UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 30, 2011

 

 

BB LIQUIDATING INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-15153   52-1655102

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

2100 Ross Avenue, Suite 2100

Dallas, Texas

  75201
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (214) 438-1000

Blockbuster Inc.

1201 Elm Street

Dallas, TX 75270

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 7.01. Regulation FD Disclosure.

As previously disclosed, on September 23, 2010, Blockbuster Inc. (the “Company”) and certain of its domestic subsidiaries (collectively, the “Debtors”) filed voluntary petitions for relief (the “Bankruptcy Filing”) under chapter 11 of title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) case number 10-14997.

Consistent with the requirements of the Amended and Restated Asset Purchase Agreement entered into by and among the Company, the Debtor subsidiaries thereto and DISH Network Corporation on April 20, 2011 (the “Purchase Agreement”) and the Bankruptcy Court’s Supplemental Order dated April 26, 2011 approving the Purchase Agreement, the Company filed with the Bankruptcy Court a Notice of Change of Case Caption (the “Notice”) on August 23, 2011. Pursuant to the Notice, the Company and each of the Debtors confirmed that it had changed its name by amending its Certificate of Incorporation with the Secretary of State of the state of its incorporation. Consistent therewith, the Company is now known as “BB Liquidating Inc.” and all Debtors are known by the names shown on Exhibit A to the Notice.

On January 3, 2012, the Debtors filed their monthly operating report for the period from November 1, 2011 through November 30, 2011 (the “Monthly Operating Report”) with the Bankruptcy Court. The Monthly Operating Report is attached as Exhibit 99.1 and is incorporated herein by reference. This current report (including the exhibit hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

Cautionary Statement Regarding Financial Operating Data

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period, is limited to the Debtors’ domestic operations, and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with Generally Accepted Accounting Principles in the United States, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in the Company’s reports pursuant to the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results for the period that would be reflected in the Company’s financial statements or in its reports pursuant to the Exchange Act. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.

Cautionary Statement Regarding Forward-Looking Statements

The information contained in this Current Report on Form 8-K includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements (other than statements of historical facts) that address projected or estimated results, or events,

 

2


developments or results that we intend, expect, believe, anticipate, plan, forecast or project, will or may occur in the future are forward-looking statements. The words “possible,” “propose,” “might,” “could,” “would,” “projects,” “plan,” “forecasts,” “anticipates,” “expect,” “intend,” “believe,” “seek” or “may,” and similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying them. Forward-looking statements are subject to a number of risks, contingencies and uncertainties, some of which our management has not yet identified. Forward-looking statements are not guarantees of future performance; subsequent developments may cause forward-looking statements to become outdated; and actual results, developments and business decisions may differ materially from those contemplated by such forward-looking statements as a result of various factors. Important factors that should be considered as potentially causing actual results to differ from those contemplated by forward-looking statements include, but are not limited to (i) the fact that we are currently not conducting business operations and will have no operations in the future; (ii) we are currently winding up the Company’s business and distributing the proceeds of the court-supervised sale of substantially all of our assets, after which we expect to file a plan of liquidation with the bankruptcy court; and (iii) even though our common stock continues to be quoted on the Pink Sheets, our common stock has no value and our stockholders should not view the trading activity of our common stock on the Pink Sheets or any other market or trading platform as being indicative of the value our stockholders will receive as a part of the chapter 11 cases. The cautionary statements provided above are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”) and with the intention of obtaining the benefits of the “safe harbor” provisions of the Act for any such forward-looking information. Additional risks that may affect the Company’s future performance are detailed in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or circumstances, or otherwise.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

 

Exhibit
Number

  

Description

99.1    Monthly Operating Report for the period from November 1, 2011 through November 30, 2011, filed with the United States Bankruptcy Court for the Southern District of New York

 

3


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

BB LIQUIDATING INC.

f/k/a BLOCKBUSTER INC.

Date: January 9, 2012    
      By:   /s/    B RUCE W. L EWIS        
       

Senior Vice President, Controller and

Principal Accounting Officer


EXHIBIT INDEX

 

Exhibit No.

  

Description

99.1    Monthly Operating Report for the period from November 1, 2011 to November 30, 2011, filed with the United States Bankruptcy Court for the Southern District of New York

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

   X   

In re:

   :    Chapter 11
   :   

BB LIQUIDATING INC., et al. 1

   :    Case No: 10-14997
   :   

Debtors.

   :    Jointly Administered
   X   

Monthly Operating Report For

November 2011

 

DEBTORS’ ADDRESS:

   2100 Ross Avenue, 21st Floor
   Dallas, Texas 75201

DEBTORS’ ATTORNEYS:

   Stephen Karotkin
   WEIL, GOTSHAL & MANGES LLP
   767 Fifth Avenue
   New York, New York 10153
   Telephone: (212) 310-8000
   Facsimile: (212) 310-8007
   -and-
   Martin A. Sosland ( admitted pro hac vice )
   WEIL, GOTSHAL & MANGES LLP
   200 Crescent Court, Suite 300
   Dallas, Texas 75201
   Telephone: (214) 746-7700
   Facsimile: (214) 746-7777

This Monthly Operating Report (“MOR”) has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in these chapter 11 cases and is in a format acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States.

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/ Bruce Lewis     12/30/2011
Bruce Lewis    
Principal Executive Officer    
Blockbuster Inc.    

 

1

The Debtors, together with the last four digits of each Debtor’s federal tax identification number, are: BB Liquidating Inc. (5102); BB Liquidating Canada Inc. (1269); BB Liquidating Digital Technologies Inc. (9222); BB Liquidating Distribution, Inc. (0610); BB Liquidating GC, Inc. (1855); BB Liquidating Global Services Inc. (3019); BB Liquidating International Spain Inc. (7615); BB Liquidating Investments LLC (6313); BB Liquidating Procurement LP (2546); BB Liquidating Video Italy, Inc (5068); BB Liquidating ML, LLC (5575); BB Liquidating Trading Zone Inc. (8588); and BB Liquidating B2 LLC (5219).


UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

 

In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011
    Federal Tax I.D. #   52-1655102

CORPORATE MONTHLY OPERATING REPORT

 

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-1 (CON’T)   x   

Copies of bank statements

   MOR-1 (CON’T)      x

Cash disbursements journals

   MOR-1 (CON’T)   x   

Statement of Operations

   MOR-2   x   

Balance Sheet

   MOR-3   x   

Status of Post-petition Taxes

   MOR-4   x   

Copies of IRS Form 6123 or payment receipt

        not applicable

Copies of tax returns filed during reporting period

        not applicable

Summary of Unpaid Post-petition Debts

   MOR-4   x   

Listing of Aged Accounts Payable

        x

Accounts Receivable Reconciliation and Aging

   MOR-5   x   

Taxes Reconciliation and Aging

   MOR-5   x   

Payments to Insiders and Professionals

   MOR-6   x   

Post Petition Status of Secured Notes, Leases Payable

   MOR-6   x   

Debtor Questionnaire

   MOR-7   x   


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   October 2011

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

(in millions)

 

     November 2011     YTD November 2011  

Cash flows from operating activities:

    

Net income (loss)

   $ (0.9   $ (201.8

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

    

Depreciation and intangible amortization

     —          39.4   

Rental library purchases

     —          (66.7

Rental library amortization

     —          113.3   

Loss on sale/disposal of store operations

     —          —     

Impairment of long-lived assets

     —          0.6   

Non-cash share-based compensation

     —          —     

Gain on sale of store operations

     —          —     

Deferred taxes and other

     —          2.1   

Changes in operating assets and liabilities:

       —     

Change in receivables

     —          13.1   

Change in merchandise inventories

     —          44.2   

Change in prepaid and other assets

     —          27.8   

Change in liabilities subject to compromise

     (2.0     227.1   

Change in accounts payable

     0.5        (139.3

Change in accrued expenses and other liabilities

     (0.1     (128.7
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     (2.5     (68.9
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Capital expenditures

     —          (5.1

Change in reserve for Operating Period claims

     —          28.1   

Proceeds from sale of store operations

     —          —     

Other investing activities

     —          3.4   
  

 

 

   

 

 

 

Net cash provided by (used in) investing activities

     —          26.4   
  

 

 

   

 

 

 

Cash flows from sale of assets to DISH Network:

    

Loss on Sale

     —          (582.8

Change in rental library on sale

     —          143.4   

Change in merchandise inventories on sale

     —          56.2   

Change in receivables on sale

     —          53.3   

Change in prepaid and other assets on sale

     —          382.2   

Change in fixed assets on sale

     —          87.2   

Change in restricted cash on sale

     —          —     
  

 

 

   

 

 

 

Net cash provided by sale to Dish Network

     —          139.5   
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Proceeds from DIP Financing

     —          —     

Repayments on DIP Financing

     —          —     

Repayments on senior secured notes

     —          (124.6

Debt financing costs

     —          —     

Capital lease payments

     —          (0.8
  

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     —          (125.4
  

 

 

   

 

 

 

Effect of exchange rate changes on cash

     —          —     
  

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     (2.5     (28.4

Cash and cash equivalents at beginning of period

     40.3        66.2   
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     37.8      $ 37.8   
  

 

 

   

 

 

 


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

 

GL#    Bank Name    Bank Balance      Deposits &
Transfers
in Transit
     Outstanding
checks
    Other
Reconciling
Items
     GL Balance  

Cash

   Bank of America    $ 40,025,434       $ —         $ (2,292,562   $ —         $ 37,732,872   
     

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
  

Total Cash & Cash Equivalents

   $ 40,025,434       $ —         $ (2,292,562   $ —         $ 37,732,872   
     

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

Bank of America

          

Dallas, Texas

        Statement date: 11/30/2011   
 

Statement Period

     11/01/2011-11/30/2011       Statement Beginning Balance      43,203,784.16   
 

Number of Deposits /Credits

     2       Amount of Deposits /Credits      442,720.89   
 

Number of Checks

     239       Amount of Checks      3,370,942.00   
 

Number of Other Debits

     2       Amount of Other Debits      250,129.12   
        Statement Ending Balance      40,025,433.93   

 

* The Debtors have submitted their bank statement to the United States Trustee.


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

 

SCHEDULE OF CASH DISBURSEMENTS

(in millions)

Continuation Sheet for MOR-1

 

           November 2011        

Cash Balance as of 10/31/11

       $ 40,280,227   

Cash disbursements during the period:

      

April professional fees (as shown on MOR 6):

      

Sidley Austin LLP

     (1,636    

Kurtzman Carson Consultants

     (61,594    

Cooley Godward Kronish LLP

     (34,003    

Weil Gotshal

     (149,211    
  

 

 

     

Total April professional fees

       (246,444  

Contract labor:

      

Legal

     (4,500    

Claims administration

     (3,500    
  

 

 

     

Total contract labor

       (8,000  

Payments for Administrative Priority Expenses

       (2,013,180  

Payments for property taxes

       (64,064  

Payments for miscellaneous G&A

       (215,667  
    

 

 

   

Total cash disbursements during the period

         (2,547,355
      

 

 

 

Cash Balance as of 11/30/11

       $ 37,732,872   
      

 

 

 


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

 

STATEMENT OF OPERATIONS (Income Statement)

(in millions)

 

     November 2011     YTD November 2011  

Revenues:

    

Base rental revenues

   $ —        $ 303.5   

Previously rented product (“PRP”) revenues

     —          140.2   
  

 

 

   

 

 

 

Total rental revenues

     —          443.7   

Merchandise sales

     —          63.0   

Other revenues

     —          12.6   
  

 

 

   

 

 

 

Total Revenue

     —          519.3   
  

 

 

   

 

 

 

Cost of sales:

    

Cost of rental revenues

     —          175.9   

Cost of merchandise sold

     —          68.7   
  

 

 

   

 

 

 

Total cost of sales

     —          244.6   
  

 

 

   

 

 

 

Gross profit

     —          274.7   
  

 

 

   

 

 

 

Operating expenses:

    

General and administrative

     0.9        461.8   

Advertising

     —          5.5   

Depreciation and intangible amortization

     —          39.4   

Impairment of goodwill and other long-lived assets

     —          0.6   
  

 

 

   

 

 

 

Total Operating Expenses

     0.9        507.3   
  

 

 

   

 

 

 

Operating income (loss)

     (0.9     (232.6

Interest expense

     —          0.6   

Interest income

     —          (0.1

Other items, net

     —          (1.4
  

 

 

   

 

 

 

Income (loss) from continuing operations before reorganization items and income taxes

     (0.9     (233.5

Reorganization items, net (income)/loss

     —          (46.9

(Benefit)/provision for income taxes

     —          1.0   

Equity in (income)/loss of non-debtor subsidiaries

     —          14.7   
  

 

 

   

 

 

 

Income (loss) from continuing operations

     (0.9     (202.3

(Loss) from sale of assets to DISH Network

     —          (582.8

Income (loss) from discontinued operations, net of tax

     —          —     
  

 

 

   

 

 

 

Net income (loss)

     (0.9     (785.1

Preferred stock dividends

     —          —     
  

 

 

   

 

 

 

Net income (loss) applicable to common stockholders

   $ (0.9   $ (785.1
  

 

 

   

 

 

 


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

 

BALANCE SHEET

(in millions)

 

     As of 11/30/2011  

Assets

  

Current assets:

  

Cash and cash equivalents

   $ 37.7   

Reserve for Operating Period claims

     7.5   

Merchandise inventories

     —     

Rental library, net

     —     

Prepaid and other current assets

     —     
  

 

 

 

Total current assets

     45.2   

Property and equipment, net

     —     

Deferred income taxes

     —     

Investment in non-debtor subsidiaries

     —     

Intangibles, net

     —     

Restricted cash

     —     

Other assets

     —     
  

 

 

 

Total Assets

   $ 45.2   
  

 

 

 

Liabilities and Stockholders’ Equity (Deficit)

  

Current liabilities:

  

Accounts payable

   $ 4.1   

Accrued expenses

     0.5   

Debtor-in-possession loan

     —     

Deferred income taxes

     —     
  

 

 

 

Total current liabilities

     4.6   

Other liabilities

     —     
  

 

 

 

Total Liabilities before LSTC

     4.6   

Liabilities subject to compromise

     1,351.5   
  

 

 

 

Total Liabilities

     1,356.1   
  

 

 

 

Total stockholders’ equity (deficit)

     (1,310.9
  

 

 

 

Total Liabilities and Stockholders’ Equity (Deficit)

   $ 45.2   
  

 

 

 


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

 

STATUS OF POST-PETITION TAXES

 

Federal

   Beginning Tax      Amount
Withheld and/or
Accrued
     Amount Paid     Ending Tax  

Withholding

   $ —         $ —         $ —        $ —     

FICA-Employee

     —           —           —          —     

FICA-Employer

     —           —           —          —     

Unemployment

     —           —           —          —     

Income

     —           —           —          —     

Other:

        —           —       

Total Federal Taxes

     —           —           —          —     

State and Local

          

Withholding

     —           —           —          —     

Sales

     —           —           —          —     

Excise

        —           —       

Unemployment

     —           —           —          —     

Real Property*

     —           —           —          —     

Personal Property*

     545,999         —           (64,064     481,935   

Other: Income/Franchise

     —           —           —          —     

Total State and Local

     545,999         —           (64,064     481,935   
  

 

 

    

 

 

    

 

 

   

 

 

 

Total Taxes

   $ 545,999       $ —         $ (64,064   $ 481,935   
  

 

 

    

 

 

    

 

 

   

 

 

 

SUMMARY OF UNPAID POST-PETITION DEBTS

Attach aged listing of accounts payable.

 

     Number of Days Past Due  

DESCRIPTION

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

AP - Product

   $ —         $ —         $ —         $ —         $ —         $ —     

AP - Legal & Professional Fees

     481,935         —           —           —           —           481,935   

AP - Other

     —           —           —           —           —           —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL POST-PETITION DEBTS

   $ 481,935       $ —         $ —         $ —         $ —         $ 481,935   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

* The Real Property and Personal Property taxes are considered “postpetition” based off of when the payment is assessed by the taxing authority.

The detail of the AP - Legal and Professional Fees can be seen on MOR-6. The bar date of 6/15/11 for administrative claims required all other AP to be reclassified to liabilities subject to compromise.

The Debtors did not file Form 6123 during this period.


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

 

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING

 

Accounts Receivable Reconciliation

   Amount  

Total Accounts Receivable at the beginning of the reporting period

   $ —     

Plus: Amounts billed during the period

     —     

Less: Amounts collected during the period

     —     

Less: Amounts written off during the period

     —     

Less: Amounts reserved during the period

     —     

Change in store accounts receivable, net

     —     

Accounts Receivables sold to DISH Network

     —     
  

 

 

 

Total Accounts Receivable at the end of the reporting period

   $ —     
  

 

 

 

 

Accounts Receivable Aging

   9/30/2011  

0 - 30 days old

   $ —     

31 - 60 days old

     —     

61 - 90 days old

     —     

91 - 120 days old

     —     

121+ days old

     —     

Total Aged Accounts Receivable

     —     

Store Accounts Receivable

     —     

Total Accounts Receivable

     —     

Less: Bad Debts (Amount considered uncollectible)

     —     
  

 

 

 

Net Accounts Receivable***

   $ —     
  

 

 

 

TAXES RECONCILIATION AND AGING

 

Taxes Payable

   Current      1-30 Days      31-60 Days      61-90 Days      91+ Days      Total  

Federal

   $ —         $ —                  $ —     

State and Local

     —                       —     

Other

     481,935         —                    481,935   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total Taxes Payable

   $ 481,935       $ —         $ —         $ —         $ —         $ 481,935   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

 

PAYMENTS TO INSIDERS AND PROFESSIONALS

 

INSIDERS

NAME

   TYPE OF PAYMENT    AMOUNT PAID    TOTAL PAID TO DATE

(1) NONE

        
        
        
        
        
        
        
        

TOTAL PAYMENTS TO INSIDERS

        

 

(1) No payments other than ordinary wages and benefits occurred during the reporting period.

 

PROFESSIONALS

 

NAME

   DATE OF
COURT
ORDER
AUTHORIZING
PAYMENT
     AMOUNT
APPROVED
     AMOUNT PAID
November 2011
     TOTAL PAID
TO DATE
     TOTAL
INCURRED
& UNPAID*
 

SIDLEY AUSTIN LLP (1)

     9/27/2010       $ 3,552,286       $ 1,636       $ 3,545,697       $ 6,589   

JEFFERIES & COMPANY INC (1)

     9/27/2010         1,550,496         —           1,550,496         —     

ALVAREZ & MARSAL NORTH AMERICA LLC (3)

     10/27/2010         5,583,044         —           5,113,678         469,366   

ROTHSCHILD INC (3)

     11/2/2010         3,205,405         —           3,205,405         —     

KURTZMAN CARSON CONSULTANTS LLC (3)

     9/23/2010         4,295,204         61,594         4,174,943         120,261   

DJM ASSET MANAGEMENT LLC (3)

     11/23/2010         150,000         —           150,000         —     

RETAIL REGROUP INC (3)

     11/23/2010         150,000         —           150,000         —     

DELOITTE TAX LLP (3)

     11/9/2010         583,711         —           467,248         116,463   

SKADDEN ARPS SLATE MEAGHER & FLOM LLP (1)

     9/27/2010         211,440         —           211,440         —     

KORN/FERRY INTERNATIONAL (3)

     11/10/2010         142,132         —           142,132         —     

COOLEY GODWARD KRONISH LLP (2)

     11/23/2010         2,784,548         34,003         2,214,062         570,486   

FTI CONSULTING (2)

     12/2/2010         909,331         —           718,563         190,768   

BLOODWORTH CARROLL & BANOWSKY PC (3)

     11/23/2010         164,395         —           131,516         32,879   

RAY & GLICK LTD. (3)

     11/23/2010         959,250         —           767,400         191,850   

CHAIKEN LEGAL GROUP PC (3)

     11/23/2010         350,055         —           280,044         70,011   

SHEPPARD MULLIN (1)

     9/27/2010         327,327         —           327,327         —     

WEIL GOTSHAL (3)

     10/27/2010         8,043,942         149,211         6,234,569         1,809,373   

PRICEWATERHOUSE COOPERS (3)

     2/8/2011         1,811,368         —           1,478,461         332,907   

DELOITTE FINANCIAL ADVISORY (3)

     2/8/2011         363,993         —           288,837         75,156   

ERNST & YOUNG (3)

     4/4/2011         524,806         —           416,514         108,292   
     

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL PAYMENTS TO PROFESSIONALS

      $ 35,662,733       $ 246,444       $ 31,568,332       $ 4,094,401   
     

 

 

    

 

 

    

 

 

    

 

 

 

 

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
(1) Fees paid pursuant to the DIP Financing Order for professionals of the DIP lenders and DIP Agent.
(2) Fees for professionals retained to represent Unsecured Creditors’ Committee
(3) Fees for professionals retained to represent BB Liquidating Inc.

POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE

AND ADEQUATE PROTECTION PAYMENTS

 

NAME OF CREDITOR

   SCHEDULED
MONTHLY
PAYMENT
DUE
     AMOUNT
PAID
DURING
MONTH
     TOTAL
UNPAID
POST-
PETITION
 

DIP Financing

   $ —         $ —         $ —     

DIP Interest

        —           —     

Leases Payable

     —           —           —     

Adequate Assurance Payments - Utilities

     —           —           —     

Adequate Assurance Payments - Insurance

     —           —           —     
     

 

 

    

 

 

 

TOTAL PAYMENTS

      $ —        
     

 

 

    

 

 

 


In re   BB LIQUIDATING INC., et al.   Case No.   10-14997
  Debtor   Reporting Period:   November 2011

 

DEBTOR QUESTIONNAIRE

 

    

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
1    Have any assets been sold or transferred outside the normal course of business this reporting period?       X
2    Have any funds been disbursed from any account other than a debtor in possession account this reporting period?       X
3    Is the Debtor delinquent in the timely filing of any post-petition tax returns?       X
4    Are workers compensation, general liability or other necessary insurance coverage 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
6    Have any payments been made on pre-petition liabilities this reporting period?       X
7    Are 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
11    Are any other post petition taxes past due?       X
12    Have any pre-petition taxes been paid during this reporting period?       X
13    Are any amounts owed to post petition creditors delinquent?       X
14    Are any wage payments past due?       X
15    Have any post petition loans been received by the Debtor from any party?       X
16    Is the Debtor delinquent in paying any U.S. Trustee fees?       X
17    Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?       X
18    Have the owners or shareholders received any compensation outside of the normal course of business?       X

 

4    The Debtors have only one employee and are not required to maintain workers compensation insurance.