RONSON CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3

RONSON CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3 - December 21, 2010

Attached files

Attached files

RONSON CORP Reports

file	filename
8-K - FORM 8K - RONSON CORP	form8k-112576_rclc.htm
EX-99.1 - EXHIBIT 99.1 - RONSON CORP	ex99-1.htm
EX-99.2 - EXHIBIT 99.2 - RONSON CORP	ex99-2.htm

UNITED STATES BANKRUPTCY COURT

DISTRICT OF NEW JERSEY



In re	RA Liquidating Corp	Case No.	10-35315-MBK
		Reporting Period	10/01/10 - 10/31/10

MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month.


Submit copy of report to any official committee appointed in the case


		Document	Explanation	Affidavit/Supplement
REQUIRED DOCUMENTS	Form No.	Attached	Attached	Attached
Schedule of Cash Receipts and Disbursements	MOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliation)	MOR-1a
Schedule of Professional Fees Paid	MOR-1b	X
Copies of bank statements		X
Cash disbursements journals
Statement of Operations	MOR-2	X
Balance Sheet	MOR-3	X
Status of Postpetition Taxes	MOR-4	X
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Postpetition Debts	MOR-4
Listing of aged accounts payable	MOR-4
Accounts Receivable Reconciliation and Aging	MOR-5	X
Debtor Questionnaire	MOR-5	X



I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
are true and correct to the best of my knowledge and belief.



Signature of Debtor					Date




Signature of Joint Debtor					Date



/s/ Daryl Holcomb					December 16, 2010
Signature of Authorized Individual *					Date


Daryl K. Holcomb					Vice President & chief Financial Officer
Printed Name of Authorized Individual					Title of Authorized Individual


* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
is a partnership; a manager or member if debtor is a limited liability company.

In re	RA Liquidating Corp	Case No.	10-35315-MBK
		Reporting Period	10/01/10 - 10/31/10

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

	Bank Accounts											Current Month					Cumulative Filing to Date
	Operating			Payroll			Tax		Other			Actual			Projected		Actual			Projected

Cash Beginning of Month	$	(1,214.19	)	$	-		$	3,179.06	$	1,724.46		$	3,689.33		$	-	$	39,997.99		$	-

Receipts	Amount			Amount			Amount		Amount			Amount			Amount		Amount			Amount
Cash Sales	$	-		$	-		$	-	$	-		$	-		$	-	$	-		$	-
Accounts Receivable (1)		199,820.46								518,963.93			718,784.39					1,580,531.67
Loans and Advances		261,000.00											261,000.00					992,000.00
Sale of Assets		10,161,703.97											10,161,703.97					10,161,703.97
Other (Attach List)		4.38			-			-		(18,570.18	)		(18,565.80	)				(59,731.79	)
Transfers (From DIP Accts.)		1,470.58			43,724.87			32,288.47					77,483.92					228,533.59
Change in clearings										(253.88	)		(253.88	)				(36.53	)
Total Receipts	$	10,623,999.39		$	43,724.87		$	32,288.47	$	500,139.87		$	11,200,152.60		$	-	$	12,903,000.91		$	-



Disbursements	Amount			Amount			Amount		Amount			Amount			Amount		Amount			Amount
Net Payroll				$	43,728.47				$	-		$	43,728.47		$	-	$	155,078.58		$	-
Payroll Taxes								31,573.61					31,573.61					70,005.22
Sales, Use, & Other Taxes													-
Inventory Purchases		115,039.40											115,039.40					516,930.24
Secured/Rental/Leases		670.88											670.88					17,932.38
Insurance		4,475.00											4,475.00					45,258.12
Administrative		782.64						-					782.64					5,583.75
Selling													-
Other (Attach List)		2,287,313.12			-			-		-			2,287,313.12					2,318,545.27
Loan payments		6,072,815.10								361,245.21			6,434,060.31					7,254,641.60
Owner Draw *													-
Transfers (To DIP Accts)		179,890.29								140,619.12			320,509.41					593,334.65
													-
Professional Fees		-											-					-
U.S. Trustee Quarterly Fees		6,500.00											6,500.00					6,500.00
Court Costs													-

Total Disbursements	$	8,667,486.43		$	43,728.47		$	31,573.61	$	501,864.33		$	9,244,652.84		$	-	$	10,983,809.81		$	-


Net Cash Flow		1,956,512.96			(3.60	)		714.86		(1,724.46	)		1,955,499.76					1,919,191.10
(Receipts Less Disbursements)



Cash - End of Month	$	1,955,298.77		$	(3.60	)	$	3,893.92	$	(0.00	)	$	1,959,189.09		$	-	$	1,959,189.09		$	-
* Compensation to Sole Proprietors for Services Rendered to Bankruptcy Estate

	THE FOLLOWING SECTION MUST BE COMPLETED
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
Total Disbursements		$	9,244,655.84
	Less: Transfers to Debtor in Possession Accounts		(320,512.41	)
	Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
Total Disbursements for Calculating U.S. Trustee Quarterly Fees		$	8,924,143.43

(1) Until October 15, 2010, all receipts were swept by the lender and applied directly to the secured debt.

In re	RA Liquidating Corp				Case No.	10-35315-MBK
					Reporting Period	10/01/10 - 10/31/10

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

	Bank Accounts										Current Month					Cumulative Filing to Date
	Operating			Payroll		Tax		Other			Actual			Projected		Actual			Projected

Other Receipts	Amount			Amount		Amount		Amount			Amount			Amount		Amount			Amount
Interest on escrow funds	$	4.38									$	4.38				$	4.38
Forward to Zippo Mfg receipts belonging to Zippo									(18,570.18	)		(18,570.18	)				(59,736.17	)
												-
												-
												-
												-
												-
Total Other Receipts	$	4.38		$	-	$	-	$	(18,570.18	)	$	(18,565.80	)	$	-	$	(59,731.79	)	$	-



Other Disbursements	Amount			Amount		Amount		Amount			Amount			Amount		Amount			Amount
Building & ramp costs	$	1,477.86						$	-		$	1,477.86		$	-	$	4,647.48		$	-
Maintenance costs		1,508.05										1,508.05					12,510.15
Transfers to RCLC, Inc. (1)												-					-
401k deposits		11,812.72										11,812.72					11,812.72
NJDEP		2,500.00										2,500.00					2,500.00
US Customs		1,254.40										1,254.40					1,254.40
Prior month reconciling items		(750.41	)									(750.41	)				(750.41	)
Getzler Henrich		1,895,050.59										1,895,050.59					1,895,050.59
Utilities deposits												-					12,632.00
Utilities												-					3,917.23
Equipment												-					511.20
Professional fees of Greenberg Traurig on behalf of Wells Fargo		374,459.91										374,459.91					374,459.91
												-
												-
												-
												-
												-
Total Other Disbursements	$	2,287,313.12		$	-	$	-	$	-		$	2,287,313.12		$	-	$	2,318,545.27		$	-

(1) Included in transfers to DIP accounts

In re

RA Liquidating Corp

Case No.

10-35315-MBK

Reporting Period

10/01/10 - 10/31/10


BANK RECONCILIATIONS
Continuation Sheet for MOR-1

	Operating					Tax						Cash Collateral			Operating			Payroll				Other
	Wells Fargo Bank, NA					Wells Fargo Bank, NA						Capital One Bank			Capital One Bank			Capital One Bank				Cash on hand
	*					*						*			*			*

Balance Per Book			$	73,775.00			$	3,893.92		$	-		$	-		$	1,881,523.77		$	(3.60	)		$	-

Balance Per Bank			$	80,275.00			$	3,893.92		$	-		$	-		$	1,881,523.77		$	-			$	-
(+) Deposits in Transit (Attach List)				-				-			-			-			-			347.40				-
(-) Outstanding Checks (Attach List)				(6,500.00	)			-			-			-			-			(351.00	)			-
Other (Attach Explanation)				-				-			-			-			-			-				-
Adjusted Bank Balance *			$	73,775.00			$	3,893.92		$	-		$	-		$	1,881,523.77		$	(3.60	)		$	-
* Adjusted bank balance must equal
balance per books


Deposits in Transit	Date		Amount			Date	Amount		Date	Amount		Date	Amount		Date	Amount		Date	Amount			Date	Amount
			$	-			$	-		$	-		$	-		$	-		$	-			$	-

			$	-			$	-		$	-		$	-		$	-		$	-			$	-


Checks Outstanding	Ck.#		Amount			Ck.#	Amount		Ck.#	Amount		Ck.#	Amount		Ck.#	Amount		Ck.#	Amount			Ck.#	Amount
		9001	$	6,500.00														20652	$	153.07
																		20672		197.93



			$	6,500.00			$	-		$	-		$	-		$	-		$	351.00			$	-

Other
			$	-			$	-		$	-		$	-		$	-		$	-			$	-


			$	-			$	-		$	-		$	-		$	-		$	-			$	-

* Account number has been redacted.

In re	RA Liquidating Corp								Case No.	10-35315-MBK
									Reporting Period	10/01/10 - 10/31/10

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all retained professional payments from case inception to current month.

Period

Amount

Check

Amount Paid

Year-To-Date

Payee

Covered

Approved

Payor

Number

Date

Fees

Expenses

Fees

Expenses

NONE

In re	RA Liquidating Corp			Case No.		10-35315-MBK
				Reporting Period		10/01/10 - 10/31/10


STATEMENT OF OPERATIONS
(Income Statement)
Accrual Basis


				Cumulative
Revenues	Month			Filing to Date
Gross Revenues	$	340,228.00		$	1,232,865.00
Less: Returns and Allowances
Net Revenue		340,228.00			1,232,865.00

Cost of Goods Sold
Beginning Inventory		240,469.00			223,977.00
Add: Purchases		116,684.00			545,011.00
Add: Cost of Labor		33,260.00			162,703.00
Add: Other Costs (attach schedule)		55,147.00			198,975.00
Less: Ending Inventory		(203,620.00	)		(203,620.00	)
Cost of Goods Sold		241,940.00			927,046.00
Gross Profit		98,288.00			305,819.00

Operating Expenses
Advertising
Auto and Truck Expense		359.00			948.00
Bad Debts
Contributions
Employee Benefits Programs		1,955.00			6,560.00
Insider Compensation *
Insurance		669.00			2,677.00
Management Fees		104,167.00			269,276.00
Office Expense		2,065.00			7,178.00
Pension & Profit-Sharing Plans		108.00			732.00
Repairs and Maintenance		283.00			283.00
Rent and Lease Expense
Salaries/Commissions/Fees		9,685.00			39,731.00
Supplies		38.00			480.00
Taxes - Payroll		439.00			1,551.00
Taxes - Real Estate
Taxes - Other
Travel and Entertainment
Utilities
Other (attach schedule)		82,030.00			124,928.00
Total Operating Expenses Before Depreciation		201,798.00			454,344.00
Depreciation/Depletion/Amortization		7,715.00			31,452.00
Net Profit (Loss) Before Other Income & Expenses		(111,225.00	)		(179,977.00	)

Other Income and Expenses
Other Income (attach schedule)		(151,031.00	)		(151,031.00	)
Interest Expense		14,872.00			60,342.00
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items		24,934.00			(89,288.00	)

Reorganization Items
Professional Fees		545,945.00			545,945.00
U.S. Trustee Quarterly Fees		6,500.00			6,500.00
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
Gain (Loss) from Sale of Equipment		6,038,552.00			6,038,552.00
Other Reorganization Expenses (attach schedule)
Total Reorganization Expenses		(5,486,107.00	)		(5,486,107.00	)
Income Taxes - deferred & allocated among affiliates		1,696,145.00			1,696,145.00
Income Taxes - current		133,004.00			133,004.00
Net Profit (Loss)	$	3,681,892.00		$	3,567,670.00

In re	RA Liquidating Corp	Case No.	10-35315-MBK
		Reporting Period	10/01/10 - 10/31/10

STATEMENT OF OPERATIONS - continuation sheet


				Cumulative
Breakdown of "Other" Category	Month			Filing to Date

Other Costs
Building & ramp department costs	$	39,054.00		$	166,686.00
Avionics department costs		1,155.00			2,129.00
Maintenance department costs		17,752.00			23,049.00
Parts & service administration costs		(2,814.00	)		7,111.00

	$	55,147.00		$	198,975.00
Other Operational Expenses
Audit fees	$	3,333.00		$	8,333.00
Legal fees
Fees charged by the secured lender		(15,000.00	)		18,394.00
Amortization of loan costs & write-off of unamortized portion		93,697.00			98,201.00

	$	82,030.00		$	124,928.00
Other Income
Write off of prior overaccrual of estimated fees	$	51,031.00		$	51,031.00
Adjustment in prior Chief Restructuring Officer fees		100,000.00		$	100,000.00



	$	151,031.00		$	151,031.00
Other Expenses
	$	-		$	-




	$	-		$	-
Other Reorganization Expenses
	$	-		$	-




	$	-		$	-


Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding.

In re	RA Liquidating Corp			Case No.		10-35315-MBK
				Reporting Period		10/01/10 - 10/31/10


BALANCE SHEET
Accrual Basis

	Book Value at End of			Book Value on
Assets	Current Reporting Month			Petition Date
Current Assets
Unrestricted Cash and Equivalents		1,959,189.00			39,998.00
Restricted Cash and Equivalents (see continuation sheet)
Accounts Receivable (Net)		71,126.00			143,218.00
Notes Receivable
Inventories					223,977.00
Prepaid Expenses		62,253.00			91,243.00
Professional Retainers		25,000.00			25,000.00
Other Current Assets (attach schedule)		605,249.00			527,549.00
Total Current Assets	$	2,722,817.00		$	1,050,985.00

Property and Equipment
Real Property and Improvements					5,505,335.00
Machinery and Equipment					667,352.00
Furniture, Fixtures and Office Equipment					346,616.00
Leasehold Improvements					1,108,308.00
Vehicles					15,872.00
Less Accumulated Depreciation					(4,389,112.00	)
Total Property & Equipment	$	-		$	3,254,371.00

Other Assets
Loans to Insiders *
Other Assets (see schedule)		3,760,417.00			3,514,233.00
Total Other Assets	$	3,760,417.00		$	3,514,233.00

Total Assets	$	6,483,234.00		$	7,819,589.00

	Book Value at End of			Book Value on
Liabilities And Owner Equity	Current Reporting Month			Petition Date
Liabilities Not Subject to Compromise (Postpetition)
Accounts Payable
Taxes Payable (refer to Form MOR-4)		3,522.00
Wages Payable
Notes Payable
Rent/Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees		389,671.00
Amounts Due to Insiders *
Other Postpetition Liabilities (attach schedule)		248,891.00
Total Postpetition Liabilities	$	642,084.00		$	-
Liabilities Subject to Compromise
Secured Debt					3,576,750.00
Priority Debt		6,624.00			21,836.00
Unsecured Debt		1,280,692.00			3,234,839.00
Total Pre-Petition Liabilities	$	1,287,316.00		$	6,833,425.00
Total Liabilities	$	1,929,400.00		$	6,833,425.00

Owner Equity
Capital Stock		9,040.00			9,040.00
Additional Paid-In Capital		5,987,036.00			5,987,036.00
Partners' Capital Account
Owner's Equity Account
Retained Earning - Pre-Petition		(5,009,912.00	)		(5,009,912.00	)
Retained Earning - Postpetition		3,567,670.00
Adjustments to Owner Equity (attach schedule)
Postpetition contributions (Distributions) (Draws) (attach schedule)
Net Owner Equity	$	4,553,834.00		$	986,164.00

Total Liabilities and Owners' Equity	$	6,483,234.00		$	7,819,589.00

In re	RA Liquidating Corp			Case No.		10-35315-MBK
				Reporting Period		10/01/10 - 10/31/10

	Book Value at End of		Book Value on
Assets	Current Reporting Month		Petition Date
Other Current Assets
Deferred income tax assets		67,193.00		120,059.00
Deferred costs of business sale				397,995.00
Other receivables		38,056.00		9,495.00
Environmental escrow accounts		500,000.00
	$	605,249.00	$	527,549.00
Other Assets
Deferred income tax assets		454,210.00		888,294.00
Deferred loan costs		-		98,201.00
Trademark				2,000.00
Accrued income tax - intercompany allocation		-		313,071.00
Account receivable - RCLC		3,306,207.00		2,212,667.00
	$	3,760,417.00	$	3,514,233.00


	Book Value at End of		Book Value on
Liabilities And Owner Equity	Current Reporting Month		Petition Date
Other Postpetition Liabilities
Employee 401k deductions			$	-
Other payroll deductions
Sales and use taxes
Accrued vacation, sick, and holiday pay
Accrued audit fees		8,333.00
Accrued line service incentive pay
Accrued interest expense
Accrued other bank charges		3,600.00
Accrued 401k Company match
Accrued credit card fees
Accrued income taxes		133,004.00
Accrued other		8,099.00
Deferred rental income
Intercompany payable - RCPC Liq Corp		95,855.00
	$	248,891.00	$	-

Adjustments to Owner Equity




	$	-	$	-

Postpetition contributions (Distributions) (Draws) (attach schedule)




	$	-	$	-

In re	RA Liquidating Corp						Case No.		10-35315-MBK
							Reporting Period		10/01/10 - 10/31/10

STATUS OF POSTPETITION TAXES

	Beginning		Amount Withheld						Check No.		Ending
	Tax Liability		or Accrued		Amount Paid		Date Paid		or EFT		Tax Liability
Federal
Withholding	$	3,016.16	$	7,056.26	$	6,788.56			EFT		$	3,283.86
FICA-Employee		1,885.97		4,376.96		4,120.73						2,142.20
FICA-Employer		1,885.97		4,376.96		11,689.42						(5,426.49	)
Unemployment		14.40		1.72								16.12
Income												-
Other:												-
Total Federal Taxes	$	6,802.50	$	15,811.90	$	22,598.71					$	15.69

State and Local
Withholding - New Jersey		382.68		938.16		-			EFT			1,320.84
Withholding - Pennsylvania		1,612.93		689.06		1,651.44						650.55
Sales		1,492.37				1,492.37			EFT			-
Excise												-
Unemployment		1,120.38		493.06								1,613.44
Real Property												-
Personal Property												-
Other:												-
Total State and Local	$	4,608.36	$	2,120.28	$	3,143.81					$	3,584.83

Total Taxes	$	11,410.86	$	17,932.18	$	25,742.52					$	3,600.52


SUMMARY OF UNPAID POSTPETITION DEBTS

Attach aged listing of accounts payable
	Current			0-30		31-60		61-90	Over 90		Total
Accounts Payable	$	-	$	-	$	-	$	-	$	-	$	-
Wages Payable		-										-
Taxes Payable		3,522.00										3,522.00
Rent/Leases-Building												-
Rent/Leases-Equipment												-
Secured Debt/Adequate Protection Payments												-
Professional Fees		373,287.00		16,384.00								389,671.00
Amounts Due to Insiders *												-
Other: Accrued expenses		20,032.00										20,032.00
Other: Accrued income taxes		133,004.00										133,004.00
Other: Due to RCPC Liquidating Corp		95,855.00										95,855.00
Total Postpetition Debts	$	625,700.00	$	16,384.00	$	-	$	-	$	-	$	642,084.00

In re	RA Liquidating Corp			Case No.	10-35315-MBK
				Reporting Period	10/01/10 - 10/31/10


ACCOUNTS RECEIVABLE RECONCILING AND AGING

Accounts Receivable Reconciliation		Amount
Total Accounts Receivable at the beginning of the reporting period		$	263,716.57
(+) Amounts billed during the period			307,985.64
(+) Credit balances transferred to prepetition liabilities			23,265.63
(-) Amounts collected during the period			500,139.87
(-) Credit card fees and credits during the period			12,614.71
Total Accounts Receivable at the end of the reporting period				$	82,213.26

Accounts Receivable Aging		Amount
0 - 30	days old		31,234.09
31 - 60	days old		31,425.43
61 - 90	days old		4,703.00
91 +	days old		14,850.74
Total Accounts Receivable				$	82,213.26
Amounts considered uncollectible (Bad Debt)
Accounts Receivable (Net)				$	82,213.26

DEBTOR QUESTIONNAIRE

Must be completed each month		Yes	No
1.	Have any assets been sold or transferred outside the normal course of business	X
	this reporting period? If yes, provide an explanation below.
2.	Have any funds been disbursed from any account other than a debtor in possession		X
	account this reporting period? If yes, provide an explanation
3.	Have all postpetition tax returns been timely filed? If no, provide an explanation	X
	below.
4.	Are workers compensation, general liability and other necessary insurance	X
	coverage in effect? If no, provide an explanation below.
5.	Has any bank account been opened during the reporting period? If yes, provide
	documentation identifying the opened account(s).	X

Notes:
1	On October 15, 2010, the Company sold substantially all of the assets and business (other than certain excluded assets
	including cash and cash equivalents and accounts receivable) as was approved by the Court.
4	The policies were terminated effective October 15, 2010, upon the sale of the assets and business.
5	The Company opened a tax payment account at Capital One Bank, account # 7057179982.

BALANCE SHEET - continuation sheet