EX-99.1 3 ex99-1.txt MONTHLY OPERATING REPORT FOR NOVEMBER 2001 Grand Court Lifestyles, Inc. Case Number: 00-32578(NLW) Reporting Period: November 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 12/13/01 -------------------------------------- -------- Signature of Debtor Date /s/ Catherine V. Merlino CFO 12/13/01 -------------------------------------- -------- Signature of Authorized Individual Date /s/ Catherine V. Merlino CFO 12/13/01 -------------------------------------- -------- Printed Name of Authorized Individual Date Case Number: 00-32578(NLW) Form MOR-1 Grand Court Lifestyles, Inc. Schedule of Cash Receipts and Disbursements November 1, 2001 - November 30, 2001
------------------------------------------------------------------------------------------------- Bank Accounts ------------------------------------------------------------------- Real Current Cumulative (1) Payroll Payroll Multi-family Estate Rental Period filing to date Operating Boca Fort Lee Sales-Escrow Tax Agency Actual Actual ------------------------------------------------------------------------------------------------- Cash 11/1/01 6,739,802 5,250 4,575 4,931,235 95,164 28,242 11,804,269 2,998,777 ================================================================================================= Cash Receipts: Transfer to/from DIP accounts 0 0 Transfers (from DIP accounts) 157,000 40,000 117,000 314,000 16,776,930 Management fees 0 1,050,516 Bookkeeping fees 0 686,500 General Partner fees 0 1,259,798 Sterling National Bank (2) 0 (5,981) Vendor refunds & expense reimbursments 9,660 9,660 434,811 Caton 26,237 26,237 225,442 Notes, loans & other receivables 32,361 32,361 4,056,154 Sub-lease 0 7,300 Interest income 0 434,185 Construction funding reimbursements 0 73,376 Return of earnest money 0 23,739 Lucinai Contribution 0 261,557 Sale of Grand Court Assets 0 10,534,144 Multi-family Sales 0 4,702,062 Transition service fee 0 515,000 Interest income-Bankruptcy 5,762 4,352 84 25 10,223 221,957 -------------------------------------------------------------------------------------------- Total Receipts 231,020 40,000 117,000 4,352 84 25 392,481 41,257,490 Cash Disbursements: Net Payroll and related taxes and expenses (39,903) (114,854) (154,757) (6,563,321) Insurance (996) (996) (938,916) Administrative (93,584) (370) (93,954) (3,249,557) Taxes (30,861) (30,861) (373,229) Other(see attached schedule) (24,585) (24,585) (1,705,989) Transfers (to DIP accounts) (314,000) (314,000) (16,776,930) Restructuring Costs (3,090) (3,090) (3,024,568) US Trustee Quarterly Fees 0 (49,250) -------------------------------------------------------------------------------------------- Total Cash Disbursements (467,116) (39,903) (115,224) 0 0 0 (662,243) (32,681,760) -------------------------------------------------------------------------------------------- Net Cash Flow (236,096) 97 1,776 4,352 84 25 (229,762) 8,575,730 -------------------------------------------------------------------------------------------- Cash November 30, 2001 6,503,706 5,347 6,351 4,935,587 95,248 28,267 11,574,507 11,574,507 ============================================================================================
Calculating Trustee Quarterly Fees from Current Month Actual Total Disbursements ------------- Total Disbursements 622,243 Less: Transfers to Debtor in Possession accounts (314,000) Plus: Estate Disbursements made by outside sources 0 --------- 308,243 ========= (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 November 1, 2001 - November 30, 2001 Disbursements-Other Property Funding-operations 24,585 (1) --------- 24,585 ========= (1) Amount represents total advanced by debtor to two senior living properties to pay operating expenses, legal fees and insurance. CHASE MANHATTAN BANK BUSINESS CHECKING ACCT. A/C 312-8380029-66 November 30, 2001 Beginning Balance @11/01/01 3,084.12 Add: Cash Receipts 314,000.00 Less: Cash Disbursements (310,117.41) ------------ Book Balance @11/30/01 6,966.71 Less: Deposits and transit Add: Outstanding Checks 9,618.38 ------------ Bank Balance @11/30/01 16,585.09 ============ CHASE CHECKING ACCOUNT CASH RECEIPTS November 30, 2001 Deposit Deposit Date Description Amount ----------------------------------------------------------------- 11/1/01 Transfer from Chase money market acct. 100,000.00 11/6/01 Transfer from Chase money market acct. 73,000.00 11/8/01 Transfer from Chase money market acct. 22,000.00 11/15/01 Transfer from Chase money market acct. 53,000.00 11/16/01 Transfer from Chase money market acct. 66,000.00 ---------- 314,000.00 ========== CHASE MANHATTAN BANK MONEY MARKET A/C 312-8380029-65 November 30, 2001 Beginning Balance @11/01/01 6,736,720.09 Add: Cash Receipts 74,019.91 Less: Cash Disbursements (314,000.00) ------------ Book Balance @11/30/01 6,496,740.00 Less: Deposits in Transit- Add: Outstanding Checks- ------------ Bank Balance @11/30/01 6,496,740.00 ============ CHASE MONEY MARKET ACCT. ACCT. 312-8380029-65 RECONCILIATION-Cash Receipts November 30, 2001 GCL ---------- Caton 11/2/01 26,236.72 COBRA receipts 11/5/01 1,270.13 Expense reimbursements 11/6/01 1,532.37 Expense reimbursements 11/14/01 185.25 Expense reimbursements 11/16/01 682.70 Cashflow 11/19/01 2,761.43 COBRA receipts 11/21/01 3,051.49 Batchelor receivable 11/26/01 29,600.00 COBRA receipts 11/27/01 418.41 Tax refund 11/27/01 2,131.57 Expense reimbursements 11/29/01 387.66 Interest Income 11/30/01 5,762.18 ---------- 74,019.91 ========== GRAND COURT LIFESTYLES, INC. CHASE MONEY MARKET ACCT. CASH DISBURSEMENTS November 30, 2001
Vendor Check Check No Name Reference Date Amount ------------------------------------------------------------------------------------------- Debit Grand Court Transfer to Chase Business Checking Acct. 11/1/01 100,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 11/6/01 73,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 11/8/01 22,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 11/15/01 53,000.00 Debit Grand Court Transfer to Chase Business Checking Acct. 11/16/01 66,000.00 ---------- 314,000.00 ==========
CHASE MANHATTAN BANK MULTI FAMILY MONEY MARKET A/C 312-8380029-67 November 30, 2001 Beginning Balance @11/01/01 4,931,235.66 Add: Cash Receipts Add: Cash Receipts-interest income 4,352.15 ------------ Book Balance @11/30/01 4,935,587.81 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @11/30/01 4,935,587.81 ============ CHASE MANHATTAN BANK REAL ESTAE ESCROW ACCOUNT A/C 312-8396952-65 November 30, 2001 Beginning Balance @11/01/01 95,164.70 Add: Cash Receipts-Interest Income 83.99 Less: Cash Disbursements 0.00 ------------ Book Balance @11/30/01 95,248.69 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @11/30/01 95,248.69 ============ CHASE MANHATTAN BANK RENTAL AGENCY ESCROW ACCT. A/C 312-8396952-65 November 30, 2001 Beginning Balance @11/01/01 28,241.29 Add: Cash Receipts 24.92 Less: Cash Disbursements 0.00 ------------ Book Balance @11/30/01 28,266.21 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @11/30/01 28,266.21 ============ -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION -------------------------------------------------------------------------------- Nov 01 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL BEGINNING 4,576.48 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CR - PER G/L WT fm Chase 19,000.00 -------------------------------------------------------------------------------- WT fm Chase 52,000.00 -------------------------------------------------------------------------------- WT fm Chase 46,000.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 11/6/01 (42,664.76) -------------------------------------------------------------------------------- 11/23/01 (24,511.86) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Health Insurance -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Payroll taxes 11/6/01 (25,873.40) -------------------------------------------------------------------------------- Payroll taxes 11/23/01 (19,180.72) -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- Garnishments ck#1320 (1,311.50) -------------------------------------------------------------------------------- Garnishments ck#1321 (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 (124.87) -------------------------------------------------------------------------------- Other-ADP charges (54.76) -------------------------------------------------------------------------------- Other-ADP charges (190.27) -------------------------------------------------------------------------------- Other-ADP charges -------------------------------------------------------------------------------- Other-ADP charges -------------------------------------------------------------------------------- Other-Safety deposit box -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-S/C -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BAL ENDING 6,352.84 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DIT: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- O/S: ADP 11/23/01 190.27 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total Outstanding Checks 190.27 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BALANCE 6,543.11 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Per Bank Statement 6,543.11 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (0.00) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION -------------------------------------------------------------------------------- Bank Atlantic-Boca Payroll -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 2001 -------------------------------------------------------------------------------- November -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL BEGINNING 5,249.93 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CR - PER G/L -------------------------------------------------------------------------------- WT fm Chase 20,000.00 -------------------------------------------------------------------------------- WT fm Chase 20,000.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-PAYROLL-per ADP 11/6/01 (19,951.43) -------------------------------------------------------------------------------- 11/23/01 (19,951.44) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-S/C -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BAL ENDING 5,347.06 ========== -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DIT: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- O/S: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 0.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BALANCE 5,347.06 ========== -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Per Bank Statement 5,347.06 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (0.00) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Form MOR-2 Grand Court Lifestyles, Inc. Income Statement November 1, 2001 - November 30, 2001 Cumulative Filing 11/30/01 to Date ------------------------------- Revenues: Management Fee Income 0 2,279,074 General Partner Fees 0 304,645 Interest Income 52,767 10,310,300 Deferred Profit Earned 43,253 972,346 Loss from Wholly-Owned Subsidiaries 0 (2,283,377) Loss from Joint Ventures 0 (1,183,855) Other Income 0 515,000 ---------------------------- Total Revenues 96,020 10,914,133 Administrative Expenses: Travel 4,548 81,032 Telephone 3,135 301,248 Federal Express 1,458 67,535 Postage 0 41,872 Office Supplies & Expense 5,297 270,670 Outside Storage 1,631 33,063 Miscellaneous 0 42,021 ADP 370 13,679 Legal & Accounting 0 133,409 Licenses & Filing Fees 1,011 47,355 Recruitment 0 8,855 Printing 0 8,765 Caton Expenses 13,751 317,081 Rent 24,447 1,043,759 Computer Equipment Maintenance 724 183,025 Insurance 20,603 778,519 Equipment Leases 3,571 143,767 Office Salaries and expenses 155,574 6,467,004 Director's Fees 0 9,500 Interest 0 25,874 Corporate Taxes 36,067 290,597 Amortization 0 472,545 ---------------------------- Total Administrative Expenses 272,187 10,781,175 ---------------------------- Extraordinary Expenses: Net loss due to loss of properties (1) (28,000) 25,471,421 ---------------------------- Total Expenses 244,187 36,252,596 ---------------------------- Net Income(Loss) Before Reorganization Expenses (148,167) (25,338,463) ---------------------------- Restructuring Expenses: Administrative fees (3,090) (356,884) Professional fees (60,000) (3,405,842) US Trustee Quarterly Fees 0 (49,250) Interest Earned on Accumulated Cash from Chapter 11 10,223 221,958 ---------------------------- Total Reorganization Expenses (52,867) (3,590,018) ---------------------------- Net Income(Loss) (201,034) (28,928,481) ============================ Note (1): (a) Net loss due to loss of properties for the month of November represents: (i) reduction of loans payable due to the collection of investor notes which were sold as part of the sale of the general partner interests pursuant to section 363 of the bankruptcy code and the application of the investor note payments to the Debtor's liability. (28,000) (b) A final analysis of all of the details of the sale of the general partner interests and related assets and its effect on the balance sheet and income statement of the debtor has not yet been completed. Form MOR-3 Grand Court Lifestyles, Inc. Balance Sheet November 30, 2001 Book Value Book Value at end of on Petition Month Date -------------------------------- Assets: Cash 11,574,507 2,998,777 Notes & Receivables 171,579,100 227,986,234 Investments 8,197,789 16,099,729 Construction in Progress (0) 739,486 Furniture & Equipment-net 334,692 4,658,158 Other Assets 16,688,794 18,526,143 -------------------------------- Total Assets 208,374,882 271,008,527 ================================ Liabilities Not Subject to Compromise: Accounts Payable 278,717 549,781 Professional Fees 1,024,158 -- -------------------------------- Total Post-Petition Liabilities 1,302,875 549,781 -------------------------------- Deferred Income 43,628,642 67,403,696 Deferred Rent Obligations -- 2,741,705 Liabilities Subject to Compromise: Secured Debt 94,088,584 106,385,512 Priority Debt 217,279 486,635 Unsecured Debt 88,425,112 84,197,250 -------------------------------- Total Pre-Petition Liabilities 182,730,975 191,069,397 -------------------------------- 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 (57,091,480) (57,190,813) Net (loss) for period (36,144,907) (7,216,422) -------------------------------- Total Stockholders' Equity (19,287,610) 9,243,948 -------------------------------- Total Liabilities & Stockholders' Equity 208,374,882 271,008,527 ================================ Case Number:00-32578(NLW) Form MOR-4 Grand Court Lifestyles, Inc. Summary of Post Petition Debts Reporting period: November 30, 2001
Number of Days Past Due Current O-30 31-60 61-90 Over 90 Total ---------------------------------------------------------- Accounts Payable 23,747 895 0 24,531 49,173 Accrued expenses 19,805 19,805 Taxes Payable 24,014 24,014 Other 179,911 5,814 185,725 ---------------------------------------------------------- Total Post Petition Debts 203,925 23,747 895 0 50,150 278,717 ==========================================================
Case Number: OO-32578(NLW) Reporting Period: Month of November 2001 Status of Postpetition Taxes Fort Lee & Boca office
Beginning Amount Ending Tax Withheld Amount Date Check No Tax Liability or Accrued Paid Paid or EFT Liability --------------------------------------------------------------------------------------- Federal Withholding (0) 28,461 28,461 11/9,11/23 see attached (0) FICA-Employee (0) 4,258 4,258 11/9,11/23 see attached (0) FICA-Employer (0) 4,258 4,258 11/9,11/23 see attached (0) Unemployment 0 0 Income 0 0 Other: 0 0 ------------------------------------------------------------------------------------- Total Federal Taxes 0 36,976 36,976 0 0 0 ------------------------------------------------------------------------------------- State & Local Withholding 0 8,078 8,078 11/9,11/26 see attached 0 Sales Excise Unemployment 0 0 Real Property Personal Property Other ------------------------------------------------------------------------------------- Total State & Local 0 8,078 8,078 0 0 0 ------------------------------------------------------------------------------------- Total Taxes (0) 45,054 45,054 0 0 0 =====================================================================================
For MOR-5 Grand Court Lifestyles, Inc. Case Number 00-32578(NLW) Reporting Period - November 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 --------------------------------------------------------------------------------