EX-99 2 a11-6840_2ex99.htm EX-99

Exhibit 99

 

UNITED STATES BANKRUPTCY COURT

NORTHERN DISTRICT OF CALIFORNIA

 

In re:

 

CMR Mortgage Fund II, LLC

 

Case No.  09-30788

 

 

 

 

 

 

 

 

 

 

 

CHAPTER 11

 

 

 

 

 

MONTHLY OPERATING REPORT

 

 

 

 

 

(GENERAL BUSINESS CASE)

 

 

SUMMARY OF FINANCIAL STATUS

 

                                                MONTH ENDED:

 

Feb-11

 

PETITION DATE:

 

03/31/09

 

 

 

 

 

 

 

 

 

 

1.                                       Debtor in possession (or trustee) hereby submits this Monthly Operating Report on the Accrual Basis of accounting (or if checked here the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtor). o

 

Dollars reported in   $1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of Current
Month

 

End of Prior
Month

 

As of Petition
Filing

 

2.                                       Asset and Liability Structure

 

 

 

 

 

 

 

 

 

a. Current Assets

 

$

40,449

 

$

42,876

 

 

 

b. Total Assets (see schedule J, Note 1)

 

$

43,271,986

 

$

43,424,792

 

$

70,367,249

 

c. Current Liabilities

 

$

14,309,799

 

$

14,173,161

 

 

 

d. Total Liabilities (Note 2)

 

$

36,217,470

 

$

36,080,832

 

$

6,295,128

 

 

 

 

Current Month

 

Prior Month

 

Cumulative
(Case to Date)

 

3.                                       Statement of Cash Receipts & Disbursements for Month

 

 

 

 

 

 

 

 

 

 

a. Total Receipts

 

$

0

 

$

33,480

 

$

1,696,025

 

b. Total Disbursements

 

$

2,047

 

$

3,571

 

$

1,666,064

 

c. Excess (Deficiency) of Receipts Over Disbursements (a - b)

 

$

(2,047

)

$

29,909

 

$

29,961

 

d. Cash Balance Beginning of Month

 

$

29,961

 

$

52

 

$

0

 

e. Cash Balance End of Month (c + d)

 

$

27,914

 

$

29,961

 

$

29,961

 

 

 

 

Current Month

 

Prior Month

 

Cumulative
(Case to Date)

 

4.                                       Profit/(Loss) from the Statement of Operations

 

$

(289,444

)

$

(256,779

)

$

(31,672,090

)

5.                                       Account Receivables (Pre and Post Petition)

 

$

0

 

$

0

 

 

 

6.                                       Post-Petition Liabilities

 

$

14,309,799

 

$

14,173,161

 

 

 

7.                                       Past Due Post-Petition Account Payables (over 30 days)

 

$

3,421,439

 

$

3,340,371

 

 

 

 

At the end of this reporting month:

 

 

 

Yes

 

No

 

8.                                       Have any payments been made on pre-petition debt, other than payments in the normal course to secured creditors or lessors? (if yes, attach listing including date of payment, amount of payment and name of payee)

 

o

 

x

 

9.                                       Have any payments been made to professionals?  (if yes, attach listing including date of payment, amount of payment and name of payee)

 

o

 

x

 

10.                                 If the answer is yes to 8 or 9, were all such payments approved by the court?

 

o

 

N/A

 

11.                                 Have any payments been made to officers, insiders, shareholders, relatives?  (if yes, attach listing including date of payment, amount and reason for payment, and name of payee)

 

o

 

x

 

12.                                 Is the estate insured for replacement cost of assets and for general liability?

 

x

 

o

 

13.                                 Are a plan and disclosure statement on file?

 

o

 

x

 

14.                                 Was there any post-petition borrowing during this reporting period?

 

o

 

x

 

 

 

 

 

 

 

 

15.                                 Check if paid: Post-petition taxes

o;

 

U.S. Trustee Quarterly Fees

o;

 Check if filing is current for: Post-petition

 

                                       tax reporting and tax returns:

x.

 

 

 

 

 

(Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees are not paid current or if post-petition tax reporting and tax return filings are not current.)

 

 


Note 1:          Scheduled Values for Loans and advances secured by DOT are based on the face amounts of the loans, taking into account the most recent available appraisals and internal valuations, and may include adjustment for litigation or foreclosure action risk contingencies.

 

Note 2:   See Note 5 of Liabilities and Equity

 

I declare under penalty of perjury I have reviewed the above summary and attached financial statements, and after making reasonable inquiry believe these documents are correct.

 

Date:

 

3/22/2011

 

/s/ Graham Seel

 

 

 

 

Responsible Individual

 

Revised 1/1/98

 



 

STATEMENT OF OPERATIONS

(General Business Case)

For the Month Ended 02/28/11

 

Current Month

 

 

 

 

Cumulative

 

Next Month

 

Actual

 

Forecast

 

Variance

 

 

 

 

(Case to Date)

 

Forecast

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

  1

Gross Sales

 

 

 

 

 

 

 

 

 

 

  2

less: Sales Returns & Allowances

 

 

 

 

 

$

0

 

 

 

 

  3

Net Sales

 

$

0

 

 

 

 

 

 

 

 

  4

less: Cost of Goods Sold          (Schedule ‘B’)

 

 

 

 

 

 

 

 

 

  5

Gross Profit

 

 

 

 

 

 

 

  6

Interest (Note 1)

 

865,547

 

 

 

 

 

 

 

  7

Other Income:

Gain on sale - REO

 

 

 

 

 

 

 

 

  8

Less: Servicing Fees (Note 1)

 

(161,565

)

 

 

 

 

 

 

  9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0

 

10,500

 

$

(10,500

)

10

Total Revenues

 

$

703,982

 

$

 0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

11

Compensation to Owner(s)/Officer(s)

 

 

 

 

 

 

 

 

 

12

Salaries

 

 

 

 

 

 

 

 

 

13

Commissions

 

 

 

 

 

 

 

 

 

14

Contract Labor

 

 

 

 

 

 

 

 

 

 

 

 

Rent/Lease:

 

 

 

 

 

 

 

 

 

 

15

Personal Property

 

 

 

 

 

 

 

 

 

 

16

Real Property

 

 

 

 

 

 

 

 

 

 

 

17

Insurance

 

 

 

 

 

$

6,855

 

$

7,000

 

$

145

 

18

Management Fees

 

$

531,884

 

$

7,000

 

 

 

 

 

 

19

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

Taxes:

 

 

 

 

 

 

 

 

 

 

20

Employer Payroll Taxes

 

 

 

 

 

 

 

 

 

 

21

Real Property Taxes

 

 

 

 

 

 

 

 

 

 

22

Other Taxes

 

 

 

 

 

 

 

 

 

 

23

Other Selling

 

 

 

 

 

24,358

 

58,700

 

34,342

 

24

Other Administrative

 

1,443,278

 

25,000

 

$

72,807

 

75,000

 

2,193

 

25

Interest

 

2,120,729

 

75,000

 

$

8,333

 

9,000

 

667

 

26

Other Expenses:

Provision for loan losses

 

$

7,082,063

 

9,000

 

$

0

 

 

 

27

Impairment for REOs

 

$

(1,092,573

)

 

$

69,601

 

154,000

 

84,399

 

28

Expenses Investment in REO

 

12,059,818

 

154,000

 

$

0

 

 

 

 

29

Write-off of Sand City

 

289,294

 

 

 

$

0

 

 

 

 

30

Loss on Investment to Senior Lender

 

7,257,383

 

 

 

$

0

 

 

 

 

31

Impairment for Notes Receivable

 

1,965,927

 

 

 

$

82,490

 

 

 

(82,490

)

32

Prior period unallocated loss in REO (Note 2)

 

82,490

 

 

 

 

 

 

 

 

33

 

 

 

 

 

 

 

 

 

 

 

34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

264,444

 

$

270,000

 

$

5,556

 

35

Total Expenses

 

$

31,740,293

 

$

270,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(264,444

)

$

(321,200

)

$

56,756

 

36

Subtotal

 

$

(31,036,311

)

$

(270,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reorganization Items:

 

 

 

 

 

(25,000

)

$

(25,000

)

 

37

Professional Fees

 

$

(628,070

)

$

(25,000

)

 

 

 

 

 

38

Provisions for Rejected Executory Contracts

 

 

 

 

 

 

 

 

 

 

39

Interest Earned on Accumulated Cash from

 

 

 

 

 

 

 

 

 

 

 

 

Resulting Chp 11 Case

 

 

 

 

 

 

 

 

 

 

40

Gain or (Loss) from Sale of Equipment

 

 

 

 

 

 

 

$

0

 

 

41

U.S. Trustee Quarterly Fees

 

$

(13,000

)

$

 0

 

 

 

 

 

 

42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(25,000

)

(25,000

)

 

43

Total Reorganization Items

 

(641,070

)

(25,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(289,444

)

$

(346,200

)

$

56,756

 

44

Net Profit (Loss) Before Federal & State Taxes

 

$

(31,677,381

)

$

(295,000

)

 

 

 

45

Federal & State Income Taxes

 

(5,292

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(289,444

)

$

(346,200

)

$

56,756

 

46

Net Profit (Loss)

 

$

(31,672,089

)

$

(295,000

)

 

Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):

 


Note 1: Interest accruals on loans, and associated servicing fees, is suspended starting 1/1/2011

Note 2: Prior year error related to 15 SSFDEV found during annual reconciliation of funds and REOs

 

Revised 1/1/98

 



 

BALANCE SHEET

(General Business Case)

For the Month Ended 02/28/11

 

 

 

 

 

From Schedules

 

Market Value

 

 

Assets

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Cash and cash equivalents - unrestricted

 

 

 

$

27,914

 

2

 

Cash and cash equivalents - restricted

 

 

 

 

 

3

 

Accounts receivable (net)

 

A

 

 

 

4

 

Inventory

 

B

 

 

 

5

 

Prepaid expenses

 

 

 

$

12,535

 

6

 

Professional retainers

 

 

 

 

7

 

Other:

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

Total Current Assets

 

 

 

40,449

 

 

 

 

 

 

 

 

 

 

 

Property and Equipment (Market Value)

 

 

 

 

 

 

 

 

 

 

 

 

 

10

 

Real property

 

C

 

$

0

 

11

 

Machinery and equipment

 

D

 

 

 

12

 

Furniture and fixtures

 

D

 

 

 

13

 

Office equipment

 

D

 

 

 

14

 

Leasehold improvements

 

D

 

 

 

15

 

Vehicles

 

D

 

 

 

16

 

Other:

 

 

 

 

 

17

 

 

 

 

 

 

 

18

 

 

 

 

 

 

 

19

 

 

 

 

 

 

 

20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21

 

Total Property and Equipment

 

 

 

$

0

 

 

 

 

 

 

 

 

 

 

 

Other Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

Loans to shareholders

 

 

 

 

 

23

 

Loans to affiliates

 

I

 

$

1,844,759

 

24

 

Loans and advances, secured by DOT, net of allowances (Note 2)

 

J

 

6,928,775

 

25

 

Investment in Real Estate Owned, net of allowances (Note 3)

 

K

 

33,986,503

 

26

 

Investment in affiliate

 

L

 

 

27

 

Accounts Receivable

 

M

 

$

471,500

 

 

 

 

 

 

 

 

 

28

 

Total Other Assets

 

 

 

$

43,231,537

 

 

 

 

 

 

 

 

 

29

 

Total Assets

 

 

 

$

43,271,986

 

 


 

NOTE:

 

 

 

Indicate the method used to estimate the market value of assets (e.g., appraisals; familiarity with comparable market prices, etc.) and the date the value was determined.

 

 

 

 

Note 2:

Scheduled Values for Loans and advances secured by DOT are based on the face amounts of the loans, taking into account the most recent available appraisals and internal valuations, and may include adjustment for litigation or foreclosure action risk contingencies.

 

 

 

 

 

 

 

Note 3:

When property is acquired (Real Estate Owned), any excess of the carrying value of loan over the net realizable value of property is charged against the allowance for loan losses.  Following foreclosure, valuations are performed quarterly with any subsequent writedowns recorded as a separate valuation allowance and charged to other operating expenses.  Collateral values are based on results of annual appraisals, further subject to valuations derived by internal analytic model calculations.

 

Revised 1/1/98

 



 

Liabilities and Equity

 

(General Business Case)

 

 

Liabilities From Schedules

 

Post-Petition

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

30

 

 

Salaries and wages

 

 

 

 

 

31

 

 

Payroll taxes

 

 

 

 

 

32

 

 

Real and personal property taxes

 

 

 

 

 

33

 

 

Income taxes

 

 

 

 

 

34

 

 

Sales taxes

 

 

 

 

 

35

 

 

Notes payable (short term) (Note 8)

 

 

 

$

8,267,175

 

36

 

 

Accounts payable (trade)

 

A

 

$

3,502,270

 

37

 

 

Real property lease arrearage

 

 

 

 

 

38

 

 

Personal property lease arrearage

 

 

 

 

 

39

 

 

Accrued professional fees

 

 

 

$

1,843,039

 

 

 

 

 

 

 

 

 

 

40

 

 

Current portion of long-term post-petition debt (due within 12 months)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

41

 

 

Other:

Service Fee Payable

 

 

 

$

128,903

 

 

 

 

 

 

 

 

 

 

42

 

 

Post-Petition liabilities due to CMR Inc

 

 

 

$

568,412

 

 

 

 

 

 

 

 

 

 

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44

 

 

Total Current Liabilities

 

 

 

$

14,309,799

 

45

 

Long-Term Post-Petition Debt, Net of Current Portion

 

 

 

 

 

46

 

 

Total Post-Petition Liabilities

 

 

 

$

14,309,799

 

 

 

 

 

 

 

 

 

 

 

Pre-Petition Liabilities (allowed amount)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47

 

 

Secured claims

 

F

 

$

20,321,658

 

 

 

 

 

 

 

 

 

 

48

 

 

Priority unsecured claims

 

F

 

 

 

 

 

 

 

 

 

 

 

 

49

 

 

General unsecured claims

 

F

 

$

1,586,013

 

50

 

 

Total Pre-Petition Liabilities

 

 

 

21,907,671

 

51

 

 

Total Liabilities

 

 

 

$

36,217,470

 

 

Equity (Deficit)

 

 

 

 

 

52

 

Retained Earnings/(Deficit) at time of filing

 

 

 

$

(1,274,838

)

53

 

Capital Stock

 

 

 

 

 

54

 

Additional paid-in capital

 

 

 

 

 

 

 

 

 

 

 

 

 

55

 

Cumulative profit/(loss) since filing of case

 

 

 

(31,672,089

)

 

 

 

 

 

 

 

 

56

 

Post-petition contributions/(distributions) or (draws)

 

 

 

 

 

57

 

Members’ Capital (Note 6)

 

 

 

40,001,444

 

58

 

Market value adjustment (Note 7)

 

 

 

 

59

 

 

Total Equity (Deficit)

 

 

 

$

7,054,517

 

60

Total Liabilities and Equity (Deficit)

 

 

 

$

43,271,987

 

 


 

Note 6:

 

Non-recorded liability

 

 

 

 

 

Note 7:

 

Members’ Capital is recorded net of market value adjustments as described in Notes 1, 2, 3, and 4 as required by GAAP.  The total of fair value adjustments for loans and REO is $11,564,836.

 

 

 

 

 

Note 8:

 

Increase $75K due to court approved short term loan from Oxford Investors

 

Revised 1/1/98

 



 

SCHEDULES TO THE BALANCE SHEET

(General Business Case)

 

Schedule A

Accounts Receivable and (Net) Payable

 

Receivables and Payables Agings

 

Accounts Receivable
[Pre and Post Petition]

 

Accounts Payable
[Post Petition]

 

Past Due
Post Petition Debt

 

0 -30 Days

 

 

 

$

80,831

 

 

 

31-60 Days

 

 

 

$

81,068

 

 

 

61-90 Days

 

 

 

$

80,779

 

$

3,421,439

 

91+ Days

 

 

 

$

3,259,592

 

 

 

Total accounts receivable/payable

 

$

0

 

$

3,502,270

 

 

 

Allowance for doubtful accounts

 

 

 

 

 

 

 

Accounts receivable (net)

 

$

0

 

 

 

 

 

 

Schedule B

Inventory/Cost of Goods Sold

 

Types and Amount of Inventory(ies)

 

Inventory(ies) 
Balance at 
End of Month

 

Cost of Goods Sold

 

 

 

 

 

 

Inventory Beginning of Month

 

 

 

 

 

 

 

Add -

 

 

 

Retail/Restaurants -

 

 

 

Net purchase

 

 

 

Product for resale

 

 

 

Direct labor

 

 

 

 

 

 

 

Manufacturing overhead

 

 

 

Distribution -

 

 

 

Freight in

 

 

 

Products for resale

 

 

 

Other:

 

 

 

 

 

 

 

 

 

 

 

Manufacturer -

 

 

 

 

 

 

 

Raw Materials

 

 

 

 

 

 

 

Work-in-progress

 

 

 

Less -

 

 

 

Finished goods

 

 

 

Inventory End of Month

 

 

 

 

 

 

 

Shrinkage

 

 

 

Other - Explain

 

 

 

Personal Use

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Goods Sold

 

$

0

 

TOTAL

 

$

0

 

 

 

 

 

 

Method of Inventory Control

 

 

 

Inventory Valuation Methods

Do you have a functioning perpetual inventory system?

 

Indicate by a checkmark method of inventory used.

Yes  

o

 

No  

o

 

 

 

 

 

How often do you take a complete physical inventory?

 

Valuation methods -

 

 

 

 

 

 

FIFO cost

o

 

Weekly

o

 

 

 

 

LIFO cost

o

 

Monthly

o

 

 

 

 

Lower of cost or market

o

 

Quarterly

o

 

 

 

 

Retail method

o

 

Semi-annually

o

 

 

 

 

Other

o

 

Annually

o

 

 

 

 

Explain

Date of last physical inventory was

 

 

 

 

 

 

 

 

 

Date of next physical inventory is

 

 

 

 

 

Revised 1/1/98

 



 

Schedule C
Real Property

 

Description

 

Cost

 

Market Value

 

 

 

 

$

0

 

$

0

 

 

 

 

 

 

 

 

Total

 

$

0

 

$

0

 

 

Schedule D
Other Depreciable Assets

 

Description

 

Cost

 

Market Value

 

Machinery & Equipment -

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

0

 

$

0

 

 

 

 

 

 

 

Furniture & Fixtures -

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

0

 

$

0

 

 

 

 

 

 

 

Office Equipment -

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

0

 

$

0

 

 

 

 

 

 

 

Leasehold Improvements -

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

0

 

$

0

 

 

 

 

 

 

 

Vehicles -

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

0

 

$

0

 

 

Revised 1/1/98

 



 

Schedule E

Aging of Post-Petition Taxes

(As of End of the Current Reporting Period)

 

Taxes Payable

 

0-30 Days

 

31-60 Days

 

61-90 Days

 

91+ Days

 

Total

 

Federal

 

 

 

 

 

 

 

 

 

 

 

Income Tax Withholding

 

 

 

 

 

 

 

 

 

$

0

 

FICA - Employee

 

 

 

 

 

 

 

 

 

$

0

 

FICA - Employer

 

 

 

 

 

 

 

 

 

$

0

 

Unemployment (FUTA)

 

 

 

 

 

 

 

 

 

$

0

 

Income

 

 

 

 

 

 

 

 

 

$

0

 

Other (Attach List)

 

 

 

 

 

 

 

 

 

$

0

 

Total Federal Taxes

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

State and Local

 

 

 

 

 

 

 

 

 

 

 

Income Tax Withholding

 

 

 

 

 

 

 

 

 

$

0

 

Unemployment (UT)

 

 

 

 

 

 

 

 

 

$

0

 

Disability Insurance (DI)

 

 

 

 

 

 

 

 

 

$

0

 

Empl. Training Tax (ETT)

 

 

 

 

 

 

 

 

 

$

0

 

Sales

 

 

 

 

 

 

 

 

 

$

0

 

Excise

 

 

 

 

 

 

 

 

 

$

0

 

Real property

 

 

 

 

 

 

 

 

 

$

0

 

Personal property

 

 

 

 

 

 

 

 

 

$

0

 

Income

 

$

0

 

$

0

 

$

0

 

 

 

$

0

 

Other (Attach List)

 

 

 

 

 

 

 

 

 

$

0

 

Total State & Local Taxes

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

Total Taxes

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

Schedule F

Pre-Petition Liabilities

 

List Total Claims For Each Classification -

 

Claimed
Amount

 

Allowed
Amount (b)

 

 

 

Secured claims (a)

 

$

20,321,658

 

$

20,321,658

 

 

 

Priority claims other than taxes

 

 

 

 

 

 

 

Priority tax claims

 

 

 

 

 

 

 

General unsecured claims

 

$

1,586,013

 

$

1,586,013

 

 

 

 


(a)          List total amount of claims even it under secured.

(b)         Estimated amount of claim to be allowed after compromise or litigation. As an example, you are a defendant in a lawsuit alleging damage of $10,000,000 and a proof of claim is filed in that amount. You believe that you can settle the case for a claim of $3,000,000. For Schedule F reporting purposes you should list $10,000,000 as the Claimed Amount and $3,000,000 as the Allowed Amount.

 

Schedule G
Rental Income Information
Not applicable to General Business Cases

 

Schedule H
Recapitulation of Funds Held at End of Month

 

 

 

Account 1

 

Account 2

 

Account 3

 

Account 4

 

Bank

 

Wells Fargo

 

 

 

 

 

 

 

Account Type

 

 

 

 

 

 

 

 

 

Account No.

 

412-1887244

 

 

 

 

 

 

 

Account Purpose

 

DIP

 

 

 

 

 

 

 

Balance, End of Month

 

$

27,914

 

 

 

 

 

 

 

Total Funds on Hand for all Accounts

 

$

27,914

 

 

 

 

 

 

 

 

Attach copies of the month end bank statement(s), reconciliation(s), and the check register(s) to the Monthly Operating Report.

 

Revised 1/1/98

 



 

Schedule I

Loans to affiliates

(As of End of the Current Reporting Period)

 

Affiliate

 

Balance

 

Allowance

 

Total

 

 

 

 

 

 

 

 

 

California Mortgage and Realty, Inc - Note (Note 1, 2)

 

3,140,541

 

(1,295,782

)

1,844,759

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

1,844,759

 

 

 

 

 

 

 

 

line 23

 


Note 1: unsecured portion of notes reserved for in accordance with GAAP

Note 2: one note receivable no longer has collateral - unsecured portion charged off

 

Revised 1/1/98

 


 


 

Schedule J

Loans and Advances, excluding HDC

(As of End of the Current Reporting Period)

 

 

 

 

 

Interest Income

 

 

 

 

 

 

 

 

 

and fee not

 

Allowance

 

 

 

 

 

Legal

 

recognized per

 

for

 

 

 

Loan Number

 

Balance (Note 1)

 

GAAP

 

Loan Losses

 

Book Balance

 

 

 

 

 

 

 

 

 

 

 

05-020

 

873

 

 

 

873

 

05-024

 

272,951

 

(57,092

)

 

215,859

 

05-058

 

561,696

 

(246,113

)

(276,654

)

38,929

 

05-061A

 

8,719

 

 

 

8,719

 

05-061B

 

1,393,233

 

(435,913

)

 

957,319

 

06-013

 

55,693

 

(11,110

)

(44,583

)

0

 

06-023

 

7,726,238

 

(1,065,261

)

 

6,660,977

 

06-038A

 

54,167,208

 

(54,167,208

)

 

 

06-038B

 

190,550

 

(190,550

)

 

 

06-038C (Note 2)

 

4,991,393

 

(4,991,393

)

392,581

 

392,581

 

06-044

 

19,595

 

(2,884

)

(6,031

)

10,679

 

06-071B

 

29,171

 

(3,332

)

 

25,839

 

07-017

 

124,347

 

(27,368

)

(96,979

)

(0

)

08-012

 

564,603

 

(81,258

)

(483,345

)

 

Loan Loss Reserve

 

 

 

 

 

(1,383,000

)

(1,383,000

)

 

 

 

 

 

 

 

 

 

 

Total

 

70,106,269

 

(61,279,483

)

(1,898,012

)

6,928,775

 

 

 

 

 

 

 

 

 

 

line 24

 

 


Note:                   Scheduled Values for Loans and advances secured by DOT are based on the face amounts of the loans, taking into account the most recent available appraisals and internal valuations, and may include adjustment for litigation or foreclosure action risk contingencies.

 

Note 1:          Refers to legal balance adjusted for REO principal and interest not recorded on a GAAP basis.

Note 2:          Negative allowance for loan losses reflects increase in Brisbane Quarry property value due to discovery of income potential of the operating quarry.

 

Revised 1/1/98

 



 

Schedule K

Investment in Real Estate Owned

(As of End of the Current Reporting Period)

 

 

 

Foreclosure Date

 

Investment

 

Allowance

 

Total

 

 

 

 

 

 

 

 

 

 

 

Investment in 21 Mira Mesa

 

6/7/2007

 

8,621,731

 

(8,754,441

)

(132,710

)

Investment in 3202 Thirty-Fifth Ave, LLC

 

9/17/2007

 

25,951

 

(14,340

)

11,611

 

Investment in 2 Aster LLC

 

1/24/2008

 

1,205

 

(1,903

)

(698

)

Investment in 15 SSFDEV, LLC

 

4/9/2008

 

432,900

 

(279,759

)

153,141

 

Investment in Hamilton Creek, LLC

 

7/7/2008

 

2,046,119

 

(418,218

)

1,627,901

 

Investment in 5 Casa Grande Land, LLC

 

9/16/2008

 

(2,879,258

)

(192,041

)

(3,071,299

)

Investment in Wheatland Holdings, LLC

 

10/14/2008

 

30,875,417

 

(6,123

)

30,869,294

 

Investment in 380 - 388 12th Street, LLC

 

8/18/2009

 

15,978

 

 

 

15,978

 

Investment in Laurel Lakes Venice, LLC

 

4/7/2010

 

2,560,753

 

 

 

2,560,753

 

Investment in 2 LINCDEV, LLC

 

6/23/2010

 

269,177

 

 

 

269,177

 

Investment in Fres Benito, LLC

 

6/16/2010

 

 

 

 

 

Investment in Dyer Management, LLC

 

3/30/2009

 

1,683,355

 

 

 

1,683,355

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

43,653,327

 

(9,666,825

)

33,986,503

 

 

 

 

 

 

 

 

 

 

line 25

 

 


Note:

When property is acquired (Real Estate Owned), any excess of the carrying value of loan over the net realizable value of property is charged against the allowance for loan losses. Following foreclosure, valuations are performed quarterly with any subsequent writedowns recorded as a separate valuation allowance and charged to other operating expenses. Collateral values are based on results of annual appraisals, further subject to valuations derived by internal analytic model calculations.

 

 

Note 2:

Negative investments represent Fund’s pro-rata share of incurred liabilities of the REO that exceed the value of the equity, resulting in negative equity

 

Revised 1/1/98

 



 

Schedule M

Accounts Receivable

(As of End of the Current Reporting Period)

 

 

 

Total

 

 

 

 

 

CMR Fund I, LLC

 

107,902

 

CMR Fund III, LLC

 

212,822

 

First Street Commercial Mortgage Fund

 

12,274

 

721 5th Street, LLC

 

228

 

724 Glenwood, LLC

 

12,569

 

Volta, LLC

 

41,470

 

Platinum Hwy 27 Orlando, LLC

 

17,733

 

4 Union, LLC

 

66,501

 

Other receivables - REO insurance refund

 

 

 

 

 

 

Total

 

471,500

 

 

 

 

line 27

 

 

Revised 1/1/98

 



 

STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS

Increase/(Decrease) in Cash and Cash Equivalents

For the Month Ended 02/28/11

 

 

 

 

 

Actual
Current Month

 

Cumulative
(Case to Date)

 

 

 

Cash Receipts

 

 

 

 

 

1

 

Rent/Leases Collected

 

 

 

 

 

2

 

Cash Received from Sales

 

$

0

 

$

323,430

 

3

 

Interest Received

 

$

0

 

$

431,859

 

4

 

Borrowings

 

 

 

 

$

35,344

 

5

 

Funds from Shareholders, Partners, or Other Insiders

 

 

 

 

 

6

 

Capital Contributions

 

$

0

 

$

0

 

7

 

Transfers from REOs from REO entities

 

$

0

 

$

135,140

 

8

 

Advances from Fund I

 

$

0

 

$

4,200

 

9

 

Payments on Advances

 

$

0

 

$

52,296

 

10

 

Transfer from FENB Account

 

$

0

 

$

36,690

 

11

 

Proceeds from re-financing of 950 Linden

 

$

0

 

$

290,890

 

12

 

Proceeds from asset sales

 

$

0

 

$

58,764

 

13

 

Proceeds from Saigon Plaza

 

$

0

 

$

327,412

 

 

 

 

 

 

 

 

 

 

 

14

 

Total Cash Receipts

 

$

0

 

$

1,696,025

 

15

 

Cash Disbursements

 

 

 

 

 

16

 

Payments for Inventory

 

 

 

 

 

17

 

Selling

 

 

 

 

 

18

 

Administrative

 

$

747

 

$

242,169

 

19

 

Capital Expenditures

 

 

 

 

 

20

 

Principal Payments on Debt

 

 

 

 

 

21

 

Interest Paid

 

$

0

 

$

592,855

 

22

 

Rent/Lease:

 

 

 

 

 

23

 

Personal Property

 

 

 

 

 

24

 

Real Property

 

 

 

 

 

25

 

Amount Paid to Owner(s)/Officer(s)

 

 

 

 

 

26

 

Salaries

 

 

 

 

 

27

 

Draws

 

 

 

 

 

28

 

Commissions/Royalties

 

 

 

 

 

29

 

Expense Reimbursements

 

 

 

 

 

30

 

Other

 

 

 

 

 

31

 

Salaries/Commissions (less employee withholding)

 

 

 

 

 

32

 

Management Fees

 

 

 

 

 

33

 

Taxes:

 

 

 

 

 

34

 

Employee Withholding

 

 

 

 

 

35

 

Employer Payroll Taxes

 

 

 

 

 

36

 

Real Property Taxes

 

 

 

 

 

37

 

Other Taxes

 

$

0

 

$

10,126

 

38

 

Other Cash Outflows:

 

 

 

 

 

39

 

Contribution to Hamilton Creek

 

$

0

 

$

507,681

 

40

 

US Trustee Fees

 

 

 

 

$

16,900

 

41

 

Binder and Malter

 

 

 

 

$

90,070

 

42

 

Professional Fees - Investor Committee

 

 

 

 

$

49,679

 

43

 

Reimbursement CMR Inc

 

 

 

 

$

76,884

 

44

 

Transfer to Wheatland Holdings

 

$

150

 

$

63,400

 

45

 

Transfer to 15 SSF DEV (Note 2)

 

$

1,000

 

$

11,200

 

46

 

Transfer to 5 Casa Grande

 

$

150

 

$

5,000

 

47

 

Transfer to 4 Union LLC

 

$

0

 

$

100

 

 

 

 

 

 

 

 

 

48

 

Total Cash Disbursements:

 

$

2,047

 

$

1,666,064

 

49

 

Net Increase (Decrease) in Cash

 

$

(2,047

)

$

29,961

 

50

 

Cash Balance, Beginning of Period

 

$

29,961

 

$

0

 

51

 

Cash Balance, End of Period

 

$

27,914

 

$

29,961

 

 

Revised 1/1/98