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8-K

  • 8-K (Apr 8, 2010)
  • 8-K (Mar 24, 2010)
  • 8-K (Mar 18, 2010)
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  • 8-K (Dec 23, 2009)
  • 8-K (Dec 3, 2009)

 
Other

EBHI Holdings, Inc. 8-K 2010
MONTHLY OPERATING REPORTS FILED WITH THE BANKRUPTCY COURT ON JANUARY 20, 2010

LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: EBHI Holdings, Inc. Debtor

Case No. : 09-12099

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-1

MOR-1a

MOR-1b

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document Attached

No

Yes

No

No

No

Yes

Yes

No

No

No

No

No

No

Yes

Explanation Attached

Note 1

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Affidavit / Supplement Attached

Notes:

(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.

(2) Requested information is not applicable to reporting entity.

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 Authorized Individual*

Brent I. Kugman

Printed Name of Authorized Individual

1/19/10

Date

Chief Restructuring Officer

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.


LOGO

 

In re: EBHI Holdings, Inc.

Debtor

Case No. : 09-12099

Reporting Period: Nov 29 - Jan 2, 2010

FOOTNOTES

The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).

The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.

Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.

Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.

Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.

The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.

Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.


LOGO

 

In re: EBHI Holdings, Inc.

Debtor

Case No. : 09-12099

Reporting Period: Nov 29 - Jan 2, 2010

MOR-1A: BANK RECONCILIATIONS

BANK NAME

LaSalle Global Trust Services (1)

LaSalle Global Trust Services (1)

LaSalle Global Trust Services (1)

LaSalle Global Trust Services (1)

LaSalle Global Trust Services (1)

LaSalle Global Trust Services (1)

LaSalle Global Trust Services (1)

Account Description

Segregated Deposit Account Escrow

Resolved Cure Escrow

Unresolved Cure Escrow

Partially Paid Cure Escrow

Lease Cure Escrow

Working Capital Escrow

Carve Out Escrow

Account Number

XX3248

XX3273

XX3275

XX3274

XX3272

XX3276

XX3277

Balance

$ -

619,978

679,966

146,456

2,168,626

729,615

5,683,975

(1) Amount is included in Prepaid Expenses on MOR-3: Balance Sheet.

I attest that each of the Debtors’ corporate bank accounts is reconciled to monthly bank statements. The Company’s standard practice is to ensure that each corporate bank account is reconciled to monthly bank statements for each calendar month within 30 days after month end. See attached listing of each of the Debtors’ bank accounts and the book balance of the account as of the end of the fiscal month covered by this report

Authorized Representative

Brent I. Kugman

Printed Name of Authorized Representative


LOGO

 

In re: EBHI Holdings, Inc.

Debtor

Case No. : 09-12099

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

REVENUES

Net Revenue

OPERATING EXPENSES

Cost of Goods Sold, Including Buying and Occupancy

Selling, General and Administrative Expenses

Operating Income

OTHER INCOME AND EXPENSES

Interest Expense

Other Income (Expense), Net

Net Profit (Loss) Before Reorganization Items

REORGANIZATION ITEMS

Professional Fees

U. S. Trustee Quarterly Fees

Estimated Claims Adjustments

Interest Earned on Accumulated Cash from Chapter 11

Loss / (Gain) from Sale of Equipment

Other Reorganization Expenses

Total Reorganization Expenses

Income Taxes

Net Profit (Loss)

Current Month

$ -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

$ -

Cumulative Filing to Date

$ -

-

-

-

(321,190)

-

321,190

-

-

52,575,585

-

(3,070,611)

-

49,504,974

-

$ (49,183,784)


LOGO

 

In re: EBHI Holdings, Inc.

Debtor

Case No. : 09-12099

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

ASSETS CURRENT ASSETS

Unrestricted Cash and Equivalents

Accounts Receivable (Net)

Inventories

Prepaid Expenses

Professional Retainers

TOTAL CURRENT ASSETS

PROPERTY AND EQUIPMENT

Property and Equipment

OTHER ASSETS

Other Assets (see attached schedule)

TOTAL OTHER ASSETS

TOTAL ASSETS

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

10,028,617

-

10,028,617

-

210,470,347

210,470,347

$ 220,498,964

BOOK VALUE ON PETITION DATE

$ -

-

-

-

-

-

1,459,000

215,160,000

215,160,000

$ 216,619,000

LIABILITIES AND OWNER EQUITY LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)

Accounts Payable

Taxes Payable

Wages Payable

Rent / Leases - Building/Equipment

Professional Fees

Secured Debt / Adequate Protection Payments

Other Post-Petition Liabilities

TOTAL POST-PETITION LIABILITIES

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt / Adequate Protection Payments

Priority Debt

Unsecured Debt

TOTAL PRE-PETITION LIABILITIES

TOTAL LIABILITIES

OWNER EQUITY

Capital Stock

Additional Paid-In Capital

Retained Earnings - Pre-Petition

Retained Earnings - Post-Petition

NET OWNER EQUITY

TOTAL LIABILITIES AND OWNERS’ EQUITY

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

-

-

75,000,000

1,260,778

76,260,778

76,260,778

308,522

632,393,873

(438,959,235)

(49,504,974)

144,238,186

$ 220,498,964

BOOK VALUE ON PETITION DATE

$ -

-

-

-

-

-

-

-

-

22,424,000

451,000

22,875,000

22,875,000

309,000

632,394,000

(438,959,000)

-

193,744,000

$ 216,619,000


LOGO

 

In re: EBHI Holdings, Inc.

Debtor

Case No. : 09-12099

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

(Continuation Sheet)

ASSETS

OTHER CURRENT ASSETS

OTHER ASSETS

Intercompany receivables from affiliates

Investment in subsidiaries

LIABILITIES AND OWNER EQUITY

OTHER POST-PETITION LIABILITIES

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ 209,870,347

600,000

210,470,347

BOOK VALUE AT END OF CURRENT REPORTING MONTH

BOOK VALUE ON PETITION DATE

$ 214,560,000

600,000

215,160,000

BOOK VALUE ON PETITION DATE


LOGO

 

In re: EBHI Holdings, Inc.

Debtor

Case No. : 09-12099

Reporting Period: Nov 29 - Jan 2, 2010

MOR-5: DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

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.

3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

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.

Yes

x

x

No

x

x

x


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-1

MOR-1a

MOR-1b

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document Attached

Yes

Yes

No

No

No

Yes

Yes

Yes

No

No

Yes

No

No

Yes

Explanation Attached

Note 1

Note 2

Note 2

Note 2

Note 2

Note 2

Note 1

Affidavit / Supplement Attached

MOR-4a & 4b

Notes:

(1) Requested information is not applicable to reporting entity.

(2) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.

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 Authorized Individual*

Brent I. Kugman

Printed Name of Authorized Individual

1/19/10

Date

Chief Restructuring Officer

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.


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

FOOTNOTES

The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).

The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.

Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.

Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.

Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.

The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.

Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-1: CONSOLIDATED SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

BEGINNING CASH

RECEIPTS

CASH SALES

LOANS AND ADVANCES (1)

CLOSING DAY FUNDS

LCs RELEASED

CLOSING DAY ESCROWS

TAX REFUNDS

PREPAID INSURANCE - UNEARNED PREMIUMS

UTILITY DEPOSIT ADEQUATE ASSURANCE

OTHER ESCROWS

OTHER MISC

TOTAL RECEIPTS

DISBURSEMENTS

PAYROLL & BENEFITS

MERCHANDISE PAYMENTS

RENT & OCCUPANCY

OTHER OPERATING

CAPITAL EXPENDITURES

TAXES

CASH SWEEP FROM ASSET SALE

PROFESSIONAL FEES

FINANCING COSTS

UTILITY DEPOSITS

CONTRIBUTION TO CLOSING DAY ESCROWS

OTHER NON-ORDINARY COURSE

BANKING, ESCROW & OTHER MISC EXPENSES

WORKERS COMP & BENEFIT WIND-DOWN EXPENSE

TERM LENDER DISTRIBUTION

RESOLVED CURE ESCROW

UNRESOLVED CURE ESCROW

PARTIALLY PAID CURE ESCROW

LEASE CURE ESCROW

WORKING CAPITAL ESCROW

CARVE-OUT ESCROW

CHANGE IN FLOAT

TOTAL DISBURSEMENTS

NET CASH FLOW

ENDING CASH (3)

CURRENT MONTH

ACTUAL

$ 13,056,722

-

-

-

207,554

11,244,126

1,062,371

47,789

42,817

-

17,160

12,621,817

-

-

-

-

-

262,824

-

95,448

-

-

-

-

27,909

25

10,246,861

250,869

84,804

-

266,707

1,091,266

(61,110)

12,265,603

356,215

$ 13,412,937

PROJECTED(2)

$ -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

$ -

CUMULATIVE FILING TO DATE

ACTUAL

$ 3,677,900

107,137,714

(5,337,303)

39,664,379

1,307,226

20,952,689

1,340,201

390,618

691,317

983,069

33,389

167,163,298

33,252,996

25,674,185

16,026,836

20,860,757

1,256,383

2,609,102

720,063

4,796,446

2,961,830

724,098

4,613,180

8,531,613

131,714

27,977

30,736,696

1,630,940

1,283,897

587,793

287,865

5,500

7,069,654

(6,361,263)

157,428,262

9,735,037

$ 13,412,937

PROJECTED(2)

$ -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Notes:

(1) Loans and Advances are net of any revolver pay downs.

(2) Previously provided projections are no longer relevant for comparison purposes given the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings, LLC.

(3) Cash balances exclude amounts related to VEBA Trust and any amounts held in escrow.


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-1A: BANK RECONCILIATIONS

BANK NAME

Bank of America

Bank of America

Bank of America

Bank of America

Bank of America

Citibank (1)

JP Morgan Chase Bank (1)

LaSalle Global Trust Services

Account Description

ex-Photo Shoot (Check Disbursements)

APA Account (Wire/Check Disbursements)

Estate Funds Account

Segregated Deposit Account

Estate Settlement Account

CIGNA VEBA Imprest

UHG Benefits Disbursement (VEBA)

Expeditors Escrow Account

Account Number

XXXXXX0685

XXXXXX6550

XXXXXX7561

XXXXXX3642

XXXXXX5378

XXXX8273

XXXXX1970

XX0679

Balance

$ 2,728

916,276

Closed

5,153,799

7,340,134

347,002

75,454

-

(1) VEBA related imprest cash accounts exluded from balance sheet.

I attest that each of the Debtors’ corporate bank accounts is reconciled to monthly bank statements. The Company’s standard practice is to ensure that each corporate bank account is reconciled to monthly bank statements for each calendar month within 30 days after month end. See attached listing of each of the Debtors’ bank accounts and the book balance of the account as of the end of the fiscal month covered by this report

Authorized Representative

Brent I. Kugman

Printed Name of Authorized Representative


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

REVENUES

Net Revenue

OPERATING EXPENSES

Cost of Goods Sold, Including Buying and Occupancy

Selling, General and Administrative Expenses

Operating Income

OTHER INCOME AND EXPENSES

Interest Expense

Other Income (Expense), Net (see attached schedule)

Net Profit (Loss) Before Reorganization Items

REORGANIZATION ITEMS

Professional Fees

U. S. Trustee Quarterly Fees

Estimated Claims Adjustments

Interest Earned on Accumulated Cash from Chapter 11

Loss / (Gain) from Sale of Equipment

Other Reorganization Expenses

Total Reorganization Expenses

Income Taxes

Net Profit (Loss)

Current Month

$ -

-

6,541,658

(6,541,658)

-

(112,528)

(6,654,186)

849,773

12,500

65,215

-

(354,673)

-

572,814

(27,014)

$ (7,199,986)

Cumulative Filing to Date

$ 88,019,452

60,701,573

37,872,732

(10,554,853)

7,161,573

72,938

(17,643,488)

13,493 285

100,925

18,842,041

-

51,713,753

4,695,817

88,845,821

1,882,191

$ (108,371,500)


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

(Continuation Sheet)

BREAKDOWN OF “OTHER” CATEGORY

Other Income

Equity in (earnings) of foreign joint ventures

Investment income

Bank Fee

Current Month

$ -

-

(112,528)

$ (112,528)

Cumulative Filing to Date

$ 208,264

109

(135,435)

$ 72,938


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

ASSETS CURRENT ASSETS

Unrestricted Cash and Equivalents (1)

Accounts Receivable (Net)

Inventories

Prepaid Expenses

Professional Retainers

TOTAL CURRENT ASSETS

PROPERTY AND EQUIPMENT

Property and Equipment

OTHER ASSETS

Other Assets (see attached schedule)

TOTAL OTHER ASSETS

TOTAL ASSETS

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ 13,256,814

-

-

5,270,251

197,204

18,724,270

-

20,070,062

20,070,062

$ 38,794,331

BOOK VALUE ON PETITION DATE

$ 8,720,000

18,546,000

108,368,000

14,676,000

1,641,000

151,951,000

93,385.000

195,614,000

195,614,000

$ 440,950,000

LIABILITIES AND OWNER EQUITY

LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)

Accounts Payable

Taxes Payable

Wages Payable

Rent / Leases - Building/Equipment

Professional Fees

Secured Debt / Adequate Protection Payments

Other Post-Petition Liabilities (see attached schedule)

TOTAL POST-PETITION LIABILITIES

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt / Adequate Protection Payments

Priority Debt

Unsecured Debt

TOTAL PRE-PETITION LIABILITIES

TOTAL LIABILITIES

OWNER EQUITY

Capital Stock

Retained Earnings - Pre-Petition

Retained Earnings - Post-Petition

Adjustments to Owner Equity (see attached schedule)

NET OWNER EQUITY

TOTAL LIABILITIES AND OWNERS’ EQUITY

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

413,804

820,231

-

2,868,024

-

530,805,875

534,907,933

32,160,664

-

36,784,970

68,945,635

603,853,568

500,000

(448,395,266

(108,371,497)

(8,792,474)

(565,059,237)

$ 38,794,331

BOOK VALUE ON PETITION DATE

$ 1,195,000

4,347,574

8,066,000

39,058,000

-

41,411,000

572,709,426

666,787,000

177,238,000

-

53,727,000

230,965,000

897,752,000

500,000

(448,396,000)

-

(8,906,000)

(456,802,000)

$ 440,950,000

(1) Cash balances exlude amounts related to VEBA Trust and any amounts held in escrow.


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

(Continuation Sheet)

ASSETS OTHER CURRENT ASSETS

OTHER ASSETS

Goodwill

Trademarks

Licensing agreements

Investment in subsidiaries

Investment in foreign joint venture (EB Japan)

Deferred financing fees

Capitalized software

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

20,070,062

-

-

-

20,070,062

BOOK VALUE ON PETITION DATE

$ 43,175,000

105,110,000

11,667,000

20,070,000

7,131,000

2,636,000

5,825,000

195,614,000

LIABILITIES AND OWNER EQUITY OTHER POST-PETITION LIABILITIES

Bank overdraft

Deferred tax liabilities (current & non-current)

Intercompany payables to affiliates

Sales, payroll and business taxes

Allowance for sales returns

Gift certificates & deferred revenues

Other accrued expenses

Non-current post-retirement liabilities

Purchase Price Adjustment Accrual (1)

ADJUSTMENTS TO OWNER EQUITY

OCI - Foreign currency translation adjustments and other post retirement

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

526,157,331

-

-

-

626,354

3,303,075

719,115

530,805,875

$ (8,792,474)

BOOK VALUE ON PETITION DATE

$ 3,252,000

41,375,000

508,742,000

425,426

6,015,000

3,183,000

6,414,000

3,303,000

-

572,709,426

$ (8,906,000)

Notes:

(1) Based on “Post-Closing Adjustment Resolution Letter” sent by Everest Holdings, LLC dated Dec. 11, 2009


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-4: STATUS OF POST-PETITION TAXES

FEDERAL

Withholding

FICA-Employee

PICA-Employer

Unemployment

Income tax

Total Federal Taxes

STATE AND LOCAL

Withholding

Sales & Use

Excise

Unemployment

Real Property

Personal Property

Income & Frachise tax

Total State and Local Taxes

Beginning Tax Liability

$ -

-

-

-

-

$ -

$ -

-

1,410

-

46,618

246,653

383,357

$ 678,037

Amount Withheld or Accrued

$ -

-

-

-

-

$ -

$ -

-

(1,410)

-

-

-

-

$ (1,410)

Amount Paid

$ -

-

-

-

-

$ -

$ -

-

-

-

-

(14,604)

(248,220)

$ (262,824)

Date Paid

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Various

Various

Check or EFT

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

Various

Various

Ending Tax Liability

$ -

-

-

-

-

$ -

$ -

-

-

-

46,618

232,049

135,137

$ 413,804

Sales and use tax returns have been filed in accordance with the Company’s tax payment schedule (See attached Schedule MOR4 -B.) Any payments remitted have been incorporated into the Schedule of Cash Receipts and Disbursements at MOR-1.

Adjustments to Amounts Withheld or Accrued include liabilities assumed and/or paid by the Buyer.

Authorized Representative

Brent I. Kugman

Printed Name of Authorized Representative

MOR-4: SUMMARY OF UNPAID POST-PETITION DEBTS

NUMBER OF DAYS PAST DUE

Taxes Payable

Professional Fees

Non-current post-retirement liabilities

Intercompany payables to affiliates

Other accrued expenses

Wages payable

Purchase Price Adjustment Accrual (1)

Total Post-Petition Debts

Current

413,804

2,868,024

3,303,075

526,157,331

626,354

820,231

719,115

$ 534,907,933

0-30

-

-

-

-

-

-

-

$ -

31-60

-

-

-

-

-

-

-

$ -

61-90

-

-

-

-

-

-

-

$ -

Over 90

-

-

-

-

-

-

-

$ -

Total

413,804

2,868,024

3,303,075

526,157,331

626,354

820,231

719,115

$ 534,907,933


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR 4A: VERIFICATION OF TAX PAYMENTS

PERSONAL PROPERTY TAX

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Personal Property Tax

Total Personal Property Tax

STATE AND LOCAL INCOME TAX

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

State and Local Income Tax

Total State and Local Income Tax

Vendor Name

City Of Ann Arbor

Howell Township

Coconino County Treasurer

Sedgwick County

Shawnee County

Baldwin County

Linda Sweatt Collector

Anne Arundel County

Lafayette Parish

St Charles County Treasurer

Jackson County Tax Commissioner

Ada County Treasurer

Collector Of Revenue

Boone County Collector

Nez Perce County

Kitsap County Treasurer

Lancaster County Treasurer

State of Michigan

Oregon Department of Revenue

Alabama Department of Revenue

North Carolina Department of Revenue

Ohio Treasurer

South Carolina Department of Revenue

Louisiana Department of Revenue

Missouri Department of Revenue

Tennessee Department of Revenue

Ohio Treasurer

Ohio Treasurer

State of Minnesota

State of New Jersey

Amount Paid

847

6

163

1,107

649

308

178

88

1,560

1,422

1,773

1,412

2,997

373

1,237

96

389

$ 14,604

172,600

10

310

1,100

1,000

1,100

400

600

8,400

29,200

19,200

7,000

7,300

$ 248,220

Payment Date

12/2/2009

12/3/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/16/2009

12/17/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/9/2009

12/15/2009

12/17/2009

EFT/Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

Check

EFT

EFT


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR 4B: SUMMARY OF TAX RETURNS FILED DURING REPORTING PERIOD

TAXING AUTHORITY

Baldwin County

Jefferson-Birmingham

Indiana - 2005 Amended

Iowa - 2005 Amended

New Jersey - 2005 Amended

Missouri, Kansas City - 2005 Amended

Ohio - Columbus & Groveport - 2005 Amended

Ohio - Toledo - 2005 Amended

Ohio - Fairlawn - 2005 Amended

Ohio - Norwood - 2005 Amended

New York

New York City

State

AL

AL

IN

IA

NJ

MO

OH

OH

OH

OH

NY

NY

Type of Tax

Property Tax

Property Tax

State Income Tax

State Income Tax

State Income Tax

State Income Tax

State Income Tax

State Income Tax

State Income Tax

State Income Tax

State Income Tax

State Income Tax

Due Date

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09

12/15/09


LOGO

 

In re: Amargosa, Inc.

Debtor

Case No. : 09-12100

Reporting Period: Nov 29 - Jan 2, 2010

MOR-5: DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

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.

3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

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. (1)

Yes

x

x

No

x

x

x


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Gobi Fulfillment Services, Inc.

Debtor

Case No. : 09-12101

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-1

MOR-1a

MOR 1b

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document Attached

No

No

No

No

No

Yes

Yes

Yes

No

No

Yes

No

No

Yes

Explanation Attached

Note 1

Note 2

Note 2

Note 3

Note 3

Note 3

Note 3

Note 3

Note 2

Affidavit / Supplement Attached

Notes:

(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.

(2) Requested information is not applicable to reporting entity.

(3) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.

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 Authorized Individual*

1/19/10

Date

Brent I. Kugman

Printed Name of Authorized Individual

Chief Restructuring Officer

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.


LOGO

 

In re: Gobi Fulfillment Services, Inc.

Debtor

Case No. : 09-12101

Reporting Period: Nov 29 - Jan 2, 2010

FOOTNOTES

The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).

The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.

Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.

Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.

Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.

The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.

Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.


LOGO

 

In re: Gobi Fulfillment Services, Inc.

Debtor

Case No. : 09-12101

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

REVENUES Current Cumulative

Month Filing to Date

Net Revenue $ - $ 3,191,224

OPERATING EXPENSES

Cost of Goods Sold, Including Buying and Occupancy - 595,014

Selling, General and Administrative Expenses - 2,584,451

Operating Income - 11,759

OTHER INCOME AND EXPENSES

Interest Expense - -

Other Income (Expense), Net - -

Net Profit (Loss) Before Reorganization Items - 11,759

REORGANIZATION ITEMS

Professional Fees - -

U. S. Trustee Quarterly Fees - -

Estimated Claims Adjustments - (1,341)

Interest Earned on Accumulated Cash from Chapter 11 - -

Loss / (Gain) from Sale of Equipment - 21,779,215

Other Reorganization Expenses - (2,275,250)

Total Reorganization Expenses - 19,502,624

Income Taxes - -

Net Profit (Loss) $ - $ (19,490,865)


LOGO

 

In re: Gobi Fulfillment Services, Inc.

Debtor

Case No. : 09-12101

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

ASSETS CURRENT ASSETS

BOOK VALUE AT END OF CURRENT REPORTING MONTH

BOOK VALUE ON PETITION DATE

Unrestricted Cash and Equivalents $ - $ 598,000

Accounts Receivable (Net) - 124,000

Inventories - -

Prepaid Expenses - 540,000

Professional Retainers - -

TOTAL CURRENT ASSETS - 1,262,000

PROPERTY AND EQUIPMENT

Property and Equipment - 51,326,000

OTHER ASSETS

Other Assets (see attached schedule) 38,066,801 8,626,000

TOTAL OTHER ASSETS 38,066,801 8,626,000

TOTAL ASSETS $ 38,066,801 $ 61,214,000

LIABILITIES AND OWNER EQUITY BOOK VALUE AT END BOOK VALUE ON

LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition) OF CURRENT REPORTING MONTH PETITION DATE

Accounts Payable $ - $ 131,000

Taxes Payable 930,570 954,000

Wages Payable - 3,127,000

Rent / Leases - Building/Equipment - -

Professional Fees - -

Secured Debt / Adequate Protection Payments - -

Other Post-Petition Liabilities (see attached schedule) 146,019 499,000

TOTAL POST-PETITION LIABILITIES 1,076,589 4,711,000

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt / Adequate Protection Payments - -

Priority Debt - -

Unsecured Debt 222,964 246,000

TOTAL PRE-PETITION LIABILITIES 222,964 246,000

TOTAL LIABILITIES 1,299,553 4,957,000

OWNER EQUITY

Capital Stock 1,000 1,000

Retained Earnings - Pre-Petition (11,755) (12,000)

Retained Earnings - Post-Petition (19,490,865) -

Additional Paid-In Capital 56,268,869 56,268,000

NET OWNER EQUITY 36,767,248 56,257,000

TOTAL LIABILITIES AND OWNERS’ EQUITY $ 38,066,801 $ 61,214,000


LOGO

 

In re: Gobi Fulfillment Services, Inc.

Debtor

Case No. : 09-12101

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

(Continuation Sheet)

ASSETS OTHER CURRENT ASSETS

BOOK VALUE AT END OF CURRENT REPORTING MONTH

BOOK VALUE ON PETITION DATE

OTHER ASSETS

Intercompany receivables from affiliates $ 38,066,801 $ 8,626,000

LIABILITIES AND OWNER EQUITY OTHER POST-PETITION LIABILITIES

BOOK VALUE AT END OF CURRENT REPORTING MONTH

BOOK VALUE ON PETITION DATE

Bank overdraft $ - $ 277,000

Accrued expenses 146,019 222,000

146,019 499,000


LOGO

 

In re: Gobi Fulfillment Services, Inc.

Debtor

Case No. : 09-12101

Reporting Period: Nov 29 - Jan 2, 2010

MOR-4: STATUS OF POST-PETITION TAXES

Beginning Amount

Tax Withheld or Amount Date Check No. Ending

FEDERAL Liability Accrued Paid Paid or EFT Tax

Liability

Withholding $ - $ - $ - N/A N/A $ -

FICA-Employee - - - N/A N/A -

FICA-Employer - - - N/A N/A -

Unemployment - - - N/A N/A -

Income tax - - - N/A N/A -

Savings Bond - - - N/A N/A -

Total Federal Taxes $ - $ - $ - $ -

STATE AND LOCAL

Withholding $ - $ - $ - N/A N/A $ -

Sales & Use - - - N/A N/A -

Excise - - - N/A N/A -

Unemployment - - - N/A N/A -

Real Property 930,570 - - N/A N/A 930,570

Personal Property - - - N/A N/A -

Income tax - - - N/A N/A -

Total State and Local Taxes $ 930,570 $ - $ - $ 930,570

Sales and use tax returns have been filed in accordance with the Company’s tax payment schedule (See attached Schedule MOR4-B.) Any payments remitted have been incorporated into the Schedule of Cash Receipts and Disbursements at MOR-1.

Adjustments to Amounts Withheld or Accrued include liabilities assumed and/or paid by the Buyer.

Authorized Representative

Brent I. Kugman

Printed Name of Authorized Representative

MOR-4: SUMMARY OF UNPAID POST-PETITION DEBTS

NUMBER OF DAYS PAST DUE

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

Accrued Expenses $ 146,019 $ - $ - $ - $ - $ 146,019

Taxes Payable 930,570 - - - - 930,570

Total Post-Petition Debts $ 1,076,589 $ - $ - $ - $ - $ 1,076,589


LOGO

 

In re: Gobi Fulfillment Services, Inc.

Debtor

Case No. : 09-12101

Reporting Period: Nov 29 - Jan 2, 2010

MOR-5: 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 post-petition 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


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Arabian Diversified Sales, LLC.

Debtor

Case No. : 09-12103

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Form No.

Document Attached

Explanation Attached

Affidavit / Supplement Attached

Schedule of Cash Receipts and Disbursements MOR-1 No Note 1

Bank Reconciliation MOR-1a No Note 2

Schedule of Professional Fees Paid MOR-1b No Note 2

Copies of bank statements No Note 2

Cash disbursements journals No Note 2

Statement of Operations MOR-2 Yes

Balance Sheet MOR-3 Yes

Status of Post-Petition Taxes MOR-4 No Note 2

Copies of IRS Form 6123 or payment receipt No Note 2

Copies of tax returns filed during reporting period No Note 2

Summary of Unpaid Post-Petition Debts MOR-4 No Note 2

Listing of aged accounts payable MOR-4 No Note 2

Accounts Receivable Reconciliation and Aging MOR-5 No Note 2

Debtor Questionnaire MOR-5 Yes

Notes:

(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.

(2) Requested information is not applicable to reporting entity.

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 Authorized Individual*

1/19/10

Date

Brent I. Kugman

Printed Name of Authorized Individual

Chief Restructuring Officer

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.


LOGO

 

In re: Arabian Diversified Sales, LLC.

Debtor

Case No. : 09-12103

Reporting Period: Nov 29 - Jan 2, 2010

FOOTNOTES

The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).

The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.

Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.

Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.

Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.

The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.

Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.


LOGO

 

In re: Arabian Diversified Sales, LLC.

Debtor

Case No. : 09-12103

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

REVENUES

Current Month

Cumulative Filing to Date

Net Revenue $ - $ 1,119,562

OPERATING EXPENSES

Cost of Goods Sold, Including Buying and Occupancy - -

Selling, General and Administrative Expenses - 193,930

Operating Income - 925,632

OTHER INCOME AND EXPENSES

Interest Expense - -

Other Income (Expense), Net (see attached schedule) - 1,003,010

Net Profit (Loss) Before Reorganization Items - 1,928,642

REORGANIZATION ITEMS

Professional Fees - -

U.S. Trustee Quarterly Fees - -

Estimated Claims Adjustments - -

Interest Earned on Accumulated Cash from Chapter 11 - -

Loss / (Gain) from Sale of Equipment - 20,114

Other Reorganization Expenses - -

Total Reorganization Expenses - 20,114

Income Taxes - -

Net Profit (Loss) $ - $ 1,908,528


LOGO

 

In re: Arabian Diversified Sales, LLC.

Debtor

Case No. : 09-12103

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

(Continuation Sheet)

BREAKDOWN OF “OTHER” CATEGORY

Current Month

Cumulative Filing to Date

Other Income

Interest Income on Intercompany Receivable $ - $ 1,003,010


LOGO

 

In re: Arabian Diversified Sales, LLC.

Debtor

Case No. : 09-12103

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

ASSETS

CURRENT ASSETS

Unrestricted Cash and Equivalents

Accounts Receivable (Net)

Inventories

Prepaid Expenses

Professional Retainers

TOTAL CURRENT ASSETS

PROPERTY AND EQUIPMENT

Property and Equipment

OTHER ASSETS

Other Assets (see attached schedule)

TOTAL OTHER ASSETS

TOTAL ASSETS

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

66,529,940

66,529,940

$ 66,529,940

BOOK VALUE ON PETITION DATE

$ (5,167)

1,565,000

-

-

-

1,559,833

-

63,061,167

63,061,167

$ 64,621,000

LIABILITIES AND OWNER EQUITY

LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)

Accounts Payable

Taxes Payable

Wages Payable

Rent / Leases - Building/Equipment

Professional Fees

Secured Debt / Adequate Protection Payments

Other Post-Petition Liabilities

TOTAL POST-PETITION LIABILITIES

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt / Adequate Protection Payments

Priority Debt

Unsecured Debt

TOTAL PRE-PETITION LIABILITIES

TOTAL LIABILITIES

OWNER EQUITY

Additional Paid-In Capital

Retained Earnings - Pre-Petition

Retained Earnings - Post-Petition

NET OWNER EQUITY

TOTAL LIABILITIES AND OWNERS’ EQUITY

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

-

-

-

-

-

-

5,247,398

59,374,014

1,908,528

66,529,940

$ 66,529,940

BOOK VALUE ON PETITION DATE

$ -

-

-

-

-

-

-

-

-

-

-

-

-

5,247,000

59,374,000

-

64,621,000

$ 64,621,000


LOGO

 

In re: Arabian Diversified Sales, LLC.

Debtor

Case No. : 09-12103

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

(Continuation Sheet)

ASSETS

OTHER CURRENT ASSETS

OTHER ASSETS

Intercompany receivables from affiliates

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ 66,529,940

BOOK VALUE ON PETITION DATE

$ 63,061,167

LIABILITIES AND OWNER EQUITY

OTHER POST-PETITION LIABILITIES

BOOK VALUE AT END OF CURRENT REPORTING MONTH

BOOK VALUE ON PETITION DATE


LOGO

 

In re: Arabian Diversified Sales, LLC.

Debtor

Case No. : 09-12103

Reporting Period: Nov 29 - Jan 2, 2010

MOR-5: DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

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.

3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

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.

Yes

No

x

x

x

x

x


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-1

MOR-1a

MOR-1b

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document

Attached

No

No

No

No

No

Yes

Yes

No

No

No

Yes

No

No

Yes

Explanation

Attached

Note 1

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 3

Note 2

Affidavit / Supplement Attached

Notes:

(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.

(2) Requested information is not applicable to reporting entity.

(3) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.

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.

1/19/10

Signature & Authorized Individual*

Date

Brent I. Kugman

Printed Name of Authorized Individual

Chief Restructuring Officer

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.


LOGO

 

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

FOOTNOTES

The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).

The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.

Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.

Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.

Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.

The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.

Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.


LOGO

 

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

REVENUES

Net Revenue

OPERATING EXPENSES

Cost of Goods Sold, Including Buying and Occupancy

Selling, General and Administrative Expenses

Operating Income

OTHER INCOME AND EXPENSES

Other Income (Expense), Net (see attached schedule)

Interest Expense

Net Profit (Loss) Before Reorganization Items

REORGANIZATION ITEMS

Professional Fees

U.S. Trustee Quarterly Fees

Interest Earned on Accumulated Cash from Chapter 11

Loss / (Gain) from Sale of Equipment

Other Reorganization Expenses

Total Reorganization Expenses

Income Taxes

Net Profit (Loss)

Current Month

$ -

-

-

-

-

-

-

-

-

-

-

-

-

-

$ -

Cumulative Filing to Date

$ -

-

33,575

(33,575)

245,027

-

211,451

-

-

-

(12,516,082)

-

(12,516,082)

-

$ 12,727,533


LOGO

 

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

(Continuation Sheet)

BREAKDOWN OF “OTHER” CATEGORY

Other Income

Interest income on intercompany receivable

Current Month

$ -

Cumulative Filing to Date

$ 245,027


LOGO

 

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

ASSETS

CURRENT ASSETS

Unrestricted Cash and Equivalents

Accounts Receivable (Net)

Inventories

Prepaid Expenses

Professional Retainers

TOTAL CURRENT ASSETS

PROPERTY AND EQUIPMENT

Property and Equipment

OTHER ASSETS

Other Assets (see attached schedule)

TOTAL OTHER ASSETS

TOTAL ASSETS

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

-

-

$ -

BOOK VALUE ON PETITION DATE

$ -

-

-

-

-

-

-

13,783,000

13,783,000

$ 13,783,000

LIABILITIES AND OWNER EQUITY

LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)

Accounts Payable

Taxes Payable

Wages Payable

Rent / Leases - Building/Equipment

Professional Fees

Secured Debt / Adequate Protection Payments

Other Post-Petition Liabilities (see attached schedule)

TOTAL POST-PETITION LIABILITIES

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt / Adequate Protection Payments

Priority Debt

Unsecured Debt

TOTAL PRE-PETITION LIABILITIES

TOTAL LIABILITIES

OWNER EQUITY

Additional Paid-In Capital

Retained Earnings - Pre-Petition

Retained Earnings - Post-Petition

NET OWNER EQUITY

TOTAL LIABILITIES AND OWNERS’ EQUITY

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

1,707,872

1,707,872

-

-

-

-

1,707,872

(33,671,405)

19,236,000

12,727,533

(1,707,872)

$ (0)

BOOK VALUE ON PETITION DATE

$ -

-

-

-

-

-

28,218,000

28,218,000

-

-

-

-

28,218,000

(33,671,000)

19,236,000

-

(14,435,000)

$ 13,783,000


LOGO

 

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET (Continuation Sheet)

ASSETS

OTHER CURRENT ASSETS

OTHER ASSETS

Intercompany receivables from affiliates

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

BOOK VALUE ON PETITION DATE

$ 13,783,000

LIABILITIES AND OWNER EQUITY

OTHER POST-PETITION LIABILITIES

Intercompany payables to affiliates

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ 1,707,872

BOOK VALUE ON PETITION DATE

$ -


LOGO

 

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

MOR-4: SUMMARY OF UNPAID POST-PETITION DEBTS

Intercompany payables to affiliates

Total Post-Petition Debts

NUMBER OF DAYS PAST DUE

Current

1,707,872

$ 1,707,872

0-30

$ -

31-60

$ -

61-90

$ -

Over 90

$ -

Total

1,707,872

$ 1,707,872


LOGO

 

In re: Gibson Services, LLC.

Debtor

Case No. : 09-12104

Reporting Period: Nov 29 - Jan 2, 2010

MOR-5: DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

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.

3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

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.

Yes

No

x

x

x

x

x


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Karakum International Development, LLC.

Debtor

Case No. : 09-12105

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-1

MOR-1a

MOR-1b

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document Attached

No

No

No

No

No

Yes

Yes

No

No

No

No

No

No

Yes

Explanation Attached

Note 1

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Affidavit / Supplement Attached

Notes:

(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.

(2) Requested information is not applicable to reporting entity.

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 Authorized Individual*

1/19/10

Date

Brent I. Kugman

Printed Name of Authorized Individual

Chief Restructuring Officer

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.


LOGO

 

In re: Karakum International Development, LLC.

Debtor

Case No. : 09-12105

Reporting Period: Nov 29 - Jan 2, 2010

FOOTNOTES

The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).

The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.

Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.

Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.

Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.

The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.

Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.


LOGO

 

In re: Karakum International Development, LLC.

Debtor

Case No. : 09-12105

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

REVENUES

Net Revenue

OPERATING EXPENSES

Cost of Goods Sold, Including Buying and Occupancy

Selling, General and Administrative Expenses

Operating Income

OTHER INCOME AND EXPENSES

Other Income (Expense), Net (see attached schedule)

Interest Expense

Net Profit (Loss) Before Reorganization Items

REORGANIZATION ITEMS

Professional Fees

U.S. Trustee Quarterly Fees

Interest Earned on Accumulated Cash from Chapter 11

Loss / (Gain) from Sale of Equipment

Other Reorganization Expenses

Total Reorganization Expenses

Income Taxes

Net Profit (Loss)

Current Month

$ -

-

-

-

-

-

-

-

-

-

-

-

-

-

$ -

Cumulative Filing to Date

$ 919,101

-

47,599

871,501

710,688

-

1,582,190

-

-

-

-

-

-

-

$ 1,582,190


LOGO

 

In re: Karakum International Development, LLC.

Debtor

Case No. : 09-12105

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

(Continuation Sheet)

BREAKDOWN OF “OTHER” CATEGORY

Other Income

Interest income on intercompany receivable

Current Month

$ -

Cumulative Filing to Date

$ 710,688


LOGO

 

In re: Karakum International Development, LLC.

Debtor

Case No. : 09-12105

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

ASSETS

CURRENT ASSETS

Unrestricted Cash and Equivalents

Accounts Receivable (Net)

Inventories

Prepaid Expenses

Professional Retainers

TOTAL CURRENT ASSETS

PROPERTY AND EQUIPMENT

Property and Equipment

OTHER ASSETS

Other Assets (see attached schedule)

TOTAL OTHER ASSETS

TOTAL ASSETS

LIABILITIES AND OWNER EQUITY

LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)

Accounts Payable

Taxes Payable

Wages Payable

Rent / Leases - Building/Equipment

Professional Fees

Secured Debt / Adequate Protection Payments

Other Post-Petition Liabilities

TOTAL POST-PETITION LIABILITIES

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt / Adequate Protection Payments

Priority Debt

Unsecured Debt

TOTAL PRE-PETITION LIABILITIES

TOTAL LIABILITIES

OWNER EQUITY

Additional Paid-In Capital

Retained Earnings - Pre-Petition

Retained Earnings - Post-Petition

NET OWNER EQUITY

TOTAL LIABILITIES AND OWNERS’ EQUITY

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

43,811,010

43,811,010

$ 43,811,010

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

-

-

-

-

-

-

2,860,820

39,368,000

1,582,190

43,811,010

$ 43,811,010

BOOK VALUE ON PETITION DATE

$ -

1,079,000

-

-

-

1,079,000

-

41,150,000

41,150,000

$ 42,229,000

BOOK VALUE ON PETITION DATE

$ -

-

-

-

-

-

-

-

-

-

-

-

-

2,861,000

39,368,000

-

42,229,000

$ 42,229,000


LOGO

 

In re: Karakum International Development, LLC.

Debtor

Case No. : 09-12105

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

(Continuation Sheet)

ASSETS

OTHER CURRENT ASSETS

OTHER ASSETS

Intercompany receivables from affiliates

LIABILITIES AND OWNER EQUITY

OTHER POST-PETITION LIABILITIES

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ 43,811,010

BOOK VALUE AT END OF CURRENT REPORTING MONTH

BOOK VALUE ON PETITION DATE

$ 41,150,000

BOOK VALUE ON PETITION DATE


LOGO

 

In re: Karakum International Development, LLC.

Debtor

Case No. : 09-12105

Reporting Period: Nov 29 - Jan 2, 2010

MOR-5: DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

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.

3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

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.

Yes

x

x

No

x

x

x


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Simpson Information Technology, LLC

Debtor

Case No. : 09-12106

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-l

MOR-la

MOR-lb

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document Attached

No

No

No

No

No

No

No

No

No

No

No

No

No

No

Explanation Attached

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Affidavit / Supplement Attached

Notes:

(1) Financial reporting for Simpson Information Technology, LLC is rolled up within Amargosa, Inc. and EBHI Holdings, Inc. within the Debtors’ general ledger system and can not be readily segregated.

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 Authorized Individual*

Brent I. Kugman

Printed Name of Authorized Individual

1/19/10

Date

Chief Restructuring Officer

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.


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Sandy Financial Services Acceptance Corporation

Debtor

Case No. : 09-12107

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-1

MOR-la

MOR-1b

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document Attached

No

No

No

No

No

No

No

No

No

No

No

No

No

No

Explanation Attached

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Note 1

Affidavit / Supplement Attached

Notes:

(1) Sandy Financial Services Acceptance Corporation is an inactive and dormant entity with no assets or ongoing operations.

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 Authorized Individual*

Brent I. Kugman

Printed Name of Authorized Individual

1/19/10

Date

Chief Restructuring Officer

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.


LOGO

 

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

In re: Sonoran Acceptance Corporation

Debtor

Case No. : 09-12108

Reporting Period: Nov 29 - Jan 2, 2010

MONTHLY OPERATING REPORT

REQUIRED DOCUMENTS

Schedule of Cash Receipts and Disbursements

Bank Reconciliation

Schedule of Professional Fees Paid

Copies of bank statements

Cash disbursements journals

Statement of Operations

Balance Sheet

Status of Post-Petition Taxes

Copies of IRS Form 6123 or payment receipt

Copies of tax returns filed during reporting period

Summary of Unpaid Post-Petition Debts

Listing of aged accounts payable

Accounts Receivable Reconciliation and Aging

Debtor Questionnaire

Form No.

MOR-1

MOR-la

MOR-1b

MOR-2

MOR-3

MOR-4

MOR-4

MOR-4

MOR-5

MOR-5

Document Attached

No

Yes

No

No

No

Yes

Yes

No

No

No

No

No

No

Yes

Explanation Attached

Note 1

Note 2

Note 3

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Note 2

Affidavit / Supplement Attached

Notes:

(1) Cash Receipts and Disbursements have been reported on a Consolidated Basis. Please reference Amargosa, Inc. Monthly Operating Report.

(2) Requested information is not applicable to reporting entity.

(3) Due to system constraints and/or the volume of records, UST has agreed to waive requirement to provide requested information.

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 Authorized Individual*

Brent I. Kugman

Printed Name of Authorized Individual

1/19/10

Date

Chief Restructuring Officer

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.


LOGO

 

In re: Sonoran Acceptance Corporation

Debtor

Case No. : 09-12108

Reporting Period: Nov 29 - Jan 2, 2010

FOOTNOTES

The information and data included in this report are derived from sources available to EBHI Holdings, Inc. (the “Company”) and its subsidiaries that have filed proceedings under Chapter 11 of the Bankruptcy Code (collectively, the “Debtors” or the “Estate”). The Debtors have prepared this presentation, as required by the Office of the United States Trustee, based on information available to the Debtors at this time, but note that such information may be incomplete and may be materially deficient in certain respects. This MOR is not meant to be relied upon as a complete description of the Debtors, their business, condition (financial or otherwise), results of operations, prospects, assets or liabilities. The Debtors reserve all rights to revise this report.

This MOR is not prepared in accordance with generally accepted accounting principles (GAAP).

The financial statements and supporting figures included herein are unaudited, have not been reviewed or examined by independent accountants and are based on certain estimates that if not achieved may adversely impact future results.

Reflected in this report is the August 3, 2009 sale of substantially all of the Debtors assets to Everest Holdings LLC (“Buyer”). Final adjustments to the purchase price were recorded in this report.

Intercompany balances do not include the segregation of pre- and post-petition obligations and accrued interest on post-petition amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a charge recorded under Reorganization Items to adjust debt balances to estimated allowed claim amounts.

For certain Debtors, the Statement of Operations included in Form MOR-2 includes a gain recorded under Reorganization Items related to eliminating remaining deferred rent and unfavorable lease obligations as Buyer is responsible for all cost and expenses incurred under leases until the Designation Deadline. Under the asset purchase agreement, all leases will either be assumed by the Buyer or otherwise will be rejected by the Debtors.

Adjustments to net obligations related to employee benefit and pension plans have not been evaluated.

The Statement of Operations included in Form MOR-2 does not include amounts related to SFAS No. 123(R), Share-Based Payment.

Adjustments to gross deferred tax assets or deferred tax liabilities, tax receivables, tax payables, tax reserves and any tax effect of the August 3, 2009 sale of substantially all the assets of the Debtors to the Buyer continue to be evaluated.


LOGO

 

In re: Sonoran Acceptance Corporation

Debtor

Case No. : 09-12108

Reporting Period: Nov 29 - Jan 2, 2010

MOR-1A: BANK RECONCILIATIONS

BANK NAME

Deutsche Bank Trust (1)

Account Description

SAC Spiegel Trust

Account Number

XXXXXXXX000.1

Balance

$ 314,448

(1) Amount is included in Other Assets on MOR-3: Balance Sheet.

I attest that each of the Debtors’ corporate bank accounts is reconciled to monthly bank statements. The Company’s standard practice is to ensure that each corporate bank account is reconciled to monthly bank statements for each calendar month within 30 days after month end. See attached listing of each of the Debtors’ bank accounts and the book balance of the account as of the end of the fiscal month covered by this report

Authorized Representative

Brent I. Kugman

Printed Name of Authorized Representative


LOGO

 

In re: Sonoran Acceptance Corporation

Debtor

Case No. : 09-12108

Reporting Period: Nov 29 - Jan 2, 2010

MOR-2: STATEMENT OF OPERATIONS

REVENUES

Net Revenue

OPERATING EXPENSES

Cost of Goods Sold, Including Buying and Occupancy

Selling, General and Administrative Expenses

Operating Income

OTHER INCOME AND EXPENSES

Other Income (Expense), Net

Interest Expense

Net Profit (Loss) Before Reorganization Items

REORGANIZATION ITEMS

Professional Fees

U.S. Trustee Quarterly Fees

Interest Earned on Accumulated Cash from Chapter 11

Loss / (Gain) from Sale of Equipment

Other Reorganization Expenses

Total Reorganization Expenses

Income Taxes

Net Profit (Loss)

Current Month

$ -

-

-

-

-

-

-

-

-

-

(42)

-

(42)

-

$ 42

Cumulative Filing to Date

$ -

-

-

-

-

-

-

-

-

-

5,972

-

5,972

-

$(5,972)


LOGO

 

In re: Sonoran Acceptance Corporation

Debtor

Case No. : 09-12108

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

ASSETS

CURRENT ASSETS

Unrestricted Cash and Equivalents

Accounts Receivable (Net)

Inventories

Prepaid Expenses

Professional Retainers

TOTAL CURRENT ASSETS

PROPERTY AND EQUIPMENT

Property and Equipment

OTHER ASSETS

Other Assets (see attached schedule)

TOTAL OTHER ASSETS

TOTAL ASSETS

LIABILITIES AND OWNER EQUITY

LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)

Accounts Payable

Taxes Payable

Wages Payable

Rent / Leases - Building/Equipment

Professional Fees

Secured Debt / Adequate Protection Payments

Other Post-Petition Liabilities

TOTAL POST-PETITION LIABILITIES

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt / Adequate Protection Payments

Priority Debt

Unsecured Debt

TOTAL PRE-PETITION LIABILITIES

TOTAL LIABILITIES

OWNER EQUITY

Capital Stock

Additional Paid-In Capital

Retained Earnings - Pre-Petition

Retained Earnings - Post-Petition

NET OWNER EQUITY

TOTAL LIABILITIES AND OWNERS’ EQUITY

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

180,881,951

180,881,951

$ 180,881,951

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ -

-

-

-

-

-

-

-

-

-

-

-

-

100,000

-

180,787,923

(5,972)

180,881,951

$ 180,881,951

BOOK VALUE ON PETITION DATE

$ 201,583

-

-

-

-

201,583

-

180,686,417

180,686,417

$ 180,888,000

BOOK VALUE ON PETITION DATE

$ -

-

-

-

-

-

-

-

-

-

-

-

-

100,000

-

180,788,000

-

180,888,000

$ 180,888,000


LOGO

 

In re: Sonoran Acceptance Corporation

Debtor

Case No. : 09-12108

Reporting Period: Nov 29 - Jan 2, 2010

MOR-3: BALANCE SHEET

(Continuation Sheet)

ASSETS

OTHER CURRENT ASSETS

OTHER ASSETS

Intercompany receivables from affiliates

Deposit related to sold financing receivables

LIABILITIES AND OWNER EQUITY

OTHER POST-PETITION LIABILITIES

BOOK VALUE AT END OF CURRENT REPORTING MONTH

$ 180,567,503

314,448

180,881,951

BOOK VALUE AT END OF CURRENT REPORTING MONTH

BOOK VALUE ON PETITION DATE

$ 180,366,417

320,000

180,686,417

BOOK VALUE ON PETITION DATE


LOGO

 

In re: Sonoran Acceptance Corporation

Debtor

Case No. : 09-12108

Reporting Period: Nov 29 - Jan 2, 2010

MOR-5: DEBTOR QUESTIONNAIRE

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

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.

3. Have all post-petition tax returns been timely filed? If no, provide an explanation below.

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

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.

Yes

x

x

No

x

x

x

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