PFF BANCORP INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - September 2, 2011

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Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 7/1/11 — 7/31/11
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.
                 
                Affidavit /
        Document   Explanation   Supplement
REQUIRED DOCUMENTS   Form No.   Attached   Attached   Attached
Schedule of Cash Receipts and Disbursements
   MOR-1   YES        
Bank Reconciliation (or copies of debtor’s bank reconciliations)
   MOR-1a   YES        
Schedule of Professional Fees Paid
   MOR-1b   YES        
Copies of bank statements
       YES        
Cash disbursements journals
       YES        
Statement of Operations
   MOR-2   YES        
Balance Sheet
   MOR-3   YES        
Status of Post-petition Taxes
   MOR-4   YES        
Copies of IRS Form 6123 or payment receipt
       N/A        
Copies of tax returns filed during reporting period
       N/A        
Summary of Unpaid Post-petition Debts
   MOR-4   YES        
Listing of aged accounts payable
   MOR-4   YES        
Accounts Receivable Reconciliation and Aging
   MOR-5   YES        
Debtor Questionnaire
   MOR-5   YES        
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/ Kevin McCarthy
 
Signature of Authorized Individual*
  August 15, 2011
 
Date 		   
 
        
Kevin McCarthy
 
Printed Name of Authorized Individual
  CEO
 
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 PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 7/1/11 — 7/31/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE FILING  
    BANK ACCOUNTS     CURRENT MONTH     TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
   $ 112,986.79             $ 44,772,877.70             $ 44,885,864.49             $ 3,637,884.57          
 
                                                                
RECEIPTS
                                                                
CASH SALES
                                                                
ACCOUNTS RECEIVABLE
                                                                
LOANS AND ADVANCES
                                                                
SALE OF ASSETS
                                                   $ 1,033,315.22          
OTHER (ATTACH LIST)
                                                   $ 45,288,111.33          
TRANSFERS (FROM DIP ACCTS)
                                                                
 
                                                                
TOTAL RECEIPTS
                                                   $ 46,321,426.55          
 
                                                                
DISBURSEMENTS
                                                                
NET PAYROLL
   $ 21,530.00                             $ 21,530.00             $ 677,487.07          
PAYROLL TAXES
                                                                
SALES, USE & OTHER TAXES
                                                                
INVENTORY PURCHASES
                                                                
SECURED RENTAL/LEASES
                                                                
INSURANCE
                                                                
ADMINISTRATIVE
   $ 24,566.60             $ 354.75             $ 24,921.35             $ 1,068,843.18          
SELLING
                                                                
OTHER (ATTACH LIST)
                                                   $ 46,506.27          
 
                                                                
OWNER DRAW*
                                                                
TRANSFERS (TO DIP ACCTS)
                                                                
 
                                                                
PROFESSIONAL FEES
                                                   $ 3,285,037.45          
U.S. TRUSTEE QUARTERLY FEES
                                                   $ 41,924.01          
COURT COSTS
                                                                
TOTAL DISBURSEMENTS
   $ 46,096.60             $ 354.75             $ 46,451.35             $ 5,119,897.98          
 
                                                                
NET CASH FLOW
                                                                
(RECEIPTS LESS DISBURSEMENTS)
   $ (46,096.60 )           $ (354.75 )           $ (46,451.35 )           $ 41,201,528.57          
 
                                                                
CASH — END OF MONTH
   $ 66,890.19             $ 44,772,522.95             $ 44,839,413.14             $ 44,839,413.14          
     
*   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
   $ 46,451.35  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
   $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
   $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
   $ 46,451.35  

 

 

 

Account 9146
Account Name PFF Bancorp, Inc.
Reconciliation As of Date 7/31/11
                 
Balance per Bank
           $ 87,642.28  
 
                
Deposits in Transit
                
Date
   Amount        
 
                
Total
                
 
                
Outstanding Checks
                
Check #
   Amount        
1405
   $ 48.64          
1406
   $ 4,380.01          
1407
   $ 63.10          
1408
   $ 9,924.64          
 
                
Total
           $ (14,416.39 )
Other (List)
                
 
                
Bank charges on bank not on books
           $ 42.67  
Payroll on books not on bank
           $ (6,378.37 )
 
                
Balance per Books
           $ 66,890.19  

 

 

 

Account 9472

Account Name PFF Bancorp, Inc. — Tax Refund Holding
Reconciliation As of Date 7/31/11
                 
Balance per Bank
           $ 44,772,178.20  
 
                
Deposits in Transit
               
Date
   Amount        
 
                
Total
                
 
                
Outstanding Checks
                
Check #
   Amount        
 
                
Total
                
Other (List)
                
Bank charges on bank not on books
           $ 344.75  
 
                
Balance per Books
           $ 44,772,522.95  

 

 

 

     
In re PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 7/1/11 — 7/31/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
Paul, Hastings LLP
                                                           $ 1,791,373.60     $ 24,982.85  
 
                                                                        
JH Cohn
                                                           $ 581,973.90     $ 5,472.15  
 
                                                                        
Blank Rome
                                                           $ 706,419.20     $ 22,498.51  
 
                                                                        
Richards Layton & Finger
                                                           $ 148,785.04     $ 3,532.20  

 

 

 

     
Bank of America LOGO
  Account Number 9146
 
  01 01 149 01 M0000 E# 6
CUSTOMER CONNECTION
  Last Statement: 06/30/2011
BANK OF AMERICA, N.A.
  This Statement: 07/29/2011
DALLAS, TEXAS 75283-2406
    
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
    
DEBTOR IN POSSESSION #08-13127-KJC
    
OPERATING ACCOUNT
    
2058 N. MILLS AVE #139
  Page 1 of 3
CLAREMONT CA 91711
    
 
  Bankruptcy Case Number: 0813127KJC
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
     07/01/2011 – 07/29/2011     Statement Beginning Balance   $ 120,255.28  
Number of Deposits/Credits
     0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
     6     Amount of Checks   $ 25,941.47  
Number of Other Debits
     23     Amount of Other Debits   $ 6,671.53  
 
           Statement Ending Balance   $ 87,642.28  
Number of Enclosures
     6              
 
           Service Charge   $ 42.67  
Withdrawals and Debits
Checks
                                                         
Check           Date     Bank     Check             Date     Bank  
Number   Amount     Posted     Reference     Number     Amount     Posted     Reference  
1401
   $ 6,175.82       07/05       2182882058       1404     $ 9,767.75       07/11       2182375433  
1402
   $ 1,182.60       07/05       6292108843       10067 *   $ 4,311.92       07/07       9392862292  
1403
   $ 120.21       07/07       9492356812       10068     $ 4,383.17       07/22       9792816976  
Other Debits
                             
Date   Customer               Bank  
Posted   Reference     Amount     Description   Reference  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900019  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900020  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900021  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900022  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900023  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900024  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900025  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900026  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900027  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900028  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900029  
07/05
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900030  
07/05
     1     $ 5.00     STATEMENT ACTIVITY PRINT     09939900031  
07/08
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900005  
07/08
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900006  
07/08
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900007  
07/08
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900008  
07/08
     1     $ 5.00     STATEMENT ACTIVITY PRINT     09939900009  
07/11
           $ 3,223.58     ADP TX/FINCL SVC DES: ADP — TAX ID: E2Z8V 071226A01
INDN: PFF BANCORP INC CO ID: 1223006057 CCD		     89009997441  
07/13
           $ 64.44     ADP PAYROLL FEES DES: ADP — FEES ID: 13Z8V 882960
INDN: PFF BANCORP INC CO ID: 9659605001 CCD		     93007931893  
07/25
           $ 3,286.90     ADP TX/FINCL SVC DES: ADP — TAX ID: E2Z8V 072628A01
INDN: PFF BANCORP INC CO ID: 1223006057 CCD		     03011173244  
07/27
           $ 53.94     ADP PAYROLL FEES DES: ADP — FEES ID: 13Z8V 9378866
INDN: PFF BANCORP INC CO ID: 9659605001 CCD		     07008395295  
07/29
           $ 0.67     FDIC ASSESSMENT        
     
*   The preceding check(s) is still outstanding or has been included in a previous statement or is included in the ‘Other Debits’ section as an ACH paperless transaction.

 

 

 

     
Bank of America LOGO
  Account Number 9146
 
  01 01 149 01 M0000 E# 6
CUSTOMER CONNECTION
  Last Statement: 06/30/2011
BANK OF AMERICA, N.A.
  This Statement: 07/29/2011
DALLAS, TEXAS 75283-2406
    
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
    
 
  Page 2 of 3
 
 
  Bankruptcy Case Number: 0813127KJC
CUSTOMER CONNECTION ECONOMY CHECKING
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
06/30
   $ 120,255.28     $ 120,255.28       07/13     $ 95,366.96     $ 95,366.96  
07/05
   $ 112,867.86     $ 112,867.86       07/22     $ 90,983.79     $ 90,983.79  
07/07
   $ 108,435.73     $ 108,435.73       07/25     $ 87,696.89     $ 87,696.89  
07/08
   $ 108,422.73     $ 108,422.73       07/27     $ 87,642.95     $ 87,642.95  
07/11
   $ 95,431.40     $ 95,431.40       07/29     $ 87,642.28     $ 87,642.28  

 

 

 

     
 
  Account Number 9146
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 6
BANK OF AMERICA, N.A.
  Last Statement: 06/30/2011
DALLAS, TEXAS 75283-2406
  This Statement: 07/29/2011
 
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
    
 
  Page 3 of 3
 
 
  Bankruptcy Case Number: 0813127KJC
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 

 

     
Bank of America LOGO
  Account Number 9472
 
  01 01 152 01 M0000 E# 0
CUSTOMER CONNECTION
  Last Statement: 06/30/2011
BANK OF AMERICA, N.A.
  This Statement: 07/29/2011
DALLAS, TEXAS 75283-2406
    
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
    
DEBTOR IN POSSESSION #08-13127-KJC
    
TAX REFUND HOLDING ACCOUNT
    
2058 N. MILLS AVE #139
  Page 1 of 2
CLAREMONT CA 91711
    
 
  Bankruptcy Case Number: 0813127KJC
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
     07/01/2011 – 07/29/2011     Statement Beginning Balance   $ 44,772,522.95  
Number of Deposits/Credits
     0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
     0     Amount of Checks   $ 0.00  
Number of Other Debits
     1     Amount of Other Debits   $ 344.75  
 
           Statement Ending Balance   $ 44,772,178.20  
Number of Enclosures
     0              
 
           Service Charge   $ 344.75  
Withdrawals and Debits
Other Debits
                                 
Date   Customer                     Bank  
Posted   Reference     Amount     Description     Reference  
07/29
           $ 344.75     FDIC ASSESSMENT          
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
06/30
   $ 44,772,522.95     $ 44,772,522.95       07/29     $ 44,772,178.20     $ 44,772,178.20  

 

 

 

     
 
  Account Number 9472
CUSTOMER CONNECTION
  01 01 152 01 M0000 E# 0
BANK OF AMERICA, N.A.
  Last Statement: 06/30/2011
DALLAS, TEXAS 75283-2406
  This Statement: 07/29/2011
 
 
  Customer Service 1-800-342-7722
PFF BANCORP, INC
    
 
  Page 2 of 2
 
 
  Bankruptcy Case Number: 0813127KJC
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 

 

PFF Bancorp, Inc.
Transaction Detail by Account
July 2011
                                             
    Date   Type   Num     Name   Memo/Description   Split   Amount     Balance  
B of A Checking
                                            
 
   07/01/2011   Journal Entry     495             -SPLIT-     -89.93       -89.93  
 
   07/01/2011   Journal Entry     494             -SPLIT-     -7,599.94       -7,689.87  
 
   07/01/2011   Journal Entry     493             -SPLIT-     -120.21       -7,810.08  
 
   07/02/2011   Journal Entry     496             -SPLIT-     -9,767.75       -17,577.83  
 
   07/15/2011   Journal Entry     497             -SPLIT-     -7,724.01       -25,301.84  
 
   07/15/2011   Journal Entry     498             -SPLIT-     -48.64       -25,350.48  
 
   07/16/2011   Journal Entry     499             -SPLIT-     -4,380.01       -29,730.49  
 
   07/20/2011   Journal Entry     500             -SPLIT-     0.00       -29,730.49  
 
   07/29/2011   Journal Entry     502             -SPLIT-     -63.10       -29,793.59  
 
   07/29/2011   Journal Entry     501             -SPLIT-     -6,378.37       -36,171.96  
 
   07/30/2011   Journal Entry     504             -SPLIT-     -9,924.64       -46,096.60  
 
                                          
Total for B of A Checking
                                 -46,096.60          
Money Market — Tax Refund
                                            
 
   07/30/2011   Journal Entry     505             -SPLIT-     -354.75       -354.75  
 
                                          
Total for Money Market — Tax Refund
                                 -354.75          
Post Petition Debts
                                            
 
   07/30/2011   Journal Entry     503             -SPLIT-     592,022.89       592,022.89  
 
                                          
Total for Post Petition Debts
                                 592,022.89          
Bank Charges
                                            
 
   07/01/2011   Journal Entry     495             -SPLIT-     89.93       89.93  
 
   07/30/2011   Journal Entry     505             -SPLIT-     354.75       444.68  
 
                                          
Total for Bank Charges
                                 444.68          
Contractor — Talbott
                                            
 
   07/02/2011   Journal Entry     496             -SPLIT-     9,500.00       9,500.00  
 
   07/16/2011   Journal Entry     499             -SPLIT-     4,250.00       13,750.00  
 
   07/30/2011   Journal Entry     504             -SPLIT-     9,812.50       23,562.50  
 
                                          
Total for Contractor — Talbott
                                 23,562.50          
Contractor — Talbott — Expenses
                                            
 
   07/02/2011   Journal Entry     496             -SPLIT-     267.75       267.75  
 
   07/16/2011   Journal Entry     499             -SPLIT-     130.01       397.76  
 
   07/30/2011   Journal Entry     504             -SPLIT-     112.14       509.90  
 
                                          
Total for Contractor — Talbott — Expenses
                                 509.90          
Office Expenses
                                            
 
   07/01/2011   Journal Entry     494             -SPLIT-     64.44       64.44  
 
   07/15/2011   Journal Entry     497             -SPLIT-     53.94       118.38  
 
   07/29/2011   Journal Entry     501             -SPLIT-     53.94       172.32  
 
                                          
Total for Office Expenses
                                 172.32          
Payroll
                                            
 
   07/01/2011   Journal Entry     494             -SPLIT-     4,311.92       4,311.92  
 
   07/01/2011   Journal Entry     494             -SPLIT-     3,223.58       7,535.50  
 
   07/15/2011   Journal Entry     497             -SPLIT-     4,383.17       11,918.67  
 
   07/15/2011   Journal Entry     497             -SPLIT-     3,286.90       15,205.57  
 
   07/29/2011   Journal Entry     501             -SPLIT-     3,764.58       18,970.15  
 
   07/29/2011   Journal Entry     501             -SPLIT-     2,559.85       21,530.00  
 
                                          
Total for Payroll
                                 21,530.00          

 

 

 

                                             
    Date   Type   Num     Name   Memo/Description   Split   Amount     Balance  
Post Petit Prof — Pending
                                            
 
   07/30/2011   Journal Entry     503             -SPLIT-     592,022.89       592,022.89  
 
                                          
Total for Post Petit Prof — Pending
                                 592,022.89          
Postage
                                            
 
   07/01/2011   Journal Entry     493             -SPLIT-     64.11       64.11  
 
   07/15/2011   Journal Entry     498             -SPLIT-     21.10       85.21  
 
   07/29/2011   Journal Entry     502             -SPLIT-     21.10       106.31  
 
                                          
Total for Postage
                                 106.31          
Travel
                                            
 
   07/01/2011   Journal Entry     493             -SPLIT-     56.10       56.10  
 
   07/15/2011   Journal Entry     498             -SPLIT-     27.54       83.64  
 
   07/29/2011   Journal Entry     502             -SPLIT-     42.00       125.64  
 
                                          
Total for Travel
                                 125.64          
US Trustee
                                            
 
   07/20/2011   Journal Entry     500             -SPLIT-     0.00       0.00  
 
                                          
Total for US Trustee
                                 0.00          

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/01/2011    
                 
Account   Debit     Credit  
 
                
Bank Charges
   $ 89.93          
B of A Checking
           $ 89.93  
 
                
Totals
   $ 89.93     $ 89.93  
Memo: B of A — June

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/01/2011    
                 
Account   Debit     Credit  
 
                
Payroll
   $ 4,311.92          
Payroll
   $ 3,223.58          
Office Expenses
   $ 64.44          
B of A Checking
           $ 7,599.94  
 
                
Totals
   $ 7,599.94     $ 7,599.94  
Memo: 6/18 — 7/1/11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/01/2011    
                 
Account   Debit     Credit  
 
                
Travel
   $ 56.10          
Postage
   $ 64.11          
B of A Checking
           $ 120.21  
 
                
Totals
   $ 120.21     $ 120.21  
Memo: McCarthy Expenses 6/18 — 7/1/11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/02/2011    
                 
Account   Debit     Credit  
 
                
Contractor — Talbott
   $ 9,500.00          
Contractor — Talbott — Expenses
   $ 267.75          
B of A Checking
           $ 9,767.75  
 
                
Totals
   $ 9,767.75     $ 9,767.75  
Memo: 6/19 — 7/2/11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/15/2011    
                 
Account   Debit     Credit  
 
                
Payroll
   $ 4,383.17          
Payroll
   $ 3,286.90          
Office Expenses
   $ 53.94          
B of A Checking
           $ 7,724.01  
 
                
Totals
   $ 7,724.01     $ 7,724.01  
Memo: McCarthy 7/2 — 7/15/11

 

 

 

     
 
    
Journal Entry
    
 
  Adjusting Journal Entry: BETA
Date: 07/15/2011
    
                 
Account   Debit     Credit  
 
                
Postage
   $ 21.10          
Travel
   $ 27.54          
B of A Checking
           $ 48.64  
 
                
Totals
   $ 48.64     $ 48.64  
Memo: McCarthy 7/2 — 7/15/11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/16/2011    
                 
Account   Debit     Credit  
 
                
Contractor — Talbott
   $ 4,250.00          
Contractor — Talbott Expenses
   $ 130.01          
B of A Checking
           $ 4,380.01  
 
                
Totals
   $ 4,380.01     $ 4,380.01  
Memo: 7/3 — 7/16/11

 

 

 

     
Journal Entry  
   
Date: 07/20/2011   Adjusting Journal Entry: BETA
                 
Account   Debit     Credit  
 
                
US Trustee
   $ 0.00          
B of A Checking
           $ 0.00  
 
                
Totals
   $ 0.00     $ 0.00  
Memo: Q2 ‘11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/29/2011    
                 
Account   Debit     Credit  
 
                
Postage
   $ 21.10          
Travel
   $ 42.00          
B of A Checking
           $ 63.10  
 
                
Totals
   $ 63.10     $ 63.10  
Memo: McCarthy 7/16 — 7/29/11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/29/2011    
                 
Account   Debit     Credit  
 
                
Payroll
   $ 3,674.58          
Payroll
   $ 2,559.85          
Office Expenses
   $ 53.94          
B of A Checking
           $ 6,378.37  
 
                
Totals
   $ 6,378.37     $ 6,378.37  
Memo: McCarthy 7/16 — 7/29/11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/30/2011    
                 
Account   Debit     Credit  
 
                
Contractor — Talbott
   $ 9,812.50          
Contractor — Talbott — Expenses
   $ 112.14          
B of A Checking
           $ 9,924.64  
 
                
Totals
   $ 9,924.64     $ 9,924.64  
Memo: 7/17 — 7/30/11

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/30/2011    
                 
Account   Debit     Credit  
 
                
Bank Charges
   $ 354.75          
Money Market — Tax Refund
           $ 354.75  
 
                
Totals
   $ 354.75     $ 354.75  
Memo: B of A — June

 

 

 

PFF Bancorp, Inc.
Profit & Loss
July 2011
         
    Total  
Income
        
Total Income
        
Expenses
        
Bank Charges
     444.68  
Contractor — Talbott
     23,562.50  
Contractor — Talbott — Expenses
     509.90  
Office Expenses
     172.32  
Payroll
     21,530.00  
Post Petit Prof — Pending
     592,022.89  
Postage
     106.31  
Travel
     125.64  
US Trustee
     0.00  
 
      
 
        
Total Expenses
   $ 638,474.24  
 
      
 
        
Net Operating Income
   $ -638,474.24  
 
      
 
        
Net Income
   $ -638,474.24  
 
      

 

 

 

PFF Bancorp, Inc.
Profit & Loss
December 5, 2008 — July 31, 2011
         
    Total  
Income
        
Interest Income
     49,630.00  
Refunds-Allowances
     17,200.00  
Settlement Funds Received
     157,912.20  
Workers Comp Experience Refund
     10,563.00  
 
      
 
        
Total Income
   $ 235,305.20  
Expenses
        
Accrued Expenses
     0.00  
Bank Charges
     3,154.66  
Blank Rome — Expenses
     22,498.51  
Blank Rome — Fees
     706,419.20  
Commissions & Fees
     0.00  
Contractor — Talbott
     667,055.75  
Contractor — Talbott — Expenses
     8,145.79  
Interest Expense
     0.99  
JH Cohn — Expenses
     5,472.15  
JH Cohn — Fees
     581,973.90  
Kurtzman Carson
     238,715.49  
Legal & Professional Fees
     258,102.77  
Office Expenses
     58,618.23  
Payroll
     677,487.07  
PHJW Expenses
     24,982.85  
PHJW Fees
     1,791,373.60  
Post Petit Prof — Pending
     592,022.89  
Postage
     3,032.87  
Progressive Reimb
     -202,416.95  
RLF — Fees
     148,785.04  
RLF Expenses
     3,532.20  
Supplies
     383.11  
Taxes & Licenses
     15,653.23  
Travel
     17,308.21  
US Trustee
     41,924.01  
 
      
 
        
Total Expenses
   $ 5,664,225.57  
 
      
 
        
Net Operating Income
   $ -5,428,920.37  
Other Income
        
Other Income
     125,750.46  
 
      
 
        
Total Other Income
   $ 125,750.46  
Other Expenses
        
 
        
Charge Off Invest in PFF B&T
     142,517,693.00  
Miscellaneous
     2,000.20  
 
      
Total Other Expenses
   $ 142,519,693.20  
 
      
 
        
Net Other Income
   $ -142,393,942.74  
 
      
 
        
Net Income
   $ -147,822,863.11  
 
      

 

 

 

PFF Bancorp, Inc.
Balance Sheet
As of July 31, 2011
         
    Total  
ASSETS
        
Current Assets
        
Bank Accounts
        
B of A Checking
     66,890.19  
Checking
     0.00  
Citigroup Margin
     700,000.00  
M&I Bank Account
     1,000,000.00  
Money Market — Tax Refund
     44,772,522.95  
Paine Webber Business Svcs.
     0.00  
Trust Inv A/C
     0.00  
 
      
 
        
Total Bank Accounts
   $ 46,539,413.14  
Other Current Assets
        
Prepaid — Moffett
     44,060.00  
 
      
Total Other Current Assets
   $ 44,060.00  
 
      
 
        
Total Current Assets
   $ 46,583,473.14  
Other Assets
        
Accrued Interest
     5,666.00  
Accum Comp Gain/Loss 1
     136,845.00  
Accum Comp Gain/Loss 2
     -3,531,160.00  
Capital SERP PFF
     -377,518.00  
Capital Stock Investment
     0.00  
Common Stock Dist. Def. Comp
     1,389,015.00  
Common Stock Dist. SERP
     641,438.00  
Deferred Costs — JR SUB
     91,654.00  
Interest Receivable
     82,351.00  
Investment in PFF Real Estate Svcs.
     55,000.00  
Investment in Trust I
     928,000.00  
Investment in Trust II
     774,000.00  
Investment in Trust III
     928,000.00  
Investment with Subsidiaries
     1,307,442.00  
Kurtzman Carson Retainer
     15,000.00  
Net Income/Loss
     0.00  
Net Income/Loss — DBS
     16,886,374.00  
Net Income/Loss — GIA
     730,807.00  
Net Income/Loss — PFF RESI
     -29,275.00  
 
        
Net Income/Loss DBS correction
     -33,772,748.00  
PFF B&T Cash Dividend
     0.00  
PFF FAS 115
     1,228,035.00  
Prepaid Expenses
     33,000.00  
Prepaid OTS Assessment
     6,357.00  

 

 

 

         
    Total  
Progressive — Tail
     0.00  
RLF Retainer
     65,940.94  
Stock Options Granted
     24,911,967.00  
Travellers Tail
     0.00  
US Treasury Bonds — HTM
     0.00  
US Treasury Bonds — UNAM
     953.00  
US Treasury Bonds Mkt Value
     13,329.00  
Valuation Allowance
     -1,500,413.00  
 
      
 
        
Total Other Assets
   $ 11,020,059.94  
 
      
 
        
TOTAL ASSETS
   $ 57,603,533.08  
 
      
LIABILITIES AND EQUITY
        
Liabilities
        
Current Liabilities
        
Accounts Payable
        
Post Petition Debts
     592,022.89  
 
      
 
        
Total Accounts Payable
   $ 592,022.89  
Other Current Liabilities
        
Accrued Expenses Payable
     0.00  
Due to FDIC — Taxes
     654,985.55  
Suspense — NOL Carryback
     44,003,715.50  
 
      
 
        
Total Other Current Liabilities
   $ 44,658,701.05  
 
      
 
        
Total Current Liabilities
   $ 45,250,723.94  
Long Term Liabilities
        
Accrued Tax Fees
     6,311.00  
Deferred FIT
     -28,733.10  
Deferred SIT
     -1,378,007.00  
FAS 115 FIT
     4,132.00  
FAS 115 SIT
     1,466.00  
Intercompany Payable
     15.00  
Interest Payable — JR SUB Debt
     2,743,922.00  
Interest Payable — M&I
     -106,985.00  
Interest Payable — Other Notes
     -304,034.00  
Interest Payable — Secured Borrowings
     80,821.00  
Interest Payable — Swap Fixed
     452,506.00  
Interest Payable — Swap Variable
     -364,583.00  
JR SUB Debt I
     30,928,000.00  
JR SUB Debt II
     25,774,000.00  
JR SUB Debt III
     30,928,000.00  
JR SUB Debt MTM
     779,740.00  
 
        
Notes Payable — DBS
     -19,280,093.00  
Notes Payable M&I
     44,000,000.00  
Other Accrued Liabilities
     2,806,000.00  
Secured Borrowings
     486,849.00  
 
      
Total Long Term Liabilities
   $ 117,529,326.90  
 
      
 
        
Total Liabilities
   $ 162,780,050.84  

 

 

 

         
    Total  
Equity
        
APIC Equity Incentive Plan
     5,565,899.00  
APIC ESOP
     28,709,074.00  
APIC Preferred Stock
     6,990,000.00  
 
        
APIC Retained Earnings
     -53,645,740.00  
APIC SERP
     -377,518.00  
APIC Stock Options Granted
     24,901,591.00  
 
        
APIC Treasury
     -113,220,689.00  
APIC Valuation Def Tax
     10,376.00  
Common Stock
     224,811.00  
Common Stock Aquired
     -86,371.00  
Common Stock Dist Def Comp
     1,389,015.00  
Common Stock Dist SERP
     641,438.00  
Dividends
     81,713,632.00  
ISO Stock Options FAS 123R
     326,562.00  
NQ Stock Options FAS 123R
     700,675.00  
 
        
Opening Balance Equity
     -163,427,263.00  
Other Comprehensive Earnings
     -2,152,951.00  
 
        
Paid-In Capital or Surplus
     224,451,453.00  
Preferred Stock
     10,000.00  
 
        
Retained Earnings
     -146,678,997.03  
Net Income
     -1,221,514.73  
 
      
 
        
Total Equity
   $ -105,176,517.76  
 
      
 
        
TOTAL LIABILITIES AND EQUITY
   $ 57,603,533.08  
 
      

 

 

 

     
In re PFF Bancorp, Inc.
  Case No. 08-13127
 
  Reporting Period: 7/1/11 — 7/31/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                     
        Amount                         Ending
    Beginning   Withheld or     Amount         Check No.     Tax
Federal   Tax Liability   Accrued     Paid     Date Paid   _____T     Liability
Withholding
   NONE                               NONE
FICA-Employee
   NONE                               NONE
FICA-Employer
   NONE                               NONE
Unemployment
   NONE                               NONE
Income
   NONE                               NONE
Other:
   NONE                               NONE
Total Federal Taxes
   NONE                               NONE
State and Local
                                    
Withholding
   NONE                               NONE
Sales
   NONE                               NONE
Excise
   NONE                               NONE
Unemployment
   NONE                               NONE
Real Property
   NONE                               NONE
Personal Property
   NONE                               NONE
Other:
   NONE                               NONE
Total State and Local
   NONE                               NONE
Total Taxes
   NONE                               NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                           NONE  
Wages Payable
                                           NONE  
Taxes Payable
                                           NONE  
Rent/Leases-Building
                                           NONE  
Rent/Leases-Equipment
                                           NONE  
Secured Debt/Adequate Protection Payments
                                           NONE  
Professional Fees
           $ 6,465.59             $ 9,610.00     $ 57,947.30     $ 592,022.89  
Amounts Due to Insiders*
                                           NONE  
Other: _____________
                                           NONE  
Other: _____________
                                           NONE  
Total Postpetition Debts
           $ 6,465.59             $ 9,610.00     $ 57,947.30     $ 592,022.89  
Explain how and when the Debtor intends to pay any past-due postpetition debts.
Amounts will be paid upon release of tax refund monies held in suspense pending authorization from FDIC.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 

 

                                             
Firm   Description       Requested     Authorized     Expenses     Total Due     Date
PHJW
   25th 12/1 – 12/31/10       $ 45,418.50     $ 36,334.80     $ 72.60     $ 36,407.40     2/7/2011
 
   26th 1/1 – 1/31/11       $ 48,078.00     $ 38,462.40     $ 146.84     $ 38,609.24     3/28/2011
 
   27th 2/1 – 2/28/11       $ 6,862.50     $ 5,490.00     $ 1,200.12     $ 6,690.12     4/27/2011
 
   28th 3/1 – 3/31/11       $ 12,012.50     $ 9,610.00     $ 0.00     $ 9,610.00     5/23/2011
 
   Holdback Release   NA           $ 92,478.90     $ 0.00     $ 92,478.90     3/8/2011
 
                                            
RLF
   Holdback Release   NA           $ 49,420.11     $ 0.00     $ 49,420.11     3/8/2011
 
                                            
Blank Rome
   11/1 – 11/30/10       $ 240,362.50     $ 192,290.00     $ 5,807.63     $ 198,097.63     3/14/2011
 
   Holdback Release   NA           $ 88,742.00     $ 0.00     $ 88,742.00     3/8/2011
 
                                            
JH Cohn
   Holdback Release   NA           $ 43,626.10     $ 0.00     $ 43,626.10     3/8/2011
 
                                            
Moffett & Grigorian
   11/1/10 – 12/31/10   NA           $ 15,290.30     $ 0.00     $ 15,290.30     12/31/2010
 
   1/1/11 – 1/31/11   NA           $ 6,585.50     $ 0.00     $ 6,585.50     1/31/2011
 
   1/27/11 – 6/25/11   NA           $ 6,460.00     $ 5.59     $ 6,465.59     7/1/2011

 

 

 

     
In re PFF Bancorp, Inc.
  08-13127
     Debtor
  7/1/11 — 7/31/11
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
        
Total Accounts Receivable at the beginning of the reporting period
   NONE
+ Amounts billed during the period
   NONE
- Amounts collected during the period
   NONE
Total Accounts Receivable at the end of the reporting period
   NONE
Accounts Receivable Aging
        
0 - 30 days old
   NONE
31 -60 days old
   NONE
61 - 90 days old
   NONE
91+ days old
   NONE
Total Accounts Receivable
   NONE
Amount considered uncollectible (Bad Debt)
   NONE
Accounts Receivable (Net)
   NONE
DEBTOR QUESTIONNAIRE
                 
Must be completed each month   Yes     No  
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
             X  
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
             X  
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
     X          
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
     X          
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
             X  

 

 

 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 7/1/11 — 7/31/11
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.
                                 
                            Affidavit /  
            Document     Explanation     Supplement  
REQUIRED DOCUMENTS   Form No.     Attached     Attached     Attached  
Schedule of Cash Receipts and Disbursements
   MOR-1   YES                
Bank Reconciliation (or copies of debtor’s bank reconciliations)
   MOR-1a   YES                
Schedule of Professional Fees Paid
   MOR-1b   YES                
Copies of bank statements
           YES                
Cash disbursements journals
           YES                
Statement of Operations
   MOR-2   YES                
Balance Sheet
   MOR-3   YES                
Status of Post-petition Taxes
   MOR-4   YES                
Copies of IRS Form 6123 or payment receipt
             N/A                  
Copies of tax returns filed during reporting period
             N/A                  
Summary of Unpaid Post-petition Debts
   MOR-4   YES                
Listing of aged accounts payable
   MOR-4   YES                
Accounts Receivable Reconciliation and Aging
   MOR-5   YES                
Debtor Questionnaire
   MOR-5   YES                
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/ Kevin McCarthy
      August 15, 2011
 
       
Signature of Authorized Individual*
      Date
 
        
Kevin McCarthy
      CEO
 
       
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 Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 7/1/11 — 7/31/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE FILING  
    BANK ACCOUNTS     CURRENT MONTH     TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
   $ 94,433.10                             $ 94,433.10             $ 31,278.00          
 
                                                                
CASH SALES
                                                   $ 3,516.02          
ACCOUNTS RECEIVABLE
                                                                
LOANS AND ADVANCES
                                                                
SALE OF ASSETS
                                                   $ 30,277.00          
OTHER (ATTACH LIST)
                                                   $ 62,569.39          
TRANSFERS (FROM DIP ACCTS)
                                                   $ 196,027.42          
 
                                                                
TOTAL RECEIPTS
                                                   $ 292,389.83          
 
                                                                
NET PAYROLL
                                                   $ 27,609.67          
PAYROLL TAXES
                                                                
SALES, USE & OTHER TAXES
                                                                
INVENTORY PURCHASES
                                                                
SECURED RENTAL/LEASES
                                                   $ 124,519.58          
INSURANCE
                                                                
ADMINISTRATIVE
   $ 595.73                             $ 595.73             $ 68,381.21          
SELLING
                                                                
OTHER (ATTACH LIST)
                                                                
 
                                                                
OWNER DRAW*
                                                                
TRANSFERS (TO DIP ACCTS)
                                                   $ 4,445.00          
 
                                                                
PROFESSIONAL FEES
                                                                
U.S. TRUSTEE QUARTERLY FEES
   $ 325.00                             $ 325.00             $ 5,200.00          
COURT COSTS
                                                                
TOTAL DISBURSEMENTS
   $ 920.73                             $ 920.73             $ 230,155.46          
 
                                                                
NET CASH FLOW
                                                                
(RECEIPTS LESS DISBURSEMENTS)
   $ (920.73 )                           $ (920.73 )           $ 62,234.37          
 
                                                                
CASH — END OF MONTH
   $ 93,512.37                             $ 93,512.37             $ 93,512.37          
     
*   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
   $ 920.73  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
   $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
   $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
   $ 920.73  

 

 

 

Account 9162
Account Name Glencrest Investment Advisors, Inc.
Reconciliation As of Date 7/31/11
                 
Balance per Bank
           $ 94,052.65  
 
                
Deposits in Transit
                
Date
   Amount        
 
                
Total
                
 
                
Outstanding Checks
                
Check #
  Amount        
1144
   $ 550.00          
 
                
Total
           $ (550.00 )
Other (List)
                
Bank charges on bank not on books
           $ 9.72  
 
                
Balance per Books
           $ 93,512.37  

 

 

 

     
In re Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 7/1/11 — 7/31/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
 
                                                                        
 
                   NONE                                                

 

 

 

     
Bank of America LOGO
  Account Number 9162
 
  01 01 149 01 M0000 E# 1
CUSTOMER CONNECTION
  Last Statement: 06/30/2011
BANK OF AMERICA, N.A.
  This Statement: 07/29/2011
DALLAS, TEXAS 75283-2406
    
 
    
 
  Customer Service 1-800-342-7722
GLENCREST INVESTMENT ADVISORS, INC.
    
DEBTOR IN POSSESSION #08-13128
    
OPERATING ACCOUNT
  Page 1 of 2
2058 N. MILLS AVE #139
    
CLAREMONT CA 91711
  Bankruptcy Case Number: 0813128
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
     07/01/2011 – 07/29/2011     Statement Beginning Balance   $ 94,387.37  
Number of Deposits/Credits
     0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
     1     Amount of Checks   $ 325.00  
Number of Other Debits
     4     Amount of Other Debits   $ 9.72  
 
           Statement Ending Balance   $ 94,052.65  
Number of Enclosures
     1              
 
           Service Charge   $ 9.72  
Withdrawals and Debits
Checks
                                                         
Check           Date     Bank     Check             Date     Bank  
Number   Amount     Posted     Reference     Number     Amount     Posted     Reference  
1143
   $ 325.00       07/28       6492222977                                  
Other Debits
                         
Date   Customer               Bank  
Posted   Reference   Amount     Description   Reference  
07/06   1   $ 2.00    
PHOTOCOPY/DOCUMENT IMAGE
     09939900015  
07/06   1   $ 2.00    
PHOTOCOPY/DOCUMENT IMAGE
     09939900016  
07/06   1   $ 5.00    
STATEMENT ACTIVITY PRINT
     09939900014  
07/29       $ 0.72    
FDIC ASSESSMENT
        
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
06/30
   $ 94,387.37     $ 94,387.37       07/28     $ 94,053.37     $ 94,053.37  
07/06
   $ 94,378.37     $ 94,378.37       07/29     $ 94,052.65     $ 94,052.65  

 

 

 

     
 
  Account Number 9162
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 1
BANK OF AMERICA, N.A.
  Last Statement: 06/30/2011
DALLAS, TEXAS 75283-2406
  This Statement: 07/29/2011
 
 
  Customer Service 1-800-342-7722
GLENCREST INVESTMENT ADVISORS, INC.
    
 
    
 
  Page 2 of 2
 
    
 
  Bankruptcy Case Number: 0813128
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 

 

Glencrest Investment Advisors, Inc.
Transaction Detail by Account
July 2011
                                                                 
    Date     Type     Num     Name     Memo/Description     Split     Amount     Balance  
B of A Checking
                                                                
 
     07/01/2011     Journal Entry       273                     -SPLIT-     -45.73       -45.73  
 
     07/20/2011     Journal Entry       274                     -SPLIT-     -325.00       -370.73  
 
     07/22/2011     Journal Entry       275                     -SPLIT-     -550.00       -920.73  
 
                                                              
Total for B of A Checking
                                                     -920.73          
Bank Charges
                                                                
 
     07/01/2011     Journal Entry       273                     -SPLIT-     45.73       45.73  
 
                                                              
Total for Bank Charges
                                                     45.73          
Reliable Self Storage
                                                                
 
     07/22/2011     Journal Entry       275                     -SPLIT-     550.00       550.00  
 
                                                              
Total for Reliable Self Storage
                                                     550.00          
US Trustee
                                                                
 
     07/20/2011     Journal Entry       274                     -SPLIT-     325.00       325.00  
 
                                                              
Total for US Trustee
                                                     325.00          

 

 

 

     
Journal Entry    
     
Date: 07/01/2011   Adjusting Journal Entry: BETA
                 
Account   Debit     Credit  
 
                
Bank Charges
   $ 45.73          
B of A Checking
           $ 45.73  
 
                
Totals
   $ 45.73     $ 45.73  
Memo: B of A — June

 

 

 

     
Journal Entry    
     
Date: 07/20/2011   Adjusting Journal Entry: BETA
                 
Account   Debit     Credit  
 
                
US Trustee
   $ 325.00          
B of A Checking
           $ 325.00  
 
                
Totals
   $ 325.00     $ 325.00  
Memo: Q2 ‘11

 

 

 

     
Journal Entry    
     
Date: 07/22/2011   Adjusting Journal Entry: BETA
                 
Account   Debit     Credit  
 
                
Reliable Self Storage
   $ 550.00          
B of A Checking
           $ 550.00  
 
                
Totals
   $ 550.00     $ 550.00  
Memo: 8/1 — 8/31/11

 

 

 

Glencrest Investment Advisors, Inc.
Profit & Loss
July 2011
         
    Total  
Income
        
Total Income
        
Expenses
        
Bank Charges
     45.73  
Reliable Self Storage
     550.00  
US Trustee
     325.00  
 
      
Total Expenses
   $ 920.73  
 
      
Net Operating Income
   $ -920.73  
 
      
Net Income
   $ -920.73  
 
      

 

 

 

Glencrest Investment Advisors, Inc.
Profit & Loss
December 5, 2008 — July 31, 2011
         
    Total  
Income
        
Ameritrade Close Out
     22,111.54  
CA Financial Ptnr Income
     14,198.54  
Fees Billed
     3,723.54  
Misc Asset Sales — Claremont
     30,277.00  
Rental Income Palm Desert
     27,573.93  
Sublease — PFF
     6,279.10  
Trailer Income
     3,263.56  
 
      
 
        
Total Income
   $ 107,427.21  
Expenses
        
Bank Charges
     510.75  
Computek I.T.
     1,275.00  
I 365 Data Storage
     20,751.64  
Janitorial — Claremont
     1,720.00  
Janitorial — Palm Desert
     560.00  
Legal & Professional Fees
     -7,097.45  
Office Expenses
     3,959.35  
Other General and Admin Expenses
     4,141.78  
Payroll Expenses
     27,603.90  
Reliable Self Storage
     14,287.74  
Rent — Claremont
     93,547.58  
Rent — Palm Desert
     32,194.67  
Supplies
     -233.34  
Taxes & Licenses
     2,480.41  
US Trustee
     5,200.00  
Utilities
     2,500.98  
Utilities — Gas Co
     939.56  
Utilities — Phone and Data
     13,180.03  
Utilities — SCE
     7,260.65  
Utilities — Siemens
     848.52  
Utilities — Water
     15.14  
 
      
 
        
Total Expenses
   $ 225,646.91  
 
      
 
        
Net Operating Income
   $ -118,219.70  
Other Income
        
Other Income
     12,419.88  
 
      
Total Other Income
   $ 12,419.88  
Other Expenses
        
Miscellaneous
     54.11  
 
      
Total Other Expenses
   $ 54.11  
 
      
Net Other Income
   $ 12,365.77  
 
      
Net Income
   $ -105,853.93  
 
      

 

 

 

Glencrest Investment Advisors, Inc.
Balance Sheet
As of July 31, 2011
         
    Total  
ASSETS
        
Current Assets
        
Bank Accounts
        
B of A Checking
     93,512.37  
PFF Checking
     0.00  
Prepaid Rent — Claremont
     0.00  
 
      
Total Bank Accounts
   $ 93,512.37  
 
      
Total Current Assets
   $ 93,512.37  
Other Assets
        
Advances to Trust
     80,000.00  
Lease Deposit
     0.00  
Net Income/Loss GIS
     58,822.00  
Prepaid — Other
     17,680.08  
Prepaid A/P
     23,437.00  
Prepaid Rent & CAM — Claremont
     0.00  
Prepaid Rent — Palm Desert
     0.00  
Prin Rec FHLMC SEC Fixed
     2,916.92  
Property & Equipment
     492,486.00  
Utility Deposit
     0.00  
Valuation Allowance
     -43,570.00  
 
      
 
        
Total Other Assets
   $ 631,772.00  
 
      
 
        
TOTAL ASSETS
   $ 725,284.37  
 
      
LIABILITIES AND EQUITY
        
Liabilities
        
Long Term Liabilities
        
125 Deductions
     5,150.00  
401K
     469.00  
Accrued Payroll
     8,000.00  
Accrued Vacation
     34,313.00  
Deferred Federal Inc Tax
     93,597.00  
Deferred State Franchise Tax
     -137,167.00  
Employer FICA Tax Payable
     27.00  
Fed Inc Tax W/H
     178.00  
Federal Employee FICA
     27.00  
Intercompany Payable
     14,433.00  
MISC Unapplied Funds
     -224.00  
Other Accrued Liability
     40,000.00  
State Tax W/H
     34.00  
Sublease Deposit
     1.00  
 
      
Total Long Term Liabilities
   $ 58,838.00  
 
      
Total Liabilities
   $ 58,838.00  
Equity
        
APIC
     6,870,597.00  
APIC — Retained Earnings
     -6,206,986.00  
Common Stock
     3.00  
Opening Balance Equity
     -1.00  
Retained Earnings
     4,255.98  
Net Income
     -1,422.61  
 
      
 
        
Total Equity
   $ 666,446.37  
 
      
 
        
TOTAL LIABILITIES AND EQUITY
   $ 725,284.37  
 
      

 

 

 

     
In re Glencrest Investment Advisors, Inc.
  Case No. 08-13128
 
  Reporting Period: 7/1/11 — 7/31/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                                 
            Amount                             Ending  
    Beginning     Withheld or     Amount             Check No.     Tax  
Federal   Tax Liability     Accrued     Paid     Date Paid     _____T     Liability  
Withholding
   NONE                                   NONE
FICA-Employee
   NONE                                   NONE
FICA-Employer
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Income
   NONE                                   NONE
Other:
   NONE                                   NONE
Total Federal Taxes
   NONE                                   NONE
State and Local
                                                
Withholding
   NONE                                   NONE
Sales
   NONE                                   NONE
Excise
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Real Property
   NONE                                   NONE
Personal Property
   NONE                                   NONE
Other:
   NONE                                   NONE
Total State and Local
   NONE                                   NONE
Total Taxes
   NONE                                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                           NONE
Wages Payable
                                           NONE
Taxes Payable
                                           NONE
Rent/Leases-Building
                                           NONE
Rent/Leases-Equipment
                                           NONE
Secured Debt/Adequate Protection Payments
                                           NONE
Professional Fees
                                           NONE
Amounts Due to Insiders*
                                           NONE
Other:                     
                                           NONE
Other:                     
                                           NONE
Total Postpetition Debts
                                           NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 

 

     
In re Glencrest Investment Advisors, Inc.
  08-13128
     Debtor
  7/1/11 — 7/31/11
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
        
Total Accounts Receivable at the beginning of the reporting period
   NONE
+ Amounts billed during the period
   NONE
- Amounts collected during the period
   NONE
Total Accounts Receivable at the end of the reporting period
   NONE
Accounts Receivable Aging
        
0 - 30 days old
   NONE
31 -60 days old
   NONE
61 - 90 days old
   NONE
91+ days old
   NONE
Total Accounts Receivable
   NONE
Amount considered uncollectible (Bad Debt)
   NONE
Accounts Receivable (Net)
   NONE
DEBTOR QUESTIONNAIRE
         
Must be completed each month   Yes   No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
       X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
       X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
   X    
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
   X    
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
       X

 

 

 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 7/1/11 — 7/31/11
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.
                                 
                            Affidavit /  
            Document     Explanation     Supplement  
REQUIRED DOCUMENTS   Form No.     Attached     Attached     Attached  
Schedule of Cash Receipts and Disbursements
   MOR-1   YES                
Bank Reconciliation (or copies of debtor’s bank reconciliations)
   MOR-1a   YES                
Schedule of Professional Fees Paid
   MOR-1b   YES                
Copies of bank statements
           YES                
Cash disbursements journals
           YES                
Statement of Operations
   MOR-2   YES                
Balance Sheet
   MOR-3   YES                
Status of Post-petition Taxes
   MOR-4   YES                
Copies of IRS Form 6123 or payment receipt
             N/A                  
Copies of tax returns filed during reporting period
             N/A                  
Summary of Unpaid Post-petition Debts
   MOR-4   YES                
Listing of aged accounts payable
   MOR-4   YES                
Accounts Receivable Reconciliation and Aging
   MOR-5   YES                
Debtor Questionnaire
   MOR-5   YES                
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/ Kevin McCarthy
 
Signature of Authorized Individual*
  August 15, 2011
 
Date 		   
 
        
Kevin McCarthy
 
Printed Name of Authorized Individual
  CEO
 
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 Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 7/1/11 — 7/31/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE FILING TO  
    BANK ACCOUNTS     CURRENT MONTH     DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
   $ 90,891.92                             $ 90,891.92             $ 44,046.24          
 
RECEIPTS
                                                                
CASH SALES
   $ 224.02                             $ 224.02             $ 50,282.63          
ACCOUNTS RECEIVABLE
                                                                
LOANS AND ADVANCES
                                                                
SALE OF ASSETS
                                                   $ 307.22          
OTHER (ATTACH LIST)
                                                                
TRANSFERS (FROM DIP ACCTS)
                                                                
 
                                                                
TOTAL RECEIPTS
   $ 224.02                             $ 224.02             $ 50,589.85          
 
                                                                
DISBURSEMENTS
                                                                
NET PAYROLL
                                                                
PAYROLL TAXES
                                                                
SALES, USE & OTHER TAXES
                                                                
INVENTORY PURCHASES
                                                                
SECURED RENTAL/LEASES
                                                                
INSURANCE
                                                                
ADMINISTRATIVE
   $ 10.70                             $ 10.70             $ 280.85          
SELLING
                                                                
OTHER (ATTACH LIST)
                                                                
 
                                                                
OWNER DRAW*
                                                                
TRANSFERS (TO DIP ACCTS)
                                                                
 
                                                                
PROFESSIONAL FEES
                                                                
U.S. TRUSTEE QUARTERLY FEES
   $ 325.00                             $ 325.00             $ 3,575.00          
COURT COSTS
                                                                
TOTAL DISBURSEMENTS
   $ 335.70                             $ 335.70             $ 3,855.85          
 
                                                                
NET CASH FLOW
                                                                
(RECEIPTS LESS DISBURSEMENTS)
   $ (111.68 )                           $ (111.68 )           $ 46,734.00          
 
                                                                
CASH — END OF MONTH
   $ 90,780.24                             $ 90,780.24             $ 90,780.24          
     
*   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
   $ 335.70  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
   $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
   $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
   $ 335.70  

 

 

 

Account 8202
Account Name Glencrest Insurance Services, Inc.
Reconciliation As of Date 7/31/11
                 
Balance per Bank
           $ 90,770.54  
 
                
Deposits in Transit
                
Date
   Amount        
 
                
Total
                
 
                
Outstanding Checks
                
Check #
   Amount        
 
                
Total
                
Other (List)
                
Bank charges on bank not on books
           $ 9.70  
 
                
Balance per Books
           $ 90,780.24  

 

 

 

     
In re Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 7/1/11 — 7/31/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
 
                                                                        
 
                   NONE                                                

 

 

 

     
Bank of America LOGO
  Account Number 8202
 
  01 01 149 01 M0000 E# 1
CUSTOMER CONNECTION
  Last Statement: 06/30/2011
BANK OF AMERICA, N.A.
  This Statement: 07/29/2011
DALLAS, TEXAS 75283-2406
    
 
  Customer Service 1-800-342-7722
GLENCREST INSURANCE SERVICES, INC.
    
DEBTOR IN POSSESSION #08-13131
    
2058 N. MILLS AVE #139
  Page 1 of 2
CLAREMONT CA 91711
    
 
  Bankruptcy Case Number: 0813131
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
     07/01/2011 – 07/29/2011     Statement Beginning Balance   $ 90,881.22  
Number of Deposits/Credits
     1     Amount of Deposits/Credits   $ 224.02  
Number of Checks
     1     Amount of Checks   $ 325.00  
Number of Other Debits
     4     Amount of Other Debits   $ 9.70  
 
           Statement Ending Balance   $ 90,770.54  
Number of Enclosures
     1              
 
           Service Charge   $ 9.70  
Deposits and Credits
                                 
Date   Customer                 Bank  
Posted   Reference     Amount     Description     Reference  
07/05
           $ 224.02     CA BANKING CENTER DEPOSIT       254006360701824  
Withdrawals and Debits
Checks
                                     
Check           Date   Bank     Check       Date   Bank
Number   Amount     Posted   Reference     Number   Amount   Posted   Reference
1013
  $ 325.00     07/28     6492222975                  
Other Debits
                             
Date   Customer                 Bank  
Posted   Reference     Amount     Description   Reference  
07/06
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900012  
07/06
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900013  
07/06
     1     $ 5.00     STATEMENT ACTIVITY PRINT     03339900011  
07/29
           $ 0.70     FDIC ASSESSMENT        
Daily Balances
                                     
Date   Ledger Balance     Collected Balance     Date   Ledger Balance     Collected Balance  
06/30
  $ 90,881.22     $ 90,881.22     07/11   $ 91,096.24     $ 91,096.24  
07/05
  $ 91,105.24     $ 90,881.22     07/28   $ 90,771.24     $ 90,771.24  
07/06
  $ 91,096.24     $ 90,872.22     07/29   $ 90,770.54     $ 90,770.54  
07/08
  $ 91,096.24     $ 91,082.80                      

 

 

 

     
 
  Account Number 8202
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 1
BANK OF AMERICA, N.A.
  Last Statement: 06/30/2011
DALLAS, TEXAS 75283-2406
  This Statement: 07/29/2011
 
 
  Customer Service 1-800-342-7722
GLENCREST INSURANCE SERVICES, INC.
    
 
  Page 2 of 2
 
 
  Bankruptcy Case Number: 0813131
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 

 

Glencrest Insurance Services, Inc.
Transaction Detail by Account
July 2011
                                             
    Date   Type   Num     Name   Memo/Description   Split   Amount     Balance  
B of A Checking
                                            
 
   07/01/2011   Journal Entry     110             -SPLIT-     224.02       224.02  
 
   07/01/2011   Journal Entry     112             -SPLIT-     -10.70       213.32  
 
   07/20/2011   Journal Entry     113             -SPLIT-     -325.00       -111.68  
 
                                          
Total for B of A Checking
                                 -111.68          
Fees Billed
                                            
 
   07/01/2011   Journal Entry     110             -SPLIT-     224.02       224.02  
 
                                          
Total for Fees Billed
                                 224.02          
Bank Charges
                                            
 
   07/01/2011   Journal Entry     112             -SPLIT-     10.70       10.70  
 
                                          
Total for Bank Charges
                                 10.70          
US Trustee
                                            
 
   07/20/2011   Journal Entry     113             -SPLIT-     325.00       325.00  
 
                                          
Total for US Trustee
                                 325.00          

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/01/2011    
                 
Account   Debit     Credit  
 
                
B of A Checking
   $ 224.02          
Fees Billed
           $ 224.02  
 
                
Totals
   $ 224.02     $ 224.02  
Memo: Transamerica

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/01/2011    
                 
Account   Debit     Credit  
 
                
Bank Charges
   $ 10.70          
B of A Checking
           $ 10.70  
 
                
Totals
   $ 10.70     $ 10.70  
Memo: B of A — June

 

 

 

     
Journal Entry    
    Adjusting Journal Entry: BETA
Date: 07/20/2011    
                 
Account   Debit     Credit  
 
                
US Trustee
   $ 325.00          
B of A Checking
           $ 325.00  
 
                
Totals
   $ 325.00     $ 325.00  
Memo: Q2 ‘11

 

 

 

Glencrest Insurance Services, Inc.
Profit & Loss
July 2011
         
    Total  
Income
        
Fees Billed
     224.02  
 
      
Total Income
   $ 224.02  
Expenses
        
Bank Charges
     10.70  
US Trustee
     325.00  
 
      
Total Expenses
   $ 335.70  
 
      
Net Operating Income
   $ -111.68  
 
      
Net Income
   $ -111.68  
 
      

 

 

 

Glencrest Insurance Services, Inc.
Profit & Loss
December 5, 2008 — July 31, 2011
         
    Total  
Income
        
Fees Billed
     50,282.63  
 
      
Total Income
   $ 50,282.63  
Expenses
        
Bank Charges
     280.85  
Taxes & Licenses
     0.00  
US Trustee
     3,575.00  
 
      
Total Expenses
   $ 3,855.85  
 
      
Net Operating Income
   $ 46,426.78  
Other Income
        
Other Income
     307.22  
 
      
Total Other Income
   $ 307.22  
 
      
Net Other Income
   $ 307.22  
 
      
Net Income
   $ 46,734.00  
 
      

 

 

 

Glencrest Insurance Services, Inc.
Balance Sheet
As of July 31, 2011
         
    Total  
ASSETS
        
Current Assets
        
Bank Accounts
        
B of A Checking
     90,780.24  
Operating Acct
     0.00  
PFF Checking
     0.00  
 
      
Total Bank Accounts
   $ 90,780.24  
 
      
Total Current Assets
   $ 90,780.24  
Other Assets
        
Prepaid Expenses and Other Assets
     36,194.00  
Property & Equipment
     16,201.00  
 
      
Total Other Assets
   $ 52,395.00  
 
      
 
        
TOTAL ASSETS
   $ 143,175.24  
 
      
LIABILITIES AND EQUITY
        
Liabilities
        
Long Term Liabilities
        
Deferred Tax
     36,194.00  
Fees Payable
     -322.00  
 
      
Total Long Term Liabilities
   $ 35,872.00  
 
      
Total Liabilities
   $ 35,872.00  
Equity
        
APIC — R/E Dividends Paid
     -5,440,000.00  
APIC — Retained Earnings
     5,480,569.00  
Common Stock
     20,000.00  
Opening Balance Equity
     0.24  
Retained Earnings
     46,960.14  
Net Income
     -226.14  
 
      
 
        
Total Equity
   $ 107,303.24  
 
      
 
        
TOTAL LIABILITIES AND EQUITY
   $ 143,175.24  
 
      

 

 

 

     
In re Glencrest Insurance Services, Inc.
  Case No. 08-13131
 
  Reporting Period: 7/1/11 — 7/31/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                                 
            Amount                             Ending  
    Beginning     Withheld or     Amount             Check No.     Tax  
Federal   Tax Liability     Accrued     Paid     Date Paid     _____T     Liability  
Withholding
   NONE                                   NONE
FICA-Employee
   NONE                                   NONE
FICA-Employer
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Income
   NONE                                   NONE
Other:
   NONE                                   NONE
Total Federal Taxes
   NONE                                   NONE
State and Local
                                                
Withholding
   NONE                                   NONE
Sales
   NONE                                   NONE
Excise
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Real Property
   NONE                                   NONE
Personal Property
   NONE                                   NONE
Other:
   NONE                                   NONE
Total State and Local
   NONE                                   NONE
Total Taxes
   NONE                                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                           NONE
Wages Payable
                                           NONE
Taxes Payable
                                           NONE
Rent/Leases-Building
                                           NONE
Rent/Leases-Equipment
                                           NONE
Secured Debt/Adequate Protection Payments
                                           NONE
Professional Fees
                                           NONE
Amounts Due to Insiders*
                                           NONE
Other: _____________
                                           NONE
Other: _____________
                                           NONE
Total Postpetition Debts
                                           NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 

 

     
In re Glencrest Insurance Services, Inc.   08-13131
    Debtor   7/1-7/31/11
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
        
Total Accounts Receivable at the beginning of the reporting period
   NONE
+ Amounts billed during the period
   NONE
- Amounts collected during the period
   NONE
Total Accounts Receivable at the end of the reporting period
   NONE
Accounts Receivable Aging
        
0 - 30 days old
   NONE
31 -60 days old
   NONE
61 - 90 days old
   NONE
91+ days old
   NONE
Total Accounts Receivable
   NONE
Amount considered uncollectible (Bad Debt)
   NONE
Accounts Receivable (Net)
   NONE
DEBTOR QUESTIONNAIRE
                 
Must be completed each month   Yes     No  
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
             X  
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
             X  
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
     X          
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
     X          
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
             X  

 

 

 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 7/1/11 — 7/31/11
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.
                 
                Affidavit /
        Document   Explanation   Supplement
REQUIRED DOCUMENTS   Form No.   Attached   Attached   Attached
Schedule of Cash Receipts and Disbursements
   MOR-1   YES        
Bank Reconciliation (or copies of debtor’s bank reconciliations)
   MOR-1a   YES        
Schedule of Professional Fees Paid
   MOR-1b   YES        
Copies of bank statements
       YES        
Cash disbursements journals
       YES        
Statement of Operations
   MOR-2   YES        
Balance Sheet
   MOR-3   YES        
Status of Post-petition Taxes
   MOR-4   YES        
Copies of IRS Form 6123 or payment receipt
       N/A        
Copies of tax returns filed during reporting period
       N/A        
Summary of Unpaid Post-petition Debts
   MOR-4   YES        
Listing of aged accounts payable
   MOR-4   YES        
Accounts Receivable Reconciliation and Aging
   MOR-5   YES        
Debtor Questionnaire
   MOR-5   YES        
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/ Kevin McCarthy
 
Signature of Authorized Individual*
  August 15, 2011
 
Date 		   
 
        
Kevin McCarthy
 
Printed Name of Authorized Individual
  CEO
 
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 Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 7/1/11 — 7/31/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE  
    BANK ACCOUNTS     CURRENT MONTH     FILING TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
   $ 1,758,291.44                             $ 1,758,291.44             $ 1,186,035.00          
 
                                                                
RECEIPTS
                                                                
CASH SALES
                                                                
ACCOUNTS RECEIVABLE
                                                                
LOANS AND ADVANCES
                                                                
SALE OF ASSETS
                                                                
OTHER (ATTACH LIST)
                                                   $ 350,000.00          
TRANSFERS (FROM DIP ACCTS)
                                                   $ 227,179.23          
 
                                                                
TOTAL RECEIPTS
                                                   $ 577,179.23          
 
                                                                
DISBURSEMENTS
                                                                
NET PAYROLL
                                                                
PAYROLL TAXES
                                                                
SALES, USE & OTHER TAXES
                                                                
INVENTORY PURCHASES
                                                                
SECURED RENTAL/LEASES
                                                                
INSURANCE
                                                                
ADMINISTRATIVE
   $ 23.54                             $ 23.54             $ 1,596.99          
SELLING
                                                                
OTHER (ATTACH LIST)
                                                   $ 99.34          
 
                                                                
OWNER DRAW*
                                                                
TRANSFERS (TO DIP ACCTS)
                                                                
 
                                                                
PROFESSIONAL FEES
                                                                
U.S. TRUSTEE QUARTERLY FEES
   $ 325.00                             $ 325.00             $ 3,575.00          
COURT COSTS
                                                                
TOTAL DISBURSEMENTS
   $ 348.54                             $ 348.54             $ 5,271.33          
 
                                                                
NET CASH FLOW
                                                                
(RECEIPTS LESS DISBURSEMENTS)
   $ (348.54 )                           $ (348.54 )           $ 571,907.90          
 
                                                                
CASH — END OF MONTH
   $ 1,757,942.90                             $ 1,757,942.90             $ 1,757,942.90          
     
*   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
   $ 348.54  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
   $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
   $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
   $ 348.54  

 

 

 

Account 9188
Account Name Diversified Builder Services, Inc.
Reconciliation As of Date 7/31/11
                 
Balance per Bank
           $ 1,757,920.36  
 
                
Deposits in Transit
                
Date
   Amount        
 
                
Total
                
 
                
Outstanding Checks
                
Check #
   Amount        
 
                
Total
                
Other (List)
                
Bank charges on bank not on books
           $ 22.54  
 
                
Balance per Books
           $ 1,757,942.90  

 

 

 

     
In re Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 7/1/11 — 7/31/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses
 
                                                                      
 
                   NONE                                              

 

 

 

     
Bank of America LOGO
  Account Number 9188
 
  01 01 149 01 M0000 E# 1
CUSTOMER CONNECTION
  Last Statement: 06/30/2011
BANK OF AMERICA, N.A.
  This Statement: 07/29/2011
DALLAS, TEXAS 75283-2406
    
 
    
 
  Customer Service 1-800-342-7722
DIVERSIFIED BUILDER SERVICES, INC.
    
DEBTOR IN POSSESSION #08-13129
    
OPERATING ACCOUNT
  Page 1 of 2
2058 N. MILLS AVE #139
    
CLAREMONT CA 91711
  Bankruptcy Case Number: 0813129
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
     07/01/2011 – 07/29/2011     Statement Beginning Balance   $ 1,758,267.90  
Number of Deposits/Credits
     0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
     1     Amount of Checks   $ 325.00  
Number of Other Debits
     4     Amount of Other Debits   $ 22.54  
 
           Statement Ending Balance   $ 1,757,920.36  
Number of Enclosures
     1              
 
           Service Charge   $ 22.54  
Withdrawals and Debits
Checks
                                                         
Check           Date     Bank     Check             Date     Bank  
Number   Amount     Posted     Reference     Number     Amount     Posted     Reference  
1014
   $ 325.00       07/28       6492222976                                  
Other Debits
                             
Date   Customer                 Bank  
Posted   Reference     Amount     Description   Reference  
07/06
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900018  
07/06
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900019  
07/06
     1     $ 5.00     STATEMENT ACTIVITY PRINT     09939900017  
07/29
           $ 13.54     FDIC ASSESSMENT        
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
06/30
   $ 1,758,267.90     $ 1,758,267.90       07/28     $ 1,757,933.90     $ 1,757,933.90  
07/06
   $ 1,758,258.90     $ 1,758,258.90       07/29     $ 1,757,920.36     $ 1,757,920.36  

 

 

 

     
 
  Account Number 9188
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 1
BANK OF AMERICA, N.A.
  Last Statement: 06/30/2011
DALLAS, TEXAS 75283-2406
  This Statement: 07/29/2011
 
    
 
  Customer Service 1-800-342-7722
DIVERSIFIED BUILDER SERVICES, INC.
    
 
  Page 2 of 2
 
    
 
  Bankruptcy Case Number: 0813129
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 

 

Diversified Builder Services, Inc.
Transaction Detail by Account
July 2011
                                             
    Date   Type   Num     Name   Memo/Description   Split   Amount     Balance  
B of A Checking
                                            
 
   07/01/2011   Journal Entry     52             -SPLIT-     -23.54       -23.54  
 
   07/20/2011   Journal Entry     53             -SPLIT-     -325.00       -348.54  
 
                                          
Total for B of A Checking
                                 -348.54          
Bank Charges
                                            
 
   07/01/2011   Journal Entry     52             -SPLIT-     23.54       23.54  
 
                                          
Total for Bank Charges
                                 23.54          
U S Trustee
                                            
 
   07/20/2011   Journal Entry     53             -SPLIT-     325.00       325.00  
 
                                          
Total for U S Trustee
                                 325.00          

 

 

 

     
Journal Entry    
     
Date: 07/01/2011   Adjusting Journal Entry: BETA
                 
Account   Debit     Credit  
 
                
Bank Charges
   $ 23.54          
B of A Checking
           $ 23.54  
 
                
Totals
   $ 23.54     $ 23.54  
Memo: B of A — June

 

 

 

     
Journal Entry    
     
Date: 07/20/2011   Adjusting Journal Entry: BETA
                 
Account   Debit     Credit  
 
                
US Trustee
   $ 325.00          
B of A Checking
           $ 325.00  
 
                
Totals
   $ 325.00     $ 325.00  
Memo: Q2 ‘11

 

 

 

Diversified Builder Services, Inc.
Profit & Loss
July 2011
         
    Total  
Income
        
Total Income
        
Expenses
        
Bank Charges
     23.54  
U S Trustee
     325.00  
 
      
Total Expenses
   $ 348.54  
 
      
Net Operating Income
   $ -348.54  
 
      
Net Income
   $ -348.54  
 
      

 

 

 

Diversified Builder Services, Inc.
Profit & Loss
December 5, 2008 — July 31, 2011
         
    Total  
Income
        
Lafferty Tax Refunds
     227,179.23  
 
      
 
        
Total Income
   $ 227,179.23  
Expenses
        
Appraisal Services
     1,000.00  
Bank Charges
     596.99  
Taxes & Licenses
     0.00  
U S Trustee
     3,575.00  
 
      
Total Expenses
   $ 5,171.99  
 
      
 
        
Net Operating Income
   $ 222,007.24  
Other Income
        
Other Income
     -99.34  
 
      
Total Other Income
   $ -99.34  
 
      
Net Other Income
   $ -99.34  
 
      
 
        
Net Income
   $ 221,907.90  
 
      

 

 

 

Diversified Builder Services, Inc.
Balance Sheet
As of July 31, 2011
         
    Total  
ASSETS
        
Current Assets
        
Bank Accounts
        
B of A Checking
     1,757,942.90  
PFF Checking
     0.00  
PFF Checking - 10102
     0.00  
 
      
 
        
Total Bank Accounts
   $ 1,757,942.90  
 
      
 
        
Total Current Assets
   $ 1,757,942.90  
Other Assets
        
100% Loan Loss — Comm Loans — MI
     -300,000.00  
Accounts Receivable
     288,500.00  
Commercial LOC — MI
     4,300,000.00  
Commercial LOC Contra Asset — CLS
     -1,050.00  
Def Income — Comm Non Accr
     -217,552.00  
Partial Charge-Offs Comm. Unsecured
     -2,579,081.00  
Property & Equipment
     7,489.00  
Val Allow — FIT Deferred Taxes
     1,951,021.00  
Val Allow — SIT Deferred Taxes
     -6,886,601.00  
 
      
 
        
Total Other Assets
   $ -3,437,274.00  
 
      
 
        
TOTAL ASSETS
   $ -1,679,331.10  
 
      
LIABILITIES AND EQUITY
        
Liabilities
        
Long Term Liabilities
        
Accrued Interest — Notes Payable
     304,034.00  
DBS Insurance Payable
     160.00  
Deferred Fed Income Taxes
     1,951,021.00  
Deferred Income
     288,500.00  
Deferred State Inc Taxes
     -6,886,601.00  
Intercompany Payable
     6.00  
Notes Payable
     19,280,093.00  
 
      
 
        
Total Long Term Liabilities
   $ 14,937,213.00  
 
      
 
        
Total Liabilities
   $ 14,937,213.00  
Equity
        
APIC
     28,000,000.00  
APIC — Retained Earnings
     -44,838,453.00  
Opening Balance Equity
     1.00  
Retained Earnings
     223,036.84  
Net Income
     -1,128.94  
 
      
 
        
Total Equity
   $ -16,616,544.10  
 
      
 
        
TOTAL LIABILITIES AND EQUITY
   $ -1,679,331.10  
 
      

 

 

 

     
In re Diversified Builder Services, Inc.
  Case No. 08-13129
 
  Reporting Period: 7/1/11 — 7/31/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                                 
            Amount                             Ending  
    Beginning     Withheld or     Amount             Check No.     Tax  
Federal   Tax Liability     Accrued     Paid     Date Paid     _____T     Liability  
Withholding
   NONE                                   NONE
FICA-Employee
   NONE                                   NONE
FICA-Employer
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Income
   NONE                                   NONE
Other:
   NONE                                   NONE
Total Federal Taxes
   NONE                                   NONE
State and Local
                                                
Withholding
   NONE                                   NONE
Sales
   NONE                                   NONE
Excise
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Real Property
   NONE                                   NONE
Personal Property
   NONE                                   NONE
Other:
   NONE                                   NONE
Total State and Local
   NONE                                   NONE
Total Taxes
   NONE                                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                           NONE
Wages Payable
                                           NONE
Taxes Payable
                                           NONE
Rent/Leases-Building
                                           NONE
Rent/Leases-Equipment
                                           NONE
Secured Debt/Adequate Protection Payments
                                           NONE
Professional Fees
                                           NONE
Amounts Due to Insiders*
                                           NONE
Other: _____________
                                           NONE
Other: _____________
                                           NONE
Total Postpetition Debts
                                           NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 

 

     
In re Diversified Builder Services, Inc.
  08-13129
     Debtor
  7/1/11-7/31/11
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
        
Total Accounts Receivable at the beginning of the reporting period
   $ 4,300,000.00  
- Amounts charged off during the period
        
- Amounts collected during the period
        
Total Accounts Receivable at the end of the reporting period
   $ 4,300,000.00  
Accounts Receivable Aging
        
0 - 30 days old
        
31 -60 days old
        
61 - 90 days old
        
91+ days old
   $ 4,300,000.00  
Total Accounts Receivable
   $ 4,300,000.00  
Amount considered uncollectible (Bad Debt)
   $ 2,579,081.00  
Accounts Receivable (Net)
   $ 1,720,911.00  
DEBTOR QUESTIONNAIRE
         
Must be completed each month   Yes   No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
       X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
       X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
   X    
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
   X    
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
       X

 

 

 

UNITED STATES BANKRUPTCY COURT
IN THE DISTRICT OF DELAWARE
     
In re PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 7/1/11 — 7/31/11
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.
                 
                Affidavit /
        Document   Explanation   Supplement
REQUIRED DOCUMENTS   Form No.   Attached   Attached   Attached
Schedule of Cash Receipts and Disbursements
   MOR-1   YES        
Bank Reconciliation (or copies of debtor’s bank reconciliations)
   MOR-1a   YES        
Schedule of Professional Fees Paid
   MOR-1b   YES        
Copies of bank statements
       YES        
Cash disbursements journals
       YES        
Statement of Operations
   MOR-2   YES        
Balance Sheet
   MOR-3   YES        
Status of Post-petition Taxes
   MOR-4   YES        
Copies of IRS Form 6123 or payment receipt
       N/A        
Copies of tax returns filed during reporting period
       N/A        
Summary of Unpaid Post-petition Debts
   MOR-4   YES        
Listing of aged accounts payable
   MOR-4   YES        
Accounts Receivable Reconciliation and Aging
   MOR-5   YES        
Debtor Questionnaire
   MOR-5   YES        
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/ Kevin McCarthy
  August 15, 2011    
 
       
Signature of Authorized Individual*
  Date    
 
        
Kevin McCarthy
  CEO    
 
       
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 PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 7/1/11 — 7/31/11
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor’s books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the “CURRENT MONTH - ACTUAL” column must equal the sum of the four bank account columns. The amounts reported in the “PROJECTED” columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CONT)]
                                                                 
                                                    CUMULATIVE  
    BANK ACCOUNTS     CURRENT MONTH     FILING TO DATE  
    OPER.     PAYROLL     TAX     OTHER     ACTUAL     PROJECTED     ACTUAL     PROJECTED  
CASH BEGINNING OF MONTH
   $ 22,311.72                             $ 22,311.72             $ 25,725.04          
 
                                                                
RECEIPTS
                                                                
CASH SALES
                                                                
ACCOUNTS RECEIVABLE
                                                                
LOANS AND ADVANCES
                                                                
SALE OF ASSETS
                                                                
OTHER (ATTACH LIST)
                                                                
TRANSFERS (FROM DIP ACCTS)
                                                                
 
                                                                
TOTAL RECEIPTS
                                                                
 
                                                                
DISBURSEMENTS
                                                                
NET PAYROLL
                                                                
PAYROLL TAXES
                                                                
SALES, USE & OTHER TAXES
                                                                
INVENTORY PURCHASES
                                                                
SECURED RENTAL/LEASES
                                                                
INSURANCE
                                                                
ADMINISTRATIVE
   $ 0.17                             $ 0.17             $ 163.49          
SELLING
                                                                
OTHER (ATTACH LIST)
                                                                
 
                                                                
OWNER DRAW*
                                                                
TRANSFERS (TO DIP ACCTS)
                                                                
 
                                                                
PROFESSIONAL FEES
                                                                
U.S. TRUSTEE QUARTERLY FEES
   $ 325.00                             $ 325.00             $ 3,575.00          
COURT COSTS
                                                                
TOTAL DISBURSEMENTS
   $ 325.17                             $ 325.17             $ 3,738.49          
 
                                                                
NET CASH FLOW
                                                                
(RECEIPTS LESS DISBURSEMENTS)
   $ (325.17 )                           $ (325.17 )           $ (3,738.49 )        
 
                                                                
CASH — END OF MONTH
   $ 21,986.55                             $ 21,986.55             $ 21,986.55          
     
*   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
   $ 325.17  
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
   $    
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
   $    
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
   $ 325.17  

 

 

 

Account 8192
Account Name PFF Real Estate Services, Inc.
Reconciliation As of Date 7/31/11
                 
Balance per Bank
           $ 21,977.38  
 
                
Deposits in Transit
                
Date
   Amount        
 
                
Total
                
 
                
Outstanding Checks
                
Check #
   Amount        
 
                
Total
                
Other (List)
                
 
Bank charges on bank not on books
           $ 9.17  
 
                
Balance per Books
           $ 21,986.55  

 

 

 

     
In re PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 7/1/11 — 7/31/11
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     Covered     Payor     Number     Date     Fees     Expenses     Fees     Expenses  
 
 
                   NONE                                                

 

 

 

     
Bank of America LOGO
  Account Number 8192
 
  01 01 149 01 M0000 E# 1
CUSTOMER CONNECTION
  Last Statement: 06/30/2011
BANK OF AMERICA, N.A.
  This Statement: 07/29/2011
DALLAS, TEXAS 75283-2406
    
 
  Customer Service 1-800-342-7722
PFF REAL ESTATE SERVICES, INC.
    
DEBTOR IN POSSESSION #08-13130
    
2058 N. MILLS AVE #139
  Page 1 of 2
CLAREMONT CA 91711
    
 
  Bankruptcy Case Number: 0813130
CUSTOMER CONNECTION ECONOMY CHECKING
Account Summary Information
                     
Statement Period
     07/01/2011 – 07/29/2011     Statement Beginning Balance   $ 22,311.55  
Number of Deposits/Credits
     0     Amount of Deposits/Credits   $ 0.00  
Number of Checks
     1     Amount of Checks   $ 325.00  
Number of Other Debits
     4     Amount of Other Debits   $ 9.17  
 
           Statement Ending Balance   $ 21,977.38  
Number of Enclosures
     1              
 
           Service Charge   $ 9.17  
Withdrawals and Debits
Checks
                                                         
Check           Date     Bank     Check             Date     Bank  
Number   Amount     Posted     Reference     Number     Amount     Posted     Reference  
1012
   $ 325.00       07/28       6492222974                                  
Other Debits
                             
Date   Customer                 Bank  
Posted   Reference     Amount     Description   Reference  
07/06
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900019  
07/06
     1     $ 2.00     PHOTOCOPY/DOCUMENT IMAGE     09939900010  
07/06
     1     $ 5.00     STATEMENT ACTIVITY PRINT     09939900008  
07/29
           $ 0.17     FDIC ASSESSMENT        
Daily Balances
                                         
Date   Ledger Balance     Collected Balance     Date     Ledger Balance     Collected Balance  
06/30
   $ 22,311.55     $ 22,311.55       07/28     $ 21,977.55     $ 21,977.55  
07/06
   $ 22,302.55     $ 22,302.55       07/29     $ 21,977.38     $ 21,977.38  

 

 

 

     
 
  Account Number 8192
CUSTOMER CONNECTION
  01 01 149 01 M0000 E# 1
BANK OF AMERICA, N.A.
  Last Statement: 06/30/2011
DALLAS, TEXAS 75283-2406
  This Statement: 07/29/2011
 
    
 
  Customer Service 1-800-342-7722
PFF REAL ESTATE SERVICES, INC.
    
 
  Page 2 of 2
 
    
 
  Bankruptcy Case Number: 0813130
IMPORTANT INFORMATION
CHANGE OF ADDRESS. Please call us at the customer service telephone number listed on the front of this statement to tell us about a change of address.
TERMS AND CONDITIONS. All deposits to, withdrawals from, or other transactions pertaining to your account(s) are subject to the terms and conditions of the agreement you received when you opened your account and any amendments thereto. Amendments to the agreement may be made from time to time in the manner stated therein.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS. If you think your statement or receipt is wrong or if you need more information about an electronic transfer (e.g., ATM transactions, direct deposits or withdrawals, point-of-sale transactions) on the statement or receipt, telephone or write us at the address or number listed on the front of this statement as soon you can. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared.
*   Tell us your name and account number
 
*   Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information
 
*   Tell us the dollar amount of the suspected error.
For consumer accounts used primarily for personal, family or household purposes, we will investigate your complaint and will correct any error promptly. If we take more than 10 business days (20 business days if you are a new customer, for electronic transfers occurring during the first 30 days after the first deposit is made to your account), to do this, we will re-credit your account for the amount you think is in error so that you will have use of the money during the time it takes us to complete our investigation.
For other accounts, we investigate, and if we find we have made an error, we will make the appropriate adjustment to your account at the conclusion of our investigation.
DIRECT DEPOSITS.
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you may call us at the telephone number listed on the front of this statement to find out if the deposit was made as scheduled.
REPORTING OTHER PROBLEMS.
You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods specified in the deposit agreement (which periods are no more than 60 days after we make the statement available to you and in some cases are 30 days or less), we are not liable to you for, and you agree not to make a claim against us for the problems or unauthorized transactions.

 

 

 

PFF Real Estate Services, Inc.
Transaction Detail by Account
July 2011
                                                     
    Date   Type   Num     Name     Memo/Description     Split   Amount     Balance  
B of A Checking
                                                    
 
   07/01/2011   Journal Entry     47                     -SPLIT-     -0.17       -0.17  
 
   07/20/2011   Journal Entry     48                     -SPLIT-     -325.00       -325.17  
 
                                                  
Total for B of A Checking
                                         -325.17          
Bank Charges
                                                    
 
   07/01/2011   Journal Entry     47                     -SPLIT-     0.17       0.17  
 
                                                  
Total for Bank Charges
                                         0.17          
U S Trustee
                                                    
 
   07/20/2011   Journal Entry     48                     -SPLIT-     325.00       325.00  
 
                                                  
Total for U S Trustee
                                         325.00          

 

 

 

Journal Entry
Adjusting Journal Entry: BETA
Date: 07/01/2011
                 
Account   Debit     Credit  
Bank Charges
   $ 0.17          
B of A Checking
           $ 0.17  
 
                
Totals
   $ 0.17     $ 0.17  
Memo: B of A — June

 

 

 

Journal Entry
Adjusting Journal Entry: BETA
Date: 07/20/2011
                 
Account   Debit     Credit  
US Trustee
   $ 325.00          
B of A Checking
           $ 325.00  
 
                
Totals
   $ 325.00     $ 325.00  
Memo: Q2 ‘11

 

 

 

PFF Real Estate Services, Inc.
Profit & Loss
July 2011
         
    Total  
Income
        
Total Income
        
Expenses
        
Bank Charges
     0.17  
U S Trustee
     325.00  
 
      
Total Expenses
   $ 325.17  
 
      
Net Operating Income
   $ -325.17  
 
      
Net Income
   $ -325.17  
 
      

 

 

 

PFF Real Estate Services, Inc.
Profit & Loss
December 5, 2008 — July 31, 2011
         
    Total  
Income
        
Total Income
        
Expenses
        
Bank Charges
     163.49  
U S Trustee
     3,575.00  
 
      
Total Expenses
   $ 3,738.49  
 
      
Net Operating Income
   $ -3,738.49  
Other Income
        
Other Income
     0.04  
 
      
Total Other Income
   $ 0.04  
 
      
Net Other Income
   $ 0.04  
 
      
Net Income
   $ -3,738.45  
 
      

 

 

 

PFF Real Estate Services, Inc.
Balance Sheet
As of July 31, 2011
         
    Total  
ASSETS
        
Current Assets
        
Bank Accounts
        
B of A Checking
     21,986.55  
PFF Checking
     0.00  
 
      
Total Bank Accounts
   $ 21,986.55  
 
      
Total Current Assets
   $ 21,986.55  
 
      
TOTAL ASSETS
   $ 21,986.55  
 
      
LIABILITIES AND EQUITY
        
Liabilities
        
Total Liabilities
        
Equity
        
APIC — Retained Earnings
     -29,275.00  
Common Stock
     55,000.00  
Opening Balance Equity
     0.00  
Retained Earnings
     -2,744.06  
Net Income
     -994.39  
 
      
Total Equity
   $ 21,986.55  
 
      
TOTAL LIABILITIES AND EQUITY
   $ 21,986.55  
 
      

 

 

 

     
In re PFF Real Estate Services, Inc.
  Case No. 08-13130
 
  Reporting Period: 7/1/11 — 7/31/11
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
                                                 
            Amount                             Ending  
    Beginning     Withheld or     Amount             Check No.     Tax  
Federal   Tax Liability     Accrued     Paid     Date Paid     _____T     Liability  
Withholding
   NONE                                   NONE
FICA-Employee
   NONE                                   NONE
FICA-Employer
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Income
   NONE                                   NONE
Other:
   NONE                                   NONE
Total Federal Taxes
   NONE                                   NONE
State and Local
                                                
Withholding
   NONE                                   NONE
Sales
   NONE                                   NONE
Excise
   NONE                                   NONE
Unemployment
   NONE                                   NONE
Real Property
   NONE                                   NONE
Personal Property
   NONE                                   NONE
Other:
   NONE                                   NONE
Total State and Local
   NONE                                   NONE
Total Taxes
   NONE                                   NONE
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
                                                 
    Current     0-30     31-60     61-90     Over 90     Total  
Accounts Payable
                                           NONE
Wages Payable
                                           NONE
Taxes Payable
                                           NONE
Rent/Leases-Building
                                           NONE
Rent/Leases-Equipment
                                           NONE
Secured Debt/Adequate Protection Payments
                                           NONE
Professional Fees
                                           NONE
Amounts Due to Insiders*
                                           NONE
Other: _____________
                                           NONE
Other: _____________
                                           NONE
Total Postpetition Debts
                                           NONE
Explain how and when the Debtor intends to pay any past-due postpetition debts.
 
     
*   “Insider” is defined in 11 U.S.C. Section 101(31).

 

 

 

     
In re PFF Real Estate Services, Inc.
   08-13130
Debtor
   7/1/11 — 7/31/11
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
         
Accounts Receivable Reconciliation
        
Total Accounts Receivable at the beginning of the reporting period
   NONE
+ Amounts billed during the period
   NONE
- Amounts collected during the period
   NONE
Total Accounts Receivable at the end of the reporting period
   NONE
Accounts Receivable Aging
        
0 - 30 days old
   NONE
31 -60 days old
   NONE
61 - 90 days old
   NONE
91+ days old
   NONE
Total Accounts Receivable
   NONE
Amount considered uncollectible (Bad Debt)
   NONE
Accounts Receivable (Net)
   NONE
DEBTOR QUESTIONNAIRE
         
Must be completed each month   Yes   No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.
       X
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.
       X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
   X    
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.
   X    
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.
       X