United States Bankruptcy Court _________________District of Delaware



UNITED STATES BANKRUPTCY COURT
_________________DISTRICT OF DELAWARE

In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
     
Reporting Period:
 
2/15/08 through 3/31/08
     
Federal Tax I.D. #
 
54-2152284

CORPORATE MONTHLY OPERATING REPORT

File with the Court and submit a copy to the United States Trustee within 20 days after the end of the month and submit a copy of the report to any official committee appointed in the case.
(Reports for Rochester and Buffalo Divisions of Western District of New York are due 15 days after the end of the month, as are the reports for Southern District of New York.)

REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Schedule of Cash Receipts and Disbursements
MOR-1
   
Bank Reconciliation (or copies of debtor's bank reconciliations)
MOR-I (CON'T)
   
Copies of bank statements
     
Cash disbursements journals
     
Statement of Operations
MOR-2
   
Balance Sheet
MOR-3
   
Status of Post-petition Taxes
MOR-4
   
Copies ofIRS Form 6123 or payment receipt
     
Copies of tax returns filed during reporting period
     
Summary of Unpaid Post-petition Debts
MOR-4
   
Listing of Aged Accounts Payable
     
Accounts Receivable Reconciliation and Aging
MOR-5
   
Taxes Reconciliation and Aging
MOR-5
   
Payments to Insiders and Professional
MOR-6
   
Post Petition Status of Secured Notes, Leases Payable
MOR-6
   
Debtor Questionnaire
MOR-7
   
 
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.

Signature of Debtor
 
Date
     
Signature: /s/ Raymond J. Smith
 
Date May 1, 2008
     
Raymond J. Smith, Chief Financial Officer
 
Date May 1, 2008
 
*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
 
 
 

 

In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08


SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

Amounts reported should be from the debtor’s books and not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH ACTUAL” column must equal the sum of the four bank account columns. Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON’T)]

   
BANK ACCOUNTS
 
ACCOUNT TYPE
 
OPERATING
   
PAYROLL
   
TAX
   
OTHER
   
CURRENT MONTH ACTUAL (TOTAL OF ALL ACCOUNTS)
 
ACCOUNT NUMBER (LAST 4 DIGITS)
 
2061
                         
CASH BEGINNING OF MONTH
  $ 347     $ -     $ -     $ -     $ 347  
RECEIPTS
                                       
CASH SALES
    -       -       -       -       -  
ACCOUNTS RECEIVABLE - PREPETITION
    -       -       -       -       -  
ACCOUNTS RECEIVABLE - POSTPETITION
    -       -       -       -       -  
LOANS AND ADVANCES
    -       -       -       -       -  
SALE OF ASSETS
    -       -       -       -       -  
OTHER (Attach List)
    6,276       -       -       -       6,276  
TRANSFERS (From Subsidiaries)
    553,721       -       -       -       553,721  
TOTAL RECEIPTS
    559,997       -       -       -       559,997  
DISBURSEMENTS
                                       
NET PAYROLL
    (139,793 )     -       -       -       (139,793 )
PAYROLL TAXES
    (74,040 )     -       -       -       (74,040 )
EMPLOYEE BENEFITS
    (12,508 )     -       -       -       (12,508 )
TRAVEL EXPENSES
    (12,797 )     -       -       -       (12,797 )
SALES, USE, & OTHER TAXES
    -       -       -       -       -  
INVENTORY PURCHASES
    -       -       -       -       -  
SECURED/ RENTAL/ LEASES
    (49,687 )     -       -       -       (49,687 )
INSURANCE
    (27,964 )     -       -       -       (27,964 )
ADMINISTRATIVE
    (8,630 )     -       -       -       (8,630 )
SELLING
    -       -       -       -       -  
CONSULTING FEES
    (10,000 )     -       -       -       (10,000 )
DIRECTOR FEES & EXPENSES
    (25,161 )     -       -       -       (25,161 )
OWNER DRAW
    -       -       -       -       -  
TRANSFERS (To Subsidiaries)
    (15,000 )     -       -       -       (15,000 )
PROFESSIONAL FEES
    (7,782 )     -       -       -       (7,782 )
U.S. TRUSTEE QUARTERLY FEES
    -       -       -       -       -  
COURT COSTS
    -       -       -       -       -  
TOTAL DISBURSEMENTS
    (383,362 )     -       -       -       (383,362 )
                                         
NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS)
    176,635       -       -       -       176,635  
                                         
CASH – END OF MONTH
  $ 176,982     $ -     $ -     $ -     $ 176,982  

*COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE

Cash Receipts and Disbursements - Information Supporting above Amounts:
     
OTHER RECEIPTS:
     
Tax Return from IRS
  $ 514  
Checks Outstanding Cancelled at Filing Date
    5,762  
TOTAL OTHER RECEIPTS
  $ 6,276  
         
TRANSFERS IN FROM SUBSIDIARIES:
       
Mitchell Site Acquisition, Inc.
  $ 418,000  
Complete Tower Sources, Inc.
    110,000  
LFC, Inc
    12,000  
Viasys Services, Inc.
    10,000  
Aeon Technologies Group, Inc
    3,721  
TOTAL TRANSFERS IN
  $ 553,721  
         
TRANSFERS OUT TO SUBSIDIARIES:
       
Ayin Tower Management Services, Inc.
  $ 15,000  


THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)

TOTAL DISBURSEMENTS
  $ 383,362  
LESS: TRANSFERS TO OTHER DEBTOR IN POSSESSION ACCOUNTS
    -  
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
    -  
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
  $ 383,362  

 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08

BANK RECONCILIATIONS

Continuation Sheet for MOR-1

A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page. BB&T Bank Statement (Bank account numbers may be redacted to last four numbers.)

 
Operating
# 2061 - BB&T
Payroll
#
Tax
#
Other
#
BALANCE PER BOOKS
 176,981.86
     
         
BANK BALANCE
243,731.86
     
(+) DEPOSITS IN TRANSIT (ATTACH LIST)
0
     
(-) OUTSTANDING CHECKS (ATTACH LIST) :
 66,750.00
     
OTHER (ATTACH EXPLANATION)
0
     
         
ADJUSTED BANK BALANCE *
176,981.86
     

*"Adjusted Bank Balance" must equal "Balance per Books"

DEPOSITS IN TRANSIT
Date
Amount
Date
Amount
         
         
         
         
CHECKS OUTSTANDING
Ck. #
Amount
Ck. #
Amount
 
1427
15.00
1448
 558.70
 
1429
30.00
1449
 3,934.48
 
1430
15.00
1450
 388.43
 
1433
1,421.48
1451
 35.00
 
1435
36.00
1452
 180.00
 
1439
1.47
1453
 24,843.31
 
1440
1,962.16
1454
 1,477.50
 
1441
5,818.74
1456
 13,817.83
 
1442
4,000.00
1457
 161.44
 
1443
3,000.00
   
 
1444
3,000.00
   
 
1445
786.85
   
 
1447
1,266.61
 
66,750.00

OTHER
 





 
 
 

 

BB&T

   
STATEMENT DATE
 
BB&T -GEORGIA
03-31-08
   
PAGE 1

800-04-01-001710228 COOl3030 020005148512061
CHARYS HOLDING COMPANY
DISBURSEMENT ACCT
1117 PERIMETER CTR W STE N415
ATLANTA GA 30338-5417

     
BUSINESS VALUE CHECKING
ACCOUNT NUMBER
0005148512061

ACCOUNT SUMMARY


PREVIOUS BALANCE AS OF 02-29-08
 
166,004.80
  9  DEPOSITS/CREDITS
334,235.48+
 
28 CHECKS PAID
73,884.83-
 
  8 WITHDRAWALS/DEBITS
182,092.59-
 
     SERVICE CHARGE
531.00-
 
NEW BALANCE AS OF 3-31-08
 
243,731.86

CHECKS PAID


DATE
CHECK NUMBER
AMOUNT
REFERENCE NUMBER
DATE
CHECK NUMBER
AMOUNT
REFERENCE NUMBER
03-10
1408
173.07
2901487721
 
****
   
03-05
1409
128.82
2908061339
03-28
1431
80.00
2901733608
03-05
1410
24,843.31
2908408670
03-26
1432
615.99
2900613965
03-11
1411
229.00
2804152287
 
****
   
03-04
1412
12,725.10
2907704404
03-31
1434
388.43
290275483
03-06
1413
1,409.69
2900246486
 
****
   
03-10
1414
5,759.55
2901335926
03-31
1436
5,700.00
2902726527
 
****
   
 
****
   
03-18
1417
42.00
7800071640
03-26
1438
367.16
2900432900
03-14
1418
419.16
2904345151
 
****
   
03-14
1419
249.80
2904345152
03-31
1446
3,168.91
2902130827
03-17
1420
5,000.00
2904916318
 
****
   
03-20
1421
35.00
2907332181
03-31
1455
389.21
2902130828
03-24
1422
60.50
2806523139
 
****
   
03-21
1423
74.57
2907621062
03-04
6106414
6,659.88
2907144482
03-19
1424
63.72
2906373631
03-03
6106415
3,076.94
2906492344
03-19
1425
260.89
2906620844
03-03
6106416
972.06
4404908116
 
****
    03-17
6106417
972.07
4405883288
03-28
1428
20.00
2901610589
       

**** INDICATES A SKIP IN SEQUENTIAL CHECK NUMBERS

OTHER WITHDRAWALS/DEBITS

DATE
AMOUNT
 
DESCRIPTION
 
REFERENCE NUMBER
03-04
10,540.90
 
PC WIRE TRANSFER
 
114
     
WIRE REF# 20080304-00005188
 
114
03-06
2,148.07
 
CONVERTED CHECK-ARC
1416
660007936
     
7703921009 METROPOLITAN 3
1416
660007936
     
0001416
1416
660007936
03-12
72,469.59
 
PC WIRE TRANSFER
 
114
     
WIRE REF# 20080312-00002469
 
114
03-14
10,000.00
 
PC WIRE TRANSFER
 
114
     
WIRE REF# 20080314-00007188
 
114
03-21
531.00
 
SERVICE CHARGE
   
03-25
69,578.64
 
PC WIRE TRANSFER
 
114
     
WIRE REF# 20080325-00004240
 
114
03-25
2,311.30
 
PC WIRE TRANSFER
 
114
     
WIRE REF# 20080325-00004203
   

 
 

 

BB&T


   
STATEMENT DATE
 
BB&T -GEORGIA
03-31-08
   
PAGE 2-l


800-04-01-001710228 COOl3030 020005148512061
CHARYS HOLDING COMPANY


     
BUSINESS VALUE CHECKING
ACCOUNT NUMBER
0005148512061


OTHER WITHDRAWALS/DEBITS


DATE
AMOUNT
 
DESCRIPTION
 
REFERENCE NUMBER
           
03-26
44.09
 
CHECK CHRG HARLAND CHECKS
8414102
862222985
     
CHARYS HOLDING COMPANY
8414102
862222985
03-31
15,000.00
 
PC WIRE TRANSFER
 
114
     
WIRE REF# 20080331-00006251
 
114

DEPOSITS/OTHER CREDITS

DATE
AMOUNT
 
DESCRIPTION
 
REFERENCE NUMBER
           
03-05
514.73
 
DEPOSIT
 
4305169993
03-14
20,000.00
 
INCOMING WIRE TRANSFER
 
114
     
WIRE REF# 20080314-00002856
 
114
03-14
 5,000.00
 
INCOMING WIRE TRANSFER
 
114
     
WIRE REF# 20080314-00004499
 
114
03-18
118,000.00
 
INCOMING WIRE TRANSFER
 
114
     
WIRE REF# 20080318-00000590
 
114
03-18
3,720.75
 
INCOMING WIRE TRANSFER
 
114
     
WIRE REF# 20080318-00006583
 
114
03-20
 20,000.00
 
INCOMING WIRE TRANSFER
 
114
     
WIRE REF# 20080320-00006585
 
114
03-21
5,000.00
 
INCOMING WIRE TRANSFER
 
114
     
WIRE REF# 20080321-00001862
 
114
03-28
150,000.00
 
INCOMING WIRE TRANSFER
 
114
     
WIRE REF# 20080328-00000854
 
114
03-28
12,000.00
 
DEPOSIT
 
4406950336

DAILY BALANCE SUMMARY

DATE
BALANCE
   
DATE
BALANCE
   
DATE
BALANCE
03-03
161,955.80
   
03-12
25,383.55
   
03-21
179,456.09
03-04
132,029.92
   
03-14
39,714.59
   
03-24
179,39559
03-05
107,572.52
   
03-17
33,742.52
   
03-25
107,505.65
03-06
 104,014.76
   
03-18
155,421.27
   
03-26
106,478.41
03-10
98,082.14
   
03-19
155,096.66
   
03-28
268,378.41
03-11
97,853.14
   
03-20
175,061.66
   
03-31
243,731.86

FOR ASSISTANCE, CALL (678) 762-5200 OR FOR BB&T PHONE24, CALL (800)BANKBBT (1-800-226-5228).

 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08

STATEMENT OF OPERATIONS (Income Statement)

The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

The accompanying unaudited, condensed unconsolidated financial statements are for Charys Holding Company, Inc. (the “Holding Company”), on a stand alone basis. These financial statements have been prepared on an accrual basis. In the opinion of management, all material adjustments necessary for a fair presentation of the results for this interim period have been made.

Some adjustments required management to make certain assumptions and estimates. However, not all adjustments related to certain discontinued operations have been recorded to date. The effect of such adjustments would be limited to reporting of the (intercompany) earnings from the subsidiaries and the (intercompany) investment in subsidiaries on the Holding Company’s financial statements. For purposes of these interim financial statements, the following subsidiaries are considered discontinued: Personnel Resources of Georgia, Inc., Method IQ, Inc, Aeon Technologies Group, Inc. and Digital Communications Services, Inc.

REVENUES
 
MONTH
   
CUMULATIVE -FILING TO DATE
 
Gross Revenues
           
Less: Returns and Allowances
           
Net Loss in Subsidiaries
  $ (4,037,096 )   $ (4,037,096 )
COST OF GOODS SOLD
               
Beginning Inventory
               
Add: Purchases
               
Add: Cost of Labor
               
Add: Other Costs (attach schedule)
               
Less: Ending Inventory
               
Cost of Goods Sold
               
Gross Profit
               
OPERATING EXPENSES
               
Advertising
               
Auto and Truck Expense
               
Bad Debts
               
Employee Benefits Programs
               
Officer/Insider Compensation*
    204,740       204,740  
Insurance
    72,383       72,383  
Management Fees/Bonuses
               
Office Expense
               
Pension & Profit-Sharing Plans
               
Professional Fees -ordinary course
    84,917       84,917  
Repairs and Maintenance
               
Rent and Lease Expense
    19,907       19,907  
Salaries/Commissions/Fees
    22,643       22,643  
Supplies
    6,050       6,050  
Taxes - Payroll
    12,387       12,387  
Taxes - Real Estate
               
Taxes - Other
               
Travel and Entertainment
    9,602       9,602  
Utilities
    7,144       7,144  
Other (attach schedule)
    57,819       57,819  
Total Operating Expenses Before Depreciation
               
Depreciation/Depletion/Amortization
    4,552       4,552  
Net Profit (Loss) Before Other Income & Expenses
    (4,539,239 )     (4,539,239 )
OTHER INCOME AND EXPENSES
               
Other Income (attach schedule)
               
Interest Expense - Secured Debt
    105,930       105,930  
Other Expense (attach schedule)
               
 
 
 

 

 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08
 
Net Profit (Loss) Before Reorganization Items
    (4,645,169 )     (4,645,169 )

 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08

 
REORGANIZATION ITEMS
           
Professional Fees
    1,520,259       1,520,259  
U. S. Trustee Quarterly Fees
    4,875       4,875  
Interest Earned on Accumulated Cash from Chapter 11(see continuation sheet)
               
Gain (Loss) from Sale of Equipment
               
Other Reorganization Expenses (attach schedule)
               
Total Reorganization Expenses
    1,525,134       1,525,134  
Income Taxes
               
Net Profit (Loss)
  $ (6,170,303 )   $ (6,170,303 )

*"Insider" is defined in 11 U.S.C. Section 101(31).

BREAKDOWN OF “OTHER” CATEGORY

OTHER COSTS
Thomas Bosley
  $ 22,852     $ 22,852  
Market Street Partners, LLC
    11,307       11,307  
American Capital Ventures
    5,000       5,000  
M H Data Services
    5,700       5,700  
Capitol Services
    1,958       1,958  
Other
    8,502       8,502  
Mirador Consulting
    2,500       2,500  
Subtotal
  $ 57,819     $ 57,819  

OTHER INCOME
 
none
none
 

OTHER EXPENSES
 
none
none
 

OTHER REORGANIZATION EXPENSES
      1,520,259       1,520,259  
 
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item.

 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08

BALANCE SHEET

The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from post-petition obligations.

ASSETS
 
BOOK VALUE AT END OF CURRENT REPORTING MONTH
 
BOOK VALUE AT END OF PRIOR REPORTING MONTH
BOOK VALUE ON PETITION DATE OR SCHEDULED
CURRENT ASSETS
         
Unrestricted Cash and Equivalents
  $ 176,982      
Restricted Cash and Cash Equivalents (see continuation sheet)
           
Intercompany Receivables
    172,057,850      
Notes Receivable
           
Inventories
           
Prepaid Expenses
    679,082      
Professional Retainers
           
Other Current Assets (attach schedule)
    161,370      
TOTAL CURRENT ASSETS
           
PROPERTY & EQUIPMENT
           
Real Property and Improvements
           
Machinery and Equipment
           
Furniture, Fixtures and Office Equipment
           
Leasehold Improvements
           
Vehicles
           
Less: Accumulated Depreciation
           
TOTAL PROPERTY & EQUIPMENT
    76,675      
OTHER ASSETS
           
Amounts due from Insiders*
           
Other Assets (Investment in Subsidiaries)
    (3,117,216 )    
TOTAL OTHER ASSETS
           
TOTAL ASSETS
  $ 170,034,742      
 
LIABILITIES AND OWNER EQUITY
 
BOOK VALUE AT END OF CURRENT REPORTING MONTH
 
BOOK VALUE AT END OF PRIOR REPORTING MONTH
BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
         
Accounts Payable
  $ 93,509      
Taxes Payable (refer to FORM MOR-4)
           
Wages Payable
           
Notes Payable
           
Rent / Leases - Building/Equipment
    1,421      
Secured Debt / Adequate Protection Payments
           
Professional Fees
    1,605,176      
Amounts Due to Insiders*
           
Other Post-petition Liabilities (attach schedule)
           
TOTAL POST-PETITION LIABILITIES
    1,700,106      
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
           
Secured Debt
    5,959,135      
Unsecured Debt - Notes Payable
           
Unsecured Debt - Accrued Expenses
    317,633,180      
TOTAL PRE-PETITION LIABILITIES
    323,592,315      
TOTAL LIABILITIES
    325,292,421      
OWNERS' EQUITY
           
Capital Stock
    58,953      
Additional Paid-In Capital
    345,724,500      
Partners' Capital Account
           
Owner's Equity Account
           
Retained Earnings - Pre-Petition
    (494,870,829 )    
Retained Earnings - Post-petition
    (6,170,303 )    
Adjustments to Owner Equity (attach schedule)
           
Post-petition Contributions (attach schedule)
           
NET OWNERS’ EQUITY
    (155,257,679 )    
TOTAL LIABILITIES AND OWNERS' EQUITY
  $ 170,034,742      

*"Insider" is defined in 11 U.S.C. Section 101(31).

 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08
 
BALANCE SHEET - continuation section
ASSETS
 
BOOK VALUE AT END OF CURRENT REPORTING MONTH
 
BOOK VALUE AT END OF PRIOR REPORTING MONTH
BOOK VALUE ON PETITION DATE
Retainers/Advances to professionals
  $ 78,531      
Other Receivables
    8,107      
Travel Advances
    56,854      
Deposits
    17,878      
Subtotal
  $ 161,370      
Other Assets
Intercompany Receivables
  $ 172,057,850      
 
LIABILITIES AND OWNER EQUITY
 
BOOK VALUE AT END OF CURRENT REPORTING MONTH
    BOOK VALUE ON PETITION DATE
           
Other Post-petition Liabilities
         
           
           
           
Other Pre-petition Liabilities
         
Accrued Interest
  $ 18,643,000      
Notes Payable
    287,654,759      
Accrued Bonus
    2,154,600      
Accrued Acquisition Costs
    2,654,934      
Accrued Finaning Costs
    3,462,625      
Accounts Payable Pre-petition
    3,063,262      
             
    $ 317,633,180      
 
 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08
 
STATUS OF POST-PETITION TAXES

The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the
amount should be zero.
Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes.
Attach photocopies of any tax returns filed during the reporting period.

 
Federal
 
Beginning Tax
   
Amount Withheld and/or Accrued
   
Amount Paid
 
Date Paid
Check # or EFT
 
Ending Tax
 
Withholding
  $ -     $ 40,197       (40,197 )$       $ -  
FICA-Employee
    -       11,533       (11,533 )         -  
FICA-Employer
    -       11,533       (11,533 )         -  
Unemployment
    -       18       (18 )         -  
Income
    -       -       -           -  
Other:_____________
    -       -       -           -  
Total Federal Taxes
    -       63,281       (63,281 )         -  
State and Local
                                   
Withholding
    -       10,699       (10,699 )         -  
Sales
    -       -       -           -  
Excise
    -       -       -           -  
Unemployment
    -       60       (60 )         -  
Real Property
    -       -       -           -  
Personal Property
    -       -       -           -  
Other:_____________
    -       -       -           -  
Total State and Local
    -       10,759       (10,759 )         -  
                                     
Total Taxes
  $ -     $ 74,040       (74,040 )$       $ -  

 
A
Paid on 2/26 Wire# 0226E3QP0221C001297; 2/29 CK#6106414-16
 
B
Paid on 3/12 Wire# 0239223/000173/000173; 3/15 CK# 6106417
 
C
Paid on 3/25 Wire# 0361679/000353/000353

SUMMARY OF UNPAID POST-PETITION DEBTS
 
Attach aged listing of accounts payable.

               
Number of Days Past Due
             
   
Current: See Note
      0-30       31-60       61-90    
Over 91
   
Total
 
Accounts Payable
  $ 93,509     $ -     $ -     $ -     $ -     $ 93,509  
Wages Payable
    -       -       -       -       -       -  
Taxes Payable
    -       -       -       -       -       -  
Rent/Leases-Building
    -       -       -       -       -       -  
Rent/Leases-Equipment
    1,421       -       -       -       -       1,421  
Secured Debt/Adequate Protection Payments
                                            -  
Professional Fees
    1,605,176       -       -       -       -       1,605,176  
Amounts Due to Insiders
    -       -       -       -       -       -  
Other:______________
                                            -  
Other:______________
                                            -  
Total Post-petition Debts
  $ 1,700,106     $ -     $ -     $ -     $ -     $ 1,700,106  

Explain how and when the Debtor intends to pay any past due post-petition debts.

Secured Interest payment disputed.




 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08
 

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
    -  
Total Accounts Receivable at the end of the reporting period
  $ -  

Accounts Receivable Aging
 
0-30 Days
   
31-60 Days
   
61-90 Days
   
91+ Days
    Total  
0 - 30 days old
  $ -     $ -     $ -     $ -     $ -  
31 - 60 days old
    -       -       -       -       -  
61 - 90 days old
    -       -       -       -       -  
91+ days old
    -       -       -       -       -  
Total Accounts Receivable
    -       -       -       -       -  
                                         
Less: Bad Debts (Amount considered uncollectible)
    -       -       -       -       -  
                                         
Net Accounts Receivable
  $ -     $ -     $ -     $ -     $ -  

TAXES RECONCILIATION AND AGING

Taxes Payable
 
0-30 Days
   
31-60 Days
   
61-90 Days
   
91+ Days
   
Total
 
0 - 30 days old
  $ -     $ -     $ -     $ -     $ -  
31 - 60 days old
    -       -       -       -       -  
61 - 90 days old
    -       -       -       -       -  
91+ days old
    -       -       -       -       -  
Total Taxes Payable
    -       -       -       -       -  
Total Accounts Payable
  $ 93,509     $ -     $ -     $ -     $ 93,509  
 
 
 

 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08
 
PAYMENTS TO INSIDERS AND PROFESSIONALS

Of the total disbursements shown on the Cash Receipts and Disbursements Report (MOR-1) list the amount paid to insiders (as defined in Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid
(e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.

INSIDERS
 
NAME
TYPE OF PAYMENT
 
AMOUNT PAID
   
TOTAL PAID TO DATE
 
Billy V Ray, Jr
Gross Payroll 3/31
  $ 37,500     $ 37,500  
Billy V Ray, Jr
Car Allowance 3/15
    1,000       1,000  
Gable Apartments (for Billy V Ray, Jr)
Apartment Rental
    2,148       2,148  
Billy V Ray, Jr
ALL
            40,648  
                   
Michael Oyster
Gross Payroll 3/31
    31,250       31,250  
Michael Oyster
Car Allowance 3/15
    1,000       1,000  
Michael Oyster
Travel
    616       616  
Michael Oyster
ALL
            32,866  
                   
Raymond Smith
Gross Payroll 3/31
    31,250       31,250  
Raymond Smith
Car Allowance 3/15
    1,000       1,000  
Raymond Smith
Travel
    5,196       5,196  
Raymond Smith
ALL
            37,446  
                   
Michael Brown
Gross Payroll 3/31
    31,250       31,250  
Michael Brown
Travel
               
                   
Alec McLarty
Lead Director Fees
    15,000       15,000  
David Gergacz
Director Fees & Expenses
    3,161       3,161  
Dennis Hayes
Director Fees & Expenses
    3,000       3,000  
John Jordan
Director Fees & Expenses
    4,000       4,000  
                   
                   
David Ray
Gross Payroll 3/31
    11,168       11,168  
Brandon Ray
Gross Payroll 3/31
    9,000       9,000  
                   
Ayin Tower Management
Affiliate Transfer (out)
    15,000       15,000  
                   
TOTAL PAYMENTS TO INSIDERS
  $ 202,539     $ 202,539  

BANKRUPTCY PROFESSIONALS
 
NAME
DATE OF COURT ORDER AUTHORIZING EMPLOYMENT
 
AMOUNT APPROVED
   
AMOUNT PAID
   
TOTAL PAID TO DATE
   
TOTAL INCURRED & UNPAID*
 
Weil, Gotshal & Manges LLP
3/7/2008
    n/a     $ -     $ -     $ 450,000  
Richards, Layton & Finger , P.A.
3/7/2008
    n/a       -       -       40,273  
Milbank, Tweed, Hadley & McCloy LLP
4/14/2008
    n/a       -       -       358,775  
Morris, Nichols, Arsht, & Tunnell LLP
Pending
    n/a       -       -       18,000  
Michael Brenner
3/7/2008
    n/a       -       -       22,035  
AlixPartners, LLP
3/7/2008
    n/a       -       -       596,000  
                                   
Kurtzman Carson Consultants
2/15/2008
    n/a       -       -       35,177  
                                   
Total Payments to Bankruptcy Professionals
    n/a     $ -     $ -     $ 1,520,259  

* INCLUDES ALL ESTIMATED FEES INCURRED PURSUANT TO BUDGETS PROVIDED OR ACTUAL FEES INCURRED PURSUANT TO INVOICES FILED

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 POSTPETITION
 
Imperium Master Fund, Ltd.
  $ 8,913     $ -     $ 13,513  
Imperium Master Fund, Ltd.
    47,360       -       71,804  
JED Family Trust
    6,798       -       10,307  
John Michalson
    6,798       -       10,307  
                         
                         
                         
    $ 69,869                  
  TOTAL PAYMENTS     $ -     $ 105,930  
 
 
 

 
 
 
In re
CHARYS HOLDING COMPANY, INC
 
Case No.
 
08-10289 (BLS)
 
Debtor
 
Reporting Period:
 
2/15/08 through 3/31/08
 
 
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 coverages 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 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