Doc800 monthly operating report pe 2012-01-31

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  • 1. Monthly Operating Report CASE NAME:FIRSTPLUS FINANCIAL GROUP,INC ACCRUAL BASIS CASE NUMBER: 09-33918 02/13/95, RWD, 2/96JUDGE: Harlin D. Hale UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF TEXAS DALLAS DIVISION MONTHLY OPERATING REPORT MONTH ENDING: JANUARY 31, 2012IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, IDECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWINGMONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) ANDTHE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESEDOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICHPREPARER HAS ANY KNOWLEDGE.RESPONSIBLE PARTY: Is/ Matthew D. Orwig Chapter II Trustee SIGNATURE OF RESPONSIBLE PARTY TITLE Matthew D. Orwig 02/27/2012PRINTED NAME OF RESPONSIBLE PARTY DATEPREPARER: Is/ J. James Jenkins Accountants for Chapter 11 Trustee ORIGINAL SIGNATURE OF PREPARER TITLEJ. James Jenkins, CPA, Robbins Tapp Cobb & Assoc, PLLC 02/27/2012 PRINTED NAME OF PREPARER DATE
  • 2. Monthly Operating Report CASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-I CASE NUMBER: 09-33918-HDH 02/13/95, RWD, 2/96 COMPARATIVE BALANCE SHEET SCHEDULE MONTH MONTH MONTH ASSETS AMOUNT Jan 2012 Feb 2012 Mar 2012 I. UNRESTRICTED CASH $32 $1,585,552 2. RESTRICTED CASH 3. TOTAL CASH $32 $1,585,552 $0 $0 4. ACCOUNTS RECEIVABLE (NET) 5. INVENTORY 6. NOTES RECEIVABLE 7. PREPAID EXP - Refunds Statement 1&4 $68,202 $8,265 8. OTHER- Interplead Funds-Nevada $1 196 403 $0 9. TOTAL CURRENT ASSETS $1,264,637 $1,593,817 $0 $0 10. PROPERTY, PLANT & EQUIPMENT II. LESS: ACC~ATED DEPRECIATION I DEPLETION 12. NET PROPERTY, PLANT & EQUIPMENT $0 $0 $0 $0 13. DUE FROM INSIDERS 14. OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) 15. OTHER (ATTACH LIST) 16. TOTAL ASSETS $1,264,637 $1,593,817 $0 $0POSTPETITION LIABILITIES 17. ACCOUNTS PAYABLE- Statement 3 $0 $0 $0 18. TAXES PAYABLE 19. NOTES PAYABLE - Robert ONeal $20,00020. PROFESSIONAL FEES21. SECURED DEBT22. OTHER (ATTACH LIST) Statement 2 $0 $0 $023. TOTAL POSTPETITION LIABILITIES $20,000 $0 $0PREPETITION LIABILITIES24. SECURED DEBT25. PRIORITY DEBT $2 262 $2,26226. UNSECURED DEBT $10,345,187 $10,345,18727. OTHER (ATTACH LIST)28. TOTAL PREPETITION LIABILITIES $10,347,449 $10,347,449 $0 $029. TOTAL LIABILITIES $10,347,449 $10,367,449 $0 $0EQUITY30. PREPETITION OWNERS EQUITY ($9 082,812 ($9,082 812 $031. POSTPETITION C~ATIVE PROFIT OR (LOSS) $309,21232. DIRECT CHARGES TO EQUITY (ATTACH EXPL) W/0 Scheduled Cash ($3233. TOTAL EQUITY ($9,082,812 ($8,773,632 $0 $034. TOTAL LIABILITIES & OWNERS EQUITY $1,264,637 $1,593,817 $0 $0
  • 3. Monthly Operating ReportCASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-2CASE NUMBER: 09-33918-HDH 02/13195, RWD, 2/96INCOME STATEMENT MONTH MONTH MONTH QUARTERREVENUES Jan 2012 Feb 2012 Mar 2012 TOTALI. GROSS REVENUES $0 $0 $0 $02. LESS: RET. & DISC.- STATEMENT 5 $0 $0 $0 $03. NET REVENUE $0 $0 $0 $0COST OF GOODS SOLD4. MATERIAL $05. DIRECT LABOR $06. DIRECT OVERHEAD $07. TOTAL COST OF GOODS SOLD $0 $0 $0 $08. GROSS PROFIT $0 $0 $0 $0OPERATING EXPENSES9. OFFICER I INSIDER COMPENSATION $010. SELLING & ~TING $0II. GENERAL & ADMINISTRATIVE $012. RENT & LEASE $013. OTHER (ATTACH LIST) Computer Exp $709 $0 $0 $70914. TOTAL OPERATING EXPENSES $709 $0 $0 $70915. INCOME BEFORE NON-OPERATING INCOME & EXPENSE ($709) $0 $0 ($709OTHER INCOME & EXPENSES16. NON-OPERATING(INCOME) Interest Income ($272 ($27217. NON-OPERATING EXPENSE (ATT. LIST) $018. INTEREST EXPENSE $019. DEPRECIATION I DEPLETION $020. AMORTIZATION $021. OTHER (ATTACH LIST) $022. NET OTHER (INCOME) & EXPENSES ($272 $0 $0 ($272REORGANIZATION EXPENSES23. PROFESSIONAL FEES $0 $0 $024. U.S. TRUSTEE FEES $4,875 $0 $0 $4,87525. OTHER (ATTACH LIST) Balloting Agent $26,637 $0 $0 $26,63726. TOTAL REORGANIZATION EXPENSES $31,512 $0 $0 $31,51227. INCOME TAX EXPENSE Statement 2 $0 $0 $0 $028. NET INCOME (LOSS) ($31 ,949 $0 $0 ($31,949
  • 4. Monthly Operating ReportCASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-3CASE NUMBER: 09-33918-HDH 02/13/95, RWD, 2/96CASH RECEIPTS AND MONTH MONTH MONTH QUARTERDISBURSEMENTS Jan 2012 Feb 2012 Mar 2012 TOTALI. CASH- BEGINNING OF MONTH $1,617,501 $1,585,552 $1,585,552 $1,617,501RECEIPTS FROM OPERATIONS2. CASH SALES $0 $0 $0 $0COLLECTION OF ACCOUNTS RECEIVABLE3. PREPET $0 $04. POSTPETITION $05. TOTAL OPERATING RECEIPTS $0 $0 $0 $0 NON- OPERATING RECEIPTS6. LOANS & ADVANCES $0 $0 $0 $07. SALE OF ASSETS $0 $08. OTHER- Interest Income $272 $2729. TOTAL NON-OPERATING RECEIPTS $272 $0 $0 $27210. TOTAL RECEIPTS $272 $0 $0 $272II. TOTAL CASH AVAILABLE $1,617,773 $1,585,552 $1,585,552 $1,617,773OPERATING DISBURSEMENTS12. NET PAYROLL $013. PAYROLL TAXES PAID $014. SALES, USE & OTHER TAXES PAID $015. SECURED/RENTAL/LEASES $016. UTILITIES $017. INSURANCE $018. INVENTORY PURCHASES $019. VEHICLE EXPENSES $020. TRAVEL $021. ENTERTAINMENT $022. REPAIRS & MAINTENANCE $023. SUPPLIES $024. ADVERTISING $025. OTHER - Computer Exp/Bank Charges $709 $70926. TOTAL OPERATING DISBURSEMENTS $709 $0 $0 $709REORGANIZATION EXPENSES27. PROFESSIONAL FEES $028. U.S. TRUSTEE FEES $4,875 $0 $4,87529. OTHER - Balloting Agent $26,637 $26,63730. TOTAL REORGANIZATION EXPENSES $31,512 $0 $0 $31,51231. TOTAL DISBURSEMENTS $32,221 $0 $0 $32,22132. NET CASH FLOW ($31 ,949) $0 $0 ($31 ,94933. CASH- END OF MONTH $1,585,552 $1,585,552 $1,585,552 $1,585,552
  • 5. Monthly Operating ReportCASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. I ACCRUAL BASIS-4 ICASE NUMBER: 09-33918-HDH JANUARY 2012 I02/13/95, RWD, 2/96 MUNIH MUNIH MUNIHACCOUNTS RECEIVABLE AGING AMOUNT Oct 2011 Nov 2011 Dec 2011I. 0-30 Unknown Unknown Unknown2. 31-603. 61-904. 91+5. TOTAL ACCOUNTS RECEIVABLE $0 $0 $0 $06. AMOUNT CONSIDERED UNCOLLECTIBLE7. ACCOUNTS RECEIVABLE (NET) $0 $0 $0 $0AGING OF POSTPETITION TAXES AND PAYABLES MONTH: I JANUARY 2012 I U-:JU :Jl-60 61-IU ~1+TAXES PAYABLE DAYS DAYS DAYS DAYS TOTALI. FEDERAL Unknown2. STATE3. LOCAL4. OTHER (ATTACH LIST)5. TOTAL TAXES PAYABLE $0 $0 $0 $0 $0 ACCOUNTS PAYABLESTATUS OF POSTPETITION TAXES MONTH: I JANUARY 2012 I AMUUNJ b~~{j TAX WITHHELD AND/ AMOUNTFEDERAL LIABILITY* OR ACCRUED PAID LIABILITYI. WITHHOLDING** None None None None2. FICA-EMPLOYEE**3. FICA-EMPLOYER**4. UNEMPLOYMENT5. INCOME6. OTHER (ATTACH LIST)7. TOTAL FEDERAL TAXES $0 $0 $0 $0STATE AND LOCAL8. WITHHOLDING9. SALES10. EXCISEII. UNEMPLOYMENT12. REAL PROPERTY13. PERSONAL PROPERTY14. OTHER (ATTACH LIST)15. TOTAL STATE & LOCAL $0 $0 $0 $016. TOTAL TAXES $0 $0 $0 $0 The beginning ·tax liability should represent the liability from the prior month or, if this is the first operating report, the amonnt should be zero.•• Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verifY payment or deposit.
  • 6. Monthly Operating ReportCASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-5CASE NUMBER: 09-33918-HDH 02/13/95, RWD, 2/96The debtor in possession must complete the reconciliation below for each bank account,including all general, payroll and tax accounts, as well as all savings and investmentaccounts, money market accounts, certificates of deposit, govemment obligations, etc.Accounts with restricted funds should be identified by placing an asterisk next to theaccount number. Attach additional sheets if necessary. MONTH·J JANUARY 2012BANK RECONCILIATIONS Account #I Account #2 Account #3A BANK: Wells Fargo Wells Fargo N/AB. ACCOUNT NUMBER: ******3878 ******641 0 TOTALC. PURPOSE (TYPE): Checking SavingsI. BALANCE PER BANK STATEMENT ($8 $1,590,447 $1,590,4392. ADD: TOTAL DEPOSITS NOT CREDITED $0 $0 $03. SUBTRACT: OUTSTANDING CHECKS 4,887 $0 $4,8874. OTHER RECONCILING ITEMS - Transfer 4,895 ($4,895) $05. MONTH END BALANCE PER BOOKS $0 $1,585,552 $0 $1,585,5526. NUMBER OF LAST CHECK WRITTEN 1184 NAINVESTMENT ACCOUNTS DATE OF TYPE OF PURCHASE CURRENTBANK, ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE7.8.9.10.II. TOTAL INVESTMENTS $0 $0ICASH12. CURRENCY ON HAND TOTAL CASH - END OF MONTH $1,585,5521
  • 7. Monthly Operating Report CASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-6 -1 ICASE NUMBER: 09-33918-HDH 02/13/95, RWD, 2/96 MONTII: JANUARY2012lPAYMENTS TO INSIDERS AND PROFESSIONALSOF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTII, LIST THE AMOUNT PAIDTO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE US. BANKRUPTCY CODE)AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OFCOMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,TRAVEL, CARALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY. INSIDERS TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATEI. None2.3.4.5.6. TOTAL PAYMENTS TO INSIDERS $0 $0 PROFESSIONALS l DATE OF COURT TOTAL ORDER AUTHORIZIN AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE &UNPAID* Cox Smith Matthews 10/13/2009 $66,679 $66,679 $66,679 $02. Robbins Tapp Cobb 12/20/2010 $88,411 $88,411 $88,411 $22,1033. Franklin, Skierski 12/20/2010 $116,487 $116,487 $116,487 $28,5304. SNR Denton US 12/17/2010 $471,253 $471,253 $471,253 $102,0115. Note - Fees Continued On Page Accrual 6-26. TOTAL PAYMENTS TO PROFESSIONALS $742,830 $742,830 $742,830 $152,644* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVEDPOSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATEPROTECTION PAYMENTS SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID NAME OF CREDITOR DUE MONTH POSTPETITIONI. None2.3.4.5.6. TOTAL $0 $0 $0
  • 8. Monthly Operating Report CASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-6 -2CASE NUMBER: 09-33918-HDH 02/13/95, RWD, 2/96 MONTH: JANUARY 2012!PAYMENTS TO INSIDERS AND PROFESSIONALSOF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAIDTO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE)AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OFCOMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY. INSIDERS TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATEI. None2.3.4.5.6. TOTAL PAYMENTS TO INSIDERS $0 $0 PROFESSIONALS I DATE OF COURT TOTAL ORDER AUTHORIZIN AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE &UNPAID* Totals Forward From Page 6-1 $742,830 $742,830 $742,830 $152,6442. Robbins Tapp Cobb 9/28/2011 $28,511 $28,511 $28,511 $9,5043. Franklin, Skierski 9/29/2011 $128,928 $128,928 $128,928 $42,4124. SNR Denton US 10/3/2011 $323,471 $323,471 $323,471 $135,4945.6. TOTAL PAYMENTS TO PROFESSIONALS $1,223,740 $1,223,740 $1,223,740 $340,054* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVEDPOSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATEPROTECTION PAYMENTS SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID NAME OF CREDITOR DUE MONTH POSTPEIDIONI. None2.3.4.5.6. TOTAL $0 $0 $0
  • 9. Monthly Operating Report CASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-6 -3 ICASE NUMBER: 09-33918-HDH 02/13/95, RWD, 2/96 MONTH: I JANUARY 2012!PAYMENTS TO INSIDERS AND PROFESSIONALSOF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAIDTO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE)AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OFCOMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY. INSIDERS TYPE OF AMOUNT TOTAL PAID NAME PAYMENT PAID TO DATEI. None2.3.4.5.6. TOTAL PAYMENTS TO INSIDERS $0 $0 PROFESSIONALS I DATE OF COURT TOTAL ORDER AUTHORIZIN AMOUNT AMOUNT TOTAL PAID INCURRED NAME PAYMENT APPROVED PAID TO DATE &UNPAID* Cox Smith Matthews Summary $66,679 $66,679 $66,679 $02. Robbins Tapp Cobb Summary $116,922 $116,922 $116,922 $31,6073. Franklin, Skierski Summary $245,415 $245,415 $245,415 $70,9424. SNR Denton US Summary $794,724 $794,724 $794,724 $237,5055.6. TOTAL PAYMENTS TO PROFESSIONALS $1,223,740 $1,223,740 $1,223,740 $340,054* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVEDPOSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATEPROTECTION PAYMENTS SCHEDULED AMOUNTS MONTHLY PAID TOTAL PAYMENTS DURING UNPAID NAME OF CREDITOR DUE MONTH POSTPETITIONI. None2.3.4.5.6. TOTAL $0 $0 $0
  • 10. Monthly Operating ReportCASE NAME: FIRSTPLUS FINANCIAL GROUP, INC. ACCRUAL BASIS-7 ICASE NUMBER: 09-33918-HDH 02/13/95, RWD, 2/96 MONTH:._I_ __;J;;..A;;..N;.;;U~A;;;;R;.;;Y...;;2;;;;01;;.;;2_ ___.QUESTIONNAIRE I YES NOI. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? X2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? X3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? X4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? X5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? Robert O"Neal X6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X12. ARE ANY WAGE PAYMENTS PAST DUE? XIF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILEDEXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.INSURANCE I YES NOI. ARE WORKERS COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? No Operations X2. ARE ALL PREMIUM PAYMENTS PAID CURRENT?3. PLEASE ITEMIZE POLICIES BELOW.IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEENCANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATIONBELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY. Trustee Bond Preminms are paid cnrrent INSTALLMENT PAYMENTS TYPE OF PAYMENT AMOUNT POLICY CARRIER PERIOD COVERED &FREQUENCY None
  • 11. CASE NAME: FIRSTPLUS FINANCIAL GROUP, INC.CASE NUMBER: 09-33918-HDHMONTHLY OPERATING REPORT I JANUARY 2012 I STATEMENT 1 NON-OPERATING RECEIPTS- OTHER Jan-12 Mar-12 DISTRIBUTIONS FROM FPFI CREDITORS TRUST $0 0 0 RETURN OF LEGAL RETAINER 0 0 0 TOTAL $0 $0 $0 STATEMENT2 POST-PETITION LIABILITIES- OTHER Jan-12 Feb-12 Mar-12 ESTIMATED FEDERAL ALTERNATIVE MINIMUM TAX AT 3.4% $0 $0 $0 STATEMENT 3 POST-PETITION ACCOUNTS PAYABLE Jan-12 Feb-12 Mar-12 BBVA COMPASS INSURANCE- TRUSTEE BOND $0 $0 $0 STATEMENT 4 PREPAID EXPENSE REFUNDS TO-DATESCHEDULED BALANCE $68,202BROADRIDGE FINANCIAL SOLUTIONS JUL 2009 $13,765BANK OF NEW YORK MELLON OCT 2009 14,873BROADRIDGE SECURITIES PROC. SOLUTIONS OCT 2009 14,000MICHAEL EBERHARDT JAN 2009 17,299 ------- TOTAL COLLECTED $59,937 ENDING BALANCE $8,265