Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TMST, Inc. | d8k.htm |
| EX-99.1 - MONTHLY OPERATING REPORT OF TMST, INC. - TMST, Inc. | dex991.htm |
Exhibit 99.2
| DEBTOR: | Adfitech, Inc. | CASE NUMBER: | 09-17788-DK |
OFFICE OF THE UNITED STATES TRUSTEE - BALTIMORE DIVISION
MONTHLY OPERATING REPORT
CHAPTER 11
BUSINESS DEBTORS
Form 2-A
COVER SHEET AND QUESTIONNAIRE [a]
For Period Ended November 30, 2009
| Accounting Method: | x Accrual Basis | ¨ Cash Basis | ||||||||||||
THIS REPORT IS DUE 20 DAYS AFTER THE END OF THE MONTH
| Mark One Box for Each Required Document: |
Debtor must attach each of the following reports/documents unless the U. S. Trustee has waived the requirement in writing. File the original with the Clerk of Court. Submit a duplicate, with original signature, to the U. S. Trustee. | |||||||
| Report/Document Attached |
Previously Waived |
REQUIRED REPORTS/DOCUMENTS | ||||||||||||||||
| x | ¨ | 1. Cash Receipts and Disbursements Statement (Form 2-B) | ||||||||||||||||
| x | ¨ | 2. Balance Sheet (Form 2-C) | ||||||||||||||||
| x | ¨ | 3. Profit and Loss Statement (Form 2-D) | ||||||||||||||||
| x | ¨ | 4. Supporting Schedules (Form 2-E) | ||||||||||||||||
| x | ¨ | 5. Disbursements Summary (Form 2-F) | ||||||||||||||||
| x | ¨ | 6. Narrative (Form 2-G) | ||||||||||||||||
| x | ¨ | 7. Bank Statements for All Bank Accounts | ||||||||||||||||
| x | ¨ | 8. Bank Statement Reconciliations for all Bank Accounts | ||||||||||||||||
| QUESTIONNAIRE | Yes | No | ||
| Please answer the questions below: |
||||
| 1. Is the business still operating? |
X | |||
| 2. Were any assets (other than inventory) sold this month? |
X | |||
| 3. Were all employees timely paid this month? |
X | |||
| 4. Are all insurance policies and operating licenses current and in effect? |
X | |||
| 5. Did you open any new bank accounts this month? |
X | |||
| 6. Did you deposit all receipts into your DIP account this month? |
X | |||
| 7. Have all taxes been timely paid (payroll, sales, etc.)? |
X | |||
| 8. Are you current on U.S. Trustee quarterly fees payments? |
X | |||
I declare under penalty of perjury that the following Monthly Operating Report, and any statements and attachments thereto are true, accurate and correct to the best of my belief.
| Executed on: | 12/18/09 |
Print Name: | Samuel E. Meek | |||||
| Signature: | /s/ Samuel E. Meek | |||||||
| Title: | President | |||||||
[a] See Explanatory Statement, Reservation of Rights and Global Footnotes for Monthly Operating Report (Form 2-G) which is incorporated herein by reference.
| DEBTOR: | Adfitech, Inc. | CASE NO: | 09-17788-DK |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)
For Period: November 2009
| CASH FLOW SUMMARY |
||||||||
| Current Month |
Accumulated | |||||||
| 1. Beginning Cash Balance |
$ | 10,816,505 | (1) | $ | 7,985,024 | (1) | ||
| 2. Cash Receipts |
||||||||
| Operations |
3,090,578 | 21,889,190 | ||||||
| Sale of Assets |
0 | 0 | ||||||
| Loans/advances |
0 | 0 | ||||||
| Total Cash Receipts |
3,090,578 | $ | 21,889,190 | |||||
| 3. Cash Disbursements |
||||||||
| Operations |
2,664,389 | 17,633,985 | ||||||
| Debt Service/Secured loan payment |
0 | 0 | ||||||
| Professional fees/U.S. Trustee fees |
0 | 997,536 | ||||||
| Other |
0 | 0 | ||||||
| Total Cash Disbursements |
$ | 2,664,389 | $ | 18,631,521 | ||||
| 4. Net Cash Flow (Total Cash Receipts less Total Cash Disbursements) |
426,188 | 3,257,670 | ||||||
| 5 Ending Cash Balance (to Form 2-C) |
$ | 11,242,694 | (2) | $ | 11,242,694 | (2) | ||
| CASH BALANCE SUMMARY |
| |||||||||||||||
| Account Name/Number | Institution |
Bank Balance |
Deposits In Transit |
Outstanding Checks [2] |
Book Balance |
|||||||||||
| Petty Cash |
$ | 22.80 | $ | — | $ | — | $ | 22.80 | ||||||||
| Operating/xxx4580 |
Bank of Oklahoma | 109.74 | — | (285,090.14 | ) | (284,980.40 | ) | |||||||||
| — | ||||||||||||||||
| Eurosweep/xxx1953 |
Bank of Oklahoma | 11,464,721.89 | — | — | 11,464,721.89 | |||||||||||
| — | ||||||||||||||||
| — | ||||||||||||||||
| Payroll/xx4591 |
Bank of Oklahoma | 0.00 | 0.00 | (2,277.40 | ) | (2,277.40 | ) | |||||||||
| — | ||||||||||||||||
| Employee Benefit/xxx6216 [1] |
Bank of Oklahoma | 0.00 | 0.00 | 0.00 | — | |||||||||||
| — | ||||||||||||||||
| Flex Spending/xxx7672 [1] |
Bank of Oklahoma | 0.00 | 0.00 | 0.00 | — | |||||||||||
| — | ||||||||||||||||
| Utility Deposit/xxx9938 |
Bank of Oklahoma | 65,208.10 | 0.00 | 0.00 | 65,208.10 | |||||||||||
| TOTAL |
$ | 11,530,062.53 | $ | — | $ | (287,367.54 | ) | $ | 11,242,694.99 | (2) | ||||||
| (must agree with Ending Cash Balance above) |
| |||||||||||||||
| [1] | These employee benefit accounts are maintained by a third-party administrator (“TPA”). Adfitech does not receive statements for these accounts. Adfitech funds these accounts based upon employee contributions or upon demand for payment by the TPA. All funds deposited to these accounts are restricted and are not available to Adfitech for operations. |
| [2] | Includes book/bank reconciling items. |
| (A) | The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc. |
| (1) | Accumulated beginning cash balance is the cash available at the commencement of the case. Current month beginning cash balance should equal the previous month’s ending balance. |
| (2) | All cash balances should be the same. |
Page 1 of 2
| DEBTOR: | Adfitech, Inc. | CASE NO: | 09-17788-DK |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)
For Period: November 1, 2009 to November 30, 2009
| CASH DISBURSEMENTS DETAIL | Account No: | |||
| (attach additional sheets as necessary) |
| Date |
Check No. | Payee | Description (Purpose) | Amount | ||||||
| $ | 2,664,389.43 | |||||||||
| See attached schedule |
||||||||||
| Total Cash Disbursements |
$ | 2,664,389.43 | (1) | |||||||
| (A) | The term “cash” includes all forms of currency i.e., checks, cash, money orders, etc. |
| (1) | Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1 |
Page 2 of 2
| CASE NAME: Adfitech, Inc. | CASE NUMBER: 09-17788-DK |
Form 2-C
COMPARATIVE BALANCE SHEET
(Accrual Basis)
| November 30, 2009 | Petition Date April 30, 2009 |
|||||||
| Assets |
||||||||
| Current Assets |
||||||||
| Cash |
||||||||
| Petty Cash |
$ | 23 | 22 | |||||
| Bank of Oklahoma Eurosweep Account |
11,177,464 | 7,984,114 | ||||||
| Bank of Oklahoma Operating Account |
— | 889 | ||||||
| Bank of Oklahoma Flex Spending Account [1] |
— | — | ||||||
| Bank of Oklahoma Employee Benefits Account [1] |
— | — | ||||||
| Bank of Oklahoma Payroll Account |
— | — | ||||||
| Bank of Oklahoma Utility Deposit Account |
65,208 | — | ||||||
| Total Cash |
11,242,695 | 7,985,024 | ||||||
| Accounts Receivable - Sales |
||||||||
| Pre-petition: Due from Related Entities |
— | 37,500 | ||||||
| Pre-petition: Other Receivables |
68,748 | 2,996,545 | ||||||
| Post-petition: Due from Related Entities |
— | — | ||||||
| Post-petition: Other Receivables |
3,336,972 | — | ||||||
| Total Current Post-Petition Accounts Receivable |
3,405,720 | 3,034,045 | ||||||
| Employee Receivables |
(105 | ) | — | |||||
| Prepaid Expenses |
222,793 | 280,205 | ||||||
| Total Current Assets |
14,871,103 | 11,299,274 | ||||||
| Other Assets |
||||||||
| Land |
2,017,000 | 2,017,000 | ||||||
| Building (net of depreciation) |
4,577,129 | 4,595,029 | ||||||
| Furniture and Fixtures (net of depreciation) |
104,843 | 155,571 | ||||||
| Computer Hardware (net of depreciation) |
660,632 | 788,156 | ||||||
| Software (net of depreciation) |
14,259 | 18,757 | ||||||
| Total Fixed Assets Net of Depreciation |
7,373,863 | 7,574,514 | ||||||
| Goodwill |
9,152,249 | 9,152,249 | ||||||
| Total Other Assets |
16,526,113 | 16,726,763 | ||||||
| Total Assets |
$ | 31,397,216 | 28,026,037 | |||||
| Liabilities and Stockholder’s Equity |
||||||||
| Liabilities Not Subject to Compromise |
||||||||
| Current Post-Petition Accounts Payable |
||||||||
| Due to Related Entities |
$ | — | — | |||||
| Post-Petition Accrued Payroll and Payroll Tax Expense |
864,834 | — | ||||||
| Interperiod over/under funding of benefit account |
(3,100 | ) | — | |||||
| Post-Petition Accrued Property Taxes |
60,818 | — | ||||||
| Accrued Expenses (non-salary related) |
34,089 | — | ||||||
| Accrued State Income Tax (2009) |
87,500 | — | ||||||
| Accrued Professional Fees |
123,963 | — | ||||||
| Post-Petition Trade Payable |
129,936 | — | ||||||
| Total Current Post-Petition Accounts Payable |
1,298,040 | — | ||||||
| Total Liabilities Not Subject to Compromise |
1,298,040 | — | ||||||
| Liabilities Subject to Compromise[2] |
||||||||
| Secured Creditor Claims |
— | — | ||||||
| Unsecured Priority Claims |
33,380 | 790,798 | ||||||
| General Unsecured Claims - Pass-through Expenses |
2,975 | 233,158 | ||||||
| General Unsecured Claims - Non-pass-through Trade Claims |
7,064 | 20,137 | ||||||
| General Unsecured Claims - Guarantee |
1,638,788,430 | 1,638,788,430 | ||||||
| Total Liabilities Subject to Compromise |
1,638,831,850 | 1,639,832,523 | ||||||
| Total Liabilities |
1,640,129,890 | 1,639,832,523 | ||||||
| Stockholder’s Equity |
||||||||
| Stockholder’s Equity |
19,955,550 | 19,955,550 | ||||||
| Retained Earnings - Pre-petition |
(1,630,761,513 | ) | (1,631,762,036 | ) | ||||
| Retained Earnings - Post-petition |
2,073,289 | — | ||||||
| Total Stockholder’s Equity |
(1,608,732,674 | ) | (1,611,806,486 | ) | ||||
| Total Liabilities and Stockholder’s Equity |
$ | 31,397,216 | $ | 28,026,037 | ||||
Notes:
| [1] | Restricted Cash |
| [2] | Petition date claim balance based on Scheduled Claims |
| CASE NAME: Adfitech, Inc. | CASE NUMBER: 09-17788-DK |
Form 2-D
PROFIT AND LOSS STATEMENT
For the Period: November 2009
(Accrual Basis)
| Oct 2009 | Nov 2009 | Petition To Date | ||||||||||
| Operating Revenue |
||||||||||||
| Quality Control |
$ | 2,432,296 | $ | 2,336,082 | $ | 16,609,795 | ||||||
| Professional fees |
6,252 | 850 | 6,320 | |||||||||
| Post Closing Services |
267,984 | 217,425 | 1,544,258 | |||||||||
| Pre-Funding |
1,600 | 1,680 | 18,840 | |||||||||
| Imaging |
0 | 0 | 0 | |||||||||
| Physical Storage Fees |
0 | 0 | 0 | |||||||||
| TMHL Underwriting |
0 | 0 | 0 | |||||||||
| Occupancy Verification Fee |
325 | 325 | 1,050 | |||||||||
| Document Retrieval |
21,510 | 30,010 | 177,050 | |||||||||
| Interest Income |
4,297 | 4,384 | 29,039 | |||||||||
| Late Charges |
141 | 241 | 1,604 | |||||||||
| Quality Jobs/TIPs Income |
31,713 | 31,103 | 229,557 | |||||||||
| Miscellaneous Income |
0 | 0 | 2,279 | |||||||||
| Total Operating Revenue |
2,766,118 | 2,622,099 | 18,619,791 | |||||||||
| Expenses |
||||||||||||
| Salaries |
1,246,763 | 1,162,674 | 8,443,709 | |||||||||
| Salaries - Additional Files & O/T |
190,196 | 214,177 | 1,325,753 | |||||||||
| Benefits - 401K Matching |
29,460 | 14,798 | 168,392 | |||||||||
| Employee Appreciation & Development |
5,818 | 13,055 | 34,068 | |||||||||
| Employee Banquet |
2,400 | 2,400 | 16,800 | |||||||||
| Contract Labor |
2,440 | 1,280 | 13,000 | |||||||||
| Employee Recruitment Expense |
1,437 | 1,805 | 15,637 | |||||||||
| Payroll Taxes |
104,017 | 100,819 | 671,535 | |||||||||
| Payroll Processing Fee |
2,134 | 2,299 | 14,028 | |||||||||
| Employee Health Insurance |
201,366 | 205,562 | 1,575,612 | |||||||||
| Legal & Professional Fees (Ordinary Course) |
1,775 | 3,792 | 30,150 | |||||||||
| Office Supplies |
23,915 | 45,153 | 168,590 | |||||||||
| Copier Supplies |
870 | 780 | 4,302 | |||||||||
| Software Expense |
4,404 | 1,194 | 6,264 | |||||||||
| Telephone Expense |
25,184 | 18,804 | 126,073 | |||||||||
| Printing |
1,428 | 3,518 | 15,589 | |||||||||
| Postage |
14,200 | 13,691 | 97,314 | |||||||||
| Shipping |
25,524 | 16,715 | 165,895 | |||||||||
| Strategic Partners Expense |
2,785 | 2,390 | 11,585 | |||||||||
| Insurance Expense |
5,425 | 5,425 | 37,528 | |||||||||
| QC Appraisals |
365,005 | 365,005 | 1,548,742 | |||||||||
| QC Appraisals (Contra) |
(327,059 | ) | (323,720 | ) | (1,472,466 | ) | ||||||
| QC Reverifications |
32,090 | (33,531 | ) | (67,417 | ) | |||||||
| QC Reverifications (Contra) |
0 | 0 | 0 | |||||||||
| In-File Credit Reports |
5,679 | 3,813 | 52,986 | |||||||||
| Mtg. Credit Reports |
87,040 | 96,503 | 661,044 | |||||||||
| Mtg. Credit Reports (Contra) |
(158,901 | ) | (99,397 | ) | (663,497 | ) | ||||||
| Outsourced External Data |
18,724 | 21,997 | 154,181 | |||||||||
| Property Value Requests |
0 | 0 | 0 | |||||||||
| External Collateral Reviews |
0 | (85 | ) | (9,425 | ) | |||||||
| Filing Fees |
0 | 0 | (20 | ) | ||||||||
| High Cost Check |
(2,796 | ) | (1,578 | ) | (21,149 | ) | ||||||
| Depreciation |
44,541 | 44,719 | 310,865 | |||||||||
| Fares and Lodging |
3,771 | 5,620 | 21,768 | |||||||||
| Meals - Travel |
225 | 91 | 372 | |||||||||
| Auto Expense Reimbursement |
222 | 61 | 449 | |||||||||
| Conference Expense |
7,769 | 1,314 | 25,312 | |||||||||
| Entertainment |
0 | 3,351 | 8,107 | |||||||||
| Meals & Entertainment |
0 | 0 | 0 | |||||||||
| Advertising |
6,730 | 3,451 | 47,050 | |||||||||
| Contributions |
0 | 0 | 250 | |||||||||
| Business Promotion |
150 | 0 | 663 | |||||||||
| CASE NAME: Adfitech, Inc. | CASE NUMBER: 09-17788-DK |
Form 2-D
PROFIT AND LOSS STATEMENT
For the Period: November 2009
(Accrual Basis)
| Oct 2009 | Nov 2009 | Petition To Date | |||||||
| Lease-Co Location - AT&T |
5,627 | 11,567 | 45,329 | ||||||
| Physical Storage Fees |
528 | 546 | 3,296 | ||||||
| Document Recycling |
7,141 | 5,072 | 46,642 | ||||||
| Equipment Expense |
20,719 | 37,212 | 172,887 | ||||||
| Hardware & Software Maintenance |
10,840 | 11,652 | 89,841 | ||||||
| Processing & Administration Fees |
0 | 0 | 1,847 | ||||||
| Dues & Subscriptions |
120 | 2,305 | 4,597 | ||||||
| Miscellaneous Taxes |
1,280 | 1,742 | 12,772 | ||||||
| Miscellaneous Expense |
0 | 0 | 0 | ||||||
| Bank Account Fees |
1,292 | 1,269 | 9,435 | ||||||
| Bad Debt Expense |
5,748 | 0 | 64,673 | ||||||
| Buildings - Taxes & Insurance |
8,351 | 10,293 | 60,343 | ||||||
| Building - Maintenance & Supplies |
14,993 | 13,024 | 96,366 | ||||||
| Building - Utilities |
17,091 | 12,472 | 118,473 | ||||||
| Total Expenses Before Taxes |
2,068,459 | 2,025,097 | 14,266,141 | ||||||
| Net Income (Loss) Before Taxes |
697,659 | 597,002 | 4,353,651 | ||||||
| State Income Tax Expense |
12,500 | 12,500 | 87,500 | ||||||
| Reorganization Expenses |
421,191 | 123,963 | 1,544,609 | ||||||
| Net Income (Loss) |
$ | 263,968 | $ | 460,539 | $ | 2,721,542 | |||
| DEBTOR: | Adfitech, Inc. | CASE NO: | 09-17788-DK |
Form 2-E
SUPPORTING SCHEDULES
For Period: November 1, 2009 to November 30, 2009
POST PETITION TAXES PAYABLE SCHEDULE
| Beginning Balance (1) |
Amount Accrued |
Amount Paid |
Date Paid |
Check Number |
Ending Balance | |||||||||||
| Income Tax Withheld: |
||||||||||||||||
| Federal |
$ | 0 | $ | 105,227 | $ | 105,227 | various | wire | $ | 0 | ||||||
| State |
0 | 41,692 | 41,692 | various | wire | 0 | ||||||||||
| FICA Tax Withheld |
0 | 91,049 | 91,049 | various | wire | 0 | ||||||||||
| Employer’s FICA Tax |
0 | 91,049 | 91,049 | various | wire | 0 | ||||||||||
| Unemployment Tax |
||||||||||||||||
| Federal |
0 | 569 | 569 | various | wire | 0 | ||||||||||
| State |
0 | 3,222 | 3,222 | various | wire | 0 | ||||||||||
| Accrued Payroll Taxes [1] |
49,602 | 5,979 | 0 | 55,581 | ||||||||||||
| Sales, Use & Excise Taxes |
0 | 0 | 0 | 0 | ||||||||||||
| Property Taxes |
50,070 | 10,748 | 0 | 60,818 | ||||||||||||
| Accrued Income Tax: |
||||||||||||||||
| Federal |
0 | 0 | 0 | 0 | ||||||||||||
| State |
75,000 | 12,500 | 0 | 87,500 | ||||||||||||
| Other: |
0 | 0 | 0 | 0 | ||||||||||||
| TOTALS |
$ | 174,672 | $ | 362,034 | $ | 332,807 | $ | 203,900 | ||||||||
| [1] | Debtor does not breakdown accrued payroll taxes for payroll due through month-end between that due for federal and state taxing authorities. This accrual is presented as a single number for the purposes of this report. |
(1) For first report, Beginning Balance will be $0; thereafter, Beginning Balance will be Ending Balance from prior report.
INSURANCE SCHEDULE
| Carrier | Amount of Coverage |
Expiration Date |
Premium Paid Through | ||||||
| Workers’ Compensation |
The Hartford | $ | 500,000 | 1/1/10 | 1/1/10 | ||||
| General Liability |
The Hartford | $ | 2 Mil/$4 Mil | 6/1/10 | 6/1/10 | ||||
| Property (Fire, Theft) |
The Hartford | $ | 2 Mil/$4 Mil | 6/1/10 | 6/1/10 | ||||
| Vehicle |
N/A | ||||||||
| Other (list): |
|||||||||
| Employee Dishonesty |
Travelers | $ | 200,000 | 4/8/11 | 4/8/10 | ||||
Page 1 of 2
Rev. 4/2008
| DEBTOR: | Adfitech, Inc. | CASE NO: | 09-17788-DK |
Form 2-E
SUPPORTING SCHEDULES
For Period: November 1, 2009 to November 30, 2009
ACCOUNTS RECEIVABLE AND POST PETITION PAYABLE AGING
| Due |
Accounts Receivable | Post Petition Accounts Payable | ||||
| Under 30 days |
$ | 2,757,715 | $ | |||
| 30 to 60 days |
367,630 | 0 | ||||
| 61 to 90 days |
163,210 | 0 | ||||
| 91 to 120 days |
6,323 | 0 | ||||
| Over 120 days |
42,094 | 0 | ||||
| Total Post Petition |
3,336,972 | |||||
| Pre Petition Amounts |
68,748 | |||||
| Total Accounts Receivable |
$ | 3,405,720 | ||||
| Less: Bad Debt Reserve |
0 | |||||
| Net Accounts Receivable (to Form 2-C) |
$ | 3,405,720 | ||||
| |
Total Post Petition Accounts Payable |
$ | 0 | |||
| * | Attach a detail listing of accounts receivable and post-petition accounts payable |
SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS [1]
| Month-end Retainer Balance |
Current Month’s Accrual |
Paid in Current Month |
Date of Court Approval |
Month-end Balance Due * | |||||||||||
| Venable LLP |
$ | 0 | $ | 46,802 | $ | 0 | 5/22/09 | $ | 46,802 | ||||||
| Orrick Herrington, et al |
0 | 0 | 0 | 5/4/09 | 0 | ||||||||||
| Quinn Emmanual |
0 | 18,818 | 0 | 5/20/09 | 18,818 | ||||||||||
| Houlihan Lokey |
0 | 0 | 0 | 6/5/09 | 0 | ||||||||||
| Protiviti Inc. |
0 | 14,737 | 0 | 51/09 | 14,737 | ||||||||||
| JH Cohn |
0 | 42,198 | 0 | 6/12/09 | 42,198 | ||||||||||
| Tydings & Rosenberg |
0 | 1,408 | 0 | 6/12/09 | 1,408 | ||||||||||
| U.S. Trustee |
0 | 0 | 0 | 0 | |||||||||||
| Other: |
0 | 0 | 0 | 0 | |||||||||||
| Total |
$ | 0 | $ | 123,963 | $ | 0 | $ | $123,963 | |||||||
| [1] | Until November 2, 2009, Adfitech was one of a group of debtors administratively consolidated under Case No. 09-17787-DK. The professionals working for the consolidated debtors incurred time on behalf of both Adfitech and the other debtors. Time for these professionals has not yet been allocated between the estates for all periods. Where this allocation has been done, the fees specific to Adfitech will be presented here. For all other fees, please refer to the monthly operating report filed for the other debtors. |
| * | Balance due to include fees and expenses incurred but not yet paid. |
SCHEDULE OF PAYMENTS AND TRANSFERS TO PRINCIPALS/EXECUTIVES**
| Payee Name |
Position |
Nature of Payment |
Amount | ||||
| Officers |
various | Salary/Commission | $ | 51,821 | |||
| Officers |
various | Bonus | 31,211 | ||||
| Officers |
various | 401K Contribution | 1,743 | ||||
| Officers |
various | Expense Reimbursement | 5,203 | ||||
| ** | List payments and transfers of any kind and in any form made to or for the benefit of any proprietor, owner, partner, shareholder, officer or director. |
Page 2 of 2
Rev. 4/2008
| DEBTOR: | Adfitech, Inc. | CASE NO: | 09-17788-DK |
Form 2-F
DISBURSEMENT SUMMARY
For the Month Ended: November 2009
QUARTERLY DISBURSEMENT CALCULATION
| 1 | Disbursements made in calendar quarter |
| October 2009 |
$ | 2,878,056 | |
| November 2009 |
2,664,389 | ||
| December 2009 |
0 | ||
| Quarterly Total |
$ | 5,542,446 | |
FEE SCHEDULE
| Quarterly Disbursements |
Fee | Quarterly Disbursements |
Fee | |||||
| $0 to $14,999 |
$ | 325 | $1,000,000 to $1,999,999 | $ | 6,500 | |||
| $15,000 to $74,999 |
$ | 650 | $2,000,000 to $2,999,999 | $ | 9,750 | |||
| $75,000 to $149,999 |
$ | 975 | $3,000,000 to $4,999,999 | $ | 10,400 | |||
| $150,000 to $224,999 |
$ | 1,625 | $5,000,000 to $14,999,999 | $ | 13,000 | |||
| $225,000 to $299,999 |
$ | 1,950 | $15,000,000 to $29,999,999 | $ | 20,000 | |||
| $300,000 to $999,999 |
$ | 4,875 | $30,000,000 or more | $ | 30,000 | |||
Interest will be assessed on Chapter 11 quarterly fees not paid by the end of the month following the end of the calander quarter pursuant to 31 U.S.C. Sec. 3717. The interest rate assessed is the rate in effect as determined by the Treasury Department at the time the account becomes past due.
Failure to pay the quarterly fee is cause for conversion or dismissal of the chapter 11 case. [11 U.S.C. Sec. 1112(b)(10)]
Page 1 of 1
| DEBTOR: | Adfitech, Inc. | CASE NO: | 09-17788-DK |
Form 2-G
NARRATIVE
For the Month Ended: November 2009
Please provide a brief description of any significant business and legal actions taken by the debtor, its creditors, or the court during the reporting period, any unusual or non-recurring accounting transactions that are reported in the financial statements, and any significant changes in the financial condition of the debtor which have occurred subsequent to the report date.
EXPLANATORY STATEMENT,
RESERVATION OF RIGHTS AND GLOBAL FOOTNOTES
FOR MONTHLY OPERATING REPORT
The Debtor reserves all rights to dispute the amount, allowance, priority, treatment and/or secured or other status of any and all claims against the Debtor or its estate referred to herein. The Debtor reserves the right to (a) amend and supplement this Monthly Operating Report from time to time, and (b) assert any and all potential claims and causes of action of the Debtor’s estate regardless of whether such claim or cause of action is identified herein. Any values presented are not and should not be deemed to be an admission, representation or waiver with respect to the actual value of any asset or amount of any liability or claim. The actual realizable value and/or fair market value of assets, liabilities and claims may differ significantly from the values presented.
The Debtor prepared this Monthly Operating Report with the assistance of its financial advisor, Protiviti Inc. (“Protiviti”), based upon the information available to date. This Monthly Operating Report does not purport to present financial statements in accordance with Generally Accepted Accounting Principles, and the information contained herein has not been subjected to audit or review by Protiviti or any other party on behalf of the Debtor.
This Explanatory Statement, Reservation of Rights and Global Footnotes is hereby incorporated by reference into, and comprises an integral part of, the Debtor’s Monthly Operating Report and should be referred to and considered in connection with any review of the report.
NARRATIVE
ADFITECH, Inc. (“Adfitech”) continues to operate as a going concern. Adfitech is an independently-operated, wholly-owned subsidiary of TMST Home Loans, Inc., formerly known as Thornburg Mortgage Home Loans, Inc. (“TMHL”), and provides mortgage-related auditing and quality control consulting services to financial institutions. Adfitech is self-funded, has its own separate workforce and bank accounts, and operates independently from the TMST Debtors including TMST, Inc., formerly known as Thornburg Mortgage, Inc. (“TMST”), and TMHL at offices located in Edmond, Oklahoma on unencumbered real estate owned by Adfitech. Adfitech, along with TMST, TMHL, TMST Acquisition Subsidiary, LLC and TMST Hedging Strategies, Inc. (collectively the “TMST Debtors”), filed for bankruptcy on May 1, 2009. An order authorizing the joint administration of these cases was entered on May 6, 2009.
On November 2, 2009, the Court entered an Order Severing Joint Administration with Respect to the Adfitech Chapter 11 Case. As a result, the Adfitech Chapter 11 case is no longer jointly administered with the cases of the TMST Debtors.
Page 1 of 1
| DEBTOR: | Adfitech, Inc. | CASE NO: | 09-17788-DK |
Form 2-G
NARRATIVE
For the Month Ended: November 2009
NARRATIVE
Adfitech, the Official Committee of Unsecured Creditors (the “Creditors’ Committee”), and their respective advisors continue to work together in a collaborative manner. The parties’ respective advisors were in frequent contact during the month as they worked to finalize Adfitech’s amended plan. As a result of these efforts, an Amended Chapter 11 Plan of Reorganization and Proposed Disclosure Statement were filed on November 16, 2009 [Adfitech Docket Nos. 36 and 37]. The court has scheduled a hearing on approval of Adfitech’s Proposed Disclosure Statement on January 7, 2010.
During the month Adfitech engaged in discussions with Mr. Apel about his continuing to assist Adfitech by serving as a consultant on an hourly basis, and on November 6, 2009, filed a motion for approval of a consulting agreement pursuant to which Mr. Apel would provide consulting services to Adfitech. On November 23, 2009, the court entered an order approving the consulting agreement.
On December 11, 2009, Adfitech and the TMST Debtors filed a second motion to extend the exclusive periods to February 26, 2010, during which they may file a Chapter 11 plan or plans and solicit acceptances thereof.
During the month of November, Adfitech filed its monthly operating report for the period October 1 through October 31, 2009.
Page 1 of 1
2009 November Disbursements Adfitech (Form 2B)
| ACENITEC |
225.00 | |
| Adfitech Payroll |
875,621.57 | |
| ADP |
2,299.20 | |
| ADP SCREENING & SELECTION SERVICES |
549.50 | |
| ADP Tax |
332,807.07 | |
| ADP Tx |
59,296.56 | |
| ADT SECURITY SERVICES |
2,082.48 | |
| AFLAC |
5,489.56 | |
| ALLSTATE APPRAISAL |
375.00 | |
| AMERICAN HERITAGE LIFE INSURANCE CO. |
218.72 | |
| AMERITECH OUTDOOR CREATIONS, LLC |
881.00 | |
| APPRAISALBANK, INC. |
239,200.00 | |
| AT&T |
212.96 | |
| AT&T - NEWARK |
5,627.00 | |
| AT&T BUSINESS SERVICES |
211.39 | |
| AT&T MOBILITY (CINGULAR) |
320.76 | |
| AVAYA, INC. |
2,873.64 | |
| BAKER BROTHERS ELECTRIC, INC |
723.06 | |
| Bank of Oklahoma Analysis |
1,269.30 | |
| BEE PACK INC. |
1,942.50 | |
| BEN E. KEITH |
6,754.89 | |
| BETTY CAGLE |
175.00 | |
| BILL LEWIS APPRAISAL COMPANY |
1,400.00 | |
| BILLING SOLUTIONS, INC. |
5,861.65 | |
| BUSINESS IMAGING SYSTEMS, INC. |
18,962.08 | |
| CENTRAL UNITED LIFE INS. |
162.61 | |
| CHASE - BANK ONE |
17,577.77 | |
| CHRIS WEBER |
24.20 | |
| CHRISTINE MARIE SCHWARTZ |
1,280.00 | |
| CITY OF EDMOND |
12,172.70 | |
| CLEAR CAPITAL |
100,805.00 | |
| CLEARINGHOUSE, ATLAS# 000405390800 |
211.00 | |
| COMFORT, INC. |
36,769.21 | |
| COX COMMUNICATIONS |
8,009.47 | |
| DAVID PARMER |
692.99 | |
| DEACONESS PHYSICIAN SERVICES |
4,360.00 | |
| DRU W. JACOBS |
15.88 | |
| EDMOND TROPHY CO. |
8.08 |
| Monday, December 21, 2009 | Page 1 of 3 |
| ELIAS, BOOKS, BROWN & NELSON, P.C. |
509.93 | |
| EMILY GINN |
360.16 | |
| Employee Benefit Accounts |
248,386.21 | |
| Employees |
87,891.76 | |
| FARMER BROTHERS COFFEE |
2,692.57 | |
| FIELD VERIFICATION ASSOCIATES |
129,998.00 | |
| FIRST AMERICAN CREDCO |
91,003.75 | |
| FORT DEARBORN LIFE INSURANCE CO. |
2,146.22 | |
| FOURTH DIMENSION NETWORKS CORP. |
99.00 | |
| GABINO’S LAWN & LANDSCAPE |
1,650.00 | |
| GENERAL MAILING EQUIPMENT, INC. |
997.00 | |
| GREAT PLAINS COCA COLA BOTTLING CO. |
460.00 | |
| HEDGPATH APPRAISAL COMPANY |
350.00 | |
| JENNIFER BURKE |
845.82 | |
| JOHN BAXTER |
1,395.01 | |
| JOHN J. ROSENHAMER |
4,121.33 | |
| JOHNSON APPRAISAL SERVICE |
350.00 | |
| KATHY HUFF |
168.56 | |
| KELLY DUNN |
31.52 | |
| KIM REGINALD |
184.11 | |
| LANDAMERICA LENDER SERVICES/ONE STOP |
44,690.00 | |
| LENDERS ONE |
2,390.00 | |
| LEXIS-NEXIS |
109.64 | |
| LOVE, BEAL, & NIXON P.C. |
916.22 | |
| MAVENT INC. |
1,869.60 | |
| MCAFEE & TAFT |
1,506.65 | |
| METLIFE SMALL BUSINESS CENTER |
11,338.35 | |
| MIDCON DATA SERVICES, INC. |
6,486.00 | |
| MINUTEMAN PRESS |
3,518.11 | |
| MISC FEES PAYEE |
23,209.00 | |
| MONSTER, INC. |
280.00 | |
| MORTGAGE BANKERS ASSOCIATION |
2,380.00 | |
| NATIONAL REAL ESTATE INFORMATION SERVICE |
40,370.00 | |
| NSTN |
2,030.00 | |
| NVMS |
220.00 | |
| OFFICE OF THE ATTORNEY GENERAL |
277.84 | |
| OFFICEMAX CONTRACT, INC. |
22,956.33 | |
| OKLAHOMA DEPARTMENT OF HUMAN SERVICES |
421.00 | |
| OKLAHOMA DUSTERS, INC. |
5,730.95 | |
| OKLAHOMA NATURAL GAS |
299.49 | |
| OKLAHOMA TAX COMMISSION |
817.35 |
| Monday, December 21, 2009 | Page 2 of 3 |
| PAULA GIMMELL |
325.00 | ||
| PHILADELPHIA AMERICAN LIFE INSURANCE CO. |
22.50 | ||
| PIONEER CREDIT RECOVERY, INC. |
180.54 | ||
| POSTMASTER |
5,000.00 | ||
| PRESORT FIRST CLASS, INC. |
977.97 | ||
| RACO INDUSTRIES |
649.01 | ||
| Reconciling Item |
-6,430.34 | ||
| REGIONALHELPWANTED.COM, INC. |
535.00 | ||
| ROBIN WILLIAMS |
701.03 | ||
| ROSA RESENDE |
1,020.00 | ||
| RUSTY HARTSELL APPRAISAL SERVICE |
175.00 | ||
| SAFEGUARD PROPERTIES, INC. |
1,475.00 | ||
| SAINTS OCCUPATIONAL HEALTH NETWORK |
360.00 | ||
| SAM’S CLUB |
1,601.52 | ||
| SAMUEL E. MEEK |
1,066.15 | ||
| SHRED-IT OKLAHOMA CITY |
5,072.04 | ||
| SPRINT |
7,854.03 | ||
| STANDLEY SYSTEMS |
779.53 | ||
| STAPLES BUSINESS ADVANTAGE |
16,326.84 | ||
| STEPHEN E. MEYER INC. |
1,575.00 | ||
| STEVE BILLINGS |
1,372.57 | ||
| SUN LIFE & HEALTH INSURANCE CO. |
9,412.02 | ||
| SYNERGY DATACOM |
190.47 | ||
| T E ALLEN APPRAISALS |
875.00 | ||
| TALX - THE WORK NUMBER |
37,092.25 | ||
| TG’S LASER SUPPLY & SUPPORT LTD. CO. |
17,055.78 | ||
| THE BRADY GROUP |
3,850.00 | ||
| THOMPSON WEST |
21,714.82 | ||
| UNITED PARCEL SERVICE |
14,665.88 | ||
| UNIVERSAL CREDIT SERVICES |
9,392.50 | ||
| VISION SERVICE PLAN OF OKLAHOMA |
2,913.94 | ||
| WEBROOT SOFTWARE |
1,008.00 | ||
| ZEA COMPANY, INC |
175.00 | ||
| ZONES, INC. |
12,479.10 | ||
| Grand Total |
$ | 2,664,389.43 |
| Monday, December 21, 2009 | Page 3 of 3 |