RONSON CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2

RONSON CORP - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - May 10, 2011

Attached files

Attached files

RONSON CORP Reports

file	filename
EX-99.3 - EXHIBIT 99.3 - RONSON CORP	ex99-3.htm
EX-99.1 - EXHIBIT 99.1 - RONSON CORP	ex99-1.htm
8-K - FORM 8K - RONSON CORP	form8k-114624_rclc.htm

Exhibit 99.2

UNITED STATES BANKRUPTCY COURT

DISTRICT OF NEW JERSEY



In re	RCPC Liquidating Corp	Case No.	10-35318-MBK
		Reporting Period	3/01/11 - 3/31/11


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	X
Schedule of Professional Fees Paid	MOR-1b	X
Copies of bank statements		X
Cash disbursements journals		None
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		N/A
Copies of tax returns filed during reporting period		X
Summary of Unpaid Postpetition Debts	MOR-4	X
Listing of aged accounts payable	MOR-4	None
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 K. Holcomb					May 4, 2011
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	RCPC Liquidating Corp									Case No.	10-35318-MBK
										Reporting Period	3/01/11 - 3/31/11


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		$	3,162,903.55		$	100.00	$	69.10	$	-	$	3,163,072.65		$	-	$	55,407.50	$	-

Receipts		Amount			Amount		Amount		Amount		Amount			Amount		Amount		Amount
	Cash Sales	$	-		$	-	$	-	$	-	$	-		$	-	$	-	$	-
	Accounts Receivable											-
	Loans and Advances											-
	Sale of Assets											-
	Other (Attach List)		-									-					3,552,273.86
	Transfers (From DIP Accts.)		255,140.25					2,188.62				257,328.87					257,521.61

	Total Receipts	$	255,140.25		$	-	$	2,188.62	$	-	$	257,328.87		$	-	$	3,809,795.47	$	-



Disbursements		Amount			Amount		Amount		Amount		Amount			Amount		Amount		Amount
	Net Payroll	$	-		$	-	$	-	$	-	$	-		$	-	$	-	$	-
	Payroll Taxes		171.15					57.47				228.62					229.51
	Sales, Use, & Other Taxes		3,358.00					1,960.00				5,318.00					5,318.00
	Inventory Purchases											-					-
	Secured/Rental/Leases											-					-
	Insurance											-					-
	Administrative		416.66									416.66					828.95
	Selling											-					-
	Other (Attach List)		135,869.00									135,869.00					135,869.00
	Fee to NJDEP											-					2,385.00
	Owner Draw *											-					-
	Transfers (To DIP Accts)		1,583,242.62					140.25				1,583,382.87					1,823,575.61
												-					-
	Professional Fees		59,735.10									59,735.10					259,595.63
	U.S. Trustee Quarterly Fees											-					1,950.00
	Court Costs											-					-

	Total Disbursements	$	1,782,792.53		$	-	$	2,157.72	$	-	$	1,784,950.25		$	-	$	2,229,751.70	$	-


Net Cash Flow
(Receipts Less Disbursements)			(1,527,652.28	)		-		30.90		-		(1,527,621.38	)				1,580,043.77



Cash - End of Month		$	1,635,251.27		$	100.00	$	100.00	$	-	$	1,635,451.27		$	-	$	1,635,451.27	$	-
* 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																		$	1,784,950.25
	Less: Transfers to Debtor in Possession Accounts																		(1,583,382.87	)
*	Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)																		-
Total Disbursements for Calculating U.S. Trustee Quarterly Fees																		$	201,567.38

* In accordance with the terms of the pre-petition sale of substantially all of its assets, the Debtor entered into a pre-petition escrow agreement with the buyer, setting up an escrow account, pursuant to which the buyer and the Debtor, as seller, are permitted to draw certain sums therefrom, solely to the extent provided in that agreement. While the Debtor has a residual interest in the escrow account (which residual interest is property of the estate), the escrow account and the funds therein are not property of the Debtor's estate and the Debtor does not control the release of the funds therein. Accordingly, the Debtor submits that distributions from the escrow account, which are made by a disbursing agent and not the Debtor, should not be used in calculating the U.S. Trustee Quarterly Fee. For purposes of disclosure, however, the Debtor discloses that during the reporting period, the disbursing agent, in accordance with the terms of the escrow agreement, no funds were disbursed from the funds held in that escrow account.


Other Receipts:
Reinstatement of custodial funds by Wells Fargo	$	-	$	-	$	2,527,566.71
Deposit from escrow account		-		-		1,024,478.47
Void June check not cashed		-		-		228.68
Total	$	-	$	-	$	3,552,273.86

Other Disbursements:
Proceeds allocated to RCC, Inc.	$	135,869.00	$	135,869.00	$	135,869.00

In re	RCPC Liquidating Corp				Case No.			10-35318-MBK
					Reporting Period			3/01/11 - 3/31/11



BANK RECONCILIATIONS
Continuation Sheet for MOR-1

	Operating					Payroll			Tax
	Capital One Bank					Capital One Bank			Capital One Bank
	*					*			*

Balance Per Book			$	1,635,251.27			$	100.00		$	100.00

Balance Per Bank			$	1,636,667.93			$	100.00		$	100.00
(+) Deposits in Transit (Attach List)				-				-			-
(-) Outstanding Checks (Attach List)				(1,416.66	)			-			-
Other (Attach Explanation)								-			-
Adjusted Bank Balance *			$	1,635,251.27			$	100.00		$	100.00
* Adjusted bank balance must equal
balance per books



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



			$	-			$	-		$	-


Checks Outstanding	Ck.#		Amount			Ck.#	Amount		Ck.#	Amount
		3004	$	1,000.00			$	-		$	-
		3012		291.66
		3013		125.00





			$	1,416.66			$	-		$	-


Other
			$	-			$	-		$	-




			$	-			$	-		$	-

*Account number has been redacted

In re	RCPC Liquidating Corp								Case No.	10-35318-MBK
									Reporting Period	3/01/11 - 3/31/11


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



Cole, Schotz, Meisel,etc.	1/1 - 1/31/11	$	19,648.79	RCPC	MT030411	03/04/11	$	15,498.45	$	275.73	$	105,410.57	$	6,041.54


J.H. Cohn LLP	1/1 - 1/31/11		12,522.28	RCPC	MT059	03/18/11		12,504.09		18.19		66,605.23		145.64
	8/17 - 12/31/10		10,824.00	RCPC	MT032811	03/28/11		10,824.00

Lowenstein Sandler PC	12/1 - 12/31/10		5,753.36	RCPC	MT031811	03/18/11		3,975.87		783.52		79,276.23		2,444.02
	8/17 - 12/31/10		15,855.25	RCPC	MT032811	03/28/11		15,855.25

		$	64,603.68				$	58,657.66	$	1,077.44	$	251,292.03	$	8,631.20

In re	RCPC Liquidating Corp			Case No.		10-35318-MBK
				Reporting Period		3/01/11 - 3/31/11


STATEMENT OF OPERATIONS
(Income Statement)
Accrual Basis

				Cumulative
Revenues	Month			Filing to Date
Gross Revenues	$	-		$	-
Less: Returns and Allowances
Net Revenue		-			-

Cost of Goods Sold
Beginning Inventory
Add: Purchases
Add: Cost of Labor
Add: Other Costs (attach schedule)
Less: Ending Inventory
Cost of Goods Sold		-			-
Gross Profit		-			-

Operating Expenses
Advertising
Auto and Truck Expense
Bad Debts
Contributions
Employee Benefits Programs
Insider Compensation *
Insurance					70,104.87
Management Fees		41,089.00			307,825.56
Office Expense					157.30
Pension & Profit-Sharing Plans
Repairs and Maintenance
Rent and Lease Expense
Salaries/Commissions/Fees
Supplies
Taxes - Payroll		(0.98	)		229.51
Taxes - Real Estate
Taxes - Other					120.00
Travel and Entertainment
Utilites
Other (attach schedule)		270.83			641.66
Total Operating Expenses Before Depreciation		41,358.85			379,078.90
Depreciation/Depletion/Amortization
Net Profit(Loss) Before Other Income & Expenses		(41,358.85	)		(379,078.90	)

Other Income and Expenses
Other Income (attach schedule)		(24.77	)		(1,550.36	)
Interest Expense					6.65
Other Expense (attach schedule)		-			(261,574.79	)
		(24.77	)		(263,118.50	)

Net Profit (Loss) Before Reorganization Items		(41,334.08	)		(115,960.40	)

Reorganization Items
Professional Fees		47,717.35			368,554.79
U.S. Trustee Quarterly Fees					1,950.00
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
Gain (Loss) from Sale of Equipment
Other Reorganization Expenses (attach schedule)
Total Reorganization Expenses		47,717.35			370,504.79
Income Taxes - Deferred & Allocation		-			(441,776.00	)
Income Taxes - Current		5,318.00			5,318.00
Net Profit (Loss)	$	(94,369.43	)	$	(50,007.19	)

In re	RCPC Liquidating Corp		Case No.		10-35318-MBK
			Reporting Period		3/01/11 - 3/31/11


STATEMENT OF OPERATIONS - continuation sheet

			Cumulative
Breakdown of "Other" Category	Month		Filing to Date

Other Costs
	$	-	$	-




	$	-	$	-
Other Operational Expenses
Miscellaneous administrative expense	$	-	$	100.00
Escrow fees		270.83		541.66



	$	270.83	$	641.66
Other Income
Interest income - escrow accounts	$	24.77	$	1,550.36




	$	24.77	$	1,550.36
Other Expenses
Bank Fees	$	-	$	195.21
Reduction in Bank Fees - Wells Fargo		-		(25,000.00	)
Reduction in Legal Fees - Greenberg Traurig		-		(25,000.00	)
Adjustment in Consulting Fees - Getzler Henrich		-		(211,770.00	)

	$	-	$	(261,574.79	)
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	RCPC Liquidating Corp			Case No.		10-35318-MBK
				Reporting Period		3/01/11 - 3/31/11

	Book Value at End of			Book Value on
Assets	Current Reporting Month			Petition Date
Current Assets
Unrestricted Cash and Equivalents	$	1,635,451.27		$	55,407.50
Restricted Cash and Equivalents (see continuation sheet)		250,065.47			1,317,411.24
Accounts Receivable (Net)
Notes Receivable
Inventories
Prepaid Expenses		8,973.52			8,973.52
Professional Retainers
Other Current Assets (attach schedule)		30,347.00			22,721.00
Total Current Assets		1,924,837.26			1,404,513.26

Property and Equipment
Real Property and Improvements
Machinery and Equipment
Furniture, Fixtures and Office Equipment
Leasehold Improvements
Vehicles
Less Accumulated Depreciation
Total Property & Equipment		-			-

Other Assets
Loans to Insiders *
Other Assets (see schedule)		2,245,877.46			3,168,615.99
Total Other Assets		2,245,877.46			3,168,615.99

Total Assets	$	4,170,714.72		$	4,573,129.25

	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	$	118.75		$	-
Taxes Payable (refer to Form MOR-4)
Wages Payable
Notes Payable
Rent/Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees		108,959.94
Amounts Due to Insiders *
Other Postpetition Liabilities (attach schedule)		185,708.70
Total Postpetition Liabilities		294,787.39			-
Liabilities Subject to Compromise
Secured Debt		-			1,940.56
Priority Debt		-			1,022.54
Unsecured Debt		2,598,934.70			3,243,166.33
Total Pre-Petition Liabilities		2,598,934.70			3,246,129.43
Total Liabilities		2,893,722.09			3,246,129.43

Owner Equity
Capital Stock		100.00			100.00
Additional Paid-In Capital		1,250,000.00			1,250,000.00
Partners' Capital Account
Owner's Equity Account
Retained Earning - Pre-Petition		74,167.82			74,167.82
Retained Earning - Postpetition		(50,007.19	)
Adjustments to Owner Equity (attach schedule)		2,732.00			2,732.00
Postpetition contributions (Distributions) (Draws) (attach schedule)
Net Owner Equity		1,276,992.63			1,326,999.82

Total Liabilities and Owners' Equity	$	4,170,714.72		$	4,573,129.25

In re	RCPC Liquidating Corp			Case No.		10-35318-MBK
				Reporting Period		3/01/11 - 3/31/11


BALANCE SHEET - continuation sheet


	Book Value at End of		Book Value on
Assets	Current Reporting Month		Petition Date
Other Current Assets
Deferred income tax assets	$	30,347.00	$	22,721.00



	$	30,347.00	$	22,721.00
Other Assets
Account receivable - RCC, Inc.	$	399,075.89	$	263,206.89
Account receivable - RA Liquidating Corp		95,854.95		2,473,273.07
Account receivable - RCLC, Inc.		480,596.59
Deferred income tax assets		1,270,350.03		432,136.03

	$	2,245,877.46	$	3,168,615.99


	Book Value at End of		Book Value on
Liabilities And Owner Equity	Current Reporting Month		Petition Date
Other Postpetition Liabilities
Due to RCLC, Inc.	$	185,708.70	$	-
Due to RA Liquidating Corp		-
Due to RCC, Inc.		-



	$	185,708.70	$	-

Adjustments to Owner Equity
Accum other comprehensive loss	$	2,732.00	$	2,732.00



	$	2,732.00	$	2,732.00

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




	$	-	$	-

In re

RCPC Liquidating Corp

Case No.

10-35318-MBK

Reporting Period

3/01/11 - 3/31/11


STATUS OF POSTPETITION TAXES

	Beginning		Amount Withheld								Check No.		Ending
	Tax Liability		or Accrued			Amount Paid			Date Paid		or EFT		Tax Liability
Federal
Withholding	$	-	$	-		$	-						$	-
FICA-Employee		85.56					(85.56	)	3/15/11			3009		-
FICA-Employer		85.59					(85.59	)	3/15/11			3009		-
Unemployment		0												-
Income														-
Other:														-
Total Federal Taxes		171.15		-			(171.15	)						-

State and Local
Withholding		9.11		-			(9.11	)	3/15/11		EFT			-
Sales														-
Excise														-
Unemployment		48.36		-			(48.36	)	3/15/11		EFT			-
Real Property														-
Personal Property														-
Income				1,960.00			(1,960.00	)	3/15/11		EFT			-
Franchise				3,358.00			(3,358.00	)	3/15/11			3010		-
Other:		0.98		(0.98	)									-
Total State and Local		58.45		5,317.02			(5,375.47	)						-

Total Taxes	$	229.60	$	5,317.02		$	(5,546.62	)					$	-


SUMMARY OF UNPAID POSTPETITION DEBTS

Attach aged listing of accounts payable
	Current		0-30			31-60			61-90		Over 90		Total
Accounts Payable (EWMA)	$	-	$	-		$	118.75		$	-	$	-	$	118.75
Wages Payable
Taxes Payable														-
Rent/Leases-Building
Rent/Leases-Equipment
Secured Debt/Adequate Protection Payments
Professional Fees		62,717.33		38,908.75			7,000.61			332.25		-		108,958.94
Amounts Due to Insiders *
Other: Due to affiliated companies		185,708.70												185,708.70
Other:
Total Postpetition Debts	$	248,426.03	$	38,908.75		$	7,119.36		$	332.25	$	-	$	294,786.39

In re	RCPC Liquidating Corp			Case No.	10-35318-MBK
				Reporting Period	3/01/11 - 3/31/11


ACCOUNTS RECEIVABLE RECONCILING AND AGING

Accounts Receivable Reconciliation	Amount
Total Accounts Receivable at the beginning of the reporting period	$	-
(+) Amounts billed during the period		-
(-) Amounts collected during the period		-
Total Accounts Receivable at the end of the reporting period			$	-

Accounts Receivable Aging	Amount
0 - 30 days old		-
31 - 60 days old		-
61 - 90 days old		-
91 + days old		-
Total Accounts Receivable			$	-
Amounts considered uncollectible (Bad Debt)
Accounts Receivable (Net)			$	-





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

3	The Federal from 941 for the fourth quarter of 2010 was not filed until March 2011 because no wages had been paid since
	the second quarter. We did not note that the payroll tax effect of including the group term life insurance
	taxable income in the Forms W-2 required a Form 941 until March. The form was promptly filed and the tax paid.

BALANCE SHEET

Accrual Basis