UNITED STATES BANKRUPTCY COURT
__________ DISTRICT OF ___________

 

In re __Franklin Credit Holding Corporation__________________		Case No. ____12-24411_____________________
		Reporting Period:	Jun-12

 

 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.

 

		Document	Explanation	Affidavit/Supplement Attached
REQUIRED DOCUMENTS	Form No.	Attached	Attached
Schedule of Cash Receipts and Disbursements	MOR-1	Y
Bank Reconciliation (or copies of debtor’s bank reconciliations)	MOR-1a	Y
Schedule of Professional Fees Paid	MOR-1b	Y
Copies of bank statements		Y
Cash disbursements journals		Y
Statement of Operations	MOR-2	Y
Balance Sheet	MOR-3	Y
Status of Postpetition Taxes	MOR-4	n/a
Copies of IRS Form 6123 or payment receipt		n/a
Copies of tax returns filed during reporting period		n/a
Summary of Unpaid Postpetition Debts	MOR-4	n/a
Listing of aged accounts payable	MOR-4	n/a
Accounts Receivable Reconciliation and Aging	MOR-5	n/a
Debtor Questionnaire	MOR-5	Y

 

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/ Kimberley Shaw		July 17, 2012
Signature of Authorized Individual*		Date
Kimberley Shaw		SVP of Finance and Controller
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____FRANKLIN CREDIT HOLDING CORPORATION_______	Case No. ____12-24411________________
Debtor	Reporting Period: ____JUNE 30, 2012______

 

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 (CON’T)] 

 

	BANK ACCOUNTS					CURRENT MONTH			CUMULATIVE FILING TO DATE
	OPER.	PAYROLL	TAX	OTHER		ACTUAL	PROJECTED		ACTUAL	PROJECTED
CASH BEGINNING  OF MONTH	55373
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	155
SELLING
OTHER  (ATTACH  LIST)
OWNER DRAW *
TRANSFERS (TO DIP ACCTS)
PROFESSIONAL FEES
U.S. TRUSTEE  QUARTERLY FEES
COURT COSTS
TOTAL DISBURSEMENTS	155
NET CASH FLOW
(RECEIPTS LESS DISBURSEMENTS)
CASH - END OF MONTH	55218

 

* 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		155
LESS:  TRANSFERS TO DEBTOR IN POSSESSION  ACCOUNTS		0
PLUS:   ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES  (i.e. from escrow accounts)		0
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES		155

 

 

In re____Franklin Credit Holding Corporation________________		Case No. _____12-24411____________________
Debtor		Reporting Period:___June 30, 2012____________

 

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

A bank reconciliation must be included for each bank account. The debtor’s bank reconciliation may be substituted for this page.

 

		Operating		Payroll		Tax		Other
		#		#		#		#
BALANCE PER BOOKS		55217
BANK BALANCE		55217
(+) DEPOSITS IN TRANSIT (ATTACH LIST)
(-)  OUTSTANDING CHECKS (ATTACH LIST)
OTHER  (ATTACH EXPLANATION)
ADJUSTED BANK BALANCE *
* Adjusted bank balance must equal balance per books
DEPOSITS IN TRANSIT		Date	Amount	Date	Amount	Date	Amount	Date	Amount
CHECKS OUTSTANDING		Ck. #	Amount	Ch. #	Amount	Ck. #	Amount	Ck. #	Amount
OTHER

 

 

In re____FRANKLIN CREDIT HOLDING CORPORATION_________		Case No. __12-24411__________________
Debtor		Reporting Period:____JUNE 2012________

 

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all retained professional payments from case inception to current month.

 

Payee	Period Covered	Amount Approved		Check		Amount Paid		Year-To-Date
			Payor	Number	Date	Fees	Expenses	Fees	Expenses
		NONE

 

 

In re________June  30, 2012_______________________		Case No._______12-24411___________________
Debtor		Reporting Period.:____June 30, 2012____________

  

STATEMENT OF OPERATIONS
(Income Statement)

 

The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

 

						Cumulative
REVENUES		Month				Filing to Date
Gross Revenues		$				$
Less:  Returns and Allowances
Net Revenue		$				$
COST OF GOODS SOLD
Beginning Inventory			0				0
Add: Purchases			0				0
Add: Cost of Labor			0				0
Add: Other Costs (attach schedule)			0				0
Less: Ending Inventory			0				0
Cost of Goods Sold			0				0
Gross Profit			0				0
OPERATING EXPENSES
Advertising
Auto and Truck Expense
Bad Debts
Contributions
Employee Benefits Programs
Insider Compensation*
Insurance			348
Management Fees/Bonuses
Office Expense
Pension & Profit-Sharing Plans
Repairs and Maintenance
Rent and Lease Expense
Salaries/Commissions/Fees
Professional fees			-
Supplies
Taxes - Payroll
Taxes - Real Estate
Taxes - Other
Travel and Entertainment
Utilities
Other (attach schedule)
Total Operating Expenses Before Depreciation			348
Depreciation/Depletion/Amortization
Net Profit (Loss) Before Other Income & Expenses
OTHER INCOME AND EXPENSES
Other Income (attach schedule)
Interest Expense
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items
REORGANIZATION ITEMS
Professional Fees			-
U. S. Trustee Quarterly Fees			325
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)			-
Gain (Loss) from Sale of Equipment			-
Other Reorganization Expenses (attach schedule)
Total Reorganization Expenses			325
Income Taxes			-
Net Profit (Loss)			(673	)		$

 

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

 

 

In re___Franklin Credit Holding Corporation_________________		Case No.______12-24411____________________
Debtor		Reporting Period:__June 30, 2012______________

 

STATEMENT OF OPERATIONS - continuation sheet

 

		Cumulative
BREAKDOWN OF “OTHER” CATEGORY	Month	Filing to Date
Other Costs
	N/A
Other Operational Expenses
	N/A
Other Income
	N/A
Other Expenses
	N/A
Other Reorganization Expenses
	N/A

Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:

Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item.

 

 

In re __franklin Credit Holding Corporation___________________		Case No. ___12-24411-DHS___________________
Debtor		Reporting Period:____JUNE 2012______________

 

BALANCE SHEET

 

The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.

 

ASSETS		BOOK VALUE AT END OF CURRENT REPORTING MONTH				BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Equivalents				55,217			55,991
Restricted Cash and Cash Equivalents (see continuation sheet)
Accounts Receivable (Net)
Notes Receivable
Inventories
Prepaid Expenses
Professional Retainers				75,000			75,000
Other Current Assets (attach schedule)
TOTAL CURRENT ASSETS				130,217			130,991
PROPERTY AND EQUIPMENT
Real Property and Improvements
Machinery and Equipment
Furniture, Fixtures and Office Equipment
Leasehold Improvements
Vehicles
Less Accumulated Depreciation
TOTAL PROPERTY & EQUIPMENT		$				$
OTHER ASSETS
Loans to Insiders*
Other Assets (attach schedule)
TOTAL OTHER ASSETS
TOTAL ASSETS				130,217			130,991

 

LIABILITIES AND OWNER EQUITY		BOOK VALUE AT END OF CURRENT REPORTING MONTH				BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
Accounts Payable
Taxes Payable (refer to FORM MOR-4)
Wages Payable
Notes Payable
Rent / Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees
Amounts Due to Insiders*
Other Postpetition Liabilities (attach schedule)
TOTAL POSTPETITION LIABILITIES		$				$
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt			825,300,000				825,300,000
Priority Debt			4,000				4,000
Unsecured Debt			1,963,000				1,963,000
TOTAL PRE-PETITION LIABILITIES			827,267,000				827,267,000
TOTAL LIABILITIES		$				$
OWNER EQUITY
Capital Stock
Additional Paid-In Capital
Partners’ Capital Account
Owner’s Equity Account
Retained Earnings - Pre-Petition
Retained Earnings - Postpetition
Adjustments to Owner Equity (attach schedule)
Postpetition Contributions (Distributions) (Draws) (attach schedule)
NET OWNER EQUITY		$				$
TOTAL LIABILITIES AND OWNERS’ EQUITY			827,267,000				827,267,000

 

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

 

  

In re			Case No. _______________________________________
	Debtor_________________________________		Reporting Period:_________________________________

 

BALANCE SHEET - continuation sheet

  

ASSETS		BOOK VALUE AT END OF CURRENT REPORTING MONTH	BOOK VALUE ON PETITION DATE
Other Current Assets
Other Assets
LIABILITIES AND OWNER EQUITY		BOOK VALUE AT END OF CURRENT REPORTING MONTH	BOOK VALUE ON PETITION DATE
Other Postpetition Liabilities
Adjustments to Owner Equity
Postpetition Contributions (Distributions) (Draws)

 

Restricted Cash is cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated into a separate account, such as an escrow account.

 

 

In re__Franklin Credit Holding Corporation __________________		Case No. ___12-24411________________________
Debtor		Reporting Period:___June 2012__________________

  

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.

 

	Beginning	Amount				Ending
	Tax	Withheld	Amount	Date	Check No.	Tax
	Liability	or Accrued	Paid	Paid	or EFT	Liability
Federal
Withholding
FICA-Employee
FICA-Employer
Unemployment		NONE
Income
Other:_________________
Total Federal Taxes
State and Local
Withholding
Sales
Excise
Unemployment
Real Property
Personal Property
Other:_________________
Total State and Local
Total Taxes

  

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
Wages Payable
Taxes Payable
Rent/Leases-Building
Rent/Leases-Equipment
Secured Debt/Adequate Protection Payments
Professional Fees
Amounts Due to Insiders*
Other:__________________________
Other:__________________________
Total Postpetition Debts

 

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__FRANKLIN CREDIT HOLDING CORPORATION____________________________
                                   Debtor

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

  

Accounts Receivable Reconciliation	Amount
Total Accounts Receivable at the beginning of the reporting period		N/A
+ Amounts billed during the period		N/A
- Amounts collected during the period		N/A
Total Accounts Receivable at the end of the reporting period		N/A
Accounts Receivable Aging	Amount
0 - 30 days old		N/A
31 - 60 days old		N/A
61 - 90 days old		N/A
91+ days old		N/A
Total Accounts Receivable		N/A
Amount considered uncollectible (Bad Debt)		N/A
Accounts Receivable (Net)		N/A

  

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	1
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		2

   

1.		All 2011 tax returns will be filed in August 2012.
2.		Only the debtor in possession account was opened during the month.

 

 

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