-----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, CGFmdMWeBd4TQHxrgyVdh9v9ywc3FSW+B46FUqtRv9tidfZcpxMDs7GI9laXpq4F p+tKD86LhAzlFZFyMkQPxw== 0001005477-01-001629.txt : 20010307 0001005477-01-001629.hdr.sgml : 20010307 ACCESSION NUMBER: 0001005477-01-001629 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010216 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRAND COURT LIFESTYLES INC CENTRAL INDEX KEY: 0001016741 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-NURSING & PERSONAL CARE FACILITIES [8050] IRS NUMBER: 223423087 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21249 FILM NUMBER: 1557381 BUSINESS ADDRESS: STREET 1: 2650 NORTH MILITARY TRAIL STREET 2: STE 350 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 5619970323 MAIL ADDRESS: STREET 1: 2650 NORTH MILITARY TRAIL STREET 2: STE 350 CITY: BOCA RATON STATE: FL ZIP: 33431 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): February 16, 2001 GRAND COURT LIFESTYLES, INC. (Exact name of registrant as specified in its charter) Delaware 0-21249 22-3423087 (State or other (Commission (IRS Employer jurisdiction of File Number) Identification incorporation) Number) 2650 North Military Trail, Suite 350, Boca Raton, Florida 33431 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (561) 997-0323 n/a (Former name or address, if changed since last report) Item 5. Other Events On March 20, 2000, Grand Court Lifestyles, Inc. (the "Company") filed a petition for reorganization in the United States Bankruptcy Court, District of New Jersey (the "Court") under Chapter 11 of the United States Bankruptcy Code. On February 16, 2001, the Company submitted its Monthly Operating Report for the month of January 2001 to the Court, a copy of which is attached hereto as Exhibit 99.1. Exhibits, ledgers, and bank statement information attached to the Monthly Operating Report may be obtained from the Court. Item 7. Exhibits 99.1 Monthly Operating Report of the Company for January 2001. 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. GRAND COURT LIFESTYLES, INC. By: /s/ John Luciani JOHN LUCIANI, Chairman of the Board and Chief Executive Officer Dated: February 27, 2001 EX-99.1 2 0002.txt MONTHLY OPERATING REPORT Grand Court Lifestyles, Inc. Case Number: 00-32578(NLW) Reporting Period: January 2001 MONTHLY OPERATING REPORT
- ---------------------------------------------------------------------------------------------------- Form Document Explanation REQUIRED DOCUMENTS No Attached Attached - ---------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------- Schedule of Cash Receipts & Disbursements MOR-1 X - ---------------------------------------------------------------------------------------------------- Bank Reconciliation MOR-1 (CONT) X - ---------------------------------------------------------------------------------------------------- Copies of bank statements X - ---------------------------------------------------------------------------------------------------- Cash disbursement journals (attached to bank reconciliations) X - ---------------------------------------------------------------------------------------------------- Statement of Operations MOR-2 X - ---------------------------------------------------------------------------------------------------- Balance Sheet MOR-3 X - ---------------------------------------------------------------------------------------------------- Status of Post Petition Taxes MOR-4 - ---------------------------------------------------------------------------------------------------- Copies of IRS Form 6123 or payment receipt X - ---------------------------------------------------------------------------------------------------- Copies of tax returns filed during reporting period X - ---------------------------------------------------------------------------------------------------- Summary of Unpaid Post Petition Debts MOR-4 - ---------------------------------------------------------------------------------------------------- Listing of aged accounts payable X - ---------------------------------------------------------------------------------------------------- Accounts Receivable Reconciliation & Aging MOR-5 N/A - ---------------------------------------------------------------------------------------------------- Debtor Questionairre MOR-5 X - ----------------------------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached document are true and correct to the best of my knowledge and belief. /s/ Catherine V. Merlino CFO 2/14/01 - -------------------------------------- ------- Signature of Debtor Date /s/ Catherine V. Merlino CFO 2/14/01 - -------------------------------------- ------- Signature of Authorized Individual Date /s/ Catherine V. Merlino CFO 2/14/01 - -------------------------------------- ------- Printed Name of Authorized Individual Date Case Number 00-32578(NLW) Form MOR-1 Grand Court Lifestyles, Inc. Schedule of Cash Receipts and Disbursements January 1, 2001 - January 31, 2001
--------------------------------------------------------------------------------- Bank Accounts --------------------------------------------------------------------------------- (1) Payroll Payroll Multi-family Real Estate Rental Operating Boca Fort Lee Sales-Escrow Tax Agency --------------------------------------------------------------------------------- Cash 1/1/01 822,250 2,807 6,156 3,617,779 93,905 27,868 ================================================================================= Cash Receipts Transfer to/from DIP accounts Transfers (from DIP accounts) 553,000 183,000 265,000 Management fees 87,889 Bookkeeping fees 96,250 General Partner fees 57,750 Sterling National Bank (2) Vendor refunds & expense reimbursments 13,295 Notes, loans & other receivables 211,632 Interest income Construction funding reimbursements Return of earnest money Lucinai Contribution Sale of Grand Court Assets 268,163 Multi-Family Sales Interest income-Bankruptcy 979 6,269 163 48 --------------------------------------------------------------------------------- Total Receipts 1,288,958 183,000 265,000 6,269 163 48 Cash Disbursements Net Payroll and related taxes and expenses (122,166) (195,165) Insurance (46,346) Administrative (156,608) (485) Taxes (12,674) Other (see attached schedule) (135,240) Transfers (to DIP accounts) (1,001,000) Restructuring Costs (99,609) US Trustee Quarterly Fees (7,500) --------------------------------------------------------------------------------- Total Cash Disbursements (1,458,977) (122,166) (195,650) 0 0 0 --------------------------------------------------------------------------------- Net Cash Flow (170,019) 60,834 69,350 6,269 163 48 --------------------------------------------------------------------------------- Cash January 31, 2001 652,231 63,641 75,506 3,624,048 94,068 27,916 ================================================================================= Calculating Trustee Quarterly Fees from Current Month Actual Total Disbursements ------------- Total Disbursements 1,776,793 Less: Transfers to Debtor in Possession accounts (1,001,000) Plus: Estate Disbursements made by outside sources 0 ---------- 775,793 ========== ----------------------------- Current Cumulative Period filing to date Actual Actual ----------------------------- Cash 1/1/01 4,662,189 2,996,777 ============================= Cash Receipts Transfer to/from DIP accounts 0 0 Transfers (from DIP accounts) 1,001,000 9,312,174 Management fees 87,889 889,869 Bookkeeping fees 96,250 655,250 General Partner fees 57,750 1,184,048 Sterling National Bank (2) 0 (5,961) Vendor refunds & expense reimbursments 13,295 333,973 Notes, loans & other receivables 211,632 2,304,209 Interest income 0 406,739 Construction funding reimbursements 0 73,376 Return of earnest money 0 23,739 Lucinai Contribution 0 261,557 Sale of Grand Court Assets 268,163 268,163 Multi-Family Sales 0 3,567,305 Interest income-Bankruptcy 7,459 61,687 ----------------------------- Total Receipts 1,743,438 19,338,108 Cash Disbursements Net Payroll and related taxes and expenses (317,331) (3,992,135) Insurance (46,346) (577,149) Administrative (157,093) (1,618,667) Taxes (12,674) (185,660) Other (see attached schedule) (135,240) (1,326,061) Transfers (to DIP accounts) (1,001,000) (9,312,174) Restructuring Costs (99,609) (761,378) US Trustee Quarterly Fees (7,500) (26,250) ----------------------------- Total Cash Disbursements (1,776,793) (17,799,474) ----------------------------- Net Cash Flow (33,355) 1,538,634 ----------------------------- Cash January 31, 2001 4,537,411 4,537,411 =============================
(1) Represents the post-petition money market account and DDA account. The post-petition cash is kept in an investment account and transferred to the DDA account as needed. (2) Amount represents the book balances of a Sterling National Bank setoff, debtor has been unable to ascertain the details of the setoff. Case Number:00-32578(NLW) Schedule of Cash Receipts and Cash Disbursements Supplementary Schedule January 1, 2001 - January 31, 2001 Disbursements-Other Property Funding-operations 117,812.00 (1) Property Funding-Insurance 17,428.00 (2) ---------- 135,240.00 ========== (1) Amount represents total advanced by debtor to five senior living properties for payment of utilities and general operations. (2) Amount represents total advanced to three senior living properties to pay insurance premiums. CHASE MANHATTAN BANK BUSINESS CHECKING ACCT. A/C 312-8380029-66 January 31, 2001 Beginning Balance @1/01/01 20,548.88 Add: Cash Receipts 1,001,000.00 Less: Cash Disbursements (932,218.50) ------------ Book Balance @1/31/01 89,330.38 Less: Deposits and transit Add: Outstanding Checks 64,530.75 ------------ Bank Balance @1/31/01 153,861.13 ============ CHASE CHECKING ACCOUNT CASH RECEIPTS January 31, 2001 Deposit Deposit Date Description Amount - -------------------------------------------------------------------------------- 1/2/01 Transfer from Chase money market acct. 240,000.00 1/3/01 Transfer from Chase money market acct. 45,000.00 1/10/01 Transfer from Chase money market acct. 26,000.00 1/11/01 Transfer from Chase money market acct. 35,000.00 1/15/01 Transfer from Chase money market acct. 75,000.00 1/16/01 Transfer from Chase money market acct. 190,000.00 1/19/01 Transfer from Chase money market acct. 97,000.00 1/23/01 Transfer from Chase money market acct. 30,000.00 1/29/01 Transfer from Chase money market acct. 31,000.00 1/30/01 Transfer from Chase money market acct. 232,000.00 ------------ 1,001,000.00 ============ CHASE MANHATTAN BANK MONEY MARKET A/C 312-8380029-65 January 31, 2001 Beginning Balance @1/01/01 801,700.83 Add: Cash Receipts 762,198.25 Less: Cash Disbursements (1,001,000.00) ------------- Book Balance @1/31/01 562,899.08 Less: Deposits in Transit- (15,673.92) Add: Outstanding Checks- ------------- Bank Balance @1/31/01 547,225.16 ============= CHASE MONEY MARKET ACCT. ACCT. 312-8380029-65 RECONCILIATION-Cash Receipts January 31, 2001 GCL ---------- Batchelor Receivables 1/2 56,292.70 Postdate 1/2 5,500.00 Caton 1/3 18,896.47 Postdate 1/3 4,400.00 Rent-sublease 1/5 7,345.00 Albuquerque 1/5 3,542.64 Supervisory & Bookkeeping Fees 1/11 96,250.00 GP Fees 1/11 57,750.00 Management fees 1/11 72,214.66 Cashflow 1/15 65,312.89 Investor Note collections 1/16 8,000.00 Investor Note collections 1/16 16,000.00 Reimburse Fed-Ex 1/16 12,501.45 Investor Note collections 1/19 4,000.00 Cash Surplus 1/19 3,582.88 Vendor refund 1/23 93.61 Vendor refund 1/26 700.00 Batchelor Receivables 1/29 45,000.00 Jackson land closing 1/31 268,163.48 Management fees D-I-T 1/31 15,673.92 Interest Income 1/31 978.55 ---------- 762,198.25 ========== GRAND COURT LIFESTYLES, INC. CHASE MONEY MARKET ACCT. CASH DISBURSEMENTS January 31, 2001
Vendor Check Check No Name Reference Date Amount - ------------------------------------------------------------------------------------------------ Debit Grand Court Transfer to Chase Business Checking Acct. 1/2/01 240,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/3/01 45,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/10/01 26,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/11/01 35,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/15/01 75,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/16/01 190,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/19/01 97,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/23/01 30,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/29/01 31,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 1/30/01 232,000.00 ------------ 1,001,000.00 ============
CHASE MANHATTAN BANK RENTAL AGENCY ESCROW ACCT. A/C 312-8396952-65 January 31, 2001 Beginning Balance @1/01/01 27,867.72 Add: Cash Receipts 48.29 Less: Cash Disbursements 0.00 --------- Book Balance @1/31/01 27,916.01 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @1/31/01 27,916.01 ========= CHASE MANHATTAN BANK REAL ESTATE ESCROW MARKET A/C 312-8396952-65 January 31, 2001 Beginning Balance @1/01/01 93,905.88 Add: Cash Receipts-Interest Income 162.73 Less: Cash Disbursements 0.00 --------- Book Balance @1/31/01 94,068.61 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @1/31/01 94,068.61 ========= CHASE MANHATTAN BANK MULTI FAMILY MONEY MARKET A/C 312-8380029-67 January 31, 2001 Beginning Balance @1/01/01 3,617,779.04 Add: Cash Receipts 0.00 Add: Cash Receipts-interest income 6,269.46 Less: Cash Disbursements 0.00 ------------ Book Balance @1/31/01 3,624,048.50 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @1/31/01 3,624,048.50 ============ - -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES INC. - -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION - -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 - -------------------------------------------------------------------------------- Jan 2001 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL BEGINNING 6,156.37 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CR - PER G/L WT fm Chase 97,000.00 - -------------------------------------------------------------------------------- WT fm Chase 73,000.00 - -------------------------------------------------------------------------------- WT fm Chase 95,000.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 1/5/01 (38,567.20) - -------------------------------------------------------------------------------- 1/19/01 (21,666.59) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Health insurance ck#1260 (3,023.86) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Payroll taxes 1/5/01 (26,421.15) - -------------------------------------------------------------------------------- Payroll taxes 1/5/01 (30,905.17) - -------------------------------------------------------------------------------- Payroll taxes 1/19/01 (15,880.07) - -------------------------------------------------------------------------------- Payroll taxes 1/19/01 (30,538.48) - -------------------------------------------------------------------------------- Payroll taxes 1/31/01 (25,539.48) - -------------------------------------------------------------------------------- Payroll taxes - -------------------------------------------------------------------------------- Garnishments ck#1258 (1,311.50) - -------------------------------------------------------------------------------- Garnishments ck#1259 (1.311.50) - -------------------------------------------------------------------------------- Garnishments - -------------------------------------------------------------------------------- Other CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-not included in ADP - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- safety deposit box - -------------------------------------------------------------------------------- Other-ADP charges JDZ 12/22/00 (15.00) - -------------------------------------------------------------------------------- Other-ADP charges JDZ 1/12/01 (95.29) - -------------------------------------------------------------------------------- Other-ADP charges JUK 12/31/00 (46.00) - -------------------------------------------------------------------------------- Other-ADP charges JUK 1/19/01 (67.60) - -------------------------------------------------------------------------------- Other-ADP charges JUK 1/15/01 (48.66) - -------------------------------------------------------------------------------- Other-ADP charges JDZ 1/19/01 (61.50) - -------------------------------------------------------------------------------- JDZ 1/26/01 (150.80) - -------------------------------------------------------------------------------- CD-S/C - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL ENDING 75,506.52 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DIT: - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 0/S: - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Total Outstanding Checks 0.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BANK BALANCE 75,506.52 ========= - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. - -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION - -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 - -------------------------------------------------------------------------------- Bank Atlantic-Boca Payroll - -------------------------------------------------------------------------------- 2001 - -------------------------------------------------------------------------------- January - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL BEGINNING 2,807.55 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- CR-PER G/L - -------------------------------------------------------------------------------- WT fm Chase 61,000.00 - -------------------------------------------------------------------------------- WT fm Chase 62,000.00 - -------------------------------------------------------------------------------- WT fm Chase 60,000.00 - -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 1/5/01 (59,053.99) - -------------------------------------------------------------------------------- 1/19/01 (59,620.77) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 401-k transfer 1/5/01 (1,433.66) - -------------------------------------------------------------------------------- 401-k transfer 1/19/01 (1,435.66) - -------------------------------------------------------------------------------- 401-k transfer - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Garnishments 1/5/01 (300.00) - -------------------------------------------------------------------------------- Garnishments 1/19/01 (300.00) - -------------------------------------------------------------------------------- Garnishments - -------------------------------------------------------------------------------- Other CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-included in prior month CD - -------------------------------------------------------------------------------- Manual check-not included in ADP - -------------------------------------------------------------------------------- Voided cks per ADP included in prior month - -------------------------------------------------------------------------------- Voided checks not yet in ADP - -------------------------------------------------------------------------------- CD-S/C (22.46) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BOOK BAL ENDING 63,641.01 ========= - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- DIT: - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- O/S: - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 0.00 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- BANK BALANCE 63,641.01 ========= - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Form MOR-2 Grand Court Lifestyles, Inc. Income Statement January 1, 2001 - January 31, 2001 Cumulative Filing 1/31/01 to Date ------------------------------ Revenues: Management Fee Income 127,389 2,091,377 General Partner Fees 23,250 270,145 Interest income 1,022,071 9,853,385 Deferred Profit Earned 44,526 515,145 ------------------------------ Total Revenues 1,217,236 12,730,052 Administrative Expenses: Travel 489 43,386 Telephone 12,905 178,647 Federal Express (2,106) 24,451 Postage 6,048 34,079 Office Supplies & Expense 23,069 134,588 Outside Storage 1,722 17,368 Miscellaneous 0 33,521 ADP 485 6,638 Legal & Accounting 0 91,218 Licenses & Ring Fees 24,376 50,604 Recruitment 0 8,792 Printing 0 8,407 Caton Expenses 19,942 128,729 Rent 56,303 596,525 Computer Equipment Maintenance 3,440 122,107 Insurance 39,718 431,181 Equipment Leases 8,152 79,744 Office Salaries and expenses 291,772 3,839,889 Director's Fees 0 9,500 Interest 685 25,874 Corporate Taxes 0 99,828 Amortization 179,348 472,545 ------------------------------ Total Administrative Expenses 666,348 6,437,621 ------------------------------ Extraordinary Expenses: Net loss due to loss of properties (1) 454,574 26,938,561 ------------------------------ Total Expenses 1,120,922 33,376,182 ------------------------------ Net Income (Loss) Before Reorganization Expenses 96,314 (20,646,130) ------------------------------ Restructuring Expenses Administrative fees (108,706) (230,452) Professional fees (64,496) (1,987,220) US Trustee Quarterly Fees (7,500) (26,250) Interest Earned on Accumulated Cash from Chapter 11 7,459 61,689 ------------------------------ Total Reorganization Expenses (173,243) (2,182,233) ------------------------------ Net Income (Loss) (76,929) (22,828,363) ============================== (1) Net loss due to loss on properties for the month of January represents: Loss on sale of undeveloped land in Jackson, Alabama 454,574 ======= There are two additional multi-family properties that may be lost through foreclosure in the near future. The partnerships which own these properties are in the process of attempting to sell these properties but are unable to determine whether such sales will occur or at what price. Form MOR-3 Grand Court Lifestyles, Inc. Balance Sheet January 31, 2001
Book Value Book Value at end of on Petition Month Date ----------------------------- Assets: Cash 4,537,411 2,998,777 Notes & Receivables 196,817,406 227,986,234 Investments 15,611,093 16,099,729 Construction in Progress (0) 739,486 Furniture & Equipment-net 409,296 4,658,158 Other Assets 18,090,126 18,526,143 ----------------------------- Total Assets 235,465,332 271,008,527 ============================= Liabilities Not Subject to Compromise: Accounts Payable 378,594 549,781 Professional Fees 1,527,014 -- ----------------------------- Total Post-Petition Liabilities 1,905,608 549,781 ----------------------------- Deferred Income 56,616,211 67,403,696 Deferred Rent Obligations -- 2,741,705 Liabilities Subject to Compromise: Secured Debt 106,017,846 106,385,512 Priority Debt 215,838 486,635 Unsecured Debt 83,996,650 84,197,250 ----------------------------- Total Pre-Petition Liabilities 190,230,334 191,069,397 ----------------------------- Stockholders' Equity: Common Stock 178,000 178,000 Treasury Stock (1,579,817) (1,579,817) Paid-in-Capital 75,350,594 75,053,000 Accumulated Deficit (57,190,813) (57,190,813) Net (loss) for period (30,044,785) (7,216,422) ----------------------------- Total Stockholders' Equity (13,286,821) 9,243,948 ----------------------------- Total Liabilities & Stockholders' Equity 235,465,332 271,008,527 =============================
Case Number 00-32578(NLW) Reporting Period: Month of January Status of Postpetition Taxes Boca Office
Beginning Amount Ending Tax Withheld Amount Date Check No Tax Liability or Accrued Paid Paid or EFT Liability --------------------------------------------------------------------------------------- Federal Withholding (1,145) 32,351 32,351 1/5, 1/19 see attached (1,145) FICA-Employee 0 12,727 12,727 1/5, 1/19 see attached 0 FICA-Employer (296) 12,727 12,727 1/5, 1/19 see attached (296) Unemployment 0 1,116 1,116 1/5, 1/19 see attached 0 Income 0 0 Other 0 0 --------------------------------------------------------------------------------------- Total Federal Taxes (1,441) 58,920 58,920 0 0 (1,441) --------------------------------------------------------------------------------------- State & Local Withholding Sales Excise Unemployment 2,524 2,524 1/5, 1/19 see attached Real Property Personal Property Other --------------------------------------------------------------------------------------- Total State & Local 0 2,524 2,524 0 0 0 --------------------------------------------------------------------------------------- Total Taxes (1,441) 61,444 61,444 0 0 (1,441) =======================================================================================
Case Number 00-32578(NLW) Reporting Period: Month of January Status of Postpetition Taxes Fort Lee office
Beginning Amount Ending Tax Withheld Amount Date Check No Tax Liability or Accrued Paid Paid or EFT Liability --------------------------------------------------------------------------------------- Federal Withholding (0) 17,078 17,078 1/5, 1/19 see attached (0) FICA-Employee (0) 7,406 7,406 1/5, 1/19 see attached (0) FICA-Employer (0) 7,406 7,406 1/5, 1/19 see attached (0) Unemployment 0 466 466 1/5, 1/19 see attached 0 Income 0 0 Other 0 0 --------------------------------------------------------------------------------------- Total Federal Taxes 0 32,356 32,356 0 0 0 --------------------------------------------------------------------------------------- State & Local Withholding 0 7,619 7,619 1/5, 1/19 see attached 0 Sales Excise Unemployment 0 2,327 2,327 1/5, 1/19 see attached 0 Real Property Personal Property Other --------------------------------------------------------------------------------------- Total State & Local 0 9,945 9,945 0 0 0 --------------------------------------------------------------------------------------- Total Taxes 0 42,301 42,301 0 0 0 =======================================================================================
Case Number:00-32578(NLW) Form MOR-4 Grand Court Lifestyles, Inc. Summary of Post Petition Debts Reporting period: January 2001
Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total ------------------------------------------------------------------- Accounts Payable 58,140 481 112 24,621 83,353 Accrued expenses 19,805 19,805 Taxes Payable 24,014 24,014 Other 190,678 10,565 8,757 0 41,422 251,422 ------------------------------------------------------------------- Total Post Petition Debts 214,692 68,705 9,238 112 85,848 378,594 ===================================================================
GRAND COURT LIFESTYLES, INC. OPEN PAYABLE - POST PETITION - FT. LEE AS OF 1/31/01 ACCOUNTS PAYABLE SUB-LEDGER 50,141.03 Add: Perkaroma - not on sub-ledger 64.75 Less: --------- Accounts Payable Balance per G/L @1/31/01 50,205.78 ========= GRAND COURT LIFESTYLES, INC. OPEN PAYABLE - POST PETITION - BOCA AS OF 1/31/01 ACCOUNTS PAYABLE SUB-LEDGER 33,147.52 Add: 0.00 Less: 0.00 --------- Accounts Payable Balance Per G/L @1/31/01 33,147.52 ========= For MOR-5 Grand Court Lifestyles, Inc. Case Number 00-32578(NLW) Reporting Period - January 2001 Debtor Questionaire Yes No - -------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X - -------------------------------------------------------------------------------- 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. X - -------------------------------------------------------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X - -------------------------------------------------------------------------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X - -------------------------------------------------------------------------------- Explanation to question 1: Sale of undeveloped land in Jackson, Alabama. -----END PRIVACY-ENHANCED MESSAGE-----