EX-99.5 8 d82313exv99w5.htm EX-99.5 exv99w5
Exhibit 99.5
Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 1 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  ACCRUAL BASIS
 
    
CASE NUMBER: 09-35586
    
 
    
JUDGE: Judge Houser
    
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: April 30, 2011
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS — 1 THROUGH ACCRUAL BASIS — 7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
                     
RESPONSIBLE PARTY:
                    
 
/s/ Dennis S. Faulkner
          Title Chief Restructuring Officer        
         
Original Signature of Responsible Party
                   
 
                    
Dennis S. Faulkner
          Date 05/10/11        
         
Printed Name of Responsible Party
                   
 
                    
PREPARER:
                    
 
                    
/s/ Jason A. Rae
          Title Accountant        
         
Original Signature of Preparer
                   
 
                    
Jason A. Rae
          Date 05/09/11        
         
Printed Name of Preparer
                   

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 2 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  ACCRUAL BASIS — 1
 
    
CASE NUMBER: 09-35586
    
                                 
COMPARATIVE BALANCE SHEET           (SEE GENERAL FOOTNOTE)  
    SCHEDULED     MONTH     MONTH     MONTH  
ASSETS   AMOUNT     Apr-11     May-11     Jun-11  
1. Unrestricted Cash
     4,170,395       4,173,743                  
2. Restricted Cash
                                
3. Total Cash
     4,170,395       4,173,743                  
4. Accounts Receivable (Net)
                                
5. Inventory
                                
6. Notes Receivable
                                
7. Prepaid Expenses
                                
8. Other (Attach List)
                                
9. Total Current Assets
     4,170,395       4,173,743                  
10. Property, Plant & Equipment
                                
11. Less: Accumulated Depreciation/Depletion
                                
12. Net Property, Plant & Equipment
                                
13. Due From Insiders
                                
14. Other Assets — Net of Amortization (Attach List)
                                
15. Other (Attach List)
                                
16. Total Assets
     4,170,395       4,173,743                  
POST PETITION LIABILITIES
                                
17. Accounts Payable
                                
18. Taxes Payable
                                
19. Notes Payable
                                
20. Professional Fees
                                
21. Secured Debt
                                
22. Other (Attach List)
             1,275                  
23. Total Post Petition Liabilities
             1,275                  
PRE PETITION LIABILITIES
                                
24. Secured Debt
                                
25. Priority Debt
                                
26. Unsecured Debt
                                
27. Other (Attach List)
                                
28. Total Pre Petition Liabilities
                                
29. Total Liabilities
             1,275                  
EQUITY
                                
30. Pre Petition Owners’ Equity
             4,170,395                  
31. Post Petition Cumulative Profit Or (Loss)
             2,073                  
32. Direct Charges To Equity
                                
33. Total Equity
             4,172,468                  
34. Total Liabilities and Equity
             4,173,743                  
This form þ does o does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 3 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  SUPPLEMENT TO
 
    
CASE NUMBER: 09-35586
  ACCRUAL BASIS — 1
                                 
COMPARATIVE BALANCE SHEET           (SEE GENERAL FOOTNOTE)  
    SCHEDULED     MONTH     MONTH     MONTH  
ASSETS   AMOUNT     Apr-11     May-11     Jun-11  
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL OTHER ASSETS — LINE 8
                                
 
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL OTHER ASSETS NET OF AMORTIZATION — LINE 14
                                
 
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL OTHER ASSETS — LINE 15
                                
 
                                
POST PETITION LIABILITIES
                                
A. Due to Guaranty Financial Group
             1,275                  
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL OTHER POST PETITION LIABILITIES — LINE 22
             1,275                  
 
                                
PRE PETITION LIABILITIES
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL OTHER PRE PETITION LIABILITIES — LINE 27
                                

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 4 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  ACCRUAL BASIS — 2
 
    
CASE NUMBER: 09-35586
    
                                 
INCOME STATEMENT           (SEE GENERAL FOOTNOTE)  
    MONTH     MONTH     MONTH     QUARTER  
REVENUES   Apr-11     May-11     Jun-11     TOTAL  
1. Gross Revenues
                                
2. Less: Returns & Discounts
                                
3. Net Revenue
                                
COST OF GOODS SOLD
                                
4. Material
                                
5. Direct Labor
                                
6. Direct Overhead
                                
7. Total Cost Of Goods Sold
                                
8. Gross Profit
                                
OPERATING EXPENSES
                                
9. Officer / Insider Compensation
                                
10. Selling & Marketing
                                
11. General & Administrative
                                
12. Rent & Lease
                                
13. Other (Attach List)
                                
14. Total Operating Expenses
                                
15. Income Before Non-Operating Income & Expense
                                
OTHER INCOME & EXPENSES
                                
16. Non-Operating Income (Att List)
                                
17. Non-Operating Expense (Att List)
                                
18. Interest Expense
                                
19. Depreciation / Depletion
                                
20. Amortization
                                
21. Other (Attach List)
                                
22. Net Other Income & Expenses
                                
REORGANIZATION EXPENSES
                                
23. Professional Fees
                                
24. U.S. Trustee Fees
     325                       325  
25. Other (Attach List)
                                
26. Total Reorganization Expenses
     325                       325  
27. Income Tax
                                
28. Net Profit (Loss)
     (325 )                     (325 )
This form o does þ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 5 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  SUPPLEMENT TO
 
    
CASE NUMBER: 09-35586
  ACCRUAL BASIS — 2
                 
INCOME STATEMENT                
    MONTH   MONTH   MONTH   QUARTER
OPERATING EXPENSES   Apr-11   May-11   Jun-11   TOTAL
A.
               
B.
                
C.
                
D.
                
E.
                
F.
                
G.
                
H.
                
I.
                
J.
                
K.
                
TOTAL OTHER OPERATING EXPENSES - LINE 13
                
 
                
OTHER INCOME & EXPENSES
                
A.
                
B.
                
C.
                
D.
                
TOTAL NON-OPERATING INCOME - LINE 16
                
 
                
A.
                
B.
                
C.
                
D.
                
TOTAL NON-OPERATING EXPENSE - LINE 17
                
 
                
REORGANIZATION EXPENSES
                
A.
                
B.
                
C.
                
D.
                
E.
                
TOTAL OTHER REORGANIZATION EXPENSES - LINE 25
                

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 6 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  ACCRUAL BASIS — 3
 
    
CASE NUMBER: 09-35586
    
                                 
    MONTH     MONTH     MONTH     QUARTER  
CASH RECEIPTS AND DISBURSEMENTS   Apr-11     May-11     Jun-11     TOTAL  
1. Cash — Beginning Of Month
     4,173,743                       4,173,743  
RECEIPTS FROM OPERATIONS
                                
2. Cash Sales
                                
COLLECTION OF ACCOUNTS RECEIVABLE
                                
3. Pre Petition
                                
4. Post Petition
                                
5. Total Operating Receipts
                                
NON-OPERATING RECEIPTS
                                
6. Loans & Advances (Attach List)
                                
7. Sale of Assets
                                
8. Other (Attach List)
                                
9. Total Non-Operating Receipts
                                
10. Total Receipts
                                
11. Total Cash Available
     4,173,743                       4,173,743  
OPERATING DISBURSEMENTS
                                
12. Net Payroll
                                
13. Payroll Taxes Paid
                                
14. Sales, Use & Other Taxes Paid
                                
15. Secured / Rental / Leases
                                
16. Utilities
                                
17. Insurance
                                
18. Inventory Purchases
                                
19. Vehicle Expenses
                                
20. Travel
                                
21. Entertainment
                                
22. Repairs & Maintenance
                                
23. Supplies
                                
24. Advertising
                                
25. Other (Attach List)
                                
26. Total Operating Disbursements
                                
REORGANIZATION DISBURSEMENTS
                                
27. Professional Fees
                                
28. U.S. Trustee Fees
                                
29. Other (Attach List)
                                
30. Total Reorganization Expenses
                                
31. Total Disbursements
                                
32. Net Cash Flow
                                
33. Cash — End of Month
     4,173,743                       4,173,743  
This form o does þ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 7 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  SUPPLEMENT TO
 
    
CASE NUMBER: 09-35586
  ACCRUAL BASIS — 3
                                 
CASH RECEIPTS AND                        
DISBURSEMENTS                        
    MONTH     MONTH     MONTH     QUARTER  
NON-OPERATING RECEIPTS   Apr-11     May-11     Jun-11     TOTAL  
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL LOANS & ADVANCES- LINE 6
                                
 
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL OTHER NON-OPERATING RECEIPTS — LINE 8
                                
 
                                
OPERATING DISBURSEMENTS
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
F.
                                
G.
                                
H.
                                
TOTAL OTHER OPERATING DISBURSEMENTS — LINE 25
                                
 
                                
REORGANIZATION DISBURSEMENTS
                                
A.
                                
B.
                                
C.
                                
D.
                                
E.
                                
TOTAL OTHER REORGANIZATION DISBURSEMENTS — LINE 29
                                

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 8 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  ACCRUAL BASIS — 4
 
    
CASE NUMBER: 09-35586
  (SEE GENERAL FOOTNOTE)
                                 
    SCHEDULED     MONTH     MONTH     MONTH  
ACCOUNTS RECEIVABLE AGING   AMOUNT     Apr-11     May-11     Jun-11  
1. 0 — 30
                                
2. 31 — 60
                                
3. 61 — 90
                                
4. 91 +
                                
5. Total Accounts Receivable
                                
6. (Amount Considered Uncollectible)
                                
7. Accounts Receivable (Net)
                                
MONTH: April-11          
                                         
AGING OF POST PETITION TAXES AND PAYABLES                    
    0 - 30     31 - 60     61 - 90     91 +        
TAXES PAYABLE   DAYS     DAYS     DAYS     DAYS     TOTAL  
1. Federal
                                        
2. State
                                        
3. Local
                                        
4. Other (Attach List)
                                        
5. Total Taxes Payable
                                        
 
                                        
6. Accounts Payable
                                        
MONTH: April-11          
                                 
STATUS OF POST PETITION TAXES                    
    BEGINNING TAX     AMOUNT WITHHELD              
FEDERAL   LIABILITY *     AND/OR ACCRUED     (AMOUNT PAID)     ENDING TAX LIABILITY  
1. Withholding **
                                
2. FICA — Employee **
                                
3. FICA — Employer **
                                
4. Unemployment
                                
5. Other — Misc Adj
                                
6. Other- Earned Income Credit
                                
7. Total Federal Taxes
     —       —       —       —  
STATE AND LOCAL
                                
8. Withholding
                                
9. Sales
                                
10. Excise
                                
11. Unemployment
                                
12. Real Property
                                
13. Personal Property
                                
14. Other (Attach List)
     —                          
15. Total State And Local
     —                          
16. Total Taxes
     —                          
 
*   The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
 
**   Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment of deposit.
This form o does þ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 9 of 12
     
CASE NAME: Guaranty Group Capital Inc.
  ACCRUAL BASIS — 5
 
    
CASE NUMBER: 09-35586
    
The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
MONTH: April-11          
                                         
BANK RECONCILIATIONS   Account # 1     Account # 2     Account # 3     Other Accounts     TOTAL  
A. BANK:
   Bank of America                   (Attach List)    
B. ACCOUNT NUMBER:
     4429005310                                  
C. PURPOSE (TYPE):
   Money Market                                
1. Balance Per Bank Statement
     4,173,743                               4,173,743  
2. Add: Total Deposits Not Credited
                                        
3. Subtract: Outstanding Checks
                                        
4. Other Reconciling Items
                                        
5. Month End Balance Per Books
     4,173,743               —               4,173,743  
6. Number of Last Check Written
     N/A                                  
                                         
INVESTMENT ACCOUNTS                                  
    DATE OF                     PURCHASE     CURRENT  
BANK, ACCOUNT NAME & NUMBER   PURCHASE     TYPE OF INSTRUMENT     PRICE     VALUE  
7.
                                        
8.
                                        
9.
                                        
10. (Attach List)
                                        
11. Total Investments
                                        
 
                                        
CASH
                                        
12. Currency On Hand
                                        
 
                                        
13. Total Cash — End of Month
                                     4,173,743  
This form o does þ does not have related footnotes on Footnotes Supplement.

 

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 10 of 12
CASE NAME: Guaranty Group Capital Inc.   ACCRUAL BASIS — 6
CASE NUMBER: 09-35586
MONTH: April-11          
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the Total Disbursements shown for the month, list the amount paid to Insiders (as defined in Section 101 (31) (A) — (F) of the U.S. Bankruptcy Code) and to Professionals. Also, for payments to Insiders, identify the type of compensation paid (e.g. salary, bonus, commissions, insurance, housing allowance, travel, car allowance, etc.). Attach additional sheets if necessary.
INSIDERS
                         
NAME   TYPE OF PAYMENT     AMOUNT PAID     TOTAL PAID TO DATE  
1.
                        
2.
                        
3.
                        
4.
                        
5.
                        
6.
                        
7.
                        
8. (Attach List)
                        
9. Total Payments To Insiders
                        
PROFESSIONALS
                                         
    DATE OF COURT ORDER                             TOTAL INCURRED &  
NAME   AUTHORIZING PAYMENT     AMOUNT APPROVED     AMOUNT PAID     TOTAL PAID TO DATE     UNPAID *  
1.
                                        
2.
                                        
3.
                                        
4.
                                        
5. (Attach List)
                                        
6. Total Payments To Professionals
                                        
 
*   Include all fees incurred, both approved and unapproved
POST PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
                         
    SCHEDULED MONTHLY     AMOUNTS PAID DURING     TOTAL UNPAID POST  
NAME OF CREDITOR   PAYMENTS DUE     MONTH     PETITION  
1.
   $ —                  
2.
                        
3.
                        
5. (Attach List)
                        
6. TOTAL
           $ —     $ —  
This form o does þ does not have related footnotes on Footnotes Supplement.

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 11 of 12
CASE NAME: Guaranty Group Capital Inc.   ACCRUAL BASIS — 7
CASE NUMBER: 09-35586
MONTH: April-11
QUESTIONNAIRE
         
    YES   NO
1. Have any Assets been sold or transferred outside the normal course of business this reporting period?
      X
2. Have any funds been disbursed from any account other than a debtor in possession account?
      X
3. Are any Post Petition Receivables (accounts, notes, or loans) due from related parties?
      X
4. Have any payments been made on Pre Petition Liabilities this reporting period?
      X
5. Have any Post Petition Loans been received by the debtor from any party?
      X
6. Are any Post Petition Payroll Taxes past due?
      X
7. Are any Post Petition State or Federal Income Taxes past due?
      X
8. Are any Post Petition Real Estate Taxes past due?
      X
9. Are any other Post Petition Taxes past due?
      X
10. Are any amounts owed to Post Petition creditors delinquent?
      X
11. Have any Pre Petition Taxes been paid during the reporting period?
      X
12. Are any wage payments past due?
      X
If the answer to any of the above questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.
 
 
INSURANCE
         
    YES   NO
1. Are Worker’s Compensation, General Liability and other necessary insurance coverages in effect?
  X    
2. Are all premium payments paid current?
  X    
3. Please itemize policies below.
        
If the answer to any of the above questions is “No”, or if any policies have been canceled or not renewed during this reporting period, provide an explanation below. Attach additional sheets if necessary.
 
 
INSTALLMENT PAYMENTS
             
TYPE OF POLICY   CARRIER   PERIOD COVERED   PAYMENT AMOUNT & FREQUENCY
General Liability
  Burlington Insurance   07/01/10 07/01/11   Paid in Full
General Liability Mortgagee in
  Lexington   10/27/08 10/27/11   Paid in Full
Possession
            
This form o does þ does not have related footnotes on Footnotes Supplement.

 

Case 09-35582-bjh11      Doc 527      Filed 05/11/11      Entered 05/11/11 14:29:28      Desc
Main Document      Page 12 of 12
CASE NAME: Guaranty Group Capital Inc.   FOOTNOTES
CASE NUMBER: 09-35586
ACCRUAL BASIS
MONTH: April-11
             
ACCRUAL BASIS FORM        
NUMBER   LINE NUMBER   FOOTNOTE / EXPLANATION
General
          The Office of Thrift Supervision appointed the FDIC as receiver for Guaranty Bank, an indirect subsidiary of the Guaranty Financial Group Inc. on August 21, 2009. The Debtor subsequently filed its petition with the U.S. Bankruptcy Court on August 27, 2009.
 
General
          Effective February 1, 2011, all Bank of America Money Market Saving accounts over $250,000 were converted to Non-Interest Bearing accounts. This policy change was approved by the U.S. Trustee’s office.
 
Accrual 1
    1     Pursuant to the Order Implementing the Requirements of Section 345(B) of the Bankruptcy Code and the Region VI, Northern District of Texas, Guidelines for Chapter 11 Debtors-In-Possession filed on September 3, 2009, the Debtor’s transferred cash to its debtor-in-possession bank accounts.