RONSON CORP - FORM 8-K - EX-99.3 - EXHIBIT 99.3

Attached files

file	filename
8-K - FORM 8K - RONSON CORP	form8k-112030_rclc.htm
EX-99.1 - EXHIBIT 99.1 - RONSON CORP	ex99-1.htm
EX-99.2 - EXHIBIT 99.2 - RONSON CORP	ex99-2.htm

UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW JERSEY


In re	RA Liquidating Corp	Case No.	10-35315-MBK
		Reporting Period	11/01/10 - 11/30/10

MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month.


Submit copy of report to any official committee appointed in the case

		Document	Explanation	Affidavit/Supplement
REQUIRED DOCUMENTS	Form No.	Attached	Attached	Attached
Schedule of Cash Receipts and Disbursements	MOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliation)	MOR-1a	X
Schedule of Professional Fees Paid	MOR-1b	X
Copies of bank statements		X
Cash disbursements journals
Statement of Operations	MOR-2	X
Balance Sheet	MOR-3	X
Status of Postpetition Taxes	MOR-4	X
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Postpetition Debts	MOR-4	X
Listing of aged accounts payable	MOR-4
Accounts Receivable Reconciliation and Aging	MOR-5	X
Debtor Questionnaire	MOR-5	X



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/ Daryl Holcomb					January 24, 2011
Signature of Authorized Individual *					Date


Daryl K. Holcomb					Vice President & Chief Financial 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.

In re	RA Liquidating Corp									Case No.	10-35315-MBK
										Reporting Period	11/01/10 - 11/30/10


SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

	Bank Accounts											Current Month					Cumulative Filing to Date
	Operating			Payroll			Tax			Other		Actual			Projected		Actual			Projected

Cash Beginning of Month	$	1,955,298.77		$	(3.60	)	$	3,893.92		$	-	$	1,959,189.09		$	-	$	39,997.99		$	-

Receipts	Amount			Amount			Amount			Amount		Amount			Amount		Amount			Amount
Cash Sales												$	-		$	-	$	-		$	-
Accounts Receivable (1)		45,964.64											45,964.64					1,626,496.31
Loans and Advances													-					992,000.00
Sale of Assets													-					10,161,703.97
Other (Attach List)		(11,354.44	)		-			-			-		(11,354.44	)				(71,480.31	)
Transfers (From DIP Accts.)					100.00								100.00					228,633.59
Change in clearings													-					(36.53	)
Total Receipts	$	34,610.20		$	100.00		$	-		$	-	$	34,710.20		$	-	$	12,937,317.03		$	-



Disbursements	Amount			Amount			Amount			Amount		Amount			Amount		Amount			Amount
Net Payroll												$	-		$	-	$	155,078.58		$	-
Payroll Taxes								14.40					14.40					70,019.62
Sales, Use, & Other Taxes													-
Inventory Purchases													-					516,930.24
Secured/Rental/Leases													-					17,932.38
Insurance													-					45,258.12
Administrative		(0.84	)										(0.84	)				5,582.91
Selling													-
Other (Attach List)		8,499.28			-			-			-		8,499.28					2,327,044.55
Loan payments													-					7,254,641.60
Owner Draw *													-
Transfers (To DIP Accts)		115,100.00											115,100.00					708,437.65
													-
Professional Fees		504,482.13											504,482.13					504,482.13
U.S. Trustee Quarterly Fees													-					6,500.00
Court Costs													-

Total Disbursements	$	628,080.57		$	-		$	14.40		$	-	$	628,094.97		$	-	$	11,611,907.78		$	-


Net Cash Flow		(593,470.37	)		100.00			(14.40	)		-		(593,384.77	)				1,325,409.25
(Receipts Less Disbursements)



Cash - End of Month	$	1,361,828.40		$	96.40		$	3,879.52		$	-	$	1,365,804.32		$	-	$	1,365,407.24		$	-
* Compensation to Sole Proprietors for Services Rendered to Bankruptcy Estate


THE FOLLOWING SECTION MUST BE COMPLETED
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
Total Disbursements																				$	628,094.97
Less: Transfers to Debtor in Possession Accounts																					(115,100.00	)
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
Total Disbursements for Calculating U.S. Trustee Quarterly Fees																				$	512,994.97

(1) Until October 15, 2010, all receipts were swept by the lender and applied directly to the secured debt.

In re	RA Liquidating Corp						Case No.	10-35315-MBK
							Reporting Period	11/01/10 - 11/30/10

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

OTHER RECEIPTS & DISBURSEMENTS

	Bank Accounts									Current Month					Cumulative Filing to Date
	Operating			Payroll		Tax		Other		Actual			Projected		Actual			Projected

Other Receipts	Amount			Amount		Amount		Amount		Amount			Amount		Amount			Amount
Interest on escrow funds										$	-				$	4.38
Forward to Zippo Mfg receipts belonging to Zippo		(11,748.52	)								(11,748.52	)				(71,484.69	)
Forward to Trenton Aviation receipts belonging to Trenton Aviation		(385.51	)								(385.51	)				(385.51	)
Collect other current assets		779.59									779.59					779.59
											-
											-
											-
Total Other Receipts	$	(11,354.44	)	$	-	$	-	$	-	$	(11,354.44	)	$	-	$	(71,086.23	)	$	-



Other Disbursements	Amount			Amount		Amount		Amount		Amount			Amount		Amount			Amount
Building & ramp costs								$	-	$	-		$	-	$	4,647.48		$	-
Maintenance costs											-					12,510.15
Transfers to RCLC, Inc. (1)											-					-
401k deposits											-					11,812.72
NJDEP											-					2,500.00
US Customs											-					1,254.40
Prior month reconciling items											-					(750.41	)
Getzler Henrich											-					1,895,050.59
Utilities deposits											-					12,632.00
Utilities											-					3,917.23
Equipment											-					511.20
Professional fees of Greenberg Traurig on behalf of Wells Fargo											-					374,459.91
File copying		8,046.40									8,046.40					8,046.40
Payment reimbursed by Trenton Aviation		452.88									452.88					452.88
											-					-
											-					-
											-					-
Total Other Disbursements	$	8,499.28		$	-	$	-	$	-	$	8,499.28		$	-	$	2,327,044.55		$	-


(1) Included in transfers to DIP accounts

In re

RA Liquidating Corp

Case No.

10-35315-MBK

Reporting Period

11/01/10 - 11/30/10

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

	Operating				Tax			Operating			Tax			Payroll			Other
	Wells Fargo Bank, NA				Wells Fargo Bank, NA			Capital One Bank			Capital One Bank			Capital One Bank			Cash on hand
	*				*			*			*			*

Balance Per Book		$	67,784.84			$	3,879.52		$	1,294,043.56		$	-		$	96.40		$	-

Balance Per Bank		$	68,098.78			$	3,879.52		$	1,294,043.56		$	-		$	96.40		$	-
(+) Deposits in Transit (Attach List)			-				-			-			-			-			-
(-) Outstanding Checks (Attach List)			(313.94	)			-			-			-			-			-
Other (Attach Explanation)			-				-			-			-			-			-
Adjusted Bank Balance *		$	67,784.84			$	3,879.52		$	1,294,043.56		$	-		$	96.40		$	-
* Adjusted bank balance must equal
balance per books


Deposits in Transit	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
	9004	$	313.94




		$	313.94			$	-		$	-		$	-		$	-		$	-

Other
						$	-		$	-		$	-		$	-		$	-


		$	-			$	-		$	-		$	-		$	-		$	-

* Account number has been redacted.

In re	RA Liquidating Corp	Case No.	10-35315-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


Cole, Schotz, Meisel, Forman & Leonard, P.A.	09/30/10		253,974.80	RA Liq Corp	MT111010	11/10/10		203,179.84		19,366.83	*
Cole, Schotz, Meisel, Forman & Leonard, P.A.	10/31/10		117,911.60	RA Liq Corp	MT113010	11/30/10		94,329.28		4,033.66
													297,509.12		23,400.49
J.H. Cohn LLP	09/30/10		87,866.70	RA Liq Corp	MT111510	11/15/10		70,293.36		107.82
													70,293.36		107.82
Lowenstein Sandler PC	09/30/10		142,913.40	RA Liq Corp	MT112910	11/29/10		114,330.72		1,461.64
			-					-		-			114,330.72		1,461.64
			602,666.50					482,133.20		24,969.95			482,133.20		24,969.95

* The actual disbursement was slightly reduced by a reimbursement received by Cole Schotz from the escrow funds held from the sale of RCPC Liquidating Corp.

In re	RA Liquidating Corp			Case No.	10-35315-MBK
				Reporting Period	11/01/10 - 11/30/10


STATEMENT OF OPERATIONS
(Income Statement)
Accrual Basis


				Cumulative
Revenues	Month			Filing to Date
Gross Revenues	$	-		$	1,232,865.00
Less: Returns and Allowances
Net Revenue		-			1,232,865.00

Cost of Goods Sold
Beginning Inventory		-			223,977.00
Add: Purchases		-			545,011.00
Add: Cost of Labor		-			162,703.00
Add: Other Costs (attach schedule)		1.00			198,976.00
Less: Ending Inventory		-			(203,620.00	)
Cost of Goods Sold		1.00			927,047.00
Gross Profit		(1.00	)		305,818.00

Operating Expenses
Advertising
Auto and Truck Expense		-			948.00
Bad Debts
Contributions
Employee Benefits Programs		-			6,560.00
Insider Compensation *
Insurance		-			2,677.00
Management Fees		-			269,276.00
Office Expense		-			7,178.00
Pension & Profit-Sharing Plans		-			732.00
Repairs and Maintenance		-			283.00
Rent and Lease Expense
Salaries/Commissions/Fees		-			39,731.00
Supplies		-			480.00
Taxes - Payroll		-			1,551.00
Taxes - Real Estate
Taxes - Other
Travel and Entertainment
Utilities
Other (attach schedule)		11,615.00			136,543.00
Total Operating Expenses Before Depreciation		11,615.00			465,959.00
Depreciation/Depletion/Amortization		-			31,452.00
Net Profit (Loss) Before Other Income & Expenses		(11,616.00	)		(191,593.00	)

Other Income and Expenses
Other Income (attach schedule)		(45.00	)		(151,076.00	)
Interest Expense		-			60,342.00
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items		(11,571.00	)		(100,859.00	)

Reorganization Items
Professional Fees		-			545,945.00
U.S. Trustee Quarterly Fees		-			6,500.00
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
Gain (Loss) from Sale of Equipment *		(149,547.00	)		5,889,005.00
Other Reorganization Expenses (attach schedule)		59,458.00			59,458.00
Total Reorganization Expenses		209,005.00			(5,277,102.00	)
Income Taxes - deferred & allocated among affiliates		-			1,696,145.00
Income Taxes - current		-			133,004.00
Net Profit (Loss)	$	(220,576.00	)	$	3,347,094.00

* Activity in November 2010 results from recognition of additional professional fees related to the October sale.

In re	RA Liquidating Corp	Case No.	10-35315-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
Building & ramp department costs	$	1.00	$	166,687.00
Avionics department costs				2,129.00
Maintenance department costs				23,049.00
Parts & service administration costs				7,111.00

	$	1.00	$	198,976.00
Other Operational Expenses
Audit fees	$	-	$	8,333.00
Legal fees
Fees charged by the secured lender		3,569.00		21,963.00
Amortization of loan costs & write-off of unamortized portion				98,201.00
Records copying		8,046.00		8,046.00
	$	11,615.00	$	136,543.00
Other Income
Write off of prior overaccrual of estimated fees	$	-	$	51,031.00
Adjustment in prior Chief Restructuring Officer fees				100,000.00
Other		45.00		45.00


	$	45.00	$	151,076.00
Other Expenses
	$	-	$	-




	$	-	$	-
Other Reorganization Expenses
Professional fees	$	59,458.00	$	59,458.00




	$	59,458.00	$	59,458.00


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	RA Liquidating Corp			Case No.		10-35315-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		1,365,804.00			39,998.00
Restricted Cash and Equivalents (see continuation sheet)
Accounts Receivable (Net)		48,775.00			143,218.00
Notes Receivable
Inventories					223,977.00
Prepaid Expenses		62,253.00			91,243.00
Professional Retainers		25,000.00			25,000.00
Other Current Assets (attach schedule)		604,514.00			527,549.00
Total Current Assets	$	2,106,346.00		$	1,050,985.00

Property and Equipment
Real Property and Improvements					5,505,335.00
Machinery and Equipment					667,352.00
Furniture, Fixtures and Office Equipment					346,616.00
Leasehold Improvements					1,108,308.00
Vehicles					15,872.00
Less Accumulated Depreciation					(4,389,112.00	)
Total Property & Equipment	$	-		$	3,254,371.00

Other Assets
Loans to Insiders *
Other Assets (see schedule)		4,370,770.00			3,514,233.00
Total Other Assets	$	4,370,770.00		$	3,514,233.00

Total Assets	$	6,477,116.00		$	7,819,589.00

	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
Taxes Payable (refer to Form MOR-4)		4,015.00
Wages Payable
Notes Payable
Rent/Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees		593,116.00
Amounts Due to Insiders *
Other Postpetition Liabilities (attach schedule)		259,907.00
Total Postpetition Liabilities	$	857,038.00		$	-
Liabilities Subject to Compromise
Secured Debt					3,576,750.00
Priority Debt		6,122.00			21,836.00
Unsecured Debt		1,280,698.00			3,234,839.00
Total Pre-Petition Liabilities	$	1,286,820.00		$	6,833,425.00
Total Liabilities	$	2,143,858.00		$	6,833,425.00

Owner Equity
Capital Stock		9,040.00			9,040.00
Additional Paid-In Capital		5,987,036.00			5,987,036.00
Partners' Capital Account
Owner's Equity Account
Retained Earning - Pre-Petition		(5,009,912.00	)		(5,009,912.00	)
Retained Earning - Postpetition		3,347,094.00
Adjustments to Owner Equity (attach schedule)
Postpetition contributions (Distributions) (Draws) (attach schedule)
Net Owner Equity	$	4,333,258.00		$	986,164.00

Total Liabilities and Owners' Equity	$	6,477,116.00		$	7,819,589.00

In re	RA Liquidating Corp			Case No.		10-35315-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
Deferred income tax assets	$	67,193.00	$	120,059.00
Deferred costs of business sale				397,995.00
Other receivables		37,276.00		9,495.00
Environmental escrow accounts		500,045.00
	$	604,514.00	$	527,549.00
Other Assets
Deferred income tax assets		454,210.00		888,294.00
Deferred loan costs		-		98,201.00
Trademark				2,000.00
Accrued income tax - intercompany allocation		-		313,071.00
Account receivable - RCLC		3,916,560.00		2,212,667.00
	$	4,370,770.00	$	3,514,233.00


	Book Value at End of		Book Value on
Liabilities And Owner Equity	Current Reporting Month		Petition Date
Other Postpetition Liabilities
Employee 401k deductions	$			-
Other payroll deductions
Sales and use taxes
Accrued vacation, sick, and holiday pay
Accrued audit fees		8,333.00
Accrued line service incentive pay
Accrued interest expense
Accrued other bank charges		3,600.00
Accrued 401k Company match
Accrued credit card fees
Accrued income taxes		133,004.00
Accrued other		19,115.00
Deferred rental income
Intercompany payable - RCPC Liq Corp		95,855.00
	$	259,907.00	$	-

Adjustments to Owner Equity




	$	-	$	-

Postpetition contributions (Distributions) (Draws) (attach schedule)




	$	-	$	-