Guo Wengui / Miles Guo — bankruptcy case · PETITION · ECF #4272

In Re.

§ Case No.

Lead Case No.

Reporting Period Ended: 02/28/2025 Petition Date:

Months Pending: 53 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

Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit Statement of operations (profit or loss statement)

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

Signature of Responsible Party Printed Name of Responsible Party Luc A. Despins, as holder of proxy from Genever Holding

> Address Paul Hastings, 200 Park Ave., 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. Case 22-50073 Doc 4272 Filed 03/27/25 Entered 03/27/25 10:08:55 Page 2 of 16

Debtor's Name Genever Holdings LLC Case No. 22-50592

Part 1: Cash Receipts and Disbursements Current Month Cumulative

a. Cash balance beginning of month \$39,695 b. Total receipts (net of transfers between accounts) \$0 \$0 c. Total disbursements (net of transfers between accounts) \$0 \$95,341 d. Cash balance end of month (a+b-c) \$39,695 e. Disbursements made by third party for the benefit of the estate \$112,111 *

f. Total disbursements for quarterly fee calculation (c+e) \$112,111 \$5,290,917

(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

f. Postpetition payables (excluding taxes) \$0 g. Postpetition payables past due (excluding taxes) \$0

m. Prepetition unsecured debt \$195,300,000 n. Total liabilities (debt) (j+k+l+m) \$196,075,678 o. Ending equity/net worth (e-n) \$-124,547,049 Part 3: Assets Sold or Transferred Current Month Cumulative a. Total cash sales price for assets sold/transferred outside the ordinary

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

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

e. General and administrative expenses \$0

g. Depreciation and/or amortization (not included in 4b) \$0

i. Taxes (local, state, and federal) \$0

Case 22-50073 Doc 4272 Filed 03/27/25 Entered 03/27/25 10:08:55 Page 3 of 16

Debtor's Name Genever Holdings LLC Case No. 22-50592

Debtor's professional fees & expenses (bankruptcy) Aggregate Total \$17,975 \$283,900 \$17,975 \$283,900

i Neubert, Pepe & Monteith, PC. Co-Counsel \$0 \$20,793 \$0 \$20,793 ii O'Sullivan McCormack Jensen Co-Counsel \$17,975 \$263,107 \$17,975 \$263,107

Current Month Cumulative Month Cumulative b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total \$0

Case 22-50073 Doc 4272 Filed 03/27/25 Entered 03/27/25 10:08:55 Page 8 of 16

c. All professional fees and expenses (debtor & committees) \$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. without court approval? (if yes, see Instructions) Were any payments made outside the ordinary course of business 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. Was there any postpetition borrowing, other than trade credit?

h. Were all payments made to or on behalf of professionals approved by

i. Do you have: Worker's compensation insurance? Yes No If yes, are your premiums current? Yes No

If yes, are your premiums current? Yes No

If yes, are your premiums current? Yes No

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

f. Self-employment related 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

m. If yes, have you made all Domestic Support Obligation payments? No

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.**

Luc A. Despins, as holder of proxy of Genever Holdings

\*Part 1(e): Cash Receipts and Disbursements:

Management fees paid to Sherry Netherland from security deposit maintained by Sherry Netherland, in the amount of \$93,844.92, in February 2025.

LLC, as Debtor-in-Possession, to obtain post-petition financing, a payment of \$291.72 was made to Burnham Nationwide, Inc. for services from the estate of Ho Wan Kwok, case number 22- 50073, in February 2025. \*\*Part 5(a): Professional Fees and Expenses:

In accordance with the Court's order dated September 12, 2023, authorizing Genever Holdings LLC, as Debtor-in-Possession, to obtain post-petition financing, a payment in the amount of \$17,974.50 was made to O'Sullivan McCormack Jensen & Bliss PC, special counsel for Genever Holdings LLC, for approved fees from the estate of Ho Wan Kwok, case number 22-50073, in February 2025.

Doc 4272 Filed 03/27/25 Entered 03/27/25 10:08:55 Page 14 of 16

San Diego, CA 92191-1039 FEBRUARY 2025 XXXXXXXXXXXX9910 1

GENEVER HOLDINGS LLC CASE# 22-50592 200 PARK AVENUE NEW YORK NY 10166

Officer: Commercial Banking Statement Date: 3/14/25

Telephone Number: (844) 205-0249 Days In Statement Cycle: 28 Branch Number: 15 Small Business Banking

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

This account is linked with other related accounts for Service Charge Calculation.

Any applicable Service Charge will be assessed to primary account number XXXXXXXXXXXX9910

Doc 4272 Filed 03/27/25 Entered 03/27/25 10:08:55 Page 15 of 16

San Diego, CA 92191-1039 FEBRUARY 2025 XXXXXXXXXXXX9910 1

Officer:

Branch Number: 15 Statement Date: Days In Statement Cycle:

Less Required Reserves Average Negative Collected Balance

Balances Available for Earnings Credit 39,694.56

Negative Balance Service Charge On \$39,694.56

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Item Activity Balance Service Provided Activity Price Charge Required \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Deposit Services Small Business TM Maintenance .00 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Total Services and Required Balances .00 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ Current Month Net Excess .00 \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

Analysis Includes Activity From These Accounts:

UNITED STATES BANKRUPTCY COURT DISTRICT OF CONNECTICUT BRIDGEPORT DIVISION

In re: :

GENEVER HOLDINGS LLC, :

Debtor. : :

ATTACHMENT TO MONTHLY OPERATING REPORT FOR THE PERIOD ENDING FEBRUARY 28, 2025

This attachment is incorporated into and made a part of the Monthly Operating Report ("MOR") of Genever Holdings LLC (the "Debtor").

- 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 next to answers. Accordingly, as presented, certain responses may be inapplicable or incomplete. This attachment is being filed as an integral part of the MOR. - 2. The Debtor has been under the control of Luc A. Despins, in his capacity as chapter 11 trustee (the "Trustee") in the case of Ho Wan Kwok, as holder of a proxy from Genever Holdings Corporation, since September 2022. Information herein reflects the information available to the Trustee as of the date of the filing of this MOR but is subject to revision based on the Trustee's ongoing investigation and review of claims. For example, the amount of prepetition debt reported in Part 2 of the MOR, derived from the Debtor's schedules of assets and liabilities filed on November 3, 2020 (the "Schedules"), may be adjusted based on the disallowance of certain claims or the allowance of claims filed in connection with the reopened claims filing process with respect to which the claims bar date was set for February 17, 2023. Moreover, the value of the apartment at the Sherry Netherland Hotel, which the Debtor believes is its primary asset, may in reality be significantly lower than the amount reported in Part 2 of the MOR. In particular, the value of the apartment may be a fraction of the amount reported in Part 2 of the MOR given the fire that occurred in the apartment on March 15, 2023. The Trustee makes no representation as to the current market value of the Debtor's assets - 3. The Trustee reserves the rights to amend, modify or supplement this MOR or update it in future MORs.