TRIDENT MICROSYSTEMS INC - FORM 8-K - EX-99.1 - OPERATING RESULTS FOR THE PERIOD FROM MAY 1, 2012 TO MAY 31, 2012. - July 13, 2012

Attached files

file filename
8-K - CURRENT REPORT ON FORM 8-K. - TRIDENT MICROSYSTEMS INCd378348d8k.htm
EX-3.(I) - CERTIFICATE OF AMENDMENT OF THE AMENDED AND RESTATED CERTIFICATE - TRIDENT MICROSYSTEMS INCd378348dex3i.htm
EX-3.(II) - AMENDMENT TO ARTICLE II, SECTION 7 OF THE BYLAWS OF THE COMPANY - TRIDENT MICROSYSTEMS INCd378348dex3ii.htm

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

In re Trident Microsystems, Inc., et al.1

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

AMENDED MONTHLY OPERATING REPORT

 

REQUIRED DOCUMENTS    Form No.    Document
Attached		   

Explanation Attached

    Affidavit /
Supplement
Attached

Schedule of Cash Receipts and Disbursements

    MOR-1    Yes      

Bank Reconciliation (or copies of debtor’s bank reconciliations)

    MOR-1a    No    Not required per agreement with UST.   

Schedule of Professional Fees Paid

    MOR-1b    Yes      

Copies of bank statements

       Yes    Cash balance detail attached per agreement with UST.   

Cash disbursements journals

       Yes    Summary document only   

Statement of Operations

    MOR-2    Yes      

Balance Sheet

    MOR-3    Yes      

Status of Postpetition Taxes

    MOR-4    No       Yes

Copies of IRS Form 6123 or payment receipt

       No       Yes

Copies of tax returns filed during reporting period

       No       Yes

Summary of Unpaid Post-petition Debts

    MOR-4    Yes      

Listing of aged accounts payable

    MOR-4    Yes    Summary document only   

Accounts Receivable Reconciliation and Aging

    MOR-5    Yes    Summary document only   

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/ Andrew Hinkelman

Signature of Authorized Individual*

     

July 12, 2012

Date

 

Andrew Hinkelman

Printed Name of Authorized Individual

     

Interim Chief Executive Officer

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.

 

1 

The Debtors are the following two entities (the last four digits of their respective taxpayer ID numbers, if any, follow in parentheses): Trident Microsystems, Inc. (6584) and Trident Microsystems (Far East) Ltd.

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

The companies cash reporting systems are based on the calendar week. As a result, cash receipts and disbursements for the period ended May 31, 2012 include activity through week ended June 1, 2012.

 

TMI—United States    Actuals
4/30/2012 -
6/1/2012		     Budget
4/30/2012 -
6/1/2012		     Variance
4/30/2012 -
6/1/2012		     Actuals Case to
Date		  

Beginning Cash Balance

    $ 348,509      $ 1,600,000      $ (1,251,490 )    $ 977,445   

Inflows

         

Trade Receivable

    $ 523,322      $ —        $ 523,322      $ 2,011,820   

TSA Reimbursements

      —          —          —          —     

TV Sale Proceeds

      —          —          —          —     

Other Inflows

      41,384        —          41,384        242,229   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Inflows

    $ 564,706      $ —        $ 564,706      $ 2,254,049   

Outflows

         

Payroll

    $ (2,009,270 )    $ (3,488,779 )    $ 1,479,509      $ (11,071,428 ) 

Severance

      (74,344 )      (398,430 )      324,086        (74,344 ) 

Rent

      (124,574 )      (174,305 )      49,731        (829,059 ) 

Accounts Payable

      (321,725 )      —          (321,725 )      (1,477,631 ) 

Professional Fees

      (700,315 )      (211,546 )      (488,769 )      (1,275,117 ) 

Other Expenses

      (652,140 )      (465,567 )      (186,573 )      (3,852,466 ) 

Interest Pmt & Capital Charge

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Outflows

    $ (3,882,367 )    $ (4,738,627 )    $ 856,260      $ (18,580,046 ) 

Restructuring Outflows

         

Professional and Advisory Fees

    $ (3,766,026 )    $ (5,234,684 )    $ 1,468,658      $ (7,386,625 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Restructuring Outflows

    $ (3,766,026 )    $ (5,234,684 )    $ 1,468,658      $ (7,386,625 ) 

IC Transfers / Adjustments

    $ 7,343,000      $ 9,973,311      $ (2,630,311 )    $ 23,343,000   

Net Change in Cash

    $ 259,313      $ —        $ 259,313      $ (369,622 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Ending Cash Balance

    $ 607,823      $ 1,600,000      $ (992,177 )    $ 607,823   

 

2

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

TMFE—Cayman Islands    Actuals
4/30/2012 -
6/1/2012		     Budget
4/30/2012 -
6/1/2012		     Variance
4/30/2012 -
6/1/2012		     Actuals Case to
Date		  

Beginning Cash Balance

    $ 61,969,480      $ 59,967,160      $ 2,002,320      $ 14,659,170   

Inflows

         

Trade Receivable

    $ —        $ —        $ —        $ —     

TSA Reimbursements

      —          19,726,112        (19,726,112 )      —     

TV Sale Proceeds

      30,537,084        —          —          —     

Other Inflows

      1,871,431        29,264,000        3,144,515        98,950,967   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Inflows

    $ 32,408,515      $ 48,990,112      $ (16,581,597 )    $ 98,950,967   

Outflows

         

Accounts Payable

    $ (6,101,040 )    $ (27,668,136 )    $ 21,567,096      $ (52,441,482 ) 

Other Expenses

      (34,359 )      —          (34,359 )      (62,356 ) 

Interest Pmt & Capital Charge

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Outflows

    $ (6,135,400 )    $ (27,668,136 )    $ 21,532,736      $ (52,503,838 ) 

Restructuring Outflows

         

Professional and Advisory Fees

    $ (62,336 )    $ (148,000 )    $ 85,664      $ (738,284 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Restructuring Outflows

    $ (62,336 )    $ (148,000 )    $ 85,664      $ (738,284 ) 

IC Transfers / Adjustments1

    $ (1,507,169 )    $ (21,700,333 )    $ 20,193,164      $ 26,305,076   

Net Change in Cash

      24,703,611        (526,357 )      25,229,968        72,013,921   
  

 

 

    

 

 

    

 

 

    

 

 

  

Ending Cash Balance

    $ 86,673,091      $ 59,440,803      $ 27,232,288      $ 86,673,091   

 

PERIOD DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES    TMFE      TMI      TOTAL  

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

    $ 6,135,400       $ 3,882,367       $ 10,017,767   

Less: Transfers To Debtor In Possession Accounts

      —           —           —     

Plus: Transfers To Non-Debtor Subsidiaries

      9,807,836         —           9,807,836   

Plus: Estate Disbursements Made By Outside Sources

      —           —           —     
  

 

 

     

 

 

     

 

 

  

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

    $ 15,943,235       $ 3,882,367       $ 19,825,602   

 

1 

Note cumulative amount represents gross transfers out of $9,807,836 offset by transfers into TMFE of $8,300,667.

 

3

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

 

     Period Covered      Amount
Covered		      Payor      Check/Wire      Amount Paid      Year-To-Date  
Payee             Number      Date      Fees      Expenses      Fees      Expenses  

Kurtzman Carson Consultants LLC

     
 		 1/4/12—1/31/12
3/1/12—3/31/12		   
  		    $ 220,226.32         TMI         8957         5/11/2012       $ 87,402.50       $ 132,823.82       $ 113,315.00       $ 167,050.44   

DLA Piper1

      2/1/12—2/29/12         1,300,977.90         TMI         8963         5/16/2012         985,451.80         69,163.15         2,369,223.36         178,196.86   

Union Square Advisors1

      Sale Fee         755,045.88         TMI         8955         5/8/2012         750,000.00         5,045.88         2,100,000.00         65,950.48   

PriceWaterhouseCoopers1

      3/1/12—3/31/12         244,215.45         TMI        
 		 8968 &
8969		   
  		     
 		 5/22/2012 &
5/25/2012		   
  		      204,932.00         550.45         462,978.40         3,456.36   

FTI Consulting, Inc.

      2/1/12—2/29/12         632,686.27         TMI         8962         5/16/2012         593,280.50         39,405.77         959,317.50         69,166.84   

Dewey & Leboeuf LLP

      3/1/12—3/31/12         189,317.12         TMI         71714         5/15/2012         147,257.40         5,245.37         147,257.40         5,245.37   

Bayard, P.A.

      2/14/12—3/31/12         411,295.14         TMI        
 		 71713 &
71680		   
  		     
 		 5/8/2012 &
5/15/2012		   
  		      323,507.20         6,811.14         323,507.20         6,811.14   

Quinn Emannuel2

      3/1/12—3/31/12         87,755.08         TMI         71733         5/23/2012         154,431.90         3,919.16         154,431.90         3,919.16   

Pachulski Stang Ziehl & Jones LLP

      1/18/12—1/31/12         240,557.02         TMI         71717         5/15/2012         183,508.60         11,171.27         183,508.60         11,171.27   

Epping Hermann Fischer

      1/4/12—1/29/12         75,945.70         TMI         8958         5/16/2012         55,310.39         6,807.71         55,310.39         6,807.71   

Solomon Harris

      4/1/12—4/30/12         11,098.89         TMFE         5992183         5/21/2012         11,084.25         14.64         22,132.75         14.64   

Zolfo Cooper3

      4/1/12—4/30/12         51,395.69         TMFE         5992206         5/23/2012         48,336.50         2,900.19         118,747.75         6,275.94   

 

1 

Note amount of fees paid year-to-date is net of retainer. No retainers were applied to payments made in May.

2 

Amount paid reflects duplicate payment for March invoice. The overpayment will be applied to subsequent invoices.

3 

Invoice was revised after payment to reflect error, thereby resulting in underpayment of $159.

 

4

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

SCHEDULE OF CASH ACCOUNT BALANCES1

 

Company   

Bank Name

    Bank Account #    Book
Balance
(USD)		  

Trident Microsystems, Inc.

    Bank of America    xxxxxxx-xxx5067    $ —     

Trident Microsystems, Inc.

    California Bank & Trust MP    xxx-xxx5089      16,657   

Trident Microsystems, Inc.

    California Bank & Trust Checking    xxx-xxxx8271      728,802   

Trident Microsystems, Inc.

    California Bank & Trust (payroll)    xxx-xxxx8270      (154,420 ) 

Trident Microsystems, Inc.

    E-Trade    xxxx-2507      16,784   
        

 

 

  

Total

          $ 607,823   

 

Company   

Bank Name

    Bank Account #    Book Balance
(USD)		  

Trident Microsystems (Far East), Ltd.

    Bank of America    xxxx-xxxxx-028    $ —     

Trident Microsystems (Far East), Ltd.

    Bank of America    xxxx-xxxxx-010      —     

Trident Microsystems (Far East), Ltd.

    Bank of America    xxx-xxxx-036      —     

Trident Microsystems (Far East), Ltd.

    Bank of America    xxx-xxxx-044      2,587,007   

Trident Microsystems (Far East), Ltd.

    Bank of America    xxx-xxxx-052      4,800   

Trident Microsystems (Far East), Ltd.

    Bank of America    xxx-xxxx-060      766,069   

Trident Microsystems (Far East), Ltd.

    California Bank & Trust—Checkling AC    xxx-xxxx3970      82,955,228   

Trident Microsystems (Far East), Ltd.

    California Bank & Trust—Money Plus    xxx-xxx3709      359,988   

Trident Microsystems (Far East), Ltd.

    Bank of America    xxxxxxx-xxx5059      —     
        

 

 

  

Total2

          $ 86,673,091   

 

1 

Schedule reflects book balance at each Debtor as of June 1, 2012.

2 

Balance excludes restricted cash held in escrow in the amount of $1.5 million related to the Entropic transaction and $3.2 million related to the Sigma transaction.

BANK RECONCILIATIONS

Bank reconciliations have been prepared for each account listed above.

 

/s/ Andrew Hinkelman

Andrew Hinkelman

Interim Chief Executive Officer

     

July 12, 2012

Date

 

5

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

STATEMENT OF OPERATIONS

 

     TMFE     TMI  
     May 2012     Cumulative
Filing to Date		     May 2012     Cumulative
Filing to Date		  

Gross Revenue

         

Third Party

    $ 263,741      $ 1,319,297      $ 340,944      $ 1,762,811   

Affiliates

      16,006,617        60,081,956        2,508,988        24,372,447   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Revenues

    $ 16,270,358      $ 61,401,254      $ 2,849,932      $ 26,135,258   

Cost of Revenues

         

Third Party through TMHK

    $ 3,368,338      $ 36,591,783      $ 368,539      $ 2,636,631   

Affiliates

      16,147,904        64,971,423        —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Cost of Revenues

    $ 19,516,241      $ 101,563,206      $ 368,539      $ 2,636,631   

Gross Profit

    $ (3,245,883 )    $ (40,161,952 )    $ 2,481,393      $ 23,498,626   

Research and development expenses

    $ 673,984      $ 8,215,268      $ 297,057      $ 8,572,072   

Selling, general and administrative expenses

      1,230        324,986        3,892,282        12,062,316   

Insider Compensation*

      —          —          456,156        1,163,039   

Restructuring Charges

      —          —          66,196        45,196   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      675,214        8,540,254        4,711,691        21,842,623   

Income (loss) from operations

    $ (3,921,097 )    $ (48,702,206 )    $ (2,230,298 )    $ 1,656,003   

Gain (loss) on acquisition/sale

    $ 7,487,057      $ 12,397,752      $ 516,300      $ 1,729,275   

Interest and other income (expense), net (see detail)

      1,894,525        1,545,023        105        (1,949 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income taxes

    $ 5,460,485      $ (34,759,432 )    $ (1,713,893 )    $ 3,383,329   

Provision for (benefit from) income taxes

      —          129        (1,910,771 )      (1,921,752 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Income (Loss) Before Reorganization Items

    $ 5,460,485      $ (34,759,560 )    $ 196,878      $ 5,305,081   

REORGANIZATION ITEMS

         

Professional Fees

    $ 164,608      $ 1,046,732      $ 2,321,319      $ 9,147,858   

U.S. Trustee Quarterly Fees

      30,000        30,000        —          13,000   

Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)

      —          —          —          —     

Gain (Loss) from Sale of Equipment

      —          —          —          —     

Other Reorganization Expenses (see detail)

      14,394        58,582        —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Reorganization Expenses

    $ 209,002      $ 1,135,314      $ 2,321,319      $ 9,160,858   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net Profit (Loss)

    $ 5,251,483      $ (35,894,874 )    $ (2,124,441 )    $ (3,855,777 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

BREAKDOWN OF "OTHER" CATEGORIES

         

Interest and other income (expense), net

         

Realized Forex Gain/Loss

    $ 10,370      $ (22,653 )    $ —        $ —     

Unrealized Forex Gain/Loss

      489,125        363,502        —          —     

Other Income

      1,384,612        1,415,999        100        (1,947 ) 

Interest Expenses

      —          (270,182 )      —          —     

Currency Remeasurement Adj.

      —          41,490        —          —     

Interest Earned

      10,419        16,867        5        (2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Total

    $ 1,894,525      $ 1,545,022      $ 105      $ (1,949 ) 

 

* Does not include payments made to insiders on account of trade payables. “Insider” is defined in 11 U.S.C. Section 101(31).

 

6

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

BALANCE SHEET

 

     TMFE     TMI  
     Book Value at
May 2012		     Book Value on
Petition Date		     Book Value at
May 2012		     Book Value on
Petition Date		  

ASSETS

         

Current assets

         

Cash and cash equivalents1

    $ 87,880,401      $ 14,033,731      $ 1,081,191      $ 1,254,662   

Accounts receivable, net

      3,950,804        1,000,000        370,318        1,314,661   

Accounts receivable from related parties

      —          1,996,988        234,787        234,787   

Inventory

      419,422        11,433,394        —          —     

Note receivable from related party

      —          20,884,003        —          —     

Prepaid expenses and other current assets (see detail)

      21,493,894        6,541,527        1,579,907        1,551,933   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total current assets

    $ 113,744,520      $ 55,889,643      $ 3,266,203      $ 4,356,043   

Property and equipment, net

    $ 291,255      $ 391,732      $ 1,014,085      $ 2,327,797   

Intangible Assets, net

      6,320,000        43,913,014        —          —     

Affiliates Receivable

      27,548,538        43,295,725        99,235,365        95,861,080   

Other Non-current Assets (see detail)

      63,387,866        73,815,092        198,400,058        198,408,481   
  

 

 

    

 

 

    

 

 

    

 

 

  

Total Assets

    $ 211,292,179      $ 217,305,206      $ 301,915,711      $ 300,953,401   
  

 

 

    

 

 

    

 

 

    

 

 

  

LIABILITIES AND OWNER EQUITY

         

LIABILITIES NOT SUBJECT TO COMPROMISE

         

Accounts Payable

    $ 6,630,572      $ —        $ 320,442      $ —     

Taxes Payable

      460,600        —          —          —     

Wages Payable

      —          —          —          —     

Notes Payable

      —          —          —          —     

Rent/Leases – Building/Equipment

      —          —          —          —     

Secured Debt/Adequate Protection Payments

      —          —          —          —     

Professional Fees

      —          —          —          —     

Affiliates Payable

      32,937,784        —          2,728,886        —     

Amounts Due to Insiders2

      3,937,707        —          —          —     

Other Post-petition Liabilities (see detail)

      26,298,503        —          5,441,604        —     
  

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL POST-PETITION LIABILITIES

    $ 70,265,166      $ —        $ 8,490,932      $ —     

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

         

Secured Debt

    $ —        $ —        $ —        $ —     

Priority Debt

      2,822,983        —          23,938,163        24,009,745   

Unsecured Debt

      141,153,504        184,359,805        9,351,823        13,324,750   
  

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL PRE-PETITION LIABILITIES

    $ 143,976,487      $ 184,359,805      $ 33,289,986      $ 37,334,495   
  

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES

    $ 214,241,652      $ 184,359,805      $ 41,780,918      $ 37,334,495   
  

 

 

    

 

 

    

 

 

    

 

 

  

OWNER EQUITY

         

Capital Stock

    $ 1,282      $ 1,282      $ (198,085 )    $ (197,998 ) 

Additional Paid-In Capital

      171,714,557        171,714,557        357,120,822        356,755,746   

Retained Earnings – Pre-Petition

      (138,770,438 )      (138,770,438 )      (92,938,842 )      (92,938,842 ) 

Retained Earnings – Post-petition

      (35,894,874 )      —          (3,849,102 )      —     
  

 

 

    

 

 

    

 

 

    

 

 

  

NET OWNER EQUITY

      (2,949,473 )      32,945,401        260,134,793        263,618,906   
  

 

 

    

 

 

    

 

 

    

 

 

  

TOTAL LIABILITIES AND OWNERS EQUITY

    $ 211,292,179      $ 217,305,206      $ 301,915,711      $ 300,953,401   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

1 

TMFE balance at May 2012 excludes restricted cash held in escrow in the amount of $3.2 million related to the Sigma transaction.

2 

“Insider” is defined in 11 U.S.C. Section 101(31).

 

7

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

BALANCE SHEET

 

     TMFE      TMI  
     Book Value at
May 2012		      Book Value on
Petition Date		      Book Value at
May 2012		     Book Value on
Petition Date		  

BREAKDOWN OF "OTHER" CATEGORIES

           

PREPAID EXPENSES AND OTHER CURRENT ASSETS

           

Deferred Tax Asset

    $ —         $ —         $ 301,133      $ 301,133   

Prepaid Income Taxes

      —           —           —          (1,910,771 ) 

Other Prepaid & Receivables

      18,113,726         3,673,512         1,278,774        3,161,571   

VAT Receivable

      3,380,168         2,868,014         —          —     
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 21,493,894       $ 6,541,527       $ 1,579,907      $ 1,551,933   

OTHER NON-CURRENT ASSETS

           

Deferred Taxes Non-Current

    $ —         $ —         $ (2,629,465 )    $ (2,629,465 ) 

Other Deferred Charges

      2         2         —          —     

Long Term Equity Investments

      807,259         807,259         —          —     

Investment in Subsidiaries

      55,342,382         55,342,382         200,504,592        200,504,592   

Other Non-Current Assets

      7,238,223         17,665,449         524,931        533,355   
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 63,387,866       $ 73,815,092       $ 198,400,058      $ 198,408,481   

OTHER POSTPETITION LIABILITIES

           

Accrued Employee Expense

    $ —         $ —         $ 204,939      $ —     

Receipts Accrual

      —           —           —          —     

Accrued Professional Fees

      —           —           473,465        —     

Accrued Restructuring

      —           —           418,682        —     

Deferred Rent

      —           —           —          —     

Customer Prepaid

      3,694,445         —           —          —     

Accrued NRE

      38,439         —           —          —     

Accrued Royalties

      1,195,307         —           —          —     

Other Accrued Expenses

      6,162,210         —           3,506,703        —     

VAT Payable

      —              —       

Other Liabilities

      8,102         —           42,037        —     

Deferred Margin

      15,200,000         —           795,778        —     
  

 

 

     

 

 

     

 

 

    

 

 

  

Total

    $ 26,298,503       $ —         $ 5,441,604      $ —     

 

8

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

STATUS OF POSTPETITION TAXES

I hereby certify that: (1) all state and federal postpetition taxes and estimates due and owing for the period of April 2012 for Trident Microsystems, Inc. and Trident Microsystems (Far East) Ltd. have been paid, (2) all state and federal tax returns for the period of April 2012 have been duly completed and submitted on behalf of Trident Microsystems, Inc. and Trident Microsystems (Far East) Ltd. or (3) to the extent that any payments have not been made or tax returns have not been submitted an extension has been obtained from the appropriate state or federal agency.

 

/s/ Andrew Hinkelman

Andrew Hinkelman

Interim Chief Executive Officer

     

July 12, 2012

Date

   

SUMMARY OF UNPAID POSTPETITION DEBTS

 

     Number of Days Past Due  
Trident Microsystems, Inc. (TMI)    Current      0-30      31-60      61-90      Over 90      Total  

Accounts Payable

    $ 45,653.46       $ 47,798       $ —         $ —         $ —           93,452   

Wages Payable

      —           —           —           —           —           —     

Taxes Payable

      —           —           —           —           —           —     

Rent/Leases-Building

      —           —           —           —           —           —     

Secured Debt/Adequate Protection Payments

      —           —           —           —           —           —     

Professional Fees

      97,553         129,438         —           —           —           226,991   

Affiliates Payable

      1,129,354         454,547         582,604         222,010         340,371         2,728,886   

Amounts Due to Insiders*

      —           —           —           —           —           —     

Other Accrued Payable

      5,441,604         —           —           —           —           5,441,604   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total Postpetition Debts

    $ 6,714,165       $ 631,783       $ 582,604       $ 222,010       $ 340,371       $ 8,490,933   

 

     Number of Days Past Due  
Trident Microsystems (Far East), Ltd.    Current      0-30      31-60     61-90      Over 90      Total  

Accounts Payable

    $ 1,117,649       $ 385,081       $ 102,843      $ 25,000       $ —         $ 1,630,572   

Wages Payable

      —           —           —          —           —           —     

Taxes Payable

      127,238         108,430         78,962        101,295         44,675         460,600   

Rent/Leases-Building

      —           —           —          —           —           —     

Secured Debt/Adequate Protection Payments

      —           —           —          —           —           —     

Professional Fees

      —           —           —          —           —           —     

Affiliates Payable

      4,625,267         11,773,568         9,888,572        2,313,866         2,259,955         30,861,227   

Amounts Due to Insiders*

      1,780,441         3,257,218         (4,399,305 )      2,240,232         1,059,120         3,937,706   

Other Accrued Payable

      25,220,235         39,423         510,259        245,105         283,481         26,298,503   
  

 

 

     

 

 

     

 

 

    

 

 

     

 

 

     

 

 

  

Total Postpetition Debts

    $ 32,870,829       $ 15,563,720       $ 6,181,331      $ 4,925,498       $ 3,647,230       $ 63,188,609   

Explain how and when the Debtor intends to pay any past-due postpetition debts:

The past-due balance for taxes payable at TMFE remains unpaid pending completion of a German VAT audit.

 

* “Insider” is defined in 11 U.S.C. Section 101(31).

 

9

In re Trident Microsystems, Inc., et al.

      Case No. 12-10069 (CSS)(Jointly Admin.)   
     Reporting Period: May 2012   

 

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

     TMI     TMFE  

Accounts Receivable Reconciliation

     

Total Accounts Receivable at the beginning of the reporting period

    $ 675,014      $ 16,254,899   

+ Amounts billed during the period

      2,849,932        16,270,358   

- Amounts collected during the period

      2,910,681        28,574,454   
  

 

 

    

 

 

  

Total Accounts Receivable at the end of the reporting period

    $ 614,265      $ 3,950,804   
  

 

 

    

 

 

  

Accounts Receivable Aging

     

0 - 30 days old

    $ 340,944      $ 3,950,804   

31 - 60 days old

      81,155        —     

61 - 90 days old

      (46,558 )      —     

91+ days old

      238,724        —     
  

 

 

    

 

 

  

Total Accounts Receivable

    $ 614,265      $ 3,950,804   

Amount considered uncollectible (Bad Debt)

      —          —     
  

 

 

    

 

 

  

Accounts Receivable (Net)

    $ 614,265      $ 3,950,804   

DEBTOR QUESTIONNAIRE

 

         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

1. Pursuant to the court order entered on April 5, 2012, the Debtors and certain non-debtor subsidiaries sold certain of its assets related to its TV business to Sigma Designs Inc.

 

 

10

TRIDENT MICROSYSTEMS INC Reports