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Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

   
In re Trident Microsystems, Inc., et al.1     Case No. 12-10069 (CSS) (Jointly Admin.)
    Reporting Period: October 2012

MONTHLY OPERATING REPORT

 

REQUIRED DOCUMENTS

  

Form No.

   Document
Attached
  

Explanation Attached

  

Affidavit /
Supplement
Attached

Schedule of Cash Receipts and Disbursements

   MOR-1    Yes      

Bank Reconciliation (or copies of debtor’s bank reconciliations)

   MOR-1a    No    Not required per agreement with UST.   

Schedule of Professional Fees Paid

   MOR-1b    Yes      

Copies of bank statements

      Yes    Cash balance detail attached per agreement with UST.   

Cash disbursements journals

      Yes    Summary document only   

Statement of Operations

   MOR-2    Yes      

Balance Sheet

   MOR-3    Yes      

Status of Postpetition Taxes

   MOR-4    No       Yes

Copies of IRS Form 6123 or payment receipt

      No       Yes

Copies of tax returns filed during reporting period

      No       Yes

Summary of Unpaid Post-petition Debts

   MOR-4    Yes      

Listing of aged accounts payable

   MOR-4    Yes    Summary document only   

Accounts Receivable Reconciliation and Aging

   MOR-5    Yes    Summary document only   

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/ Andrew Hinkelman

    

November 30, 2012

Signature of Authorized Individual*      Date

Andrew Hinkelman

    

Interim Chief Executive Officer

Printed Name of Authorized Individual      Title of Authorized Individual

 

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

 

1

The Debtors are the following two entities (the last four digits of their respective taxpayer ID numbers, if any, follow in parentheses): Trident Microsystems, Inc. (6584) and Trident Microsystems (Far East) Ltd.


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

The companies cash reporting systems are based on the calendar week. As a result, cash receipts and disbursements for the period ended October 31, 2012 include activity through October 28, 2012.

 

TMI - United States

   Actuals
10/1/2012 -
10/28/2012
    Budget
10/1/2012 -
10/28/2012
    Variance
10/1/2012 -
10/28/2012
    Actuals
Case to Date
 

Beginning Cash Balance

   $ 659,981      $ 753,873      $ (93,893   $ 977,445   

Inflows

        

Trade Receivable

   $ —        $ —        $ —        $ 720,626   

TSA Reimbursements

     —          —          —          —     

Sale Proceeds

     —          —          —          —     

Other Inflows

     8,660        —          8,660        534,148   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Inflows

   $ 8,660      $ —        $ 8,660      $ 1,254,774   

Outflows

        

Payroll

   $ (30,708   $ (32,519   $ 1,810      $ (12,314,905

Severance

     —          —          —          (311,167

Rent

     (8,880     —          (8,880     (1,103,005

Accounts Payable

     —          —          —          (1,546,755

Professional Fees

     (29,465     (100,000     70,535        (2,172,650

Other Expenses

     (62,567     (200,000     137,433        (5,251,907

Interest Pmt & Capital Charge

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Outflows

   $ (131,620   $ (332,519   $ 200,899      $ (22,700,391

Restructuring Outflows

        

Professional and Advisory Fees

   $ (1,813,067   $ (1,982,999   $ 169,933      $ (20,126,372
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Restructuring Outflows

   $ (1,813,067   $ (1,982,999   $ 169,933      $ (20,126,372

IC Transfers / Adjustments

   $ 1,588,302      $ 3,000,000      $ (1,411,698   $ 40,906,800   

Net Change in Cash

     (347,724     684,482        (1,032,206     (665,188
  

 

 

   

 

 

   

 

 

   

 

 

 

Ending Cash Balance—Unrestricted

   $ 312,257      $ 1,438,355      $ (1,126,099   $ 312,257   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

2


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

TMFE - Cayman Islands

   Actuals
10/1/2012 -
10/28/2012
    Budget
10/1/2012 -
10/28/2012
    Variance
10/1/2012 -
10/28/2012
    Actuals
Case to Date
 

Beginning Cash Balance

   $ 70,760,836      $ 70,613,455      $ 147,381      $ 14,659,170   

Inflows

        

Trade Receivable

   $ —        $ —        $ —        $ —     

TSA Reimbursements

     —          2,816,000        (2,816,000     10,248,035   

Sale Proceeds

     —          —          —          85,470,232   

Other Inflows

     —          1,000,000        (1,000,000     13,831,222   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Inflows

   $ —        $ 3,816,000      $ (3,816,000   $ 109,549,489   

Outflows

        

Accounts Payable

   $ (1,034,947   $ (696,800   $ (338,147   $ (61,299,587

Other Expenses

     (26,222     —          (26,222     (222,460

Interest Pmt & Capital Charge

     —          —          —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Outflows

   $ (1,061,169   $ (696,800   $ (364,369   $ (61,522,047

Restructuring Outflows

        

Professional and Advisory Fees

   $ (293,573   $ (289,478   $ (4,095   $ (2,709,702
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Restructuring Outflows

   $ (293,573   $ (289,478   $ (4,095   $ (2,709,702

IC Transfers / Adjustments1

   $ (1,838,302   $ (3,502,000   $ 1,663,698      $ 7,590,882   

Net Change in Cash

     (3,193,043     (672,278     (2,520,766     52,908,623   
  

 

 

   

 

 

   

 

 

   

 

 

 

Ending Cash Balance—Unrestricted

   $ 67,567,793      $ 69,941,178      $ (2,373,385   $ 67,567,793   

Restricted Cash in Escrow

     3,031,394        —          3,031,369        3,031,394   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Ending Cash Balance

   $ 70,599,187      $ 69,941,178      $ 657,984      $ 70,599,187   
  

 

 

   

 

 

   

 

 

   

 

 

 

PERIOD DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

 

     TMFE      TMI      TOTAL  

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

   $ 1,354,741       $ 1,944,686       $ 3,299,428   

Less: Transfers To Debtor In Possession Accounts

     —           —           —     

Plus: Transfers To Non-Debtor Subsidiaries

     250,000         —           250,000   

Plus: Estate Disbursements Made By Outside Sources

     —           —           —     
  

 

 

    

 

 

    

 

 

 

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

   $ 1,604,741       $ 1,944,686       $ 3,549,428   
  

 

 

    

 

 

    

 

 

 

 

1 

Note cumulative amount represents gross transfers out of $2,491,248 offset by transfers into TMFE of $652,946.

 

3


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

 

Payee

  Period Covered   Amount
Covered
    Payor   Check/Wire   Amount Paid     Year-To-Date  
        Number   Date   Fees     Expenses     Fees     Expenses  

Alvarez & Marsal

  8/1/12-8/31/12   $ 87,011.19      TMI   75804   10/19/12   $ 69,550.00      $ 73.69      $ 681,221.60      $ 19,815.36   

DLA Piper

  8/1/12 -8/31/12     695,670.73      TMI   9057   10/26/12     541,253.60        18,835.73        6,463,976.58        280,579.96   

FTI Consulting, Inc.

  7/1/12-8/31/12     752,746.74      TMI   75741 &
9055
  10/4/12 &
10/19/12
    701,576.00        51,170.74        3,469,958.00        228,238.82   

Imperial Capital

  7/1/12-7/31/12     175,956.28      TMI   75808   10/19/12     140,000.00        956.28        1,088,387.10        82,814.51   

Kurtzman Carson Consultants

  8/1/12-8/31/12     35,092.55      TMI   9051   10/19/12     20,042.00        15,050.55        370,957.53        302,909.51   

Proskauer Rose

  8/1/12-8/31/12     158,305.75      TMI   9054   10/19/12     124,284.40        2,950.25        355,603.30        4,584.99   

PricewaterhouseCoopers

  7/1/12-7/31/12     43,651.71      TMI   9053   10/19/12     34,208.00        891.71        1,351,892.50        9,879.76   

Quinn Emanuel

  8/1/12-8/31/12     114,869.00      TMI   75809   10/19/12     90,581.60        1,642.00        411,975.65        6,550.38   

Richards Layton & Finger

  6/15/12-9/30/12     154,755.15      TMFE   702509   10/19/12     149,267.00        5,488.15        174,267.00        5,488.15   

Zolfo Cooper

  9/1/12-9/30/12     138,817      TMFE   695818   10/8/12     128,397        10,421        857,557        45,107   

 

4


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

SCHEDULE OF CASH ACCOUNT BALANCES1

 

Company

  

Bank Name

   Bank Account #    Book Balance
(USD)
 

Trident Microsystems, Inc.

   Bank of America    xxxxxxx-xxx5067    $ —     

Trident Microsystems, Inc.

   California Bank & Trust MP    xxx-xxx5089      22,805   

Trident Microsystems, Inc.

   California Bank & Trust Checking    xxx-xxxx8271      290,757   

Trident Microsystems, Inc.

   California Bank & Trust (payroll)    xxx-xxxx8270      (4,194

Trident Microsystems, Inc.

   E-Trade    xxxx-2507      2,888   
        

 

 

 

Total

         $ 312,257   
        

 

 

 

 

Company

  

Bank Name

   Bank Account #    Book Balance
(USD)
 

Trident Microsystems (Far East), Ltd.

   Bank of America    xxxx-xxxxx-028    $ —     

Trident Microsystems (Far East), Ltd.

   Bank of America    xxxx-xxxxx-010      —     

Trident Microsystems (Far East), Ltd.

   Bank of America    xxx-xxxx-036      —     

Trident Microsystems (Far East), Ltd.

   Bank of America    xxx-xxxx-044      5,305,146   

Trident Microsystems (Far East), Ltd.

   Bank of America    xxx-xxxx-052      4,826   

Trident Microsystems (Far East), Ltd.

   Bank of America    xxx-xxxx-060      185,363   

Trident Microsystems (Far East), Ltd.

   California Bank & Trust - Checkling AC    xxx-xxxx3970      61,115,063   

Trident Microsystems (Far East), Ltd.

   California Bank & Trust - Money Plus    xxx-xxx3709      957,395   

Trident Microsystems (Far East), Ltd.

   Bank of America    xxxxxxx-xxx5059      —     

Trident Microsystems (Far East), Ltd.

   Wilmington Trust - Sigma Escrow    xxxxx0-000      1,517,856   

Trident Microsystems (Far East), Ltd.

   Wilmington Trust - Entropic Escrow    xxxxx2-000      1,513,538   
        

 

 

 

Total

         $ 70,599,187   
        

 

 

 

 

1 

Schedule reflects book balance at each Debtor as of October 28, 2012.

BANK RECONCILIATIONS

Bank reconciliations have been prepared for each account listed above.

 

/s/ Andrew Hinkelman

    

November 30, 2012

Andrew Hinkelman      Date
Interim Chief Executive Officer     

 

5


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

STATEMENT OF OPERATIONS

 

     TMFE     TMI  
     October 2012     Cumulative
Filing to Date
    October 2012     Cumulative
Filing to Date
 

Gross Revenue

        

Third Party1

   $ 230,556      $ 2,472,075      $ —        $ 1,561,239   

Affiliates

     638,824        72,331,635        —          21,863,458   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Revenues

   $ 869,380      $ 74,803,711      $ —        $ 23,424,697   

Cost of Revenues

        

Third Party through TMHK1

   $ (77,869   $ 46,541,032      $ (1,078   $ 2,537,819   

Affiliates

     1,216,046        66,180,428        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Cost of Revenues

   $ 1,138,177      $ 112,721,460      $ (1,078   $ 2,537,819   

Gross Profit

   $ (268,797   $ (37,917,749   $ 1,078      $ 20,886,878   

Research and development expenses1, 2

   $ (450   $ 8,577,707      $ 5,474      $ 9,145,115   

Selling, general and administrative expenses2

     298        409,944        2,219,168        14,882,145   

Insider Compensation3

     —          —          55,000        1,764,080   

Restructuring Charges

     —          —          —          303,810   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     (152     8,987,651        2,279,642        26,095,151   

Income (loss) from operations

   $ (268,645   $ (46,905,400   $ (2,278,564   $ (5,208,273

Gain (loss) on investment

   $ —        $ (5   $ —        $ —     

Gain (loss) on acquisition/sale1

     5,501,412        4,775,231        —          1,513,772   

Gain on Cancellation of Intercompany Debt

     27,590,693        27,590,693        —          —     

Interest and other income (expense), net (see detail)

     80,251        7,537,140        99,334        (659,969
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

   $ 5,313,018      $ (34,593,034   $ (2,179,230   $ (4,354,470

Provision for (benefit from) income taxes

     —          129        (13,360     (1,935,112
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss) Before Reorganization Items

   $ 5,313,018      $ (34,593,162   $ (2,165,870   $ (2,419,358

REORGANIZATION ITEMS

        

Professional Fees

   $ 154,001      $ 2,560,961      $ 1,178,526      $ 18,287,657   

U.S. Trustee Quarterly Fees

     20,000        50,000        13,000        39,000   

Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)

     —          —          —          —     

Gain (Loss) from Sale of Equipment

     —          —          —          —     

Other Reorganization Expenses

     —          117,558        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Reorganization Expenses

   $ 174,001      $ 2,728,519      $ 1,191,526      $ 18,326,657   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Profit (Loss)

   $ 5,139,017      $ (37,321,681   $ (3,357,396   $ (20,746,015
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjustment for Affiliate Receivable

     —          —          —          (8,588,827
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Profit / (Loss) after Adjustment1

   $ 5,139,017      $ (37,321,681   $ (3,357,396   $ (29,334,842
  

 

 

   

 

 

   

 

 

   

 

 

 

BREAKDOWN OF “OTHER” CATEGORIES

        

Interest and other income (expense), net

        

Realized Forex Gain/Loss

   $ —        $ 122,302      $ —        $ —     

Unrealized Forex Gain/Loss

     80,089        922,619        —          —     

Other Income

     80,251        6,642,137        99,333        109,588   

Interest Expenses

     —          (209,001     —          —     

Loss on Disposal of Assets

     —          —          —          (769,567

Currency Remeasurement Adj.

     —          41,490        —          —     

Interest Earned

     162        17,593        1        10   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 80,251      $ 7,537,140      $ 99,334      $ (659,969

 

1 

Cumulative amounts include the effect of adjusting and post-closing entries made to properly reflect activity in prior months.

2 

TMFE amount reflects reversal of accruals.

3 

Does not include payments made to insiders on account of trade payables. “Insider” is defined in 11 U.S.C. Section 101(31).

 

6


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

BALANCE SHEET

 

     TMFE     TMI  
     Book Value at
October 2012
    Book Value on
Petition Date
    Book Value at
October 2012
    Book Value on
Petition Date
 

ASSETS

        

Current assets

        

Cash and cash equivalents

   $ 70,598,739      $ 14,033,731      $ 281,517      $ 1,254,662   

Accounts receivable, net1

     120,000        1,000,000        (88,042     1,314,661   

Accounts receivable from related parties

     2,030,173        1,996,988        234,787        234,787   

Inventory

     —          11,433,394        —          —     

Note receivable from related party2

     —          20,884,003        —          —     

Prepaid expenses and other current assets (see detail)

     3,410,999        6,541,527        1,155,313        1,551,933   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

   $ 76,159,911      $ 55,889,643      $ 1,583,575      $ 4,356,043   

Property and equipment, net

   $ —        $ 391,732      $ —        $ 2,327,797   

Intangible Assets, net

     —          43,913,014        —          —     

Affiliates Receivable

     17,287,971        43,295,725        72,723,036        95,861,080   

Other Non-current Assets (see detail)

     56,149,638        73,815,092        197,964,440        198,408,481   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

   $ 149,597,521      $ 217,305,206      $ 272,271,051      $ 300,953,401   
  

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES AND OWNER EQUITY

        

LIABILITIES NOT SUBJECT TO COMPROMISE

        

Accounts Payable

   $ 88,734      $ —        $ 210,015      $ —     

Taxes Payable

     209,825        —          —          —     

Wages Payable

     —          —          —          —     

Notes Payable

     —          —          —          —     

Rent/Leases – Building/Equipment

     —          —          —          —     

Secured Debt/Adequate Protection Payments

     —          —          —          —     

Professional Fees

     —          —          400,760        —     

Affiliates Payable

     (6,584,468     —          3,029,019        —     

Amounts Due to Insiders3

     1,443,512        —          270,500        —     

Other Post-petition Liabilities (see detail)

     24,371,170        —          2,562,082        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL POST-PETITION LIABILITIES

   $ 19,528,773      $ —        $ 6,472,376      $ —     

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

        

Secured Debt

   $ —        $ —        $ —        $ —     

Priority Debt4

     —          —          23,929,459        24,009,745   

Unsecured Debt

     106,854,334        184,359,805        8,226,115        13,324,750   
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL PRE-PETITION LIABILITIES

   $ 106,854,334      $ 184,359,805      $ 32,155,574      $ 37,334,495   
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

   $ 126,383,108      $ 184,359,805      $ 38,627,950      $ 37,334,495   
  

 

 

   

 

 

   

 

 

   

 

 

 

OWNER EQUITY

        

Capital Stock

   $ 1,282      $ 1,282      $ (198,085   $ (197,998

Additional Paid-In Capital

     171,714,557        171,714,557        356,114,870        356,755,746   

Retained Earnings – Pre-Petition

     (138,770,438     (138,770,438     (92,938,842     (92,938,842

Retained Earnings – Post-petition5

     (9,730,988     —          (29,334,841     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

NET OWNER EQUITY

     23,214,413        32,945,401        233,643,102        263,618,906   
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND OWNERS EQUITY

   $ 149,597,521      $ 217,305,206      $ 272,271,051      $ 300,953,401   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

1 

Credit balance is offset by outstanding receivables in TMHK.

2 

TMFE balance at petition date was settled as part of the Entropic and Sigma sales.

3 

“Insider” is defined in 11 U.S.C. Section 101(31).

4 

TMI balance reflects long-term provision for contingent tax liability which will be written off.

5 

Retained earnings balance includes the effect of adjusting and post-closing entries made to properly reflect activity in prior months.

 

7


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

BALANCE SHEET

 

     TMFE      TMI  
     Book Value at
October 2012
    Book Value on
Petition Date
     Book Value at
October 2012
    Book Value on
Petition Date
 

BREAKDOWN OF “OTHER” CATEGORIES

         

PREPAID EXPENSES AND OTHER CURRENT ASSETS

         

Deferred Tax Asset

   $ —        $ —         $ 301,133      $ 301,133   

Prepaid Income Taxes

     —          —           —          (1,910,771

Other Prepaid & Receivables

     3,315,684        3,673,512         854,179        3,161,571   

VAT Receivable

     95,315        2,868,014         —          —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 3,410,999      $ 6,541,527       $ 1,155,313      $ 1,551,933   

OTHER NON-CURRENT ASSETS

         

Deferred Taxes Non-Current

   $ —        $ —         $ (2,629,465   $ (2,629,465

Other Deferred Charges

     2        2         —          —     

Long Term Equity Investments

     807,254        807,259         —          —     

Investment in Subsidiaries

     55,342,382        55,342,382         200,504,592        200,504,592   

Other Non-Current Assets

     —          17,665,449         89,313        533,355   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 56,149,638      $ 73,815,092       $ 197,964,440      $ 198,408,481   

OTHER POSTPETITION LIABILITIES

         

Accrued Employee Expense

     —        $ —         $ 209,724      $ —     

Receipts Accrual

     13,961        —           —          —     

Accrued Professional Fees

     —          —           1,865,446        —     

Accrued Restructuring

     —          —           301,073        —     

Deferred Rent

     —          —           —          —     

Customer Prepaid

     2,722,222        —           —          —     

Accrued NRE

     16,550        —           —          —     

Accrued Royalties

     (334,532     —           —          —     

Other Accrued Expenses

     216,463        —           22,904        —     

Other Liabilities

     4,472        —           162,935        —     

Sigma Payable

     7,198,701        —           —          —     

Entropic Payable

     —          —           —          —     

Deferred Margin1

     14,533,333        —           —          —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 24,371,170      $ —         $ 2,562,082      $ —     

 

1 

TMFE deferred margin will be written off in a subsequent reporting period.

 

8


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

STATUS OF POSTPETITION TAXES

I hereby certify that: (1) all state and federal postpetition taxes and estimates due and owing for the period of October 2012 for Trident Microsystems, Inc. and Trident Microsystems (Far East) Ltd. have been paid, (2) all state and federal tax returns for the period of October 2012 have been duly completed and submitted on behalf of Trident Microsystems, Inc. and Trident Microsystems (Far East) Ltd. or (3) to the extent that any payments have not been made or tax returns have not been submitted an extension has been obtained from the appropriate state or federal agency.

 

/s/ Andrew Hinkelman

   

November 30, 2012

Andrew Hinkelman     Date
Interim Chief Executive Officer    

SUMMARY OF UNPAID POSTPETITION DEBTS

 

     Number of Days Past Due  

Trident Microsystems, Inc. (TMI)

   Current      0-30      31-60     61-90      Over 90      Total  

Accounts Payable

   $ 4,815       $ 61,052       $ 144,148      $ —         $ —         $ 210,015   

Wages Payable

     —           —           —          —           —           —     

Taxes Payable

     —           —           —          —           —           —     

Rent/Leases-Building

     —           —           —          —           —           —     

Secured Debt/Adequate Protection Payments

     —           —           —          —           —           —     

Professional Fees

     65,357         335,403         —          —           —           400,760   

Affiliates Payable

     —           —           (1,086,842     540,844         3,575,017         3,029,020   

Amounts Due to Insiders*

     —           —           —          —           270,500         270,500   

Other Accrued Payable

     2,562,082         —           —          —           —           2,562,082   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total Postpetition Debts

   $ 2,632,254       $ 396,455       $ (942,694   $ 540,844       $ 3,845,517       $ 6,472,376   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

     Number of Days Past Due  

Trident Microsystems (Far East), Ltd.

   Current     0-30     31-60     61-90     Over 90     Total  

Accounts Payable

   $ 4,375      $ 9,642      $ 91,437      $ 42,230      $ (58,950   $ 88,734   

Wages Payable

     —          —          —          —          —          —     

Taxes Payable

     29,271        8,064        38,216        13,867        120,406        209,825   

Rent/Leases-Building

     —          —          —          —          —          —     

Secured Debt/Adequate Protection Payments

     —          —          —          —          —          —     

Professional Fees

     —          —          —          —          —          —     

Affiliates Payable

     (1,872,844     (3,091,175     (10,020,021     (350,126     8,749,697        (6,584,468

Amounts Due to Insiders*

     —          —          (58,702     39,748        1,462,430        1,443,512   

Other Accrued Payable

     18,590,334        6,046,418        (592,778     224,169        103,027        24,371,170   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Postpetition Debts

   $ 16,751,136      $ 2,972,949      $ (10,541,847   $ (30,076   $ 10,376,611      $ 19,528,773   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Explain how and when the Debtor intends to pay any past-due postpetition debts:

Debts will be paid in accordance with the court-approved cash management order.

 

* “Insider” is defined in 11 U.S.C. Section 101(31).

 

9


In re Trident Microsystems, Inc., et al.      

Case No. 12-10069 (CSS) (Jointly Admin.)

Reporting Period: October 2012

 

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

     TMI      TMFE  

Accounts Receivable Reconciliation

     

Total Accounts Receivable at the beginning of the reporting period

   $ 146,745       $ 2,150,173   

+ Amounts billed during the period

     —           —     

- Amounts collected during the period

     —           —     
  

 

 

    

 

 

 

Total Accounts Receivable at the end of the reporting period

   $ 146,745       $ 2,150,173   
  

 

 

    

 

 

 

Accounts Receivable Aging

     

0 - 30 days old

   $ —         $ 2,030,173   

31 - 60 days old

     —           —     

61 - 90 days old

     —           120,000   

91+ days old

     146,745         —     
  

 

 

    

 

 

 

Total Accounts Receivable

   $ 146,745       $ 2,150,173   

Amount considered uncollectible (Bad Debt)

     —           —     
  

 

 

    

 

 

 

Accounts Receivable (Net)

   $ 146,745       $ 2,150,173   
  

 

 

    

 

 

 

DEBTOR QUESTIONNAIRE

 

    

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

 

10