form - mor corporation or partnership (12.2017)
TRANSCRIPT
4851-6618-3358.1
Notes to Monthly Operating Report
General Notes:
On November 22, 2019 (the “Petition Date”), nineteen of the Debtors (the “Initial Debtors”) filed voluntary petitions for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Western District of Washington (the “Bankruptcy Court”). On January 20, 2020, Cornerstone Healthcare Services, LLC (“Cornerstone”) and CRN Pool, LLC (“CRN Pool,” and together with the Initial Debtors and Cornerstone, the “Debtors”), affiliates of the Initial Debtors, filed petitions with the Court under chapter 11 of the Bankruptcy Code.
The Debtors’ chapter 11 cases are jointly administered for procedural purposes only under PNW Healthcare Holdings, LLC, No. 19-43754 (W.D. Wash.) pursuant to an order entered by the Bankruptcy Court on November 27, 2019 [Docket Nso. 73, 307, and 308]. On December 12, 2019, the United States Trustee for Region 18 (the “U.S. Trustee”) appointed an official committee of unsecured creditors pursuant to section 1102(a) of the Bankruptcy Code [Docket No. 145]. The Debtors continue to operate their business and manage their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code.
Due to the business operations, organizational structure, and accounting procedures, the Initial Debtors have consolidated financial statements that do not incorporate either of Cornerstone or CRN Pool. Each of Cornerstone and CRN Pool maintain separate books and records and will file their own Monthly Operating Reports. Unless expressly stated otherwise, these notes apply to the Monthly Operating Reports prepared for the Initial Debtors, Cornerstone, and CRN Pool.
The Debtors are filing their Monthly Operating Reports solely for the purposes of complying with the monthly operating reporting requirements applicable in the Debtors' chapter 11 cases. The Debtors’ typical accounting period for finalizing financial statements and closing each monthly accounting period is at least 30 days. As such, the financial and supplemental information contained herein is presented on a preliminary and unaudited basis, remains subject to future adjustments and may not comply in all material respects with generally accepted accounting principles in the United States of America ("U.S. GAAP"). This Monthly Operating Report should not be relied on by any persons for information relating to current or future financial conditions, events, or performance of any of the Debtors or their affiliates.
The financial information has been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, which could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all adjustments that would typically be made for financial statements prepared in accordance with U.S. GAAP, including but not limited to, adjustments for income tax provisions and related deferred tax asset and liability accounts and certain other asset and liability accounts.
The results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and may not necessarily reflect the combined results of operations and financial position of the Debtors in the future.
The Debtors reserve all rights to amend or supplement this Monthly Operating Report in all respects, as may be necessary or appropriate. Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors' rights or an admission with respect to their chapter 11 cases.
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4851-6618-3358.1
Notes to UST-12 & UST-13: The information contained in UST-12 and UST-13 is provided to fulfill the requirements of the Office of the United States Trustee. All information contained in UST-12 and UST-13 is unaudited and subject to future adjustment. Given that the Debtors’ financial statements and balance sheets are typically on a consolidated basis, all information contained in UST-12 and UST-13 has been presented on a consolidating basis. Notes to UST-14: April 30, 2020 bank balances reflect available bank balances as of close of business. The Debtors have received approval to pay pre-Petition Date wages and benefits pursuant to Order Granting First Day Motion for Authority to Pay Prepetition Payroll, Employee Benefits, and Related Expenses [Docket No. 70]. As such, the applicable wages, benefits, and related expenses have been paid when due except for amounts that are in dispute, if any. Notes to UST-16: The professionals listed on UST-16 have either been retained by all Debtors or intend to be retained by all Debtors in the future. As such, the information contained in UST-16 for the Initial Debtors, Cornerstone, and CRN Pool is the same and does not split fees and expenses amongst the Debtors.
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Case No. 20-40157 Report Month/Year April 2020Debtor CRN Pool, LLC
YES NO
UST-12 Comparative Balance Sheet or debtor’s balance sheet. The debtor’s balance sheet, if used, shall include a breakdown of pre- and post-petition liabilities. The breakdown may be provided as a separate attachment to the debtor's balance sheet.
UST-13 Comparative Income Statement or debtor’s income statement. SEE ATTACHED
UST-14 Summary of Deposits and Disbursements
UST-14 Statement(s) of Cash Receipts and Disbursements Continuation Sheets A Continuation Sheet shall be completed for each bank account or other source of
debtor funds and shall include a monthly bank statement and all supporting documents described in the instructions. SEE ATTACHED
UST-15 Statement of Aged Receivables A detailed accounting of aged receivables shall be provided on, or in an attachment to, UST-15. SEE ATTACHED
UST-16 Statement of Aged Post-Petition Payables A detailed accounting of aged post-petition payables shall be provided on, or in an attachment to, UST-16. SEE ATTACHED
UST-17 Other Information When applicable, attach supporting documents such as an escrow statement for the sale of real property or an auctioneer’s report for property sold at auction. When changes or renewals of insurance occur, attach a copy of the new certificate of insurance or a copy of the bond.
Name William MastersonTelephone 917-376-2983Email [email protected]
Who is the best person to contact if the UST has questions about this report?
The debtor has provided the following with this monthly financial report:
UST-10 COVER SHEETMONTHLY FINANCIAL REPORT FOR CORPORATE OR PARTNERSHIP DEBTOR
INSTRUCTIONS: The debtor’s monthly financial report shall include a cover sheet signed by the debtor and all UST forms and supporting documents. Exceptions, if allowed, are noted in the checklist below. Failure to comply with the reporting requirements of Local Bankruptcy Rule, or the United States
Trustee’s reporting requirements, is cause for conversion or dismissal of the case.
CONTACT INFORMATION
`
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 1 of 19
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Question 1 At month end, was the debtor delinquent on any post-petition tax obligation?
Question 2
$ 878,213.87
Debtor’s signature Date
For purposes of calculating the debtor's obligation under 28 U.S.C. 1930(a)(6) to pay a quarterly fee to the United States Trustee, TOTAL DISBURSEMENTS this month
from all sources were:
I certify under penalty of perjury that other information contained in this monthly financial report is complete, true, and accurate to the best of my knowledge, information, and belief.
DEBTOR’S CERTIFICATIONINSTRUCTIONS: The debtor, or trustee, if appointed, must answer questions 1 and 2 and sign this financial report
where indicated below. Only an officer or director has authority to sign a financial report for a corporate debtor and only a general partner has authority to sign a financial report for a partnership debtor.
Debtor's counsel may not sign a financial report for the debtor.
If yes, list each delinquent post-petition tax obligation on page 9.
Complete page 6 to calculate TOTAL DISBURSEMENTS and enter the total here.
YES NO
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 2 of 19
/s/ Dov E. Jacobs 5/29/2020
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
As of month ending Pre-Petition Post-Petition Total
Current Assets
Cash
862
Cash - Held by Others(Escrow & Attorney Trust Accounts)
Accounts Receivable (net) 73,512
Notes Receivable
Inventory -
Prepaid Expenses
Other (attach list) -
Total Current Assets 74,374
Fixed Assets
Real Property/Buildings -
Equipment
Accumulated Depreciation
Total Fixed AssetsOther Assets
TOTAL ASSETS 74,374
LIABILITIESPost-Petition Liabilities
Taxes Payable
Other Accounts Payables 57,098 57,098
Notes Payable - -
Rents, Leases & Mortgages Payable
Accrued Interest - -
Other Liabilities -
Total Post-Petition Liabilities 57,098 57,098
UST-12, COMPARATIVE BALANCE SHEET
ASSETS
(cont’d. on next page)
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 3 of 19
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
As of month ending Pre-Petition Post-Petition TotalPre-Petition Liabilities
Accounts Payable 17,276
Unsecured Debt
Priority Debt: -
Taxes
Wages - -
Deposits - -
Other (specify) -
Notes Payable (Secured Debt)
Total Pre-Petition Liabilities 17,276 17,276
TOTAL LIABILITIES 74,374
EQUITYStockholders' Equity (Or Deficit)
Capital Stock -
Paid-In Capital -
Retained Earnings
Total Stockholder’s Equity (Or Deficit) -
Partner’s Investment (Or Deficit)
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY OR PARTNERS INVESTMENT 74,374 Footnotes to balance sheet:
UST-12, COMPARATIVE BALANCE SHEET (contd.)
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 4 of 19
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Cash receipts not included above (if any)
TOTAL RECEIPTS
At the end of this reporting month, did the debtor have any delinquent statutory fees owing to the United States Trustee?
If Yes, list each quarter that is delinquent and the amount due.
UST-14, SUMMARY OF DEPOSITS & DISBURSEMENTS
INSTRUCTIONS: BEFORE COMPLETING THIS PAGE, prepare a UST-14 CONTINUATION SHEET (see next page) for each bank account or other source of the debtor's funds. The deposit and disbursement total from each CONTINUATION SHEET will be used to complete this SUMMARY.
The debtor is responsible for providing an accurate monthly disbursement total for the purpose of calculating its obligation pursuant to 28 U.S.C. Sec. 1930 (a)(6) to pay statutory fees to the United States Trustee. The disbursement total encompasses all payments made by the bankruptcy estate during the reporting month, whether made directly by the debtor or by another party for the debtor. It includes checks written and cash payments for inventory and equipment purchases, payroll and related taxes and expenses, other operating costs, and debt reduction. It also includes payments made pursuant to joint check arrangements and those resulting from a sale or liquidation of the debtor’s assets. The only transactions normally excluded from the disbursement total are transfers within the same reporting month between multiple debtor accounts.
A fee payment is due within 30 days after the end of each calendar quarter, or on April 30, July 31, October 31, and January 31, respectively. Since the amount billed is an estimate, the debtor is responsible for paying the correct statutory fee based on its actual disbursements for the calendar quarter, or portion thereof the debtor was in Chapter 11. Failure to pay statutory fees to the United States Trustee is cause for conversion or dismissal of the case. If you have questions computing the disbursement total, contact the Bankruptcy Analyst assigned to your case at (206) 553-2000.
Summary of Deposits This Month
Disbursements from UST-14 Continuation Sheet(s)
Disbursements resulting from asset sales out of the ordinary course (see Page 13, Question 1)
(UST-14 CONTINUATION SHEETS, with attachments, should follow this page.)
874,701.54
-
874,701.54
Summary of Disbursements This Month
-
Note: Enter the amount for TOTAL DISBURSEMENTS here and on Page 2.
878,213.87
(3,512.33)
878,213.87
NET CASH FLOW (TOTAL RECEIPTS MINUS TOTAL DISBURSEMENTS)
TOTAL DISBURSEMENTS
Disbursements made by other parties for the debtor (if any, explain)
Deposits from UST-14 Continuation Sheet(s)
YES NO
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 5 of 19
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Adjustments, if any (explain)
YES NO
UST-14 CONTINUATION SHEET, Number of
UST-14, CONTINUATION SHEET STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
INSTRUCTIONS: Prepare a CONTINUATION SHEET for each bank account or other source of the debtor's funds and attach supporting documents as indicated on the checklist below. SEE ATTACHED
Depository (bank) name Account number6400
Beginning cash balance
Purpose of this account (select one):
Cash disbursements from this account(total checks written plus cash withdrawals, if any)
Ending cash balance
$ 4,374.23
$ 874,701.54
$ 879,075.77
878,213.87
$ 861.90
Add: Transfers in from other estate bank accountsCash receipts deposited to this account
Financing or other loaned funds (identify source)Total cash available this month
Subtract: Transfers out to other estate bank accounts
Does this CONTINUATION SHEET include the following supporting documents, as required:
A monthly bank statement (or trust account statement);
A detailed list of receipts for that account (deposit log or receipts journal);
A detailed list of disbursements for that account (check register or disbursement journal); and,If applicable, a detailed list of funds received and/or disbursed by another party for the debtor.
General operating account
General payroll account
Tax deposit account (payroll, sales, gambling, or other taxes)
Other (explain)
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 6 of 19
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Debtor Bank Account Date Amount Type Faciltiy NameCRN Pool LLC 6400 04/30/2020 42,929.88 Deposit Mistake, Sent right backCRN Pool LLC 6400 04/27/2020 16,715.00 AR Deposit Fir Lane Health-Shelton, LLC - 828CRN Pool LLC 6400 04/24/2020 20,000.00 AR Deposit Crestwood Convalescent-Port Angeles - 826CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit North Auburn Health, LLC - 820CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Bremerton Health, LLC - 821CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Forest Ridge Health-Bremerton, LLC - 822CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Riverside Nursing-Centralia, LLC - 823CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Aldercrest Health-Edmonds, LLC - 824CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Puget Sound Healthcare-Olympia, LLC - 825CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Crestwood Convalescent-Port Angeles - 826CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Sequim Health, LLC - 827CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Fir Lane Health-Shelton, LLC - 828CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Franklin Hills Health-Spokane, LLC - 830CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Gardens on University-Spokane Valley -831CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Meadow Park Health-St Helens, LLC - 833CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit Ivy Court-Coeur d’Alene, LLC - 834CRN Pool LLC 6400 04/23/2020 26,361.19 AR Deposit LaCrosse Health-Coeur d’Alene, LLC - 835CRN Pool LLC 6400 04/14/2020 10,000.00 AR Deposit Aldercrest Health-Edmonds, LLC - 824CRN Pool LLC 6400 04/08/2020 45,000.00 AR Deposit Meadow Park Health-St Helens, LLC - 833CRN Pool LLC 6400 04/08/2020 60,000.00 AR Deposit North Auburn Health, LLC - 820CRN Pool LLC 6400 04/08/2020 65,000.00 AR Deposit LaCrosse Health-Coeur d’Alene, LLC - 835CRN Pool LLC 6400 04/08/2020 10,000.00 AR Deposit Fir Lane Health-Shelton, LLC - 828CRN Pool LLC 6400 04/08/2020 15,000.00 AR Deposit Crestwood Convalescent-Port Angeles - 826CRN Pool LLC 6400 04/08/2020 65,000.00 AR Deposit Aldercrest Health-Edmonds, LLC - 824CRN Pool LLC 6400 04/08/2020 20,000.00 AR Deposit Franklin Hills Health-Spokane, LLC - 830CRN Pool LLC 6400 04/08/2020 15,000.00 AR Deposit Riverside Nursing-Centralia, LLC - 823CRN Pool LLC 6400 04/08/2020 10,000.00 AR Deposit Gardens on University-Spokane Valley -831CRN Pool LLC 6400 04/08/2020 100,000.00 AR Deposit Sequim Health, LLC - 827CRN Pool LLC 6400 04/08/2020 11,000.00 AR Deposit Puget Sound Healthcare-Olympia, LLC - 825
Cash Receipts Log
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Debtor Bank Account Date Amount Check # VendorCRN Pool LLC 6400 04/30/2020 10,732.47 EFT LaCrosse Health-Coeur d’Alene, LLC - 835
CRN Pool LLC 6400 04/30/2020 10,732.47 EFT Crestwood Convalescent-Port Angeles - 826
CRN Pool LLC 6400 04/30/2020 10,732.47 EFT Aldercrest Health-Edmonds, LLC - 824
CRN Pool LLC 6400 04/30/2020 10,732.47 EFT Sequim Health, LLC - 827
CRN Pool LLC 6400 04/27/2020 16,715.00 1044 United States Department of Justice
CRN Pool LLC 6400 04/24/2020 369,056.57 EFT SNF Payroll & HR
CRN Pool LLC 6400 04/24/2020 20,566.18 1043 Washington State Dep of Labor &Industries
CRN Pool LLC 6400 04/14/2020 12,342.74 EFT Cornerstone
CRN Pool LLC 6400 04/08/2020 416,549.60 EFT SNF Payroll & HR
CRN Pool LLC 6400 04/01/2020 53.90 EFT CIBC Bank
Disbursements Log
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Case NumberDebtor CRN Pool, LLC Month Ending
Payee name Nature of payment Payment date Date of court approval
Professional name Type of work performed Payment date Date of court approval
Payee name Relationship to debtor Payment date Purpose of payment
INSTRUCTIONS: Use the last column to describe the purpose of each payment, such as gross wages or salary, reimbursement for business expenses, loan repayment, advance, draw, bonus, dividend, stock distribution, or other reason for the payment (explain).
Did the debtor, or another party on behalf of the debtor, make any payments during this reporting month to an officer, director, partner, or other insider of the debtor? If Yes, list each payment.
Payment amount
Payments to Attorneys and Other Professionals (requires court approval)
Payments to an Officer, Director, Partner, or Other Insider of The Debtor
Payment amount
Did the debtor, or another party on behalf of the debtor, make any payments during this reporting month to a professional such as an attorney, accountant, realtor, appraiser, auctioneer, business consultant, or other professional person? If Yes, list each payment.
20-40157
April-2020
Did the debtor, or another party on behalf of the debtor, make any payments during this reporting month on pre-petition unsecured debt? If Yes, list each payment.
UST-14, SUMMARY OF DISBURSEMENTS (cont’d.)
Payments on Pre-Petition Unsecured Debt (requires court approval)
Payment amount
YES NO
YES NO
YES NO
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Accounts Receivable Aging
Balance at month end Current portion Past due 31-60 days Past due 61-90 days Past due over 90 days Uncollectible receivables
Pre-petition receivables (255,914.18) - - - (255,914.18)
Post-petition receivables 329,426.42 35,215.11 204,883.78 149,698.91 (60,371.38)
TOTALS 73,512.24 35,215.11 204,883.78 149,698.91 (316,285.56) -
Accounts Receivable Reconciliation
Explain what efforts the debtor made during this reporting month to collect receivables over 60 days past due.
Does the debtor have any accounts receivable due from an officer, director, partner, or other insider of the debtor?If yes, explain.
UST-15, STATEMENT OF AGED RECEIVABLES
INSTRUCTIONS: Complete all portions of UST-15, STATEMENT OF AGED RECEIVABLES, unless the debtor asserts the following two statements are true for this reporting month:
1) At the beginning of the reporting month, the debtor did not have any uncollected receivables from prior months which includes both pre-petition and post-petition accounts receivable; and,
2) During the reporting month, the debtor did not have any receivables activity, including the accrual of new accounts receivable, or the collection or writeoff of accounts receivable from prior months.
Check here if the debtor asserts that both statements are correct and skip to UST-16, STATEMENT OF POST-PETITION PAYABLES, on the next page.
Closing balance from prior month
New accounts receivable added this month
Subtotal
Less accounts receivable collected
Closing balance for current month
61,704
843,579
905,283
831,772
73,511
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 10 of 19
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6:07 PM 04/28/20
CRN Pool LLC A/R Aging Summary
As of March 31, 2020
Current 1 - 30 31 - 60 61 - 90 > 90 TOTALAldercrest Health-Edmonds, LLC - 824 0.00 -16,445.64 0.00 0.00 0.00 -16,445.64Bremerton Health, LLC - 821 0.00 56,496.35 55,500.00 0.00 0.00 111,996.35Care Center East Health-Portland - 832 0.00 0.00 0.00 0.00 -40,160.33 -40,160.33Cherrywood Place-Spokane, LLC - 829 0.00 0.00 0.00 0.00 -53,788.62 -53,788.62Crestwood Convalescent-Port Angeles - 826 0.00 24,607.75 13,700.83 0.00 0.00 38,308.58Fir Lane Health-Shelton, LLC - 828 0.00 27,799.63 10,867.78 0.00 0.00 38,667.41Forest Ridge Health-Bremerton, LLC - 822 0.00 94,349.79 71,300.54 105,541.67 44,360.11 315,552.11Franklin Hills Health-Spokane, LLC - 830 0.00 69,364.95 80,340.29 102,929.78 33,710.53 286,345.55Gardens on University-Spokane Valley -831 0.00 87,231.31 96,695.54 76,616.27 0.00 260,543.12Ivy Court-Coeur d’Alene, LLC - 834 0.00 13,537.88 15,114.12 0.00 0.00 28,652.00LaCrosse Health-Coeur d’Alene, LLC - 835 0.00 -75,670.73 0.00 -28,936.01 0.00 -104,606.74Meadow Park Health-St Helens, LLC - 833 0.00 -71,361.19 -40,000.00 -25,000.00 -31,715.62 -168,076.81North Auburn Health, LLC - 820 0.00 -28,453.81 -2,635.32 -21,452.80 -239,722.29 -292,264.22Puget Sound Healthcare-Olympia, LLC - 825 0.00 -37,361.19 -56,000.00 -20,000.00 -12,320.09 -125,681.28Riverside Nursing-Centralia, LLC - 823 0.00 -41,361.19 -40,000.00 -40,000.00 -16,649.25 -138,010.44Sequim Health, LLC - 827 0.00 -67,518.80 0.00 0.00 0.00 -67,518.80
TOTAL 0.00 35,215.11 204,883.78 149,698.91 -316,285.56 73,512.24
X10AOX10AO
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Case Number 20-40157Debtor CRN Pool, LLC Month Ending April-2020
Type of tax
(1)Unpaid post-petition
taxes from prior reporting month
(3)Post-petition tax
payments made this reporting month
(4)Unpaid post-petition taxes at end of reporting month (Column 1+2-3 = 4)
Employee withholding taxes $ - $ - FICA/Medicare--Employee $ - $ - FICA/Medicare--Employer $ - $ - Unemployment $ - $ -
Dept. of Revenue $ - Dept. of Labor & Industries $ - $ - Empl. Security Dept. $ - $ -
Local city/county $ - $ - Gambling $ - $ - Personal property $ - $ - Real property $ - $ - Other $ - $ -
$ -
Note: Payroll taxes were paid in the ordinary course of business pursuant to court order.
(2)Post-petition taxes accrued this month
(new obligations)Federal Taxes
Reconciliation of Unpaid Post-Petition Taxes
INSTRUCTIONS: Complete both pages of PART A - TAXES unless the debtor asserts the following statement is true for this reporting month:
At the end of this reporting month, the debtor did not have any unpaid post-petition taxes which includes both current and delinquent tax obligations.
Check here if the debtor asserts the statement is correct, and skip to PART B - OTHER PAYABLES on Page 10.
UST-16, STATEMENT OF POST-PETITION PAYABLES PART A - TAXES
State Taxes
Other Taxes
Total Unpaid Post-Petition Taxes
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 12 of 19
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Taxing agency Tax reporting period Report due date Payment due date Amount due
Explain the reason for any delinquent tax reports or tax payments:
UST-16, STATEMENT OF POST-PETITION PAYABLES PART A - TAXES (cont’d.)
Delinquent Tax Reports and Tax Payments (post-petition only)
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 13 of 19
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Breakdown of Closing Balance by Age
36,106$
12,698$
14,360$
2,916$
66,079$
Closing balance from prior month
New payables added this month
SubtotalLess payments made this month
INSTRUCTIONS: Complete both pages of PART B - OTHER PAYABLES unless the debtor asserts that this statement is true for this reporting month:
Except for taxes and professional fees disclosed in PART A and PART C of this report, respectively, the debtor has no other unpaid post-petition payables from the current reporting month, or from any prior reporting months.
Check here if the debtor asserts the statement is correct, and skip to PART C - ESTIMATED PROFESSIONAL FEES on Page 12.
UST-16, STATEMENT OF POST-PETITION PAYABLES PART B - OTHER PAYABLES
For accounts payable more than 30 days past due, explain why payment has not been made:
Past due over 90 days
Total
Reconciliation of Post-Petition Payables (excluding taxes and professional fees)
$ 66,079
$ 843,525
$ 909,604
$ 835,230
$ 74,374 Closing balance for this reporting month
Current portion
Past due 1-30 days
Past due 31-60 days
Past due 61-90 days
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington
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11:09 AM 02/24/20
Cornerstone Healthcare Services LLC A/P Aging Summary
As of January 31, 2020
Vendor Name Current 1 - 30 31 - 60 61 - 90 > 90 TOTALApex Global Solutions LLC 0.00 1,000.00 0.00 354.84 290.32 1,645.16Cornerstone 0.00 19,637.83 36,105.74 0.00 16,985.42 72,728.99SNF Payroll & HR 0.00 0.00 0.00 0.00 -0.01 -0.01
X14AOX14AO
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Case Number 20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Vendor name Invoice date Invoice amount Payment due date
Apex 30-Jan 354.84 9-Feb
Cornerstone 15-Mar 36,105.74 25-Mar
Delinquent Post-Petition Payables (excluding taxes and professional fees)
UST-16, STATEMENT OF POST-PETITION PAYABLES PART B - OTHER PAYABLES (contd.)
INSTRUCTIONS: List each post-petition payable delinquent more than 30 days. Alternatively, attach the debtor’s accounts payable aging report if the report: 1) clearly separates pre-and post-petition accounts payable, and, 2) identifies each delinquent payable by vendor name, invoice date, invoice amount, and payment due date.
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 16 of 19
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Case Number20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Type of professional
Amount of retainer (if applicable) Fees and expenses from prior months
Fees and expenses added this month
Total estimated fees and expenses at month end
Debtor’s counsel - Foley & Lardner LLP
60,000.00 1,159,197.63 221,135.30 1,380,332.93$
Debtor’s advisors - Getzler Henrich & Associates LLC
98,000.00 451,110.55 72,744.50 523,855.05$
Debtor’s other professional - attorney; D. Bugbee & Scalia, PLLC dba DBS Law
15,000.00 10,233.27 404.64
10,637.91$ Debtor’s other professional: Claims & Noticing Agent - Omni Agent Solutions
23,097.90 TBD
23,097.90$ Trustee’s counsel 0
-$ Creditors’ Committee Counsel - Pepper Hamilton LLP
536,983.93 TBD
536,983.93$ Creditors’ Committee Counsel - Bush Kornfeld LLP
53,246.88 TBD
53,246.88$ Creditors’ Committee other professional: Financial advisor - FTI Consulting
342,232.03 77,964.50
420,196.53$
$ 2,948,351.13 Total estimated post-petition professional fees and costs
UST-16, STATEMENT OF POST-PETITION PAYABLES PART C - ESTIMATED PROFESSIONAL FEES
INSTRUCTIONS: Report only post-petition professional fees and expenses. To the extent possible, use billing statements to report the actual amounts due. If billing statements are not available, use the best information available to estimate the fees and costs.
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 17 of 19
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Case Number20-40157
Debtor CRN Pool, LLC Month Ending April-2020
Asset Description
Date of Court Approval
Method of Disposition
GrossSales Price
Net ProceedsReceived (&Date)
Escrow Statementor Auctioneer’s
Report Attached?1.
2.
3.
4.
5.
TOTAL $ - $ -
Date of Court Approval Amount funds Received
Source of Date
Total
Date of Court Approval Amount funds Received
Source of Date
Total
UST-17, OTHER INFORMATION
Question 3 - Insider Loans/Capital Contributions. During the reporting month, did the debtor receive any funds from an officer, director, partner, or other insider of the debtor?
Any disbursements made from escrow or trust accounts from the proceeds of the above transactions should also be included on the line of UST-14 entitled "Disbursements from sales out of the ordinary course."Question 2 - Financing. During the reporting month, did the debtor receive any funds from an outside funding source?
INSTRUCTIONS: Answer each question fully and attach additional sheets if necessary to provide a complete response.
Question 1 - Sale or Abandonment of the Debtor’s Assets. Did the debtor, or another party on behalf of the debtor, sell, transfer, or otherwise dispose of any of the debtor’s assets during the reporting month? Include only sales out of the ordinary course. The debtor must attach an escrow statement for each sale of real property and an auctioneer's report for each auction.
YES NO
YES NO
YES NO
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 18 of 19
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20-40157
Debtor CRN Pool, LLC April-2020
YES NO
Renewals: Provider
New Premium
Changes: Provider
New Premium
Full-time
Number of employees at beginning of month 132 Employees added 4Employees resigned/terminated 3
Number employees at end of month 133
N/A
Question 7 - Case Progress. Explain what progress the debtor made during the reporting month toward confirmation of a plan of reorganization.
The Debtors and their professionals are analyzing various potential structures for a value-maximizing plan of reorganization and are in communications with key parties-in-interests regarding those potential structures.
121
UST-17, OTHER INFORMATION
Question 4 - Insurance and Bond Coverage. Did the debtor renew, modify, or replace any insurance policies during this reporting month?
Were any insurance policies canceled or otherwise terminated for any reason during the reporting month? If yes, explain.
Were any claims made during this reporting month against the debtor’s bond? Answer No if the debtor is not required to have a bond. If yes, explain.
Is a Copy Attached to this Report?
Is a Copy Attached to this Report?
Question 5 - Personnel Changes. Complete the following:
Part-Time
1306
15
Case Number
Month Ending
Gross Monthly Payroll and TaxesQuestion 6 - Significant Events. Explain any significant new developments during the reporting month.
Monthly Financial Report - Corporate or Partnership DebtorUnited States Trustee – Western District of Washington Page 19 of 19
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