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July Monthly Operating Report Corporate - MG Operating Report
July Monthly Operating Report Corporate - MG Operating Report
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In re
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(See NOTE 4)
(See NOTE 3)
CASH - BEGINNING OF MONTH (7/1) RECEIPTS CASH SALES ACCOUNTS RECEIVABLE (See NOTE 2) LOANS AND ADVANCES OTHER TRANSFERS TOTAL RECEIPTS DISBURSEMENTS WIND DOWN COMPENSATION DISSOLUTION COMMITTEE BENEFITS EMPLOYEE EXPENSE REIMBURSEMENTS OCCUPANCY EXPENSES DATACENTER / DR CO-LO LEASED EQUIPMENT PROFESSIONAL LIABILITY INSURANCE GENERAL INSURANCE IT / CRITICAL SYSTEMS RECORD MANAGEMENT / STORAGE COMMUNICATION PROFESSIONAL FEES TAXES OTHER OPERATING EXPENSES BANK FEES VOIDED CHECKS CASH FLOW SWEEP TOTAL DISBURSEMENTS NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS) CASH END OF MONTH (7/31)
2,871,034
2,661,089
400,921
23,624,130
(244,247)
(142,697)
29,170,230 19,488,732 404,044 19,892,777 535,686 269,997 209,735 36,324 271,850 119,256 21,069 974,834 110,767 102,923 142,213 44,104 383,830 217,971 34,668 30,614 (446,707) 25,716,000 28,775,134 (8,882,357)
738,462 159,349 33,778 193,127 7,609 6,619 35,988 897 51,112 142,015
15,532,898 292,353 (11,786,067) 4,039,184 535,686 269,997 187,981 34,162 271,850 119,256 974,834 105,235 76,773 142,213 27,176 383,830 17,391 14,138 (1,534) 3,158,988 880,195
(2,170,451) 606,959
62,887 62,887
21,386
367 2,163
21,069 5,532 26,150 16,929 217,971 17,222 1,684 301 (445,173) 35,932 1,254,516 1,684 605,275 25,716,000 25,716,301 (11,545,471) 307,402 (244,514) (445,173) 167,642
55 14,491
3,751,230
3,915,605
1,006,196
12,078,659
(488,762)
24,945
20,287,873
880,477
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS LESS: TRANSFERS TO OTHER DEBTOR IN POSSESSION ACCOUNTS PLUS: PREPAYMENT REVERSALS (i.e. from escrow accounts) PLUS: FOREIGN OFFICE DISBURSEMENTS (See NOTE 4) TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE
NOTE 1: Includes bank accounts related to the Debtor's operations. Excluded accounts are those held by foreign offices outside of the Debtor's control or held by nonDebtor affiliates. NOTE 2: Accounts receivables invoiced post-petition and collected within the current reporting period was approximately $3.9 million. NOTE 3: Beginning book balance includes reclassifications and adjustments to June balances. July activity reflects the closing of accounts and transfers to operating accounts. NOTE 4: Foreign office disbursements for the current reporting period are compromised of disbursements made from the Debtors Frankfurt, Germany office bank accounts. All cash balances and cash receipts and disbursements were translated into US Dollars at the average rate for July (1.2309). There were no differences
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BANK RECONCILIATIONS
Continuation 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. (Bank account numbers may be redacted to last four numbers.) Closing balances as of 7/31/2012
JP Morgan Depository
Citibank Operating
BofA Lockbox
Other Accounts
Foreign Offices
#2983
#1596
#4559
BALANCE PER BOOKS BANK BALANCE (+) DEPOSITS IN TRANSIT (-) OUTSTANDING CHECKS OTHER (ATTACH EXPLANATION) ADJUSTED BANK BALANCE *
3,751,230 3,601,027
3,915,605 4,194,253
1,006,196 996,699
12,078,659 12,078,659
(488,762) -
24,945 22,053
880,477 880,477
(10,425) 160,628
(488,762) 2,892
3,751,230
3,915,605
1,006,196
12,078,659
(488,762)
24,945
880,477
*"Adjusted Bank Balance" must equal "Balance per Books" DEPOSITS IN TRANSIT (Available upon request) Date Amount Date Amount Amount Amount
Ck. #
Amount
Ck. #
Amount
Amount
Amount
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The Debtor's books and records are reported on a global, firmwide basis. As such, this statement of operations is reported on a consolidated basis, which includes the Debtor's domestic and foreign offices, as well as non-Debtor affiliates. The Debtor prepares its financials on a cash basis and records revenue when cash from customers is received and when expenses are paid in cash (other than depreciation). CONSOLIDATED STATEMENT OF OPERATIONS CUMULATIVE FILING TO DATE $ 39,939,115
Fees Collected (See NOTE 5) Operating expenses disbursed: Employees: Salaries and overtime: Associates Legal assistants Other staff (see schedule) Benefits and other employee expenses Total employee expenses Occupancy expenses (See NOTE 6) Office operating expenses Depreciation and amortization Expense reimbursements Insurance Taxes Professional services Uncollectible client disbursements written-off, net of write-ups Total operating expenses Excess of fees collected over operating expenses Non-operating expenses (income): Interest, net (See NOTE 7) Payments to retired partners, former partners and the estates or families of former partners Retainer of counsel Other, net (See NOTE 8) Total non-operating expenses Excess of fees collected over operating and non operating expenses (See NOTE 5) BREAKDOWN OF OTHER CATEGORY OTHER STAFF
ADMINISTRATION SUPPORT STAFF OVERTIME
12,917 38,694 937,501 (66,497) 922,614 1,288,291 77,924 173,518 48,567 1,030,885 211,395 515,405 17,914 4,286,512 16,345,137
84,308 143,530 2,371,261 327,597 2,926,696 1,854,451 291,616 545,418 68,852 2,688,593 29,304 881,379 2,636 9,288,945 30,650,169
NOTE 5: Reported on a consolidated firmwide basis, including domestic and foreign offices, as well as nonDebtor affiliates. Book balances may not reflect actual cash activity of foreign locations. NOTE 6: Includes approximately $751K of postpetition funding of drawn letters of credit. NOTE 7: Includes payments on swaps and fees related to debt repayment. NOTE 8: Includes write-offs related to the abandonment of furniture, fixtures and equipment and leasehold improvements pursuant to court order.
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In re
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The Debtor's books and records are reported on a global, firmwide basis. As such, this balance sheet is presented on a consolidated basis, which includes the Debtor's domestic and foreign offices, as well as non-Debtor affiliates. The Debtor prepares its reports on a cash basis and records revenue when cash from customers is received and when expenses are paid in cash. Therefore, the Debtor does not accrue payables on its balance sheet. For unpaid payables please refer to Form MOR-4.
BALANCE SHEET
ASSETS BOOK VALUE AT END OF CURRENT REPORTING MONTH BOOK VALUE AT END OF PRIOR REPORTING MONTH BOOK VALUE ON PETITION DATE OR SCHEDULED
CURRENT ASSETS
Cash and cash equivalents - unrestricted domestic Cash and cash equivalents - restricted domestic (See NOTE 9) Cash and cash equivalents - foreign (See NOTE 10) Accounts receivable (client expenses) (See NOTE 11) Other receivables and loans Prepaid expenses and deposits Other assets-short term TOTAL CURRENT ASSETS
PROPERTY & EQUIPMENT
8,209,214 12,078,659 8,798,078 16,367,617 27,744,525 26,150,501 99,348,594 6,846,579 2,161,502 2,541,425 6,466,656 12,674,519 12,674,519 118,489,769
BOOK VALUE AT END OF CURRENT REPORTING MONTH
5,699,809 23,624,130 7,674,921 17,497,838 29,181,755 26,162,320 109,840,773 87,470,246 64,400,151 93,360,048 58,510,349 17,853,031 17,853,031 186,204,154
BOOK VALUE AT END OF PRIOR REPORTING MONTH
3,743,758 11,901,441 5,015,463 18,107,317 31,836,085 26,162,320 96,766,385 87,470,246 64,400,151 92,988,147 58,882,250 17,853,031 17,853,031 173,501,666
BOOK VALUE ON PETITION DATE
Furniture, Fixtures and Office Equipment Leasehold Improvements Less: Accumulated Depreciation TOTAL PROPERTY & EQUIPMENT (See NOTE 12)
OTHER ASSETS
Amounts due from Insiders* Other Assets (attach schedule) TOTAL OTHER ASSETS TOTAL ASSETS
LIABILITIES AND OWNER EQUITY
Accounts Payable (refer to FORM MOR-4) Taxes Payable (refer to FORM MOR-4) Wages Payable Notes Payable Rent / Leases - Building/Equipment Secured Debt / Adequate Protection Payments Professional Fees Amounts Due to Insiders* Other Post-petition Liabilities (attach schedule) TOTAL POST-PETITION LIABILITIES
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt (See NOTE 13) Priority Debt Unsecured Debt (See NOTE 14) TOTAL PRE-PETITION LIABILITIES TOTAL LIABILITIES
OWNERS' EQUITY
Capital Stock Additional Paid-In Capital Partners' Capital Account (See NOTE 15) Retirement Accounts Adjustments to Owner Equity (attach schedule) Post-petition Contributions (attach schedule) NET OWNERS EQUITY TOTAL LIABILITIES AND OWNERS' EQUITY
*"Insider" is defined in 11 U.S.C. Section 101(31).
NOTE 9: Cash that is restricted for a specific use and not available to fund operations. NOTE 10: Includes bank accounts held by foreign offices or held by non-Debtor affiliates. Book balances may not reflect actual cash available at foreign accounts the Debtor does not control. NOTE 11: The Debtor prepares its reports on a cash basis, and as such, accounts receivable and work-in-progress is not recorded to the balance sheet. A separate schedule is maintained and available upon request NOTE 12: Reflects the abandonment of furniture, fixtures and equipment and leasehold improvements pursuant to court order. NOTE 13: Reflects the pay-down of debt pursuant to court order as well as postpetition funding of drawn letters of credit. NOTE 14: Decrease was a result of postpetition payments made on prepetition VAT payables of foreign, non-debtor entities. NOTE 15: Change is due to a net loss recorded during the period plus a reclassification.
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BOOK VALUE AT END OF CURRENT REPORTING MONTH 5,318,636 6,252,448 0 1,107,428 (3,993)
BOOK VALUE AT END OF PRIOR REPORTING MONTH 5,318,636 4,387,670 722,113 6,321,178 0 1,107,428 (3,993)
Other Assets
INVESTMENT - BAR LTD (See NOTE 16) DEFERRED REAL ESTATE COMMISSION (See NOTE 17) DEFERRED LEASE ACQUISITION COSTS (See NOTE 17) DEFFERED COMBINATION COST RECEIVABLE PREPAID EXPENSE LONG TERM PORTION DEFERRED REVOLVER AND PRIVATE PLACEMENT FEES RECEIVABLE FROM RELATED PARTIES 5,318,636 4,387,670 722,113 6,321,178 0 1,107,428 (3,993)
NOTE 16: Based on historical cost basis. NOTE 17: Balances are written off pursuant to court-ordered abandonement of property leases.
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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.
Federal
Beginning Tax
-
Amount Paid
88,276 23,675 31,538 143,489 29,240 11,054 -
Dates Paid
7/15/12, 7/31/12 7/15/12, 7/31/12 7/15/12, 7/31/12
Check # or EFT
Ending Tax
-
Withholding Local Excise Unemployment Real Property Personal Property Other:State Disability Insurance Total State and Local Total Taxes
7/15/12, 7/31/12 -
Accounts Payable Wages Payable Taxes Payable (See NOTE 18) Rent/Leases-Building Rent/Leases-Equipment Secured Debt/Adequate Protection Payments Professional Fees Amounts Due to Insiders Other: Total Post-petition Debts
28,950
NOTE 18: Value-Added Tax (VAT) associated with receivables collected in Frankfurt; translated into US Dollars using a 1.2309 exchange rate.
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Accounts Receivable Aging Accounts Receivable and WIP (See NOTE 19) Total Accounts Receivable and WIP Less: Bad Debts (Amount considered uncollectible) Net Accounts Receivable and WIP
NOTE 19: Accounts receivable and Work-in-progress (WIP) represents gross fees and expenses that are billed and unbilled, respectively, by the Debtor entity and includes balances from domestic offices, foreign branch offices and foreign non-debtor affiliates. Gross amounts exclude interim and unallocated balances (e.g. retainers). NOTE 20: Includes WIP balance of $120 million from the June operating report. NOTE 21: Includes collections of both fees and expenses firmwide, including domestic and foreign offices and non-debtor entities. NOTE 22: Includes domestic write-offs and adjustments to foreign office balances related to write-offs, amounts collected prepetition and balances assigned pursuant to the prepetition sale of foreign offices.
12-12321-mg
In re DEWEY & LEBOEUF LLP Debtor
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INSIDERS NAME STEVE HORVATH STEVE HORVATH JANIS MEYER JANIS MEYER TYPE OF PAYMENT AMOUNT PAID SALARY 183,240 EXPENSE REIMBURSMENT 26,632 SALARY 86,757 EXPENSE REIMBURSMENT 393 TOTAL PAID TO DATE 373,240 50,196 142,757 393
297,023
566,586
PROFESSIONALS TOTAL PAID TO DATE (INCLUDING APPLICATION OF RETAINER) 47,053 336,777 238,000 621,830
NAME ON SITE ASSOCIATES (See NOTE 22) FTI CONSULTING TOGUT, SEGAL & SEGAL ZOLFO COOPER EPIQ SYSTEMS GOLDIN ASSOCIATES DEVELOPMENT SPECIALISTS, INC. (DSI) KRAMER, LEVIN, NAFTALIS & FRANKEL BINGHAM ALLEN & OVERY (See NOTE 23) DELOITTE BROWN RUDNICK KASOWITZ, BENSON, TORRES & FRIEDMAN KEIGHTLEY & ASHNER TOTAL PAYMENTS TO PROFESSIONALS
BEGINNING RETAINER BALANCE 122,947 400,000 285,000 8,309 109,398 268,000 7,957 1,201,612
INVOICE AMOUNTS 356,112 336,777 872,700 160,745 238,000 532,102 273,962 8,149 707,114 202,779 119,920 3,808,360
TOTAL INCURRED & UNPAID* 309,059 872,700 160,745 532,102 273,962 8,149 707,114 202,779 119,920 3,186,530
NOTE 22: On Site Associates received $27,052.74 of its $150,000.00 retainer post-petition pursuant to court order. NOTE 23: Invoice in British Pounds; converted to USD using 1.568x exchange rate
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
SCHEDULED MONTHLY PAYMENT DUE AMOUNT PAID DURING MONTH
NAME OF CREDITOR
17,945,406 7,429,088
TOTAL PAYMENTS
25,374,494
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In re
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DEBTOR QUESTIONNAIRE
Must be completed each month. If the answer to any of the questions is Yes, provide a detailed explanation of each item. Attach additional sheets if necessary. Have any assets been sold or transferred outside the normal course of business this reporting period? X X X Yes No Explanation
X 1
In conjunction with vacating Frankfurt office space, some furniture and equipment was sold.
Have any funds been disbursed from any account other than a debtor in 2 possession account this reporting period? Is the Debtor delinquent in the timely filing of any post-petition tax 3 returns? Are workers compensation, general liability or other necessary insurance 4 coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? 5 Is the Debtor delinquent in paying any insurance premium payment? Have any payments been made on pre-petition liabilities this reporting 6 period? Are any post petition receivables (accounts, notes or loans) due from 7 related parties? 8 Are any post petition payroll taxes past due? 9 Are any post petition State or Federal income taxes past due? 10 Are any post petition real estate taxes past due? 11 Are any other post petition taxes past due? 12 Have any pre-petition taxes been paid during this reporting period? 13 Are any amounts owed to post petition creditors delinquent? 14 Are any wage payments past due? Have any post petition loans been been received by the Debtor from any 15 party? 16 Is the Debtor delinquent in paying any U.S. Trustee fees? Is the Debtor delinquent with any court ordered payments to attorneys or 17 other professionals? Have the owners or shareholders received any compensation outside of 18 the normal course of business?
X X X X X X X X X X X X X X Yes, pursuant to court order. Yes, stub period for post petition occupancy tax. Yes, pursuant to court order.
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