Petters Bankruptcy Monthly Operating Report

Case 08-45257
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Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 1 of 24
Desc Main
UNITED STATES BANKRUPTCY COURT

DISTRICT OF MINNESOTA
ln re:
Case
No.:
08-45257
Chapter I I
Petters Company, Inc.
Debtor
MONTHLY OPERATING REPORT (AMENDED)
SUMMARY OF FINANCIAL STATUS

Month
Ended: October-I3
Filing Date;
l0/r l/2008
Debtor in possession (or trustee) hereby submits this Summary of Financial Status. Dollars reported in $L
2 Asset
End
Cunent
Structure
a Current Assets (Market Value)

b Total Assets (Market Value)
Current Liabilities
Total Liabilities
3 Statement of Cash Receipts
a
b
d
e
&
Disbursements for Month
Total Receipts
Total Disbursements
Excess (Deficiency) of Receipts Over Disbursements (a-b)
Cash Balance Beginning of Month
Cash Balance End of Month (c+d)
4 Proft/(Loss) from the Statement of Operations

5 Account Receivables (Pre and Post Petition)
6 Post-Petition Liabilities
7 Past Due Post-Petition Account Payables (over 30 days)
of
Month
$3 64.270.720
sr,216,930,538
$455,402,380
s492,673,172
Current
Month
$92,069
s124,215
End of
Prior Month
s364,197,911
$l,2 16.857.730
$455,402,380
3.172
s487,t22,604
$68,308
(Case to Date)
196
sl,061,122
$25,83 5,91 7
l4
t4.279
-s992,8
924,943,0ss
$24,910,910
Current
Month
$72,809
$331,691,320
Cumulative
Prior
Month
-$ I
(Case to Date)
,105,608
s14,453,859
$33 I,688,060
52'602
s2'602
52'602
s2'602
Yes
8 Have any payments been made on pre-petition debt, other than payments in the normal
course to secured creditors or lessors? (ifyes, attach listing including date ofpayment,
9 Have any payments been made to professionals? (ifyes, attach listing including date of
payment, amount ofpayment and name ofpayee)
answer is yes to 8 or 9, were all such payments approved by the court?
No
amount ofpayment and name ofpayee)
'I
$1, 196,926,112
Cumulative
Prior
Month
-$32,146
At the end of this reporting month:
l0 Ifthe
As of
Petition Filing
X
X
Have any payments been made to officers, insiders, shareholders, relatives? (if yes, attach
listing including date of payment, amount and reason for payment, and name of payee)
l2
fs the estate insured for replacement cost ofassets and fbr general liability?
l3 Are a plan
and disclosure statement on file?
l4 Was there any post-petition borrowing during this reporting period?

l5 Checkifpaid: post-petitiontaxes_X_; U.S.TrusteeQuarterlyFees-X-;Checkiffilingiscurrentfor:
X
Post-petitiontaxrepoftingand
tax returns: _X_. (Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees are not paid current or if post-petition tax
reporting and tax return filings are not current.)
question.
The above summary and attached pages are based on Debtor's books and records, the completeness, validity and accuracy ofwhich is in
related
during
the
uncovered
information
Based
on
good
faith
estimate.
a
and
represents
sources
from
various
is
This information compiled
may
federal fraud investigation, the market value ofall assets, and the likelihood receivables will be collected, has been called into question and
(if
and
after
applicable),
summary and attached
penalty ofperjury that I have
ultimately be zero,
ieve these documents are correct.
making reasonable
Date
edual
DOCS-#27955 34-v6l -Petters-Monthly-Operating-Report-PCl XLS (Summary Page)
Case 08-45257
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Page 2 of 24
PETTERS COMPANY, INC.
Desc Main
Balance Sheet
11t14t13
As ofOctobel31,2013
Accrual Basis
Sep 30,13
Oct 31, 13
$ Change
ASSETS
Current Assets
Checking/Savings
US BANK CLAWBACK PROCEEDS
US Bank Operating Account
Total Checking/Savings
24,138,855.17
760,954.54
24,055,886.00
774,375.04
-13,420 50
24,899,809.71
24,830,261.04
69,548.67
28,235,010.75
146,853,176.40
21,934.62
28,235,010.75
't46,853,176.40
0.00
0.00
0.00
82,969.1 7
Other Current Assets

AR-Metro Gem FF
AR-Metro Gem lnc.
Employee Receivables
lntercompay Receivables
I/C AR-FAC
UC AR.FDM
l/C AR-Petters Consumer Brands
l/C AR-Petters Group LLC
l/C AR Broadsign
l/C AR Polaroid Gorporation
l/C AR- Sun Country Airlines
l/C AR-Aaron Chang lntl LLC
l/C AR-O'Shaughnessy Holding
UC AR-Petters Capital LLC
l/C AR-Petters Media Marketing
UC AR-TMI
I/C AR.TPI
l/C AR-YFly
l/C AR - Zink lmaging
l/C AR Petters Hospitality
l/C AR Pol Hospitality
l/C AR Polaroid Consumer Electr
l/C AR SPEs
Total lntercom pay Receivables

lnventory
Notes Receivable Current
lC Notes Rec-Edge One LLC
lG Notes Rec-P Gapital
lC Notes Rec-P Finance
lC Notes Rec-Petters I
lC Notes Rec-Petters Ltd.
lC Notes Rec.- PAC Funding
Total Notes Receivable Current

Other Receivables
Total Other Gurrent Assets
220.00
5,600.83
4,573.80
I ,640.13
172,109.',t1
219.17
268.15
-2,764.32
15,293.73
2,190.22
21,934.62
0.00
5,600.83
4,573.80
1 ,640.13
172,109.11
219.17
268.1 5
-2,764.32
15,293.73
2,190.22
483.50
483 50
58,206.88
6,641.09
437.30
44,098.54
12,374.98
11.60
394.53
59,81 1.50
58,206.88
6,641 09
437.30
44,098.54
12,374.98
11.60
394.53
56,771.50
220.00
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
000
3,040 00
381,810.74
378,550.74
3,260.00
7,679,590.00
7,679,590.00
0.00
30,1 80,1 1 5.70
30,1 80,1 1 5.70
0.00
82,319,598.43
-1,436.22
11,082,864.19
5,211,889.15
25,853,849.20
82,319,598.43
-1,436.22
11,082,864.19
5,211,889.15
25,853,849.20
000
000
000
0.00
000
000
154,646,880.45
154,646,880.45
1,552,507.22
1,552,507.22
000
339,367,650.18
3,260.00
339,370,910.18
Page
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Desc Main
Balance Sheet
1'U14t13
As of October 31,2013
Accrual Basis
Sep 30,13
Oct 31, 13
Total CurrentAssets
364,270,719.89
$ Ghange
364,197,911.22
72,808 67
Fixed Assets
Equipment
Equipment- Accumulated Deprec
Total Fixed Assets
Other Assets
lG Notes Receivable
UC NR-P AVIATION LEASING
I/C NR- PWD
I/C NR-FAC
l/C NR-P Capital LLC
l/C NR-P Capital tax adj
UC NR-P Fashion Group
I/C NR-PCB
UC NR-PCLLC
l/C NR-Petters VB, LLC
I/C NR.PGLLC
l/C NR-Spri ngworks-Symorphics
l/C NRSpringworks-WC
I/C NR-TPI
UC NR - Gentr Amer Hldg LLC
l/C NR P Aviation
lC NR-Trio Marketing
Total lC Notes Receivable

lC Notes Receivable-l nterest
l/C NR lnt-P Capital LLC
l/C N R lnt-Springworks-Symorphi
l/C NR lnt.-Springworks-WC
l/C NR lnterest-FAC
l/C NR lnterest-FDM
l/G NR lnterest-P Fashion Group
l/C NR lnterest-PCB
l/C NR lnterest-PCLLC
l/C NR lnterest-PcLLC
lC NR lnterest-Central Am Hold
lC NR lnterest-Trio Mkt.
Total lC Notes Receivable-lnterest

lnvestment
Entrepreneur's Place,
Ethanol Plant
ZINK
Total lnvestment
7,656.73
7,656.73
-4,1 89.00
-4,1 89.00
0.00
0.00
3,467.73
3,467 73
0.00
534,024.17
709,606.95
4,524,194.81
80,792,536.38
10,037,016.00
'17,822,884.12
8,982,645.00
23,449,816.09
't0,468,819.04
15,823,899.23
21,403,796.00
24,517,569.87
24,713,559.11
'15,390,000.00
1,947,944.72
479,792.76
261 ,598,104.25
'18,975,629.31
20,533,374.96
13,327,185.27
15,377,477.28
96,250 00
8,1 15,086.04
1,982,395.27
27,801 ,483.52
-67,320,778.01
658,248.80
178,423.90
39,724,776.34
250,000.00
250,000.00
23,062,000.00
23,562,000.00
534,024.17
709,606.95
4,524,194.81
80,792,536.38
10,037,016.00
17,822,884.12
8,982,645.00
23,449,816.09
10,468,819.04
'15,823,899.23
21,403,796.00
24,517,569.87
24,713,559.11
15,390,000.00
't,947,944.72
479,792.76
0.00
0.00
0.00
000
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
261 ,598,1 04 25
18,975,629.31
20,533,374.96
13,327,185.27
15,377,477.28
96,250.00
8,I I 5,086.04
1,982,395.27
27,801,483.52
-67,320,778.01
658,248.80
178,423.90
0.00
0.00
0.00
0.00
000
000
000
000
000
000
000
0,00
0.00
39,724,776.34
250,000.00
250,000.00
23,062,000.00
23,562,000.00
0.00
0.00
0.00
0.00
Page 2
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Page 4 of 24
4:01 PM
Desc Main
Balance Sheet
,t1t14t13
As of October 31, 2013
Accrual Basis
l3
Oct 31,
Sep 30,
l3
$ Change
lnvestment in Subsidiaries
1000 Lakes
Central Am Holding
FDM-FAC Stock
Fingerhut Direct Mktg.
P Capital LLC
Total lnvestment in Subsidiaries

Notes Receivable
Note Receivable-BlS Sales
NR lnterest BLS
Note Receivable-BLS Sales - Other
Total Note Receivable-BlS Sales

Note Receivable-Tom Petters
NR.TJP/PCB
Polaroid
lnterest Rec. Polaroid
Polaroid - Other
Total Polaroid
Rainmaker
Savage Enterprises
Turpin NR
0.00
0.00
0.00
172,860,420.46
55,000.00
24,000,000 00
11,604,062.99
200,000,000.00
172,860,420.46
55,000.00
24,000,000.00
11,604,062.99
200,000,000.00
000
000
0 00
99,574.55
1,788,764.79
99,574.55
1,788,764.79
0.00
408,5.19,483.45
408,519,483.45
1,888,339.34
1,888,339.34
000
65,176,733.37
10,000,000.00
65,1 76,733.37
0.00
10,000,000 00
000
0.00
7,551,780.81
20,000,000.00
7,551,780.81
20,000,000.00
000
27,55',t,780.81
27,551 ,780.81
0.00
85,000.00
495,000.00
70,000.00
85,000.00
495,000.00
70,000.00
0.00
0.00
0.00
Zink
lnterest Rec.-Zink
Zink - Other
Total Zink
Total Notes Receivable
Total OtherAssets
TOTAL ASSETS
0.00
0.00
1,425,728.19
12,559,404.92
1,425,728.19
12,559,404.92
13,985,133.1
0.00
13,98s,133.11
119,251,986.63
0.00
852,656,350.67
852,656,350.67
0.00
1,216,930,538.29
1,216,857,729.62
72,808.67
423,612.08
423,612.08
000
423,612.08
423,612.08
0.00
862,797,152.01
-759,926,941.80
93,235.00
18,968,380.62
J52
-759,926,941 .80
93,235.00
18,968,380.62
0.00
0.00
19,25'1 ,986.63
LIABILITIES & EQUITY
Liabilities
Current Liabilities
Accounts Payable
Accounts Payable
Total Accounts Payable
Other Current Liabilities
Deferred lncome
Deferred lncome Adjustments
Due to Central America Holdings
Due to PC Funding
862,797
01
000
000
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Desc Main
Balance Sheet
11n4t13
Accrual Basis

Oct 31,
Due to PGE
Notes Payable Current
Notes Payable-Apriven
Notes Payable-lnterlachen
Notes Payable-P Capital LLC
Notes Payable-Ritchie
Notes Payable-MGl
Notes Payable-Mcl FF
Total Notes Payable Current
l3
Sep 30,13
$ Change
5,500,000.00
5,500,000.00
0.00
41,500,000.00
60,000,000.00
'1,000,000.00
41,500,000.00
60,000,000.00
0.00
r,000,000.00
0.00
31,000,000.00
130,330,000.00
27,620,000.00
31,000,000.00
130,330,000.00
27,620,000.00
000
291,450,000.00
000
0.00
0.00
0.00
291 ,450,000.00
Notes Payable lnterest
lnterest
lnterest
lnterest
lnterest
lnterest
lnterest
Payable-Apriven
Payable-lnterlachen
Payable-P Capital LLC
Payable-Ritchie Capit
Payable-MGl
Payable-MGl FF
Total Notes Payable lnterest

Total Other Current Liabilities
Total Current Liabilities
1,631,833.33
11,540,983.61
42,074.48
11,576,721.31
9,4'13,763.33
1,891,566.11
1,631,833.33
11,540,983.61
42,074.48
11,576,721 .31
9,413,763.33
1,891,566.'11
0.00
0.00
0.00
0.00
0.00
0.00
36,096,942.17
36,096,942.17
0.00
454,978,768.00
454,978,768.00
0.00
455,402,380.08
455,402,380 08
0.00
Long Term Liabilities

Notes Payable
Notes Payable Other
Notes Payable Other lnterest
Total Notes Payable

Private lnvestor Notes
Private lnvestorlnterest
Private I nvestor-Principal
10,075,000.00
294,508.1 9
r
0,369,508.19
751,283.33
26,1 50,000.00
10,075,000.00
294.508.'19
000
000
10,369,508.19
751,283.33
26,150,000.00
0.00
0.00
000
26,901,283.33
26,901,283.33
0.00
37,270,791 .52
37,270,791 .52
0.00
Total Liabilities
492,673,171.60
492,673,',171.60
0.00
Equity
Capital Stock
Dividends Paid
Retained Earnings
Retained Earnings 2003
Retained Earnings PC Fund 2002
Net lncome
15,605,000.00
1 ,018,879.92
606,037,811.35
65,273,683.97
46,143,659.89
15,605,000 00
I ,0'18,879.92
606,037,811.35
65,273,683.97
46,143,659.89
0 00
2,216,09',1.40
2,'t43,282.73
72 808 67
Total Equity
724,257,366.69
Total Private lnvestor Notes

Total Long Term Liabilities
-1
-1
724,184,558.02
00
0 00
0 00
0 00
72,808.67
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Balance Sheet
,t1t,t4l1l
Accrual Basis
& EQUITY
$ Change
Sep 30, 13
Oct 3l , 13
TOTAL
Desc Main
1,216,930,538.29
1,216,857,729.62
72,808.67
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Desc Main
Profit & Loss
111141'13
October 2013
Accrual Basis
Oct 13
Ordinary lncome/Expense
Expense
Bank Service Charges
Fling Fees
Professional Fees
Legal Fees
Total Professional Fees
75 50
6,500.00
10,685.00
10,685.00
Salaries and BenefiG
Bonuses
Total Salaries and Benefits
Travel & Ent
Travel
Total Travel & Ent
Total Expense
Net Ordinary lncome
-3,783.41
-3,783.41
2,000.00
2,000.00
15,477.09
-15,477.09
Other lncome/Expense
Other lncome
lnterest lncome
1,023.26
Total Other lncome
1,023.26
Other Expense
Other Expenses
lnterest Exp-MGl
Total Other Expenses

Total Other Expense
Net Other lncome
Net lncome
-87,262.50
-87,262.50
-87,262.50
88,285.76
72,808.67
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Page 8 of 24
Profit & Loss
11t14t13
Accrual Basis
Desc Main
October'12, 2008 through October 31, 2013

Qcl 12,'08 - Oct
31
, 13
Ordinary lncome/Expense
Expense
Amortization Expense
000
Bank Service Charges
8,222.46
Contributions
Filing Fees
lnsurance
Liability lnsurance
lnsurance - Other
Total lnsurance
Payrol I Service Expense-ADP
Postage and Delivery
Printing and Reproduction

Professional Fees
Accounting
Consulting
Legal Fees
Other
Total Professional Fees
Rent
Salaries and Benefits
Benefits
Bonuses
Payroll Taxes
Salaries and wages
-1 ,727,341 .26
61,815.00
-135,830.76
-30,155.27
-165,986.03
4,144.80
188.63
33,394.24
6,469,751 .91
651,806.61
6,616,434.28
455,204.43
14,193,197.23
18,378.78
6,037.52
-3,663,207.81
2'1,086.55
262,500.84
Total Salaries and Benefits
-3,373,582.90
Supplies
Office
162.85
Total Supplies
'162.85
Telephone
Travel & Ent
Travel
983.1 0
Total Travel & Ent
Total Expense
Net Ordinary lncome
Other lncome/Expense
Other lncome
lnterest BLS
lnterest lncome
Other lncome
-4,587.47
-4,587.47
9,048,989.43
-9,048,989.43
127,017.55
11,840.76
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Desc Main
Profit & Loss
.i.i114113
October 12,2008 through October 31,2013
Accrual Basis
Oct 12, '08 - Oct 31, 13

Clawback Proceeds
Other lncome - Other
21,510,745.28
23,313.12
Total Other lncome
21,534,058.40
Total Other lncome
21,672,916.71
Other Expense
Other Expenses
lnterest
lnterest
lnterest
lnterest
lnterest
Exp-Private I nvestors
Exp-MGl
Exp.-MGl FF
Exp. Other NP
Expense Lancer
Total Other Expenses
Total Other Expense

Net Other lncome
Net lncome
-129,512.50
-329,475.00
-305,500.00
-1
,062,185.00
-3,258.90
-'1
,829,931.40
-r,829,931.40
23,502,848.11
14,453,858.68
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Desc Main
Case Name: Petters Company, lnc

Case Number: O8-45257
CASH RECEIPTS AND DISBURSEMENTS (Calendar Quarter)
Month 1
of uarter
1
2
3
4
5
6
7
8
I
9a
10
11
11a
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
30a
31
32
33
34
35
36
37
38
n ng
RECEIPTS FROM OPERATIONS

Cash Sales
Less: Cash Refunds
Net Cash Sales
COLLECTIONS OF ACCTS. REC.
Pre-Petition
Post-Petition
Other:
Total Operating Receipts (lines 4+5+6+7)
NON-OPERATING RECEIPTS
Loans/Advances
lnterest on Deposit Accounts
Sale of Assets
Other: Clawback Proceeds
Other: Bank Fees
Total Non-Operating Receipts (lines 9+10+11)
Total Receipts (lines 8+12)
Total Cash Available (lines 13+1)
OPERATING DISBURSEMENTS
Net Payroll
Payroll Taxes-Paid
Sales, Use & Other Taxes Paid
Consulting Fees
Secured/Rental/Leases
Employee Benefits
Utilities
lnsurance
lnventory Purchases
Vehicle Expense
Travel
Entertainment
Repairs & Maintenance
Supplies
Advertising
Other: Bank Service Charge
Other: Registered Agent Fees
Total Operating Disbursements
REORGAN IZATION EXPENSES
Professional Fees
U.S. Trustee Quarterly Fees
Other: Litigation Expenses
Other: Mediation Expenses
Total Reorganization Expenses
Total Disbursements (lines 31+36)
Cash - End of Month
DOCS-#27955 84-v I -Petters_Monthly_Opcrating_Repo-PCLXLS
Month 2
of Quarter
24,943,055.41
Month 3
of Quarter
$
Quarter
Total
$ 24.943.055.41
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
1,O23.26
91,045.91
$ e2,069.17
$ 92,069.17
$ 25,035,124.58
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
75.50
660.00
735.50
112,794.37
5,350.00
$
5,335.00
$
fi 123,479.37
g 124,214.87
$ 24,910,909.71
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
(Cash Receipts and Disbur sements)
$
$
$
$
$
$
$
91,045.91
92,069.17
92,069.17
$ 25,035,124.58
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
75.50
660.00
735.50
112,794.37
5,350.00
5,335.00
123,479.37
124,214.87
$
$ 24,910,909.71
$
1,023.26
$
$
Case 08-45257
Case Name:
Case Number:
Doc 2141
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 11 of 24
Desc Main
Petters Company, lnc.

0B-45257
ITEMIZATION OF CASH RECEIPTS

Date
Received
Amount
on
101712013
1011612013
Various
Various
10t2812013
Various
Recoveries on Avoidance Claims

10t31t2013
US Bank
lnterest
TOTAL
$
$
$
$
44,912.50
3,683.41
42,450.00
1,023.26
92,069.17
CHECKS RECEIVED BUT NOT DEPOSITED

Date
lssued
Total
DOCS-#2795584-v6l-Petters_Monthly_Operating_Report-PCI.XLS
Amount
Descri
(ltemization of Cash Receipts)
92,
Case 08-45257
Doc 2141
4:03 PM
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 12 of 24
Desc Main
Deposit Detail
111'l4l,l3
October 2013
Type
Deposit
Num
Name
Date
Amount
Account
US BANK CLAWB...
10t7t2013
METRO GEM, INC.
METRO GEM, INC.
METRO GEM, INC.
EMPLOYEE CI.AW...
44,912.50
-7,000.00
-37,500.00
-312.50
-100.00
lnterest Exp-MGl
lnterest Exp-MGl
lnterest Exp-MGl
Bonuses
44,912.50
TOTAL
Deposit
US BANK CLAWB...
't0t't6t2013
EMPLOYEE CI.AW..
EMPLOYEE CLAW..
3,683.41
-3,583.41
-100.00
Bonuses
Bonuses
-3,683.41
TOTAL
Deposit
US BANK CLAWB...
10t28t2013
METRO
METRO
METRO
METRO
GEM, INC.
GEM, INC.
GEM, INC.
GEM, INC.
lnterest
lnterest
lnterest
lnterest
42,450.00
-20,000.00
-22,250.00
-164.00
-36.00
Exp-MGl
Exp-MGl
Exp-MGl
Exp-MGl
-42,450.00
TOTAL
Deposit
US BANK CLAWB...
10t31t2013
US BANK
1,023.26
lnterest lncome
TOTAL
./ a lq
/ t
-1
,023.26
-1
,023.26
74., ,: E '4. r-7
74,
6q',
17
Page
Case 08-45257
Case Name:
Case Number:
Doc 2141
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 13 of 24
Desc Main

08-45257
ITEMIZATION OF CASH DISBURSEMENTS

Check
Number
Date
Paid
10t412013
10t712013
10t8t2013
101812013
10t9t2013
10t15t2013
10t2412013
1012812013
10t28t2013
1012812013
10t28t2013
10t28t2013
10t30t2013
Fafinski, Mark & Johnson

Fruth, Jamison & Elsass
Kelley, Wolter & Scott, PA
Boies, Schiller & Flexner
Weisbart Law Office
US Bank
JAMS
National
National
National
National
National
Registered
Registered
Registered
Registered
Registered
Richard Solum
Agent
Agent
Agent
Agent
Agent
Professional Expenses
Bank Service Fee
itration Fee
Registered Agent Fees
1016
1017
1018
1019
1020
wtre
1022
1023
1024
1025
1026
1028
Mediation
Amount
$
$
$
$
$
$
$
$
$
$
$
$
69,872.83
4,704.68
24,163.77
727.28
13,325.81
75.50
5,350.00
I 10.00
110.00
110.00
110.00
110.00
335.00
104.87
$1
CHECKS ISSUED BUT NOT PRESENTED FOR PAYMENT

Date
lssued
1011412013
10t15t2013
on
US Trustee
Sanibel Harbour
US Trustee Fees
Litigation Expense
Check
Number
3048
1029
Amount
9,100.00
2,000.00
135,204.87
TOTAL
GRAND TOTAL
DOCS-#2795584-v6l-Petters_Monthly_Operating_Report-PcLXLS
(ltemization Cash Disbursements)
Case 08-45257
Doc 2141
4:05 PM
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 14 of 24
Desc Main
Gheck Detail
11t14t13
October 2013
Type
Check
Num
wire
Date
10|1512013
Name
US BANK
Account
Item
Paid
Bank Service Char.
wire
1012412013 JAMS, lnc.
Legal Fees
1022 10t2t20',t3
NATTONAL REG|S...
TOTAL
1023 10t2t20't3
NATTONAL REG|S...
l/C AR SPEs
1024
10t2t2013
NATTONAL REG|S...
l/C AR SPEs
1025
101212013
NATTONAL REG|S...
l/C AR SPEs
1026 10t2t2013
NATTONAL REG|S...
I/C AR-FAC
1028
10t15t2013
RICHARD B SOL...
Legal Fees
1029
10115120'13 Sanibel Harbour...
TOTAL
-Check 3048
1011412013 U.S. TRUSTEE
US BANK CLAWB...
Filing Fees
l/C AR SPEs
l/C AR SPEs
l/C AR SPEs
l/C AR SPEs
l/C AR SPEs
l/C AR SPEs
l/C AR SPEs
l/C AR SPEs
Biil
6440...
10t14t20't3
Biil
Biil
Biil
Biil
Biil
6440...
10t1412013
6440...
6440...
6440...
6440...
10t14t2013
10t14t2013
10t14t2013
BII
6440...
Biil
6440...
6440...
't0t14t20't3
10t't4t2013
Biil
1011412013
1011412013
-110.00
-110 00
'l
-110 00
110.00
10.00
-l 10.00
-1 10.00
110.00
-1 10.00
110.00
-1 r
0.00
-1 10.00
110.00
-1 10.00
10.00
-1
10.00
10.00
10.00
-1 10.00
10.00
-1
-220.00
-220.00
220.00
-220.OO
220.00
-5,335.00
-5,335.00
5,335.00
-5,335.00
5,335.00
US Bank Operatin...
Travel
Bill Pmt
5,350 00
US Bank Operatin...
TOTAL
Check
5,350 00
-5,350.00
US Bank Operatin...
TOTAL
Check
-5,350.00
US Bank Operatin..
TOTAL
Check
-5,350.00
US Bank Operatin...
TOTAL
Check
75 50
US Bank Operatin..
TOTAL
Check
75 50
-75.50
US Bank Operatin..
I/C AR SPES
Check
-75,50
US Bank Operatin..
TOTAL
Check
Original Amount
-75.50
US Bank Operatin..
TOTAL
Check
Amount
-2,000.00
-2,000.00
2,000.00
-2,000.00
2,000.00
-9,100.00
-6,500.00
-325.00
-325.00
-325.00
-325.00
-325.00
-325.00
-325.00
-325.00
6,500.00
325.00
325.00
325.00
325.00
325.00
325.00
325.00
325.00
Page
Case 08-45257
Doc 2141
4:05 PM
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 15 of 24
PETTERS COMPANY, INC
Desc Main
Check Detail
11t't4t13
October 2013
Type
TOTAL
Num
Date
Name
Item
Account
Paid
Amount
-9,100.00
Original Amount
9,100.00
1- a, 3 ()
6A^,
&tJ
lt/-l
Page 2
Case 08-45257
Case Name:
Case Number:
Doc 2141
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 16 of 24
Desc Main
Petters Companv, lnc.
0845257
BANK RECONCILIATIONS
MONTH:
October-13
The Debtor in Possession must complete the Reconciliation below for each bank account (e.g., General Payroll, Tax, etc.),
including all savings and investment accounts (e.9., money market accounts, certificates of deposit, government obligation,
etc.). Attach additional sheets if necessary.
US Bank
Bank Account Purpose:
Bank Account Number:
Balance Per Bank Statement
Acct: operating
No:
xxxxxx 7806
Acct
No:
US Bank
clawback
xxxxxx5084
Acct:
Month
No:
Total
$762,954.54
$24,147,955.17
$0.00
$24,910,909.71
2 Add: Total Deposits Not Credited
$0.00
$0.00
$0.00
$0.00
3 Add: Service Charges
$0 00
$0.00
$0.00
$0.00
$2,000.00
$9,100.00
$0.00
$11,100.00
$0.00
$0.00
$0.00
$0.00
$760,954.54
$760,954.54
$24,138,855.17
$24,138,855.17
$0.00
$0.00
$24,899,809.71
$24,899,809.71
Purchase
Price
Current
Value
4 Subtract Outstanding Checks

5 Subtract: lnterest Earned
End of Month Bank Balance

6 Per Books
Investment Accounts:
Account Name
Date
TYPe
and Number
of Purchase
of lnstrument
7 NONE
8
9
l0
11
TOTAL
Total Cash - End of Month:
nes 6+1'l
DOCS+2795584-v6l-Petters_Monthly_Operating_Report-PCI.XLS
(Bank Reconciliations)
24,8
809.71
Case 08-45257
Doc 2141
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 17 of 24
Desc Main
Case Name:
Case Number:
0845257
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, please list the amount paid to insiders (as defined in Section 101 (31) (A)-(F) of the U-S. Bankruptcy Code)
and the professionals. Also, for payments to insiders identify the type of compensation paid (e.g., salary, bonus, commission, insurance, housing allowance,
travel, car allowance, etc.) Attach additional pages as necessary.
Type of
nsation
lnsiders: Name
1
Month
Month 2
Month 3
Month 2
Month 3
Quarter
Total
NONE
6
7
o
10
11
12 Total
to lnsiders
Professionals: Name
Boies, Schiller & Flexner LLP
Fafinski Mark & Johnson
Fruth, Jamison Elsass
Li
uist & Vennum LLP
17
15
14
18
rS
16 P
13 Mark A. Weisbart
19 Withers BVI
Kellv. Wolter & Scott, PA
Date of Court
Order Authorizing
Payment
9t3012013
$
$
$
Month 1
727.28
69,872.83
4,704.68
9t30t2013
13,325.81
9r3012013
9t30t2013
9t3012013
24,163.77
37,489.58
$
$
$
$
13 325.81
21
22
23
24
25 Total: Professionals
DOCS+2795584-v61-Petters_Monthly_OperatinaReport-PClXLS
(P)'mnts to lnsiders Professional)
Quarter
Total
727.28
69,872.83
4,704.68
$
$
$
$
$
$
$
24j63.77
37,489.58
Case 08-45257
Case Name:
Case Number:
Doc 2141
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 18 of 24
Desc Main

0B-45257
STATUS OF POST-PETITION TAXES
Month:
FEDERAL
1
Beginning
Tax
Liabilitv.
Withholdinq**
3 FICA-Emplover*"
4 Unemplovment
lncome
6 Other (list)
7 Total FederalTaxes
STATE & LOCAL

Withholdinq
9 Sales
10 Excise
11
12
13
14
15
16
Unemployment
Other
Real Property
Personal Property
Other (list)
Total State & LocalTaxes
17 TOTAL TAXES DUE
Amount
Withheld and/or
Amount
Accrued
Paid
Ending Tax
$o
$o
$0
$o
$0
$0
$0
$0
$0
Liabilitv
$0
$0
$0
$0
$0 unknown
$o
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$o
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$o
$0
$o
$0
$o
$0
$0
$0
$0
$0
$0
$o
$0
$0
$0
$0
$0
$0
$0
2 FICA-Emplovee**
October-13
unknown
List any pre-petition taxes paid during reporting period
$0
$0
$0
$o
$o
$0
none
Explain the reason for any payment on pre-petition taxes

DEBTOR HAS NOT PAID ANY PRE-PETITION TAXES.
Explain the reason any post-petition taxes are past due

TO MY KNOWLEDGE NO POST PETITON TAXES ARE PAST DUE.
* The beginning tax liability should represent the liability from the prior month, or if this is the first operating report, the
amount should be zero.
** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payments or deposits.
DOCS-#2795584-v6l-Petters_Monthly_Operating_Report-PCLXLS
(Status of Post-Petition Taxes)
Case 08-45257
Case Name:
Case Number:
Doc 2141
Filed 12/16/13 Entered 12/16/13 10:33:21

Document
Page 19 of 24
Petters Compa
08-45257
Desc Main
, lnc.
AGING SCHEDULE OF POST-PETITION PAYABLES
Month:
Accounts Payable:
Vendor
October-13
Current
0-30
31-60
61-90
91 & Over
Days
Davs
DaVs
Days
I See attached
TOTAL
$
2
3
4
5
6
7
$
$
$
$
$
$
$
9
10
$
$
$
11
12
13
14
TOTAL PAYABLES
$
$
TAXES PAYABLE
Taxinq Authoritv
16 Federal
17 State
$
$
$
$
1B
19
20
$
$
21
TOTAL TAXES
DOCS-#27955 84-v6l -Petters_Monthly_Operating_Report-PCLXLS (Aging Schedule of PostPetition)
Case 08-45257
4:03 PM
Doc 2141
11t'.t4t13
Filed
12/16/13
EnteredINC
12/16/13 10:33:21
PETTERS
COMPANY,
Document
Page
20
of
24
A/P Aging Detail
Desc Main
As of October 3'l,2013
Type
Date
Num
Name
Due Date
Aging
Open Balance
Current
Total Current
't -30
Total 1 - 30
31 -60
Total 31 - 60
6'l - 90
Total 61 - 90
>90
B
1012712008
Acct #8367941
AT&T Mobilty
111061200A
1,820
1110712008
Acct #73 1 540364
AT&T Moblty
11117 t200A
1,809
312 59
1112612008
Acct #8367941
AT&T Mobilty
12106t2008
1,790
236 43
215.01
Cred t
1212212008
lnv #1951785990
Verzon Wreless-PA
01to6t2009
Acct #731 540364
AT&T Mobility
01 /1 6/2009
1,749
03/01 /2009
lnv
PETTERS GROUP. LLC
031o112009
1 705
#1 0/1
0/08
>90
221 28
-2.21
TOTAL POST PETITION LIABILITIES
,619.26
2,602.36
PRE PETITION LIABILITIES
>90
0111812004
Biil
o110812004
#cwc
Credit
111O112005
PETTERS GROUP, LLC
Credit
111O112005
cRM185
cRM184
BII
oTto'U200a
INV #7532
PETTERS GROUP, LLC
071o112008
1,948
071o91200a
1,940
0323463
HARRIS HOMEYER COMPANY
3,574
-47.57
PETTERS GROUP, LLC
BII
0710912008
lnv #7641
PETTERS GROUP, LLC
Credit
071171200a
PCI lnv #14375
Petters Capital, LLC
215.08
-47.57
75,000.00
70 73
-6,775.00
BII
0711712008
lnv #7671
PETTERS GROUP, LLC
0711712008
1,932
613.85
BII
0712112008
lnv #7688
PETTERS GROUP, LLC
07121t2008
1,928
4,063.48
BII
07t31t2008
lnv #7754
PETTERS GROUP, LLC
07t31t2008
,918
437.16
BII
0713112008
lnv #7761
PETTERS GROUP, LLC
0713112008
,918
3,238.53
Biil
08/0 1 /2008
lnv #7719
PETTERS GROUP, LLC
081o112008
1,917
75,000.00
Biil
08i01/2008
lnv #7703
PETTERS GROUP, LLC
08/0
/2008
1,917
4,280.00
BII
0712312008
lnv #1887927533
Verizon Wireless-PA
08t02t2008
Biil
08t12t200a
lnv #7780
PETTERS GROUP, LLC
0811212008
1,906
,916
38.1
82 55
BII
o81121200a
lnv #7784
PETTERS GROUP, LLC
0811212008
1,906
32.0O
BII
08/01/2008
lnv #20060'192
THOMAS PETTERS, INC.
08116t2008
1,902
12,500.00
Biil
0812512008
lnv #7820
PETTERS GROUP, LLC
08t25t2008
1,893
3.1 9
Biil
08t25t200a
lnv #7831
PETTERS GROUP, LLC
0812512008
1,893
16.00
Biil
0811512008
lnv #200601 93
08/30/2008
1,888
12,500.00
Biil
081211200a
#341 0503468431
Sam's Club
08/31/2008
1,887
210.00
BII
08t2112008
lnv
FREDRIKSON & BYRON
08/3
/2008
1,887
1,897.60
BII
0813112008
lnv #7871
PETTERS GROUP, LLC
o4t31t2008
1,887
3,238.53
Biil
0813112008
lnv #7850
PETTERS GROUP, LLC
o813112008
1,887
475.21
Biil
08/31 /2008
lnv #7860
PETTERS GROUP, LLC
08131t2008
1,887
6,195.99
#1 0061
05
Biil
09/01/2008
lnv #7901
PETTERS GROUP, LLC
09/01/2008
1,886
75,000.00
Biil
09lo1l200a
lnv #7886
PETTERS GROUP, LLC
09101t2008
1,886
4,280.00
Biil
09i01/2008
lnv #7981
PETTERS GROUP, LLC
09/01/2008
1,886
4,280.00
BiII
09/01/2008
lnv #8079
PETTERS GROUP, LLC
0910112008
1,886
12,685.89
Biil
09lo'U2008
lnv #200601 94
0911612008
1,871
12,500.00
Biil
09/06/2008
lnv
Verzon Wireless-PA
09/16/2008
1,871
107.55
BII
091241200a
lnv #292946468
FEDERAL EXPRESS
09t24t2008
1,863
98.42
Biil
09/1 5/2008
lnv #224567
Street Fleet
09t25t2008
BII
091251200a
lnv #888966713
FEDERAL EXPRESS
0912512008
1,862
't,862
32.20
Biil
0912s12008
lnv #7969
PETTERS GROUP, LLC
0912512008
1,862
7,269.42
BII
09/1 5/2008
lnv #200601 95
THOMAS PETTERS, INC
09/30/2008
1,857
12,500 00
Biil
09/1 5/2008
At#341724234
T-Mobile
09/30/2008
1,857
67 19
#1 905753291
19.01
Page 1 of 2
Case 08-45257
Doc 2141
4:03 PM
11t',t4t't3
Filed
12/16/13
EnteredINC.
12/16/13 10:33:21
PETTERS
COMPANY,
Document
Page
21
of
24
A/P Aging Detail
Desc Main
As of October 31,2O13
Type
Tota > 90
Date
Num
Name
Due Date
-gs-
Open Balance
Biil
09/30/2008
lnv #8047
PETTERS GROUP, LLC
09/30/2008
1,A57
3,238 53
BII
09/30/2008
lnv #8012
PETTERS GROUP, LLC
09/30/2008
1,857
3,438 36
BII
09/30/2008
lnv #8032
PETTERS GROUP, LLC
09/30/2008
1,857
387 99
BII
09/30/2008
lnv #8020
PETTERS GROUP, LLC
09/30/2008
1,857
1,173 52
Biil
09/30/2008
lnv #8087
PETTERS GROUP, LLC
09/30/2008
1,857
13 09
Biil
09/30/2008
lnv #8091
PETTERS GROUP, LLC
09/30/2008
1,857
57 59
101011200a
1 856
75,000 00
BiII
101o112008
lnv #7993
PETTERS GROUP, LLC
Credit
101o1t2008
PETTERS GROUP, LLC
-1A2 70
Credit
10t01t2008
cRM0007969
cRM000745
PETTERS GROUP, LLC
75,000 00
Biil
09t23t2008
lnv #731 540364
Bilt
0912312008
Acct #8367941
Biil
0/06/2008
Biil
AT&T Mobilty
10t03t2008
1,854
890 81
AT&T Mobility
1010312008
1,854
501 46
lnv #8070
PETTERS GROUP, LLC
1010612008
1,851
20 00
101o1t200a
lnv #249
200 Water LLC
10t11t2008
1,846
1,680.00
Biil
101o1t200a
10'to440
FREDRIKSON & BYRON
10111 12008
'1,846
806 40
BII
0433
FREDRIKSON & BYRON
10t11t2008
1,846
51,842.80
BII
101o11200a
1010417
FREDRIKSON & BYRON
1011112008
1,846
14,812 77
Biil
101o11200a
1010418
FREDRIKSON & BYRON
1011112008
I,846
5,957 46
Biil
1011112008
lnv #8104
PEIIERS GROUP, LLC
't0111t2008
1,846
BII
101o112008
lnv #20060 1 96
THOMAS PETTERS, INC
1011612008
1,841
49 68
'12,500 00
BII
Verizon Wireless-PA
1011612008
1,841
Biil
1010712008
Acct #731 540364
AT&T Mobility
1011712008
1,840
BII
1011012008
lv #12747
Alliance Courer
10t2012008
1,A37
0i01 /2008
0/06/2008
01
lnv
#1
9l
'13
8501 285
389.23
1
IC.JJ
TOTAL PRE PETITION LIABILITIES

TOTAL LIABILITIES
,241.78
421,009.72
423,612.08
Page 2 ol 2
Case 08-45257
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Document
Page 22 of 24
Desc Main

08-45257
Case Name:
Case Number:
POST.PETITION STATUS OF SECURED NOTES, LEASES

PAYABLE AND ADEQUATE PROTECTION PAYMENTS
Month:
Post-Petition Secured Notes, Leases Payable and

Adequate Protection Payments
(Unpaid Post-Petition Onlv)
List Creditor/Lessor *
October-13
Amount Paid
Scheduled Monthly
Pavment Due
Total Unpaid
During Month
$
$
$
22 NONE
23
24
25
26
$
$
TOTAL DUE
*A
creditor or lessor who is also an officer, shareholder or an insider by reason of relationship or control, is to be
by **.
identified
ACCOUNTS RECEIVABLE AGING

Month
1
AGING
none
of Quarter
2
3
4
5
DOCS-#2795584-v6l-Petters_Monthly_Operating_Report-PCI.XLS
(Status of Notes and AR Aging)
Month 2
of Quarter
Month 3
of Quarter
Case 08-45257
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Document
Page 23 of 24
Desc Main
QUESTIONNAIRE
Case Name:
Petters Company, Inc.
United States Bankruptcy Courl District of

Case
Number:
Minnesota
Division
08-45257
Month:
October- l3
I Taxes:
Are all post-petition payroll, state and federal taxes current?
Yes
No(
Are all post-petition income taxes, state and federal, current?
Yes
Are all other post-petition taxes current?
fes X
No(
No(
answer to any ofthe questions above is no, please list the balances which are outstanding on the schedules ofpost-petition
taxes payable.
lfthe
Are workers compensation, general liability and other necessary insurance in effect?
Yes( '
No(X)
Are all premium payments current? - N/A
Yes( .
No(
PLEASE ITEMIZE ALL POLICIES:

Expiration
of Po
Date
Carrier
Installment
Pmt Amt.
Period
Paid
Covered
3 Have any payments been made to any pre-petition creditors?
Secured
Priority
Unsecured
If yes, please identif
X
No
Yes ( )
X
No
Yes ( )
X
No
Yes ( )
to whom the payment(s) has been made, the date(s) and the amount(s).
Have any assets been sold outside the normal course ofbusiness?
Yes( .
No
If yes, please describe the assets which were sold and attach an order by the Courl authorizing the sale,
Have all funds been deposited in and disbursed from the Chapter
YesX
No
debtor bank accounts?
6 Are all post-petition accounts receivable due from non-related parties?
YesX
No
7 What specific efforts have been made in the past month toward the development of a Plan of Reorganization?
PncewaterhouseCoopers, LLP ("PwC") a tbrensic accountrng trm, has analyzed the receipts ot, as well as disbursements ot,
fundsinthiscase,aswell asaffiliatedcases. PwCpreparedaninterimreportthatwasfiledwiththeCourtonDecemberl5,20l0
The Trustee has filed more than 200 adversary complaints seeking to avoid and recover fraudulent and preferential transfers made
by the Debtors for the benefit of creditors. Defendants filed more than 100 motions to dismiss on all or certain counts of the
complaints, and discovery has been stayed by the Court pending resolution ofthese motions. The Court conducted three days of
hearings on common issues raised in the motions to dismiss in October/1.{ovember 2011 and recently issued three Memoranda
dated June 19,2013, August 30,2013 and September 30,2013. A hearing on the Trustee's motion to substantively consolidate
PCI and 8 special purpose entity debtors was held in December 20ll and is currently under advisement. The Trustee has
continued to seek the resolution ofthe pending adversary proceedings, through mediation or settlement, and has settled several
adversary proceedings and has or will seek approval of such settlements from the Court. The Courl has scheduled a status
conference for November 21 , 2013 at which time it is anticipated the Court will address the timing of additional pleading,
discovery and dispositive motions. It is presently not contemplated that a plan of reorganization will be fi led until such time as
material resolution has occurred with respect to the pending litigation,
DOCS-#2795584-v6l -Petters_Monthly_Operating_Report-PCI XLS (Questionnaire)
Case 08-45257
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Desc Main
Debtor/Trustee's Certification
Nme of Attorney: James A. Lodoen

Lindquist & Vennum PLLP
42OO IDS CENTER
Address:
80 South Eiqhth Street

City, State, Zip:
Minneapolis, MN 55402
Telephone:
612-371-3211
I CERTIFY UNDER PENALTY OF PERJURY THAT I HAVE REVIEWED THE FOLLOWING COMPLETE
MONTHLy OPERAT|NG REPORT (MOR), CONSISTING OF MOR-1 THROUGH MOR-11, PLUS ALL
ATTACHMENTS, AND AFTER MAKING REASONABLE INQUIRY, BELIEVE THESE ARE TRUE AND
CORRECT.
Signed
L"tA
Title: Trustee
ature)
Douqlas A. Kelley
Date
The above summary and attached pages are based on Debtor's books and records, the completeness,
validity and accuracy of which is in question. This information is compiled from various sources and
represents a good faith estimate. Based on information uncovered during the related federalfraud
investigation, the market value of all assets, and the likelihood receivables will be collected, has been called
into question and may ultimately be zero.
DOCS-#2795 584-v6l -Petters_Monthly_Operating_Report-PCLXLS (Debtor-Trustee's Cerlification)

Petters Bankruptcy Monthly Operating Report

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Case 08-45257

Filed 12/16/13 Entered 12/16/13 10:33:21

UNITED STATES BANKRUPTCY COURT

Petters Company, Inc.

MONTHLY OPERATING REPORT (AMENDED)

SUMMARY OF FINANCIAL STATUS

a Current Assets (Market Value)

3 Statement of Cash Receipts

Disbursements for Month

4 Proft/(Loss) from the Statement of Operations

amount ofpayment and name ofpayee)

At the end of this reporting month:

and disclosure statement on file?

l4 Was there any post-petition borrowing during this reporting period?

DOCS-#27955 34-v6l -Petters-Monthly-Operating-Report-PCl XLS (Summary Page)

Filed 12/16/13 Entered 12/16/13 10:33:21

Other Current Assets

Total lntercom pay Receivables

Total Notes Receivable Current

30,1 80,1 1 5.70

30,1 80,1 1 5.70

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Total lC Notes Receivable

Total lC Notes Receivable-lnterest

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As of October 31, 2013

Total lnvestment in Subsidiaries

Total Note Receivable-BlS Sales

LIABILITIES & EQUITY

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As of October 31, 2013

Total Notes Payable Current

Notes Payable lnterest

Total Notes Payable lnterest

Long Term Liabilities

Total Notes Payable

Total Private lnvestor Notes

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As of October 31, 2013

Filed 12/16/13 Entered 12/16/13 10:33:21

Profit & Loss

Total Professional Fees

Salaries and BenefiG

Total Other lncome

Total Other Expenses

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Profit & Loss

October'12, 2008 through October 31, 2013

Bank Service Charges

Postage and Delivery

Printing and Reproduction

Total Salaries and Benefits

Total Travel & Ent

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Profit & Loss

October 12,2008 through October 31,2013

Oct 12, '08 - Oct 31, 13

Total Other lncome

Total Other lncome

Total Other Expenses

Total Other Expense

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Case Name: Petters Company, lnc

RECEIPTS FROM OPERATIONS