EXHIBIT 99.1
GENERAL NOTES TO MAY 2010
MONTHLY OPERATING REPORT
General:
The report includes all activity for all Debtors in these jointly administered cases.
Notes to MOR's
These schedules and statements contain financial information that has been taken from the books and records of the Debtors. The amounts reflected in these financial statements are unaudited. These financial statements are prepared on a consolidated basis.
FORM MOR
7/7/2010
Page 1 of 13
UNITED STATES BANKRUPTCY COURT | |||||
SOUTHERN DISTRICT OF NEW YORK | |||||
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | ||
Debtor | Reporting Period: | May 2010 | |||
Federal Tax I.D. # | 13-3492802 |
CORPORATE MONTHLY OPERATING REPORT | |||||
File with the Court and submit a copy to the United States Trustee within 20 days after the end of the month and submit a copy of the report to any official committee appointed in the case. | |||||
(Reports for Rochester and Buffalo Divisions of Western District of New York are due 15 days after the end of the month, as are the reports for Southern District of New York.) | |||||
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Affidavit/Supplement Attached | |
Schedule of Cash Receipts and Disbursements | MOR-1 | Y | |||
Bank Reconciliation (or copies of debtor's bank reconciliations) | MOR-1 (CONT) | N | 1 | ||
Copies of bank statements | N | 1 | |||
Cash disbursements journals | N | 1 | |||
Statement of Operations | MOR-2 | Y | |||
Balance Sheet | MOR-3 | Y | |||
Status of Post-petition Taxes | MOR-4 | N | Y | ||
Copies of IRS Form 6123 or payment receipt | N | 1 | |||
Copies of tax returns filed during reporting period | N | 1 | |||
Summary of Unpaid Post-petition Debts | MOR-4 | Y | |||
Listing of Aged Accounts Payable | Y | 2 | |||
Accounts Receivable Reconciliation and Aging | MOR-5 | N | 3 | ||
Taxes Reconciliation and Aging | MOR-5 | N | 4 | ||
Payments to Insiders and Professionals | MOR-6 | Y | |||
Post Petition Status of Secured Notes, Leases Payable | MOR-6 | Y | |||
Debtor Questionnaire | MOR-7 | Y |
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 /s/ Bruce E. Zurlnick | Date: July 7, 2010 | ||||
Signature of Authorized Individual* /s/ Bruce E. Zurlnick | Date: July 7, 2010 | ||||
Printed Name of Authorized Individual Bruce E. Zurlnick | Date: July 7, 2010 | ||||
*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. |
1 - | Due to their voluminous nature, these documents are not attached but are available from the Debtors upon request. | |||||
2 - | The Debtor does not have the ability to age the Accounts Payble data and therefore just the total amount due to each creditor is included. | |||||
3 - | Accounts Receivable is comprised of a $1.3 million receivable from Gottschalk's for which we have set up an uncollectible reserve of 90%, as Gottschalk's filed for bankruptcy in January 2009. | |||||
4 - | Not applicable. | |||||
Note: The debtor's fiscal month of May 2010 covers the period from May 2, 2010 through May 31, 2010. |
FORM MOR
7/7/2010
Page 2 of 13
Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | |||||
Debtor | Reporting Period: | May 2010 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS (1) | |||||||
Amounts reported should be from the debtor’s books and 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. 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-1CONTINUED] | |||||||
ACCOUNT | FISCAL MAY 2010 | CUMULATIVE FILING TO DATE ACTUAL (TOTAL OF ALL ACCOUNTS) |
CASH BEGINNING OF MONTH (2) | 83,236,000 | 5,158,000 |
RECEIPTS | ||
CASH SALES | 279,000 | 159,063,000 |
PROCEEDS FROM GORDON BROTHERS FOR LIQUIDATION GUARANTEE | 99,709,000 | |
TOTAL RECEIPTS | 279,000 | 258,772,000 |
DISBURSEMENTS | ||
MERCHANDISE | 0 | 2,414,000 |
PAYROLL AND PAYROLL TAXES | 2,061,000 | 42,916,000 |
RENT & OTHER OCCUPANCY | 74,000 | 17,838,000 |
SALES & OTHER TAXES | 227,000 | 24,867,000 |
SELLING, GENERAL & ADMINISTRATIVE | 220,000 | 20,260,000 |
REVOLVER & BOND INTEREST | 0 | 1,914,000 |
RESTRUCTURING PROFESSIONAL FEES INCLUDING LIQUIDATOR FEES, NET OF COMPANY'S SHARE OF AUGMENT GROSS MARGIN | 569,000 | 6,949,000 |
LOAN REPAYMENTS TO GE & 2nd LIEN NOTE REPAYMENT | 0 | 62,957,000 |
FUND LC COLLATERAL | 0 | 3,451,000 |
TOTAL DISBURSEMENTS | 3,151,000 | 183,566,000 |
NET CASH FLOW | (2,872,000) | 75,206,000 |
(RECEIPTS LESS DISBURSEMENTS) | ||
CASH – END OF MONTH (2) | 80,364,000 | 80,364,000 |
THE FOLLOWING SECTION MUST BE COMPLETED | ||
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||
TOTAL DISBURSEMENTS | FISCAL MAY 2010 | CUMULATIVE FILING TO DATE ACTUAL (TOTAL OF ALL ACCOUNTS) |
LESS: TRANSFERS TO OTHER DEBTOR IN POSSESSION ACCOUNTS | 3,151,000 | 183,566,000 |
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | 0 | 0 |
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | 3,151,000 | 183,566,000 |
1 - We track cash receipts and disbursements on a consolidated basis and not by individual bank accounts. | ||
2 - Excludes add back of A/P Overdraft (GAAP adjustment) and credit card receivables. | ||
FORM MOR-1
7/7/2010
Page 3 of 13
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | ||||||
Debtor | Reporting Period: | May 2010 |
Cash Disbursements | |||||||||
DEBTOR | CASE NO. | FISCAL MAY 2010 | CUMULATIVE FILING TO DATE ACTUAL | ||||||
Finlay Enterprises, Inc. | 09-14873 | 0 | |||||||
Finlay Fine Jewelry Corporation | 09-14874 | 3,048,000 | 158,476,000 | ||||||
Finlay Jewelry, Inc. | 09-14875 | 0 | |||||||
EFinlay, Inc. | 09-14876 | 0 | |||||||
Finlay Merchandising & Buying | 09-14877 | 553,000 | |||||||
Carlyle & Co. Jewelers | 09-14878 | 103,000 | 22,544,000 | ||||||
Park Promenade, LLC | 09-14879 | 0 | |||||||
L. Congress, Inc. | 09-14880 | 1,993,000 | |||||||
Total | 3,151,000 | 183,566,000 | |||||||
FORM MOR-1
7/7/2010
Page 4 of 13
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | ||
Debtor | Reporting Period: | May 2010 |
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. | |||||
FISCAL MAY 2010 | CUMULATIVE - FILING TO DATE | ||||
REVENUE | |||||
Merchandise sales | 0 | 273,999,000 | |||
Repair sales | 3,763,000 | ||||
Accomodation sales | 17,000 | ||||
Total Revenue | 0 | 277,779,000 | |||
COST OF GOODS SOLD | |||||
Cost of Goods Sold | 0 | 238,267,000 | |||
Gross profit before non recurring items | 0 | 39,512,000 | |||
Non Recurring item: Adjustment to inventory valuation based on estimated net realizable value | 300,000 | ||||
Gross Profit | 0 | 39,212,000 | |||
OPERATING EXPENSES | |||||
Net advertising expense | 5,140,000 | ||||
Rent & Other Occupancy | 70,000 | 20,358,000 | |||
Payroll, payroll taxes and employee benefits | 0 | 26,363,000 | |||
Insurance | 0 | 1,773,000 | |||
Other general operating expenses (See below) | (261,000) | 34,400,000 | |||
Other - including administrative cost centers (See below) | (323,000) | 20,670,000 | |||
Total Operating Expenses Before Depreciation | (514,000) | 108,704,000 | |||
Depreciation/Depletion/Amortization | 748,000 | ||||
Net Profit (Loss) Before Other Income & Expenses | 514,000 | (70,240,000) | |||
OTHER INCOME AND EXPENSES | |||||
Other Income (attach schedule) | 0 | ||||
Interest Expense | 7,000 | 10,895,000 | |||
Other Expense (attach schedule) | 17,700,000 | ||||
Net Profit (Loss) Before Reorganization Items | 507,000 | (98,835,000) | |||
REORGANIZATION ITEMS | |||||
Professional Fees & Other reoganization expense (See below) | 748,300 | 9,473,600 | |||
U. S. Trustee Quarterly Fees | (2,200) | 149,225 | |||
Interest Earned on Accumulated Cash from Chapter 11 | 0 | ||||
Gain (Loss) from Sale of Equipment | 0 | ||||
0 | |||||
Total Reorganization Expenses | 746,100 | 9,640,825 | |||
Provision (Credit) for Income Taxes (1) | (8,132,419) | ||||
Net Profit (Loss) | (239,100) | (100,343,406) | |||
(1) Year to date reflects income tax receivable resulting from carry back of loss for October 2009 tax year. | |||||
FORM MOR-2
7/7/2010
Page 5 of 13
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | |
Debtor | Reporting Period: | May 2010 | ||
BREAKDOWN OF “OTHER” CATEGORY | FISCAL MAY 2010 | CUMULATIVE - FILING TO DATE | ||
OTHER GENERAL OPERATIONAL EXPENSES | ||||
BOXES/DISPLAYS | 459,000 | |||
EVENTS/SUPPLIES | 0 | 374,000 | ||
TRAVEL | 898,000 | |||
MISCELLANEOUS INCLUDING GORDON BROTHERS CONSULTANT TIME AND EXPENSE (1) | (268,000) | 1,180,605 | ||
TRADENAMES, CUSTOMER LISTS & OTHER WRITE OFFS | 0 | 24,051,549 | ||
TELECOMMUNICATION CHARGES | 7,000 | 612,000 | ||
CREDIT CARD FEES | 0 | 6,825,000 | ||
TOTAL OTHER OPERATIONAL EXPENSES | (261,000) | 34,400,154 | ||
Note 1: Includes adjustment to certain reserves and net proceeds from sale of stock. | ||||
OTHER INCLUDING ADMINISTRATIVE COSTS CENTERS | ||||
PAYROLL (2) | (447,000) | 10,159,000 | ||
PAYROLL TAXES | 78,000 | 722,000 | ||
EMPLOYEE BENEFITS | 12,000 | 569,000 | ||
VEBA TRUST - BENEFITS | 0 | 1,500,000 | ||
RENT PREMISES | 0 | 728,000 | ||
RENT EQUIPMENT | 0 | 308,000 | ||
REPAIR & MAINTENANCE | 0 | 190,000 | ||
UTILITIES | 0 | 368,000 | ||
OTHER MISCELLANEOUS | 34,000 | 6,126,000 | ||
0 | ||||
OTHER ADMINISTRATIVE EXPENSES | (323,000) | 20,670,000 | ||
Note 2: Includes adjustment of $620K to certain reserves associated with severance and incentive payments. | ||||
PROFESSIONAL FEES & OTHER REORG. EXPENSE | ||||
WEIL, GOTSHAL & MANGES | 136,300 | 2,075,800 | ||
ALVAREZ & MARSAL | 32,400 | 1,551,700 | ||
ASSET DISPOSITION ASSOC. | 146,900 | 1,727,100 | ||
GECC | 0 | 375,100 | ||
PROSKAUER & ROSE | 0 | 11,000 | ||
EPIQ BANKRUPTCY SOLUTIONS | 75,000 | 1,045,900 | ||
HSBC BANK | 8,300 | 48,900 | ||
PRYOR CASHMAN | 10,000 | 392,800 | ||
MOSES & SINGER | (36,300) | 905,300 | ||
SONNENSCHEIN, NATH & ROSENTHAL | 5,000 | 138,200 | ||
TOGUT SEGAL | 229,200 | 336,600 | ||
WILMINGTON TRUST COMPANY | 5,000 | 69,900 | ||
CONSENSUS | 68,500 | 513,000 | ||
OTHER | 68,000 | 282,300 | ||
0 | ||||
TOTAL PROFESSIONAL FEES & OTHER REORG. EXPENSE | 748,300 | 9,473,600 | ||
OTHER INCOME | N/A | N/A | ||
OTHER EXPENSES | 0 | 17,700,000 | ||
FORM MOR-2
7/7/2010
Page 6 of 13
In re | Finlay Enterprises, Inc. | Case No.: | 09-14873 through 14880 |
Debtor | Reporting Period: | May 2010 |
BALANCE SHEET | |||
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from post-petition obligations. | |||
ASSETS | BOOK VALUE AT END OF CURRENT REPORTING MONTH (May 31, 2010) | BOOK VALUE ON PETITION DATE OR SCHEDULED (August 5, 2009) | |
CURRENT ASSETS | |||
Unrestricted cash and equivalents (including A/P overdraft and credit card receivables) | 80,392,375 | 5,352,405 | |
Cash Collaterlized Accounts | 1,561,975 | 6,841,822 | |
Accounts receivable (Net) | 126,114 | 14,963,712 | |
Income tax receivable (1) | 4,812,257 | 0 | |
Other receivables (2) | 3,492,129 | 1,028,900 | |
Merchandise inventories | 0 | 202,530,200 | |
Prepaid expenses and other | 0 | 1,950,201 | |
Other Current Assets (attach schedule) | 0 | 0 | |
TOTAL CURRENT ASSETS | 90,384,850 | 232,667,240 | |
PROPERTY & EQUIPMENT | |||
Land and building | 3,225,000 | 9,420,470 | |
Fixtures | 17,794,766 | ||
Displays | 0 | 2,508,324 | |
Computers, equipment & other | 0 | 5,257,757 | |
Construction in Progress | 0 | 2,893,959 | |
Leasehold Improvements | 0 | 4,162,237 | |
Vehicles | 0 | 16,520 | |
Less: Accumulated Depreciation | 0 | (9,670,437) | |
TOTAL PROPERTY & EQUIPMENT (3) | 3,225,000 | 32,383,596 | |
OTHER ASSETS | |||
Amounts due from Insiders* | 0 | ||
Professional Retainers | 929,084 | 751,863 | |
Other Assets (attach schedule) | 2,744,551 | 21,505,623 | |
TOTAL OTHER ASSETS | 3,673,635 | 22,257,486 | |
TOTAL ASSETS | 97,283,485 | 287,308,322 | |
LIABILITIES AND OWNER EQUITY | BOOK VALUE AT END OF CURRENT REPORTING MONTH (May 31, 2010) | BOOK VALUE ON PETITION DATE OR SCHEDULED (August 5, 2009) | |
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) | |||
Accounts Payable - Post petition | 34,507 | 0 | |
Wages Payable & Compensated Absences | 170,000 | 0 | |
Accrued Professional Fees & restructuring costs | 1,504,709 | 0 | |
Taxes Payable | 0 | 0 | |
Amounts Due to Insiders* | 0 | 0 | |
Deferred Revenue - Liquidator Guarantee Advance | 0 | 0 | |
Other Post-petition Liabilities (attach schedule) | 2,294,029 | 0 | |
TOTAL POST-PETITION LIABILITIES | 4,003,245 | 0 | |
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) | |||
Secured Debt -Revolver, 2nd & 3rd lien notes | 194,112,290 | 255,832,879 | |
Priority Debt | 1,703,743 | 427,200 | |
Unsecured Debt - Senior notes | 42,895,031 | 42,847,826 | |
Accounts Payable - Pre petition | 8,169,770 | 8,176,582 | |
Other Pre-petition Liabilities (attach schedule) | 1,003,641 | 34,457,064 | |
TOTAL PRE-PETITION LIABILITIES | 247,884,475 | 341,741,551 | |
TOTAL LIABILITIES | 251,887,720 | 341,741,551 | |
OWNERS' EQUITY | |||
Capital Stock | 117,054 | 117,054 | |
Additional Paid-In Capital | 96,716,915 | 96,716,915 | |
Retained Earnings - Pre-Petition | (123,248,418) | (123,248,418) | |
Retained Earnings - Post-petition | (100,324,545) | 0 | |
Treasury Stock | (27,865,241) | (28,018,780) | |
Adjustments to Owner Equity (attach schedule) | 0 | ||
NET OWNERS’ EQUITY | (154,604,235) | (54,433,229) | |
TOTAL LIABILITIES AND OWNERS' EQUITY | 97,283,485 | 287,308,322 | |
*"Insider" is defined in 11 U.S.C. Section 101(31). | |||
1. Reflects federal income tax receivable resulting from carry back of loss for October 2009 tax year | |||
2. Includes approximately $1.7 million due from liquidator for percent rent and reimbursement of certain expenses. | |||
3. These assets have been adjusted to our estimated net realizable values. | |||
FORM MOR-3
7/7/2010
Page 7 of 13
In re | Finlay Enterprises, Inc. | Case No.: | 09-14873 through 14880 |
Debtor | Reporting Period: | May 2010 |
BALANCE SHEET - continuation section | |||
ASSETS | BOOK VALUE AT END OF CURRENT REPORTING MONTH (May 31, 2010) | BOOK VALUE ON PETITION DATE OR SCHEDULED (August 5, 2009) | |
Other Assets | |||
Deferred financing fees | 8,895,950 | ||
Insurance deposit | 340,000 | 340,000 | |
Credit card deposit | 2,388,403 | 3,000,000 | |
Favorable leases | 0 | 623,908 | |
Customer lists | 0 | 172,328 | |
Trade names | 0 | 6,669,592 | |
Deposits- Other utilities | 0 | 239,975 | |
Other - Workers Comp Deposit | 16,148 | 120,800 | |
Other (CSV Life - Carlyle) | 1,443,070 | ||
Total Other Assets | 2,744,551 | 21,505,623 | |
LIABILITIES | BOOK VALUE AT END OF CURRENT REPORTING MONTH (May 31, 2010) | BOOK VALUE ON PETITION DATE OR SCHEDULED (August 5, 2009) | |
Other Post-petition Liabilities | |||
General Insurance | 98,912 | 0 | |
Medical Insurance | 88,146 | 0 | |
Layaways & Gift Card | 0 | 0 | |
Credit Card Accrual | 0 | 0 | |
Percent Rent Accrual | 2,058,755 | ||
Other Post-petition Liabilities | 48,216 | ||
Other Post-petition Liabilities | 2,294,029 | 0 | |
LIABILITIES | BOOK VALUE AT END OF CURRENT REPORTING MONTH (May 31, 2010) | BOOK VALUE ON PETITION DATE OR SCHEDULED (August 5, 2009) | |
Other Pre-petition Liabilities | |||
General Insurance | 656,422 | 6,364,144 | |
Medical Insurance | 88,145 | 1,203,249 | |
Layaways & Gift Card | 0 | 1,418,612 | |
Diamond Bond Liability | 0 | 300,000 | |
STL Rent and Rent related | 0 | 4,194,864 | |
Income Taxes | 127,500 | 646,257 | |
Accrued Credit Card | 0 | 81,756 | |
Returns Reserve | 0 | 546,362 | |
Severance & other payroll accrual | 0 | 6,775,876 | |
Compensated Absences accrual | 0 | 1,390,067 | |
Accured Liability - Split Payroll | 0 | 1,632,890 | |
Other Miscellaneous | 0 | 3,033,698 | |
Sundry Taxes Accrued | 131,574 | 6,869,289 | |
Other Pre-petition Liabilities | 1,003,641 | 34,457,064 | |
FORM MOR-3
7/7/2010
Page 8 of 13
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | |||||
Debtor | Reporting Period: | May 2010 | ||||||
SUMMARY OF UNPAID POST-PETITION DEBTS
Number of Days Past Due | ||||||
Current | 0-30 | 31-60 | 61-90 | Over 91 | Total | |
Accounts Payable | 34,507 | |||||
Wages Payable | 170,000 | |||||
Taxes Payable | 0 | |||||
Rent/Leases-Building | ||||||
Rent/Leases-Equipment | ||||||
Secured Debt/Adequate Protection Payments | ||||||
Professional Fees | 1,504,709 | |||||
Amounts Due to Insiders | ||||||
Other: | 2,294,029 | |||||
Other: | ||||||
Total Post-petition Debts | 4,003,245 |
FORM MOR-4
7/7/2010
Page 9 of 13
In re: Finlay Enterprises, Inc. | Case No. 09-14873 through 14880 |
UNITED STATES BANKRUPTCY COURT | |||||
SOUTHERN DISTRICT OF NEW YORK | |||||
MONTHLY OPERATING REPORT – MAY 2010 | |||||
MOR- 4 - Post Petition Taxes Certification | |||||
The undersigned verifies that, to the best of his knowledge, all undisputed post-petition tax obligations, including but not limited to payroll, sales, use, income, franchise and other taxes have been paid to the proper taxing authority when due. | |||||
/s/ Bruce E. Zurlnick | July 7, 2010 | ||||
Bruce E. Zurlnick | |||||
Senior Vice President, | |||||
Treasurer and CFO | |||||
MOR 4
7/7/2010
Page 10 of 13
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | ||
Debtor | Reporting period: | May 2010 | |||
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown on the Cash Receipts and Disbursements Report (MOR-1) list the amount paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. 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 | Fiscal May 2010 | TOTAL PAID TO DATE |
Arthur E. Reiner | Salary | 0.00 | 125,625.00 |
Arthur E. Reiner | Vacation | 0.00 | 40,586.53 |
Arthur E. Reiner | Director Fees | 6,250.00 | 21,833.34 |
Arthur E. Reiner | Expense reimbursement | 0.00 | 5,000.00 |
Bonni G. Davis | Salary | 17,853.34 | 169,883.12 |
Bonni G. Davis | Severance | 43,133.64 | 43,133.64 |
Bonni G. Davis | Vacation | 14,008.00 | 14,008.00 |
Bonni G. Davis | Incentive Payments | 129,835.92 | 129,835.92 |
Bonni G. Davis | Expense reimbursement | 18.00 | 18.00 |
Bruce E. Zurlnick | Salary | 36,750.00 | 274,953.18 |
Bruce E. Zurlnick | Severance | 43,133.64 | 43,133.64 |
Bruce E. Zurlnick | Vacation | 17,809.61 | 17,809.61 |
Bruce E. Zurlnick | Incentive Payments | 335,035.92 | 335,035.92 |
Bruce E. Zurlnick | Expense reimbursement | 281.69 | 2,859.84 |
David B. Cornstein | Director Fees | 6,250.00 | 25,663.97 |
Deborah A. Higgins | Salary | 0.00 | 20,869.79 |
Deborah A. Higgins | Consulting | 0.00 | 28,000.00 |
Deborah A. Higgins | Vacation | 0.00 | 7,767.36 |
Deborah A. Higgins | Expense reimbursement | 0.00 | 366.16 |
Douglass J. Congress | Vacation | 0.00 | 8,461.53 |
Douglass J. Congress | Expense reimbursement | 0.00 | 334.95 |
Douglass J. Congress | Severance | 0.00 | 45,305.99 |
James M. Giantonemico | Salary | 0.00 | 142,182.14 |
James M. Giantonemico | Expense reimbursement | 0.00 | 3,947.78 |
James M. Giantonemico | Vacation | 0.00 | 3,330.00 |
James M. Giantonemico | Severance | 0.00 | 48,327.20 |
James M. Giantonemico | Incentive Payments | 50,457.35 | 259,785.80 |
Joan M. Durkin | Salary | 0.00 | 43,852.85 |
Joan M. Durkin | Vacation | 0.00 | 2,536.05 |
Joan M. Durkin | Expense reimbursement | 0.00 | 50.14 |
John P.Orr | Salary | 0.00 | 136,951.32 |
John P.Orr | Severance | 53,698.95 | 65,306.81 |
John P.Orr | Incentive Payments | 118,514.83 | 118,514.83 |
John P.Orr | Consulting | 1,500.00 | 3,239.41 |
John P.Orr | Expense reimbursement | 0.00 | 714.30 |
Joseph M. Melvin | Expense reimbursement | 0.00 | 416.67 |
Joseph M. Melvin | Severance | 0.00 | 45,305.99 |
Joyce Manning Magrini | Salary | 0.00 | 63,822.83 |
Joyce Manning Magrini | Vacation | 0.00 | 17,394.22 |
Joyce Manning Magrini | Expense reimbursement | 0.00 | 291.25 |
Karin Knudsen | Salary | 0.00 | 149,110.02 |
Karin Knudsen | Vacation | 0.00 | 22,712.50 |
Karin Knudsen | Incentive Payments | 0.00 | 128,168.80 |
Karin Knudsen | Severance | 0.00 | 43,133.64 |
Karin Knudsen | Expense reimbursement | 0.00 | 5,200.38 |
Leon Benzrihem | Salary | 0.00 | 65,180.84 |
Leon Benzrihem | Vacation | 0.00 | 11,000.00 |
Leon Benzrihem | Incentive Payments | 0.00 | 20,428.70 |
Leon Benzrihem | Severance | 0.00 | 36,224.80 |
Leon Benzrihem | Expense reimbursement | 0.00 | 1,450.00 |
Louis Lipschitz | Director Fees | 0.00 | 27,333.32 |
Norma L. Wilson | Salary | 0.00 | 106,589.48 |
Norma L. Wilson | Vacation | 0.00 | 19,291.72 |
Norma L. Wilson | Incentive Payments | 35,025.36 | 182,686.80 |
Norma L. Wilson | Severance | 0.00 | 71,096.74 |
Norma L. Wilson | Expense reimbursement | 0.00 | 12,070.76 |
Norman S. Matthews | Director Fees | 0.00 | 40,537.64 |
Raymond J. Poulin | Salary | 9,666.66 | 91,929.84 |
Raymond J. Poulin | Vacation | 8,476.92 | 8,476.92 |
Raymond J. Poulin | Severance | 21,561.36 | 21,561.36 |
Raymond J. Poulin | Incentive Payments | 99,115.96 | 99,115.96 |
Richard G. Davenport | Salary | 0.00 | 23,728.92 |
Richard G. Davenport | Vacation | 0.00 | 2,056.15 |
Richard G. Davenport | Severance | 0.00 | 27,415.38 |
Ronald E. Swanson | Salary | 0.00 | 70,415.07 |
Ronald E. Swanson | Severance | 12,088.86 | 20,624.02 |
Ronald E. Swanson | Incentive Payments | 13,292.08 | 66,463.90 |
Ronald E. Swanson | Vacation | 0.00 | 7,980.37 |
Ronnie S. Grabon | Salary | 0.00 | 38,728.06 |
Ronnie S. Grabon | Incentive Payments | 0.00 | 26,955.51 |
Ronnie S. Grabon | Severance | 8,024.33 | 13,689.79 |
Ronnie S. Grabon | Vacation | 0.00 | 980.83 |
Scot M. Congress | Vacation | 0.00 | 12,692.30 |
Scot M. Congress | Severance | 0.00 | 45,306.00 |
Scot M. Congress | Expense reimbursement | 0.00 | 2,467.07 |
Stuart C. Mclean | Expense reimbursement | 0.00 | 136.42 |
Stuart C. Mclean | Severance | 0.00 | 22,500.00 |
Sue C. Haire | Salary | 0.00 | 45,453.30 |
Sue C. Haire | Vacation | 0.00 | 9,387.66 |
Sue C. Haire | Incentive Payments | 0.00 | 17,327.50 |
Sue C. Haire | Severance | 2,980.30 | 17,296.30 |
Thomas G. Lozier | Salary | 0.00 | 10,574.50 |
Thomas G. Lozier | Vacation | 0.00 | 16,061.77 |
Thomas G. Lozier | Severance | 0.00 | 62,884.61 |
Thomas G. Lozier | Expense reimbursement | 0.00 | 71.45 |
Thomas M. Murnane | Director Fees | 7,500.00 | 31,623.65 |
- | |||
TOTAL PAYMENTS TO INSIDERS | 1,092,262.72 | 4,072,575.83 |
FORM MOR-6
7/7/2010
Page 11 of 13
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | |||
Debtor | Reporting period | May 2010 | ||||
PROFESSIONALS MAY 2010 | |||||
PERIOD COVERED | DATE OF COURT ORDER AUTHORIZING PAYMENT | AMOUNT PAID | TOTAL PAID TO DATE | TOTAL ESTIMATED INCURRED & UNPAID* | |
Weil, Gotshal & Manges LLP | 99,500 | 1,225,100 | 401,100 | ||
Alvarez & Marsal | 32,400 | 1,246,600 | 0 | ||
Asset Disposition Advisors | 171,700 | 1,121,000 | 310,400 | ||
Epiq Bankruptcy Solutions LLC | 97,600 | 801,700 | 75,000 | ||
Consensus Advisors | 20,200 | 396,000 | 117,100 | ||
Moses & Singer | 11,000 | 798,900 | 106,400 | ||
Pryor Cashman | 32,900 | 374,400 | 18,400 | ||
GECC | 0 | 25,500 | 15,000 | ||
Sonnenschein | 0 | 133,600 | 15,000 | ||
Wilmington Trust | 0 | 15,000 | 55,000 | ||
HSBC | 3,400 | 39,200 | 5,000 | ||
US Trustee Fees | 0 | 138,700 | 10,000 | ||
Togut & Segal LLP | 8,000 | 26,000 | 312,300 | ||
CRG Partners Group LLC | 4,000 | 192,300 | 12,000 | ||
Other | 0 | 183,100 | 52,000 | ||
TOTAL PAYMENTS TO PROFESSIONALS | 480,700 | 6,717,100 | 1,504,700 | ||
* INCLUDES ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED. REPRESENTS ESTIMATES FOR CURRENT MONTH. | |||||
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE | ||
AND ADEQUATE PROTECTION PAYMENTS - MAY 2010 | ||
NAME OF CREDITOR | SCHEDULED MONTHLY PAYMENT DUE | AMOUNT PAID DURING MONTH |
Second Lien Note repayment | n/a | 0 |
TOTAL PAYMENTS | 0 |
FORM MOR-6
7/7/2010
Page 12 of 13
In re | Finlay Enterprises, Inc. | Case No. | 09-14873 through 14880 | |
Debtor | Reporting Period: | May 2010 | ||
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. | Yes | No | |
1 | Have any assets been sold or transferred outside the normal course of business this reporting period? | X (1) | |
2 | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? | X | |
3 | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | X | |
4 | Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? | X | |
5 | Is the Debtor delinquent in paying any insurance premium payment? | X | |
6 | Have any payments been made on pre-petition liabilities this reporting period? | X (2) | |
7 | Are any post petition receivables (accounts, notes or loans) due from related parties? | X | |
8 | Are any post petition payroll taxes past due? | X | |
9 | Are any post petition State or Federal income taxes past due? | X | |
10 | Are any post petition real estate taxes past due? | X | |
11 | Are any other post petition taxes past due? | X | |
12 | Have any pre-petition taxes been paid during this reporting period? | X (2) | |
13 | Are any amounts owed to post petition creditors delinquent? | X | |
14 | Are any wage payments past due? | X | |
15 | Have any post petition loans been received by the Debtor from any party? | X | |
16 | Is the Debtor delinquent in paying any U.S. Trustee fees? | X | |
17 | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | X | |
18 | Have the owners or shareholders received any compensation outside of the normal course of business? | X |
1 - Effective September 26, 2009, the debtors signed an agency agreement with Gordon Brothers Retail Partners, LLC to guarantee the sale proceeds of the liquidation of merchandise in certain of our store locations. | ||
2 - The debtors obtained certain orders on or shortly after the commencement of these chapter 11 cases designed to minimize the disruption of business operations. Such orders gave the Debtors permission to pay certain prepetition amounts related to employee compensation programs, certain customer programs, sales and use taxing authorities, workers' compensation and other insurance programs and certain common carriers. During the period reported herein, the Debtors paid certain prepetition obligations under such orders. |
FORM MOR-7
7/7/2010
Page 13 of 13