Attached files
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8-K - MONTHLY OPERATING REPORT - CIRCUIT CITY STORES INC | ccs102110_8k.htm |
Exhibit 99.1
CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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ACCRUAL BASIS
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CASE NUMBER: 08-35653
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JUDGE: KEVIN R. HUENNEKENS
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EASTERN DISTRICT OF VIRGINIA
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RICHMOND DIVISION
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MONTHLY OPERATING REPORT
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MONTH ENDING: AUGUST 1, 2010 TO AUGUST 31, 2010
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IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I
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DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING
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MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND
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THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE
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DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER
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(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH
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PREPARER HAS ANY KNOWLEDGE.
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RESPONSIBLE PARTY:
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/s/ CATHERINE W. BRADSHAW
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VICE PRESIDENT AND CONTROLLER
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ORIGINAL SIGNATURE OF RESPONSIBLE PARTY
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TITLE
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CATHERINE W. BRADSHAW
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OCTOBER 15, 2010
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PRINTED NAME OF RESPONSIBLE PARTY
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DATE
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PREPARER:
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/s/ ANN P. PIETRANTONI
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DIRECTOR, FINANCIAL REPORTING
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ORIGINAL SIGNATURE OF PREPARER
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TITLE
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ANN P. PIETRANTONI
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OCTOBER 15, 2010
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PRINTED NAME OF PREPARER
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DATE
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CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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ACCRUAL BASIS-1
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CASE NUMBER: 08-35653
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BALANCE SHEET
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(amounts in thousands)
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8/31/2010
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ASSETS
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CURRENT ASSETS
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Cash and cash equivalents
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456,873 | |||
Restricted cash
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13,041 | |||
Accounts receivable, net
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208,818 | |||
Tax receivable
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57,060 | |||
Prepaid expenses and other current assets
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3,997 | |||
Intercompany receivables and investments in subsidiaries
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85,134 | |||
TOTAL CURRENT ASSETS
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824,923 | |||
Property and equipment
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35 | |||
Accumulated depreciation
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- | |||
Net property and equipment
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35 | |||
Other assets
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20,156 | |||
TOTAL ASSETS
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845,114 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY
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CURRENT LIABILITIES
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Merchandise payable
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141,714 | |||
Expenses payable
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23,458 | |||
Accrued expenses and other current liabilities
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19,843 | |||
TOTAL CURRENT LIABILITIES
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185,015 | |||
Deferred income taxes
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7,084 | |||
LIABILITIES NOT SUBJECT TO COMPROMISE
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192,099 | |||
LIABILITIES SUBJECT TO COMPROMISE
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1,467,207 | |||
TOTAL LIABILITIES
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1,659,306 | |||
STOCKHOLDERS' EQUITY
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||||
Common stock
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435,612 | |||
Additional paid-in capital
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304,915 | |||
Retained deficit
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(1,544,950 | ) | ||
Accumulated other comprehensive loss
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(9,769 | ) | ||
TOTAL STOCKHOLDERS' EQUITY
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(814,192 | ) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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845,114 | |||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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ACCRUAL BASIS-2
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CASE NUMBER: 08-35653
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INCOME STATEMENT
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(Amounts in thousands)
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8/1/2010 - 8/31/2010
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Net sales
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- | |||
Cost of sales, buying and warehousing
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- | |||
Gross profit
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- | |||
Selling, general and administrative expenses
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746 | |||
Operating loss
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(746 | ) | ||
Interest income
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- | |||
Interest expense
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- | |||
Loss before reorganization items, GAAP reversals and income taxes
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(746 | ) | ||
Net loss from reorganization items
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(1,645 | ) | ||
Net gain from GAAP reversals
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- | |||
Income tax expense
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- | |||
Net loss
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(2,391 | ) | ||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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ACCRUAL BASIS-2
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CASE NUMBER: 08-35653
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INCOME STATEMENT
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(Amounts in thousands)
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11/10/2008 - 8/31/2010
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Net sales
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3,200,966 | |||
Cost of sales, buying and warehousing
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2,825,511 | |||
Gross profit
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375,455 | |||
Selling, general and administrative expenses
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1,098,360 | |||
Asset impairment charges (1)
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756,785 | |||
Operating loss
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(1,479,690 | ) | ||
Interest income
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90 | |||
Interest expense
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24,695 | |||
Loss before reorganization items, GAAP reversals and income taxes
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(1,504,295 | ) | ||
Net loss from reorganization items
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(760,645 | ) | ||
Net gain from GAAP reversals (2)
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282,452 | |||
Income tax benefit (3)
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84,547 | |||
Net loss
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(1,897,941 | ) | ||
(1) The company recorded non-cash impairment charges of $756.8 million during the period between 11/10/2008 and 8/31/2010. The charges were primarily related to long-lived assets at the company's stores and the company's investment in its Canadian subsidiary.
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(2) During the period between 1/1/09 and 8/31/10, the company reversed items that had been recorded solely for purposes of complying with generally accepted accounting principles. Items reversed include accrued straight-line rent, certain liabilities subject to compromise and other reserves established under GAAP. The net impact of these GAAP reversals was a non-cash gain of $282.5 million.
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(3) During December 2009, the company recorded a net income tax benefit primarily resulting from the filing of a refund claim under the federal five year net operating loss carryback regulations.
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CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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ACCRUAL BASIS-3
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CASE NUMBER: 08-35653
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CASH RECEIPTS AND
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DISBURSEMENTS
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(amounts in thousands)
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8/1/2010 - 8/31/2010
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Operating Activities:
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Net loss
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$ | (2,391 | ) | |
Adjustments to reconcile net loss to net cash
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used in operating activities:
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Net loss from reorganization items
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1,645 | |||
Loss on disposition of property & equipment
|
371 | |||
Changes in operating assets and liabilities:
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Accounts receivable, net
|
539 | |||
Merchandise payable
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(3 | ) | ||
Expenses payable
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134 | |||
Accrued expenses, other current liabilities and
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income taxes
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(251 | ) | ||
Net cash provided by operating activities before
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reorganization items
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44 | |||
Cash effect of reorganization items (professional fees)
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(1,635 | ) | ||
Net cash used in operating activities
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(1,591 | ) | ||
Investing Activities:
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Proceeds from sales of property & equipment
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2,629 | |||
Net cash provided by investing activities
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2,629 | |||
Increase in cash and cash equivalents
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1,038 | |||
Cash and cash equivalents at beginning of period
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455,835 | |||
Cash and cash equivalents at end of period
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$ | 456,873 | ||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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ACCRUAL BASIS-3
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CASE NUMBER: 08-35653
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CASH RECEIPTS AND
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DISBURSEMENTS
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(amounts in thousands)
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11/10/2008 - 8/31/2010
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Operating Activities:
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Net loss
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(1,897,941 | ) | ||
Adjustments to reconcile net loss to net cash provided by
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operating activities:
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Net loss from reorganization items
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760,645 | |||
Net gain from GAAP reversals
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(282,452 | ) | ||
Depreciation expense
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44,305 | |||
Amortization expense
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4 | |||
Asset impairment charges
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756,785 | |||
Stock-based compensation benefit
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(8,447 | ) | ||
Loss on dispositions of property & equipment
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452,311 | |||
Provision for deferred income taxes
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3,383 | |||
Other
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(9,813 | ) | ||
Changes in operating assets and liabilities:
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Restricted cash and cash held by BOA
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(20,758 | ) | ||
Accounts receivable, net
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(52,279 | ) | ||
Merchandise inventory
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1,605,958 | |||
Prepaid expenses & other current assets
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87,613 | |||
Other assets
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17,705 | |||
Merchandise payable
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(1,365 | ) | ||
Expenses payable
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(22,943 | ) | ||
Accrued expenses, other current liabilities and
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income taxes
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(114,822 | ) | ||
Intercompany receivables
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6,132 | |||
Other long-term liabilities
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(231,876 | ) | ||
Net cash provided by operating activities before
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reorganization items
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1,092,145 | |||
Cash effect of reorganization items (professional fees & settlement of receivables)
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(5,399 | ) | ||
Net cash provided by operating activities
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1,086,746 | |||
Investing Activities:
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Purchases of property and equipment
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(748 | ) | ||
Dividend received from captive insurance subsidiary
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8,952 | |||
Proceeds from sales of available for sale securities
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1,140 | |||
Proceeds from sales of property & equipment
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76,532 | |||
Net cash provided by investing activities
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85,876 | |||
Financing Activities:
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Proceeds from DIP borrowings
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2,961,203 | |||
Principal payments on DIP borrowings
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(3,691,794 | ) | ||
Principal payments on other short-term borrowings
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(198 | ) | ||
Proceeds from long-term debt
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401 | |||
Principal payments on long-term debt
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(1,983 | ) | ||
Change in overdraft balances
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(4,710 | ) | ||
Net cash used in financing activities before
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reorganization items
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(737,081 | ) | ||
Cash effect of reorganization items (debt issuance costs)
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(26,682 | ) | ||
Net cash used in financing activities
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(763,763 | ) | ||
Increase in cash and cash equivalents
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408,859 | |||
Cash and cash equivalents at beginning of period
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48,014 | |||
Cash and cash equivalents at end of period
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$ | 456,873 | ||
ACCRUAL BASIS-4
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CASE NUMBER: 08-35653
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SCHEDULE
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MONTH
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MONTH
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MONTH
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ACCOUNTS RECEIVABLE AGING
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AMOUNT
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6/30/2010
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7/31/2010
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8/31/2010
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1. | 0-30 |
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749,185 | - | - | |||||||||||||||||||||
2. | 31-60 | - | - | - | ||||||||||||||||||||||
3. | 61-90 | - | - | - | ||||||||||||||||||||||
4. | 91 | + |
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220,151,057 | 212,151,410 | 209,933,513 | ||||||||||||||||||||
5. |
TOTAL ACCOUNTS RECEIVABLE
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$ | 220,900,242 | $ | 212,151,410 | $ | 209,933,513 | |||||||||||||||||||
6. |
AMOUNT CONSIDERED UNCOLLECTIBLE
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1,115,696 | 1,115,696 | 1,115,696 | ||||||||||||||||||||||
7. |
ACCOUNTS RECEIVABLE (NET)
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$ | 219,784,546 | $ | 211,035,714 | $ | 208,817,817 | |||||||||||||||||||
AGING OF POSTPETITION TAXES AND PAYABLES
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MONTH:
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8/1/2010 - 8/31/2010
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0-30 | 31-60 | 61-90 | 91+ | |||||||||||||||||||||||
TAXES PAYABLE
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DAYS
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DAYS
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DAYS
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DAYS
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TOTAL
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1. |
FEDERAL
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$ | 17,240 | $ | 17,240 | |||||||||||||||||||||
2. |
STATE
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3,477 | 247,703 | 251,180 | ||||||||||||||||||||||
3. |
LOCAL
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148,111 | 2,222 | 2,307 | 3,873,944 | 4,026,584 | ||||||||||||||||||||
4. |
OTHER (SEE APPENDIX A)
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- | - | - | 10,678,883 | 10,678,883 | ||||||||||||||||||||
5. |
TOTAL TAXES PAYABLE
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$ | 168,828 | $ | 2,222 | $ | 2,307 | $ | 14,800,530 | $ | 14,973,887 | |||||||||||||||
6. |
MERCHANDISE PAYABLE
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$ | - | $ | - | $ | - | $ | 141,714,440 | $ | 141,714,440 | |||||||||||||||
EXPENSES PAYABLE
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$ | 575,184 | $ | 666,919 | $ | 167,116 | $ | 22,048,581 | $ | 23,457,800 | ||||||||||||||||
STATUS OF POSTPETITION TAXES
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MONTH:
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8/1/2010 - 8/31/2010
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BEGINNING
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AMOUNT
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ENDING
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TAX
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WITHHELD AND/
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AMOUNT
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TAX
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FEDERAL
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LIABILITY*
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OR ACCRUED
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PAID
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LIABILITY
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1. |
WITHHOLDING**
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$ | 8,981 | $ | 19,801 | $ | (17,786 | ) | $ | 10,996 | ||||||||||||||||
2. |
FICA-EMPLOYEE**
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2,533 | 5,632 | (5,043 | ) | 3,122 | ||||||||||||||||||||
3. |
FICA-EMPLOYER**
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2,533 | 5,632 | (5,043 | ) | 3,122 | ||||||||||||||||||||
4. |
UNEMPLOYMENT
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- | - | |||||||||||||||||||||||
5. |
INCOME
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- | - | |||||||||||||||||||||||
6. |
OTHER (ATTACH LIST)
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- | - | - | - | |||||||||||||||||||||
7. |
TOTAL FEDERAL TAXES
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$ | 14,047 | $ | 31,065 | $ | (27,872 | ) | $ | 17,240 | ||||||||||||||||
STATE AND LOCAL & OTHER
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8. |
WITHHOLDING
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$ | 2,851 | $ | 6,293 | $ | (5,667 | ) | $ | 3,477 | ||||||||||||||||
9. |
SALES
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246,488 | 1,215 | - | 247,703 | |||||||||||||||||||||
10. |
EXCISE
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- | - | |||||||||||||||||||||||
11. |
UNEMPLOYMENT
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- | - | |||||||||||||||||||||||
12. |
REAL PROPERTY
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31,026 | - | - | 31,026 | |||||||||||||||||||||
13. |
PERSONAL PROPERTY
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4,115,564 | (1,659 | ) | (118,347 | ) | 3,995,558 | |||||||||||||||||||
14. |
OTHER (SEE APPENDIX A)
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10,689,209 | - | (10,326 | ) | 10,678,883 | ||||||||||||||||||||
15. |
TOTAL STATE & LOCAL & OTHER
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$ | 15,085,138 | $ | 5,849 | $ | (134,340 | ) | $ | 14,956,647 | ||||||||||||||||
16. |
TOTAL TAXES
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$ | 15,099,185 | $ | 36,914 | $ | (162,212 | ) | $ | 14,973,887 | ||||||||||||||||
* |
The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
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** |
Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.
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CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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APPENDIX A
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CASE NUMBER: 08-35653
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OTHER TAXES PAYABLE
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0-30 days
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31-60 days
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61-90 days
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91+ days
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Total
|
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Business Licenses and Gross Receipts Taxes
|
$ | - | $ | - | $ | - | 566,441 | 566,441 | ||||||||||||
Real Estate Taxes (passed through by landlord)
|
- | - | - | 10,112,442 | 10,112,442 | |||||||||||||||
Other Taxes Payable
|
$ | - | $ | - | $ | - | $ | 10,678,883 | $ | 10,678,883 | ||||||||||
STATUS OF POSTPETITION TAXES - OTHER TAXES
|
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Beginning Tax Liability
|
Amount Withheld and/or Accrued
|
Ending Tax Liability
|
||||||||||||||||||
Amount Paid
|
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Other Taxes
|
||||||||||||||||||||
Business Licenses and Gross Receipts Taxes
|
$ | 576,767 | - | (10,326 | ) | $ | 566,441 | |||||||||||||
Real Estate Taxes (passed through by landlord)
|
10,112,442 | - | - | 10,112,442 | ||||||||||||||||
Total Other Taxes
|
$ | 10,689,209 | $ | - | $ | (10,326 | ) | $ | 10,678,883 | |||||||||||
ACCRUAL BASIS-5
|
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CASE NUMBER: 08-35653
|
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The debtor in possession must complete the reconciliation below for each bank account,
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including all general, payroll and tax accounts, as well as all savings and investment
|
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accounts, money market accounts, certificates of deposit, government obligations, etc.
|
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Accounts with restricted funds should be identified by placing an asterisk next to the
|
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account number. Attach additional sheets if necessary.
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MONTH:
|
8/1/2010 - 8/31/2010
|
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BANK RECONCILIATIONS
|
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Account #1
|
Account #2
|
Account #3
|
|||||||||||
A. BANK:
|
see APPENDIX B
|
||||||||||||
B. ACCOUNT NUMBER:
|
TOTAL
|
||||||||||||
C. PURPOSE (TYPE):
|
|||||||||||||
1. |
BALANCE PER BANK STATEMENT
|
||||||||||||
2. |
ADD: TOTAL DEPOSITS NOT CREDITED
|
||||||||||||
3. |
SUBTRACT: OUTSTANDING CHECKS
|
||||||||||||
4. |
OTHER RECONCILING ITEMS
|
||||||||||||
5. |
MONTH END BALANCE PER BOOKS
|
$ | 469,913,485 | ||||||||||
6. |
NUMBER OF LAST CHECK WRITTEN
|
||||||||||||
INVESTMENT ACCOUNTS
|
|||||||||||||
DATE OF
|
TYPE OF
|
PURCHASE
|
CURRENT
|
||||||||||
BANK, ACCOUNT NAME & NUMBER
|
PURCHASE
|
INSTRUMENT
|
PRICE
|
VALUE
|
|||||||||
7. | |||||||||||||
8. | |||||||||||||
9. | |||||||||||||
10. | |||||||||||||
11. |
TOTAL INVESTMENTS
|
$ | - | $ | - | ||||||||
CASH
|
|||||||||||||
12. |
CURRENCY ON HAND
|
$ | - | ||||||||||
13. |
TOTAL CASH - END OF MONTH
|
$ | 469,913,485 | ||||||||||
CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
|
APPENDIX B
|
|||||||
CASE NUMBER: 08-35653
|
||||||||
G/L Acct #
|
Account Name
|
Bank Acct #
|
Debtor
|
Description
|
Bank Balance
|
G/L Balance
|
As of Date
|
Reconciled as of 8/31/10
|
101003
|
Wachovia Circuit City Master
|
2055275431509
|
Circuit City Stores, Inc.
|
Funding Account
|
$ -
|
$ -
|
8/31/2010
|
Y
|
101003
|
Wachovia Circuit City Main Disbursement
|
2000045277427
|
Circuit City Stores, Inc.
|
Funding Account
|
4,029,882
|
4,029,882
|
8/31/2010
|
Y
|
101034
|
JP Morgan Escrow
|
887400844
|
Circuit City Stores, Inc.
|
Escrow Account
|
12,717,062
|
12,717,062
|
8/31/2010
|
Y
|
101035
|
JP Morgan Main
|
887400836
|
Circuit City Stores, Inc.
|
Collateral Account
|
453,042,005
|
453,042,005
|
8/31/2010
|
Y
|
101063
|
Wachovia Sublease Lockbox
|
2055303192189
|
Circuit City Stores, Inc.
|
Depository Account
|
-
|
-
|
8/31/2010
|
Y
|
101100
|
Suntrust Concentration
|
88001883706
|
Circuit City Stores, Inc.
|
Funding Account
|
872
|
872
|
8/31/2010
|
Y
|
101217
|
Wachovia Payroll
|
2079900613908
|
XS Stuff, LLC
|
Payroll Account
|
7,204
|
63,573
|
8/31/2010
|
Y
|
101248
|
Wachovia Dental Plan Account
|
2000048299253
|
Circuit City Stores, Inc.
|
Depository Account
|
323,681
|
323,681
|
8/31/2010
|
Y
|
101255
|
Wachovia Service Payables
|
2079900056044
|
Circuit City Stores, Inc.
|
Disbursement Account
|
-
|
(1,313,590)
|
8/31/2010
|
Y
|
101530
|
Wachovia Ventoux International
|
2000022979528
|
Ventoux International
|
Depository Account
|
1,050,000
|
1,050,000
|
8/31/2010
|
Y
|
$ 471,170,706
|
$ 469,913,485
|
ACCRUAL BASIS-6
|
||||||||||||||||||||
CASE NUMBER: 08-35653
|
||||||||||||||||||||
MONTH:
|
8/1/2010 - 8/31/2010
|
|||||||||||||||||||
PAYMENTS TO INSIDERS AND PROFESSIONALS
|
||||||||||||||||||||
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID
|
||||||||||||||||||||
TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE)
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AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF
|
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COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,
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TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
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INSIDERS
|
||||||||||||||||||||
TYPE OF
|
AMOUNT
|
TOTAL PAID
|
||||||||||||||||||
NAME
|
PAYMENT
|
PAID
|
TO DATE
|
|||||||||||||||||
1. | ||||||||||||||||||||
2. | ||||||||||||||||||||
3. | ||||||||||||||||||||
4. | ||||||||||||||||||||
5. | ||||||||||||||||||||
6. |
TOTAL PAYMENTS
|
|||||||||||||||||||
TO INSIDERS (1)
|
||||||||||||||||||||
PROFESSIONALS
|
||||||||||||||||||||
DATE OF COURT
|
TOTAL
|
|||||||||||||||||||
ORDER AUTHORIZING
|
AMOUNT
|
AMOUNT
|
TOTAL PAID
|
INCURRED
|
||||||||||||||||
NAME
|
PAYMENT
|
APPROVED
|
PAID
|
TO DATE
|
& UNPAID
|
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1. |
FTI Consulting, Inc.
|
$ | 102,974 | $ | 9,381,229 | $ | 110,859 | |||||||||||||
2. |
Kirkland & Ellis LLP
|
- | 291,017 | - | ||||||||||||||||
3. |
KPMG LLP
|
- | 976,186 | 14,000 | ||||||||||||||||
4. |
Kurtzman Carson Consultants LLC
|
487,976 | 8,696,772 | 291,461 | ||||||||||||||||
5. |
McGuire Woods, LLP
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- | 5,496,696 | 1,015,799 | ||||||||||||||||
6. |
Skadden, Arps, Slate, Meagher & Flom, LLP
|
458,205 | 15,621,773 | 288,394 | ||||||||||||||||
7. |
Ernst & Young LLP
|
65,702 | 2,287,425 | 12,468 | ||||||||||||||||
8. |
Tavenner & Beran, PLC
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8/2/2010
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23,369 | - | 265,410 | - | ||||||||||||||
9. |
Jefferies & Company, Inc.
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- | 658,254 | - | ||||||||||||||||
10. |
Pachulski, Stang, Ziehl & Jones
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8/2/2010
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283,151 | - | 3,040,266 | 949,911 | ||||||||||||||
11. |
Rothschild Inc.
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- | 3,017,829 | - | ||||||||||||||||
12. |
Protiviti
|
8/2/2010
|
376,123 | 43,450 | 3,542,174 | 125,475 | ||||||||||||||
13. |
DJM Realty Services, LLC
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569 | 743,142 | 1,081 | ||||||||||||||||
14. |
Lucy Thomson
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- | 74,526 | - | ||||||||||||||||
15. |
Gowling Lafleur Henderson LLP
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476,465 | 580,125 | 84,082 | ||||||||||||||||
16. |
Crowe Horwath LLP
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- | 104,846 | - | ||||||||||||||||
TOTAL PAYMENTS
|
||||||||||||||||||||
TO PROFESSIONALS
|
$ | 1,635,341 | $ | 54,777,670 | $ | 2,893,530 | ||||||||||||||
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
|
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POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
|
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PROTECTION PAYMENTS
|
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SCHEDULED
|
AMOUNTS
|
|||||||||||||||||||
MONTHLY
|
PAID
|
TOTAL
|
||||||||||||||||||
PAYMENTS
|
DURING
|
UNPAID
|
||||||||||||||||||
NAME OF CREDITOR
|
DUE
|
MONTH
|
POSTPETITION
|
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1. |
Leases (2)
|
$ | 6,695 | $ | 6,695 | $ | 11,025,698 | |||||||||||||
2. | ||||||||||||||||||||
3. | ||||||||||||||||||||
4. | ||||||||||||||||||||
5. | ||||||||||||||||||||
6. |
TOTAL
|
$ | 6,695 | $ | 6,695 | $ | 11,025,698 | |||||||||||||
(1 | ) |
Other than salary, fees and benefit payments made in the ordinary course of business and reimbursements for business expenses, no payments have been made to insiders during the reporting period.
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(2 | ) |
The leases line item is made up of several landlords. As such, only the total amount is reported in this schedule. The unpaid balance remaining at 8/31/2010 primarily includes some rent payments due for the period from 11/10/2008 - 11/30/2008.
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CASE NAME: CIRCUIT CITY STORES, INC., ET AL.
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ACCRUAL BASIS-7
|
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CASE NUMBER: 08-35653
|
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MONTH:
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8/1/2010 - 8/31/2010
|
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QUESTIONNAIRE
|
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YES
|
NO
|
|||||||||||
1. |
HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE
|
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THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?
|
X | |||||||||||
2. |
HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT
|
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OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?
|
X | |||||||||||
3. |
ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR
|
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LOANS) DUE FROM RELATED PARTIES?
|
X | |||||||||||
4. |
HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES
|
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THIS REPORTING PERIOD?
|
X | |||||||||||
5. |
HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE
|
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DEBTOR FROM ANY PARTY?
|
X | |||||||||||
6. |
ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?
|
X | ||||||||||
7. |
ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES
|
|||||||||||
PAST DUE?
|
X | |||||||||||
8. |
ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?
|
X | ||||||||||
9. |
ARE ANY OTHER POSTPETITION TAXES PAST DUE?
|
X | ||||||||||
10. |
ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS
|
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DELINQUENT?
|
X | |||||||||||
11. |
HAVE ANY PREPETITION TAXES BEEN PAID DURING THE
|
|||||||||||
REPORTING PERIOD?
|
X | |||||||||||
12. |
ARE ANY WAGE PAYMENTS PAST DUE?
|
X | ||||||||||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED
|
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EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
|
||||||||||||
1. |
The company sold assets outside of the normal course of business as part of its liquidation proceedings.
|
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8. |
Certain real estate taxes are passed through to the debtors from the landlords. A portion of these real estate taxes is past due.
|
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9. |
Certain business license taxes that covered both prepetition and postpetition periods were due on or before 7/31/2010 but were not paid.
|
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10. |
The rent for some store leases owed for the period 11/10/2008 through 11/30/2008 is past due; these payments are being held pursuant to a Court order. In addition, due to the liquidation proceedings, the debtors are currently reconciling amounts due to post-petition creditors, which has slowed creditor payments.
|
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11. |
Certain property taxes that covered both prepetition and postpetition periods were paid during August 2010.
|
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INSURANCE
|
||||||||||||
YES
|
NO
|
|||||||||||
1. |
ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER
|
|||||||||||
NECESSARY INSURANCE COVERAGES IN EFFECT?
|
X | |||||||||||
2. |
ARE ALL PREMIUM PAYMENTS PAID CURRENT?
|
X | ||||||||||
3. |
PLEASE ITEMIZE POLICIES BELOW.
|
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN
|
||||||||||||
CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION
|
||||||||||||
BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
|
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INSTALLMENT PAYMENTS
|
|||||
TYPE OF
|
PAYMENT AMOUNT
|
||||
POLICY
|
CARRIER
|
PERIOD COVERED
|
& FREQUENCY
|
||
Workers’ Compensation & Employer’s Liability
|
ACE American Insurance Company
|
4/1/10 - 4/1/11
|
$8,891 paid at inception
|
||
General Liability and Non-owned Auto Liability
|
First Specialty Insurance Company
|
4/1/10 - 4/1/11
|
$56,255 paid at inception
|
||
Excess Liability
|
RSUI Indemnity Company
|
4/1/10 - 4/1/11
|
$37,500 paid at inception
|
||
Crime/Fidelity
|
Starr Indemnity and Liability Company
|
12/1/09 - 12/1/10
|
$35,000 paid on 4/14/10
|
||
D&O (Traditional) - Primary
|
Chartis
|
12/1/09 - 12/1/10
|
$125,000 paid at inception
|
||
D&O (Traditional) - Layer 1
|
C.V. Starr & Co., Inc.
|
12/1/09 - 12/1/10
|
$69,000 paid at inception
|
||
D&O (Traditional) - Layer 2
|
CNA
|
12/1/09 - 12/1/10
|
$55,000 paid at inception
|
||
D&O (Traditional) - Layer 3
|
Valiant Insurance Group
|
12/1/09 - 12/1/10
|
$50,000 paid at inception
|
||
D&O (Traditional) - Layer 4
|
C.V. Starr & Co., Inc.
|
12/1/09 - 12/1/10
|
$25,000 paid at inception
|
||
D&O (Traditional) - Layer 5
|
Chartis
|
12/1/09 - 12/1/10
|
$25,000 paid at inception
|
||
Runoff D&O - Primary
|
CNA
|
12/1/08 - 12/1/14
|
$1,177,500 paid at inception
|
||
Runoff D&O - Layer 1
|
Chubb Group
|
12/1/08 - 12/1/14
|
$487,500 paid at inception
|
||
Runoff D&O - Layer 2 (Year 1)
|
Great American Insurance Group
|
12/1/08 - 12/1/14
|
$240,000 paid at inception
|
||
Runoff D&O - Layer 2 (Years 2 - 6)
|
Axis Insurance
|
12/1/08 - 12/1/14
|
$240,000 paid at inception
|
||
Runoff D&O - Layer 3
|
Travelers
|
12/1/08 - 12/1/14
|
$822,000 paid at inception
|
||
Runoff D&O - Layer 4
|
Axis Insurance
|
12/1/08 - 12/1/14
|
$698,700 paid at inception
|
||
Runoff D&O - Layer 5
|
RSUI Group, Inc.
|
12/1/08 - 12/1/14
|
$589,050 paid at inception
|
||
Runoff D&O - Layer 6
|
Arch Insurance Group
|
12/1/08 - 12/1/14
|
$540,000 paid at inception
|
||
Runoff D&O - Layer 7 (Side A DIC)
|
XL Insurance
|
12/1/08 - 12/1/14
|
$1,275,000 paid at inception
|
||
Runoff D&O - Layer 8
|
Chubb Group
|
12/1/08 - 12/1/14
|
$375,000 paid at inception
|
||
Property - All Risk
|
Sentinel Insurance Co., Ltd
|
8/15/10 - 8/15/11
|
$944 paid at inception
|
||