Case 18-10039-CSS Doc 418 Filed 02/19/20 Page 1 of 13 · 2020. 2. 19. · WIRE 0: 0 528,330: 0 Rust...
Transcript of Case 18-10039-CSS Doc 418 Filed 02/19/20 Page 1 of 13 · 2020. 2. 19. · WIRE 0: 0 528,330: 0 Rust...
UNITED STATES BANKRUPTCY COURTDISTRICT OF DELAWARE
SBSH Winddown, Inc. Case No. 18-10039Reporting Period:_______1/1/2020-1/31/2020
MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
Document ExplanationREQUIRED DOCUMENTS Form No. Attached AttachedSchedule of Cash Receipts and Disbursements MOR-1 x Bank Reconciliation (or copies of debtor's bank recon MOR-1a x Schedule of Professional Fees Paid MOR-1b x Copies of bank statements x Cash disbursements journals xStatement of Operations MOR-2 xBalance Sheet MOR-3 xStatus of Postpetition Taxes MOR-4 x Copies of IRS Form 6123 or payment receipt x Copies of tax returns filed during reporting period xSummary of Unpaid Postpetition Debts MOR-4 x Listing of aged accounts payable MOR-4 xAccounts Receivable Reconciliation and Aging MOR-5 xDebtor Questionnaire MOR-5 x
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documentsare true and correct to the best of my knowledge and belief.
_______________________________________ ______________________________Signature of Debtor Date
_______________________________________ ______________________________Signature of Joint Debtor Date
_______________________________________ 2/14/2020Signature of Authorized Individual* Date
Matthew Foster Chief Restructuring 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 debtoris a partnership; a manager or member if debtor is a limited liability company.
Affidavit/Supplement Attached
MOR (04/07)
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SBSH Winddown, Inc. Case No. 18-10039Reporting Period: 1/1/2020-1/31/2020
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is thefirst report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column mustequal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIALREPORT (FORM IR-1) . Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journalmust equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]
OPERATING ENTITIES CURRENT MONTH CUMULATIVE FILING TO DATESBVI SBPR SBSH OTHER ACTUAL PROJECTED ACTUAL PROJECTED
CASH BEGINNING OF MON 0 0 96,144 0 96,144 375,952 760,724 674,718
RECEIPTS
DAILY CASH SALES 0 7,089,702 7,167,883
ACH-ICH 0 3,601,079 2,060,000
LOANS AND ADVANCES 0 2,325,000 3,800,035
SALE OF ASSETS 0 100,000 0
OTHER (ATTACH LIST) 15,000 15,000 237,986 0
TRANSFERS (FROM DIP ACCTS) 0 2,365,587 0
0
TOTAL RECEIPTS 0 0 15,000 0 15,000 15,719,354 13,027,918
DISBURSEMENTS
Flight Ops 0 (17,934) (71,332)
MTX 0 (2,140,393) (1,785,864)
Ramp 0 (94,364) (110,217)
Marketing 0 (30,004) (37,347)
Admin 0 (1,225,111) (723,618)
Insurance 0 (643,139) (677,724)
Professional Services 0 (111,091) (99,405)
ACH-ICH 0 (708,831) (1,243,427)
Other 0 (71,250) (10,467)
A/C Leases 0 (1,048,465) (1,060,865)
Fuel 0 (1,074,723) (1,089,905)
Building and Facilities 0 (309,966) (313,625)
Payroll 0 (2,928,185) (2,940,000)
Evertec 0 (277,976) (335,000)
Taxes and Fees 0 (1,482,488) (1,360,843)
OWNER DRAW * 0 0 0
TRANSFERS (TO DIP ACCTS) 0 (2,365,632) 0
PROFESSIONAL FEES (2,500) (2,500) (1,502,861) (1,364,045)
UTILITIES 0 (22,500) (25,000)
KEY EXECUTIVE TRAVEL 0 (31,068) (78,000)
U.S. TRUSTEE QUARTERLY FEES 0 0 (145,805) 0
CASH TRANSFER TO BUYER 0 (139,649) 0
TOTAL DISBURSEMENTS 0.00 0 (2,500) 0 (2,500) 0 (16,371,434) (13,326,684)
NET CASH FLOW 0.00 0 12,500 0 12,500 0 (652,079) (298,766)
(RECEIPTS LESS DISBURSEMENTS)
CASH - END OF MONTH 0.00 0.00 108,644 0 108,644 375,952 108,644 375,952
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
(2,500)
0
0
(2,500)
TOTAL DISBURSEMENTS
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
FORM MOR-1(04/07)
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SBSH Winddown, Inc. Case No. 18-10039 Debtor Reporting Period: 1/1/2020-1/31/2020
BANK RECONCILIATIONSContinuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
SBVI Winddown, Inc. SBPR Winddown, LLC SBSH Winddown, Inc. Other# # # #
BALANCE PER BOOKS 0 0 108,644
BANK BALANCE 0 0 108,644(+) DEPOSITS IN TRANSIT (ATTACH LIST) 0 0(-) OUTSTANDING CHECKS (ATTACH LIST) 0 0 0OTHER (ATTACH EXPLANATION) 0ADJUSTED BANK BALANCE * 0 0 108,644* Adjusted bank balance must equal balance per books
DEPOSITS IN TRANSIT Date Amount Date Amount Date Amount Date Amountn/a
CHECKS OUTSTANDING Ck. # Amount Ch. # Amount Ck. # Amount Ck. # Amount
FORM MOR-1a(04/07)
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SBSH Winddown, Inc. Case No. 18-10039 Debtor Reporting Period: 1/1/2020-1/31/2020
Payor Number Date Fees Expenses Fees ExpensesLandis Rath & Cobb SBVI Winddown, Inc. WIRE 0 0 528,330 0Rust Omni SBVI Winddown, Inc. WIRE 0 0 22,267 0Rust Omni Wind Down 0 SBSH Winddown, Inc. WIRE 0 0 16,729 0Sonoran Capital Wind Down SBSH Winddown, Inc. WIRE 0 0 30,000 0Sonoran Capital SBVI Winddown, Inc. WIRE 0 0 134,001 16,537Unsecured Creditors Committee SBVI Winddown, Inc. WIRE 0 0 204,547 0Blank Rome SBVI Winddown, Inc. WIRE 0 0 329,618 0Seabury Securities SBVI Winddown, Inc. WIRE 0 0 100,000 0Embark Aviation SBVI Winddown, Inc. WIRE 0 0 102,793 8,128
Total 0 0 0 1,468,283 24,665
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAIDThis schedule is to include all retained professional payments from case inception to current month.
Payee Period Covered Amount ApprovedCheck Amount Paid Year-To-Date
FORM MOR-1b(04/07)
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SBSH Winddown, Inc. Case No. 18-10039Debtor Reporting Period: 1/1/2020-1/31/2020
STATEMENT OF OPERATIONS(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it isrealized and expenses when they are incurred, regardless of when cash is actually received or paid.
CumulativeREVENUES Month Filing to DateGross Revenues $ $Less: Returns and AllowancesNet Revenue $ $COST OF GOODS SOLDBeginning InventoryAdd: PurchasesAdd: Cost of Labor See attachedAdd: Other Costs (attach schedule)Less: Ending InventoryCost of Goods SoldGross ProfitOPERATING EXPENSESAdvertisingAuto and Truck ExpenseBad DebtsContributionsEmployee Benefits ProgramsInsider Compensation*InsuranceManagement Fees/BonusesOffice ExpensePension & Profit-Sharing PlansRepairs and MaintenanceRent and Lease ExpenseSalaries/Commissions/FeesSuppliesTaxes - Payroll Taxes - Real EstateTaxes - OtherTravel and EntertainmentUtilitiesOther (attach schedule)Total Operating Expenses Before DepreciationDepreciation/Depletion/AmortizationNet Profit (Loss) Before Other Income & ExpensesOTHER INCOME AND EXPENSESOther Income (attach schedule)Interest ExpenseOther Expense (attach schedule)Net Profit (Loss) Before Reorganization ItemsREORGANIZATION ITEMSProfessional FeesU. S. Trustee Quarterly FeesInterest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)Gain (Loss) from Sale of EquipmentOther Reorganization Expenses (attach schedule)Total Reorganization ExpensesIncome TaxesNet Profit (Loss) $ $
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-2(04/07)
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SBSH Winddown, Inc. Case No. 18-10039Debtor Reporting Period: 1/1/2020-1/31/2020
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.
BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE
CURRENT ASSETS Unrestricted Cash and EquivalentsRestricted Cash and Cash Equivalents (see continuation sheet) Accounts Receivable (Net)Notes Receivable See attachedInventoriesPrepaid ExpensesProfessional RetainersOther Current Assets (attach schedule)TOTAL CURRENT ASSETS $ $PROPERTY AND EQUIPMENTReal Property and ImprovementsMachinery and EquipmentFurniture, Fixtures and Office EquipmentLeasehold ImprovementsVehiclesLess Accumulated Depreciation TOTAL PROPERTY & EQUIPMENT $ $OTHER ASSETSLoans to Insiders*Other Assets (attach schedule)TOTAL OTHER ASSETS $ $
TOTAL ASSETS $ $
BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)Accounts Payable Taxes Payable (refer to FORM MOR-4)Wages PayableNotes PayableRent / Leases - Building/EquipmentSecured Debt / Adequate Protection PaymentsProfessional FeesAmounts Due to Insiders*Other Postpetition Liabilities (attach schedule)TOTAL POSTPETITION LIABILITIES $ $LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)Secured DebtPriority DebtUnsecured DebtTOTAL PRE-PETITION LIABILITIES $ $
TOTAL LIABILITIES $ $OWNER EQUITYCapital Stock Additional Paid-In Capital Partners' Capital AccountOwner's Equity AccountRetained Earnings - Pre-PetitionRetained Earnings - PostpetitionAdjustments to Owner Equity (attach schedule)Postpetition Contributions (Distributions) (Draws) (attach schedule)NET OWNER EQUITY $ $
TOTAL LIABILITIES AND OWNERS' EQUITY $ $
* "Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-3(04/07)
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SBSH Winddown, Inc. Case No. 18-10039 Debtor Reporting Period: 1/1/2020-1/31/2020
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero.Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes.Attach photocopies of any tax returns filed during the reporting period.
Beginning Amount EndingTax Withheld or Amount Date Check No. Tax
Liability Accrued Paid Paid or EFT LiabilityFederalWithholdingFICA-EmployeeFICA-EmployerUnemploymentIncomeOther:_________________
PR Unemp.Nev Unemp.VI Workers CompPR Workers CompPayroll OtherPayroll LiabilitiesCredit UnionGarnishmentBVI Social Security401k Contribution
Total Federal TaxesState and LocalWithholdingVI WithholdingsPR WitholdingsBVI WithholdingsSalesExciseUnemploymentReal PropertyPersonal PropertyOther:_________________ Total State and LocalTotal Taxes
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past DueCurrent 0-30 31-60 61-90 Over 90 Total
Accounts Payable 0 0 0 0 0 0Wages PayableTaxes PayableRent/Leases-BuildingRent/Leases-EquipmentSecured Debt/Adequate Protection PaymentsProfessional FeesAmounts Due to Insiders*Other:__________________________Other:__________________________Total Postpetition Debts 0 0 0 0 0
Explain how and when the Debtor intends to pay any past-due postpetition debts.
The debtor is paying the bills when they become due.
*"Insider" is defined in 11 U.S.C. Section 101(31).
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SBSH Winddown, Inc. Case No. 18-10039 Debtor Reporting Period: 1/1/2020-1/31/2020
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation AmountTotal Accounts Receivable at the beginning of the reporting period - + Amounts billed during the period- Amounts collected during the periodTotal Accounts Receivable at the end of the reporting period -
Accounts Receivable Aging Amount0 - 30 days old - 31 - 60 days old - 61 - 90 days old - 91+ days old - Total Accounts Receivable - Amount considered uncollectible (Bad Debt)Accounts Receivable (Net) -
DEBTOR QUESTIONNAIRE
Must be completed each month Yes No1. Have any assets been sold or transferred outside the normal course of business X this reporting period? If yes, provide an explanation below.2. Have any funds been disbursed from any account other than a debtor in possession X account this reporting period? If yes, provide an explanation below.3. Have all postpetition tax returns been timely filed? If no, provide an explanation X below.4. Are workers compensation, general liability and other necessary insurance X coverages in effect? If no, provide an explanation below.5. Has any bank account been opened during the reporting period? If yes, provide X 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.
FORM MOR-5(04/07)
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Combined Summary Balance SheetJanuary 2020
SBSH Winddown, Inc.Balance Sheet 1/31
ASSETS
Current Assets
Checking/Savings 108,644
Accounts Receivable -
Other Current Assets
Total Current Assets 108,644
Fixed AssetsOther Assets
TOTAL ASSETS 108,644
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable 108,159
Credit Cards -
Other Current Liabilities -
Total Current Liabilities 108,159
Long Term Liabilities -
Total Liabilities 108,159
Equity 485 TOTAL LIABILITIES & EQUITY 108,644
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Combined Profit And Loss January 2020
SBSH Winddown, Inc.January P&L
Ordinary Income/Expense
Total Income 15,000
Cost of Goods Sold -
5000 · Cost of Goods Sold -
Total COGS -
Gross Profit 15,000
Expense -
6560 · Payroll Expenses -
81000 · Flight Operations -
81010 · Aircraft Supplies -
81040 · Drug Testing -
81050 · Dues & Subscriptions -
81060 · Freight & Postage -
Total 81070 · Fuel & Oil -
Total 81080 · Insurance -
Total 81110 · Wages & Fringe -
Total 81115 · Contract Labor -
81120 · Stationary & Forms -
81121 · Office Supplies -
Total 81130 · Training T & E -
Total 81140 · T & E -
81150 · Uniforms -
Total 81155 · Passenger Charge -
Total 81160 · Landing Fees -
Total 81000 · Flight Operations -
Total 82000 · Maintenance -
Total 83000 · Passenger Service -
Total 84000 · Ramp Operations -
Total 86000 · Marketing -
Total 87000 · Administration -
Total 89000 · Aircraft Lease -
90000 · Depreciation -
66901 · *Reconciliation Discrepancies -
Total Expense -
Net Ordinary Income 15,000
Other Income/Expense -
Total Other Income
Bankruptcy Expenses (2,500)
Balance Sheet Adjustment from Sale of Assets -
Net Other Income (2,500) Net Income 12,500
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SBSH Winddown, Inc. Cash Disbursements Journal1/1/2020 -1/31/2020
Date Check Number Amount Descripton/Payee Category1/3/2020 WIRE 2,500.00 Walker Nell Partners Professional Fees
Total 2,500.00
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