Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - ENERGY CONVERSION DEVICES INC | d327986d8k.htm |
| EX-99.2 - UNITED SOLAR OVONIC LLC MONTHLY OPERATING REPORTS - ENERGY CONVERSION DEVICES INC | d327986dex992.htm |
EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED: February 29, 2012
| In re: Energy Conversion Devices, Inc. |
Case Number: 12-43166
Chapter 11
Judge: Hon. Thomas J. Tucker |
Debtor.
Energy Conversion Devices, Inc./
As debtor in possession, I affirm:
| 1. | That I have reviewed the financial statements attached hereto, consisting of: |
| ___ |
Operating Statement | (Form 2) | ||||
| ___ |
Balance Sheet | (Form 3) | ||||
| ___ |
Summary of Operations | (Form 4) | ||||
| ___ |
Monthly Cash Statement | (Form 5) | ||||
| ___ |
Statement of Compensation | (Form 6) | ||||
| ___ |
Schedule of In-Force Insurance | (Form 7) |
| and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; | ||||||
| 2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases, is in effect; and | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
| 3. | That all post-petition taxes as described in Section 9 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases are current. | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
| 4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
| 5. | All United States Trustee Quarterly fees have been paid and are current. | |||||
| YES x | NO ¨ | |||||
| 6. | Have you filed your pre-petition tax returns? | |||||
| (If not, attach a written explanation) | YES x | NO ¨ | ||||
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| Dated: March 26, 2012 | Energy Conversion Devices, Inc. | |||||
| Debtor in Possession | ||||||
| /s/ William C. Andrews | ||||||
| Title: | William C. Andrews | |||||
| Chief Financial Officer | Phone: 248-299-6047 | |||||
Form 1
OPERATING STATEMENT (P&L)(1)
Period Ending: February 29, 2012
Case No: 12-43166
| Current Month |
Total Since Filing |
|||||||
| Total Revenue |
— | — | ||||||
| Cost of Sales |
— | — | ||||||
| GROSS PROFIT |
— | — | ||||||
| EXPENSES: |
||||||||
| Officer Compensation |
$ | 48,542 | $ | 48,542 | ||||
| Salary/Wage Expenses |
91,607 | 91,607 | ||||||
| Employee Benefits & Pensions |
54,747 | 54,747 | ||||||
| Payroll Taxes |
12,813 | 12,813 | ||||||
| Other Taxes |
1,027 | 1,027 | ||||||
| Rent and Lease Expense |
— | — | ||||||
| Interest Expense |
1,847 | 1,847 | ||||||
| Property Insurance |
1,880 | 1,880 | ||||||
| Automobile and Truck Expense |
— | — | ||||||
| Utilities |
138 | 138 | ||||||
| Depreciation |
5,567 | 5,567 | ||||||
| Travel and Entertainment |
5,293 | 5,293 | ||||||
| Repairs and Maintenance |
— | — | ||||||
| Advertising |
— | — | ||||||
| Supplies |
1,779 | 1,779 | ||||||
| Other Specify – Miscellaneous |
16,758 | 16,758 | ||||||
| Other Specify – Restructuring |
1,480 | 1,480 | ||||||
|
|
|
|
|
|||||
| TOTAL EXPENSES |
243,478 | 243,478 | ||||||
| NON-OPERATING PROFIT |
(243,478 | ) | (243,478 | ) | ||||
| Add: Non-Operating Income |
||||||||
| Total Interest Income |
(36,672 | ) | (36,672 | ) | ||||
| Other Income |
— | — | ||||||
| Less: Non-Operating Expenses |
||||||||
| Professional Fees(2) |
128,250 | 128,250 | ||||||
| Other – Income Taxes |
— | — | ||||||
| NET INCOME/(LOSS) |
$ | (335,056 | ) | $ | (335,056 | ) | ||
|
|
|
|
|
|||||
| (1) | The operating statement and balance sheet were prepared using accrual accounting. |
| (2) | Professional fees are estimates. |
Form 2
BALANCE SHEET
Period Ending: February 29, 2012
Case No: 12-43166
| Current Month | Prior Month |
At Filing | ||||||||
| ASSETS: |
||||||||||
| Cash and Cash Equivalents |
$ | 95,839,905 | $ | $94,740,784 | ||||||
| Investments |
43,871,701 | 44,892,801 | ||||||||
| Inventories, Net |
— | — | ||||||||
| Accounts Receivable – Intercompany – USO |
793,182,650 | 792,138,584 | ||||||||
| Accounts Receivable – Intercompany – SIT/USO CDN: |
41,843,090 | 41,812,183 | ||||||||
| Accounts Receivable Secured Note USO LLC |
5,000,000 | 5,000,000 | ||||||||
| Accounts Receivable Trade – Net |
5,670,604 | 5,652,829 | ||||||||
| Land and Buildings |
1,525,568 | 1,525,568 | ||||||||
| Furniture, Fixtures & Equipment |
1,496,960 | 1,496,960 | ||||||||
| Accumulated Depreciation |
(2,570,267 | ) | (2,563,233 | ) | ||||||
| Restricted Cash |
— | — | ||||||||
| Prepaid |
1,465,353 | 1,561,738 | ||||||||
| Investment in Subsidiaries |
42,720,205 | 42,720,205 | ||||||||
| Other Assets |
6,145,801 | 6,273,278 | ||||||||
|
|
|
|
|
|||||||
| TOTAL ASSETS |
$ | 1,036,191,568 | $ | 1,035,251,696 | ||||||
|
|
|
|
|
|||||||
| LIABILITIES: |
||||||||||
| Post-petition Liabilities: |
||||||||||
| Accounts Payable Trade – Net |
66,247 | — | ||||||||
| Accounts Payable Intercompany USO LLC |
— | — | ||||||||
| Accounts Payable Intercompany SIT |
— | — | ||||||||
| Lease Payable |
— | — | ||||||||
| Warranty |
— | — | ||||||||
| Other Liabilities |
— | — | ||||||||
| Convertible Senior Notes |
— | — | ||||||||
| Accrued Salaries and Wages |
8,061 | — | ||||||||
| Accrued Taxes |
683 | — | ||||||||
| Accrued Other |
111,146 | — | ||||||||
|
|
|
|||||||||
| TOTAL Post-petition Liabilities |
186,137 | — | ||||||||
| Secured Liabilities: |
||||||||||
| Secured Accounts Payable – ECD |
— | — | ||||||||
| Pre-petition Liabilities: |
||||||||||
| Accounts Payable Trade – Net |
752,336 | 752,336 | ||||||||
| Accounts Payable Intercompany USO LLC |
— | — | ||||||||
| Accounts Payable Intercompany SIT |
— | — | ||||||||
| Accounts Payable Unsecured Liabilities |
— | — | ||||||||
| Lease Payable |
— | — | ||||||||
| Warranty |
— | — | ||||||||
| Other Liabilities |
2,581,850 | 2,581,850 | ||||||||
| Convertible Senior Notes |
241,905,353 | 241,220,038 | ||||||||
| Accrued Salaries and Wages |
324,206 | 324,206 | ||||||||
| Accrued Taxes |
91,151 | 91,151 | ||||||||
| Accrued Other |
2,896,516 | 2,533,542 | ||||||||
|
|
|
|
|
|||||||
| TOTAL Pre-petition Liabilities |
248,551,412 | 247,503,123 | ||||||||
| TOTAL LIABILITIES |
248,737,549 | 247,503,123 | ||||||||
| Equity: |
||||||||||
| Owners Capital |
(310,256 | ) | (310,256 | ) | ||||||
| Additional Paid-In-Capital |
1,106,438,770 | 1,106,438,770 | ||||||||
| Retained Earnings – Pre Petition |
(318,379,941 | ) | (318,379,941 | ) | ||||||
| Retained Earnings – Post Petition |
(294,553 | ) | — | |||||||
|
|
|
|
|
|||||||
| TOTAL Equity |
787,454,020 | 787,748,573 | ||||||||
| TOTAL LIABILITIES AND EQUITY |
$ | 1,036,191,568 | $ | 1,035,251,696 | ||||||
|
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|
|
|
|||||||
Form 3
SUMMARY OF OPERATIONS
Period Ended: February 29, 2012
Case No: 12-43166
Schedule of Post-petition Taxes Payable(1)
| Beginning Balance |
Accrued/ Withheld |
Payments/ Deposits |
Ending Balance |
|||||||||||||
| Income Taxes Withheld |
||||||||||||||||
| Federal |
— | $ | 24,606.72 | $ | 24,606.72 | — | ||||||||||
| State |
— | 6,359.06 | 6,359.06 | — | ||||||||||||
| Local |
— | — | — | — | ||||||||||||
| FICA Withheld |
— | 7,881.29 | 7,881.29 | — | ||||||||||||
| Employers FICA |
— | 10,671.06 | 10,671.06 | — | ||||||||||||
| Unemployment Tax |
||||||||||||||||
| Federal |
— | 20.32 | 20.32 | — | ||||||||||||
| State |
— | 2,404.83 | 2,404.83 | — | ||||||||||||
| Sales, Use & Excise Taxes |
— | — | — | — | ||||||||||||
| Property Taxes |
— | 1,022.00 | — | — | ||||||||||||
| Workers’ Compensation(2) |
— | — | — | — | ||||||||||||
| Other |
— | — | — | — | ||||||||||||
| TOTALS |
— | $ | 52,965.28 | $ | 51,943.28 | — | ||||||||||
|
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|
|
|
|||||||||||||
| (1) | Payroll wages and taxes were funded pre petition, but released post petition. |
| (2) | Fully insured. |
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
| Age in Days | 0-30 | 31-60 | Over 60 | |||||||||
| Post Petition |
||||||||||||
| Accounts Payable |
$ | 66,246.80 | $ | — | $ | — | ||||||
| Accounts Receivable |
$ | 55,954.44 | $ | 38,375.00 | $ | 353,509.56 | ||||||
For all post-petition accounts payable over 30 days old, please attach a sheet listing each such account, to whom the account is owed, the date the account was opened, and the reason for non-payment of the account.
Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization: None
Form 4
MONTHLY CASH STATEMENT
Period Ending: February 29, 2012
| Cash Activity Analysis (Cash Basis Only): | Case No: 12-43166 |
| General Acct. |
Money Market Acct. |
|||||||||
| A. |
Beginning Balance | $ | 47,043,783.50 | $ | 6,751,950.67 | |||||
| B. |
Receipts (Attach separate schedule) | 71,440.46 | 86,001,683.03 | |||||||
|
|
|
|
|
|||||||
| C. |
Balance Available (A+B) | 47,115,223.96 | 92,753,633.70 | |||||||
| D. |
Less Disbursements (Attach separate schedule) | 44,029,350.60 | — | |||||||
|
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|
|
|
|||||||
| E. |
ENDING BALANCE (C-D) | $ | 3,085,873.36 | $ | 92,753,633.70 | |||||
| ATTENTION: Please enter the TOTAL DISBURSEMENT from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment: $29,350.60 | ||||
| (PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT) | ||||
| General Account: | ||||
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. | Account Number | |||
| Money Market Account: | ||||
| 1. | Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. | Account Number | |||
| Tax Account: | ||||
| 1. | Depository Name & Location | |||
| 2. | Account Number | |||
Other monies on hand (specify type and location) i.e., CD’s, bonds, etc.):
UBS Financial Services, Inc., Chicago, IL. – Investment account – CP75515 – corporate notes/bonds, municipal notes/bond, commercial paper; and money market funds – $43,871,700.34.
Date: March 26, 2012
| Energy Conversion Devices, Inc. | ||
| Debtor in Possession | ||
Form 5
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Julian Hawkins, President, CEO and Director |
Capacity: | ¨ | Shareholder | ||||||
| x | Officer | |||||||||
| x | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring and sale process, focusing on the solar business |
| • | Serves as a member of the Board of Directors |
| • | Expand sales through supplier and customer base interaction |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | |||||||||
| $ | 16,923.08 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 764.60 | ||||||||||
| Life Insurance |
$ | 90.00 | ||||||||||
| Accidental Death & Dismemberment Life Insurance |
$ | 12.00 | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | 72.50 | ||||||||||
| Employee Assistance Program |
$ | 1.69 | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel (includes hotel, food, rental car, parking) |
$ | 2,438.16 | ||||||||||
| Internet/iPhone/iPad expenses |
$ | 2,142.82 | ||||||||||
| Wall Street Journal subscription |
$ | 34.58 | ||||||||||
|
|
|
|||||||||||
| Total Benefits |
$ | 5,556.35 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Lodging |
$ | 1,725.00 | ||||||||||
| Personal Car Mileage |
$ | 31.64 | ||||||||||
|
|
|
|||||||||||
| Total Other Payments |
$ | 1,756.64 | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | 24,236.07 | |||||||||||
|
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|
|||||||||||
| (1) | Payroll wages and taxes were funded pre petition, but released post petition. Amount represents the period 2/14/2012 – 2/29/2012. |
| Dated: March 26, 2012 | Julian Hawkins |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Jay B. Knoll, Executive Vice President, | Capacity: | ¨ | Shareholder | ||||||
| Chief Restructuring Officer and Director |
x | Officer | ||||||||
| x | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring, sale and bankruptcy processes |
| • | Serves as a member of the Board of Directors |
| • | Leads efforts to identify and implement cost reductions |
| Current Compensation Paid (1): |
Weekly | Or | Monthly | |||||||||
| $ | 14,423.08 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 849.92 | ||||||||||
| Life Insurance |
$ | 84.46 | ||||||||||
| Accidental Death & Dismemberment Insurance |
$ | 11.27 | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | 72.50 | ||||||||||
| Employee Assistance Program |
$ | 1.69 | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel – Cab fare from NJ airport to hotel |
$ | 70.00 | ||||||||||
| Personal Car Mileage |
$ | 99.90 | ||||||||||
| AT&T Wireless Service |
$ | 25.00 | ||||||||||
|
|
|
|||||||||||
| Total Benefits |
$ | 1,214.74 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Total Other Payments |
$ | — | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | 15,637.82 | |||||||||||
|
|
|
|||||||||||
| (2) | Payroll wages and taxes were funded pre petition, but released post petition. Amount represents the period 2/14/2012 – 2/29/2012. |
| Dated: March 26, 2012 | Jay B. Knoll |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | William C. Andrews, Executive Vice President and CFO |
Capacity: | ¨ | Shareholder | ||||||
| x | Officer | |||||||||
| ¨ | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides financial leadership and expertise to support the bankruptcy process |
| • | Provides leadership and support to the business through the restructuring and sale process |
| • | Provides oversight to company transition from a public company (SEC, SOX, etc.) |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | |||||||||
| $ | 13,461.54 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 764.60 | ||||||||||
| Life Insurance |
$ | 78.91 | ||||||||||
| Accidental Death & Dismemberment Insurance |
$ | 10.53 | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | 72.50 | ||||||||||
| Employee Assistance Program |
$ | 1.69 | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel |
$ | — | ||||||||||
|
|
|
|||||||||||
| Total Benefits |
$ | 928.23 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Total Other Payments |
$ | — | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | 14,389.77 | |||||||||||
|
|
|
|||||||||||
| (1) | Payroll wages and taxes were funded pre petition, but released post petition. Amount represents the period 2/14/2012 – 2/29/2012. |
| Dated: March 26, 2012 | William C. Andrews |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph P. Conroy, Executive Vice President, ECD; | Capacity: | x | Shareholder | ||||||
| Senior Vice President, USO Operations |
x | Officer | ||||||||
| ¨ | Director | |||||||||
| x | Insider |
Detailed Description of Duties:
| • | Provides leadership to all operations and manufacturing related activity (Auburn Hills, Greenville 1&2, Tijuana, China JV and Marcegaglia) |
| • | Responsible for building new equipment to support the company’s technology efforts |
| • | Provides leadership to all manufacturing, engineering, quality functions (ensures the production of all manufacturing products) |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | |||||||||
| $ | — | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | ||||||||||
| Life Insurance |
$ | — | ||||||||||
| Accidental Death & Dismemberment Insurance |
$ | — | ||||||||||
| Long-Term and Short-Term Disability Insurance |
$ | — | ||||||||||
| Employee Assistance Program |
$ | — | ||||||||||
| Retirement |
$ | — | ||||||||||
| Company Vehicle |
$ | — | ||||||||||
| Entertainment |
$ | — | ||||||||||
| Travel |
$ | — | ||||||||||
|
|
|
|||||||||||
| Total Benefits |
$ | 0 | ||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | ||||||||||
| Loans |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Other (Describe) |
$ | — | ||||||||||
| Total Other Payments |
$ | — | ||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
||||||||||||
| $ | — | |||||||||||
|
|
|
|||||||||||
| (1) | Mr. Conroy is an officer of Energy Conversion Devices; however, his compensation is paid by United Solar Ovonic LLC. |
| Dated: March 26, 2012 | Joseph P. Conroy |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph A. Avila |
Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Dated: March 26, 2012 |
| Joseph A. Avila |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Alan E. Barton |
Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated: March 26, 2012
| Alan E. Barton |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Robert I. Frey |
Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated: March 26, 2012
| Robert I. Frey |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | William J. Ketelhut |
Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated: March 26, 2012
| William J. Ketelhut |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Stephen Rabinowitz |
Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated: March 26, 2012
| Stephen Rabinowitz |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: February 29, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | George A. Schreiber, Jr. |
Capacity: | x | Shareholder | ||||||
| ¨ | Officer | |||||||||
| x | Director | |||||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | $ | — | ||||||||
| Life Insurance |
$ | — | $ | — | ||||||||
| Retirement |
$ | — | $ | — | ||||||||
| Company Vehicle |
$ | — | $ | — | ||||||||
| Entertainment |
$ | — | $ | — | ||||||||
| Travel |
$ | — | $ | — | ||||||||
| Other Benefits |
$ | — | $ | — | ||||||||
| Total Benefits |
$ | — | $ | — | ||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | — | $ | — | ||||||||
| Loans |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Other (Describe) |
$ | — | $ | — | ||||||||
| Total Other Payments |
$ | — | $ | — | ||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
Weekly | Or | Monthly | |||||||||
| $ | — | $ | — | |||||||||
Dated: March 26, 2012
| George A. Schreiber, Jr. |
Form 6
SCHEDULE OF IN-FORCE INSURANCE
Period Ending: February 29, 2012
Case No: 12-43166
| INSURANCE TYPE |
CARRIER |
EXPIRATION DATE | ||
| Workers’ Compensation |
Valley Forge Insurance Company |
02/01/2013 | ||
| Workers’ Compensation |
American Casualty Company of Reading PA |
02/01/2013 | ||
| General Liability |
American Casualty Company of Reading PA |
02/01/2013 | ||
| Property (1st Layer) |
Allianz Global Risk US Insurance Company |
02/01/2013 | ||
| Property (2nd Layer) |
Lexington Insurance Company |
02/01/2013 | ||
| Automobile Policy |
Continental Casualty Company |
02/01/2013 | ||
| Umbrella Policy |
Continental Casualty Company |
02/01/2013 | ||
| Foreign Package |
Continental Casualty Company |
02/01/2013 | ||
| Special Risk Coverage |
Great American Insurance Company |
03/18/2013 | ||
| Directors & Officers |
Allied World National Assurance Company |
09/30/2012 | ||
| Directors & Officers |
Illinois National Insurance Company |
09/30/2012 | ||
| Directors & Officers |
Beazley Insurance Company, Inc. (Lloyd’s of London) |
09/30/2012 | ||
| Employee Practices Liability |
Starr Indemnity & Liability Company |
09/30/2012 | ||
| Fiduciary Liability |
Starr Indemnity & Liability Company |
09/30/2012 | ||
| Fidelity Bond |
Starr Indemnity & Liability Company |
09/30/2012 | ||
| Primary Directors & Officers |
Starr Indemnity & Liability Company |
09/30/2012 | ||
| ERISA Bond |
Travelers Casualty and Surety Company of America |
11/16/2014 | ||
| Pollution Liability Coverage |
Chartis Specialty Insurance |
02/01/2014 | ||
Form 7