--- type: court_doc id: "court_ctb_1468_0" court: "CTB" case_no: "22-50073" doc_number: 1468 doc_type: "UNKNOWN" filed_date: "2023-02-21" lang: "en" machine_translated: false url: "https://mubeitech.com/en/court/court_ctb_1468_0" json_url: "https://mubeitech.com/api/court/court_ctb_1468_0" --- # Guo Wengui / Miles Guo — bankruptcy case · ECF #1468 UNITED STATES BANKRUPTCY COURT DISTRICT OF　CONNECTICUT BRIDGEPORT DIVISION In Re. Ho Wan Kwok　§ § §　Case No. 22-50073 Lead Case No. 22-50073 Debtor(s)　§　Jointly Administered Monthly Operating Report　Chapter 11 Reporting Period Ended: 01/31/2023　Petition Date: 02/15/2022 Months Pending: 12　Industry Classification: Reporting Method:　Accrual Basis　Cash Basis Debtor's Full-Time Employees (current):　0 Debtor's Full-Time Employees (as of date of order for relief):　0 Supporting Documentation (check all that are attached):　(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor) Statement of cash receipts and disbursements Statement of operations (profit or loss statement) Accounts receivable aging Postpetition liabilities aging Statement of capital assets　Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit - Schedule of payments to professionals - Schedule of payments to insiders - All bank statements and bank reconciliations for the reporting period - Description of the assets sold or transferred and the terms of the sale or transfer /s/ Luc A. Despins 02/21/2023 Date Signature of Responsible Party Printed Name of Responsible Party Address Luc A. Despins, in his capacity as Chapter 11 Trustee Paul Hastings LLP 200 Park Avenue New York, NY 10166 STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies. UST Form 11-MOR (12/01/2021) 1 Case 22-50073 Doc 1468 Filed 02/21/23 Entered 02/21/23 17:18:15 Page 2 of 18 Debtor's Name Ho Wan Kwok　Case No. 22-50073 Part 1: Cash Receipts and Disbursements　Current Month　Cumulative a.　Cash balance beginning of month　\$3,759,497 b.　Total receipts (net of transfers between accounts)　\$0　\$4,144,682 c.　Total disbursements (net of transfers between accounts)　\$240,548　\$625,732 d.　Cash balance end of month (a+b-c)　\$3,518,949 e.　Disbursements made by third party for the benefit of the estate　\$0　\$12,757 f.　Total disbursements for quarterly fee calculation (c+e)　\$240,548　\$638,489 Part 2: Asset and Liability Status (Not generally applicable to Individual Debtors. See Instructions.)　Current Month a.　Accounts receivable (total net of allowance)　\$0 b.　Accounts receivable over 90 days outstanding (net of allowance)　\$0 c.　Inventory (Book Market Other (attach explanation))　\$0 d　Total current assets　\$0 e.　Total assets　\$0 f.　Postpetition payables (excluding taxes)　\$0 g.　Postpetition payables past due (excluding taxes)　\$0 h.　Postpetition taxes payable　\$0 i.　Postpetition taxes past due　\$0 j.　Total postpetition debt (f+h)　\$0 k.　Prepetition secured debt　\$0 l.　Prepetition priority debt　\$0 m.　Prepetition unsecured debt　\$0 n.　Total liabilities (debt) (j+k+l+m)　\$0 o.　Ending equity/net worth (e-n)　\$0 Part 3: Assets Sold or Transferred　Current Month　Cumulative a.　Total cash sales price for assets sold/transferred outside the ordinary course of business　\$0　\$0 b.　Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business　\$0　\$0 c.　Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)　\$0　\$0 Part 4: Income Statement (Statement of Operations) (Not generally applicable to Individual Debtors. See Instructions.)　Current Month　Cumulative a.　Gross income/sales (net of returns and allowances)　\$0 b.　Cost of goods sold (inclusive of depreciation, if applicable)　\$0 c.　Gross profit (a-b)　\$0 d.　Selling expenses　\$0 e.　General and administrative expenses　\$0 f.　Other expenses　\$0 g.　Depreciation and/or amortization (not included in 4b)　\$0 h.　Interest　\$0 i.　Taxes (local, state, and federal)　\$0 j.　Reorganization items　\$0 k.　Profit (loss)　\$0　\$0 UST Form 11-MOR (12/01/2021) 2 Case 22-50073 Doc 1468 Filed 02/21/23 Entered 02/21/23 17:18:15 Page 3 of 18 Part 5: Professional Fees and Expenses Approved Current Month　Approved Cumulative　Paid Current Month　Paid Cumulative a.　Debtor's professional fees & expenses (bankruptcy) Aggregate Total　\$0　\$0　\$0　\$0 Itemized Breakdown by Firm Firm Name　Role i　Neubert, Pepe & Monteith, P.C Local Counsel　\$0　\$0　\$0　\$0 ii　Paul Hastings LLP (counsel to cLead Counsel　\$0　\$0　\$0　\$0 iii　Brown Rudnick (counsel to Ho Lead Counsel　\$0　\$0　\$0　\$0 iv　Pullman & Comley (counsel to Lead Counsel　\$0　\$0　\$0　\$0 v　Coleman Worldwide Advisors LOther　\$0　\$0　\$0　\$0 vi　Dundon Advisors (UCC financi Financial Professional　\$0　\$0　\$0　\$0 vii　Verdolino & Lowey, PC (financFinancial Professional　\$0　\$0　\$0　\$0 viii　Harney Westwood & Riegels LPOther　\$0　\$0　\$0　\$0 ix　Paul Wright　Other　\$0　\$0　\$0　\$0 x xi xii xiii xiv xv xvi xvii xviii xix xx xxi xxii xxiii xxiv xxv xxvi xxvii xxviii xxix xxx xxxi xxxii xxxiii xxxiv xxxv xxxvi xxxvii xxxvii xxxix xl xli xlii xliii xliv xlv xlvi xlvii xlviii xlix l li lii liii liv lv lvi lvii lviii lix lx lxi lxii lxiii lxiv lxv lxvi lxvii lxviii lxix lxx lxxi lxxii lxxiii lxxiv lxxv lxxvi lxxvii lxxvii lxxix lxxx lxxxi lxxxii lxxxii lxxxiv lxxxv lxxxvi lxxxvi lxxxvi lxxxix xc xci xcii xciii xciv xcv xcvi xcvii xcviii xcix c ci Approved　Approved　Paid Current　Paid Current Month　Cumulative　Month　Cumulative b.　Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total　\$0　\$0　\$0　\$0 Itemized Breakdown by Firm Firm Name　Role i　Baker Hostetler LLP　Other　\$0　\$0　\$0　\$0 ii　Clayman & Rosenberg LLP　Other　\$0　\$0　\$0　\$0 iii　Ganfer Shore Leeds & ZaudererOther　\$0　\$0　\$0　\$0 iv　Harcus Parker Ltd.　Other　\$0　\$0　\$0　\$0 v　LALIVE SA　Other　\$0　\$0　\$0　\$0 vi　Lawall & Mitchell, LLC　Other　\$0　\$0　\$0　\$0 vii　Petrillo Klein & Boxer LLP　Other　\$0　\$0　\$0　\$0 viii　Schulman Bhattacharya, LLC　Other　\$0　\$0　\$0　\$0 ix　The Casper Firm　Other　\$0　\$0　\$0　\$0 x　The Francis Firm PLLC　Other　\$0　\$0　\$0　\$0 xi　VX Cerda & Associates　Other　\$0　\$0　\$0　\$0 xii xiii xiv xv xvi xvii xviii xix xx xxi xxii xxiii xxiv xxv xxvi xxvii xxviii xxix xxx xxxi xxxii xxxiii xxxiv xxxv xxxvi xxxvii xxxvii xxxix xl xli xlii xliii xliv xlv xlvi xlvii xlviii xlix l li lii liii liv lv lvi lvii lviii lix lx lxi lxii lxiii lxiv lxv lxvi lxvii lxviii lxix lxx lxxi lxxii lxxiii lxxiv lxxv lxxvi lxxvii lxxvii lxxix lxxx lxxxi lxxxii lxxxii lxxxiv lxxxv lxxxvi lxxxvi lxxxvi lxxxix xc xci xcii xciii xciv xcv xcvi xcvii xcviii Case 22-50073 Doc 1468 Filed 02/21/23 Entered 02/21/23 17:18:15 Page 8 of 18 xcix c c.　All professional fees and expenses (debtor & committees)　\$0　\$0　\$0　\$0 Part 6: Postpetition Taxes　Current Month　Cumulative a.　Postpetition income taxes accrued (local, state, and federal)　\$0　\$0 b.　Postpetition income taxes paid (local, state, and federal)　\$0　\$0 c.　Postpetition employer payroll taxes accrued　\$0　\$0 d.　Postpetition employer payroll taxes paid　\$0　\$0 e.　Postpetition property taxes paid　\$0　\$0 f.　Postpetition other taxes accrued (local, state, and federal)　\$0　\$0 g.　Postpetition other taxes paid (local, state, and federal)　\$0　\$0 Part 7: Questionnaire - During this reporting period: a.　Were any payments made on prepetition debt? (if yes, see Instructions)　Yes　No b.　Were any payments made outside the ordinary course of business without court approval? (if yes, see Instructions)　Yes　No c.　Were any payments made to or on behalf of insiders?　Yes　No d.　Are you current on postpetition tax return filings?　Yes　No e.　Are you current on postpetition estimated tax payments?　Yes　No f.　Were all trust fund taxes remitted on a current basis?　Yes　No g.　(if yes, see Instructions)　Was there any postpetition borrowing, other than trade credit?　Yes　No h.　the court?　Were all payments made to or on behalf of professionals approved by　Yes　No N/A i.　Do you have:　Worker's compensation insurance?　Yes　No If yes, are your premiums current?　Yes　No N/A　(if no, see Instructions) Casualty/property insurance?　Yes　No If yes, are your premiums current?　Yes　No N/A　(if no, see Instructions) General liability insurance?　Yes　No If yes, are your premiums current?　Yes　No N/A　(if no, see Instructions) j.　Has a plan of reorganization been filed with the court?　Yes　No k.　Has a disclosure statement been filed with the court?　Yes　No l.　Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?　Yes　No Part 8: Individual Chapter 11 Debtors (Only) a.　Gross income (receipts) from salary and wages　\$0 b.　Gross income (receipts) from self-employment　\$0 c.　Gross income from all other sources　\$0 d.　Total income in the reporting period (a+b+c)　\$0 e.　Payroll deductions　\$0 f.　Self-employment related expenses　\$0 g.　Living expenses　\$0 h.　All other expenses　\$0 i.　Total expenses in the reporting period (e+f+g+h)　\$0 j.　Difference between total income and total expenses (d-i)　\$0 k.　List the total amount of all postpetition debts that are past due　\$0 l.　Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?　Yes No m.　If yes, have you made all Domestic Support Obligation payments?　No N/A Yes Privacy Act Statement 28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: htt www.justice.gov/ust/eo/rules\_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F). **I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.** /s/ Luc A. Despins Signature of Responsible Party Chapter 11 Trustee Title Date Luc A. Despins, in his capacity as Chapter 11 Trustee Printed Name of Responsible Party 02/21/2023 PageFour In re Ho Wan Kwok　Case No.　22-50073 (JAM) Debtor　Reporting Period:　1/1/2023 - 1/31/2023 INDIVIDUAL DEBTOR CASH RECEIPTS AND CASH DISBURSEMENTS (This Form must be submitted for each bank account maintained by the Debtor) Amounts reported should be per the debtor's books, 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. Attach the bank statements and a detailed list of all disbursements made during the report period that includes the date, the check number, the payee, the transaction description, and the amount. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)] Current Month Actual　Cumulative July 8, 2022 to Date Actual Cash - Beginning of Month RECEIPTS Recovered Funds (preference)　\$　-　\$　144,681.40 Yacht Repair Escrow　\$　-　\$　4,000,000.00 Total Receipts　\$　-　\$　4,144,681.40 DISBURSEMENTS ORDINARY ITEMS: Bank Fees　\$　744.22　\$　1,734.11 Fees paid to International Surety Ltd for surety bond increase　\$　-　\$　27,747.00 Fees paid with respect to Yacht repair inovices out of the Yacht　\$　220,448.50　\$　576,895.09 Repair Escrow Fees paid with respect to Miller Advertising Agency Inc. (Bar Date)　\$　19,355.40　\$　19,355.40 Total Ordinary Disbursements　\$　240,548.12　\$　625,731.60 REORGANIZATION ITEMS: Professional Fees　\$　-　\$　- U. S. Trustee Fees　\$　-　\$　- Other Reorganization Expenses (attach schedule)　\$　-　\$　- Total Reorganization Items　\$　-　\$　- Total Disbursements (Ordinary + Reorganization)　\$　240,548.12　\$　625,731.60 Net Cash Flow (Total Receipts - Total Disbursements)　\$　(240,548.12) \$　3,518,949.80 Cash - End of Month (Must equal reconciled bank statement)　\$　3,518,949.80　\$　3,518,949.80 Third Party Disbursements on Behalf of the Estate None　\$　-　\$　12,757.00 THE FOLLOWING SECTION MUST BE COMPLETED DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) TOTAL DISBURSEMENTS　\$ 240,548.12 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　\$ 240,548.12 FEES UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION ------------------------------------------------------　x In re:　: :　Chapter 11 HO WAN KWOK,　: :　Case No. 22-50073 (JAM) Debtor.　: ------------------------------------------------------　x ATTACHMENT TO MONTHLY OPERATING REPORT FOR THE PERIOD JANUARY 1, 2023 THROUGH JANUARY 31, 2023 This attachment is incorporated into and made a part of the Monthly Operating Report ("MOR") of Chapter 11 Trustee Luc A. Despins. General Disclaimers - 1. The MOR is presented on a form promulgated in 2021 by the Executive Office of the United States Trustee. This form in many instances requires inserting a number for a line item even if the line item does not apply. The form also does not allow for the insertion of explanations or asterisks next to answers. Accordingly, as presented, certain responses may be inapplicable or incomplete. Following guidance from the United States Trustee's office, this attachment is being filed as an integral part of the MOR. - 2. On July 8, 2022, the Bankruptcy Court signed an order approving the appointment of Luc A. Despins, Esq. as Chapter 11 Trustee (the "Trustee"). The information in this MOR is based only on information beginning on the date of the Trustee's appointment and only on bank accounts within the Trustee's control.[1] - 3. The Trustee reserves the rights to amend, modify or supplement this MOR or update it in future MORs. Specific Responses Part 1 Responses 4. As noted above, this information is limited to cash receipts and disbursements since the Trustee was appointed and with respect to accounts under the Trustee's control. This amount includes \$4 million received by the Trustee as escrow agent solely for the 1 The Trustee is currently investigating the Debtor's assets and financial affairs (with respect to which investigation the Debtor has not cooperated). purpose of securing the completion of the service, maintenance, and repairs required to be performed to restore the Lady May to good working order, as set forth in the *Consent Order Granting HK International Funds Investments (USA) Limited, LLC's Motion for Order Establishing Repair Reserve for the Lady May*, entered on October 7, 2022 [Docket No. 930], from which amount \$220,498.50 was disbursed in January 2023. Part 2 Responses - 5. To the extent this section is applicable (the Debtor is an individual), the Trustee has insufficient information to complete this section. As of the filing of this MOR, no bar date has been established with respect to prepetition claims and no bar date has been established with respect to administrative claims. - 6. The Trustee is aware of certain professional fees and expenses that have arisen in connection with services provided by the Trustee's counsel, however, the Trustee has not yet reviewed or approved such fees (payment of which remains contingent upon the Trustee's collection of additional estate assets), nor have any fee applications been filed with respect to such fees. The Trustee therefore believes it would be premature to list such fees herein as postpetition payables at this time. Part 3 Responses 7. No assets under the control of the Trustee have been sold or transferred. Part 4 Responses 8. To the extent this section is applicable (the Debtor is an individual), the Trustee has insufficient information to complete this section. Part 5 Responses - 9. There have been no commissions, fees, or expenses approved or paid with respect to the Trustee and his Court approved retained professionals, or with respect to any other professionals providing services to the official committee of unsecured creditors (the "Committee") or the Debtor (in connection with services provided to the Debtor prior to the appointment of the Trustee). - 10. The Trustee is aware of a number of professional firms that have provided services to the Committee or the Debtor (prior to the appointment of the Trustee) but that have not at this time had their retentions approved by the Court. The Trustee includes such professional firms (of which he is aware) in this part of the MOR out of an abundance of caution but reserves all his rights with respect to the retention and/or payment of fees with respect to such professional firms. The Trustee also notes that the Debtor may have employed professionals (prior to the appointment of the Trustee) of which the Trustee is not aware. Part 6 Responses 11. The Trustee is not aware of any postpetition taxes that have accrued during the time period since the Trustee's appointment. Part 7 Responses 12. The Trustee notes that the Debtor filed a chapter 11 plan on April 20, 2022 [Docket No. 197] (the "April 2022 Plan") with respect to which no disclosure statement was filed or approved. Part 8 Responses 13. The Trustee has insufficient information to respond to Part 8. Case 22-50073 Doc 1468 Filed 02/21/23 5~, G EASTWESTBANK / 9300 Flair Dr., 1 St FL El Monte, CA. 91731　Entered 02/21/23 17:18:15 Direct inquiries to: 888 761-3967 ACCOUNT STATEMENT of STARTING DATE: January 01, 2023 ENDING DATE: January 31, 2023 Total days in statement period: 31 ( O) CASE #22-50073 C/O PAUL HASTINGS LLP 200 PARK AVE NEW YORK NY 10166-0005　BK EST/HO WAN KWOK DEBTOR LUC A DESPINS, CH11 TRUSTEE　For 50 years, we've continued to make it our core mission to build bridges of opportunity. We thank you for choosing us as your financial bridge and look forward to serving you. Together, let's reach further. Standard Business Checking Account number Low balance　\$3,518,949.80　Beginning balance Total additions　I OJ　\$3,759,497.92 .00 \$3,704,758.53 Average balance　Total subtractions Ending balance　I 61　240,548.12 \$3,518,949.80 DEBITS Date　Transaction Description　Subtractions 01-05　Debit Memo　F1Duc1ARY MAINTENA NcE　25.00 01-05　Debit Memo　F1Duc1ARYcoLLATERAL　629.22 01-25　Outgoing Wire　MILLER ADVERT1s1NG AGENCY 1Nc　19,355.40 01-25　Service Charge　ourno1NG w1RE　40.00 01-25　Intl Wire Xfer　YACHTzoo LTD - HK 1NTERNAT10NAL　220,448.50 01-25　Service Charge　1Nn w1RE xFER　50.00 DAILY BALANCES Date　Amount　Date　Amount　Date　Amount 12-31　3,759,497.92　01-05　3,758,843.70　01-25　3,518,949.80 OVERDRAFT/RETURN ITEM FEES Total for this period　Total year-to-date Total Overdraft Fees　\$0.00　\$0.00 Total Returned Item Fees　\$0.00　\$0.00 Case 22-50073 Doc 1468 Filed 02/21/23 Entered 02/21/23 17:18:15 Page 18 of 18 STATEMENT BALANCING Fill in the amounts below from the front of this statement and your checkbook. ENTER Ending Balance of this Statement.　\$ ________ _　ENTER Present Balance in your checkbook　\$ ________ _ Add Deposits not shown \$ ________ _ on this Statement Sub Total \$ _　Subtract any service charges, finance or any other charges　\$ ________ _ Subtract Checks Issued but not on Statement　Sub Total　\$ _ CHECK NUMBER OR DATE　AMOUNT　CHECK NUMBER OR DATE　AMOUNT　Add Monthly Interest Earned Add any deposits not yet entered in checkbook (Reverse Advances)　\$ ________ _ \$ _ TOTAL　TOTAL　Subtract any checks not yet entered in checkbook (Reverse Payments)　\$ ________ _ Total amount of outstanding checks .　\$ ________ _ \$ ________ _ Balance **　Balance　\$ ________ _ IN CASE OF ERRORS OR QUESTIONS REGARDING YOUR CHECKING ACCOUNT You must examine your statement carefully and promptly. You are in the best position to discover errors and unauthorized transactions on your account. If you fail to notify us in writing of suspected problems or unauthorized transactions within the time periods as specified in the Deposit Agreement (which periods are no more than 60 days after we make the statement available to you and in some cases 30 days or less), we are not liable to you for, and you agree not to make a claim against us for problems or unauthorized transactions. IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC FUNDS TRANSFERS Telephone or write your local branch of account, listed on the statement front, as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer on the statement or receipt. We must hear from you no later than 60 days after we send you the FIRST statement on which the error or problem appeared. - I. Tell us your name and account number. - 2. Describe the en-or or the transfer you are unsure about and explain as clearly as you can why you believe there is an error or why you need more information. - 3. Tell us the dollar amount of the suspected error. We will investigate your complaint and will correct any error promptly. !four investigation takes longer than 10 business days from the date we received your notification, we will provisionally credit your account for the disputed amount until our investigation has been completed. If the disputed amount involves an electronic funds transfer to or from an account within 30 days after the first deposit to the account was made, we will provisionally credit your account within 20 business days from the date we receive your notification . ACCOUNTS WITH CHECK STORAGE Upon your request, we wi ll provide you, without charge, legible copies of two checks from each account statement. Additional copies of canceled checks are subject to our service charges. You can make a request for these copies by contacting the branch listed on the front of this statement. CHANGE OF ADDRESS *Please notify us immediately for change of address by phoning or writing your local branch of account, listed on thefronr of this sratement.* MEMBER FDIC (REV 11 /07)