Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ENERGY CONVERSION DEVICES INC | d340882d8k.htm |
| EX-99.2 - UNITED SOLAR OVONIC LLC MONTHLY OPERATING REPORTS - ENERGY CONVERSION DEVICES INC | d340882dex992.htm |
EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED: March 31, 2012
| In re: Energy Conversion Devices, Inc. | Case Number: 12-43166 | |
| Chapter 11 | ||
| Judge: Hon. Thomas J. Tucker | ||
Debtor.
Energy Conversion Devices, Inc./
As debtor in possession, I affirm:
| 1. | That I have reviewed the financial statements attached hereto, consisting of: |
| Operating Statement |
(Form 2) | |
| Balance Sheet |
(Form 3) | |
| Summary of Operations |
(Form 4) | |
| Monthly Cash Statement |
(Form 5) | |
| Statement of Compensation |
(Form 6) | |
| Schedule of In-Force Insurance |
(Form 7) |
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated;
| 2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases, is in effect; and |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 3. | That all post-petition taxes as described in Section 9 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases are current. |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 5. | All United States Trustee Quarterly fees have been paid and are current. |
| YES x NO ¨ |
| 6. | Have you filed your pre-petition tax returns? |
| (If not, attach a written explanation) |
YES x NO ¨ |
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| Dated: April 23, 2012 | Energy Conversion Devices, Inc. | |||||||||
| Debtor in Possession | ||||||||||
| /s/ William C. Andrews | ||||||||||
| Title: | William C. Andrews | |||||||||
| Chief Financial Officer | Phone: 248-299-6047 | |||||||||
Form 1
OPERATING STATEMENT (P&L)(1)
Period Ending: March 31, 2012
Case No: 12-43166
| Current Month | Total Since Filing | |||||||
| Total Revenue |
— | — | ||||||
| Cost of Sales |
— | — | ||||||
| GROSS PROFIT |
— | — | ||||||
| EXPENSES: |
||||||||
| Officer Compensation |
$ | 97,083 | $ | 145,625 | ||||
| Salary/Wage Expenses |
148,376 | 239,983 | ||||||
| Employee Benefits & Pensions |
31,375 | 96,003 | ||||||
| Payroll Taxes |
18,194 | 31,007 | ||||||
| Other Taxes |
7,787 | 12,218 | ||||||
| Rent and Lease Expense |
44,714 | 44,714 | ||||||
| Interest Expense |
1,292 | 3,139 | ||||||
| Property Insurance |
5,595 | 7,475 | ||||||
| Automobile and Truck Expense |
— | — | ||||||
| Utilities |
18,150 | 26,118 | ||||||
| Depreciation |
12,497 | 19,531 | ||||||
| Travel and Entertainment |
4,562 | 10,247 | ||||||
| Repairs and Maintenance |
1,989 | 1,989 | ||||||
| Advertising |
— | — | ||||||
| Supplies |
1,637 | 7,544 | ||||||
| Other Specify – Outside Services |
48,519 | 10,966 | ||||||
| Other Specify – Restructuring |
70,604 | 72,084 | ||||||
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| TOTAL EXPENSES |
512,374 | 728,644 | ||||||
| OPERATING PROFIT |
(512,374 | ) | (728,644 | ) | ||||
| Add: Non-Operating Income |
||||||||
| Total Interest Income |
(192,114 | ) | (228,786 | ) | ||||
| Other Income |
(67,225 | ) | (67,225 | ) | ||||
| Less: Non-Operating Expenses |
||||||||
| Professional Fees(2) |
454,262 | 582,512 | ||||||
| Other – Income Taxes |
— | — | ||||||
|
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|
|
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| NET INCOME/(LOSS) |
$ | (707,296 | ) | $ | (1,015,144 | ) | ||
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| (1) | The operating statement and balance sheet were prepared using accrual accounting. |
| (2) | Professional fees are estimates. |
Form 2
BALANCE SHEET
Period Ending: March 31, 2012
Case No: 12-43166
| Current Month | Prior Month | At Filing | ||||||||||
| ASSETS: |
||||||||||||
| Cash and Cash Equivalents |
$ | 128,093,267 | $ | 95,839,905 | $ | $94,740,784 | ||||||
| Investments |
11,904,993 | 44,508,566 | 45,522,223 | |||||||||
| Inventories, Net |
— | — | — | |||||||||
| Accounts Receivable – Intercompany – USO |
795,485,836 | 793,191,203 | 792,147,137 | |||||||||
| Accounts Receivable – Intercompany – SIT/USO CDN |
41,846,740 | 41,843,090 | 41,812,183 | |||||||||
| Secured Notes – Subsidiary |
6,719,157 | 6,719,157 | 6,719,157 | |||||||||
| Accounts Receivable Trade – Net |
478,174 | 410,144 | 457,813 | |||||||||
| Land and Buildings |
1,525,568 | 1,525,568 | 1,525,568 | |||||||||
| Furniture, Fixtures & Equipment |
1,496,960 | 1,496,960 | 1,496,960 | |||||||||
| Accumulated Depreciation |
(2,582,765 | ) | (2,570,267 | ) | (2,563,233 | ) | ||||||
| Restricted Cash |
— | — | — | |||||||||
| Prepaid |
1,641,584 | 1,664,332 | 1,760,717 | |||||||||
| Deposits + Holdbacks |
5,769,009 | 5,827,009 | 5,769,009 | |||||||||
| Investment in Subsidiaries |
41,001,047 | 41,001,047 | 41,001,047 | |||||||||
| Other Assets |
4,711,339 | 4,942,387 | 5,069,863 | |||||||||
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| TOTAL ASSETS |
$ | 1,038,090,908 | $ | 1,036,399,100 | $ | 1,035,459,227 | ||||||
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| LIABILITIES: |
||||||||||||
| Post-petition Liabilities: |
||||||||||||
| Accounts Payable Trade – Net |
170,516 | 66,247 | — | |||||||||
| Accounts Payable Intercompany USO LLC |
— | — | — | |||||||||
| Accounts Payable Intercompany SIT |
— | — | — | |||||||||
| Lease Payable |
— | — | — | |||||||||
| Warranty |
— | — | — | |||||||||
| Other Liabilities |
67,884 | — | — | |||||||||
| Convertible Senior Notes |
— | — | — | |||||||||
| Accrued Salaries and Wages |
33,835 | 8,061 | — | |||||||||
| Accrued Taxes |
3,350 | 683 | — | |||||||||
| Accrued Other |
1,467,343 | 111,146 | — | |||||||||
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|
|||||||||
| TOTAL Post-petition Liabilities |
1,742,929 | 186,137 | — | |||||||||
| Secured Liabilities: |
||||||||||||
| Secured Accounts Payable – ECD |
— | — | — | |||||||||
| Pre-petition Liabilities: |
||||||||||||
| Accounts Payable Trade – Net |
757,749 | 757,749 | 757,749 | |||||||||
| Accounts Payable Intercompany USO LLC |
— | — | — | |||||||||
| Accounts Payable Intercompany SIT |
— | — | — | |||||||||
| Accounts Payable Unsecured Liabilities |
— | — | — | |||||||||
| Lease Payable |
— | — | — | |||||||||
| Warranty |
— | — | — | |||||||||
| Other Liabilities |
2,581,850 | 2,581,850 | 2,581,850 | |||||||||
| Convertible Senior Notes |
243,147,473 | 241,905,353 | 241,220,038 | |||||||||
| Accrued Salaries and Wages |
168,112 | 168,112 | 168,112 | |||||||||
| Accrued Taxes |
91,151 | 91,151 | 91,151 | |||||||||
| Accrued Other |
2,533,542 | 2,896,516 | 2,533,542 | |||||||||
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| TOTAL Pre-petition Liabilities |
249,279,876 | 248,400,730 | 247,352,442 | |||||||||
| TOTAL LIABILITIES |
251,022,805 | 248,586,868 | 247,352,442 | |||||||||
| Equity: |
||||||||||||
| Owners Capital |
(312,708 | ) | (310,256 | ) | (310,256 | ) | ||||||
| Additional Paid-In-Capital |
1,106,438,770 | 1,106,438,770 | 1,106,438,770 | |||||||||
| Retained Earnings – Pre Petition |
(318,021,728 | ) | (318,021,728 | ) | (318,021,728 | ) | ||||||
| Retained Earnings – Post Petition + OCI |
(1,036,231 | ) | (294,553 | ) | — | |||||||
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| TOTAL Equity |
787,068,103 | 787,812,233 | 788,106,786 | |||||||||
| TOTAL LIABILITIES AND EQUITY |
$ | 1,038,090,908 | $ | 1,036,399,100 | $ | 1,035,459,227 | ||||||
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Form 3
SUMMARY OF OPERATIONS
Period Ended: March 31, 2012
Case No: 12-43166
Schedule of Post-petition Taxes Payable
| Beginning Balance |
Accrued/ Withheld |
Payments/ Deposits |
Ending Balance |
|||||||||||||
| Income Taxes Withheld |
||||||||||||||||
| Federal |
— | $ | 59,025.40 | $ | 59,025.40 | — | ||||||||||
| State |
— | 15,507.80 | 15,507.80 | — | ||||||||||||
| Local |
— | — | — | — | ||||||||||||
| FICA Withheld |
— | 18,783.02 | 18,783.02 | — | ||||||||||||
| Employers FICA |
— | 25,391.37 | 25,391.37 | — | ||||||||||||
| Unemployment Tax |
— | — | ||||||||||||||
| Federal |
— | 13.05 | 13.05 | — | ||||||||||||
| State |
— | 613.21 | 613.21 | — | ||||||||||||
| Sales, Use & Excise Taxes |
— | — | — | — | ||||||||||||
| Property Taxes |
$ | 1,022.00 | $ | 7,937.00 | — | $ | 8,959.00 | |||||||||
| Workers’ Compensation(1) |
— | — | — | — | ||||||||||||
| Other |
— | — | — | — | ||||||||||||
| TOTALS |
$ | 1,022.00 | $ | 127,270.85 | $ | 119,333.85 | $ | 8,959.00 | ||||||||
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| (1) | Fully insured. |
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
| Age in Days | 0-30 | 31-60 | Over 60 | |||||||||
| Post Petition |
||||||||||||
| Accounts Payable |
$ | 160,273.80 | $ | 10,242.27 | $ | — | ||||||
| Accounts Receivable |
$ | 35,238.67 | $ | 59,520.31 | $ | 383,414.57 | ||||||
For all post-petition accounts payable over 30 days old, please attach a sheet listing each such account, to whom the account is owed, the date the account was opened, and the reason for non-payment of the account.
Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization: None
Form 4
MONTHLY CASH STATEMENT
Period Ending: March 31, 2012
Cash Activity Analysis (Cash Basis Only): Case No: 12-43166
| General Acct. |
Money Market Acct. |
|||||||||
| A. |
Beginning Balance |
$ | 3,085,873.36 | $ | 92,753,633.70 | |||||
| B. |
Receipts (Attach separate schedule) |
138,387.71 | 32,804,319.64 | |||||||
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| C. |
Balance Available (A+B) |
3,224,261.07 | 125,557,953.34 | |||||||
| D. |
Less Disbursements (Attach separate schedule) |
624,460.19 | — | |||||||
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| E. |
ENDING BALANCE (C-D) |
$ | 2,599,800.88 | $ | 125,557,953.34 | |||||
ATTENTION: Please enter the TOTAL DISBURSEMENT from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment: $624,460.19
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
| General Account: | ||||||
| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||||
| 2. |
Account Number | 816340913 | ||||
| Money Market Account: |
||||||
| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||||
| 2. |
Account Number | 2908940048 | ||||
Other monies on hand (specify type and location) i.e., CD’s, bonds, etc.):
UBS Financial Services, Inc., Chicago, IL.—Investment account—CP75515—corporate notes/bonds, paper; and money market funds—$11,567,670.73.
| Date: April 23, 2012 |
||||||
| Energy Conversion Devices, Inc. | ||||||
| Debtor in Possession | ||||||
Form 5
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: Julian Hawkins, President, CEO and Director | Capacity: | ¨ Shareholder | ||
| x Officer | ||||
| x Director | ||||
| x Insider |
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring and sale process, focusing on the solar business |
| • | Serves as a member of the Board of Directors |
| • | Expand sales through supplier and customer base interaction |
| Current Compensation Paid: |
Weekly | Or | $ |
Monthly 36,666.67 |
| |||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 764.60 | ||||||||||
| Life Insurance |
$ | 90.00 | ||||||||||
| Accidental Death & Dismemberment Life Insurance |
$ | 12.00 | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | 72.50 | ||||||||||
| Employee Assistance Program |
$ | 1.69 | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment (Business meals) |
$ | 1,414.47 | ||||||||||
| Travel |
$ | 4,241.99 | ||||||||||
| Chinese Visa Application |
$ | 255.00 | ||||||||||
| Office Supplies |
$ | 644.48 | ||||||||||
| Internet/iPhone/iPad expenses |
$ | 35.85 | ||||||||||
| Conference/Seminar fee |
$ | 35.00 | ||||||||||
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| Total Benefits |
$ | 7,567.58 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Travel (to/from San Francisco) |
$ | 5,178.10 | ||||||||||
| Lodging |
$ | 1,725.00 | ||||||||||
| Personal Car Mileage |
$ | 267.54 | ||||||||||
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| Total Other Payments |
$ | 7,170 .64 | ||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | 51,404.89 | ||||||||||
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| Dated: April 23, 2012 |
Julian Hawkins | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Jay B. Knoll, Executive Vice President, | Capacity: | ¨ Shareholder | |||
| Chief Restructuring Officer and Director | x Officer | |||||
| x Director | ||||||
| x Insider |
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring, sale and bankruptcy processes |
| • | Serves as a member of the Board of Directors |
| • | Leads efforts to identify and implement cost reductions |
| Current Compensation Paid: |
Weekly | Or | $ |
Monthly 31,250.01 |
| |||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 849.92 | ||||||||||
| Life Insurance |
$ | 84.46 | ||||||||||
| Accidental Death & Dismemberment Insurance |
$ | 11.27 | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | 72.50 | ||||||||||
| Employee Assistance Program |
$ | 1.69 | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel |
$ | 179.90 | ||||||||||
| Personal Car Mileage |
$ | 106.56 | ||||||||||
| Internet/iPhone/iPad |
$ | 25.00 | ||||||||||
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| Total Benefits |
$ | 1,331.30 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Total Other Payments |
$ | — | ||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | 32,581.31 | ||||||||||
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| Dated: April 23, 2012 | Jay B. Knoll | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | William C. Andrews, Executive Vice President and CFO | Capacity: | ¨ Shareholder | |||
| x Officer | ||||||
| ¨ Director | ||||||
| x Insider |
Detailed Description of Duties:
| • | Provides financial leadership and expertise to support the bankruptcy process |
| • | Provides leadership and support to the business through the restructuring and sale process |
| • | Provides oversight to company transition from a public company (SEC, SOX, etc.) |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | 29,166.67 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 764.60 | ||||||||||
| Life Insurance |
$ | 78.91 | ||||||||||
| Accidental Death & Dismemberment Insurance |
$ | 10.53 | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | 72.50 | ||||||||||
| Employee Assistance Program |
$ | 1.69 | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel |
$ | — | ||||||||||
| Postage/Freight |
$ | 1,557.20 | ||||||||||
| Dues/Subscriptions |
$ | 645.00 | ||||||||||
| Office Supplies |
$ | 241.68 | ||||||||||
| Personal Car Mileage |
$ | 24.98 | ||||||||||
| Internet/iPhone/iPad |
$ | 189.48 | ||||||||||
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|||||||||||
| Total Benefits |
$ | 3,586.57 | ||||||||||
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| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Other (Describe) |
$ | |||||||||||
| Other (Describe) |
$ | |||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Total Other Payments |
$ | — | ||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | 32,753.24 | ||||||||||
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| Dated: April 23, 2012 |
William C. Andrews | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph P. Conroy, Executive Vice President, ECD; | Capacity: | x Shareholder | |||
| Senior Vice President, USO Operations | x Officer | |||||
| ¨ Director | ||||||
| x Insider |
Detailed Description of Duties:
| • | Provides leadership to all operations and manufacturing related activity (Auburn Hills, Greenville 1&2, Tijuana, China JV and Marcegaglia) |
| • | Responsible for building new equipment to support the company’s technology efforts |
| • | Provides leadership to all manufacturing, engineering, quality functions (ensures the production of all manufacturing products) |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | |||||||||
| $ | — | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | ||||||||||
| Life Insurance |
$ | — | ||||||||||
| Accidental Death & Dismemberment Insurance |
$ | — | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | — | ||||||||||
| Employee Assistance Program |
$ | — | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel |
$ | — | ||||||||||
|
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|
|||||||||||
| Total Benefits |
$ | 0 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Total Other Payments |
$ | — | ||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
||||||||||||
| $ | — | |||||||||||
|
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| (1) | Mr. Conroy is an officer of Energy Conversion Devices; however, his compensation is paid by United Solar Ovonic LLC. |
| Dated: April 23, 2012 | Joseph P. Conroy | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph A. Avila | Capacity: | x Shareholder | |||||
| ¨ Officer | ||||||||
| x Director | ||||||||
| ¨ Insider | ||||||||
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Dated: April 23, 2012 |
Joseph A. Avila | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Alan E. Barton | Capacity: | x Shareholder | |||||
| ¨ Officer | ||||||||
| x Director | ||||||||
| ¨ Insider | ||||||||
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Dated: April 23, 2012 |
Alan E. Barton | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Robert I. Frey | Capacity: | x Shareholder | |||||
| ¨ Officer | ||||||||
| x Director | ||||||||
| ¨ Insider | ||||||||
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Dated: April 23, 2012 |
Robert I. Frey | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | William J. Ketelhut | Capacity: | x Shareholder | |||||
| ¨ Officer | ||||||||
| x Director | ||||||||
| ¨ Insider | ||||||||
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Dated: April 23, 2012 |
William J. Ketelhut | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Stephen Rabinowitz | Capacity: | x Shareholder | |||||
| ¨ Officer | ||||||||
| x Director | ||||||||
| ¨ Insider | ||||||||
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Dated: April 23, 2012 |
Stephen Rabinowitz | |||||
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: March 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: |
George A. Schreiber, Jr. | Capacity: | x Shareholder | |||||
| ¨ Officer | ||||||||
| x Director | ||||||||
| ¨ Insider | ||||||||
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Dated: April 23, 2012 |
George A. Schreiber, Jr. | |||||
Form 6
SCHEDULE OF IN-FORCE INSURANCE
Period Ending: March 31, 2012
Case No: 12-43166
| INSURANCE TYPE |
CARRIER |
EXPIRATION DATE | ||
| Workers’ Compensation | Valley Forge Insurance Company | 02/01/2013 | ||
| Workers’ Compensation | American Casualty Company of Reading PA | 02/01/2013 | ||
| General Liability | American Casualty Company of Reading PA | 02/01/2013 | ||
| Property (1st Layer) | Allianz Global Risk US Insurance Company | 02/01/2013 | ||
| Property (2nd Layer) | Lexington Insurance Company | 02/01/2013 | ||
| Automobile Policy | Continental Casualty Company | 02/01/2013 | ||
| Umbrella Policy | Continental Casualty Company | 02/01/2013 | ||
| Foreign Package | Continental Casualty Company | 02/01/2013 | ||
| Special Risk Coverage | Great American Insurance Company | 03/18/2013 | ||
| Directors & Officers | Allied World National Assurance Company | 09/30/2012 | ||
| Directors & Officers | Illinois National Insurance Company | 09/30/2012 | ||
| Directors & Officers | Beazley Insurance Company, Inc. (Lloyd’s of London) | 09/30/2012 | ||
| Employee Practices Liability | Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fiduciary Liability | Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fidelity Bond | Starr Indemnity & Liability Company | 09/30/2012 | ||
| Primary Directors & Officers | Starr Indemnity & Liability Company | 09/30/2012 | ||
| ERISA Bond | Travelers Casualty and Surety Company of America | 11/16/2014 | ||
| Pollution Liability Coverage | Chartis Specialty Insurance | 02/01/2014 |
Form 7