Case LA11 Filed 05/24/12 Doc 73 Pg. 1 of 27

Transcription

1 Case LA11 Filed 05/24/12 Doc 73 Pg. 1 of 27 UNITED STATES DEPARTMENT OF JUSTICE OFFICE OF THE UNITED STATES TRUSTEE SOUTHERN DISTRICT OF CALIFORNIA In Re: WARNER SPRINGS RANCHOWNERS ASSOCIATION Debtor(s). CHAPTER 11 (BUSINESS) CASE NO LA11 OPERATING REPORT NO. 2 FOR THE MONTH ENDING: APRIL 2012 I. CASH RECEIPTS AND DISBURSEMENTS A. (GENERAL ACCOUNT*) 1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS 288, LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS 162, BEGINNING BALANCE: 125, RECEIPTS DURING CURRENT PERIOD: ACCOUNTS RECEIVABLE - PRE-FILING See note ACCOUNTS RECEIVABLE - POST-FILING 187, GENERAL SALES HORSE BOARDING OTHER (SPECIFY) Voided AP Cks. #102, # OTHER ** (SPECIFY) TOTAL RECEIPTS THIS PERIOD: 188, BALANCE: 313, LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD TRANSFERS TO OTHER DIP ACCOUNTS 47, DISBURSEMENTS 140, TOTAL DISBURSEMENTS THIS PERIOD ***: 187, ENDING BALANCE: 126, GENERAL ACCOUNT NUMBER DEPOSITORY NAME AND LOCATION UNION BANK 1980 SATURN STREET, MONTEREY PARK, CA * All receipts must be deposited into the general account. ** Include receipts from the sale of any real or personal property out of the ordinary course of business; attach an exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale. *** This amount should be the same as the total from page 2.NOTE DUE TO ACCOUNTING SYSTEM CANNOT DETERMINE PRE-PETITION A/R Debtor-in-Possession Monthly Operating Report (Business) - Page 1 of 14 ORR-page 24 (rev. 04/28/11)

2 Case LA11 Filed 05/24/12 Doc 73 Pg. 2 of 27 TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD DATE CHECK NUMBER 4/3/2012 TRANSFER PAYROLL ACCOUNT PAYROLL PAYEE PURPOSE AMOUNT 36, /3/2012 TRANSFER PAYROLL TAX PAYROLL TAXES 11, /2/ /5/ SAN DIEGO AIR POLLUTION AFFORDABLE SEL STORAGE VOID/WRONG AMOUNT STORAGE FOR FILES /5/ ATHOME NET OWNER WEB PAGE /5/ /5/ /5/ /5/ /5/ CROSS BAR T HAY RANCHES 8, FEDERAL EXPRESS EXPRESS MAIL FEE CORP KMJ CORBIN & CPA FEES COMPANY LINCOLN NATIONAL EMPLOYEE LIFE INSURANCE LIFE INS NETWORK DESIGN IT/COMPUTER SERVICES INTEGRATOR 2, /5/ RAMONA DISPOSAL TRASH REMOVAL /5/ /5/ /5/ /5/ /5/ STATE COMPENSATION INS. STEWART VACATION UNITED HEALTH CARE VALLEY CREST GOLF COURSE VALLEY CREST LANDSCAPE WORKERS COMP. INSURANCE FORECLOSURE SERVICES EMPLOYEE HEALTH INSURANCE GOLF COURSE MAINT. LANDSCAPE MAINT. 10, , , , /5/ VERIZON WIRELESS WIRELESS SERVICE /5/ TOD FROMLATH GROUND WATER TESTING /9/ DAN MC ALLISTER PROPERTY TAX /9/ WSR PETTY CASH REIMBURSEMENT FOR FUEL/MILAGE/SUPPLIES /12/ AT&T PHONE Debtor-in-Possession Monthly Operating Report (Business) - Page 2 of 14 ORR-page 25 (rev. 04/28/11)

3 Case LA11 Filed 05/24/12 Doc 73 Pg. 3 of 27 TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD DATE CHECK NUMBER PAYEE PURPOSE AMOUNT 4/12/ DELTA CARE DENTAL INS. EMPLOYEES Debtor-in-Possession Monthly Operating Report (Business) - Page 2 of /12/ FRANCHISE TAX CALIFORNIA INCOME TAX /12/ NETWORK US, INC. PHONE /12/ RESERVE ACCOUNT POSTAGE 2, /12/ /12/ /13/ /16/ STEWART VACATION VALLEY CREST LANDSCAPE SAN DIEGO AIR POLLUTION QLN CONFERENCE CENTER FORECLOSURE SERVICES LANDSCAPE MAINT. PERMITS 5/19/12 MEETING RENTAL 3, , /25/ AFCO D&O/UMBRELLA INSURANCE 7, /25/ FEDERAL EXPRESS CORP. EXPRESS MAIL FEES 4/25/ NETWORK US, INC. PHONE /25/ PEOPLE PC, INC. INTERNET SERVICES /25/ QUILL OFFICE SUPPLIES /25/ SDG&E OVERFLOW CHECK VOID 0 4/25/ SDG&E ELECRTIC 2, /25/ STATE COMPENSATION WORKERS COMP. INS , /25/ TIM MILLER HORSE SHOEING /25/ TRAVELERS GENERAL/AUTO INSURANCE 23, /25/ U.S. TRUSTEE 1 ST QRT BANKRUPTCY FEES /25/ /25/ /25/ /26/ UNITED PARCEL SERVICE WATER QUALITY SPECIALIST STATE COMPENSATION NETWORK DESIGN INTEGRATOR PARCEL POST FEES SEWER TREATMENT SERVICES WORKERS COMP. INS. IT/COMPUTER SERVICES , , , /16/2012 ACH PAYCHEX TIMECLOCK /27/2012 ACH SHIFT 4 CREDIT CARD PROGRAM ORR-page 25 (rev. 04/28/11)

4 Case LA11 Filed 05/24/12 Doc 73 Pg. 4 of 27 TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD DATE CHECK NUMBER PAYEE PURPOSE AMOUNT 4/3/2012 ACH BANKCARD CREDIT CARD PROCESSING FEES 1, /3/2012 ACH AMEX DISCOUNT CREDIT CARD PROCESSING FEES /25/2012 ACH UNION BANK BANK FEES /24/2012 ACH UNION BANK NSF CHECK /2/2012 ACH BANKCARD CREDIT CARD DISPUTE TOTAL DISBURSEMENTS THIS PERIOD: 187, Debtor-in-Possession Monthly Operating Report (Business) - Page 2 of 14 ORR-page 25 (rev. 04/28/11)

5 Case LA11 Filed 05/24/12 Doc 73 Pg. 5 of 27 GENERAL ACCOUNT BANK RECONCILIATION* Balance per bank statement dated: APRIL 30, , Plus deposits in transit (a): Deposit Date Deposit Amount Total deposits in transit Less outstanding checks (a): Check Number Check Date Check Amount /25/2012 7, /25/ /25/ /25/ /25/ /25/ /25/ /25/2012 2, Total outstanding checks < 11,126.82> Bank statement adjustments** Adjusted bank balance 126, * 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. Debtor-in-Possession Monthly Operating Report (Business) - Page 3 of 14 ORR-page 26 (rev. 04/28/11)

6 I. CASH RECEIPTS AND DISBURSEMENTS (Continued) B. (PAYROLL ACCOUNT) 1. TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS 40, LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS 31, BEGINNING BALANCE 8, RECEIPTS: TRANSFERRED FROM GENERAL ACCOUNT 36, CREDITS: PAYCHECK STALE CHECK WIRE TRANSFER REFUND GARNISHMENT BALANCE 45, LESS: DISBURSEMENTS DURING CURRENT PERIOD DATE CHECK NO. PAYEE AMOUNT 4/4/2012 WIRE TRANSFER PAYCHEX PAYROLL /5/2012 WIRE TRANSFER PAYCHEX PAYROLL 13, /18/2012 WIRE TRANSFER PAYCHEX PAYROLL 13, /6/2012 ACH PAYCHEX/ GARNISHMENT /9/2012 ACH PAYCHEX/ P/R FEES /20/2012 ACH 4/23/2012 ACH Case LA11 Filed 05/24/12 Doc 73 Pg. 6 of 27 PAYCHEX/ GARNISHMENT PAYCHEX/ GARNISHMENT TOTAL DISBURSEMENTS THIS PERIOD: 28, ENDING BALANCE: 17, PAYROLL ACCOUNT NUMBER DEPOSITORY NAME AND LOCATION UNION BANK 1980 SATURN STREET, MONTEREY PARK, CA Debtor-in-Possession Monthly Operating Report (Business) - Page 4 of 14 ORR-page 27 (rev. 04/28/11)

7 Case LA11 Filed 05/24/12 Doc 73 Pg. 7 of 27 PAYROLL ACCOUNT BANK RECONCILIATION* Balance per bank statement dated: APRIL 30, , 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 17, * 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. Debtor-in-Possession Monthly Operating Report (Business) - Page 5 of 14 ORR-page 28 (rev. 04/28/11)

8 Case LA11 Filed 05/24/12 Doc 73 Pg. 8 of 27 I. CASH RECEIPTS AND DISBURSEMENTS (Continued) B. (TAX ACCOUNT) 1. TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS 15, LESS: TOTAL DISBURSEMENTS PER ALL PRIOR TAX ACCOUNT REPORTS (11,021.50) 3. BEGINNING BALANCE 3, RECEIPTS: TRANSFERRED FROM GENERAL ACCOUNT 11, BALANCE 14, LESS: DISBURSEMENTS DURING CURRENT PERIOD DATE CHECK NO. PAYEE AMOUNT 4/5/2012 WIRE TRANSFER PAYCHEX 4, /18/2012 WIRE TRANSFER PAYCHEX 4, TOTAL DISBURSEMENTS THIS PERIOD: 9, ENDING BALANCE: 5, TAX ACCOUNT NUMBER DEPOSITORY NAME AND LOCATION UNION BANK 1980 SATURN STREET, MONTEREY PARK, CA ENDING BALANCE FOR PERIOD: D. SUMMARY SCHEDULE OF CASH GENERAL ACCOUNT 126, PAYROLL ACCOUNT 17, TAX ACCOUNT 5, OTHER ACCOUNTS*: OTHER MONIES*: PETTY CASH** 1, TOTAL CASH AVAILABLE 150, * Specify the fund and the type of holding (i.e., CD, Savings Account, Investment securities, etc.), and the depository name, location, and account number. ** Attach exhibit itemizing all petty cash transactions. NOTE: Attach copies of monthly accounts statements from financial institutions for each account. Debtor-in-Possession Monthly Operating Report (Business) - Page 6 of 14 ORR-page 29 (rev. 04/28/11)

9 Case LA11 Filed 05/24/12 Doc 73 Pg. 9 of 27 TAX ACCOUNT BANK RECONCILIATION* Balance per bank statement dated: APRIL 30, , 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 5, * 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. Debtor-in-Possession Monthly Operating Report (Business) - Page 7 of 14 ORR-page 30 (rev. 04/28/11)

10 Case LA11 Filed 05/24/12 Doc 73 Pg. 10 of 27 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 TOTAL DUE 0.00 III. TAX LIABILITIES FOR THE REPORTING PERIOD: GAIN ON SALE OF ASSET SUBJECT TO USE TAX TOTAL WAGES PAID 37, TOTAL POST-PETITION AMOUNTS OWING AMOUNT DELINQUENT DATE DELINQUENT AMOUNT DUE FEDERAL WITHHOLDING 3, STATE WITHHOLDING FICA - EMPLOYER'S SHARE 2, FICA - EMPLOYEE'S SHARE 1, FEDERAL UNEMPLOYMENT STATE DISABILITY/UNEMPLOYMENT SALES AND USE REAL PROPERTY 101, OTHER: (SPECIFY) TOTAL: 9, , Debtor-in-Possession Monthly Operating Report (Business) - Page 8 of 14 ORR-page 31 (rev. 04/28/11)

11 Case LA11 Filed 05/24/12 Doc 73 Pg. 11 of 27 IV. AGING OF ACCOUNTS PAYABLE AND ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE* (POST-PETITION ONLY) ACCOUNTS Pre-Petition RECEIVABLE Post-Petition 30 days or less 123, SEE NOTE PAGE 1 11, days days 3, , , , days 314, , Over 120 days 11, , TOTALS: 516, , V. INSURANCE COVERAGE General Liability/Umbrella Worker Compensation D &O ins. NAME OF CARRIER TRAVELERS/ALLIANT STATE COMPENSATION INS. FUND FEDERAL INS.- CHUBB AMOUNT OF COVERAGE 2,000,000 5,000,000 POLICY EXPIRATION DATE ,000, ,000, TRAVELERS/ALLIANT Vehicle 1,000, ACE property & 5,000, Excess Liability Casualty PREMIUM PAID THROUGH: Qtrly Period Ending VI. UNITED STATES TRUSTEE QUARTERLY FEES (TOTAL PAYMENTS) Total Disbursements Qtrly Fees Date Paid Amount Paid Qtrly Fee Still Owing QRT Minimum fee due /25/ * Post-Petition Accounts Payable should not include professionals' fees and expenses which have been incurred but not vet 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. Debtor-in-Possession Monthly Operating Report (Business) - Page 9 of 14 ORR-page 32 (rev. 04/28/11)

12 Case LA11 Filed 05/24/12 Doc 73 Pg. 12 of 27 VII. SCHEDULE OF COMPENSATION PAID TO INSIDERS Name of Insider Date of Order Authorizing Compensation Authorized Gross Compensation* Gross Compensation Paid During the Month * Please indicate how compensation was identified in the order (e.g., l,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 Debtor-in-Possession Monthly Operating Report (Business) - Page 10 of 14 ORR-page 33 (rev. 04/28/11)

13 IX. PROFIT AND LOSS STATEMENT (ACCRUAL BASIS ONLY) Cumulative Current Month Post-Petition Sales/Revenue: Gross Sales/Revenue 0 Less: Returns/Discounts ( ) ( ) Net Sales/Revenue Cost of Goods Sold: Beginning Inventory at cost Purchases Less: Ending Inventory at cost ( ) ( ) Cost of Goods Sold (COGS) Gross Profit 0 Other Operating Income (Itemize) Operating Expenses: Payroll - Insiders Payroll - Other Employees 40,669 87,119 Payroll Taxes 3,150 7,286 Other Taxes (Itemize) workers comp 21,024 31,284 Depreciation and Amortization 24,188 48,376 Rent Expense - Real Property/self storage Lease Expense - Personal Property Insurance/employee health 34,297 67,610 Real Property Taxes 16,969 33,938 Telephone and Utilities 20,841 42,593 Repairs and Maintenance 23,523 49,293 Travel and Entertainment (Itemize) Miscellaneous Operating Expenses (Itemize) 18,560 38,915 Total Operating Expenses ( 203,511) ( 406,994) Net Gain/(Loss) from Operations (203,511) (406,994) Non-Operating Income: Interest Income Net Gain on Sale of Assets (CARGO CONTAINER) Other (Itemize) dues/horse board/leases 227, ,909 Total Non-Operating income 228, ,309 Non-Operating Expenses: Interest Expense Legal and Professional (Itemize) 445 Other (Itemize) Total Non-Operating Expenses ( 0.00) ( 445) NET INCOME/(LOSS) 24,578 26,870 (Attach exhibit listing all itemizations required above) Case LA11 Filed 05/24/12 Doc 73 Pg. 13 of 27 Debtor-in-Possession Monthly Operating Report (Business) - Page 11 of 14 ORR-page 34 (rev. 04/28/11)

14 Case LA11 Filed 05/24/12 Doc 73 Pg. 14 of 27 X. BALANCE SHEET (ACCRUAL BASIS ONLY) ASSETS Current Month End Current Assets: Unrestricted Cash 150,153 Restricted Cash 0 Accounts Receivable 613,101 Allowance for Doubtful accounts (487,047) Accounts Receivable Hardcore 2,915,657 Allowance for Doubtful accounts hardcore (2,264,720) Inventory 6,118 Notes Receivable/Interfund loan/interest 1,013,168 Prepaid Expenses(Prepaid ins. & Prepaid other) 279,351 Other (Itemize) Workers comp deposit 76,209 Total Current Assets 2,301,990 Property, Plant, and Equipment 8,857,968 Accumulated Depreciation/Depletion (7,696,749) Net Property, Plant, and Equipment 1,161,219 Other Assets (Net of Amortization): Due from Insiders Other (Itemize) Total Other Assets 0.00 TOTAL ASSETS 3,463,209 LIABILITIES Postpetition Liabilities: Accounts Payable 133,246 Taxes Payable (payroll & Property tax) (31,450) Accrued Expenses 172 Accrued wages/vacation/sick 29,314 Professional fees Secured Debt Other (Itemize) Total Postpetition Liabilities 131,282 Prepetition Liabilities: Secured Liabilities Priority Liabilities Unsecured Liabilities 383, Other (Advance Deposit/Golf Gift Certs./Owner) 31,025 Other (Notes Payable/Interfund Loan) 1,013,168 Total Prepetition Liabilities 1,427,366 TOTAL LIABILITIES 1,558,648 EQUITY: Prepetition Owners' Equity 1,877,691 Postpetition Profit/(Loss) 26,870 Direct Charges to Equity TOTAL EQUITY 1,904,561 TOTAL LIABILITIES & EQUITY 3,463,209 Debtor-in-Possession Monthly Operating Report (Business) - Page 12 of 14 ORR-page 35 (rev. 04/28/11)

15 Case LA11 Filed 05/24/12 Doc 73 Pg. 15 of 27 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: During this period, Debtor focused on preparing, and amending its schedules and statements of Financial Affairs and complying with all other reporting requirements. Debtor prepared its complaint to sell Co-owned Property pursuant to 11 USC 363(h). 4. Describe potential future developments which may have a significant impact on the case. Selling the Ranch is the focus of Debtor s Bankruptcy case. 5. Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period. Debtor-in-Possession Monthly Operating Report (Business) - Page 13 of 14 ORR-page 36 (rev. 04/28/11)

16 Case LA11 Filed 05/24/12 Doc 73 Pg. 16 of 27