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UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

CORPORATE MONTHLY OPERATING REPORT

 

File with the Court and submit a copy to the United States Trustee within 30 days after the end of the month and submit a copy of the report to any official committee appointed in the case. 

 

REQUIRED DOCUMENTS

 

Form No.

 

Document
Attached

 

Explanation Attached

 

Schedule of Cash Receipts and Disbursements

 

MOR-1

 

x

 

 

 

Bank Reconciliation (or copies of debtor’s bank reconciliations)

 

MOR-1a

 

 

 

Attestation

 

Debtor Bank Account Listing

 

 

 

x

 

 

 

Schedule of Retained Professional Fees Paid

 

MOR-1b

 

x

 

 

 

Copies of bank statements

 

 

 

 

 

MOR Notes

 

Cash disbursements journals

 

 

 

 

 

MOR Notes

 

Statement of Operations (Income Statement)

 

MOR-2

 

x

 

 

 

Balance Sheet

 

MOR-3

 

x

 

 

 

Status of Post-petition Taxes

 

MOR-4

 

 

 

Attestation

 

Copies of IRS Form 6123 or payment receipt (See Notes to the MOR)

 

 

 

 

 

x

 

Copies of tax returns filed during reporting period (See Notes to the MOR)

 

 

 

 

 

x

 

Summary of Unpaid Post-petition Debts

 

MOR-4a

 

x

 

 

 

Listing of Aged Accounts Payable

 

MOR-4a

 

x

 

 

 

Accounts Receivable Reconciliation and Aging

 

MOR-5

 

x

 

 

 

Debtor Questionnaire

 

MOR-6

 

x

 

 

 

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

/s/ Alan D. Holtz

 

October 31, 2019

Signature of Authorized Individual*

 

Date

 

 

 

Alan D. Holtz

 

 

Printed Name of Authorized Individual

 

 

 

 

 

Chief Restructuring Officer

 

 

Title

 

 

 

*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

 

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

Notes to the Monthly Operating Report

 

This Monthly Operating Report (“MOR”) is unaudited and has been prepared solely for the purpose of complying with the obligations of the above-captioned debtors and debtors in possession (the “Debtors”) to provide monthly operating reports during these Chapter 11 Cases.  The Debtors have prepared this monthly operating report using the best information presently available to them, which has been collected, maintained, and prepared in accordance with their historical accounting practices.  This monthly operating report is, thus, true and accurate to the best of the Debtors’ knowledge, information, and belief based on currently available data.

 

GENERAL:

 

General Methodology:  The Debtors prepared this MOR relying primarily upon the information set forth in their books and records. Consequently, certain transactions that are not identified in the normal course of business in the Debtors’ books and records may not be included in this MOR.  Nevertheless, in preparing this MOR, the Debtors made best efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been included therein.

 

Reservation of Rights:  Given the complexity of the Debtors’ financial affairs, inadvertent errors, omissions or over-inclusions may have occurred.  Accordingly, the Debtors hereby reserve all of their rights to dispute the validity, status, enforceability, or nature of any claim amount, representation, or other statement in this MOR and reserve the right to amend or supplement this MOR, if necessary.

 

Reporting Period:  In order to maintain consistency with other external reports, the Debtors have included certain financial information (e.g.., Balance Sheets and Income Statements) in accordance with their normal fiscal calendar.  The Debtors’ September 2019 accounting period covers the period from September 1 through September 30, 2019 which are maintained by FTD LLC under the terms of the Nexus TSA.  Subsequent to the sale of substantially all of the assets of the Debtors’ FTD and ProFlowers businesses on August 23, 2019, the Debtors have effectively ceased all commercial operations.  The Debtors have utilized daily cash monitoring analysis to track all cash activities for the period from September 1, 2019 through September 30, 2019. 

 

Scope:  This report includes details for the following Debtor entities.

 

Debtor

 

Case Number

 

Debtor

 

Case Number

 

(1)

GUE Liquidation Companies, Inc. (FKA FTD Companies, Inc.)

 

19-11240 (LSS)

 

(1)

GUE Liquidation Giftco, LLC

 

19-11248 (LSS)

 

(1)

GUE Liquidation, Inc.

 

19-11241 (LSS)

 

(2)

FSC Phoenix LLC

 

19-11249 (LSS)

 

(2)

Bloom That, Inc.

 

19-11242 (LSS)

 

(2)

Provide Cards, Inc.

 

19-11250 (LSS)

 

(1)

GUE Liquidation.CA, Inc.

 

19-11243 (LSS)

 

(1)

GUE Liquidation Group, Inc.

 

19-11251 (LSS)

 

(1)

GUE Liquidation Delivery, Inc.

 

19-11244 (LSS)

 

(1)

GUE Liquidation Commerce LLC

 

19-11252 (LSS)

 

(1)

GUE Liquidation.COM, Inc.

 

19-11245 (LSS)

 

(1)

GUE Liquidation Mobile, Inc.

 

19-11253 (LSS)

 

(2)

FlowerFarm, Inc.

 

19-11246 (LSS)

 

(1)

GUE Liquidation Creations, Inc.

 

19-11254 (LSS)

 

(2)

FSC Denver LLC

 

19-11247 (LSS)

 

 

 

 

 

 

 

(1) Entities listed in accordance with legal names per the “Order Approving Case Caption Change” [Dkt no. 637] entered on 9/13/2019.

 

(2) Legal entities to be dissolved.

 

2

 

MOR-1

 

In re: GUE Liquidation Companies, Inc., et al.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. (Jointly Administered)

 

19-11240 (LSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reporting Period:

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Tax I.D. #

 

32-0255852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Receipts and Disbursements in USD 000’s

 

 

 

 

GUE Liquidation
Companies, Inc.

 

GUE Liquidation,
Inc.

 

Bloom That, Inc.

 

GUE
Liquidation.CA, Inc.

 

GUE Liquidation
Delivery, Inc.

 

GUE
Liquidation.COM,
Inc.

 

FlowerFarm, Inc.

 

FSC Denver LLC

 

 

 

19-11240 (LSS)

 

19-11241 (LSS)

 

19-11242 (LSS)

 

19-11243 (LSS)

 

19-11244 (LSS)

 

19-11245 (LSS)

 

19-11246 (LSS)

 

19-11247 (LSS)

 

Operating Receipts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and Service Revenues

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Member - Credit Card Passthrough

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Operating Receipts

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity Specific Operating Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Member Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Member - Credit Card Passthrough

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Payroll/Benefits

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Freight

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Professional Services

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Marketing

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Inventory

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Technology

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Warehousing, Rent, & Utilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Professional Fees - Recurring

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Entity Specific Operating Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Operating Cash Flow

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Sales Proceeds

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity Specific Restructuring Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Day Motion and Admin Claims

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

KEIP/KERP

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Severance / Retention

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Restructuring Escrow Account Funding

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Disbursements and Transfers under TSA Agreements

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Entity Specific Restructuring Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total All Entity Specific Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shared Restructuring Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees - Restructuring

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

DIP Interest and Fees

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Prepetition Debt Repayment

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

DIP Repayments

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Shared Restructuring Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Allocation of GUE Liquidation, Inc. Shared Items

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Allocation of GUE Liquidation, Inc. Shared Items

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Allocation of GUE Liquidation Commerce LLC Shared Items

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Allocated Shared Restructuring Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

(1) Intercompany transfers between and among Debtors are excluded.

 

 

 

(2) Shared financing and restructuring related distributions that benefit all of the Debtor entities in these cases are allocated on the basis of each entity’s specifically identified disbursements, as a percentage of total entity-specific disbursements.

 

 

3

 

MOR-1

 

In re: GUE Liquidation Companies, Inc., et al.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. (Jointly Administered)

 

19-11240 (LSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reporting Period:

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Tax I.D. #

 

32-0255852

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Receipts and Disbursements in USD 000’s

 

 

 

 

GUE Liquidation
Giftco, LLC

 

FSC Phoenix LLC

 

Provide Cards, Inc.

 

GUE Liquidation
Group, Inc.

 

GUE Liquidation
Commerce LLC

 

GUE Liquidation
Mobile, Inc.

 

GUE Liquidation
Creations, Inc.

 

TOTAL

 

 

 

19-11248 (LSS)

 

19-11249 (LSS)

 

19-11250 (LSS)

 

19-11251 (LSS)

 

19-11252 (LSS)

 

19-11253 (LSS)

 

19-11254 (LSS)

 

September 1 to 30, 2019

 

Operating Receipts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and Service Revenues

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Member - Credit Card Passthrough

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Operating Receipts

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity Specific Operating Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Member Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Member - Credit Card Passthrough

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Payroll/Benefits

 

—

 

—

 

—

 

—

 

(1,549

)

—

 

—

 

(1,549

)

Freight

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Professional Services

 

—

 

—

 

—

 

—

 

(1,445

)

—

 

—

 

(1,445

)

Marketing

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Inventory

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Technology

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Taxes

 

—

 

—

 

—

 

—

 

(289

)

—

 

—

 

(289

)

Warehousing, Rent, & Utilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Professional Fees - Recurring

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other

 

—

 

—

 

—

 

—

 

(12

)

—

 

—

 

(12

)

Total Entity Specific Operating Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(3,296

)

$

—

 

$

—

 

$

(3,296

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Operating Cash Flow

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(3,296

)

$

—

 

$

—

 

$

(3,296

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Sales Proceeds

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entity Specific Restructuring Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Day Motion and Admin Claims

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

KEIP/KERP

 

—

 

—

 

—

 

—

 

(1,167

)

—

 

—

 

(1,167

)

Severance / Retention

 

—

 

—

 

—

 

—

 

(272

)

—

 

—

 

(272

)

Restructuring Escrow Account Funding

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Disbursements and Transfers under TSA Agreements

 

—

 

—

 

—

 

—

 

(44

)

—

 

—

 

(44

)

Total Entity Specific Restructuring Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(1,482

)

$

—

 

$

—

 

$

(1,482

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total All Entity Specific Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(4,778

)

$

—

 

$

—

 

$

(4,778

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shared Restructuring Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees - Restructuring

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(2,951

)

$

—

 

$

—

 

$

(2,951

)

DIP Interest and Fees

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Prepetition Debt Repayment

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

DIP Repayments

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Shared Restructuring Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(2,951

)

$

—

 

$

—

 

$

(2,951

)

Allocation of GUE Liquidation, Inc. Shared Items

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Allocation of GUE Liquidation, Inc. Shared Items

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Allocation of GUE Liquidation Commerce LLC Shared Items

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Allocated Shared Restructuring Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(2,951

)

$

—

 

$

—

 

$

(2,951

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Disbursements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(7,729

)

$

—

 

$

—

 

$

(7,729

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash Flow

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(7,729

)

$

—

 

$

—

 

$

(7,729

)

 

 

 

(1) Intercompany transfers between and among Debtors are excluded.

 

 

 

(2) Shared financing and restructuring related distributions that benefit all of the Debtor entities in these cases are allocated on the basis of each entity’s specifically identified disbursements, as a percentage of total entity-specific disbursements.

 

 

4

 

MOR-1

 

 

 

 

 

 

 

 

 

 

 

 

 

In re: GUE Liquidation Companies, Inc., et al.

 

 

 

 

 

 

 

Case No. (Jointly Administered)

 

19-11240 (LSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reporting Period:

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Tax I.D. #

 

32-0255852

 

 

Cumulative Cash Disbursements and Trustee Fee Calculation

 

 

 

GUE Liquidation
Companies, Inc.

 

GUE Liquidation,
Inc.

 

Bloom That, Inc.

 

GUE
Liquidation.CA, Inc.

 

GUE Liquidation
Delivery, Inc.

 

GUE
Liquidation.COM,
Inc.

 

FlowerFarm, Inc.

 

FSC Denver LLC

 

 

 

19-11240 (LSS)

 

19-11241 (LSS)

 

19-11242 (LSS)

 

19-11243 (LSS)

 

19-11244 (LSS)

 

19-11245 (LSS)

 

19-11246 (LSS)

 

19-11247 (LSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Cash Disbursements

 

$

—

 

$

184,120,321

 

$

—

 

$

446,993

 

$

—

 

$

—

 

$

—

 

$

—

 

MOR-002 - July 2019

 

—

 

89,271,219

 

—

 

403,931

 

—

 

—

 

—

 

—

 

MOR-003 - August 2019

 

—

 

94,849,102

 

—

 

43,063

 

—

 

—

 

—

 

—

 

MOR-004 - September 2019

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL 3RD QUARTER CASH DISBURSEMENTS

 

$

—

 

$

184,120,321

 

$

—

 

$

446,993

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL 3RD QUARTER UST FEES

 

$

325

 

$

250,000

 

$

325

 

$

4,875

 

$

325

 

$

325

 

$

325

 

$

325

 

 

 

 

 

 

 

 

Quarterly
Disbursement
Minimum

 

Quarterly
Disbursement
Maximum

 

Applicable
Quarterly Fee

 

 

 

 

 

 

 

 

 

 

 

 

 

$

—

 

$

—

 

$

325.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.01

 

$

14,999.99

 

$

325.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

15,000.00

 

$

74,999.99

 

$

650.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

75,000.00

 

$

149,999.99

 

$

975.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

150,000.00

 

$

224,999.99

 

$

1,625.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

225,000.00

 

$

299,999.99

 

$

1,950.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

300,000.00

 

$

999,999.99

 

$

4,875.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,000,000.00

 

$

24,999,999.99

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

$

25,000,000.00

 

 

 

$

250,000.00

 

 

 

 

 

 

 

 

5

 

MOR-1

 

In re: GUE Liquidation Companies, Inc., et al.

 

 

 

 

Case No. (Jointly Administered)

 

19-11240 (LSS)

 

 

 

 

 

 

 

 

 

Reporting Period:

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

 

Federal Tax I.D. #

 

32-0255852

 

Cumulative Cash Disbursements and Trustee Fee Calculation

 

 

 

GUE Liquidation
Giftco, LLC

 

FSC Phoenix LLC

 

Provide Cards, Inc.

 

GUE Liquidation
Group, Inc.

 

GUE Liquidation
Commerce LLC

 

GUE Liquidation
Mobile, Inc.

 

GUE Liquidation
Creations, Inc.

 

TOTAL

 

 

 

19-11248 (LSS)

 

19-11249 (LSS)

 

19-11250 (LSS)

 

19-11251 (LSS)

 

19-11252 (LSS)

 

19-11253 (LSS)

 

19-11254 (LSS)

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Cash Disbursements

 

$

516,998

 

$

—

 

$

—

 

$

—

 

$

97,456,986

 

$

—

 

$

7,203,164

 

$

289,744,462

 

MOR-002 - July 2019

 

40,920

 

—

 

—

 

—

 

24,773,283

 

—

 

7,195,710

 

121,685,062

 

MOR-003 - August 2019

 

476,078

 

—

 

—

 

—

 

64,954,497

 

—

 

7,454

 

160,330,193

 

MOR-004 - September 2019

 

—

 

—

 

—

 

—

 

7,729,207

 

—

 

—

 

7,729,207

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL 3RD QUARTER CASH DISBURSEMENTS

 

$

516,998

 

$

—

 

$

—

 

$

—

 

$

97,456,986

 

$

—

 

$

7,203,164

 

$

289,744,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL 3RD QUARTER UST FEES

 

$

4,875

 

$

325

 

$

325

 

$

325

 

$

250,000

 

$

325

 

$

72,032

 

$

585,032

 

 

 

 

 

 

 

 

Quarterly
Disbursement
Minimum

 

Quarterly
Disbursement
Maximum

 

Applicable
Quarterly Fee

 

 

 

 

 

 

 

 

 

 

 

 

 

$

—

 

$

—

 

$

325.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

0.01

 

$

14,999.99

 

$

325.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

15,000.00

 

$

74,999.99

 

$

650.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

75,000.00

 

$

149,999.99

 

$

975.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

150,000.00

 

$

224,999.99

 

$

1,625.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

225,000.00

 

$

299,999.99

 

$

1,950.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

300,000.00

 

$

999,999.99

 

$

4,875.00

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,000,000.00

 

$

24,999,999.99

 

1

%

 

 

 

 

 

 

 

 

 

 

 

 

$

25,000,000.00

 

 

 

$

250,000.00

 

 

 

 

 

 

 

 

6

 

MOR-1a

 

In re: GUE Liquidation Companies, Inc., et al.

 

 

 

 

 

 

 

Case No. (Jointly Administered)

 

19-11240 (LSS)

 

 

 

 

 

 

 

 

 

 

 

 

Reporting Period:

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

Federal Tax I.D. #

 

32-0255852

 

Bank Reconciliation (or copies of debtor’s bank reconciliations)

 

The above-captioned debtors and debtors-in-possession (the “Debtors”) hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank statements, journals, and account reconciliations.

 

I attest that each of the Debtors’ bank accounts is reconciled to bank statements.  The Debtors’ standard practice is to ensure

that each bank account is reconciled to bank statements once per month within 30 days after the month end.

Copies of all such documents can be made available upon request of the U.S. Trustee.

 

A listing of all Debtor bank accounts - including the September 30, 2019 bank balance for each account - follows this attestation.

 

/s/ Alan D. Holtz

 

October 31, 2019

Signature of Authorized Individual

 

Date

 

 

 

Alan D. Holtz

 

Chief Restructuring Officer

Printed Name of Authorized Individual

 

Title of Authorized Individual

 

7

 

MOR-1a

 

In re: GUE Liquidation Companies, Inc., et al.

 

 

 

Case No. (Jointly Administered)

 

19-11240 (LSS)

 

 

 

 

 

 

 

 

Reporting Period:

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

Federal Tax I.D. #

 

32-0255852

 

Debtor Bank Account Listing

 

Banking Institution

 

Entity Name

 

Account Type

 

Acct # - Redacted

 

Balance as of 9/30/19

 

Comments

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank of America

 

FTD, Inc.

 

CLOSED LOC / Checking

 

****2799

 

 

 

Account Closed 8/12/19

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank of Montreal

 

 

 

Toronto Lockbox

 

****480C

 

 

 

Transferred to Nexus 8/23/2019

 

Bank of Montreal

 

GUE Liquidation, Inc.

 

Operating Account

 

****8238

 

$

239,933.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BBVA Bank

 

FTD, Inc.

 

CLOSED Money Market Acct

 

****2356

 

 

 

Closed 6/14/2019 per UST

 

 

 

 

 

 

 

 

 

 

 

 

 

JPMorgan Chase Bank

 

GUE Liquidation Creations, Inc.

 

Accounts Receivable

 

****5093

 

$

—

 

Maintained for PlanetArt per TSA

 

JPMorgan Chase Bank

 

GUE Liquidation Creations, Inc.

 

Operating Account

 

****5757

 

$

617,850.42

 

Maintained for PlanetArt per TSA

 

 

 

 

 

 

 

 

 

 

 

 

 

MUFG Union Bank

 

GUE Liquidation Mobile, Inc.

 

CLOSED Operating Account

 

****3689

 

 

 

Account Closed 9/19/19

*

MUFG Union Bank

 

GUE Liquidation Mobile, Inc.

 

CLOSED ZBA Payroll Funding

 

****3697

 

 

 

Account Closed 9/19/19

*

MUFG Union Bank

 

GUE Liquidation Giftco, LLC

 

Accounts Receivable

 

****2933

 

$

—

 

Maintained for PlanetArt per TSA

 

MUFG Union Bank

 

GUE Liquidation Giftco, LLC

 

Operating Account

 

****3549

 

$

178,398.69

 

Maintained for PlanetArt per TSA

 

MUFG Union Bank

 

GUE Liquidation Giftco, LLC

 

ZBA Payroll Funding

 

****3564

 

$

—

 

Maintained for PlanetArt per TSA

 

MUFG Union Bank

 

GUE Liquidation Creations, Inc.

 

ZBA Payroll Funding

 

****7490

 

$

—

 

 

 

MUFG Union Bank

 

GUE Liquidation Commerce LLC

 

Accounts Receivable

 

****2925

 

$

388,643.55

 

Maintained for Nexus per TSA

 

MUFG Union Bank

 

GUE Liquidation Commerce LLC

 

Concentration Account

 

****7342

 

$

21,656,876.29

 

 

 

MUFG Union Bank

 

GUE Liquidation Commerce LLC

 

ZBA Payroll Funding

 

****7377

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Silicon Valley Bank

 

Bloom That, Inc.

 

CLOSED Investment Account

 

****2853

 

 

 

Account Closed 9/24/19

*

Silicon Valley Bank

 

Bloom That, Inc.

 

CLOSED ZBA A/R Account

 

****8565

 

 

 

Account Closed 9/24/19

*

Silicon Valley Bank

 

Bloom That, Inc.

 

CLOSED Account

 

****9341

 

 

 

Account Closed 9/24/19

*

 

 

 

 

 

 

 

 

 

 

 

 

Toronto Dominion Bank

 

 

 

Primary Operating Account

 

****4801

 

 

 

Transferred to Nexus 8/23/2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo Bank

 

GUE Liquidation Companies, Inc.

 

Utility Deposit

 

****2153

 

$

234,973.00

 

$

234,973.00

**

Wells Fargo Bank

 

 

 

ZBA A/R Member Receipts

 

****2906

 

 

 

Transferred to Nexus 8/23/2019

 

Wells Fargo Bank

 

 

 

ZBA Payroll Funding

 

****2914

 

 

 

Transferred to Nexus 8/23/2019

 

Wells Fargo Bank

 

 

 

Primary Concentration Account

 

****2922

 

 

 

Transferred to Nexus 8/23/2019

 

Wells Fargo Bank

 

 

 

Chicago Lockbox

 

****4440

 

 

 

Transferred to Nexus 8/23/2019

 

Wells Fargo Bank

 

 

 

ZBA Member Disbursements

 

****7357

 

 

 

Transferred to Nexus 8/23/2019

 

Wells Fargo Bank

 

 

 

ZBA A/P Disbursements

 

****7361

 

 

 

Transferred to Nexus 8/23/2019

 

 

 

 

 

 

 

 

 

 

 

 

 

East West Bank

 

Omni Management Group Inc.

 

ESCROW: Professional Fees

 

****9521

 

$

12,189,236.98

 

Funded on 8/23/2019

***

East West Bank

 

Omni Management Group Inc.

 

ESCROW: Taxes & Labor

 

****9528

 

$

2,350,000.00

 

Funded 8/8/2019 and 8/19/2019

***

East West Bank

 

Omni Management Group Inc.

 

ESCROW: Ad Valorem Taxes

 

****9577

 

$

12,510.00

 

Funded on 8/23/2019

***

East West Bank

 

Omni Management Group Inc.

 

ESCROW: KEIP

 

****9584

 

$

172,800.03

 

Funded on 8/23/2019

***

East West Bank

 

Omni Management Group Inc.

 

ESCROW: Severance & PTO

 

****9591

 

$

1,431,585.38

 

Funded 8/16/2019

***

 

* See account closing documentation on following pages

** Utilities deposit account opened on 6/21/19 and funded on 6/24/2019 in accordance with Final Utilities Order.

*** Funding amounts agreed as part of applicable sales closings.

 

8

 

 

October 2, 2019

 

RE: Bank Verification

 

To Whom It May Concern:

 

Please be advised that all of the following accounts have been closed September 2019.

 

Routing number

 

SWIFT

 

Account Number

121140399

 

SVBKUS6S

 

xxx8565

121140399

 

SVBKUS6S

 

xxx9341

121140399

 

SVBKUS6S

 

xxx1410 (Sweep Account)

 

Below is our bank address:

Silicon Valley Bank

3003 Tasman Drive

Santa Clara, CA 95054 USA

 

The information in this letter is provided as an accommodation to your inquiry. This letter and any information provided in connection herewith are furnished on the condition that they are strictly confidential, that no liability or responsibility whatsoever in connection herewith shall attach to Silicon Valley Bank or any of its affiliates, respective officers, employees, and/or agents, that this letter makes no representations regarding the general condition of the Company, its management or its future ability to meet its obligation, and that any information provided is subject to change without notice.

 

Sincerely,

 

/s/ Frankie Flores

 

 

Relationship Advisor

 

2400 Hanover St, Palo Alto, CA 94304                             svb.com

 

 

9

 

Muskovich, Jason

 

From:

 

Tchoryk, Linda

Sent:

 

Wednesday, October 2, 2019 3:13 PM

To:

 

Muskovich, Jason; Kramer, Nathan; Barnhart, Steve

Subject:

 

Union Bank Accounts

 

Jason,

 

The two accounts you mentioned 3689 and 3697 were indeed the Sincerely accounts. I tried to pull a September statement and the bank website doesn’t list those accounts anymore as options to run reports on.

 

That in itself shows that the accounts are closed but if you need a letter from the bank saying they are closed, I can see if they can send me one. Let me know.

 

Linda Tchoryk

Sr. Treasury Analyst

T xxx-xxx-xxxx

F xxx-xxx-xxxx

E xxxxxxxx@ftdi.com

 

 

FTD Companies, Inc

3113 Woodcreek Drive | Downers Grove, IL 60515

 

NOTE: Debtors have requested but not yet received formal correspondence from Union Bank demonstrating the closure of the accounts referenced above. However, Debtors attest that these accounts have $0 balances and all residual funds were transferred to the Debtors Concentration Account at the time of closing.

 

10

 

 

MOR-1b

 

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

Schedule of Retained Professional Fees Paid

Amounts in (000’s)

 

Payee

 

Role of Professional

 

Cumulative
Balance Forward

 

July 2019

 

August 2019

 

September 2019

 

Cumulative Payments
Since Filing

 

AP Services LLC

 

CRO Services

 

$

0

 

$

1,375

 

$

1,160

 

$

421

 

$

2,956

 

Jones Day

 

Debtors’ Counsel

 

$

0

 

$

0

 

$

0

 

$

1,595

 

$

1,595

 

Richards, Layton & Finger

 

Debtors’ Local Counsel

 

$

0

 

$

0

 

$

0

 

$

250

 

$

250

 

Moelis & Company LLC

 

Debtors’ Financial Advisor

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

Piper Jaffray & Co

 

Debtors’ Financial Advisor

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

Omni Management Group

 

Debtors’ Claims Agent

 

$

0

 

$

0

 

$

119

 

$

86

 

$

205

 

FTI Consulting

 

Lender Financial Advisor (1)

 

$

0

 

$

112

 

$

286

 

$

93

 

$

491

 

Moore and Van Allen

 

Lender Counsel (1)

 

$

226

 

$

0

 

$

0

 

$

0

 

$

226

 

Buchanan Ingersoll & Rooney

 

Lender Local Counsel (1)

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

Province

 

UCC Financial Advisor

 

$

0

 

$

0

 

$

0

 

$

220

 

$

220

 

Kelley Drye & Warren

 

UCC Counsel

 

$

0

 

$

0

 

$

0

 

$

243

 

$

243

 

Benesch Friedlander Coplan & Aronoff

 

UCC Local Counsel

 

$

0

 

$

0

 

$

0

 

$

42

 

$

42

 

 

 

 

 

$

226

 

$

1,487

 

$

1,566

 

$

2,951

 

$

6,229

 

 

(1) Lender advisors not retained but authorized for payment pursuant to the “Final Order Pursuant to Sections 105, 361, 362, 363, 364, and 507 of the Bankruptcy Code, Bankruptcy Rule 4001, and Local Rule 4001-2, (I) Authorizing Debtors to (A) Obtain Postpetition Financing and (B) Use Cash Collateral, (II) Granting Adequate Protection to Prepetition Secured Parties, (III) Scheduling Final Hearing, and (IV) Granting Related Relief” [Dkt No. 311].

 

11

 

MOR-2

 

In re: GUE Liquidation Companies, Inc., et al.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case No. (Jointly Administered)

 

19-11240 (LSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

Reporting Period:

 

September 1 to 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal Tax I.D. #

 

32-0255852

 

 

UNAUDITED

Statement of Operations (Income Statement)

Amounts in (000’s)

 

 

 

GUE Liquidation
Companies, Inc.

 

GUE Liquidation,
Inc.

 

Bloom That, Inc.

 

GUE
Liquidation.CA, Inc.

 

GUE Liquidation
Delivery, Inc.

 

GUE
Liquidation.COM,
Inc.

 

FlowerFarm, Inc.

 

FSC Denver LLC

 

GUE Liquidation
Giftco, LLC

 

FSC Phoenix LLC

 

Provide Cards, Inc.

 

GUE Liquidation
Group, Inc.

 

GUE Liquidation
Commerce LLC

 

GUE Liquidation
Mobile, Inc.

 

GUE Liquidation
Creations, Inc.

 

 

 

19-11240 (LSS)

 

19-11241 (LSS)

 

19-11242 (LSS)

 

19-11243 (LSS)

 

19-11244 (LSS)

 

19-11245 (LSS)

 

19-11246 (LSS)

 

19-11247 (LSS)

 

19-11248 (LSS)

 

19-11249 (LSS)

 

19-11250 (LSS)

 

19-11251 (LSS)

 

19-11252 (LSS)

 

19-11253 (LSS)

 

19-11254 (LSS)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product and Service Revenues

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(46

)

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

24

 

$

—

 

$

—

 

Sales and marketing

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

63

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Technology and development

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

General and administrative

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

3,447

 

—

 

—

 

Total General and administrative

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

3,447

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Restructuring and other exit costs

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

81

 

—

 

—

 

Impairment loss

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

0

 

—

 

—

 

Total operating expenses

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

3,615

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income/(loss)

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(3,661

)

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) on Sale of Businesses

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Interest income

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Interest expense

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

0

 

—

 

—

 

Other income/(expense), net

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

191

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(3,470

)

$

—

 

$

—

 

Provision for income taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income/(Loss)

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(3,470

)

$

—

 

$

—

 

 

 

 

(1) Income Statement reflects unaudited revenue and expenses for the period from September 1 to 30, 2019 that directly correspond to the listed debtor legal entity.  Debtors have effectively ceased commercial operations as of August 23, 2019 corresponding with the 1-800 Flowers, Nexus and PlanetArt sales transactions.

 

12

 

MOR-3

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

UNAUDITED

Balance Sheet

Amounts in (000’s)

 

 

 

GUE Liquidation
Companies, Inc.

 

GUE Liquidation,
Inc.

 

Bloom That, Inc.

 

GUE
Liquidation.CA, Inc.

 

GUE Liquidation
Delivery, Inc.

 

GUE
Liquidation .COM,
Inc.

 

FlowerFarm, Inc.

 

FSC Denver LLC

 

GUE Liquidation
Giftco, LLC

 

FSC Phoenix LLC

 

Provide Cards, Inc.

 

GUE Liquidation
Group, Inc.

 

GUE Liquidation
Commerce LLC

 

GUE Liquidation
Mobile, Inc.

 

GUE Liquidation
Creations, Inc.

 

 

 

19-11240 (LSS)

 

19-11241 (LSS)

 

19-11242 (LSS)

 

19-11243 (LSS)

 

19-11244 (LSS)

 

19-11245 (LSS)

 

19-11246 (LSS)

 

19-11247 (LSS)

 

19-11248 (LSS)

 

19-11249 (LSS)

 

19-11250 (LSS)

 

19-11251 (LSS)

 

19-11252 (LSS)

 

19-11253 (LSS)

 

19-11254 (LSS)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

7,888

 

$

—

 

$

—

 

Accounts receivable, gross

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Allowance for doubtful accounts

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Accounts receivable, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Inventories

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

20

 

—

 

—

 

Income tax receivable

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(432

)

—

 

—

 

Deferred tax assets, net

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Restricted cash

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

3,373

 

—

 

—

 

Prepaid expenses and other current assets

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

21,131

 

—

 

—

 

Total current assets

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

31,980

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land and improvements

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Building and improvements

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Leasehold improvements

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Equipment

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Computer equipment

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Computer software

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Furniture

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Less accumulated depreciation

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total property and equipment, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Leases:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Less accumulated amortization - leases

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total leases, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Complete technology

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Accum amortization- Complete technology

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Complete technology, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Customer Relationships

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Accumulated amortization- Customer Relationships

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Customer Relationships, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Trademarks and trade names

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Accumulated amortization- Trademarks and trade names

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Trademarks and trade names, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Patents, domain names and other

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Accumulated amortization- Patents, domain names and other

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Patents, domain names and other, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Goodwill

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

86,777

 

$

—

 

$

—

 

Deferred financing fees, net

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Investment in subsidiary

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other noncurrent assets

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

792

 

—

 

—

 

Total other assets

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

87,569

 

$

—

 

$

—

 

Total assets

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

119,549

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

Customer deposits

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Accrued interest

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other accrued liabilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

108,043

 

—

 

—

 

Accrued compensation

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

4,973

 

—

 

—

 

Deferred revenue

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

2,446

 

—

 

—

 

Income taxes payable

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(1,506

)

—

 

—

 

Current operating lease liabilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Current deferred tax liabilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Current maturities of long-term debt

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Intercompany

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

117,344

 

—

 

—

 

Total current liabilities

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

231,301

 

$

—

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, net

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

5,738

 

$

—

 

$

—

 

Other liabilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

398

 

—

 

—

 

Noncurrent tax liabilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

497

 

—

 

—

 

Long term unearned income

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Long term operating lease liabilities

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Post-retirement benefits and accrued pension obligations

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Liabilities subject to compromise

 

164,941

 

14,106

 

—

 

—

 

—

 

—

 

—

 

—

 

51

 

—

 

—

 

—

 

55,888

 

1

 

5,152

 

Minority interest in subsidiary

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

3

 

$

—

 

$

—

 

Additional paid-in capital

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

314,454

 

—

 

—

 

Retained earnings (accumulated deficit)

 

(164,941

)

(14,106

)

—

 

—

 

—

 

—

 

—

 

—

 

(51

)

—

 

—

 

—

 

(401,634

)

(1

)

(5,152

)

Accumulated other comprehensive income (loss)

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(21,875

)

—

 

—

 

Treasury Stock

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(65,221

)

—

 

—

 

Total stockholders’ equity

 

$

(164,941

)

$

(14,106

)

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

(51

)

$

—

 

$

—

 

$

—

 

$

(174,274

)

$

(1

)

$

(5,152

)

Total liabilities and stockholders’ equity

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

—

 

$

119,549

 

$

—

 

$

—

 

 

 

 

The Balance Sheet reflects unaudited assets, liabilities, and stockholders equity as of September 30, 2019 that directly correspond to the listed debtor legal entity.  Liabilities Subject to Compromise are consistent with amounts presented in the Debtors’ Schedules of Assets and Liabilities filed on July 13, 2019. 

 

 

The claims bar dates in these cases was October 7, 2019 and Debtors are in process of analyzing filed claims versus Liabilities Subject to Compromise.

 

13

 

MOR-4

 

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

Status of Post-petition Taxes

 

The above-captioned debtors and debtors-in-possession (the “Debtors”) hereby submit this attestation regarding Status of Post-petition Taxes in lieu of providing copies of post-petition tax payments and tax returns filed during reporting period.

 

I attest that each of the Debtors’ taxing authorities have been paid on time when post-petition amounts become due.  Also, tax returns are being filed in an orderly and timely fashion in accordance with tax return reporting deadlines.

 

/s/ Alan D. Holtz

 

October 31, 2019

Signature of Authorized Individual

 

Date

 

 

 

Alan D. Holtz

 

Chief Restructuring Officer

Printed Name of Authorized Individual

 

Title of Authorized Individual

 

17

 

MOR-4a

 

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

Summary of Unpaid Post-petition Debts    /     Listing of Aged Accounts Payable

Amounts in (000’s)

 

Unpaid Post-petition Debts(1)

 

Current

 

0-30

 

31-60

 

Over 60

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

—

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Post-petition Debts

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

Combined Debtors Summary of Unpaid Post-petition Accounts Payable Aging(2)

 

 

 

Days Past Due

 

 

 

Current

 

1-30

 

31-60

 

61-90

 

>91

 

Total

 

Combined

 

$

—

 

$

0

 

$

0

 

$

0

 

$

0

 

$

0

 

 

 

0

%

0

%

0

%

0

%

0

%

0

%

 

Note:

(1) The Debtors received authority pursuant to certain first-day orders for the payment of prepetition taxes and certain other prepetition liabilities which are not included in these amounts.

(2) The post-petition accounts payable reported represent open and outstanding trade vendor invoices that have been entered into the Debtors’ accounts payable system and does not include accrued liabilities or prepetition amounts that the Debtors intend to pay in accordance with various orders of the Bankruptcy Court which have been reclassified as liabilities subject to compromise.

(3) Per TSA agreement with Nexus, Debtors’ payables accounts are managed by FTD LLC and approved expenditures are either paid directly from Estate funds or paid by FTD LLC and charged back to the Estate on a bi-monthly basis.  To the best of knowledge and belief, the Debtors are current with all approved payable amounts.

 

18

 

MOR-5

 

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

Accounts Receivable Reconciliation and Aging

Amounts in (000’s)

 

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

Accounts Receivable Reconciliation

 

Amount

 

Total Accounts Receivable at the beginning of the reporting period

 

$

—

 

+ Amounts billed during the period

 

—

 

- Amounts collected during the period

 

—

 

Total Accounts Receivable at the end of the reporting period

 

$

—

 

 

Accounts Receivable Aging

 

Amount

 

Current

 

$

—

 

0 - 30 days old

 

—

 

31 - 60 days old

 

—

 

61 - 90 days old

 

—

 

91+ days old

 

—

 

Total Accounts Receivable

 

$

—

 

 

(1) All debtors have substantially ceased commercial operations or sold on-going businesses in accordance with sale transactions approved by the bankruptcy court.

 

19

 

MOR-6

 

In re: GUE Liquidation Companies, Inc., et al.

Case No. (Jointly Administered)

19-11240 (LSS)

 

Reporting Period:

September 1 to 30, 2019

 

Federal Tax I.D. #

32-0255852

 

Debtor Questionnaire

 

 

 

Must be completed each month.

 

Yes

 

No

1

 

Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

 

 

 

X

2

 

Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.

 

 

 

X

3

 

Have all postpetition tax returns been timely filed? If no, provide an explanation below.

 

X

 

 

4

 

Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

 

X

 

 

5

 

Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

 

 

 

X

 

20