Case KG Doc 780 Filed 06/16/16 Page 1 of 14

Transcription

1 Case KG Doc 780 Filed 06/16/16 Page 1 of 14 UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE 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 Affidavit/Supplement REQUIRED DOCUMENTS Form No. Attached Attached Attached Schedule of Cash Receipts and Disbursements MOR-1 X Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1a X Schedule of Professional Fees Paid MOR-1b X Copies of bank statements X Cash disbursements journals X Statement of Operations MOR-2 X Balance Sheet MOR-3 X Status of Postpetition Taxes MOR-4 X Copies of IRS Form 6123 or payment receipt X Copies of tax returns filed during reporting period X Summary of Unpaid Postpetition Debts MOR-4 X Listing of aged accounts payable X Accounts Receivable Reconciliation and Aging MOR-5 X Debtor Questionnaire MOR-5 X I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. Signature of Debtor Date Signature of Joint Debtor Date June 14, 2016 Signature of Authorized Individual* Date Laura Kendall Deputy Restructuring Officer Malibu Lighting Corporation *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. FORM MOR

2 Case KG Doc 780 Filed 06/16/16 Page 2 of 14 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 the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)] ($000) BANK ACCOUNTS CURRENT MONTH CUMULATIVE FILING TO DATE OPER. PAYROLL DEPOSITORY COLLATERAL ACTUAL PROJECTED ACTUAL PROJECTED CASH BEGINNING OF MONTH (1) ,095 1,096 RECEIPTS CASH SALES ACCOUNTS RECEIVABLE ,035 1,566 LOANS AND ADVANCES SALE OF ASSETS OTHER (ATTACH LIST) TRANSFERS OF LIQUIDATION PROCEEDS ACCOUNT TRANSFERS (163) (20) TOTAL RECEIPTS ,886 2,313 DISBURSEMENTS NET PAYROLL CONTRACT LABOR SALES, USE, & OTHER TAXES INVENTORY PURCHASES SECURED/ RENTAL/ LEASES INSURANCE ADMINISTRATIVE SELLING OTHER (ATTACH LIST) ,265 1, OWNER DRAW * TRANSFERS (TO DIP ACCTS) PROFESSIONAL FEES U.S. TRUSTEE QUARTERLY FEES COURT COSTS TOTAL DISBURSEMENTS ,375 2,836 NET CASH FLOW (489) (523) (RECEIPTS LESS DISBURSEMENTS) CASH - END OF MONTH * 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) TOTAL DISBURSEMENTS 252 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 252 FORM MOR-1 Other Disbursements Utilities Utility Deposits Travel Domestic Freight Interest / Bank Chg Other Term Loan Payments Revolving Loan Payments Total ,265 1,521

3 Case KG Doc 780 Filed 06/16/16 Page 3 of 14 MALIBU LIGHTING CORPORATION Case No Reporting Period: March 2016 CASH DISBURSEMENTS JOURNAL FOR PERIOD 03/01/16 TO 03/31/ Cash Operating Account Date Transaction Type Num Name Amount 03/03/ /03/ /03/2016 Bill Payment (Check) Bill Payment KOSCIUSKO WATER & LIGHT 5418 PLANT (Check) Bill Payment 5416 ADP, INC (Check) 5417 ATTALA COUNTY, MISSISSIPPI -7, /04/2016 Check Bill Payment COMERICA BANK -1, /07/2016 (Check) Bill Payment 5422 TURNER, JOHNNY -1, /07/2016 (Check) Bill Payment 5421 THOMPSON, SMITH -1, /07/2016 (Check) Bill Payment 5420 CULLEN, BILL -1, /07/2016 (Check) 5419 ALLEN, RHONDA -1, /09/2016 Check COMERICA BANK -10, /10/2016 Check Bill Payment COMERICA BANK -10, /10/2016 (Check) 5423 ENTERGY MISSISSIPPI, INC. -3, /11/2016 Check COMERICA BANK -1, /14/2016 Bill Payment (Check) Bill Payment UNITED STATES TRUSTEE 5428 PAYMENT CENTER -1, /14/2016 (Check) Bill Payment 5424 ALLEN, RHONDA -1, /14/2016 (Check) Bill Payment 5426 THOMPSON, SMITH -1, /14/2016 (Check) Bill Payment 5425 CULLEN, BILL -1, /14/2016 (Check) Bill Payment 5427 TURNER, JOHNNY -1, /17/2016 (Check) Bill Payment 5429 TOYOTA FINANCIAL SERVICES -2, /21/2016 (Check) Bill Payment 5433 TURNER, JOHNNY -1, /21/2016 (Check) Bill Payment 5430 ALLEN, RHONDA -1, /21/2016 (Check) Bill Payment 5431 CULLEN, BILL -1, /21/2016 (Check) Bill Payment 5432 THOMPSON, SMITH -1, /28/2016 (Check) Bill Payment 5436 CULLEN, BILL -1, /28/2016 (Check) Bill Payment 5437 THOMPSON, SMITH -1, /28/2016 (Check) Bill Payment 5438 TURNER, JOHNNY -1, /28/2016 (Check) 5435 ALLEN, RHONDA -1, /28/2016 Check PACHULSKI STANG ZIEHL -75, /31/2016 Check COMERICA BANK -10, /31/2016 Check COMERICA BANK -11, Total for Operating Account -$157, Collateral Account 03/28/2016 Check COMERICA BANK -94, Total for Collateral Account -$ 94,444.44

4 Case KG Doc 780 Filed 06/16/16 Page 4 of 14 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. Operating Payroll Depository Collateral ***6466 ***8741 ***8758 ***3896 BALANCE PER BOOKS BANK BALANCE (+) DEPOSITS IN TRANSIT (ATTACH LIST) - (-) OUTSTANDING CHECKS (ATTACH LIST) (9) OTHER (ATTACH EXPLANATION) - ADJUSTED BANK BALANCE * * Adjusted bank balance must equal balance per books DEPOSITS IN TRANSIT Date Amount Date Amount Date Amount Date Amount CHECKS OUTSTANDING Ck. # Amount Ch. # Amount Ck. # Amount Ck. # Amount OTHER FORM MOR-1 (CON'T)

5 Case KG Doc 780 Filed 06/16/16 Page 5 of 14 In re: Outdoor Malibu Lighting Corporation Case No Reporting Period: March 2016 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID This schedule is to include all retained professional payments from case inception to current month (Values in $'000s) Amount Check Amount Paid Year-To-Date Payee Period Covered Approved Payor Number Date Fees Expenses Fees Expenses Blank Rome December 2 MLC professional fee escrow wire transfer 3/2/ Blank Rome Holdback Oct-Dec 1 MLC professional fee escrow wire transfer 3/2/ Blank Rome January 2 MLC professional fee escrow wire transfer 3/30/ Lowenstein Sandler LLP December 9 MLC professional fee escrow wire transfer 3/2/ Lowenstein Sandler LLP Holdback Oct-Dec 5 MLC professional fee escrow wire transfer 3/2/ Lowenstein Sandler LLP January 14 MLC professional fee escrow wire transfer 3/30/ Pachulski Stang Ziehl & Jones LLP December 35 MLC professional fee escrow wire transfer 3/2/ Pachulski Stang Ziehl & Jones LLP Holdback Oct-Dec 16 MLC professional fee escrow wire transfer 3/2/ BDO Oct./Nov. 17 MLC professional fee escrow wire transfer 3/3/ BDO December 10 MLC professional fee escrow wire transfer 3/28/ Kurtzman Carson Consultants December 2 MLC professional fee escrow wire transfer 3/23/ Aurora Management Partners January 27 MLC professional fee escrow wire transfer 3/30/ Jackson Walker - lender counsel 25 0

6 Case KG Doc 780 Filed 06/16/16 Page 6 of 14

7 Case KG Doc 780 Filed 06/16/16 Page 7 of 14 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 is realized and expenses when they are incurred, regardless of when cash is actually received or paid. Cumulative REVENUES Month Filing to Date Gross Revenues Less: Returns and Allowances - (249) Less: Freight - (3) Net Revenue COST OF GOODS SOLD Material Labor - - Burden - 12 Freight In - 4 Other Inventory Adjustments (177) 2,769 Total Cost of Goods Sold 433 3,462 Gross Profit 177 (2,470) OPERATING EXPENSES Advertising - 1 Auto and Truck Expense - - Bad Debts - (12) Bank Charges Contributions - - Employee Benefits Programs - 6 Insider Compensation* - - Insurance - 27 Intercompany Expense Management Fees/Bonuses - - Office Expense 2 10 Pension & Profit-Sharing Plans - - Product Liability Claims - - Repairs and Maintenance 0 2 Rent and Lease Expense 9 37 Salaries/Commissions/Fees Supplies - - Taxes - Payroll - 26 Taxes - Real Estate & Personal Property 1 5 Taxes - Other - (1) Travel and Entertainment - 0 Utilities 4 24 Other (attach schedule) - 15 Total Operating Expenses Before Depreciation Depreciation/Depletion/Amortization - 84 Net Profit (Loss) Before Other Income & Expenses 123 (3,013) OTHER INCOME AND EXPENSES Other Income (attach schedule) - - Interest Expense Other Expense (attach schedule) Net Profit (Loss) Before Reorganization Items (269) (3,494) REORGANIZATION ITEMS Professional Fees U. S. Trustee Quarterly Fees 2 7 Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) - - Gain (Loss) from Sale of Equipment - - Other Reorganization Expenses (attach schedule) - - Total Reorganization Expenses Income Taxes (123) (1,442) Net Profit (Loss) (244) (2,752) *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-2

8 Case KG Doc 780 Filed 06/16/16 Page 8 of 14 STATEMENT OF OPERATIONS - continuation sheet Cumulative BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date Other Costs Other Inventory Adjustment - increases in inventory reserves offset by adjustment to record pre-petition payables net of inventory held in bonded storage for which the debtor does not have title (177) 2,769 Other Operational Expenses Misc Payroll Expense -Payroll and vacation accrual true up - 10,500 Royalties - 5% of sales due JBBI - 6,123 Late Fees - Payable to UPS - 99 Miscellaneous - True up of unprocessed cash receipts - (1,180) Other Income Other Expenses Write off remaining fixed assets Other Reorganization Expenses Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11: Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item. FORM MOR-2 (CON'T)

9 Case KG Doc 780 Filed 06/16/16 Page 9 of 14 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 Equivalents 606 1,094 Restricted Cash and Cash Equivalents (see continuation sheet) Accounts Receivable (Net) Notes Receivable Inventories 6 7,231 Prepaid Expenses 4 3 Professional Retainers Other Current Assets (attach schedule) 38 TOTAL CURRENT ASSETS 758 9,158 PROPERTY AND EQUIPMENT Real Property and Improvements Machinery and Equipment 1,915 Furniture, Fixtures and Office Equipment 174 Leasehold Improvements 7 Vehicles Less Accumulated Depreciation (1,653) TOTAL PROPERTY & EQUIPMENT OTHER ASSETS Loans to Insiders* Due from Affiliate 33,177 31,701 Other Assets (attach schedule) TOTAL OTHER ASSETS 33,177 31,701 TOTAL ASSETS 33,935 41,302 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 6 Taxes Payable (refer to FORM MOR-4) 4 Wages Payable 23 Notes Payable Rent / Leases - Building/Equipment Secured Debt / Adequate Protection Payments Accrued Professional Fees Amounts Due to Insiders* Due to Affiliate 19,304 19,058 Other Postpetition Liabilities (attach schedule) 16 TOTAL POSTPETITION LIABILITIES 19,311 19,100 LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) Secured Debt 4,010 5,082 Priority Debt Unsecured Debt 4,823 8,576 TOTAL PRE-PETITION LIABILITIES 8,833 13,658 TOTAL LIABILITIES 28,144 32,758 OWNER EQUITY Capital Stock 0 0 Additional Paid-In Capital Partners' Capital Account Owner's Equity Account Retained Earnings - Pre-Petition 8,543 8,543 Retained Earnings - Postpetition (2,752) Adjustments to Owner Equity (attach schedule) Postpetition Contributions (Distributions) (Draws) (attach schedule) NET OWNER EQUITY 5,791 8,543 TOTAL LIABILITIES AND OWNERS' EQUITY 33,935 41,302 - FORM MOR-3 *"Insider" is defined in 11 U.S.C. Section 101(31).

10 Case KG Doc 780 Filed 06/16/16 Page 10 of 14 BALANCE SHEET - continuation sheet BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE Other Current Assets A/R OTHER - DALLAS - Receivable from Great American for liquidated inventory pre-petition - 38 Utility deposits 4 Other Assets BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE Other Postpetition Liabilities ACCRUED INTEREST - Interest on Comerica term and revolver notes - 7 GROUP INSURANCE WITHHELD - Payroll deductions not yet disbursed - 7 UNPROCESSED CASH SALES - Credit card sale not yet shipped - 2 Adjustments to Owner Equity - 16 Postpetition Contributions (Distributions) (Draws) Restricted Cash: cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated into a separate account, such as an escrow account. FORM MOR-3 (CON'T)

11 Case KG Doc 780 Filed 06/16/16 Page 11 of 14 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 Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability Federal Withholding 0 (0) - FICA-Employee 0 (0) - FICA-Employer 0 (0) - Unemployment - - Income Other: - - Total Federal Taxes 0 (0) - - State and Local Withholding 0 (0) - Sales 0 (0) - Excise - - Unemployment - - Real Property - - Personal Property - - Other: - - Total State and Local 0 (0) - - Total Taxes 0 (0) - - Attach aged listing of accounts payable. SUMMARY OF UNPAID POSTPETITION DEBTS Number of Days Past Due Current Over 90 Total Accounts Payable Contract Wages Payable Taxes Payable - Rent/Leases-Building - Rent/Leases-Equipment - Secured Debt/Adequate Protection Payments - Professional Fees - Amounts Due to Insiders* - Other: - Other: - Total Postpetition Debts Explain how and when the Debtor intends to pay any past-due postpetition debts. Note: Debtor files a consolidated return with its parent company, J. Baxter Brinkmann International. The debtor s proportionate share of the consolidated tax liability is included in Amounts Due from Affiliates in the Balance Sheet (MOR3) *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-4

12 Case KG Doc 780 Filed 06/16/16 Page 12 of 14 Malibu Lighting Corporation A/P Aging Detail As of March 31, 2016 Case No days past due Total for 1-30 days past due Current Date Num Vendor 03/01/ WASTE MANAGEMENT 03/01/ WASTE MANAGEMENT 03/01/ WASTE MANAGEMENT 03/01/ TYCO INTEGRATED SECURITY LLC 03/05/ ADP, INC. 03/05/ ADP, INC. 03/05/ UNITED PARCEL SERVICE 03/05/ ADP, INC. 03/31/ CULLEN, BILL 03/31/ ALLEN, RHONDA 03/31/ TURNER, JOHNNY

13 Case KG Doc 780 Filed 06/16/16 Page 13 of 14

14 Case KG Doc 780 Filed 06/16/16 Page 14 of 14 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING Accounts Receivable Reconciliation Amount Total Accounts Receivable at the beginning of the reporting period 96 Amounts written off during the period - + Amounts billed during the period - - Amounts collected during the period (31) Total Accounts Receivable at the end of the reporting period 65 Accounts Receivable Aging Amount 0-30 days old days old days old days old 65 Total Accounts Receivable 65 Amount considered uncollectible (Bad Debt) 23 Accounts Receivable (Net) 42 DEBTOR QUESTIONNAIRE Must be completed each month Yes No 1. 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 documentation X identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule Note: debtor sold inventory outside the normal course of business through a liquidation firm, Great American, as approved by the Bankruptcy Court. FORM MOR-5