EX-99.1 3 ex99-1.txt MONTHLY OPERATING REPORT EXHIBIT 99.1 Grand Court Lifestyles, Inc. Case Number: 00-32578(NLW) Reporting Period: February 2002 MONTHLY OPERATING REPORT -------------------------------------------------------------------------------- Form Document Explanation REQUIRED DOCUMENTS No Attached Attached -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Schedule of Cash Receipts & Disbursements MOR-1 X -------------------------------------------------------------------------------- Bank Reconciliation MOR-1 (CONT) X -------------------------------------------------------------------------------- Copies of bank statements X -------------------------------------------------------------------------------- Cash disbursement journals (attached to bank reconciliations) X -------------------------------------------------------------------------------- Statement of Operations MOR-2 X -------------------------------------------------------------------------------- Balance Sheet MOR-3 X -------------------------------------------------------------------------------- Status of Post Petition Taxes MOR-4 -------------------------------------------------------------------------------- Copies of IRS Form 6123 or payment receipt X -------------------------------------------------------------------------------- Copies of tax returns filed during reporting period X -------------------------------------------------------------------------------- Summary of Unpaid Post Petition Debts MOR-4 -------------------------------------------------------------------------------- Listing of aged accounts payable X -------------------------------------------------------------------------------- Accounts Receivable Reconciliation & Aging MOR-5 N/A -------------------------------------------------------------------------------- Debtor Questionairre MOR-5 X -------------------------------------------------------------------------------- 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 3/15/02 ---------------------------------------- ------- Signature of Debtor Date /s/ Catherine V. Merlino CFO 3/15/02 ---------------------------------------- ------- Signature of Authorized Individual Date Catherine V. Merlino CFO 3/15/02 ---------------------------------------- ------- Printed Name of Authorized Individual Date Case Number: 00-32578(NLW) Form MOR-1 Grand Court Lifestyles, Inc. Schedule of Cash Receipts and Disbursements February 1, 2002 - February 28, 2002

Calculating Trustee Quarterly Fees from Current Month Actual Total Disbursements ------------ Total Disbursements 1,636,328 Less: Transfers to Debtor in Possession accounts (892,681) Plus: Estate Disbursements made by outside sources 0 ------------ 743,647 ============ (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 February 1, 2002-February 28, 2002 Disbursements-Other Property Funding-operations 30,391 (1) Purchase of lien 387,924 (2) ------- 418,315 ======= (1) Amount represents total advanced by debtor to two senior living properties to pay operating expenses, legal fees and insurance. (2) Purchase of lien on property in Kentucky as per court order. CHASE MANHATTAN BANK BUSINESS CHECKING ACCT. A/C 312-8380029-66 February 28, 2002 Beginning Balance @2/01/02 19,976.49 Add: Cash Receipts 742,681.00 Less: Cash Disbursements (743,672.34) ------------ Book Balance @2/28/02 18,985.15 Less: Deposits and transit Add: Outstanding Checks 25,897.78 ------------ Bank Balance @2/28/02 44,882.93 ============ CHASE CHECKING ACCOUNT CASH RECEIPTS February 28, 2002 02/01/02 Transfer from Chase money market acct. 80,000.00 02/05/02 Transfer from Chase money market acct. 400,000.00 02/08/02 Transfer from Chase money market acct. 30,000.00 02/12/02 Transfer from Chase money market acct. 79,000.00 02/13/02 Transfer from Chase money market acct.-multi-family 3,681.00 02/15/02 Transfer from Chase money market acct. 40,000.00 02/20/02 Transfer from Chase money market acct. 20,000.00 02/26/02 Transfer from Chase money market acct. 90,000.00 ---------- 742,681.00 ========== CHASE MANHATTAN BANK MONEY MARKET A/C 312-8380029-65 February 28, 2002 Beginning Balance @2/01/02 5,403,354.85 Add: Cash Receipts 80,369.57 Less: Cash Disbursements (889,000.00) ------------ Book Balance @2/28/02 4,594,724.42 Less: Deposits in Transit- Add: Outstanding Checks- ------------ Bank Balance @2/28/02 4,594,724.42 ============ CHASE MONEY MARKET ACCT. ACCT. 312-8380029-65 RECONCILIATION-Cash Receipts February 28, 2002 GCL ---------- COBRA receipts 02/01/02 1,270.13 Caton 02/04/02 24,284.17 Tax refund 02/13/02 1,369.26 Cashflow 02/14/02 20,859.35 Reimb expenses 02/14/02 1,615.50 Tax refund 02/21/02 71.00 Reimb expenses 02/25/02 140.99 Batchelor receivable 02/25/02 24,600.00 COBRA receipts 02/25/02 2,850.65 Interest Income 02/28/02 3,308.52 ---------- 80,369.57 ========== GRAND COURT LIFESTYLES, INC. CHASE MONEY MARKET ACCT. CASH DISBURSEMENTS February 28, 2002

GRAND COURT LIFESTYLES, INC. PAYROLL BANK RECONCILIATION S:\USERS\CM\02GCLPR.WK4 Bank Atlantic-Boca Payroll 2002 February BOOK BAL BEGINNING 5,616.22 CR - PER G/L WT fm Chase 19,000.00 WT fm Chase 19,000.00 CD-PAYROLL-per ADP 2/14/02 (19,205.14) 2/28/02 (19,205.16) CD-S/C BOOK BAL ENDING 5,205.92 ============= DIT: O/S: ck#3616 1,098.44 ck#3617 1,847.28 ck#3618 5,873.61 ck#3619 1,249.34 ck#3620 3,416.42 ck#3621 4,651.72 ck#3622 1,068.35 19,205.16 BANK BALANCE 24,411.08 ============= Per Bank Statement 24,411.08 (0.00) GRAND COURT LIFESTYLES, INC. PAYROLL BANK RECONCILIATION Feb 02 BOOK BAL BEGINNING 6,469.89 CR - PER G/L WT fm Chase 60,000.00 WT fm Chase 50,000.00 CD-PAYROLL-per ADP sheets 2/14/02 (24,430.84) 2/28/02 (24,450.69) Payroll taxes 2/14/02 (33,755.41) Payroll taxes 2/28/02 (23,888.66) Payroll taxes Garnishments ck#1343 (1,311.50) Garnishments ck#1344 (1,311.50) Garnishments safety deposit box Other-ADP charges (109.76) Other-ADP charges (204.10) Other-ADP charges (55.87) Other-ADP charges (44.00) Other-ADP charges CD-S/C BOOK BAL ENDING 6,907.56 ============= DIT: O/S: ADP charge 44.00 ck#1344 1,311.50 ck#3607 2,721.67 ck#3608 1,746.51 ck#3612 5,570.81 ck#3613 2,075.73 Total Outstanding Checks 13,470.22 BANK BALANCE 20,377.78 ============= Per Bank Statement 20,377.78 (0.00) CHASE MANHATTAN BANK MULTI FAMILY MONEY MARKET A/C 312-8380029-67 February 28, 2002 Beginning Balance @2/01/02 5,276,554.32 Add: Cash Receipts-sales proceeds Add: Cash Receipts-interest income 3,613.97 Less: Transfer to Chase Checking (3,681.00) ------------ Book Balance @2/28/02 5,276,487.29 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ------------ Bank Balance @2/28/02 5,276,487.29 ============ CHASE MANHATTAN BANK REAL ESTATE ESCROW ACCOUNT A/C 312-8396952-65 February 28, 2002 Beginning Balance @2/01/02 95,414.28 Add: Cash Receipts-Interest Income 65.37 Less: Cash Disbursements 0.00 --------- Book Balance @2/28/02 95,479.65 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @2/28/02 95,479.65 ========= CHASE MANHATTAN BANK RENTAL AGENCY ESCROW ACCT. A/C 312-8396952-65 February 28, 2002 Beginning Balance @2/01/02 28,315.35 Add: Cash Receipts 19.40 Less: Cash Disbursements 0.00 --------- Book Balance @2/28/02 28,334.75 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 --------- Bank Balance @2/28/02 28,334.75 ========= CHASE MANHATTAN BANK MONEY MARKET-Ed Glatz A/C 312-8380029-67 February 28, 2002 Beginning Balance @2/01/02 0.00 Add: Transfer from Chase Money Market 150,000.00 Less: Cash Receipts-interest income 59.81 ---------- Book Balance @2/28/02 150,059.81 Less: Deposits in Transit 0.00 Add: Outstanding Checks 0.00 ---------- Bank Balance @2/28/02 150,059.81 ========== Form MOR-2 Grand Court Lifestyles, Inc. Income Statement February 1, 2002- February 28, 2002 Cumulative Filing 2/28/02 to Date ------------------------------ Revenues: Management Fee Income (0) 2,279,074 General Partner Fees 0 304,645 Interest Income 46,261 11,123,201 Deferred Profit Earned 46,822 1,105,674 Loss from Wholly-Owned Subsidiaries 0 (3,291,473) Loss from Joint Ventures 0 (1,345,158) Other Income 0 515,000 ------------------------------ Total Revenues 93,083 10,690,963 Administrative Expenses: Travel 7,700 97,373 Telephone 6,294 313,084 Federal Express 1,869 72,474 Postage (0) 41,872 Office Supplies & Expense 4,587 284,270 Outside Storage 1,631 37,956 Miscellaneous 0 42,246 ADP 414 16,571 Legal & Accounting (0) 297,855 Licenses & Filing Fees (19) 51,188 Recruitment 0 8,855 Printing 0 8,765 Caton Expenses 15,704 397,349 Rent 24,446 1,117,974 Computer Equipment Maintenance 872 185,813 Insurance 20,703 827,785 Equipment Leases 3,571 154,510 Office Salaries and expenses 167,142 7,276,493 Director's Fees 0 9,500 Interest 0 25,874 Corporate Taxes 30,049 321,598 Amortization (0) 757,925 ------------------------------ Total Administrative Expenses 284,963 12,347,330 ------------------------------ Extraordinary Expenses: Net loss due to loss of properties (1) (569,100) 26,411,726 ------------------------------ Total Expenses (284,137) 38,759,056 ------------------------------ Net Income(Loss) Before Reorganization Expenses 377,220 (28,068,093) ------------------------------ Restructuring Expenses: Administrative fees (18,928) (392,615) Professional fees (15,000) (4,160,515) US Trustee Quarterly Fees 0 (54,250) Interest Earned on Accumulated Cash from Chapter 11 7,067 248,031 ------------------------------ Total Reorganization Expenses (26,861) (4,359,349) ------------------------------ Net Income(Loss) 350,359 (32,427,442) ============================== Note (1): (a) Net loss due to loss of properties for the month of February 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. (569,100) ---------- (569,100) ========== (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. (c) The fiscal year end of the debtor is January 31, 2002. Certain financial information needed in order to finalize the debtor's fiscal year end is not yet available. This information will be reported in the monthly operating report in which the information becomes available. Form MOR-3 Grand Court Lifestyles, Inc. Balance Sheet February 28, 2002 Book Value Book Value at end of on Petition Month Date --------------------------------- Assets: Cash 10,176,180 2,998,777 Notes & Receivables 171,283,864 227,986,234 Investments 3,925,692 16,099,729 Construction in Progress (0) 739,486 Furniture & Equipment-net 49,313 4,658,158 Other Assets 16,638,686 18,526,143 --------------------------------- Total Assets 202,073,735 271,008,527 ================================= Liabilities Not Subject to Compromise: Accounts Payable 276,737 549,781 Professional Fees 1,644,085 -- --------------------------------- Total Post-Petition Liabilities 1,920,822 549,781 --------------------------------- Deferred Income 43,495,309 67,403,696 Deferred Rent Obligations -- 2,741,705 Liabilities Subject to Compromise: Secured Debt 90,862,009 106,385,512 Priority Debt 217,279 486,635 Unsecured Debt 88,414,880 84,197,250 --------------------------------- Total Pre-Petition Liabilities 179,494,168 191,069,397 --------------------------------- 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 (39,693,861) (7,216,422) --------------------------------- Total Stockholders' Equity (23,836,564) 9,243,948 --------------------------------- Total Liabilities & Stockholders' Equity 202,073,735 271,008,527 ================================= Case Number: 0O-32578(NLW) Reporting Period: Month of February 2002 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: February 28, 2002 Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total ---------------------------------------------------- Accounts Payable 13,292 141 0 19,191 32,624 Accrued expenses 19,805 19,805 Taxes Payable 24,014 24,014 Other 194,480 5,814 200,294 ---------------------------------------------------- Total Post Petition Debts 218,494 13,292 141 0 44,810 276,737 ==================================================== For MOR-5 Grand Court Lifestyles, Inc. Case Number 00-32578(NLW) Reporting Period - February 2002 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