-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U85vNBPrnY6SCNfXMBj8SCsLrPVN2YS7+dukeTTGbxVN2hOIWvHnNRMzUYI8TUq8 FzSgvNRT4XHL/rQhL+12OQ== 0001021408-00-003957.txt : 20001214 0001021408-00-003957.hdr.sgml : 20001214 ACCESSION NUMBER: 0001021408-00-003957 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20001128 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUNTERRA CORP CENTRAL INDEX KEY: 0001016577 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000] IRS NUMBER: 954582157 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13815 FILM NUMBER: 788005 BUSINESS ADDRESS: STREET 1: 6177 LAKE ELLENOR DRIVE CITY: ORLANDO STATE: FL ZIP: 32835 BUSINESS PHONE: 6503127171 MAIL ADDRESS: STREET 1: 6177 LAKE ELLENOR DRIVE STREET 2: SUITE 650 CITY: ORALNDO STATE: FL ZIP: 32835 FORMER COMPANY: FORMER CONFORMED NAME: SIGNATURE RESORTS INC DATE OF NAME CHANGE: 19980722 FORMER COMPANY: FORMER CONFORMED NAME: KGK RESORTS INC DATE OF NAME CHANGE: 19960611 8-K 1 0001.txt FORM 8-K ================================================================================ SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________ FORM 8-K _____________ CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): November 28, 2000 SUNTERRA CORPORATION (Exact name of registrant as specified in its charter) Maryland 000-21193 95-4582157 (State or other jurisdiction (Commission File Number) (IRS Employer Identification No.) of incorporation)
6177 Lake Ellenor Drive Orlando, Florida 32809 "www.sunterra.com" (Address of Principal Executive Offices) 407-532-1000 (Registrant's telephone number, including area code) ================================================================================ Item 5. Other Events. See August Monthly Operating Reports for all Sunterra debtors consolidated and the 16 operating entities filed with the United States Bankruptcy Court for the District of Maryland (Baltimore) on November 28, 2000 attached hereto as Exhibit 99. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits Exhibit No. Description ----------- ----------- 99 August monthly operating reports filed November 28, 2000 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. SUNTERRA CORPORATION (Registrant) Date: December 12, 2000 By /s/ Lawrence E. Young -------------------------- Lawrence E. Young Chief Financial Officer and Vice President EX-99 2 0002.txt AUGUST MONTHLY OPERATING REPORTS NOV 28, 2000 Exhibit 99 Sunterra Corporation Consolidated Debtor and Non-Debtor Entities Balance Sheet August 31, 2000 Total Consolidated --------------- Assets: - ------ Cash and cash equivalents $ 33,659,515 Cash in escrow and restricted cash 41,876,666 Mortgages receivable, net 253,564,279 Retained interests 28,450,184 Due from related parties 19,549,668 Other receivables, net 70,115,215 Prepaid expenses and other assets 14,772,031 Investment in joint ventures/non-debtors 20,513,192 Real estate and development costs 343,449,631 Property and equipment, net 120,773,604 Intangible assets, net 101,822,730 --------------- $ 1,048,546,715 =============== Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 79,349,681 Notes payable subject to compromise 479,554,643 Accounts payable not subject to compromise 24,259,549 Accrued liabilities 61,428,321 Notes payable not subject to compromise 260,631,019 Deferred income taxes 6,149,219 --------------- 911,372,432 Stockholders' equity 137,174,283 --------------- Total liabilities and equity $ 1,048,546,715 =============== The accompanying notes and Addendum to Monthly Operating Report are an integral part of these consolidated financial statements. Sunterra Corporation Consolidated Debtor and Non-Debtor Entities Income Statement For the Month Ended August 31, 2000 Total Consolidated ------------ Revenues: - -------- Vacation interests sales $ 14,297,758 Interest income 2,616,558 Other income (loss) 1,849,668 ------------- Total revenues 18,763,984 ------------- Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 3,516,423 Advertising, sales and marketing 7,830,802 Provision for doubtful accounts 2,140,173 Loan portfolio expenses 803,813 General and administrative 4,578,345 Depreciation and amortization 2,216,754 ------------- Total costs and operating expenses 21,086,310 ------------- Income (loss) from operations (2,322,326) Interest expense 2,984,930 Equity (gain) on investment in joint ventures (459,905) Bankruptcy expenses: Loss/(gain) on sale of assets 289,261 Interest (income) (72,592) Professional fees 1,440,955 ------------- Income (loss) before provision for taxes (6,504,975) Provision for income taxes (57,866) ------------- Net income (loss) $ (6,447,109) ============= The accompanying notes and Addendum to Monthly Operating Report are an integral part of these consolidated financial statements. Form No.5 (page 1) UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND OFFICE OF UNITED STATES TRUSTEE IN RE: ) Case No. 00-5-6931-JS through SUNTERRA CORPORATION et al., ) 00-5-6967-JS, 00-5-8313-JS ) (Chapter 11) Debtors ) (Jointly Administered under Case No. 00-5-6931-JS) MONTHLY OPERATING REPORT Calendar Month August 1 to August 31, 2000 --------------------------- FINANCIAL BACKGROUND INFORMATION 1. ACCOUNT STATUS: Cash _____________Accrual X ----------------- 2. PREPARER: State the name, address, telephone number and position of the person(s) who actually compiled the information contained in this report. Ann Cohen, Vice President --------------------------------------------------------------------------- 6177 South Lake Ellenor Drive, Orlando, Florida 32809 (407) 532-1000 --------------------------------------------------------------------------- 3. EMPLOYEE INFORMATION: Number of employees paid this period: 667 (as of 9/30/00) ------------------ Current number of employees 667 (as of 9/30/00) ------------------ Gross monthly payroll: Officers, directors and principals $287,216 -------- Other employees $2,656,502 ---------- All post-petition payroll obligations including payroll taxes are current. Exceptions: None ---- 4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF OPERATIONS since the last reporting period? Yes ____ No X. If yes, --- explain: ___________________________________________________________________________ _________________________________________________________________________ 5. Are all BUSINESS LICENSES or BONDS current? Yes X No ____ Not Applicable ____ --- 6. PRE-PETITION ACCOUNTS RECEIVABLE: Calculation still in process, will supply at a later date. See Note below Collected this Period $_______________ Ending Balance $_______________ 7. POST-PETITION ACCOUNTS RECEIVABLE: Calculation still in process, will supply at a later date. See Note below 0-30 Days: $________ 31-60 Days: $________Over 60 Days: $________ Form No.5 (page 2) If there are any post-petition Accounts Receivable over 60 days, provide ------------- Schedule AR giving a listing of such accounts and explain the delinquencies. ? Yes ____ No ____. Note: The majority of Accounts Receivable consist of Mortgages Receivable and A/R Inventory. The Debtors are in the process of analyzing the Mortgage Receivables agings and should be able to supply an aging analysis with the September MOR. The A/R Inventory consists of vacation intervals related to mortgages receivable that are in the process of being deeded back to the Debtors. The Debtors are in the process of analyzing this inventory and will be able to supply additional details in the near future. 8. POST-PETITION ACCOUNTS PAYABLE: 0-30 Days: $599,632 31-60 Days: $327,591 Over 60 Days: $81,674 -------- -------- ------- If there are any post-petition Accounts Payable over 30 days, provide Schedule -------------- AP giving a listing of such accounts and explain the delinquencies. Note: The AP schedule, which provides the details for the prior period is not available. This schedule is constantly updated and reflects only the current period. 9. TAXES: Are all taxes being paid to the proper taxing authorities when due? Yes X No ____. See Note below --- On the attached IRS Form 6123 report all tax deposits made with any financial institution for federal employment taxes during the reporting period. Be sure the form is complete and signed by an authorized employee of the receiving institution or taxing authority. Also attach copies of the monthly sales tax statement, payroll tax statement, unemployment tax statement AND real estate tax statement with evidence of payment of these taxes. Note: There has been no changes to the escrow of payroll taxes as originally presented in the June MOR. Compupay and Probusiness continue to escrow payroll taxes for the Debtors. Supporting documents are available should the US Trustee require more information. 10. BANK ACCOUNTS: Have you changed banks or any other financial institution - --- during this period: Yes ___ No X --- If yes, explain:___________________________________________________________ ___________________________________________________________________________ 11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are all current? Yes X No ____. --- Form No.5 (page 3) If no, explain:____________________________________________________________ ___________________________________________________________________________ 12. INSURANCE: Policy expiration dates: See Updated Attachment B Auto and Truck ________________ Liability ________________ Fire ________________ Workers Comp ________________ Other ________________ Expires: ________________ 13. ACTIONS OF DEBTOR. During the last month, did the Debtor: (a) Fail to defend or oppose any action seeking to dispossess the debtor from control or custody of any asset of the estate? Yes ____ No X . --- If yes, explain: _________________________________________________________ __________________________________________________________________________ OR consent to relief from the automatic stay (Section 362)? Yes ___ No X ---. If yes, explain:___________________________________________________________ ___________________________________________________________________________ (b) Maintain such stock, inventory, raw materials, insurance, employees and other resources as are necessary to preserve and maintain the going concern value of the assets of the debtor? Yes X No --- _____________________________ If no, explain:___________________________________________________________ ___________________________________________________________________________ 14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over any of the Debtor's assets transfer, convey or abandon any of Debtor's --- assets to another party during the period of this report other than as set forth herein (including sales by creditors)? Yes X No ____. ---- If yes, explain: Sunterra Centre, an unfinished office building, was sold -------------------------------------------------------- to Orange County in August 2000. --------------------------------------------------------------------------- ___________________________________________________________________________ If yes, a copy of court order authorizing the referenced action must be ---- attached. See Attachment A. Please discuss any pending motions to sell estate assets. Type of Motion -------------- Motion For An Order Establishing Bidding Procedures For Sale of Real Property Free and Clear of Liens and Encumbrances Brief Description of Asset - -------------------------- 40 acre parcel of land located in James City County, Virginia Form No.5 (page 4) Projected Income - ---------------- Projected income is unknown, sale price of the 40 acre parcel is $2,425,200 You may attach a copy of the notice of sale in lieu of completing the description. Indicate if notice(s) attached. Yes: X See Attachment C. --- 15. PAYMENTS TO SECURED CREDITORS during Reporting Period:
Frequency of Amount Next Post-Petition Payments per of Each Payment Pmts. Not Made Creditor Contract Payment Due No. Amt - ------------------------------------------------------------------------------------------------------------------------------------ Finova (endpaper) None - ------------------------------------------------------------------------------------------------------------------------------------ Ableco Financing $ 691,144 - ------------------------------------------------------------------------------------------------------------------------------------ First Union $3,818,870 (mortgage payoff) - ------------------------------------------------------------------------------------------------------------------------------------ 98-A Securitization $2,040,389 principal and interest - ------------------------------------------------------------------------------------------------------------------------------------ 99-A Securitization $2,162,999 principal and interest - ------------------------------------------------------------------------------------------------------------------------------------ 99-B Securitization $1,274,685 principal and interest - ------------------------------------------------------------------------------------------------------------------------------------ Landers, Jackson (Cypress land) $ 9,450 - ------------------------------------------------------------------------------------------------------------------------------------ Unicap (Matrix Funding) $ 47,002 - ------------------------------------------------------------------------------------------------------------------------------------ GE Capital (Matrix leases) $ 116,300 - ------------------------------------------------------------------------------------------------------------------------------------ RC Stevens (Lien payoff Sunterra Centre) $ 375,126 - ------------------------------------------------------------------------------------------------------------------------------------
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents, Auctioneers, Appraisers, etc.) during Reporting Period:
Professional Name Type of Service Rendered Fees Paid - ----------------- ------------------------ --------- Ableco DIP Financing Fees 575,000.00 Ableco Finance DIP Fees 116,143.56 Alston & Bird LLP Securities-Legal Services 8,391.83 AON Consulting Consulting 7,500.00 Bankruptcy Services Services 3,577.59 Bankruptcy Services LLC June Services 9,319.06 Birch De Jongh Hundels legal fees 787.50 Brice Vander Linden & W Dallas Legal fees foreclosures 2,530.00 Brown & Bunch legal fees 297.10 C L Raffety CPA professional fees 124.13 Carlton, Fields, Ward legal fees 3,842.64 Chanin Investment Bankers 13,299.32 Chasemellon Shareholder legal fees 650.50 CSC Corp legal fees 278.00 David Fleishman General Legal-San Luis 1,005.00 David Fleishman Legal fees - San Luis Bay 3,122.50
Form No.5 (page 5)
Professional Name Type of Service Rendered Fees Paid - ----------------- ------------------------ --------- David Fleishman Legal Fees 418.32 Ivey, Harris & Walls Inc Retainer-master contract planning & permitting 5,000.00 John Browning Real Estate Illinois Broker 675.00 John Daniel Legal Fees 409.20 Johnson Brooks Murrell Legal fees 130.00 Johnson Brooks Murrell Legal Fees 19,680.00 Johnson-Smith LLP State of Indiana 30.00 Kaufman & Canoles legal fees 10,881.24 KPMG Accountants & Financial Advisors 500,704.54 Lowther, Johnson, Joyner Professional fees 67.93 Lowther, Johnson, Joyner legal fees 28.00 Marshall Berman Legal Fees 7,650.00 Needle Rosenberg Legal - re: trademark 5,000.00 Needle Rosenberg Legal - re: trademark 762.00 Peter Lieback NJ broker of record 700.00 RIA Group Legal Financial Reporting 1,393.82 RIA Group legal financial reporting 657.16 Schreeder, Wheeler, & Flint LLP Legal 47,650.11 Schreeder, Wheeler, & Flint LLP Encore transfer 3,888.00 Schreeder, Wheeler, & Flint LLP 7,659.34 Schreeder, Wheeler, & Flint LLP Encore transfer 9,778.00 Schreeder, Wheeler, & Flint LLP Legal related expenses 257.33 Schreeder, Wheeler, & Flint LLP Encore transfers 9,283.00 Schreeder, Wheeler, & Flint LLP fees incurred by escrow 615.24 Schreeder, Wheeler, & Flint LLP Encore transfers 3,385.00 Schreeder, Wheeler, & Flint LLP Encore Transfer 2,590.00 Schreeder, Wheeler, & Flint LLP Encore transfer 19,340.00 Schreeder, Wheeler, & Flint LLP Legal 995.00 Stoops & Kloberdanz Legal Fees 1,193.46 Thomson & Thomson legal - elite membership firm 395.00 Troop, Steuber, Pasich legal - hurricane loss 95.56 US Trustee Bankruptcy Fees 54,000.00 US Trustee Quarter 2 2000 Fee 1,250.00 White, Koch, Kelly, & McCar Legal Fees 6,326.13 White, Koch, Kelly, & McCar legal fees 1,678.89 Whiteford Taylor & Preston Debtors Counsel - Local 211,166.32 Willkie Farr & Gallagher Debtors Counsel 405,749.22 ------------- Total Payments to Professionals $2,087,351.54
17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period: Monthly Disbursements: For the month of August: (calendar quarter) Quarter 2 fees paid $54,000 Quarter 2 fees paid $ 1,250 ------- Total Quarter 2 fees paid $55,250 Form No.5 (page 6) VERIFICATION I declare under penalty of perjury that the information contained in this Monthly Operating Report (including schedules) is true and correct to the best of my knowledge, information and belief. Dated: November 11, 2000 DEBTOR IN POSSESSION ----------------- Name/Title: Lawrence E. Young CFO By: /s/ Lawrence E. Young --------------------- --------------------- Address: 6177 South Lake Ellenor Drive, Orlando, Florida 32809 ----------------------------------------------------- Telephone: (407) 532-1000 -------------- REMINDER: Attach copies of debtor in possession bank statements. - -------- NOTE: Due to the number of bank accounts, no bank statements have been attached. See Attachment D for bank account listing (same bank account listing as disclosed in the June MOR). - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - The business of the Debtor is complex. While every effort has been made to make the August Monthly Operations Report accurate and complete, unintentional errors or omissions may exist. In the event that errors or omissions are discovered, the August Operating Report will be supplemented and/or amended as appropriate. ADDENDUM TO MONTHLY OPERATING REPORT ------------------------------------ The Debtors have sought to report all information contained in this Monthly Operating Report completely and accurately. The Debtors will review their records and other information on an on-going basis to determine whether this Monthly Operating Report should be supplemented or otherwise amended. The Debtors reserve the right to file, at any time, such supplements or amendments to this Monthly Operating Report as the Debtors deem appropriate. This Monthly Operating Report should not be considered an admission regarding any of the Debtors' income, expenditures or general financial condition, but rather the Debtors' current compilation of such information based on their investigations to date. The Debtors do not make, and specifically disclaim, any representation or warranty as to the completeness or accuracy of the information set forth herein. All parties are encouraged to inform the Debtors or their counsel should they believe any part of this Monthly Operating Report to be inaccurate, incomplete or in need of supplementation in any way. ATTACHMENT A IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND (Baltimore Division) In re: * Case Nos. 00-5-6931 through 00-5-6937 SUNTERRA CORPORATION, et al., * (Chapter 11) ------ (Jointly Administered under Debtors. * Case No. 00-5-6931) * * * * * * * * * * * * * ORDER GRANTING DEBTORS' MOTION FOR APPROVAL OF SALE OF REAL PROPERTY AND RELATED ASSETS FREE AND CLEAR OF LIENS AND ENCUMBRANCES [STAMP] ------------------------- (Sunterra Centre, Orlando, Florida) Upon consideration of the Debtors' Motion for Approval of Sale of Real Property and Related Assets Free and Clear of Liens and Encumbrances (Sunterra Centre, Orlando, Florida) (the "Motion"), pursuant to which the Debtors seek authorization to sell to Orange County, Florida ("Orange County") the real property located at 2500 W. Colonial Drive, Orlando, Florida, known as Sunterra Centre, Orlando, Florida, and those additional related assets enumerated in the Motion (collectively, the "Property"), pursuant to that certain Agreement for Sale and Purchase (the "Contract"), a copy of which was introduced into evidence at the hearing on the Motion on August 3, 2000, and good cause appearing thereto, it is therefore this 3rd day of August, 2000, by the United States Bankruptcy Court for the District of Maryland, It is hereby found and determined that: A. This Court has jurisdiction to hear and determine the Motion pursuant to 28 U.S.C. (S)(S) 157 and 1334; B. Proper, timely, adequate and sufficient notice of the Motion has been provided and no other or further notice is required; C. The sale of the Property by the Debtor is in the best interests of the Debtors, their estates and their creditors; D. The terms of the Contract are the result of good faith and arm's length negotiations between the parties, the Debtors have determined in the best exercise of their sound and reasonable business judgment that the Property should be sold to Orange County and the consideration to be realized by the Debtors is fair and reasonable; E. Orange County is a purchaser of the Property from the Debtor pursuant to 11 U.S.C. (S) 363 of the Bankruptcy Code, and its purchase of the Property is in good faith. As such, Orange County is entitled to the protections set forth in 11 U.S.C. (S) 363(m); and NOW, THEREFORE, IT IS HEREBY ORDERED that the Motion be and it hereby is GRANTED; and it is further ORDERED that the terms and conditions of the Contract are approved in all respects and the Debtors be and hereby are authorized to sell the Property to Orange County, free and clear of all liens, security interests, pledges, pursuant to 11 U.S.C. (S) 363(f), pursuant to the terms of the Contract or under such other agreement that provides a higher and better offer for the Property; and it is further ORDERED, that the Debtors are authorized and empowered to deliver, fully perform under, consummate and implement the Contract; and it is further ORDERED, that if the Debtor and Orange County close the sale provided for in the Contract while an appeal of this Order is pending, such parties shall be entitled to rely upon the protections of 11 U.S.C. (S) 363(m) absent any stay pending appeal granted by a court of competent jurisdiction prior to such consummation; and it is further ORDERED, that, except as to the use of the proceeds of the Property that serve as collateral for the liens of the Debtors' postpetition lenders (which shall be governed by Orders of this Court regarding postpetition financing), the net proceeds of sale shall be held in a segregated account (the "Account") in an amount equal to the full unpaid amount of all asserted liens (disputed and undisputed) on the Property (plus 10% of said amount to allow for claims of interest and expenses, if any), which account shall be maintained until the asserted liens have been satisfied in accordance with the terms of this Order, released or determined invalid by the Court; and it is further ORDERED, that upon the sale of the Property as approved herein, the liens on the Property shall attach to the proceeds in the Account with the same validity, priority and effect; and it is further ORDERED, that the Debtors are authorized to pay the full amount of undisputed valid, non-avoidable and perfected liens on the Property from the net proceeds of the sale approved herein. /s/ James F. Schneider -------------------------------- United States Bankruptcy Judge I hereby certify that the foregoing is a true copy of the original thereof now on file in this office. cc: Paul M. Nussbaum, Esquire Dated this 9/th/ day of John F. Carlton, Esquire ----- Whiteford, Taylor & Preston L.L.P. August , 2000 Seven Saint Paul Street; Suite 1400 ------- Baltimore, Maryland 21202 /s/ [SIGNATURE ILLEGIBLE] ---------------------------- Michael J. Kelly, Esquire Check, U.S. Bankruptcy Court Marc Abrams, Esquire for the District of Maryland Willkie Farr & Gallagher 787 Seventh Avenue New York, New York 10019-6009 Office of the U.S. Trustee 300 West Pratt Street; Suite 350 Baltimore, Maryland 21201 Brad Scheler, Esquire Fried, Frank, Harris, Shriver & Jacobson 1 New York Plaza New York, New York 10004 Jeffrey L. Tarkenton, Esquire Womble Carlyle Sandridge & Rice LLC 1120 Nineteenth Street, N.W., 8/th/ Floor Washington, D.C. 20036 AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT FOR SALE AND PURCHASE (hereinafter referred to as the "Agreement"), made between SUNTERRA CORPORATION, a Maryland corporation (hereinafter referred to as "Seller), and ORANGE COUNTY, FLORIDA, a charter county and political subdivision of the State of Florida (hereinafter referred to as "Buyer"). W I T N E S S E T H: WHEREAS, Seller is the record owner of fee simple title to certain real property situated in the City of Orlando, Orange County, Florida, more particularly described on Exhibit "A" attached hereto (the "Land"), together ----------- with an approximately 217,000 square feet office building and related improvements thereon (the "Improvements"; the Land and Improvements are hereinafter referred to collectively as the "Property"); and WHEREAS, Seller is the owner of those certain items of personalty, fixtures and equipment described on Exhibit "B" hereto (the "Personal Property"). ----------- WHEREAS, on May 31, 2000, Seller filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (the "Bankruptcy Code") in the United States Bankruptcy court for the District of Maryland, Baltimore Division (the "Bankruptcy Court") and has since continued in the operation of its business and management of its property pursuant to sections 1107 and 1108 of the Bankruptcy Code; WHEREAS, the approval of the Bankruptcy Court is required as a condition to the sale of the Property and the Personal Property pursuant to Section 363 of the Bankruptcy Code; and WHEREAS, subject to the approval of the Bankruptcy Court, Seller proposes to sell the Property and the Personal Property to Buyer and Buyer proposes to purchase the Property and the Personal Property from Seller, free and clear of all liens and encumbrances pursuant to 11 U.S.C. (S) 363(f), all for the Purchase Price and upon the terms and conditions hereinafter set forth; and NOW, THEREFORE, in consideration of the sum of One Dollar ($1.00), and other good and valuable consideration each to the other paid, the parties hereto agree as follows: 1. PURCHASE AND SALE ----------------- a. Purchase Price. Seller agrees to sell, and convey the Property to -------------- Buyer by Quitclaim Deed (the "Deed") plus sell and convey to Buyer the Personal Property Quitclaim Bill of Sale, for the sum of $9,100,000.00 (the "Purchase Price"), which shall be paid by Buyer to Seller at the Closing in immediately available funds. -1- b. Proration. The following income and expenses shall be apportioned --------- between Seller and Buyer, as of 11:59 p.m. of the date immediately preceding the Closing Date, and the parties agree to make the appropriate adjustment payment on the Closing Date, to the extent the same may be applicable: real property taxes and assessments; personal property taxes; utility charges; water meter and sewer rents, rates and charges; and any other items which otherwise are customarily apportioned at real estate closings. Any adjustments for charges to which this Paragraph would apply which would be billed after the Closing Date shall be made based upon the most recent billing received by Seller and shall be subject to re-proration after the Closing and this right shall survive the Closing, subject to Paragraph 1.d. c. Meter Reading. Seller will obtain a final reading of the electric ------------- and gas meters no earlier than one (1) week prior to the Closing Date. Seller shall pay such amount due for the period prior to the Closing Date, adjusted on a per diem basis for each day prior to the Closing Date that the electric and gas readings occur. d. Errors in Calculation. Any errors or re-proration in the --------------------- calculation of charges apportioned pursuant to Paragraph 1.b. shall be corrected as soon as practicable after such error or actual cost has been ascertained, provided that any claim after the Closing Date for an adjustment in any of the charges thereunder shall be made in writing within 60 days after the Closing Date, or be forever barred. The provisions of this Paragraph shall survive the Closing. 2. CLOSING DATE ------------ a. This transaction shall be closed (the "Closing") on or before ten (10) business days following the Bankruptcy Court's order approving the sale of the Property and the Personal Property (the "Order"; the date of Closing shall be referred to herein as the "Closing Date"). The Closing Date shall occur no earlier than eleven (11) days following the date of the Order's entry and shall not occur if the Order has been stayed and such stay has not been dissolved to permit a timely Closing. Closing shall take place at the offices of the Orange County Real Estate Management Division, 109 East Church Street, Suite 200, Orlando, Florida, 32801, or at a Title Company designated by the Buyer. b. At Closing, Seller shall deliver the Deed and any additional documents, in recordable form, necessary for the conveyance to Buyer of marketable and insurable title to the Property. Seller shall also deliver the quitclaim bill of sale for the Personal Property and execute a Closing Statement at Closing. c. At Closing, Buyer shall pay the Purchase Price along with all costs allocated to the Buyer herein. Buyer shall also execute a Closing Statement and any other documents reasonably required by Seller, the Bankruptcy Court or the Title Agent. -2- 3. DEPOSIT ALTERNATIVE. In lieu of a deposit, Buyer shall provide, on or -------------------- before the Bid Deadline, a written opinion from its attorney that, upon issuance of the Order by the Bankruptcy Court, this Agreement shall be fully binding on the Buyer, and that no further approvals and/or authorizations are necessary. 4. INSPECTION. ---------- a. Prior to the Bid Deadline; set forth in the Bid Procedure, Buyer shall have the right to make such surveys, topographical surveys, soil test borings, structural and environmental studies, and other examinations (collectively, "Data") as it may desire with respect to the Property. Buyer, through its agents, shall have the right to enter upon the property for the purpose of performing such activities, provided said activities shall not damage the Property. To the extent permitted by law, Buyer shall assume all risks involved in Buyer's entering upon the Property for the performance of the activities set forth in this Paragraph and shall indemnify and hold Seller harmless from and against all loss, liability, costs, claims, demands, damages, actions, causes of action, suits and expenses, including but not limited to the Seller's reasonable attorneys' fees and costs at both trial and appellate levels, arising out of, related to or caused by Buyer in the exercise of any of Buyer's rights under this paragraph, and Buyer shall hold Seller and the Property harmless from any liens arising out of Buyer's activities thereon. In the event this Agreement is terminated, Buyer shall provide Seller with copies of any Data upon five (5) days' written request. Prior to the Bid Deadline, and upon written notice to Seller, Buyer shall have the right to terminate this Agreement. b. Upon execution of this Agreement by Seller, Seller shall provide Buyer copies of any and all surveys, examinations, drawings, architectural documents, agreements, consultant reports, plans, permits, licenses, environmental studies or reports and other studies or investigations regarding the property which are in Seller's possession or control. 5. EXPENSES: -------- a. Seller shall pay the amounts allocated to it under Paragraph 1.b. at Closing. b. All recording costs and transfer taxes for the Deed shall be paid by Buyer. c. Buyer agrees to pay to Cushman & Wakefield of Florida, Inc., (hereinafter referred to as "C&W") who represents Buyer in this transaction, a cash commission of $273,000.00. Such commission shall be earned and paid by Buyer upon Closing. No change may be made by Seller or Buyer with respect to amount of payment, or the conditions for payment of the commission without the prior written consent of C&W. Buyer and Seller each represents to the other that it has not dealt with any party acting as a broker or sales agent in connection with the transactions described in this Agreement other than C&W. Each party agrees to indemnify, defend and hold harmless the other party from and against any and all claims, expenses, fees or costs, including reasonable attorney's fees and disbursements, as a result of claims made by any person for brokerage commissions, or other fees, with respect to the transactions described in this Agreement, as a result of the untruth of the representations of the indemnifying party under this Paragraph. The Broker Acknowledgement attached as -3- Exhibit "C" hereto is incorporated herein by this reference. The provisions of - ----------- this Paragraph shall survive the Closing or termination of this Agreement. d. Except as otherwise set forth herein, each party will be responsible for their respective fees and expenses, including but not limited to, attorney's fees. e. Seller shall pay the premium for an owner's title insurance policy in favor of Buyer providing coverage for the full amount of the Purchase Price, and shall also pay for any related title search or examination fees. 6. TITLE ----- a. Title Certificate and Title Commitment. Within five (5) days of -------------------------------------- receiving the Agreement signed by Buyer, Seller shall provide Buyer with a current, pro forma title commitment for the Property. Within five (5) days of the Order, Seller shall deliver to Buyer a title commitment (ALTA form) issued on First American Title Insurance Company, committing to insure Buyer as purchaser of the Property in the amount of the Purchase Price. b. Exceptions to Title. The consummation of the transactions ------------------- contemplated herein shall be subject only to the Permitted Exceptions to title as noted in Exhibit "D" and to matters that are or should be shown on a survey of the property. Subject to the foregoing, pursuant to Section 363(f) of the Bankruptcy Code, the property shall be sold and assigned free and clear of all liens, if any. 7. FINAL AGREEMENT --------------- This Agreement supersedes all previous agreements or representations, either verbal or written, heretofore in effect between Seller and Buyer, made with respect to the matters herein contained, and when duly executed and approved by the Bankruptcy Court constitutes the final agreement between Seller and Buyer. No additions, alterations, or variations to the terms of this Agreement shall be valid, nor can either party waive provisions of this Agreement unless such additions, alterations, variations, or waivers are expressly set forth in writing and duly signed and approved. 8. BREACH ------ a. If Seller breaches any of its material obligations or repudiates this Agreement in any manner ("Seller Default"), then Buyer's sole and exclusive remedies shall be to either (i) terminate this Agreement upon notice to Seller, or (ii) seek specific performance within sixty days of the Seller Default. b. If Buyer breaches or repudiates this Agreement in any manner, including by failing to timely consummate the transaction described herein or execute and deliver the closing documents and monies pursuant to this Agreement for any reason other than the exercise by Buyer of its rights to terminate this Agreement pursuant to the provisions hereof -4- ("Buyer Default"), then Seller may pursue specific performance of this Agreement by Buyer. This Paragraph shall survive the termination of this Agreement. 9. BANKRUPTCY COURT APPROVAL AND BREAK-UP FEE: ------------------------------------------ a. Seller and Buyer hereby acknowledge that on May 31, 2000, Seller commenced a voluntary reorganization case under the Bankruptcy Code. Seller and Buyer hereby acknowledge and agree that this Contract and the Closing provided hereunder is subject to the review and approval of the Bankruptcy Court. Seller agrees to use reasonable efforts to prepare, file and serve the necessary notices and motions in a form reasonably satisfactory to Buyer to have the matter heard in August, 2000 by the Bankruptcy Court and shall use its reasonable efforts to prosecute such motions and seek entry of the Order. Seller shall comply with all provisions of the Bankruptcy Code, Rules of Bankruptcy Procedure and the local rules of the Bankruptcy Court, including the provisions of the Rules of Bankruptcy Procedure as to the number of notice days required, and shall, to the extent ruled by such rules and the Bankruptcy Code, notify in writing all creditors and parties in interest of Seller to whom such notice is required. In the event that the Bankruptcy Court fails to enter the Order on or before ninety (90) days from the Effective Date, this Agreement may be terminated by the Buyer. Upon entry of the Order, the Property and the Personal Property shall be sold free and clear of any liens, security interests, pledges, claims, interests or other encumbrances. Seller and Buyer hereby acknowledge and agree that prospective purchasers of the Property will be permitted to make additional bids for the Property, subject to the provisions of Bid Procedures (defined below), and that Seller shall have the right to accept such bids. b. Seller represents that it intends to submit the bid procedures attached as Exhibit "E" hereto (once approved, the "Bid Procedures") to the Bankruptcy Court for approval simultaneously with submission of this Agreement. In the event that Seller is unable to sell to Buyer the Property due to the Seller's acceptance of a higher and better offer for the Property in accordance with the Bid Procedures, and in the event such alternative purchaser closes upon the purchase of said property, then at the closing of the alternative purchase, Seller shall pay Buyer $100,000.00, and neither party shall have any further obligations hereunder. 10. SPECIAL CLAUSES: --------------- a. Beneficial Ownership. Seller shall comply with Section -------------------- 286.23, Florida Statutes, pertaining to disclosure of beneficial ownership. b. Possession. Seller will surrender possession of the Property ---------- at time of Closing. c. Effective Date: This Agreement shall become effective on the -------------- date upon which it has been fully executed by both Buyer and Seller (the "Effective Date"). d. Counterparts. This Agreement may be executed in any number ------------ of counterparts, each of which shall be deemed to be an original as to any party whose signature appears hereon, and all of which shall together constitute one and the same instrument. This -5- Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signature of Buyer and Seller and have received all necessary approvals of Buyer and Seller. e. Damage to or Taking of the Property. If the Property is ----------------------------------- destroyed or materially damaged, or if condemnation proceedings are commenced against the Property, all proceeds of insurance or condemnation awards payable to Seller by reason of such damage or condemnation shall be paid or assigned to Buyer. Seller shall provide Buyer with copies of all correspondence it receives related to such damage or condemnation and shall obtain approval, if possible, prior to accepting any insurance proceeds or condemnation awards. This Paragraph shall contain Buyer's sole remedies in the event of any casualty or condemnation. f. Termination of Agreement. Whenever one party has given the ------------------------ other notice of the termination of this Agreement in accordance with thc terms hereof, and this Agreement shall be conclusively deemed and construed to have been terminated and of no further force and effect and the parties shall be deemed released from all obligations under this Agreement and neither party shall have any other rights or obligations under this Agreement except as provided herein with respect to a breach or repudiation of this Agreement by Buyer or under any other provision of this Agreement which expressly survives the termination of this Agreement. g. No Assignment of Agreement. The terms, conditions and -------------------------- covenants of this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective nominees, successors, beneficiaries and permitted assignees. Neither Buyer nor Seller may transfer, assign or encumber this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of Seller. h. No Recording. Neither party shall record, or attempt to ------------ record this Agreement or a memorandum hereof. The provisions of this Paragraph shall survive the termination of this Agreement. i. Insurance. Seller shall maintain fire, hazard and casualty --------- insurance on the Property and the Personal Property through Closing, which insurance shall provide coverage for at least the insured property's full replacement value. j. Severability. Any provision of this Agreement which is ------------ prohibited or unenforceable shall be ineffective to the extent of such prohibition or enforceability without invalidating the remaining portions hereof or affecting the validity or enforceability of any other provision of this Agreement. k. Governing Law. This Agreement shall be construed, ------------- interpreted and governed by the internal laws (and not the conflict laws) of the State of Florida and the applicable provisions of the Bankruptcy Code. -6- l. Jurisdiction. The Bankruptcy Court shall retain exclusive ------------ jurisdiction over any matter arising from or relating to the sale of the Property and the enforcement of any rights and remedies of Seller or Buyer hereunder. Buyer hereby consents to such jurisdiction. m. Not a Joint Venture. Seller and Buyer each acknowledge and ------------------- agree that the relationship between them is that of seller and purchaser and this Agreement does not constitute a partnership, joint venture or any other association between them. n. Conflicts with the Order. In the event of any conflict or ------------------------ inconsistency between the provisions of this Agreement or the Order, the provisions of the Order shall govern and control. o. Radon Gas. Pursuant to the provisions of Section 404.056(8), --------- Florida Statutes, Seller hereby notifies Buyer as follows with respect to the Land: "Radon is naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit." 11. CLOSING CONDITIONS: ------------------ a. Bankruptcy Court. The obligation of Seller and Buyer to ---------------- consummate the transactions described herein shall be contingent upon (x) Bankruptcy Court approval of Seller's rejection of the Agreement dated April 29, 1999 between Seller and Harpaul Ohri, and (y) entry of the Order (in form reasonably satisfactory to Buyer). The Order shall provide for the sale of the Property and the Personal Property free and clear of all liens, security interests, pledges, interest and other encumbrances pursuant to 11 U.S.C. (S) 363(f) and shall contain findings that Buyer is a good faith purchaser for value and is entitled to the protections of 11 U.S.C. (S) 363 (m). The offer of Buyer contained in this Agreement shall remain open and irrevocable from the Effective Date until 5:00 p.m. on the thirtieth (30th) day following the entry of an order by the Bankruptcy Court approving the sale of the Property to a third party (other than Buyer), after which time the Buyer may terminate this Agreement by delivering written notice to Seller. Notwithstanding the foregoing, Buyer may terminate this Agreement if the Bankruptcy Court fails to enter the Order on or before ninety (90) days from the Effective Date hereof. b. Performance of Obligations. The obligations of each party to -------------------------- consummate the transactions described herein shall also be contingent upon the complete and timely performance, in all material respects by the other party of each of such other party's obligations hereunder and upon the truth in all material respects of each of such other party's representations and warranties contained herein, if any, on and as of the Closing Date. c. Default by a Party. If any of the conditions to a party's ------------------ obligation to consummate the transactions described herein specified in this Paragraph is not satisfied at or before Closing, and at least three (3) business days' notice and opportunity to cure has been -7- given to the defaulting party, the non-defaulting party may (without affecting such non-defaulting party's remedies specified in Paragraph 8) elect to terminate this Agreement by written notice given to the defaulting party. 12. NOTICES ------- Any notice or other communication permitted or required to be given hereunder by one party to the other shall be in writing and shall be delivered or mailed, by registered or certified United States Mail, postage prepaid, return receipt requested, or by nationally recognized, overnight courier (e.g. Federal Express) to the party entitled or required to receive the same, as follows: TO SELLER: SUNTERRA CORPORATION 6177 Lake Ellenor Drive Orlando, Florida 32809 Attn: Robert Davis WITH A COPY TO: Foley & Lardner 111 N. Orange Avenue, Suite 1800 Orlando, Florida 32801 Attn: Terence J. Delahunty, Jr. TO BUYER: Orange County, Florida P.O. Box 1393 Orlando, Florida 32802 Attn: County Administrator WITH A COPY TO: Orange County Real Estate Management Division 109 E. Church Street Suite 200 Orlando, Florida 32802 Attn: Real Estate Manager WITH A COPY TO: Orange County Attorney's Office Orange County Administration P.O. Box 1393 Orlando, Florida 32902-1393 Attn: County Attorney Any notice to either Seller or Buyer hereunder shall not be effective unless and until a copy thereof has also been delivered or mailed, in accordance with the foregoing requirements, to all parties whose addresses are set forth above. -8- 13. WARRANTIES, REPRESENTATIONS AND COVENANTS ----------------------------------------- a. Fulfillment of Seller's Obligations. Upon the execution and ----------------------------------- delivery by Seller of the Deed and the other documents to be executed and delivered by Seller at the Closing and the fulfillment of the other conditions to Buyer's obligations to consummate the transactions provided for herein, Seller shall be deemed to have fully complied with and fulfilled all of the conditions, warranties, representations and covenants of this Agreement on the part of Seller. b. Buyer's Representations. Buyer warrants, represents and ----------------------- covenants to Seller as of the Effective Date and on and as of the Closing Date that (i) Buyer is a political subdivision of the State of Florida (ii) Buyer has full power and authority to deliver this Agreement and to perform its obligations hereunder and has taken all necessary action to authorize the execution and performance of this Agreement and the consummation of the transactions contemplated herein, subject to the approval of the Bankruptcy Court: and (iii) Buyer has the financial resources to consummate the transaction contemplated herein and pay the Purchase Price. Without limiting the foregoing, Buyer has funds available (either cash on hand or pursuant to committed financing agreements which do not contain any material qualification to the lender's obligation to advance funds to Buyer) to satisfy all of its obligations in this Agreement, including without limitation, the payment of the Purchase Price. c. Buyer's Acknowledgments. Buyer acknowledges that it is ----------------------- accepting the Property as of the Closing Date "AS IS, WHERE IS AND WITH ALL FAULTS." Buyer acknowledges that Seller has not made and will not make, nor shall Seller be deemed to have made, any warranty or representation, express or implied, as to (i) the fitness, design or condition of the Property for any particular use or purpose, (ii) the quality of the material or workmanship therein, (iii) the existence of any defect, latent or patent, (iv) Seller's title thereto which is being conveyed as is, with all defects and objections, (v) value, (vi) compliance with specifications, (vii) location, (viii) use, (ix) condition, (x) merchantability, (xi) quality, (xii) description, (xiii) durability, (xiv) operation, or (xv) the existence of any hazardous substance and all risks incident thereto which are to be borne by Buyer. Buyer further acknowledges that Seller has not made any representations or warranties with respect to environmental conditions on or affecting the Property, including (i) whether the Property has been or is contaminated by or with, or has or is contaminating or has or is contributing to the contamination of any other property with any substance in any manner which could require remediation under any law or regulation, including local, state, federal or common law, (ii) whether the Property contains or has ever contained any environmentally sensitive areas in which development could be precluded or limited under any law or regulation, including local, state, federal or common law, or wetlands or flood plains regulations or laws, (iii) whether the property contains or has ever contained any underground tanks or substances of any kind, including asbestos or polychlorinated biphenyls, whose removal or disposal is subject to or has ever been subject to special regulations under any law or regulation, including local, state, federal or common law, or (iv) whether any activities on the Property have been conducted or are being conducted in violation of any law concerning the handling of any materials by reason of the hazardous or toxic characteristics of such material, or the disposal of any wastes, the discharge of any -9- materials into the soil, air, surface, water, or groundwater, or the conducting of activities in environmentally sensitive areas. In the event of any detect or deficiency in any portion of the Property of any nature, whether latent or patent, Seller shall not have any responsibility or liability with respect thereto or for any incidental or consequential damages (including strict liability in tort). The provisions of this Paragraph 12(c) have been negotiated with the advice of counsel, and are intended to be a complete exclusion and negation of any warranties by Seller, express or implied, with respect to the Property, arising pursuant to the Uniform Commercial Code or any other law now or hereafter in effect or arising otherwise. The provisions of this Paragraph 12(c) shall survive the Closing or the termination of this Agreement. d. Seller represents and warrants that: (i) this Contract has been, and all of the documents to be delivered by Seller to Buyer at Closing will be, duly authorized, executed and delivered by Seller and subject to the terms and conditions of this Contract are or will be legal, valid and binding obligations of Seller; are or will be at Closing, enforceable in accordance with their respective terms; do not, and to the best of Seller's knowledge, will not at Closing, violate any provisions of any agreement or other document to which Seller is a party; and that no further consent or approval is required from any other person or entity, except from the Bankruptcy Court; (ii) Seller has the full power and authority to deliver this Contract and to perform its obligations hereunder and has taken all necessary action to authorize the execution and performance of this Contract and the consummation of the transactions contemplated herein subject to the approval of the Bankruptcy Court; (iii) there are no pending actions affecting Seller's right, power or authority; and (iv) Seller is not a foreign person under 1445 (f)(3) of the Internal Revenue Code. IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date(s) written below. [Signatures Begin on Following Page] -10- SELLER: SUNTERRA CORPORATION, a Maryland corporation 1781 Park Center Drive Post Office Address ____________________________________________ By: /s/ Stephen M. Richmond ---------------------------------------- Stephen Richmond -- Executive Vice President ATTEST:_____________________________________ ____________________________________________ Printed Name DATE:_______________________________________ (CORPORATE SEAL) BUYER: FORM AND CONTENT ORANGE COUNTY, FLORIDA APPROVED THIS _____ day of ______________ 2000. By: Board of County Commissioners By:______________________________ By: /s/ Ajit Lalchandani ---------------------------------- Name:____________________________ Mel Martinez, Chairman Date: 7-31-00 -------------------------------- -11- EXHIBIT "A" LEGAL DESCRIPTION LOT I SUNTERRA CENTRE, ACCORDING TO THE PLAT THEREOF AS RECORDED IN PLAT BOOK 42, PAGE 81, PUBLIC RECORDS OF ORANGE COUNTY, FLORIDA -12- EXHIBIT "B" Personal Property ON-SITE - ------- 1. Door frames, metal studs and sheetrock stored on site for the interior buildout. 2. Curtain wall storefront framing material for the Entry stored on site but not installed. 3. HVAC duct installed and duct material, fabricated metal duct not installed for the interior build-out. 4. Other miscellaneous materials, personalty, fixtures and equipment stored on site. OFF-SITE - -------- 1. Emergency Generator, Serial Number 6HN00652, Model Number 3516B. The generator is currently located at Ringhaver, at 9901 Ringhaver Drive, Orlando, Florida. 2. Any additional personalty stored off site that is (a) related to the use of the Property and (b) agreed to by the parties on or before closing. -13- EXHIBIT "C" BROKER ACKNOWLEDGMENT Cushman & Wakefield of Florida, Inc. ("C&W"), as broker for Orange County, Florida, the Buyer under that certain Agreement for Sale and Purchase dated July ___, 2000, by and between the Buyer and Sunterra Corporation (the "Agreement"), acknowledges and agrees to the terms of Paragraph 5c. of the Agreement. By execution of this document, C&W further acknowledges and agrees that it is entitled to a cash commission of $273,000.00, to be paid upon Closing pursuant to the Agreement. C&W further acknowledges and agrees that Sunterra Corporation has no obligations and/or liability with respect to brokerage commissions due under the Agreement or otherwise arising out of the sale of Sunterra Centre to Buyer. CUSHMAN & WAKEFIELD OF FLORIDA, INC. By: /s/ Stephen M. Coughlin --------------------------------- Name: Stephen M. Coughlin -------------------------------- Title: Director ------------------------------- Date: 7-27-00 -------------------------------- -14- EXHIBIT "D" PERMITTED EXCEPTIONS 1. The lien of all taxes for the year 2000 and subsequent years, which are not yet due and payable. 2. Easement in favor of the City of Orlando filed July 16, 1963 in Official Records Book 1222, Page 591, Public Records of Orange County, Florida. 3. Terms and conditions of Cross Easement and Operating Agreement (the "CEOA") by and between Orlando Plaza, Inc., a Florida corporation, and Montgomery Ward Realty Corporation, a Delaware corporation, filed in Official Records Book 1398, Page 321; to the extent applicable to the CEOA, that certain Assignment and Assumption of Lease filed in Official Records Book 3154, Page 784; Assignment and Assumption of Operating Agreements filed March 20, 1998 in Official Records Book 5438, Page 3971; Amended and Restated Reciprocal Easement Agreement by and between Sunterra Corp., A Maryland corporation and Harpaul S. Ohri, trustee dated April 29, 1999 and recorded October 1, 1999 in Official Records Book 5850, Page 386; and Consent to Amended and Restated Reciprocal Easement Agreement filed October 1, 1999 in Official Records Book 5850, page 403, Public Records of Orange County, Florida. 4. Memorandum of Agreement between MW-Orlando Colonial LLC and Sunterra Corp., A Maryland corporation, filed June 17, 1999 in Official Records Book 5776, Page 1447, and Public Records of Orange County, Florida. 5. Subject to the plat of Sunterra Centre as recorded in Plat Book 42, Page 81, Public Records of Orange County, Florida. -15- Sunterra Resorts Policy Register 2000-2001 Attachment B
- ----------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Period Limits/Deductible Premium Comments Coverage Policy Number - ----------------------------------------------------------------------------------------------------------------------------------- Primary General American Safety 8/1/00-8/1/01 $2,000,000 Aggregate $450,000 McGriff Broker Liability Risk Retention $2,000,000 $22,500 Covers all Products/Completed Operations Taxes/Fees Sunterra Corp.'s Aggregate Locations except $1,000,000 Personal & Lake Arrowhead, Advertising Hawaii resorts Injury and St. Maarten $1,000,000 Each Resorts Occurrence and St. Maarten $50,000Fire Legal $1,000,000 EBL $1,000,000 Liquor Liability $5,000 Deductible - ----------------------------------------------------------------------------------------------------------------------------------- General Liability Stop American Safety 8/1/00-8/1/01 Covers deductible for 12 month $ 175,000 McGriff Broker Loss Aggregate Fund Risk Retention policy - ----------------------------------------------------------------------------------------------------------------------------------- Excess General Great American 3/1/00-3/1/01 $50M each occurrence/$50M $ 57,500 McGriff Broker Liability Insurance Company aggregate where applicable As above #TUU3577947 Excess of scheduled underlying or SIR SIR: $10,000 - ----------------------------------------------------------------------------------------------------------------------------------- Excess Indemnity 3/1/00-3/1/01 $50M Each Occurrence/$50M $ 29,000 McGriff General Liability Insurance Company aggregate where applicable Broker of North America /excess of As Above #G20115476 $50M Each Occurrence/$50M aggregate where applicable excess of/scheduled underlying SIR - -----------------------------------------------------------------------------------------------------------------------------------
1 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ----------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Period Limits/Deductible Premium Comments Coverage Policy Number - ----------------------------------------------------------------------------------------------------------------------------------- Foreign Liability DIC Fireman's Fund 3/1/00-3/1/01 $1,000,000 Commercial GL $ 65,884 McGriff Broker General Liability Cover Insurance Company $1,000,000 Contingent Auto Liab Covers claims #IDC68279405 $1,000,000 Employers Liab. brought against Sunterra Corp. and Subsidiaries for claims/ accidents occurring outside the USA which are litigated/filed in USA - ----------------------------------------------------------------------------------------------------------------------------------- Property Policy Lloyds of London 3/01/00 - 3/01/01 $2.5 million annual aggregate $1,842,776 McGriff Broker 168601L Covers all Sunterra Corp.'s owned or managed resorts, except for Lake Arrowhead and the St. Maarten Resorts - -----------------------------------------------------------------------------------------------------------------------------------
2 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ----------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Period Limits/Deductible Premium Comments Coverage Policy Number - ----------------------------------------------------------------------------------------------------------------------------------- Lloyds of London 3/01/00 - $2.5 million excess of $2.5 $947,726 McGriff Broker 168602L 3/01/01 million annual aggregate for Excess property all perils, separately for cover 2nd layer Flood and Earthquake $5,000,000 in combined limits property, business interruption and continuing expenses coverage This policy will drop down and become primary if the above policy limits are exhausted - ----------------------------------------------------------------------------------------------------------------------- Indemnity Ins. 3/01/00 - $20 million excess of $2.5 $436,832 McGriff Broker Co. of North 3/01/01 million per occurrence which Excess property America in turn excess of $2.5 cover 3rd layer GPAD34572707 million annual aggregate for $25,000,000 in all perils annually combined separately for Flood and property, Earthquake business interruption and continuing expenses coverage - -----------------------------------------------------------------------------------------------------------------------
3 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ---------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - ---------------------------------------------------------------------------------------------------------------------------------- Lloyds of 3/01/00 - 3/01/01 $50 million excess $22.5 $ 92,163 McGriff Broker London/ Royal million except California Excess Property Surplus Lines- Earthquake ($30 million 4/th/ layer Each $25M part excess $22.5 million per $75,000,000 of $50 M168603L occurrence which in turn in combined excess of $2.5 million property, annual aggregate for all business perils) interruption and continuing expenses coverage ----------------------------------------------------------------------------------------------------------------- Indemnity 3/01/00-3/01/01 $50 million excess of $72.5 $102,693 McGriff Broker Insurance Co. of million per occurrence, Excess Property North America which in turn, excess of 5/th/ layer KHD314576 $2.5 million annual $125,000,000 in aggregate for all perils combined property, business interruption and continuing expense coverage. Note primary policy limits are aggregate in the event this is depleted there will be $122,500,000 - ---------------------------------------------------------------------------------------------------------------------------------- Boiler and Travelers 3/1/00-3/1/01 $50,000,000 $ 17,994 McGriff Broker Machinery Insurance Covers all Coverage Company Sunterra Corp.'s #M5JBMG272K locations and 9361 resorts except St. Maarten and North Bay @ Lake Arrowhead - ----------------------------------------------------------------------------------------------------------------------------------
4 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ---------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - ---------------------------------------------------------------------------------------------------------------------------------- HOA D&O National Union 11/1/99-11/1/00 $5,000,000 limit MARSH Broker Policy Fire Insurance $50,000 deductible Individual D&O Co. #008602823 policies for HOA Boards $5831 AOAO Poipu Point #81525715B $6248 AOAO Hawaiian Monarch #81207335E $2499 Breakers of Ft. Lauderdale Condo Assoc. #81579100 $4165 Cypress Pointe II Condo Assoc. #81556235A $2499 Cypress Pointe Resort @Lk. Buena Vista Condo Assoc. #81380315E $2499 Gatlinburg Town Square Resort Condo II Assoc. #81579028A $2499 Gatlinburg Town Square Members Assoc. #81578646 $2499 Gatlinburg Town Square Master Assoc. #81579028A $2499 Grand Beach Resort Condo Assoc. #81452277C $2499 Highland's @ Sugar Owner's Assoc. #81578647 - ----------------------------------------------------------------------------------------------------------------------------------
5 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ---------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - ---------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------------- HOA D&O National Union 11/1/99-11/1/00 $5,000,000 limit $2499 Lake Tahoe Policy Fire Insurance $50,000 deductible Vacation CONTINUED Co. #008602823 Ownership Resort FROM Owner's Assoc. PREVIOUS #81512302C PAGE $1666 Mountain Meadows Timeshare Owner's Assoc. #81578888A $2565 Plantation @ Fall Creek Condo Assoc. #81417322D $1666 Poipu Point Vacation Owner's Assoc. #81525197B $2499 Polynesian Isles Resort Condo IV Assoc. #81578980A $1666 Polynesian Isles Resort Master Assoc. #81578988A $1666 Polynesian Isles Resort Condo Assoc. #81578887A -----------------------------------------------------------------------------------------------------------------
6 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ----------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - ----------------------------------------------------------------------------------------------------------------------------------- HOA D&O National Union 11/1/99- $5,000,000 limit $ 2499 The Ridge on Policy Fire Insurance 11/1/00 $50,000 deductible Sedona Golf CONTINUED Co. Resort Owner's FROM #008602823 Assoc. #81522819A PREVIOUS $ 2499 Royal Dunes PAGE Beach Villas @ Port Royal Resort Owner's Assoc. #81449641B $ 3000 San Luis Bay Inn Timeshare Assoc. #8606005 $ 4165 Scottsdale Villa Mirage Resort Owner's Assoc. 81526473A $ 1666 Sedona Springs Resort Owner's Assoc. #81471130A $ 2499 Sedona Summit Resort Owner's Assoc. #81511553B $ 246 The Tahoe Beach & Ski Club Owners Assoc. #81280553C $ 4165 Vacation Timeshare Owners Assoc. #81578977A - -----------------------------------------------------------------------------------------------------------------------------------
7 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ------------------------------------------------------------------------------------------------------------------------------------ Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - ------------------------------------------------------------------------------------------------------------------------------------ HOA D&O National Union 11/1/99- $5,000,000 limit $ 1666 Villas de Santa Policy Fire Insurance 11/1/00 $50,000 deductible Fe Condo Assoc. CONTINUED Co. #81579463A FROM #008602823 Villas @ Poco PREVIOUS Diablo Assoc. PAGE #81301297C $ 1666 Villas of Sedona Owners Assoc. $ 1666 #81558152A Villas on the Lake Owners Assoc. #81513472B $ 1666 - ------------------------------------------------------------------------------------------------------------------------------------ Corp. D&O Genesis 6/10/99- $10,000,000 $ 152,790 Marsh Broker Insurance Co. 1/27/01 Aggregate limits #YB001931 of 25,000,000 were reinstated through end of current policy period ------------------------------------------------------------------------------------------------------------------- Genesis 6/10/99- $10,000,000 X 15 million $ 76,395 Marsh Broker Insurance Co. 1/27/01 #YXB001937 ------------------------------------------------------------------------------------------------------------------- Reliance 6/10/99- $5,000,000 X 10 million $ 54,310 Marsh Broker Insurance Co. 1/27/01 #NDA012112396 - ------------------------------------------------------------------------------------------------------------------------------------ Puerto Rico GL National 3/1/00- $2,000,000 Aggregate $ 500 McGriff Broker Policy Insurance 3/1/01 $2,000,000 Each Occurrence Coverage for Company $500,000 Fire Legal Liab. Sales Office #CLP-233788 $5,000 Medical Exp. - ------------------------------------------------------------------------------------------------------------------------------------
8 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ----------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - ------------------------------------------------------------------------------------------------------------------------------- Fiduciary Legion Ins. Co. 8/26/99- $2,500,000 Each Claim and in $ 5,400 McGriff Broker Liability LF30625610 9/01/00 the aggregate Corporate $2,500,000 Legal expense per Fiduciary policy period Liability For Employee Benefit Plans 401k and saving plans - ----------------------------------------------------------------------------------------------------------------------------------- Professional Philadelphia 6/1/00- $ 5,000,000 $ 75,000 Marsh E&O Liability E&O Indemnity 6/1/01 $10,000 deductible Coverage for Binder # 234514 Mortgage Banking, Resort Management and Independent Brokers by endorsement - ----------------------------------------------------------------------------------------------------------------------------------- Workers Greenwich 6/15/00- $1,000,000 Limit Per Accident $1,374,488 McGriff Compensation Insurance 6/15/01 $1,000,000 Disease Policy $ 3257 WGO00003461 Limit Taxes/Fees $1,000,000 Disease - Each Employee - ----------------------------------------------------------------------------------------------------------------------------------- EPL Lexington 4/8/00- $15,000,000 each insured $ 256,110 Marsh #107-9818 4/8/01 event limit (does not EPL coverage $15,000,000 total aggregate include E&S extends to policy period limit or other independent Deductible: $50,000 applicable contractors and taxes. claims against Sunterra for acts of independent contractors - ----------------------------------------------------------------------------------------------------------------------------------- Windstorm Lloyds of 11/01/99 $225,000 excess of $25,000 $ 34,248 McGriff Buydown Ft. London - $ 29,950,000 TIV Breakers of Fort Lauderdale RM01156 11/01/00 Lauderdale Condo Association - -----------------------------------------------------------------------------------------------------------------------------------
9 Sunterra Resorts Policy Register 2000-2001 Attachment B
- --------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - --------------------------------------------------------------------------------------------------------------------------------- Hawaii GL Policy TIG Insurance Co. 3/1/00- $1,000,000 each occurrence $ 126,555 Marsh Honolulu #T631404954 3/1/01 $50,000 fire damage Broker $5000 med. exp. Insures Marc $1,000,000 personal injury Resorts $2,000,000 general aggregate & Sunterra $2,000,000 products-comp/op agg. Pacific Resort $1000 deductible Locations in Hawaii - --------------------------------------------------------------------------------------------------------------------------------- General Liability TIG 3/01/00- $2,000,000 Aggregate $ 8,663 McGriff Broker Ridge Spa and Racquet T7003750051203 3/01/01 $1,000,000 Occurrence Separate Club $300,000 Fire Damage Policy For $5,000 Medical Exp. Spa & Health Club - --------------------------------------------------------------------------------------------------------------------------------- Marina Operators CIGNA Insurance 3/01/00- $2,000,000 Protection & $ 18,121 McGriff Broker Liability Company 3/01/01 Indemnity Plantation at Y05722652 $1,000,000 Rental Liability Fall Creek $100,000 per vessel Bailees Villas on the $1,000,000 per occurrence Lake Bailees Powhatan $1,000 Deductible Plantation Campground & Marina - --------------------------------------------------------------------------------------------------------------------------------- Comprehensive 3D National Union Fire 2/28/00- $200,000 single loss $ 2,500 Marsh Broker Policy (#10/81) for Insurance Co. 2/28/01 Deductible $2500 single loss Employee Island Colony #860-60-05 Dishonesty Coverage - --------------------------------------------------------------------------------------------------------------------------------- Comprehensive 3D National Union Fire 2/18/00- $200,000 single loss $ 2,500 Marsh Broker Policy (#10/81) for Insurance Co. 2/18/01 Deductible $2500 single loss Employee Poipu Point #008-606-508 Dishonesty Coverage - --------------------------------------------------------------------------------------------------------------------------------- Blanket Crime Policy National Union Fire 8/31/99- $3,000,000 $ 30,012 Marsh Broker Insurance Co. of 8/31/00 Deductible: $25,000 Covers all Pittsburgh, PA Sunterra Corp. #859-45-86 Locations and managed Locations - ---------------------------------------------------------------------------------------------------------------------------------
10 Sunterra Resorts Policy Register 2000-2001 Attachment B
- ------------------------------------------------------------------------------------------------------------------------------- Type of Company & Policy Limits/Deductible Premium Comments Coverage Policy Period Number - ------------------------------------------------------------------------------------------------------------------------------- St. Maarten Property Allianz Royal 7/12/00 $43,603,000 loss limit $1,202,784 McGriff Insurance Nederland 7/12/01 Deductible $10,000 per Atlanta occurrence 2% TIV deductible for Flood and Wind - ------------------------------------------------------------------------------------------------------------------------------- Boiler & Machinery Travelers Insurance 7/12/00 $30,000,000 $ 11,399 McGriff St. Maarten Company 7/12/01 Atlanta BMG532x4032 - ------------------------------------------------------------------------------------------------------------------------------- Foreign Liability Zurich 7/12/00 $1,000,000 Aggregate $ 11,000 McGriff Contingent Automobile 7/12/01 $500,000 Each Occurrence Atlanta Liability, $1,000,000 Fire Legal Garagekeepers, $1,000,000 Liquor Liability Innkeepers St. Maarten - -------------------------------------------------------------------------------------------------------------------------------
11 ATTACHMENT C IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND (Baltimore Division) In re: * Case Nos. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS SUNTERRA CORPORATION, et al. * (Chapter 11) (Jointly Administered under Debtors. * Case No. 00-5-6931-JS) * * * * * * * * DEBTORS' MOTION FOR AN ORDER (I) ESTABLISHING BIDDING PROCEDURES FOR SALE OF REAL PROPERTY FREE AND CLEAR OF LIENS AND ENCUMBRANCES, (II) APPROVING BREAK-UP FEE AND (III) APPROVING FORM AND MANNER OF NOTICE OF SALE ------------------------------------------- (40 Acres, James City County, Virginia) Sunterra Corporation, et al., the above-captioned debtors and debtors in possession herein (collectively, the "Debtors"), by their undersigned counsel, file this Motion for an Order (I) Establishing Bidding Procedures for Sale of Real Property Free and Clear of Liens and Encumbrances, (II) Approving Break-Up Fee and (III) Approving Form and Manner of Notice of Sale (the "Motion"), and in support thereof state: Jurisdiction ------------ 1. This Court has jurisdiction over this Motion pursuant to 28 U.S.C. 157 and 1334. Venue lies properly in this Court pursuant to 28 U.C. 1408 and 1409. This matter s a core proceeding pursuant to 28 U.S.C. 157. 2. The relief sought in this Motion is based upon 11 U.S.C. (S) 363(f) and Fed. R. Bankr. P. 6004. The Chapter 11 Reorganization Proceedings ----------------------------------------- 3. On May 31, 2000 (the "Petition Date"), Sunterra Corporation ("Sunterra") and thirty-six of its affiliates each filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code"). On June 30, 2000, a 37/th/ affiliate, Design Internationale-RMI, Inc., filed a voluntary chapter 11 Petition. The Debtors continued in the possession of their respective properties and the management of their respective businesses as debtors in possession pursuant to sections 1107 and 1108 of the Bankruptcy Code. 4. On the Petition Date the Court entered an Order providing for the joint administration of these cases. 5. On June 15, 2000, the United States Trustee appointed an official committee of unsecured creditors (the "Creditors Committee"). No trustee or examiner has been appointed in the Debtors' chapter 11 cases. The Debtors and Their Business Operations ----------------------------------------- 6. Sunterra owns or controls, directly or indirectly, in excess of 150 subsidiaries and partnerships (the "Affiliates," and collectively with Sunterra, the "Company"). Thirty-seven (37) of the Affiliates, as well as Sunterra, are debtors and debtors in possession herein. The remaining Affiliates continue to operate their respective businesses outside of the protection of the Bankruptcy Code. 7. The Company is the world's largest vacation ownership company (commonly known as "timeshares"), having 90 resort locations and in excess of 300,000 owner families in North America, Europe, the Pacific, the Caribbean and Japan. As of the Petition Date, the Debtors employed approximately 1600 full and part time employees. The Debtors also utilize 2 the services of approximately 550 individuals who are compensated as independent sales agents. 8. The Company's operations consist of a number of businesses including, among others: (a) the marketing and sale to the public at the Company's resort locations and off-site sales centers of (i) vacation ownership interests which entitle the purchaser to use a fully-furnished vacation residence, generally for a one-week period each year in perpetuity, which are known as "vacation intervals"; and (ii) "vacation points" which may be redeemed for occupancy rights for varying lengths of stay at participating resort locations (collectively, the "Vacation Interests"); (b) the acquisition, development and operation of vacation ownership resorts; (c) the provision of collateralized consumer financing to individual purchasers for the purchase of vacation intervals and vacation points at the Company's resort locations and off-site sales centers; and (d) the provision of resort rental, management, maintenance and collection services for which the Company receives fees paid by the resorts' homeowners' associations. The sale of Vacation Interests generally includes a deeded fee-simple interest in a particular unit. 9. As of December 31, 1999, the Company, on a consolidated basis, reported in its Form 10K total assets of $1,058,410,000 and total liabilities of $827,622,000. The Company had total revenue of approximately $507 million in 1999. Debtors have filed Motion to approve Sale of 40 acres of land ------------------------------------------------------------- 10. The Debtors have negotiated, pending approval of the Bankruptcy Court, an agreement for the sale of real property consisting of a 39.9-acre parcel of land located in James City County, Virginia (the "40-Acre Parcel"). The 40-Acre Parcel is owned by one of the Debtors, Greensprings Associates, a Virginia Joint Venture ("Greensprings Associates"). 3 11. On August 31, 2000, the Debtors filed a Motion for Approval of (I) Sale of Real Property Free and Clear of Liens and Encumbrances and (II) Assumption of Related Executory Contract (40 Acres, James City County, Virginia) (the "Sale Motion"). 12. The Sale Motion seeks approval of a Purchase and Sale Agreement between Greensprings Associates and Greensprings Plantation, Inc. ("GPI"), for the sale of the 40-Acre Parcel for $2,425,200. The Motion also seeks authority of the Court to sell the 40-Acre Parcel to any entity that proposes the highest and best offer to purchase the 40-Acre Parcel (over and above that being offered by GPI). Proposed Bid Procedures ----------------------- 13. In order to provide a fair and competitive process for a party to make a bid for the purchase of the 40-Acre Parcel (over and above the price offered by GPI in the Sale Agreement), the Debtors propose certain bidding procedures (the "Bidding Procedures"). The proposed Bidding Procedures are attached hereto as Exhibit 1. 14. As set forth in the Bidding Procedures, the Debtors propose that parties can submit bids (in the form specified in the Bidding Procedures) in an amount of at least $2.6 million by the deadline set forth in the Bidding Procedures (the "Qualified Bids"). Prior to the hearing of the Court to consider the approval of the Sale of the 40-Acre Parcel (the "Sale Hearing"), the Debtors will identify the highest and best offer for the 40-Acre Parcel that will be submitted for approval to the Court at the Sale Hearing. Then at the Sale Hearing, any party having previously submitted a Qualified Bid and GPI will be eligible to participate in an auction conducted in the Bankruptcy Court immediately prior to the Sale Hearing to determine if any of the bidding parties desire to increase previously submitted bids. 4 15. The Debtors believe that the Bidding Procedures will allow the Debtors to efficiently and effectively sell the 40-Acre Parcel for the highest and best price. Break-Up Fee ------------ 16. The Sale Agreement provides that, in the event that the Debtors do not sell the 40-Acre Parcel to GPI because the Debtors accepted and closed on a higher and better offer for the property, GPI is to be paid a "break-up fee" equal to $25,000 (the "Break-Up Fee"). The Break-Up Fee is estimated to equate to the actual costs to GPI related to the Sale Agreement. 17. Because GPI incurred expenses and costs in negotiating the Sale Agreement, it is appropriate that GPI be paid a Break-Up Fee if its effort and expenditures to reach an agreement to purchase the 40-Acre Parcel result in a higher and better sales price for the 40-Acre Parcel. 18. The proposed Break-Up Fee of 1% of the purchase price is clearly within the range of break-up fees typically approved by Bankruptcy Courts. See, --- e.g., In re Worldwide Direct, Inc., Case No. 99-108 (MFW) (Bankr. D. Del. - --- ---------------------------- February 26, 1999) (approving break-up fee of 3.1% of proposed purchase price); In re Montgomery Ward Holding Corp., Case No. 97-1409 (PJW) (Bankr D. Del. June - ----------------------------------- 15, 1998) (approving 2.7% break-up fee; In re Medlab, Inc., Case No. 97-1813 ------------------ (PJW) (Bankr. D. Del. April 28, 1998) (break-up fee of 3.12% approved); In re ----- U.S. One Communication Corp., Case No. 97-1196 (PJW) (Bankr. D. Del. October 17, - ---------------------------- 1997) (approving break-up fee of 3%) In re Edison Brothers Stores, Inc., Case ---------------------------------- No. 95-1354 (PJW) (Bankr. D. Del. December 29, 1995) (approving break-up fee of 3.5%). The Notice ---------- 19. The Debtors also seek approval of the Notice of the Sale Motion (the "Notice") that was served upon interested parties simultaneously with the filing of the Sale Motion. The 5 Debtors believe that the Notice provides adequate and proper notice of the proposed sale of the 40-Acre Parcel to GPI, and satisfies the requirement of the Bankruptcy Code, the Federal Rules of Bankruptcy Procedure and Local Rule 6004- 1. The Debtors also seek approval of the Court for sending the Notice by U.S. Mail to (i) the U.S. Trustee, (ii) counsel for any official committee, (iii) the thirty largest unsecured creditors of the Debtors on a consolidated basis, (iv) all parties with known asserted liens on the property to be sold, (v) the counsel for the DIP Lenders, (vi) all parties that have filed requests for notices in these proceedings, (vii) taxing authorities for the property to be sold and (viii) all creditors of Greensprings Associates. The Debtors seek approval of the Notice (including the manner in which Notice was provided) at this time so as to resolve any issue regarding the Notice prior to the Sale Hearing. WHEREFORE, the Debtors respectfully request that the Court enter an Order: A. Approving the Bidding Procedures for bids on the 40-Acre Parcel; B. Approving the Break-Up Fee; C. Approving the Notice and the manner in which Notice of the Sale Motion was sent by the Debtors; and D. Granting such other and further relief as this case may require and the Court deems just and proper. WILLKIE FARR & GALLAGHER Marc Abrams, Esquire Michael J. Kelly, Esquire 787 Seventh Avenue New York, New York 10019 (212) 728-8000 and 6 WHITEFORD, TAYLOR & PRESTON L.L.P. /s/ John F. Carlton ------------------------------- Paul M. Nussbaum, #04394 John F. Carlton, #06591 Seven Saint Paul Street, Suite 1400 Baltimore, Maryland 21202 (410) 347-8700 Co-Counsel for the Debtors, Sunterra Corporation et al. CERTIFICATE OF SERVICE ---------------------- I HEREBY CERTIFY that on this 31st day of August, 2000, a copy of the ---- foregoing Motion was sent by first class mail, postage prepaid, to the following parties and the parties on the attached service lists. Joseph R. Mayes, Esquire Office of the Attorney General Wolcott, Rivers, Wheary 900 East Main Street Basnight & Kelly, P.C. Richmond, Virginia 23219 One Columbus Center, Suite 1100 Virginia Beach, Virginia James City County Plantation Group, LLC Office of Real Estate Assessments 4209 Ironbound Road P.O. Box 8784 Suite 200 Williamsburg, Virginia 23187 Williamsburg, Virginia 23188 Attn: Marc B. Sharp /s/ John F. Carlton -------------------------- John F. Carlton 7 Sunterra Corporation et al., Debtors Attachment D Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Bank Account G/L Balances as of August 31, 2000
Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose - ----------------------------------------------------------------------------------------------------------------------------------- Coral Sands Bank of America 003064479205 111000012 Escrow cash Coral Sands Signature Resorts Inc. First Union National Bank 2020000576088 063000021 Operating DBA Coral Reef Resort Coral Sands Resort Marketing First Union National Bank 2020000577045 063000021 Operating International DBA Coral Reef Resort Marketing Account Cypress Pointe Bank of America 003064463813 111000012 Cash Escrow Cypress Pointe Cypress Pointe Master First Union National Bank 2090002394159 063000021 Central Bank Charges Acct Cypress Pointe Cypress Pointe IH Sales First Union National Bank 2020000577485 063000021 Encore Credit Card Charges & Mktg Cypress Pointe CPR Encore Escrow Acct First Union National Bank 2020000577906 063000021 Encore Deposits Cypress Pointe none none none Master Petty Cash Cypress Pointe Cypress Pointe Resort First Union National Bank 2020000576169 063000021 Operating In House Sales and Marketing Cypress Pointe Cypress Pointe Payroll First Union National Bank 2090002394434 063000021 Payroll (old) Acct Cypress Pointe CPR Petty Cash Spiff First Union National Bank 2090000321205 063000021 Sales Spiff Acct Cypress Pointe Cypress Pointe Oper First Union National Bank 2090002394162 063000021 Telecheck Charges Acct EVR Grand Schreeder Wheeler & Flint First Union National Bank 2090001812807 063000021 Escrow Beach Acting Escrow Agent EVR Grand Bank of America 003064413944 111000012 Escrow Cash Beach EVR Grand Standard Chartered (Manila) 904-AS-47138009 Escrow Cash Phillipines Beach EVR Grand Escrow Cash Phillipines II Beach EVR Grand Argosy Group Inc. First Union National Bank 2090000740611 063000021 Operating Beach Resort Management Inc Operating Account EVR Grand Resort Marketing First Union National Bank 2090001461261 063000021 Operating Beach International Inc. Operating Acct. EVR Grand Grand Beach Operating First Union National Bank 2090001461203 063000021 Payroll Beach EVR Grand Resort Marketing Payroll First Union National Bank 2090001461274 063000021 Payroll Beach EVR Grand Grand Beach Resort LP First Union National Bank 2090000740187 063000021 Payroll - ZBA 2090001461203 Beach Payroll Account EVR Grand Resort Marketing Petty First Union National Bank 2090000740365 063000021 Petty Cash Beach Cash EVR Grand First Union National Bank 2010000340365 063000021 RMI Petty Cash Beach EVR Lake RMI, Inc Brokers Trust Wells Fargo Bank 0314901042 121000248 Escrow cash Tahoe Account EVR Lake none none none Gifting Tahoe EVR Lake none none none Master Petty Cash Tahoe EVR Lake Lake Tahoe Resort Wells Fargo Bank 0059011684 121000248 Operating Tahoe Partners, LLC EVR Lake RMI, Inc. Lake Tahoe Wells Fargo Bank 0901069161 121000248 Payroll Payroll Acct EVR Lake Resort Marketing Wells Fargo Bank 0901069187 121000248 Payroll/Commissions Tahoe International EVR Lake none none none Spiffs First American Ozark Mountain Bank 000086174 CD redeemed Tour & Travel First American Resort Marketing First Union National Bank 2090002394968 063000021 Payroll Tour & Travel International First American Ozark Mountain Bank 8168630 Payroll Tour & Travel First American none none none Petty cash Tour & Travel First American First American Tour First Union National Bank 2090002394944 063107513 Restricted cash Tour & Travel & Travel Flamingo Beach none none none Cash Petty Cash Bar Flamingo Beach none none none Cash RMI Petty Cash Flamingo Beach Windward Island Bank 20018209 N/A Credit Cards Merchant
Page 1 of 7 Sunterra Corporation et al., Debtors Attachment D Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Bank Account G/L Balances as of August 31, 2000
Property Name Acct. Title Bank Name B Account # ABA# Account Description/Purpose - ------------------------------------------------------------------------------------------------------------------------------------ Flamingo Beach First Union National Bank 2090001067487 063000021 Escrow Cash Flamingo Beach Operating Windward Island Bank 20018100 N/A Local Checks Flamingo Beach French Franc's Banque Francaise Commerciale 602148390 N/A Local Checks/Wire in Flamingo Beach French Usds Banque Francaise Commerciale 60639999088 N/A Local Checks/Wire in Flamingo Beach RMI Flamingo CVOA First Union National Bank 2090001067623 063000021 Operating Flamingo Beach AKGI Flamingo CVOA First Union National Bank 2090001067856 063000021 Operating Flamingo Beach Payroll Usd Windward Island Bank 20018002 N/A Payroll Flamingo Beach Payroll Naf Windward Island Bank 20145702 N/A Payroll Flamingo Beach Special Assessment First Union National Bank 2090001067830 063000021 Special assesment Account Flamingo Beach Operating Bank of America 540900071 US Checks Ft. Lauderdale none none none Cash - Gifting Beach Ft. Lauderdale First Union National Bank 2000001995594 063107513 Cash Escrow Beach Ft. Lauderdale RMI,DBA Sunterra First Union National Bank 2020000577142 063107513 Encore Account Beach Resorts,Beach Encore Escrow Ft. Lauderdale DBA Sunterra Resorts, First Union National Bank 2020000577184 063107513 Operating Beach Beach Operating Account Ft. Lauderdale none none none Petty Cash Beach Ft. Lauderdale RMI FT. Lauderdale First Union National Bank 2010000577870 063107513 Spiff payments to Beach Beach Spiff Account sales force Gatlinburg (Bent SWF-Escrow Bank First 04806220 064204198 Escrow Creek) Gatlinburg (Bent Suntera Resorts Inc Mountain National Bank 104004684 064208437 Gifting Creek) Gifting for BC/GTS Gatlinburg (Bent Sunterra Resorts, Mountain National Bank 104004783 064208437 Operating (BC & GTS) Creek) Inc. Gatlinburg (Bent RMI Bent Creek Mountain National Bank 104005384 064208437 Payroll Creek) Payroll Gatlinburg (Town none none none Cash - Spiffs Square) Gatlinburg (Town Escrow-SWF Bank First 04806476 064204198 Escrow Square) Gatlinburg (Town Escrow-Old Home Federal 1228570150 Escrow Square) Gatlinburg (Town Escrow-GTS Home Federal 1228570350 Escrow Square) Gatlinburg (Town Escrow-resale Home Federal 1228570450 Escrow Square) Gatlinburg (Town Escrow-GTS Phase II Home Federal 1228570550 Escrow Square) Gatlinburg (Town Money Market First Union National 2976374109798 n/a Square) Bank Gatlinburg (Town Master Union Planters 3550006721 n/a Square) Gatlinburg (Town MMG Development Corp. c/o Amsouth Bank 3720224672 Operating Square) Signature Resorts Inc. Gatlinburg (Town RMI Town Square Payroll Mountain National Bank 104005376 064208437 Payroll Square) Gatlinburg (Town none none none Petty Cash Square) Gatlinburg (Town none none none RMI Petty Cash Square) Gatlinburg (Town Berkely Four Seasons SunTrust 5654300 VIP Square) Vacations Gatlinburg (Town Escrow-SWF Bank First 04807618 064204198 Escrow Village) Great Cruz Great Cruz Villas First Union National 2090002394117 063107513 Operating Villas Partners Partners-AUS Bank Virgin Is Gen'l Ptnshp Harbour Lights none none none Cash - Spiffs
Page 2 of 7
Sunterra Corporation et al., Debtors Attachment D Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Bank Account G/L Balances as of August 31, 2000 Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose - --------------------------------------------------------------------------------------------------------------------------------- Harbour Lights none none none Cash Mkfg Petty Cash Harbour Lights RMI Harbour Lights Trust Wells Fargo Bank 0087588356 121000248 Credit Card Transactions/ Account Deposits Harbour Lights RMI Harbour Lights OPC Wells Fargo Bank 0087588406 121000248 Credit Card Transactions/ Account Deposits Harbour Lights none none none Petty Cash Harich Tahoe Harich Tahoe Wells Fargo Bank 0372117234 122101191 Payroll National none none none Petty Cash Programs Northbay ARS Realty, Inc. Wells Fargo Bank 0895-076446 121000248 Operating Northern VA First Union National Bank 2050000284285 063000021 Cash - Gifting Sales Ctr Northern VA Bank of America 004112989329 Escrow Cash Sales Ctr Northern VA First Union National Bank 2050000283493 063000021 RMI Petty Cash Sales Ctr Ownershares First Union National Bank 2020000576389 Master Operating Ownershares none none none Petty Cash Palm Springs RMI Oasis at Palm Springs Wells Fargo Bank 0087588174 121000248 Credit Card Transactions/ Trust Deposits Palm Springs Escrow Cash Palm Springs none none none Petty Cash Plantation at none none none Cash - Gifting Fall Creek Plantation at none none none Cash Mktg Petty Cash Fall Creek Plantation at Bank of America 002863355107 Escrow cash Fall Creek Polynesian Isles First Union National Bank 2000001995578 Escrow Cash Polynesian Isles Polynesian Isles First Union National Bank 2020000576114 063000021 Operating Operating Account Polynesian Isles Resort Marketing First Union National Bank 2020000577498 063000021 Payroll Polynesian Isle Payroll Account Polynesian Isles Polynesian Isles Resort - First Union National Bank 2020000577838 063000021 Spiff payments to sales force SPIFF Account Resort Marketing DBA Encore Escrow Account First Union National Bank 2020000577168 063000021 Encore escrow International Resort Marketing Resort Marketing Int'l First Union National Bank 2020000577676 063000021 Operating International Millenium Management Resort Marketing Resort Marketing Int'l First Union National Bank 2090001686814 063000021 Operating International Operating Account Resort Marketing Resort Mktg Intl DBA First Union National Bank 2090002394942 063000021 Operating International First American Tour & Travel Disb. Acct. RMI Carlsbad Resort Marketing Wells Fargo Bank 0644506370 121000248 Credit Card Transactions/ International Deposits RMI Carlsbad Encore Account Wells Fargo Bank 0435245261 121000248 Encore Deposits RMI Carlsbad Resort Marketing Wells Fargo Bank 0644506370 121000248 Payroll International (Carlsbad) RMI Carlsbad none none none Petty Cash RMI Carlsbad Merrill Lynch 23207759 Restricted CD RMI Myrtle Beach Bank of America 3751477280 111000012 Cash - Gifting RMI Myrtle Beach Bank of America 3751477277 111000012 Cash - Spiffs RMI Myrtle Beach none none none Cash Clearing RMI Myrtle Beach RMI Myrtle Beach Payroll Bank of America 3751477264 111000012 Payroll RMI National Resort Marketing Int's First Union National Bank 2090001067814 063000021 Operating Offsite Operating RMI National RMI Offsite PR#2 First Union National Bank 2000006246358 063000021 Payroll RMI Orlando none none none Cash - Gifting RMI Orlando Premier Vacations Inc Amsouth Bank 3720096828 63104668 Daily Depository RMI Orlando none none none Mktg Clearing - dep in transit RMI Orlando RMI Cypress Payroll Acct First Union National Bank 2090001686567 063000021 Payroll RMI Puerto Rico Resort Marketing Banco Popular 016261534 021502011 Payroll International
Page 3 of 7
Sunterra Corporation et al., Debtors Attachment D Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Bank Account G/L Balances as of August 31, 2000 Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose - ----------------------------------------------------------------------------------------------------------------------------------- Royal Dunes First Union National Bank 2090000250673 063000021 Escrow Cash Royal Dunes RMI Royal Dunes Payroll First Union National Bank 2090001067898 063000021 Payroll Royal Dunes Port Royal Resort Sales First Union National Bank 2010000346943 063000021 Petty Cash/Spiffs Petty Cash Royal Palm none none none Cash Pool Bar Royal Palm First Union National Bank 2090001067490 063000021 Escrow Cash Royal Palm French Franc's Banque Francaise Commerciale 60214829097 N/A French Franc's Royal Palm French Usds Banque Francaise Commerciale 606399890 N/A French Usds Royal Palm none none none Master Petty Cash Royal Palm Merchant Windward Island Bank 20017310 N/A Merchant Royal Palm AKGI Royal Palm CVOA First Union National Bank 2090001067869 063000021 Operating Royal Palm Operating Windward Island Bank 20017201 N/A Operating Royal Palm Payroll Naf Windward Island Bank 20145604 N/A Payroll Naf Royal Palm Payroll Usd Windward Island Bank 20017103 N/A Payroll Usd Royal Palm Operating Bank of America 540900071 US Checks Royal Palm 606399890 Royal Palm RMI Royal Palm CVOA First Union National Bank 2090001461766 063000021 Operating Royal Palm RMI Royal Palm Special First Union National Bank 2090001067843 063000021 Special assesment Assesment Account San Luis Bay Trust Wells Fargo Bank 0465864627 Escrow Trust San Luis Bay none none none Master Petty Cash San Luis Bay Payroll Wells Fargo Bank 0901069229 121000248 Payroll San Luis Bay Rental Wells Fargo Bank 0901069831 Rental Deposits Savoy RMI, DBA The Savoy on First Union National Bank 2020000576648 063000021 Encore Account South Beach Savoy First Union National Bank 2020000608477 063000021 Escrow Cash Savoy Savoy Payroll Account First Union National Bank 2090002394654 063000021 Payroll Scottsdale All Seasons Realty Inc Bank One Arizona 1316-4987 122100024 Concierge Activity Voucher Villa Mirage Scottsdale Bank of America 252962179 Escrow Cash Villa Mirage Scottsdale All Seasons Realty Inc Bank One Arizona 2323-6529 122100024 Gifting Account Villa Mirage SV Function & Activities Scottsdale none none none Master Petty Cash Villa Mirage Scottsdale All Seasons Resorts Inc. Bank One Arizona 2017-4163 122100024 Minivac Account Villa Mirage Sunterra SVM Getaway Scottsdale Resort Marketing Int'l Bank One Arizona 2017-4235 122100024 Payroll Villa Mirage Scottsdale Resort Marketing Int'l Bank One Arizona 2017-4307 122100024 Payroll (Commissions) Villa Mirage Scottsdale Community Marketing Bank One Arizona 1316-4979 122100024 RE Trust Account Villa Mirage Trust Scottsdale All Seasons Resorts Inc. Bank One Arizona 1421-9011 122100024 Sales Spiffs Villa Mirage Scottsdale Spiff Account Sedona Certificate of Deposit Bank One Arizona 8566-8586 122100024 Certificate of Deposit Properties Sedona RMI Comm Bank One Arizona 2363-9077 122100024 Commissions Properties Sedona All Seasons Bank One Arizona 2515-6642 122100024 Credit Card Clearing for Properties Mini-Vacs Sedona Bank of America various accts. Escrow Cash Properties Sedona All Seasons Bank One Arizona 0768-8821 122100024 Legal Department's Checkbook Properties Sedona All Seasons Realty- Bank One Arizona 0768-9453 122100024 OPC/Inhouse/Activities Properties Activities Clearing Acct Sedona RMI Payroll Bank One Arizona 2751-0916 122100024 Payroll Properties Sedona All Seasons Resorts Inc- Bank One Arizona 0768-8645 122100024 Petty Cash Properties Fees Acct Sedona Ridge at Sedona Golf Bank One Arizona 2750-9886 122100024 Ridge Spiff Account Properties Resort Sedona All Seasons Realty Inc- Bank One Arizona 1005-8089 122100024 Sedona Summit Sales Gifting Properties Functions Acct Acct Sedona Ridge at Sedona Golf Bank One Arizona 2750-9907 122100024 Summit Spiff Account Properties Resort Sedona All Seasons Bank One Arizona 2248-4624 122100024 The Ridge on Sedona Golf Properties Sales Gifting Acct Sedona All Seasons Resorts Inc Bank One Arizona 2363-5877 122100024 Trade In Department Properties
Page 4 of 7 Sunterra Corporation et al., Debtors Attachment D Case No. 00-5-6931-JS through 00-5-6967,00-5-8313 (Chapter 11) (Jointly Administered under Case No.00-5-6931-JS) Bank Account G/L Balances as of August 31, 2000
Property Name Acct. Title Bank Name Bank Account # ABA# - ---------------------------------------------------------------------------------------------------------------------------------- Sedona Sedona Summit-General Bank One Arizona 2248-8764 122100024 Properties Operating Acct St. Croix - Capital Reserve The Bank of Nova Scotia 962-10 101606216 Carambola St. Croix - Hotel Merchant The Bank of Nova Scotia 856-18 101606216 Carambola St. Croix - none none none Carambola St. Croix - Development Operating The Bank of Nova Scotia 818-17 101606216 Carambola St. Croix - Carambola none none none St. Croix - Carambola Chase Manhattan Bank 726-10-999-8585 St. Croix - Hotel Operating Carambola The Bank of Nova Scotia 965-12 101606216 St. Croix - Carambola none none none St. Croix - RMI Carambola Property Payroll Carambola The Bank of Nova Scotia 861-18 101606216 St. Maarten, NV Windward Island Bank 20016901 N/A Sunterra Signature - Benefit Master First Union National Bank 2090002393024 063000021 Corporation Sunterra Signature Resorts Benefits First Union National Bank 2090002393299 063000021 Corporation Mgmt. Sunterra Corporation Bank of America 8813504081 Sunterra Signature Resorts Inc Bank of America 3751238429 111000012 Corporation Sunterra Sunterra Corporation, Credit First Union National Bank 2000008319869 063000021 Corporation Card Sunterra Signature Resorts Inc Bank of America 3751194453 111000012 Corporation Sunterra Signature Resorts Inc First Union National Bank 2090002393011 063000021 Corporation Sunterra Signature Resorts Inc Bank of America 3751075255 111000012 Corporation Sunterra Signature ESPP First Union National Bank 2090002394874 063000021 Corporation Sunterra Signature Resorts Inc Fidelity Investments 0059-0080390248 021000018 Corporation Sunterra Sunterra Corporation Salomon Smith Barney 224-90675-1-9-315 021000021 Corporation Sunterra Bank of America 3751059297 111000012 Corporation Sunterra Sunterra Resorts Corp. First Union National Bank 2000007292149 063000021 Corporation Sunterra Signature Resorts Operating First Union National Bank 2090002393037 063000021 Corporation Sunterra Sunterra Corporation-Operating First Union National Bank 2000008319856 063000021 Corporation Sunterra Sunterra Corporation First Union National Bank 2000007287031 063000021 Corporation Sunterra Signature Resorts Payroll Bank of America 3299948515 061112788 Corporation Sunterra Payroll Account MM First Union National Bank 2020000576868 063000021 Corporation Sunterra Signature Resorts Payroll First Union National Bank 2090001994372 063000021 Corporation Sunterra Sunterra Corporation-Payroll First Union National Bank 2000008319953 063000021 Corporation Sunterra Bank of America 1420069295 Corporation Sunterra none none none Corporation Sunterra none none none Corporation Sunterra Wells Fargo Bank 0961006194 Corporation Property Name Account Description/Purpose - ------------------------------------------------------------------ Sedona Wire Transfer/ Telephone Transfer Acct Properties St. Croix - Business Checking Carambola St. Croix - Credit Card Deposits Carambola St. Croix - Developer Mktg Petty Cash Carambola St. Croix - Developer Operations Carambola St. Croix - Carambola Developer Petty Cash St. Croix - Carambola Escrow Cash St. Croix - Carambola Hotel Operations St. Croix - Carambola Hotel Petty Cash St. Croix - Carambola Payroll St. Maarten, NV Master Operating Sunterra Benefits Corporation Sunterra Benefits Corporation Sunterra Corporation BOA Checking Sunterra Collection account for Barton conduit Corporation Sunterra Credit Card Deposits Corporation Sunterra Credit card deposits for all properties Corporation Sunterra Depository Corporation Sunterra Depository account for all properties Corporation Sunterra Employee stock purchase plan Corporation Sunterra Investment Corporation Sunterra Corporation Sunterra Corporation NationsBank Concentration acct Sunterra Corporation Operating Sunterra Corporation Operating Sunterra Corporation Operating Sunterra Corporation Operating RPM Kosmas Sunterra Corporation Payroll Sunterra Corporation Payroll Sunterra Corporation Payroll Sunterra Corporation Payroll Sunterra Corporation Petty Cash Sunterra Corporation Petty Cash Sunterra Corporation Petty Cash Sunterra Corporation Petty Cash
Page 5 of 7 Attachment D Sunterra Corporation et al., Debtors Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Bank Account G/L Balances as of August 31, 2000
Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose - ------------------------------------------------------------------------------------------------------------------------------------ Sunterra Signature Resorts First Union National 2020000577511 063000021 Vending account Corporation Vending Account Bank Sunterra Finance LaSalle National Bank 69-7934-70-5 Collection acct - Notes 98A Sunterra Finance Bank One Arizona 0311-2294 122100024 Concord Concentration Sunterra Finance Bank One Arizona 2313-5354 Concord Secur. 98A Sunterra Finance Bank One Arizona 0416-0677 122100024 Concord SG Conduit Sunterra Finance Old Kent Bank 7508759557 ESF Concentration Sunterra Finance Bank One Arizona 0174-7034 122100024 Finova Concentration Sunterra Finance Bank One Arizona Lockbox - Finova endpaper Sunterra Finance none none none Petty Cash Sunterra Finance LaSalle National Bank 69-7934-71-3 Reserve Acct - Notes 98A Sunterra Finance Sunterra Financial Bank of America 000880008065 Terra Sun servicing fees Services, Inc. Tahoe Beach & Ski Bank of America 0495703351 Cash - Restricted Tahoe Beach & Ski Bank of America 0495201703 Cash - Restricted CD Tahoe Beach & Ski Bank of America 0495100150 Cash City of Lake Tahoe Tahoe Beach & Resort Marketing Int Bank of America 0495910223 121000358 Payroll (Commissions) Ski Tahoe Roundhill none none none Cash - Gifting Tahoe Roundhill none none none Cash - Spiffs Tahoe Roundhill none none none Cash Mktg Petty Cash Tahoe Roundhill Resort Development Wells Fargo Bank 0372117077 122101191 Commission Payroll International Tahoe Roundhill Resort Dev Int Wells Fargo Bank 4159566587 121000248 Escrow Tahoe Roundhill none none none Master Petty Cash Tahoe Roundhill Wells Fargo Bank 0372117226 122101191 Mktg Payroll Tahoe Roundhill Resort Connections Wells Fargo Bank 4159566660 121000248 Operating Acct Tahoe Roundhill RMI Marketing Wells Fargo Bank 0372117242 122101191 Payroll Tahoe Roundhill none none none RMI Petty Cash Tahoe Roundhill Wells Fargo Bank 0372117119 122101191 Village at none none none Cash Mktg Petty Cash Steamboat Village at none none none Cash Mktg Spiffs Steamboat Village at Sunterra Pacific Vectrabank 4810007148 102003154 Escrow Steamboat Realty Inc Village at RMI Norwest 6448020999 102000076 OPC/Gifting Steamboat Fe Villas de Santa First State Bank 1214993 Escrow Cash Villas de Santa Signature Resorts Inc Wells Fargo Bank 0644525545 107002192 Operating Fe Villas de Santa none none none Payroll Fe Villas de Santa Signature Resorts Inc Wells Fargo Bank 0644525651 107002192 Payroll Fe RMI Santa Fe Villas de Santa none none none Petty Cash
Page 6 of 7 Sunterra Corporation et al., Debtors Attachment D Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Bank Account G/L Balances as of August 31, 2000
Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose - ------------------------------------------------------------------------------------------------------------------------------------ Villas de Santa Fe Signature Resorts Inc Wells Fargo Bank 0754852226 107002192 Sales Spiffs Villas on the Lake Bank of America 004771161038 Escrow Cash Villas on the Lake Sunterra Villas on the Bank of America 3751373407 111000012 Gifting LakeGifting Villas on the Lake none none none Master Petty Cash Villas on the Lake All Seasons Resorts BankOne 1890177643 111000614 Payroll Inc. Texas Payroll Villas on the Lake RPM Management Compass Bank 713-2661-6 113010547 Payroll Virginia - Greensprings Bank of America 004130354431 Escrow Cash Virginia - Greensprings Wachovia Bank 07911727735 051000253 Escrow Cash (CFB) Virginia - Greensprings Maintenance Reserve Wachovia Bank 7901030310 051000253 Investment Virginia - Greensprings Lockbox Amsouth Bank 3720260091 Maintenance Fee Receipts Virginia - Greensprings Greensprings Wachovia Bank 7911849016 051000253 Operating Operating Account Virginia - Powhatan Wachovia Bank 00303195252 Cash - Restricted Virginia - Powhatan Bank of America 004112989170 Escrow Cash Virginia - Powhatan Wachovia Bank 00900361506 Escrow Cash (CFB) Virginia - Powhatan Maintenance Reserve Wachovia Bank 900512941 051000253 Investment Virginia - Powhatan Lockbox Wachovia Bank 1850020869 051000253 Lockbox Virginia - Powhatan Lockbox Amsouth Bank 3720238908 Maintenance Fee Receipts Virginia - Powhatan Powhatan Plantation Wachovia Bank 900512706 051000253 Operating Operating Account Virginia - RMI Encore Escrow Wachovia Bank 1850020682 051000253 Encore Deposits Virginia - RMI Petty Cash Wachovia Bank 7901037196 051000253 Misc. office @ sales Virginia - RMI RMI Payroll Account Wachovia Bank 7901037153 051000253 Payroll Virginia - RMI Gifting Wachovia Bank 7901037218 051000253 Premiums to guests Virginia - RMI RMI Virginia Operating Wachovia Bank 7901037145 051000253 Referral fees, misc. credit Account card deposits Virginia - RMI Offsite Ticket Wachovia Bank 1850021221 051000253 Ticket Sales-Deposits Virginia - RSI Total Bank Balance as of August 31, 2000 30,701,582.00 Less: Checks Outstanding as of August 31, 2000 (3,105,341.00) Total GL Balance as of August 31, 2000 27,596,241.00
Page 7 of 7 United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000
Total Case Nos. 00-5-6931-JS through 00-5-6967-JS, Consolidated 00-5-8313-JS (Chapter 11) (Jointly Sunterra Administered under Case No. 00-5-6931-JS) Corporation ----------- Assets: - ------- Cash and cash equivalents $ 27,966,667 Cash in escrow and restricted cash 27,508,035 Mortgages receivable, net 235,809,021 Retained interests 28,450,184 Intercompany receivable 114,734,127 Due from related parties 7,071,968 Other receivables, net 56,369,648 Prepaid expenses and other assets 11,553,204 Investment in joint ventures/non-debtors 1,372,373 Real estate and development costs 290,731,063 Property and equipment, net 87,003,751 Intangible assets, net 56,477,329 ------------- $ 945,047,370 ============= Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 79,349,681 Notes payable subject to compromise 479,554,643 Accounts payable not subject to compromise 11,489,804 Accrued liabilities 23,046,331 Notes payable not subject to compromise 259,698,522 Deferred income taxes 6,075,298 ------------- 859,214,279 Stockholders' equity 85,833,091 ------------- Total liabilities and equity $ 945,047,370 =============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000
Total Case Nos. 00-5-6931-JS through 00-5-6967-JS, Consolidated 00-5-8313-JS (Chapter 11) (Jointly Sunterra Administered under Case No. 00-5-6931-JS) Corporation ----------- Revenues: Vacation interests sales $ 7,032,334 Interest income 2,412,489 Other income (loss) 179,659 ------------ Total revenues 9,624,482 ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 1,817,020 Advertising, sales and marketing 3,971,135 Provision for doubtful accounts 2,133,302 Loan portfolio expenses 772,657 General and administrative 2,667,330 Depreciation and amortization 1,555,296 ------------ Total costs and operating expenses 12,916,740 ------------ Income (loss) from operations (3,292,258) Interest expense 3,022,322 Equity (gain) on investment in joint ventures - Bankruptcy expenses: Loss/(gain) on sale of assets 289,261 Interest (income) (72,592) Professional fees 1,440,955 ------------ Income (loss) before provision for taxes (7,972,204) Provision for income taxes - Net income (loss) $ (7,972,204) ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
Total Case Nos. 00-5-6931-JS through 00-5-6967-JS, Consolidated 00-5-8313-JS (Chapter 11) (Jointly Sunterra Administered under Case No. 00-5-6931-JS) Corporation ----------- Beginning Cash Balance $ 5,743,516 Interest Income on full DIP draw 72,288 Deposit/Collection: - ------------------- Cash-Out Program 115,013 Encore 276,558 Rental Income 206,357 Other-Design International 11,389 Ticket Sales 1,967,000 Tour Sales (10,541) Closing Costs 22,833 Operating Refunds 148,153 Conversions 71,478 Escrow Funds 1,545,275 Sunterra's Collections on Mortgages Receivable 2,995,803 Timeshare Sales 113,210 Sunterra Finance Servicing Fee Income 124,511 Employee Payroll Deduction Reimbursement 67,910 HOA Property Insurance Reimbursement 21,557 HOA WC/GL Insurance Reimbursement 202,859 Non-Debtor Insurance Reimbursement 710,093 --------- Subtotal-Deposit/Collection Inflows 8,589,458 Resort Operating & Payroll Balances (added back) 2,761,437 Other: - ----- Asset Sales - Sunterra Centre 4,610,725 DIP Loan Proceeds 19,750,000 Poipu Partnership Distribution 604,628 ----------- Total Cash Inflows 36,388,536 -----------
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
Sunterra Corporation ----------- Outflows: - -------- Operating-Corporate 1,781,694 Operating-Sunterra Finance 376,755 Operating-Premier 1,270,824 Operating-Carlsbad 35,502 Operating-FATT 8,244 Operating-Resorts 1,424,755 Payroll-Corporate 953,925 Payroll-Sunterra Finance 296,148 Payroll-Premier 227,000 Payroll-Carlsbad 20,150 Payroll-FATT 12,064 Payroll-Resorts(S&W) 1,423,898 Commissions-Post 893,450 HOA Subsidies & Maintenance Fees 1,692,550 Health Claims 591,671 Workers' Comp./GL Premiums (205,124) Insurance - Coverage Premiums 1,170,232 IT Equipment Lease 163,301 Professional Fees 1,178,570 DIP Financing Fees 602,056 ------------ Total Cash Outflows 13,917,665 Capital Expenditures & Maintenance: - ---------------------------------- Hurricane Repairs 280,000 Interest: - -------- Interest Expense on D.I.P. 290,625 Other: - ----- - ------------ Total Cash Outflows 14,488,290 ------------ Ending Cash Balance 27,643,762 Non Cash Adjustments 34,477 ------------ Balance per Cash Flow $ 27,678,239 ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
Sunterra Corporation ----------- Reconciliation: - -------------- Bank Balances: - ------------- First Union 4,406,039 Bank of America 43,337 Salomon Smith Barney 22,507,860 Credit Card Reserve 415,896 Resort Cash Accounts 3,722,004 ------------ Total Bank Balances 31,095,136 Less Outstanding Checks (3,416,897) ------------ Total Cash per Balance Sheet $ 27,678,239 ============ Difference (0)
Notes to Debtor's Cash Flow: - --------------------------- a) Beginning cash balance includes Corporate Cash only b) This represents the funding of various bank accounts by the Corporate office. Cash left the Corporate bank account (and is listed in the outflows) but due to timing, this cash is still in the cash accounts at the resort levels. c) Chase credit card reserve is presented on the balance sheet as a reserve and not a cash balance. Cash flow shows cash received, but held in a reserve account by Chase. This is not cash available for operating uses. The consolidated and legal entities cash flows represent the cash activity in and out of the Corporate main accounts that fund all the individual resort cash accounts and do not reflect cash flow for the individual cash accounts. United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Sunterra Legal entity Corporation Bankruptcy filing number 00-5-6931-JS ------------ Assets: - ------ Cash and cash equivalents $ 25,410,642 Cash in escrow and restricted cash 5,602,775 Mortgages receivable, net 9,668 Retained interests - Intercompany receivable 379,609,141 Due from related parties 4,203,729 Other receivables, net 19,712,346 Prepaid expenses and other assets 6,177,163 Investment in joint ventures/non-debtors 1,502,420 Real estate and development costs 118,846,083 Property and equipment, net 68,368,119 Intangible assets, net 39,844,949 ------------ $669,287,035 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 46,502,176 Notes payable subject to compromise 478,400,000 Accounts payable not subject to compromise 6,645,491 Accrued liabilities 16,263,977 Notes payable not subject to compromise 153,586,441 Deferred income taxes 6,056,378 ------------ 707,454,463 Stockholders' equity (38,167,428) ------------ Total liabilities and equity $669,287,035 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Sunterra Legal entity Corporation Bankruptcy filing number 00-5-6931-JS ------------ Revenues: - -------- Vacation interests sales $ 856,665 Interest income - Other income (loss) (181,596) ------------ Total revenues 675,069 ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 179,579 Advertising, sales and marketing 690,893 Provision for doubtful accounts 5,250 Loan portfolio expenses 365 General and administrative 2,315,498 Depreciation and amortization 1,248,087 ------------ Total costs and operating expenses 4,439,672 ------------ Income (loss) from operations (3,764,603) Interest expense 1,907,289 Equity (gain) on investment in joint ventures - Bankruptcy expenses: Loss/(gain) on sale of assets 289,261 Interest (income) (72,592) Professional fees 1,440,955 ------------ Income (loss) before provision for taxes (7,329,516) Provision for income taxes - ------------ Net income (loss) $ (7,329,516) ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Sunterra Legal entity Corporation Bankruptcy filing number 00-5-6931-JS ------------ Inflows: - ------- Interest Income on D.I.P. $ 72,288 Deposit/Collection - ------------------ Resort Deposits: Cash-Out Program - Encore 52,541 Rental Income 201,457 Tour Sales (6,586) Closing Costs 4,203 Operating Refunds 110,101 Conversions 71,478 Escrow Funds 606,250 Sunterra's Collections on Mortgages Receivable 2,995,803 Employee Payroll Deduction Reimbursement 50,066 HOA Property Insurance Reimbursement 21,557 HOA WC/GL Insurance Reimbursement 202,859 Non-Debtor Insurance Reimbursement 710,093 ------------ Subtotal-Deposit/Collection Inflows 5,019,821 Other - ----- Asset Sales - Sunterra Centre 4,610,725 Poipu Partnership Distribution 604,628 ------------ Total Cash Inflows 10,235,174 Outflows: - -------- Operating-Corporate 1,781,694 Operating-FATT 8,244 Operating-Resorts 171,224 Payroll-Corporate 953,925 Payroll-FATT 12,064 Payroll-Resorts(S&W) 148,237 Commissions-Post 116,346 HOA Subsidies & Maintenance Fees 1,463,025 Health Claims 591,671 Workers' Comp./GL Premiums (205,124) Insurance - Coverage Premiums 708,804 IT Equipment Lease 163,301 Professional Fees 1,178,570 DIP Financing Fees 602,056 ------------ Total Cash Outflows 7,694,037 Capital Expenditures & Maintenance - ---------------------------------- Hurricane Repairs 280,000 Interest - -------- Interest Expense on D.I.P. 290,625 Other - ------------ Total Cash Outflows $ 8,264,662 ------------ United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Kforce IT contract labor 1,161.60 Maxim Group IT contract labor 3,096.00 Shawfield Relational Technology IT contract labor 1,250.00 Signature Consultants Consulting 3,315.00 Signature Consultants Consulting 6,876.00 Signature Consultants Consulting 3,510.00 Shawfield Relational consultants (8/5-8/18) 800.00 Signature Consultants consultants 13,029.50 Shawfield Relational Tec Consulting - Sword 650.00 Shawfield Relational Consulting - Sword 900.00 Associate Staffing Temp help 860.68 John Edmondson Contractor 4,807.70 Nicole Hood Consulting 2,628.00 Kforce Temp help 5,227.20 Maxim group Temp help 6,468.50 Alejandra Padin Temp help 3,846.16 Career Choice, Inc. Temp Help - Acctg 6,804.65 Associate Staffing & Placement Place fee 2,509.06 John Daniel Services 612.10 Foley & Lardner Sunterra Centre 6,803.18 Fulford Van & Storage Services Rendered 3,232.23 John Browning Real Estate Illinois Broker 675.00 Will Montalvo LE3 project 420.00 Raymond Lomax LE3 project 420.00 Ray Lomax LE3 expansion 750.00 Kforce Temp/Perm employees 9,840.00 Raymond Lomax LE3 Expansion Project 525.00 Edward Mercado LE3 Expansion Project 270.00 Sargon Warda LE3 Expansion 1,095.00 Sargon Warda LE3 cube 75.00 Sargon Warda LE3 Expansion Project 930.00 John Edmondson Contractor 4,807.70 Employment Contractor Temp 2,426.95 Nicole Hood Consulting 2,169.00 K Force Temp 2,520.00 Maxim Group Temp 2,880.00 Alejandra Padin Contractor 3,846.16 Associate Staffing & Placement temp labor (Nerove 8/7-8/13) 680.60 Employment Contractor accounting temps (gilbert/clark) 2,300.99 Maxim Group temp help (mueller 7/22) 2,880.00 Kforce temp help (davis 7/21 & 7/28) 4,646.40 Career Choice Placement 12,000.00 Employment Contractor Services Deposit employment services 3,200.00 Sterling Research Prof Services 286.00 Employment Contractor 3,654.95 ---------- Contract Labor Total 141,686.31 Various Commissions 16,731.01 Various Commission 28,995.46 Multiple commission 21,484.00 Various Commissions 23,852.09 Various commissions 23,773.71 Mark Fratick Commissions 1,510.20 ---------- Commissions Total 116,346.47
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Anderson Rentals Holding tank Grand Beach 766.51 Canon Financial Lease copiers 3,367.53 Danka Lease faxes 1,115.11 Fidelity Leasing Mailing machine 186.83 GE Capital - Matrix Lease IT Equipment Lease 116,299.70 Matrix IT Equipment Lease 47,001.68 Aaron Rents Furniture rental 6,654.44 Cort Furniture rental Furniture rental 221.54 Danka Financial Services Office machines 3,837.20 Fidelity Leasing Security System 246.79 Neopost Equip rental 577.17 BCL Capital Security System 469.67 Fidelity Leasing Mailing machine 368.38 Newcourt Leasing Furniture Leasing 2,943.83 Canon Financial Services copier lease 3,367.53 Advanta Leasing Copier 498.89 Business Credit Leasing Security system 519.69 Business Credit Leasing Security System 1,114.84 Premier Modular Building Aug rent 127.20 Pitney Bowes Credit postage meter 77.02 IOS Capital Copier leases 1,081.99 Ikon Office Solutions Copier 659.07 BMW Financial Services lease-Ray Dixon 489.00 BMW Financial Lease - Dixon 512.07 ---------- Equipment Leases Total 192,503.68 Various Expense report 15,986.56 Anna Goettel Expense report (808.96) John McClure Expense report (1,675.11) Denise Butler Expense report 60.82 Mathew Delaney Expense report 1,516.20 Jack Harris Expense report 844.87 David Hutton Expense report 333.25 Scott Leonard Expense report 657.80 Paula Meads Expense report 369.00 Todd Pokrywa Expense report 423.13 Richard Rose Expense report 513.10 Paul Sexton Expense report 716.65 Timothy Romine Expense report 930.00 Wilma Esponda Expense report 500.00 Multiple Expense Reimb 12,094.05 Jeannie Qualls Expense Reimb 409.98 Nicole Hood Expense Reimb 2,919.50 Scott Leonard Expense Report 7,645.12 Leon Barris Expense Report 3,145.05 Kurt Begelman Expense Report 164.96 John Branch Expense Report 197.92 Ann Cohen Expense Report 1,396.79 Carl Davis Expense Report 89.43 Robert Davis Expense Report 835.27 Julie Field Expense Report 270.47 Thomas Gaylor Expense Report 308.42 Melissa Knight Expense Report 5.27 Keith Marcos Expense Report 237.95 Edward Padilla Expense Report 59.95 Michael Paulin Expense Report 952.22 Vinnie Pulido Expense Report 313.81 Brian Record Expense Report 589.88
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Joseph Stargel Expense Report 113.06 Mark Tucker Expense Report 60.00 Jody Wheeler Expense Report 413.19 Anna Goettl Expense Report 115.67 Page Miracheck Expense Report 1,859.20 Various reimb exp 11,723.12 Mike Paulin reimb exp 309.83 Nicole Hood reimb exp 1,247.66 Ken Jepson Expense Reimb 45.88 Rocio Phipps Expense Reimb 42.00 Kat Lashley Expense report 46.50 Pasquali Rinaldi Expense report 917.26 Penelope Wilson Expense Reimb 128.62 Anne Lindsey Expense report 94.10 Melinda Atchison Expense Reimb 127.51 Darcy Grady Expense report 31.62 Becky Phillips Expense report 27.28 Brooks Chapman Expense Report 228.97 Jason Toste Expense Report 72.81 Elena Cormio Expense report 258.87 Thomas Leavitt Expense report 310.12 Thomas Leavitt Expense Reimb 4,019.32 Ann Grajeda CAM License Renewal Fee 260.00 ---------- Expense Reports Total 74,455.94 Nevada Dept Taxation 2nd Quarter Business Tax 319.48 Department of Commerce and Consumer Void of July Check (2,282.56) Arizona Corp Comm Phoenix Annual Report-RMI Fees 90.00 State of Washington Annual Report 59.00 Tennessee Real Estate 100.00 Secretary of State Void of July check (57.75) Commonwealth of Virginia Late fee annual report 20.00 California Sec of State File Biennial rpt 20.00 Illinois Sec of State Renew annual report 58.25 Nevada Sec of State Annual report 255.00 Osceola County OCC License 30.00 Arizona Sec of Stare Tradename renewal 30.00 Tenn Sec of State Annual report 20.00 Arizona Dept of 500.00 Government of the US St Croix Carambola property tax 146,247.35 Earl K Wood Tax Collector OCC license renewal 340.00 Clerk of Court-Orange satisfaction of judgment 6.00 City of Ft Lauderdale License 100.00 City Treasurer San Diego Tourist Tax 2,687.38 City of San Diego Transient Rental tax 1,017.59 San Diego Convention & Visitors 60.00 City Treasurer 6,898.00 ---------- Governmental Fees & Taxes Total 156,517.74 Connecticut General Life Ins Cigna medical adjustments 4,856.92 Met Life Dental Premium May 9,571.76 WHP Health Initiatives Rx claims P/E 7/15 40,228.13 Elite Brokerage Service Stop Loss Ins Premium June 17,409.04 Met Life Claims Funding 4,296.30 Cigna Claims Funding 9,780.56 Imperial Premium Finance Coverage Premiums 342,721.24 Cigna Claims Funding 20,690.75 Met Life Claims Funding 3,274.90
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Cigna Claims Funding 46,487.13 Met Life Claims Funding 1,049.00 Prudential Workers' Comp 131,331.24 Cigna Claims Funding 22,296.70 MetLife Claims Funding 7,538.00 Cigna Claims Funding 21,025.81 MetLife Claims Funding 3,613.00 Cigna Claims Funding 939.13 MetLife Claims Funding 7,953.24 Cigna Claims Funding 1,961.70 Cigna Claims Funding 151,165.53 MetLife Claims Funding 1,546.68 Prudential Workers' Comp 68,922.86 Cigna Claims Funding 41,815.13 BMC Claims Funding 6,650.03 Cigna Claims Funding 13,856.23 MetLife Claims Funding 5,868.20 Cigna Claims Funding 500.80 Aflac Insurance Premiums 236.40 Various Claims Funding (8,657.09) AFCO Insurance 19,691.66 Elite Brokerage Services Exton Stop Loss Ins - July 15,967.32 MetLife June Dental Premium 8,779.08 WHP Health Initiatives RX Claims 40,318.09 Cigna Health Claims 35,528.75 MetLife Health Claims 10,147.20 Cigna Health Claims 6,092.08 MetLife Health Claims 4,930.10 Cigna Health Claims 24,617.20 Cigna Health Claims 3,495.32 MetLife Health Claims 866.40 BMC Health Claims 3,152.77 WHP Health Initiatives Workers Comp Refund (299,547.51) Cigna Health Claims 11,311.36 MetLife Health Claims 3,437.20 Connecticut General Life Cigna health Admin Fees 15,287.74 Insurance Co Claims 1,537.70 Risk Insurance Mgmt 325.00 Met Life Dental Claims Funding 6,075.90 Cigna Claims Funding 30,019.71 Cigna Claims Funding 21,858.17 Met Life Dental Claims Funding 5,560.10 Cigna Claims Funding 48,515.79 Met Life Dental Claims Funding 528.50 Various Cobra (77,971.82) AFLAC July/Aug Health Supply 19,372.90 Connecticut General Life Life insurance 19,549.28 Elite Brokerage Services Stop loss insurance-aug 18,861.60 MetLife Dental-July 5,894.44 MetLife Dental Claims 9,870.70 Cigna Medical Claims 11,573.05 MetLife Dental Claims 2,896.55 Cigna Medical Claims 47,846.82 WHP Health Initiatives RX Claims-June 49,607.05 Misc 15,000.00 BMC 619.09
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Various Cobra (1,795.37) Various Cobra (5,703.26) Cigna Flex Spending 12,147.79 ------------ Insurance Total 1,125,193.77 AON Consulting Consulting 7,500.00 Bankruptcy Services LLC June Services 9,319.06 David Fleishman General Legal-San Luis 1,005.00 Interval International Post Filing Enrollments 294.75 Johnson-Smith LLP State of Indiana 30.00 RIA Group Legal Financial Reporting 1,393.82 Ivey, Harris & Walls Inc Retainer-master contract planning & permitting 5,000.00 David Fleishman Legal fees - San Luis Bay 3,122.50 Peter Lieback NJ broker of record 700.00 KPMG Accountants & Financial Advisors 500,704.54 Willkie Farr Debtors Counsel 405,749.22 Whiteford Taylor Debtors Counsel - Local 211,166.32 Schreeder Wheeler Legal 47,650.11 Chanin Investment Bankers 13,299.32 Ableco DIP Financing Fees 575,000.00 Marshall Berman Legal Fees 7,650.00 Bankruptcy Services Services 3,577.59 John Daniel Legal Fees 409.20 David Fleishman Legal Fees 418.32 White, Koch, Kelly Legal Fees 6,326.13 Ableco Finance DIP Fees 116,143.56 Alston & Bird LLP Securities-Legal Services 8,391.83 Financial Relations Board prof services-June 1,456.28 Florida Bar legal 118.72 Kaufman & Canoles legal fees 10,881.24 Lowther, Johnson, Joyner, legal fees 28.00 RIA Group legal financial reporting 657.16 White, Koch, Kelly, & McCar legal fees 1,678.89 Birch De Jongh Hundels legal fees 787.50 Brown & Bunch legal fees 297.10 Carlton, Fields, Ward legal fees 3,842.64 Chasemellon Shareholder legal fees 650.50 CSC Corp legal fees 278.00 Thomson & Thomson legal - elite membership firm 395.00 Troop, Steuber, Pasich legal - hurricane loss 95.56 Schreeder, Wheeler & Flint Encore transfers 9,283.00 Schreeder, Wheeler & Flint fees incurred by escrow 615.24 Lowther, Johnson, Joiner Professional fees 67.93 Needle Rosenberg Legal - re: trademark 5,000.00 Needle Rosenberg Legal - re: trademark 762.00 Stoops & Kloberdanz Legal Fees 1,193.46 Schreeder, Wheeler, & Flint LLP Encore transfer 19,340.00 Schreeder Wheeler Flint Encore transfer 9,778.00 Schreeder Wheeler & Flint Encore transfer 3,888.00 Schreeder, Wheeler Flint Encore Transfer 2,590.00 US Trustee Bankruptcy Fees 54,000.00 US Trustee Quarter 2 2000 Fee 1,250.00 ------------ Legal, Consulting & Professional Fees Total 2,053,785.49 Cypress Phase II Maintenance Fee 128K not in cash flow 96,000.00 Coral Sands Maintenance Fee 1,545.00 Royal Palm Maintenance Fee 25,806.00 Flamingo Maintenance Fee 22,581.00
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Savoy Maintenance Fee 3,365.00 Savoy Hotel Maintenance Fee 9,357.00 Town Square Maintenance fees 65,000.00 Coral Sands Maintenance fees 50,763.00 Royal Palm Maintenance fees 25,806.00 Flamingo Maintenance fees 22,581.00 Savoy Maintenance fees 50,000.00 Savoy Hotel Maintenance fees 9,357.00 Town Square II Maintenance Fees 20,000.00 Cypress Pointe II Maintenance Fees 114,317.00 Coral Sands Maintenance Fees 40,000.00 Savoy Maintenance Fees 55,000.00 Savoy Hotel Maintenance Fees 9,357.00 Ft. Lauderdale Maintenance Fees 6,429.00 Savoy Maintenance Fees 45,000.00 Savoy Hotel Maintenance Fees 9,357.00 Royal Palm Maintenance Fees 55,000.00 Flamingo Maintenance Fees 22,581.00 Villas on the Lake Maintenance Fees 27,157.00 Santa Fe Maintenance Fees 52,593.00 Scottsdale Villa Mirage Maintenance Fees 80,000.00 San Luis Bay Maintenance Fees 274,125.00 Cypress Point II Maint fee 119,799.00 Highlands Maint Fees 13,375.00 Cypress Point I Maint Fees 10,000.00 Villas of Poco Diablo maint fee late charges 2,500.00 Villas of Sedona maint fee late charges 9,350.00 Sedona Springs maint fee late charges 1,300.00 San Luis Bay Inn Maintenance Fees 2,907.23 ------------ Maintenance Fees Total 1,352,308.23 Advantage Hotel Breakfast 6,000.00 Muzak Music 201.40 PL Productions Gifts 1,526.40 AAA Trophies Nametags Plaques 80.26 Advantage Hotel Breakfast 3,000.00 Advantage Hotel - Kissimmee Breakfast 8/7 - 8/11 3,000.00 Cypress Gifting Gifting Premium 2,250.00 Advantage Hotel Co breakfast (8/28-9/1) 3,000.00 Ozarks Coca-Cola refreshments 208.85 Larue Distributors Coffee 55.74 Coca Cola Refreshments 967.84 Commercial Sound System Music Services 43.51 RCI Owner kit materials 8.97 Four Graphics deposit collateral printing 500.00 Larue Distributing Refreshments 64.93 Ozarks Coca Cola Refreshments 85.04 Guest Distribution supplies 231.49 Hilton Hotels Corp room stays 351.40 Inn Room Visitors magazines 58.75 Superco Specialty Produce refreshments 620.84 Direct Marketing 337.02 ------------ Advertising, Sales & Marketing Total 22,592.44 First American Title Escrow for parking lot 106,628.28 Brown & Brown Inc Fidelity bonds to insure escrow deposits 750.00 Execustay Harrington hotel stay 2,628.67 The Hemisphere Group Travel exp reimbursement 2,586.98
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Metrowest Master Assoc Assoc Dues 710.34 Somoniz 12.00 ARDA-ROC Membership dues 100.00 Carey International Trip #75859 120.90 Execustay - Baltimore Rent August 2,530.00 Publix Food 92.99 Resort Capital Advisors Millennium Mgmt 7,500.00 Fidelity Press Newsletter 4,511.68 PCI Sun Options tables for POS 4,637.50 Edgar Online Inc Subscription fee 29.85 Allied Data Supplies 345.00 James Waring Cancellation 825.00 Highlands @ Sugar Sale of association owned weeks 4,300.00 James Starit Photography purchase 650.00 International Timeshares Various invoices 153,200.21 Weinstock & Scavo 542.86 Bostic Steel 20,631.00 Petty Cash replenish cash-j collette 468.85 Various 60,106.00 Club Sunterra I/C Balance 96.00 EVR Maui 992.70 Jose Toro Refund 1,690.00 Cypress Petty Cash 2,250.00 Cypress Overdraft funding 550.00 Landers, Jackson qrtly pymt (loan for Cypress III land) 9,450.00 Various Misc 2,661.61 Herbert Steiner Deposit refund 50.00 FATT Overdraft funding 500.00 Crowell, Robert refund 75.00 Howard Buckley cancellation 199.00 Regina Forrest cancellation 279.00 Eric Reinhart cancellation 199.00 HC Robinson cancellation 299.00 American management assoc cancellation 50.00 John Lott refund overpayment 1,180.40 RPM vouchers 342.25 Globe Travel Travel exp reimbursement 91.20 Kahn & Company misc 541.20 Pacs International Misc 82.91 Sunset parking parking service 620.00 Villas de Santa Fe Various Reimb 1,883.27 Nevada Association of Em Dues 216.00 Tahoe Beach & Ski GM fee 687.50 Club Sunterra Various invoices 13,779.00 International Escrow Service transfer fees 595.00 Void of July check Void of July check (715.00) First Union - Fla dept child support Child support 3,345.00 Petty Cash Replenish 248.84 ---------- Miscellaneous Total 416,146.99 Bank of America Bank Fees 1,436.44 Wires Clearing Asset Backed Securities Interest on DIP loan 317,680.56 First Union Bank 2,282.56 First Union Bank 57.75 First Union Bank 100.00 First Union Bank Fees 8,070.19 ---------- Miscellaneous Bank Fee Total 329,627.50
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- California Pensions 165.00 Merrill Lynch 401(k) funding 20,002.89 Merrill Lynch 401(k) 25,729.79 Merrill Lynch 401(k) 24,825.01 ---------- Miscellaneous 401(k) Fees 70,722.69 RPM payroll 102,695.57 Pro Business fees 5,000.00 Compupay Payroll 42.65 Compupay Payroll 375.00 Compupay Payroll Fee 163.08 Orlando Sentinel Emp Ad 317.70 Orlando Sentinel Employment Ad 386.40 Orlando Sentinel Ad 386.40 Orlando Sentinel Ad 572.50 ---------- Miscellaneous Employment Related Total 109,939.30 Fed ex Shipping 1,600.81 Gateway Companies Computer parts 69.47 MPI Net Internet Feed 2,074.90 Nationwide Postal Center Shipping 278.27 Royal Office Products Office Supplies 170.56 Royal Price LTD Paper 507.74 Intercall Conference calling 67.67 UPS Shipping 966.00 Postal Service Postage 1,500.00 Federal Express Shipping 2,006.03 Four Graphics Business cards 145.12 Newo Coffee, etc. 1,520.67 Royal Office Products Office Supplies 153.07 UPS Shipping 92.25 Four Graphics 2,130.28 Club Sunterra Badging Equipment 6,696.03 Comark Corp Sales Inc Computer Purchase 486.92 FedEx Shipping 2,273.60 Four Graphics Inc Business Cards 106.00 G Neil Companies HR Supplies 162.63 Global Equipment Rack & shelving-mail room 322.32 Micro Warehouse Supplies 110.00 Petty Cash Supplies 500.00 Royal Price Ltd Copy Paper 507.74 USPS Postage 342.91 Shareit Computer purchase 150.00 Comark Windows 98 upgrade license 922.20 CT Corp Systems Legal documents 6,066.16 Danka Supplies 192.30 Fedex Shipping 2,968.98 Fidelity Press Postage 2,101.74 Fulford Moving & storage 2,661.92 Neopost 79.50 New Horizon Computer Excel books 320.00 Royal Price LTD Copy paper 1,494.48 RR Donnelley Forms 215.80 Vertex Payroll Tax software 3,778.90 Courier Express 7.80 MPI Net Internet 4,149.80 Allied Data Supplies toner 411.79
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Compaq Smartstart computer 129.55 Danka copier supplies 165.60 Data Com Warehouse supplies 359.00 Fedex shipping 529.61 Florida Courier Express courier service 12.10 Micro Warehouse supplies 525.95 Progressive Communications luggage tags 3,237.77 Royal Price Ltd Inc copy paper 1,015.48 Bloomberg LP 1.00 Corporate Firewall Software 3,203.94 Credit Data Services Credit Reports 175.05 Crystal Spring Water Water 10.00 FedEx shipping 331.00 Airborne Shipping 37.08 Fedex Shipping 166.92 Alpha Graphics printing 286.75 Fun N Fashion VIP BBQ 397.82 Purchase Power postage 52.75 Federal Express Shipping 393.50 Network Solutions web & internet addresses 70.00 FedEx Shipping 541.02 Fedex shipping 483.99 Danka Maintenance contracts 395.69 American Hotel register Shipping 126.41 RCI Shipping 8.61 FedEx Shipping 18.42 LCS Paging paging service 212.60 Pitney Works Postage 1,346.54 DMR Shipping 221.75 Arrowhead Mountain Spring Water 130.19 Coffee Ambassador Coffee 89.20 DHL Shipping 95.38 Airborne Shipping 20.56 American Hotel register 536.84 Danka Copy usage 152.03 FedEx shipping 21.72 Santa Fe Printing Printing 1,608.16 Xerox Copier Maintenance 871.54 ------------ Office Supplies Total 68,293.88 Various August Payroll 953,925.00 Various August Payroll 79,688.00 Various August Payroll 12,064.00 Various August Payroll 7,800.00 Various August Payroll 60,749.00 ------------ Payroll Total 1,114,226.00 Configurations Storage 73.60 Tahitian Investments Rent 3,750.00 Configurations Aug Storage 73.60 Tahitian Investments Rent (3,750.00) Lake Ellenor Business Add'l ac 434.60 Public Storage Rent 1,911.54 Robertson, Johnson Warehouse Rent 408.00 Tahitian Investments Rent 3,750.00 Lake Ellenor Business Center sept rent LE1 29,825.64 Tahitian Investments sept rent LE3 27,449.37 GE Capital Modular Space S & M trailer - aug rent 924.32
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Public Storage rent space 3415 232.14 AAA Storage storage rental (8/25-9/25) 300.00 ----------- Property Rent Total 65,382.81 Advanced Data Design Network Phone drops 322.50 American Construction Grand Beach project 779.00 BCL Capital Security 1,554.16 Chase Security Security 2,662.29 Fulford Moving & storage 2,990.33 Global Equipment Shelving 1,050.45 Mechanical Service _Orlando Repair computer room Orlando 302.50 Julie Mitacchione Cleaning 7,040.80 Robertson Johnson warehouse Storage EVG roofing tiles 408.00 Signs Now Signage 1,278.63 Steves Lock & Safe Service call 528.21 Waste Management Waste Disposal 47.97 Steve's Lock & Safe H/R Service call-master key 365.41 Wire & design Service LE#3 change order 9,300.00 Fulford Van Move boxes 4,877.14 Watts Air Conditioning Water leak 487.00 Advanced Data Design Dumpster roll off 759.54 Cable & Wireless 5,138.12 Chase Security Security 2,662.29 Stanley Steamer Cleaning 412.20 Tri City Electrical Electrical EVG 8,250.00 Terminix Exterminator 42.40 Waste management Dumpster 80.47 Wire & Design Cable 3,490.14 Danka Copier Maint 383.31 Hewlett Packard HP Unix Support 54,330.27 Home Deot Various Supplies 1,711.52 Stanley Steamer Carpet cleaned 1,810.35 Maxim Group Computer Consulting 5,184.00 SunCoast Fire & Safety Fire Equip maint 750.00 Advanced data Design Speaker 200.00 BCL Capital Security 862.93 Chase Security Security 2,662.29 Global equip Rack & Shelving 418.83 Mechanic Service of Orlando Repairs 491.33 Rexel Datacom Patch cables 204.75 SBC Datacom Maintenance 2,765.92 Stanley Steamer Carpet Cleaning 605.00 Steves Lock and Key Rekey 12.31 Moore Business Solutions Repair check machine-payroll 673.04 Julie's Cleaning Service Aug Lake Ellenor cleaning 7,460.88 Watts Air Conditioning install condensate pump 969.00 Wire & Design Electric electrical work le3 4,425.70 Flamingo Hurricane repairs 100,000.00 Juan Gonzalez Phone work 52.50 Advanced Data Design Change order 100.00 Del Air Heating repair 474.00 Phone masters Phone maintenance 201.40 Security Link Security 26.45 Southern Appeal carpet Carpet cleaning 854.44 Tru-Green plant maintenance 159.00 Southern Appeal Carpet carpet cleaning 453.04 Sunterra Communications repair phone/lightning strike 3,156.96 Juan Gonzalez Repairs 377.50
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Security Link Security 52.90 Southern Appeal carpet Carpet Cleaning 453.04 Loyds Electric Supply misc supplies 26.70 Reliable Heat & Air replace unit 800.00 Meeks Building Center misc supplies 170.27 L & J Plumbing Supply Plumbing supplies 278.21 Meeks Building Center maint supplies 14.12 Reliable Heat & Air service call 45.00 Tri Lakes TV & Appliance repair tv bldg 6 103.90 Terminix Pest Control 81.50 Cox Communication Cable 591.65 Clean Touch Cleaners 415.42 Edco Disposal Waste 779.00 San Diego Hardware Hardware 6.01 Superco Specialty Produce 444.13 Tower Glass Canopy 1,871.60 Trugreen Plant maintenance 363.00 Waxie sanitary Supplies 546.42 Xpect First Aid Supplies 62.31 Helm Corp security 1,490.00 Regency Lighting supplies 65.94 Waxie Sanitary Supply supplies 862.27 Flamingo Hurricane repairs 100,000.00 Flamingo Hurricane repairs 80,000.00 Chase Security Service security 2,414.25 Chase Security Service Security 2,662.29 BCL Capital security 302.50 Julie's Cleaning Service Cleaning service 3,067.18 ---------- Repairs & Maintenance Total 444,575.88 AT & T phone 67,670.52 Bell South phone 1,323.28 Nextel phone 1,571.86 Sprint phone 155,391.85 ACT Teleconferencing Telephone 117.03 Nextel Cell phone 100.16 AT & T Wireless Telephone 2,369.59 Bell South Telephone 25,906.34 Lucent Technology Telephone 6,577.35 Nextel Telephone 12,292.37 Sprint Telephone 66,599.81 Verizon Telephone 169.70 AT & T Wireless cell phones 1,918.25 AT & T long distance - telephone 17,199.31 Bell South telephone 7,925.78 Pacific Bell telephone 155.27 Sprint telephone 89.14 Scott Leonard cell phone 672.03 Sprint Telephone 342.16 Gonzalez, Juan phone repairs 350.00 Sprint telephone 3,448.02 AT & T phone 933.34 BTI phone 1,263.75 FATT Cell phone (Wunderlich) 29.42 Bell South telephone 3,489.39 Sunterra Communications telephone 57.67 AT & T Telephone 439.04
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Case No. 00-5-6931-JS through 00-5-6967-JS, 00-5-8313-JS (Chapter 11) (Jointly Administered under Case No. 00-5-6931-JS) Consolidated Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Sunterra Communications Telephone 6,297.28 US West Communications telephone 1,495.03 US West Communication Phone 77.43 Verizon Telephone 41.53 GTE Calif Phone 160.09 GTE California phone 394.29 GTE Telephone 359.47 Sprint Telephone 57.84 RPM Savoy D Rice cell phone activity 128.00 Skytel 3,081.40 Verizon 3,071.67 Verizon 149.90 ---------- Telephone Total 393,716.36 Orlando Utilities Utilities 8,864.47 Orlando Utilities Utilities 145.20 Orlando Utilities metro 2,637.32 Tahitian Investments Electric LE3 1,937.50 AZ Waste Water water/sewer 1,398.00 Sierra Pacific Power Utilities 1,608.95 AT & T Cable Cable 28.84 Southwest Gas Gas 20.49 ------------- Utilities Total 16,640.77 Grand Total 8,264,662.25 =============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 AKGI St. Legal entity Maarten, NV Bankruptcy filing number 00-5-6933-JS ------------ Assets: - ------- Cash and cash equivalents $ 733,768 Cash in escrow and restricted cash 739 Mortgages receivable, net - Retained interests - Intercompany receivable (5,133,586) Due from related parties 2,499,014 Other receivables, net 3,364,069 Prepaid expenses and other assets 619,714 Investment in joint ventures/non-debtors - Real estate and development costs 17,793,409 Property and equipment, net 324,188 Intangible assets, net 4,250 ----------- $20,205,565 =========== Liabilities and equity: - ----------------------- Accounts payable subject to compromise $ 2,905,115 Notes payable subject to compromise - Accounts payable not subject to compromise 541,542 Accrued liabilities 2,036,800 Notes payable not subject to compromise - Deferred income taxes 18,920 ----------- 5,502,377 Stockholders' equity 14,703,188 ----------- Total liabilities and equity $20,205,565 =========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 AKGI St. Legal entity Maarten, NV Bankruptcy filing number 00-5-6933-JS ------------ Revenues: - --------- Vacation interests sales $ 722,937 Interest income - Other income (loss) 63,412 --------- Total revenues 786,349 --------- Costs and operating expenses: - ----------------------------- Vacation interests cost of sales 149,529 Advertising, sales and marketing 363,003 Provision for doubtful accounts - Loan portfolio expenses 9,844 General and administrative 66,011 Depreciation and amortization 19,786 --------- Total costs and operating expenses 608,173 --------- Income (loss) from operations 178,176 Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - --------- Income (loss) before provision for taxes 178,176 Provision for income taxes - --------- Net income (loss) $ 178,176 ========= United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 AKGI St. Legal entity Maarten, NV Bankruptcy filing number 00-5-6933-JS ------------ Inflows: - -------- Deposit/Collection - ------------------ Resort Deposits: Cash-Out Program $ 107,603 Encore 50,123 Rental Income 4,900 Other-Design International 11,217 Closing Costs 18,630 Operating Refunds 1,390 Timeshare Sales 113,210 ---------- Subtotal-Deposit/Collection Inflows 307,073 Other - ----- Asset Sales - ---------- Total Cash Inflows 307,073 Outflows: - --------- Operating-Resorts 187,191 Payroll-Resorts(S&W) 153,251 Insurance - Coverage Premiums 461,428 ---------- Total Cash Outflows $ 801,870 ---------- United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: AKGI St. Maarten, N.V., Inc. Case No. 00-5-6933-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Various commissions 45,000.00 ------------ Commissions Total 45,000.00 Cariburo Office equipment rental 2,345.00 ------------ Equipment Leases Total 2,345.00 St Maarten Property Insurance 461,428.00 ------------ Insurance Total 461,428.00 Various Inventory-food & beverage 5,418.99 Pan Archives Entertainment 225.00 Various Gifting Premium 12,810.50 ------------ Advertising, Sales & Marketing Total 18,454.49 Royal Palm Overdraft funding 7.00 Eilandontvanger Vendor License 1,011.23 Various Flamingo AP 1,858.41 Various Flamingo Expenses 36,200.00 ------------ Miscellaneous Total 39,076.64 Kwick Bargains Office Supplies 841.00 ------------ Office Supplies Total 841.00 Various 79,588.00 ------------ Operating Expenses Total 79,588.00 Various Payroll Related Expenses 148,518.93 Various Payroll Related Expenses 4,732.00 ------------ Payroll Total 153,250.93 Landscaping landscaping 1,661.61 ------------ Repairs & Maintenance Total 1,661.61 East Caribbean phone 224.60 ------------ Telephone Total 224.60 Grand Total 801,870.27 ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 All Seasons Legal entity Properties, Inc. Bankruptcy filing number 00-5-6934-JS ------------ Assets: - ------- Cash and cash equivalents $ - Cash in escrow and restricted cash - Mortgages receivable, net - Retained interests - Intercompany receivable (45,039) Due from related parties - Other receivables, net - Prepaid expenses and other assets - Investment in joint ventures/non-debtors - Real estate and development costs - Property and equipment, net - Intangible assets, net - --------- $ (45,039) ========= Liabilities and equity: - ----------------------- Accounts payable subject to compromise $ - Notes payable subject to compromise - Accounts payable not subject to compromise - Accrued liabilities - Notes payable not subject to compromise - Deferred income taxes - --------- - Stockholders' equity (45,039) --------- Total liabilities and equity $ (45,039) ========= United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 All Seasons Legal entity Properties, Inc. Bankruptcy filing number 00-5-6934-JS ------------ Revenues: - --------- Vacation interests sales $ - Interest income - Other income (loss) - ----------- Total revenues - ----------- Costs and operating expenses: - ----------------------------- Vacation interests cost of sales - Advertising, sales and marketing - Provision for doubtful accounts - Loan portfolio expenses - General and administrative - Depreciation and amortization - ----------- Total costs and operating expenses - ----------- Income (loss) from operations - Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ----------- Income (loss) before provision for taxes - Provision for income taxes - ----------- Net income (loss) $ - =========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 All Seasons Resorts, Legal entity Inc. (AZ) Bankruptcy filing number 00-5-6936-JS ------------ Assets: - ------- Cash and cash equivalents $ 247,009 Cash in escrow and restricted cash 4,920,220 Mortgages receivable, net 2,069,733 Retained interests - Intercompany receivable 31,983,014 Due from related parties (27,915) Other receivables, net 6,757,988 Prepaid expenses and other assets 1,176,606 Investment in joint ventures/non-debtors - Real estate and development costs 30,692,731 Property and equipment, net 2,028,293 Intangible assets, net - ----------- $79,847,679 =========== Liabilities and equity: - ----------------------- Accounts payable subject to compromise $ 4,221,931 Notes payable subject to compromise - Accounts payable not subject to compromise 666,493 Accrued liabilities 2,511,031 Notes payable not subject to compromise 1,808,938 Deferred income taxes - ----------- 9,208,393 Stockholders' equity 70,639,286 ----------- Total liabilities and equity $79,847,679 =========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 All Seasons Resorts, Legal entity Inc. (AZ) Bankruptcy filing number 00-5-6936-JS ------------ Revenues: - --------- Vacation interests sales $ 3,183,271 Interest income 40,225 Other income (loss) 6,616 ----------- Total revenues 3,230,112 ----------- Costs and operating expenses: - ----------------------------- Vacation interests cost of sales 755,716 Advertising, sales and marketing 1,314,071 Provision for doubtful accounts - Loan portfolio expenses 26,262 General and administrative 229,924 Depreciation and amortization 28,015 ----------- Total costs and operating expenses 2,353,988 ----------- Income (loss) from operations 876,124 Interest expense (38,009) Equity (gain) on investment in joint ventures - Bankruptcy expenses - ----------- Income (loss) before provision for taxes 914,133 Provision for income taxes - ----------- Net income (loss) $ 914,133 =========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 All Seasons Resorts, Legal entity Inc. (AZ) Bankruptcy filing number 00-5-6936-JS ------------ Inflows: - -------- Deposit/Collection - ------------------ Resort Deposits: Encore $ 14,381 Tour Sales (50) Operating Refunds 6,824 Escrow Funds 628,898 ---------- Subtotal-Deposit/Collection Inflows 650,053 Other - ----- Asset Sales - ---------- Total Cash Inflows 650,053 ---------- Outflows: - --------- Operating-Resorts 699,098 Payroll-Resorts(S&W) 476,916 Commissions-Post 355,446 HOA Subsidies & Maintenance Fees 12,157 ---------- Total Cash Outflows $1,543,617 ---------- United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- John Baca Contract (Cottonwood booths) 530.00 Fred Cox Contract (Cottonwood booths) 795.00 Redi-Help Personnel Serv Michael Kruse 296.14 Singer, Luke contract labor/ADVS Coordinator 145.00 Scottsdale Villa Mirage Contract Cleaning Reimb 112.50 ---------- Contract Labor Total 1,878.64 Various Commissions 120,000.00 Various Commission 150,000.00 Various Commission 111,000.00 Various Commission (27,320.00) Scottsdale Commissions 9,000.03 ---------- Commissions Total 362,680.03 Pitney Bowes Mail machine 101.18 A-1 Golf Cart Leasing Leased Passenger carts 1,479.80 Pitney Bowes Credit Postage machine 55.12 Purchase Power Postage machine 765.00 Xerox Copier leases 4,663.01 AZ Credit terminals credit card terminal rental 114.14 DMX Music music system rent 55.90 Xerox Corporation copier lease 107.27 Xerox Copier leases 156.26 ---------- Equipment Leases Total 7,497.68 Various Expense report 689.12 Various Expense report 1,059.95 Multiple Expense Reimb 484.68 Tracey Beggs Expense Report 75.00 Lana Burks Expense Report 317.68 Chris Damitto Expense Report 86.94 Ron Hayhurst Expense Report 150.97 Brenda Johnson Expense Report 277.52 Michael Kruse Expense Report 42.61 Valerie Matkovich Expense Report 107.25 Kodi Victor Expense Report 78.59 Various Expense Report 691.39 Erika Beristain Expense Report 324.34 Multiple Expense Report 219.82 Beristain, Erika travel reimb 200.68 Beristan, Frederico travel reimb 393.00 Griffith, Johnny travel reimb 192.57 ---------- Expense Reports Total 5,392.11 Clerk of Superior Court Notary 36.00 Secretary of State Notary 50.00 Arizona Dept of RE July taxes 7,904.37 City of Scottsdale 200.00 ---------- Governmental Fees & Taxes Total 8,190.37 C L Raffety CPA professional fees 124.13 ---------- Legal & Professional Fees Total 124.13
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Sedona Summit Maint Fees - Schmidt 1,449.00 Sedona Summit Resort room stays 1,412.02 Ridge on Sedona Golf Res Trust room stays 7,009.98 Villas of Sedona room stays 309.80 Scottsdale Villa Mirage various reimb 1,976.42 ---------- Maintenance Fees Total 12,157.22 A Day in the West Certificates 5,827.70 AM Coffee Service Refreshments 331.57 Bashas Refreshments 2,613.78 Bell Rock Inn Certificates 1,129.46 Various Entertainment 450.00 Coca Cola Refreshments 157.73 Villas of Sedona Room Stays 77.45 Ernie Cousins Art Display 300.00 Lynn Evola Catering 1,337.10 Felsot Building Art Display 772.50 Holiday Inn Certificates 878.04 King Ransom Certificates 663.00 Kathleen Malloy Catering 949.48 Marketplace cafe Certificates 63.75 Marks vending Service Certificates 110.50 Native Spirit Certificates 75.00 Various Petty Cash 1,686.31 Prime Outlet Display rack 200.00 Rayne of N Arizona Daycare 94.41 RCI Manuals 37.85 Red Rock review full page ad 950.00 Ridge on Sedona Golf Gifting room stays 6,937.05 Scottsdale Fashion Square Certificates 150.00 Sedona Springs Gifting room stays 132.46 Sedona Summit Gifting room stays 1,276.29 Sedona Transportation Certificates 670.51 Way of the Ancients Certificates 8,601.20 Martin Wolf Certificates 3,561.75 Club Sunterra New deals 6,426.00 Fashion Square Certificates 2,500.00 Desiree Matlock Breakfast 310.00 Michael Montis Certificates 2,250.00 Scottsdale Villa Mirage Gifting Room Stays 1,025.38 United Coffee Refreshments 40.82 Various Certificates 27,817.92 Various Entertainment 450.00 Bradshaw Color Studios Post cards OPC 360.00 Coca Cola Refreshments 48.96 Creative Printing Resort printing 1,336.73 Various Petty cash funds 1,791.68 Poco Diablo Resort Sunterra Banquet 2,260.16 Printing Connection Design postcards 137.30 Ridge on Sedona Golf Room Stays 7,268.23 Tracie Schimikowsky RMI Advertising 283.40 Sedona Summit Room Stays 2,229.32 Verde Independent Bugle Ad 65.71
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Villas at Poco Diablo Room Stays 287.68 Villas of Sedona Room Stays 88.68 Ridge Gifting Gifting 42,000.00 Summit Gifting Gifting 10,000.00 AM Coffee Service Refreshments 317.15 Bell Rock Inn Certificates 1,609.75 Blazin M Ranch Certificates 85.25 Heartline Cafe Certificates 127.50 Holiday Inn Certificates 1,221.64 Kings Ransom Certificates 795.60 Maria's Restaurant Certificates 255.00 Pink Jeep Tours Certificates 2,657.70 Red Rock Jeep Certificates 3,351.20 Ridge on Sedona Golf Room Stays 4,351.85 Sedona Adventures Certificates 692.39 Sedona Springs resort Room Stays 287.36 Sedona Summit Room Stays 4,271.85 Sedona Transportation Certificates 482.06 Sky High Balloons Certificates 6,300.00 Spirit Travel Certificates 3,624.25 Village of Oak Creek Certificates 75.00 Way of the Ancients Certificates 3,526.00 Martin Wolf Certificates 3,591.00 Various Entertainment 150.00 Diamondback Aviation Certificates 11,200.00 Lynn Evola Catering 2,454.20 Fournos Restaurant Certificates 765.00 Ingersoll Bosse Full page ad 5,195.00 Kathleen Mallory Catering 949.48 Office Furniture Tote Bags 3,087.88 Petty Cash OPC & In house fund 1,892.49 RCI Manuals 4,098.75 Ridge on Sedona Golf Gifting Premium 22,000.00 A Day in the West certificates/gifting premiums 6,947.21 Bell Rock Inn certificates/gifting premiums 5,757.70 Boorman, Dale entertainment 200.00 Creative printing & copy Scottsdale Villa Mirage UDI brochures 651.02 Desert Jeep & Bike Rental certificates/gifting premiums 783.08 Dzerigian, John entertainment 50.00 Evola, Lynn Allison catering 1,117.10 Fournos Restaurant certificates/gifting premiums 832.50 Holiday Inn express certificates/gifting premiums 366.65 Ishikawa, Kenzo entertainment 50.00 Kings Ransom Quality Inn certificates/gifting premiums 596.70 Malloy, Kathleen catering 474.74 Petty Cash Spiff petty cash fund 3,475.47 Poco Diablo Resort banquet 2,247.27 Prime Outlets Sedona prepaid gift certificates 9,000.00 Rhodes, Daniel entertainment 50.00 Roberts Creekside Cafe prepayment for gift certificates 2,000.00 Roberts Creekside Cafe certificates/gifting premiums 2,198.75 Sedona Photo Tours prepayment for gift certificates (activities) 6,000.00 Sedona Transportation to OPC certificates/gifting premiums 408.29 Way of the Ancients certificates/gifting premiums 15,402.40
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Wolf, Martin certificates/gifting premiums 2,526.00 Various gifting/spiffs 40,064.30 Charthouse Certificates 2,250.00 Coca Cola Refreshments 74.97 Alena Hassan Refreshments 300.00 Desiree Matlock Refreshments 310.00 Scottsdale Villa Mirage Room Stays 909.04 Frys Food Store Refreshments 196.76 Arizona Republic Advertising 984.40 Coca - Cola refreshments 74.94 Frys Food Store refreshments 19.24 Hinckley & Sierra Spring refreshments 31.83 Matlock,Desiree breakfast 310.00 United Coffee Service refreshments 46.14 A Day in the West Certificates/Gifting Premiums 3,736.88 Bell Rock Inn Certificates/Gifting Premiums 4,501.97 Dale Boorman Entertainment 400.00 Creative Printing Resort printing 1,879.77 Direct Marketing Resource Flyers/Inserts 86.93 John Dzerigian Entertainment 50.00 Lynne Allison Evola Catering 1,337.10 Fournos Restaurant Certs/gifting premiums 427.50 Holiday Inn Express Certs/gifting premiums 1,661.71 Kenzo Ishikawa Entertainment 100.00 Kings Ransom Quality Certs/gifting premiums 928.20 Petty Cash spiffs 2,600.16 Printing Connection letterhead/platinum cards 776.15 Ridge on Sedona Golf room stays 6,891.23 Sedona Springs Resort room stays 77.45 Sedona Summit room stays 1,866.60 Sweet Peppers Certs/gifting premiums 63.75 Touch of the Southwest Certs/gifting premiums 85.41 Trail Horse Adventures Certs/gifting premiums 3,062.40 Verde Canyon Railroad Certs/gifting premiums 4,083.00 Verde Santa Fe Certs/gifting premiums 80.00 Village Lodge Certs/gifting premiums 233.36 Way of the Ancients Certs/gifting premiums 3,176.00 Martin Wolfe Certs/gifting premiums 1,050.00 Frys Food Stores of Arizona Refreshments 174.28 Louise Kief Reimb Napkins 17.32 Desiree Matlock Breakfast 310.00 Rawhide Certificates 2,500.00 ---------- Advertising, Sales & Marketing Total 387,291.88 Club Sunterra New deals May 18,144.00 Tahona Daluz Insurance 100.00 International Escrow Service Bank & CC charges & Encore 4,509.59 One World Art prints 1,506.34 Pella Windows Repair 231.33 International Escrow Service Encore conversion 9,454.00 International Escrow Service fees 5,428.00 Sedona Moving & Storage move santa fe to Sedona 1,600.00 Villas of Sedona misc reimb 77.45 Hau, Richard & 64,995.00
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Foliage Unlimited Void of July check (425.00) Best School of RE Prep course 988.00 Robert Blandford Refund - approved w/e 6/30 361.45 Motor Vehicle Division plate 148.39 Andrea Ryder Refund 133.00 International Escrow Service cc & bank charges (ridge/sprgs/summit/vos/vpd) 4,226.14 International Escrow Service conversion fees 3,584.00 Larson Newspaper security deposit for newspapers 400.00 Petty Cash corporate petty cash fund 339.93 Ryan, Nancy refund overpayment 153.39 Alan Brewer 103.81 Arizona School of Real Estate Real Estate Education 369.00 Benson Systems 117.00 Scottsdale Villa Mirage Various Reimb 926.78 International Escrow Service fees 1,390.00 Petty Cash Misc. Approved w/e 6/30 575.90 Various misc 156.17 Various Misc 763.00 ---------- Miscellaneous Total 120,356.67 Delux Business Forms Sales forms 165.40 Fed ex Shipping 1,185.57 Info USA Prepayment 1,000.00 Office Furniture of Sedona Office supplies 559.00 Preferred Image Repair fax 822.53 Quill Corp Office supplies 221.37 Sedona Internet Internet service 20.00 All Printing Labels 310.76 Boyd Coffee Coffee 100.65 Creative Printing Printing 2,536.21 Federal Express Shipping 455.24 Oak Creek Water Water 91.70 Office Max Credit Plan Office Supplies 140.67 Quill Corp Office Supplies 985.51 Crystal water 229.21 Culligan water 162.47 FedEx shipping 1,720.00 Office Furniture of Sedona supplies 265.33 Preferred Image supplies 303.44 American Data Technology Web Hosting 209.00 Creative Printing Printing 1,789.20 Credit Data Credit service 2,021.56 Fedex Shipping 2,245.50 Matthew Leo Website Consultation 300.00 Office Furniture Office Supplies 717.81 Preferred Image Office Supplies 183.70 Printing Connection Letterhead 1,741.50 Alexander Hamilton Institute employers guide to record keeping 75.15 Corporate Express cottonwood office supplies 1,138.36 Fedex shipping 958.05 Office Furniture of Sedona office supplies 254.54 Preferred Image Inc office supplies 799.85 Printing Connection labels "call your concierge" 526.75 Quill Corp office supplies 44.18
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Sedona Internet Service opc internet fee 20.00 Compupay Payroll 49.74 Xerox Copier 156.26 Pitney Bowes Postage 143.98 Compupay Payroll Fee 53.74 Credit Data Credit reporting 194.61 Compupay Inc payroll fees 53.97 Fedex shipping 33.94 Staples Credit Plan office supplies 50.24 Waxie Sanitary Supply sanitary supply 121.24 --------- Office Supplies and Payroll Fee Totals 25,157.93 Various August Payroll 395,000.00 Various August Payroll 81,916.00 ---------- Payroll Total 476,916.00 Castle rock Mini Storage Storage 127.00 Info Data Marketing Rent 5,000.00 Stormaster Self Storage Storage 688.04 Verizon Wireless Storage 115.56 Mobile Mini west bldg 92.48 Barton Trust Sept rent Castle Rock Plaza 1,557.00 Canyon Portal Properties Rent 3,744.49 Falcon Land Co Rent 4,386.20 Donald Hopkins Rent 2,469.85 Huntington Restaurants Rent 1,600.00 Kachina Booth Rent 1,556.24 Lantex Building Rent 4,000.00 Joe Rackov Rent 1,400.00 Sedona Center Development Rent 5,255.66 Dsedona Golf Resort Parking space rental 4,464.00 Sinagua Plaza Rent 2,665.36 Red Rock Rent 500.00 Sawmill University Center Sept rent 2,031.69 Data Storage Center July Storage 35.00 Tri City Storage Aug Storage 362.86 ---------- Property Rent Total 42,051.43 Bull Electric Maintenance 458.31 Expert carpet & Upholstery Maintenance 1,611.24 Lumbermans Doors 463.06 Maintenance warehouse Supplies 61.36 Master Bible Church Parking 3,600.00 Protection One Fire extinguisher 69.52 Rayne of Northern AZ Annual filter service 103.76 Sedona Bugbusters Pest control 75.00 John & Joe Villegas Maintenance 1,235.10 Waxie Sanitary Supplies Sanitary supply 248.26 Raymundo Zorrilla Finish fountain 1,590.00 Arizona Santitiz maintenance 1,863.67 Cable & Wireless maintenance 12.17 Expert carpeting maintenance 706.32 Foliage Unlimited plant maintenance 440.00 Paul Kraus Ground Maintenance 72.00
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Marks Vending Service resale items 59.75 Protection One Security 104.85 Arthur Sanchez Carpentry 600.00 Sedona Safe Rekey 57.50 Waxie Sanitation Supplies 528.42 Foliage Unlimited Maint-ridge sales 260.00 Gardening Angels July Landscaping 100.00 Preferred Image repair 119.24 Brads Carpet Cleaning west bldg remodel 805.00 Choice Point July Svc 25.00 Abrigo Fire Protection Annual Maintenance 241.65 Arizona restroom Sanitiz Maintenance 7,757.75 Bull Electric Maintenance 226.81 Foliage Unlimited Maintenance 425.00 Goettls High Desert Mech Reset Thermostat 50.00 Gillian Jones Maintenance 100.00 Sedona Bugbuster Maintenance 145.00 Sedona safe Maintenance 93.05 Luke Singer 5 hrs work 50.00 Thyssen Elevator Maintenance 142.64 Waxie sanitary Supplies 453.41 Arizona Restroom Sanitiz August maintenance 2,210.78 Barris, Leon reimb for telephone repair part 274.65 Best by Farr LLC replace broken ice bin switch 129.52 Cottonwood Glass & Mirror 2 pieces of glass for west bldg 115.23 Cox, Fred repair work done for cottonwood telemarketing booths 900.00 Expert carpet & upholstery clean carpet in child care unit 174.00 Robinson, Aaron work done on cottonwood telemarketing booths 330.00 Sanchez, Arthur supplies/materials/carpentry for west bldg 479.17 Schaller Construction material invoices for west bldg 664.06 Sedona Summit resort ace hardware invoice paid by HOA 55.08 Whitelaw, Stephen fax & copier cleaning 120.00 Cable & Wireless 1.98 Scottsdale Villa Mirage Cleaning 112.50 Waxie Sanitary Supplies Sanitary supply 313.86 Professional Plants Inc Aug Plant Service 200.00 Waxie Sanitary Supply Sanitary Supplies 94.32 Xerox Copier Maint 245.65 City of Scottsdale False alarms 210.00 Otis Elevator Service 576.15 Scottsdale Villa Mirage Cleaning 112.50 Scottsdale Villa Mirage Sales cleaning 112.50 --------- Repairs & Maintenance Total 32,386.79 Sprint Phone 546.99 US West Communications Phone 6,186.32 Verizon Wireless Phone 472.81 Airtouch Paging paging 91.11 Sprint paging 3,958.48 Lucent Technologies Telephone 823.95 Sedona Communications Telephone 11.94 Sprint Telephone 6,268.06 US West Communications Telephone 1,932.10 Lucent Technology Telephone 2,237.67
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (AZ) Case No. 00-5-6936-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- US West Communication Telephone 4,268.88 Verizon Telephone 56.93 Sprint telephone 52.96 US West Communications telephone 6,459.67 Sprint Telephone 114.20 US West Communications Telephone 1,812.58 Verizon Wireless cell phones 214.96 ------------ Telephone Total 35,509.61 Arizona Public Service Electric 952.69 Arizona Water Water 121.60 Citizens Arizona Gas Gas 116.72 Citizens Arizona Gas void of June check (1,512.00) Arizona Public Service Utilities 2,219.69 US West Communication Phone 14,512.88 Arizona Public Service Electric 1,906.68 Arizona Water Water 296.13 Cable & Wireless Cable 930.60 Arizona Public Service Electric 3,913.86 Big Park Domestic Wastewater Utilities 712.15 Citizen Gas Utilities 29.00 Mountain Waste Utilities 40.00 Waste Management Service 414.37 Arizona Public Service electric 974.37 Arizona Water Co water/sewer - summit sales 118.86 White Rabbit Miniatures Big Easy Aug utilities 278.55 Utilities Total 26,026.15 ------------ Grand Total 1,543,616.64 ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000
All Seasons Resorts, Legal entity Inc. (TX) Bankruptcy filing number 00-5-6937-JS ------------ Assets: - ------ Cash and cash equivalents $ 3,200 Cash in escrow and restricted cash 81,345 Mortgages receivable, net - Retained interests - Intercompany receivable (6,728,302) Due from related parties (34,106) Other receivables, net 951,180 Prepaid expenses and other assets 13,204 Investment in joint ventures/non-debtors - Real estate and development costs 3,763,815 Property and equipment, net 81,564 Intangible assets, net - ----------- $(1,868,100) =========== Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 192,750 Notes payable subject to compromise - Accounts payable not subject to compromise (6,409) Accrued liabilities 26,663 Notes payable not subject to compromise - Deferred income taxes - ----------- 213,004 Stockholders' equity (2,081,104) ----------- Total liabilities and equity $(1,868,100) ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000
All Seasons Resorts, Legal entity Inc. (TX) Bankruptcy filing number 00-5-6937-JS ------------ Revenues: - -------- Vacation interests sales $ - Interest income - Other income (loss) - - --------- Total revenues - --------- Costs and operating expenses: - ---------------------------- Vacation interests cost of sales - Advertising, sales and marketing 20,789 Provision for doubtful accounts - Loan portfolio expenses - General and administrative 488 Depreciation and amortization 2,487 --------- Total costs and operating expenses 23,764 --------- Income (loss) from operations (23,764) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - --------- Income (loss) before provision for taxes (23,764) Provision for income taxes - --------- Net income (loss) $ (23,764) =========
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
All Seasons Resorts, Legal entity Inc. (TX) Bankruptcy filing number 00-5-6937-JS Inflows: ------------ - ------- Deposit/Collection - ------------------ Encore $ 533 Tour Sales (40) Operating Refunds 3,814 Escrow Funds 12,010 Employee Payroll Deduction Reimbursement (178) ------- Subtotal-Deposit/Collection Inflows 16,139 Other - ----- Asset Sales - ------- Total Cash Inflows 16,139 ------- Outflows: - -------- Operating-Resorts 3,286 ------- Total Cash Outflows $ 3,286 -------
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: All Seasons Resorts, Inc. (TX) Case No. 00-5-6937-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Ozarka Water Water cooler rent 14.08 --------- Equipment Leases Total 14.08 Woodson-Mbacke Refund NSF chgs 25.00 --------- Miscellaneous Total 25.00 Federal Express Shipping 89.18 Petty Cash Petty cash 205.21 UPS Shipping 53.75 Danka Copy usage 9.57 UPS Shipping 109.40 --------- Office Supplies Total 467.11 Montgomery Self Storage Rent 220.00 --------- Property Rent Total 220.00 Roy Chapman Repair work 250.00 Conroe Lock & Key keys & combinations 93.10 --------- Repairs & Maintenance Total 343.10 GTE phone 150.29 Sprint phone 153.74 --------- Telephone Total 304.03 Mid South Electric Utilities 1,641.86 Montgomery Co MUD #4 Utilities 228.00 --------- Utilities Total 1,869.86 Various Misc 42.78 --------- Miscellaneous Total 42.78 --------- Grand Total 3,285.96 =========
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000
Grand Legal entity Beach, LP Bankruptcy filing number 00-5-6945-JS ------------ Assets: - ------ Cash and cash equivalents $ 23,967 Cash in escrow and restricted cash 3,541,437 Mortgages receivable, net - Retained interests - Intercompany receivable (9,979,601) Due from related parties 481,311 Other receivables, net 5,440,106 Prepaid expenses and other assets 166,698 Investment in joint ventures/non-debtors - Real estate and development costs 19,478,602 Property and equipment, net 625,572 Intangible assets, net 47,445 ------------ $ 19,825,537 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 4,405,807 Notes payable subject to compromise - Accounts payable not subject to compromise 214,891 Accrued liabilities 731,076 Notes payable not subject to compromise - Deferred income taxes - ------------ 5,351,774 Stockholders' equity 14,473,763 ------------ Total liabilities and equity $ 19,825,537 ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000
Grand Legal entity Beach, LP Bankruptcy filing number 00-5-6945-JS ------------ Revenues: - -------- Vacation interests sales $ 163,684 Interest income - Other income (loss) (65,168) ------------ Total revenues 98,516 ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 35,689 Advertising, sales and marketing 155,489 Provision for doubtful accounts - Loan portfolio expenses - General and administrative 37,850 Depreciation and amortization 22,989 ------------ Total costs and operating expenses 252,017 ------------ Income (loss) from operations (153,501) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes (153,501) Provision for income taxes - ------------ Net income (loss) $ (153,501) ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
Grand Legal entity Beach, LP Bankruptcy filing number 00-5-6945-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Encore $ 65,645 Employee Payroll Deduction Reimbursement 1,261 ------------ Subtotal-Deposit/Collection Inflows 66,906 Other - ----- Asset Sales - ------------ Total Cash Inflows 66,906 ------------ Outflows: - -------- Operating-Resorts 68,440 Payroll-Resorts(S&W) 73,072 Commissions-Post 43,375 HOA Subsidies & Maintenance Fees 79,328 ------------ Total Cash Outflows $ 264,215 ------------
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Grand Beach Resort Limited Partnership Case No. 00-5-6945-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Various commissions 5,219.00 Various Commissions 6,733.25 Various July Bonus 24,535.40 Multiple commission 4,604.77 Fraser Inc Commission 2,282.40 ------------- Commissions/Bonus Total 43,374.82 Fidelity Leasing Mailing machine 68.85 Neopost Mailing machine -cancelled 181.26 Fidelity Leasing Security System 68.85 ------------- Equipment Leases Total 318.96 Stewart, Jack reimb exp 86.18 Jennifer Preble Expense report 21.70 Jack Stewart Expense report 106.55 Various Expense report 259.68 Jack Stewart Expense report 90.52 Martha Griffin Expense report 1,422.20 Jack Stewart Expense Reimb 93.19 Lara Alexi Malak Expense Reimb 900.00 Various Expense Report 5,679.23 ------------- Expense Reports Total 8,659.25 Earl K Wood Tax Collector Aug 30.00 ------------- Governmental Fees & Taxes Total 30.00 Schreeder, Wheeler, & Flint LLP Legal 995.00 Schreeder, Wheeler & Flint Encore transfers 3,385.00 Schreeder Wheeler & Flint 7,659.34 ------------- Legal & Professional Fees Total 12,039.34 Various subsidy requirement 79,327.55 ------------- Maintenance Fees Total 79,327.55 Grand Beach Spiff reimbursement 1,250.00 Krispy Kreme Food 151.20 Publix Supermarket Food 401.69 Sysco Food Service Food related 525.00 Sysco food for owner parties 730.00 Holly Camorata Entertainment 500.00 Various Food 1,049.68 Musak Music 53.00 RCI New Enrollments 790.97 Various Food 599.16 Holly Camorata Entertainment 250.00 Sysco Food Servicing Food related 535.00 Royal Gardens garden related 2,900.00 Various Spiff petty cash fund 1,250.00 Holy Camorata Karaoke 250.00 Krispy Kreme Donuts 103.20 Publix Supermarkets Refreshments 375.58 Sysco Food Service Refreshments 520.00
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Grand Beach Resort Limited Partnership Case No. 00-5-6945-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Petty Cash spiffs 1,250.00 ------------- Advertising, Sales & Marketing Total 13,484.48 Schreeder Wheeler & Flint Encore transfer 5,575.00 Schreeder, Wheeler Flint Fees & Transfers 6,947.99 Owner Shares New Owners for July 808.00 Muzak 53.00 ------------- Miscellaneous Total 13,383.99 Fedex shipping 216.70 USPS postage 1,000.00 Fed ex Shipping 113.90 Compupay Payroll 314.20 DHL Shipping 39.11 Crystal Springs Water Co cooler rent 10.60 FedEx Shipping 102.96 ------------- Office Supplies and Payroll Fee Totals 1,797.47 Various August Payroll 73,072.00 ------------- Payroll Total 73,072.00 Premier Modular Building Unit rental 2,314.62 ------------- Property Rent Total 2,314.62 Servidyne Systems Monitoring system monthly chg cancel Aug 276.00 Terminix Exterminator 23.32 Trugreen Interior Plant Maint 158.31 Cable & Wireless repair 27.24 Fla carbonic gas 14.00 Wiginton Fire Sprinklers inspection fee 115.00 Essex Builders repair 52.50 DK Linen Service Linensa 12,000.00 ------------- Repairs & Maintenance Total 12,666.37 Sprint Phone 2,868.07 Sprint Telephone 878.16 ------------- Telephone Total 3,746.23 ------------- Grand Total 264,215.08 =============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000
Greensprings Legal entity Associates Bankruptcy filing number 00-5-6946-JS ------------ Assets: - ------ Cash and cash equivalents $ - Cash in escrow and restricted cash 1,051,906 Mortgages receivable, net - Retained interests - Intercompany receivable 19,096,908 Due from related parties (59,825) Other receivables, net 1,263,850 Prepaid expenses and other assets 41,726 Investment in joint ventures/non-debtors - Real estate and development costs 12,476,468 Property and equipment, net 1,827,113 Intangible assets, net - ------------ $ 35,698,146 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 1,683,771 Notes payable subject to compromise - Accounts payable not subject to compromise - Accrued liabilities 23,539 Notes payable not subject to compromise - Deferred income taxes - ------------ 1,707,310 Stockholders' equity 33,990,836 ------------ Total liabilities and equity $ 35,698,146 ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000
Greensprings Legal entity Associates Bankruptcy filing number 00-5-6946-JS ------------ Revenues: - -------- Vacation interests sales $ 611,970 Interest income - Other income (loss) 7,513 ------------ Total revenues 619,483 ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 161,855 Advertising, sales and marketing 323,753 Provision for doubtful accounts - Loan portfolio expenses - General and administrative 12,786 Depreciation and amortization 13,786 ------------ Total costs and operating expenses 512,180 ------------ Income (loss) from operations 107,303 Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes 107,303 Provision for income taxes - ------------ Net income (loss) $ 107,303 ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
Greensprings Legal entity Associates Bankruptcy filing number 00-5-6946-JS ------------ Cash Flow is combined with Powhatan Associates 00-5-6958-JS
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Greensprings Plantation Legal entity Resorts, Inc. Bankruptcy filing number 00-5-6947-JS ------------- Assets: - ------ Cash and cash equivalents $ - Cash in escrow and restricted cash - Mortgages receivable, net - Retained interests - Intercompany receivable - Due from related parties - Other receivables, net - Prepaid expenses and other assets - Investment in joint ventures/non-debtors - Real estate and development costs - Property and equipment, net - Intangible assets, net - ------------- $ - ============= Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ - Notes payable subject to compromise - Accounts payable not subject to compromise - Accrued liabilities - Notes payable not subject to compromise - Deferred income taxes - ------------- - Stockholders' equity - ------------- Total liabilities and equity $ - ============= United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Greensprings Plantation Legal entity Resorts, Inc. Bankruptcy filing number 00-5-6947-JS ------------- Revenues: - -------- Vacation interests sales $ - Interest income - Other income (loss) - ------------- Total revenues - ------------- Costs and operating expenses: - ---------------------------- Vacation interests cost of sales - Advertising, sales and marketing - Provision for doubtful accounts - Loan portfolio expenses - General and administrative - Depreciation and amortization - ------------- Total costs and operating expenses - ------------- Income (loss) from operations - Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------- Income (loss) before provision for taxes - Provision for income taxes - ------------- Net income (loss) $ - ============= United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Greensprings Plantation Legal entity Resorts, Inc. Bankruptcy filing number 00-5-6947-JS ------------- No cash flow for this entity. United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Harich Tahoe Legal entity Development Bankruptcy filing number 00-5-6948-JS ------------ Assets: - ------ Cash and cash equivalents $ - Cash in escrow and restricted cash - Mortgages receivable, net - Retained interests - Intercompany receivable (3,751,336) Due from related parties - Other receivables, net 467,451 Prepaid expenses and other assets 14,522 Investment in joint ventures/non-debtors - Real estate and development costs 467,477 Property and equipment, net 119,358 Intangible assets, net 4,595,663 ------------ $ 1,913,135 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 40,428 Notes payable subject to compromise 1,154,643 Accounts payable not subject to compromise - Accrued liabilities (4) Notes payable not subject to compromise - Deferred income taxes - - ------------ 1,195,067 Stockholders' equity 718,068 ------------ Total liabilities and equity $ 1,913,135 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Harich Tahoe Legal entity Development Bankruptcy filing number 00-5-6948-JS ------------ Revenues: - -------- Vacation interests sales $ - Interest income - Other income (loss) - ------------ Total revenues - ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales - Advertising, sales and marketing - Provision for doubtful accounts - Loan portfolio expenses - General and administrative 3,033 Depreciation and amortization 58,617 ------------ Total costs and operating expenses 61,650 ------------ Income (loss) from operations (61,650) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes (61,650) Provision for income taxes - ------------ Net income (loss) $ (61,650) ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Harich Tahoe Legal entity Development Bankruptcy filing number 00-5-6948-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Encore $ 10,686 ------------ Subtotal-Deposit/Collection Inflows 10,686 Other - ----- Asset Sales - ------------ Total Cash Inflows 10,686 ------------ Outflows: - -------- Total Cash Outflows $ - ------------ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Lake Tahoe Resorts Legal entity Partners, LLC Bankruptcy filing number 00-5-6952-JS ------------ Assets: - ------- Cash and cash equivalents $ 79,479 Cash in escrow and restricted cash 773,967 Mortgages receivable, net - Retained interests - Intercompany receivable (29,211,215) Due from related parties 1,430,869 Other receivables, net 546,662 Prepaid expenses and other assets 109,158 Investment in joint ventures/non-debtors - Real estate and development costs 45,841,661 Property and equipment, net 239,989 Intangible assets, net - ------------ $ 19,810,570 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 4,719,653 Notes payable subject to compromise - Accounts payable not subject to compromise 326,899 Accrued liabilities 360,320 Notes payable not subject to compromise - Deferred income taxes - ------------ 5,406,872 Stockholders' equity 14,403,698 ------------ Total liabilities and equity $ 19,810,570 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Lake Tahoe Resorts Legal entity Partners, LLC Bankruptcy filing number 00-5-6952-JS ------------ Revenues: - --------- Vacation interests sales $ 956,022 Interest income - Other income (loss) 196,692 ---------- Total revenues 1,152,714 ---------- Costs and operating expenses: - ----------------------------- Vacation interests cost of sales 408,900 Advertising, sales and marketing 417,446 Provision for doubtful accounts - Loan portfolio expenses 2,347 General and administrative 67,717 Depreciation and amortization 8,197 ---------- Total costs and operating expenses 904,607 ---------- Income (loss) from operations 248,107 Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ---------- Income (loss) before provision for taxes 248,107 Provision for income taxes - ---------- Net income (loss) $ 248,107 ========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Lake Tahoe Resorts Legal entity Partners, LLC Bankruptcy filing number 00-5-6952-JS Inflows: ------------ - ------- Deposit/Collection - ------------------ Encore $ 4,469 Operating Refunds 195 --------- Subtotal-Deposit/Collection Inflows 4,664 --------- Total Cash Inflows 4,664 --------- Outflows: - -------- Operating-Resorts 152,231 Payroll-Resorts(S&W) 294,833 Commissions-Post 23,084 HOA Subsidies & Maintenance Fees 138,040 --------- Total Cash Outflows $ 608,187 --------- United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Lake Tahoe Resort Partners, LLC Case No. 00-5-6952-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Various Commissions 23,084.51 ------------ Commissions Total 23,084.51 Pitney Bowes Mail machine 1,012.02 Ikon Office Solutions Copier 297.68 IOS Capital Equip rental 616.34 IOS Capital Copier leases 582.43 ------------ Equipment Leases Total 2,508.47 Charles Kitts Expense report 73.24 Debra Rosenow Expense report 24.60 ------------ Expense Reports Total 97.84 DMV renewal License for van 342.00 Franchise Tax Board John Whittaker 80.02 South Lake Tahoe City Renewal 1,500.00 Franchise tax Board tax 237.43 Secretary of State 40.00 Franchise Tax Board tax for John Whittaker 341.58 ------------ Governmental Fees & Taxes Total 2,541.03 Ridge Pointe POA Subsidy (for Ridge Point) 81,762.00 Embassy Vacation Resort Maintenance fees 6,163.50 Tahoe Seasons Resort Maintenance fees 60.00 Various Various hotel expenses 56,277.59 ------------ Maintenance Fees Total 144,263.09 EVR Tahoe Room Stays 11,349.72 First Resorts Certificates 1,250.00 Home Depot Certificates 2,500.00 Hornblower Cruises Certificates 7,500.00 RCI Owners Binders 530.62 Ski Run Boat Certificates 1,000.00 Barry Edelson Tours in July 744.89 EVR Tahoe Room Stays 2,113.72 Michael Presley Tours in July 725.00 RCI freight 11.86 Tahoe Seasons Resorts Certificates 1,000.00 Camp Richardson Certificates 5,625.00 Hornblower Cruise Certificates 7,500.00 Camp Richardson certificates/gifting premiums 3,750.00 Northern Sierra Concierge Stateline tours 260.00 RCI disclosure guides 225.33 Travel Systems Ltd certificates/gifting premiums 2,580.00 Vinyl Industrial Product Owner Binders 4,602.55 Embassy Vacation Resorts room stays 36,841.59 Travel Systems Certs/gifting premiums 3,888.00 ------------ Advertising, Sales & Marketing Total 93,998.28
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Lake Tahoe Resort Partners, LLC Case No. 00-5-6952-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- RMI Inc Doc Prep 460.00 RMI Broker trust Bank Fees July 3,107.61 Sparkletts supplies 20.82 Tahoe Beach & Ski gm fee 687.50 Lake Tahoe Resort Partner petty cash 5,000.00 Olaf Brekke Refund 200.00 John Whittaker Dues 80.00 RMI Broker Trust Doc prep 690.00 Lake Tahoe Resort Partners set up petty cash account for tours 4,500.00 ------------- Miscellaneous Total 14,745.93 Credit Data Service Credit reporting 236.96 Fed ex Shipping 178.12 Armored Transport armored car 114.47 Compupay Payroll 80.76 Lake Tahoe Resort Petty cash 7,000.00 Microbuilt Credit reporting 40.76 Reserve Account Postage 500.00 FedEx Shipping 149.25 Compupay Payroll 112.16 IKON office Service 346.31 Fedex Shipping 311.30 Compupay Inc payroll fees 117.84 Fedex shipping 520.82 ------------- Office Supplies and Payroll Fee Totals 9,708.75 Various August Payroll 294,833.00 ------------- Payroll Total 294,833.00 GE Capital Modular Space aug 271.91 GE Capital Modular Space aug 271.91 Ski Run marina aug rent 3,354.78 Buffo, Michael Sept rent 1,666.00 Presley, G Michael Sept rent 4,000.00 Ski Run Marina Sept rent 7,225.82 Tahoe Beach & Ski Club Sept rent 500.00 ------------- Property Rent Total 17,290.42 AT & T cable cable 100.73 Rentokil 974.48 Randy's Locksmith entry to trailer 60.00 ------------- Repairs & Maintenance Total 1,135.21 AT & T Phone 305.04 Pacific Bell Phone 187.47 AT & T phone 23.01 Pacific Bell phone 368.16 AT & T Telephone 111.82 Lightyear Communications Telephone 729.52 Sprint Telephone 545.66
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Lake Tahoe Resort Partners, LLC Case No. 00-5-6952-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Pacific Bell Telephone 138.99 AT & T Telephone 243.61 Pacific Bell Telephone 1,120.58 Pacific Bell Telephone 92.65 Kitts, Charles reimb cell phone 37.59 ------------- Telephone Total 3,904.10 Sierra Pacific Power Utilities 42.07 Sierra Pacific Power Utilities 20.65 Sierra Pacific Power electric 14.80 ------------- Utilities Total 77.52 ------------- Grand Total 608,188.15 =============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 MMG Development Legal entity Corp. Bankruptcy filing number 00-5-6954-JS ------------ Assets: - ------ Cash and cash equivalents $ 278,884 Cash in escrow and restricted cash 1,845,010 Mortgages receivable, net - Retained interests - Intercompany receivable (23,973,762) Due from related parties 50,907 Other receivables, net 1,919,969 Prepaid expenses and other assets 1,056,035 Investment in joint ventures/non-debtors - Real estate and development costs 21,967,202 Property and equipment, net 5,613,539 Intangible assets, net - ------------ $ 8,757,784 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 3,784,336 Notes payable subject to compromise - Accounts payable not subject to compromise 204,097 Accrued liabilities (139,956) Notes payable not subject to compromise - Deferred income taxes - ------------ 3,848,477 Stockholders' equity 4,909,307 ------------ Total liabilities and equity $ 8,757,784 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 MMG Development Legal entity Corp. Bankruptcy filing number 00-5-6954-JS ------------ Revenues: - --------- Vacation interests sales $ 383,016 Interest income - Other income (loss) (18,824) ------------ Total revenues 364,192 ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 88,821 Advertising, sales and marketing 149,537 Provision for doubtful accounts - Loan portfolio expenses - General and administrative 41,530 Depreciation and amortization 33,640 ------------ Total costs and operating expenses 313,528 ------------ Income (loss) from operations 50,664 Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes 50,664 Provision for income taxes - ------------ Net income (loss) $ 50,664 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 MMG Development Legal entity Corp. Bankruptcy filing number 00-5-6954-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Resort Deposits: Encore $ 62,215 Tour Sales (1,957) Operating Refunds 5,274 Escrow Funds 10,086 Employee Payroll Deduction Reimbursement 997 ------------ Subtotal-Deposit/Collection Inflows 76,615 Other - ----- Asset Sales - ------------ Total Cash Inflows 76,615 ------------ Outflows: - -------- Operating-Resorts 33,917 Payroll-Resorts(S&W) 78,155 Commissions-Post 56,827 ------------ Total Cash Outflows $ 168,899 ------------ United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: MMG Development Corp. Case No. 00-5-6954-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Various Commissions 7,552.73 Various Commission 637.00 Various Commission 11,670.93 Multiple commission 17,311.12 Various commissions 7,577.31 Various commissions 600.00 Various Commissions 11,478.22 --------- Commissions Total 56,827.31 Park Avenue Office Service rental fee (8/22-9/22) 24.17 Microbilt credit card machine rental 45.58 --------- Equipment Leases Total 69.75 Various Expense report 1,664.92 Don Ward Expense Reimb 1,205.30 James Harris Expense Report 943.00 --------- Expense Reports Total 3,813.22 City of Ft Lauderdale Licenses 336.00 --------- Governmental Fees & Taxes Total 336.00 Bent Creek Golf Village void of July check (2,645.84) ---------- Maintenance Fees Total (2,645.84) Polynesian Isles HOA Maint Fees - Hayes 474.00 Polynesian Isles RPM Rentals 4,500.00 Carousel Industries Fudge 703.18 Collier Foods Gifting 108.60 Great Smokie Mountain Theater Gifting 49.50 WW Travel center Gifting 160.00 Calhouns dinner certs 2,500.00 --------- Advertising, Sales & Marketing Total 8,495.28 Alfred Gambill Refund 836.27 Neopost Void of July check (715.54) Gatlinburg Town Square 52.14 Great Smokies Mega 18.00 Knoxville Coca Cola 182.93 Various Brokers Fees 600.00 Polynesian Isles June sales rental 2,250.00 --------- Miscellaneous Total 3,223.80 Business Machines Co office related 108.96 Compupay Payroll 106.08 English Mountain Spring water 107.99 Fed ex Shipping 800.54 Johnson Office Equip Print Cartridge 173.20 Miles Market Pager 53.71 Neopost Postage 479.57
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: MMG Development Corp. Case No. 00-5-6954-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- UPS Shipping 45.50 Business Machines Inc. office related 55.00 Fedex Shipping 1,272.00 Thermocopy copier related 523.55 Airborne Express shipping 35.64 Fedex shipping 1,022.74 Federal Express Shipping 294.94 Microbuilt Credit reporting 45.58 FedEx Shipping 447.81 Fedex shipping 495.64 Culligan Water Water 182.65 Danka Copier Maintenance 399.42 Compupay Payroll 72.28 Federal Express Shipping 13.78 ---------- Office Supplies and Payroll Fee Totals 6,736.58 Various August Payroll 78,155.00 ---------- Payroll Total 78,155.00 Armstrong Carpet Cleaning 2,000.00 Johnson Pest Control Exterminator 90.00 Patterson Service call 82.36 Rental Uniform Service Uniforms 125.86 Shamrock Mechanical Service call 353.00 Armstrong Carpet Cleaner carpet cleaning 1,000.00 Armstrong Carpet Cleaner carpet cleaning (7/30-8/3 & 8/16-8/19) 1,000.00 Park Avenue Office Service June-July Maint 24.17 ---------- Repairs & Maintenance Total 4,675.39 Bell South Phone 347.02 Charter communications Phone 110.27 AT & T phone 307.75 Bell South phone 107.51 Bell South Phone 118.99 Bell South telephone 116.23 ---------- Telephone Total 1,107.77 Sevier County Electric Utilities 555.58 Webb Creek Utility electric 6,601.54 Sevier County Electric Electric 931.25 Sevier County Utilities water/sewer 16.38 ---------- Utilities Total 8,104.75 ---------- Grand Total 168,899.01 ==========
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000
Port Royal Legal entity Resort, L.P. Bankruptcy filing number 00-5-6957-JS ------------ Assets: - ------ Cash and cash equivalents $ (30,673) Cash in escrow and restricted cash 276,595 Mortgages receivable, net - Retained interests - Intercompany receivable (16,189) Due from related parties 119,442 Other receivables, net 835,808 Prepaid expenses and other assets 97,880 Investment in joint ventures/non-debtors - Real estate and development costs 420,506 Property and equipment, net 138,624 Intangible assets, net 5,234 ----------- $ 1,847,227 =========== Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 517,001 Notes payable subject to compromise - Accounts payable not subject to compromise - Accrued liabilities 6 Notes payable not subject to compromise - Deferred income taxes - ----------- 517,007 Stockholders' equity 1,330,220 ----------- Total liabilities and equity $ 1,847,227 ===========
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000
Port Royal Legal entity Resort, L.P. Bankruptcy filing number 00-5-6957-JS ------------ Revenues: - -------- Vacation interests sales $ - Interest income - Other income (loss) - ------------ Total revenues - ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales - Advertising, sales and marketing 10,026 Provision for doubtful accounts 2,123 Loan portfolio expenses - General and administrative 9,515 Depreciation and amortization 4,976 ------------ Total costs and operating expenses 26,640 ------------ Income (loss) from operations (26,640) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes (26,640) Provision for income taxes - ------------ Net income (loss) $ (26,640) ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
Port Royal Legal entity Resort, L.P. Bankruptcy filing number 00-5-6957-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Encore $ (5,075) ----------- Subtotal-Deposit/Collection Inflows (5,075) Other - ----- Asset Sales - ----------- Total Cash Inflows (5,075) ----------- Outflows: - -------- Operating-Resorts 962 ----------- Total Cash Outflows $ 962 -----------
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Port Royal Resort, L.P. Cash No. 00-5-6957-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Hale & Hale 84.00 Hargray Communications 515.64 Schreeder Wheeler Flint Legal related expenses 257.33 Old Carolina golf for Leroy French (manager) 75.00 --------- Miscellaneous Total 931.97 Fedex 30.44 --------- Office Supplies Total 30.44 --------- Grand Total 962.41 =========
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Powhatan Legal entity Associates Bankruptcy filing number 00-5-6958-JS ------------ Assets: - ------ Cash and cash equivalents $ 93 Cash in escrow and restricted cash 1,757,460 Mortgages receivable, net 1,939,177 Retained interests - Intercompany receivable 13,911,823 Due from related parties 159,652 Other receivables, net 2,193,678 Prepaid expenses and other assets 6,450 Investment in joint ventures/non-debtors - Real estate and development costs 9,508,744 Property and equipment, net 59,716 Intangible assets, net 303,991 ------------ $ 29,840,784 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 873,080 Notes payable subject to compromise - Accounts payable not subject to compromise 8,094 Accrued liabilities 196,044 Notes payable not subject to compromise 1,255,945 Deferred income taxes - ------------ 2,333,163 Stockholders' equity 27,507,621 ------------ Total liabilities and equity $ 29,840,784 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Powhatan Legal entity Associates Bankruptcy filing number 00-5-6958-JS ------------ Revenues: - -------- Vacation interests sales $ 166,441 Interest income 13,779 Other income (loss) 9,891 ------------ Total revenues 190,111 ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 36,100 Advertising, sales and marketing 90,964 Provision for doubtful accounts - Loan portfolio expenses 6,209 General and administrative 9,536 Depreciation and amortization 9,361 ------------ Total costs and operating expenses 152,170 ------------ Income (loss) from operations 37,941 Interest expense 8,153 Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes 29,788 Provision for income taxes - ------------ Net income (loss) $ 29,788 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Powhatan Legal entity Associates Bankruptcy filing number 00-5-6958-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Encore $ 32,572 Tour Sales (1,908) Operating Refunds 20,554 Escrow Funds 288,032 ------------ Subtotal-Deposit/Collection Inflows 339,251 Other - ----- Asset Sales - ------------ Total Cash Inflows 339,251 ------------ Outflows: - -------- Operating-Resorts 79,019 Payroll-Resorts(S&W) 102,500 Commissions-Post 298,371 ------------ Total Cash Outflows $ 479,890 ------------ Includes Powhatan Associates (00-5-6958-JS) and Greensprings Associates (00-5-6946-JS) United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Powhatan Associates and Greensprings Associates Case No. 00-5-6958-JS and 00-5-6946-JS (Chapter 11) Combined Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Various Commissions 14,473.67 Various Commission 23,896.35 Various Commission 105,099.14 Multiple Bonus 17,259.13 Multiple commission 27,074.45 Various commissions 26,797.08 The Berkley Group commissions due (Jul-Aug) 83,772.00 ---------- Commissions Total 298,371.82 Accountemps accounting temps 3,000.00 ---------- Contract Labor Total 3,000.00 Minolta Leasing Copier 882.91 American Office System Copier 90.30 ---------- Equipment Leases Total 973.21 Matt Broderick Expense report 353.61 William Gooding Expense report 1,073.68 Diane Ingram Expense report 87.14 Multiple Expense Reimb 1,871.20 Various reimb exp 3,869.77 ---------- Expense Reports Total 7,255.40 Greensprings Encore room stays 1,062.50 ---------- Advertising, Sales & Marketing Total 1,062.50 Greensprings Assoc amex charges 689.78 Powhatan Assoc merchant fees 341.05 Various Various invoices 36,575.43 Powhatan J Cooper salary 876.97 BW Wilson 94.83 Greensprings Credit card 2,945.82 Powhatan Credit card 5,875.77 BW Wilson 530.36 Greensprings Assoc club dues-Giles 139.00 ---------- Miscellaneous Total 48,069.01 American Office systems 106.37 Fed ex Shipping 101.26 Compupay Payroll 101.80 Powhatan Supplies, gas , pager 191.03 UPS Shipping 49.24 FedEx Shipping 750.14 BW Wilson copy paper 982.82 ---------- Office Supplies and Payroll Fee Totals 2,282.66 Greensprings Office Park Rent 13,291.67 Tr Orourk Rent 1,300.00 ---------- Property Rent Total 14,591.67
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Powhatan Associates and Greensprings Associates Case No. 00-5-6958-JS and 00-5-6946-JS (Chapter 11) Combined Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Greensprings Repair 49.04 BFI Industries Waste 606.42 Mastercorp Inc janitorial 120.00 ---------- Repairs & Maintenance Total 775.46 GTE Phone 1,008.64 ---------- Telephone Total 1,008.64 Various August Payroll 102,500.00 ---------- Payroll Total 102,500.00 ---------- Grand Total 479,890.37 ==========
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Resort Marketing Legal entity Internat'l, Inc. Bankruptcy filing number 00-5-6961-JS ------------ Assets: - ------ Cash and cash equivalents $ 716,807 Cash in escrow and restricted cash 532,465 Mortgages receivable, net - Retained interests - Intercompany receivable (3,101,247) Due from related parties (1,597,366) Other receivables, net 923,592 Prepaid expenses and other assets 1,195,157 Investment in joint ventures/non-debtors - Real estate and development costs - Property and equipment, net 1,087,415 Intangible assets, net 1,389,191 ------------ $ 1,146,014 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 3,890,553 Notes payable subject to compromise - Accounts payable not subject to compromise 536,978 Accrued liabilities 578,660 Notes payable not subject to compromise - Deferred income taxes - ------------ 5,006,191 Stockholders' equity (3,860,177) ------------ Total liabilities and equity $ 1,146,014 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Resort Marketing Legal entity Internat'l, Inc. Bankruptcy filing number 00-5-6961-JS ------------ Revenues: - -------- Vacation interests sales $ - Interest income - Other income (loss) - ------------ Total revenues - ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales - Advertising, sales and marketing 409,578 Provision for doubtful accounts 1,863 Loan portfolio expenses - General and administrative 770 Depreciation and amortization 40,096 ------------ Total costs and operating expenses 452,307 ------------ Income (loss) from operations (452,307) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes (452,307) Provision for income taxes - ------------ Net income (loss) $ (452,307) ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Resort Marketing Legal entity Internat'l, Inc. Bankruptcy filing number 00-5-6961-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Resort Deposits: Encore $ (11,816) Premier 1,967,000 ------------ Subtotal-Deposit/Collection Inflows 1,955,184 Other - ----- Asset Sales - ------------ Total Cash Inflows 1,955,184 ------------ Outflows: - -------- Operating-Premier 1,270,824 Operating-Carlsbad 35,502 Operating-Resorts 10,970 Payroll-RMI Orlando 227,000 Payroll-Carlsbad 20,150 Payroll-Resorts(S&W) 66,000 ------------ Total Cash Outflows $ 1,630,446 ------------ United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Resort Marketing International, Inc. Case No. 00-5-6961-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice/Service Total ------------------ ------------------------------ ----- Accountemps Temp help 1,212.12 Accountemps Temp help 72.46 --------- Contract Labor Total 1,284.58 Xerox Copier 1,791.13 Ikon Office Solutions Copier 161.36 Fidelity Leasing Security system 2,469.80 IOS Capital Copier leases 744.67 Fidelity Leasing Security System 1,873.83 --------- Equipment Leases Total 7,040.79 Kevin Pereira Expense report 170.82 Tom Skraby Expense report 1,700.37 Les Abeyta Expense report 189.38 Kevin Pereira Expense report 465.45 Ariel Ramos Expense report 594.46 Kevin Pereira Expense Report 173.88 Ariel Ramos Expense Report 701.68 Multiple Expense Reimb 3,094.12 Various reimb exp 3,711.43 Lorraine Comito Expense Report 546.10 Mike Lear Expense Report 231.60 Eusebio Laracuente Expense Report 53.70 Stefano Mitacchione Expense Report 39.25 Kathy Natusch Expense Report 214.65 John Turner Expense Report 244.42 Various reimb exp 1,426.60 Multiple Expense Reimb 1,871.75 --------- Expense Reports Total 15,429.66 Board of Professional RE license RMI 85.00 Secretary of State Annual report 45.00 Florida Department of Revenue July Sales Tax 1,817.76 Orange County Board tourist dev tax 2,834.37 --------- Governmental Fees & Taxes Total 4,782.13 Cypress Pointe Phase I Maintenance Fees - (paid for room stays) 280.00 FT Lauderdale Beach Maintenance Fees - (paid for room stays) 794.50 Polynesian Maintenance Fees - (paid for room stays) 904.00 --------- Maintenance Fees Total 1,978.50 Citysearch.com Advertising 320.00 Employment Guide Display Ad 936.00 Beech outdoor Ad Outdoor Ad 700.00 Crab House Certificates 140.00 FPIS Certificates 954.00 Jungle Jims Certificates 187.50 Overnight Photos Photos 256.00 Pirates Dinner Theater Certificates 4,570.51 Sleuths Mystery Certificates 1,212.64 Speedimpex Newspaper & magazine 135.52
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Resort Marketing International, Inc. Case No. 00-5-6961-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice/Service Total ------------------ ------------------------------ ----- World Transportation Bus Tours 124.80 Sea world Tickets 18,742.00 Universal Tickets 28,341.00 Walt Disney World Tickets 62,144.00 Universal Tickets 19,831.00 Walt Disney World Tickets 80,711.00 Arabian Nights Tickets 19,785.00 Busch Gardens Tickets 3,397.20 Cypress Gardens Tickets 174.90 Overnight Convention Photo Photos 227.13 Pirates Dinner Adventure Tickets 1,445.15 Seaworld Tickets 23,518.00 Speedimpex Newspaper & Magazine 103.72 Universal Tickets 133,731.00 Disney Tickets 90,838.75 Crab House Vouchers 561.00 FPIS Guest service flyers 1,150.10 Pirates Dinner theater Vouchers 320.33 Polygraphex systems Signs 1,088.55 Sleuths Mystery Vouchers 1,207.34 Speedimpex Newspaper 100.40 Wonderworks Vouchers 19.08 Various Tickets 280,000.00 Arabian Knights vouchers 8,490.00 Country Store of Orange sign rent/advertising 200.00 Overnite convention photo photo developing 468.95 Polygraphix Systems signs 1,055.76 Sleauths Mystery vouchers 845.88 Speedimpex newspapers/magazines for mercado 128.40 Titanic vouchers 624.38 Wonderworks vouchers 202.04 Various theme parks attraction tickets 222,856.55 Various theme parks attraction tickets 109,604.75 Holiday Inn Sunspree 10,070.00 Water Mania Tickets 167.95 Cypress Pointe Condo room stays 3,581.09 Homewood Suites room stays 1,587.00 FPIS Inc Tic Voucher/Price sheets 1,597.42 Overnight Convention Photo photos 321.43 Pirates Dinner Adventure vouchers 2,311.04 Prime outdoor group Billboard Advertising 408.00 Ripley's Believe it or not vouchers 42.14 Silver Springs vouchers 124.46 Speedimpex Newspapers/magazines 144.00 Wonderworks vouchers 43.35 ------------ Advertising, Sales & Marketing Total 1,141,848.21 Board of Professional 36.80 First Union Bank 100.00 Montgomery County Misty Vaughn child support pymt 150.00 Luis Aluarado refund 47.50 Cathy Clayborne refund 42.15 James Harris refund 136.74
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Resort Marketing International, Inc. Case No. 00-5-6961-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Robert Kelly refund 68.00 David Sabotta refund 42.15 Security Link security system monitoring 31.75 Uniforms to You uniforms for caribe 154.70 ------------- Miscellaneous Total 809.79 Office Depot Office Supplies 139.83 Compupay Payroll Fee 139.52 Compupay Payroll Fee 120.00 Compupay Payroll Fee 142.69 FedEx Shipping 357.62 Action Courier 1,838.06 Bestfax Toner 188.68 Action Courier 3,748.92 IKON office Service 85.67 Petty cash for Steve Mitacchione 298.78 Postmaster Postage 161.70 Action courier service 1,825.32 Koerner, Maria reimb for office supplies 107.30 Action courier 3,770.54 Robert Copper reimb office supplies 213.64 Postmaster Postage 100.00 Postmaster Postage 100.00 ------------- Office Supplies and Payroll Fee Totals 13,338.27 Various August payroll 66,000.00 Various August Payroll 20,150.00 Various August Payroll 227,000.00 ------------- Payroll Total 313,150.00 San Marcos Public storage Storage 250.00 Sorrento Mesa Self Storage Storage 277.00 Newport National sept rent ste 200 & 250 20,237.99 MVO Services Rent Mercado 4,427.38 Public Storage Rent 313.92 Duke Real Estate Sept rent 5,008.50 Florida Tourist Infocent Aug Lake City rent 5,350.00 Mears Transportation sept rent HIMR 36,000.00 MVO-Management sept rent mercado 9,621.98 Rofe Properties sept IVB rent 4,346.32 Southwest Orlando Invest sept TICW 2,140.00 Florida Tourist June July rent 10,700.00 ------------- Property Rent Total 98,673.09 Del Air Repair Marketing trailer 2,483.44 Massey Services Exterminator 31.80 Security Link Security 63.50 Del Air repair 110.79 Southern Appeal carpet Carpet cleaning 113.26 Waste management Trash pickup 59.05 Massey service Service 31.80 Security Link Monitoring 63.50
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Resort Marketing International, Inc. Case No. 00-5-6961-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Sign It Quick Sign 431.28 Wire & Design Repairs 1,760.00 Ikon Office Solutions copier maint contract 162.63 Wire & Design Electric install for copier & fax/mercado lighting 3,643.75 Advanced Business Products software/consulting fees 3,573.98 Florida Tourist repaint signs 532.25 Massey Services pest services 31.80 Security Link monitoring service 31.75 Clara Trimmer ticket refund 138.00 Linda Wilson refund tour deposit 300.00 Wire & Design Electric relocate security camera 1,350.00 ------------- Repairs & Maintenance Total 14,912.58 Pacific Bell phone 675.70 Pacific Bell Telephone 970.66 AT & T Phone 95.75 Nextel Phone 4,505.43 Bellsouth Telecommunications phone 1,630.01 AT & T Telephone 364.02 Bell South Telephone 112.60 Nextel Telephone 3,302.30 Sprint Telephone 1,646.45 Cable & Wireless condo phone bill 1.09 Cable & Wireless Telephone 0.95 All Cellular Inc cell phone 64.32 Fox Fiber Optics Telephone 265.27 Sprint phone 48.02 Sprint telephone 48.02 ------------- Telephone Total 13,730.59 Florida Power Utilities 1,745.29 Orlando Utilities Utilities 215.12 Raccoon Lake Camp resort Electric 132.87 Orlando Utilities Electric Bayhill 19.63 Fla Power Electric 692.20 Orlando Utilities Electric 570.64 Raccoon Lake Resort Electric 91.60 ------------- Utilities Total 3,467.35 ------------- Grand Total 1,630,445.54 ============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Ridge Point Limited Legal entity Partnership Bankruptcy filing number 00-5-6962-JS ------------ Assets: - ------- Cash and cash equivalents $ - Cash in escrow and restricted cash - Mortgages receivable, net - Retained interests - Intercompany receivable (1,078,293) Due from related parties - Other receivables, net 306,525 Prepaid expenses and other assets - Investment in joint ventures/non-debtors (130,047) Real estate and development costs 2,007,184 Property and equipment, net - Intangible assets, net - ----------- $ 1,105,369 =========== Liabilities and equity: - ----------------------- Accounts payable subject to compromise $ - Notes payable subject to compromise - Accounts payable not subject to compromise - Accrued liabilities 3 Notes payable not subject to compromise - Deferred income taxes - ----------- 3 Stockholders' equity 1,105,366 ----------- Total liabilities and equity $ 1,105,369 =========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Ridge Point Limited Legal entity Partnership Bankruptcy filing number 00-5-6962-JS ------------ Revenues: - --------- Vacation interests sales $ - Interest income - Other income (loss) - ---------- Total revenues - ---------- Costs and operating expenses: - ----------------------------- Vacation interests cost of sales - Advertising, sales and marketing 20,831 Provision for doubtful accounts - Loan portfolio expenses - General and administrative 1,325 Depreciation and amortization - ---------- Total costs and operating expenses 22,156 ---------- Income (loss) from operations (22,156) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ---------- Income (loss) before provision for taxes (22,156) Provision for income taxes - ---------- Net income (loss) $ (22,156) ========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Ridge Point Limited Legal entity Partnership Bankruptcy filing number 00-5-6962-JS ------------ No cash flow for this entity. United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Legal entity RKG, Inc. Bankruptcy filing number 00-5-6964-JS ------------ Assets: - ------- Cash and cash equivalents $ - Cash in escrow and restricted cash - Mortgages receivable, net - Retained interests - Intercompany receivable - Due from related parties - Other receivables, net - Prepaid expenses and other assets - Investment in joint ventures/non-debtors - Real estate and development costs - Property and equipment, net - Intangible assets, net - ---------- $ - ========== Liabilities and equity: - ----------------------- Accounts payable subject to compromise $ - Notes payable subject to compromise - Accounts payable not subject to compromise - Accrued liabilities - Notes payable not subject to compromise - Deferred income taxes - ---------- - Stockholders' equity - ---------- Total liabilities and equity $ - ========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Legal entity RKG, Inc. Bankruptcy filing number 00-5-6964-JS ------------ Revenues: - --------- Vacation interests sales $ - Interest income - Other income (loss) - ---------- Total revenues - ---------- Costs and operating expenses: - ----------------------------- Vacation interests cost of sales - Advertising, sales and marketing - Provision for doubtful accounts - Loan portfolio expenses - General and administrative - Depreciation and amortization - ---------- Total costs and operating expenses - ---------- Income (loss) from operations - Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ---------- Income (loss) before provision for taxes - Provision for income taxes - ---------- Net income (loss) $ - ========== United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Legal entity RKG, Inc. Bankruptcy filing number 00-5-6964-JS ------------ No cash flow for this entity. United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Sunterra Financial Legal entity Services, Inc. Bankruptcy filing number 00-5-6965-JS ------------ Assets: - ------- Cash and cash equivalents $ 291,564 Cash in escrow and restricted cash 6,985,431 Mortgages receivable, net 229,995,854 Retained interests 28,450,184 Intercompany receivable (239,161,283) Due from related parties (70,344) Other receivables, net 10,051,839 Prepaid expenses and other assets 445,252 Investment in joint ventures/non-debtors - Real estate and development costs - Property and equipment, net 793,597 Intangible assets, net 10,286,606 ------------- $ 48,068,700 ============= Liabilities and equity: - ----------------------- Accounts payable subject to compromise $ 1,716,098 Notes payable subject to compromise - Accounts payable not subject to compromise 1,914,538 Accrued liabilities 347,796 Notes payable not subject to compromise 103,021,978 Deferred income taxes - ------------- 107,000,410 Stockholders' equity (58,931,710) ------------- Total liabilities and equity $ 48,068,700 ============= United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Sunterra Financial Legal entity Services, Inc. Bankruptcy filing number 00-5-6965-JS ------------ Revenues: - --------- Vacation interests sales $ - Interest income 2,358,485 Other income (loss) 113,844 ------------ Total revenues 2,472,329 ------------ Costs and operating expenses: - ----------------------------- Vacation interests cost of sales - Advertising, sales and marketing - Provision for doubtful accounts 2,108,241 Loan portfolio expenses 726,993 General and administrative (151,437) Depreciation and amortization 22,653 ------------ Total costs and operating expenses 2,706,450 ------------ Income (loss) from operations (234,121) Interest expense 1,144,889 Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes (1,379,010) Provision for income taxes - ------------ Net income (loss) $ (1,379,010) ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Sunterra Financial Legal entity Services, Inc. Bankruptcy filing number 00-5-6965-JS ------------ Inflows: - -------- Deposit/Collection - ------------------ Resort Deposits: Cash-Out Program $ 7,410 Sunterra Finance Servicing Fee Income 124,511 Employee Payroll Deduction Reimbursement 15,126 --------- Subtotal-Deposit/Collection Inflows 147,047 Other - ----- Asset Sales - --------- Total Cash Inflows 147,047 --------- Outflows: - --------- Operating-Sunterra Finance 376,755 Payroll-Sunterra Finance 296,148 --------- Total Cash Outflows $ 672,903 --------- United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Financial Services, Inc. Case No. 00-5-6965-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Globe Furniture Rental Lease 178.15 IOS Capital Copier 372.00 IKON Office Solutions copier lease 426.04 IOS Capital copier lease 418.92 -------------- Equipment Leases Total 1,395.11 Michelle Horton Expense report 69.60 Lillian Luu Expense report 237.24 Shannon Elms Expense report 2,019.69 Multiple Expense report 2,157.11 Chuatiuco, Carolyn Expense report 93.63 Peterson, Allen Expense report 481.21 -------------- Expense Reports Total 5,058.48 Brice Vander Linden & W Dallas Legal fees foreclosures 2,530.00 Johnson Brooks Murrel Legal fees 130.00 Johnson Brooks Murrell Legal Fees 19,680.00 Chicago Title Insurance Deed releases/recordings/assignments 5,457.00 First American Title Deed releases/recordings/assignments 300.00 -------------- Legal & Professional Fees Total 28,097.00 Samatha Stephen Spiff reimbursement 1,950.00 -------------- Advertising, Sales & Marketing Total 1,950.00 Todd Ness Refund 156.36 Dean Nowak Refund 2,189.10 RPM Payroll reimbursement 52,192.62 Deconcini McDonald Yetwi Sunterra project 13,468.00 Murrell Johnson 125.00 Pacer Service Center 39.31 Samantha Stephen Spiff reimbursement 2,500.00 Concord Servicing Corp Ansley buyback/M Hubbard 29.85 Chicago Title Service Title reports 5,118.00 Concord Servicing Loan servicing 137,346.86 Deconcini McDonald 1,595.00 ES Financial Corp Cypress Pointe resort portfolio contract services 28,709.90 Finova Portfolio Service various resorts 12,194.37 -------------- Miscellaneous Total 255,664.37 Fed ex Shipping 670.75 UPS Shipping 142.20 Advanced Marketing Paper 136.74 Pacer Service Center Credit check 14.83 Shred It Paper shredding 85.00 Desert Copy Fax cartridge 116.90 Federal Express Shipping 421.18 Petty Cash Reimbursement 493.83 Advance Marketing Corp Prepayment Office Supplies 1,500.00 DHL Worldwide Express Shipping 82.71 Affirmed Medical Service Las Vegas First Aid Kit Supplies 87.46 FEDEX Shipping 85.28 Reserve Account Supplies 1,500.00
United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Sunterra Financial Services, Inc. Case No. 00-5-6965-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Shred It Paper shredding 106.25 UPS Shipping 18.13 USPS Postage 16.85 Business & Legal Reports Reports 216.95 CD Data County CD ROM 499.00 Fedex Shipping 1,446.14 LaSalle Bank Document Storage 15,941.05 Mckesson Water Water & Coffee 1,500.00 Desert Copy 37.78 Shred it paper shredding 97.75 UPS shipping 18.67 Fedex shipping 692.69 R & S Printing stationary 628.19 Laser World copier supplies/toner 846.85 -------------- Office Supplies and Payroll Fee Totals 27,403.18 Various August Payroll 296,148.00 -------------- Payroll Total 296,148.00 Charleston West Mini Storage multi unit lease 665.00 Canyon Lake Apartment Sept rent 800.00 Charleston West Mini Storage multi unit lease 770.00 Howard Hughes Properties Sept rent 24,294.20 -------------- Property Rent Total 26,529.20 Mr Plant Plant Maint 49.00 Alarmco Alarm 73.50 Abes Plumbing Plumbing 91.14 All Pro Heating & Air Co Filter Service 285.00 Phoenix Pest Control Pest Control 30.00 Desert Copy Maint Copiers 299.87 -------------- Repairs & Maintenance Total 828.51 Sprint Phone 38.28 Sprint phone 4,904.54 Sprint Telephone 13,720.37 Sprint telephone 5,856.90 -------------- Telephone Total 24,520.09 Nevada Power Power 87.10 Southwest Gas Utilities 26.58 Southwest Gas Utilities 11.71 Southwest Gas Utilities 21.09 McKesson Water Company Void of July Check (1,200.00) Nevada Power Electric 5,162.84 McKesson Water Co Water 1,200.00 -------------- Utilities Total 5,309.32 -------------- Grand Total 672,903.26 ==============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000
Sunterra Legal entity St. Croix, Inc. Bankruptcy filing number 00-5-6966-JS ------------ Assets: - ------ Cash and cash equivalents $ 211,927 Cash in escrow and restricted cash 138,685 Mortgages receivable, net 1,794,589 Retained interests - Intercompany receivable (10,811,141) Due from related parties (83,400) Other receivables, net 1,548,205 Prepaid expenses and other assets 432,638 Investment in joint ventures/non-debtors - Real estate and development costs 7,467,181 Property and equipment, net 5,696,664 Intangible assets, net - -------------- $ 6,395,348 ============== Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 2,571,427 Notes payable subject to compromise - Accounts payable not subject to compromise 380,052 Accrued liabilities 31,147 Notes payable not subject to compromise 25,220 Deferred income taxes - -------------- 3,007,846 Stockholders' equity 3,387,502 -------------- Total liabilities and equity $ 6,395,348 ==============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000
Sunterra Legal entity St. Croix, Inc. Bankruptcy filing number 00-5-6966-JS ------------ Revenues: - -------- Vacation interests sales $ (11,672) Interest income - Other income (loss) 46,448 -------------- Total revenues 34,776 -------------- Costs and operating expenses: - ---------------------------- Vacation interests cost of sales - Advertising, sales and marketing 4,755 Provision for doubtful accounts 15,825 Loan portfolio expenses 637 General and administrative 11,635 Depreciation and amortization 42,606 -------------- Total costs and operating expenses 75,458 -------------- Income (loss) from operations (40,682) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - -------------- Income (loss) before provision for taxes (40,682) Provision for income taxes - -------------- Net income (loss) $ (40,682) ==============
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000
Sunterra Legal entity St. Croix, Inc. Bankruptcy filing number 00-5-6966-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Encore $ 285 -------------- Subtotal-Deposit/Collection Inflows 285 Other - ----- Asset Sales - -------------- Total Cash Inflows 285 -------------- Outflows: - -------- Operating-Resorts - -------------- Total Cash Outflows $ - --------------
United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Williamsburg Legal entity Vacations, Inc. Bankruptcy filing number 00-5-6967-JS ------------ Assets: - ------- Cash and cash equivalents $ - Cash in escrow and restricted cash - Mortgages receivable, net - Retained interests - Intercompany receivable - Due from related parties - Other receivables, net - Prepaid expenses and other assets - Investment in joint ventures/non-debtors - Real estate and development costs - Property and equipment, net - Intangible assets, net - --- $ - === Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ - Notes payable subject to compromise - Accounts payable not subject to compromise - Accrued liabilities - Notes payable not subject to compromise - Deferred income taxes - --- - Stockholders' equity - --- Total liabilities and equity $ - === United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Williamsburg Legal entity Vacations, Inc. Bankruptcy filing number 00-5-6967-JS ------------ Revenues: - -------- Vacation interests sales $ - Interest income - Other income (loss) - --- Total revenues - --- Costs and operating expenses: - ---------------------------- Vacation interests cost of sales - Advertising, sales and marketing - Provision for doubtful accounts - Loan portfolio expenses - General and administrative - Depreciation and amortization - --- Total costs and operating expenses - --- Income (loss) from operations - Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - --- Income (loss) before provision for taxes - Provision for income taxes - --- Net income (loss) $ - === United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Williamsburg Legal entity Vacations, Inc. Bankruptcy filing number 00-5-6967-JS No cash flow for this entity. ------------ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Balance Sheet August 31, 2000 Design Internationale- Legal entity RMI, Inc. Bankruptcy filing number 00-5-8313-JS ------------ Assets: - ------ Cash and cash equivalents $ - Cash in escrow and restricted cash - Mortgages receivable, net - Retained interests - Intercompany receivable 3,124,235 Due from related parties - Other receivables, net 86,380 Prepaid expenses and other assets 1,001 Investment in joint ventures/non-debtors - Real estate and development costs - Property and equipment, net - Intangible assets, net - ------------ $ 3,211,616 ============ Liabilities and equity: - ---------------------- Accounts payable subject to compromise $ 1,325,555 Notes payable subject to compromise - Accounts payable not subject to compromise 57,138 Accrued liabilities 79,229 Notes payable not subject to compromise - Deferred income taxes - ------------ 1,461,922 Stockholders' equity 1,749,694 ------------ Total liabilities and equity $ 3,211,616 ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Income Statement For the Month Ended August 31, 2000 Design Internationale- Legal entity RMI, Inc. Bankruptcy filing number 00-5-8313-JS ------------ Revenues: - -------- Vacation interests sales $ - Interest income - Other income (loss) 831 ------------ Total revenues 831 ------------ Costs and operating expenses: - ---------------------------- Vacation interests cost of sales 831 Advertising, sales and marketing - Provision for doubtful accounts - Loan portfolio expenses - General and administrative 11,149 Depreciation and amortization - ------------ Total costs and operating expenses 11,980 ------------ Income (loss) from operations (11,149) Interest expense - Equity (gain) on investment in joint ventures - Bankruptcy expenses - ------------ Income (loss) before provision for taxes (11,149) Provision for income taxes - ------------ Net income (loss) $ (11,149) ============ United States Bankruptcy Court for the District of Maryland Office of the United States Trustee In Re: Sunterra Corporation, et. al., Debtors Cash Flow Statement For the Month Ended August 31, 2000 Design Internationale- Legal entity RMI, Inc. Bankruptcy filing number 00-5-8313-JS ------------ Inflows: - ------- Deposit/Collection - ------------------ Other-Design International $ 172 ------------ Subtotal-Deposit/Collection Inflows 172 Other - ----- Asset Sales - ------------ Total Cash Inflows 172 ------------ Outflows: - -------- Operating-Resorts 18,417 ------------ Total Cash Outflows $ 18,417 ------------ United States Bankruptcy Court For the District of Maryland Office of the United States Trustee In Re: Design International-RMI, Inc. Case No. 00-5-8313-JS (Chapter 11) Cash Flow for the Month Ended August 31, 2000
Invoice Payable to Description of Invoice / Service Total ------------------ -------------------------------- ----- Dina Caruso Trip advance 775.00 Dina Caruso Expense report 134.01 ------------- Expense Reports Total 909.01 Richloom Fabrics Fabrics 816.50 Hotel Furniture Sales Furniture 2,181.02 Seagull Lighting Lighting 1,180.80 Poly Wood Inc Bent Creek FF & E 13,330.00 ------------- Miscellaneous Total 17,508.32 ------------- Grand Total 18,417.33 =============
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