Bankruptcy Forms
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Case 17-31455 Doc 97 Filed 09/15/17 Entered 09/15/17 16:08:22 Desc Main Document Page 1 of 128 Fill in this information to identify the case: Debtor name Portrait Innovations, Inc. United States Bankruptcy Court for the: WESTERN DISTRICT OF NORTH CAROLINA Case number (if known) 17-31455 Check if this is an amended filing Official Form 206Sum Summary of Assets and Liabilities for Non-Individuals 12/15 Part 1: Summary of Assets 1. Schedule A/B: Assets-Real and Personal Property (Official Form 206A/B) 1a. Real property: Copy line 88 from Schedule A/B............................................................................................................................. $ 0.00 1b. Total personal property: Copy line 91A from Schedule A/B......................................................................................................................... $ 11,614,231.68 1c. Total of all property: Copy line 92 from Schedule A/B........................................................................................................................... $ 11,614,231.68 Part 2: Summary of Liabilities 2. Schedule D: Creditors Who Have Claims Secured by Property (Official Form 206D) Copy the total dollar amount listed in Column A, Amount of claim, from line 3 of Schedule D.................................... $ 15,007,857.45 3. Schedule E/F: Creditors Who Have Unsecured Claims (Official Form 206E/F) 3a. Total claim amounts of priority unsecured claims: Copy the total claims from Part 1 from line 5a of Schedule E/F.......................................................................... $ 0.00 3b. Total amount of claims of nonpriority amount of unsecured claims: Copy the total of the amount of claims from Part 2 from line 5b of Schedule E/F................................................ +$ 2,220,513.29 4. Total liabilities ....................................................................................................................................................... Lines 2 + 3a + 3b $ 17,228,370.74 Official Form 206Sum Summary of Assets and Liabilities for Non-Individuals page 1 Software Copyright (c) 1996-2017 Best Case, LLC - www.bestcase.com Best Case Bankruptcy Case 17-31455 Doc 97 Filed 09/15/17 Entered 09/15/17 16:08:22 Desc Main Document Page 2 of 128 Fill in this information to identify the case: Debtor name Portrait Innovations, Inc. United States Bankruptcy Court for the: WESTERN DISTRICT OF NORTH CAROLINA Case number (if known) 17-31455 Check if this is an amended filing Official Form 206A/B Schedule A/B: Assets - Real and Personal Property 12/15 Disclose all property, real and personal, which the debtor owns or in which the debtor has any other legal, equitable, or future interest. Include all property in which the debtor holds rights and powers exercisable for the debtor's own benefit. Also include assets and properties which have no book value, such as fully depreciated assets or assets that were not capitalized. In Schedule A/B, list any executory contracts or unexpired leases. Also list them on Schedule G: Executory Contracts and Unexpired Leases (Official Form 206G). Be as complete and accurate as possible. If more space is needed, attach a separate sheet to this form. At the top of any pages added, write the debtor’s name and case number (if known). Also identify the form and line number to which the additional information applies. If an additional sheet is attached, include the amounts from the attachment in the total for the pertinent part. For Part 1 through Part 11, list each asset under the appropriate category or attach separate supporting schedules, such as a fixed asset schedule or depreciation schedule, that gives the details for each asset in a particular category. List each asset only once. In valuing the debtor’s interest, do not deduct the value of secured claims. See the instructions to understand the terms used in this form. Part 1: Cash and cash equivalents 1. Does the debtor have any cash or cash equivalents? No. Go to Part 2. Yes Fill in the information below. All cash or cash equivalents owned or controlled by the debtor Current value of debtor's interest 2. Cash on hand $18,118.00 3. Checking, savings, money market, or financial brokerage accounts (Identify all) Name of institution (bank or brokerage firm) Type of account Last 4 digits of account number 3.1. 1st National Cash Deposit 5072 $544.33 3.2. Associated Cash Deposit 1357 $1,525.91 3.3. BMO Harris Cash Deposit 2574 $100.32 3.4. BOA - Albuquerque Cash Deposit 6332 $314.16 3.5. BOA - Arkansas Cash Deposit 9775 $898.18 3.6. BOA - Boardwalk Cash Deposit 8693 $181.79 Official Form 206A/B Schedule A/B Assets - Real and Personal Property page 1 Software Copyright (c) 1996-2017 Best Case, LLC - www.bestcase.com Best Case Bankruptcy Case 17-31455 Doc 97 Filed 09/15/17 Entered 09/15/17 16:08:22 Desc Main Document Page 3 of 128 Debtor Portrait Innovations, Inc. Case number (If known) 17-31455 Name 3.7. BOA - Des Moines Cash Deposit 5349 $95.82 3.8. BOA - Franklin Cash Deposit 9956 $1,217.63 3.9. BOA - Oklahoma City Cash Deposit 6329 $607.98 3.10 . BOA - Texas Cash Deposit 4900 $286.12 3.11 . BOA - Wichita Cash Deposit 4981 $734.07 3.12 . Chase Bank Cash Deposit 7521 $2,347.63 3.13 . Fifth Third Cash Deposit 8795 $3,473.41 3.14 . Fifth Third - Disbursement Disbursement 7478 $0.00 3.15 . Fifth Third - Operating Operating 7460 $15,186.68 3.16 . Fifth Third - Payroll Payroll 7486 $0.00 3.17 . First Citizens Cash Deposit 5398 $97.26 3.18 . First Financial Cash Deposit 9972 $81.50 3.19 . First National Bank Cash Deposit 0813 $90.27 3.20 . First National Bank - Papillion Cash Deposit 2390 $127.02 Official Form 206A/B Schedule A/B Assets - Real and Personal Property page 2 Software Copyright (c) 1996-2017 Best Case, LLC - www.bestcase.com Best Case Bankruptcy Case 17-31455 Doc 97 Filed 09/15/17 Entered 09/15/17 16:08:22 Desc Main Document Page 4 of 128 Debtor Portrait Innovations, Inc. Case number (If known) 17-31455 Name 3.21 . First National Texas Cash Deposit 8565 $85.45 3.22 . Key Bank Cash Deposit 5821 $1,549.08 3.23 . Liberty National Cash Deposit 5973 $84.94 3.24 . PNC Bank Cash Deposit 8285 $1,324.78 3.25 . Premier Bank Cash Deposit 1141 $100.15 3.26 . Security National Cash Deposit 7336 $93.18 3.27 . Sun Trust Cash Deposit 1339 $418.80 3.28 . US Bank Cash Deposit 4114 $1,353.05 3.29 . Wells Fargo - Disbursement Disbursement 5820 $0.00 3.30 . Wells Fargo - Operating Operating 7045 $184,199.90 3.31 . Wells Fargo - Payroll Payroll 7709 $0.00 3.32 . Woodforest Cash Deposit 8070 $88.96 3.33 . Wells Fargo - Utility Escrow Utility Escrow 7282 $0.00 4. Other cash equivalents (Identify all) Official Form 206A/B Schedule A/B Assets - Real and Personal Property page 3 Software Copyright (c) 1996-2017 Best Case, LLC - www.bestcase.com Best Case Bankruptcy Case 17-31455 Doc 97 Filed 09/15/17 Entered 09/15/17 16:08:22 Desc Main Document Page 5 of 128 Debtor Portrait Innovations, Inc. Case number (If known) 17-31455 Name 5. Total of Part 1. $235,326.37 Add lines 2 through 4 (including amounts on any additional sheets). Copy the total to line 80. Part 2: Deposits and Prepayments 6. Does the debtor have any deposits or prepayments? No. Go to Part 3. Yes Fill in the information below. 7. Deposits, including security deposits and utility deposits Description, including name of holder of deposit 7.1. Utility Deposits $18,853.72 7.2. Lease Security Deposits $91,063.53 7.3. Other Deposits $4,760.00 8. Prepayments, including prepayments on executory contracts, leases, insurance, taxes, and rent Description, including name of holder of prepayment 8.1. Prepaid Insurance $323,200.24 8.2. BCBS September Premiums $51,446.79 8.3. Walmart Supplies $2,391.39 8.4. Christmas Supplies (2M Media) $4,000.00 8.5. American Express Prepayment $27,629.03 8.6. UPS Prepayment $6,799.63 8.7. Planet Central $4,000.00 8.8. Commercial Works $1,600.00 Official Form 206A/B Schedule A/B Assets - Real and Personal Property page 4 Software Copyright (c) 1996-2017 Best Case, LLC - www.bestcase.com Best Case Bankruptcy Case 17-31455 Doc 97 Filed 09/15/17 Entered 09/15/17 16:08:22 Desc Main Document Page 6 of 128 Debtor Portrait Innovations, Inc. Case number (If known) 17-31455 Name 8.9. The Finley Group - Retainer $50,000.00 8.10 . Troutman Sanders - Retainer $55,000.00 8.11 . Rayburn Cooper & Durham, P.A. - Retainer $131,205.49 8.12 . Rust Omni - Retainer $10,000.00 8.13 . Hilco Global - Retainer $50,000.00 8.14 . RSM - Retainer $40,498.00 8.15 . IT Software & Services $153,214.51 8.16 . Recruiting $3,245.43 8.17 . Licenses & Permits $6,027.23 8.18 . Service Agreements $1,068.46 8.19 . Corp Service Agreements $1,063.00 8.20 . Fuji Printer Warranty $712.10 8.21 . Whatcounts (Email marketing - Maint.) $4,800.00 9. Total of Part 2. $1,042,578.55 Add lines 7 through 8. Copy the total to line 81. Official Form 206A/B Schedule A/B Assets - Real and Personal Property page 5 Software Copyright (c) 1996-2017 Best Case, LLC - www.bestcase.com Best Case Bankruptcy Case 17-31455 Doc 97 Filed 09/15/17 Entered 09/15/17 16:08:22 Desc Main Document Page 7 of 128 Debtor Portrait Innovations, Inc. Case number (If known) 17-31455 Name Part 3: Accounts receivable 10. Does the debtor have any accounts receivable? No. Go to Part 4. Yes Fill in the information below. 11. Accounts receivable 11a.