EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT FOR PERIOD FROM MARCH 1, 2008 THROUGH MARCH 31, 2008 Monthly Operating Report for period from March 1, 2008 through March 31, 2008

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
          Mar 31, 2008

 

MONTHLY OPERATING REPORT

 

DEBTORS’ ADDRESSES:    Homebanc Mortgage Corporation (Case No. 07-11079)
   Five Concourse Parkway, Suite 3000
   Atlanta, GA 30328
   HomeBanc Corp. (Case No. 07-11080)
   Five Concourse Parkway, Suite 3000
   Atlanta, GA 30328
   HomeBanc Funding Corporation (Case No. 07-11081)
   Five Concourse Parkway, Suite 3000
   Atlanta, GA 30328
   HomeBanc Funding Corporation II (Case No. 07-11082)
   Five Concourse Parkway, Suite 3000
   Atlanta, GA 30328
   HMB Acceptance Corporation (Case No. 07-11083)
   Five Concourse Parkway, Suite 3000
   Atlanta, GA 30328
   HMB Mortgage Partners, LLC (Case No. 07-11084)
   Five Concourse Parkway, Suite 3000
   Atlanta, GA 30328
REPORT PREPARER:    Homebanc Mortgage Corporation and Debtor
Subsidiaries   

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

Homebanc Mortgage Corporation, for itself and its subsidiary debtors; Debtors-in-Possession
By:  

LOGO

  Donald R. Ramon
  Senior Vice President and Controller
Date:   April 20, 2008

 

Page 1 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
         

Mar 31, 2008

 

TABLE OF CONTENTS

 

I.

    Consolidating Balance Sheets (unaudited)

II.

    Consolidating Statements of Operations (unaudited)

III.

    Consolidating Statements of Cash Flows (unaudited)

IV.

    Disbursements for Calculating U.S. Trustee Quarterly Fees

V.

    Certifications

VI.

    Summary of Post-petition Accounts Receivable and Accounts Payable, including Agings

VII.

    Debtor Questionnaire

VIII.

    Bank Account Summary

 

Page 2 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    March 1, 2008 -
         

March 31, 2008

 

Company Guide for Financial Statement Abbreviations

The consolidated financial statements for HomeBanc Corporation and its subsidiary are prepared in accordance with Generally Accepted Accounting Principals (“GAAP”) and as such contain both debtor and non-debtor entities. Listed below is a guide to the company abbreviations contained in the financial statements.

 

Abbreviation

   

Company Name

   

Debtor or Non Debtor

HBMC    HomeBanc Mortgage Corporation    Debtor
HBFCI    HomeBanc Funding Corporation    Debtor
HBFCII    HomeBanc Funding Corporation II    Debtor
HMB    HomeBanc Corporation    Debtor
HBMT 2004-1    HomeBanc Mortgage Trust 2004-1    Non-Debtor
HBMT 2004-2    HomeBanc Mortgage Trust 2004-2    Non-Debtor
HBMT 2005-1    HomeBanc Mortgage Trust 2005-1    Non-Debtor
HBMT 2005-2    HomeBanc Mortgage Trust 2005-2    Non-Debtor
HBMT 2005-3    HomeBanc Mortgage Trust 2005-3    Non-Debtor
HBMT 2005-4    HomeBanc Mortgage Trust 2005-4    Non-Debtor
HBMT 2005-5    HomeBanc Mortgage Trust 2005-5    Non-Debtor
HBMT 2006-2    HomeBanc Mortgage Trust 2006-2    Non-Debtor
HBAC    HomeBanc Acceptance Corporation    Debtor
HBTP    HomeBanc Title Partners    Non-Debtor
MI Captive    MI Captive    Non-Debtor
HMB Mortgage Partners    HMB Mortgage Partners    Debtor

 

Page 3 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

    Case No.   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    March 1, 2008 -
         

March 31, 2008

 

CONSOLIDATING BALANCE SHEETS (unaudited)

AS OF MARCH 31, 2008

(Dollars in Thousands)

 

     TRS     HBFC I    HBFC II     HBC     HBAC     Elimination     HMB
Consolidated		  
Assets                

Cash

    5,755     2,473    781     (2,032 )   (460 )     6,517  

Restricted cash

    —       —      —       —       —       —       —    

Mortgage loans held for sale, net

    4,099     —      —       —       —         4,099  

Mortgage loans held for investment, net of allowance

    —       —      —       —       —         —    

Mortgage servicing rights

    —       —      —       —       —         —    

Receivable from custodian

    —       —      —       —           —    

Trading securities

    500                500  

Securities available for sale

    —       —      —       —       —         —    

Securities held to maturity

    —       —      —       —       —         —    

Accrued interest receivable

    —       —      —       —           —    

Premises and equipment, net

    —       —      —       —       —         —    

Goodwill, net

    —       —      —       —       —         —    

Deferred tax asset, net

    —       —      —       —       —         —    

Accounts receivable from affiliates

    —       6,358    —       30,309     —       (36,667 )   —    

Investment in subsidiaries

    —       —      —       393,947     —       (393,947 )   —    

Other assets

    13,361     —      —         —         13,361  
                                         

Total assets

    23,715     8,831    781     422,224     (460 )   (130,614 )   24,477  
                                         
Liabilities and shareholders’ equity                

Warehouse lines of credit

    —              —         —    

Repurchase agreements

    —            —           —    

Loan funding payable

    1,478     —      —       —       —         1,478  

Accrued interest payable

    —       —      —       —           —    

Accrued expenses

    5,545     —      —       —       —         5,545  

Other accounts payable

    —       —      —       —       —         —    

Accounts payable to affiliates

    36,157     —      969       (460 )   (36,666 )   —    

Collateralized debt obligations

    —       —      —         —         —    

Junior subordinated debentures representing obligation

    —       —        175,260         175,260  
                                         

Total liabilities

    43,180     —      969     175,260     (460 )   (36,666 )   182,283  

Minority interest

    64     —      —       —       —         64  

Shareholders’ equity:

                

Preferred stock

    —       —      —       47,992     —         47,992  

Common stock

    —       —      —       571     —         571  

Additional paid-in capital

    393,898     25    25     278,865     —       (393,948 )   278,865  

Accumulated deficit

    (413,427 )   8,806    (213 )   (62,560 )   —         (467,394 )

Treasury stock

    —       —      —       (17,904 )   —         (17,904 )

Accumulated other comprehensive (loss) income

    —       —      —       —       —       —       —    
                                         

Total shareholders’ equity

    (19,529 )   8,831    (188 )   246,964     —       (393,948 )   (157,870 )
                                         

Total liabilities and shareholders’ equity

    23,715     8,831    781     422,224     (460 )   (430,614 )   21,477  
                                         

Note: Company abbreviations included on cover page to the financial statements

 

Page 4 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    March 1, 2008 -
          March 31, 2008

 

CONSOLIDATING STATEMENTS OF OPERATIONS (unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2008

(Dollars in Thousands)

 

     TRS    HBFC I     HBFC II    HBC    HMB
Consolidated		       

Revenue:

                 

MBS Interest Income

       507              507  

Other Miscellaneous Income

       131              131  
                              

Total Revenue

       638     —      —      —      638  

Expenses:

                 

Professionals

       1,763              1,763  

Insurance

       —                —    

Contract Personnel

       79              79  

Data Facility

       —                —    

Compensation and Benefits

       312              312  

Financial Systems

       77              77  

Medical Insurance Run-Off Payments

       176              176  

Loan Sales Expense

       91              91  

US Trustee Fees

       32              32  

Office Rental

       23              23  

Other Misc Operating Expenses

       213              213  
                              

Total Expenses

       2,766     —      —      —      2,766  

Income tax expense

       —       —      —      —      —    
                              

Net loss

       (2,128 )   —         —      (2,128 )
                              

Note: Company abbreviations included on cover page to the financial statements

 

Page 5 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

    Case No.   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    March 1, 2008 -
         

March 31, 2008

 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIOD ENDED MARCH 31, 2008

(Dollars in Thousands)

 

     March 31, 2008  

Operating activities

   

Net loss

    $ (2,128 )

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

   

Decrease in mortgage loans held for sale, net

      1,312  

Increase in other assets

      (1 )

Decrease in other liabilities

      (55 )
        

Net cash (used in) provided by operating activities

    $ (872 )

Investing activities

   

Net cash provided by (used in) investing activities

    $ —    

Financing activities

   

Net cash (used in) provided by financing activities

    $ —    
        

Net decrease in cash

      (872 )

Cash and cash equivalents at beginning of period

      7,389  
        

Cash and cash equivalents at end of period

    $ 6,517  
        

 

Page 6 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

    Case No.    07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries

    Reporting Period:    March 1, 2008 -
         

March 31, 2008

 

HBMC BALANCE SHEETS (unaudited)

AS OF MARCH 29, 2007

(Dollars in Thousands)

 

     HBMC     HB Title
Partners		    Ml
Captive		    HB Mortgage
Partners		    Elimination     HBMC
Consolidated		  

Assets

                

Cash

    5,468     176    —      111      5,755  

Restricted cash

    —       —      —      —        —    

Mortgage loans held for sale, net

    4,099     —      —      —        4,099  

Mortgage loans held for investment, net

    —       —      —      —        —    

Mortgage servicing rights, net

    —       —      —      —        —    

Trading securities

    500     —      —      —        500  

Accrued interest receivable

    —       —      —      —        —    

Premises and equipment, net

    —       —      —      —        —    

Goodwill, net

    —       —      —      —        —    

Deferred tax asset, net

    —       —      —      —        —    

Other assets

    7,240     —      6,121    —        13,361  

A/R from affiliates - ELIMINATED

    —       4,246    571    77    (4,894 )   —    

Investment in subsidiaries - ELIMINATED

    751     —      —      —      (751 )   —    
                                 

Total assets

    18,058     4,422    6,692    188    (5,645 )   23,715  
                                 

Liabilities and shareholders equity

                

Warehouse lines of credit

    —       —      —      —        —    

Repurchase agreements

    —                  —    

Loan funding payable

    1,478     —      —      —        1,478  

Accrued interest payable

    —       —      —      —        —    

Accounts payable to affiliates

    41,051              (4,894 )   36,157  

Other liabilities

    5,545     —      —      —        5,545  

Deferred tax liability

      —      —      —      —       —    
                                 

Total liabilities

    48,074     —      —      —      (4,894 )   43,180  

Minority interest

    —       36    —      28      64  

Shareholders’ equity:

                

Additional paid-in capital

    393,898     159    658    56    (873 )   393,898  

Accumulated deficit

    (423,914 )   4,227    6,034    104    122     (413,427 )

Accumulated other comprehensive income

    —       —      —      —        —    
                                 

Total shareholder’s equity

    (30,016 )   4,386    6,692    160    (751 )   (19,529 )
                                 

Total liabilities and shareholder’s equity

    18,058     4,422    6,692    188    (5,645 )   23,715  
                                 

Note: Company abbreviations included on cover page to the financial statements

 

Page 7 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

    Case No.    07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries

    Reporting Period:    March 1, 2008 -
         

March 31, 2008

 

HBMC STATEMENTS OF OPERATIONS (unaudited)

FOR THE THREE MONTHS ENDED MARCH 31, 2007

(Dollars in Thousands)

 

     HBMC    HB Title
Partners		     MI
Captive		    HB Mortgage
Partners		    Elimination    HBMC
Consolidated		  

Revenue:

                 

MBS Interest Income

       507              507  

Other Miscellaneous Income

       131              131  
                              

Total Revenue

       638     —      —      —      638  

Expenses:

                 

Professionals

       1,763              1,763  

Insurance

       —               

Contract Personnel

       79              79  

Data Facility

       —                —    

Compensation and Benefits

       312              312  

Financial Systems

       77              77  

Medical Insurance Run-Off Payments

       176              176  

Loan Sales Expense

       91              91  

US Trustee Fees

       32              32  

Office Rental

       23              23  

Other Misc Operating Expenses

       213              213  
                              

Total Expenses

       2,766     —      —      —      2,766  

Income tax expense

       —       —      —      —      —    
                              

Net loss

       (2,128 )   —      —      —      (2,128 )
                              

Note: Company abbreviations included on cover page to the financial statements

 

Page 8 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

    Case No.    07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries

    Reporting Period:    March 1, 2008 -
         

March 31, 2008

 

HBMC STATEMENT OF CASH FLOWS

FOR THE THREE MONTH PERIOD ENDED MARCH 29, 2007

(Dollars in Thousands)

 

     December 31, 2007  

Operating activities

   

Net loss

    $ (2,128 )

Adjustments to reconcile net loss to net cash used in operating activities:

   

Decrease in mortgage loans held for sale, net

      1,312  

Net change in funds due from/to affiliates

      1,873  

Increase in other assets

      (1 )

Decrease in other liabilities

      (55 )
        

Net cash used in operating activities

      1,001  

Investing activities

   

Net cash used in investing activities

      —    

Financing activities

   
        

Net cash provided by financing activities

      —    
        

Net decrease in cash

      1,001  

Cash and cash equivalents at beginning of period

      4,754  
        

Cash and cash equivalents at end of period

    $ 5,755  
        

 

Page 9 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
         

Mar 31, 2008

 

IV. Disbursements for Calculating U.S. Trustee Fees (Dollars in Thousands)

 

     HomeBanc
Mortgage
Corporation		    HomeBanc
Corp		    HomeBanc
Funding
Corporation		    HomcBanc Funding
Corporation II		    HMB
Acceptance
Corporation		    HMB Mortgage
Partners, LLC

Total disbursements during the current month

    $ 996    $ 8    $ —      $ —      $ —      $ —  

LESS: Transfers to Debtor-in-Possession Accounts

      —        —        —        —        —        —  

PLUS: Estate Disbursements made by Outside Sources (i.e. from Escrow Accounts)

      —        —        —        —        —        —  
                                         

Total - Disbursements for Calculating U.S. Trustee Quarterly Fees

    $ 996    $ 8    $ —      $ —      $ 5    $ —  
                                         

Note: Cash disbursements are made from HomeBanc Mortgage Corporation only

 

Page 10 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
         

Mar 31, 2008

 

V. Certifications

A. Bank Reconciliation Certification

The undersigned verifies that, to the best of my knowledge, all of the Debtors’ February 29, 2008 bank balances have been reconciled in an accurate and timely manner.

B. Post-petition Taxes Certification

The undersigned verifies that, to the best of my knowledge, all post-petition tax obligations, including but not limited to, payroll, real property, income, franchise, and other taxes have been paid to the proper taxing authority when due.

 

Homebanc Mortgage Corporation, for itself and its subsidiary debtors; Debtors-in-Possession
By:  

LOGO

  Donald R. Ramon
  Senior Vice President and Controller
Date: April 20, 2008

 

Page 11 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
         

Mar 31, 2008

 

VI. Summary of Post-petition Accounts Receivable and Accounts Payable, including Agings (Dollars in Thousands)

Accounts Receivable Agings as of Current Month-end

 

     Amount

Current (due during next 30 days]

      —  

Past Due 1-30 Days

      —  

Past Duo 31-60 Days

      —  

Past Due 61-90 Days

      —  

Past Due Over 90 Days

      —  

Open Receivables (non-aged)

      —  
      

Total Accounts Receivable

    $ —  
      

Post-petition Accounts Payable as of Current Month-end

 

     Number of Days Past Due
      Current    0-30    31-60    61-90    Over 90    Total

Accounts Payable - Trade

    $ —      $ —      $ —      $ —      $ —      $ —  

Note: all post-petition trade payable invoices received were paid as of month end

 

Page 12 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
         

Mar 31, 2008

 

 

  VII. Debtor Questionnaire

 

     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.

       XXX

2.      Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide and explanation below.

       XXX

3.      Have all post-petition tax returns been timely filed? If no, provide an explanation below.

    XXX   

4.      Are workers compensation, general liability, and other necessary insurance coverages in effect? If no, provide an explanation below.

    XXX   

Notes:

 

Page 13 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
         

Mar 31, 2008

 

Bank Account Summary

See attached sheets that follow

 

Page 14 of 15

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

 

In re:

   

 

Case No.

   

 

07-11079

HomeBanc Mortgage Corporation and Debtor Subsidiaries    Reporting Period:    Mar 1, 2008-
         

Mar 31, 2008

 

 

Bank Account Name

    Account Owner    Account Number    Ledger Balance  
               (amounts in 000’s)  
      2080000697499/2000036086601/2   

Wachovia Master Cash

    HBMC    080000697596    1,055  

Wachovia Wind Down Budget DIP

    HBMC    2000036086203    1,556  

JPMC Operating

    HBMC    113207618    (362 )

Wachovia - Restricted Cash Dekalb Co.

    HBMC    2000036086656    163  

JPMC Liquid Funding Collection

    HBMC    709382329    10  

JPMC Aggregation Collection

    HBMC    730142627    3,047  

HomeBanc Title Partners Operating

    HB Mtg Partners    Non-Debtor    176  

Wachovia Operating

    HBMP    2000032602937    111  

Wachovia Master Cash

    HBFCI    2000015260642    2,473  

Wachovia Master Cash

    HBFCII    2000015260655    781  

Wachovia Master Cash

    HMB    2000016950090    (2,824 )

JPMC - Operating

    HMB    1133398359    82  

JPMC MBS Settlement Clearing

    HMB    66656222    709  

Wachovia Master Cash

    HBAC    2000015260846    (460 )
            
         6,517  
            

Bank Reconciliation Certification

The undersigned verifies that, to the best of my knowledge, all of the Debtors’ December 31, 2007 bank balances have been reconciled in an accurate and timely manner.

Homebanc Mortgage Corporation, for itself and its subsidiary debtors in possession

 

By:  

LOGO

  Donald R. Ramon
  Senior Vice President and Controller
  Date: April 20, 2008

 

Page 15 of 15