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 January 31, 2010

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:		2/19/2010				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.

 

Rev. 4/2008

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DEBTOR: Adfitech, Inc.				CASE NO: 09-17788-DK

 

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: January 2010

CASH FLOW SUMMARY

 

		Current Month			Accumulated
1.  Beginning Cash Balance		11,162,874	(1)		$	7,985,024	(1)
2.  Cash Receipts
Operations		2,501,937				28,026,452
Sale of Assets		0				0
Loans/advances		0				0
Total Cash Receipts		2,501,937			$	28,026,452
3.  Cash Disbursements
Operations		3,022,523				23,568,088
Debt Service/Secured loan payment		0				0
Professional fees/U.S. Trustee fees		0				1,801,100
Other		0				0
Total Cash Disbursements		3,022,523			$	25,369,188
4.  Net Cash Flow (Total Cash Receipts less
Total Cash Disbursements)		(520,586	)			2,657,264
5  Ending Cash Balance (to Form 2-C)		10,642,288	(2)		$	10,642,288	(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		674.35		(2,358.75	)		(566,533.33	)		(568,217.73	)
Eurosweep/xxx1953		Bank of Oklahoma		11,217,771.79		—			—			11,217,771.79
Payroll/xx4591		Bank of Oklahoma		—		—			(72,552.47	)		(72,552.47	)
Employee Benefit/xxx6216 [1]		Bank of Oklahoma		—		—			—			—
Flex Spending/xxx7672 [1]		Bank of Oklahoma		—		—			—			—
Utility Deposit/xxx9938		Bank of Oklahoma		65,263.59		—			—			65,263.59
TOTAL				11,283,732.53		(2,358.75	)		(639,085.80	)		10,642,287.98	(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

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DEBTOR: Adfitech, Inc.				CASE NO: 09-17788-DK

 

Form 2-B

CASH RECEIPTS AND DISBURSEMENTS STATEMENT (SEE NOTE A)

For Period: January 1, 2010 to January 31, 2010

 

CASH DISBURSEMENTS DETAIL		Account No:
(attach additional sheets as necessary)

 

Date		Check No.		Payee		Description (Purpose)		Amount
								$	3,022,523
See attached schedule
Total Cash Disbursements								$	3,022,523	(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

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CASE NAME: Adfitech, Inc.				CASE NUMBER: 09-17788-DK

 

Form 2-C

COMPARATIVE BALANCE SHEET

(Accrual Basis)

 

		January 31, 2010				Petition Date April 30, 2009
Assets
Current Assets
Cash
Petty Cash		$	23				22
Bank of Oklahoma Eurosweep Account			10,577,002				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			65,263				-
Total Cash			10,642,288				7,985,024
Accounts Receivable - Sales
Pre-petition: Due from Related Entities			-				37,500
Pre-petition: Other Receivables			16,943				2,996,545
Post-petition: Due from Related Entities			-				-
Post-petition: Other Receivables			3,968,497				-
Total Current Post-Petition Accounts Receivable			3,985,440				3,034,045
Employee Receivables			(105	)			-
Prepaid Expenses			338,351				280,205
Total Current Assets			14,965,974				11,299,274
Other Assets
Land			2,017,000				2,017,000
Building (net of depreciation)			4,562,693				4,595,029
Furniture and Fixtures (net of depreciation)			90,912				155,571
Computer Hardware (net of depreciation)			632,771				788,156
Software (net of depreciation)			13,031				18,757
Total Fixed Assets Net of Depreciation			7,316,406				7,574,514
Goodwill			9,152,249				9,152,249
Total Other Assets			16,468,655				16,726,763
Total Assets		$	31,434,630				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			390,258				—
Interperiod over/under funding of benefit account			(5,970	)			—
Post-Petition Accrued Property Taxes			(24,634	)			—
Accrued Expenses (non-salary related)			46,439				—
Accrued State Income Tax (2009)			112,500				—
Accrued Professional Fees			406,120				—
Post-Petition Trade Payable			147,796				—
Total Current Post-Petition Accounts Payable			1,072,508				—
Total Liabilities Not Subject to Compromise			1,072,508				—
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			1,639,904,358				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			2,336,234				—
Total Stockholder’s Equity			(1,608,469,729	)			(1,611,806,486	)
Total Liabilities and Stockholder’s Equity		$	31,434,630			$	28,026,037

 

Notes:

[1]	Restricted Cash

[2]	Petition date claim balance based on Scheduled Claims

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CASE NAME: Adfitech, Inc.				CASE NUMBER: 09-17788-DK

 

Form 2-D

PROFIT AND LOSS STATEMENT

For the Period: January 2010

(Accrual Basis)

 

		Dec 2009				Jan 2010				Petition To Date
Operating Revenue
Quality Control		$	2,319,115			$	2,285,172			$	21,214,082
Professional fees			400				475				7,195
Post Closing Services			251,874				154,441				1,950,573
Pre-Funding			920				560				20,320
Imaging			0				0				0
Physical Storage Fees			0				0				0
TMHL Underwriting			0				0				0
Occupancy Verification Fee			(185	)			(90	)			775
Document Retrieval			25,315				9,617				211,982
Interest Income			4,737				4,614				38,389
Late Charges			384				1,031				3,019
Quality Jobs/TIPs Income			49,546				31,587				310,689
Miscellaneous Income			0				0				2,280
Total Operating Revenue			2,652,106				2,487,407				23,759,304
							2,689,642
Expenses							5,378,809
Salaries			1,324,374				1,196,748				10,964,831
Salaries - Additional Files & O/T			202,494				146,252				1,674,499
Benefits - 401K Matching			32,250				24,487				225,129
Employee Appreciation & Development			12,889				1,735				48,692
Employee Banquet			3,326				6,517				26,643
Contract Labor			3,040				0				16,040
Employee Recruitment Expense			5,072				1,162				21,870
Payroll Taxes			102,511				114,321				888,367
Payroll Processing Fee			1,349				1,423				16,800
Employee Health Insurance			205,485				251,409				2,032,506
Legal & Professional Fees (Ordinary Course)			1,775				1,775				33,700
Office Supplies			25,137				21,419				215,146
Copier Supplies			1,253				801				6,356
Software Expense			556				0				6,820
Telephone Expense			21,607				21,580				169,260
Printing			2,855				1,865				20,310
Postage			13,016				12,673				123,004
Shipping			13,298				13,219				192,413
Strategic Partners Expense			2,115				1,555				15,255
Insurance Expense			5,425				6,680				49,632
QC Appraisals			435,312				450,965				2,435,019
QC Appraisals (Contra)			(455,530	)			(415,205	)			(2,343,201	)
QC Reverifications			48,788				(1,360	)			(19,989	)
QC Reverifications (Contra)			0				0				0
In-File Credit Reports			3,131				3,945				60,062
Mtg. Credit Reports			97,778				98,521				857,343
Mtg. Credit Reports (Contra)			(98,385	)			(98,726	)			(860,608	)
Outsourced External Data			21,649				21,711				197,541
Property Value Requests			0				0				0
External Collateral Reviews			30				(38,840	)			(48,235	)
Filing Fees			0				(354	)			(374	)
High Cost Check			(9,988	)			(5,328	)			(36,465	)
Depreciation			44,788				43,960				399,613
Fares and Lodging			6,909				2,515				31,191
Meals - Travel			278				0				650
Auto Expense Reimbursement			367				72				888
Conference Expense			1,150				0				26,462
Entertainment			1,345				182				9,634
Meals & Entertainment			0				0				0
Advertising			2,271				6,207				55,528
Contributions			0				0				250
Business Promotion			0				500				1,163
Lease-Co Location - AT&T			1,890				1,890				49,109
Physical Storage Fees			492				533				4,322
Document Recycling			4,775				4,072				55,489

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CASE NAME: Adfitech, Inc.				CASE NUMBER: 09-17788-DK

 

		Dec 2009				Jan 2010			Petition To Date
Equipment Expense			48,630				21,888			243,406
Hardware & Software Maintenance			9,569				11,718			111,128
Processing & Administration Fees			976				1,013			3,836
Dues & Subscriptions			3,094				2,660			10,352
Miscellaneous Taxes			1,742				1,357			15,870
Miscellaneous Expense			0				0			0
Bank Account Fees			1,278				1,397			12,110
Bad Debt Expense			(8,092	)			4			56,585
Buildings - Taxes & Insurance			10,293				8,675			79,310
Building - Maintenance & Supplies			31,840				21,265			149,471
Building - Utilities			12,037				15,039			145,549
Total Expenses Before Taxes			2,198,244				1,985,895			18,450,279
Net Income (Loss) Before Taxes			453,862				501,512			5,309,025
State Income Tax Expense			12,500				12,500			112,500
Reorganization Expenses			500,858				219,044			2,264,511
Net Income (Loss)		$	(59,496	)		$	269,968		$	2,932,014

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DEBTOR: Adfitech, Inc.				CASE NO: 09-17788-DK

Form 2-E

SUPPORTING SCHEDULES

For Period: January 1, 2010 to January 31, 2010

POST PETITION TAXES PAYABLE SCHEDULE

 

		Beginning Balance (1)			Amount Accrued			Amount Paid			Date Paid		Check Number		Ending Balance
Income Tax Withheld:
Federal		$	0		$	114,392		$	114,392		various		wire		$	0
State			0			38,497			38,497		various		wire			0
FICA Tax Withheld 0			96,418			96,418			various		wire					0
Employer’s FICA Tax 0			96,418			96,418			various		wire					0
Unemployment Tax
Federal			0			9,577			9,577		various		wire			0
State			0			6,230			6,230		various		wire			0
Accrued Payroll Taxes [1]			22,305			2,700			0							25,005
Sales, Use & Excise Taxes			0			0			0							0
Property Taxes			19,093			8,746			0							27,839
Accrued Income Tax:
Federal			0			0			0							0
State			100,000			12,500			0							112,500
Other:			0			0			0							0
TOTALS		$	141,398		$	385,477		$	361,531						$	165,344

 

[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		1/1/11		1/1/11
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

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DEBTOR: Adfitech, Inc.				CASE NO: 09-17788-DK

Form 2-E

SUPPORTING SCHEDULES

For Period: January 1, 2010 to Janaury 31, 2010

ACCOUNTS RECEIVABLE AND POST PETITION PAYABLE AGING

 

Due		Accounts Receivable			Post Petition Accounts Payable
Under 30 days		$	3,145,569		$
30 to 60 days			661,938			0
61 to 90 days			86,598			0
91 to 120 days			72,793			0
Over 120 days			1,600			0
Total Post Petition			3,968,497
Pre Petition Amounts			16,943
Total Accounts Receivable		$	3,985,440
Less: Bad Debt Reserve			0
Net Accounts Receivable (to Form 2-C)		$	3,985,440
Total Post Petition Accounts Payable					$	1,072,508

 

*	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		$	93,725			$	125,784		5/22/09		$	93,725
Orrick Herrington, et al			0			0				0		5/4/09			0
Quinn Emmanual			0			46,213				0		5/20/09			46,213
Houlihan Lokey			0			0				0		6/5/09			0
Protiviti Inc.			0			34,161				0		51/09			34,161
JH Cohn			0			12,517				25,959		6/12/09			12,517
Tydings & Rosenberg			0			7,762				2,171		6/12/09			7,762
Epiq Bankruptcy Solutions 0			0			0				5/6/09		0
U.S. Trustee			0			0				13,000					0
Other:			0			0				0					0
Total		$	0		$	194,378			$	166,913				$	$194,378

 

[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/CONSULTANTS**

 

Payee Name		Position		Nature of Payment		Amount
Officers		various		Salary/Commission		$55,450
Officers		various		Bonus		20,304
Officers		various		401K Contribution		6,089
Officers		various		Expense Reimbursement		6,500

 

**	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

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DEBTOR: Adfitech, Inc.				CASE NO: 09-17788-DK

Form 2-F

DISBURSEMENT SUMMARY

For the Month Ended: January 2010

QUARTERLY DISBURSEMENT CALCULATION

 

1       Disbursements made in calendar quarter
January 2010		$	3,022,523
February 2010			0
March 2010			0
Quarterly Total		$	3,022,523

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

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DEBTOR: Adfitech, Inc.				CASE NO: 09-17788-DK

 

Form 2-G

NARRATIVE

For the Month Ended: January 2010

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

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DEBTOR: Adfitech, Inc.				CASE NO: 09-17788-DK

 

Form 2-G

NARRATIVE

For the Month Ended: January 2010

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 together to (i) resolve issues in anticipation of confirmation of Adfitech’s Chapter 11 Plan of Reorganization, and (ii) prepare for the January 7, 2010 hearing on approval of Adfitech’s proposed Disclosure Statement. As a result of those efforts, concerns raised by the Securities and Exchange Commission, the United States Trustee and John A. Haack were addressed in the Second Amended Chapter 11 Plan of Reorganization [Docket No. 76] and the Proposed Disclosure Statement for the Second Amended Chapter 11 Plan of Reorganization [Docket No. 77], both filed on January 6, 2010.

Following a hearing on January 7, 2010 at which there was no opposition to approval of Adfitech’s proposed Disclosure Statement, the Court entered an order approving the Disclosure Statement and establishing notice, solicitation and voting procedures with respect to confirmation of Adfitech’s Chapter 11 Plan of Reorganization [Docket No. 81]. The deadline for voting on and/or objecting to confirmation the Chapter 11 Plan of Reorganization was February 16, 2010. The hearing on confirmation of the Plan is scheduled for February 24, 2010. Epiq Bankruptcy Solutions, LLC completed mailing of the solicitation materials on January 14, 2010 in accordance with the Court’s January 7, 2010 order.

Since approval of the Disclosure Statement, Adfitech, the Creditors’ Committee and their respective advisors have worked together to prepare for (a) the hearing on confirmation of the Plan, and (b) the actions that will be required once the Plan is confirmed for the Plan to become effective in an orderly manner on the effective date.

On December 11, 2009, Adfitech filed a second motion to extend the exclusive period for solicitation of acceptances of its Chapter 11 Plan of Reorganization. On January 7, 2010, the Court entered an order extending the exclusive period for solicitation of acceptances through February 26, 2010 [Docket No. 78].

On December 31, 2009, Adfitech filed a Motion for the Entry of an Order Approving Severance of Claims Registers [Docket No. 71], which motion sought approval of the severance of the jointly administered claims docket and establishment of a separate claims docket for Adfitech’s case as contemplated by the Court’s Order Severing Joint Administration with Respect to the Chapter 11 Case of Adfitech, Inc. entered on November 2, 2009 [Docket No. 27]. On January 25, 2010, the Court entered an order approving establishment of a separate claims docket for the Adfitech case [Docket No. 112].

On January 22, 2010, Adfitech filed objections to a number of claims on various grounds [Docket Nos. 107, 108, 109 and 110]. The time to respond to those objections has not yet expired, and the Court has not yet set a hearing or ruled thereon.

On January 20, 2010, Adfitech paid the U.S. Trustee fees in the amount of $13,000 due for the quarter ending December 31, 2009. All such fees for prior quarters have been paid in full.

During the month of January, Adfitech filed its monthly operating report for the period December 1 through December 31, 2009.

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2010 January Disbursements Adfitech (Form 2B)

 

A BLOOM ABOVE THE REST		59.05
ACENITEC		150.00
Adfitech Payroll		869,643.77
ADP		2,435.61
ADP SCREENING & SELECTION SERVICES		427.50
ADP Tax		354,857.03
ADP TX/Fincl Serv		100,614.12
AFLAC		5,741.30
ALLIANCE PLUMBING & HEATING		2,005.76
AMERICAN HERITAGE LIFE INSURANCE CO.		147.30
APPRAISAL QC, INC.		25,675.00
APPRAISALBANK, INC.		159,500.00
AT&T		222.79
AT&T – IL		3,046.80
AT&T BUSINESS SERVICES		215.25
AT&T MOBILITY (CINGULAR)		877.99
ATLAS GLASS & MIRROR CO.		502.79
AVAYA, INC.		2,873.64
BAKER BROTHERS ELECTRIC, INC		4,247.74
Bank of Oklahoma Analysis		1,396.77
BEE PACK INC.		1,815.00
BETTY CAGLE		1,225.00
BILL LEWIS APPRAISAL COMPANY		2,275.00
BILLING SOLUTIONS, INC.		8,841.65
BRC, LTD.		250.00
BUSINESS IMAGING SYSTEMS, INC.		17,152.65
CENTRAL UNITED LIFE INS.		162.61
CHASE – BANK ONE		15,033.93
CHRIS WEBER		53.64
CITY OF EDMOND		12,532.86
CLEAR CAPITAL		181,405.00
CLEARINGHOUSE, ATLAS# 000405390800		211.00
CLIFFORD POWER SYSTEMS		427.21
COLLATERAL RISK SOLUTIONS, INC.		55.00
COMFORT, INC.		1,114.33
COX COMMUNICATIONS		7,993.57
DAVID PARMER		1,417.86

 

Friday, February 19, 2010		Page 1 of 4

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DEACONESS PHYSICIAN SERVICES		656.00
DELL MARKETING L.P.		662.35
DRU W. JACOBS		864.80
Employee Benefit Accounts		299,792.55
Employees		88,492.02
ENGLAND REFRIGERATION SERVICE, INC.		812.50
EPIC REAL ESTATE SOLUTIONS		39,645.00
FAIRCOM CORPORATION		13,367.00
FARMER BROTHERS COFFEE		2,133.39
FIELD VERIFICATION ASSOCIATES		134,053.50
FIRST AMERICAN CREDCO		92,482.75
Flex Spending Account Withdrawls		2,222.77
GABINO’S LAWN & LANDSCAPE		1,650.00
GENERAL MAILING EQUIPMENT, INC.		434.18
GREAT PLAINS COCA COLA BOTTLING CO.		460.00
HEDGPATH APPRAISAL COMPANY		875.00
HELTON APPRAISAL SERVICE		150.00
J.H. COHN LLP		25,958.80
JANE LANHAM		355.00
JASON’S DELI		158.82
JOHN J. ROSENHAMER		5,020.23
JOHNSON APPRAISAL SERVICE		1,400.00
KATHY HUFF		216.47
L V SYSTEMS		60.00
LAURA SHIRLEY		21.45
LENDERS ONE		1,555.00
LENDING FORMS		1,100.89
LEXIS-NEXIS		64.28
LIGHTING, INC.		346.52
LINCOLN COUNTY APPRAISALS		350.00
LOVE, BEAL, & NIXON P.C.		624.56
METLIFE SMALL BUSINESS CENTER		13,906.74
MIDCON DATA SERVICES, INC.		13,973.40
MINUTEMAN PRESS		1,865.03
MISC FEES PAYEE		24,558.50
MISC FEES PAYEE – POSTCLOSING		7,615.50
MTM MIDWEST TROPHY		548.81
NAPMW		500.00
NATIONAL REAL ESTATE INFORMATION SERVICE		54,160.00
NSTN		2,030.00
NVMS		90.00

 

Friday, February 19, 2010		Page 2 of 4

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OFFICE OF THE ATTORNEY GENERAL		277.84
OFFICEMAX CONTRACT, INC.		15,473.32
OKLAHOMA DEPARTMENT OF HUMAN SERVICES		504.78
OKLAHOMA DUSTERS, INC.		9,191.44
OKLAHOMA NATURAL GAS		2,506.58
OKLAHOMA TAX COMMISSION		1,837.78
PACER SERVICE CENTER		7,287.52
PHILADELPHIA AMERICAN LIFE INSURANCE CO.		22.50
PIONEER CREDIT RECOVERY, INC.		180.54
Postalia		10,000.00
POSTMASTER		5,946.00
PRESORT FIRST CLASS, INC.		626.71
RACO INDUSTRIES		655.60
Reconciling Item		-10,758.64
RONALD WIENS FD-2001-2343		325.82
ROSA RESENDE		1,290.00
RR DONNELLEY		11,310.00
SAFEGUARD PROPERTIES, INC.		1,200.00
SAINTS OCCUPATIONAL HEALTH NETWORK		630.00
SAM’S CLUB		861.22
SAMUEL E. MEEK		615.18
SHRED-IT OKLAHOMA CITY		4,072.30
SOCIETY FOR HUMAN RESOURCE MANAGEMENT		160.00
SPRINT		7,151.89
STANDLEY SYSTEMS		801.41
STAPLES BUSINESS ADVANTAGE		118.74
STEPHEN E. MEYER INC.		3,150.00
STEVE ROSENHAMER		112.32
SUZANNE K. BLOYED REAL ESTATE APPRAISALS		175.00
T E ALLEN APPRAISALS		1,050.00
TALX – THE WORK NUMBER		34,588.65
TAUFANO WALKER		315.17
TG’S LASER SUPPLY & SUPPORT LTD. CO.		13,623.81
THE BRADY GROUP		5,150.00
THE HARTFORD		69,540.00
THE HARTFORD- PRIORITY ACCOUNTS		10,209.38
THE INSURANCE CENTER		555.00
THOMPSON WEST		21,554.24
TIM SHORT		37.71
TYDINGS & ROSENBERG		2,170.80
UNITED PARCEL SERVICE		11,404.22

 

Friday, February 19, 2010		Page 3 of 4

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UNIVERSAL CREDIT SERVICES			10,086.80
US TRUSTEE			13,000.00
VENABLE LLP			125,783.71
VISION SERVICE PLAN OF OKLAHOMA			3,216.72
ZEA COMPANY, INC			175.00
ZEE MEDICAL SERVICE CO.			268.16
ZONES, INC.			2,227.61
Grand Total		$	3,022,523.16

 

Friday, February 19, 2010		Page 4 of 4