Exhibit 99
Sunterra Corporation
Consolidated Debtor and Non-Debtor Entities
Balance Sheet
October 31, 2000
Total
Consolidated
(Unaudited)
Assets:
Cash and cash equivalents $ 28,461,964
Cash in escrow and restricted cash 50,923,112
Mortgages receivable, net 252,819,204
Retained interests 28,465,049
Due from related parties 18,322,267
Other receivables, net 61,154,614
Prepaid expenses and other assets 11,869,692
Investment in joint ventures 21,016,921
Real estate and development costs 338,888,234
Property and equipment, net 115,912,782
Intangible assets, net 74,259,738
$ 1,002,093,577
Liabilities and equity:
Accounts payable subject to compromise $ 86,742,325
Notes payable subject to compromise 690,112,578
Accounts payable not subject to compromise 23,554,035
Accrued liabilities 55,916,425
Notes payable not subject to compromise 47,143,345
Deferred income taxes 6,076,424
909,545,132
Stockholders' equity 92,548,445
Total liabilities and equity $ 1,002,093,577
The accompanying notes and Monthly Operating Report are an integral part of
these consolidated financial statements.
Sunterra Corporation
Consolidated Debtor and Non-Debtor Entities
Income Statement
For the Month Ended October 31, 2000
Total
Consolidated
(Unaudited)
Revenues:
Vacation interests sales $ 12,100,059
Interest income 2,980,226
Other income (loss) 1,790,258
Total revenues 16,870,543
Costs and operating expenses:
Vacation interests cost of sales 4,242,537
Advertising, sales and marketing 6,397,485
Provision for doubtful accounts 529,143
Loan portfolio expenses 627,360
General and administrative 4,208,643
Depreciation and amortization 2,112,918
Total costs and operating expenses 18,118,086
Income (loss) from operations (1,247,543)
Interest expense 2,789,940
Other nonoperating expenses -
Realized (gain) on available-for-sale securities -
Equity (gain) on investment in joint ventures (339,014)
Bankruptcy expenses:
Loss/(Gain) on Sale of Assets -
Interest (Income) (73,670)
Professional Services 1,629,248
Income (loss) before provision for taxes (5,254,047)
Provision for income taxes 198,634
Net income (loss) $ (5,452,681)
The accompanying notes and Monthly Operating Report are an integral part of
these consolidated financial statements.
Form No. 5
(page 1)
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF MARYLAND
OFFICE OF UNITED STATES TRUSTEE
IN RE: ) Case No. 00-5-6931-JS through
SUNTERRA CORPORATION et al., ) 00-5-6967-JS, 00-5-8313-JS
) (Chapter 11)
Debtors ) (Jointly Administered under
Case No. 00-5-6931-JS)
MONTHLY OPERATING REPORT Calendar Month Oct. 1 through Oct. 31, 2000
FINANCIAL BACKGROUND INFORMATION
1. ACCOUNT STATUS: Cash Accrual X
2. PREPARER: State the name, address, telephone number and position of the
person(s) who actually compiled the information contained in this report.
Ann Cohen, Vice President
1781 Park Center Drive, Orlando, Florida 32835 (407) 532-1000
3. EMPLOYEE INFORMATION:
Number of employees paid this period: 647
Current number of employees 647
Gross monthly payroll:
Officers, directors and principals $191,416
Other employees $1,929,211
All post-petition payroll obligations
including payroll taxes are current. Exceptions: None
4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF
OPERATIONS since the last reporting period? Yes ____ No X . If yes,
explain:
5. Are all BUSINESS LICENSES or BONDS current?
Yes X No Not Applicable
6. PRE-PETITION ACCOUNTS RECEIVABLE:
Calculation still in process, will supply at a later date. See Note below
Collected this Period $
Ending Balance $
7. POST-PETITION ACCOUNTS RECEIVABLE:
Calculation still in process, will supply at a later date. See Note below
0-30 Days: $________ 31-60 Days: $________ Over 60 Days: $________
Form No. 5
(page 2)
If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explain the delinquencies. ?
Yes ____ No ____.
Note:
The majority of Accounts Receivable consists of Mortgages Receivable and A/R
Inventory. The Debtors are in the process of analyzing the Mortgage Receivables
In-Transit Aging. Supporting documents are available should the U.S. Trustee
require more information. The A/R Inventory consists of vacation intervals
related to mortgages receivable that are in the process of being deeded back to
the Debtors. The Debtors are in the process of analyzing this inventory and will
be able to supply additional details in the near future.
8. POST-PETITION ACCOUNTS PAYABLE:
0-30 Days: $1,468,939 31-60 Days: $342,781 Over 60 Days: $404,782
If there are any post-petition Accounts Payable over 30 days, provide Schedule
AP giving a listing of such accounts and explain the delinquencies.
Note:
Supporting documents for the A/P aging are available should the U.S. Trustee
require more information.
9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
Yes X No . See Note below
On the attached IRS Form 6123 report all tax deposits made with any financial
institution for federal employment taxes during the reporting period. Be sure
the form is complete and signed by an authorized employee of the receiving
institution or taxing authority. Also attach copies of the monthly sales tax
statement, payroll tax statement, unemployment tax statement AND real estate tax
statement with evidence of payment of these taxes.
Note:
There have been no changes to the escrow of payroll taxes as originally
presented in the June MOR. Compupay and ProBusiness continue to escrow payroll
taxes for the Debtors. Supporting documents are available should the U.S.
Trustee require more information.
10. BANK ACCOUNTS: Have you changed banks or any other financial institution
--- during this period: Yes X No
If yes, explain: See updated Attachment D
11. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are
all current? Yes X No .
Form No. 5
(page 3)
If no, explain:
12. INSURANCE: Policy expiration dates: See Attachment B
Auto and Truck _________________ Liability __________________
Fire _________________ Workers Comp__________________
Other _________________ Expires: __________________
13. ACTIONS OF DEBTOR. During the last month, did the Debtor:
(a) Fail to defend or oppose any action seeking to dispossess the debtor
from control or custody of any asset of the estate? Yes No X .
If yes, explain:
OR consent to relief from the automatic stay (Section 362)?
Yes No X .
If yes, explain:
(b) Maintain such stock, inventory, raw materials, insurance, employees and
other resources as are necessary to preserve and maintain the going concern
value of the assets of the debtor? Yes X No
If no, explain:
14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control
over any of the Debtor's assets transfer, convey or abandon any of Debtor's
assets to another party during the period of this report other than as set
forth herein (including sales by creditors)? Yes No X .
If yes, explain:
If yes, a copy of court order authorizing the referenced action must be
attached.
Please discuss any pending motions to sell estate assets.
Type of Motion
See Attachment A.
Brief Description of Asset
See Attachment A.
Form No. 5
(page 4)
Projected Income
See Attachment A.
You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. Yes: X See Attachment A.
15. PAYMENTS TO SECURED CREDITORS during Reporting Period:
Frequency of Amount Next Post-Petition
Payments per of Each Payment Pmts. Not Made
Creditor Contract Payment Due No. Amt
----------------------------------------------------------------------------------------------------------------
Finova (endpaper) None
----------------------------------------------------------------------------------------------------------------
First Union None
----------------------------------------------------------------------------------------------------------------
Ableco Financing $ 503,437
----------------------------------------------------------------------------------------------------------------
98-A Securitization $1,588,787 principal and interest
----------------------------------------------------------------------------------------------------------------
99-A Securitization $1,827,474 principal and interest
----------------------------------------------------------------------------------------------------------------
99-B Securitization $1,109,976 principal and interest
----------------------------------------------------------------------------------------------------------------
GE Capital (Matrix leases) $ 116,300
----------------------------------------------------------------------------------------------------------------
Unicap (Matrix Funding) $ 47,002
----------------------------------------------------------------------------------------------------------------
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period:
Professional Name Type of Service Rendered Fees Paid
----------------------------------------------------------------------------------------------------------
Chanin Capital Partners Professional fees 122,156
Daniel, John T Legal fees 480
Fried, Frank, Harris, Shriver & Jacobson Professional Fees 115,954
Ivey, Harris, & Walls Inc Legal fees 5,000
Johnson, Murrell & Cas Legal fees 120
Lowther, Johnson, Joyner, Lowther Legal fees 777
Needle Rosenberg Legal fees 4,954
Ralph J Brekan & Co Professional fees 3,000
Schreeder, Wheeler, & Flint Professional fees 37,620
Shapiro, Sher, & Guinot Professional fees 13,280
White, Koch, Kelly, McCar Legal fees 1,120
Whiteford, Taylor & Preston Professional fees 199,179
Willkie Farr & Gallagher Professional fees 293,954
Wolcott Rivers Wheary BA Legal fees 15,764
----------
Legal & Professional $ 813,358
==========
17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:
Monthly Disbursements: For the month of October:
(calendar quarter) Quarter 3 fees paid NONE
Form No. 5
(page 5)
VERIFICATION
I declare under penalty of perjury that the information contained in this
Monthly Operating Report (including schedules) is true and correct to the best
of my knowledge, information and belief. The business of the Debtors is complex.
The Debtors have sought to report all information contained in this Monthly
Operating Report completely and accurately. The Debtors will review their
records and other information on an on-going basis to determine whether this
Monthly Operating Report should be supplemented or otherwise amended. The
Debtors reserve the right to file, at any time, such supplements or amendments
to this Monthly Operating Report as the Debtors deem appropriate. This Monthly
Operating Report should not be considered an admission regarding any of the
Debtors' income, expenditures or general financial condition, but rather the
Debtors' current compilation of such information based on their investigations
to date. The Debtors do not make, and specifically disclaim, any representation
or warranty as to the completeness or accuracy of the information set forth
herein. All parties are encouraged to inform the Debtors or their counsel should
they believe any part of this Monthly Operating Report to be inaccurate,
incomplete or in need of supplementation in any way.
Dated: ______________________________
DEBTOR IN POSSESSION
By: /s/ Lawrence E. Young
Name/Title: Lawrence E. Young CFO
Address: 1781 Park Center Drive, Orlando, Florida 32835
Telephone: (407) 532-1000
REMINDER: Attach copies of debtor in possession bank statements.
NOTE: Due to the number of bank accounts, no bank statements have been attached.
See Attachment D for bank account listing.
ATTACHMENT A
to
Monthly Operating Report
Sunterra Corp., et al., October, 2000
The following motions to sell assets of the Debtors were pending during the
month of October, 2000:
Motion for Approval of (I) Sale of Real Property Free and
Clear of Liens and Encumbrances and (II) Assumption of Related
Executory Contract (40 Acres, James City County, Virginia)
(filed August 31, 2000);
Motion for Approval of (a) The Sale of The Capital Stock of
Sunterra Europe (Group Holdings) PLC d/b/a Grand Vacation
Club, Free and Clear of Liens and Encumbrances; (b) Approving
Break-Up Fee; (c) Approving Bidding Procedures; (d) Approving
Form and Manner of Notice of Sale; and (e) Providing Related
Relief (Sunterra Europe) (filed October 5, 2000; subsequently
withdrawn);
Motion for Approval of Sale of Real Property and Related
Assets Free and Clear of Liens and Encumbrances (The Savoy,
Miami Beach, FL) (filed October 5, 2000); and
Motion for Order Authorizing the Sale of Condominium Units
806, 811, 812, and 813 at Royal Kuhio Property Fee and Clear
of Liens, Claims and Encumbrances (filed October 16, 2000).
The following motion to sell assets of the Debtors was granted by an order
of the Bankruptcy Court entered October 26, 2000:
Motion for Approval of Sale of Real Property and Related
Assets Free and Clear of Liens and Encumbrances (Steamboat
Springs, Colorado) (filed September 15, 2000).
In addition, the Debtors may have disposed of certain assets pursuant the
Order Authorizing The Sale And/Or Abandonment Of Miscellaneous Assets Including
But Not Limited To Certain Furniture, Fixtures And Equipment, entered by the
Court on September 14, 2000. (The Motions and Order referred to above are on
file with the Clerk's Office).
The Debtors may also have disposed of certain assets in the ordinary course
of business in October, 2000.
Sunterra Resorts Policy Register 2000 - 2001 Attachment B
Company & Policy
Type of Coverage Policy Number Period Limits/Deductible Premium Comments
---------------- ------------- ------- ----------------- -------- --------
Primary General American Safety 8/1/00- $2,000,000 Aggregate; $450,000 McGriff Broker
Liability Risk Retention 8/1/01 $2,000,000 Products/ $22,500 Covers all Sunterra Corp's.
Completed Operations Taxes/ locations except Lake
Aggregate; Fees Arrowhead, Hawaii resorts
$1,000,000 Personal & and St. Maarten resorts
Advertising Injury;
$1,000,000 Each Occurrence;
$50,000 Fire Legal;
$1,000,000 EBL;
$1,000,000 Liquor Liability;
$5,000 Deductible
General Liability American Safety 8/1/00- Covers $5,000 per occurrence $175,000 McGriff Broker
Stop Loss Risk Retention 8/1/01 deductible on the primary G/L
Aggregate Fund policy for 12 months
Excess General Great American 3/1/00- $50M each occurrence/ $50M $57,500 McGriff Broker as above
Liability Insurance 3/1/01 aggregate where applicable;
Company Excess of scheduled underlying
#TUU3577947 policy
Excess General Indemnity 3/1/00- $50M each occurrence/ $50M $29,000 McGriff Broker as above
Liability Insurance 3/1/01 aggregate where applicable/
Companyof excess of $50M each
North America occurrence/ $50M aggregate
#G20115476
Foreign Liability DIC Fireman's Fund 3/1/00- $1,000,000 Commercial GL; $65,884 McGriff Broker
General Liability Insurance 3/1/01 $1,000,000 Contingent Auto Covers claims brought
Cover Company Liability; against Sunterra Corp. and
#IDC68279405 $1,000,000 Employers Liability subsidiaries for claims/
accidents occurring outside
the USA which are litigated/
filed in the USA
Property Policy Lloyds of 3/1/00- $2.5 million annual aggregate $1,842,776 McGriff Broker
London 3/1/01 Covers all Sunterra Corp's.
168601L owned or managed resorts,
except for Lake Arrowhead
and the St. Maarten resorts
Property Policy Lloyds of 3/1/00- $2.5 million excess of $2.5 $947,726 McGriff Broker
London 3/1/01 million annual aggregate for all Excess property covers 2/nd/
168602L perils, separately for Flood and layer; $5 million in combined
Earthquake property, business
interruption and continuing
expenses coverage. This
policy will drop down
and become primary if the above
policy limits are exhausted.
Property Policy Indemnity Ins. 3/1/00- $20 million excess of $2.5 $436,832 McGriff Broker
Co. of North 3/1/01 million per occurrence, which in Excess property covers 3/rd/
America turn excess of $2.5 million layer; $25 million in
GPAD3457270 annual aggregate for all perils, combined property, business
7 separately for Flood and interruption and continuing
Earthquake expenses coverage
Property Policy Lloyds of London/ 3/1/00- $50 million excess $22.5 million $92,163 McGriff Broker
Royal Surplus 3/1/01 except California Earthquake Excess property 4/th/ layer;
Lines - Each $25M ($30 million excess $22.5 $75 million in combined
part of $50M million per occurrence, which in property, business
168603L turn excess of $2.5 million interruption and continuing
annual aggregate for all perils) expenses coverage
-----------------------------------------------------------------------------------------------------------------------------------
Sunterra Resorts Policy Register 2000 - 2001 Attachment B
--------------------------------------------
Company & Policy
Type of Coverage Policy Number Period Limits/Deductible Premium Comments
---------------- ------------- ------ ----------------- ------- --------
Property Policy Indemnity 3/1/00- $50 million excess of $72.5 $102,693 McGriff Broker
Insurance Co. of 3/1/01 million per occurrence, which in Excess property 5/th/ layer;
North America turn, excess of $2.5 million $125 million in combined
KHD314576 annual aggregate for all perils property, business
interruption and continuing
expense coverage. Note
primary policy limits are
aggregate; in the event this
is depleted, there will be
$122.5 million
Boiler and Travelers 3/1/00- $50,000,000 $ 17,994 McGriff Broker
Machinery Coverage Insurance 3/1/01 Covers all Sunterra Corp's.
Company locations and resorts except
#MJBMG272K St.Maarten and Lake
9361 Arrowhead
HOA D&O Policy National Union 11/1/99- $5,000,000 limit Marsh Broker
Fire Insurance 11/1/00 $50,000 deductible Individual D&O policies for
Co. HOA Boards
#008602823
$ 5,831 AOAO Poipu Point
#81525715B
$ 6,248 AOAO Hawaiian Monarch
#81207335E
$ 2,499 Breakers of Ft. Lauderdale
Condo Assoc. #81579100
$ 4,165 Cypress Pointe II Condo
Assoc. #81556235A
$ 2,499 Cypress Pointe Resort at
Lake Buena Vista Condo
Assoc. #81380315E
$ 2,499 Gatlinburg Town Square
Resort Condo II Assoc.
#81579028A
$ 2,499 Gatlinburg Town Square
Members Assoc. #81578646
$ 2,499 Gatlinburg Town Square
Master Assoc. #81579028A
$ 2,499 Grand Beach Resort Condo
Assoc. #81452277C
$ 2,499 Highland's at Sugar Owners'
Assoc. #81578647
$ 2,499 Lake Tahoe Vacation
Ownership Resort Owners'
Assoc. #81512302C
$ 1,666 Mountain Meadows
Timeshare Owners' Assoc.
#81578888A
$ 2,565 Plantation at Fall Creek
Condo Assoc. #81417322D
$ 1,666 Poipu Point Vacation
Owners' Assoc. #81525197B
$ 2,499 Polynesian Isles Resort
Condo IV Assoc. #81578980A
$ 1,666 Polynesian Isles Resort
Master Assoc. #81578988A
------------------------------------------------------------------------------------------------------------------------------------
Sunterra Resorts Policy Register 2000 - 2001 Attachment B
--------------------------------------------
Company & Policy
Type of Coverage Policy Number Period Limits/Deductible Premium Comments
---------------- ------------- ------ ----------------- ------- --------
HOA D&O Policy - National Union 11/1/99- $5,000,000 limit Marsh Broker
Continued Fire Insurance 11/1/00 $50,000 deductible Individual D&O policies for
Co. HOA Boards
#008602823
$ 1,666 Polynesian Isles Resort
Condo Assoc. #81578887A
$ 2,499 The Ridge on Sedona Golf
Resort Owners' Assoc.
#81522819A
$ 2,499 Royal Dunes Beach Villas at
Port Royal Owners' Assoc.
#81449641B
$ 3,000 San Luis Bay Inn Timeshare
Assoc. #8606005
$ 4,165 Scottsdale Villa Mirage
Resort Owners' Assoc.
#81526473A
$ 1,666 Sedona Springs Resort
Owners' Assoc. #81471130A
$ 2,499 Sedona Summit Resort
Owners' Assoc. #81511553B
$ 246 The Tahoe Beach & Ski
Club Owners' Assoc.
#81280553C
$ 4,165 Vacation Timeshare Owners
Assoc. #81578977A
$ 1,666 Villas de Santa Fe Condo
Assoc. #81579463A
$ 1,666 Villas at Poco Diablo Assoc.
#81301297C
$ 1,666 Villas of Sedona Owners
Assoc. #81558152A
$ 1,666 Villas on the Lake Owners
Assoc. #81513472B
Corporate Directors Genesis 6/10/99- $10,000,000 $152,790 Marsh Broker
& Officers Insurance Co. 1/27/01 Aggregate limits of $25
#YB001931 million were reinstated
through end of current policy
period
Corporate Genesis 6/10/99- $10,000,000 x 15 million $ 76,395 Marsh Broker
Directors Insurance Co. 1/27/01
& Officers #YXB001937
Corporate Reliance 6/10/99- $5,000,000 x 10 million $ 54,310 Marsh Broker
Directors & Insurance Co. 1/27/01
Officers #NDA0121123
96
Puerto Rico GL National 3/1/00- $2,000,000 Aggregate $ 500 McGriff Broker
Policy Insurance 3/1/01 $2,000,000 Each occurrence Coverage for sales office
Company $500,000 Fire Legal Liab.
#CLP-233788 $5,000 Medical expense
Fiduciary Liability Legion Ins. Co. 8/26/99- $2,500,000 Each claim and in $ 5,400 McGriff Broker
LF30625610 9/1/00 the aggregate; Corporate Fiduciary Liability
$2,500,000 Legal expense per for Employee Benefit Plans
policy period 401k and savings plans
Renewal declined; coverage
has lapsed
------------------------------------------------------------------------------------------------------------------------------------
Sunterra Resorts Policy Register 2000 - 2001 Attachment B
Company & Policy
Type of Coverage Policy Number Period Limits/Deductible Premium Comments
---------------- ------------- ------ ----------------- ------- --------
Professional Philadelphia 6/1/00- $ 5,000,000 $75,000 Marsh Broker
Liability E&O Indemnity Binder 6/1/01 $10,000 deductible E&O coverage for mortgage
#234514 banking, resort management
and independent brokers by
endorsement
Workers Greenwich 6/15/00- $1,000,000 limit per accident; $1,374,488 McGriff Broker
Compensation Insurance 6/15/01 $1,000,000 Disease policy limit; $3,257 Covers all states except
WGO00003461 $1,000,000 Disease - each employee Taxes/ Hawaii, Nevada, Washington
Fees and U.S. Virgin Islands
Workers TIG Insurance 6/15/00- $1,000,000 limit per accident; $365,475 Marsh Honolulu broker
Compensation 6/15/01 $1,000,000 Disease policy limit; Coverage Hawaii locations -
$1,000,000 Disease - each employee Marc, Embassy Poipu,
Kaanapali and Sunterra
Pacific resorts
EPL Lexington 4/8/00- $15,000,000 each insured event limit $256,110 Marsh
#107-9818 4/8/01 $15,000,000 total aggregate policy (does not EPL coverage extends to
period limit include independent contractors and
$50,000 deductible E&S or claims against Sunterra
other for acts of independent
applicable contractors
taxes)
Windstorm Lloyds of 11/1/99- $225,000 excess of $25,000 $34,248 McGriff Broker
Buydown Ft. London 11/1/00 $29,950,000 TIV Breakers of Ft. Lauderdale
Lauderdale RM01156 Condo Association
Hawaii GL Policy TIG Insurance Co. 3/1/00- $1,000,000 each occurrence $126,555 Marsh Honolulu broker
#T631404954 3/1/01 $50,000 fire damage Insures Marc Resorts and
$5,000 medical expenses Sunterra Pacific resort
$1,000,000 personal injury locations in Hawaii
$2,000,000 general aggregate
$2,000,000 products/completed
operations aggregate
$1,000 deductible
General Liability TIG Insurance Co. 3/1/00- $2,000,000 aggregate $8,663 McGriff Broker
Ridge Spa and #T7003750051203 3/1/01 $1,000,000 occurrence Separate policy for spa and
Racquet Club $300,000 fire damage health club
$5,000 medical expense
Marina Operators CIGNA Insurance 3/1/00- $2,000,000 protection and $18,121 McGriff Broker
Liability Company Y05722652 3/1/01 indemnity Plantation at Fall Creek,
$1,000,000 rental liability Villas on the Lake,
$100,000 per vessel Bailees Powhatan Plantation
$1,000,000 per occurrence Bailees Campground and Marina
$1,000 deductible
Comprehensive 3D National Union 2/28/00- $200,000 single loss $2,500 Marsh Broker
Policy (#10/81) Fire Insurance Co. 2/28/01 $2,500 deductible single loss Employee dishonesty coverage
for Island Colony #860-60-05
Comprehensive 3D National Union 2/18/00- $200,000 single loss $2,500 Marsh Broker
Policy (#10/81) Fire Insurance Co. 2/18/01 $2,500 deductible single loss Employee dishonesty coverage
for Poipu Point #008-606-508
Blanket Crime National Union 8/31/99- $ 3,000,000 $30,012 Marsh Broker
Policy Fire Insurance Co. 8/31/00 $25,000 deductible Covers all Sunterra Corp.
of Pittsburgh, PA locations and managed
#859-45-86 locations
------------------------------------------------------------------------------------------------------------------------------------
Sunterra Resorts Policy Register 2000 - 2001 Attachment B
Company & Policy
Type of Coverage Policy Number Period Limits/Deductible Premium Comments
---------------- ------------- ------ ----------------- ------- --------
St. Maarten Allianz Royal 7/12/00- $43,603,000 loss limit $1,202,784 McGriff Atlanta
Property Nederland 7/12/01 $10,000 deductible per occurrence
Insurance 2% TIV deductible for flood and
wind
Boiler & Travelers 7/12/00- $30,000,000 $11,399 McGriff Atlanta
Machinery Insurance Company 7/12/01
St. Maarten BMG532X4032
Foreign Zurich 7/12/00- $1,000,000 aggregate $11,000 McGriff Atlanta
Liability 7/12/01 $500,000 each occurrence
Contingent $1,000,000 fire legal
Automobile $1,000,000 liquor liability
Liability,
Garagekeepers,
Innkeepers
St. Maarten
Blanket Auto and TIG Insurance Co. 3/1/00- $1,000,000 Bodily injury per $94,050 Marsh Honolulu
Garagekeepers #31403609 3/1/01 accident
Policy $1,000,000 property damage per
incident
$1,200,000 garage keepers annual
aggregate
$500/$500 collision/ comp/ garage
deductible
------------------------------------------------------------------------------------------------------------------------------------
Sunterra Corporation et al., Debtors Attachment D
Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS
(Chapter 11)
(Jointly Administered under Case No. 00-5-6931-JS)
Bank Accounts as of October 31, 2000
Account Description/
Property Name Acct. Title Bank Name Bank Account # ABA# Purpose
-----------------------------------------------------------------------------------------------------------------------------------
Coral Sands Bank of America 003064479205 111000012 Escrow cash
Cypress Pointe Bank of America 003064463813 111000012 Cash Escrow
Cypress Pointe Cypress Pointe Master Acct First Union National Bank 2090002394159 063000021 Central Bank Charges
Cypress Pointe Cypress Pointe IH Sales & Mktg First Union National Bank 2020000577485 063000021 Encore Credit Card
Charges
Cypress Pointe CPR Encore Escrow Acct First Union National Bank 2020000577906 063000021 Encore Deposits
Cypress Pointe none none none Master Petty Cash
Cypress Pointe Cypress Pointe Resort In House First Union National Bank 2020000576169 063000021 Operating
Sales and Marketing
Cypress Pointe CPR Petty Cash Spiff Acct First Union National Bank 2090000321205 063000021 Sales Spiff
Cypress Pointe Cypress Pointe Oper Acct First Union National Bank 2090002394162 063000021 Telecheck Charges
EVR Grand Beach Schreeder Wheeler & Flint First Union National Bank 2090001812807 063000021 Escrow
Acting Escrow Agent
EVR Grand Beach Bank of America 003064413944 111000012 Escrow Cash
EVR Grand Beach Escrow Cash
Phillipines II
EVR Grand Beach Resort Marketing International First Union National Bank 2090001461261 063000021 Operating
Inc. Operating Acct.
EVR Grand Beach Resort Marketing Payroll First Union National Bank 2090001461274 063000021 Payroll
EVR Grand Beach Resort Marketing Petty Cash First Union National Bank 2090000740365 063000021 Petty Cash
EVR Lake Tahoe RMI, Inc Brokers Trust Account Wells Fargo Bank 0314901042 121000248 Escrow cash
EVR Lake Tahoe none none none Gifting
EVR Lake Tahoe none none none Master Petty Cash
EVR Lake Tahoe Lake Tahoe Resort Partners, LLC Wells Fargo Bank 0059011684 121000248 Operating
EVR Lake Tahoe RMI, Inc. Lake Tahoe Payroll Wells Fargo Bank 0901069161 121000248 Payroll
Acct
EVR Lake Tahoe Resort Marketing International Wells Fargo Bank 0901069187 121000248 Payroll/Commissions
EVR Lake Tahoe none none none Spiffs
First American Ozark Mountain Bank 000086174 CD redeemed
Tour & Travel
First American Resort Marketing International First Union National Bank 2090002394968 063000021 Payroll
Tour & Travel
First American Ozark Mountain Bank 8168630 Payroll
Tour & Travel
First American none none none Petty cash
Tour & Travel
Flamingo Beach none none none Cash Petty Cash Bar
Flamingo Beach none none none Cash RMI Petty Cash
Flamingo Beach Merchant Windward Island Bank 20018209 N/A Credit Cards
Flamingo Beach First Union National Bank 2090001067487 063000021 Escrow Cash
Flamingo Beach Operating Windward Island Bank 20018100 N/A Local Checks
Flamingo Beach French Franc's Banque Francaise Commerciale 602148390 N/A Local Checks/Wire in
Flamingo Beach French Usds Banque Francaise Commerciale 60639999088 N/A Local Checks/Wire in
Flamingo Beach RMI Flamingo CVOA First Union National Bank 2090001067623 063000021 Operating
Flamingo Beach AKGI Flamingo CVOA First Union National Bank 2090001067856 063000021 Operating
Flamingo Beach Payroll Usd Windward Island Bank 20018002 N/A Payroll
Flamingo Beach Payroll Naf Windward Island Bank 20145702 N/A Payroll
Ft. Lauderdale none none none Cash - Gifting
Beach
Ft. Lauderdale First Union National Bank 2000001995594 063107513 Cash Escrow
Beach
Ft. Lauderdale RMI,DBA Sunterra Resorts, Beach First Union National Bank 2020000577142 063107513 Encore Account
Beach Encore Escrow
Ft. Lauderdale none none none Petty Cash
Beach
Gatlinburg (Bent SWF-Escrow Bank First 04806220 064204198 Escrow
Creek)
Gatlinburg (Bent Sunterra Resorts, Inc. Mountain National Bank 104004783 064208437 Operating (BC & GTS)
Creek)
Gatlinburg (Town none none none Cash - Spiffs
Square)
Page 1 of 4
Sunterra Corporation et al., Debtors Attachment D
Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11)
(Jointly Administered under Case No. 00-5-6931-JS)
Bank Accounts as of October 31, 2000
Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose
----------------------------------------------------------------------------------------------------------------------------------
Gatlinburg (Town Escrow-SWF Bank First 04806476 064204198 Escrow
Square)
Gatlinburg (Town Money Market First Union National Bank 2976374109798 n/a
Square)
Gatlinburg (Town Master Union Planters 3550006721 n/a
Square)
Gatlinburg (Town MMG Development Amsouth Bank 3720224672 Operating
Square) Corp. c/o Signature
Resorts Inc.
Gatlinburg (Town none none none Petty Cash
Square)
Gatlinburg (Town none none none RMI Petty Cash
Square)
Gatlinburg (Town Berkely Four Seasons SunTrust 5654300 VIP
Square) Vacations
Gatlinburg (Town Escrow-SWF Bank First 04807618 064204198 Escrow
Village)
Harbour Lights none none none Cash - Spiffs
Harbour Lights none none none Cash Mktg Petty Cash
Harbour Lights RMI Harbour Lights Wells Fargo Bank 0087588406 121000248 Credit Card
OPC Account Transactions/
Deposits
Harbour Lights none none none Petty Cash
National Programs none none none Petty Cash
Northern VA Sales Ctr First Union National 2050000284285 063000021 Cash - Gifting
Bank
Northern VA Sales Ctr Bank of America 004112989329 Escrow Cash
Northern VA Sales Ctr First Union National 2050000283493 063000021 RMI Petty Cash
Bank
Ownershares First Union National 2020000576389 Master Operating
Bank
Ownershares none none none Petty Cash
Palm Springs Escrow Cash
Palm Springs none none none Petty Cash
Plantation at Fall none none none Cash - Gifting
Creek
Plantation at Fall none none none Cash Mktg Petty Cash
Creek
Plantation at Fall Bank of America 002863355107 Escrow cash
Creek
Polynesian Isles First Union National 2000001995578 Escrow Cash
Bank
RMI Carlsbad Encore Account Wells Fargo Bank 0435245261 121000248 Encore Deposits
RMI Carlsbad Resort Marketing Wells Fargo Bank 0644506370 121000248 Payroll
International (Carlsbad)
RMI Carlsbad none none none Petty Cash
RMI Carlsbad Merrill Lynch 23207759 Restricted CD
RMI Myrtle Beach Bank of America 3751477277 111000012 Cash - Spiffs
RMI Myrtle Beach none none none Cash Clearing
RMI Myrtle Beach RMI Myrtle Beach Bank of America 3751477264 111000012 Payroll
Payroll
RMI National Resort Marketing Int's First Union National 2090001067814 063000021 Operating
Offsite Operating Bank
RMI National RMI Offsite PR#2 First Union National 2000006246358 063000021 Payroll
Bank
RMI Orlando none none none Cash - Gifting
RMI Orlando Premier Vacations Inc Amsouth Bank 3720096828 63104668 Daily Depository
RMI Orlando none none none Mktg Clearing - dep in transit
RMI Orlando RMI Cypress Payroll First Union National 2090001686567 063000021 Payroll
Acct Bank
RMI Puerto Rico Resort Marketing Banco Popular 016261534 021502011 Payroll
International
Royal Dunes First Union National 2090000250673 063000021 Escrow Cash
Bank
Royal Dunes RMI Royal Dunes Payroll First Union National 2090001067898 063000021 Payroll
Bank
Royal Dunes Port Royal Resort First Union National 2010000346943 063000021 Petty Cash/Spiffs
Sales Petty Cash Bank
Royal Palm none none none Cash Pool Bar
Royal Palm First Union National 2090001067490 063000021 Escrow Cash
Bank
Royal Palm French Franc's Banque Francaise 60214829097 N/A French Franc's
Commerciale
Royal Palm none none none Master Petty Cash
Royal Palm Merchant Windward Island Bank 20017310 N/A Merchant
Royal Palm AKGI Royal Palm First Union National 2090001067869 063000021 Operating
CVOA Bank
Royal Palm Operating Windward Island Bank 20017201 N/A Operating
Page 2 of 4
Sunterra Corporation et al., Debtors Attachment D
Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11)
(Jointly Administered under Case No. 00-5-6931-JS)
Bank Accounts as of October 31, 2000
Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose
----------------------------------------------------------------------------------------------------------------------------------
Royal Palm Payroll Naf Windward Island Bank 20145604 N/A Payroll Naf
Royal Palm Payroll Usd Windward Island Bank 20017103 N/A Payroll Usd
Royal Palm 606399890
Royal Palm RMI Royal Palm CVOA First Union National Bank 2090001461766 063000021 Operating
San Luis Bay none none none Master Petty Cash
San Luis Bay Payroll Wells Fargo Bank 0901069229 121000248 Payroll
San Luis Bay Rental Wells Fargo Bank 0901069831 Rental Deposits
Savoy RMI, DBA The Savoy First Union National Bank 2020000576648 063000021 Encore Account
on South Beach
Savoy First Union National Bank 2020000608477 063000021 Escrow Cash
Savoy Savoy Payroll Account First Union National Bank 2090002394654 063000021 Payroll
Scottsdale Villa Mirage All Seasons Realty Inc Bank One Arizona 1316-4987 122100024 Concierge Activity
Voucher
Scottsdale Villa Mirage Bank of America 252962179 Escrow Cash
Scottsdale Villa Mirage All Seasons Realty Inc Bank One Arizona
SVM Function & 2323-6529 122100024 Gifting Account
Activities
Scottsdale Villa Mirage none none none Master Petty Cash
Scottsdale Villa Mirage Resort Marketing Int'l Bank One Arizona 2017-4235 122100024 Payroll
Scottsdale Villa Mirage Resort Marketing Int'l Bank One Arizona 2017-4307 122100024 Payroll (Commissions)
Scottsdale Villa Mirage Community Marketing Bank One Arizona 1316-4979 122100024 RE Trust Account
Trust
Scottsdale Villa Mirage All Seasons Resorts Bank One Arizona 1421-9011 122100024 Sales Spiffs
Inc. Scottsdale Spiff
Account
Sedona Properties Certificate of Deposit Bank One Arizona 8566-8586 122100024 Certificate of Deposit
Sedona Properties RMI Comm Bank One Arizona 2363-9077 122100024 Commissions
Sedona Properties All Seasons Bank One Arizona 2515-6642 122100024 Credit Card Clearing for
Mini-Vacs
Sedona Properties Bank of America Various accts. Escrow Cash
Sedona Properties All Seasons Bank One Arizona 0768-8821 122100024 Legal Department's Checkbook
Sedona Properties All Seasons Realty- Bank One Arizona 0768-9453 122100024 OPC/Inhouse/Activities
Activities Clearing Acct
Sedona Properties RMI Payroll Bank One Arizona 2751-0916 122100024 Payroll
Sedona Properties All Seasons Resorts Bank One Arizona 0768-8645 122100024 Petty Cash
Inc-Fees Acct
Sedona Properties Ridge at Sedona Golf Bank One Arizona 2750-9886 122100024 Ridge Spiff Account
Resort
Sedona Properties All Seasons Realty Inc- Bank One Arizona 1005-8089 122100024 Sedona Summit Sales Gifting
Functions Acct
Sedona Properties Ridge at Sedona Golf Bank One Arizona 2750-9907 122100024 Summit Spiff Account
Resort
Sedona Properties All Seasons Bank One Arizona 2248-4624 122100024 The Ridge on Sedona Golf
Sales Gifting Acct
Sedona Properties All Seasons Resorts Bank One Arizona 2363-5877 122100024 Trade In Department
Inc
Sedona Properties Sedona Summit- Bank One Arizona 2248-8764 122100024 Wire Transfer/Telephone
General Operating Acct Transfer Acct
St. Croix - Carambola Capital Reserve The Bank of Nova Scotia 962-10 101606216 Business Checking
St. Croix - Carambola Hotel Merchant The Bank of Nova Scotia 856-18 101606216 Credit Card Deposits
St. Croix - Carambola none none none Developer Mktg Petty Cash
St. Croix - Carambola Development The Bank of Nova Scotia 818-17 101606216 Developer Operations
Operating
St. Croix - Carambola none none none Developer Petty Cash
St. Croix - Carambola Chase Manhattan Bank 726-10-999-8585 Escrow Cash
St. Croix - Carambola Hotel Operating The Bank of Nova Scotia 965-12 101606216 Hotel Operations
St. Croix - Carambola none none none Hotel Petty Cash
St. Croix - Carambola RMI Carambola The Bank of Nova Scotia 861-18 101606216 Payroll
Property Payroll
St. Maarten, NV Windward Island Bank 20016901 N/A Master Operating
Sunterra Corporation Signature Resorts Inc Bank of America 3751238429 111000012 Collection account for Barton
conduit
Sunterra Corporation Sunterra Corporation, First Union National Bank 2000008319869 063000021 Credit Card Deposits
Credit Card
Sunterra Corporation Signature Resorts Inc Bank of America 3751194453 111000012 Credit card deposits for all
properties
Sunterra Corporation Signature Resorts Inc First Union National Bank 2090002393011 063000021 Depository
Sunterra Corporation Signature Resorts Inc Bank of America 3751075255 111000012 Depository account for all
properties
Sunterra Corporation Signature Resorts Inc Fidelity Investments 0059-0080390248 021000018 Investment
Sunterra Corporation Sunterra Corporation Salomon Smith Barney 224-90675-1-9-315 021000021 Investment
Page 3 of 4
Sunterra Corporation et al., Debtors Attachment D
Case No. 00-5-6931-JS through 00-5-6967, 00-5-8313-JS (Chapter 11)
(Jointly Administered under Case No. 00-5-6931-JS)
Bank Accounts as of October 31, 2000
Property Name Acct. Title Bank Name Bank Account # ABA# Account Description/Purpose
------------------------------------------------------------------------------------------------------------------------------------
Sunterra Corporation Bank of America 3751059297 111000012 NationsBank Concentration acct
Sunterra Corporation Signature Resorts First Union National Bank 2090002393037 063000021 Operating
Operating
Sunterra Corporation Sunterra Corporation- First Union National Bank 2000008319856 063000021 Operating
Operating
Sunterra Corporation Signature Resorts Bank of America 3299948515 061112788 Payroll
Payroll
Sunterra Corporation Signature Resorts First Union National Bank 2090001994372 063000021 Payroll
Payroll
Sunterra Corporation Sunterra Corporation- First Union National Bank 2000008319953 063000021 Payroll
Payroll
Sunterra Corporation Bank of America 1420069295 Petty Cash
Sunterra Corporation none none none Petty Cash
Sunterra Corporation none none none Petty Cash
Sunterra Corporation Signature Resorts First Union National Bank 2020000577511 063000021 Vending account
Vending Account
Sunterra Finance LaSalle National Bank 69-7934-70-5 Collection acct - Notes 98A
Sunterra Finance Bank One Arizona 0311-2294 122100024 Concord Concentration
Sunterra Finance Bank One Arizona 2313-5354 Concord Secur. 98A
Sunterra Finance Old Kent Bank 7508759557 ESF Concentration
Sunterra Finance Bank One Arizona 0174-7034 122100024 Finova Concentration
Sunterra Finance Bank One Arizona Lockbox - Finova endpaper
Sunterra Finance none none none Petty Cash
Sunterra Finance LaSalle National Bank 69-7934-71-3 Reserve Acct - Notes 98A
Sunterra Finance Sunterra Financial Bank of America 000880008065 Terra Sun servicing fees
Services, Inc.
Tahoe Beach & Ski Bank of America 0495703351 Cash - Restricted
Tahoe Beach & Ski Bank of America 0495201703 Cash - Restricted CD
Tahoe Beach & Ski Resort Marketing Int Bank of America 0495910223 121000358 Payroll (Commissions)
Tahoe Roundhill none none none Cash - Gifting
Tahoe Roundhill none none none Cash - Spiffs
Tahoe Roundhill none none none Cash Mktg Petty Cash
Tahoe Roundhill none none none Master Petty Cash
Tahoe Roundhill Resort Connections Wells Fargo Bank 4159566660 121000248 Operating Acct
Tahoe Roundhill RMI Marketing Wells Fargo Bank 0372117242 122101191 Payroll
Tahoe Roundhill none none none RMI Petty Cash
Tahoe Roundhill Wells Fargo Bank 0372117119 122101191
Village at Steamboat none none none Cash Mktg Petty Cash
Village at Steamboat none none none Cash Mktg Spiffs
Villas de Santa Fe First State Bank 1214993 Escrow Cash
Villas de Santa Fe none none none Payroll
Villas de Santa Fe Signature Resorts Inc Wells Fargo Bank 0644525651 107002192 Payroll
RMI Santa Fe
Villas de Santa Fe none none none Petty Cash
Villas on the Lake Bank of America 004771161038 Escrow Cash
Villas on the Lake Sunterra Villas Bank of America 3751373407 111000012 Gifting
on the Lake Gifting
Villas on the Lake none none none Master Petty Cash
Virginia - Greensprings Bank of America 004130354431 Escrow Cash
Virginia - Greensprings Wachovia Bank 07911727735 051000253 Escrow Cash (CFB)
Virginia - Powhatan Bank of America 004112989170 Escrow Cash
Virginia - Powhatan Wachovia Bank 00900361506 Escrow Cash (CFB)
Virginia - RMI Petty Cash Wachovia Bank 7901037196 051000253 Misc. office @ sales
Virginia - RMI RMI Payroll Account Wachovia Bank 7901037153 051000253 Payroll
Virginia - RMI RMI Virginia Operating Wachovia Bank 7901037145 051000253 Referral fees, misc. credit
Account card deposits
Page 4 of 4
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
Total
Consolidated
Legal entity Sunterra
Bankruptcy filing number Corporation
Assets:
Cash and cash equivalents $ 22,052,952
Cash in escrow and restricted cash 35,851,170
Mortgages receivable, net 235,916,221
Retained interests 28,465,049
Intercompany receivable 114,546,472
Due from related parties 4,921,294
Other receivables, net 49,010,534
Prepaid expenses and other assets 9,951,710
Investment in joint ventures 1,502,420
Real estate and development costs 289,258,877
Property and equipment, net 83,556,023
Intangible assets, net 29,613,424
$ 904,646,146
Liabilities and equity:
Accounts payable subject to compromise 86,742,325
Notes payable subject to compromise 690,112,578
Accounts payable not subject to compromise 10,913,610
Accrued liabilities 22,284,824
Notes payable not subject to compromise 46,282,788
Deferred income taxes 6,075,298
862,411,423
Stockholders' equity 42,234,723
Total liabilities and equity $ 904,646,146
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement
For the Month Ended October 31, 2000
Total
Consolidated
Legal entity Sunterra
Bankruptcy filing number Corporation
Revenues:
Vacation interests sales $ 5,349,481
Interest income 2,657,971
Other income (loss) (9,830)
Total revenues 7,997,622
Costs and operating expenses:
Vacation interests cost of sales 1,327,413
Advertising, sales and marketing 3,236,340
Provision for doubtful accounts 498,955
Loan portfolio expenses 584,083
General and administrative 2,471,836
Depreciation and amortization 1,455,839
Total costs and operating expenses 9,574,466
Income (loss) from operations (1,576,844)
Interest expense 2,857,380
Other nonoperating expenses -
Realized (gain) on available-for-sale securities -
Equity (gain) on investment in joint ventures -
Bankruptcy expenses:
Loss/(Gain) on Sale of Assets -
Interest (Income) (73,670)
Professional Services 1,629,248
Income (loss) before provision for taxes (5,989,802)
Provision for income taxes -
Net income (loss) $ (5,989,802)
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
Total
Consolidated
Sunterra
Corporation
Beginning Cash Balance $ 20,871,149 (a)
Interest Income on full DIP draw 98,081
Deposit/Collection:
Encore 298,679
Rental Income 353,069
Ticket Sales 209,000
Tour Sales (852)
Closing Costs 10,221
Operating Refunds 623,268
Escrow Funds 1,941,688
Sunterra's Collections on Mortgages Receivable 3,188,848
Timeshare Sales 374,758
Tax Refunds 187,008
Sunterra Finance Servicing Fee Income 48,294
Employee Payroll Deduction Reimbursement 58,864
HOA WC/GL Insurance Reimbursement 96,886
Non-Debtor Insurance Reimbursement 865,745
Non-Debtor Reimbursements 184,517
Subtotal-Deposit/Collection Inflows 8,538,074
Resort Operating & Payroll Balances (added back) 2,319,706 (b)
Other:
Asset Sales -
Other 1,027,951
Total Cash Inflows 11,885,732
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
Total
Consolidated
Sunterra
Corporation
Outflows:
Operating-Corporate 677,537
Operating-Sunterra Finance 94,883
Operating-Premier 196,549
Operating-Carlsbad 36,325
Operating-FATT 11,777
Operating-Myrtle Beach 275
Operating-Resorts 1,075,794
Payroll-Corporate 784,763
Payroll-Sunterra Finance 277,334
Payroll-Premier 39,600
Payroll-Resorts(S&W) 951,930
Commissions-Post 915,528
HOA Subsidies & Maintenance Fees 2,998,687
Health Claims 384,157
Insurance - Coverage Premiums 656,004
IT Equipment Lease 163,301
Professional Fees 824,019
DIP Financing Fees 15,104
Restricted Cash Transfers 40,401
Total Cash Outflows 10,143,969
Capital Expenditures & Maintenance:
Construction -
Hurricane Repairs 46,212
Interest:
Interest Expense on D.I.P. 503,438
Other:
Total Cash Outflows 10,693,619
Ending Cash Balance 22,063,261
Non Cash Adjustments (10,312)
Balance per Cash Flow $ 22,052,949
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
Total
Consolidated
Sunterra
Corporation
Reconciliation:
Bank Balances:
First Union 4,006,901
Bank of America 17,527
Salomon Smith Barney 17,301,308
Resort Cash Accounts 1,312,439
Total Bank Balances 22,638,175
Less Outstanding Checks (585,226)
Total Cash per Balance Sheet $ 22,052,949
Difference (0)
Notes to Debtor's Cash Flow:
a) Beginning cash balance includes Corporate Cash only
b) This represents the funding of various bank accounts by the Corporate office.
Cash left the Corporate bank account (and is listed in the outflows) but due
to timing, this cash is still in the cash accounts at the resort levels.
The consolidated and legal entities cash flows represent the cash activity in
and out of the Corporate main accounts that fund all the individual resort cash
accounts and do not reflect cash flow for the individual cash accounts.
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
Sunterra
Legal entity Corporation
Bankruptcy filing number 00-5-6931-JS
Assets:
Cash and cash equivalents $ 20,752,668
Cash in escrow and restricted cash 5,897,053
Mortgages receivable, net -
Retained interests -
Intercompany receivable 380,515,655
Due from related parties 1,892,812
Other receivables, net 15,751,229
Prepaid expenses and other assets 5,303,320
Investment in joint ventures 1,502,420
Real estate and development costs 118,481,295
Property and equipment, net 65,520,067
Intangible assets, net 20,542,581
$ 636,159,100
Liabilities and equity:
Accounts payable subject to compromise 51,110,781
Notes payable subject to compromise 585,482,092
Accounts payable not subject to compromise 6,427,877
Accrued liabilities 14,244,186
Notes payable not subject to compromise 46,282,788
Deferred income taxes 6,056,378
709,604,102
Stockholders' equity (73,445,002)
Total liabilities and equity $ 636,159,100
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement
For the Month Ended October 31, 2000
Sunterra
Legal entity Corporation
Bankruptcy filing number 00-5-6931-JS
Revenues:
Vacation interests sales $ 842,527
Interest income -
Other income (loss) 97,007
Total revenues 939,534
Costs and operating expenses:
Vacation interests cost of sales 196,977
Advertising, sales and marketing 531,444
Provision for doubtful accounts 3,850
Loan portfolio expenses 186
General and administrative 2,265,859
Depreciation and amortization 1,170,510
Total costs and operating expenses 4,168,826
Income (loss) from operations (3,229,292)
Interest expense 1,671,398
Other nonoperating expenses -
Realized (gain) on available-for-sale securities -
Equity (gain) on investment in joint ventures -
Bankruptcy expenses:
Loss/(Gain) on Sale of Assets -
Interest (Income) (73,670)
Professional Services 1,629,248
Income (loss) before provision for taxes (6,456,268)
Provision for income taxes -
Net income (loss) $ (6,456,268)
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
Sunterra
Legal entity Corporation
Bankruptcy filing number 00-5-6931-JS
Inflows:
Interest Income on D.I.P. $ 98,081
Deposit/Collection
Encore 151,555
Rental Income 329,477
Tour Sales 369
Closing Costs 10,221
Operating Refunds 102,018
Escrow Funds 1,059,044
Sunterra's Collections on Mortgages Receivable 3,188,848
Tax Refunds 48,294
Employee Payroll Deduction Reimbursement 48,224
HOA WC/GL Insurance Reimbursement 96,886
Non-Debtor Insurance Reimbursement 865,745
Non-Debtor Reimbursements 184,517
Subtotal-Deposit/Collection Inflows 6,183,278
Other
Asset Sales -
Other 427,951
Total Cash Inflows 6,611,229
Outflows:
Operating-Corporate 677,537
Operating-FATT 11,777
Operating-Resorts 396,421
Payroll-Corporate 784,763
Payroll-Resorts(S&W) 78,292
Commissions-Post 69,027
HOA Subsidies & Maintenance Fees 2,875,236
Health Claims 384,157
Insurance - Coverage Premiums 656,004
IT Equipment Lease 163,301
Professional Fees 824,019
DIP Financing Fees 15,104
Restricted Cash Transfers 40,401
Total Cash Outflows 6,976,039
Capital Expenditures & Maintenance
Hurricane Repairs 46,212
Interest
Interest Expense on D.I.P. 503,438
Other -
Total Cash Outflows $ 7,525,689
United States Bankruptcy Court for the District
of MaryLand
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
AKGI St.
Legal entity Maarten, NV
Bankruptcy filing number 00-5-6933-JS
------------
Assets:
-------
Cash and cash equivalents $ 73,315
Cash in escrow and restricted cash 680
Mortgages receivable, net -
Retained interests -
Intercompany receivable (5,192,999)
Due from related parties 2,863,185
Other receivables, net 3,306,320
Prepaid expenses and other assets 787,107
Investment in joint ventures -
Real estate and development costs 17,320,711
Property and equipment, net 286,742
Intangible assets, net 2,125
------------
$ 19,447,186
============
Liabilities and equity:
-----------------------
Accounts payable subject to compromise 2,799,796
Notes payable subject to compromise -
Accounts payable not subject to compromise 345,016
Accrued liabilities 1,764,820
Notes payable not subject to compromise -
Deferred income taxes 18,920
------------
4,928,552
Stockholders' equity 14,518,634
------------
Total liabilities and equity $ 19,447,186
============
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement
For the Month Ended
October 31, 2000
AKGI St.
Legal entity Maarten, NV
Bankruptcy filing number 00-5-6933-JS
------------
Revenues:
---------
Vacation interests sales $ 416,186
Interest income -
Other income (loss) 103,933
------------
Total revenues 520,119
------------
Costs and operating expenses:
-----------------------------
Vacation interests cost of sales 110,810
Advertising, sales and marketing 327,117
Provision for doubtful accounts -
Loan portfolio expenses 33,434
General and administrative 173,493
Depreciation and amortization 19,786
------------
Total costs and operating expenses 664,640
------------
Income (loss) from operations (144,521)
Interest expense 50,058
Equity (gain) on investment in joint ventures -
Bankruptcy expenses -
------------
Income (loss) before provision for taxes (194,579)
Provision for income taxes -
------------
Net income (loss) $ (194,579)
============
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
AKGI St.
Legal entity Maarten, NV
Bankruptcy filing number 00-5-6933-JS
------------
Inflows:
--------
Deposit/Collection
------------------
Timeshare Sales $ 374,758
------------
Subtotal-Deposit/Collection Inflows 374,758
Other
-----
Other 600,000
------------
Total Cash Inflows 974,758
Outflows:
---------
Operating-Resorts 56,125
Payroll-Resorts(S&W) 141,880
Commissions-Post 38,000
HOA Subsidies & Maintenance Fees 16,000
------------
Total Cash Outflows $ 252,005
------------
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
All Seasons
Legal entity Properties, Inc.
Bankruptcy filing number 00-5-6934-JS
Assets:
Cash and cash equivalents $ -
Cash in escrow and restricted cash -
Mortgages receivable, net -
Retained interests -
Intercompany receivable -
Due from related parties -
Other receivables, net -
Prepaid expenses and other assets -
Investment in joint ventures -
Real estate and development costs -
Property and equipment, net -
Intangible assets, net -
$ -
Liabilities and equity:
Accounts payable subject to compromise -
Notes payable subject to compromise -
Accounts payable not subject to compromise -
Accrued liabilities -
Notes payable not subject to compromise -
Deferred income taxes -
Stockholders' equity -
Total liabilities and equity $ -
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement
For the Month Ended October 31, 2000
All Seasons
Legal entity Properties, Inc.
Bankruptcy filing number 00-5-6934-JS
Revenues:
Vacation interests sales $ -
Interest income -
Other income (loss) -
Total revenues -
Costs and operating expenses:
Vacation interests cost of sales -
Advertising, sales and marketing -
Provision for doubtful accounts -
Loan portfolio expenses -
General and administrative -
Depreciation and amortization -
Total costs and operating expenses -
Income (loss) from operations -
Interest expense -
Equity (gain) on investment in joint ventures -
Bankruptcy expenses -
Income (loss) before provision for taxes -
Provision for income taxes -
Net income (loss) $ -
United States Bankruptcy Court for the District
of Marylan
Office of the United Trustee
In Re: Sunterra Corporation, et. al., Debtos
Cash Flow Statement
For the Month Ended October 31, 2000
All Seaso
Legal entity Properties, Inc.
Bankruptcy filing number 00-5-6934-JS
No cash flow for this entity.
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
All Seasons
Resorts,
Legal entity Inc. (AZ)
Bankruptcy filing number 00-5-6936-JS
Assets:
Cash and cash equivalents $ 151,161
Cash in escrow and restricted cash 6,200,903
Mortgages receivable, net 1,801,132
Retained interests -
Intercompany receivable 35,817,876
Due from related parties 45,387
Other receivables, net 6,831,691
Prepaid expenses and other assets 964,348
Investment in joint ventures -
Real estate and development costs 29,719,898
Property and equipment, net 1,975,473
Intangible assets, net -
$83,507,869
Liabilities and equity:
Accounts payable subject to compromise 3,774,593
Notes payable subject to compromise 1,663,569
Accounts payable not subject to compromise 1,078,741
Accrued liabilities 4,057,573
Notes payable not subject to compromise -
Deferred income taxes -
10,574,476
Stockholders' equity 72,933,393
Total liabilities and equity $83,507,869
United States Bankruptcy Court for the District
of Maryland
Office of the Unite States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement
For the Month Ended October 31, 2000
All Seasons
Resorts,
Legal entity Inc. (AZ)
Bankruptcy filing number 00-5-6936-JS
Revenues:
Vacation interests sales $ 4,174,696
Interest income 35,914
Other income (loss) 6,798
Total revenues 4,217,408
Costs and operating expenses:
Vacation interests cost of sales 968,362
Advertising, sales and marketing 1,443,477
Provision for doubtful accounts -
Loan portfolio expenses 7,676
General and administrative 82,669
Depreciation and amortization 29,784
Total costs and operating expenses 2,531,968
Income (loss) from operations 1,685,440
Interest expense 150,253
Equity (gain) on investment in joint ventures -
Bankruptcy expenses -
Income (loss) before provision for taxes 1,535,187
Provision for income taxes -
Net income (loss) $ 1,535,187
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
All Seasons
Resorts,
Legal entity Inc. (AZ)
Bankruptcy filing number 00-5-6936-JS
Inflows:
Deposit/Collection
Encore $ 30,177
Rental Income $ 19,805
Operating Refunds 215,993
Escrow Funds 878,524
Subtotal-Deposit/Collection Inflows 1,144,499
Other
Asset Sales -
Total Cash Inflows 1,144,499
Outflows:
Operating-Resorts 488,081
Payroll-Resorts(S&W) 517,000
Commissions-Post 468,488
HOA Subsidies & Maintenance Fees 17,073
Total Cash Outflows $ 1,490,642
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
All Seasons
Resorts,
Legal entity Inc. (TX)
Bankruptcy filing number 00-5-6937-JS
Assets:
Cash and cash equivalents $ 3,500
Cash in escrow and restricted cash 80,534
Mortgages receivable, net -
Retained interests -
Intercompany receivable (6,817,940)
Due from related parties 22,744
Other receivables, net 951,180
Prepaid expenses and other assets 11,870
Investment in joint ventures -
Real estate and development costs 3,778,088
Property and equipment, net 76,590
Intangible assets, net -
$(1,893,434)
Liabilities and equity:
Accounts payable subject to compromise 192,503
Notes payable subject to compromise -
Accounts payable not subject to compromise 7,011
Accrued liabilities 26,791
Notes payable not subject to compromise -
Deferred income taxes -
226,305
Stockholders' equity (2,119,739)
Total liabilities and equity $(1,893,434)
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement
For the Month Ended October 31, 2000
All Seasons
Resorts,
Legal entity Inc. (TX)
Bankruptcy filing number 00-5-6937-JS
Revenues:
Vacation interests sales $ -
Interest income -
Other income (loss) -
Total revenues -
Costs and operating expenses:
Vacation interests cost of sales -
Advertising, sales and marketing 15,839
Provision for doubtful accounts -
Loan portfolio expenses -
General and administrative 10,054
Depreciation and amortization 2,487
Total costs and operating expenses 28,380
Income (loss) from operations (28,380)
Interest expense -
Equity (gain) on investment in joint ventures -
Bankruptcy expenses -
Income (loss) before provision for taxes (28,380)
Provision for income taxes -
Net income (loss) $ (28,380)
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
All Seasons
Resorts,
Legal entity Inc. (TX)
Bankruptcy filing number 00-5-6937-JS
Inflows:
Deposit/Collection
Encore $ 1,424
Tour Sales (15)
Subtotal-Deposit/Collection Inflows 1,409
Other
Asset Sales -
Total Cash Inflows 1,409
Outflows:
Operating-Resorts 594
Total Cash Outflows $ 594
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
Grand
Beach
Legal entity Resort, LP
Bankruptcy filing number 00-5-6945-JS
Assets:
Cash and cash equivalents $ 23,235
Cash in escrow and restricted cash 2,994,777
Mortgages receivable, net -
Retained interests -
Intercompany receivable (11,870,133)
Due from related parties 583,411
Other receivables, net 5,451,140
Prepaid expenses and other assets 108,357
Investment in joint ventures -
Real estate and development costs 19,966,638
Property and equipment, net 585,592
Intangible assets, net 41,447
$ 17,884,464
Liabilities and equity: ============
Accounts payable subject to compromise 3,992,699
Notes payable subject to compromise -
Accounts payable not subject to compromise 307,934
Accrued liabilities 400,063
Notes payable not subject to compromise -
Deferred income taxes -
4,700,696
Stockholders' equity 13,183,768
Total liabilities and equity $ 17,884,464
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement
For the Month Ended October 31, 2000
Grand
Beach
Legal entity Resort, LP
Bankruptcy filing number 00-5-6945-JS
Revenues:
Vacation interests sales $ (1,418,420)
Interest income -
Other income (loss) 10,072
Total revenues (1,408,348)
Costs and operating expenses:
Vacation interests cost of sales (381,386)
Advertising, sales and marketing 138,778
Provision for doubtful accounts -
Loan portfolio expenses -
General and administrative (47,183)
Depreciation and amortization 22,989
Total costs and operating expenses (266,802)
Income (loss) from operations (1,141,546)
Interest expense -
Equity (gain) on investment in joint ventures -
Bankruptcy expenses -
Income (loss) before provision for taxes (1,141,546)
Provision for income taxes -
Net income (loss) $ (1,141,546)
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended
October 31, 2000
Grand
Beach
Legal entity Resort, LP
Bankruptcy filing number 00-5-6945-JS
Inflows:
Deposit/Collection
Encore $ 12,528
Escrow Funds 4,120
Subtotal-Deposit/Collection Inflows 16,648
Other
Asset Sales -
Total Cash Inflows 16,648
Outflows:
Operating-Resorts 34,802
Payroll-Resorts(S&W) 9,000
Commissions-Post 18,083
HOA Subsidies & Maintenance Fees 87,917
Total Cash Outflows $ 149,802
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
Greensprings
Legal entity Associates
Bankruptcy filing number 00-5-6946-JS
Assets:
Cash and cash equivalents $ -
Cash in escrow and restricted cash 1,345,170
Mortgages receivable, net -
Retained interests -
Intercompany receivable 19,161,982
Due from related parties 276,203
Other receivables, net 1,235,380
Prepaid expenses and other assets 43,692
Investment in joint ventures -
Real estate and development costs 12,351,399
Property and equipment, net 1,799,541
Intangible assets, net -
$ 36,213,367
Liabilities and equity:
Accounts payable subject to compromise 1,969,837
Notes payable subject to compromise -
Accounts payable not subject to compromise 33,498
Accrued liabilities 29,520
Notes payable not subject to compromise -
Deferred income taxes -
2,032,855
Stockholders' equity 34,180,512
Total liabilities and equity $ 36,213,367
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement For
the Month Ended October 31, 2000
Greensprings
Legal entity Associates
Bankruptcy filing number 00-5-6946-JS
Revenues:
Vacation interests sales $ 503,421
Interest income -
Other income (loss) 1,210
Total revenues 504,631
Costs and operating expenses:
Vacation interests cost of sales 138,446
Advertising, sales and marketing 221,120
Provision for doubtful accounts -
Loan portfolio expenses -
General and administrative 26,693
Depreciation and amortization 13,786
Total costs and operating expenses 400,045
Income (loss) from operations 104,586
Interest expense -
Equity (gain) on investment in joint ventures -
Bankruptcy expenses -
Income (loss) before provision for taxes 104,586
Provision for income taxes -
Net income (loss) $ 104,586
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Cash Flow Statement
For the Month Ended October 31, 2000
Greensprings
Legal entity Associates
Bankruptcy filing number 00-5-6946-JS
Cash Flow is combined with Powhatan Associates
00-5-6958-JS
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Balance Sheet
October 31, 2000
Greensprings
Plantation
Legal entity Resorts, Inc.
Bankruptcy filing number 00-5-6947-JS
Assets:
Cash and cash equivalents $ -
Cash in escrow and restricted cash -
Mortgages receivable, net -
Retained interests -
Intercompany receivable -
Due from related parties -
Other receivables, net -
Prepaid expenses and other assets -
Investment in joint ventures -
Real estate and development costs -
Property and equipment, net -
Intangible assets, net -
$ -
Liabilities and equity:
Accounts payable subject to compromise -
Notes payable subject to compromise -
Accounts payable not subject to compromise -
Accrued liabilities -
Notes payable not subject to compromise -
Deferred income taxes -
Stockholders' equity -
Total liabilities and equity $ -
United States Bankruptcy Court for the District
of Maryland
Office of the United States Trustee
In Re: Sunterra Corporation, et. al., Debtors
Income Statement For
the Month Ended October 31, 2000
Greensprings
Plantation
Legal entity Resorts, Inc.
Bankruptcy filing number 00-5-6947-JS
Revenues:
Vacation interests sales $ -
Interest income -
Other income (loss) -
Total revenues -
Costs and operating expenses:
Vacation interests cost of sales -
Advertising, sales and marketing -
Provision for doubtful accounts -
Loan portfolio expenses -
General and administrative -
Depreciation and amortization -
Total costs and operating expenses -
Income (loss) from operations -
Interest expense -
Equity (gain) on investment in joint ventures -
Bankruptcy expenses -
Income (loss) before provision for taxes -
Provision for income taxes -
Net income (loss) |