Exhibit 99.3
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED: May 31, 2012
| In re: Energy Conversion Devices, Inc. | Case Number: 12-43166 | |
| Chapter 11 | ||
| Judge: Hon. Thomas J. Tucker | ||
Debtor.
Energy Conversion Devices, Inc./
As debtor in possession, I affirm:
| 1. | That I have reviewed the financial statements attached hereto, consisting of: |
|
Operating Statement |
(Form 2) | |
|
Balance Sheet |
(Form 3) | |
|
Summary of Operations |
(Form 4) | |
|
Monthly Cash Statement |
(Form 5) | |
|
Statement of Compensation |
(Form 6) | |
|
Schedule of In-Force Insurance |
(Form 7) |
And that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated;
| 2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases, is in effect; and |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 3. | That all post-petition taxes as described in Section 9 of the Operating Instructions and Reporting Requirements For Chapter 11 Cases are current. |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
| (If not, attach a written explanation) |
YES x NO ¨ |
| 5. | All United States Trustee Quarterly fees have been paid and are current. |
| YES x NO ¨ |
| 6. | Have you filed your pre-petition tax returns? |
| (If not, attach a written explanation) |
YES x NO ¨ |
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| Dated: June 20, 2012 | Energy Conversion Devices, Inc. | |||||||
| Debtor in Possession | ||||||||
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| ||||||||
| Title: | William C. Andrews | |||||||
| Chief Financial Officer | Phone: 248-370-5315 | |||||||
Form 1
OPERATING STATEMENT (P&L)(1)
Period Ending: May 31, 2012
Case No: 12-43166
| Current Month | Total Since Filing | |||||||
| Total Revenue |
$ | — | $ | — | ||||
| Cost of Sales |
— | — | ||||||
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| GROSS PROFIT |
— | — | ||||||
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| EXPENSES: |
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| Officer Compensation |
93,401 | 336,109 | ||||||
| Salary/Wage Expenses |
93,674 | 461,431 | ||||||
| Employee Benefits & Pensions |
33,718 | 129,055 | ||||||
| Payroll Taxes |
18,520 | 69,632 | ||||||
| Other Taxes |
7,631 | 27,832 | ||||||
| Rent and Lease Expense |
44,720 | 134,148 | ||||||
| Interest Expense |
788 | 5,346 | ||||||
| Property Insurance |
5,224 | 18,294 | ||||||
| Utilities |
35,114 | 94,153 | ||||||
| Depreciation |
10,870 | 42,899 | ||||||
| Travel and Entertainment |
4,887 | 30,415 | ||||||
| Repairs and Maintenance |
— | 2,658 | ||||||
| Supplies |
127 | 14,190 | ||||||
| Other |
— | 986 | ||||||
| Other Specify – Outside Services |
61,570 | 179,861 | ||||||
| Other Specify – Restructuring |
— | 191,214 | ||||||
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| TOTAL EXPENSES |
410,244 | 1,738,223 | ||||||
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| OPERATING PROFIT |
(410,244 | ) | (1,738,223 | ) | ||||
| Add: Non-Operating Income |
||||||||
| Total Interest (Income) (3) |
173,967 | (137,955 | ) | |||||
| Other (Income) Expense |
— | (86,984 | ) | |||||
| Less: Non-Operating Expenses |
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| Professional Fees(2) |
1,032,020 | 2,131,420 | ||||||
| Other – Income Taxes |
— | — | ||||||
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| NET INCOME/(LOSS) |
$ | (1,616,232 | ) | $ | (3,644,704 | ) | ||
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| (1) | The operating statement and balance sheet were prepared using accrual accounting. |
| (2) | Professional fees include estimates and actual. |
| (3) | Current month interest income includes adjustment from prior over accrual. |
Form 2
BALANCE SHEET
Period Ending: May 31, 2012
Case No: 12-43166
| Current Month | Prior Month | At Filing | ||||||||||
| ASSETS: |
||||||||||||
| Cash and Cash Equivalents |
$ | 129,018,180 | $ | 129,616,749 | $ | 94,740,784 | ||||||
| Investments |
11,503,732 | 11,708,925 | 45,522,223 | |||||||||
| Inventories, Net |
— | — | — | |||||||||
| Accounts Receivable – Intercompany - USO |
799,818,336 | 797,682,139 | 792,119,291 | |||||||||
| Accounts Receivable – Intercompany –SIT/CDN |
41,853,923 | 41,850,273 | 41,840,029 | |||||||||
| Secured Notes - Subsidiaries |
6,719,157 | 6,719,157 | 6,719,157 | |||||||||
| Accounts Receivable Trade – Net |
506,980 | 465,964 | 457,813 | |||||||||
| Land and Buildings |
1,525,568 | 1,525,568 | 1,525,568 | |||||||||
| Furniture, Fixtures & Equipment |
1,473,406 | 1,473,406 | 1,496,960 | |||||||||
| Accumulated Depreciation |
(2,597,168 | ) | (2,586,298 | ) | (2,563,233 | ) | ||||||
| Restricted Cash |
— | — | — | |||||||||
| Prepaid |
1,133,151 | 1,598,870 | 1,760,717 | |||||||||
| Deposits + Holdbacks |
4,105,494 | 4,110,615 | 5,769,009 | |||||||||
| Investment in Subsidiaries |
41,001,047 | 41,001,047 | 41,001,047 | |||||||||
| Other Assets |
4,229,027 | 4,470,183 | 5,069,863 | |||||||||
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| TOTAL ASSETS |
$ | 1,040,290,835 | $ | 1,039,636,597 | $ | 1,035,459,227 | ||||||
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| LIABILITIES: |
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| Post-petition Liabilities: |
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| Accounts Payable Trade – Net |
$ | 583,541 | $ | 568,328 | $ | — | ||||||
| Accounts Payable Intercompany USO |
— | — | — | |||||||||
| Accounts Payable Intercompany SIT |
— | — | — | |||||||||
| Warranty |
— | — | — | |||||||||
| Other Liabilities |
5,519 | 127,181 | — | |||||||||
| Convertible Senior Notes |
— | — | — | |||||||||
| Accrued Salaries and Wages |
35,226 | 38,437 | — | |||||||||
| Accrued Taxes |
10,658 | 8,972 | — | |||||||||
| Accrued Other |
1,123,328 | 652,066 | — | |||||||||
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| TOTAL Post-petition Liabilities |
1,758,273 | 1,394,984 | — | |||||||||
| Secured Liabilities: |
||||||||||||
| Secured Accounts Payable |
— | — | — | |||||||||
| Pre-petition Liabilities: |
||||||||||||
| Accounts Payable Trade – Net |
953,622 | 953,622 | 953,622 | |||||||||
| Accounts Payable Intercompany USO |
— | — | — | |||||||||
| Accounts Payable Intercompany SIT |
— | — | — | |||||||||
| Accounts Payable Unsecured Liabilities |
— | — | — | |||||||||
| Warranty |
— | — | — | |||||||||
| Other Liabilities |
2,581,850 | 2,581,850 | 2,581,850 | |||||||||
| Convertible Senior Notes |
245,690,855 | 244,419,164 | 241,220,038 | |||||||||
| Accrued Salaries and Wages |
168,112 | 168,112 | 168,112 | |||||||||
| Accrued Taxes |
91,151 | 91,151 | 91,151 | |||||||||
| Accrued Other |
4,870,165 | 4,212,282 | 2,533,542 | |||||||||
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| TOTAL Pre-petition Liabilities |
254,355,755 | 252,426,181 | 247,548,315 | |||||||||
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| TOTAL LIABILITIES |
256,114,028 | 253,821,165 | 247,548,315 | |||||||||
| EQUITY: |
||||||||||||
| Owners Capital |
(313,528 | ) | (313,415 | ) | (310,256 | ) | ||||||
| Additional Paid-In-Capital |
1,106,438,770 | 1,106,438,770 | 1,106,438,770 | |||||||||
| Retained Earnings - Pre Petition + OCI |
(318,303,731 | ) | (318,281,450 | ) | (318,217,602 | ) | ||||||
| Retained Earnings - Post Petition |
(3,644,704 | ) | (2,028,472 | ) | — | |||||||
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| TOTAL EQUITY |
784,176,807 | 785,815,432 | 787,910,912 | |||||||||
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| TOTAL LIABILITIES AND EQUITY |
$ | 1,040,290,835 | $ | 1,039,636,597 | $ | 1,035,459,227 | ||||||
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Form 3
SUMMARY OF OPERATIONS
Period Ended: May 31, 2012
Case No: 12-43166
Schedule of Post-petition Taxes Payable
| Beginning | Accrued/ | Payments/ | Ending | |||||||||||||
| Balance | Withheld | Deposits | Balance | |||||||||||||
| Income Taxes Withheld |
||||||||||||||||
| Federal |
— | $ | 58,920.13 | $ | 58,920.13 | — | ||||||||||
| State |
— | 14,874.12 | 14,874.12 | — | ||||||||||||
| Local |
— | — | — | — | ||||||||||||
| FICA Withheld |
— | 13,084.31 | 13,084.31 | — | ||||||||||||
| Employers FICA |
— | 17,014.00 | 17,014.00 | — | ||||||||||||
| Unemployment Tax |
||||||||||||||||
| Federal |
— | — | — | — | ||||||||||||
| State |
— | — | — | — | ||||||||||||
| Sales, Use & Excise Taxes |
— | — | — | — | ||||||||||||
| Property Taxes |
$ | 8,972.00 | 1,686.00 | — | $ | 10,658.00 | ||||||||||
| Workers’ Compensation(1) |
— | — | — | — | ||||||||||||
| Other |
— | — | — | — | ||||||||||||
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| TOTALS |
$ | 8,972.00 | $ | 105,578.56 | $ | 103,892.56 | $ | 10,658.00 | ||||||||
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| (1) | Fully insured. |
AGING OF ACCOUNTS RECEIVABLE
AND POST-PETITION ACCOUNTS PAYABLE
| Age in Days | 0-30 | 31-60 | Over 60 | |||||||||
| Post Petition |
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| Accounts Payable |
$ | 300,656.05 | $ | 213,947.30 | $ | 68,938.06 | ||||||
| Accounts Receivable |
$ | 409,279.30 | $ | 97,700.54 | $ | 0.00 | ||||||
For all post-petition accounts payable over 30 days old, please attach a sheet listing each such account, to whom the account is owed, the date the account was opened, and the reason for non-payment of the account.
Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization: None
Form 4
MONTHLY CASH STATEMENT
Period Ending: May 31, 2012
Cash Activity Analysis (Cash Basis Only): Case No: 12-43166
| General Acct. |
Money Market Acct. |
|||||||||
| A. |
Beginning Balance |
$3,856,824.41 | $ | 125,563,246.86 | ||||||
| B. |
Receipts (Attach separate schedule) |
176,875.87 | 5,293.75 | |||||||
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| C. |
Balance Available (A+B) |
4,033,700.28 | 125,568,540.61 | |||||||
| D. |
Less Disbursements (Attach separate schedule) |
814,433.45 | — | |||||||
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| E. |
ENDING BALANCE (C-D) |
$3,219,266.83 | $ | 125,568,540.61 | ||||||
ATTENTION: Please enter the TOTAL DISBURSEMENT from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment: $ 814,433.45
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
| General Account: | ||||
| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. |
Account Number | |||
| Money Market Account: | ||||
| 1. |
Depository Name & Location | JP Morgan Chase Bank, N.A. (MI); Detroit, Michigan | ||
| 2. |
Account Number | |||
Other monies on hand (specify type and location) i.e., CD’s, bonds, etc.):
UBS Financial Services, Inc., Chicago, IL. - Investment account – CP75515 - corporate notes/bonds, paper; and money market funds - $11,645,210.97
| Date: June 20, 2012 | ||||||
| Energy Conversion Devices, Inc. | ||||||
| Debtor in Possession | ||||||
Form 5
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: Julian Hawkins, President, CEO and Director | Capacity: | ¨ Shareholder | ||
| x Officer | ||||
| x Director | ||||
| x Insider |
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring and sale process, focusing on the solar business |
| • | Serves as a member of the Board of Directors |
| • | Expand sales through supplier and customer base interaction |
| Current Compensation Paid (1): | Weekly | Or | Monthly | |||||||||
| $ | 25,384.28 | |||||||||||
| Current Benefits Paid: | Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 764.60 | ||||||||||
| Life Insurance |
90.00 | |||||||||||
| Accidental Death & Dismemberment Life Insurance |
12.00 | |||||||||||
| Long-Term and Short-Term Disability Insurance |
72.50 | |||||||||||
| Employee Assistance Program |
1.69 | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
— | |||||||||||
| Entertainment (Business meals) |
— | |||||||||||
| Travel |
4,160.47 | |||||||||||
| Vacation Payout |
12,247.58 | |||||||||||
| Office Supplies |
— | |||||||||||
| Internet/iPhone/iPad expenses |
1,259.44 | |||||||||||
| Conference/Seminar fee |
— | |||||||||||
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| Total Benefits |
$ | 18,608.28 | ||||||||||
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| Current Other Payments Paid: | Weekly | Or | Monthly | |||||||||
| Rent Paid |
$ | 1,725.00 | ||||||||||
| Loans |
— | |||||||||||
| Travel (to/from San Francisco) |
— | |||||||||||
| Lodging |
— | |||||||||||
| Personal Car Mileage |
143.23 | |||||||||||
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| Total Other Payments |
$ | 1,868.23 | ||||||||||
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| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: | $ | 45,860.79 | ||||||||||
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| (1) | Mr. Hawkins’ last day of employment with the company was 5/11/12. |
| Dated: June 20, 2012 | Julian Hawkins |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Jay B. Knoll, Executive Vice President, | Capacity: | ¨ Shareholder | |||||
| Chief Restructuring Officer and Director | x Officer | |||||||
| x Director | ||||||||
| x Insider | ||||||||
Detailed Description of Duties:
| • | Provides leadership to the business through the restructuring, sale and bankruptcy processes |
| • | Serves as a member of the Board of Directors |
| • | Leads efforts to identify and implement cost reductions |
| Current Compensation Paid (1): |
Weekly | Or | Monthly | |||||||||
| $ | 28,846.16 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 849.92 | ||||||||||
| Life Insurance |
84.46 | |||||||||||
| Accidental Death & Dismemberment Insurance |
11.27 | |||||||||||
| Long-Term and Short-Term Disability Insurance |
72.50 | |||||||||||
| Employee Assistance Program |
1.69 | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
— | |||||||||||
| Entertainment |
— | |||||||||||
| Travel |
— | |||||||||||
| Personal Car Mileage |
— | |||||||||||
| Internet/iPhone/iPad |
— | |||||||||||
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| Total Benefits |
$ | 1,019.84 | ||||||||||
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| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
— | |||||||||||
| Loans |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Total Other Payments |
— | |||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | 29,866.00 | ||||||||||
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| (1) | Mr. Knoll’s last day of employment with the company was 6/1/12. |
| Dated: June 20, 2012 |
Jay B. Knoll |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | William C. Andrews, Executive Vice President and CFO | Capacity: | ¨ Shareholder | |||||
| x Officer | ||||||||
| ¨ Director | ||||||||
| x Insider | ||||||||
Detailed Description of Duties:
| • | Provides financial leadership and expertise to support the bankruptcy process |
| • | Provides leadership and support to the business through the restructuring and sale process |
| • | Provides oversight to company transition from a public company (SEC, SOX, etc.) |
| Current Compensation Paid: |
Weekly | Or | Monthly | |||||||||
| $ | 26,923.08 | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | 764.60 | ||||||||||
| Life Insurance |
78.91 | |||||||||||
| Accidental Death & Dismemberment Insurance |
10.53 | |||||||||||
| Long-Term and Short-Term Disability Insurance |
72.50 | |||||||||||
| Employee Assistance Program |
1.69 | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
— | |||||||||||
| Entertainment |
— | |||||||||||
| Travel |
— | |||||||||||
| Postage/Freight |
— | |||||||||||
| Dues/Subscriptions |
— | |||||||||||
| Office Supplies |
— | |||||||||||
| Personal Car Mileage |
— | |||||||||||
| Internet/iPhone/iPad |
— | |||||||||||
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| Total Benefits |
$ | 928.23 | ||||||||||
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| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
— | |||||||||||
| Loans |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Total Other Payments |
— | |||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | 27,851.31 | ||||||||||
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| Dated: June 20, 2012 |
William C. Andrews |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph P. Conroy, Executive Vice President, ECD; | Capacity: | x Shareholder | |||
| Senior Vice President, USO Operations | x Officer | |||||
| ¨ Director | ||||||
| x Insider |
Detailed Description of Duties:
| • | Provides leadership to all operations and manufacturing related activity (Auburn Hills, Greenville 1&2, Tijuana, China JV and Marcegaglia) |
| • | Responsible for building new equipment to support the company’s technology efforts |
| • | Provides leadership to all manufacturing, engineering, quality functions (ensures the production of all manufacturing products) |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | |||||
| $ | — | |||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||
| Health Insurance |
$ | — | ||||||
| Life Insurance |
— | |||||||
| Accidental Death & Dismemberment Insurance |
— | |||||||
| Long-Term and Short-Term Disability Insurance |
— | |||||||
| Employee Assistance Program |
— | |||||||
| Retirement |
— | |||||||
| Company Vehicle |
— | |||||||
| Entertainment |
— | |||||||
| Travel |
— | |||||||
| Total Benefits |
— | |||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||
| Rent Paid |
— | |||||||
| Loans |
— | |||||||
| Other (Describe) |
— | |||||||
| Other (Describe) |
— | |||||||
| Other (Describe) |
— | |||||||
| Total Other Payments |
— | |||||||
| Weekly | Or | Monthly | ||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
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| $ | — | |||||||
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| (1) | Mr. Conroy is an officer of Energy Conversion Devices; however, his compensation is paid by United Solar Ovonic LLC. Mr. Conroy’s last day of employment with the company was 5/11/12. |
| Dated: June 20, 2012 | Joseph P. Conroy |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Joseph A. Avila |
Capacity: | x Shareholder | |||
| ¨ Officer | ||||||
| x Director | ||||||
| ¨ Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid(1): |
Weekly | Or | Monthly(1) | |||||||||
| $ | — | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | ||||||||||
| Life Insurance |
— | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
— | |||||||||||
| Entertainment |
— | |||||||||||
| Travel |
— | |||||||||||
| Other Benefits |
— | |||||||||||
| Total Benefits |
— | |||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
— | |||||||||||
| Loans |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Total Other Payments |
— | |||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | — | ||||||||||
|
|
|
|||||||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chair of the Corporate Governance and Nominating Committee and the Finance Committee, Mr. Avila receives an additional $10,000, also paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated: June 20, 2012 | ||||||
| Joseph A. Avila |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | Alan E. Barton |
Capacity: | x Shareholder | |||
| ¨ Officer | ||||||
| x Director | ||||||
| ¨ Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid(1): |
Weekly | Or | Monthly(1) | |||||||||
| $ | — | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | ||||||||||
| Life Insurance |
— | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
— | |||||||||||
| Entertainment |
— | |||||||||||
| Travel |
— | |||||||||||
| Other Benefits |
— | |||||||||||
| Total Benefits |
— | |||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
— | |||||||||||
| Loans |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Total Other Payments |
— | |||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | — | ||||||||||
|
|
|
|||||||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chair of the Compensation Committee, Mr. Barton receives an additional $7,500, also paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated: June 20, 2012 | ||||||
| Alan E. Barton |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: Robert I. Frey | Capacity: | x | Shareholder | |||||
| ¨ | Officer | |||||||
| x | Director | |||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | (1) | ||||
| $ | — | |||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||
| Health Insurance |
$ | — | ||||||
| Life Insurance |
— | |||||||
| Retirement |
— | |||||||
| Company Vehicle |
— | |||||||
| Entertainment |
— | |||||||
| Travel |
— | |||||||
| Other Benefits |
— | |||||||
| Total Benefits |
— | |||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||
| Rent Paid |
— | |||||||
| Loans |
— | |||||||
| Other (Describe) |
— | |||||||
| Other (Describe) |
— | |||||||
| Other (Describe) |
— | |||||||
| Total Other Payments |
— | |||||||
| Weekly | Or | Monthly | ||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | — | ||||||
|
|
|
|||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated: June 20, 2012 |
||||||
| Robert I. Frey |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: William J. Ketelhut | Capacity: | x | Shareholder | |||||
| ¨ | Officer | |||||||
| x | Director | |||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | (1) | ||||
| $ | — | |||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||
| Health Insurance |
$ | — | ||||||
| Life Insurance |
— | |||||||
| Retirement |
— | |||||||
| Company Vehicle |
— | |||||||
| Entertainment |
— | |||||||
| Travel |
— | |||||||
| Other Benefits |
— | |||||||
| Total Benefits |
||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||
| Rent Paid |
— | |||||||
| Loans |
— | |||||||
| Other (Describe) |
— | |||||||
| Other (Describe) |
— | |||||||
| Other (Describe) |
— | |||||||
| Total Other Payments |
— | |||||||
| Weekly | Or | Monthly | ||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | — | ||||||
|
|
|
|||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chair of the Audit Committee, Mr. Ketelhut receives an additional $10,000, also paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated: June 20, 2012 | ||||||
| William J. Ketelhut |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: Stephen Rabinowitz | Capacity: | x | Shareholder | |||||
| ¨ | Officer | |||||||
| x | Director | |||||||
| ¨ | Insider |
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; |
| • | ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | (1) | ||||||||
| $ | — | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | ||||||||||
| Life Insurance |
— | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
— | |||||||||||
| Entertainment |
— | |||||||||||
| Travel |
— | |||||||||||
| Other Benefits |
— | |||||||||||
| Total Benefits |
— | |||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
— | |||||||||||
| Loans |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Total Other Payments |
— | |||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | — | ||||||||||
|
|
|
|||||||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. As Chairman of the Board, Mr. Rabinowitz receives an additional $50,000, of which $33,000 is paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated: June 20, 2012 | ||||||
| Stephen Rabinowitz |
Form 6
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
Period Ending: May 31, 2012
Case No: 12-43166
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debtor in possession. (Attach additional pages if necessary.)
| Name: | George A. Schreiber, Jr. | Capacity: | x | Shareholder | ||||||||
| ¨ | Officer | |||||||||||
| x | Director | |||||||||||
| ¨ | Insider | |||||||||||
Detailed Description of Duties:
| • | reviewing, monitoring, and, where appropriate, approving fundamental financial and business strategies and major actions of the company; |
| • | assessing major risks facing the company, and reviewing options for their mitigation; ensuring processes are in place for maintaining the integrity and reputation of the company – the integrity of the financial statements, the integrity of compliance with law and ethics and the integrity of relationships with other company stakeholders; |
| • | oversight of the CEO, including selecting, evaluating and compensating the CEO and overseeing CEO succession planning; |
| • | oversight of senior management, including providing counsel on the selection, evaluation, development and compensation of senior management. |
| Current Compensation Paid(1): |
Weekly | Or | Monthly | (1) | ||||||||
| $ | — | |||||||||||
| Current Benefits Paid: |
Weekly | Or | Monthly | |||||||||
| Health Insurance |
$ | — | ||||||||||
| Life Insurance |
— | |||||||||||
| Retirement |
— | |||||||||||
| Company Vehicle |
— | |||||||||||
| Entertainment |
— | |||||||||||
| Travel |
— | |||||||||||
| Other Benefits |
— | |||||||||||
| Total Benefits |
— | |||||||||||
| Current Other Payments Paid: |
Weekly | Or | Monthly | |||||||||
| Rent Paid |
— | |||||||||||
| Loans |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Other (Describe) |
— | |||||||||||
| Total Other Payments |
— | |||||||||||
| Weekly | Or | Monthly | ||||||||||
| CURRENT TOTAL OF ALL PAYMENTS: |
$ | — | ||||||||||
|
|
|
|||||||||||
| (1) | Independent directors are paid an annual retainer of $100,000, of which $66,000 is paid quarterly in cash. Amounts for the current quarter were accrued in April and paid in May. |
| Dated: June 20, 2012 | George A. Schreiber, Jr. |
Form 6
SCHEDULE OF IN-FORCE INSURANCE
Period Ending: May 31, 2012
Case No: 12-43166
| INSURANCE TYPE |
CARRIER |
EXPIRATION DATE | ||
| Workers’ Compensation |
Valley Forge Insurance Company | 02/01/2013 | ||
| Workers’ Compensation |
American Casualty Company of Reading PA | 02/01/2013 | ||
| General Liability |
American Casualty Company of Reading PA | 02/01/2013 | ||
| Property (1st Layer) |
Allianz Global Risk US Insurance Company | 02/01/2013 | ||
| Property (2nd Layer) |
Lexington Insurance Company | 02/01/2013 | ||
| Automobile Policy |
Continental Casualty Company | 02/01/2013 | ||
| Umbrella Policy |
Continental Casualty Company | 02/01/2013 | ||
| Foreign Package |
Continental Casualty Company | 02/01/2013 | ||
| Special Risk Coverage |
Great American Insurance Company | 03/18/2013 | ||
| Directors & Officers |
Allied World National Assurance Company | 09/30/2012 | ||
| Directors & Officers |
Illinois National Insurance Company | 09/30/2012 | ||
| Directors & Officers |
Beazley Insurance Company, Inc. (Lloyd’s of London) | 09/30/2012 | ||
| Employee Practices Liability |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fiduciary Liability |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| Fidelity Bond |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| Primary Directors & Officers |
Starr Indemnity & Liability Company | 09/30/2012 | ||
| ERISA Bond |
Travelers Casualty and Surety Company of America | 11/16/2014 | ||
| Pollution Liability Coverage |
Chartis Specialty Insurance | 02/01/2014 |
Form 7