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Title: |
Monthly Operating Report |
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Entities: |
Comerica Bank; Dillard’s, Inc.; Guess?, Inc.; Jg Industries Inc; Pitney Bowes Inc.; Skechers USA, Inc. |
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Date: |
2002 |
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Preview shows 36KB of 260KB total |
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$60 |
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#1587022 |
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3 k71431exv99w1.txt MONTHLY OPERATING REPORT FOR 05/05/02 - 06/01/02
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In re: Jacobson Credit Corp. Case No. 02-40961-DTS
Debtors Hon. David T. Stosberg
Reporting Period: May 5, 2002 to June 1, 2002
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 EXPLANATION
REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED
------------------ -------- -------- -----------
Debtor Affirmations MOR - 1 Yes
Schedule of Cash Receipts and Disbursements MOR - 2 Yes
Bank Account Reconciliations MOR - 2 (CON'T) Yes
Statement of Operations MOR - 3 Yes
Balance Sheet MOR - 4 Yes
Status of Postpetition Taxes MOR - 5 N/A
Summary of Unpaid Postpetition Debts MOR - 5 N/A
Listing of aged accounts payable MOR - 5 N/A
Schedule of Insurance - Listing of Policies MOR - 6 N/A
Appendix A - Copy of Company's 6-27-02 Press Release A1 thru A3 Yes
The statements contained within have been completed on an ACCRUAL BASIS. I
understand that any false statement may subject me to sanctions as provided for
in Bankr. R. Pro. 9011.
JACOBSON CREDIT CORP.
---------------------------------
Debtor in Possession
/s/ Paul W. Gilbert 6/28/02
--------------------------------- -----------------
Signature of Authorized Individual Date
Paul W. Gilbert Vice Chairman
-------------------------------------------------------------------------------
Printed Name of Authorized Individual Title of Authorized Individual
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In re: Jacobson Credit Corp. Case No. 02-40961-DTS
Debtors Hon. David T. Stosberg
Reporting Period: May 5, 2002 to June 1, 2002
DEBTOR AFFIRMATION
AS DEBTOR IN POSSESSION, I AFFIRM: TRUE FALSE
---------------------------------- ---- -----
1. That the insurance, as described in section 5 of the Notice of Operating
Instructions and Reporting Requirements, is in effect. X
2. That all post petition taxes, as described in section 9 of the Notice of
Operating Instructions and Reporting Requirements, are current. X
3. No professional fees (accountant, attorneys, etc.) have been paid without
specific court authorization. If no, provide an explanation below. X
Additional Explanation (if necessary):
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
I understand that any false statement may subject me to sanctions as provided
for in Bankr. R. Pro. 9011.
JACOBSON CREDIT CORP.
-----------------------------------------------
Debtor in Possession
/s/ Paul W. Gilbert 6/28/02
--------------------------------- -----------------
Signature of Authorized Individual Date
Paul W. Gilbert Vice Chairman
-------------------------------------------------------------------------------
Printed Name of Authorized Individual Title of Authorized Individual
Page 2 of 9
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In re: Jacobson Credit Corp. Case No. 02-40961-DTS
Debtors Hon. David T. Stosberg
Reporting Period: May 5, 2002 to June 1, 2002
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
JACOBSON CREDIT CORP.
CUMULATIVE
BANK ACCOUNTS FILING TO
CURRENT MONTH DATE
OPERATING ACTUAL ACTUAL
--------- ------ ------
CASH - BEGINNING OF MONTH $ - $ - $ - $ - $ 84 $ 84
========== ========== ========= ========== ========= ===========
RECEIPTS SEE SCHEDULE A FOR DETAIL
INTERNAL TRANSFERS - - - - - -
INTEREST INCOME - - - - - -
ACCOUNTS RECEIVABLE - CREDIT & COLL. - - - - - -
ACCOUNTS RECEIVABLE - LOCKBOX - - - - - -
RETAIL STORE DEPOSITS - - - - - -
GOB JOINT VENTURE PROCEEDS - OZER - -
REVOLVER BORROWINGS - FLEET - - - - - -
RETURN ITEMS REDEPOSITED - - - - - -
MISCELLANEOUS - - - - - -
BANKCARD CASH RECEIPTS - - - - - -
EMPLOYEE BENEFIT PLANS - - - - - -
---------- ---------- --------- ---------- --------- -----------
TOTAL RECEIPTS $ - $ - $ - $ - $ - $ -
========== ========== ========= ========== ========= ===========
DISBURSEMENTS
SEE SCHEDULE A FOR DETAIL
INTERNAL TRANSFERS - - - - - -
ELECTRONIC PAYROLL TAXES PAYMENTS - - - - - -
PAYROLL - - - - - -
- - - - - -
VENDOR PAYMENTS - - - - - -
ELECTRONIC SALES TAX PAYMENTS - - - - - -
RECEIPTS APPLIED TO REVOLVER BALANCE - - - - - -
CUSTOMER REFUNDS - -
EMPLOYEE BENEFIT PLAN PAYMENTS - -
BANK FEES - - - - - -
RETURN ITEMS - - - - - -
MISCELLANEOUS - -
- - - - - -
---------- ---------- --------- ---------- --------- -----------
TOTAL DISBURSEMENTS $ - $ - $ - $ - - -
========== ========== ========= ========== ========= ===========
NET CASH FLOW $ - $ - $ - $ - $ - $ -
========== ========== ========= ========== ========= ===========
CASH - END OF MONTH $ - $ - $ - $ - $ 84 $ 84
========== ========== ========= ========== ========= ===========
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES (FROM CURRENT MONTH
COLUMN)
TOTAL DISBURSEMENTS $ -
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS -
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES -
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ -
Page 3 of 9
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS - SCHEDULE A
TOTAL REPORTING PERIOD: MARCH
JCC CURRENT MONTH
1840421752 ACTUAL
----------
Cash - Beg $ 83.51 $ 84
========== ============
Receipts
Internal Transfers - -
Interest Income - -
Accounts Receivable - Credit & Collections - -
Accounts Receivable - Lockbox - -
Retail Cash/Check Sales & J-Card Store Payments - -
GOB Joint Venture Receipts - Ozer - -
Revolver Borrowings - Fleet - -
Return Items Redeposited - -
Misc Deposits/Credits - -
Bankcard Receipts - -
Employee Benefit Plans - Payments from Providers - -
---------- ------------
Total Receipts $ - $ -
========== ============
Disbursements -
Internal Transfers - -
Electronic Payroll Tax Payments - -
Payroll - -
- -
Vendor Payments - -
Electronic Sales Tax Payments - -
Receipts applied to Revolver Balance - Fleet - -
Customer Refunds - -
Employee Benefit Plan Payments - -
Bank Fees - -
Return Items - -
Miscellaneous - -
---------- ------------
Total Disbursements $ - $ -
========== ============
Net Cash Flow $ - $ -
========== ============
Cash End of Month $ 84 $ 84
========== ============
Page 4 of 9
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In re: Jacobson Credit Corp. Case No. 02-40961-DTS
Debtors Hon. David T. Stosberg
Reporting Period: May 5, 2002 to June 1, 2002
BANK RECONCILIATION
JACOBSON CREDIT CORP.
BANK ACCOUNTS
BALANCE PER BOOKS
$ - $ - $ - $ -
Bank Balance SEE ATTACHED SCHEDULE B - -
Plus: Deposits In Transit - - - -
Less: Outstanding Checks - - - -
Other - - - -
ADJUSTED BANK BALANCE $ - $ - $ - $ -
OTHER
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Page 5 of 9
BANK RECONCILIATION SCHEDULE - SCHEDULE B
COMERICA TOTAL
--------
JCC
1840421752
---------- ------------
Balance Per Books $ - $ -
Bank Balance 84 84
Plus: Deposits in Transit - Booked Not Banked -
Less: Outstanding Checks/Wire Transfers -
Less: Deposits in Transit - Banked not Booked -
Misposted Entries -
Checks issued not on Books -
Encoding Error Deposit not on Books -
Return of Direct Deposit Funds not on Books -
Checks Cleared not O/S on Books -
Overdraft Charges not on Books -
Returned Items not on Books -
Interest Expense not on Books -
Bank Fees not on Books -
Misc Deposit not on Books -
Bankcard Fees not on Books -
Bankcard Debits on Books not Bank -
Misc variance (84) (84)
-
ADJUSTED BANK BALANCE $ - $ -
Page 6 of 9
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In re: Jacobson Credit Corp. Case No. 02-40961-DTS
Debtors Hon. David T. Stosberg
Reporting Period: May 5, 2002 to June 1, 2002
STATEMENT OF OPERATIONS
(dollars in thousands)
(Amounts subject to potential fiscal year-end audit adjustments)
Cumulative
Filing to date
May Totals
--- ------
Net Sales $ - $ -
Cost of Goods Sold - -
------- -------
Gross Profit - -
Operating Expenses - -
------- -------
Operating Income/(Loss) - -
Interest Expense - -
Other Income - -
------- -------
Net Income/(Loss) b/4 Restructuring Costs and Taxes - -
Reorganization Expenses - (incl. Professional Fees) - -
Income Taxes - Benefit/(Expense) - -
------- -------
---------------------
Net Income/(Loss) $ - $ -
=====================
Page 7 of 9
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In re: Jacobson Credit Corp. Case No. 02-40961-DTS
Debtors Hon. David T. Stosberg
Reporting Period: May 5, 2002 to June 1, 2002
BALANCE SHEET
(dollars in thousands)
(Amounts subject to potential fiscal year-end audit adjustments)
ASSETS
------
CURRENT ASSETS
--------------
CASH AND CASH EQUIVALENTS $ -
ACCOUNTS RECEIVABLE, NET 0
DUE FROM VENDORS 0
INTERCOMPANY RECEIVABLE 8,524
INVENTORIES 0
DEFERRED FINANCING 0
OTHER PREPAIDS 0
REFUNDABLE INCOME TAXES 0
------------
TOTAL CURRENT ASSETS 8,524
TOTAL P, P & E: 0
LESS: ACCUMULATED DEPR. 0
------------
PROPERTY, PLANT & EQUIPMENT, NET -
OTHER ASSETS:
-------------
NET GOODWILL 0
LIFE INSURANCE - CSV 0
PREPAID PENSION 0
OTHER 0
------------
TOTAL OTHER ASSETS -
------------
TOTAL ASSETS $ 8,524
============
Page 8 of 9
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In re: Jacobson Credit Corp. Case No. 02-40961-DTS
Debtors Hon. David T. Stosberg
Reporting Period: May 5, 2002 to June 1, 2002
BALANCE SHEET
(dollars in thousands)
(Amounts subject to potential fiscal year-end audit adjustments)
LIABILITIES & STOCKHOLDERS' EQUITY
----------------------------------
CURRENT LIABILITIES
-------------------
POST-PETITION LIABILITIES & ACCRUED EXPENSES:
---------------------------------------------
ACCOUNTS PAYABLE $ -
AMOUNTS DUE TO INSIDERS 0
ACCRUED PAYROLL 0
ACCRUED PROPERTY TAXES 0
ACCRUED PAYROLL TAXES 0
ACCRUED STATE INCOME TAXES 0
ACCRUED SALES & USE TAXES 0
ACCRUED INTEREST 0
ACCRUED PROFESSIONAL FEES 0
ACCRUED RENT/LEASE 0
ACCRUED OTHER 0
----------
SUBTOTAL 0
OTHER POST-PETITION LIABILITIES:
--------------------------------
NOTES PAYABLE - REVOLVER 0
INTERCOMPANY LIABILITIES 0
RESTRUCTURING RESERVE 0
DEFERRED RENT 0
BANK FLOAT / OVERDRAFTS 0
OTHER LIABILITIES 0
----------
SUBTOTAL 0
----------
TOTAL CURRENT POST-PETITION LIABILITIES 0
LIABILITIES SUBJECT TO COMPROMISE:
----------------------------------
ACCOUNTS PAYABLE 0
ACCRUED GOM CAPITAL LEASE OBLIGATION 0
ACCRUED VACATION 0
ACCRUED WORKERS COMPENSATION 0
ACCRUED INTEREST 0
ACCRUED PROPERTY TAXES 0
OFFICER'S DEFERRED COMPENSATION 0
MORTGAGES 0
DEBENTURES 0
OTHER LIABILITIES 0
----------
SUBTOTAL 0
----------
TOTAL LIABILITIES -
STOCKHOLDERS' EQUITY
--------------------
COMMON STOCK 1,700
PAID IN SURPLUS 0
TREASURY STOCK 0
RETAINED EARNINGS, BEGINNING 6,824
CURRENT PERIOD EARNINGS 0
----------
SUBTOTAL 8,524
----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 8,524
==========
Page 9 of 9
FOR IMMEDIATE RELEASE CONTACT: Paul W. Gilbert
517-764-6400
JACOBSON'S ANNOUNCES DEVELOPMENTS IN ITS BANKRUPTCY PROCEEDINGS
JACKSON, MICHIGAN, June 27, 2002 - Jacobson Stores Inc. announced that
it plans to file a motion to pursue a dual path in its bankruptcy proceedings.
The motion to be filed in the next several days with the United States
Bankruptcy Court for the Eastern District of Michigan, Southern Division, in
Detroit, if approved, would permit the Company to solicit bids to either sell
the business as a going concern or to liquidate it.
The announcement comes after several months of the Company and its
financial advisors identifying and evaluating restructuring alternatives,
without receiving a proposal to purchase the business as a going concern. As a
result of defaults under the Company's Debtor-in-Possession Loan and Security
Agreement, the Company and its D.I.P. lenders have agreed on this dual-path
procedure to raise the money necessary to repay the Company's obligations under
the D.I.P. facility. The Company currently expects that its outstanding common
shares will be cancelled and that holders of its common shares will receive no
distributions in its bankruptcy proceedings. The Company also currently expects
that the proceeds of any sales resulting from the bids will not be sufficient to
repay unsecured creditors in full.
Carol Williams, Jacobson's President and CEO, said, "We carefully
explored and considered every option available to the Company.
Williams added, "After extensive analysis, Jacobson's has concluded
that it is necessary to simultaneously pursue two paths. We of course would
prefer to sell
A-1
Jacobson's to a buyer whose financial resources would enable our Company to
emerge from bankruptcy. If this alternative is not feasible, the Company will be
compelled to liquidate its assets," she said.
Williams added, "Our intent has been to find a way to move forward as a
specialty retailer with the Jacobson's identity intact, continuing with our high
service standards, distinctive merchandise assortments and reputation for fine
gifts. Given the current unsettled state of the specialty retail sector,
however, that might prove to be an unworkable option."
Jacobson's said the D.I.P. lenders, the Creditors' Committee and other
interested parties will have about four weeks to study any offers that are
received. The Company's motion will request that the Bankruptcy Court schedule a
hearing to accept offers during the week of July 22, 2002.
Jacobson's currently operates 18 specialty stores in Michigan, Indiana,
Kentucky, Kansas and Florida. The Company's web site is located at
www.jacobsons.com.
Certain statements contained herein, which are not historical facts,
are forward-looking statements that involve risks and uncertainties that could
cause actual results to differ materially from those in the forward-looking
statements including, but not limited to: the ability of the Company to continue
as a going concern during the bidding and sale process, the Company's ability to
obtain court approval with respect to motions in the Chapter 11 proceedings
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