EX-99.1 2 d395479dex991.htm OPERATING RESULTS OPERATING RESULTS

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF DELAWARE

 

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

MONTHLY OPERATING REPORT

 

REQUIRED DOCUMENTS

  

Form No.

  

Document

Attached

  

Explanation Attached

  

Affidavit /

Supplement

Attached

Schedule of Cash Receipts and Disbursements

   MOR-1        Yes          

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

   MOR-1a    No   

Not required per agreement with

UST.

  

Schedule of Professional Fees Paid

   MOR-1b    Yes      

Copies of bank statements

      Yes   

Cash balance detail attached per

agreement with UST.

  

Cash disbursements journals

      Yes    Summary document only   

Statement of Operations

   MOR-2    Yes      

Balance Sheet

   MOR-3    Yes      

Status of Postpetition Taxes

   MOR-4    No       Yes

Copies of IRS Form 6123 or payment receipt

      No       Yes

Copies of tax returns filed during reporting period

      No       Yes

Summary of Unpaid Post-petition Debts

   MOR-4    Yes      

Listing of aged accounts payable

   MOR-4    Yes    Summary document only   

Accounts Receivable Reconciliation and Aging

   MOR-5    Yes    Summary document only   

Debtor Questionnaire

   MOR-5    Yes      

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

 

     

 

Signature of Debtor       Date

 

     

 

Signature of Joint Debtor       Date

/s/ Andrew Hinkelman

     

August 9, 2012

Signature of Authorized Individual*       Date

Andrew Hinkelman

     

Interim Chief Executive Officer

Printed Name of Authorized Individual       Title of Authorized Individual

 

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
1

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


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

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

The companies cash reporting systems are based on the calendar week. As a result, cash receipts and disbursements for the period ended June 30, 2012 include activity through week ended June 29, 2012.

 

TMI - United States

   Actuals
6/2/2012 -
6/29/2012
    Budget
6/2/2012 -
6/29/2012
    Variance
6/2/2012 -
6/29/2012
          Actuals
Case to Date
 

Beginning Cash Balance1

   $ 607,823      $ 2,360,644      $ (1,752,820        $ 977,445   

Inflows

             

Trade Receivable2

   $ (114,428   $ —        $ (114,428        $ 1,897,392   

TSA Reimbursements

     —          —          —               —     

TV Sale Proceeds

     —          —          —               —     

Other Inflows

     263,242        —          263,242             505,471   
  

 

 

   

 

 

   

 

 

        

 

 

 

Total Inflows

   $ 148,814      $ —        $ 148,814           $ 2,402,863   

Outflows

             

Payroll

   $ (666,541   $ (2,194,685   $ 1,528,143           $ (11,737,969

Severance

     (155,489     (53,047     (102,442          (229,834

Rent

     (115,454     (57,000     (58,454          (944,514

Accounts Payable

     —          —          —               (1,477,631

Professional Fees

     (144,503     (85,690     (58,814          (1,419,620

Other Expenses

     (311,961     (188,584     (123,377          (4,164,428

Interest Pmt & Capital Charge

     —          —          —               —     
  

 

 

   

 

 

   

 

 

        

 

 

 

Total Outflows

   $ (1,393,950   $ (2,579,006   $ 1,185,056           $ (19,973,996

Restructuring Outflows

             

Professional and Advisory Fees

   $ (1,691,681   $ (3,368,600   $ 1,676,919           $ (9,078,306
  

 

 

   

 

 

   

 

 

        

 

 

 

Total Restructuring Outflows

   $ (1,691,681   $ (3,368,600   $ 1,676,919           $ (9,078,306

IC Transfers / Adjustments

   $ 2,600,000      $ 4,000,000      $ (1,400,000        $ 25,943,000   

Net Change in Cash

   $ (336,816   $ (1,947,606   $ 1,610,789           $ (706,439
  

 

 

   

 

 

   

 

 

        

 

 

 

Ending Cash Balance - Unrestricted

   $ 271,006      $ 413,038      $ (142,031        $ 271,006   

 

2


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

 

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

 

TMFE - Cayman Islands

   Actuals
6/2/2012 -
6/29/2012
    Budget
6/2/2012 -
6/29/2012
    Variance
6/2/2012 -
6/29/2012
          Actuals
Case to Date
 

Beginning Cash Balance1

   $ 86,673,091      $ 83,768,428      $ 2,904,660           $ 14,659,170   

Inflows

             

Trade Receivable

   $ —        $ —        $ —             $ —     

TSA Reimbursements

     1,384,612        1,385,000        (388          1,384,612   

TV Sale Proceeds

     —          —          —               —     

Other Inflows

     14        2,500,000        (2,499,986          98,950,980   
  

 

 

   

 

 

   

 

 

        

 

 

 

Total Inflows

   $ 1,384,626      $ 3,885,000      $ (2,500,374        $ 100,335,592   

Outflows

             

Accounts Payable

   $ (4,087,283   $ (476,303   $ (3,610,981        $ (56,528,765

Other Expenses

     (22,829     —          (22,841          (85,185

Interest Pmt & Capital Charge

     —          —          —               —     
  

 

 

   

 

 

   

 

 

        

 

 

 

Total Outflows

   $ (4,110,112   $ (476,303   $ (3,633,822        $ (56,613,950

Restructuring Outflows

             

Professional and Advisory Fees

   $ (398,897   $ (182,000   $ (216,897        $ (1,137,181
  

 

 

   

 

 

   

 

 

        

 

 

 

Total Restructuring Outflows

   $ (398,897   $ (182,000   $ (216,897        $ (1,137,181

IC Transfers / Adjustments3

   $ (3,083,108   $ (1,823,158   $ (1,259,950        $ 23,221,968   

Net Change in Cash

     (6,207,491     1,403,539        (7,611,042          65,806,430   
  

 

 

   

 

 

   

 

 

        

 

 

 

Ending Cash Balance - Unrestricted

   $ 80,465,600      $ 85,171,967      $ (4,706,382        $ 80,465,600   

Restricted Cash in Escrow

   $ 3,227,521      $ —        $ 3,227,521           $ 3,227,521   
  

 

 

   

 

 

   

 

 

        

 

 

 

Total Ending Cash Balance

   $ 83,693,121      $ 85,171,967      $ (1,478,861        $ 83,693,121   
  

 

 

   

 

 

   

 

 

        

 

 

 

 

PERIOD DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES

   TMFE      TMI      TOTAL  
        

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

   $ 4,509,009       $ 3,085,631       $ 7,594,640   

Less: Transfers To Debtor In Possession Accounts

     —           —           —     

Plus: Transfers To Non-Debtor Subsidiaries

     5,767,701         —           5,767,701   

Plus: Estate Disbursements Made By Outside Sources

     —           —           —     
  

 

 

    

 

 

    

 

 

 

Total Disbursements For Calculating U.S. Trustee Quarterly Fees

   $ 10,276,710       $ 3,085,631       $ 13,362,341   
  

 

 

    

 

 

    

 

 

 

 

1 

Beginning balance per the budget reflects a revised forecast and thus will not tie to the ending balance from the prior period.

2 

Negative amount reflectsreimbursement to Entropic for $141k of April invoices collected by TMI on Entropic’s behalf.

3 

Note cumulative amount represents gross transfers out of $5,767,701 offset by transfers into TMFE of $2,684,593.

 

3


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

 

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

 

Payee

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

Bayard, P.A.

    04/1/12 - 4/30/12      $ 72,725.34      TMI     71852        6/20/2012      $ 56,041.60      $ 2,673.34      $ 379,548.80      $ 9,484.48   

Dewey & Leboeuf LLP 1

    2/14/12 - 2/29/12        163,836.60      TMI     71822        6/27/2012        170,308.00        231.60        278,141.40        5,476.97   

DLA Piper

    04/1/12 - 4/30/12        997,666.58      TMI     9003        6/20/2012        770,879.20        34,067.58        3,331,015.07        212,264.44   

FTI Consulting, Inc.

    3/1/12 - 3/31/12        451,415.15      TMI     8982        6/20/2012        419,779.00        31,636.15        1,379,096.50        100,802.99   

Kurtzman Carson Consultants LLC

    04/1/12 - 4/30/12        72,322.81      TMI     8981        6/20/2012        29,236.50        43,086.31        142,551.50        210,136.75   

Pachulski Stang Ziehl & Jones LLP

    2/1/12 - 2/29/12        163,969.16      TMI     71765        6/5/2012        121,059.40        12,682.41        304,538.00        23,853.68   

Maples and Calder

    04/1/12 - 4/30/12        201,735.89      TMFE     6239876        6/26/2012        191,715.52        10,020.39        678,357.25        44,194.83   

Solomon Harris

    5/1/12 - 5/31/12        31,867.65      TMFE     6239809        6/26/2012        31,858.50        9.15        69,008.25        173.79   

Zolfo

   
 
3/1/12 - 3/31/12
5/1/12 - 5/31/12
  
  
  $ 165,293.22      TMFE    

 

6178883 &

6159181

  

  

    6/15/2012      $ 165,293.22      $ —        $ 290,316.91      $ —     

 

1 

Amount does not reflect $6,703 in reductions agreed to by Dewey & Leboeuf LLP based on discussions with the Office of the United States Trustee. The overpayment will be applied to subsequent invoices.

 

4


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

 

SCHEDULE OF CASH ACCOUNT BALANCES1

 

Company

  

Bank Name

  

Bank Account #

   Book Balance (USD)  
Trident Microsystems, Inc.    Bank of America    xxxxxxx-xxx5067    $ —     
Trident Microsystems, Inc.    California Bank & Trust MP    xxx-xxx5089      16,645   
Trident Microsystems, Inc.    California Bank & Trust Checking    xxx-xxxx8271      253,916   
Trident Microsystems, Inc.    California Bank & Trust (payroll)    xxx-xxxx8270      (93,958
Trident Microsystems, Inc.    E-Trade    xxxx-2507      94,403   
        

 

 

 
Total          $ 271,006   
        

 

 

 

Company

  

Bank Name

  

Bank Account #

   Book Balance (USD)  
Trident Microsystems (Far East), Ltd.    Bank of America    xxxx-xxxxx-028    $ —     
Trident Microsystems (Far East), Ltd.    Bank of America    xxxx-xxxxx-010      —     
Trident Microsystems (Far East), Ltd.    Bank of America    xxx-xxxx-036      —     
Trident Microsystems (Far East), Ltd.    Bank of America    xxx-xxxx-044      2,383,334   
Trident Microsystems (Far East), Ltd.    Bank of America    xxx-xxxx-052      4,770   
Trident Microsystems (Far East), Ltd.    Bank of America    xxx-xxxx-060      179,938   
Trident Microsystems (Far East), Ltd.    California Bank & Trust - Checkling AC    xxx-xxxx3970      77,537,527   
Trident Microsystems (Far East), Ltd.    California Bank & Trust - Money Plus    xxx-xxx3709      360,031   
Trident Microsystems (Far East), Ltd.    Bank of America    xxxxxxx-xxx5059      —     
Trident Microsystems (Far East), Ltd.    Wilmington Trust    xxxxx0-000      1,714,033   
Trident Microsystems (Far East), Ltd.    Wilmington Trust    xxxxx2-000      1,513,488   
        

 

 

 
Total          $ 83,693,121   
        

 

 

 

 

1 

Schedule reflects book balance at each Debtor as of June 29, 2012.

BANK RECONCILIATIONS

Bank reconciliations have been prepared for each account listed above.

 

/s/ Andrew Hinkelman

      August 9, 2012
Andrew Hinkelman       Date
Interim Chief Executive Officer      

 

5


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

 

STATEMENT OF OPERATIONS

 

     TMFE     TMI  
     June 2012     Cumulative Filing
to Date
    June 2012     Cumulative Filing
to Date
 

Gross Revenue

        

Third Party

   $ 230,556      $ 1,549,853      $ 1,067,821      $ 2,830,632   

Affiliates

     9,241,027        69,322,983        4,570,587        28,943,034   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Revenues

   $ 9,471,583      $ 70,872,837      $ 5,638,408      $ 31,773,666   

Cost of Revenues

        

Third Party through TMHK

   $ 3,281,755      $ 39,873,538      $ 958,456      $ 3,595,087   

Affiliates

     18,451,272        83,422,695        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Cost of Revenues

   $ 21,733,027      $ 123,296,233      $ 958,456      $ 3,595,087   

Gross Profit

   $ (12,261,444   $ (52,423,396   $ 4,679,952      $ 28,178,578   

Research and development expenses1

   $ 342,396      $ 8,557,664      $ 614,346      $ 9,186,418   

Selling, general and administrative expenses

     662        325,648        1,069,332        13,131,648   

Insider Compensation2

     —          —          425,887        1,588,925   

Restructuring Charges

     —          —          85,797        130,993   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     343,058        8,883,312        2,195,362        24,037,985   

Income (loss) from operations

   $ (12,604,502   $ (61,306,708   $ 2,484,590      $ 4,140,593   

Gain (loss) on investment

   $ (5   $ (5     —        $ —     

Gain (loss) on acquisition/sale

     (1,410,787     10,986,965        —          1,729,275   

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

     1,609,332        3,154,355        3        (1,946
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

   $ (12,405,962   $ (47,165,393   $ 2,484,593      $ 5,867,922   

Provision for (benefit from) income taxes

     —          129        (1,910,771     (3,832,523
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Income (Loss) Before Reorganization Items

   $ (12,405,962   $ (47,165,522   $ 4,395,364      $ 9,700,445   

REORGANIZATION ITEMS

        

Professional Fees

   $ 653,363      $ 1,700,095      $ 1,366,270      $ 10,514,128   

U.S. Trustee Quarterly Fees

     —          30,000        —          13,000   

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

     —          —          —          —     

Gain (Loss) from Sale of Equipment

     —          —          —          —     

Other Reorganization Expenses (see detail)

     40,179        98,761        —          —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Reorganization Expenses

   $ 693,542      $ 1,828,856      $ 1,366,270      $ 10,527,128   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net Profit (Loss)

   $ (13,099,504   $ (48,994,378   $ 3,029,094      $ (826,683
  

 

 

   

 

 

   

 

 

   

 

 

 

BREAKDOWN OF “OTHER” CATEGORIES

        

Interest and other income (expense), net

        

Realized Forex Gain/Loss

     86,752      $ 64,099      $ —        $ —     

Unrealized Forex Gain/Loss

     (248,807     114,694        —          —     

Other Income

     1,692,644        3,108,643        —          (1,947

Interest Expenses

     78,625        (191,557     —          —     

Currency Remeasurement Adj.

     —          41,490        —          —     

Interest Earned

     119        16,986        3        1   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,609,332      $ 3,154,355      $ 3      $ (1,946

 

1 

TMFE R&D expense related to losses for disposal of fixed assets not sold as part of Entropic or Sigma transactions. TMI balance related primarily to retention bonuses paid to R&D employees, outside engineering and facility allocation expenses.

2 

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

 

6


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

 

BALANCE SHEET

 

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

ASSETS

        

Current assets

        

Cash and cash equivalents

   $ 83,692,238      $ 14,033,731      $ 317,325      $ 1,254,662   

Accounts receivable, net

     3,551,681        1,000,000        1,005,112        1,314,661   

Accounts receivable from related parties

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

Inventory

     229,356        11,433,394        —          —     

Note receivable from related party1

     —          20,884,003        —          —     

Prepaid expenses and other current assets (see detail)2

     (1,291,739     6,541,527        1,450,855        1,551,933   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total current assets

   $ 88,211,709      $ 55,889,643      $ 3,008,079      $ 4,356,043   

Property and equipment, net

   $ —        $ 391,732      $ 987,033      $ 2,327,797   

Intangible Assets, net

     6,078,703        43,913,014        —          —     

Affiliates Receivable

     18,006,244        43,295,725        101,590,280        95,861,080   

Other Non-current Assets (see detail)

     56,149,638        73,815,092        198,140,058        198,408,481   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total Assets

   $ 168,446,294      $ 217,305,206      $ 303,725,450      $ 300,953,401   
  

 

 

   

 

 

   

 

 

   

 

 

 

LIABILITIES AND OWNER EQUITY

        

LIABILITIES NOT SUBJECT TO COMPROMISE

        

Accounts Payable

   $ 1,505,308      $ —        $ 96,411      $ —     

Taxes Payable

     —          —          —          —     

Wages Payable

     —          —          —          —     

Notes Payable

     —          —          —          —     

Rent/Leases – Building/Equipment

     —          —          —          —     

Secured Debt/Adequate Protection Payments

     —          —          —          —     

Professional Fees

     —          —          491,775        —     

Affiliates Payable

     35,403,249        —          3,671,704        —     

Amounts Due to Insiders3

     1,462,430        —          270,500        —     

Other Post-petition Liabilities (see detail)

     25,802,968        —          5,124,897        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL POST-PETITION LIABILITIES

   $ 64,173,955      $ —        $ 9,655,287      $ —     

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

        

Secured Debt

   $ —        $ —        $ —        $ —     

Priority Debt4

     120,406        —          23,938,163        24,009,745   

Unsecured Debt

     138,614,602        184,359,805        8,851,529        13,324,750   
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL PRE-PETITION LIABILITIES

   $ 138,735,008      $ 184,359,805      $ 32,789,692      $ 37,334,495   
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES

   $ 202,908,963      $ 184,359,805      $ 42,444,979      $ 37,334,495   
  

 

 

   

 

 

   

 

 

   

 

 

 

OWNER EQUITY

        

Capital Stock

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

Additional Paid-In Capital

     171,714,557        171,714,557        357,120,822        356,755,746   

Retained Earnings – Pre-Petition

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

Retained Earnings – Post-petition

     (48,994,378     —          (826,683     —     
  

 

 

   

 

 

   

 

 

   

 

 

 

NET OWNER EQUITY

     (34,462,669     32,945,401        261,280,471        263,618,906   
  

 

 

   

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND OWNERS EQUITY

   $ 168,446,294      $ 217,305,206      $ 303,725,450      $ 300,953,401   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

1 

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

2 

TMFE credit balance is due to timing of Sigma payments and receipts for Act on Behalf period.

3 

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

4 

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

 

7


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

 

BALANCE SHEET

 

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

BREAKDOWN OF “OTHER” CATEGORIES

         

PREPAID EXPENSES AND OTHER CURRENT ASSETS

         

Deferred Tax Asset

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

Prepaid Income Taxes

     —          —           —          (1,910,771

Other Prepaid & Receivables

     (1,291,739     3,673,512         1,149,722        3,161,571   

VAT Receivable

     —          2,868,014         —          —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ (1,291,739   $ 6,541,527       $ 1,450,855      $ 1,551,933   

OTHER NON-CURRENT ASSETS

         

Deferred Taxes Non-Current

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

Other Deferred Charges

     2        2         —          —     

Long Term Equity Investments

     807,254        807,259         —          —     

Investment in Subsidiaries

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

Other Non-Current Assets

     —          17,665,449         264,931        533,355   
  

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 56,149,638      $ 73,815,092       $ 198,140,058      $ 198,408,481   

OTHER POSTPETITION LIABILITIES

         

Accrued Employee Expense

   $ —        $ —           160,952      $ —     

Receipts Accrual

     —          —           —          —     

Accrued Professional Fees

     —          —           3,763,585        —     

Accrued Restructuring

     —          —           391,188        —     

Deferred Rent

     —          —           784,248        —     

Customer Prepaid

     3,500,000        —           —          —     

Accrued NRE

     16,550        —           —          —     

Accrued Royalties

     498,183        —           —          —     

Other Accrued Expenses

     481,697        —           (24,392     —     

VAT Payable

     —             —       

Other Liabilities

     577        —           49,317        —     

Sigma Payable

     5,948,547        —           —          —     

Entropic Payable

     290,747        —           —          —     

Deferred Margin1

     15,066,667        —           —          —     
  

 

 

   

 

 

    

 

 

   

 

 

 

Total

   $ 25,802,968      $ —         $ 5,124,897      $ —     

 

1 

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

 

8


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

 

STATUS OF POSTPETITION TAXES

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

 

/s/ Andrew Hinkelman

     August 9, 2012
Andrew Hinkelman      Date
Interim Chief Executive Officer     

SUMMARY OF UNPAID POSTPETITION DEBTS

 

     Number of Days Past Due  

Trident Microsystems, Inc. (TMI)

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

Accounts Payable

   $ 42,521.75       $ 46,419.55       $ (5,419.00   $ 13,016.05       $ (127.38     96,411   

Wages Payable

     —           —           —          —           —          —     

Taxes Payable

     —           —           —          —           —          —     

Rent/Leases-Building

     —           —           —          —           —          —     

Secured Debt/Adequate Protection Payments

     —           —           —          —           —          —     

Professional Fees

     394,222         97,553         —          —           —          491,775   

Affiliates Payable

     942,818         1,129,354         454,547        582,604         562,381        3,671,704   

Amounts Due to Insiders*

     —           —           270,500        —           —          270,500   

Other Accrued Payable

     5,124,897         —           —          —           —          5,124,897   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Postpetition Debts

   $ 6,504,458       $ 1,273,327       $ 719,628      $ 595,620       $ 562,254      $ 9,655,287   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
     Number of Days Past Due  

Trident Microsystems (Far East), Ltd.

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

Accounts Payable

   $ 1,412,653       $ 32,192       $ 46,510      $ 13,952       $ —        $ 1,505,308   

Wages Payable

     —           —           —          —           —          —     

Taxes Payable

     —           —           —          —           —          —     

Rent/Leases-Building

     —           —           —          —           —          —     

Secured Debt/Adequate Protection Payments

     —           —           —          —           —          —     

Professional Fees

     —           —           —          —           —          —     

Affiliates Payable

     7,998,385         4,093,131         8,849,341        9,888,572         4,573,820        35,403,249   

Amounts Due to Insiders*

     1,462,430         —           —          —           —          1,462,430   

Other Accrued Payable

     24,511,474         317,201         (9,772     457,931         526,133        25,802,968   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

Total Postpetition Debts

   $ 35,384,942       $ 4,442,525       $ 8,886,079      $ 10,360,455       $ 5,099,953      $ 64,173,955   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

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

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

 

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

 

9


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

 

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

     TMI     TMFE  

Accounts Receivable Reconciliation

    

Total Accounts Receivable at the beginning of the reporting period

   $ 614,265      $ 3,950,804   

+ Amounts billed during the period

     5,638,408        9,471,583   

- Amounts collected during the period

     5,004,114        7,840,533   
  

 

 

   

 

 

 

Total Accounts Receivable at the end of the reporting period

   $ 1,248,559      $ 5,581,854   
  

 

 

   

 

 

 

Accounts Receivable Aging

    

0 - 30 days old

   $ 1,094,394      $ 2,030,173   

31 - 60 days old

       3,551,681   

61 - 90 days old

     (84,559  

91+ days old

     238,725     
  

 

 

   

 

 

 

Total Accounts Receivable

   $ 1,248,559      $ 5,581,854   

Amount considered uncollectible (Bad Debt)

    
  

 

 

   

 

 

 

Accounts Receivable (Net)

   $ 1,248,559      $ 5,581,854   
  

 

 

   

 

 

 

DEBTOR QUESTIONNAIRE

 

     Yes    No
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.            X           
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.               X        
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below.    X   
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.    X   
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.       X

1. Pursuant to the court order entered on May 16, 2012, the Debtors and certain non-debtor subsidiaries sold certain of its assets related to its Audio business to Cambridge Silicon Radio Limited. The closing of the Audio Business sale occurred on June 4, 2012.

 

10