New Jersey
|
001-01031
|
22-0743290
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
1480 Route 9 North, Suite 301, Woodbridge, New Jersey
|
07095
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code: (732) 877-1788
|
(Former name or former address, if changed since last report)
|
ITEM
|
PAGE
|
ITEM 1.03. BANKRUPTCY OR RECEIVERSHIP
|
4
|
ITEM 7.01. REGULATION FD DISCLOSURE
|
4
|
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
|
5
|
Item 1.03
|
BANKRUPTCY OR RECEIVERSHIP
|
Item 7.01
|
Regulation FD Disclosure
|
Item 9.01
|
Financial Statements and Exhibits.
|
Number
|
Description
|
|
99.1
|
Order Confirming Liquidating First Amended Joint Plan of RCLC, Inc. f/k/a Ronson Corporation, RA Liquidating Corp. f/k/a Ronson Aviation, Inc. and RCPC Liquidating Corp. f/k/a Ronson Consumer Products Corporation under Chapter 11 of the Bankruptcy Code, filed with the United States Bankruptcy Court for the District of New Jersey on August 29, 2011
|
99.2
|
First Amended Joint Plan of RCLC, Inc. f/k/a Ronson Corporation, RA Liquidating Corp. f/k/a Ronson Aviation, Inc. and RCPC Liquidating Corp. f/k/a Ronson Consumer Products Corporation under Chapter 11 of the Bankruptcy Code, filed with the United States Bankruptcy Court for the District of New Jersey on March 23, 2011
|
|
99.3
|
Non-Material Modifications to Debtors’ First Amended Joint Plan of Liquidation, filed with the United States Bankruptcy Court for the District of New Jersey on August 19, 2011
|
|
99.4
|
RCLC, Inc. Balance Sheet dated July 31, 2011; RCPC Liquidating Corp. Balance Sheet dated July 31, 2011; and RA Liquidating Corp. . Balance Sheet dated July 31, 2011
|
|
99.5
|
RCLC, Inc. Monthly Operating Report for the period from July 1, 2011 through July 31, 2011, filed with the United States Bankruptcy Court for the District of New Jersey on September 6, 2011
|
|
99.6
|
RCPC Liquidating Corp. Monthly Operating Report from July 1, 2011 through July 31, 2011, filed with the United States Bankruptcy Court for the District of New Jersey on September 6, 2011
|
|
99.7
|
RA Liquidating Corp Monthly Operating Report for the period from July 1, 2011 through July 31, 2011, filed with the United States Bankruptcy Court for the District of New Jersey on September 6, 2011
|
RCLC, Inc.
|
||
Date: September 7, 2011
|
By:
|
/s/ Daryl K. Holcomb
|
Name: Daryl K. Holcomb
|
||
Title: Vice President, Chief Financial Officer and Controller
|
Number
|
Description
|
|
99.1
|
Order Confirming Liquidating First Amended Joint Plan of RCLC, Inc. f/k/a Ronson Corporation, RA Liquidating Corp. f/k/a Ronson Aviation, Inc. and RCPC Liquidating Corp. f/k/a Ronson Consumer Products Corporation under Chapter 11 of the Bankruptcy Code filed with the United States Bankruptcy Court for the District of New Jersey on August 29, 2011
|
|
99.2
|
First Amended Joint Plan of RCLC, Inc. f/k/a Ronson Corporation, RA Liquidating Corp. f/k/a Ronson Aviation, Inc. and RCPC Liquidating Corp. f/k/a Ronson Consumer Products Corporation under Chapter 11 of the Bankruptcy Code filed with the United States Bankruptcy Court for the District of New Jersey, filed with the United States Bankruptcy Court for the District of New Jersey on March 23, 2011
|
|
99.3
|
Non-Material Modifications to Debtors’ First Amended Joint Plan of Liquidation, filed with the United States Bankruptcy Court for the District of New Jersey on August 19, 2011
|
|
99.4
|
RCLC, Inc. Balance Sheet dated July 31, 2011; RCPC Liquidating Corp. Balance Sheet dated July 31, 2011; and RA Liquidating Corp. . Balance Sheet dated July 31, 2011
|
|
99.5
|
RCLC, Inc. Monthly Operating Report for the period from July 1, 2011 through July 31, 2011, filed with the United States Bankruptcy Court for the District of New Jersey on September 6, 2011
|
|
99.6
|
RCPC Liquidating Corp. Monthly Operating Report from July 1, 2011 through July 31, 2011, filed with the United States Bankruptcy Court for the District of New Jersey on September 6, 2011
|
|
99.7
|
RA Liquidating Corp Monthly Operating Report for the period from July 1, 2011 through July 31, 2011, filed with the United States Bankruptcy Court for the District of New Jersey on September 6, 2011
|
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW JERSEY
|
|
Caption in Compliance with D.N.J. LBR 9004-2(c)
COLE, SCHOTZ, MEISEL,
FORMAN & LEONARD, P.A.
A Professional Corporation
Court Plaza North
25 Main Street
P.O. Box 800
Hackensack, NJ 07602-0800
(201) 489-3000
(201) 489-1536 Facsimile
Michael D. Sirota, Esq.
David B. Bass, Esq.
Attorneys for RCLC, Inc., et al., Debtors-in-Possession
|
Case No. 10-35313 (MBK)
(Jointly Administered)
Judge: Michael B. Kaplan
Chapter 11
Hearing Date: August 18, 2011
|
In re:
RCLC, INC. f/k/a Ronson Corporation, et al.,
Debtors-in-Possession.
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
Debtor:
|
RCLC, INC., et al.
|
Caption of Order:
|
ORDER CONFIRMING LIQUIDATING FIRST AMENDED JOINT PLAN OF RCLC, INC. F/K/A RONSON CORPORATION, RA LIQUIDATING CORP. F/K/A RONSON AVIATION, INC. AND RCPC LIQUIDATING CORP. F/K/A RONSON CONSUMER PRODUCTS CORPORATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
|
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF NEW JERSEY
HONORABLE MICHAEL B. KAPLAN
CASE NO. 10-35313 (MBK)
Chapter 11
(Jointly Administered)
|
|
In re:
RCLC, Inc. f/k/a Ronson Corporation, et al.,
Debtors-in-Possession.
|
|
Michael D. Sirota, Esq.
David M. Bass, Esq.
Felice R. Yudkin, Esq.
COLE, SCHOTZ, MEISEL, FORMAN
& LEONARD, P.A.
A Professional Corporation
Court Plaza North
25 Main Street
P.O. Box 800
Hackensack, New Jersey 07602-0800
(201) 489-3000
(201) 489-1536 Facsimile
Attorneys for RCLC, Inc., et al.,
Debtors-in-Possession
|
Page
|
||
ARTICLE I.
|
RULES OF INTERPRETATION, COMPUTATION OF TIME, GOVERNING LAW AND DEFINED TERMS
|
1
|
ARTICLE II.
|
ADMINISTRATIVE CLAIMS AND PRIORITY TAX CLAIMS
|
14
|
ARTICLE III.
|
CLASSIFICATION AND TREATMENT OF CLASSIFIED CLAIMS AND EQUITY INTERESTS
|
15
|
ARTICLE IV.
|
ACCEPTANCE OR REJECTION OF THE PLAN
|
25
|
ARTICLE V.
|
MEANS FOR IMPLEMENTATION OF THE PLAN
|
26
|
ARTICLE VI.
|
TREATMENT OF EXECUTORY CONTRACTS AND UNEXPIRED LEASES
|
28
|
ARTICLE VII.
|
PROVISIONS GOVERNING DISTRIBUTIONS
|
29
|
ARTICLE VIII.
|
THE POST-CONSUMMATION TRUST AND THE POST-CONSUMMATION TRUST ADMINISTRATOR
|
33
|
ARTICLE IX.
|
PROCEDURES FOR RESOLVING DISPUTED, CONTINGENT AND UNLIQUIDATED CLAIMS OR EQUITY INTERESTS
|
36
|
ARTICLE X.
|
CONDITIONS PRECEDENT TO CONFIRMATION AND CONSUMMATION OF THE PLAN
|
38
|
ARTICLE XI.
|
SETTLEMENT, RELEASE, INJUNCTION AND RELATED PROVISIONS
|
39
|
ARTICLE XII.
|
BINDING NATURE OF PLAN
|
44
|
ARTICLE XIII.
|
RETENTION OF JURISDICTION
|
45
|
ARTICLE XIV.
|
MISCELLANEOUS PROVISIONS
|
46
|
Class
|
Claim
|
Status
|
Voting Rights
|
CLAIMS AGAINST RCLC
|
|||
1A
|
Other Priority Claims
|
Unimpaired
|
Deemed to Accept
|
1B
|
Other Secured Claims
|
Unimpaired
|
Deemed to Accept
|
1C
|
Prepetition Credit Facility Claims
|
Unimpaired
|
Deemed to Accept
|
1D
|
Getzler Henrich Claim
|
Unimpaired
|
Deemed to Accept
|
1E
|
General Unsecured Claims
|
Impaired
|
Entitled to Vote
|
1F
|
Equity Interests
|
Impaired
|
Deemed to Reject
|
CLAIMS AGAINST AVIATION
|
|||
2A
|
Other Priority Claims
|
Unimpaired
|
Deemed to Accept
|
2B
|
Other Secured Claims
|
Unimpaired
|
Deemed to Accept
|
2C
|
Prepetition Credit Facility Claims
|
Unimpaired
|
Deemed to Accept
|
2D
|
Getzler Henrich Claim
|
Unimpaired
|
Deemed to Accept
|
2E
|
General Unsecured Claims
|
Impaired
|
Entitled to Vote
|
2F
|
Equity Interests
|
Impaired
|
Deemed to Reject
|
CLAIMS AGAINST CONSUMER
|
|||
3A
|
Other Priority Claims
|
Unimpaired
|
Deemed to Accept
|
3B
|
Other Secured Claims
|
Unimpaired
|
Deemed to Accept
|
3C
|
Prepetition Credit Facility Claims
|
Unimpaired
|
Deemed to Accept
|
3D
|
Getzler Henrich Claim
|
Unimpaired
|
Deemed to Accept
|
3E
|
General Unsecured Claims
|
Impaired
|
Entitled to Vote
|
3F
|
Equity Interests
|
Impaired
|
Deemed to Reject
|
|
(a)
|
Class 1A—Other Priority Claims against RCLC
|
|
(i)
|
Classification: Class 1A consists of all Other Priority Claims against RCLC.
|
|
(ii)
|
Treatment: The legal, equitable and contractual rights of the Holders of Allowed Class 1A Claims are unaltered. Unless otherwise agreed to by Holders of Allowed Class 1A Claims and RCLC or the Post-Consummation Trust Administrator, as applicable, each Holder of an Allowed Class 1A Claim shall receive, in full and final satisfaction of such Allowed Class 1A Claim, payment of the Allowed Class 1A Claim in full in Cash on or as soon as reasonably practicable after the Effective Date.
|
|
(iii)
|
Voting: Class 1A is Unimpaired, and Holders of Class 1A Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 1A Claims are not entitled to vote to accept or reject the Plan; provided, however, that all Class 1A Claims shall be subject to Allowance under the provisions of the Plan, including Article IX hereof.
|
|
(b)
|
Class 1B—Other Secured Claims against RCLC
|
|
(i)
|
Classification: Class 1B consists of all Other Secured Claims against RCLC.
|
|
(ii)
|
Treatment: Unless otherwise agreed to by Holders of Allowed Class 1B Claims and RCLC or the Post-Consummation Trust Administrator, as applicable, each Holder of an Allowed Class 1B Claim shall receive, in full and final satisfaction of such Allowed Class 1B Claim, on or as soon as reasonably practicable after the Effective Date: (a) the collateral securing such Allowed Other Secured Claim (to the extent not already surrendered to the Holder of such Allowed Other Secured Claim); or (b) a Cash distribution in an amount equal to the value of such collateral.
|
|
(iii)
|
Voting: Class 1B is Unimpaired, and Holders of Class 1B Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 1B Claims are not entitled to vote to accept or reject the Plan; provided, however, that all Class 1B Claims shall be subject to Allowance under the provisions of the Plan, including Article IX hereof.
|
|
(c)
|
Class 1C—Prepetition Credit Facility Claims against RCLC
|
|
(i)
|
Classification: Class 1C consists of all Prepetition Credit Facility Claims against RCLC.
|
|
(ii)
|
Treatment: The Prepetition Credit Facility Claims have been paid in Cash in full and final satisfaction of such Claims prior to the date hereof.
|
|
(iii)
|
Voting: Class 1C is Unimpaired, and Holders of Class 1C Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 1C Claims are not entitled to vote to accept or reject the Plan.
|
|
(d)
|
Class 1D—Getzler Henrich Claim against RCLC
|
|
(i)
|
Classification: Class 1D consists of all Getzler Henrich Claims against RCLC.
|
|
(ii)
|
Treatment: The Getzler Henrich Claims have been paid in cash in full and final satisfaction of such Claims prior to the date hereof.
|
|
(iii)
|
Voting: Class 1D is Unimpaired, and Holders of Class 1D Claims are conclusively presumed to have accepted the Plan pursuant to Section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 1D Claims are not entitled to vote to accept or reject the Plan.
|
|
(e)
|
Class 1E—General Unsecured Claims against RCLC
|
|
(i)
|
Classification: Class 1E consists of all General Unsecured Claims held against RCLC.
|
|
(ii)
|
Treatment: Holders of Allowed General Unsecured Claims held against RCLC will receive, in full and final satisfaction, settlement, release and discharge and in exchange for each Allowed General Unsecured Claims held
|
|
against RCLC, their Pro Rata share of the Post-Consummation Trust Assets.
|
|
(iii)
|
Voting: Class 1E is Impaired, and Holders of Class 1E Claims are entitled to vote to accept or reject the Plan.
|
|
(iv)
|
Restrictions on Recovery: The Post-Consummation Trust shall not make distributions to Holders of Class 1E Claims until such time as all Allowed Post-Consummation Trust Senior Claims have been paid in full by the Post-Consummation Trust, or until an appropriate Disputed Claims Reserve has been established for the payment of all Allowed Post-Consummation Trust Senior Claims in full.
|
|
(f)
|
Class 1F—Equity Interests in RCLC
|
|
(i)
|
Classification: Class 1F consists of all Equity Interests in RCLC.
|
|
(ii)
|
Treatment: Holders of Class 1F Equity Interests will not receive any distribution on account of such interests. On the Effective Date, all Class 1F Equity Interests shall be cancelled, extinguished, and of no further force and effect, without the payment of any monies or consideration to the Holders of Class 1F Equity Interests.
|
|
(iii)
|
Voting: Class 1F is Impaired, and Holders of Class 1F Interests are not entitled to receive or retain any property under the Plan on account of Class 1F Interests. Therefore, Holders of Class 1F Interests are deemed not to have accepted the Plan pursuant to section 1126(g) of the Bankruptcy Code. Holders of Class 1F Interests are not entitled to vote to accept or reject the Plan.
|
|
(a)
|
Class 2A—Other Priority Claims against Aviation
|
|
(i)
|
Classification: Class 2A consists of all Other Priority Claims against Aviation.
|
|
(ii)
|
Treatment: The legal, equitable and contractual rights of the Holders of Allowed Class 2A Claims are unaltered. Unless otherwise agreed to by Holders of Allowed Class 2A Claims and Aviation or the Post-Consummation Trust Administrator, as applicable, each Holder of an Allowed Class 2A Claim shall receive, in full and final satisfaction of such Allowed Class 2A Claim, payment of the Allowed
|
|
Class 2A Claim in full in Cash on or as soon as reasonably practicable after the Effective Date.
|
|
(iii)
|
Voting: Class 2A is Unimpaired, and Holders of Class 2A Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 2A Claims are not entitled to vote to accept or reject the Plan; provided, however, that all Class 2A Claims shall be subject to Allowance under the provisions of the Plan, including Article IX hereof.
|
|
(b)
|
Class 2B—Other Secured Claims against Aviation
|
|
(i)
|
Classification: Class 2B consists of all Other Secured Claims against Aviation.
|
|
(ii)
|
Treatment: Unless otherwise agreed to by Holders of Allowed Class 2B Claims and Aviation or the Post-Consummation Trust Administrator, as applicable, each Holder of an Allowed Class 2B Claim shall receive, in full and final satisfaction of such Allowed Class 2B Claim, on or as soon as reasonably practicable after the Effective Date: (a) the collateral securing such Allowed Other Secured Claim (to the extent not already surrendered to the Holder of such Allowed Other Secured Claim); or (b) a Cash distribution in an amount equal to the value of such collateral.
|
|
(iii)
|
Voting: Class 2B is Unimpaired, and Holders of Class 2B Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 2B Claims are not entitled to vote to accept or reject the Plan; provided, however, that all Class 2B Claims shall be subject to Allowance under the provisions of the Plan, including Article IX hereof.
|
|
(c)
|
Class 2C—Prepetition Credit Facility Claims against Aviation
|
|
(i)
|
Classification: Class 2C consists of all Prepetition Credit Facility Claims against Aviation.
|
|
(ii)
|
Treatment: The Prepetition Credit Facility Claims have been paid in Cash in full and final satisfaction of such Claims prior to the date hereof.
|
|
(iii)
|
Voting: Class 2C is Unimpaired, and Holders of Class 2C Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code.
|
|
Therefore, Holders of Class 2C Claims are not entitled to vote to accept or reject the Plan.
|
|
(d)
|
Class 2D—Getzler Henrich Claim against Aviation
|
|
(i)
|
Classification: Class 2D consists of all Getzler Henrich Claims against Aviation.
|
|
(ii)
|
Treatment: The Getzler Henrich Claims have been paid in cash in full and final satisfaction of such Claims prior to the date hereof.
|
|
(iii)
|
Voting: Class 2D is Unimpaired, and Holders of Class 2D Claims are conclusively presumed to have accepted the Plan pursuant to Section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 2D Claims are not entitled to vote to accept or reject the Plan.
|
|
(e)
|
Class 2E—General Unsecured Claims against Aviation
|
|
(i)
|
Classification: Class 2E consists of all General Unsecured Claims held against Aviation.
|
|
(ii)
|
Treatment: Holders of Allowed General Unsecured Claims held against Aviation will receive, in full and final satisfaction, settlement, release and discharge and in exchange for each Allowed General Unsecured Claims held against Aviation, their Pro Rata share of the Post-Consummation Trust Assets.
|
|
(iii)
|
Voting: Class 2E is Impaired, and Holders of Class 2E Claims are entitled to vote to accept or reject the Plan.
|
|
(iv)
|
Restrictions on Recovery: The Post-Consummation Trust shall not make distributions to Holders of Class 2E Claims until such time as all Allowed Post-Consummation Trust Senior Claims have been paid in full by the Post-Consummation Trust, or until an appropriate Disputed Claims Reserve has been established for the payment of all Allowed Post-Consummation Trust Senior Claims in full.
|
|
(f)
|
Class 2F—Equity Interests in Aviation
|
|
(i)
|
Classification: Class 2F consists of all Equity Interests in Aviation.
|
|
(ii)
|
Treatment: Holders of Class 2F Equity Interests will not receive any distribution on account of such interests. On
|
|
the Effective Date, all Class 2F Equity Interests (comprised of Intercompany Interests) shall be cancelled, extinguished, and of no further force and effect, without the payment of any monies or consideration to the Holders of Class 2F Equity Interests.
|
|
(iii)
|
Voting: Class 2F is Impaired, and Holders of Class 2F Interests are not entitled to receive or retain any property under the Plan on account of Class 2F Interests. Therefore, Holders of Class 2F Interests are deemed not to have accepted the Plan pursuant to section 1126(g) of the Bankruptcy Code. Holders of Class 2F Interests are not entitled to vote to accept or reject the Plan.
|
|
(a)
|
Class 3A—Other Priority Claims against Consumer
|
|
(i)
|
Classification: Class 3A consists of all Other Priority Claims against Consumer.
|
|
(ii)
|
Treatment: The legal, equitable and contractual rights of the Holders of Allowed Class 3A Claims are unaltered. Unless otherwise agreed to by Holders of Allowed Class 3A Claims and Consumer or the Post-Consummation Trust Administrator, as applicable, each Holder of an Allowed Class 3A Claim shall receive, in full and final satisfaction of such Allowed Class 3A Claim, payment of the Allowed Class 3A Claim in full in Cash on or as soon as reasonably practicable after the Effective Date.
|
|
(iii)
|
Voting: Class 3A is Unimpaired, and Holders of Class 3A Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 3A Claims are not entitled to vote to accept or reject the Plan; provided, however, that all Class 3A Claims shall be subject to Allowance under the provisions of the Plan, including Article IX hereof.
|
|
(b)
|
Class 3B—Other Secured Claims against Consumer
|
|
(i)
|
Classification: Class 3B consists of all Other Secured Claims against Consumer.
|
|
(ii)
|
Treatment: Unless otherwise agreed to by Holders of Allowed Class 3B Claims and Consumer or the Post-Consummation Trust Administrator, as applicable, each Holder of an Allowed Class 3B Claim shall receive, in full
|
|
and final satisfaction of such Allowed Class 3B Claim, on or as soon as reasonably practicable after the Effective Date: (a) the collateral securing such Allowed Other Secured Claim (to the extent not already surrendered to the Holder of such Allowed Other Secured Claim); or (b) a Cash distribution in an amount equal to the value of such collateral.
|
|
(iii)
|
Voting: Class 3B is Unimpaired, and Holders of Class 3B Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 3B Claims are not entitled to vote to accept or reject the Plan; provided, however, that all Class 3B Claims shall be subject to Allowance under the provisions of the Plan, including Article IX hereof.
|
|
(c)
|
Class 3C—Prepetition Credit Facility Claims against Consumer
|
|
(i)
|
Classification: Class 3C consists of all Prepetition Credit Facility Claims against Consumer.
|
|
(ii)
|
Treatment: The Prepetition Credit Facility Claims have been paid in Cash in full and final satisfaction of such Claims prior to the date hereof.
|
|
(iii)
|
Voting: Class 3C is Unimpaired, and Holders of Class 3C Claims are conclusively presumed to have accepted the Plan pursuant to section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 3C Claims are not entitled to vote to accept or reject the Plan.
|
|
(d)
|
Class 3D—Getzler Henrich Claim against Consumer
|
|
(i)
|
Classification: Class 3D consists of all Getzler Henrich Claims against Consumer.
|
|
(ii)
|
Treatment: The Getzler Henrich Claims have been paid in cash in full and final satisfaction of such Claims prior to the date hereof.
|
|
(iii)
|
Voting: Class 3D is Unimpaired, and Holders of Class 3D Claims are conclusively presumed to have accepted the Plan pursuant to Section 1126(f) of the Bankruptcy Code. Therefore, Holders of Class 3D Claims are not entitled to vote to accept or reject the Plan.
|
|
(e)
|
Class 3E—General Unsecured Claims against Consumer
|
|
(i)
|
Classification: Class 3E consists of all General Unsecured Claims held against Consumer.
|
|
(ii)
|
Treatment: Holders of Allowed General Unsecured Claims held against Consumer will receive, in full and final satisfaction, settlement, release and discharge and in exchange for each Allowed General Unsecured Claims held against Consumer, their Pro Rata share of the Post-Consummation Trust Assets.
|
|
(iii)
|
Voting: Class 3E is Impaired, and Holders of Class 3E Claims are entitled to vote to accept or reject the Plan.
|
|
(iv)
|
Restrictions on Recovery: The Post-Consummation Trust shall not make distributions to Holders of Class 3E Claims until such time as all Allowed Post-Consummation Trust Senior Claims have been paid in full by the Post-Consummation Trust, or until an appropriate Disputed Claims Reserve has been established for the payment of all Allowed Post-Consummation Trust Senior Claims in full.
|
|
(f)
|
Class 3F—Equity Interests in Consumer
|
|
(i)
|
Classification: Class 3F consists of all Equity Interests in Consumer.
|
|
(ii)
|
Treatment: Holders of Class 3F Equity Interests will not receive any distribution on account of such interests. On the Effective Date, all Class 3F Equity Interests (comprised of Intercompany Interests) shall be cancelled, extinguished, and of no further force and effect, without the payment of any monies or consideration to the Holders of Class 3F Equity Interests.
|
|
(iii)
|
Voting: Class 3F is Impaired, and Holders of Class 3F Interests are not entitled to receive or retain any property under the Plan on account of Class 3F Interests. Therefore, Holders of Class 3F Interests are deemed not to have accepted the Plan pursuant to section 1126(g) of the Bankruptcy Code. Holders of Class 3F Interests are not entitled to vote to accept or reject the Plan.
|
|
(a)
|
has previously been assumed by the Debtors by Final Order of the Bankruptcy Court;
|
|
(b)
|
has been assumed by the Debtors by order of the Bankruptcy Court as of the Effective Date which order becomes a Final Order after the Effective Date;
|
|
(c)
|
is the subject of a motion to assume or reject pending as of the Effective Date;
|
|
(d)
|
is a D&O Liability Insurance Policy; provided that such Executory Contracts and Unexpired Leases shall be treated as set forth in Article VI.C hereof;(e) is an Assumed Contract;
|
|
(e)
|
is a Retained Contract; or
|
|
(f)
|
is otherwise assumed pursuant to the terms herein.
|
|
(a)
|
Procedure for Omnibus Objections to Claims
|
RCLC, INC.
/s/ Daryl K. Holcomb
Name: Daryl K. Holcomb
Its: Vice President and Chief Financial Officer
|
RA LIQUIDATING CORP.
/s/ Daryl K. Holcomb
Name: Daryl K. Holcomb
Its: Vice President and Chief Financial Officer
|
RCPC LIQUIDATING CORP.
/s/ Daryl K. Holcomb
Name: Daryl K. Holcomb
Its: Vice President and Chief Financial Officer
|
In re:
RCLC, INC. f/k/a Ronson Corporation, et al.,
Debtors-in-Possession.
|
:
:
:
:
:
:
:
|
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF NEW JERSEY
HONORABLE MICHAEL B. KAPLAN
CASE NO. 10-35313 (MBK)
Chapter 11
(Jointly Administered)
NON-MATERIAL MODIFICATIONS TO DEBTORS’ FIRST AMENDED JOINT PLAN OF LIQUIDATION
|
Respectfully submitted,
COLE, SCHOTZ, MEISEL,
FORMAN & LEONARD, P.A.
Attorneys for RCLC, Inc., et al.
By: /s/ David M. Bass
Michael D. Sirota
David M. Bass
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
|||||
BALANCE SHEET
|
Accrual Basis
|
Book Value at End of
|
Book Value on
|
|||||||
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
Current Assets
|
||||||||
Unrestricted Cash and Equivalents
|
$ | 504,791.70 | $ | 36,840.24 | ||||
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
Accounts Receivable (Net)
|
||||||||
Notes Receivable
|
||||||||
Inventories
|
||||||||
Prepaid Expenses
|
6,056.71 | 242,091.94 | ||||||
Professional Retainers
|
53,117.00 | 54,703.60 | ||||||
Other Current Assets (attach schedule)
|
247,775.00 | 250,768.00 | ||||||
Total Current Assets
|
811,740.41 | 584,403.78 | ||||||
Property and Equipment
|
||||||||
Real Property and Improvements
|
||||||||
Machinery and Equipment
|
||||||||
Furniture, Fixtures and Office Equipment
|
||||||||
Leasehold Improvements
|
||||||||
Vehicles
|
||||||||
Less Accumulated Depreciation
|
||||||||
Total Property & Equipment
|
- | - | ||||||
Other Assets
|
||||||||
Loans to Insiders *
|
||||||||
Other Assets (see schedule)
|
15,831,601.80 | 17,107,507.81 | ||||||
Total Other Assets
|
15,831,601.80 | 17,107,507.81 | ||||||
Total Assets
|
$ | 16,643,342.21 | $ | 17,691,911.59 | ||||
Book Value at End of
|
Book Value on
|
|||||||
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
Accounts Payable
|
$ | 3,936.06 | $ | - | ||||
Taxes Payable (refer to Form MOR-4)
|
4,451.22 | |||||||
Wages Payable
|
||||||||
Notes Payable
|
||||||||
Rent/Leases - Building/Equipment
|
||||||||
Secured Debt / Adequate Protection Payments
|
||||||||
Professional Fees
|
44,935.35 | |||||||
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))
|
- | |||||||
Other Postpetition Liabilities (attach schedule)
|
52,766.07 | |||||||
Total Postpetition Liabilities
|
106,088.70 | - | ||||||
Liabilities Subject to Compromise
|
||||||||
Secured Debt
|
- | 2,005,050.59 | ||||||
Priority Debt
|
36,227.91 | 51,133.31 | ||||||
Unsecured Debt
|
10,539,096.94 | 9,494,040.48 | ||||||
Total Pre-Petition Liabilities
|
10,575,324.85 | 11,550,224.38 | ||||||
Total Liabilities
|
10,681,413.55 | 11,550,224.38 | ||||||
Owner Equity
|
||||||||
Capital Stock
|
5,172,577.50 | 5,172,577.50 | ||||||
Additional Paid-In Capital
|
30,006,795.83 | 30,006,795.83 | ||||||
Partners' Capital Account
|
||||||||
Owner's Equity Account
|
||||||||
Retained Earning - Pre-Petition
|
(27,441,016.10 | ) | (27,441,016.10 | ) | ||||
Retained Earning - Postpetition
|
(179,758.55 | ) | ||||||
Adjustments to Owner Equity (attach schedule)
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
Net Owner Equity
|
5,961,928.66 | 6,141,687.21 | ||||||
Total Liabilities and Owners' Equity
|
$ | 16,643,342.21 | $ | 17,691,911.59 | ||||
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
|||||
BALANCE SHEET - continuation sheet
|
||||||
Book Value at End of
|
Book Value on
|
|||||||
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
Other Current Assets
|
||||||||
Current Deferred Tax Asset
|
$ | 247,775.00 | $ | 250,768.00 | ||||
$ | 247,775.00 | $ | 250,768.00 | |||||
Other Assets
|
||||||||
Investment is Subsidiaries
|
$ | 8,972,480.35 | $ | 8,972,480.35 | ||||
Intercompany Receivables - Prometcor
|
4,686,643.53 | 4,686,643.53 | ||||||
Intercompany Receivables - RCPC Liquidating
|
25,076.00 | 999,740.57 | ||||||
Intercompany Receivables - RA Liquidating
|
25,076.00 | - | ||||||
Deferred Sale costs - Ronson Aviation
|
- | 348,601.95 | ||||||
Non-Current Deferred Tax Asset
|
2,083,890.68 | 2,034,742.68 | ||||||
Rights Plan
|
329.94 | 4,125.86 | ||||||
Cash Surrender Value - Life Insurance
|
38,105.30 | 61,172.87 | ||||||
$ | 15,831,601.80 | $ | 17,107,507.81 | |||||
Book Value at End of
|
Book Value on
|
|||||||
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
Other Postpetition Liabilities
|
||||||||
Accrued Federal Income Tax
|
$ | - | $ | - | ||||
Accrued interest
|
18,664.43 | |||||||
Accrued vacation
|
12,322.25 | |||||||
Accrued audit costs
|
15,716.88 | |||||||
Employee 401K deferrals
|
- | |||||||
Other accrued expenses
|
6,062.51 | |||||||
$ | 52,766.07 | $ | - | |||||
Adjustments to Owner Equity
|
||||||||
Treasury Stock
|
$ | (1,596,670.02 | ) | $ | (1,596,670.02 | ) | ||
$ | (1,596,670.02 | ) | $ | (1,596,670.02 | ) | |||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
$ | - | $ | - |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
|||||
BALANCE SHEET
|
||||||
Accrual Basis
|
Book Value at End of
|
Book Value on
|
|||||||
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
Current Assets
|
||||||||
Unrestricted Cash and Equivalents
|
$ | 1,154,676.69 | $ | 55,407.50 | ||||
Restricted Cash and Equivalents (see continuation sheet)
|
250,162.43 | 1,317,411.24 | ||||||
Accounts Receivable (Net)
|
||||||||
Notes Receivable
|
||||||||
Inventories
|
||||||||
Prepaid Expenses
|
8,973.52 | 8,973.52 | ||||||
Professional Retainers
|
||||||||
Other Current Assets (attach schedule)
|
30,347.00 | 22,721.00 | ||||||
Total Current Assets
|
1,444,159.64 | 1,404,513.26 | ||||||
Property and Equipment
|
||||||||
Real Property and Improvements
|
||||||||
Machinery and Equipment
|
||||||||
Furniture, Fixtures and Office Equipment
|
||||||||
Leasehold Improvements
|
||||||||
Vehicles
|
||||||||
Less Accumulated Depreciation
|
||||||||
Total Property & Equipment
|
- | - | ||||||
Other Assets
|
||||||||
Loans to Insiders *
|
||||||||
Other Assets (see schedule)
|
2,595,877.46 | 3,168,615.99 | ||||||
Total Other Assets
|
2,595,877.46 | 3,168,615.99 | ||||||
Total Assets
|
$ | 4,040,037.10 | $ | 4,573,129.25 | ||||
Book Value at End of
|
Book Value on
|
|||||||
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
Accounts Payable
|
$ | 346.25 | $ | - | ||||
Taxes Payable (refer to Form MOR-4)
|
||||||||
Wages Payable
|
||||||||
Notes Payable
|
||||||||
Rent/Leases - Building/Equipment
|
||||||||
Secured Debt / Adequate Protection Payments
|
||||||||
Professional Fees
|
38,965.36 | |||||||
Amounts Due to Insiders *
|
||||||||
Other Postpetition Liabilities (attach schedule)
|
25,076.00 | |||||||
Total Postpetition Liabilities
|
64,387.61 | - | ||||||
Liabilities Subject to Compromise
|
||||||||
Secured Debt
|
- | 1,940.56 | ||||||
Priority Debt
|
- | 1,022.54 | ||||||
Unsecured Debt
|
2,948,205.95 | 3,243,166.33 | ||||||
Total Pre-Petition Liabilities
|
2,948,205.95 | 3,246,129.43 | ||||||
Total Liabilities
|
3,012,593.56 | 3,246,129.43 | ||||||
Owner Equity
|
||||||||
Capital Stock
|
100.00 | 100.00 | ||||||
Additional Paid-In Capital
|
1,250,000.00 | 1,250,000.00 | ||||||
Partners' Capital Account
|
||||||||
Owner's Equity Account
|
||||||||
Retained Earning - Pre-Petition
|
74,167.82 | 74,167.82 | ||||||
Retained Earning - Postpetition
|
(299,556.28 | ) | ||||||
Adjustments to Owner Equity (attach schedule)
|
2,732.00 | 2,732.00 | ||||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
Net Owner Equity
|
1,027,443.54 | 1,326,999.82 | ||||||
Total Liabilities and Owners' Equity
|
$ | 4,040,037.10 | $ | 4,573,129.25 |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
|||||
BALANCE SHEET - continuation sheet
|
||||||
Book Value at End of
|
Book Value on
|
|||||||
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
Other Current Assets
|
||||||||
Deferred income tax assets
|
$ | 30,347.00 | $ | 22,721.00 | ||||
$ | 30,347.00 | $ | 22,721.00 | |||||
Other Assets
|
||||||||
Account receivable - RCC, Inc.
|
$ | 399,075.89 | $ | 263,206.89 | ||||
Account receivable - RA Liquidating Corp
|
95,854.95 | 2,473,273.07 | ||||||
Account receivable - RCLC, Inc.
|
830,596.59 | |||||||
Deferred income tax assets
|
1,270,350.03 | 432,136.03 | ||||||
$ | 2,595,877.46 | $ | 3,168,615.99 | |||||
Book Value at End of
|
Book Value on
|
|||||||
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
Other Postpetition Liabilities
|
||||||||
Due to RCLC, Inc.
|
$ | 25,076.00 | $ | - | ||||
Due to RA Liquidating Corp
|
- | |||||||
Due to RCC, Inc.
|
- | |||||||
$ | 25,076.00 | $ | - | |||||
Adjustments to Owner Equity
|
||||||||
Accum other comprehensive loss
|
$ | 2,732.00 | $ | 2,732.00 | ||||
$ | 2,732.00 | $ | 2,732.00 | |||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
$ | - | $ | - |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
|||||
BALANCE SHEET
|
||||||
Accrual Basis
|
Book Value at End of
|
Book Value on
|
|||||||
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
Current Assets
|
||||||||
Unrestricted Cash and Equivalents
|
$ | 1,084,759.88 | $ | 39,998.00 | ||||
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
Accounts Receivable (Net)
|
- | 143,218.00 | ||||||
Notes Receivable
|
||||||||
Inventories
|
223,977.00 | |||||||
Prepaid Expenses
|
91,243.00 | |||||||
Professional Retainers
|
- | 25,000.00 | ||||||
Other Current Assets (attach schedule)
|
567,376.03 | 527,549.00 | ||||||
Total Current Assets
|
1,652,135.91 | 1,050,985.00 | ||||||
Property and Equipment
|
||||||||
Real Property and Improvements
|
5,505,335.00 | |||||||
Machinery and Equipment
|
667,352.00 | |||||||
Furniture, Fixtures and Office Equipment
|
346,616.00 | |||||||
Leasehold Improvements
|
1,108,308.00 | |||||||
Vehicles
|
15,872.00 | |||||||
Less Accumulated Depreciation
|
(4,389,112.00 | ) | ||||||
Total Property & Equipment
|
- | 3,254,371.00 | ||||||
Other Assets
|
||||||||
Loans to Insiders *
|
||||||||
Other Assets (see schedule)
|
3,862,391.21 | 3,514,233.00 | ||||||
Total Other Assets
|
3,862,391.21 | 3,514,233.00 | ||||||
Total Assets
|
$ | 5,514,527.12 | $ | 7,819,589.00 | ||||
Book Value at End of
|
Book Value on
|
|||||||
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
Accounts Payable
|
$ | (10,075.00 | ) | $ | - | |||
Taxes Payable (refer to Form MOR-4)
|
922.78 | |||||||
Wages Payable
|
||||||||
Notes Payable
|
||||||||
Rent/Leases - Building/Equipment
|
||||||||
Secured Debt / Adequate Protection Payments
|
||||||||
Professional Fees
|
41,264.01 | |||||||
Amounts Due to Insiders *
|
- | |||||||
Other Postpetition Liabilities (attach schedule)
|
137,954.63 | |||||||
Total Postpetition Liabilities
|
170,066.42 | - | ||||||
Liabilities Subject to Compromise
|
||||||||
Secured Debt
|
3,576,750.00 | |||||||
Priority Debt
|
6,122.47 | 21,836.00 | ||||||
Unsecured Debt
|
1,369,228.32 | 3,234,837.58 | ||||||
Total Pre-Petition Liabilities
|
1,375,350.79 | 6,833,423.58 | ||||||
Total Liabilities
|
1,545,417.21 | 6,833,423.58 | ||||||
Owner Equity
|
||||||||
Capital Stock
|
9,040.00 | 9,040.00 | ||||||
Additional Paid-In Capital
|
5,987,035.74 | 5,987,036.00 | ||||||
Partners' Capital Account
|
||||||||
Owner's Equity Account
|
||||||||
Retained Earning - Pre-Petition
|
(5,009,910.58 | ) | (5,009,910.58 | ) | ||||
Retained Earning - Postpetition
|
2,982,944.75 | |||||||
Adjustments to Owner Equity (attach schedule)
|
||||||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
Net Owner Equity
|
3,969,109.91 | 986,165.42 | ||||||
Total Liabilities and Owners' Equity
|
$ | 5,514,527.12 | $ | 7,819,589.00 | ||||
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
|||||
BALANCE SHEET - continuation sheet
|
||||||
Book Value at End of
|
Book Value on
|
|||||||
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
Other Current Assets
|
||||||||
Deferred income tax assets
|
$ | 67,193.00 | $ | 120,059.00 | ||||
Deferred costs of business sale
|
397,995.00 | |||||||
Other receivables
|
9,495.00 | |||||||
Environmental escrow accounts
|
500,183.03 | |||||||
$ | 567,376.03 | $ | 527,549.00 | |||||
Other Assets
|
||||||||
Deferred income tax assets
|
$ | 404,927.00 | $ | 888,294.00 | ||||
Deferred loan costs
|
- | 98,201.00 | ||||||
Trademark
|
2,000.00 | |||||||
Accrued income tax - intercompany allocation
|
- | 313,071.00 | ||||||
Account receivable - RCLC
|
3,457,464.21 | 2,212,667.00 | ||||||
$ | 3,862,391.21 | $ | 3,514,233.00 | |||||
Book Value at End of
|
Book Value on
|
|||||||
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
Other Postpetition Liabilities
|
||||||||
Employee 401k deductions
|
$ | - | $ | - | ||||
Other payroll deductions
|
||||||||
Sales and use taxes
|
||||||||
Accrued vacation, sick, and holiday pay
|
||||||||
Accrued audit fees
|
8,333.30 | |||||||
Accrued line service incentive pay
|
||||||||
Accrued interest expense
|
||||||||
Accrued other bank charges
|
||||||||
Accrued 401k Company match
|
||||||||
Accrued credit card fees
|
||||||||
Accrued income taxes
|
||||||||
Accrued other
|
8,690.38 | |||||||
Deferred rental income
|
||||||||
Intercompany payable - RCLC, Inc.
|
25,076.00 | |||||||
Intercompany payable - RCPC Liq Corp
|
95,854.95 | |||||||
$ | 137,954.63 | $ | - | |||||
Adjustments to Owner Equity
|
||||||||
$ | - | $ | - | |||||
$ | - | $ | - | |||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
$ | - | $ | - | |||||
$ | - | $ | - |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Document
|
Explanation
|
Affidavit/Supplement
|
||
REQUIRED DOCUMENTS
|
Form No.
|
Attached
|
Attached
|
Attached
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
P
|
||
Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
|
P
|
||
Schedule of Professional Fees Paid
|
MOR-1b
|
P
|
||
Copies of bank statements
|
P
|
|||
Cash disbursements journals
|
P
|
|||
Statement of Operations
|
MOR-2
|
P
|
||
Balance Sheet
|
MOR-3
|
P
|
||
Status of Postpetition Taxes
|
MOR-4
|
P
|
||
Copies of IRS Form 6123 or payment receipt
|
||||
Copies of tax returns filed during reporting period
|
P
|
|||
Summary of Unpaid Postpetition Debts
|
MOR-4
|
P
|
||
Listing of aged accounts payable
|
MOR-4
|
P
|
||
Accounts Receivable Reconciliation and Aging
|
MOR-5
|
N/A
|
||
Debtor Questionnaire
|
MOR-5
|
P
|
|
|||
Signature of Debtor
|
Date
|
||
|
|||
Signature of Joint Debtor
|
Date
|
||
/s/ Daryl Holcomb
|
September 6, 2011
|
||
Signature of Authorized Individual *
|
Date
|
||
Daryl K. Holcomb
|
Vice President & Chief Financial Officer
|
||
Printed Name of Authorized Individual
|
Title of Authorized Individual
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
Cash Beginning of Month
|
$ | 550,512.37 | $ | 1,000.00 | $ | 100.00 | $ | 71.26 | $ | 551,683.63 | $ | - | $ | 36,840.24 | $ | - | ||||||||||||||||
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Cash Sales
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Accounts Receivable
|
- | - | ||||||||||||||||||||||||||||||
Loans and Advances
|
- | - | ||||||||||||||||||||||||||||||
Sale of Assets
|
- | - | ||||||||||||||||||||||||||||||
Other (see below)
|
- | - | 12,743.29 | |||||||||||||||||||||||||||||
Transfers (From DIP Accts.)
|
59,996.00 | 16,965.86 | 10,892.74 | - | 87,854.60 | 3,101,556.88 | ||||||||||||||||||||||||||
Total Receipts
|
$ | 59,996.00 | $ | 16,965.86 | $ | 10,892.74 | $ | - | $ | 87,854.60 | $ | - | $ | 3,114,300.17 | $ | - | ||||||||||||||||
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Net Payroll
|
$ | - | $ | 16,965.86 | $ | - | $ | $ | 16,965.86 | $ | $ | 265,424.48 | $ | - | ||||||||||||||||||
Payroll Taxes
|
233.63 | 10,892.74 | 11,126.37 | 110,328.69 | ||||||||||||||||||||||||||||
Sales, Use, & Other Taxes
|
- | 90,929.41 | ||||||||||||||||||||||||||||||
Inventory Purchases
|
- | - | ||||||||||||||||||||||||||||||
Secured/Rental/Leases
|
- | 41,496.00 | ||||||||||||||||||||||||||||||
Insurance
|
2,932.35 | 2,932.35 | 157,390.91 | |||||||||||||||||||||||||||||
Administrative
|
6,232.00 | 6,232.00 | 91,558.69 | |||||||||||||||||||||||||||||
Selling
|
- | - | ||||||||||||||||||||||||||||||
Other (see below)
|
7,681.45 | 7,681.45 | 76,991.86 | |||||||||||||||||||||||||||||
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
Transfers (To DIP Accts)
|
27,858.60 | 27,858.60 | 1,305,932.80 | |||||||||||||||||||||||||||||
Professional Fees
|
59,999.90 | 59,999.90 | 493,620.90 | |||||||||||||||||||||||||||||
U.S. Trustee Quarterly Fees
|
1,950.00 | 1,950.00 | 12,675.00 | |||||||||||||||||||||||||||||
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
Total Disbursements
|
$ | 106,887.93 | $ | 16,965.86 | $ | 10,892.74 | $ | - | $ | 134,746.53 | $ | - | $ | 2,646,348.74 | $ | - | ||||||||||||||||
Net Cash Flow
|
$ | (46,891.93 | ) | $ | - | $ | - | $ | - | $ | (46,891.93 | ) | $ | - | $ | 467,951.43 | $ | - | ||||||||||||||
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
Cash - End of Month
|
$ | 503,620.44 | $ | 1,000.00 | $ | 100.00 | $ | 71.26 | $ | 504,791.70 | $ | - | $ | 504,791.67 | $ | - |
THE FOLLOWING SECTION MUST BE COMPLETED
|
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
|
||||
Total Disbursements
|
$ | 134,746.53 | ||
Less: Transfers to Debtor in Possession Accounts
|
(27,858.60 | ) | ||
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 106,887.93 |
Other Receipts:
|
||||||||||||||||||||
Refund of bank fees
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Refund of insurance premium & IT subscription
|
- | - | ||||||||||||||||||
Funds deposited for RA Liquidating Corp in error
|
- | - | ||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | $ | - |
Other Expense :
|
||||||||||||||||||||
Bank Fees
|
$ | 181.45 | $ | - | $ | - | $ | - | $ | 181.45 | ||||||||||
401K
|
- | - | ||||||||||||||||||
Administrative claim
|
- | - | ||||||||||||||||||
Directors Fees
|
7,500.00 | 7,500.00 | ||||||||||||||||||
7,681.45 | $ | - | $ | - | $ | - | $ | 7,681.45 |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Tax
|
Operating
|
Payroll
|
Other
|
|||||||||||||||||||||||||||||
Capital One Bank
|
Capital One Bank
|
Capital One Bank
|
Petty Cash
|
|||||||||||||||||||||||||||||
* |
*
|
*
|
N/A
|
|||||||||||||||||||||||||||||
Balance Per Book
|
$ | 100.00 | $ | 503,620.44 | $ | 1,000.00 | $ | 71.26 | ||||||||||||||||||||||||
Bank Balance
|
$ | 100.00 | $ | 520,630.76 | $ | 9,484.90 | N/A | |||||||||||||||||||||||||
(+) Deposits in Transit (Attach List)
|
- | - | - | - | ||||||||||||||||||||||||||||
(-) Outstanding Checks (Attach List)
|
- | (17,010.32 | ) | (8,484.90 | ) | - | ||||||||||||||||||||||||||
Other (Attach Explanation)
|
- | - | - | - | ||||||||||||||||||||||||||||
Adjusted Bank Balance *
|
$ | 100.00 | $ | 503,620.44 | $ | 1,000.00 | N/A | |||||||||||||||||||||||||
* Adjusted bank balance must equal
|
||||||||||||||||||||||||||||||||
balance per books
|
Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - |
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
||||||||||||||||||||||||
$ | - | 2015 | $ | 1,400.00 | 3075 | $ | 1,542.99 | $ | - | |||||||||||||||||||||||
2190 | 44.94 | 3076 | 4,803.86 | |||||||||||||||||||||||||||||
2200 | 2,650.00 | 3077 | 2,138.05 | |||||||||||||||||||||||||||||
2201 | 1,250.00 | |||||||||||||||||||||||||||||||
2202 | 1,250.00 | |||||||||||||||||||||||||||||||
2203 | 1,250.00 | |||||||||||||||||||||||||||||||
2204 | 1,250.00 | |||||||||||||||||||||||||||||||
2205 | 1,250.00 | |||||||||||||||||||||||||||||||
2206 | 1,250.00 | |||||||||||||||||||||||||||||||
2207 | 233.63 | |||||||||||||||||||||||||||||||
2208 | 5,181.75 | |||||||||||||||||||||||||||||||
$ | - | $ | 17,010.32 | $ | 8,484.90 | $ | - | |||||||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||||||
$ | - | |||||||||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Period
|
Amount
|
Check
|
Amount Paid
|
Year-To-Date
|
|||||||||||||||||||||||
Payee
|
Covered
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
||||||||||||||||||
SSG Capital
|
$ | - | $ | - | $ | - | $ | 30,000.00 | $ | 5,880.52 | |||||||||||||||||
Cole, Schotz, Meisel, Forman & Leonard, P.A.
|
5/1 - 5/31/11
|
6,562.81 |
RCLC
|
MT070511
|
07/05/11
|
6,482.55 | 80.26 | 171,373.18 | 7,430.83 | ||||||||||||||||||
1/1 - 5/31/11
|
16,338.23 |
RCLC
|
MT071911
|
07/19/11
|
16,338.23 | - | |||||||||||||||||||||
Demetrius & Company, LLC
|
5/1 - 5/31/11
|
740.80 |
RCLC
|
2189 |
07/07/11
|
740.80 | 12,246.12 | - | |||||||||||||||||||
1/1 - 5/31/11
|
717.60 |
RCLC
|
2196 |
07/21/11
|
717.60 | ||||||||||||||||||||||
J.H. Cohn LLP
|
5/1 - 5/31/11
|
3,492.18 |
RCLC
|
MT071911
|
07/19/11
|
3,419.13 | 73.05 | 110,740.78 | 767.68 | ||||||||||||||||||
1/1 - 5/31/11
|
11,327.91 |
RCLC
|
MT071911
|
07/19/11
|
11,327.91 | - | |||||||||||||||||||||
Kurtzman Carson Consultants
|
4/1 - 6/30/11
|
5,181.75 |
RCLC
|
2208 |
07/28/11
|
4,103.99 | 1,077.76 | 18,122.59 | 10,389.14 | ||||||||||||||||||
Lowenstein Sandler PC
|
4/1 - 4/30/11
|
6,650.45 |
RCLC
|
MT071911
|
07/19/11
|
6,625.74 | 24.71 | 124,217.07 | 2,952.98 | ||||||||||||||||||
1/1 - 4/30/11
|
8,988.16 |
RCLC
|
MT071911
|
07/19/11
|
8,988.16 | - | |||||||||||||||||||||
$ | 59,999.89 | $ | 58,744.11 | $ | 1,255.78 | $ | 466,699.74 | $ | 27,421.15 |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Cumulative
|
||||||||
Revenues
|
Month
|
Filing to Date
|
||||||
Gross Revenues
|
$ | 50,152.00 | $ | 1,235,317.30 | ||||
Less: Returns and Allowances
|
||||||||
Net Revenue
|
50,152.00 | 1,235,317.30 | ||||||
Cost of Goods Sold
|
||||||||
Beginning Inventory
|
- | |||||||
Add: Purchases
|
- | |||||||
Add: Cost of Labor
|
- | |||||||
Add: Other Costs (attach schedule)
|
- | |||||||
Less: Ending Inventory
|
- | |||||||
Cost of Goods Sold
|
- | - | ||||||
Gross Profit
|
50,152.00 | 1,235,317.30 | ||||||
Operating Expenses
|
||||||||
Advertising
|
||||||||
Auto and Truck Expense
|
- | 2,413.40 | ||||||
Bad Debts
|
- | |||||||
Contributions
|
- | |||||||
Employee Benefits Programs
|
2,317.17 | 48,297.56 | ||||||
Insider Compensation *
|
(1,000.00 | ) | 64,745.99 | |||||
Insurance
|
3,362.99 | 212,748.64 | ||||||
Management Fees/Bonuses
|
- | |||||||
Office Expense
|
610.62 | 19,593.86 | ||||||
Pension & Profit-Sharing Plans
|
(2,048.24 | ) | ||||||
Repairs and Maintenance
|
180.00 | 10,743.50 | ||||||
Rent and Lease Expense
|
2,650.00 | 40,017.85 | ||||||
Salaries/Commissions/Fees
|
19,416.68 | 312,643.47 | ||||||
Supplies
|
- | 1,271.73 | ||||||
Taxes - Payroll
|
2,231.67 | 34,026.67 | ||||||
Taxes - Real Estate
|
- | |||||||
Taxes - Other
|
- | - | ||||||
Travel and Entertainment
|
- | 6,241.90 | ||||||
Utilities
|
- | 2,604.56 | ||||||
Other (attach schedule)
|
3,434.75 | 39,589.71 | ||||||
Total Operating Expenses Before Depreciation
|
33,203.88 | 792,890.60 | ||||||
Depreciation/Depletion/Amortization
|
- | |||||||
Net Profit (Loss) Before Other Income & Expenses
|
16,948.12 | 442,426.70 | ||||||
Other Income and Expenses
|
||||||||
Other Income (attach schedule)
|
(2,866.50 | ) | (33,109.75 | ) | ||||
Interest Expense
|
3,192.10 | 36,761.06 | ||||||
Other Expense (attach schedule)
|
1,121.08 | 228,638.37 | ||||||
Net Profit (Loss) Before Reorganization Items
|
15,501.44 | 210,137.02 | ||||||
Reorganization Items
|
||||||||
Professional Fees
|
26,089.21 | 494,017.61 | ||||||
U.S. Trustee Quarterly Fees
|
1,950.00 | 12,675.00 | ||||||
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
- | |||||||
Gain (Loss) from Sale of Equipment
|
- | |||||||
Other Reorganization Expenses (attach schedule)
|
- | 413,822.96 | ||||||
Total Reorganization Expenses
|
28,039.21 | 920,515.57 | ||||||
Income Taxes - Deferred & allocated among affiliates
|
- | (620,580.00 | ) | |||||
Income Taxes - Current
|
89,960.00 | |||||||
Net Profit (Loss)
|
$ | (12,537.77 | ) | $ | (179,758.55 | ) |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Cumulative
|
||||||||
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
Other Costs
|
||||||||
None
|
$ | - | $ | - | ||||
$ | - | $ | - | |||||
Other Operational Expenses
|
||||||||
Stock Transfers
|
$ | 1,900.00 | $ | 21,855.34 | ||||
Information Release Cost
|
1,353.30 | 9,705.35 | ||||||
Other Stock Related Expense
|
1,000.00 | |||||||
Bank Service Fees
|
181.45 | 6,969.62 | ||||||
Penalties & Late Charges
|
59.40 | |||||||
$ | 3,434.75 | $ | 39,589.71 | |||||
Other Income
|
||||||||
Dividend Income - Split Dollar Insurance
|
$ | 2,866.50 | $ | 32,964.75 | ||||
Other
|
145.00 | |||||||
$ | 2,866.50 | $ | 33,109.75 | |||||
Other Expenses
|
||||||||
Auditing & Tax Fees
|
$ | - | $ | 24,375.00 | ||||
Rights Plan Amortization
|
330.08 | 3,795.84 | ||||||
Legal Fee - Accrual
|
12,250.00 | |||||||
Other Professional Fees
|
791.00 | 20,623.50 | ||||||
Other Professional Fees - Getzler
|
167,522.00 | |||||||
Other
|
72.03 | |||||||
$ | 1,121.08 | $ | 228,638.37 | |||||
Other Reorganization Expenses
|
||||||||
New Jersey Business Gateway Service
|
$ | - | $ | 75.00 | ||||
Settlement with Louis V Aronson
|
- | 413,747.96 | ||||||
$ | - | $ | 413,822.96 |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Current Assets
|
||||||||
Unrestricted Cash and Equivalents
|
$ | 504,791.70 | $ | 36,840.24 | ||||
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
Accounts Receivable (Net)
|
||||||||
Notes Receivable
|
||||||||
Inventories
|
||||||||
Prepaid Expenses
|
6,056.71 | 242,091.94 | ||||||
Professional Retainers
|
53,117.00 | 54,703.60 | ||||||
Other Current Assets (attach schedule)
|
247,775.00 | 250,768.00 | ||||||
Total Current Assets
|
811,740.41 | 584,403.78 | ||||||
Property and Equipment
|
||||||||
Real Property and Improvements
|
||||||||
Machinery and Equipment
|
||||||||
Furniture, Fixtures and Office Equipment
|
||||||||
Leasehold Improvements
|
||||||||
Vehicles
|
||||||||
Less Accumulated Depreciation
|
||||||||
Total Property & Equipment
|
- | - | ||||||
Other Assets
|
||||||||
Loans to Insiders *
|
||||||||
Other Assets (see schedule)
|
15,831,601.80 | 17,107,507.81 | ||||||
Total Other Assets
|
15,831,601.80 | 17,107,507.81 | ||||||
Total Assets
|
$ | 16,643,342.21 | $ | 17,691,911.59 |
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
Accounts Payable
|
$ | 3,936.06 | $ | - | ||||
Taxes Payable (refer to Form MOR-4)
|
4,451.22 | |||||||
Wages Payable
|
||||||||
Notes Payable
|
||||||||
Rent/Leases - Building/Equipment
|
||||||||
Secured Debt / Adequate Protection Payments
|
||||||||
Professional Fees
|
44,935.35 | |||||||
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))
|
- | |||||||
Other Postpetition Liabilities (attach schedule)
|
52,766.07 | |||||||
Total Postpetition Liabilities
|
106,088.70 | - | ||||||
Liabilities Subject to Compromise
|
||||||||
Secured Debt
|
- | 2,005,050.59 | ||||||
Priority Debt
|
36,227.91 | 51,133.31 | ||||||
Unsecured Debt
|
10,539,096.94 | 9,494,040.48 | ||||||
Total Pre-Petition Liabilities
|
10,575,324.85 | 11,550,224.38 | ||||||
Total Liabilities
|
10,681,413.55 | 11,550,224.38 | ||||||
Owner Equity
|
||||||||
Capital Stock
|
5,172,577.50 | 5,172,577.50 | ||||||
Additional Paid-In Capital
|
30,006,795.83 | 30,006,795.83 | ||||||
Partners' Capital Account
|
||||||||
Owner's Equity Account
|
||||||||
Retained Earning - Pre-Petition
|
(27,441,016.10 | ) | (27,441,016.10 | ) | ||||
Retained Earning - Postpetition
|
(179,758.55 | ) | ||||||
Adjustments to Owner Equity (attach schedule)
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
Net Owner Equity
|
5,961,928.66 | 6,141,687.21 | ||||||
Total Liabilities and Owners' Equity
|
$ | 16,643,342.21 | $ | 17,691,911.59 |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Other Current Assets
|
||||||||
Current Deferred Tax Asset
|
$ | 247,775.00 | $ | 250,768.00 | ||||
$ | 247,775.00 | $ | 250,768.00 | |||||
Other Assets
|
||||||||
Investment is Subsidiaries
|
$ | 8,972,480.35 | $ | 8,972,480.35 | ||||
Intercompany Receivables - Prometcor
|
4,686,643.53 | 4,686,643.53 | ||||||
Intercompany Receivables - RCPC Liquidating
|
25,076.00 | 999,740.57 | ||||||
Intercompany Receivables - RA Liquidating
|
25,076.00 | - | ||||||
Deferred Sale costs - Ronson Aviation
|
- | 348,601.95 | ||||||
Non-Current Deferred Tax Asset
|
2,083,890.68 | 2,034,742.68 | ||||||
Rights Plan
|
329.94 | 4,125.86 | ||||||
Cash Surrender Value - Life Insurance
|
38,105.30 | 61,172.87 | ||||||
$ | 15,831,601.80 | $ | 17,107,507.81 |
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Other Postpetition Liabilities
|
||||||||
Accrued Federal Income Tax
|
$ | - | $ | - | ||||
Accrued interest
|
18,664.43 | |||||||
Accrued vacation
|
12,322.25 | |||||||
Accrued audit costs
|
15,716.88 | |||||||
Employee 401K deferrals
|
- | |||||||
Other accrued expenses
|
6,062.51 | |||||||
$ | 52,766.07 | $ | - | |||||
Adjustments to Owner Equity
|
||||||||
Treasury Stock
|
$ | (1,596,670.02 | ) | $ | (1,596,670.02 | ) | ||
$ | (1,596,670.02 | ) | $ | (1,596,670.02 | ) | |||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
$ | - | $ | - |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
|||||||||||||||||
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
|||||||||||||||
Federal
|
||||||||||||||||||||
Withholding
|
$ | 2,021.00 | $ | 3,960.00 | $ | (4,001.00 | ) |
7/6, 7/20
|
EFT
|
$ | 1,980.00 | |||||||||
FICA-Employee
|
679.64 | 1,309.48 | (1,334.38 | ) |
7/6, 7/20
|
EFT
|
654.74 | |||||||||||||
FICA-Employer
|
920.22 | 1,773.02 | (1,806.74 | ) |
7/6, 7/20
|
EFT
|
886.50 | |||||||||||||
Unemployment
|
216.78 | 216.78 | ||||||||||||||||||
Income
|
- | - | - | - | ||||||||||||||||
Other:
|
- | - | ||||||||||||||||||
Total Federal Taxes
|
$ | 3,837.64 | $ | 7,042.50 | $ | (7,142.12 | ) | $ | 3,738.02 | |||||||||||
State and Local
|
||||||||||||||||||||
Withholding
|
459.26 | 905.90 | (912.41 | ) |
7/6, 7/20
|
EFT
|
452.75 | |||||||||||||
Sales
|
- | - | ||||||||||||||||||
Excise
|
- | - | ||||||||||||||||||
Unemployment
|
2,310.25 | 213.30 | (2,324.33 | ) | 7/28 | 199.22 | ||||||||||||||
Real Property
|
- | - | ||||||||||||||||||
Personal Property
|
- | - | ||||||||||||||||||
Income & franchise
|
- | - | - | - | ||||||||||||||||
Other:
|
527.95 | 47.16 | (513.88 | ) | 7/28 |
EFT
|
61.23 | |||||||||||||
Total State and Local
|
$ | 3,297.46 | $ | 1,166.36 | $ | (3,750.62 | ) | $ | 713.20 | |||||||||||
Total Taxes
|
$ | 7,135.10 | $ | 8,208.86 | $ | (10,892.74 | ) | $ | 4,451.22 |
Attached listing of accounts payable
|
||||||||||||||||||||||||
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
Accounts Payable
|
$ | 3,936.06 | $ | - | $ | - | $ | - | $ | - | $ | 3,936.06 | ||||||||||||
Wages Payable
|
- | |||||||||||||||||||||||
Taxes Payable
|
4,451.22 | 4,451.22 | ||||||||||||||||||||||
Rent/Leases-Building
|
- | |||||||||||||||||||||||
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
Secured Debt/Adequate Protection Payments | - | |||||||||||||||||||||||
Professional Fees
|
34,881.46 | 6,234.12 | - | 3,504.65 | 315.12 | 44,935.35 | ||||||||||||||||||
Amounts Due to Insiders *
|
- | - | ||||||||||||||||||||||
Other: 401K Employee
|
- | - | ||||||||||||||||||||||
Other: Accrued expenses - other
|
52,766.07 | 52,766.07 | ||||||||||||||||||||||
Other: Federal Income Tax
|
- | - | ||||||||||||||||||||||
Total Postpetition Debts
|
$ | 96,034.81 | $ | 6,234.12 | $ | - | $ | 3,504.65 | $ | 315.12 | $ | 106,088.70 |
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Accounts Receivable Reconciliation
|
Amount
|
|||||||
Total Accounts Receivable at the beginning of the reporting period
|
$ | - | ||||||
(+) Amounts billed during the period
|
- | |||||||
(-) Amounts collected during the period
|
- | |||||||
Total Accounts Receivable at the end of the reporting period
|
$ | - | ||||||
Accounts Receivable Aging
|
Amount
|
|||||||
0 – 30 days old
|
- | |||||||
31 – 60 days old
|
- | |||||||
61 – 90 days old
|
- | |||||||
91 + days old
|
- | |||||||
Total Accounts Receivable
|
$ | - | ||||||
Amounts considered uncollectible (Bad Debt)
|
||||||||
Accounts Receivable (Net)
|
$ | - |
Must be completed each month
|
Yes
|
No
|
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
P
|
|
this reporting period? If yes, provide an explanation below.
|
|||
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
P
|
|
account this reporting period? If yes, provide an explanation
|
|||
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
P
|
|
below.
|
|||
4.
|
Are workers compensation, general liability and other necessary insurance
|
P
|
|
coverage in effect? If no, provide an explanation below.
|
|||
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
P
|
|
documentation identifying the opened account(s).
|
|||
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Document
|
Explanation
|
Affidavit/Supplement
|
||
REQUIRED DOCUMENTS
|
Form No.
|
Attached
|
Attached
|
Attached
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
X
|
||
Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
|
X
|
||
Schedule of Professional Fees Paid
|
MOR-1b
|
X
|
||
Copies of bank statements
|
X
|
|||
Cash disbursements journals
|
None
|
|||
Statement of Operations
|
MOR-2
|
X
|
||
Balance Sheet
|
MOR-3
|
X
|
||
Status of Postpetition Taxes
|
MOR-4
|
X
|
||
Copies of IRS Form 6123 or payment receipt
|
N/A
|
|||
Copies of tax returns filed during reporting period
|
None
|
|||
Summary of Unpaid Postpetition Debts
|
MOR-4
|
X
|
||
Listing of aged accounts payable
|
MOR-4
|
None
|
||
Accounts Receivable Reconciliation and Aging
|
MOR-5
|
X
|
||
Debtor Questionnaire
|
MOR-5
|
X
|
Signature of Debtor
|
Date
|
||
Signature of Joint Debtor
|
Date
|
||
/s/ Daryl Holcomb
|
September 6, 2011
|
||
Signature of Authorized Individual *
|
Date
|
||
Daryl K Holcomb
|
Vice President & Chief Financial Officer
|
||
Printed Name of Authorized Individual
|
Title of Authorized Individual
|
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
Cash Beginning of Month
|
$ | 1,244,376.41 | $ | 100.00 | $ | 100.00 | $ | - | $ | 1,244,576.41 | $ | - | $ | 55,407.50 | $ | - | ||||||||||||||||
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Cash Sales
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Accounts Receivable
|
- | |||||||||||||||||||||||||||||||
Loans and Advances
|
- | |||||||||||||||||||||||||||||||
Sale of Assets
|
- | |||||||||||||||||||||||||||||||
Other (Attach List)
|
54.48 | 54.48 | 3,552,328.34 | |||||||||||||||||||||||||||||
Transfers (From DIP Accts.)
|
100.00 | - | 100.00 | 257,621.61 | ||||||||||||||||||||||||||||
Total Receipts
|
$ | 154.48 | $ | - | $ | - | $ | - | $ | 154.48 | $ | - | $ | 3,809,949.95 | $ | - | ||||||||||||||||
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Net Payroll
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Payroll Taxes
|
440.61 | 440.61 | 670.12 | |||||||||||||||||||||||||||||
Sales, Use, & Other Taxes
|
- | 5,318.00 | ||||||||||||||||||||||||||||||
Inventory Purchases
|
- | - | ||||||||||||||||||||||||||||||
Secured/Rental/Leases
|
- | - | ||||||||||||||||||||||||||||||
Insurance
|
- | - | ||||||||||||||||||||||||||||||
Administrative
|
- | 1,348.05 | ||||||||||||||||||||||||||||||
Selling
|
- | - | ||||||||||||||||||||||||||||||
Other (Attach List)
|
- | - | 135,869.00 | |||||||||||||||||||||||||||||
Fee to NJDEP
|
- | 2,385.00 | ||||||||||||||||||||||||||||||
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
Transfers (To DIP Accts)
|
29,998.00 | 100.00 | 30,098.00 | 2,114,721.31 | ||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||
Professional Fees
|
58,541.50 | 58,541.50 | 445,494.28 | |||||||||||||||||||||||||||||
U.S. Trustee Quarterly Fees
|
974.09 | 974.09 | 4,875.00 | |||||||||||||||||||||||||||||
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
Total Disbursements
|
$ | 89,954.20 | $ | 100.00 | $ | - | $ | - | $ | 90,054.20 | $ | - | $ | 2,710,680.76 | $ | - | ||||||||||||||||
Net Cash Flow
|
||||||||||||||||||||||||||||||||
(Receipts Less Disbursements)
|
(89,799.72 | ) | (100.00 | ) | - | - | (89,899.72 | ) | 1,099,269.19 | |||||||||||||||||||||||
Cash - End of Month
|
$ | 1,154,576.69 | $ | - | $ | 100.00 | $ | - | $ | 1,154,676.69 | $ | - | $ | 1,154,676.69 | $ | - |
THE FOLLOWING SECTION MUST BE COMPLETED
|
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
|
||||
Total Disbursements
|
$ | 90,054.20 | ||
Less: Transfers to Debtor in Possession Accounts
|
(30,098.00 | ) | ||
* Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
- | |||
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 59,956.20 |
* In accordance with the terms of the pre-petition sale of substantially all of its assets, the Debtor entered into a pre-petition escrow agreement with the buyer, setting up an escrow account, pursuant to which the buyer and the Debtor, as seller, are permitted to draw certain sums therefrom, solely to the extent provided in that agreement. While the Debtor has a residual interest in the escrow account (which residual interest is property of the estate), the escrow account and the funds therein are not property of the Debtor's estate and the Debtor does not control the release of the funds therein. Accordingly, the Debtor submits that distributions from the escrow account, which are made by a disbursing agent and not the Debtor, should not be used in calculating the U.S. Trustee Quarterly Fee. For purposes of disclosure, however, the Debtor discloses that during the reporting period, the disbursing agent, in accordance with the terms of the escrow agreement, no funds were disbursed from the funds held in that escrow account.
|
Other Receipts:
|
||||||||||||||||||||||||||||
Reinstatement of custodial funds by Wells Fargo
|
$ | - | $ | - | $ | 2,527,566.71 | ||||||||||||||||||||||
Deposit from escrow account
|
- | - | 1,024,478.47 | |||||||||||||||||||||||||
CT Petroleum Gross Earnings Tax Refund
|
54.48 | 54.48 | 54.48 | |||||||||||||||||||||||||
Void June check not cashed
|
- | - | 228.68 | |||||||||||||||||||||||||
Total
|
$ | 54.48 | $ | 54.48 | $ | 3,552,328.34 | ||||||||||||||||||||||
Other Disbursements:
|
||||||||||||||||||||||||||||
Proceeds allocated to RCC, Inc.
|
$ | - | $ | - | $ | 135,869.00 |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Operating |
Payroll
|
Tax
|
||||||||||||||||||||||
Capital One Bank |
Capital One Bank
|
Capital One Bank
|
||||||||||||||||||||||
* |
*
|
*
|
||||||||||||||||||||||
Balance Per Book
|
$ | 1,154,576.69 | $ | - | $ | 100.00 | ||||||||||||||||||
Balance Per Bank
|
$ | 1,160,199.05 | $ | - | $ | 100.00 | ||||||||||||||||||
(+) Deposits in Transit (Attach List)
|
- | - | - | |||||||||||||||||||||
(-) Outstanding Checks (Attach List)
|
(5,622.36 | ) | - | - | ||||||||||||||||||||
Other (Attach Explanation)
|
- | - | ||||||||||||||||||||||
Adjusted Bank Balance *
|
$ | 1,154,576.69 | $ | - | $ | 100.00 | ||||||||||||||||||
* Adjusted bank balance must equal
|
||||||||||||||||||||||||
balance per books
|
Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
||||||||||||||||||
$ | - | $ | - | $ | - | |||||||||||||||||||
$ | - | $ | - | $ | - | |||||||||||||||||||
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
||||||||||||||||||
3020 | $ | 5,181.75 | $ | - | $ | - | ||||||||||||||||||
3021 | 440.61 | |||||||||||||||||||||||
$ | 5,622.36 | $ | - | $ | - | |||||||||||||||||||
Other
|
||||||||||||||||||||||||
$ | - | $ | - | $ | - | |||||||||||||||||||
$ | - | $ | - | $ | - |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Period
|
Amount
|
Check
|
Amount Paid
|
Year-To-Date
|
|||||||||||||||||||||||
Payee
|
Covered
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
||||||||||||||||||
Cole, Schotz, Meisel,etc.
|
5/1 - 5/31/11
|
6,562.81 |
RCPC
|
MT070511
|
07/05/11
|
6,482.55 | 80.26 | $ | 171,603.28 | $ | 7,528.34 | ||||||||||||||||
1/1 - 5/31/11
|
16,338.23 |
RCPC
|
MT071911
|
07/19/11
|
16,338.23 | - | |||||||||||||||||||||
J.H. Cohn LLP
|
5/1 - 5/31/11
|
3,492.18 |
RCPC
|
MT071911
|
07/19/11
|
3,419.13 | 73.05 | 110,740.51 | 267.95 | ||||||||||||||||||
1/1 - 5/31/11
|
11,327.91 |
RCPC
|
MT071911
|
07/19/11
|
11,327.91 | - | |||||||||||||||||||||
Kurtzman Carson Consultants
|
4/1 - 6/30/11
|
5,181.75 |
RCPC
|
2208 |
07/28/11
|
4,103.99 | 1,077.76 | 18,122.59 | 10,389.13 | ||||||||||||||||||
Lowenstein Sandler PC
|
4/1 - 4/30/11
|
6,650.45 |
RCPC
|
MT071911
|
07/19/11
|
6,625.74 | 24.71 | 124,217.07 | 2,816.49 | ||||||||||||||||||
1/1 - 4/30/11
|
8,988.17 |
RCPC
|
MT071911
|
07/19/11
|
8,988.16 | - | |||||||||||||||||||||
$ | 58,541.50 | $ | 57,285.71 | $ | 1,255.78 | $ | 424,683.45 | $ | 21,001.91 |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Cumulative
|
||||||||
Revenues
|
Month
|
Filing to Date
|
||||||
Gross Revenues
|
$ | - | $ | - | ||||
Less: Returns and Allowances
|
||||||||
Net Revenue
|
- | - | ||||||
Cost of Goods Sold
|
||||||||
Beginning Inventory
|
||||||||
Add: Purchases
|
||||||||
Add: Cost of Labor
|
||||||||
Add: Other Costs (attach schedule)
|
||||||||
Less: Ending Inventory
|
||||||||
Cost of Goods Sold
|
- | - | ||||||
Gross Profit
|
- | - | ||||||
Operating Expenses
|
||||||||
Advertising
|
||||||||
Auto and Truck Expense
|
||||||||
Bad Debts
|
||||||||
Contributions
|
||||||||
Employee Benefits Programs
|
||||||||
Insider Compensation *
|
||||||||
Insurance
|
70,104.87 | |||||||
Management Fees
|
25,076.00 | 438,238.56 | ||||||
Office Expense
|
157.30 | |||||||
Pension & Profit-Sharing Plans
|
||||||||
Repairs and Maintenance
|
||||||||
Rent and Lease Expense
|
||||||||
Salaries/Commissions/Fees
|
||||||||
Supplies
|
||||||||
Taxes - Payroll
|
440.61 | 670.12 | ||||||
Taxes - Real Estate
|
||||||||
Taxes - Other
|
120.00 | |||||||
Travel and Entertainment
|
||||||||
Utilites
|
||||||||
Other (attach schedule)
|
- | 659.51 | ||||||
Total Operating Expenses Before Depreciation
|
25,516.61 | 509,950.36 | ||||||
Depreciation/Depletion/Amortization
|
||||||||
Net Profit(Loss) Before Other Income & Expenses
|
(25,516.61 | ) | (509,950.36 | ) | ||||
Other Income and Expenses
|
||||||||
Other Income (attach schedule)
|
(78.63 | ) | (1,701.80 | ) | ||||
Interest Expense
|
6.65 | |||||||
Other Expense (attach schedule)
|
- | (261,574.79 | ) | |||||
(78.63 | ) | (263,269.94 | ) | |||||
Net Profit (Loss) Before Reorganization Items
|
(25,437.98 | ) | (246,680.42 | ) | ||||
Reorganization Items
|
||||||||
Professional Fees
|
20,119.21 | 484,458.86 | ||||||
U.S. Trustee Quarterly Fees
|
974.09 | 4,875.00 | ||||||
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
||||||||
Gain (Loss) from Sale of Equipment
|
||||||||
Other Reorganization Expenses (attach schedule)
|
||||||||
Total Reorganization Expenses
|
21,093.30 | 489,333.86 | ||||||
Income Taxes - Deferred & Allocation
|
- | (441,776.00 | ) | |||||
Income Taxes - Current
|
5,318.00 | |||||||
Net Profit (Loss)
|
$ | (46,531.28 | ) | $ | (299,556.28 | ) |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Cumulative
|
||||||||
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
Other Costs
|
||||||||
$ | - | $ | - | |||||
$ | - | $ | - | |||||
Other Operational Expenses
|
||||||||
Miscellaneous administrative expense
|
$ | - | $ | 117.85 | ||||
Escrow fees
|
541.66 | |||||||
$ | - | $ | 659.51 | |||||
Other Income
|
||||||||
Interest income - escrow accounts
|
$ | 24.15 | $ | 1,647.32 | ||||
State of CT Petroleum Gross Earnings Tax Refund
|
54.48 | 54.48 | ||||||
$ | 78.63 | $ | 1,701.80 | |||||
Other Expenses
|
||||||||
Bank Fees
|
$ | - | $ | 195.21 | ||||
Reduction in Bank Fees - Wells Fargo
|
- | (25,000.00 | ) | |||||
Reduction in Legal Fees - Greenberg Traurig
|
- | (25,000.00 | ) | |||||
Adjustment in Consulting Fees - Getzler Henrich
|
- | (211,770.00 | ) | |||||
$ | - | $ | (261,574.79 | ) | ||||
Other Reorganization Expenses
|
||||||||
$ | - | $ | - | |||||
$ | - | $ | - |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Current Assets
|
||||||||
Unrestricted Cash and Equivalents
|
$ | 1,154,676.69 | $ | 55,407.50 | ||||
Restricted Cash and Equivalents (see continuation sheet)
|
250,162.43 | 1,317,411.24 | ||||||
Accounts Receivable (Net)
|
||||||||
Notes Receivable
|
||||||||
Inventories
|
||||||||
Prepaid Expenses
|
8,973.52 | 8,973.52 | ||||||
Professional Retainers
|
||||||||
Other Current Assets (attach schedule)
|
30,347.00 | 22,721.00 | ||||||
Total Current Assets
|
1,444,159.64 | 1,404,513.26 | ||||||
Property and Equipment
|
||||||||
Real Property and Improvements
|
||||||||
Machinery and Equipment
|
||||||||
Furniture, Fixtures and Office Equipment
|
||||||||
Leasehold Improvements
|
||||||||
Vehicles
|
||||||||
Less Accumulated Depreciation
|
||||||||
Total Property & Equipment
|
- | - | ||||||
Other Assets
|
||||||||
Loans to Insiders *
|
||||||||
Other Assets (see schedule)
|
2,595,877.46 | 3,168,615.99 | ||||||
Total Other Assets
|
2,595,877.46 | 3,168,615.99 | ||||||
Total Assets
|
$ | 4,040,037.10 | $ | 4,573,129.25 |
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
Accounts Payable
|
$ | 346.25 | $ | - | ||||
Taxes Payable (refer to Form MOR-4)
|
||||||||
Wages Payable
|
||||||||
Notes Payable
|
||||||||
Rent/Leases - Building/Equipment
|
||||||||
Secured Debt / Adequate Protection Payments
|
||||||||
Professional Fees
|
38,965.36 | |||||||
Amounts Due to Insiders *
|
||||||||
Other Postpetition Liabilities (attach schedule)
|
25,076.00 | |||||||
Total Postpetition Liabilities
|
64,387.61 | - | ||||||
Liabilities Subject to Compromise
|
||||||||
Secured Debt
|
- | 1,940.56 | ||||||
Priority Debt
|
- | 1,022.54 | ||||||
Unsecured Debt
|
2,948,205.95 | 3,243,166.33 | ||||||
Total Pre-Petition Liabilities
|
2,948,205.95 | 3,246,129.43 | ||||||
Total Liabilities
|
3,012,593.56 | 3,246,129.43 | ||||||
Owner Equity
|
||||||||
Capital Stock
|
100.00 | 100.00 | ||||||
Additional Paid-In Capital
|
1,250,000.00 | 1,250,000.00 | ||||||
Partners' Capital Account
|
||||||||
Owner's Equity Account
|
||||||||
Retained Earning - Pre-Petition
|
74,167.82 | 74,167.82 | ||||||
Retained Earning - Postpetition
|
(299,556.28 | ) | ||||||
Adjustments to Owner Equity (attach schedule)
|
2,732.00 | 2,732.00 | ||||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
Net Owner Equity
|
1,027,443.54 | 1,326,999.82 | ||||||
Total Liabilities and Owners' Equity
|
$ | 4,040,037.10 | $ | 4,573,129.25 |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Other Current Assets
|
||||||||
Deferred income tax assets
|
$ | 30,347.00 | $ | 22,721.00 | ||||
$ | 30,347.00 | $ | 22,721.00 | |||||
Other Assets
|
||||||||
Account receivable - RCC, Inc.
|
$ | 399,075.89 | $ | 263,206.89 | ||||
Account receivable - RA Liquidating Corp
|
95,854.95 | 2,473,273.07 | ||||||
Account receivable - RCLC, Inc.
|
830,596.59 | |||||||
Deferred income tax assets
|
1,270,350.03 | 432,136.03 | ||||||
$ | 2,595,877.46 | $ | 3,168,615.99 |
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Other Postpetition Liabilities
|
||||||||
Due to RCLC, Inc.
|
$ | 25,076.00 | $ | - | ||||
Due to RA Liquidating Corp
|
- | |||||||
Due to RCC, Inc.
|
- | |||||||
$ | 25,076.00 | $ | - | |||||
Adjustments to Owner Equity
|
||||||||
Accum other comprehensive loss
|
$ | 2,732.00 | $ | 2,732.00 | ||||
$ | 2,732.00 | $ | 2,732.00 | |||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
$ | - | $ | - |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
|||||||||||||||||||||
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
|||||||||||||||||||
Federal
|
||||||||||||||||||||||||
Withholding
|
$ | - | $ | - | $ | - | $ | - | ||||||||||||||||
FICA-Employee
|
- | |||||||||||||||||||||||
FICA-Employer
|
- | |||||||||||||||||||||||
Unemployment
|
- | |||||||||||||||||||||||
Income
|
- | |||||||||||||||||||||||
Other:
|
- | |||||||||||||||||||||||
Total Federal Taxes
|
- | - | - | - | ||||||||||||||||||||
State and Local
|
||||||||||||||||||||||||
Withholding
|
- | |||||||||||||||||||||||
Sales
|
- | |||||||||||||||||||||||
Excise
|
- | |||||||||||||||||||||||
Unemployment
|
- | |||||||||||||||||||||||
Real Property
|
- | |||||||||||||||||||||||
Personal Property
|
- | |||||||||||||||||||||||
Income
|
- | |||||||||||||||||||||||
Franchise
|
- | |||||||||||||||||||||||
Other:
|
- | |||||||||||||||||||||||
Total State and Local
|
- | - | - | - | ||||||||||||||||||||
Total Taxes
|
$ | - | $ | - | $ | - | $ | - |
Attach aged listing of accounts payable
|
||||||||||||||||||||||||
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
Accounts Payable (EWMA)
|
$ | - | $ | 346.25 | $ | - | $ | - | $ | - | $ | 346.25 | ||||||||||||
Wages Payable
|
||||||||||||||||||||||||
Taxes Payable
|
- | |||||||||||||||||||||||
Rent/Leases-Building
|
||||||||||||||||||||||||
Rent/Leases-Equipment
|
||||||||||||||||||||||||
Secured Debt/Adequate Protection Payments
|
||||||||||||||||||||||||
Professional Fees
|
28,911.46 | 6,234.12 | 0.01 | 3,504.65 | 315.12 | 38,965.36 | ||||||||||||||||||
Amounts Due to Insiders *
|
||||||||||||||||||||||||
Other: Due to affiliated companies
|
25,076.00 | 25,076.00 | ||||||||||||||||||||||
Other:
|
||||||||||||||||||||||||
Total Postpetition Debts
|
$ | 53,987.46 | $ | 6,580.37 | $ | 0.01 | $ | 3,504.65 | $ | 315.12 | $ | 64,387.61 |
In re
|
RCPC Liquidating Corp
|
Case No.
|
10-35318-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Accounts Receivable Reconciliation
|
Amount
|
|||||||
Total Accounts Receivable at the beginning of the reporting period
|
$ | - | ||||||
(+) Amounts billed during the period
|
- | |||||||
(-) Amounts collected during the period
|
- | |||||||
Total Accounts Receivable at the end of the reporting period
|
$ | - | ||||||
Accounts Receivable Aging
|
Amount
|
|||||||
0 - 30 days old
|
- | |||||||
31 - 60 days old
|
- | |||||||
61 - 90 days old
|
- | |||||||
91 + days old
|
- | |||||||
Total Accounts Receivable
|
$ | - | ||||||
Amounts considered uncollectible (Bad Debt)
|
||||||||
Accounts Receivable (Net)
|
$ | - |
Must be completed each month
|
Yes
|
No
|
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
X
|
|
this reporting period? If yes, provide an explanation below.
|
|||
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
X
|
|
account this reporting period? If yes, provide an explanation
|
|||
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
X
|
|
below.
|
|||
4.
|
Are workers compensation, general liability and other necessary insurance
|
X
|
|
coverage in effect? If no, provide an explanation below.
|
|||
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
||
documentation identifying the opened account(s).
|
X
|
||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Document
|
Explanation
|
Affidavit/Supplement
|
||
REQUIRED DOCUMENTS
|
Form No.
|
Attached
|
Attached
|
Attached
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
X
|
||
Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
|
X
|
||
Schedule of Professional Fees Paid
|
MOR-1b
|
X
|
||
Copies of bank statements
|
X
|
|||
Cash disbursements journals
|
N/A
|
|||
Statement of Operations
|
MOR-2
|
X
|
||
Balance Sheet
|
MOR-3
|
X
|
||
Status of Postpetition Taxes
|
MOR-4
|
X
|
||
Copies of IRS Form 6123 or payment receipt
|
None
|
|||
Copies of tax returns filed during reporting period
|
X
|
|||
Summary of Unpaid Postpetition Debts
|
MOR-4
|
X
|
||
Listing of aged accounts payable
|
MOR-4
|
None
|
||
Accounts Receivable Reconciliation and Aging
|
MOR-5
|
X
|
||
Debtor Questionnaire
|
MOR-5
|
X
|
|
|
||
Signature of Debtor
|
Date
|
||
|
|
||
Signature of Joint Debtor
|
Date
|
||
/s/ Daryl Holcomb
|
September 6, 2011
|
||
Signature of Authorized Individual *
|
Date
|
||
Daryl K. Holcomb
|
Vice President & Chief Financial Officer
|
||
Printed Name of Authorized Individual
|
Title of Authorized Individual
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
Cash Beginning of Month
|
$ | 1,174,341.06 | $ | 100.00 | $ | 100.00 | $ | - | $ | 1,174,541.06 | $ | - | $ | 39,997.99 | $ | - | ||||||||||||||||
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Cash Sales
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Accounts Receivable (1)
|
- | 1,682,210.03 | ||||||||||||||||||||||||||||||
Loans and Advances
|
- | 992,000.00 | ||||||||||||||||||||||||||||||
Sale of Assets
|
- | 10,161,703.97 | ||||||||||||||||||||||||||||||
Other (Attach List)
|
- | - | - | - | - | 48,022.71 | ||||||||||||||||||||||||||
Transfers (From DIP Accts.)
|
100.00 | - | 100.00 | 1,682,792.21 | ||||||||||||||||||||||||||||
Change in clearings
|
- | (36.53 | ) | |||||||||||||||||||||||||||||
Total Receipts
|
$ | 100.00 | $ | - | $ | - | $ | - | $ | 100.00 | $ | - | $ | 14,566,692.39 | $ | - | ||||||||||||||||
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Net Payroll
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 155,078.58 | $ | - | ||||||||||||||||
Payroll Taxes
|
324.11 | 324.11 | 70,345.45 | |||||||||||||||||||||||||||||
Sales, Use, & Other Taxes
|
- | - | 5,127.28 | |||||||||||||||||||||||||||||
Inventory Purchases
|
- | 516,930.24 | ||||||||||||||||||||||||||||||
Secured/Rental/Leases
|
- | 17,932.38 | ||||||||||||||||||||||||||||||
Insurance
|
- | 45,258.12 | ||||||||||||||||||||||||||||||
Administrative
|
- | - | 5,715.62 | |||||||||||||||||||||||||||||
Selling
|
- | - | ||||||||||||||||||||||||||||||
Other (Attach List)
|
900.00 | - | - | - | 900.00 | 2,327,944.55 | ||||||||||||||||||||||||||
Loan payments
|
- | 7,254,641.60 | ||||||||||||||||||||||||||||||
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
Transfers (To DIP Accts)
|
29,998.00 | 100.00 | - | 30,098.00 | 1,770,594.27 | |||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||
Professional Fees
|
58,559.07 | 58,559.07 | 1,319,862.41 | |||||||||||||||||||||||||||||
U.S. Trustee Quarterly Fees
|
- | 32,500.00 | ||||||||||||||||||||||||||||||
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
Total Disbursements
|
$ | 89,781.18 | $ | 100.00 | $ | - | $ | - | $ | 89,881.18 | $ | - | $ | 13,521,930.50 | $ | - | ||||||||||||||||
Net Cash Flow
|
(89,681.18 | ) | (100.00 | ) | - | - | (89,781.18 | ) | 1,044,761.89 | |||||||||||||||||||||||
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
Cash - End of Month
|
$ | 1,084,659.88 | $ | - | $ | 100.00 | $ | - | $ | 1,084,759.88 | $ | - | $ | 1,084,759.88 | $ | - |
THE FOLLOWING SECTION MUST BE COMPLETED
|
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
|
||||
Total Disbursements
|
$ | 89,881.18 | ||
Less: Transfers to Debtor in Possession Accounts
|
(30,098.00 | ) | ||
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 59,783.18 |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
Other Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Interest on escrow funds
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 4.38 | $ | - | ||||||||||||||||
Forward to Zippo Mfg receipts belonging to Zippo
|
- | (78,378.75 | ) | |||||||||||||||||||||||||||||
Forward to Trenton Aviation receipts belonging to Trenton Aviation
|
- | (4,507.32 | ) | |||||||||||||||||||||||||||||
Collect other current assets
|
- | 6,252.81 | ||||||||||||||||||||||||||||||
Collect miscellaneous receivables
|
- | 37,591.17 | ||||||||||||||||||||||||||||||
Collect prepaid expenses
|
- | - | 40,811.08 | |||||||||||||||||||||||||||||
Transfer from affiliate, RCC, Inc
|
- | 36,385.00 | ||||||||||||||||||||||||||||||
Return of utility deposits
|
- | 9,864.34 | ||||||||||||||||||||||||||||||
Total Other Receipts
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 48,022.71 | $ | - | ||||||||||||||||
Other Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
Building & ramp costs
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 4,647.48 | $ | - | ||||||||||||||||
Maintenance costs
|
- | 12,510.15 | ||||||||||||||||||||||||||||||
Transfers to RCLC, Inc. (1)
|
- | - | ||||||||||||||||||||||||||||||
401k deposits
|
- | 11,812.72 | ||||||||||||||||||||||||||||||
NJDEP
|
900.00 | 900.00 | 3,400.00 | |||||||||||||||||||||||||||||
US Customs
|
- | 1,254.40 | ||||||||||||||||||||||||||||||
Prior month reconciling items
|
- | (750.41 | ) | |||||||||||||||||||||||||||||
Getzler Henrich
|
- | 1,895,050.59 | ||||||||||||||||||||||||||||||
Utilities deposits
|
- | 12,632.00 | ||||||||||||||||||||||||||||||
Utilities
|
- | 3,917.23 | ||||||||||||||||||||||||||||||
Equipment
|
- | 511.20 | ||||||||||||||||||||||||||||||
Professional fees of Greenberg Traurig on behalf of Wells Fargo
|
- | 374,459.91 | ||||||||||||||||||||||||||||||
File copying
|
- | - | 8,046.40 | |||||||||||||||||||||||||||||
Payment reimbursed by Trenton Aviation
|
- | - | 452.88 | |||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||
- | - | |||||||||||||||||||||||||||||||
Total Other Disbursements
|
$ | 900.00 | $ | - | $ | - | $ | - | $ | 900.00 | $ | - | $ | 2,327,944.55 | $ | - |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Operating
|
Tax
|
Payroll
|
Other
|
|||||||||||||||||||||||||||||
Capital One Bank
|
Capital One Bank
|
Capital One Bank
|
Cash on hand
|
|||||||||||||||||||||||||||||
*
|
*
|
*
|
*
|
|||||||||||||||||||||||||||||
Balance Per Book
|
$ | 1,084,659.88 | $ | 100.00 | $ | - | $ | - | ||||||||||||||||||||||||
Balance Per Bank
|
$ | 1,091,067.30 | $ | 100.00 | $ | - | $ | - | ||||||||||||||||||||||||
(+) Deposits in Transit (Attach List)
|
- | - | - | - | ||||||||||||||||||||||||||||
(-) Outstanding Checks (Attach List)
|
(6,407.42 | ) | - | - | - | |||||||||||||||||||||||||||
Other (Attach Explanation)
|
- | - | - | - | ||||||||||||||||||||||||||||
Adjusted Bank Balance *
|
$ | 1,084,659.88 | $ | 100.00 | $ | - | $ | - | ||||||||||||||||||||||||
* Adjusted bank balance must equal
|
||||||||||||||||||||||||||||||||
balance per books
|
Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - |
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
||||||||||||||||||||||||
4003 | $ | 5,183.31 | $ | - | $ | - | $ | - | ||||||||||||||||||||||||
4004 | 324.11 | |||||||||||||||||||||||||||||||
4005 | 900.00 | |||||||||||||||||||||||||||||||
$ | 6,407.42 | $ | - | $ | - | $ | - |
Other
|
||||||||||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
$ | - | $ | - | $ | - | $ | - |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Period
|
Amount
|
Check
|
Amount Paid
|
Year-To-Date
|
|||||||||||||||||||||||
Payee
|
Covered
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
||||||||||||||||||
SSG Capital Advisors, LLC
|
$ | - | $ | - | $ | - | |||||||||||||||||||||
$ | 350,235.45 | $ | 1,904.36 | ||||||||||||||||||||||||
Szaferman, Lakind, Blumstein & Blader, P.C.
|
|||||||||||||||||||||||||||
12,151.50 | 221.36 | ||||||||||||||||||||||||||
Cole, Schotz, Meisel, Forman & Leonard, P.A.
|
5/1 - 5/31/2011
|
6,564.77 |
RA Liquidating
|
MT070511
|
07/05/11
|
6,484.50 | 80.27 | ||||||||||||||||||||
1/1 - 5/31/2011
|
16,343.14 |
RA Liquidating
|
MT071911
|
07/19/11
|
16,343.14 | - | 497,041.43 | 28,005.13 | |||||||||||||||||||
J.H. Cohn LLP
|
5/1 - 5/31/2011
|
3,493.22 |
RA Liquidating
|
MT071911
|
07/19/11
|
3,420.15 | 73.07 | ||||||||||||||||||||
1/1 - 5/31/2011
|
11,331.34 |
RA Liquidating
|
MT071911
|
07/19/11
|
11,331.34 | 174,562.66 | 344.34 | ||||||||||||||||||||
Kurzman Carson Consultants
|
4/1 - 6/30/2011
|
5,183.31 |
RA Liquidating
|
4003 |
07/28/11
|
4,105.22 | 1,078.09 | ||||||||||||||||||||
18,128.02 | 10,392.26 | ||||||||||||||||||||||||||
Lowenstein Sandler PC
|
4/1 - 4/30/2011
|
6,652.44 |
RA Liquidating
|
MT071911
|
07/19/11
|
6,627.73 | 24.71 | ||||||||||||||||||||
1/1 - 4/30/2011
|
8,990.85 |
RA Liquidating
|
MT071911
|
07/19/11
|
8,990.85 | - | 225,368.37 | 4,128.55 | |||||||||||||||||||
$ | 58,559.07 | $ | 57,302.93 | $ | 1,256.14 | $ | 1,277,487.43 | $ | 44,996.00 |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Cumulative
|
||||||||
Revenues
|
Month
|
Filing to Date
|
||||||
Gross Revenues
|
$ | - | $ | 1,232,865.00 | ||||
Less: Returns and Allowances
|
(635.84 | ) | ||||||
Net Revenue
|
- | 1,232,229.16 | ||||||
Cost of Goods Sold
|
||||||||
Beginning Inventory
|
- | 223,977.00 | ||||||
Add: Purchases
|
- | 545,011.00 | ||||||
Add: Cost of Labor
|
- | 162,703.00 | ||||||
Add: Other Costs (attach schedule)
|
- | 201,334.00 | ||||||
Less: Ending Inventory
|
- | (203,620.00 | ) | |||||
Cost of Goods Sold
|
- | 929,405.00 | ||||||
Gross Profit
|
- | 302,824.16 | ||||||
Operating Expenses
|
||||||||
Advertising
|
||||||||
Auto and Truck Expense
|
- | 948.00 | ||||||
Bad Debts
|
- | (7,988.04 | ) | |||||
Contributions
|
- | |||||||
Employee Benefits Programs
|
- | 6,560.00 | ||||||
Insider Compensation *
|
||||||||
Insurance
|
9,810.37 | |||||||
Management Fees
|
25,076.00 | 816,355.00 | ||||||
Office Expense
|
- | 7,371.25 | ||||||
Pension & Profit-Sharing Plans
|
- | 732.00 | ||||||
Repairs and Maintenance
|
- | 283.00 | ||||||
Rent and Lease Expense
|
||||||||
Salaries/Commissions/Fees
|
- | 39,731.00 | ||||||
Supplies
|
- | 583.00 | ||||||
Taxes - Payroll
|
324.11 | 1,875.11 | ||||||
Taxes - Real Estate
|
||||||||
Taxes - Other
|
- | 75.00 | ||||||
Travel and Entertainment
|
||||||||
Utilities
|
||||||||
Other (attach schedule)
|
- | 134,008.98 | ||||||
Total Operating Expenses Before Depreciation
|
25,400.11 | 1,010,344.67 | ||||||
Depreciation/Depletion/Amortization
|
- | 31,452.00 | ||||||
Net Profit (Loss) Before Other Income & Expenses
|
(25,400.11 | ) | (738,972.51 | ) | ||||
Other Income and Expenses
|
||||||||
Other Income (attach schedule)
|
- | (245,234.00 | ) | |||||
Interest Expense
|
- | 60,342.00 | ||||||
Other Expense (attach schedule)
|
||||||||
Net Profit (Loss) Before Reorganization Items
|
(25,400.11 | ) | (554,080.51 | ) | ||||
Reorganization Items
|
||||||||
Professional Fees
|
20,123.94 | 834,473.26 | ||||||
U.S. Trustee Quarterly Fees
|
(10,075.00 | ) | 22,425.00 | |||||
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
10.28 | 117.52 | ||||||
Gain (Loss) from Sale of Equipment
|
- | 5,890,082.00 | ||||||
Other Reorganization Expenses (attach schedule)
|
- | 60,358.00 | ||||||
Total Reorganization Expenses
|
10,038.66 | (4,972,943.26 | ) | |||||
Income Taxes - deferred & allocated among affiliates
|
- | 1,433,958.00 | ||||||
Income Taxes - current
|
- | 1,960.00 | ||||||
Net Profit (Loss)
|
$ | (35,438.77 | ) | $ | 2,982,944.75 |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Cumulative
|
||||||||
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
Other Costs
|
||||||||
Building & ramp department costs
|
$ | - | $ | 169,045.00 | ||||
Avionics department costs
|
2,129.00 | |||||||
Maintenance department costs
|
23,049.00 | |||||||
Parts & service administration costs
|
7,111.00 | |||||||
$ | - | $ | 201,334.00 | |||||
Other Operational Expenses
|
||||||||
Audit fees
|
$ | - | $ | 8,333.00 | ||||
Legal fees
|
||||||||
Fees charged by the secured lender
|
19,238.80 | |||||||
Amortization of loan costs & write-off of unamortized portion
|
98,201.00 | |||||||
Records copying
|
- | 8,046.00 | ||||||
Other
|
190.18 | |||||||
$ | - | $ | 134,008.98 | |||||
Other Income
|
||||||||
Write off of prior overaccrual of estimated fees
|
$ | - | $ | 51,031.00 | ||||
Adjustment in prior Chief Restructuring Officer fees
|
100,000.00 | |||||||
Adjustment in prior consulting fees - Getzler
|
- | 92,137.00 | ||||||
Other
|
- | 66.00 | ||||||
Recovery of prior escrow funds
|
2,000.00 | |||||||
$ | - | $ | 245,234.00 | |||||
Other Expenses
|
||||||||
$ | - | $ | - | |||||
$ | - | $ | - | |||||
Other Reorganization Expenses
|
||||||||
Professional fees
|
$ | - | $ | 59,458.00 | ||||
ISRA clearance fees - NJDEP
|
900.00 | |||||||
$ | - | $ | 60,358.00 |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Current Assets
|
||||||||
Unrestricted Cash and Equivalents
|
$ | 1,084,759.88 | $ | 39,998.00 | ||||
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
Accounts Receivable (Net)
|
- | 143,218.00 | ||||||
Notes Receivable
|
||||||||
Inventories
|
223,977.00 | |||||||
Prepaid Expenses
|
91,243.00 | |||||||
Professional Retainers
|
- | 25,000.00 | ||||||
Other Current Assets (attach schedule)
|
567,376.03 | 527,549.00 | ||||||
Total Current Assets
|
1,652,135.91 | 1,050,985.00 | ||||||
Property and Equipment
|
||||||||
Real Property and Improvements
|
5,505,335.00 | |||||||
Machinery and Equipment
|
667,352.00 | |||||||
Furniture, Fixtures and Office Equipment
|
346,616.00 | |||||||
Leasehold Improvements
|
1,108,308.00 | |||||||
Vehicles
|
15,872.00 | |||||||
Less Accumulated Depreciation
|
(4,389,112.00 | ) | ||||||
Total Property & Equipment
|
- | 3,254,371.00 | ||||||
Other Assets
|
||||||||
Loans to Insiders *
|
||||||||
Other Assets (see schedule)
|
3,862,391.21 | 3,514,233.00 | ||||||
Total Other Assets
|
3,862,391.21 | 3,514,233.00 | ||||||
Total Assets
|
$ | 5,514,527.12 | $ | 7,819,589.00 |
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
Accounts Payable
|
$ | (10,075.00 | ) | $ | - | |||
Taxes Payable (refer to Form MOR-4)
|
922.78 | |||||||
Wages Payable
|
||||||||
Notes Payable
|
||||||||
Rent/Leases - Building/Equipment
|
||||||||
Secured Debt / Adequate Protection Payments
|
||||||||
Professional Fees
|
41,264.01 | |||||||
Amounts Due to Insiders *
|
- | |||||||
Other Postpetition Liabilities (attach schedule)
|
137,954.63 | |||||||
Total Postpetition Liabilities
|
170,066.42 | - | ||||||
Liabilities Subject to Compromise
|
||||||||
Secured Debt
|
3,576,750.00 | |||||||
Priority Debt
|
6,122.47 | 21,836.00 | ||||||
Unsecured Debt
|
1,369,228.32 | 3,234,837.58 | ||||||
Total Pre-Petition Liabilities
|
1,375,350.79 | 6,833,423.58 | ||||||
Total Liabilities
|
1,545,417.21 | 6,833,423.58 | ||||||
Owner Equity
|
||||||||
Capital Stock
|
9,040.00 | 9,040.00 | ||||||
Additional Paid-In Capital
|
5,987,035.74 | 5,987,036.00 | ||||||
Partners' Capital Account
|
||||||||
Owner's Equity Account
|
||||||||
Retained Earning - Pre-Petition
|
(5,009,910.58 | ) | (5,009,910.58 | ) | ||||
Retained Earning - Postpetition
|
2,982,944.75 | |||||||
Adjustments to Owner Equity (attach schedule)
|
||||||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
Net Owner Equity
|
3,969,109.91 | 986,165.42 | ||||||
Total Liabilities and Owners' Equity
|
$ | 5,514,527.12 | $ | 7,819,589.00 |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Other Current Assets
|
||||||||
Deferred income tax assets
|
$ | 67,193.00 | $ | 120,059.00 | ||||
Deferred costs of business sale
|
397,995.00 | |||||||
Other receivables
|
9,495.00 | |||||||
Environmental escrow accounts
|
500,183.03 | |||||||
$ | 567,376.03 | $ | 527,549.00 | |||||
Other Assets
|
||||||||
Deferred income tax assets
|
$ | 404,927.00 | $ | 888,294.00 | ||||
Deferred loan costs
|
- | 98,201.00 | ||||||
Trademark
|
2,000.00 | |||||||
Accrued income tax - intercompany allocation
|
- | 313,071.00 | ||||||
Account receivable - RCLC
|
3,457,464.21 | 2,212,667.00 | ||||||
$ | 3,862,391.21 | $ | 3,514,233.00 |
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
Other Postpetition Liabilities
|
||||||||
Employee 401k deductions
|
$ | - | $ | - | ||||
Other payroll deductions
|
||||||||
Sales and use taxes
|
||||||||
Accrued vacation, sick, and holiday pay
|
||||||||
Accrued audit fees
|
8,333.30 | |||||||
Accrued line service incentive pay
|
||||||||
Accrued interest expense
|
||||||||
Accrued other bank charges
|
||||||||
Accrued 401k Company match
|
||||||||
Accrued credit card fees
|
||||||||
Accrued income taxes
|
||||||||
Accrued other
|
8,690.38 | |||||||
Deferred rental income
|
||||||||
Intercompany payable - RCLC, Inc.
|
25,076.00 | |||||||
Intercompany payable - RCPC Liq Corp
|
95,854.95 | |||||||
$ | 137,954.63 | $ | - | |||||
Adjustments to Owner Equity
|
||||||||
$ | - | $ | - | |||||
$ | - | $ | - | |||||
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
$ | - | $ | - | |||||
$ | - | $ | - |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
|||||||||||||||||||||
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
|||||||||||||||||||
Federal
|
||||||||||||||||||||||||
Withholding
|
$ | - | $ | - | $ | - | $ | - | ||||||||||||||||
FICA-Employee
|
- | - | - | - | ||||||||||||||||||||
FICA-Employer
|
- | - | - | - | ||||||||||||||||||||
Unemployment
|
- | - | - | - | ||||||||||||||||||||
Income
|
- | |||||||||||||||||||||||
Other:
|
- | - | - | |||||||||||||||||||||
Total Federal Taxes
|
- | - | - | - | ||||||||||||||||||||
State and Local
|
||||||||||||||||||||||||
Withholding - New Jersey
|
- | - | - | - | ||||||||||||||||||||
Withholding - Pennsylvania
|
- | - | - | - | ||||||||||||||||||||
Sales
|
429.72 | 429.72 | ||||||||||||||||||||||
Excise
|
- | - | ||||||||||||||||||||||
Unemployment
|
493.06 | - | 493.06 | |||||||||||||||||||||
Real Property
|
- | |||||||||||||||||||||||
Personal Property
|
- | |||||||||||||||||||||||
Other: Fee
|
||||||||||||||||||||||||
Other: Income
|
- | |||||||||||||||||||||||
Total State and Local
|
922.78 | - | - | 922.78 | ||||||||||||||||||||
Total Taxes
|
$ | 922.78 | $ | - | $ | - | $ | 922.78 |
Attach aged listing of accounts payable
|
||||||||||||||||||||||||
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
Accounts Payable, NJDEP
|
$ | - | $ | (10,075.00 | ) | $ | - | $ | - | $ | - | $ | (10,075.00 | ) | ||||||||||
Wages Payable
|
- | - | ||||||||||||||||||||||
Taxes Payable
|
922.78 | 922.78 | ||||||||||||||||||||||
Rent/Leases-Building
|
- | |||||||||||||||||||||||
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
Secured Debt/Adequate Protection Payments
|
- | |||||||||||||||||||||||
Professional Fees
|
28,914.33 | 6,235.93 | - | 3,505.70 | 2,608.05 | 41,264.01 | ||||||||||||||||||
Amounts Due to Insiders *
|
- | |||||||||||||||||||||||
Other: Accrued expenses
|
17,023.68 | 17,023.68 | ||||||||||||||||||||||
Other: Due to RCLC, Inc.
|
25,076.00 | 25,076.00 | ||||||||||||||||||||||
Other: Due to RCPC Liquidating Corp
|
95,854.95 | 95,854.95 | ||||||||||||||||||||||
Total Postpetition Debts
|
$ | 167,791.74 | $ | (3,839.07 | ) | $ | - | $ | 3,505.70 | $ | 2,608.05 | $ | 170,066.42 |
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
Reporting Period
|
7/01/11 - 7/31/11
|
Accounts Receivable Reconciliation
|
Amount
|
|||||||
Total Accounts Receivable at the beginning of the reporting period
|
$ | 3,099.64 | ||||||
(+) Amounts billed during the period
|
||||||||
(+) Credit balances transferred to prepetition liabilities
|
||||||||
(-) Amounts collected during the period
|
- | |||||||
(-) Credit card fees and credits during the period
|
- | |||||||
Total Accounts Receivable at the end of the reporting period
|
$ | 3,099.64 | ||||||
Accounts Receivable Aging
|
Amount
|
|||||||
0 - 30 days old
|
- | |||||||
31 - 60 days old
|
- | |||||||
61 - 90 days old
|
- | |||||||
91 + days old
|
3,099.64 | |||||||
Total Accounts Receivable
|
$ | 3,099.64 | ||||||
Amounts considered uncollectible (Bad Debt)
|
(3,099.64 | ) | ||||||
Accounts Receivable (Net)
|
$ | - |
Must be completed each month
|
Yes
|
No
|
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
X
|
|
this reporting period? If yes, provide an explanation below.
|
|||
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
X
|
|
account this reporting period? If yes, provide an explanation
|
|||
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
X
|
|
below.
|
|||
4.
|
Are workers compensation, general liability and other necessary insurance
|
X
|
|
coverage in effect? If no, provide an explanation below.
|
|||
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
||
documentation identifying the opened account(s).
|
X
|
||
|
|
4
|
The policies were terminated effective October 15, 2010, upon the sale of the assets and business.
|