-----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, EQzQPKuJkym18JGisd/ZPbgAsTHDtrkvuUsuGeeQOSmNPsLqLkHQd8mHS2BBmK+G Xkcwq6vqLLpPNDryqtMKRg== 0001021408-01-501523.txt : 20010531 0001021408-01-501523.hdr.sgml : 20010531 ACCESSION NUMBER: 0001021408-01-501523 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010515 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ATHEY PRODUCTS CORP CENTRAL INDEX KEY: 0000008109 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 360753480 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-12649 FILM NUMBER: 1650920 BUSINESS ADDRESS: STREET 1: 1839 SOUTH MAIN STREET CITY: WAKE FOREST STATE: NC ZIP: 27587-9289 BUSINESS PHONE: 9195565171 MAIL ADDRESS: STREET 1: 1839 SOUTH MAIN STREET CITY: WAKE FOREST STATE: NC ZIP: 27587-9289 8-K 1 d8k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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): May 15, 2001 ATHEY PRODUCTS CORPORATION (Exact Name of Registrant as Specified in Charter) Delaware 1-2723 36-0753480 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 1839 South Main Street Wake Forest, North Carolina 27587-9289 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 919-556-5171 Not Applicable (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. On December 8, 2000, Athey Products Corporation, a Delaware corporation ("Athey"), filed for protection pursuant to Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division (the "Bankruptcy Court"). A copy of the monthly report for the period of April 1, 2001, through April 30, 2001, filed with the Bankruptcy Court on May 15, 2001, pursuant to Bankruptcy Court Rule 2015, is attached to this current Report on Form 8-K as Exhibit 99.1. Any financial information in the exhibit is unaudited and has not been reviewed by an independent accountant. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. Exhibit Number Description - -------------- ----------- 99.1 Monthly Report dated May 15, 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. ATHEY PRODUCTS CORPORATION Date: May 30, 2001 /s/ William S. Warden -------------------------- By: William S. Warden Its: Chief Financial Officer EX-99.1 2 dex991.txt MONTHLY REPORT DATED MAY 15, 2001 Exhibit 99.1 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NORTH CAROLINA RALEIGH DIVISION IN RE: Athey Products Corporation CASE NO: 00-02736-5-ATS Monthly Report of Corporate Debtor in Possession/Trustee For The Month of April 1, 2001 Through April 30, 2001 I. REPORT OF ACTIVITIES: An interim escrow of $143,405.11 remains with respect to certain warranties issue raised at closing by the Purchaser, which had not been fully resolved as of April 30, 2001. Escrows remain with respect to resolution of certain Wells Fargo Business Credit disputes pending approval by the Court of a proposed stipulation. Escrows of $893,281.00 remain for settlement of the Triad Freightliner disputed secured claim. The bulk of funds held by Debtor are under the control of John A. Northen, Disbursing Agent, and accounts were established at First Capital Bank. Monthly 8-K is in preparation . The Disclosure Statement and Plan of Reorganization were being finalized and submitted to the Court on April 30, 2001 for conditional approval. A copy of the Plan, Disclosure Statement, and a ballot was mailed to creditors and shareholders no later than May 9, 2001. II. SUMMARY OF OPERATIONS: All operations of the business as Athey Products Corporation have ceased. Directors and Officers Insurance was secured and payment remitted following approval by the Court. I declare under penalty of perjury that the information contained in this report is true and correct to the best of my knowledge and belief. Respectfully submitted this 15th day of May, 2001. Title: CFO /s/ W.S. Warden Signature ------------------- ---------------------------------- I certify that the information contained in this report is true and correct to the best of my knowledge and belief. Date: 5/16/01 /s/ John Northen -------------------- ----------------------------------- Attorney for Debtor John A. Northen, NCSB 6789 Northen Blue, LLP PO Box 2208 Chapel Hill, NC 27515 919-968-4441 Page 3 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART A: CERTIFICATIONS 1. Yes x No All post-petition taxes [tax obligations arising after ----- _____ the currently paid or deposited. 2. Yes x No All administrative expenses [post-petition obligations] other than taxes are current. ----- _____ 3. Yes x No Estate property, which is subject to loss by theft, fire, ----- _____ or other casualty, is insured in accordance with Local Bankruptcy Rule No. 4002.3(a)(3). 4. Yes x No New books and records were opened as of the petition date ----- _____ and are being maintained monthly and are current. 5. Yes x No New DIP bank accounts were opened and are reconciled. ----- _____ 6. Yes x No x Pre-petition debts [obligations due on or before the ----- _____ filing of the case] have not been paid since the filing of this chapter case. 7. Yes x No The only transfers of property made during this period ----- _____ were transfers which were in the ordinary course of business. 8. Yes x No Estate funds which are on deposit in banking institutions ----- _____ are fully covered by FDIC or FSLIC insurance of $100,000.00. 9. Yes x No A copy of the corresponding bank statement is attached. ----- _____ IF THE ANSWER TO ANY OF THE CERTIFICATIONS ABOVE IS NO, PLEASE PROVIDE EXPLANATION ON SUPPLEMENT TO PART A. Page 4 SUPPLEMENT TO PART A: EXPLANATION TO CERTIFICATIONS REFLECTED AS "NO" 1. Post-petition TAXES NOT CURRENT OR NOT DEPOSITED: Type and amount $ unpaid or not deposited. ---------------- ---------- Type and amount $ unpaid or not deposited. ---------------- ---------- 2. ADMINISTRATIVE EXPENSES [Post-petition] OTHER THAN TAXES NOT CURRENT: Type and amount $ unpaid. ----------------------------- ----------- Type and amount $ unpaid. ----------------------------- ----------- 3. DESCRIPTION OF ESTATE PROPERTY UNINSURED, REASONS WHY AND STEPS IMPLEMENTED TO OBTAIN INSURANCE: a. b. 4. REASON/EXPLANATION WHY NEW BOOKS AND RECORDS NOT YET OPENED: 5. REASON/EXPLANATION WHY NEW BANK ACCOUNTS HAVE NOT YET BEEN OPENED: 6. A LIST OF ALL PRE-PETITION DEBTS WHICH WERE PAID SINCE THE FILING OF THE CASE INCLUDING THE NAME AND ADDRESS OF THE CREDITOR PAID, THE AMOUNT PAID, AND THE JUSTIFICATION FOR THE PAYMENT. [DOES NOT INCLUDE PAYMENTS TO SECURED CREDITORS AND LESSORS UNDER AN ADEQUATE PROTECTION AGREEMENT.] 7. A LIST OF ALL PROPERTY WHICH WAS TRANSFERRED OUTSIDE THE ORDINARY COURSE OF BUSINESS AND WHETHER PRIOR AUTHORITY FOR SUCH TRANSFER[S] WAS OBTAINED FROM THE COURT: 8. IF FUNDS ARE NOT FULLY COVERED BY FDIC OR FSLIC INSURANCE OF $100,000.00, PROVIDE NAME OF BANK[S] WHEREIN ESTATE MONIES ARE DEPOSITED AND THE BALANCE OF ALL ACCOUNTS THEREIN. Page 5 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART B: SUMMARY OF BANK ACCOUNT INFORMATION
BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT BALANCE - ------------------------------------------------------------------------------------------- Centura 021-221-536-1 Cash Collateral $ -0- Centura 021-221-538-8 Payroll $ -0- First Capital 2736303 Wells Fargo Escrow CD $ 347,952.98 First Capital 2736302 Freightliner Escrow CD $ 897,811.02 First Capital 2736201 Disbursing Agent MM $ 267,953.36 First Capital 2736301 Disbursing agent CD $ 6,474,968.78 First Capital 2736101 Disbursing Agent Checking $ 5,380.74 CCB Northen Blue Trust Warranties Escrow $ 143,405.11 TOTALS $ 8,137,471.99
Page 6 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: x General/Operating Account; (Centura #021-221-536-1) --- ___Tax Account; ___Payroll Account; ___Other: _________ Amount ------ 1. Cash Balance from previous month's report: $ 27,086.94 2. Total Cash Receipts: (see Supplement to Part B) $ -0- 3. Cash Balance Available $ 27,086.94 [#1 plus #2] 4. Total Cash Disbursements: (See Supplement to Part B) $ 27,086.94 5. Ending Cash Balance, adjusted to checkbook $ -0- [#3 less #4] Page 7 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: X General/Operating Account; (Centura #021-221-536-1) ---- Tax Account; --- Payroll Account; --- Other: _____________ ---
1. RECEIPTS: Amount ------ Proceeds from sale of assets $ Collection of post-petition accounts receivable _______________________ Collection of prepetition accounts receivable _______________________ Borrowing by debtor _______________________ Transfer from another account (#212-099-583; pre-petition account) _______________________ Other Income (describe on attachment) _______________________ Less allowance for returns and discounts _______________________ *TOTAL = $-0- *Total equals item #2/Total Cash Receipts on Part B.
2. DISBURSEMENTS: Amount ------ Purchases of inventory _______________________ Net Payroll _______________________ Payroll Taxes _______________________ Truck Rental _______________________ Other lease payments (pre-petition) _______________________ Utilities (Telephone, Electricity, Other) _______________________ Sales Tax _______________________ Other taxes (Franchise 2000) _______________________ Travel and Entertainment -0- Automobile or vehicle expense -0- Service charges -0- Vehicle insurance -0- Life and health insurance _______________________ Other insurance _______________________ Supplies _______________________ Freight _______________________ Storage _______________________ Repairs and Maintenance _______________________ Payments to secured creditors -0- Other Expenses Close out transfer to John A. Northen, Disbursing Agent 27,086.94 GRAND TOTAL $27,086.94
Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, -- #5 ON PART B: Page 8 [CENTURA] ATHEY PRODUCTS CORP. DEBTOR IN POSSESSION CB USE ------------ PAYROLL ACCOUNT 00005 PO BOX 97727 MC RALEIGH NC 27624-7727 D=0005 C=0000 ------------- 4/30/01 021 221-536-1 ================================================================================ April 1, 2001 - April 30, 2001 Page 1 of 1 - -------------------------------------------------------------------------------- GET A LINE ON YOUR MONEY, 24 HOURS A DAY. By dialing Centura Highway tollfree (1-800-CENTURA), you can check the balance of your accounts, see which checks have cleared, look into your last savings deposit, or find out the current interest rate and annual percentage yield on your Centura accounts. All with the push of a few buttons. In complete privacy, night or day. For account inquiries, please call 1-800-CENTURA. In the Rocky Mount, N.C. calling area, please dial 252-454-3775. To change your address, please visit any Centura location or call 1-800-CENTURA and select option 1; then select option 2; then option 0 and speak with a Financial Services Representative. - -------------------------------------------------------------------------------- Checking Summary Commercial Checking # 021 221-536-1 Beginning Balance $28,323.58 Additions + .00 Reductions - 28,323.58 Ending Balance $ .00 - -------------------------------------------------------------------------------- Checks Number Reference Amount Date Number Reference Amount Date Checking ------------------------------------ ---------------------------------- Detail 4796 0545401833 296.91 4/03 4800 0461105166 187.80 4/03 4798* 0456003926 170.20 4/02 0546201613 27,086.94 4/16 4799 0455704092 581.73 4/02 * Indicates one or more missing checks. Checking Date Balance Date Balance Date Balance ----------------------- ----------------------- --------------------- Balance History 4/02 $27,571.65 4/03 27,086.94 4/16 .00 - -------------------------------------------------------------------------------- Page 9 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: General/Operating Account; ------ X Tax Account; ------- X Payroll Account; (Centura #021-221-538-8) ------- Other: ------ ----------------- Amount ------ 1. Cash Balance from previous month's report: $ -0- 2. Total Cash Receipts: (see Supplement to Part B) $ 2,764.42 3. Cash Balance Available $ 2,764.42 [#1 plus #2] 4. Total Cash Disbursements to John A. Northen, Disbursing Agent: (See Supplement to Part B) $ 2,764.42 5. Ending Cash Balance, reconciled to checkbook $-0- ---- [#3 less #4] Page 10 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: General/Operating Account; ------- x Tax Account; -------- x Payroll Account; (Centura #021-221-538-8) ------- Other: ------- ------------------ 1. RECEIPTS: Amount ------ Sales --------- Collection of post-petition accounts receivable --------- Collection of pre-petition accounts receivable --------- Borrowing by debtor --------- Transfer from another account (#361) --------- --- Other Income (describe on attachment) --------- Bank errors 2,764.42 -------- *TOTAL = $2,764.42 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory --------- Net Payroll --------- Payroll Taxes --------- Rent --------- Other lease payments --------- Utilities (Telephone, Electricity, Other) --------- Sales Tax --------- Other taxes --------- Travel and Entertainment --------- Automobile or vehicle expense --------- Service charges --------- Vehicle insurance --------- Life and health insurance --------- Other insurance --------- Supplies --------- Freight --------- Advertising --------- Repairs and Maintenance --------- Payments to secured creditors --------- Transfer to John A. Northen, Disbursing Agent 2,764.42 *TOTAL = $2,764.42 *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 11 BANK RECONCILIATION UNIT: 0212215388 MONTH OF: Mar. 01 --------------------------------------- ----------------------- BANK: Centura DIP PR& Tax PREPARED BY: B. Marker -------------------------------------- -------------------- ==================================================================================================================================== ----------------------- ----------------- GENERAL LEDGER BALANCE.................... $ 0 BALANCE PER BANK STATEMENT....... $2,764 42 ----------------------- ------------ ----------------- ADD DEBITS: ADD: Dec - ----------------------------------------------- ------------------------------- 575 PR outstanding - ----------------------------------------------- ------------------------------ never cleared 2,451 70 - ----------------------------------------------- ------------------------------ - ----------------------------------------------- ------------------------------ Errors 312 72 2,764 42 - ----------------------------------------------- ------------------------------ - ----------------------------------------------- ------------------------------ - ----------------------------------------------- ------------------------------ - ----------------------------------------------- ------------------------------ ------------------ ----------------------- ----------------- Sub Total (End Bal).......................... 2,764 42 Sub Total (End Bal)....... 2,764 42 ----------------------- ----------------- LESS CREDITS: LESS CHECKS OUTSTANDING: ------------------ ----------------------- ----------- ----------------- Less: (see list below) Transfer in Apr Less: - ----------------------------------------------- ------------------------------ to John Northen Transfer in April - ----------------------------------------------- ------------------------------ Acct -2,764 42 to John Northen - ----------------------------------------------- ------------------------------ Acct -2,764 42 - ----------------------------------------------- ------------------------------ - ----------------------------------------------- ------------------------------ - ----------------------------------------------- ------------------------------ - ----------------------------------------------- ------------------------------ Total..................... Total........ ----------- ------------------ ----------------------- ----------------- BALANCE PER GENERAL LEDGER..................... $ 0 BALANCE PER BANK RECONCILIATION.... $ 0 ----------------------- -----------------
- ------------------------------------------------------------------------------ CHECKS OUTSTANDING:
- ------------------------------------------------------------------------------------------------------------------------------------ CHECK CHECK CHECK CHECK AMOUNT NUMBER AMOUNT NUMBER AMOUNT NUMBER AMOUNT NUMBER - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------
Page 12 [CENTURA] ATHEY PRODUCTS CORP. DEBTOR IN POSSESSION CB USE ---------- PAYROLL ACCOUNT 00005 PO BOX 97727 MC RALEIGH NC 27624-7727 D=0005 C=0000 ---------- 4/30/01 021 221-538-8 ================================================================================ April 1, 2001 - April 30, 2001 Page 1 of 1 - -------------------------------------------------------------------------------- GET A LINE ON YOUR MONEY, 24 HOURS A DAY. By dialing Centura Highway tollfree (1-800-CENTURA), you can check the balance of your accounts, see which checks have cleared, look into your last savings deposit, or find out the current interest rate and annual percentage yield on your Centura accounts. All with the push of a few buttons. In complete privacy, night or day. For account inquiries, please call 1-800-CENTURA. In the Rocky Mount, N.C. calling area, please dial 252-454-3775. To change your address, please visit any Centura location or call 1-800-CENTURA and select option 1; then select option 2; then option 0 and speak with a Financial Services Representative. - -------------------------------------------------------------------------------- Checking Summary Commercial Checking # 021 221-538-8 Beginning Balance $2,764.42 Additions + .00 Reductions - 2,764.42 Ending Balance $ .00 - -------------------------------------------------------------------------------- Checking Checks Detail Number Reference Amount Date Number Reference Amount Date ---------------------------------------- ----------------------------- 0546201612 2,764.42 4/16 - -------------------------------------------------------------------------------- Checking Balance Date Balance Date Balance Date Balance ----------------------- -------------------------- ------------------ History 4/16 $ .00 - -------------------------------------------------------------------------------- Page 13 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April, 2001 ------ PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: ______General/Operating Account; ______Tax Account; ______Payroll Account; X Other: Wells Fargo Escrow Funds CD ------ --------------------------- (First Capital #2736303) Amount ------ 1. Cash Balance from previous month's report: $346,780.82 ---------- 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $ 1,172.16 3. Cash Balance Available $347,952.98 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $-0- 5. Ending Cash Balance $347,952.98 ---------- [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - -------------------------------------------------------------------------------- First Capital 2736303 Wells Fargo Escrow CD 347,952.98 TOTAL BANK BALANCE = $347,952.98 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 14 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: _______General/Operating Account; _______Tax Account; _______Payroll Account; X Other: Wells Fargo Escrow Funds CD ------- (First Capital #2736303) 1. RECEIPTS: Amount ------ Sales --------- Collection of post-petition accounts receivable --------- Collection of pre-petition accounts receivable --------- Other Income (interest) 1,172.16 Less allowance for returns and discounts --------- *TOTAL = $1,172.16 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory ---- Net Payroll ---- Payroll Taxes ---- Rent ---- Other lease ---- payments Utilities (Telephone, Electricity, Other) ---- Sales Tax ---- Other taxes ---- Travel and Entertainment ---- Automobile or vehicle expense ---- Service charges ---- Vehicle insurance ---- Life and health insurance ---- Other insurance ---- Supplies ---- Freight ---- Advertising ---- Repairs and Maintenance ---- *TOTAL = $-0- *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 15 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 - ------------------------------------------- EST OF ATHEY PRODUCTS CORP WELLS FARGO - ESCROW FUNDS JOHN A NORTHEN-DISBURSING AGNT CHAPTER 11 CASE #00-02736-5 1 PO BOX 2208 CHAPEL HILL NC 27515-2208 CUSTOMER: 6573 - ------------------------------------------- AS OF: 04/27/01 [DIC logo] PAGE 1 - -------------------------------------------------------------------------------- ============================================================================= 7-31 DAY CERTIFICATE 2736303 ============================================================================= INTEREST RATE: 4.0000% ORIGINAL ISSUE DATE: 03/14/01 MATURITY DATE: 05/13/01 ORIGINAL ISSUE VALUE: 369,280.82 TERM: 30 DAYS LAST RENEWAL DATE: 04/13/01 LAST RENEWAL VALUE: 347,952.98 ******************************************************* * A P P R O A C H I N G R E N E W A L A D V I C E * ******************************************************* YOUR CERTIFICATE WILL MATURE ON 05/13/01. INTEREST WILL BE CREDITED TO YOUR CERTIFICATE AT MATURITY. THE CURRENT BALANCE OF YOUR 7-31 DAY CERTIFICATE IS 347,952.98. IF THE CERTIFICATE RENEWS, THE NEW MATURITY DATE WILL BE 6/12/01. IF WE DO NOT HEAR FROM YOU WITHIN 10 DAYS AFTER 05/13/01, IT WILL AUTOMATICALLY RENEW FOR THE SAME TIME PERIOD. IF YOU INTEND TO MAKE ANY CHANGES, INCLUDING ADDITIONS OR WITHDRAWALS, PLEASE REMIT THE ENDORSED ORIGINAL CD, OR SEND YOUR REQUEST IN WRITING. YOU MAY OBTAIN NEW RATE AND YIELD INFORMATION BY CALLING 888-921-2265 ON/AFTER 05/13/01. THANK YOU. - -------------------------------------------------------------------------------- Page 16 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April , 2001 ------- PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: General/Operating Account; ------ Tax Account; ------ Payroll Account; ------ X Other: Triad Freightliner Escrow Fund CD ------ --------------------------------- (First Capital #2736302) Amount ------ 1. Cash Balance from previous month's report: $894,868.98 ---------- 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $ 2,942.04 3. Cash Balance Available $897,811.02 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $-0- --- 5. Ending Cash Balance $897,811.02 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - -------------------------------------------------------------------------------- First Capital 2736302 Triad Freightliner Escrow Fund CD $897,811.02 TOTAL BANK BALANCE = $897,811.02 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 17 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: _______General/Operating Account; _______Tax Account; _______Payroll Account; X Other: Triad Freightliner Escrow Fund CD ------- (First Capital #2736302) 1. RECEIPTS: Amount ------ Sales -------- Collection of post-petition accounts receivable -------- Collection of pre-petition accounts receivable -------- Other Income (interest) 2,942.04 Less allowance for returns and discounts -------- *TOTAL = $2,942.04 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory ----- Net Payroll ----- Payroll Taxes ----- Rent ----- Other lease payments ----- Utilities (Telephone, Electricity, Other) ----- Sales Tax ----- Other taxes ----- Travel and Entertainment ----- Automobile or vehicle expense ----- Service charges ----- Vehicle insurance ----- Life and health insurance ----- Other insurance ----- Supplies ----- Freight ----- Advertising ----- Repairs and Maintenance ----- *TOTAL = $-0- *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 18 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 - ----------------------------------------------- EST OF ATHEY PRODUCTS CORP TRIAD FREIGHTLINER-ESCROW FUND JOHN A NORTHEN-DISBURSING AGNT CHAPTER 11 CASE #00-02736-5 1 PO BOX 2208 CHAPEL HILL NC 27515-2208 CUSTOMER: 6573 - ----------------------------------------------- AS OF: 04/27/01 [DIC logo] Page 1 - -------------------------------------------------------------------------------- ============================================================================== 7-31 DAY CERTIFICATE 2736302 ============================================================================== INTEREST RATE: 4.0000% ORIGINAL ISSUE DATE: 03/14/01 MATURITY DATE: 05/13/01 ORIGINAL ISSUE VALUE: 894,868.98 TERM: 30 DAYS LAST RENEWAL DATE: 04/13/01 LAST RENEWAL VALUE: 897,811.02 ******************************************************* * A P P R O A C H I N G R E N E W A L A D V I C E * ******************************************************* YOUR CERTIFICATE WILL MATURE ON 05/13/01. INTEREST WILL BE CREDITED TO YOUR CERTIFICATE AT MATURITY. THE CURRENT BALANCE OF YOUR 7-31 DAY CERTIFICATE IS 897,811.02. IF THE CERTIFICATE RENEWS, THE NEW MATURITY DATE WILL BE 6/12/01. IF WE DO NOT HEAR FROM YOU WITHIN 10 DAYS AFTER 05/13/01, IT WILL AUTOMATICALLY RENEW FOR THE SAME TIME PERIOD. IF YOU INTEND TO MAKE ANY CHANGES, INCLUDING ADDITIONS OR WITHDRAWALS, PLEASE REMIT THE ENDORSED ORIGINAL CD, OR SEND YOUR REQUEST IN WRITING. YOU MAY OBTAIN NEW RATE AND YIELD INFORMATION BY CALLING 888-921-2265 ON/AFTER 05/13/01. THANK YOU. - -------------------------------------------------------------------------------- Page 19 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April, 2001 ------ PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: ______General/Operating Account; ______Tax Account; ______Payroll Account; X Other: Disbursing Agent MM ------ ------------------- (First Capital #2736201) Amount ------ 1. Cash Balance from previous month's report: $457,572.75 ---------- 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $ 30,365.58 3. Cash Balance Available $487,938.33 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $219,984.97 ---------- 5. Ending Cash Balance $267,953.36 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - ------------------------------------------------------------------------------ First Capital 2736201 Disbursing Agent MM 267,953.36 TOTAL BANK BALANCE = $267,953.36 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 20 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: General/Operating Account; ______ Tax Account; ______ Payroll Account; ______ X Other: Disbursing Agent MM ------ (First Capital #2736201)
1. RECEIPTS: Amount ------ Sales ---------- Collection of post-petition accounts receivable ---------- Collection of pre-petition accounts receivable ---------- Other Income (refunds from IRS, Little River Corp, Sprint) 1,283.53 Other Income (interest) 514.22 Close out of Athey Payroll and NonCash Collateral Accounts 29,851.36 Less allowance for returns and discounts ---------- *TOTAL = $30,365.58
*Total equals item #2/Total Cash Receipts on Part B.
2. DISBURSEMENTS: Amount ------ Purchases of inventory ------- Net Payroll ------- Payroll Taxes ------- Rent ------- Other lease payments ------- Utilities (Telephone, Electricity, Other) ------- Sales Tax ------- Other taxes ------- Travel and Entertainment ------- Automobile or vehicle expense ------- Service charges ------- Vehicle insurance ------- Life and health insurance ------- Other insurance ------- Repairs and Maintenance ------- Transfer to Disbursing Agent Checking First Capital #2736101 219,984.97 ---------- *TOTAL = $219,984.97
*Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 21 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 EST OF ATHEY PRODUCTS CORP 30 JOHN A NORTHEN-DISBURSING AGNT 0 CHAPTER 11 CASE #00-02736-5 1 0 PO BOX 2208 CHAPEL HILL NC 27515-2208 BANKRUPT MMA ACCOUNT: 2736201 03/31/01 THRU 04/30/01 [DIC logo] PAGE 1
- ------------------------------------------------------------------------------------------------ ============================================================================================= BANKRUPT MMA ACCOUNT 2736201 ============================================================================================= MINIMUM BALANCE 257,411.91 LAST STATEMENT 03/30/01 457,572.75 AVG AVAILABLE BALANCE 299,034.49 2 CREDITS 30,365.58 AVERAGE BALANCE 299,034.49 5 DEBITS 219,984.97 THIS STATEMENT 04/30/01 267,953.36 - - - - - - - - OTHER CREDITS - - - - - - - - DESCRIPTION DATE AMOUNT ATHEY PRODUCTS 04/13 29,851.36 INTEREST 04/30 514.22 - - - - - - - - - OTHER DEBITS - - - - - - - - - DESCRIPTION DATE AMOUNT TRANSFER 04/02 8,599.00 TRANSFER 04/05 29,136.54 TRANSFER 04/05 162,425.30 TRANSFER 04/16 14,443.39 TRANSFER 04/30 5,380.74 - - - - - - - - - - I N T E R E S T - - - - - - - - - - AVERAGE LEDGER BALANCE: 299,034.49 INTEREST EARNED: 514.22 AVERAGE AVAILABLE BALANCE: 299,034.49 DAYS IN PERIOD: 31 INTEREST PAID THIS PERIOD 514.22 ANNUAL PERCENTAGE YIELD EARNED: 2.04% INTEREST PAID 2001: 1,064.03 - - - - - - - - DAILY BALANCE - - - - - - - - DATE..............BALANCE DATE..............BALANCE DATE.......................BALANCE 04/02 448,973.75 04/13 287,263.27 04/30 267,953.36 04/05 257,411.91 04/16 272,819.88 - ------------------------------------------------------------------------------------------------
Page 22 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April , 2001 ----- PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: General/Operating Account; ______ Tax Account; ______ Payroll Account; ______ X Other: Disbursing Agent CD ------ ------------------- (First Capital #2736301) Amount ------ 1. Cash Balance from previous month's report: $6,453.750.97 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $ 21,217.81 3. Cash Balance Available $6,474,968.78 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $-0- 5. Ending Cash Balance $6,474,968.78 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - -------------------------------------------------------------------------------- First Capital 2736301 Certificate of Deposit 6,474,968.78 TOTAL BANK BALANCE = $6,474,968.78 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 23 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: _______General/Operating Account; _______Tax Account; _______Payroll Account; X Other: Disbursing Agent C ------- ------------------ (First Capital #2736301) 1. RECEIPTS: Amount ------ Sales __________ Collection of post-petition accounts receivable __________ Collection of prepetition accounts receivable __________ Other Income (interest) 21,217.81 Less allowance for returns and discounts _______ *TOTAL = $21,217.81 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory ______ Net Payroll ______ Payroll Taxes ______ Rent ______ Other lease payments ______ Utilities (Telephone, Electricity, Other) ______ Sales Tax ______ Other taxes ______ Travel and Entertainment ______ Automobile or vehicle expense ______ Service charges ______ Vehicle insurance ______ Life and health insurance ______ Other insurance ______ Supplies ______ Freight ______ Advertising ______ Repairs and Maintenance ______ Payments to secured creditors ______ Other Expenses ______ *TOTAL = $-0- *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 24 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 - ---------------------------------------------- EST OF ATHEY PRODUCTS CORP JOHN A NORTHEN-DISBURSING AGNT CHAPTER 11 CASE #00-02736-5 1 PO BOX 2208 CHAPEL HILL NC 27515-2208 CUSTOMER: 6573 - ---------------------------------------------- AS OF: 04/27/01 [DIC logo] PAGE 1 - -------------------------------------------------------------------------------- ============================================================================= 7-31 DAY CERTIFICATE 2736301 ============================================================================= INTEREST RATE: 4.0000% ORIGINAL ISSUE DATE: 03/14/01 MATURITY DATE: 05/13/01 ORIGINAL ISSUE VALUE: 6,453,750.97 TERM: 30 DAYS LAST RENEWAL DATE: 04/13/01 LAST RENEWAL VALUE: 6,474,968.78 ******************************************************* * A P P R O A C H I N G R E N E W A L A D V I C E * ******************************************************* YOUR CERTIFICATE WILL MATURE ON 05/13/01. INTEREST WILL BE CREDITED TO YOUR CERTIFICATE AT MATURITY. THE CURRENT BALANCE OF YOUR 7-31 DAY CERTIFICATE IS 6,474,968.78. IF THE CERTIFICATE RENEWS, THE NEW MATURITY DATE WILL BE 6/12/01. IF WE DO NOT HEAR FROM YOU WITHIN 10 DAYS AFTER 05/13/01, IT WILL AUTOMATICALLY RENEW FOR THE SAME TIME PERIOD. IF YOU INTEND TO MAKE ANY CHANGES, INCLUDING ADDITIONS OR WITHDRAWALS, PLEASE REMIT THE ENDORSED ORIGINAL CD, OR SEND YOUR REQUEST IN WRITING. YOU MAY OBTAIN NEW RATE AND YIELD INFORMATION BY CALLING 888-921-2265 ON/AFTER 05/13/01. THANK YOU. - -------------------------------------------------------------------------------- Page 25 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April , 2001 ----- PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: ______General/Operating Account; ______Tax Account; ______Payroll Account; X Other: Disbursing Agent Checking ------ ------------------------- (First Capital #2736101) Amount ------ 1. Cash Balance from previous month's report: $22,500.00 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $219,984.97 3. Cash Balance Available $242,484.97 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $242,484.97 5. Ending Cash Balance, reconciled to checkbook $-0- [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - ----------------------------------------------------------------------- First Capital 2736101 Disbursing Agent Checking 5,380.74 TOTAL BANK BALANCE = $5,380.74 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 26 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: _______General/Operating Account; _______Tax Account; _______Payroll Account; X Other: Disbursing Agent Checking ------- (First Capital #2736101) 1. RECEIPTS: Amount ------ Sales ________ Collection of post-petition accounts receivable ________ Collection of pre-petition accounts receivable ________ Transfer from First Capital 2736201) 219,984.97 Less allowance for returns and discounts _______ *TOTAL = $219,984.97 *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Post-petition invoices outstanding 15,098.99 ----------- Contractor services to William Warden 12,809.50 ----------- Payroll Taxes ----------- Disbursing Agent Bond 8,599.00 ----------- Payments to Professionals 43,579.93 ----------- Utilities (Telephone, Electricity, Other) 11,770.85 ----------- Sales Tax ----------- SEC and 8K reporting fees 2,231.26 ----------- Travel and Entertainment ----------- Automobile or vehicle expense ----------- Freight 7,295.32 ----------- Vehicle insurance ----------- Life and health insurance 750.12 ----------- Other insurance (Liability) 117,850.00 ----------- Supplies ----------- *TOTAL = $219,984.97 *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Bank Balance $5,380.74 Outstanding check -5,380.74 --------- Difference -0- Page 27 FIRST CAPITAL BANK 3320 HOLCOMB BRIDGE RD SUITE A NORCROSS GA 30092 PHONE: 770-381-9996 EST OF ATHEY PRODUCTS CORP 30 JOHN A NORTHEN-DISBURSING AGNT 0 CHAPTER 11 CASE #00-02736-5 1 19 PO BOX 2208 CHAPEL HILL NC 27515-2208 BANKRUPT CHECK ACCOUNT: 2736101 03/31/01 THRU 04/30/01 DOCUMENT COUNT: 19 [DIC logo] PAGE 1
- --------------------------------------------------------------------------------------------------- ================================================================================================= BANKRUPT CHECK ACCOUNT 2736101 ================================================================================================= LAST STATEMENT 03/30/01 22,500.00 MINIMUM BALANCE .00 5 CREDITS 219,984.97 AVG AVAILABLE BALANCE 40,061.01 19 DEBITS 237,104.23 AVERAGE BALANCE 40,061.01 THIS STATEMENT 04/30/01 5,380.74 - - - - - - - - OTHER CREDITS - - - - - - - - DESCRIPTION DATE AMOUNT TRANSFER 04/02 8,599.00 TRANSFER 04/05 29,136.54 TRANSFER 04/05 162,425.30 TRANSFER 04/16 14,443.39 TRANSFER 04/30 5,380.74 - - - - - - - - - - CHECKS - - - - - - - - - - CHECK #.....DATE......AMOUNT CHECK # DATE.....AMOUNT CHECK # DATE.............AMOUNT 2 04/04 22,500.00 9 04/12 2,871.90 16 04/18 750.12 3 04/09 8,599.00 10 04/09 1,185.62 17 04/11 10,483.00 4 04/11 807.66 11 04/10 10,366.17 18 04/10 117,850.00 5 04/13 27.44 12 04/13 2,835.29 19 04/11 29,136.54 6 04/10 2,821.66 13 04/10 3,945.61 20 04/19 14,443.39 7 04/09 382.50 14 04/10 159.77 8 04/16 693.56 15 04/13 7,290.00 - - - - - - - - DAILY BALANCE - - - - - - - DATE.................BALANCE DATE......BALANCE DATE.........................BALANCE 04/02 31,099.00 04/10 54,850.50 04/16 15,193.51 04/04 8,599.00 04/11 14,468.31 04/18 14,443.39 04/05 200,160.84 04/12 11,596.41 04/19 .00 04/09 189,993.72 04/13 1,443.68 04/30 5,380.74 - ---------------------------------------------------------------------------------------------------
Page 28 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April, 2001 ----- PART B: SUMMARY OF CASH RECEIPTS AND DISBURSEMENTS CASH ACTIVITY ANALYSIS NATURE/TYPE OF ACCOUNT: ______General/Operating Account; ______Tax Account; ______Payroll Account; X Other: Warranties Escrow ------ ----------------- (Northen Blue Trust Account) Amount ------ 1. Cash Balance from previous month's report: $-0- --- 2. Total Cash Receipts: [On a separate page provide a description of the source and amount - see Supplement to Part B] $143,405.11 3. Cash Balance Available $143,405.11 [#1 plus #2] 4. Total Cash Disbursements: [On a separate page provide an itemization by major category of the disbursement and amount - See Supplement to Part B] $-0- 5. Ending Cash Balance $143,405.11 [#3 less #4] SUMMARY OF BANK ACCOUNT INFORMATION BANK NAME ACCOUNT NUMBER NATURE OF ACCOUNT AMOUNT* - ---------------------------------------------------------------------------- CCB Northen Blue Trust Account Warranties Escrow 143,405.11 TOTAL BANK BALANCE = $143,405.11 *This amount should be the ending balance from the checkbook after it was reconciled to the bank statement. If the Bank Balance does not agree with the --- Ending Cash Balance, in Part B, please explain the difference on Supplement to Part B. Page 29 SUPPLEMENT TO PART B: DESCRIPTION/ITEMIZATION OF RECEIPTS AND DISBURSEMENTS NATURE/TYPE OF ACCOUNT: _______General/Operating Account; _______Tax Account; _______Payroll Account; X Other: Warranties Escrow ------- ------------------ (Northen Blue Trust Account) 1. RECEIPTS: Amount ------ Sales ______ Collection of post-petition accounts receivable ______ Collection of pre-petition accounts receivable ______ Less allowance for returns and discounts ______ *TOTAL = $-0- *Total equals item #2/Total Cash Receipts on Part B. 2. DISBURSEMENTS: Amount ------ Purchases of inventory ______ Net Payroll ______ Payroll Taxes ______ Rent ______ Other lease payments ______ Utilities (Telephone, Electricity, Other) ______ Sales Tax ______ Other taxes ______ Travel and Entertainment ______ Automobile or vehicle expense ______ Service charges ______ Vehicle insurance ______ Life and health insurance ______ Other insurance ______ Supplies ______ *TOTAL = $-0- *Total equals item #4/Total Cash Disbursements on Part B. EXPLANATION AS TO WHY BANK BALANCE DOES NOT AGREE WITH THE ENDING CASH BALANCE, --- #5 ON PART B: Page 30 CLIENT TRANSACTIONS May 16, 2001 Central Carolina Bank PAGE 1 Transaction # Date Code Debits Credits Status Description/Payee: - ------------- ------ ------ ----------- --------- -------- -------------------- Athey Products Corp. (N-20974) - -------------------------------------------------- ATHEYP-401 03/05/01 D $143,405.11 A Wire transfer from Parker Poe (Warranty Escrow) ----------- Client Balance: $143,405.11 Page 31 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART C: STATEMENT OF STATUS OF PAYMENTS MADE TO SECURED CREDITORS: NONE 1. Wells Fargo Business Credit, Inc. Escrow remaining for disputed fees due Wells Fargo Business Credit held in First Capital CD #2736303 pending stipulated settlement Order of Court. 2. Triad Freightliner of Greensboro, Inc. Escrow remaining for disputed claim, together with previous adequate protection payments, held in First Capital CD#2736302. 3. [name] ------------------------------------- Regular contracted payment $_________ per________ Adequate protection payment offered $_________ per________ Number and amount of Post-petition adequate protection payments not --- made: #_________ $________ 4. [name] ------------------------------------- Regular contracted payment $_________ per________ Adequate protection payment offered $_________ per________ Number and amount of Post-petition adequate protection payments not --- made: #__________ $________ [Attach a separate page for additional secured creditors] Page 32 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART D: SUMMARY OF ACCOUNTS RECEIVABLE Amount ------ 1. Beginning Balance $n/a --- 2. Sales on Account (includes Warranty Credits and Freight) $n/a 3. Collections on Account $n/a 4. Ending Balance $n/a [Item #1 plus #2 minus #3] STATUS OF COLLECTIONS: Amount ------ Current to 30 days $n/a 31 to 60 days $n/a 61 to 90 days $n/a 91 to 120 days $n/a 121 days and older $n/a TOTAL: $n/a NOTE: All accounts receivable were sold to Five Star Manufacturing, LLC. Page 33 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART E: SUMMARY OF ACCOUNTS PAYABLE [EXCLUDING PRE-PETITION ACCOUNTS PAYABLE] ----------------------------------------- Amount ------ Current to 30 days $432,024.81 31 to 60 days $__________ 61 to 90 days $__________ 91 to 120 days $__________ 121 days and older $__________ TOTAL: $432,024.81 Page 34 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART F: STATEMENT OF STATUS OF PAYMENTS MADE TO LESSORS LESSORS WHOSE LEASES HAVE BEEN ASSIGNED TO FIVE STAR MANUFACTURING: All payments have been made in full to Lessors whose leases have been assigned to Five Star Manufacturing; no further obligations to Debtor remain. LESSORS WHOSE LEASES HAVE BEEN REJECTED: 1. Enterprise Information ------------------------------------------------------- Regular contracted payment $3,965.63 per month -------- ----- Number and amount of Post-petition lease payments not made:______# 1 $ 3,965.63 --- ------- --------- 2. GE Industrial Systems ------------------------------------------------------- Regular contracted payment $ 650.00 per month ------ ----- Number and amount of Post-petition lease payments not made: # N/A $__________ --- ------- [Attach a separate page for additional lessors] Page 35 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 1, 2001 through April 30, 2001 PART G: ACCRUAL BASIS BALANCE SHEET This part must be submitted with the first monthly report and thereafter on a Quarterly Basis, with the reports for March, June, September and December, unless a different date is agreed to by the Bankruptcy Administrator, until confirmation of the plan. It is permissible and helpful if a balance sheet is submitted more often than once a quarter, but not required. An "in house" report may be substituted, with the approval of the Bankruptcy Administrator, provided it meets the accrual requirement. ASSETS CURRENT ASSETS Cash 8,350,146. ---------- Accounts receivable [net] ---------- Other receivables ---------- Inventories ---------- Prepaid ------- Total Current Assets 8,350,146. ---------- FIXED, LONG TERM, AND OTHER ASSETS Land Fixed Assets Accumulated depreciation on fixed assets Other Assets - Net Total fixed, long term and other assets Total assets 8,350,146. ---------- LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts Payable 641,400. ---------- Notes Payable Salaries Payable Payroll Taxes Payable Income Taxes Payable Other Current Liabilities Total Current Liabilities 641,400. ---------- LONG TERM LIABILITIES Prepetition Liabilities (estimated) 7,000,000. ---------- Post-petition Long Term (reserve for COA-11 expenses) 247,500. ---------- Total Long Term Liabilities 247,500. ---------- TOTAL LIABILITIES 7,247,500. ---------- OWNERS' [STOCKHOLDERS'] EQUITY Stock [investment in company] Retained Earning Total Owners Equity 1,102,646. Total Liabilities and Owners' Equity 8,350,146. ---------- Page 36 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 2001 PART H: ACCRUAL BASIS LOSS FOR THE MONTH Amount ------ 1. Total Sales or Revenue $n/a 2. Cost of Goods Sold Material: $n/a Labor: $n/a Other: (Burden) $n/a TOTAL COSTS $n/a 3. Gross Profit [Item #1 minus item #2] $n/a 4. TOTAL OPERATING EXPENSES $n/a 5. Net Profit or [Loss] $n/a [Item #3 minus #4] 6. Total Non-Operating Income/Expenses $n/a 7. Net Profit or [Loss] $n/a [Item #5 minus #6] [If a detailed INCOME STATEMENT is available, please attach it to the monthly report] NOTE: The Debtor discontinued operations. Page 37 ATTACHMENT TO CHAPTER 11 MONTHLY REPORT FOR THE MONTH OF April 2001 PART I: SUMMARY OF OFFICER/OWNER COMPENSATION AND PERSONNEL REPORT 1. Report all salaries received from or paid by the debtor to an owner or officer of the debtor._ _Check here if same as last monthly report or provide the following -- information:___ Compensation Authorized Compensation Name of Officer/Owner Title By the Court Received Date Approved - --------------------- --------- --------------- ------------- ------------- All officer salaries were discontinued upon closing of the sale to Five Star Manufacturing, LLC. Mr. Warden has agreed to provide services on an as-needed hourly basis. 2. Report all payments made to professionals (i.e. accountants, attorneys, realtors) paid by the debtor: Compensation Compensation Date Approved Authorized/ Name of Officer/Owner Title By the Court Received - --------------------- ----------------- ------------------ --------- Parker, Poe, Adams & Bernstein, LLP Special Counsel _____ $12,809.50 John H. Small UCC Counsel _____ $14,443.39 3. Personnel Report: ______ Check here if same as last monthly report or provide the following -- information: Full Time Part --------------- ---- Time ---- Total number of employees at beginning of the reporting period -0- _______ --------- Number hired during the period -0- _______ --------- Number terminated/resigned during the period -0- _______ --------- Total number of employees at the end of the period -0- _______ --------- Page 38 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NORTH CAROLINA RALEIGH DIVISION IN THE MATTER OF: Athey Products Corp. 1839 South Main Street Wake Forest, NC 27587 Case No. 00-02736-5-ATS TIN: 36-0753480 Debtor - -------------------------------------------------------------------------------- CERTIFICATE OF SERVICE - -------------------------------------------------------------------------------- THIS IS TO CERTIFY that on the below date, the undersigned served a copy of the by depositing the same, enclosed in a post paid wrapper, properly addressed to the following parties in interest, at their last known addresses as shown below, in a post office or official depository under the exclusive care and custody of the United States Postal Service: Marjorie K. Lynch William G. Pappas Bankruptcy Administrator Parker Poe Adams & Bernstein 300 Fayetteville Street Mall, #412 150 Fayetteville Street Mall, #1400 P.O. Drawer 3039 P.O. Box 389 Raleigh, NC 27602-3039 Raleigh, NC 27602 This the 16 day of May, 2001. -- ATHEY PRODUCTS CORP. By: /s/ John Northen ---------------------------- Counsel for the Debtor NORTHEN BLUE, L.L.P. John A. Northen, NCSB # 6789 Cheryl Y. Capron, NCSB #16582 Post Office Box 2208 Chapel Hill, NC 27515-2208 Telephone: 919-968-4441 Page 39 -----END PRIVACY-ENHANCED MESSAGE-----