EX-99.1 3 ex99-1.txt MONTHLY OPERATING REPORT EXHIBIT 99.1 Grand Court Lifestyles, Inc. Case Number: 00-32578(NLW) Reporting Period: October 2001 MONTHLY OPERATING REPORT

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached document are true and correct to the best of my knowledge and belief. /s/ Catherine V. Merlino CFO 11/13/01 -------------------------------------- -------- Signature of Debtor Date /s/ Catherine V. Merlino CFO 11/13/01 -------------------------------------- -------- Signature of Authorized Individual Date /s/ Catherine V. Merlino CFO 11/13/01 -------------------------------------- -------- Printed Name of Authorized Individual Date Case Number: 00-32578(NLW) Form MOR-1 Grand Court Lifestyles, Inc. Schedule of Cash Receipts and Disbursements October 1, 2001 - October 31, 2001

Calculating Trustee Quarterly Fees from Current Month Actual Total Disbursements ------------- Total Disbursements 660,259 Less: Transfers to Debtor in Possession accounts (321,000) Plus: Estate Disbursements made by outside sources 0 --------- 339,259 ========= (1) Represents the post-petition money market account and DDA account. The post-petition cash is kept in an investment account and transferred to the DDA account as needed (2) Amount represents the book balances of a Sterling National Bank setoff; debtor has been unable to ascertain the details of the setoff. Case Number:00-32578(NLW) Schedule of Cash Receipts and Cash Disbursements Supplementary Schedule October 1, 2001- October 31, 2001 Disbursements-Other Property Funding-operations 16,400 (1) --------- 16,400 ========= (1) Amount represents total advanced by debtor to two senior living properties to pay operating expenses, legal fees and insurance. CHASE MANHATTAN BANK MONEY MARKET A/C 312-8380029-65 October 31, 2001 Beginning Balance @10/01/01 6,997,520.58 Add: Cash Receipts 60,199.51 Less: Cash Disbursements (321,000.00) ------------ Book Balance @10/31/01 6,736,720.09 Less: Deposits in Transit- Add: Outstanding Checks- ------------ Bank Balance @10/31/01 6,736,720.09 ============ CHASE MONEY MARKET ACCT. ACCT. 312-8380029-65 RECONCILIATION-Cash Receipts October 31, 2001 GCL ---------- COBRA receipts 10/01/01 1,688.54 Caton 10/08/01 19,621.92 Cashflow 10/15/01 25,491.40 COBRA receipts 10/25/01 3,157.04 Vendor refund 10/25/01 342.48 Batchelor receivable 10/29/01 3,000.00 Interest Income 10/31/01 6,898.13 ---------- 60,199.51 ========== GRAND COURT LIFESTYLES, INC. CHASE MONEY MARKET ACCT. CASH DISBURSEMENTS October 31, 2001

CHASE MANHATTAN BANK BUSINESS CHECKING ACCT. A/C 312-8380029-66 October 31, 2001 Beginning Balance @10/01/01 20,466.72 Add: Cash Receipts 321,000.00 Less: Cash Disbursements (338,382.60) ------------ Book Balance @10/31/01 3,084.12 Less: Deposits and transit Add: Outstanding Checks 36,193.67 ------------ Bank Balance @10/31/01 39,277.79 ============ CHASE CHECKING ACCOUNT CASH RECEIPTS October 31, 2001 Deposit Deposit Date Description Amount ----------------------------------------------------------------- 10/01/01 Transfer to Chase money market acct. 80,000.00 10/09/01 Transfer to Chase money market acct. 120,000.00 10/22/01 Transfer to Chase money market acct. 26,000.00 10/23/01 Transfer to Chase money market acct. 70,000.00 10/29/01 Transfer to Chase money market acct. 25,000.00 ---------- 321,000.00 ========== -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 -------------------------------------------------------------------------------- Bank Atlantic-Boca Payroll -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 2001 -------------------------------------------------------------------------------- October -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL BEGINNING 5,330.56 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CR - PER G/L -------------------------------------------------------------------------------- WT fm Chase 20,000.00 -------------------------------------------------------------------------------- WT fm Chase 20,000.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 10/12/01 (19,796.87) -------------------------------------------------------------------------------- 10/26/01 (19,951.42) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 401-k transfer 10/12/01 (166.17) -------------------------------------------------------------------------------- 401-k transfer 10/26/01 (166.17) -------------------------------------------------------------------------------- 401-k transfer -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Garnishments -------------------------------------------------------------------------------- Garnishments -------------------------------------------------------------------------------- Garnishments -------------------------------------------------------------------------------- Other CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- CD-S/C -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL ENDING 5,249.93 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DIT: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- O/S -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 0.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BALANCE 5,249.93 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Per Bank Statement 5,249.93 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (0.00) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- GRAND COURT LIFESTYLES, INC. -------------------------------------------------------------------------------- PAYROLL BANK RECONCILIATION -------------------------------------------------------------------------------- S:\USERS\CM\01GCLPR.WK4 -------------------------------------------------------------------------------- Oct 2001 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL BEGINNING 5,371.46 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CR - PER G/L WT fm Chase 18,000.00 -------------------------------------------------------------------------------- WT fm Chase 52,000.00 -------------------------------------------------------------------------------- WT fm Chase 45,000.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-PAYROLL-per ADP sheets 10/12/01 (42,535.41) -------------------------------------------------------------------------------- 10/26/01 (24,741.87) -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Health insurance -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Payroll taxes 10/12/01 (25,771.95) -------------------------------------------------------------------------------- Payroll taxes 10/26/01 (19,165.49) -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Payroll taxes -------------------------------------------------------------------------------- Garnishments ck#1311 (1,311.50) -------------------------------------------------------------------------------- Garnishments ck#1315 (1,311.50) -------------------------------------------------------------------------------- Garnishments -------------------------------------------------------------------------------- Other CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-included in prior month CD -------------------------------------------------------------------------------- Manual check-not included in ADP -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided cks per ADP included in prior month -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- Voided checks not yet in ADP -------------------------------------------------------------------------------- safety deposit box -------------------------------------------------------------------------------- Other-ADP charges (505.14) -------------------------------------------------------------------------------- Other-ADP charges (90.87) -------------------------------------------------------------------------------- Other-ADP charges (34.00) -------------------------------------------------------------------------------- Other-ADP charges (302.25) -------------------------------------------------------------------------------- Other-ADP charges (25.00) -------------------------------------------------------------------------------- Other-Safety deposit box -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- CD-S/C -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BOOK BAL ENDING 4,576.48 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DIT: -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- O/S: ck#3453 5,518.06 -------------------------------------------------------------------------------- ck#1315 1,311.50 -------------------------------------------------------------------------------- ADP 10/19/01 302.25 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Total Outstanding Checks 7,131.81 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- BANK BALANCE 11,708.29 ========= -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Per Bank Statement 11,708.29 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- (0.00) -------------------------------------------------------------------------------- CHASE MANHATTAN BANK MULTI FAMILY MONEY MARKET A/C 312-8380029-67 October 31, 2001 Beginning Balance @10/01/01 4,826,357.50 Add: Cash Receipts-sales proceeds-Hialeah/Miami 100,000.00 Add: Cash Receipts-interest income 4,878.16 ------------ Book Balance @10/31/01 4,931,235.66 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @10/31/01 4,931,235.66 ============ CHASE MANHATTAN BANK REAL ESTATE ESCROW ACCOUNT A/C 312-8396952-65 October 31, 2001 Beginning Balance @10/01/01 95,068.67 Add: Cash Receipts-Interest Income 96.03 Less: Cash Disbursements 0.00 ------------ Book Balance @10/31/01 95,164.70 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @10/31/01 95,164.70 ============ CHASE MANHATTAN BANK RENTAL AGENCY ESCROW ACCT. A/C 312-8396952-65 October 31, 2001 Beginning Balance @10/01/01 28,212.79 Add: Cash Receipts 28.50 Less: Cash Disbursements 0.00 ------------ Book Balance @10/31/01 28,241.29 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @10/31/01 28,241.29 ============ Form MOR-2 Grand Court Lifestyles, Inc. Income Statement October 1, 2001 - October 31, 2001 Cumulative Filing 10/31/01 to Date ------------------------------- Revenues: Management Fee Income 0 2,279,074 General Partner Fees 0 304,645 Interest Income 26,918 10,257,533 Deferred Profit Earned 43,253 929,093 Loss from Wholly-Owned Subsidiaries 0 (2,283,377) Loss from Joint Ventures 0 (1,183,855) Other Income 0 515,000 ---------------------------- Total Revenues 70,171 10,818,113 Administrative Expenses: Travel 797 76,484 Telephone 6,390 298,113 Federal Express 2,661 66,077 Postage (92) 41,872 Office Supplies & Expense 4,862 265,373 Outside Storage 1,631 31,432 Miscellaneous 0 42,021 ADP 957 13,309 Legal & Accounting 0 133,409 Licenses & Filing Fees 1,415 46,344 Recruitment 0 8,855 Printing 0 8,765 Caton Expenses 20,366 303,330 Rent 30,751 1,019,312 Computer Equipment Maintenance 596 182,301 Insurance 33,648 757,916 Equipment Leases 3,582 140,196 Office Salaries and expenses 163,200 6,311,430 Director's Fees 0 9,500 Interest 0 25,874 Corporate Taxes 1,432 254,530 Amortization 0 472,545 ---------------------------- Total Administrative Expenses 272,196 10,508,988 ---------------------------- Extraordinary Expenses: Net loss due to loss of properties (1) (131,000) 25,499,421 ---------------------------- Total Expenses 141,196 36,088,409 ---------------------------- Net Income(Loss) Before Reorganization Expenses (71,025) (25,190,296) ---------------------------- Restructuring Expenses: Administrative fees (7,206) (353,794) Professional fees 0 (3,345,842) US Trustee Quarterly Fees (7,500) (49,250) Interest Earned on Accumulated Cash from Chapter 11 11,901 211,735 ---------------------------- Total Reorganization Expenses (2,805) (3,537,151) ---------------------------- Net Income(Loss) (73,830) (28,727,447) ============================ Note (1): (a) Net loss due to loss of properties for the month of October represents: (i) reduction of loans payable due to the collection of investor notes which were sold as part of the sale of the general partner interests pursuant to section 363 of the bankruptcy code and the application of the investor note payments to the Debtor's liability. (131,000) (b) A final analysis of all of the details of the sale of the general partner interests and related assets and its effect on the balance sheet and income statement of the debtor has not yet been completed.

Form MOR-3 Grand Court Lifestyles, Inc. Balance Sheet October 31, 2001 Book Value Book Value at end of on Petition Month Date -------------------------------- Assets: Cash 11,804,269 2,998,777 Notes & Receivables 171,552,267 227,986,234 Investments 8,197,789 16,099,729 Construction in Progress (0) 739,486 Furniture & Equipment-net 334,692 4,658,158 Other Assets 16,700,510 18,526,143 -------------------------------- Total Assets 208,589,527 271,008,527 ================================ Liabilities Not Subject to Compromise: Accounts Payable 281,076 549,781 Professional Fees 964,158 -- -------------------------------- Total Post-Petition Liabilities 1,245,234 549,781 -------------------------------- Deferred Income 43,671,893 67,403,696 Deferred Rent Obligations -- 2,741,705 Liabilities Subject to Compromise: Secured Debt 94,116,584 106,385,512 Priority Debt 217,279 486,635 Unsecured Debt 88,425,112 84,197,250 -------------------------------- Total Pre-Petition Liabilities 182,758,975 191,069,397 -------------------------------- Stockholders' Equity: Common Stock 178,000 178,000 Treasury Stock (1,579,817) (1,579,817) Paid-in-Capital 75,350,594 75,053,000 Accumulated Deficit (57,091,480) (57,190,813) Net (loss) for period (35,943,872) (7,216,422) -------------------------------- Total Stockholders' Equity (19,086,575) 9,243,948 -------------------------------- Total Liabilities & Stockholders' Equity 208,589,527 271,008,527 ================================ Case Number: OO-32578(NLW) Reporting Period: Month of October 2001 Status of Postpetition Taxes Fort Lee & Boca office

Case Number:00-32578(NLW) Form MOR-4 Grand Court Lifestyles, Inc. Summary of Post Petition Debts Reporting period: October 31, 2001

For MOR-5 Grand Court Lifestyles, Inc. Case Number 00-32578(NLW) Reporting Period - October 2001 Debtor Questionaire Yes No -------------------------------------------------------------------------------- 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X -------------------------------------------------------------------------------- 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. X -------------------------------------------------------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X -------------------------------------------------------------------------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X --------------------------------------------------------------------------------

GRAND COURT LIFESTYLES INC 8-K