Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - AMERICANWEST BANCORPORATION | d8k.htm |
Exhibit 99.1
Office of the US Trustee—Region 18
Seattle, Washington
Monthly Reporting Requirements
Corporations and Partnerships
All Chapter 11 debtors (other than individuals) must serve the U.S. Trustee with the documents and reports identified below no later than the 15th day of the month following the end of the month covered by the report.
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
For the month of: February 2011
| Required Documents |
Document Attached |
Previously Submitted |
Explanation Attached | |||||
| 1. | Income Statement (profit and loss statement). |
( X ) | ( ) | ( ) | ||||
| 2. | Comparative Balance Sheet. |
( X ) | ( ) | ( ) | ||||
| 3. | Statement of Cash Receipts and Disbursements. |
( X ) | ( ) | ( ) | ||||
| 4. | Statement of Aged Receivables. |
( X ) | ( ) | ( ) | ||||
| 5. | Statement of Aged Payables. |
( X ) | ( ) | ( ) | ||||
| 6. | Statement of Operations, Taxes, Insurance and Personnel. |
( X ) | ( ) | ( ) | ||||
| 7. | Other documents/reports as required by the U.S. Trustee: None |
( ) | ( ) | ( ) |
The undersigned certifies under penalty of perjurty (28 U.S.C. § 1746) that the information contained in this and accompanying reports is complete, true and correct to the best of my knowledge, information and belief.
| By: | /s/ Shelly L. Krasselt | Dated: March 14, 2011 | ||||
| Principal Accounting Officer Title of Debtor Representative |
||||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
For the period: Refer to dates below
Basis of Accounting: Accrual
| Month Ending | ||||||||||||||||||||
| 10/28/10-10/31/10 | November 30, 2010 |
December 31, 2010 |
January 31, 2011 |
February 29, 2011 |
||||||||||||||||
| Income |
||||||||||||||||||||
| Gain on sale of assets |
$ | — | $ | — | $ | 37,020 | $ | — | $ | — | ||||||||||
| Expenses |
||||||||||||||||||||
| Payroll/Officer Expenses |
$ | 1,909 | $ | 3,215 | $ | 1,970 | $ | 5,750 | $ | 3,660 | ||||||||||
| Occupancy |
— | 971 | 595 | — | ||||||||||||||||
| Director Fees |
— | — | 750 | 2,500 | 3,500 | |||||||||||||||
| Investor Relations |
692 | 234 | — | — | — | |||||||||||||||
| Service Contracts |
— | 89 | — | — | — | |||||||||||||||
| Ongoing Professional costs |
— | 1,646 | 2,334 | 12,298 | 5,529 | |||||||||||||||
| Professionals |
— | — | 65,179 | — | ||||||||||||||||
| Interest Expense DIP loan |
— | 1,700 | 4,038 | — | — | |||||||||||||||
| Loan Fee |
— | 100,000 | — | — | — | |||||||||||||||
| Special Cousel |
— | 332,726 | 162,000 | 16,000 | 15,381 | |||||||||||||||
| Debtor’s Counsel |
— | 75,540 | 50,854 | 24,139 | 20,549 | |||||||||||||||
| Total Expenses |
$ | 2,601 | $ | 516,121 | $ | 287,719 | $ | 60,687 | $ | 48,620 | ||||||||||
| Net Loss |
$ | (2,601 | ) | $ | (516,121 | ) | $ | (250,699 | ) | $ | (60,687 | ) | $ | (48,620 | ) | |||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Comparative Balance Sheet
| 10/31/2010 | 11/30/2010 | 12/31/2010 | 1/31/2011 | 2/28/2011 | ||||||||||||||||
| Assets |
||||||||||||||||||||
| Current Assets |
||||||||||||||||||||
| Cash |
$ | 97,345 | $ | 6,988,798 | $ | 6,098,902 | $ | 5,910,113 | $ | 5,896,209 | ||||||||||
| Investment in WIN Partners |
$ | 100,000 | $ | 100,000 | $ | — | $ | — | $ | — | ||||||||||
| Total Current Assets |
$ | 197,345 | $ | 7,088,798 | $ | 6,098,902 | $ | 5,910,113 | $ | 5,896,209 | ||||||||||
| Accounts/Dividend Receivable |
||||||||||||||||||||
| Accrued Dividend Receivable—TRUPS prepetition |
$ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | ||||||||||
| Accrued Dividend Receivable—TRUPS postpetition |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Total Accounts Receivable |
$ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | $ | 184,842 | ||||||||||
| Other Assets |
||||||||||||||||||||
| Dashiell Insurance Policy Assignment of Benefits |
$ | 160,797 | $ | 160,797 | $ | — | $ | — | $ | — | ||||||||||
| Real Property—Prosser Building and Land |
$ | 202,184 | $ | 202,184 | $ | — | $ | — | $ | — | ||||||||||
| Investment in AmericanWest Bank |
$ | 6,000,000 | $ | 6,000,000 | $ | — | $ | — | $ | — | ||||||||||
| Investment in TRUPS |
$ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | ||||||||||
| Total Other Assets |
$ | 7,601,981 | $ | 7,601,981 | $ | 1,239,000 | $ | 1,239,000 | $ | 1,239,000 | ||||||||||
| Total Assets |
$ | 7,984,167 | $ | 14,875,621 | $ | 7,522,744 | $ | 7,333,956 | $ | 7,320,051 | ||||||||||
| Liabilities |
||||||||||||||||||||
| Postpetition Liabilities: |
||||||||||||||||||||
| Accounts Payable |
$ | 692 | $ | 408,266 | $ | 306,089 | $ | 177,988 | $ | 212,703 | ||||||||||
| Debtor in Possession Loan to SKBHC Hawks Nest |
$ | — | $ | 850,000 | $ | — | $ | — | $ | — | ||||||||||
| Stalking Horse Bid Deposit |
$ | — | $ | 6,150,000 | $ | — | $ | — | $ | — | ||||||||||
| Total Postpetition Liabilities |
$ | 692 | $ | 7,408,266 | $ | 306,089 | $ | 177,988 | $ | 212,703 | ||||||||||
| Prepetition Liabilities |
||||||||||||||||||||
| Accounts Payable |
$ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | $ | 1,337 | ||||||||||
| Notes Payable |
$ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | $ | 41,239,000 | ||||||||||
| Accrued Dividend Payable |
$ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | $ | 6,152,827 | ||||||||||
| Total Prepetition Liabilities |
$ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | $ | 47,393,164 | ||||||||||
| Total Liabilities |
$ | 47,393,856 | $ | 54,801,430 | $ | 47,699,253 | $ | 47,571,152 | $ | 47,605,867 | ||||||||||
| Owner Equity |
||||||||||||||||||||
| Preferred Stock |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Common Stock |
$ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | $ | 253,482,472 | ||||||||||
| Retained Deficit |
$ | (292,892,160 | ) | $ | (293,408,281 | ) | $ | (293,658,981 | ) | $ | (293,719,668 | ) | $ | (293,768,288 | ) | |||||
| Total Owner Equity |
$ | (39,409,689 | ) | $ | (39,925,809 | ) | $ | (40,176,509 | ) | $ | (40,237,196 | ) | $ | (40,285,816 | ) | |||||
| Total Liabilities and Equity |
$ | 7,984,167 | $ | 14,875,621 | $ | 7,522,744 | $ | 7,333,956 | $ | 7,320,051 | ||||||||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Cash Receipts
For the Month Ending: February 28, 2011
Cash Receipts
| Date |
Description (Source) |
Amount | ||||
| Beginning Cash Balance |
$ | 5,910,113.49 | ||||
| $ | — | |||||
| Total Cash Receipts |
$ | — | ||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Cash Disbursements
For the Month Ending: February 28, 2011
Cash Disbursements
| Date |
Check No. | Payee |
Description |
Amount | ||||||
| 2/2/2011 | Bank Check | US Trustee | Quarterly Fees | $ | 4,875.00 | |||||
| 1012 | Check voided | |||||||||
| 2/28/2011 | 1013 | J. Frank Armijo | February 2011 Board Fees | 700.00 | * | |||||
| 2/28/2011 | 1014 | Kay C. Carnes | February 2011 Board Fees | 700.00 | * | |||||
| 2/28/2011 | 1015 | Craig D. Eerkes | February 2011 Board Fees | 700.00 | * | |||||
| 2/28/2011 | 1016 | Donald H. Swartz | February 2011 Board Fees | 700.00 | ||||||
| 2/28/2011 | 1017 | P. Mike Taylor | February 2011 Board Fees | 700.00 | * | |||||
| 2/28/2011 | 1018 | IST Shareholder Services | Post petition unpaid bills for various services | 5,529.38 | * | |||||
| Total Cash Disbursements |
$ | 13,904.38 | ||||||||
| Adjustments (explain) |
$ | — | ||||||||
| Ending Cash Balance (must be reconcile to the bank statement for account cited above) |
$ | 5,896,209.11 | ||||||||
* Noted amounts have not yet cleared the bank statement. Items below remain outstanding from prior months:
| Date |
Check No. | Payee |
Description |
Amount | ||||||
| 1/25/2011 | 1009 | J. Frank Armijo | January 2011 Board Fees | 500.00 | ||||||
AMERICANWEST BANCORPORATION DEBTOR IN POSSESSION
100605591
Operations TEST
Feb 28, 2011
Pg 1 of 1
Ban Control02/01/2011 Beginning Balance5,911,113.490 Deposits/OtherCredits
+
.OO
3
Checks/OtherDebits
-
6,075.00
02/28/2011 Ending Balance
28 Days in Statement Period
5,905,038.49
------- Checks listed in numerical order;
( * ) indicates gap
in sequence -------
Check Date
Amount
Check Date
Amount
02/02
4,875.00
1016* 02/25
700.00
1008 02/01
500.00
Daily Ending Balance
02/01
5,910,613.49
02/02 5,905,738.49
02/25 5,905,038.49
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Aged Receivables
For the month ending February 28, 2011
| Total Due |
Current (0-30 Days) |
Past Due (31-60 Days) |
Past Due (61-90 Days) |
Past Due (91 & Over) |
||||||||||||||
| Prepetition | ||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
| Postpetition | ||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
| Totals | ||||||||||||||||||
| $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
|
|
Accounts Receivable Reconciliation |
|
||||||||||||||||
|
|
Opening Balance |
|
$ | — | ||||||||||||||
|
|
New Accounts this Month |
|
$ | — | ||||||||||||||
|
|
Balance |
|
$ | — | ||||||||||||||
|
|
Amount Collected on Prior Accounts |
|
$ | — | ||||||||||||||
|
|
Closing Balance |
|
$ | — | ||||||||||||||
|
|
Check Figure |
|
$ | — | ||||||||||||||
Office of the US Trustee—Region 18
Seattle, Washington
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
Statement of Aged Payables
For the month ending February 28, 2011
NOTE: Schedule only includes postpetition debts.
| Account Name |
Description |
Total Due | Current (0-30 Days) |
Past Due (31-60 Days) |
Past Due (61-90 Days) |
Past Due (91 & Over) |
||||||||||||||||
| Foster Pepper | $ | 68,037 | $ | 19,853 | $ | 24,139 | $ | 9,852 | $ | 14,193 | ||||||||||||
| Morrison Foerster | $ | 122,256 | $ | 16,077 | $ | 16,000 | $ | 25,411 | $ | 64,767 | ||||||||||||
| Sandler O'Neil | $ | 13,000 | $ | — | $ | — | $ | 13,000 | $ | — | ||||||||||||
| Patrick J. Rusnak Services Performed | $ | 2,150 | $ | 900 | $ | 1,250 | $ | — | $ | — | ||||||||||||
| Jay Simmons Services Performed | $ | 4,860 | $ | 1,860 | $ | 3,000 | $ | — | $ | — | ||||||||||||
| Shelly L. Krasselt Services Performed | $ | 2,400 | $ | 900 | $ | 1,500 | $ | — | $ | — | ||||||||||||
| Totals | $ | 212,702 | $ | 39,590 | $ | 45,889 | $ | 48,263 | $ | 78,960 | ||||||||||||
| Accounts Payable Reconciliation | ||||||||||||||||||||||
| Opening Balance | $ | 177,988 | ||||||||||||||||||||
| Total New Indebtedness Incurred this Month | $ | 39,590 | ||||||||||||||||||||
| Balance | $ | 217,578 | ||||||||||||||||||||
| Amount paid on Prior Accounts Payable | $ | 4,875 | ||||||||||||||||||||
| Closing Balance | $ | 212,703 | ||||||||||||||||||||
Office of the US Trustee—Region 18
Seattle, Washington
Statement of Operations, Taxes, Insurance and Perfonnel
For the Month Ending: February 28, 2011
Debtor Name: AmericanWest Bancorporation
Case Number: 10-06097-PCW11
1. What efforts have been made toward presentation of a plan to the creditors?
The projected date for filing the plan and disclosure statement is March 18, 2011.
2. Has the Debtor in Possession, subsequen to the filing of the petition, made any payments on its prepetition unsecured debt, except as have been authorized by the Court?
: Yes
X : No Identify amount, who was paid and the date paid: N/A
3. Provide a narrative report of significant events and events out of the ordinary course of business:
None
4. List any payments during this period on debt that has been personally guaranteed by any principal, partner or officer of the business.
None
5. If assets have been sold in other than the ordinary course of business, please provide details as to the asset sold, date of sale, total sales price, deductions (i.e. commissions), and net amount received.
None
6. STATUS OF TAXES
| AMOUNT WITHHELD OR ACCRUED |
AMOUNT PAID |
DATE PAID |
POSTPETITION TAXES PAST DUE |
|||||||||||||
| FEDERAL TAXES |
||||||||||||||||
| FICA |
$ | — | $ | — | N/A | $ | — | |||||||||
| Withholding |
$ | — | $ | — | N/A | $ | — | |||||||||
| Unemployment |
$ | — | $ | — | N/A | $ | — | |||||||||
| Income |
$ | — | $ | — | N/A | $ | — | |||||||||
| Other |
$ | — | $ | — | N/A | $ | — | |||||||||
| STATE TAXES |
||||||||||||||||
| Dept. of Labor and Industries |
$ | — | $ | — | N/A | $ | — | |||||||||
| Income |
$ | — | $ | — | N/A | $ | — | |||||||||
| Employment Sec. |
$ | — | $ | — | N/A | $ | — | |||||||||
| Dept. of Revenue |
$ | — | $ | — | N/A | $ | — | |||||||||
| B&O |
$ | — | $ | — | N/A | $ | — | |||||||||
| Sales |
$ | — | $ | — | N/A | $ | — | |||||||||
| Excise |
$ | — | $ | — | N/A | $ | — | |||||||||
| OTHER TAXES |
||||||||||||||||
| City Business/License |
$ | — | $ | — | N/A | $ | — | |||||||||
| Personal Property |
$ | — | $ | — | N/A | $ | — | |||||||||
| Real Property |
$ | — | $ | — | N/A | $ | — | |||||||||
| Other (List) |
$ | — | $ | — | N/A | $ | — | |||||||||
Explain reason for any past due postpetition taxes:
N/A
7. SCHEDULE OF SALARY AND OTHER PAYMENTS TO PRINCIPALS / EXECUTIVES / INSIDERS*
| Payee Name |
Position |
Nature of Payment |
Amount | |||||
| Patrick J. Rusnak |
CEO and President | Services Performed | $ | 2,150 | ||||
| Jay Simmons |
EVP, General Counsel and Secretary | Services Performed | $ | 4,860 | ||||
| Shelly L. Krasselt |
Principal Accounting Officer | Services Performed | $ | 2,400 | ||||
*List accrued salaries whether or not paid and any draws of any kind or perks such as car, etc. made to or for the benefit of any proprietor, owner, partner, shareholder, officer, director or insider.
8. SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS
| Appointment Date | Amount Paid This Month | Date of Court Approval |
Aggregate Received |
Estimated Balance Due |
||||||||||||||||
| Debtor's Counsel |
11/17/2010 | $ | — | * | $ | 102,349 | $ | 116,221 | ||||||||||||
| Counsel For Unsecured Creditors’ Committee |
$ | — | $ | — | $ | — | ||||||||||||||
| Trustee’s Counsel |
$ | — | $ | — | $ | — | ||||||||||||||
| Accountant |
$ | — | $ | — | $ | — | ||||||||||||||
| Special Counsel |
11/2/2010 | $ | — | * | $ | 404,548 | $ | 175,559 | ||||||||||||
| Financial Advisor |
11/2/2010 | $ | — | * | $ | 52,179 | $ | 13,000 | ||||||||||||
*Paid per 12/14/2010 interim payment order.
Identify fees accrued but not paid: Debtors Counsel $43,992; Special Counsel $32,077.
9. Please explain any changes in insurance coverage that took place this month.
None
10. Personnel
| Full Time | Part Time | |||||
| Total number of employees at beginning of period |
0 | 3 | * | |||
| Number hired during the period |
0 | 0 | ||||
| Number terminated or resigned during the period |
0 | 0 | ||||
| Total number of employees on payroll at period end |
0 | 3 | ||||
| Total payroll for the period |
$3,660 | |||||
* It was determined during the month of February, and approved by the Board of Directors, the 3 individuals previously listed as consultants will be treated as part time employees.