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Home My WebLink AboutA093 - Trustee's final report and notice of proposed distribution and bar date notice dated August 26, 2006 �5aa - �s�✓ Case 00-04163-Imj7 Doc 315 Filed 08/25/06 Entered 08/25/06 14:25:38 Desc Main Document Page 1 of 5 SD Ia-100 (11/02) UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF IOWA In Re: ) EASTGATE DEVELOPMENT, INC.) Case No. 00-04163 LMJ7 TRUSTEE'S FINAL REPORT AND NOTICE OF Debtor(s). ) PROPOSED DISTRIBUTION AND BAR DATE NOTICE Date 8/25/06 The undersigned Trustee submits the following Final Report and Notice of Proposed Distribution: 1. Attached to the Final Report filed with the Court is an accounting of the trustee's disposition of all property of the estate. 2. Attached to the Final Report filed with the Court is an itemized statement of the trustee's receipts and disbursements showing total receipts of$1,758,251.63, disbursements of$1,690,049.30 and balance on hand of$68,202.33. 3. The funds that are currently on deposit will remain in an interest bearing account during the time prior to the court's approval of compensation and expenses. The accruing interest will be distributed pro rata pursuant to the provisions established by the applicable section(s) of the bankruptcy code. 4. The trustee has examined all proofs of claim and makes recommendations as to the allowance or disallowance of claims as described in this Final Report. 5. The trustee proposes to pay no liens or other interests in property of the estate. 6. The maximum allowable trustee compensation is $75,997.55. The trustee has received $0.00 for interim compensation and $0.00 for reimbursement of interim expenses, and requests $63,777.33 for final compensation and$0.00 for reimbursement of final expenses. 7. Administrative expenses not previously disbursed, including Trustee compensation and reimbursement requested in paragraph 5, Court costs, requests by professionals, agents and committees and other expenses necessary to preserve the estate totaling $68,202.33 allowed as itemized below: Type of Service Amount Proposed Name of Entity or Expense Requested Allowance THOMAS L. FLYNN Trustee Compensation 63,777.33 63,777.33 RSM McGladrey Accountant for Trustee Fees 4,425.00 4,425.00 8. The filing of federal and state tax returns is complete. • Case 00-04163-lmj7 Doc 315 Filed 08/25/06 Entered 08/25/06 14:25:38 Desc Main Document Page 2 of 5 9. The trustee's distribution of gross receipts of$1,758,251.63 from liquidation of all property of the estate is summarized below: $ 63,777.33 a. Trustee Compensation*approved by court order of 10/25/05 $ 71,921.00 b. Fee for Attorney for Trustee * approved by court order of 10/25/05 $ 0.00 C. Fee for Attorney for Debtor $ 4,978.15 d. Other Professionals $ 341,578.82 e. All expenses, including Trustee and Court costs $ 1,275,996.33 f. Secured Creditors $ 0.00 g. Priority Creditors $ 0.00 h. Unsecured Creditors $ 0.00 i. Other Payments, except to Debtor(including interests other than secured claims and exemptions to debtors -- i.e. payment of a co- owner's interest in property liquidated by trustee) $ 1,758,251.63 j. SUBTOTAL (sum of lines a through i) $ 0.00 k. Payments to Debtor(including payments of exemptions) $ 1,758,251.63 1. TOTAL DISBURSEMENTS (sum of lines j and k) 10. The undersigned trustee certifies to the Court and the United States Trustee that the trustee has faithfully and properly fulfilled the duties of the office of the trustee, that the trustee has examined all proofs of claims as appropriate under the proposed distribution, that the proposed distribution, attached hereto, is proper, and consistent with the law and rules of the Court, and that the trustee has no agreement or understanding, expressed or implied, with anyone as to any division of fees in the above matter. 11. The undersigned trustee certifies to the Court that prior to electronically filing this Final Report, the same has been transmitted to the Office of the United States Trustee, who has reviewed the Final Report and authorized its filing with the Court. BAR DATE FOR OBJECTION NOTICE IS HEREBY GIVEN, any objections thereto must be served on the undersigned Trustee at the address listed below; the United States Trustee at 210 Walnut Street, Room 793, Des Moines, Iowa 50309-2108; the debtor(s); and, debtor(s)' counsel. Any objection must be filed with the Clerk of Bankruptcy Court at P.O. Box 9264, Des Moines, Iowa 50306-9264 within 30 days of the date of this notice. WHEREFORE, the trustee requests that the Final Report and Proposed Distribution be accepted. /s/Thomas L. Flynn THOMAS L. FLYNN TRUSTEE 2000 FINANCIAL CENTER DES MOINES, IA 50309 IS9999918 • Case 00-04163-Imj7 Doc 315 DFiled ocument 5/06 Entered 3 Page: 1of 5 08/25/06 14:25:38 Desc Main Printed: 08/25/06 09:55 AM Claims Proposed Distribution Case: 00-04163 EASTGATE DEVELOPMENT,INC. Case Balance: $68,202.33 Total Proposed Payment: $68,202.33 Remaining Balance: $0.00 Amount Amount Paid Claim Proposed Remaining Claim# Claimant Name Type Filed Allowed to Date Balance Payment Funds 1 First National Bank Secured 1,888,714.16 0.00 0.00 0.00 0.00 68,202.33 Claim Memo: secured 2 First National Bank Secured 1,888,714.16 0.00 0.00 0.00 0.00 68,202.33 Claim Memo: secured ® 4 City Of Ames Secured 64,051.16 0.00 0.00 0.00 0.00 68,202.33 Claim Memo: secured/paid 21 Manatts Inc Secured 62,053.05 0.00 0.00 0.00 0.00 68,202.33 Claim Memo: 24 Ames Trenching&Excavation Secured 70,647.50 0.00 0.00 0.00 0.00 68,202.33 Claim Memo: secured/paid 27 Ames Trenching&Excavation Secured 98,062.91 0.00 0.00 0.00 0.00 68,202.33 Claim Memo: secured 38 Manatts Inc Secured 53,232.50 0.00 0.00 0.00 0.00 68,202.33 Claim Memo: secured/mechanic's lien RSM McGladrey Admin Ch. 7 4,425.00 4,425.00 0.00 4,425.00 4,425.00 63,777.33 <3410-00 Accountant for Trustee Fees(Other Firm)> THOMAS L.FLYNN Admin Ch. 7 75,997.55 63,777.33 0.00 63,777.33 63,777.33 0.00 <2100-00 Trustee Compensation> Claim Memo: approved by court order on sale of remaining lots 3 Hardin County Savings Bank Unsecured 1,562,170.50 1,562,170.50 0.00 1,562,170.50 0.00 0.00 Claim Memo: Unsecured 5 Michael&Patricia Wright Unsecured 71,005.00 71,005.00 0.00 71,005.00 0.00 0.00 Claim Memo: Unsecured 6 Kirk&LeAnn Coughlin Unsecured 57,224.90 57,224.90 0.00 57,224.90 0.00 0.00 Claim Memo: Unsecured 7 S&S Ventures Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured 8 Robert&Sheri Meinecke Unsecured 55,537.20 55,537.20 0.00 55,537.20 0.00 0.00 Claim Memo: Unsecured 9 Everett Free[ Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured 10 Kevin Henning Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured 11 Randy Freel Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured 12 Free[Family L.P. Unsecured 535,077.17 535,077.17 0.00 535,077.17 0.00 0.00 Claim Memo: Unsecured 13 Bruce&Lorraine Lamport Unsecured 75,214.90 75,214.90 0.00 75,214.90 0.00 0.00 Claim Memo: Unsecured • Case 00-04163-lmj7 Doc 315 Filed 08/25/06 Entered 08/25/06 14:25:38 Desc Main Document Page 4 of 5 Printed: 08/25/06 09:55 AM Page: 2 Claims Proposed Distribution Case: 00-04163 EASTGATE DEVELOPMENT, INC. Case Balance: $68,202.33 Total Proposed Payment: $68,202.33 Remaining Balance: $0.00 Amount Amount Paid Claim Proposed Remaining Claim# Claimant Name Type Filed Allowed to Date Balance Payment Funds 14 William Boyd Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured 15 Merry Wilson Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured 16 JDM&Associates L.L.C. Unsecured 57,224.90 57,224.90 0.00 57,224.90 0.00 0.00 Claim Memo: Unsecured 17 James Miller Unsecured 57,224.90 57,224.90 0.00 57,224.90 0.00 0.00 Claim Memo: Unsecured 18 Gary A.Free[ Unsecured 49,750.00 49,750.00 0.00 49,750.00 0.00 0.00 Claim Memo: Unsecured 19 Daniel Bunting Unsecured 56,305.20 56,305.20 0.00 56,305.20 0.00 0.00 Claim Memo: Unsecured 20 Seth Twedt Unsecured 49,750.00 49,750.00 0.00 49,750.00 0.00 0.00 Claim Memo: Unsecured 22 JDM&Associates L.L.C. Unsecured 57,224.90 57,224.90 0.00 57,224.90 0.00 0.00 Claim Memo: Unsecured 23 Jim Adams Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured 25 Stumbo&Associates Unsecured 2,348.54 2,348.54 0.00 2,348.54 0.00 0.00 Claim Memo: Unsecured 26 Michael&Patricia Wright Unsecured 83,305.00 83,305.00 0.00 83,305.00 0.00 0.00 Claim Memo: Unsecured 28 Fred Van Meter Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 29 Shelly Hamman Unsecured 49,750.00 49,750.00 0.00 49,750.00 0.00 0.00 Claim Memo: Unsecured Description:Shelly Harriman Proof of Claim 30 Gary A.Free[ Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unsecured Description:Amended Proof of Claim 31 First National Bank Unsecured 0.00 0.00 0.00 0.00 0.00 0.00 Claim Memo: Total 32 Seth Twedt Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 33 S&S Ventures Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 34 Manatts Inc Unsecured 0.00 0.00 0.00 0.00 0.00 0.00 Claim Memo: Total Description:See Attachment 35 William Boyd Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class • Case 00-04163-lmj7 Doc 315 Filed 08/25/06 Entered 08/25/06 14:25:38 Desc Main Document Page 5 of 5 Printed: 08/25/06 09:55 AM Page: 3 Claims Proposed Distribution Case: 00-04163 EASTGATE DEVELOPMENT, INC. Case Balance: $68,202.33 Total Proposed Payment: $68,202.33 Remaining Balance: $0.00 Amount Amount Paid Claim Proposed Remaining Claim# Claimant Name Type Filed Allowed to Date Balance Payment Funds 36 Kevin Henning Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 37 James Miller Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 39 Jim Adams Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 40 Kirk&LeAnn Coughlin Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 41 Margaret E Miller Unsecured 53,232.50 53,232.50 0.00 53,232.50 0.00 0.00 Claim Memo: Unknown Class 42 Hardin County Savings Bank Unsecured 1,000,000.00 1,000,000.00 0.00 1,000,000.00 0.00 0.00 Claim Memo: late filed Total for Case 00.04163: $8,929,963.60 $4,792,267.94 $0.00 $4,792,267.94 $68,202.33 CASE SUMMARY Amount Amount Paid Proposed %paid Filed Allowed to Date Payment Total Administrative Claims: $80,422.55 $68,202.33 $0.00 $68,202.33 100.000000% Total Secured Claims: $4,125,475.44 $0.00 $0.00 $0.00 0.000000% Total Unsecured Claims: $4,724,065.61 $4,724,065.61 $0.00 $0.00 0.000000%