Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - RONSON CORP | form8k-112030_rclc.htm |
| EX-99.3 - EXHIBIT 99.3 - RONSON CORP | ex99-3.htm |
| EX-99.2 - EXHIBIT 99.2 - RONSON CORP | ex99-2.htm |
Exhibit 99.1
|
UNITED STATES BANKRUPTCY COURT
|
|
DISTRICT OF NEW JERSEY
|
|
In re
|
RCLC, Inc.
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Case No.
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10-35313-MBK
|
|||
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Reporting Period
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11/01/10 - 11/30/10
|
|||||
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MONTHLY OPERATING REPORT
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|||||||
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File with Court and submit copy to United States Trustee within 20 days after end of month.
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|||||||
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Submit copy of report to any official committee appointed in the case
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|||||||
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Document
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Explanation
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Affidavit/Supplement
|
|||||
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REQUIRED DOCUMENTS
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Form No.
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Attached
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Attached
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Attached
|
|||
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Schedule of Cash Receipts and Disbursements
|
MOR-1
|
P
|
|||||
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Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
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P
|
|||||
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Schedule of Professional Fees Paid
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MOR-1b
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P
|
|||||
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Copies of bank statements
|
P
|
||||||
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Cash disbursements journals
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P
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||||||
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Statement of Operations
|
MOR-2
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P
|
|||||
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Balance Sheet
|
MOR-3
|
P
|
|||||
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Status of Postpetition Taxes
|
MOR-4
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P
|
|||||
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Copies of IRS Form 6123 or payment receipt
|
|||||||
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Copies of tax returns filed during reporting period
|
|||||||
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Summary of Unpaid Postpetition Debts
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MOR-4
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P
|
|||||
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Listing of aged accounts payable
|
MOR-4
|
P
|
|||||
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Accounts Receivable Reconciliation and Aging
|
MOR-5
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N/A
|
|||||
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Debtor Questionnaire
|
MOR-5
|
P
|
|||||
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
|
||||||
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are true and correct to the best of my knowledge and belief.
|
||||||
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Signature of Debtor
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Date
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|||||
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Signature of Joint Debtor
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Date
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|||||
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/s/ Daryl Holcomb
|
January 24, 2011
|
|||||
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Signature of Authorized Individual *
|
Date
|
|||||
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Daryl K. Holcomb
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Vice President & Chief Financial Officer
|
|||||
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Printed Name of Authorized Individual
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Title of Authorized Individual
|
|||||
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* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
|
||||||
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is a partnership; a manager or member if debtor is a limited liability company.
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||||||
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In re
|
RCLC, INC.
|
Case No.
|
10-35313-MBK
|
||||||||
|
Reporting Period
|
11/01/10 - 11/30/10
|
||||||||||
| SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS | |||||||||||
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Bank Accounts
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Current Month
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Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
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Operating
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Payroll
|
Tax
|
Other
|
Actual
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Projected
|
Actual
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Projected
|
|||||||||||||||||||||||||
|
Cash Beginning of Month
|
$ | 10,413.73 | $ | 897.46 | $ | 99.80 | $ | 1,238.22 | $ | 12,649.21 | $ | - | $ | 12,649.21 | $ | - | ||||||||||||||||
|
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
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Cash Sales
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
|
Accounts Receivable
|
- | - | ||||||||||||||||||||||||||||||
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Loans and Advances
|
- | - | ||||||||||||||||||||||||||||||
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Sale of Assets
|
- | - | ||||||||||||||||||||||||||||||
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Other (see below)
|
12.00 | - | - | - | 12.00 | 1,524.24 | ||||||||||||||||||||||||||
|
Transfers (From DIP Accts.)
|
231,666.96 | 29,552.87 | 18,146.70 | 634.34 | 280,000.87 | 517,976.05 | ||||||||||||||||||||||||||
|
Total Receipts
|
$ | 231,678.96 | $ | 29,552.87 | $ | 18,146.70 | $ | 634.34 | $ | 280,012.87 | $ | - | $ | 519,500.29 | $ | - | ||||||||||||||||
|
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Net Payroll
|
$ | $ | 28,889.37 | $ | $ | $ | 28,889.37 | $ | $ | 94,041.31 | $ | - | ||||||||||||||||||||
|
Payroll Taxes
|
13,820.72 | 13,820.72 | 35,519.42 | |||||||||||||||||||||||||||||
|
Sales, Use, & Other Taxes
|
75.00 | 75.00 | 75.00 | |||||||||||||||||||||||||||||
|
Inventory Purchases
|
- | - | ||||||||||||||||||||||||||||||
|
Secured/Rental/Leases
|
3,860.60 | 3,860.60 | 13,861.80 | |||||||||||||||||||||||||||||
|
Insurance
|
32,397.42 | 32,397.42 | 104,158.80 | |||||||||||||||||||||||||||||
|
Administrative
|
19,759.79 | 19,759.79 | 38,766.59 | |||||||||||||||||||||||||||||
|
Selling
|
- | - | ||||||||||||||||||||||||||||||
|
Other (see below)
|
4,328.67 | - | - | 634.34 | 4,963.01 | 23,387.39 | ||||||||||||||||||||||||||
|
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
|
Transfers (To DIP Accts)
|
48,182.18 | $ | 1,166.96 | 49,349.14 | 70,452.67 | |||||||||||||||||||||||||||
|
Professional Fees
|
106,984.71 | 106,984.71 | 142,865.23 | |||||||||||||||||||||||||||||
|
U.S. Trustee Quarterly Fees
|
- | 650.00 | ||||||||||||||||||||||||||||||
|
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 215,588.37 | $ | 28,889.37 | $ | 13,820.72 | $ | 1,801.30 | $ | 260,099.76 | $ | - | $ | 523,778.21 | $ | - | ||||||||||||||||
|
Net Cash Flow
|
$ | 16,090.59 | $ | 663.50 | $ | 4,325.98 | $ | (1,166.96 | ) | 19,913.11 | (4,277.92 | ) | ||||||||||||||||||||
|
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
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Cash - End of Month
|
$ | 26,504.32 | $ | 1,560.96 | $ | 4,425.78 | $ | 71.26 | $ | 32,562.32 | $ | - | $ | 8,371.29 | $ | - | ||||||||||||||||
|
* Compensation to Sole Proprietors for Services Rendered to Bankruptcy Estate
|
||||||||||||||||||||||||||||||||
|
THE FOLLOWING SECTION MUST BE COMPLETED
|
||||||||||||||||||||||||||||||||
|
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 260,099.76 | ||||||||||||||||||||||||||||||
|
Less: Transfers to Debtor in Possession Accounts
|
(49,349.14 | ) | ||||||||||||||||||||||||||||||
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Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 210,750.62 | ||||||||||||||||||||||||||||||
|
Other Receipts:
|
||||||||||||||||||||||||||||||||
|
Bank Credit for adjustment of bank fee
|
12.00 | |||||||||||||||||||||||||||||||
| $ | 12.00 | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
|
Other Expense:
|
||||||||||||||||||||||||||||||||
|
Bank Fees
|
4,328.67 | |||||||||||||||||||||||||||||||
|
401K
|
634.34 | |||||||||||||||||||||||||||||||
| 4,328.67 | - | - | 634.34 | |||||||||||||||||||||||||||||
|
In re
|
RCLC, INC.
|
Case No.
|
10-35313-MBK
|
|||||||||
|
Reporting Period
|
11/01/10 - 11/30/10
|
|||||||||||
|
BANK RECONCILIATIONS
|
|
Continuation Sheet for MOR-1
|
|
Operating
|
Tax
|
401K
|
Operating
|
Payroll
|
Other
|
||||||||||||||||||||||||||||||
|
Wells Fargo Bank, NA
|
Wells Fargo Bank, NA
|
Wells Fargo Bank, NA
|
Capital One Bank
|
Capital One Bank
|
Petty Cash
|
||||||||||||||||||||||||||||||
|
*
|
*
|
*
|
*
|
*
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N/A
|
||||||||||||||||||||||||||||||
|
Balance Per Book
|
$ | 13,858.24 | $ | 4,425.78 | $ | - | $ | - | $ | 12,640.08 | $ | 1,560.96 | $ | 71.26 | |||||||||||||||||||||
|
Bank Balance
|
$ | 13,858.24 | $ | 4,425.78 | $ | - | $ | - | $ | 19,901.84 | $ | 11,624.44 | N/A | ||||||||||||||||||||||
|
(+) Deposits in Transit (Attach List)
|
- | - | - | - | - | - | - | ||||||||||||||||||||||||||||
|
(-) Outstanding Checks (Attach List)
|
- | - | - | - | (7,261.76 | ) | (10,063.48 | ) | - | ||||||||||||||||||||||||||
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Other (Attach Explanation)
|
- | - | - | - | - | - | - | ||||||||||||||||||||||||||||
|
Adjusted Bank Balance *
|
$ | 13,858.24 | $ | 4,425.78 | $ | - | $ | - | $ | 12,640.08 | $ | 1,560.96 | N/A | ||||||||||||||||||||||
|
* Adjusted bank balance must equal
|
|||||||||||||||||||||||||||||||||||
|
balance per books
|
|||||||||||||||||||||||||||||||||||
|
Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
|||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||
|
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
|||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - |
2007
|
$ | 1,997.68 |
2967
|
5,080.11 | $ | - | |||||||||||||||||||||
|
2013
|
$ | 3,500.00 |
2968
|
1,449.97 | |||||||||||||||||||||||||||||||
|
2015
|
$ | 1,400.00 |
2969
|
2,012.15 | |||||||||||||||||||||||||||||||
|
2021
|
$ | 119.00 |
2970
|
1,521.25 | |||||||||||||||||||||||||||||||
|
2025
|
$ | 245.08 | |||||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | 7,261.76 | $ | 10,063.48 | $ | - | ||||||||||||||||||||||
|
Other
|
|||||||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||
|
* Account number has been redacted.
|
|||||||||||||||||||||||||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
||||||||
|
Reporting Period
|
11/01/10 - 11/30/10
|
||||||||||
|
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
|
||||||||||||
|
This schedule is to include all retained professional payments from case inception to current month.
|
||||||||||||
|
Period
|
Amount
|
Check
|
Amount Paid
|
Year-To-Date
|
||||||||||||||||||||
|
Payee
|
Covered
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
|||||||||||||||
|
SSG Capital
|
35,880.52 |
RCLC
|
30,000.00 | 5,880.52 | ||||||||||||||||||||
|
Cole, Schotz, Meisel, Forman & Leonard, P.A.
|
09/30/10
|
34,167.70 |
RCLC
|
MT111010
|
11/10/10
|
25,069.86 | 2,420.85 | |||||||||||||||||
|
Cole, Schotz, Meisel, Forman & Leonard, P.A.
|
10/31/10
|
15,243.16 |
RCLC
|
MT113010
|
11/30/10
|
11,888.67 | 406.70 | 36,958.53 | 2,827.55 | |||||||||||||||
|
Demetrius & Company, LLC
|
09/30/10
|
6,380.00 |
RCLC
|
MT111810
|
11/18/10
|
5,134.12 | - | 5,134.12 | - | |||||||||||||||
|
J.H. Cohn LLP
|
09/30/10
|
29,324.84 |
RCLC
|
MT111510
|
11/15/10
|
23,431.12 | 35.94 | 23,431.12 | 35.94 | |||||||||||||||
|
Lowenstein Sandler PC
|
09/30/10
|
48,125.01 |
RCLC
|
MT112910
|
11/29/10
|
38,110.24 | 487.21 | 38,110.24 | 487.21 | |||||||||||||||
| 103,634.01 | 3,350.70 | 133,634.01 | 9,231.22 | |||||||||||||||||||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
11/01/10 - 11/30/10
|
||||
|
STATEMENT OF OPERATIONS
|
|||||
|
(Income Statement)
|
|||||
|
Accrual Basis
|
|||||
|
Cumulative
|
||||||||
|
Revenues
|
Month
|
Filing to Date
|
||||||
|
Gross Revenues
|
$ | - | $ | 250,000.00 | ||||
|
Less: Returns and Allowances
|
||||||||
|
Net Revenue
|
- | 250,000.00 | ||||||
|
Cost of Goods Sold
|
||||||||
|
Beginning Inventory
|
- | |||||||
|
Add: Purchases
|
- | |||||||
|
Add: Cost of Labor
|
- | |||||||
|
Add: Other Costs (attach schedule)
|
- | |||||||
|
Less: Ending Inventory
|
- | |||||||
|
Cost of Goods Sold
|
- | - | ||||||
|
Gross Profit
|
- | 250,000.00 | ||||||
|
Operating Expenses
|
||||||||
|
Advertising
|
||||||||
|
Auto and Truck Expense
|
536.00 | 1,877.00 | ||||||
|
Bad Debts
|
- | |||||||
|
Contributions
|
- | |||||||
|
Employee Benefits Programs
|
4,981.00 | 29,330.45 | ||||||
|
Insider Compensation *
|
6,096.00 | 14,891.36 | ||||||
|
Insurance
|
32,734.00 | 91,383.34 | ||||||
|
Management Fees/Bonuses
|
- | |||||||
|
Office Expense
|
924.00 | 3,592.66 | ||||||
|
Pension & Profit-Sharing Plans
|
505.00 | 3,537.05 | ||||||
|
Repairs and Maintenance
|
1,360.00 | 8,246.71 | ||||||
|
Rent and Lease Expense
|
3,350.60 | 13,327.85 | ||||||
|
Salaries/Commissions/Fees
|
31,811.00 | 109,640.76 | ||||||
|
Supplies
|
29.00 | 582.48 | ||||||
|
Taxes - Payroll
|
(1,126.00 | ) | 8,235.98 | |||||
|
Taxes - Real Estate
|
- | |||||||
|
Taxes - Other
|
- | |||||||
|
Travel and Entertainment
|
400.00 | 5,264.35 | ||||||
|
Utilities
|
510.00 | 2,094.56 | ||||||
|
Other (attach schedule)
|
6,235.00 | 18,073.67 | ||||||
|
Total Operating Expenses Before Depreciation
|
88,345.60 | 310,078.22 | ||||||
|
Depreciation/Depletion/Amortization
|
- | |||||||
|
Net Profit (Loss) Before Other Income & Expenses
|
(88,345.60 | ) | (60,078.22 | ) | ||||
|
Other Income and Expenses
|
||||||||
|
Other Income (attach schedule)
|
(3,011.50 | ) | (10,177.75 | ) | ||||
|
Interest Expense
|
3,192.00 | 11,902.05 | ||||||
|
Other Expense (attach schedule)
|
7,871.08 | 29,122.69 | ||||||
|
Net Profit (Loss) Before Reorganization Items
|
(96,397.18 | ) | (90,925.21 | ) | ||||
|
Reorganization Items
|
||||||||
|
Professional Fees
|
44,890.76 | 205,671.01 | ||||||
|
U.S. Trustee Quarterly Fees
|
- | 650.00 | ||||||
|
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
- | |||||||
|
Gain (Loss) from Sale of Equipment
|
- | |||||||
|
Other Reorganization Expenses (attach schedule)
|
75.00 | 75.00 | ||||||
|
Total Reorganization Expenses
|
44,965.76 | 206,396.01 | ||||||
|
Income Taxes - Deferred & allocated among affiliates
|
(144,391.00 | ) | ||||||
|
Income Taxes - Current
|
135,333.00 | |||||||
|
Net Profit (Loss)
|
$ | (141,362.94 | ) | $ | (288,263.22 | ) | ||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
11/01/10 - 11/30/10
|
||||
|
STATEMENT OF OPERATIONS - continuation sheet
|
|||||
|
Cumulative
|
||||||||
|
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
|
Other Costs
|
||||||||
|
None
|
$ | - | $ | - | ||||
| $ | - | $ | - | |||||
|
Other Operational Expenses
|
||||||||
|
Stock Transfers
|
$ | 1,918.00 | $ | 7,718.00 | ||||
|
Information Release Cost
|
1,360.00 | |||||||
|
Other Stock Related Expense
|
1,000.00 | |||||||
|
Bank Service Fees
|
4,317.00 | 7,936.27 | ||||||
|
Penalties & Late Charges
|
59.40 | |||||||
| $ | 6,235.00 | $ | 18,073.67 | |||||
|
Other Income
|
||||||||
|
Dividend Income - Split Dollar Insurance
|
$ | 2,866.50 | $ | 10,032.75 | ||||
|
Other
|
145.00 | 145.00 | ||||||
| $ | 3,011.50 | $ | 10,177.75 | |||||
|
Other Expenses
|
||||||||
|
Auditing & Tax Fees
|
$ | 3,250.00 | $ | 11,375.00 | ||||
|
Rights Plan Amortization
|
330.08 | 1,155.28 | ||||||
|
Legal Fee - Accrual
|
- | 2,250.00 | ||||||
|
Other Professional Fees
|
4,291.00 | 14,295.50 | ||||||
|
Other
|
- | 46.91 | ||||||
| - | ||||||||
| $ | 7,871.08 | $ | 29,122.69 | |||||
|
Other Reorganization Expenses
|
||||||||
|
New Jersey Business Gateway Service
|
$ | 75.00 | $ | 75.00 | ||||
| $ | 75.00 | $ | 75.00 | |||||
|
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
|
||||||||
|
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding.
|
||||||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
11/01/10 - 11/30/10
|
|||||
|
BALANCE SHEET
|
|
|
Accrual Basis
|
|
|
Book Value at End of
|
Book Value on
|
|||||||
|
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
|
Current Assets
|
||||||||
|
Unrestricted Cash and Equivalents
|
$ | 32,556.32 | $ | 36,840.24 | ||||
|
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
|
Accounts Receivable (Net)
|
||||||||
|
Notes Receivable
|
||||||||
|
Inventories
|
||||||||
|
Prepaid Expenses
|
143,165.83 | 242,091.94 | ||||||
|
Professional Retainers
|
54,703.60 | 54,703.60 | ||||||
|
Other Current Assets (attach schedule)
|
247,775.00 | 250,768.00 | ||||||
|
Total Current Assets
|
$ | 478,200.75 | $ | 584,403.78 | ||||
|
Property and Equipment
|
||||||||
|
Real Property and Improvements
|
||||||||
|
Machinery and Equipment
|
||||||||
|
Furniture, Fixtures and Office Equipment
|
||||||||
|
Leasehold Improvements
|
||||||||
|
Vehicles
|
||||||||
|
Less Accumulated Depreciation
|
||||||||
|
Total Property & Equipment
|
$ | - | $ | - | ||||
|
Other Assets
|
||||||||
|
Loans to Insiders *
|
||||||||
|
Other Assets (see schedule)
|
16,663,457.27 | 17,107,507.81 | ||||||
|
Total Other Assets
|
$ | 16,663,457.27 | $ | 17,107,507.81 | ||||
|
Total Assets
|
$ | 17,141,658.02 | $ | 17,691,911.59 | ||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
|
Accounts Payable
|
$ | 21,044.25 | $ | - | ||||
|
Taxes Payable (refer to Form MOR-4)
|
5,768.81 | |||||||
|
Wages Payable
|
||||||||
|
Notes Payable
|
||||||||
|
Rent/Leases - Building/Equipment
|
||||||||
|
Secured Debt / Adequate Protection Payments
|
||||||||
|
Professional Fees
|
58,929.66 | |||||||
|
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))
|
6,060.45 | |||||||
|
Other Postpetition Liabilities (attach schedule)
|
228.61 | |||||||
|
Total Postpetition Liabilities
|
$ | 92,031.78 | $ | - | ||||
|
Liabilities Subject to Compromise
|
||||||||
|
Secured Debt
|
- | 2,005,050.59 | ||||||
|
Priority Debt
|
45,940.92 | 51,133.31 | ||||||
|
Unsecured Debt
|
11,150,296.46 | 9,494,075.61 | ||||||
|
Total Pre-Petition Liabilities
|
$ | 11,196,237.38 | $ | 11,550,259.51 | ||||
|
Total Liabilities
|
$ | 11,288,269.16 | $ | 11,550,259.51 | ||||
|
Owner Equity
|
||||||||
|
Capital Stock
|
5,172,577.50 | 5,172,577.50 | ||||||
|
Additional Paid-In Capital
|
30,006,795.83 | 30,006,795.83 | ||||||
|
Partners' Capital Account
|
||||||||
|
Owner's Equity Account
|
||||||||
|
Retained Earning - Pre-Petition
|
(27,441,051.23 | ) | (27,441,051.23 | ) | ||||
|
Retained Earning - Postpetition
|
(288,263.22 | ) | ||||||
|
Adjustments to Owner Equity (attach schedule)
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
|
|||||||
|
Net Owner Equity
|
$ | 5,853,388.86 | $ | 6,141,652.08 | ||||
|
Total Liabilities and Owners' Equity
|
$ | 17,141,658.02 | $ | 17,691,911.59 | ||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
11/01/10 - 11/30/10
|
|||||
|
BALANCE SHEET - continuation sheet
|
||||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Current Assets
|
||||||||
|
Current Deferred Tax Asset
|
247,775.00 | 250,768.00 | ||||||
| $ | 247,775.00 | $ | 250,768.00 | |||||
|
Other Assets
|
||||||||
|
Investment is Subsidiaries
|
8,972,480.35 | 8,972,480.35 | ||||||
|
Intercompany Receivables - Prometcor
|
4,686,643.53 | 4,686,643.53 | ||||||
|
Intercompany Receivables - RCPC Liquidating
|
911,966.28 | 999,740.57 | ||||||
|
Deferred Sale costs - Ronson Aviation
|
- | 348,601.95 | ||||||
|
Non-Current Deferred Tax Asset
|
2,010,016.68 | 2,034,742.68 | ||||||
|
Rights Plan
|
2,970.58 | 4,125.86 | ||||||
|
Cash Surrender Value - Life Insurance
|
79,379.85 | 61,172.87 | ||||||
| $ | 16,663,457.27 | $ | 17,107,507.81 | |||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Postpetition Liabilities
|
||||||||
|
401k Contribution W/H - Employee
|
228.61 | - | ||||||
| $ | 228.61 | $ | - | |||||
|
Adjustments to Owner Equity
|
||||||||
|
Treasury Stock
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
| $ | (1,596,670.02 | ) | $ | (1,596,670.02 | ) | |||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
| $ | - | $ | - | |||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||||||||
|
Reporting Period
|
11/01/10 - 11/30/10
|
|||||||||||
|
STATUS OF POSTPETITION TAXES
|
||||||||||||||||||||||||
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
|||||||||||||||||||||
|
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
|||||||||||||||||||
|
Federal
|
||||||||||||||||||||||||
|
Withholding
|
$ | 2,183.00 | $ | 7,761.00 | $ | (7,605.00 | ) |
11/2, 11/10, 11/17
|
$ | 2,339.00 | ||||||||||||||
|
FICA-Employee
|
591.54 | 2,351.02 | (2,200.05 | ) |
11/2, 11/10, 11/17
|
742.51 | ||||||||||||||||||
|
FICA-Employer
|
591.52 | 2,351.02 | (2,200.05 | ) |
11/2, 11/10, 11/17
|
742.49 | ||||||||||||||||||
|
Unemployment
|
266.86 | 56.00 | - | 322.86 | ||||||||||||||||||||
|
Income
|
- | - | ||||||||||||||||||||||
|
Other:
|
- | - | ||||||||||||||||||||||
|
Total Federal Taxes
|
$ | 3,632.92 | $ | 12,519.04 | $ | (12,005.10 | ) | $ | 4,146.86 | |||||||||||||||
|
State and Local
|
||||||||||||||||||||||||
|
Withholding
|
84.91 | 1,873.63 | (1,815.62 | ) | 142.92 | |||||||||||||||||||
|
Sales
|
- | - | ||||||||||||||||||||||
|
Excise
|
- | - | ||||||||||||||||||||||
|
Unemployment
|
- | 1,201.27 | 1,201.27 | |||||||||||||||||||||
|
Real Property
|
- | - | ||||||||||||||||||||||
|
Personal Property
|
||||||||||||||||||||||||
|
Other:
|
- | 277.76 | 277.76 | |||||||||||||||||||||
|
Total State and Local
|
$ | 84.91 | $ | 3,352.66 | $ | (1,815.62 | ) | $ | 1,621.95 | |||||||||||||||
|
Total Taxes
|
$ | 3,717.83 | $ | 15,871.70 | $ | (13,820.72 | ) | $ | 5,768.81 | |||||||||||||||
|
SUMMARY OF UNPAID POSTPETITION DEBTS
|
||||||||||||||||||||||||
|
Attached listing of accounts payable
|
||||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
|
Accounts Payable
|
$ | 13,875.28 | $ | 4,572.37 | $ | 2,596.60 | $ | - | $ | - | $ | 21,044.25 | ||||||||||||
|
Wages Payable
|
- | |||||||||||||||||||||||
|
Taxes Payable
|
5,768.81 | 5,768.81 | ||||||||||||||||||||||
|
Rent/Leases-Building
|
- | |||||||||||||||||||||||
|
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
- | |||||||||||||||||||||||
|
Professional Fees
|
18,175.76 | 34,896.12 | 5,857.78 | 58,929.66 | ||||||||||||||||||||
|
Amounts Due to Insiders *
|
6,060.45 | - | 6,060.45 | |||||||||||||||||||||
|
Other: 401K Employee
|
228.61 | 228.61 | ||||||||||||||||||||||
|
Other:
|
- | |||||||||||||||||||||||
|
Total Postpetition Debts
|
$ | 44,108.91 | $ | 39,468.49 | $ | 8,454.38 | $ | - | $ | - | $ | 92,031.78 | ||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
11/01/10 - 11/30/10
|
||||
|
ACCOUNTS RECEIVABLE RECONCILING AND AGING
|
|||||
|
Accounts Receivable Reconciliation
|
Amount
|
||||||||
|
Total Accounts Receivable at the beginning of the reporting period
|
$ | - | |||||||
|
(+) Amounts billed during the period
|
- | ||||||||
|
(-) Amounts collected during the period
|
- | ||||||||
|
Total Accounts Receivable at the end of the reporting period
|
$ | - | |||||||
|
Accounts Receivable Aging
|
Amount
|
||||||||
|
0 - 30
|
days old
|
- | |||||||
|
31 - 60
|
days old
|
- | |||||||
|
61 - 90
|
days old
|
- | |||||||
|
91 +
|
days old
|
- | |||||||
|
Total Accounts Receivable
|
$ | - | |||||||
|
Amounts considered uncollectible (Bad Debt)
|
|||||||||
|
Accounts Receivable (Net)
|
$ | - | |||||||
|
DEBTOR QUESTIONNAIRE
|
|
Must be completed each month
|
Yes
|
No
|
||
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
P
|
||
|
this reporting period? If yes, provide an explanation below.
|
||||
|
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
P
|
||
|
account this reporting period? If yes, provide an explanation
|
||||
|
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
P
|
||
|
below.
|
||||
|
4.
|
Are workers compensation, general liability and other necessary insurance
|
P
|
||
|
coverage in effect? If no, provide an explanation below.
|
||||
|
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
P
|
||
|
documentation identifying the opened account(s).
|
||||