EX-99.7 10 d82313exv99w7.htm EX-99.7 exv99w7
Exhibit 99.7
Case 09-35582-bjh11       Doc 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 1 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS
CASE NUMBER: 09-35584
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
 
 
   
Original Signature of Responsible Party
  Title Chief Restructuring Officer
 
   
Dennis S. Faulkner
 
 
   
Printed Name of Responsible Party
  Date 05/10/11
 
   
PREPARER:
   
 
   
/s/ Jason A. Rae
 
 
   
Original Signature of Preparer
  Title Accountant
 
   
Jason A. Rae
 
 
   
Printed Name of Preparer
  Date 05/09/11

 


 

Case 09-35582-bjh11       Doc 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 2 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS — 1
CASE NUMBER: 09-35584
                                 
COMPARATIVE BALANCE SHEET           (SEE GENERAL FOOTNOTE)  
    SCHEDULED     MONTH     MONTH     MONTH  
ASSETS   AMOUNT     Apr-11     May-11     Jun-11  
1. Unrestricted Cash
    8,472       6,196                  
2. Restricted Cash
                               
3. Total Cash
    8,472       6,196                  
4. Accounts Receivable (Net)
                               
5. Inventory
                               
6. Notes Receivable
                               
7. Prepaid Expenses
                               
8. Other (Attach List)
                               
9. Total Current Assets
    8,472       6,196                  
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
    8,472       6,196                  
POST PETITION LIABILITIES
                               
17. Accounts Payable
                               
18. Taxes Payable
                               
19. Notes Payable
                               
20. Professional Fees
                               
21. Secured Debt
                               
22. Other (Attach List)
            529                  
23. Total Post Petition Liabilities
            529                  
PRE PETITION LIABILITIES
                               
24. Secured Debt
                               
25. Priority Debt
                               
26. Unsecured Debt
                               
27. Other (Attach List)
                               
28. Total Pre Petition Liabilities
                               
29. Total Liabilities
            529                  
EQUITY
                               
30. Pre Petition Owners’ Equity
            8,472                  
31. Post Petition Cumulative Profit Or (Loss)
            (2,805 )                
32. Direct Charges To Equity
                               
33. Total Equity
            5,667                  
 
                               
34. Total Liabilities and Equity
            6,196                  
This form þ does o does not have related footnotes on Footnotes Supplement.

 


 

Case 09-35582-bjh11       Doc 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 3 of 12
CASE NAME: Guaranty Holdings Inc.   SUPPLEMENT TO
     
CASE NUMBER: 09-35584   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. Guaranty Bank
  Unknown                        
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
            529                  
B.
                               
C.
                               
D.
                               
E.
                               
TOTAL OTHER POST PETITION LIABILITIES — LINE 22
            529                  
 
                               
PRE PETITION LIABILITIES
                               
A.
                               
B.
                               
C.
                               
D.
                               
E.
                               
TOTAL OTHER PRE PETITION LIABILITIES — LINE 27
                               

 


 

Case 09-35582-bjh11       Doc 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 4 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS — 2
CASE NUMBER: 09-35584
                                 
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 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 5 of 12
CASE NAME: Guaranty Holdings Inc.   SUPPLEMENT TO
     
CASE NUMBER: 09-35584   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. Interest Income
                               
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 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 6 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS — 3
CASE NUMBER: 09-35584
                                 
CASH RECEIPTS AND   MONTH     MONTH     MONTH     QUARTER  
DISBURSEMENTS   Apr-11     May-11     Jun-11     TOTAL  
1. Cash — Beginning Of Month
    6,521                       6,521  
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
    6,521                       6,521  
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
    325                       325  
29. Other (Attach List)
                               
30. Total Reorganization Expenses
    325                       325  
31. Total Disbursements
    325                       325  
32. Net Cash Flow
    (325 )                     (325 )
33. Cash — End of Month
    6,196                       6,196  
This form o does þ does not have related footnotes on Footnotes Supplement.

 


 

Case 09-35582-bjh11       Doc 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 7 of 12
CASE NAME: Guaranty Holdings Inc.   SUPPLEMENT TO
     
CASE NUMBER: 09-35584   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 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 8 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS — 4
     
CASE NUMBER: 09-35584   (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             ENDING TAX  
FEDERAL   LIABILITY *     AND/OR ACCRUED     (AMOUNT PAID)     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 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 9 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS — 5
     
CASE NUMBER: 09-35584    
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:
    4429005336                                  
C. PURPOSE (TYPE):
  Money Market                                
1. Balance Per Bank Statement
    6,196                               6,196  
2. Add: Total Deposits Not Credited
                                       
3. Subtract: Outstanding Checks
                                       
4. Other Reconciling Items
                                       
5. Month End Balance Per Books
    6,196                               6,196  
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
                            6,196  
This form o does þ does not have related footnotes on Footnotes Supplement.

 


 

Case 09-35582-bjh11       Doc 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 10 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS — 6
     
CASE NUMBER: 09-35584    
         
        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
                         
    TYPE OF             TOTAL PAID  
NAME   PAYMENT     AMOUNT PAID     TO DATE  
2.
                       
3.
                       
4.
                       
5.
                       
6.
                       
7.
                       
8. (Attach List)
                       
9. Total Payments To Insiders
                       
PROFESSIONALS
                                         
    DATE OF COURT                                
    ORDER                             TOTAL  
    AUTHORIZING     AMOUNT     AMOUNT     TOTAL PAID     INCURRED  
NAME   PAYMENT     APPROVED     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     AMOUNTS        
    MONTHLY     PAID     TOTAL  
    PAYMENTS     DURING     UNPAID POST  
NAME OF CREDITOR   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 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 11 of 12
CASE NAME: Guaranty Holdings Inc.   ACCRUAL BASIS — 7
     
CASE NUMBER: 09-35584    
     
    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
                         
                    PAYMENT  
                    AMOUNT  
TYPE OF POLICY   CARRIER     PERIOD COVERED     & 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 529       Filed 05/11/11       Entered 05/11/11 14:37:15       Desc
Main Document       Page 12 of 12
CASE NAME: Guaranty Holdings Inc.   FOOTNOTES
 
CASE NUMBER: 09-35584   ACCRUAL BASIS
     
    MONTH: April-11          
             
ACCRUAL BASIS FORM   LINE    
NUMBER   NUMBER   FOOTNOTE / EXPLANATION
General
          The Office of Thrift Supervision appointed the FDIC as receiver for Guaranty Bank, an indirect subsidiary of 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.