: ADP — FEES ID: 13Z8V 6670617 | 37010303235 | ||||||||
| INDN: PFF BANCORP INC CO ID: 9659605001 CCD | ||||||||||||
05/24 |
$ | 1,707.59 | ADP TX/FINCL SVC DES: ADP — TAX ID: E2Z8V 052520A01 | 43011385583 | ||||||||
| INDN: PFF BANCORP INC CO ID: 1223006057 CCD | ||||||||||||
05/31 |
$ | 1.22 | FDIC ASSESSMENT | |||||||||
| * | 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 9146 | |
| 01 01 149 01 M0000 E# 12 | ||
CUSTOMER CONNECTION
|
Last Statement: 04/29/2011 | |
BANK OF AMERICA, N.A.
|
This Statement: 05/31/2011 | |
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 2 of 3 | |
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
Daily Balances
| Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
04/29 |
$ | 208,876.03 | $ | 208,876.03 | 05/02 | $ | 203,874.06 | $ | 203,874.06 | |||||||||||
05/03 |
$ | 203,862.06 | $ | 203,862.06 | 05/13 | $ | 166,951.02 | $ | 166,951.02 | |||||||||||
05/04 |
$ | 188,048.11 | $ | 188,048.11 | 05/18 | $ | 166,901.08 | $ | 166,901.08 | |||||||||||
05/05 |
$ | 188,036.11 | $ | 188,036.11 | 05/24 | $ | 165,193.49 | $ | 165,193.49 | |||||||||||
05/10 |
$ | 186,717.81 | $ | 186,717.81 | 05/31 | $ | 158,054.60 | $ | 158,054.60 | |||||||||||
05/12 |
$ | 180,713.31 | $ | 180,713.31 | ||||||||||||||||
| Account Number 9146 | ||
CUSTOMER CONNECTION
|
01 01 149 01 M0000 E# 12 | |
BANK OF AMERICA, N.A.
|
Last Statement: 04/29/2011 | |
DALLAS, TEXAS 75283-2406
|
This Statement: 05/31/2011 | |
| Customer Service 1-800-342-7722 | ||
PFF BANCORP, INC |
||
| Page 3 of 3 | ||
| 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.
Bank of America LOGO
|
Account Number 9472 | |
| 01 01 152 01 M0000 E# 0 | ||
CUSTOMER CONNECTION
|
Last Statement: 04/29/2011 | |
BANK OF AMERICA, N.A.
|
This Statement: 05/31/2011 | |
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 |
04/30/2011 – 05/31/2011 | Statement Beginning Balance | $ | 44,773,222.45 | ||||||
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 | $ | 344.75 | ||||||
| Statement Ending Balance | $ | 44,772,877.70 | ||||||||
Number of Enclosures |
0 | |||||||||
| Service Charge | $ | 344.75 |
Withdrawals and Debits
Other Debits
| Date | Customer | Bank | ||||||||||||||
| Posted | Reference | Amount | Description | Reference | ||||||||||||
05/31 |
$ | 344.75 | FDIC ASSESSMENT | |||||||||||||
Daily Balances
| Collected | Collected | |||||||||||||||||||
| Date | Ledger Balance | Balance | Date | Ledger Balance | Balance | |||||||||||||||
04/29 |
$ | 44,773,222.45 | $ | 44,773,222.45 | 05/31 | $ | 44,772,877.70 | $ | 44,772,877.70 | |||||||||||
| Account Number 9472 | ||
CUSTOMER CONNECTION
|
01 01 152 01 M0000 E# 0 | |
BANK OF AMERICA, N.A.
|
Last Statement: 04/29/2011 | |
DALLAS, TEXAS 75283-2406
|
This Statement: 05/31/2011 | |
| 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.
PFF Bancorp, Inc.
Transaction Detail by Account
May 2011
Transaction Detail by Account
May 2011
| Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||||||||||
B of A Checking |
||||||||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 471 | -SPLIT- | -4,875.00 | -4,875.00 | |||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 470 | -SPLIT- | -1,129.50 | -6,004.50 | |||||||||||||||||||||||||||
| 05/04/2011 | Journal Entry | 472 | -SPLIT- | -3.61 | -6,008.11 | |||||||||||||||||||||||||||
| 05/06/2011 | Journal Entry | 474 | -SPLIT- | -3,683.13 | -9,691.24 | |||||||||||||||||||||||||||
| 05/06/2011 | Journal Entry | 473 | -SPLIT- | -39.04 | -9,730.28 | |||||||||||||||||||||||||||
| 05/07/2011 | Journal Entry | 475 | -SPLIT- | -11,297.85 | -21,028.13 | |||||||||||||||||||||||||||
| 05/20/2011 | Journal Entry | 477 | -SPLIT- | -4,490.50 | -25,518.63 | |||||||||||||||||||||||||||
| 05/20/2011 | Journal Entry | 476 | -SPLIT- | -96.72 | -25,615.35 | |||||||||||||||||||||||||||
| 05/21/2011 | Journal Entry | 478 | -SPLIT- | -4,307.98 | -29,923.33 | |||||||||||||||||||||||||||
Total for B of A Checking |
$ | -29,923.33 | ||||||||||||||||||||||||||||||
Money Market — Tax Refund |
||||||||||||||||||||||||||||||||
| 05/29/2011 | Journal Entry | 479 | -SPLIT- | -344.76 | -344.76 | |||||||||||||||||||||||||||
Total for Money Market — Tax Refund |
$ | -344.76 | ||||||||||||||||||||||||||||||
Bank Charges |
||||||||||||||||||||||||||||||||
| 05/04/2011 | Journal Entry | 472 | -SPLIT- | 3.61 | 3.61 | |||||||||||||||||||||||||||
| 05/29/2011 | Journal Entry | 479 | -SPLIT- | 344.76 | 348.37 | |||||||||||||||||||||||||||
Total for Bank Charges |
$ | 348.37 | ||||||||||||||||||||||||||||||
Contractor — Talbott |
||||||||||||||||||||||||||||||||
| 05/07/2011 | Journal Entry | 475 | -SPLIT- | 11,000.00 | 11,000.00 | |||||||||||||||||||||||||||
| 05/21/2011 | Journal Entry | 478 | -SPLIT- | 4,187.50 | 15,187.50 | |||||||||||||||||||||||||||
Total for Contractor — Talbott |
$ | 15,187.50 | ||||||||||||||||||||||||||||||
Contractor — Talbott — Expenses |
||||||||||||||||||||||||||||||||
| 05/07/2011 | Journal Entry | 475 | -SPLIT- | 297.85 | 297.85 | |||||||||||||||||||||||||||
| 05/21/2011 | Journal Entry | 478 | -SPLIT- | 120.48 | 418.33 | |||||||||||||||||||||||||||
Total for Contractor — Talbott — Expenses |
$ | 418.33 | ||||||||||||||||||||||||||||||
Office Expenses |
||||||||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 470 | -SPLIT- | 1,129.50 | 1,129.50 | |||||||||||||||||||||||||||
| 05/06/2011 | Journal Entry | 474 | -SPLIT- | 49.94 | 1,179.44 | |||||||||||||||||||||||||||
| 05/20/2011 | Journal Entry | 477 | -SPLIT- | 49.94 | 1,229.38 | |||||||||||||||||||||||||||
Total for Office Expenses |
$ | 1,229.38 | ||||||||||||||||||||||||||||||
Payroll |
||||||||||||||||||||||||||||||||
| 05/06/2011 | Journal Entry | 474 | -SPLIT- | 2,314.89 | 2,314.89 | |||||||||||||||||||||||||||
| 05/06/2011 | Journal Entry | 474 | -SPLIT- | 1,318.30 | 3,633.19 | |||||||||||||||||||||||||||
| 05/20/2011 | Journal Entry | 477 | -SPLIT- | 1,707.59 | 5,340.78 | |||||||||||||||||||||||||||
| 05/20/2011 | Journal Entry | 477 | -SPLIT- | 2,732.97 | 8,073.75 | |||||||||||||||||||||||||||
Total for Payroll |
$ | 8,073.75 | ||||||||||||||||||||||||||||||
Postage |
||||||||||||||||||||||||||||||||
| 05/06/2011 | Journal Entry | 473 | -SPLIT- | 21.19 | 21.19 | |||||||||||||||||||||||||||
| 05/20/2011 | Journal Entry | 476 | -SPLIT- | 33.15 | 54.34 | |||||||||||||||||||||||||||
Total for Postage |
$ | 54.34 | ||||||||||||||||||||||||||||||
Travel |
||||||||||||||||||||||||||||||||
| 05/06/2011 | Journal Entry | 473 | -SPLIT- | 17.85 | 17.85 | |||||||||||||||||||||||||||
| 05/20/2011 | Journal Entry | 476 | -SPLIT- | 63.57 | 81.42 | |||||||||||||||||||||||||||
Total for Travel |
$ | 81.42 | ||||||||||||||||||||||||||||||
US Trustee |
||||||||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 471 | -SPLIT- | 4,875.00 | 4,875.00 | |||||||||||||||||||||||||||
Total for US Trustee |
$ | 4,875.00 | ||||||||||||||||||||||||||||||
| Journal Entry | ||
| Date: 05/02/2011 | Adjusting Journal Entry: BETA |
| Account | Debit | Credit | ||||||
Office Expenses |
$ | 1,129.50 | ||||||
B of A Checking |
$ | 1,129.50 | ||||||
Totals |
$ | 1,129.50 | $ | 1,129.50 | ||||
Memo: Pure Compliance 8-K 5/2/11 |
||||||||
| Journal Entry | ||
| Adjusting Journal Entry: BETA | ||
| Date: 05/02/2011 |
| Account | Debit | Credit | ||||||
US Trustee |
$ | 4,875.00 | ||||||
B of A Checking |
$ | 4,875.00 | ||||||
Totals |
$ | 4,875.00 | $ | 4,875.00 | ||||
Memo: Q1 — 2011 |
||||||||
| Journal Entry | ||
| Adjusting Journal Entry: BETA | ||
| Date: 05/04/2011 |
| Account | Debit | Credit | ||||||
Bank Charges |
$ | 3.61 | ||||||
B of A Checking |
$ | 3.61 | ||||||
Totals |
$ | 3.61 | $ | 3.61 | ||||
Memo: B of A — Apr |
||||||||
| Journal Entry | ||
| Adjusting Journal Entry: BETA | ||
| Date: 05/06/2011 |
| Account | Debit | Credit | ||||||
Postage |
$ | 21.19 | ||||||
Travel |
$ | 17.85 | ||||||
B of A Checking |
$ | 39.04 | ||||||
Totals |
$ | 39.04 | $ | 39.04 | ||||
Memo: McCarthy 4/23 — 5/6/11 |
||||||||
| Journal Entry | ||
| Adjusting Journal Entry: BETA | ||
| Date: 05/06/2011 |
| Account | Debit | Credit | ||||||
Payroll |
$ | 2,314.89 | ||||||
Payroll |
$ | 1,318.30 | ||||||
Office Expenses |
$ | 49.94 | ||||||
B of A Checking |
$ | 3,683.13 | ||||||
Totals |
$ | 3,683.13 | $ | 3,683.13 | ||||
Memo: McCarthy 4/23 — 5/6/11 |
||||||||
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/07/2011
| Account | Debit | Credit | ||||||
Contractor — Talbott |
$ | 11,000.00 | ||||||
Contractor — Talbott — Expenses |
$ | 297.85 | ||||||
B of A Checking |
$ | 11,297.85 | ||||||
Totals |
$ | 11,297.85 | $ | 11,297.85 | ||||
Memo: 4/24 — 5/7/11
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/20/2011
| Account | Debit | Credit | ||||||
Payroll |
$ | 2,732.97 | ||||||
Payroll |
$ | 1,707.59 | ||||||
Office Expenses |
$ | 49.94 | ||||||
B of A Checking |
$ | 4,490.50 | ||||||
Totals |
$ | 4,490.50 | $ | 4,490.50 | ||||
Memo: 5/7 — 5/20/11
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/20/2011
| Account | Debit | Credit | ||||||
Postage |
$ | 33.15 | ||||||
Travel |
$ | 63.57 | ||||||
B of A Checking |
$ | 96.72 | ||||||
Totals |
$ | 96.72 | $ | 96.72 | ||||
Memo: McCarthy 5/7 — 5/20/11
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/21/2011
| Account | Debit | Credit | ||||||
Contractor — Talbott |
$ | 4,187.50 | ||||||
Contractor — Talbott — Expenses |
$ | 120.48 | ||||||
B of A Checking |
$ | 4,307.98 | ||||||
Totals |
$ | 4,307.98 | $ | 4,307.98 | ||||
Memo: 5/8/11 — 5/21/11
Journal Entry
Adjusting Journal Entry: BETA
Date: 05/29/2011
| Account | Debit | Credit | ||||||
Bank Charges |
$ | 344.76 | ||||||
Money Market-Tax Refund |
$ | 344.76 | ||||||
Totals |
$ | 344.76 | $ | 344.76 | ||||
Memo: B of A — April
PFF Bancorp, Inc.
Profit & Loss
May 2011
Profit & Loss
May 2011
| Total | ||||
Income |
||||
Total Income |
||||
Expenses |
||||
Bank Charges |
348.37 | |||
Contractor — Talbott |
15,187.50 | |||
Contractor — Talbott — Expenses |
418.33 | |||
Office Expenses |
1,229.38 | |||
Payroll |
8,073.75 | |||
Postage |
54.34 | |||
Travel |
81.42 | |||
US Trustee |
4,875.00 | |||
Total Expenses |
$ | 30,268.09 | ||
Net Operating Income |
$ | -30,268.09 | ||
Net Income |
$ | -30,268.09 | ||
PFF Bancorp, Inc.
Profit & Loss
December 5, 2008 — May 31, 2011
Profit & Loss
December 5, 2008 — May 31, 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 |
2,340.01 | |||
Blank Rome — Expenses |
22,498.51 | |||
Blank Rome — Fees |
706,419.20 | |||
Commissions & Fees |
0.00 | |||
Contractor — Talbott |
627,493.25 | |||
Contractor — Talbott — Expenses |
7,254.50 | |||
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 |
57,163.43 | |||
Payroll |
643,846.45 | |||
PHJW Expenses |
24,982.85 | |||
PHJW Fees |
1,791,373.60 | |||
Postage |
2,646.43 | |||
Progressive Reimb |
-202,416.95 | |||
RLF — Fees |
148,785.04 | |||
RLF Expenses |
3,532.20 | |||
Supplies |
383.11 | |||
Taxes & Licenses |
8,613.23 | |||
Travel |
17,085.67 | |||
US Trustee |
41,924.01 | |||
Total Expenses |
$ | 4,980,363.49 | ||
Net Operating Income |
$ | -4,745,058.29 | ||
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 |
$ | -147,139,001.03 | ||
PFF Bancorp, Inc.
Balance Sheet
As of May 31, 2011
Balance Sheet
As of May 31, 2011
| Total | ||||
ASSETS |
||||
Current Assets |
||||
Bank Accounts |
||||
B of A Checking |
158,029.88 | |||
Checking |
0.00 | |||
Citigroup Margin |
700,000.00 | |||
M&I Bank Account |
1,000,000.00 | |||
Money Market — Tax Refund |
44,773,222.45 | |||
Paine Webber Business Svcs. |
0.00 | |||
Trust Inv A/C |
0.00 | |||
Total Bank Accounts |
$ | 46,631,252.33 | ||
Other Current Assets |
||||
Prepaid — Moffett |
44,060.00 | |||
Total Other Current Assets |
$ | 44,060.00 | ||
Total Current Assets |
$ | 46,675,312.33 | ||
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 | |||
| 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 |
$ | 57,695,372.27 | ||
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 | ||
| 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 |
-537,652.65 | |||
Total Equity |
$ | -104,492,655.68 | ||
TOTAL LIABILITIES AND EQUITY |
$ | 57,695,372.27 | ||
In re
|
PFF Bancorp, Inc. | Case No. 08-13127 | ||
| Reporting Period: 5/1/11 — 5/31/11 |
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 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 THE DISTRICT OF DELAWARE
In re PFF Real Estate Services, Inc.
|
Case No. 08-13130 | |
| Reporting Period: 5/1/11 — 5/31/11 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
| 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 Joint Debtor
|
Date | |||||
/s/ Kevin McCarthy
|
June 17, 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: 5/1/11 — 5/31/11 |
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 |
$ | 22,637.06 | $ | 22,637.06 | $ | 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 | $ | 163.15 | ||||||||||||||||||||||||||
SELLING |
||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) |
||||||||||||||||||||||||||||||||
OWNER DRAW* |
||||||||||||||||||||||||||||||||
1 TRANSFERS (TO DIP ACCTS) |
||||||||||||||||||||||||||||||||
PROFESSIONAL FEES |
||||||||||||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES |
$ | 325.00 | $ | 325.00 | $ | 3,250.00 | ||||||||||||||||||||||||||
COURT COSTS |
||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS |
$ | 325.17 | $ | 325.17 | $ | 3,413.15 | ||||||||||||||||||||||||||
NET CASH FLOW |
||||||||||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) |
$ | (325.17 | ) | $ | (325.17 | ) | $ | (3,413.15 | ) | |||||||||||||||||||||||
CASH — END OF MONTH |
$ | 22,311.89 | $ | 22,311.89 | $ | 22,311.89 | ||||||||||||||||||||||||||
| * | 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 |
$ | 325.17 | ||
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 |
$ | 325.17 |
Account 8192
Account Name PFF Real Estate Services, Inc.
Reconciliation As of Date 5/31/11
Balance per Bank |
$ | 22,311.72 | ||||||
Deposits in Transit |
||||||||
Date |
Amount | |||||||
Total |
||||||||
Outstanding Checks |
||||||||
Check # |
Amount | |||||||
Total |
||||||||
Other (List) |
||||||||
Service charge on bank not on books |
$ | 0.17 | ||||||
Balance per Books |
$ | 22,311.89 | ||||||
In re PFF Real Estate Services, Inc.
|
Case No. 08-13130 | |
| Reporting Period: 5/1/11 — 5/31/11 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
| Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||||||||||||||||||||||
| Payee | Covered | Covered | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||||||||||||||||||||
| NONE | ||||||||||||||||||||||||||||||||||||
Bank of America LOGO |
Account Number 8192 | |
| 01 01 149 01 M0000 E# 1 | ||
CUSTOMER CONNECTION |
Last Statement: 04/29/2011 | |
BANK OF AMERICA, N.A. |
This Statement: 05/31/2011 | |
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 |
04/30/2011 – 05/31/2011 | Statement Beginning Balance | $ | 22,636.89 | ||||||
Number of Deposits/Credits |
0 | Amount of Deposits/Credits | $ | 0.00 | ||||||
Number of Checks |
1 | Amount of Checks | $ | 325.00 | ||||||
Number of Other Debits |
1 | Amount of Other Debits | $ | 0.17 | ||||||
| Statement Ending Balance | $ | 22,311.72 | ||||||||
Number of Enclosures |
1 | |||||||||
| Service Charge | $ | 0.17 |
Withdrawals and Debits
Checks
| Check | Date | Bank | Check | Date | Bank | |||||||||||||||||||||||
| Number | Amount | Posted | Reference | Number | Amount | Posted | Reference | |||||||||||||||||||||
1011 |
$ | 325.00 | 05/12 | 6292708983 | ||||||||||||||||||||||||
Other Debits
| Date | Customer | Bank | ||||||||||||||
| Posted | Reference | Amount | Description | Reference | ||||||||||||
| 05/31 | $ | 0.17 | FDIC ASSESSMENT |
|||||||||||||
Daily Balances
| Date | Ledger Balance | Collected Balance | Date | Ledger Balance | Collected Balance | |||||||||||||||
04/29 |
$ | 22,636.89 | $ | 22,636.89 | 05/31 | $ | 22,311.72 | $ | 22,311.72 | |||||||||||
05/12 |
$ | 22,311.89 | $ | 22,311.89 | ||||||||||||||||
| Account Number 8192 | ||
CUSTOMER CONNECTION
|
01 01 149 01 M0000 E# 1 | |
BANK OF AMERICA, N.A.
|
Last Statement: 04/29/2011 | |
DALLAS, TEXAS 75283-2406
|
This Statement: 05/31/2011 | |
| 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
May 2011
Transaction Detail by Account
May 2011
| Date | Type | Num | Name | Memo/Description | Split | Amount | Balance | |||||||||||||||||||||||||
B of A Checking |
||||||||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 44 | -SPLIT- | -325.00 | -325.00 | |||||||||||||||||||||||||||
| 05/04/2011 | Journal Entry | 45 | -SPLIT- | -0.17 | -325.17 | |||||||||||||||||||||||||||
Total for B of A Checking |
$ | -325.17 | ||||||||||||||||||||||||||||||
Bank Charges |
||||||||||||||||||||||||||||||||
| 05/04/2011 | Journal Entry | 45 | -SPLIT- | 0.17 | 0.17 | |||||||||||||||||||||||||||
Total for Bank Charges |
$ | 0.17 | ||||||||||||||||||||||||||||||
U S Trustee |
||||||||||||||||||||||||||||||||
| 05/02/2011 | Journal Entry | 44 | -SPLIT- | 325.00 | 325.00 | |||||||||||||||||||||||||||
Total for U S Trustee |
$ | 325.00 | ||||||||||||||||||||||||||||||
| Journal Entry | Adjusting Journal Entry: BETA | |
| Date: 005/02/2011 |
| Account | Debit | Credit | ||||||
US Trustee |
$ | 325.00 | ||||||
B of A Checking |
$ | 325.00 | ||||||
Totals |
$ | 325.00 | $ | 325.00 | ||||
Memo: Q1 — 2011
| Journal Entry | Adjusting Journal Entry: BETA | |
| Date: 05/04/2011 |
| Account | Debit | Credit | ||||||
Bank Charges |
$ | 0.17 | ||||||
B of A Checking |
$ | 0.17 | ||||||
Totals |
$ | 0.17 | $ | 0.17 | ||||
Memo: B of A — Apr
PFF Real Estate Services, Inc.
Profit & Loss
May 2011
Profit & Loss
May 2011
| Total | ||||
Income |
||||
Total Income |
||||
Expenses |
||||
Bank Charges |
0.17 | |||
U S Trustee |
325.00 | |||
Total Expenses |
$ | 325.17 | ||
Net Operating Income |
$ | -325.17 | ||
Net Income |
$ | -325.17 | ||
PFF Real Estate Services, Inc.
Profit & Loss
December 5, 2008 — May 31, 2011
Profit & Loss
December 5, 2008 — May 31, 2011
| Total | ||||
Income |
||||
Total Income |
||||
Expenses |
||||
Bank Charges |
163.15 | |||
U S Trustee |
3,250.00 | |||
Total Expenses |
$ | 3,413.15 | ||
Net Operating Income |
$ | -3,413.15 | ||
Other Income
|
||||
Other Income |
0.04 | |||
Total Other Income |
$ | 0.04 | ||
Net Other Income |
$ | 0.04 | ||
Net Income |
$ | -3,413.11 | ||
PFF Real Estate Services, Inc.
Balance Sheet
As of May 31, 2011
Balance Sheet
As of May 31, 2011
| Total | ||||
ASSETS |
||||
Current Assets |
||||
Bank Accounts |
||||
B of A Checking |
22,311.89 | |||
PFF Checking |
0.00 | |||
Total Bank Accounts |
$ | 22,311.89 | ||
Total Current Assets |
$ | 22,311.89 | ||
TOTAL ASSETS |
$ | 22,311.89 | ||
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 |
-669.05 | |||
Total Equity |
$ | 22,311.89 | ||
TOTAL LIABILITIES AND EQUITY |
$ | 22,311.89 | ||
In re PFF Real Estate Services, Inc. |
Case No. 08-13130 | |
| Reporting Period: 5/1/11 — 5/31/11 |
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 |