Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - BANKUNITED FINANCIAL CORP | d303887d8k.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
MIAMI DIVISION
| IN RE: | } | CASE NUMBER 09-19940-LMI | ||||
| } | (Jointly Administered) | |||||
| BANKUNITED FINANCIAL (1) | } | |||||
| CORPORATION, ET AL. | } | JUDGE Hon. Laurel M. Isicoff | ||||
| } | ||||||
| DEBTOR. | } | CHAPTER 11 |
DEBTORS’ CONSOLIDATED STANDARD MONTHLY OPERATING REPORT (BUSINESS)
FOR THE PERIOD
FROM January 1, 2012 TO January 31, 2012
Comes now the above-named debtor and files its Monthly Operating Reports in accordance with the Guidelines established by the United States Trustee and FRBP 2015.
| /s/ Joseph J. Luzinski, CRO | ||||||
| Debtor’s Signature | ||||||
| Debtor’s Address | Attorney’s Address | |||||
| and Phone Number: | and Phone Number: | |||||
| c/o Development Specialists, Inc. |
Greenberg Traurig, P.A. | |||||
| 200 South Biscayne Boulevard, Suite 1818 |
333 Avenue of the Americas | |||||
| Miami, FL 33131-2329 |
Miami, FL 33131 | |||||
| (305) 374-2717 |
(305) 579-0500 | |||||
Note: The original Monthly Operating Report is to be filed with the court and a copy simultaneously provided to the United States Trustee Office. Monthly Operating Reports must be filed by the 20th day of the following month.
For assistance in preparing the Monthly Operating Report, refer to the following resources on the United States Trustee Program Website, http://www.usdoj.gov/ust/r21/index.htm.
| 1) | Instructions for Preparations of Debtor’s Chapter 11 Monthly Operating Report |
| 2) | Initial Filing Requirements |
| 3) | Frequently Asked Questions (FAQs) http://www.usdoj.gov/ust/. |
| (1) | On the Petition Date, the following affiliated entities filed concurrently for Chapter 11: |
BankUnited Financial Corporation (Case #09-19940)
BankUnited Financial Services, Inc. (Case #09-19941)
CRE America Corporation (Case #09-19942)
MOR-1 (3)
GENERAL DISCLAIMER
These bankruptcy cases were filed on May 22, 2009, the day after the regulatory seizure of Debtor BankUnited Financial Corporation’s wholly-owned banking subsidiary, BankUnited, FSB, and the ensuing sale of that subsidiary’s assets by the Federal Deposit Insurance Corporation to BankUnited, a de novo federal savings association organized under the laws of the United States (“New Bank”). The Debtors’ current Chief Restructuring Officer, Joseph J. Luzinski (the “CRO”) was appointed effective June 2, 2009, eleven days after these cases were filed. Nearly all of the books and records of the Debtors are presently in the possession of the FDIC or New Bank. Accordingly, the information contained herein is based on the information currently available to the CRO and is subject to modification as additional information becomes available.
Nothing herein shall be construed as an admission or determination by the Debtors as to any amount or value set forth herein, the validity of any debt listed herein, ownership of any asset listed herein, the completeness of any financial statement set forth herein, or otherwise as to the accuracy or completeness of any information contained herein. The Debtors expressly reserve the right to modify any and all information contained herein as additional information becomes available.
Disclaimer (3)
SCHEDULE OF RECEIPTS AND DISBURSEMENTS
FOR THE PERIOD BEGINNING January 1, 2012 AND ENDING January 31, 2012
| Name of Debtor: | BANKUNITED FINANCIAL CORPORATION, ET AL. | Case Number | 09-19940-LMI | |||||
| Date of Petition: | May 22, 2009 |
(Jointly Administered) | ||||||
| CURRENT MONTH |
CUMULATIVE PETITION TO DATE |
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| 1. | FUNDS AT BEGINNING OF PERIOD |
$ | 9,248,559 | (a) | $ | — | (b) | |||||
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| 2. | RECEIPTS: |
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| A. Cash Sales |
$ | — | $ | — | ||||||||
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| Minus: Cash Refunds |
(-) | $ | — | $ | — | |||||||
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| Net Cash Sales |
$ | — | $ | — | ||||||||
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| B. Accounts Receivable |
$ | — | $ | — | ||||||||
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| C. Other Receipts (See MOR-3) |
$ | 456 | $ | 19,733,871 | ||||||||
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| (If you receive rental income, you must attach a rent roll.) |
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| 3. | TOTAL RECEIPTS (Lines 2A+2B+2C) |
$ | 456 | $ | 19,733,871 | |||||||
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| 4. | TOTAL FUNDS AVAILABLE FOR OPERATIONS (Line 1 + Line 3) |
$ | 9,249,015 | $ | 19,733,871 | |||||||
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| 5a. | DISBURSEMENTS REPORTED ON A RELATED MOR: |
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| CRE America Corp. |
$ | — | $ | 22,419 | ||||||||
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| 5b. | DISBURSEMENTS |
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| A. Advertising |
$ | — | $ | 141,170 | ||||||||
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| B. Bank Charges |
$ | 114 | $ | 3,452 | ||||||||
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| C. Contract Labor |
$ | — | $ | — | ||||||||
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| D. Fixed Asset Payments (not incl. in “N”) |
$ | — | $ | — | (1) | |||||||
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| E. Insurance |
$ | — | $ | — | ||||||||
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| F. Inventory Payments (See Attach. 2) |
$ | — | $ | — | ||||||||
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| G. Leases |
$ | — | $ | — | ||||||||
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| H. Manufacturing Supplies |
$ | — | $ | — | ||||||||
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| I. Office Supplies |
$ | — | $ | 1,043 | ||||||||
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| J. Payroll - Net (See Attachment 4B) |
$ | — | $ | — | ||||||||
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| K. Professional Fees (Accounting & Legal) |
$ | 27,000 | $ | 10,074,768 | ||||||||
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| L. Rent |
$ | — | $ | — | ||||||||
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| M. Repairs & Maintenance |
$ | — | $ | — | ||||||||
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| N. Secured Creditor Payments (See Attach. 2) |
$ | — | $ | — | ||||||||
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| O. Taxes Paid - Payroll (See Attachment 4C) |
$ | — | $ | — | ||||||||
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| P. Taxes Paid - Sales & Use (See Attachment 4C) |
$ | — | $ | — | ||||||||
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| Q. Taxes Paid - Other (See Attachment 4C) |
$ | — | $ | 1,147 | ||||||||
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| R. Telephone |
$ | — | $ | — | ||||||||
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| S. Travel & Entertainment |
$ | — | $ | 562 | ||||||||
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| T. U.S. Trustee Quarterly Fees |
$ | — | $ | 62,400 | ||||||||
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| U. Utilities |
$ | — | $ | — | ||||||||
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| V. Vehicle Expenses |
$ | — | $ | — | ||||||||
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| W. Other Operating Expenses (See MOR-3) |
$ | 14,155 | $ | 219,165 | ||||||||
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| 6. | TOTAL DISBURSEMENTS (Sum of 5A thru W) |
$ | 41,269 | $ | 10,503,707 | |||||||
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| 7. | ENDING BALANCE (Line 4 Minus Line 6) |
$ | 9,207,745 | (c) | $ | 9,207,745 | (c) | |||||
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I declare under penalty of perjury that this statement and the accompanying documents and reports are true and correct to the best of my knowledge and belief, subject to the General Disclaimer and footnotes to this Report.
| This 16 day of February, 2012. | /s/ Joseph J. Luzinski, CRO | |||
| (Signature) |
| (a) | This number is carried forward from last month’s report. For the first report only, this number will be the balance as of the petition date. |
| (b) | This figure will not change from month to month. It is always the amount of funds on hand as of the date of the petition. |
| (c) | These two amounts will always be the same if form is completed correctly. |
| (1) | Debtor has reclassified the work performed by Epic Bankruptcy Solutions from Contract Labor to Other Operating Expenses. |
MOR-2 (3)
MONTHLY SCHEDULE OF RECEIPTS AND DISBURSEMENTS (cont’d)
Detail of Other Receipts and Other Disbursements
OTHER RECEIPTS:
Describe Each Item of Other Receipt and List Amount of Receipt. Write totals on Page MOR-2, Line 2C.
| Description |
Current Month | Cumulative Petition to Date |
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| BUFC - Close Pre-Petition Bank Accounts |
$ | — | $ | 16,061,971 | ||||
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| BUFC - Interest Income |
$ | 297 | $ | 18,824 | ||||
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| BUFC - Retainer Recoveries |
$ | — | $ | 407,141 | ||||
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| BUFC - Transfer of Brokerage Accounts from “Old Bank” |
$ | — | $ | 57,039 | ||||
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| BUFC - Preference Recoveries |
$ | — | $ | 506,970 | ||||
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| BUFC - Insurance Premium Refunds |
$ | — | $ | 194,354 | ||||
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| BUFC - Proceeds from Deffered Compensation Plan |
$ | — | $ | 56,722 | ||||
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| BUFC - Funds from Partnerships |
$ | — | $ | 19,650 | ||||
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| BUFS - Close Pre-Petition Bank Accounts |
$ | — | $ | 2,033,234 | ||||
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| BUFS - Interest Income |
$ | 150 | $ | 4,066 | ||||
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| BUFS - Return of Suntrust Funds |
$ | — | $ | 98,238 | ||||
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| BUFS - Commissions Revenue |
$ | — | $ | 1,186 | ||||
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| BUFS - Refunds |
$ | — | $ | 613 | ||||
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| BUFS - Settlement Income |
$ | — | $ | 3,086 | ||||
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| BU Realty - Close “Old Bank” Bank Accounts |
$ | — | $ | 30,550 | ||||
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| BU Realty - Interest Income |
$ | 1 | $ | 51 | ||||
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| CRE - Close Pre-Petition Bank Accounts |
$ | — | $ | 239,791 | ||||
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| CRE - Interest Income |
$ | 8 | $ | 384 | ||||
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| TOTAL OTHER RECEIPTS |
$ | 456 | $ | 19,733,871 | ||||
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“Other Receipts” includes Loans from Insiders and other sources (i.e. Officer/Owner, related parties directors, related corporations, etc.). Please describe below:
| Loan Amount |
Source of Funds |
Purpose |
Repayment Schedule | |||
| None | ||||||
OTHER DISBURSEMENTS:
Describe Each Item of Other Disbursement and List Amount of Disbursement. Write totals on Page MOR-2, Line 5W.
| Description |
Current Month | Cumulative Petition to Date |
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| Corporate Filing Fees |
$ | 150 | $ | 1,200 | ||||
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| Employee Expense Reimbursement |
$ | — | $ | 2,088 | ||||
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| Financial Subscriptions |
$ | — | $ | 12,700 | ||||
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| CRE - St. Regis Timeshare Annual Maintenance Fees |
$ | — | $ | 20,966 | ||||
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| EDGAR Filing Fees |
$ | 1,740 | $ | 32,736 | ||||
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| Stock Transfer Agent |
$ | 3,800 | $ | 60,562 | ||||
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| IRS (non-tax payment) |
$ | — | $ | 14,000 | ||||
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| Claims |
$ | — | $ | 12,816 | ||||
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| Custodial Fees |
$ | — | $ | 879 | ||||
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| Other expenses |
$ | — | $ | 16,096 | ||||
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| Investment Bank expenses |
$ | — | $ | 15,000 | ||||
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| Noticing Agent / Creditor Committee Support |
$ | 8,465 | $ | 30,122 | (1) | |||
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| TOTAL OTHER DISBURSEMENTS |
$ | 14,155 | $ | 219,165 | ||||
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| NOTE: | Attach a current Balance Sheet and Income (Profit & Loss) Statement. |
| (1) | Debtor has reclassified the work performed by Epic Bankruptcy Solutions from Contract Labor to Other Operating Expenses. |
MOR-3
BankUnited Financial Corporation, et al., DIP
Consolidated Income Statement
For the Period Ended
January 31, 2012
| Cash Basis | BankUnited Financial Corp., DIP |
BankUnited Financial Svc., DIP |
BU Realty Corp. |
CRE
America, Corp., DIP |
TOTAL BUFC, et al., DIP |
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| Ordinary Income/Expense |
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| Income |
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| Commissions Revenue |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Insurance Premium Refunds |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Preference Recoveries |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Retainer Recoveries |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Transfer from Old Bank |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
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| Total Income |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Expense |
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| Administrative |
14,205 | 0 | 0 | 0 | 14,205 | |||||||||||||||
| Advertising |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Bank Charges |
114 | 0 | 0 | 0 | 114 | |||||||||||||||
| Board Compensation |
27,000 | 0 | 0 | 0 | 27,000 | |||||||||||||||
| Contract Labor |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Insurance |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Other Operating Expenses |
0 | (200 | ) | 150 | 0 | (50 | ) | |||||||||||||
| Professional Fees |
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| CRO Fees |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Financial Advisor Fees |
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| Fin. Advisor Fees - Committee |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Fin. Advisor Fees - Debtor |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
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| Financial Advisor Fees |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Financial Advisor Reimb Expense |
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| Fin. Adv. Reimb Exp - Committee |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Fin. Adv. Reimb Exp - Debtor |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
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| Financial Advisor Reimb Expense |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Legal Fees |
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| Legal Fees - Committee |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Legal Fees - Debtor |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Legal Fees - Other |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
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| Legal Fees |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Legal Reimb Expenses |
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| Legal Reimb Exp - Committee |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Legal Reimb Exp - Debtor |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Legal Reimb Exp - Other |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
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| Legal Reimb Expense |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
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| Total Professional Fees |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Taxes |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| U.S. Trustee Quarterly Fees |
4,875 | 325 | 0 | 325 | 5,525 | |||||||||||||||
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| Total Expense |
46,194 | 125 | 150 | 325 | 46,795 | |||||||||||||||
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| Net Ordinary Income |
(46,194 | ) | (125 | ) | (150 | ) | (325 | ) | (46,795 | ) | ||||||||||
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| Other Income/Expense |
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| Other Income |
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| Other Receipts |
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| Miscellaneous Receipts |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Interest Income |
297 | 150 | 1 | 8 | 456 | |||||||||||||||
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| Total Other Receipts |
297 | 150 | 1 | 8 | 456 | |||||||||||||||
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| Total Other Income |
297 | 150 | 1 | 8 | 456 | |||||||||||||||
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| Net Other Income |
297 | 150 | 1 | 8 | 456 | |||||||||||||||
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| Net Incr./(Decr.) in Cash During Period |
(45,898 | ) | 24 | (149 | ) | (317 | ) | (46,339 | ) | |||||||||||
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Page 5 of 15
BankUnited Financial Corporation, et al., DIP
Consolidated Income Statement
Inception to Date
(January 31, 2012)
| Cash Basis | BankUnited Financial Corp., DIP |
BankUnited Financial Svc., DIP |
BU Realty Corp. |
CRE
America, Corp., DIP |
TOTAL BUFC, et al., DIP |
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| Ordinary Income/Expense |
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| Income |
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| Commissions Revenue |
0 | 1,186 | 0 | 0 | 1,186 | |||||||||||||||
| Insurance Premium Refunds |
194,354 | 0 | 0 | 0 | 194,354 | |||||||||||||||
| Other Receipts (See MOR-3) |
0 | 98,238 | 0 | 0 | 98,238 | |||||||||||||||
| Preference Recoveries |
506,970 | 0 | 0 | 0 | 506,970 | |||||||||||||||
| Retainer Recoveries |
407,141 | 0 | 0 | 0 | 407,141 | |||||||||||||||
| Transfer from Old Bank |
11,391,219 | 2,033,234 | 30,550 | 239,791 | 13,694,794 | |||||||||||||||
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| Total Income |
12,499,685 | 2,132,659 | 30,550 | 239,791.20 | 14,902,685 | |||||||||||||||
| Expense |
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| Administrative |
137,079 | 0 | 0 | 0 | 137,079 | |||||||||||||||
| Advertising |
141,170 | 0 | 0 | 0 | 141,170 | |||||||||||||||
| Bank Charges |
3,356 | 0 | 0 | 0 | 3,356 | |||||||||||||||
| Board Compensation |
244,500 | 0 | 0 | 0 | 244,500 | |||||||||||||||
| Contract Labor |
0 | 796 | 0 | 0 | 796 | |||||||||||||||
| Insurance |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Office Supplies |
1,043 | 0 | 0 | 0 | 1,043 | |||||||||||||||
| Other Operating Expenses |
54,370 | 100 | 450 | 43,685 | 98,605 | |||||||||||||||
| Professional Fees |
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| CRO Fees |
645,000 | 0 | 0 | 0 | 645,000 | |||||||||||||||
| Financial Advisor Fees |
1,279,198 | 0 | 0 | 0 | 1,279,198 | |||||||||||||||
| Financial Advisor Reimb Expense |
28,139 | 0 | 0 | 0 | 28,139 | |||||||||||||||
| Legal Fees |
7,629,424 | 0 | 0 | 0 | 7,629,424 | |||||||||||||||
| Legal Reimb Expense |
253,508 | 0 | 0 | 0 | 253,508 | |||||||||||||||
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| Total Professional Fees |
9,835,269 | 0 | 0 | 0 | 9,835,269 | |||||||||||||||
| Travel & Entertainment |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Taxes |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| U.S. Trustee Quarterly Fees |
60,125 | 3,575 | 0 | 4,225 | 67,925 | |||||||||||||||
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| Total Expense |
10,476,911 | 4,472 | 450 | 47,910 | 10,529,743 | |||||||||||||||
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| Net Ordinary Income |
2,022,774 | 2,128,187 | 30,100 | 191,881 | 4,372,941 | |||||||||||||||
| Other Income/Expense |
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| Other Income |
||||||||||||||||||||
| Other Receipts |
||||||||||||||||||||
| Miscellaneous Receipts |
56,772 | 3,449 | 0 | 0 | 60,220 | |||||||||||||||
| Interest Income |
18,823 | 4,067 | 51 | 385 | 23,326 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Other Receipts |
75,595 | 7,515 | 51 | 385 | 83,546 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Other Income |
75,595 | 7,515 | 51 | 385 | 83,546 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Other Income |
75,595 | 7,515 | 51 | 385 | 83,546 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Income |
2,098,369 | 2,135,702 | 30,151 | 192,266 | 4,456,488 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Page 6 of 15
BankUnited Financial Corporation, et al., DIP
Consolidated Balance Sheet
As of January 31, 2012
| BankUnited Financial Corp., DIP | BankUnited Financial Svc., DIP | |||||||||||||||
|
ASSETS(1) |
||||||||||||||||
| Current Assets |
||||||||||||||||
| Checking/Savings |
||||||||||||||||
| Pre-Petition Bank Accounts |
— | (2) | — | (2) | ||||||||||||
| Post-Petition Bank Accounts |
6,793,563 | 2,135,702 | ||||||||||||||
| Brokerage Accounts |
— | — | ||||||||||||||
| FHLB Overnight Deposit |
51,636 | — | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Checking/Savings |
6,845,199 | 2,135,702 | ||||||||||||||
| Accounts Receivable |
16,163 | — | (3) | |||||||||||||
| Other Current Assets |
||||||||||||||||
| Deposits |
— | — | ||||||||||||||
| Income Tax Receivable |
1,008,753 | 197,196 | ||||||||||||||
| Other Receivables |
— | 107,783 | (3) | |||||||||||||
| Prepaid Assets |
— | — | ||||||||||||||
| Related Party Loans Receivable |
14,504,588 | (4) | — | |||||||||||||
|
|
|
|
|
|||||||||||||
| Total Other Current Assets |
15,513,341 | 304,979 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Current Assets |
22,374,703 | 2,440,681 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fixed Assets |
||||||||||||||||
| Accumulated Depreciation |
— | — | ||||||||||||||
| Furniture and Equipment |
— | — | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Fixed Assets |
— | — | ||||||||||||||
| Other Assets |
||||||||||||||||
| Deferred Offering Cost |
— | — | ||||||||||||||
| Deferred Tax Asset |
29,567 | — | ||||||||||||||
| Investment in BKUN Stat Trust |
7,121,000 | — | ||||||||||||||
| Investment in Partnerships |
1,308,797 | (5) | — | |||||||||||||
| Investment in Subsidiaries |
— | — | ||||||||||||||
| Painting & Other Art Works |
36,111 | — | ||||||||||||||
| Timeshare |
— | — | ||||||||||||||
| Trademarks |
— | — | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Other Assets |
8,495,475 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL ASSETS(1) |
30,870,178 | 2,440,681 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Liabilities & Equity(1) |
||||||||||||||||
| Liabilities |
||||||||||||||||
| Pre-Petition Liabilities |
||||||||||||||||
| Accrued Expenses |
652,578 | — | ||||||||||||||
| Accrued Interest Payable |
11,127,142 | — | ||||||||||||||
| Convertible Notes -BUFC- 3.125% |
120,000,000 | — | ||||||||||||||
| Deferred Taxes |
5,232,489 | — | ||||||||||||||
| Forward Purchase Contract |
2,652,223 | — | ||||||||||||||
| Related Party Loans Payable |
— | 3,401,671 | (4) | |||||||||||||
| Sub Sr Note - BUFC - 6.37% 4/07 |
184,000,000 | — | ||||||||||||||
| Subdebt@3MTH - BUFC- L+3% 09/07 |
12,500,000 | — | ||||||||||||||
| Subnotes - BUFC |
237,261,000 | — | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Pre-Petition Liabilities |
573,425,431 | 3,401,671 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Liabilities |
573,425,431 | 3,401,671 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Equity |
||||||||||||||||
| Retained Earnings - Pre-Petition |
(544,835,839 | ) | (3,096,692 | ) | ||||||||||||
| Retained Earnings - Post Petition |
2,098,369 | 2,135,702 | ||||||||||||||
| Unrealized Gain/(Loss) on Investment in Partnerships |
182,216 | — | ||||||||||||||
| Total Equity |
(542,555,254 | ) | (960,990 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| TOTAL LIABILITIES & EQUITY(1) |
30,870,178 | 2,440,681 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
The accompanying Notes to the Financial Statements constitute a material component of, and qualify in its entirety, the balance sheet listed above.
Page 7 of 15
BankUnited Financial Corporation, et al., DIP
Consolidated Balance Sheet
As of January 31, 2012
| BU Realty Corp. | CRE America Corp., DIP | TOTAL BUFC, et al., DIP | ||||||||||||||||||
|
ASSETS(1) |
||||||||||||||||||||
| Current Assets |
||||||||||||||||||||
| Checking/Savings |
||||||||||||||||||||
| Pre-Petition Bank Accounts |
— | (2) | — | (2) | — | |||||||||||||||
| Post-Petition Bank Accounts |
29,054 | 192,266 | 9,150,585 | |||||||||||||||||
| Brokerage Accounts |
— | — | — | |||||||||||||||||
| FHLB Overnight Deposit |
— | — | 51,636 | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
| Total Checking/Savings |
29,054 | 192,266 | 9,202,221 | |||||||||||||||||
| Accounts Receivable |
— | — | 16,163 | |||||||||||||||||
| Other Current Assets |
||||||||||||||||||||
| Deposits |
— | — | — | |||||||||||||||||
| Income Tax Receivable |
— | 613 | 1,206,562 | |||||||||||||||||
| Other Receivables |
— | — | 107,783 | |||||||||||||||||
| Prepaid Assets |
— | — | — | |||||||||||||||||
| Related Party Loans Receivable |
1,097 | 7,460 | (4) | 14,513,145 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
| Total Other Current Assets |
1,097 | 8,073 | 15,827,490 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Current Assets |
30,151 | 200,339 | 25,045,875 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Fixed Assets |
||||||||||||||||||||
| Accumulated Depreciation |
— | — | — | |||||||||||||||||
| Furniture and Equipment |
— | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
| Total Fixed Assets |
— | — | — | |||||||||||||||||
| Other Assets |
||||||||||||||||||||
| Deferred Offering Cost |
— | — | — | |||||||||||||||||
| Deferred Tax Asset |
— | — | 29,567 | |||||||||||||||||
| Investment in BKUN Stat Trust |
— | — | 7,121,000 | |||||||||||||||||
| Investment in Partnerships |
— | — | 1,308,797 | |||||||||||||||||
| Investment in Subsidiaries |
— | — | — | |||||||||||||||||
| Painting & Other Art Works |
— | — | 36,111 | |||||||||||||||||
| Timeshare |
— | 578,449 | 578,449 | |||||||||||||||||
|
|
|
|||||||||||||||||||
| Trademarks |
— | — | — | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||
| Total Other Assets |
— | 578,449 | 9,073,924 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| TOTAL ASSETS(1) |
30,151 | 778,788 | 34,119,798 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities & Equity(1) |
||||||||||||||||||||
| Liabilities |
||||||||||||||||||||
| Pre-Petition Liabilities |
||||||||||||||||||||
| Accrued Expenses |
— | — | 652,578 | |||||||||||||||||
| Accrued Interest Payable |
— | — | 11,127,142 | |||||||||||||||||
| Convertible Notes -BUFC- 3.125% |
— | — | 120,000,000 | |||||||||||||||||
| Deferred Taxes |
— | — | 5,232,489 | |||||||||||||||||
| Forward Purchase Contract |
— | — | 2,652,223 | |||||||||||||||||
| Related Party Loans Payable |
— | — | 3,401,671 | |||||||||||||||||
| Sub Sr Note - BUFC - 6.37% 4/07 |
— | — | 184,000,000 | |||||||||||||||||
| Subdebt@3MTH - BUFC- L+3% 09/07 |
— | — | 12,500,000 | |||||||||||||||||
| Subnotes - BUFC |
— | — | 237,261,000 | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||
| Total Pre-Petition Liabilities |
— | — | 576,827,103 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
— | — | 576,827,103 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Equity |
||||||||||||||||||||
| Retained Earnings - Pre-Petition |
— | 586,522 | (547,346,009 | ) | ||||||||||||||||
| Retained Earnings - Post Petition |
30,151 | 192,266 | 4,456,488 | |||||||||||||||||
| Unrealized Gain/(Loss) on Investment in Partnerships |
— | — | 182,216 | |||||||||||||||||
| Total Equity |
30,151 | 778,788 | (542,707,305 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| TOTAL LIABILITIES & EQUITY(1) |
30,151 | 778,788 | 34,119,798 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
The accompanying Notes to the Financial Statements constitute a material component of, and qualify in its entirety, the balance sheet listed above.
Page 8 of 15
BankUnited Financial Corporation, et al., DIP
Notes to the Financial Statements
For the Period Ended
January 31, 2012
Notes to the Financial Statements:
| (1) | All cash accounts are listed at their current cash balances. All other balances reported were obtained from Debtors’ trial balances prepared as of May 21, 2009. Actual existence, ownership, and value have not been confirmed as of the Reporting Date. This balance sheet is subject to change should any variations in asset and liability values be discovered subesquent to the filing of this Report. |
| (2) | All pre-petition bank accounts were closed in June 2009 when the balance of funds were transferred to the respective BankUnited Financial Corp., et al., DIP accounts. |
| (3) | LPL Financial Corporation (LPL) entered into an agreement with BankUnited Financial Corporation (BUFC) and BankUnited Financial Services (BUFS) to sell, in non-debtor subsidiary BankUnited, FSB bank branches using the BUFS name, financial planning products and advisory services, including equities, debt securities, open-end/closed-end mutual funds, and public limited partnerships. Commissions for the sale of these products are due semi-monthly. It has not been confirmed whether any commissions are currently outstanding and, if so, whether the amounts have been incorporated into the Debtor’s trial balance for the purposes of these financial statements. |
| (4) | Intercompany accounts included in the Debtors’ trial balances. In addition to outstanding balances with BUFS and CRE America Corp. (CRE), BUFC listed intercompany loans to BankUnited, FSB ($11,114,391) and BU Realty Corporation ($4,625), both of which are not included in the filing of this jointly-administered case. |
| (5) | Market value of investments in Malta Hedge Fund II, LP and SOAM Capital Partners, LP per the latest month-end or quarter-end statements provided. |
Page 9 of 15
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
MIAMI DIVISION
| IN RE: | } | CASE NUMBER 09-19941-LMI | ||||
| } | ||||||
| BANKUNITED FINANCIAL | } | |||||
| SERVICES, INC. | } | JUDGE Hon. Laurel M. Isicoff | ||||
| } | ||||||
| DEBTOR. | } | CHAPTER 11 |
DEBTORS’ CONSOLIDATED STANDARD MONTHLY OPERATING REPORT (BUSINESS)
FOR THE PERIOD
FROM January 1, 2012 TO January 31, 2012
Comes now the above-named debtor and files its Monthly Operating Reports in accordance with the Guidelines established by the United States Trustee and FRBP 2015.
| /s/ Joseph J. Luzinski, CRO | ||||||
| Debtor’s Signature | ||||||
| Debtor’s Address | Attorney’s Address | |||||
| and Phone Number: | and Phone Number: | |||||
| c/o Development Specialists, Inc. |
Greenberg Traurig, P.A. | |||||
| 200 South Biscayne Boulevard, Suite 1818 |
333 Avenue of the Americas | |||||
| Miami, FL 33131-2329 |
Miami, FL 33131 | |||||
| (305) 374-2717 |
(305) 579-0500 | |||||
Note: The original Monthly Operating Report is to be filed with the court and a copy simultaneously provided to the United States Trustee Office. Monthly Operating Reports must be filed by the 20th day of the following month.
For assistance in preparing the Monthly Operating Report, refer to the following resources on the United States Trustee Program Website, http://www.usdoj.gov/ust/r21/index.htm.
| 1) | Instructions for Preparations of Debtor’s Chapter 11 Monthly Operating Report |
| 2) | Initial Filing Requirements |
| 3) | Frequently Asked Questions (FAQs) http://www.usdoj.gov/ust/. |
MOR-1 (2)
GENERAL DISCLAIMER
This bankruptcy case was filed on May 22, 2009, the day after the regulatory seizure of Debtor BankUnited Financial Corporation’s wholly-owned banking subsidiary, BankUnited, FSB, and the ensuing sale of that subsidiary’s assets by the Federal Deposit Insurance Corporation to BankUnited, a de novo federal savings association organized under the laws of the United States (“New Bank”). The Debtors’ current Chief Restructuring Officer, Joseph J. Luzinski (the “CRO”) was appointed effective June 2, 2009, eleven days after these cases were filed. Nearly all of the books and records of the Debtors are presently in the possession of the FDIC or New Bank. Accordingly, the information contained herein is based on the information currently available to the CRO and is subject to modification as additional information becomes available.
Nothing herein shall be construed as an admission or determination by the Debtor as to any amount or value set forth herein, the validity of any debt listed herein, ownership of any asset listed herein, the completeness of any financial statement set forth herein, or otherwise as to the accuracy or completeness of any information contained herein. The Debtor expressly reserve the right to modify any and all information contained herein as additional information becomes available.
SCHEDULE OF RECEIPTS AND DISBURSEMENTS
FOR THE PERIOD BEGINNING January 1, 2012 AND ENDING January 31, 2012
| Name of Debtor: | BANK UNITED FINANCIAL SERVICES, INC. | Case Number | 09-19941-LMI | |||||
| Date of Petition: | May 22, 2009 |
|||||||
| CURRENT MONTH |
CUMULATIVE PETITION TO DATE |
|||||||||||||
| 1. | FUNDS AT BEGINNING OF PERIOD |
$ | 2,135,877 | (a) | $ | — | (b) | |||||||
|
|
|
|
|
|||||||||||
| 2. | RECEIPTS: |
|||||||||||||
| A. Cash Sales |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| Minus: Cash Refunds |
(-) | $ | — | $ | — | |||||||||
|
|
|
|
|
|||||||||||
| Net Cash Sales |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| B. Accounts Receivable |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| C. Other Receipts (See MOR-3) |
$ | 150 | $ | 2,140,373 | ||||||||||
|
|
|
|
|
|||||||||||
| (If you receive rental income, you must attach a rent roll.) |
||||||||||||||
| 3. | TOTAL RECEIPTS (Lines 2A+2B+2C) |
$ | 150 | $ | 2,140,373 | |||||||||
|
|
|
|
|
|||||||||||
| 4. | TOTAL FUNDS AVAILABLE FOR OPERATIONS (Line 1 + Line 3) |
$ | 2,136,027 | $ | 2,140,373 | |||||||||
|
|
|
|
|
|||||||||||
| 5 | DISBURSEMENTS |
|||||||||||||
| A. Advertising |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| B. Bank Charges |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| C. Contract Labor |
$ | — | $ | 796 | ||||||||||
|
|
|
|
|
|||||||||||
| D. Fixed Asset Payments (not incl. in “N”) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| E. Insurance |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| F. Inventory Payments (See Attach. 2) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| G. Leases |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| H. Manufacturing Supplies |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| I. Office Supplies |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| J. Payroll - Net (See Attachment 4B) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| K. Professional Fees (Accounting & Legal) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| L. Rent |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| M. Repairs & Maintenance |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| N. Secured Creditor Payments (See Attach. 2) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| O. Taxes Paid - Payroll (See Attachment 4C) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| P. Taxes Paid - Sales & Use (See Attachment 4C) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| Q. Taxes Paid - Other (See Attachment 4C) |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| R. Telephone |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| S. Travel & Entertainment |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| T. U.S. Trustee Quarterly Fees |
$ | 325 | $ | 3,575 | ||||||||||
|
|
|
|
|
|||||||||||
| U. Utilities |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| V. Vehicle Expenses |
$ | — | $ | — | ||||||||||
|
|
|
|
|
|||||||||||
| W. Other Operating Expenses (See MOR-3) |
$ | — | $ | 300 | ||||||||||
|
|
|
|
|
|||||||||||
| 6. | TOTAL DISBURSEMENTS (Sum of 5A thru W) |
$ | 325 | $ | 4,671 | |||||||||
|
|
|
|
|
|||||||||||
| 7. | ENDING BALANCE (Line 4 Minus Line 6) |
$ | 2,135,702 | (c) | $ | 2,135,702 | (c) | |||||||
|
|
|
|
|
|||||||||||
I declare under penalty of perjury that this statement and the accompanying documents and reports are true and correct to the best of my knowledge and belief, subject to the General Disclaimer and footnotes to this Report.
| This 16 day of February, 2012. | /s/ Joseph J. Luzinski, CRO | |||
| (Signature) |
| (a) | This number is carried forward from last month’s report. For the first report only, this number will be the balance as of the petition date. |
| (b) | This figure will not change from month to month. It is always the amount of funds on hand as of the date of the petition. |
| (c) | These two amounts will always be the same if form is completed correctly. |
MOR-2 (2)
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF FLORIDA
MIAMI DIVISION
| IN RE: | } | CASE NUMBER 09-19942-LMI | ||||
| } | ||||||
| CRE AMERICA | } | |||||
| CORPORATION | } | JUDGE Hon. Laurel M. Isicoff | ||||
| } | ||||||
| DEBTOR. | } | CHAPTER 11 |
DEBTORS’ CONSOLIDATED STANDARD MONTHLY OPERATING REPORT (BUSINESS)
FOR THE PERIOD
FROM January 1, 2012 TO January 31, 2012
Comes now the above-named debtor and files its Monthly Operating Reports in accordance with the Guidelines established by the United States Trustee and FRBP 2015.
| /s/ Joseph J. Luzinski, CRO | ||||||
| Debtor’s Signature | ||||||
| Debtor’s Address | Attorney’s Address | |||||
| and Phone Number: | and Phone Number: | |||||
| c/o Development Specialists, Inc. |
Greenberg Traurig, P.A. | |||||
| 200 South Biscayne Boulevard, Suite 1818 |
333 Avenue of the Americas | |||||
| Miami, FL 33131-2329 |
Miami, FL 33131 | |||||
| (305) 374-2717 |
(305) 579-0500 | |||||
Note: The original Monthly Operating Report is to be filed with the court and a copy simultaneously provided to the United States Trustee Office. Monthly Operating Reports must be filed by the 20th day of the following month.
For assistance in preparing the Monthly Operating Report, refer to the following resources on the United States Trustee Program Website, http://www.usdoj.gov/ust/r21/index.htm.
| 1) | Instructions for Preparations of Debtor’s Chapter 11 Monthly Operating Report |
| 2) | Initial Filing Requirements |
| 3) | Frequently Asked Questions (FAQs) http://www.usdoj.gov/ust/. |
MOR-1
GENERAL DISCLAIMER
This bankruptcy case was filed on May 22, 2009, the day after the regulatory seizure of Debtor BankUnited Financial Corporation’s wholly-owned banking subsidiary, BankUnited, FSB, and the ensuing sale of that subsidiary’s assets by the Federal Deposit Insurance Corporation to BankUnited, a de novo federal savings association organized under the laws of the United States (“New Bank”). The Debtors’ current Chief Restructuring Officer, Joseph J. Luzinski (the “CRO”) was appointed effective June 2, 2009, eleven days after these cases were filed. Nearly all of the books and records of the Debtors are presently in the possession of the FDIC or New Bank. Accordingly, the information contained herein is based on the information currently available to the CRO and is subject to modification as additional information becomes available.
Nothing herein shall be construed as an admission or determination by the Debtor as to any amount or value set forth herein, the validity of any debt listed herein, ownership of any asset listed herein, the completeness of any financial statement set forth herein, or otherwise as to the accuracy or completeness of any information contained herein. The Debtor expressly reserve the right to modify any and all information contained herein as additional information becomes available.
SCHEDULE OF RECEIPTS AND DISBURSEMENTS
FOR THE PERIOD BEGINNING January 1, 2012 AND ENDING January 31, 2012
| Name of Debtor: | CRE AMERICA CORPORATION | Case Number | 09-19942-LMI | |||||
| Date of Petition: | May 22, 2009 |
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| CURRENT MONTH |
CUMULATIVE PETITION TO DATE |
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| 1. | FUNDS AT BEGINNING OF PERIOD |
$ | 192,583 | (a) | $ | — | (b) | |||||||
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| 2. | RECEIPTS: |
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| A. Cash Sales |
$ | — | $ | — | ||||||||||
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| Minus: Cash Refunds |
(-) | $ | — | $ | — | |||||||||
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| Net Cash Sales |
$ | — | $ | — | ||||||||||
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| B. Accounts Receivable |
$ | — | $ | — | ||||||||||
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| C. Other Receipts (See MOR-3) |
$ | 8 | $ | 240,177 | ||||||||||
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| (If you receive rental income, you must attach a rent roll.) |
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| 3. | TOTAL RECEIPTS (Lines 2A+2B+2C) |
$ | 8 | $ | 240,177 | |||||||||
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| 4. | TOTAL FUNDS AVAILABLE FOR OPERATIONS (Line 1 + Line 3) |
$ | 192,591 | $ | 240,177 | |||||||||
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| 5 | DISBURSEMENTS |
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| A. Advertising |
$ | — | $ | — | ||||||||||
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| B. Bank Charges |
$ | — | $ | — | ||||||||||
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| C. Contract Labor |
$ | — | $ | — | ||||||||||
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| D. Fixed Asset Payments (not incl. in “N”) |
$ | — | $ | — | ||||||||||
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| E. Insurance |
$ | — | $ | — | ||||||||||
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| F. Inventory Payments (See Attach. 2) |
$ | — | $ | — | ||||||||||
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| G. Leases |
$ | — | $ | — | ||||||||||
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| H. Manufacturing Supplies |
$ | — | $ | — | ||||||||||
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| I. Office Supplies |
$ | — | $ | — | ||||||||||
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| J. Payroll - Net (See Attachment 4B) |
$ | — | $ | — | ||||||||||
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| K. Professional Fees (Accounting & Legal) |
$ | — | $ | — | ||||||||||
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| L. Rent |
$ | — | $ | — | ||||||||||
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| M. Repairs & Maintenance |
$ | — | $ | — | ||||||||||
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| N. Secured Creditor Payments (See Attach. 2) |
$ | — | $ | — | ||||||||||
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| O. Taxes Paid - Payroll (See Attachment 4C) |
$ | — | $ | — | ||||||||||
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| P. Taxes Paid - Sales & Use (See Attachment 4C) |
$ | — | $ | — | ||||||||||
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| Q. Taxes Paid - Other (See Attachment 4C) |
$ | — | $ | — | ||||||||||
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| R. Telephone |
$ | — | $ | — | ||||||||||
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| S. Travel & Entertainment |
$ | — | $ | — | ||||||||||
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| T. U.S. Trustee Quarterly Fees |
$ | 325 | $ | 4,225 | ||||||||||
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| U. Utilities |
$ | — | $ | — | ||||||||||
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| V. Vehicle Expenses |
$ | — | $ | — | ||||||||||
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| W. Other Operating Expenses (See MOR-3) |
$ | — | $ | 43,685 | ||||||||||
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| 6. | TOTAL DISBURSEMENTS (Sum of 5A thru W) |
$ | 325 | $ | 47,910 | |||||||||
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| 7. | ENDING BALANCE (Line 4 Minus Line 6) |
$ | 192,266 | (c) | $ | 192,266 | (c) | |||||||
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I declare under penalty of perjury that this statement and the accompanying documents and reports are true and correct to the best of my knowledge and belief, subject to the General Disclaimer and footnotes to this Report.
| This 16 day of February, 2012. | /s/ Joseph J. Luzinski, CRO | |||
| (Signature) |
| (a) | This number is carried forward from last month’s report. For the first report only, this number will be the balance as of the petition date. |
| (b) | This figure will not change from month to month. It is always the amount of funds on hand as of the date of the petition. |
| (c) | These two amounts will always be the same if form is completed correctly. |
MOR-2