EX-99.1 2 ex99-1.htm MARCH 2009 MONTHLY OPERATING REPORT ex99-1.htm
Exhibit 99.1
 


CASE  NAME: CIRCUIT CITY STORES, INC., ET AL.
    
ACCRUAL BASIS
CASE  NUMBER: 08-35653
          
JUDGE: KEVIN R. HUENNEKENS
        
               
               
UNITED  STATES  BANKRUPTCY  COURT
               
EASTERN DISTRICT OF VIRGINIA
               
RICHMOND DIVISION
               
MONTHLY  OPERATING  REPORT
               
MONTH  ENDING: MARCH 1, 2009 TO MARCH 31, 2009
               
               
               
IN  ACCORDANCE  WITH  TITLE  28,  SECTION  1746,  OF  THE  UNITED  STATES  CODE,  I
DECLARE  UNDER  PENALTY  OF  PERJURY  THAT  I  HAVE  EXAMINED  THE  FOLLOWING
MONTHLY  OPERATING  REPORT  (ACCRUAL BASIS-1  THROUGH  ACCRUAL BASIS-7)  AND
THE  ACCOMPANYING  ATTACHMENTS  AND,  TO  THE  BEST  OF  MY  KNOWLEDGE,  THESE
DOCUMENTS  ARE  TRUE,  CORRECT  AND  COMPLETE.  DECLARATION  OF  THE  PREPARER
(OTHER  THAN  RESPONSIBLE  PARTY):  IS  BASED  ON  ALL  INFORMATION  OF  WHICH
PREPARER  HAS  ANY  KNOWLEDGE.
        
               
               
               
RESPONSIBLE  PARTY:
          
               
/s/ MICHELLE O. MOSIER
    
VICE PRESIDENT AND CONTROLLER
ORIGINAL  SIGNATURE  OF  RESPONSIBLE  PARTY
TITLE
    
               
MICHELLE O. MOSIER
    
MAY 15, 2009
    
PRINTED NAME OF RESPONSIBLE PARTY
  
DATE
    
               
               
               
PREPARER:
            
               
/s/ ANN P. PIETRANTONI
    
DIRECTOR, FINANCIAL REPORTING
ORIGINAL  SIGNATURE  OF  PREPARER
  
TITLE
    
               
ANN P. PIETRANTONI
    
MAY 15, 2009
    
PRINTED NAME OF PREPARER
    
DATE
    


 
 
 



 
ACCRUAL BASIS-1
  
CASE  NUMBER: 08-35653
      
       
BALANCE  SHEET
      
(amounts in thousands)
      
       
   
3/31/2009
  
ASSETS
      
       
CURRENT ASSETS
      
Cash and cash equivalents
     48,549  
Restricted cash
     2,328  
Cash held by Bank of America (1)
     296,744  
Short-term investments
     712  
Accounts receivable, net
     476,919  
Merchandise inventory
     11  
Income tax receivable
     71,959  
Prepaid expenses and other current assets
     28,648  
Intercompany receivables and investments in subsidiaries
     521,910  
         
TOTAL CURRENT ASSETS
     1,447,780  
         
Property and equipment
     518,672  
Accumulated depreciation
     (341,761 )
Net property and equipment
     176,911  
Other assets
     142,531  
         
TOTAL ASSETS
     1,767,222  
         
         
LIABILITIES AND STOCKHOLDERS' EQUITY
        
         
CURRENT LIABILITIES
        
Merchandise payable
     27,830  
Expenses payable
     51,099  
Accrued expenses and other current liabilities
     33,516  
Accrued compensation
     1,381  
Intercompany payables
     15,074  
Accrued income taxes
     1,457  
         
TOTAL CURRENT LIABILITIES
     130,357  
         
Deferred rent credits
     1,388  
Deferred income taxes
     7,927  
Other liabilities
     25,427  
         
LIABILITIES NOT SUBJECT TO COMPROMISE
     165,099  
         
LIABILITIES SUBJECT TO COMPROMISE
     1,615,442  
         
TOTAL LIABILITIES
     1,780,541  
         
STOCKHOLDERS' EQUITY
        
Common stock
     435,612  
Additional paid-in capital
     304,915  
Retained deficit
     (783,408 )
Accumulated other comprehensive income
     29,562  
         
TOTAL STOCKHOLDERS' EQUITY
     (13,319 )
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
     1,767,222  
         
         
(1) As permitted under the amended DIP credit facility, Bank of America holds cash as collateral for the company's outstanding letters of credit of $67.4 million as well as cash swept from the company's bank accounts.
  


 
 
 


 
ACCRUAL BASIS-2
  
CASE  NUMBER: 08-35653
      
       
INCOME STATEMENT
      
(Amounts in thousands)
  
3/1/2009 - 3/31/2009
  
Net sales
     98,236  
Cost of sales, buying and warehousing
     175,831  
Gross profit (loss)
     (77,595 )
Selling, general and administrative expenses
     287,355  
Operating loss
     (364,950 )
Interest income
     -  
Interest expense
     -  
Loss before reorganization items, GAAP reversals and income taxes
     (364,950 )
Reorganization items, net
     (435,895 )
GAAP reversals, net (1)
     (12,090 )
Income tax provision (2)
     1,856  
Net loss
     (814,791 )
         
(1) During March 2009, the company reversed items that had been recorded solely for purposes of complying with generally accepted accounting principles. Items reversed include deferred tax assets and reserves established under GAAP. The net impact of these GAAP reversals was a non-cash loss of $12.1 million.
  
(2) During March 2009, the company did not record a full tax provision as it no longer complies with generally accepted accounting principles.
  
         


 
 
 



CASE  NAME: CIRCUIT CITY STORES, INC., ET AL.
  
ACCRUAL BASIS-2
  
CASE  NUMBER: 08-35653
      
       
INCOME STATEMENT
      
(Amounts in thousands)
  
11/10/2008 - 3/31/2009
  
Net sales
     3,200,966  
Cost of sales, buying and warehousing
     2,825,511  
Gross profit
     375,455  
Selling, general and administrative expenses
     892,068  
Asset impairment charges (1)
     334,559  
Operating loss
     (851,172 )
Interest income
     90  
Interest expense
     24,695  
Loss before reorganization items, GAAP reversals and income taxes
     (875,777 )
Reorganization items, net
     (594,421 )
GAAP reversals, net (2)
     346,660  
Income tax benefit
     (1,040 )
Net loss
     (1,122,498 )
         
(1) The company recorded a non-cash impairment charge of $334.6 million during the period between 11/10/2008 and 3/31/2009. The charge was primarily related to long-lived assets at the company's stores.
  
(2) During the period between 1/1/09 and 3/31/09, the company reversed items that had been recorded solely for purposes of complying with generally accepted accounting principles. Items reversed include accrued straight-line rent, certain liabilities subject to compromise and other reserves established under GAAP. The net impact of these GAAP reversals was a non-cash gain of $346.7 million.
  


 
 
 

CASE  NAME: CIRCUIT CITY STORES, INC., ET AL.
  
ACCRUAL BASIS-3
  
CASE  NUMBER: 08-35653
      
       
CASH  RECEIPTS  AND
      
DISBURSEMENTS
      
(amounts in thousands)
      
   
3/1/2009 - 3/31/2009
  
Operating Activities:
      
Net loss
   $ (814,791 )
         
Adjustments to reconcile net loss to net cash
        
provided by operating activities:
        
Net loss from reorganization items
     435,895  
Net loss from GAAP reversals
     12,090  
Depreciation expense
     8,007  
Loss on dispositions of property & equipment
     287,946  
Provision for deferred income taxes
     1,856  
Other
     (9,058 )
Changes in operating assets and liabilities:
        
Restricted cash and cash held by BOA
     28,299  
Accounts receivable, net
     94,610  
Merchandise inventory
     153,487  
Prepaid expenses & other current assets
     1,544  
Other assets
     6,261  
Merchandise payable
     (12,216 )
Expenses payable
     (27,516 )
Accrued expenses, other current liabilities and accrued
        
income taxes
     (61,779 )
Intercompany receivables
     288  
Other long-term liabilities
     (121,612 )
Net cash used in operating activities before
        
reorganization items
     (16,689 )
Cash effect of reorganization items
     (3,318 )
Net cash used in operating activities
     (20,007 )
         
Investing Activities:
        
Purchases of property and equipment
     (19 )
Proceeds from sales of property & equipment
     14,315  
Net cash provided by investing activities
     14,296  
         
Financing Activities:
        
Change in overdraft balances
     7,725  
Net cash provided by financing activities
     7,725  
         
Increase in cash and cash equivalents
     2,014  
Cash and cash equivalents at beginning of period
     46,535  
Cash and cash equivalents at end of period
   $ 48,549  
         

 
CASE  NAME: CIRCUIT CITY STORES, INC., ET AL.
  
ACCRUAL BASIS-3
  
CASE  NUMBER: 08-35653
      
       
CASH  RECEIPTS  AND
      
DISBURSEMENTS
      
(amounts in thousands)
      
   
11/10/2008 - 3/31/2009
  
Operating Activities:
      
Net loss
   $ (1,122,498 )
         
Adjustments to reconcile net loss to net cash provided by
        
operating activities:
        
Net loss from reorganization items
     594,421  
Net gain from GAAP reversals
     (346,660 )
Depreciation expense
     41,293  
Amortization expense
     4  
Asset impairment charges
     334,559  
Stock-based compensation benefit
     (8,447 )
Loss on dispositions of property & equipment
     313,163  
Provision for deferred income taxes
     3,383  
Other
     (9,607 )
Changes in operating assets and liabilities:
        
Restricted cash and cash held by BOA
     (299,072 )
Accounts receivable, net
     (154,304 )
Merchandise inventory
     1,605,958  
Prepaid expenses & other current assets
     79,765  
Other assets
     (12,671 )
Merchandise payable
     (9,211 )
Expenses payable
     (30,715 )
Accrued expenses, other current liabilities and accrued
        
income taxes
     (50,674 )
Intercompany receivables
     4,977  
Other long-term liabilities
     (204,127 )
Net cash provided by operating activities before
        
reorganization items
     729,537  
Cash effect of reorganization items (professional fees)
     (7,140 )
Net cash provided by operating activities
     722,397  
         
Investing Activities:
        
Purchases of property and equipment
     (748 )
Proceeds from sales of property & equipment
     31,997  
Net cash provided by investing activities
     31,249  
         
Financing Activities:
        
Proceeds from DIP borrowings
     2,961,203  
Principal payments on DIP borrowings
     (3,691,794 )
Principal payments on other short-term borrowings
     (198 )
Proceeds from long-term debt
     401  
Principal payments on long-term debt
     (1,983 )
Change in overdraft balances
     5,942  
Net cash used in financing activities before
        
reorganization items
     (726,429 )
Cash effect of reorganization items (debt issuance costs)
     (26,682 )
Net cash used in financing activities
     (753,111 )
         
Increase in cash and cash equivalents
     535  
Cash and cash equivalents at beginning of period
     48,014  
Cash and cash equivalents at end of period
   $ 48,549  
         

 
   
ACCRUAL BASIS-4
              
CASE NUMBER: 08-35653
                                
                                       
                                       
                 
SCHEDULE
    
MONTH
    
MONTH
    
MONTH
  
ACCOUNTS RECEIVABLE AGING
    
AMOUNT
    
1/31/2009
    
2/28/2009
    
3/31/2009
  
  1.       0-30                 $ 338,025,740       204,246,128       41,077,086  
  2.       31-60                   87,304,321       141,881,978       88,749,227  
  3.       61-90                   80,908,211       92,452,362       133,381,873  
  4.       91 +                 34,272,613       133,017,016       213,710,779  
  5.    
TOTAL ACCOUNTS RECEIVABLE
           $ 540,510,885     $ 571,597,484     $ 476,918,965  
  6.    
AMOUNT CONSIDERED UNCOLLECTIBLE
             73,977       73,977       -  
  7.    
ACCOUNTS RECEIVABLE (NET)
                 $ 540,436,908     $ 571,523,507     $ 476,918,965  
                                                 
                                                 
                                                 
AGING OF POSTPETITION TAXES AND PAYABLES
    
MONTH:
    
3/1/2009 - 3/31/2009
          
                                                 
                  0-30       31-60       61-90       91+          
TAXES PAYABLE
    
DAYS
    
DAYS
    
DAYS
    
DAYS
    
TOTAL
  
  1.    
FEDERAL
     $ 5,896,876                             $ 5,896,876  
  2.    
STATE
       6,457,925       810,457       725,741       96,182       8,090,305  
  3.    
LOCAL
       10,356,675       -       -       -       10,356,675  
  4.    
OTHER (SEE APPENDIX A)
       3,172,209       4,302,363       4,553,684       6,175,087       18,203,343  
  5.    
TOTAL TAXES PAYABLE
     $ 25,883,684     $ 5,112,820     $ 5,279,425     $ 6,271,269     $ 42,547,199  
                                                     
  6.    
MERCHANDISE PAYABLE
     $ 3,154,379     $ 5,616,026     $ 15,729,823     $ 1,956,302     $ 26,456,530  
       
EXPENSES PAYABLE
     $ 10,586,909     $ 4,690,919     $ 8,505,953     $ 26,937,586     $ 50,721,367  
                                                     
                                                     
                                                     
STATUS OF POSTPETITION TAXES
            
MONTH:
    
3/1/2009 - 3/31/2009
          
                                                     
                       
BEGINNING
    
AMOUNT
            
ENDING
  
                       
TAX
    
WITHHELD AND/
    
AMOUNT
    
TAX
  
FEDERAL
            
LIABILITY*
    
OR ACCRUED
    
PAID
    
LIABILITY
  
  1.    
WITHHOLDING**
             $ 3,168,077     $ 3,589,411     $ (5,075,433 )   $ 1,682,055  
  2.    
FICA-EMPLOYEE**
               2,288,505       2,173,339       (3,564,877 )     896,967  
  3.    
FICA-EMPLOYER**
               3,730,704       2,190,379       (3,573,969 )     2,347,114  
  4.    
UNEMPLOYMENT
               921,747       49,034       (41 )     970,740  
  5.    
INCOME
               -                       -  
  6.    
OTHER (ATTACH LIST)
               -                       -  
  7.    
TOTAL FEDERAL TAXES
             $ 10,109,033     $ 8,002,163     $ (12,214,320 )   $ 5,896,876  
STATE AND LOCAL & OTHER
                                          
  8.    
WITHHOLDING
             $ 948,831     $ 1,055,055     $ (1,534,914 )   $ 468,972  
  9.    
SALES
               34,546,754       6,233,544       (36,870,268 )     3,910,030  
  10.    
EXCISE
               -       -               -  
  11.    
UNEMPLOYMENT
               3,519,702       211,656       (2,216 )     3,729,142  
  12.    
REAL PROPERTY
               63,240       31,620       -       94,860  
  13.    
PERSONAL PROPERTY
               9,834,877       411,702       (2,604 )     10,243,975  
  14.    
OTHER (SEE APPENDIX A)
               17,641,506       1,344,337       (782,500 )     18,203,343  
  15.    
TOTAL STATE & LOCAL & OTHER
     $ 66,554,910     $ 9,287,915     $ (39,192,502 )   $ 36,650,323  
  16.    
TOTAL TAXES
             $ 76,663,943     $ 17,290,078     $ (51,406,822 )   $ 42,547,199  
                                                     
  *    
The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
  
  **    
Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.
          

 
CASE  NAME: CIRCUIT CITY STORES, INC., ET AL.
              
APPENDIX A
              
CASE  NUMBER: 08-35653
                              
                               
                               
OTHER TAXES PAYABLE
                              
   
0-30 days
    
31-60 days
    
61-90 days
    
91+ days
    
Total
  
State & Local Income Taxes
     488,216       -       -       -       488,216  
Franchise Taxes
     969,150       -       -       -       969,150  
Business Licenses and Gross Receipts Taxes
     184,528       273,762       162,512       339,345       960,147  
Other Taxes
     141,236       -       -       -       141,236  
Real Estate Taxes (passed through by landlord)
     1,389,079       4,028,601       4,391,172       5,835,742       15,644,594  
                                         
Other Taxes Payable
     3,172,209       4,302,363       4,553,684       6,175,087       18,203,343  
                                         
                                         
                                         
                                         
                                         
                                         
STATUS OF POSTPETITION TAXES  - OTHER TAXES
                                        
                                         
   
Beginning Tax Liability
    
Amount Withheld and/or Accrued
            
Ending Tax Liability
          
   
Amount Paid
          
                                         
Other Taxes
                                        
State & Local Income Taxes  (1) (2)
   $ 488,216     $ -     $ -     $ 488,216          
Franchise Taxes  (1)
     969,150       -       -       969,150          
Business Licenses and Gross Receipts Taxes
     768,785       84,053       107,309       960,147          
Other Taxes
     128,215       113,864       (100,843 )     141,236          
Real Estate Taxes (passed through by landlord)
     15,287,140       1,146,420       (788,966 )     15,644,594          
                                         
Total Other Taxes
   $ 17,641,506     $ 1,344,337     $ (782,500 )   $ 18,203,343          
                                         
(1) Income/Franchise taxes related to the fiscal year ending 2/28/09 are considered "postpetition" taxes because the ending date of the period on which the returns are based is postpetition.
          
       
(2) During March 2009, the company did not record a full tax provision as it no longer complies with generally accepted accounting principles. Therefore, the ending tax liability does not include an additional accrual for March.
          
       

 
   
ACCRUAL BASIS-5
CASE  NUMBER: 08-35653
        
           
           
The  debtor  in  possession  must  complete  the  reconciliation  below  for  each  bank  account,
including  all  general,  payroll  and  tax  accounts,  as  well  as  all  savings  and  investment
accounts,  money  market  accounts,  certificates  of  deposit,  government obligations, etc.
Accounts  with  restricted  funds should be identified  by  placing  an  asterisk next to the
account  number.  Attach  additional  sheets  if  necessary.
    
           
           
   
MONTH:
3/1/2009 - 3/31/2009
    
BANK  RECONCILIATIONS
        
   
Account #1
Account #2
Account #3
  
A.          BANK:
see APPENDIX B
      
B.           ACCOUNT  NUMBER:
      
TOTAL
C.           PURPOSE  (TYPE):
        
1.
BALANCE  PER  BANK  STATEMENT
        
2.
ADD:  TOTAL  DEPOSITS  NOT  CREDITED
        
3.
SUBTRACT:  OUTSTANDING  CHECKS
        
4.
OTHER  RECONCILING  ITEMS
        
5.
MONTH  END  BALANCE  PER  BOOKS
      
 $                 50,872,039
6.
NUMBER  OF  LAST  CHECK  WRITTEN
        
           
           
INVESTMENT ACCOUNTS
        
           
   
DATE OF
TYPE OF
PURCHASE
CURRENT
BANK,  ACCOUNT  NAME  &  NUMBER
PURCHASE
INSTRUMENT
PRICE
VALUE
7.
          
8.
          
9.
          
10.
          
11.
TOTAL  INVESTMENTS
    
 $                       -
 $                                -
           
CASH
        
           
12.
CURRENCY ON HAND
      
 $                          5,148
           
13.
TOTAL  CASH  -  END  OF MONTH
      
 $                 50,877,187
           
           

 
CASE  NAME: CIRCUIT CITY STORES, INC., ET AL.
        
APPENDIX B
    
CASE  NUMBER: 08-35653
              
G/L Acct #
Account Name
Bank Acct #
Debtor
Description
Bank Balance
G/L Balance
As of Date
Reconciled as of 3/31/09
                 
101003
Wachovia Circuit City Master
2055275431509
Circuit City Stores, Inc.
Funding Account
            48,971
        48,180,219
3/31/2009
Y
101003
Wachovia Circuit City Main Disbursement
2000045277427
Circuit City Stores, Inc.
Funding Account
     48,125,248
                      -
3/31/2009
Y
101015
Wachovia Vendor Disbursement
2079920046733
Circuit City Stores, Inc.
Disbursement Account
                    -
             (25,896)
3/31/2009
Y
101046
Wachovia American Express
2055302199620
Circuit City Stores, Inc.
Depository Account
                    -
        (1,924,486)
3/31/2009
Y
101063
Wachovia Sublease Lockbox
2055303192189
Circuit City Stores, Inc.
Depository Account
                    -
                      -
3/31/2009
Y
101082
BOA CC WC Licensing
1257401034
Circuit City West Coast
Transfer Account
                    -
                      -
3/31/2009
Y
101089
Wachovia Fifth Third Bankcard
2055304684528
Circuit City Stores, Inc.
Depository Account
                    -
                      -
3/31/2009
Y
101092
BOA Data Mailer (Payroll)
7313200844
Circuit City West Coast
Payroll Account
            24,385
                      -
3/31/2009
Y
101092
Payroll - Data Mailer Shadow
1233557748
Circuit City West Coast
Payroll Account
                    -
                      -
3/31/2009
Y
101095
BOA CC W.C. P/R Main Concentration
1257501029
Circuit City West Coast
Funding Account
                    -
                      -
3/31/2009
Y
101100
Suntrust Concentration
88001883706
Circuit City Stores, Inc.
Funding Account
            20,512
                      -
3/31/2009
Y
101104
Wachovia Store Depository
2010008835100
Circuit City Stores, Inc.
Depository Account
                    -
                 2,040
3/31/2009
Y
101117
Chase Store Depository
744447244
Circuit City Stores, Inc.
Depository Account
            71,278
             132,593
3/31/2009
Y
101150
Wachovia Warranty Sales Deposits
2055303237073
Circuit City Stores, Inc.
Depository Account
                    -
           (218,746)
3/31/2009
Y
101159
Wachovia Fifth Third Check Collection
2055304993099
Circuit City Stores, Inc.
Depository Account
                    -
                      -
3/31/2009
Y
101200
Wachovia Reverse Affiliates Lockbox
2000023001107
Circuit City Stores, Inc.
Depository Account
                    -
                    (78)
3/31/2009
Y
101207
Bank of America Sky Venture
1257555447
Circuit City Stores, Inc.
Depository Account
                 100
                      -
3/31/2009
Y
101210
Wachovia Trading Circuit
2000022979133
Circuit City Stores, Inc.
Depository Account
          542,512
             542,512
3/31/2009
Y
101219
Wachovia Corporate Depository
2055305959993
Circuit City Stores, Inc.
Depository Account
                    -
             659,846
3/31/2009
Y
101236
BOA Store Depository
3750979967
Circuit City Stores, Inc.
Depository Account
                (700)
                      -
3/31/2009
Y
101245
Wachovia Direct Deposit
2000013944038
Circuit City Stores, Inc.
Payroll Account
                    -
                 1,174
3/31/2009
Y
101249
Wachovia Empire Blue Cross
2079920015191
Circuit City Stores, Inc.
Depository Account
                    -
                      -
3/31/2009
Y
101254
Wachovia Music Payables
2079900056031
Circuit City Stores, Inc.
Disbursement Account
                    -
                      (0)
3/31/2009
Y
101255
Wachovia Service Payables
2079900056044
Circuit City Stores, Inc.
Disbursement Account
                    -
             (85,292)
3/31/2009
Y
101270
Wachovia Purchasing E/P Disbursement
2079900470992
Circuit City Stores Purchasing Co., LLC
Disbursement Account
                    -
           (121,014)
3/31/2009
Y
101281
Wachovia Purchasing Co. Concentration
2000022979175
Circuit City Stores Purchasing Co., LLC
Funding Account
              5,840
                 5,840
3/31/2009
Y
101307
Chase CC Empire Blue Cross
475600266
Circuit City Stores, Inc.
Depository Account
          784,352
             191,543
3/31/2009
Y
101320
American Savings Bank Store Depository
9331006380
Circuit City Stores, Inc.
Depository Account
  
                        0
3/31/2009
Y
101332
Suntrust EP Disbursement
8800606660
Circuit City Stores, Inc.
Disbursement Account
                    -
                      -
3/31/2009
Y
101345
Wells Fargo Store Depository
4121524672
Circuit City Stores, Inc.
Depository Account
                    -
                      -
3/31/2009
Y
101365
Wachovia Corporate Sales Lockbox
2000022990950
Circuit City Stores, Inc.
Depository Account
                    -
                      -
3/31/2009
Y
101385
Wachovia Sales Receivables Lockbox
2000028301048
Circuit City Stores, Inc.
Depository Account
                    -
                      -
3/31/2009
Y
101401
Banco Popular CCS PR LLC Operating
030475139
Circuit City Stores PR, LLC
Funding Account
              6,385
                 6,385
3/31/2009
Y
101402
Banco Popular Store Depository
030475120
Circuit City Stores PR, LLC
Depository Account
                    -
                 4,727
3/31/2009
Y
101403
Banco Popular Disbursement
030475147
Circuit City Stores PR, LLC
Payroll Account
            28,644
               24,989
3/31/2009
Y
101453
Solutran Citizens State Bank Parago Funding Acct
737934
Circuit City Stores, Inc.
Funding Account
              5,070
                 4,964
3/31/2009
Y
101530
Wachovia Ventoux International
2000022979528
Ventoux International
Depository Account
       1,050,000
          1,050,000
3/31/2009
Y
101580
Wachovia Aviation
2000035264767
Circuit City Stores, Inc.
Depository Account
            10,000
               10,000
3/31/2009
Y
101600
Solutran Return Checks
454248-F
Circuit City Stores, Inc.
Funding Account
            78,127
               86,207
3/31/2009
Y
101677
BA Liquidation Acct
4426864923
Circuit City Stores, Inc.
Escrow Account
       1,793,737
          2,328,248
3/31/2009
Y
128065
Paypal Trading Circuit Account
N/A
Circuit City Stores, Inc.
Depository Account
            16,261
               16,261
3/31/2009
Y
130002
BOA Letter of Credit Payments
4426634580
Circuit City Stores, Inc.
Funding Account
          326,757
                      -
3/31/2009
Y
                 
         
     52,937,482
        50,872,039
    
                 

 
   
ACCRUAL BASIS-6
  
CASE  NUMBER: 08-35653
            
               
         
MONTH:
3/1/2009 - 3/31/2009
               
PAYMENTS  TO  INSIDERS  AND  PROFESSIONALS
          
               
OF  THE  TOTAL  DISBURSEMENTS  SHOWN  FOR  THE  MONTH,  LIST  THE  AMOUNT  PAID
        
TO  INSIDERS  (AS  DEFINED  IN  SECTION  101 (31)  (A)-(F)  OF  THE  U.S.  BANKRUPTCY  CODE)
        
AND  TO  PROFESSIONALS.  ALSO,  FOR  PAYMENTS  TO  INSIDERS, IDENTIFY  THE  TYPE  OF
        
COMPENSATION  PAID  (e.g.  SALARY,  BONUS,  COMMISSIONS,  INSURANCE,  HOUSING  ALLOWANCE,
      
TRAVEL,  CAR ALLOWANCE,  ETC.).  ATTACH  ADDITIONAL  SHEETS  IF  NECESSARY.
        
               
INSIDERS
              
   
TYPE  OF
AMOUNT
TOTAL PAID
      
 
         NAME
PAYMENT
PAID
TO DATE
      
1.
              
2.
              
3.
              
4.
              
5.
              
6.
TOTAL  PAYMENTS
            
 
TO  INSIDERS (1)
            
               
               
PROFESSIONALS
              
   
DATE  OF  COURT
      
TOTAL
  
   
ORDER  AUTHORIZING
AMOUNT
AMOUNT
TOTAL  PAID
INCURRED
  
 
              NAME
PAYMENT
APPROVED
PAID
TO  DATE
& UNPAID *
  
1.
FTI Consulting, Inc.
    
 $                 2,243,060
 $          2,743,060
 $           371,380
  
2.
Kirkland & Ellis LLP
    
                         21,491
                162,784
                47,490
  
3.
KPMG LLP
    
                       285,873
                533,490
              253,768
  
4.
Kurtzman Carson Consultants LLC
    
                       481,119
             2,776,961
                       -
  
5.
McGuire Woods, LLP
    
                       226,188
                807,620
              504,581
  
6.
Skadden, Arps, Slate, Meagher & Flom, LLP
    
                                 -
             1,773,728
           1,346,150
  
7.
Ernst & Young LLP
    
                       361,982
                613,517
              112,070
  
8.
Tavenner & Beran, PLC
    
                         30,562
                  89,671
                42,649
  
9.
Jefferies & Company, Inc.
    
                                 -
                350,674
              187,657
  
10.
Pachulski, Stang, Ziehl & Jones
    
                       368,978
             1,075,247
              466,867
  
11.
Rothschild Inc.
    
                       125,326
                125,326
                51,000
  
12.
Protiviti
    
                       195,958
                587,641
              102,591
  
 
TOTAL  PAYMENTS
            
 
TO  PROFESSIONALS
  
 $                                      -
 $                 4,340,538
 $        11,639,719
 $        3,486,203
  
               
*  INCLUDE  ALL  FEES  INCURRED,  BOTH  APPROVED  AND  UNAPPROVED
        
               
POSTPETITION  STATUS  OF  SECURED  NOTES,  LEASES  PAYABLE  AND  ADEQUATE
      
PROTECTION  PAYMENTS
            
               
     
SCHEDULED
AMOUNTS
      
     
MONTHLY
PAID
TOTAL
    
     
PAYMENTS
DURING
UNPAID
    
NAME OF CREDITOR
    
DUE
MONTH
POSTPETITION
    
1.
Leases (2)
  
 $                       10,186,788
 $               10,108,900
 $        20,002,931
    
2.
              
3.
              
4.
              
5.
              
6.
TOTAL
  
 $                       10,186,788
 $               10,108,900
 $        20,002,931
    
               
(1)
Other than salary, fees and benefit payments made in the ordinary course of business and reimbursements for business expenses, no payments have been made to insiders during the reporting period.
  
(2)
The leases line item is made up of hundreds of landlords.  As such, only the total amount is reported in this schedule.  The unpaid balance remaining at 3/31/2009 primarily includes rent payments due for the period from 11/10/2008 - 11/30/2008; these payments are being held pursuant to a Court order.
  
               

 
CASE  NAME: CIRCUIT CITY STORES, INC., ET AL.
ACCRUAL  BASIS-7
CASE  NUMBER: 08-35653
        
           
     
MONTH:
3/1/2009 - 3/31/2009
  
           
QUESTIONNAIRE
        
           
       
YES
NO
1.
HAVE  ANY  ASSETS  BEEN  SOLD  OR  TRANSFERRED  OUTSIDE
      
 
THE  NORMAL  COURSE  OF  BUSINESS  THIS  REPORTING  PERIOD?
  
X
  
2.
HAVE  ANY  FUNDS  BEEN  DISBURSED  FROM  ANY  ACCOUNT
      
 
OTHER  THAN  A  DEBTOR  IN  POSSESSION  ACCOUNT?
    
X
3.
ARE ANY POSTPETITION  RECEIVABLES (ACCOUNTS, NOTES, OR
      
 
LOANS) DUE  FROM RELATED PARTIES?
    
X
  
4.
HAVE  ANY  PAYMENTS  BEEN  MADE  ON  PREPETITION  LIABILITIES
      
 
THIS REPORTING PERIOD?
    
X
  
5.
HAVE  ANY  POSTPETITION  LOANS  BEEN  RECEIVED BY THE
      
 
DEBTOR FROM ANY PARTY?
      
X
6.
ARE  ANY  POSTPETITION  PAYROLL  TAXES  PAST  DUE?
    
X
7.
ARE  ANY  POSTPETITION  STATE  OR  FEDERAL  INCOME  TAXES
      
 
PAST  DUE?
      
X
8.
ARE  ANY  POSTPETITION  REAL  ESTATE  TAXES  PAST  DUE?
  
X
  
9.
ARE  ANY OTHER POSTPETITION  TAXES  PAST  DUE?
  
X
  
10.
ARE  ANY  AMOUNTS  OWED  TO  POSTPETITION  CREDITORS
      
 
DELINQUENT?
    
X
  
11.
HAVE  ANY  PREPETITION  TAXES  BEEN  PAID  DURING  THE
      
 
REPORTING PERIOD?
    
X
  
12.
ARE ANY WAGE PAYMENTS PAST DUE?
      
X
           
IF  THE  ANSWER  TO  ANY  OF  THE  ABOVE  QUESTIONS  IS  "YES,"  PROVIDE  A  DETAILED
      
EXPLANATION  OF  EACH  ITEM.  ATTACH  ADDITIONAL  SHEETS  IF  NECESSARY.
      
1.
The company sold assets outside of the normal course of business as part of its liquidation proceedings.
      
3.
Intercompany transactions in the ordinary course of business have given rise to postpetition receivables.
      
4.
Payments on prepetition liabilities have been made pursuant to motions granted by the Bankruptcy Court.
      
8.
Certain real estate taxes are passed through to the debtors from the landlords.  A portion of these real estate taxes is past due.
      
9.
Certain business license taxes that covered both prepetition and postpetition periods were due on or before 3/31/2009 but were not paid.
      
10.
The rent for store leases owed for the period 11/10/2008 through 11/30/2008 is past due; these payments are being held pursuant to a Court order.  In addition, due to the liquidation proceedings, the debtors are currently reconciling amounts due to post-petition creditors, which has slowed creditor payments.
    
     
11.
Certain property taxes that covered both prepetition and postpetition periods were paid during March 2009.
      
           
           
           
INSURANCE
        
       
YES
NO
1.
ARE  WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER
      
 
NECESSARY INSURANCE COVERAGES IN EFFECT?
    
X
  
2.
ARE  ALL  PREMIUM  PAYMENTS  PAID  CURRENT?
      
X
3.
PLEASE  ITEMIZE  POLICIES  BELOW.
        
           
IF  THE  ANSWER  TO  ANY  OF  THE  ABOVE  QUESTIONS  IS  "NO,"  OR  IF  ANY  POLICIES  HAVE  BEEN
      
CANCELLED  OR  NOT  RENEWED  DURING  THIS  REPORTING  PERIOD,  PROVIDE  AN  EXPLANATION
      
BELOW.   ATTACH  ADDITIONAL  SHEETS  IF  NECESSARY.
      
2.
Self-insurance assessments for California and Washington due in January and February, respectively, were not paid as of 3/31/2009.
    
           
           
 
           
   
            INSTALLMENT  PAYMENTS
      
 
     TYPE  OF
    
PAYMENT AMOUNT
 
      POLICY
              CARRIER
PERIOD COVERED
& FREQUENCY
 
Commercial General Liability
Old Republic Insurance Co.
10/1/08 - 10/1/09
$141,622 paid at inception & $141,292 due on 04/01/09
 
Auto Liability
Old Republic Insurance Co.
10/1/08 - 10/1/09
$181,882 paid at inception & $180,457 due on 04/01/09
 
Aircraft Liability
Global Aerospace, Inc.
9/17/08 - 9/17/09
$78,340 paid at inception
 
Excess Liability - Layer 1
National Union Fire Ins. Co.
10/1/08 - 10/1/09
$513,000 paid at inception
 
Excess Liability - Layer 2
Lexington  Insurance Co.
10/1/08 - 10/1/09
$86,912.50 paid at inception
 
Excess Liability - Layer 3
Great American Insurance Co.
10/1/08 - 10/1/09
$60,600 paid at inception
 
Excess Liability - Layer 4
Fireman’s Fund Insurance Co.
10/1/08 - 10/1/09
$45,000 paid at inception
 
Excess Liability - Layer 5
Great American Assurance Co.
10/1/08 - 10/1/09
$37,500 paid at inception
 
Excess Liability - Layer 6
St. Paul Fire and Marine Insurance Co.
10/1/08 - 10/1/09
$37,400 paid at inception
 
Excess Liability - Layer 7
Ohio Casualty Insurance Co.
10/1/08 - 10/1/09
$30,805 paid at inception
 
Workers’ Compensation & Employer’s Liability
Old Republic Insurance Co.
10/1/08 - 10/1/09
$464,615 paid at inception & $264,229 due on 04/01/09
 
Excess Workers' Compensation
Old Republic Insurance Co.
10/1/08 - 10/1/09
$63,874 paid at inception & $63,874 due on 04/01/09
Self Insured Workers' Compensation States:
        
 
California
Department of Industrial Relations - SIP
ongoing
$53,550 paid in July 2008 and $94,830 due in January 2009
 
Ohio
Ohio Bureau of Workers' Compensation
ongoing
$2,442 paid on 2/18/2009
 
Washington
Washington Self-Insured Assessments
ongoing
paid quarterly - $67,127 paid to date and $22,874 due in February 2009
Monopolistic State Workers' Compensation Policies:
        
 
Wyoming
Wyoming State WC Premium
ongoing
paid quarterly - $15,744 paid through February 2009
 
Foreign Liability Package
National Union Fire Ins. Co.
1/1/08 - 1/1/09
$6,158 paid at inception
 
Business Travel Accident
Zurich American
8/1/08 - 8/1/09
$41,232 paid at inception
 
Fiduciary
Chubb Group
12/1/08 - 12/1/09
$145,000 paid at inception
 
Fiduciary Excess
Arch
12/1/08 - 12/1/09
$121,800 paid at inception
 
Crime
Chubb Group
12/1/08 - 12/1/09
$75,000 paid at inception
 
Kidnap and Ransom
Chubb Group
12/1/08 - 12/1/09
$5,000 paid at inception
 
D&O (Traditional) - Primary
AIG
12/1/08 - 12/1/09
$185,000 paid at inception
 
D&O (Traditional) - Layer 1
ACE
12/1/08 - 12/1/09
$166,500 paid at inception
 
D&O (Traditional) - Layer 2
XL
12/1/08 - 12/1/09
$150,000 paid at inception
 
D&O (Traditional) - Layer 3
Valiant
12/1/08 - 12/1/09
$135,000 paid at inception
 
D&O (Traditional) - Layer 4
AWAC
12/1/08 - 12/1/09
$115,000 paid at inception
 
Runoff D&O - Primary
CNA
12/1/08 - 12/1/14
$1,177,500 paid at inception
 
Runoff D&O - Layer 1
Chubb Group
12/1/08 - 12/1/14
$487,500 paid at inception
 
Runoff D&O - Layer 2 (Year 1)
Great American
12/1/08 - 12/1/14
$240,000 paid at inception
 
Runoff D&O - Layer 2 (Years 2 - 6)
Axis
12/1/08 - 12/1/14
$240,000 paid at inception
 
Runoff D&O - Layer 3
Travelers
12/1/08 - 12/1/14
$822,000 paid at inception
 
Runoff D&O - Layer 4
Axis
12/1/08 - 12/1/14
$698,700 paid at inception
 
Runoff D&O - Layer 5
RSUI
12/1/08 - 12/1/14
$589,050 paid at inception
 
Runoff D&O - Layer 6
Arch
12/1/08 - 12/1/14
$540,000 paid at inception
 
Runoff D&O - Layer 7 (Side A DIC)
XL
12/1/08 - 12/1/14
$1,275,000 paid at inception
 
Runoff D&O - Layer 8
Chubb Group
12/1/08 - 12/1/14
$375,000 paid at inception
 
Property - Boiler & Machinery
Continental Casualty Company
8/15/08 - 8/15/09
$31,734 paid at inception
 
Property - StockThroughput/Ocean Cargo
National Liability & Fire
9/5/08 - 8/15/09
$91,845 paid at inception
 
Property - All Risk
Lexington, Axis, Lloyds of London, Liberty,  GEP, Glacier Ins AG, State National, Princeton Excess, Industrial Risk, Lancashire, Landmark AmeriCNA, & Integon Specialty
8/15/08 - 8/15/09
$2,750,701.66 paid at inception