UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT of WISCONSIN TRUSTEE's FINAL REPORT (TFR) Case 20-27367-Gmh Doc 195 Filed
Total Page:16
File Type:pdf, Size:1020Kb
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WISCONSIN In re: HYPERVIBE, INC. § Case No. 20-27367-GMH § § Debtor(s) § TRUSTEE'S FINAL REPORT (TFR) The undersigned trustee hereby makes this Final Report and states as follows: 1. A petition under Chapter 7 of the United States Bankruptcy Code was filed on November 10, 2020. The undersigned trustee was appointed on November 19, 2020. 2. The trustee faithfully and properly fulfilled the duties enumerated in 11 U.S.C. §704. 3. All scheduled and known assets of the estate have been reduced to cash, released to the debtor as exempt property pursuant to 11 U.S.C. § 522, or have been or will be abandoned pursuant to 11 U.S.C. § 554. An individual estate property record and report showing the disposition of all property of the estate is attached as Exhibit A. 4. The trustee realized the gross receipts of $ 707,098.41 Funds were disbursed in the following amounts: Payments made under an interim distribution 0.00 Administrative expenses 0.00 Bank service fees 6,326.94 Other payments to creditors 0.00 Non-estate funds paid to 3rd Parties 0.00 Exemptions paid to the debtor 0.00 Other payments to the debtor 0.00 Leaving a balance on hand of 1 $ 700,771.47 The remaining funds are available for distribution. 5. Attached as Exhibit B is a cash receipts and disbursements record for each estate bank account. 1 The balance of funds on hand in the estate may continue to earn interest until disbursed. The interest earned prior to disbursement will be distributed pro rata to creditors within each priority category. The trustee may receive additional compensation not to exceed the maximum compensation set forth under 11 U.S.C. § 326(a) on account of the disbursement of the additional interest. UST Form 101-7-TFR (05/1/2011) Case 20-27367-gmh Doc 195 Filed 07/14/21 Page 1 of 493 6. The deadline for filing non-governmental claims in this case was 02/23/2021 and the deadline for filing governmental claims was 05/09/2021. All claims of each class which will receive a distribution have been examined and any objections to the allowance of claims have been resolved. If applicable, a claims analysis, explaining why payment on any claim is not being made, is attached as Exhibit C . 7. The Trustee's proposed distribution is attached asExhibit D. 8. Pursuant to 11 U.S.C. § 326(a), the maximum compensation allowable to the trustee is $38,604.92. To the extent that additional interest is earned before case closing, the maximum compensation may increase. The trustee has received $0.00 as interim compensation and now requests the sum of $38,604.92, for a total compensation of $38,604.92.2 In addition, the trustee received reimbursement for reasonable and necessary expenses in the amount of $0.00 and now requests reimbursement for expenses of $4,226.39, for total expenses of $4,226.39.2 Pursuant to Fed R Bank P 5009, I hereby certify, under penalty of perjury, that the foregoing report is true and correct. Date: 07/13/2021 By:/s/BRUCE A. LANSER Trustee STATEMENT: This Uniform Form is associated with an open bankruptcy case, therefore, Paperwork Reduction Act exemption 5 C.F.R. §1320.4(a)(2) applies. 2 If the estate is administratively insolvent, the dollar amounts reflected in this paragraph may be higher than the amounts listed in the Trustee's Proposed Distribution (Exhibit D) UST Form 101-7-TFR (05/1/2011) Case 20-27367-gmh Doc 195 Filed 07/14/21 Page 2 of 493 Exhibit A Form 1 Page: 1 Individual Estate Property Record and Report Asset Cases Case Number: 20-27367-GMH Trustee: (690100) BRUCE A. LANSER Case Name: HYPERVIBE, INC. Filed (f) or Converted (c): 11/10/20 (f) §341(a) Meeting Date: 12/30/20 Period Ending: 07/13/21 Claims Bar Date: 02/23/21 1 2 3 4 5 6 Asset Description Petition/ Estimated Net Value Property Sale/Funds Asset Fully (Scheduled And Unscheduled (u) Property) Unscheduled (Value Determined By Trustee, Abandoned Received by Administered (FA)/ Values Less Liens, Exemptions, OA=§554(a) the Estate Gross Value of Ref. # and Other Costs) Remaining Assets 1 Polaris Ranger. 1,000.00 1,000.00 1,000.00 FA 02/04/21 order approving sale 2 Money Market, xxx9208, Community First CU 455,585.20 455,585.20 457,326.96 FA 3 Savings account , xxx0329, Community First CU 161,500.00 161,500.00 161,500.00 FA 4 Checking account, xxx1924, Community First CU 5,068.00 5,068.00 5,068.00 FA 5 Security deposit related to American Dr. office 1,000.00 1,000.00 1,200.00 FA 6 Prepaid expenses on the balance sheet 0.00 0.00 OA 0.00 FA 01/26/2021 Order for abandonment 7 Accounts receivable 0.00 0.00 OA 0.00 FA $929; uncollectible 01/26/2021 order for abandonment. 8 Accounts receivable 47,594.00 47,594.00 45,819.70 FA $45,819.70 D/C Liebhauser $1,775 Joanne Monday 9 Office furniture at American Dr. location 5,000.00 5,000.00 5,000.00 FA 02/04/21 order approving sale 10 Inventory/supplies 26,129.00 26,129.00 13,000.00 FA Merchandise relate to 2019 festival carried to 2020 at cost. 02/04/21 order approving sale. 11 Customer/mailing lists Unknown Unknown 0.00 FA Names/addresses of concert ticketholders for 2020 and prior years. 02/04/21 order approving sale 12 Machinery, fixtures and equipment 5,000.00 5,000.00 5,000.00 FA lawnmowers, weed whackers, tools, misc. maintenance tools, equipment at festival site 02/04/21 order approving sale 13 Leasehold improvements 0.00 0.00 OA 0.00 FA Leasehold improvements to land where festivals were held. 01/26/2021 Order for abandonment 14 Trade names, "Rock USA" and "Country USA" ( u) 0.00 0.00 1,000.00 FA Case 20-27367-gmh Doc 195 Filed 07/14/21 Page Printed:3 of 07/13/2021493 01:35 PM V .20.34 Exhibit A Form 1 Page: 2 Individual Estate Property Record and Report Asset Cases Case Number: 20-27367-GMH Trustee: (690100) BRUCE A. LANSER Case Name: HYPERVIBE, INC. Filed (f) or Converted (c): 11/10/20 (f) §341(a) Meeting Date: 12/30/20 Period Ending: 07/13/21 Claims Bar Date: 02/23/21 1 2 3 4 5 6 Asset Description Petition/ Estimated Net Value Property Sale/Funds Asset Fully (Scheduled And Unscheduled (u) Property) Unscheduled (Value Determined By Trustee, Abandoned Received by Administered (FA)/ Values Less Liens, Exemptions, OA=§554(a) the Estate Gross Value of Ref. # and Other Costs) Remaining Assets 02/04/21 order approving sale 15 West Bend Ins. Co. insurance premium refund ( u) 10,535.50 10,535.50 10,535.00 FA 16 WinnebagoCounty stormwater project escrow refund 648.75 648.75 648.75 FA (u) 16 Assets Totals (Excluding unknown values) $719,060.45 $719,060.45 $707,098.41 $0.00 Major Activities Affecting Case Closing: Initial Projected Date Of Final Report (TFR): Current Projected Date Of Final Report (TFR): June 17, 2021 ( Actual) Case 20-27367-gmh Doc 195 Filed 07/14/21 Page Printed:4 of 07/13/2021493 01:35 PM V .20.34 Exhibit B Form 2 Page: 1 Cash Receipts And Disbursements Record Case Number: 20-27367-GMH Trustee: BRUCE A. LANSER (690100) Case Name: HYPERVIBE, INC. Bank Name: Metropolitan Commercial Bank Account: ******4297 - Checking Account Taxpayer ID #: **-***1497 Blanket Bond: $1,500,000.00 ( per case limit) Period Ending: 07/13/21 Separate Bond: N/A 1 2 3 4 5 6 7 Trans. {Ref #} / Receipts Disbursements Checking Date Check # Paid To / Received From Description of Transaction T-Code $ $ Account Balance 12/05/20 {2} Hypervibe, Inc. closing account balance 1129-000 455,585.20 455,585.20 12/05/20 {2} Hypervibe, Inc. interest on account 1129-000 1,741.76 457,326.96 12/05/20 {3} Hypervibe, Inc. closing account balance 1129-000 161,500.00 618,826.96 12/05/20 {4} Hypervibe, Inc. closing account balance 1129-000 5,068.00 623,894.96 12/15/20 Danny Wimmer Presents asset purchase 25,000.00 648,894.96 {1} 1,000.00 1129-000 648,894.96 {9} 5,000.00 1129-000 648,894.96 {12} 5,000.00 1129-000 648,894.96 {10} 13,000.00 1129-000 648,894.96 {14} 1,000.00 1229-000 648,894.96 12/16/20 {8} Cher Liebhauser payment; account receivable 1121-000 45,819.70 694,714.66 12/18/20 {5} 4 Ross Investments III, LLC return of security deposit 1129-000 1,200.00 695,914.66 12/31/20 Metropolitan Commercial Bank Bank and Technology Services Fee 2600-000 816.88 695,097.78 01/29/21 Metropolitan Commercial Bank Bank and Technology Services Fee 2600-000 1,076.82 694,020.96 02/26/21 Metropolitan Commercial Bank Bank and Technology Services Fee 2600-000 1,038.17 692,982.79 03/31/21 Metropolitan Commercial Bank Bank and Technology Services Fee 2600-000 1,221.73 691,761.06 04/01/21 {15} West Bend Mutual Ins. Co. Insurance premium refund 1229-000 10,535.00 702,296.06 04/30/21 Metropolitan Commercial Bank Bank and Technology Services Fee 2600-000 1,124.47 701,171.59 05/28/21 Metropolitan Commercial Bank Bank and Technology Services Fee 2600-000 1,048.87 700,122.72 07/05/21 {16} Winnebago County 1229-000 648.75 700,771.47 ACCOUNT TOTALS 707,098.41 6,326.94 $700,771.47 Less: Bank Transfers 0.00 0.00 Subtotal 707,098.41 6,326.94 Less: Payments to Debtors 0.00 NET Receipts / Disbursements $707,098.41 $6,326.94 Net Net Account TOTAL - ALL ACCOUNTS Receipts Disbursements Balances Checking # ******4297 707,098.41 6,326.94 700,771.47 $707,098.41 $6,326.94 $700,771.47 {} Asset reference(s) Case 20-27367-gmh Doc 195 Filed 07/14/21 Page 5Printed: of 49307/13/2021 01:35 PM V .20.34 E X H I B I T C ANALYSIS OF CLAIMS REGISTER Claims Bar Date: February 23, 2021 Case Number: 20-27367-GMH Page: 1 Date: July 13, 2021 Debtor Name: HYPERVIBE, INC.