Updated Operating Report

Heads up! An updated Operating Report from the debtor Heller Ehrman was filed on March 25, 2009 with the bankruptcy court.  You can download the pdf version here.

While I am no expert on financial statements, here are some things I’ve noticed:

  • Balance Sheet:  Under Other Assets, it shows $588,014 “due from Staff” – any idea what this could be?
  • Due from HK and LN: I assume this is money due to Heller from the Hong Kong and London operations which are separate entities.  Any idea how this works and the likelihood of recovery?
  • On the next page under Liabilities, the Priority Unsecured claims are now at $5.6M and the General Unsecured claims are at $35.8M.
  • On the Schedules to the Balance Sheet, there is $81.2M in accounts receivable with what seems to be a 15% allowance for “doubtful accounts” – totalling $12M. Isn’t this a little optomistic?
  • In the Bank of America bank statements, there is a $1.7M wire transfer listed as “Bank Adjustment” and “Funds Transfer Debit” – I haven’t taken time to match that up with the rest of the document but I’m curious as to what that is for. 



2 Responses to “Updated Operating Report”

  1. 1 Another Former Secretary 26 March 2009 at 5:10 pm

    “due from Staff” — Could this be all the personal phone calls and mail and FedEx packages that we got bills for every month? Could there be that much outstanding?

  2. 2 News Elf 27 March 2009 at 10:27 am

    As far as receivables go, check out today’s article on law.com:

    Heller Collects Only $8M of $77M

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