july monthly operating report corporate - mg operating report

7/31/2019 July Monthly Operating Report Corporate - Mg Operating Report

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In re DEWEY & LEBOEUF LLP Case No. 12-12321

Debtor Reporting Period: July 1, 2012 - July 31, 2012

Amounts reported should be from the debtors books and not the bank statement. The beginning cash should be the ending cash from the prior month

or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH -

ACTUAL column must equal the sum of the four bank account columns. Attach copies of the bank statements and the cash disbursements journal.

The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be

attached for each account. [See MOR-1 (CONT)]

This schedule of cash receipts and disbursements includes domestic bank accounts related to the Debtor's operations. Excluded accounts are either

inactive, held by foreign offices outside of the Debtor's control or held by non-Debtor affiliates.

ACCOUNT NUMBER (LAST 4)

JP Morgan

Depository

#2983

Citibank

Operating

#1596

BofA

Lockbox

#4559

JP Morgan

Client Proceeds

Account

#2613

JP Morgan

Disbursement ZBA

#9750

Other

(Non-operating,

Inactive Accounts)

(See NOTE 3)

CASH - BEGINNING OF MONTH (7/1) 2,871,034 2,661,089 400,921 23,624,130 (244,247) (142,697)

RECEIPTS

CASH SALES

ACCOUNTS RECEIVABLE (See NOTE 2) 15,532,898 1,178,424 2,777,410

LOANS AND ADVANCES

OTHER 292,353 112,024 379 (711)

TRANSFERS (11,786,067) (2,170,451) 14,170,451 62,887 (276,820)

TOTAL RECEIPTS 4,039,184 1 ,290,448 606,959 14,170,830 62,887 (277,532)

DISBURSEMENTS

WIND DOWN COMPENSATION 535,686

DISSOLUTION COMMITTEE 269,997

BENEFITS 187,981 21,386 367

EMPLOYEE EXPENSE REIMBURSEMENTS 34,162 2,163OCCUPANCY EXPENSES 271,850

DATACENTER / DR CO-LO 119,256

LEASED E UIPMENT - 21,069

PROFESSIONAL LIABILITY INSURANCE 974,834

GENERAL INSURANCE 105,235 5,532

IT / CRITICAL SYSTEMS 76,773 26,150

RECORD MANAGEMENT / STORAGE 142,213

COMMUNICATION 27,176 16,929

PROFESSIONAL FEES 383,830

TAXES 217,971

OTHER OPERATING EXPENSES 17,391 55 17,222

BANK FEES 14,138 14,491 1,684 301

VOIDED CHECKS (1,534) (445,173)CASH FLOW SWEEP 25,716,000

TOTAL DISBURSEMENTS 3,158,988 35,932 1 ,684 25,716,301 307,402 (445,173)

NET CASH FLOW

(RECEIPTS LESS DISBURSEMENTS)

CASH END OF MONTH (7/31) 3,751,230 3,915,605 1,006,196 12,078,659 (488,762) 24,945

DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)

28,775,134

--

51,112

28,826,246

PLUS: FOREIGN OFFICE DISBURSEMENTS (See NOTE 4)

TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE

880,195 1,254,516 605,275 (11,545,471) (244,514) 167,642

NOTE 3: Beginning book balance includes reclassifications and adjustments to June balances. July activity reflects the closing of accounts and transfe

NOTE 1: Includes bank accounts related to the Debtor's operations. Excluded accounts are those held by foreign offices outside of the Debtor's contro

Debtor affiliates.

NOTE 2: Accounts receivables invoiced post-petition and collected within the current reporting period was approximately $3.9 million.

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

BANK ACCOUNTS (See NOTE 1)

TOTAL DISBURSEMENTS

LESS: TRANSFERS TO OTHER DEBTOR IN POSSESSION ACCOUNTSPLUS: PREPAYMENT REVERSALS (i.e. from escrow accounts)

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Debtor Reportin Period: July 1, 2012 - July 31, 2012

Continuation Sheet for MOR-1

A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.

(Bank account numbers may be redacted to last four numbers.)

JP Morgan

Depository

Citibank

Operating

BofA

Lockbox

JP Morgan

Client

Proceeds

Account

JP Morgan

Disbursement

ZBA

Othe

Accoun

#2983 #1596 #4559 #2613 #9750

BALANCE PER BOOKS 3,751,230 3,915,605 1,006,196 12,078,659 (488,762) 24

BANK BALANCE 3,601,027 4,194,253 996,699 12,078,659 - 22(+) DEPOSITS IN

TRANSIT

(-) OUTSTANDING

CHECKS

(10,425) (166,753) (488,762)

OTHER (ATTACH

EXPLANATION

160,628 (111,895) 9,497 2

ADJUSTED BANK

BALANCE *

3,751,230 3,915,605 1,006,196 12,078,659 (488,762) 24

*"Adjusted Bank Balance" must equal "Balance per Books"

DEPOSITS IN TRANSIT Date Amount Date Amount Amount Amoun

(Available upon request)

CHECKS OUTSTANDING Ck. # Amount Ck. # Amount Amount Amoun


OTHER


BANK RECONCILIATIONS

Closing balances as of 7/31/2012



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The Debtor's books and records are reported on a global, firmwide basis. As such, this statement of operations is repo

on a consolidated basis, which includes the Debtor's domestic and foreign offices, as well as non-Debtor affiliates.

The Debtor prepares its financials on a cash basis and records revenue when cash from customers is received and whe

expenses are paid in cash (other than depreciation).

JULY 31, 2012

CUMULATIVE -

FILING TO DATE

Fees Collected (See NOTE 5) 20,631,648$ 39,939,115$

Operating expenses disbursed:

Employees:

Salaries and overtime:

Associates 12,917 84,308

Legal assistants 38,694 143,530

Other staff (see schedule) 937,501 2,371,261

Benefits and other employee expenses (66,497) 327,597

Total employee expenses 922,614 2,926,696

Occupancy expenses (See NOTE 6) 1,288,291 1,854,451Office operating expenses 77,924 291,616

Depreciation and amortization 173,518 545,418

Expense reimbursements 48,567 68,852

Insurance 1,030,885 2,688,593

Taxes 211,395 29,304

Professional services 515,405 881,379

Uncollectible client disbursements written-off, net of write-ups 17,914 2,636

Total operating expenses 4,286,512 9,288,945

Excess of fees collected over operating expenses 16,345,137 30,650,169

Non-operating expenses (income):

Interest, net (See NOTE 7) 242,638 242,638

Payments to retired partners, former partners and

the estates or families of former partners - -

Retainer of counsel - -

Other, net (See NOTE 8) 59,733,528 60,427,169

Total non-operating expenses 59,976,166 60,669,807

Excess of fees collected over operating and

non operating expenses (See NOTE 5) (43,631,030)$ (30,019,637)$

BREAKDOWN OF OTHER CATEGORY

OTHER STAFF

ADMINISTRATION 874,306 2,067,514

SUPPORT STAFF 59,108 287,237

OVERTIME 4 087 16 510

CONSOLIDATED STATEMENT OF OPERATIONS



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The Debtor's books and records are reported on a global, firmwide basis. As such, this balance sheet is presented on a consolidated

basis, which includes the Debtor's domestic and fo reign offices, as well as non-Debtor affiliates. The Debtor prepares its reports

on a cash basis and records revenue when cash from customers is received and when expenses are paid in cash. Therefore, the Debtor

does not accrue payables on its balance sheet. For unpaid payables please refer to Form MOR-4.

ASSETS BOOK VALUE AT END OF

CURRENT REPORTING

MONTH

BOOK VALUE AT END OF

PRIOR REPORTING

MONTH

BOOK VALUE ON

PETITION DATE OR

SCHEDULED

CURRENT ASSETS

Cash and cash equivalents - unrestricted domestic 8,209,214 5,699,809 3,743,758

Cash and cash equivalents - restricted domestic (See NOTE 9) 12,078,659 23,624,130 11,901,441

Cash and cash equivalents - foreign (See NOTE 10) 8,798,078 7,674,921 5,015,463

Accounts receivable (client expenses) (See NOTE 11) 16,367,617 17,497,838 18,107,317

Other receivables and loans 27,744,525 29,181,755 31,836,085

Prepaid expenses and deposits 26,150,501 26,162,320 26,162,320

Other assets-short term - - -

TOTAL CURRENT ASSETS 99,348,594 109,840,773 96,766,385PROPERTY & EQUIPMENT

Furniture, Fixtures and Office Equipment 6,846,579 87,470,246 87,470,246

Leasehold Improvements 2,161,502 64,400,151 64,400,151

Less: Accumulated Depreciation 2,541,425 93,360,048 92,988,147

TOTAL PROPERTY & EQUIPMENT (See NOTE 12) 6,466,656 58,510,349 58,882,250OTHER ASSETS

Amounts due from Insiders* - - -

Other Assets (attach schedule) 12,674,519 17,853,031 17,853,031

TOTAL OTHER ASSETS 12,674,519 17,853,031 17,853,031

TOTAL ASSETS 118,489,769 186,204,154 173,501,666

LIABILITIES AND OWNER EQUITY BOOK VALUE AT END OF

CURRENT REPORTING

MONTH

BOOK VALUE AT END OF

PRIOR REPORTING

MONTH

BOOK VALUE ON

PETITION DATE

LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)

Accounts Payable (refer to FORM MOR-4) - - -

Taxes Payable (refer to FORM MOR-4) - - -

Wages Payable - - -

Notes Payable - - -

Rent / Leases - Building/Equipment - - -

Secured Debt / Adequate Protection Payments - - -

Professional Fees - - -

Amounts Due to Insiders* - - -

Other Post-petition Liabilities (attach schedule) - - -TOTAL POST-PETITION LIABILITIES - - -

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)

Secured Debt (See NOTE 13) 206,768,784 231,390,634 231,390,634

Priority Debt - - -

Unsecured Debt (See NOTE 14) 14,768,874 14,421,325 15,038,212

TOTAL PRE-PETITION LIABILITIES 221,537,658 245,811,959 246,428,846

TOTAL LIABILITIES 221,537,658 245,811,959 246,428,846OWNERS' EQUITY

Capital Stock - - -

Additional Paid-In Capital - - -

Partners' Capital Account (See NOTE 15) (103,233,764) (59,793,680) (73,113,055)

Retirement Accounts 185,876 185,876 185,876Adjustments to Owner Equity (attach schedule) - - -

Post-petition Contributions (attach schedule) - - -

NET OWNERS EQUITY (103,047,889) (59,607,804) (72,927,180)

TOTAL LIABILITIES AND OWNERS' EQUITY 118,489,769 186,204,154 173,501,666

*"Insider" is defined in 11 U.S.C. Section 101(31).

BALANCE SHEET

NOTE 10: Includes bank accounts held by fo reign offices or held by non-Debtor aff iliates. Book balances may not reflect actual cash available

at foreign accounts the Debtor does not control

NOTE 9: Cash that is restricted for a specific use and not available to fund operations.



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BALANCE SHEET - continuation sectionASSETS BOOK VALUE AT END

OF CURRENT

REPORTING MONTH

BOOK VALUE AT END

OF PRIOR REPORTING

MONTH

BOOK VALUE ON

PETITION DATE

Other AssetsINVESTMENT - BAR LTD (See NOTE 16) 5,318,636 5,318,636 5,318,636

DEFERRED REAL ESTATE COMMISSION (See NOTE 17) - 4,387,670 4,387,670

DEFERRED LEASE ACQUISITION COSTS (See NOTE 17) - 722,113 722,113

DEFFERED COMBINATION COST 6,252,448 6,321,178 6,321,178

RECEIVABLE PREPAID EXPENSE LONG TERM PORTION 0 0 0

DEFE RRE D R EVOLVER AND PRI VATE P LAC EM ENT FE ES 1, 10 7, 42 8 1 ,1 07 ,428 1, 107 ,4 28

RECEIVABLE FROM RELATED PARTIES (3,993) (3,993) (3,993)

NOTE 17: Balances are written off pursuant to court-ordered abandonement of property leases.

NOTE 16: Based on historical cost basis.



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Debtor Reporting Period: July 1, 2012

The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the

amount should be zero.

Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes.

Attach photocopies of any tax returns filed during the reporting period.

Federal Beginning Tax

Amount

Withheld

and/or

Accrued

Amount

Paid Dates Paid

Check # or

EFT E

Withholding - - 88,276 7/15/12, 7/31/12

FICA/Medicare-Employee- - 23,675 7/15/12, 7/31/12

FICA/Medicare-Employer - - 31,538 7/15/12, 7/31/12

Unemployment - - -

Income - - -

Other: - - -

Total Federal Taxes - - 143,489

State and Local

Withholding - - 29,240 7/15/12, 7/31/12

Local - - 11,054 7/15/12, 7/31/12

Excise - -

Unemployment- - -

Real Property - -

Personal Property - -

Other:State Disability Insurance - 138 7/15/12, 7/31/12

Total State and Local - - 40,432

Total Taxes - - 183,921

Attach aged listing of accounts payable.

Current 0-30 31-60 61-90 Over 91

Accounts Payable 28,950 18,033 - - -

Wages Payable - - - - -

Taxes Payable (See NOTE 18) 47,171 - - - -

Rent/Leases-Building - 22,387 - - -

Rent/Leases-Equipment - 91,903 - - -

Secured Debt/Adequate

Protection Payments

- - - - -

Professional Fees 3,186,530 - - - -

Amounts Due to Insiders - - - - -

Other: - - - - -

Total Post-petition Debts 3,262,652 132,323 - - -

Number of Days Past Due

STATUS OF POST-PETITION TAXES

SUMMARY OF UNPAID POST-PETITION DEBTS

NOTE 18: Value-Added Tax (VAT) associated with receivables collected in Frankfurt; translated into US Dollars

1 2309 h



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Amount

325,650,011

21,071,733

4,599,808

41,105,599

258,872,871

Accounts Receivable Aging 0-30 Days 31-60 Days 61-90 Days 91+ D

Accounts Receivable and WIP (See NOTE 19) 13,461,369 28,338,696 26,029,106 191,0

Total Accounts Receivable and WIP 13,461,369 28,338,696 26,029,106 191,0

Less: Bad Debts (Amount considered uncollectible) - - -

Net Accounts Receivable and WIP 13,461,369 28,338,696 26,029,106 191,0

Taxes Payable 0-30 Days 31-60 Days 61-90 Days 91+ D

0 - 30 days old - - -

31 - 60 days old - - -

61 - 90 days old - - -

91+ days old - - -

Total Taxes Payable - - -Total Accounts Payable

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

TAXES RECONCILIATION AND AGING

NOTE 19: Accounts receivable and Work-in-progress (WIP) represents gross fees and expenses that are billed and unbilled, respec

and includes balances from domestic offices, foreign branch offices and foreign non-debtor affiliates. Gross amounts exclude interi

balances (e.g. retainers).

NOTE 21: Includes collections of both fees and expenses firmwide, including domestic and foreign offices and non-debtor entities

Total Accounts Receivable and WIP at the end of the reporting period

Accounts Receivable Reconciliation (See NOTE 19)

Total Accounts Receivable and WIP at the beginning of the reporting period (See NOTE 20)

Less: Amounts collected during the period (See NOTE 21)

Less: Prior collections applied to current invoices

Less: Write-offs / Adjustments (See NOTE 22)

NOTE 20: Includes WIP balance of $120 million from the June operating report.

NOTE 22: Includes domestic write-offs and adjustments to foreign office balances related to write-offs, amounts collected prepetit

pursuant to the prepetition sale of foreign offices.



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Of the total disbursements shown on the Cash Receipts and Disbursements Report (MOR-1) list the amount paid to insiders (as defined inSection 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid

(e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.

NAME TYPE OF PAYMENT AMOUNT PAID

TOTAL PAID TO

DATE

STEVE HORVATH SALARY 183,240 373,240

STEVE HORVATH EXPENSE REIMBURSMENT 26,632 50,196

JANIS MEYER SALARY 86,757 142,757

JANIS MEYER EXPENSE REIMBURSMENT 393 393

297,023 566,586

NAME

BEGINNING

RETAINER

BALANCE

INVOICE

AMOUNTS

AMOUNT PAID

(See NOTE 22)

RETAINER

APPLIED

TOTAL

DA

(INCL

APPLICA

RETA

ON SITE ASSOCIATES (See NOTE 22) 122,947 356,112 47,053 -

FTI CONSULTING - 336,777 336,777 -

TOGUT, SEGAL & SEGAL 400,000 - - -

ZOLFO COOPER 285,000 872,700 - -

EPIQ SYSTEMS 8,309 160,745 - -GOLDIN ASSOCIATES 109,398 - - -

DEVELOPMENT SPECIALISTS, INC. (DSI) 268,000 238,000 - 238,000

KRAMER, LEVIN, NAFTALIS & FRANKEL - 532,102 - -

BINGHAM 7,957 273,962 - -

ALLEN & OVERY (See NOTE 23) - 8,149 - -

DELOITTE - - - -

BROWN RUDNICK - 707,114 - -

KASOWITZ, BENSON, TORRES & FRIEDMAN - 202,779 - -

KEIGHTLEY & ASHNER - 119,920 - -

TOTAL PAYMENTS TO PROFESSIONALS 1,201,612 3,808,360 383,830 238,000

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

NAME OF CREDITOR

SCHEDULED MONTHLY

PAYMENT DUE

AMOUNT PAID

DURING MONTH

SECURED CREDITOR - NOTES 17,945,406

SECURED CREDITOR - REVOLVER 7,429,088

25,374,494

NOTE 23: Invoice in British Pounds; converted to USD using 1.568x exchange rate

PAYMENTS TO INSIDERS AND PROFESSIONALS

POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE

AND ADEQUATE PROTECTION PAYMENTS

TOTAL PAYMENTS

INSIDERS

TOTAL PAYMENTS TO INSIDERS

PROFESSIONALS

NOTE 22: On Site Associates received $27,052.74 of its $150,000.00 retainer post-petition pursuant to court order.



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Debtor Reportin Period: May 28, 2012 - June 30

Must be completed each month. If the answer to any of the

questions is Yes, provide a detailed explanation of each item.

Attach additional sheets if necessary.

Yes No

1Have any assets been sold or transferred outside the normal course of

business this reporting period?

X In co

Fran

furni

sold.

2Have any funds been disbursed from any account other than a debtor in

possession account this reporting period?

X

3Is the Debtor delinquent in the timely filing of any post-petition tax

returns?X

4

re wor ers compensat on, genera a ty or ot er necessary nsurance

coverages expired or cancelled, or has the debtor received notice of

expiration or cancellation of such policies?

X

5 Is the Debtor delinquent in paying any insurance premium payment?X

6Have any payments been made on pre-petition liabilities this reporting

period?X Yes,

7Are any post petition receivables (accounts, notes or loans) due from

related parties? X

8 Are any post petition payroll taxes past due? X

9 Are any post petition State or Federal income taxes past due? X

10 Are any post petition real estate taxes past due?X Yes,

petiti

11 Are any other post petition taxes past due? X

12Have any pre-petition taxes been paid during this reporting period?

X Yes,

13 Are any amounts owed to post petition creditors delinquent? X

14 Are any wage payments past due? X

15Have any post petition loans been been received by the Debtor from any

party?X

16 Is the Debtor delinquent in paying any U.S. Trustee fees? X

17Is the Debtor delinquent with any court ordered payments to attorneys or

other professionals?X

18Have the owners or shareholders received any compensation outside of

the normal course of business?X

DEBTOR QUESTIONNAIRE


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july monthly operating report corporate - mg operating report

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