Attached files
file | filename |
---|---|
8-K - IMPERIAL CAPITAL BANCORP, INC. | imp-8k010412.htm |
EX-99.2 - IMPERIAL CAPITAL BANCORP, INC. | ex99-2.htm |
Exhibit 99.1
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
SOUTHERN DISTRICT OF CALIFORNIA
|
In Re:
IMPERIAL CAPITAL BANCORP, INC., a
Delaware corporation
Debtor(s).
|
CHAPTER 11 (BUSINESS)
CASE NO. 3:09-bk-19431
OPERATING REPORT NO. 23
FOR THE MONTH ENDING:
OCTOBER 2011
|
I. CASH RECEIPTS AND DISBURSEMENTS
A.1 (BANK OF AMERICA GENERAL ACCOUNT)
1. |
TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
|
$ | 5,952,722.52 | ||||
2. |
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR
GENERAL ACCOUNT REPORTS
|
$ | 5,952,722.52 | ||||
3. |
BEGINNING BALANCE:
|
$ | 0.00 |
4. |
RECEIPTS DURING CURRENT PERIOD:
|
||||||
ACCOUNTS RECEIVABLE - PRE-FILING
|
$ | 0.00 | |||||
ACCOUNTS RECEIVABLE - POST-FILING
|
$ | 0.00 | |||||
GENERAL SALES
|
$ | 0.00 | |||||
OTHER (SPECIFY) Payments on residual interests
|
$ | 0.00 | |||||
OTHER** (SPECIFY) Refunds
|
$ | 0.00 |
TOTAL RECEIPTS THIS PERIOD:
|
$ | 0.00 | ||||
5. |
BALANCE:
|
$ | 0.00 |
6. |
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
|
|||||
TRANSFERS TO OTHER DIP ACCOUNTS
|
$ | 0.00 | ||||
DISBURSEMENTS
|
$ | 0.00 |
TOTAL DISBURSEMENTS THIS PERIOD***:
|
$ | 0.00 | ||
7. |
ENDING BALANCE:
|
$ | 0.00 | |||
8. |
GENERAL ACCOUNT NUMBER
|
|||||
DEPOSITORY NAME AND LOCATION Bank of America, 1655 Grant Street Bldg A, 10th Floor,
Concord, CA 94520-2445
|
1
TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
DATE
|
CHECK NUMBER
|
PAYEE
|
PURPOSE
|
AMOUNT
|
|
||||
|
||||
|
||||
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||||
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||||
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||||
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||||
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||||
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||||
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||||
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||||
TOTAL DISBURSEMENTS THIS PERIOD $ 0.00
Add additional pages as necessary to include all disbursements.
2
GENERAL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/11
|
$
|
0.00
|
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
__________
|
$_____________
|
__________
|
$_____________
|
__________
|
$_____________
|
Total deposits in transit
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||
|
|
|
||
Total outstanding checks
|
<0.00>
|
|||
Bank statement adjustments**
|
||||
Adjusted bank balance
|
$ | 0.00 |
*
|
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
|
**Please attach a detailed explanation of any bank statement adjustment.
3
I. CASH RECEIPTS AND DISBURSEMENTS
A.2 (TORREY PINES BANK ACCOUNT)
1. |
TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS
|
$ | 8,648,122.53 | ||||
2. |
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR
GENERAL ACCOUNT REPORTS
|
$ | 8,558,538.34 | ||||
3. |
BEGINNING BALANCE:
|
$ | 89,584.19 |
4. |
RECEIPTS DURING CURRENT PERIOD:
|
||||||
ACCOUNTS RECEIVABLE - PRE-FILING
|
$ | 0.00 | |||||
ACCOUNTS RECEIVABLE - POST-FILING
|
$ | 0.00 | |||||
GENERAL SALES
|
$ | 0.00 | |||||
OTHER (SPECIFY) Payments on residual interests
|
$ | 18,211.82 | |||||
OTHER (SPECIFY) Account refunds | $ | 0.00 | |||||
OTHER (SPECIFY) Transfer from money market account
|
$ | 280,343.11 |
TOTAL RECEIPTS THIS PERIOD:
|
$ | 298,554.93 | ||||
5. |
BALANCE:
|
$ | 388,139.12 |
6. |
LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
|
|||||
TRANSFERS TO OTHER DIP ACCOUNTS
|
$ | 13,957.02 | ||||
DISBURSEMENTS
|
$ | 280,325.05 |
TOTAL DISBURSEMENTS THIS PERIOD:
|
$ | 294,282.07 | ||
7. |
ENDING BALANCE:
|
$ | 93,857.05 | |||
8. |
GENERAL ACCOUNT NUMBER
|
|||||
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130,
San Diego, CA 92121
|
4
TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
DATE
|
CHECK NUMBER
|
PAYEE
|
PURPOSE
|
AMOUNT
|
10/03/11
|
1299
|
Ace Parking Management
|
Parking services
|
125.00
|
10/04/11 | 1300 | Takeo Sasaki | Consulting -- accounting services |
1,176.00
|
10/03/11 | 1301 | Verizon Wireless | Telephone services |
170.32
|
10/03/11 | 1302 | Public Storage | Storage services |
211.00
|
10/05/11 | 1303 | 888 Prospect LJ, LLC | Office rent |
5,205.13
|
10/17/11 | 1304 | Time Warner Cable | Internet services |
390.54
|
10/19/11 | 1305 | Stutman, Treister & Glatt | Legal fees |
76,178.39
|
10/24/11 | 1306 | FTI Consulting | Financial Consulting services |
23,328.64
|
10/20/11 | 1307 | Akin Gump Strauss Hauer & Feld | Legal fees |
151,196.25
|
10/17/11 | 1308 | Ernst & Young | Auditing services |
1,264.00
|
10/20/11 | 1309 | Epiq Systems | Solicitation services |
14,079.18
|
10/20/11 | 1310 | Epiq Systems | Solicitation services |
6,990.60
|
10/25/11 | Bank Debit | Torrey Pines Bank | Wire transfer fee |
10.00
|
|
||||
|
||||
|
||||
|
||||
Add additional pages as necessary to include all disbursements.
6
GENERAL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/11
|
$
|
93,857.05
|
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
__________
|
$_____________
|
__________
|
$_____________
|
__________
|
$_____________
|
Total deposits in transit
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||
1135
|
01/05/11
|
$1,400.00
|
||
1311 | 10/28/11 | $5,205.13 | ||
1312 | 10/28/11 | $125.00 | ||
1313 | 10/28/11 | $3,633.57 | ||
1314 | 10/28/11 | $179.26 | ||
1315 | 10/28/11 | $1,146.00 | ||
1316 | 10/28/11 | $210.00 | ||
1317 | 10/28/11 | $214.62 | ||
1318 | 10/28/11 | $108.29 | ||
Total outstanding checks
|
<12,221.87
|
> | ||
Bank statement adjustments**
|
||||
Adjusted bank balance
|
$ | 81,635.18 |
*
|
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
|
**Please attach a detailed explanation of any bank statement adjustment.
7
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.1 (BANK OF AMERICA PAYROLL ACCOUNT)
1. |
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$ | 117,770.84 | |||
2. |
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$ | 117,770.84 | |||
3. |
BEGINNING BALANCE
|
$ | 0.00 | |||
4. |
RECEIPTS:
TRANSFERRED FROM GENERAL ACCOUNT
|
$ | 0.00 | |||
5. |
BALANCE
|
$ | 0.00 | |||
6. |
LESS: DISBURSEMENTS DURING CURRENT PERIOD
|
DATE
|
CHECK NO.
|
PAYEE
|
AMOUNT
|
TOTAL DISBURSEMENTS THIS PERIOD:
|
$ | 0.00 |
7. |
ENDING BALANCE:
|
$ | 0.00 | |||
8. |
PAYROLL ACCOUNT NUMBER
DEPOSITORY NAME AND LOCATION Bank of America, 1655 Grant Street Bldg A, 10th Floor,
Concord, California 94500-2455
|
8
PAYROLL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/11
|
$ | 0.00 |
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
__________
|
$_____________
|
__________
|
$_____________
|
__________
|
$_____________
|
Total deposits in transit
|
0.00
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||
Total outstanding checks
|
<0.00>
|
|||
Bank statement adjustments**
|
||||
Adjusted bank balance
|
$ | 0.00 |
9
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
B.2 (TORREY PINES PAYROLL ACCOUNT)
1. |
TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$ | 481,019.53 | |||
2. |
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS
|
$ | 479,925.25 | |||
3. |
BEGINNING BALANCE
|
$ | 1,094.28 | |||
4. |
RECEIPTS:
TRANSFERRED FROM OTHER ACCOUNT
(Torrey Pines Bank general and money market account)
|
$ | 13,957.02 | |||
5. |
BALANCE
|
$ | 15,051.30 | |||
6. |
LESS: DISBURSEMENTS DURING CURRENT PERIOD
|
DATE
|
CHECK NO.
|
PAYEE
|
AMOUNT
|
10/13/11 | Payroll fee | NPS Payroll Services | 58.00 |
10/13/11 | Transfer payroll 10/1 to 10/15 | NPS Payroll Services | 1,877.79 |
10/13/11 | Transfer payroll 10/1 to 10/15 | NPS Payroll Services | 5,037.72 |
10/28/11 | Payroll fee | NPS Payroll Services | 68.00 |
10/28/11 | Transfer payroll 10/16 to 10/31 | NPS Payroll Services | 1,877.79 |
10/28/11 | Transfer payroll 10/16 to 10/31 | NPS Payroll Services | 5,037.72 |
TOTAL DISBURSEMENTS THIS PERIOD:
|
$ | 13,947.02 |
7. |
ENDING BALANCE:
|
$ | 1,094.28 | |||
8. |
PAYROLL ACCOUNT NUMBER
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130,
San Diego, California 92121
|
10
PAYROLL ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/11
|
$ | 1,094.28 |
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
__________
|
$_____________
|
__________
|
$_____________
|
__________
|
$_____________
|
Total deposits in transit
|
0.00
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||
Total outstanding checks
|
<0.00>
|
|||
Bank statement adjustments**
|
||||
Adjusted bank balance
|
$ | 1,094.28 |
*
|
It is acceptable to attach lists of deposits in transit and outstanding checks to this form or to replace this form with a similar form.
|
**Please attach a detailed explanation of any bank statement adjustment.
11
I. CASH RECEIPTS AND DISBURSEMENTS (Continued)
C. (TAX ACCOUNT)
1. |
TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS
|
$ | 30,029,775.22 | |||
2. |
LESS: TOTAL DISBURSEMENTS PER ALL PRIOR TAX ACCOUNT REPORTS
|
$ | 0.00 | |||
3. |
BEGINNING BALANCE
|
$ | 30,029,775.22 | |||
4. |
RECEIPTS:
TAX REFUNDS
|
$ | 0.00 | |||
OTHER - Interest | $ | 12,754.99 | ||||
5. |
BALANCE
|
$ | 30,042,530.21 | |||
6. |
LESS: DISBURSEMENTS DURING CURRENT PERIOD
|
DATE
|
CHECK NO.
|
PAYEE
|
AMOUNT
|
TOTAL DISBURSEMENTS THIS PERIOD:
|
$ | 0.00 |
7. |
ENDING BALANCE:
|
$ | 30,042,530.21 | |||
8. |
TAX ACCOUNT NUMBER
|
|||||
DEPOSITORY NAME AND LOCATION Torrey Pines Bank, 4350 Executive Drive, Suite 130
San Diego, CA 92121
|
12
TAX ACCOUNT
BANK RECONCILIATION*
Balance per bank statement dated: 10/31/11
|
$ | 30,042,530.21 |
Plus deposits in transit (a):
Deposit Date
|
Deposit Amount
|
__________
|
$_____________
|
__________
|
$_____________
|
__________
|
$_____________
|
Total deposits in transit
|
0.00
|
Less outstanding checks (a):
Check Number
|
Check Date
|
Check Amount
|
||
Total outstanding checks
|
<0.00>
|
|||
Bank statement adjustments**
|
||||
Adjusted bank balance
|
$ | 30,042,530.21 |
13
D. SUMMARY SCHEDULE OF CASH
ENDING BALANCE FOR PERIOD:
GENERAL ACCOUNT - Bk of America
|
$ | 0.00 | ||
GENERAL ACCOUNT - Torrey Pines Bk | $ | 81,635.18 | ||
PAYROLL ACCOUNT - Bk of America
|
$ | 0.00 | ||
PAYROLL ACCOUNT - Torrey Pines Bk | $ | 1,094.28 | ||
TAX ACCOUNT - Torrey Pines Bk
|
$ | 30,042,530.21 | ||
OTHER ACCOUNTS*:
Torrey Pines Bank
4350 Executive Drive, Suite 130
San Diego, CA 92121
Money Market Account
|
$ | 1,660,472.59 | ||
Torrey Pines Bank
4350 Executive Drive, Suite 130
San Diego, CA 92121
Rabbi Trust Assets
Money Market Account
|
$ | 6,933,824.32 | ||
OTHER MONIES*:_______________
|
$ | |||
PETTY CASH**
|
$ | 250.00 | ||
TOTAL CASH AVAILABLE
|
$ | 38,719,806.58 |
NOTE: Attach copies of monthly accounts statements from financial institutions for each account.
14
II. STATUS OF PAYMENTS TO SECURED CREDITORS, LESSORS,
AND OTHER PARTIES TO EXECUTORY CONTRACTS
CREDITOR, LESSOR, ETC.
|
FREQUENCY OF PAYMENTS
(Mo./Qtr.)
|
AMOUNT OF PAYMENT
|
POST-PETITION PAYMENTS NOT MADE (NUMBER)
|
TOTAL DUE
|
888 Prospect LJ, LLC
|
Monthly | $5,205.13 | None | None |
TOTAL DUE
|
None |
III. TAX LIABILITIES
FOR THE REPORTING PERIOD:
GROSS SALES SUBJECT TO SALES TAX
|
$ | 0 | ||
TOTAL WAGES PAID
|
$ | 12,333.34 |
TOTAL POST-PETITION AMOUNTS OWING
|
AMOUNT DELINQUENT
|
DATE DELINQUENT AMOUNT DUE
|
|
FEDERAL WITHHOLDING
|
$ 0.00
|
$0.00
|
|
STATE WITHHOLDING
|
$
|
$
|
|
FICA - EMPLOYER'S SHARE
|
$
|
$
|
|
FICA - EMPLOYEE'S SHARE
|
$
|
$
|
|
FEDERAL UNEMPLOYMENT
|
$
|
$
|
|
STATE WITHHOLDING
|
$
|
$
|
|
SALES AND USE
|
$
|
$
|
|
REAL PROPERTY
|
$
|
$
|
|
OTHER: (SPECIFY)
|
$
|
$
|
|
TOTAL:
|
$
|
$
|
15
IV. AGING OF ACCOUNTS PAYABLE AND ACCOUNTS RECEIVABLE
ACCOUNTS PAYABLE*
(POST-PETITION ONLY)
|
ACCOUNTS
Pre-Petition
|
RECEIVABLE
Post-Petition
|
|
30 days or less
|
None
|
None | None |
31 - 60 days
|
|||
61 - 90 days
|
|||
91 - 120 days
|
|||
Over 120 days
|
|||
TOTALS:
|
V. INSURANCE COVERAGE
NAME OF
CARRIER
|
AMOUNT OF COVERAGE
|
POLICY
EXPIRATION
DATE
|
PREMIUM PAID
THROUGH:
|
||
General Liability
|
Hartford
|
$1,000,000/occurrence
|
3/15/12 | 3/15/12 | |
Worker Compensation
|
State Fund | $1,000,000/occurrence | 2/15/12 | 8/15/11 | |
|
|||||
VI. UNITED STATES TRUSTEE QUARTERLY FEES
(TOTAL PAYMENTS)
Qtrly Period Ending
|
Total Disbursements
|
Qtrly Fees
|
Date Paid
|
Amount Paid
|
Qtrly Fee Still Owing
|
12/31/09
|
$3,100.00 | $325.00 | 01/29/10 | $325.00 | $0.00 |
3/31/10 | $165,607.22 | $1,625.00 |
04/07/10,
05/13/10
|
$325.00,
$1,300.00
|
$0.00 |
6/30/10 | $260,256.53 | $1,950.00 | 08/17/10 | $1,950.00 | $0.00 |
9/30/10 | $708,521.61 | $4,875.00 | 11/19/10 | $4,875.00 | $0.00 |
12/31/10 | $1,206,199.31 | $6,500.00 | 03/09/11 | $6,500.00 | $0.00 |
03/31/11 | $807,345.48 | $4,875.00 | 05/19/11 | $4,875.00 | $0.00 |
06/30/11 | $658,623.79 | $4,875.00 | 08/03/11 | $4,875.00 | $0.00 |
09/30/11 | $734,784.89 | $4,875.00 | 11/02/11 | $4,875.00 | $0.00 |
*Post-Petition Accounts Payable should not include professionals' fees and expenses which have been incurred but not yet awarded by the Court. Post-Petition Accounts Payable should include
professionals' fees and expenses authorized by Court Order but which remain unpaid as of the close of the period of the report.
16
VII. SCHEDULE OF COMPENSATION PAID TO INSIDERS
Name of Insider
|
Date of Order Authorizing Compensation
|
Authorized Gross Compensation*
|
Gross Compensation Paid During the Month
|
Anthony Rusnak | 3/11/10 | $148,000/year, plus additional amount in insider compensation request |
$12,333.34
|
* Please indicate how compensation was identified in the order (e.g., $1,000/wk, $2,500/mo)
VIII. SCHEDULE OF OTHER AMOUNTS PAID TO INSIDERS
Name of Insider
|
Date of Order Authorizing Payment
|
Description
|
Amount Paid During the Month
|
None
|
|||
17
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
Current Month
|
Cumulative Post-Petition
|
|||||||
Sales/Revenue:
|
||||||||
Gross Sales/Revenue
|
0.00 | 0.00 | ||||||
Less: Returns/Discounts
|
(0.00 | ) | (0.00 | ) | ||||
Net Sales/Revenue
|
0.00 | 0.00 | ||||||
Cost of Goods Sold:
|
||||||||
Beginning Inventory at cost Purchases
|
0.00 | 0.00 | ||||||
Less: Ending Inventory at cost
|
(0.00 | ) | (0.00 | ) | ||||
Cost of Goods Sold (COGS)
|
0.00 | 0.00 | ||||||
Gross Profit
|
||||||||
Other Operating Income (Itemize)
|
0.00 | 0.00 | ||||||
Operating Expenses:
|
||||||||
Payroll - Insiders
|
13,633.34 | 439,860.41 | ||||||
Payroll - Other Employees
|
0.00 | 128,944.97 | ||||||
Payroll Taxes
|
197.68 | 40,303.03 | ||||||
Other Taxes (Itemize)
|
0.00 | 0.00 | ||||||
Depreciation and Amortization
|
0.00 | 0.00 | ||||||
Lease Expense
|
5,205.13 | 130,072.29 | ||||||
Insurance
|
0.00 | 187,184.83 | ||||||
Telephone and Utilities
|
784.42 | 21,351.79 | ||||||
Repairs, Maintenance, Janitorial, Office, Plant Service
|
210.00 | 12,784.88 | ||||||
Travel and Entertainment (Itemize)
|
||||||||
Mileage, Parking and Auto | 0.00 | 4,653.30 | ||||||
Meals | 0.00 | 868.42 | ||||||
Airfare | 0.00 | 12,500.00 | ||||||
Miscellaneous Operating Expenses (Itemize) | ||||||||
Insurance - Employees | 108.29 | (136,144.58 | ) | |||||
Salary Savings Plan Expense | 0.00 | 12,223.20 | ||||||
Workers Compensation Insurance | 0.00 | 6,851.83 | ||||||
Parking Services | 125.00 | 8,550.00 | ||||||
Storage and Moving | 0.00 | 12,786.00 | ||||||
Bank Service Charges | 10.00 | 3,963.68 | ||||||
Payroll Fees | 126.00 | 3,437.13 | ||||||
Office Supplies | 0.00 | 485.21 | ||||||
Postage and Shipping | 0.00 | 2,141.15 | ||||||
Dues and Subscriptions | 0.00 | 1,254.00 | ||||||
Employee Expense | 0.00 | (58.05 | ) | |||||
Advertising | 0.00 | (3,200.00 | ) | |||||
Taxes and Licenses | 0.00 | 1,214.00 | ||||||
Fines, Penalties and Late Charges | 0.00 | 2,815.63 | ||||||
Director Expense | 0.00 | 10,000.00 | ||||||
US Trustee Fees | 0.00 | 23,405.58 | ||||||
Total Operating Expenses
|
20,399.86 | 928,248.70 | ||||||
Net Gain/(Loss) from Operations
|
(20,399.86 | ) | (928,248.70 | ) | ||||
Non-Operating Income:
|
||||||||
Interest on Cash Accounts
|
17,553.07 | 199,346.84 | ||||||
Gain (Loss) on Sale of Assets
|
0.00 | 29,384.84 | ||||||
|
18
Prudential Stock Dividends | 0.00 | 1,332.10 | ||||||
Mark to Market on CSV of Life Insurance Policies | 0.00 | 158,385.18 | ||||||
Income Taxes | 0.00 | 2,703,141.71 | ||||||
Interest on Income Tax Refunds | 0.00 | 588,627.56 | ||||||
Total Non-Operating income | 17,553.07 | 3,680,218.23 | ||||||
Non-Operating Expenses:
|
||||||||
Interest Expense
|
0.00 | 0.00 | ||||||
Legal Expense
|
250,159.49 | 4,266,542.35 | ||||||
Audit and Accounting
|
5,827.34 | 651,614.82 | ||||||
Consulting | 32,816.20 | 151,758.46 | ||||||
Other (Itemize) | 0.00 | (2,872.17 | ) | |||||
Total Non-Operating Expenses
|
288,803.03 | 5,067,043.46 | ||||||
NET INCOME/(LOSS)
|
(291,649.82 | ) | (2,315,073.93 | ) |
(Attach exhibit listing all itemizations required above)
19
X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
Current Month End
|
||||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Unrestricted Cash
|
38,719,806.58 | |||||||
Security Deposit Held by Landlord | 30,971.51 | |||||||
Total Current Assets
|
38,750,778.09 | |||||||
Other Assets (Net of Amortization):
|
||||||||
Due from Insiders
|
0.00 | |||||||
Other (Itemize)
|
||||||||
Cash Improperly Withheld in former ICB account
(City National Bank)
|
47,285.39 | |||||||
Residual Interest in Securities | 103,631.57 | |||||||
Investment in ITLA Mortgage Loan
Securitization 2002-1
|
75,000.00 | |||||||
Current and Deferred Income Taxes | 6,989.46 | |||||||
Delaware Franchise Taxes | 99,945.00 | |||||||
Prepaid Expenses, Net | 36,464.00 | |||||||
Interests in Insurance Policies | 441,240.00 | |||||||
Other | 35,873.82 | |||||||
Total Other Assets
|
846,429.24 | |||||||
TOTAL ASSETS
|
39,597,207.33 | |||||||
LIABILITIES
|
||||||||
Postpetition Liabilities:
|
||||||||
Accounts Payable
|
0.00 | |||||||
Taxes Payable
|
0.00 | |||||||
Professional fees
|
0.00 | |||||||
Secured Debt
|
0.00 | |||||||
Total Postpetition Liabilities
|
0.00 | |||||||
Prepetition Liabilities:
|
||||||||
Secured Liabilities
|
0.00 | |||||||
Priority Liabilities
|
0.00 | |||||||
Unsecured Liabilities
|
99,749,052.34 |
Total Prepetition Liabilities
|
99,749,052.34 | |||||||
TOTAL LIABILITIES
|
99,749,052.34 | |||||||
EQUITY:
|
||||||||
Prepetition Owners' Equity
|
(57,741,774.08 | ) | ||||||
Postpetition Profit/(Loss)
|
(2,315,073.93 | ) | ||||||
Direct Charges to Equity
|
(94,997.00 | ) | ||||||
TOTAL EQUITY
|
(60,151,845.01 | ) | ||||||
TOTAL LIABILITIES & EQUITY
|
39,597,207.33 |
20
XI. QUESTIONNAIRE
1.
|
Has the debtor-in-possession made any payments on its pre-petition unsecured debt, except as have been authorized by the court?
|
X No.
____ Yes. Explain ________________________________________________________________________________________________
_________________________________________________________________________________________________________________
2.
|
Has the debtor-in-possession during this reporting period provided compensation or remuneration to any officers, directors, principals, or other insiders without appropriate authorization?
|
X No.
_____ Yes. Amount, to whom, and for what period? _______________________________________________________________________________
______________________________________________________________________________________________________________________________
3. State what progress was made during the reporting period toward filing a plan of reorganization:
On October 27, 2011, the Debtor and HoldCo Advisors L.P. filed their (1) Chapter 11 Plan of Reorganization Proposed by HoldCo Advisors L.P. and Debtor Imperial Capital Bancorp, Inc., a Delaware Corporation Dated October 27, 2011 and (2) Disclosure Statement Re: Chapter 11 Plan of Reorganization Proposed by HoldCo Advisors L.P. and Debtor Imperial Capital Bancorp, Inc., a Delaware Corporation, dated October 27, 2011. A hearing to consider the adequacy of the Disclosure Statement has been set for December 20, 2011.
4. Describe potential future developments which may have a significant impact on the case.
The Debtor has filed two adversary proceedings against the FDIC-R, and has objected to the proofs of claim asserted by the FDIC-R. The outcome of the Debtor/FDIC-R litigation will determine the amount available for distribution to creditors.
5.
|
Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period. NONE
|
6. Did you receive any exempt income this month, which is not set forth in the operating report?
X No.
____ Yes. Please set forth the amounts and the source of the income.
______________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________
I, Anthony Rusnak, Chief Operating Officer (Name and title), declare under penalty of perjury that I have fully read and understood the foregoing debtor-in-possession operating report and that the information contained herein is true and complete to the best of my knowledge.
Date: November 21, 2011
|
/s/ Anthony Rusnak
|
|||
Principal for debtor-in-possession
|
21