EX-99.1 2 dex991.htm MONTHLY OPERATING REPORTS Monthly Operating Reports

Exhibit 99.1

 

CASE NAME: CANAL CORPORATION      ACCRUAL BASIS
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660     
JUDGE: DOUGLAS O. TICE JR.     

UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF VIRGINIA

RICHMOND DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: February 7, 2011 To March 6, 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-7A) 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/ J.P. CAUSEY JR.

    

EXECUTIVE VICE PRESIDENT

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY    

TITLE

J.P. CAUSEY JR.

     MARCH 14, 2011
PRINTED NAME OF RESPONSIBLE PARTY    

DATE

PREPARER:    

/s/ KATHRYN L. TYLER

    

CONTROLLER

ORIGINAL SIGNATURE OF PREPARER    

TITLE

KATHRYN L. TYLER

     MARCH 14, 2011
PRINTED NAME OF PREPARER    

DATE

 

Page 1 of 11

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-1
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660  

BALANCE SHEET

 

     12/31/2010     2/6/2011     3/6/2011  

ASSETS

       

CURRENT ASSETS

       

Cash and cash equivalents

    $ 6,902,336      $ 6,655,688      $ 6,499,159   

Accounts receivable 1

      1,561,429        1,561,429        1,561,429   

Inventories

      —          —          —     

Prepaid expenses and other current assets

      16,473        60,102        49,080   

Income taxes receivable

      —          —          —     
                        

TOTAL CURRENT ASSETS

      8,480,238        8,277,219        8,109,668   

Gross property, plant and equipment:

      —          —          —     

Less accumulated depreciation

      —          —          —     
                        

Net property, plant and equipment

      —          —          —     

Investment

      1,845,122        1,787,329        1,787,329   

Net Intercompany receivable

      —          —          —     

Other assets

      23,606,978        23,606,978        23,606,978   
                        

TOTAL ASSETS

      33,932,338        33,671,526        33,503,975   
                        

CURRENT LIABILITIES

       

Accounts payable

      24,169        31,042        1,551   

Accrued expenses

      188,022        184,703        256,362   
                        

TOTAL CURRENT LIABILITIES

      212,191        215,745        257,913   
                        

LIABILITIES NOT SUBJECT TO COMPROMISE

      212,191        215,745        257,913   

LIABILITIES SUBJECT TO COMPROMISE2

      396,781,204        396,719,890        396,716,579   

STOCKHOLDERS’ EQUITY

       

Common stock

      20,238,486        20,238,486        20,238,486   

Additional paid-in capital

      98,740,698        98,740,698        98,740,698   

Accumulated other comprehensive income (loss)

      (2,484,470 )      (2,484,470 )      (2,484,470 ) 

Retained earnings

      (479,555,771 )      (479,758,823 )      (479,965,231 ) 
                        

TOTAL STOCKHOLDERS’ EQUITY

      (363,061,057 )      (363,264,109 )      (363,470,517 ) 
                        

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

    $ 33,932,338      $ 33,671,526      $ 33,503,975   
                        

 

1. Accounts receivable represents non trade receivables, deposits, advances and other miscellaneous receivables

 

2. Beginning with the period ended 3/7/2010 the company is no longer accruing interest on its pre-petition debt. In addition, pre-petition debt denominated in foreign currencies is no longer being revalued for changes in foreign exchange rates.

Pre-petition debt and accrued interest in GBP is valued at 1.5667 GBP to 1 USD and Pre-petition debt and accrued interest in Euros is valued at 1.3683 Euro to 1 USD.

 

Page 2 of 11

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-2
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660  

INCOME STATEMENT

 

     12/31/2010     2/6/2011     3/6/2011  

Net sales

    $ —        $ —        $ —     

Cost of products sold

      —          —          —     

Selling, general and administrative expenses

      54,119        68,810        50,407   

Gain (loss) on foreign currency translation1

      —          —          —     

Other income (loss), net

      —          —          257   
                        

Operating loss

      (54,119 )      (68,810 )      (50,150 ) 

Loss on divestiture

      —          —          —     

Reorganization costs and other financing costs

      58,470        134,258        157,696   

Interest expense, net1

      (2,020 )      (1,755 )      (1,437 ) 
                        

Loss from continuing operations

      (110,569 )      (201,313 )      (206,409 ) 

Intercompany income, net

      —          —          —     
                        

Loss from continuing operations before taxes

      (110,569 )      (201,313 )      (206,409 ) 

Tax expense

      —          —          —     
                        

Loss before discontinued operations

      (110,569 )      (201,313 )      (206,409 ) 

Loss (income) from discontinued operations, net of tax

      8,709        1,738        —     
                        

Net (loss) income

    $ (119,278 )    $ (203,051 )    $ (206,409 ) 

 

1. Beginning with the period ended 3/7/2010 the company is no longer accruing interest on its pre-petition debt. In addition, pre-petition debt denominated in foreign currencies is no longer being revalued for changes in foreign exchange rates.

 

Page 3 of 11

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-3
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660  

CASH RECEIPTS AND DISBURSEMENTS

 

     12/31/2010     2/6/2011     3/6/2011  

Operating activities:

       

Net loss

    $ 24,118,995      $ (203,051 )    $ (409,460 ) 

Depreciation and amortization

      —          —          —     

Changes in operating assets and liabilities, net of acquisitions and dispositions:

       

Accounts receivable, net

      433,598        —          —     

Inventories

      —          —          —     

Other assets

      2,618,310        (43,629 )      (32,608 ) 

Accounts payable and accrued expenses

      (636,158 )      3,211        45,378   

Income taxes payable

      (21,722,689 )      —          —     

Loss on divestiture

      —          —          —     

Loss on sale of fixed assets

      —          —          —     

Other

      (7,140,062 )      (3,179 )      (6,487 ) 
                        

Net cash provided by operating activities

      (2,328,006 )      (246,648 )      (403,177 ) 
                        

Investing activities:

       

Purchases of property, plant and equipment

      —          —          —     

Divestitures

      —          —          —     

Proceeds from sales of property, plant and equipment

      —          —          —     

Other

      —          —          —     
                        

Net cash (used in) provided by investing activities

      —          —          —     
                        

Financing activities:

       

Net borrowings on credit lines

      —          —          —     

Payments on long-term debt

      —          —          —     

Proceeds from long-term debt

      —          —          —     

Intercompany

      —          —          —     

Other

      —          —          —     
                        

Net cash provided by (used in) financing activities

      —          —          —     
                        

Effect of foreign exchange rate changes on cash and cash equivalents

      —          —          —     

Increase (decrease) in cash and cash equivalents

      (2,328,006 )      (246,648 )      (403,177 ) 

Cash and cash equivalents at beginning of Year

      9,230,342        6,902,336        6,902,336   
                        

Cash and cash equivalents at end of Period

    $ 6,902,336      $ 6,655,688      $ 6,499,159   
                        

 

Page 4 of 11

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-4
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660     

 

ACCOUNTS RECEIVABLE AGING1

    SCHEDULE
AMOUNT		      MONTH      MONTH      MONTH  

1. 0-30

       $ —         $ —         $ —     

2. 31-60

         —           —           —     

3. 61-90

         —           —           —     

4. 91+

         —           —           —     
                                   

5. TOTAL ACCOUNTS RECEIVABLE

       $ —         $ —         $ —     
                                   

6. AMOUNT CONSIDERED UNCOLLECTIBLE

            
                                   

7. ACCOUNTS RECEIVABLE (NET)

       $ —         $ —         $ —     
                                   

 

1. Does not include deposits/advances which are included in the balance sheet and miscellaneous receivables not recorded under the AR sub ledger.

Following the sale on 4/30/2009 the debtors have no trade receivables.

 

AGING OF POSTPETITION TAXES AND PAYABLES    MONTH:    2/07/2011-3/06/2011

 

TAXES PAYABLE

    0-30
DAYS		      31-60
DAYS		      61-90
DAYS		      91+
DAYS		      TOTAL  

1. FEDERAL

    $ —         $ —         $ —         $ —         $ —     

2. STATE

      —           —           —           —           —     

3. LOCAL

      —           —           —           —           —     

4. OTHER (ATTACH LIST)

      —           —           —           —           —     
                                            

5. TOTAL TAXES PAYABLE

    $ —         $ —         $ —         $ —         $ —     
                                            

6. ACCOUNTS PAYABLE

    $ 1,551       $ —         $ —         $ —         $ 1,551   
                                            

 

STATUS OF POSTPETITION TAXES    MONTH:    2/07/2011-3/06/2011

 

     BEGINNING
TAX
LIABILITY*		      AMOUNT
WITHHELD
AND/ OR
ACCRUED		      AMOUNT
PAID		      ENDING
TAX
LIABILITY		  

FEDERAL

           

1. WITHHOLDING**

    $ —         $ —         $ —           —     

2. FICA-EMPLOYEE**

      —           —           —           —     

3. FICA-EMPLOYER**

      —           —           —           —     

4. UNEMPLOYMENT

      —           —           —           —     

5. INCOME

      —           —           —           —     

6. OTHER (ATTACH LIST) franchise taxes

      —           —           —           —     
                                   

7. TOTAL FEDERAL TAXES

    $ —         $ —         $ 0       $ —     
                                   

STATE AND LOCAL

           

8. WITHHOLDING

    $ —         $ —         $ —           —     

9. SALES

      —           —           —           —     

10. EXCISE

      —           —           —           —     

11. UNEMPLOYMENT

      —           —           —           —     

12. REAL PROPERTY

      —           —           —           —     

13. PERSONAL PROPERTY

      —           —           —           —     

14. OTHER

      —           —           —           —     
                                   

15. TOTAL STATE & 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 or deposit.

 

Page 5 of 11

CASE NAME: CANAL CORPORATION   ACCRUAL BASIS-5
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660

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:    2/07/2011-3/06/2011

BANK RECONCILIATIONS

 

A. BANK:

   Wachovia     Wachovia     Wachovia     Wachovia     Wachovia     Wachovia     TOTAL        

B. ACCOUNT NUMBER:

   2000044344937     2000044344953     2000049760707     2000042096355     2000042096368     2000028428497      

C. PURPOSE (TYPE):

   Money Market     Money Market     Money Market     Deposit/Wdrwl     Deposit/Wdrwl     Deposit/Wdrwl      

1. BALANCE PER BANK STATEMENT

   $ 4,175,565      $ 1,166,450      $ 656,594      $ 296,858      $ 260,926      $ 5,617      $ 6,562,010     

2. ADD: TOTAL DEPOSITS NOT CREDITED

           —              —       

3. SUBTRACT: OUTSTANDING CHECKS

           (63,226 )          (63,226 )   

4. OTHER RECONCILING ITEMS

           —              —       
                                                         

5. MONTH END BALANCE PER BOOKS

     4,175,565        1,166,450        656,594        233,632        260,926        5,617        6,498,784     
                                                         

6. NUMBER OF LAST CHECK WRITTEN

     N/A        N/A        N/A        N/A        N/A        N/A        N/A     

 

INVESTMENT ACCOUNTS

 

  

  

BANK, ACCOUNT NAME & NUMBER

                           DATE OF
PURCHASE		     TYPE OF
INSTRUMENT		     PURCHASE
PRICE		     CURRENT
VALUE		  

7.

                

8.

                

9.

                

10.

                
                                                               

11. TOTAL INVESTMENTS

                   —     
                                                               
CASH                

12. CURRENCY ON HAND

                 $ 375   
                                                               

13. TOTAL CASH - END OF MONTH

                 $ 6,499,159   
                                                               

 

Page 6 of 11

CASE NAME: CANAL CORPORATION    ACCRUAL BASIS-6
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660    MONTH:   2/07/2011-3/06/2011

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.

    See Appendix A      

2.

         

3.

         

4.

         

5.

         
                    

6. TOTAL PAYMENTS TO INSIDERS

       $ —         $ —     
                    

PROFESSIONALS

 

NAME

    DATE OF COURT
ORDER AUTHORIZING
PAYMENT		      AMOUNT
APPROVED		      AMOUNT
PAID		      TOTAL PAID
TO DATE		      TOTAL
INCURRED
& UNPAID *		  

1. Alvarez & Marsal

             $ 638,301      

2. FTI Consulting

               61,845      

3. Goldman Sachs

               4,142,218      

4. Gordian Group LLC

               482,214      

5. Greenberg Traurig, LLP

      2/16/2011         23,634         23,634         1,195,659         16,000   

6. Hammonds

               122,338      

7. Hunton & Williams

      2/16/2011         24,555         24,555         2,613,453         162,157   

8. Ivins, Phillips, & Barker

               1,153,455      

9. Kekst & Company

               7,513      

10. Kurtzman Carson Consultants

            37,091         590,999      

11. Lowenstein & Sandler PC

               25,176         1,327   

12. Tavenner & Beran

               54,920         51,082   

13. Quarles & Brady **

      2/17/2011         120,047         3,308         3,145,726         220,000   
                                      

TOTAL PAYMENTS TO PROFESSIONALS

       $ 168,236       $ 88,588       $ 14,233,816       $ 450,566   
                                      

 

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED. INCURRED FEES ARE MANAGEMENT ESTIMATES.
** Remainder of amount approved but not paid to be paid by insurance

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS

 

NAME OF CREDITOR

    SCHEDULED
MONTHLY
PAYMENTS
DUE		      AMOUNTS
PAID
DURING
MONTH		      TOTAL
UNPAID
POSTPETITION		  

2. James Center Property LLC

      3,000         3,000         —     

3. Ikon Leasing

      798         798         —     

3. Lanier Parking Solutions

      165         165         —     
                          

TOTAL

    $ 3,963       $ 3,963       $ —     
                          

 

Page 7 of 11

CASE NAME: CANAL CORPORATION    APPENDIX A

 

CASE NUMBERs:    08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651,
   08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660

PAYMENTS TO INSIDERS AND PROFESSIONALS

MONTH: 2/07/2011-3/06/2011

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

    December Amount
Paid		      January Amount
Paid		      February Amount
Paid		      TOTAL PAID
TO DATE		  

1. Alvarez & Marsal

    Professional    $ —         $ —         $ —           638,301   

2. Buchan, Brian J

    BOD Fees      —           —           —           14,494   

3. Causey Jr, John Paul

    Payroll      —           —           —           328,497   

4. Causey Jr, John Paul

    Expense Reimb      —           370         919         12,390   

5. Causey Jr, John Paul

    Professional      —           10,710         24,060         132,870   

6. Decaluwe, Rafael C

    BOD Fees      —           —           —           30,365   

7. Fell, Sir David

    BOD Fees      —           7,000         1,260         153,974   

8. Formacek, Candace C.

    Payroll      —           —           —           69,375   

9. Formacek, Candace C.

    Expense Reimb      —           —           —           2,905   

10. Fowden, Jerry

    BOD Fees      —           —           —           10,705   

11. FTI Consulting

    Professional      —           —           —           61,845   

12. Goldman Sachs

    Professional      —           —           —           4,142,218   

13. Gordian Group

    Professional      —           —           —           482,214   

14. Greenberg Traurig

    Professional      6,252         —           23,634         1,195,659   

15. Hammonds LLP

    Professional      —           —           —           122,338   

16. Hellyar, Mary Jane

    BOD Fees      —           —           —           18,071   

17. Henderson, Thomas

    Expense Reimb      —           —           —           9,658   

18. Henderson, Thomas M

    Payroll      —           —           —           75,000   

19. Henfling, Robin

    Payroll      —           —           —           94,386   

20. Henfling, Robin

    Expense Reimb      —           —           —           8,231   

21. Hockett, Vincent W.

    Payroll      —           —           —           99,375   

22. Hockett, Vincent W.

    Expense Reimb      —           —           —           2,455   

23. Hunton & Williams LLP

    Professional      41,915         114,991         24,555         2,613,453   

24. Ivins, Phillips & Baker

    Professional      8,709         1,738         —           1,153,455   

25. Kekst & Company

    Professional      —           —           —           7,513   

26. Kohut, Andrew J

    Payroll      —           —           —           211,993   

27. Kohut, Andrew J

    Expense Reimb      —           —           —           1,189   

28. Kohut, Andrew J

    BOD Fees      —           3,750         1,800         40,000   

29. Lowenstein Sandler PC

    Professional      —           —           —           25,176   

30. Kurtzman Carson Consultants

    Professional      —           17,513         37,091         590,999   

31. McKeough, John

    Expense Reimb      —           —           —           16,030   

32. Mckeough, John P.

    Payroll      —           —           —           66,298   

33. Mostrom, Joel K.

    Payroll      —           —           —           128,244   

34. Mostrom, Joel K.

    Expense Reimb      —           —           —           1,862   

35. Naftzger, Christopher

    Payroll      —           —           —           77,076   

36. Naftzger, Christopher

    Expense Reimb      —           —           —           2,671   

37. Petit, Henri

    BOD Fees      —           2,625         1,260         47,480   

38. Quarles & Brady

    Professional      19,287         3,178         3,308         3,145,726   

39. Rosenblum, DR. John W.

    BOD Fees      —           3,750         —           72,800   

40. Swade, Terry A.

    Payroll      —           —           —           38,625   

41. Swade, Terry A.

    Expense Reimb      —           —           —           490   

42. Tavenner & Beran

    Professional      —           —           —           54,920   

43. Thelander, Beverly L.

    BOD Fees / Exp      —           3,750         1,800         81,223   

44. Turley, Troy

    Expense Reimb      —           —           —           11,302   

45. Turley, Troy L.

    Payroll      —           —           —           60,553   

46. Winter, David A

    Payroll      —           —           —           72,402   

47. Winter, David A

    Expense Reimb      —           —           —           251   
                                      

TOTAL PAYMENTS TO INSIDERS

       $ 76,163       $ 169,375       $ 119,687       $ 16,227,057   
                                      

 

Page 8 of 11

CASE NAME: CANAL CORPORATION    ACCRUAL BASIS-7
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660    MONTH:   2/07/2011-3/06/2011

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 POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES?

       X

4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD?

       X

5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY?

       X

6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?

       X

7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE?

       X

8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?

       X

9. ARE ANY OTHER POSTPETITION TAXES PAST DUE?

       X

10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT?

       X

11. HAVE ANY PREPETITION 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.

Miscellaneous asset sale during February 2011 pursuant to the Order Approving Procedures to Sell Certain Miscellaneous Assets Free and Clear of All Interests Without Further Order of the Court

 

Page 9 of 11

CASE NAME: CHESAPEAKE CORPORATION    ACCRUAL BASIS-7a
CASE NUMBERs: 08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660    MONTH:   2/07/2011-3/06/2011

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 CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.

 

 

 

 

MONTH ENDING: February 7, 2011 To March 6, 2011

INSURANCE SCHEDULE

 

Type

   

Carrier/Agent

    Period Covered    Payment Amount      Frequency
General Liability   

Century Surety Company

    4/24/10-4/24/11    $ 987       Paid at Inception
Umbrella Liability   

Century Surety Company

    4/24/10-4/24/11    $ 4,357       Paid at Inception
Commercial Property   

The Harford

    4/24/10-4/24/11    $ 6,392       Paid at Inception

Primary Directors & Officers Liability Insurance

   

National Union Fire Insurance Company of Pittsburgh (AIG)

    1/1/11-7/1/11    $ 25,000       Paid at Inception

Excess Directors and Officers Liability

   

Ace American Insurance Company

    1/1/11-7/1/11    $ 12,500       Paid at Inception

Directors and Officers Liability Excess DIC Policy

   

Ace American Insurance Company

    1/1/11-7/1/11    $ 10,000       Paid at Inception

Employed Lawyers Liability (policy period ammendment)

   

Chartis Specialty Insurance Company

    1/1/11-7/1/11    $ 8,537       Paid at Inception
US Workers Compensation   

Twin City Fire Insurance Company

    5/1/10-5/1/11    $ 1,052       Paid at Inception

Natural Resources Liability and Clean-Up

   

American International Specialty Lines Insurance Company

    12/31/00-12/31/20    $ 6,500,000       Paid at Inception

 

Page 10 of 11

CASE NAME: CANAL CORPORATION    APPENDIX B

 

CASE NUMBERs:

    08-36642, 08-36643, 08-36644, 08-36645, 08-36646, 08-36647, 08-36648, 08-36649, 08-36650, 08-36651, 08-36652, 08-36653, 08-36654, 08-36655, 08-36656, 08-36657, 08-36658, 08-36659, 08-36660

SCHEDULE OF AUTHORIZED FOX RIVER EXPENSES PAID FROM FOX RIVER EXPENSE ACCOUNT

DISBURSEMENTS MADE THROUGH MARCH 6, 2011

 

NAME

    DATE      AMOUNT  

1. Latham & Watkins

      1/20/2010       $ 175,000   

2. Quarles & Brady, LLP

      1/25/2010         109,913   

3. Quarles & Brady, LLP

      3/30/2010         33,100   

4. CH2MHILL

      4/17/2010         12,111   

5. Quarles & Brady, LLP

      6/12/2010         245,767   

6. Quarles & Brady, LLP

      7/10/2010         585,181   

7. Quarles & Brady, LLP

      8/28/2010         29,836   

8. Quarles & Brady, LLP

      9/19/2010         17,787   

9. Quarles & Brady, LLP

      9/28/2010         80,129   

10. Quarles & Brady, LLP

      12/3/2010         63,721   

11. Quarles & Brady, LLP

      12/28/2010         19,287   

12. Quarles & Brady, LLP

      1/13/2011         3,178   

13. Quarles & Brady, LLP

      2/19/2011         3,308   
           

TOTAL PAYMENTS

       $ 1,378,318   
           

 

Page 11 of 11