UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 10, 2008
REUNION INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 01-15739 06-1439715
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(State of Incorporation) (Commission File No.) (IRS Employer ID No.)
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11 STANWIX STREET, SUITE 1400
PITTSBURGH, PENNSYLVANIA 15222
(Address of principal executive offices, including zip code)
(412) 281-2111
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 - Other Events
As previously reported, on November 26, 2007 Reunion Industries, Inc.
("Reunion") filed a voluntary petition for relief under Chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the District of
Connecticut, Bridgeport Division (the "Bankruptcy Court"). Reunion continues
to operate as "debtor-in-possession" in that proceeding under the jurisdiction
of the Bankruptcy Court and in accordance with the applicable provisions of
the Bankruptcy Code. Attached to and made a part of this Report is Reunion's
Monthly Operating Report that was filed on September 30,2008 with the
Bankruptcy Court and the United States Trustee pursuant to Rule 2015 of the
Federal Rules of Bankruptcy Procedure.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned, hereunto duly authorized.
Date: October 10, 2008 REUNION INDUSTRIES, INC.
---------------- (Registrant)
By: /s/ John M. Froehlich
---------------------
John M. Froehlich
Executive Vice President
of Finance and Chief
Financial Officer
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- 2 -
UNITED STATES BANKRUPTCY COURT
BRIDGEPORT DIVISION - DISTRICT OF CONNECTICUT
MONTHLY OPERATING REPORT
In re REUNION INDUSTRIES, INC. Case No. 07-50727(AHWS)
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Reporting Period: AUGUST 2008
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Federal Tax I.D. # 06-1439715
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CORPORATE MONTHLY OPERATING REPORT
REQUIRED DOCUMENTS Form No. Document Explanation
Attached Attached
----------------------------- -------------- -------- ------------
Schedule of Cash Receipts
and Disbursements MOR-1 YES N/A
Bank Reconciliations MOR-1(CON'T) YES N/A
Statement of Operations MOR-2 YES N/A
Balance Sheet MOR-3 YES N/A
Status of Post-petition Taxes MOR-4 YES N/A
Summary of Unpaid Post-petition
Debts MOR-4 YES N/A
Accounts Receivable MOR-5 YES N/A
Taxes Reconciliation & Aging MOR-5 YES N/A
Payments -Insiders/Professionals MOR-6 YES N/A
Post Petition Status of Secured
Notes, Leases Payable MOR-6 YES N/A
Debtor Questionnaire MOR-7 YES N/A
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this
report and the attached documents are true and correct to the best of
my knowledge and belief.
Authorized Individual s JOHN M. FROEHLICH, CFO Date SEPT. 24, 2008
Authorized individual must be an officer, director or shareholder if
debtor is a corporation.
- A-1 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 1/4
CASH RECEIPTS AND DISBURSEMENTS
AUGUST 2008
-----------
Cash - beginning of period excluding $ 7,170,684
Plus: Collections on receivables 1,707,097
Plus: Miscellaneous/Titan receipts/China Dividend 662,421
Less: Disbursements
Net payroll 367,068
Payroll taxes 132,416
Titan disbursements 49,143
Other operating 1,212,047
Secured debt payments 0
Reorganization:
Professional fees 110,804
U.S. Trustee fees 0
----------
Total 1,871,478
Increase(Decrease)in outstanding checks (95,231)
----------
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Cash - end of period $ 7,763,955
- A-2 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 2/4
BANK RECONCILIATION
AS OF AUGUST 31, 2008
BANK PNC BANK PNC BANK PNC BANK PNC BANK
TYPE OPERATING PAYROLL HEALTHCARE PENSION
ACCOUNT NUMBER 2161326 2184149 2880718 10382890
Balance per books $562,489 $ 0 $ 31,170 $ 0
======== ======= ======== ========
BANK BALANCE $584,385 $ 0 $ 68,430 $ 710
Deposits in transit 0
Outstanding checks (21,896) - (37,260) (710)
Other - explain below See Note 1
-------- ------- -------- --------
Adj. Bank Balance $562,489 $ 0 $ 31,170 $ 0
======== ======== ======== ========
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("Adj. Bank Balance" must equal "Balance per books".)
EXPLANATION OF OTHER:
Note 1: Bank balance includes $544,385 in an overnight deposit account.
- A-3 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 3/4
BANK RECONCILIATION
AS OF AUGUST 31, 2008
BANK PNC BANK PNC BANK PNC BANK PNC BANK
TYPE PENSION COLLATERAL CARVE-OUT SEGREGATED
ACCOUNT NUMBER 1011567058 1019820572 1019820847 1019821057
Balance per books $ 0 $4,580,223 $1,500,000 $250,000
======== ========== ========= ========
BANK BALANCE $ 5,955 $4,580,223 $1,500,000 $250,000
Deposits in transit 0
Outstanding checks (5,955)
Other - explain below -------- ---------- --------- --------
Adj. Bank Balance $ 0 $4,580,223 $1,500,000 $250,000
======== ========== ========= ========
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("Adj. Bank Balance" must equal "Balance per books".)
- A-4 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 4/4
BANK RECONCILIATION
AS OF AUGUST 31, 2008
BANK FIFTH THIRD FIFTH THIRD Chase Chase
TYPE OPERATING PAYROLL Operating Royalty
ACCOUNT NUMBER 7512940417 1065629 1690008469 1820765236
Balance per books $ 547,211 $ 0 $131,930 $ 160,932
========= ======== ======= ========
BANK BALANCE $ 748,067 $ 0 $133,865 $ 163,730
Deposits in transit
Outstanding checks (200,856) (1,935) (2,798)
Other - explain below
--------- -------- ------- --------
Adj. Bank Balance $ 547,211 $ 0 $131,930 $ 160,932
========= ======== ======= ========
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("Adj. Bank Balance" must equal "Balance per books".)
- A-5 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 2
INCOME STATEMENT
FOR THE PERIODS INDICATED
-------------------------
($ amounts in thousands)
Post
Month of Petition to
Aug-08 31-Aug-08
-------- ---------
Net Sales $ 1,437 $ 27,997
Cost of Sales:
Standard Cost 1,108 20,462
Variances & Other 204 1,985
------ -------
Gross Profit 125 5,550
Operating Expenses:
Marketing 47 857
General & Admin 237 2,883
------ -------
Operating Profit (159) 1,810
Other Income(Expense) 0 40,154
Equity in China JV 73 658
Reorganization exp:
Professional fees 0 (260)
U.S. Trustee fees 0 (51)
Other
Adequate Protection Paym't Exp. 0 (450)
Interest Expense - excluding Adequate
Protection Payments 550 (3,272)
------ -------
Profit before tax 464 38,589
Income Tax 0 0
------ -------
Net Income $ 464 $ 38,589
====== =======
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NOTE: Other income(expense) above primarily reflects the gain on
the sale of the Company's CP Industries division in
April of 2008.
- A-6 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 3
COMPARITIVE BALANCE SHEET
AS OF THE PERIODS SHOWN
-----------------------
($ amounts in thousands)
26-Nov-07 31-Jul-08 31-Aug-08
--------- --------- ---------
ASSETS:
Cash and Equivalents $ 754 $ 7,171 $ 7,764
Net Receivables 7,166 2,838 2,621
Net Inventory 12,369 2,049 1,884
Other Current Assets 3,029 2,026 2,076
------- ------- -------
Current 23,318 14,084 14,345
Net Property 6,300 3,218 3,210
Goodwill 10,994 1,491 1,491
CSV policies 2,200 2,195 2,195
Interest in China JV 3,009 3,594 3,667
------- ------- -------
Total $ 45,821 $ 24,582 $ 24,908
======= ======= =======
LIABILITIES & EQUITY:
Current Maturities of Debt $ 0 $ 0 $ 0
Trade Payables 3,305 2,803 2,730
Accrued Income Taxes 0 11 11
Accrued Interest 544 641 647
Customer Deposits 4,424 0 0
Accrued Other 4,272 4,307 4,236
------- ------- -------
Current 12,545 7,762 7,624
Secured Debt and interest 53,418 500 500
Other Liabilities 3,101 1,206 1,206
------- ------- -------
Total Liabilities 69,064 9,468 9,330
Total Equity (23,243) 15,114 15,578
------- ------- -------
Total $ 45,821 $ 24,582 $ 24,908
======= ======= =======
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- A-7 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 4 page 1/3
SUMMARY OF UNPAID POST PETITION TAXES AND DEBTS
AS OF AUGUST 31, 2008
($ Amounts in 000's)
TAXES:
Beg End
Liability Accrued Paid Liability
--------- -------- ----- ---------
NON-PAYROLL TAXES:
Sales $ 0 $ 0
Excise $ 0 $ 0
Real Property $ 0 $ 0
Personal Property $ 0 $ 0
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PAYROLL TAXES - See attached pages 2 to 3
Amount due for payrolls in the last half of
August 2008 - paid in September. $ 52
DEBTS:
------
Days Past Due
---------------------------
Current 0-30 31-60 61-90 Over 91 Total
------ ---- ---- ---- ------ ------
Accounts Payable $ 271 $ 109 $ 24 $ 0 $ 2,326 $ 2,730
Wages Payable 78 78
Taxes Payable 0 0
Rent-Building 0 0
Adequate Protection Paymts 0 0
Professional Fees 0 0 28 45 0 73
Amounts due Insiders 4 4 6 22 78 114
---- --- --- --- ----- -----
Total $ 353 $ 113 $ 58 $ 67 $ 2,404 $ 2,995
===== === === === ===== =====
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Explanations:
Wages represent hourly wages earned in the last half of August that were
paid in September.
Professional fees are due Reid and Riege and are awaiting Bankruptcy Court
approval.
Amounts due insiders represent post petition interest on note and guaranty fees.
- A-8 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 4 page 2/3
FIT/FICA TAX PAYMENTS and FUTA 940 TAX PAYMENTS
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AUGUST 2008
DATE
PAID REF HANNA HQ TOTAL
---- --- ------ ------ -------
AUGUST
01 941 18,294.39 10,905.09 29,199.48
04 0.00
05 941 15,342.52 15,342.52
06 0.00
07 0.00
08 0.00
11 0.00
12 941 10,488.55 10,488.55
13 0.00
14 0.00
15 0.00
18 0.00
19 941 35,588.38 10,875.98 46,464.36
20 0.00
21 0.00
22 0.00
25 0.00
26 941 17,247.11 17,247.11
27 0.00
28 0.00
29 0.00
30 0.00
--------- ---------- ---------
TOTAL 96,960.95 21,781.07 118,742.02
========== ========== ==========
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- A-9 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 4 page 3/3
PA., ILLINOIS, INDIANA AND WISCONSIN WITHHOLDING TAX PAYMENTS
AUGUST 2008
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DATE
PAID STATE HANNA HQ TOTAL
---- -------- -------- -------- ----------
AUGUST
01 0.00
04 PA & IL 1,633.76 1,167.82 2,801.58
05 0.00
06 IL 1,536.47 1,536.47
07 0.00
08 0.00
11 0.00
12 0.00
13 IL 1,069.64 1,069.64
14 0.00
15 WI 897.80 897.80
18 0.00
19 0.00
20 IL,PA,IN 3,328.07 1,242.89 4,570.96
21 0.00
22 0.00
25 0.00
26 0.00
27 IL 1,698.68 1,698.68
28 0.00
29 WI 1,099.12 1,099.12
30
-------- -------- --------
TOTAL 11,263.54 2,410.71 13,674.25
========= ======== =========
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- A-10 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 5
ACCOUNTS RECEIVABLE AND TAXES AGING
AS OF AUGUST 31, 2008
($ Amounts in 000's)
TRADE ACCOUNTS RECEIVABLE RECONCILIATION:
Trade Receivables - beg of month $ 2,964
Plus: Invoiced during the month 1,521
Less: Amounts collected (1,707)
Less: Credits/Adjustments (37)
------
Trade Receivables - end of month $ 2,741
======
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ACCOUNTS RECEIVABLE AGINGS:
0-30 $ 1,468
31-60 808
61-90 328
91+ 137
------
Total trade receivables 2,741
Non-trade receivables 22
Less: Reserve for bad debts (142)
------
Net Receivables - per balance sheet $ 2,621
======
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TAXES PAYABLE
Taxes from late Aug. payrolls - paid in Sept. $ 52
- A-11 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 6
PAYMENTS TO INSIDERS and PROFESSIONALS and
STATUS OF SECURED NOTES, LEASES AND ADEQUATE PROTECTION PAYMENTS
AUGUST 2008
Of the total disbursements shown on MOR-1, list the amount paid to
insiders and to professionals. For payments to insiders, identify
the type of compensation paid.
PAID THIS TOTAL
TYPE OF PERIOD POST
NAME PAYM'T AMOUNT PETITION
------------------------ ----------- --------- --------
INSIDERS:
---------
Thomas N. Amonett Director fees $ 1,500 $ 13,500
Charles E. Bradley Director fees $ 9,833 $ 88,497
Thomas L. Cassidy Director fees $ 1,500 $ 13,500
David E. Jackson Director fees $ 1,500 $ 13,500
Joseph C. Lawyer Director fees $ 4,625 $ 41,625
John G. Poole Director fees $ 5,000 $ 45,000
Kimball J. Bradley, CEO Salary $32,627 $293,643
John M. Froehlich, CFO Salary $18,255 $164,295
Thomas J. Vogel, VP Salary $ 9,350 $ 84,150
PROFESSIONALS:
--------------
TOTAL
DATE OF PAID THIS TOTAL INCURRED
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COURT AMOUNT PERIOD PAID TO AND
ORDER APPROVED AMOUNT DATE UNPAID
Reid and Riege, PC 11/28/07 $ 421,771 $ 110,804 $ 348,229 $73,542
POST PETITION STATUS OF SECURED NOTES,LEASES AND ADEQUATE PROTECTION PAYMENTS:
MONTHLY PAID POST
PAYM'TS DURING PETITION
NAME OF CREDITOR DUE MONTH UNPAID
------------------------- --------- --------- ---------
SECURED NOTES:(Principal in default)
ADEQUATE PROTECTION PAYMENTS:
U.S. Bank, as Trustee $ 0 $ 0 $ 0
LEASES
------
KWA Properties $ 70,198 $ 70,198 $ 0
IPC REIT - Stanwix Street Assoc $ 9,362 $ 9,362 $ 0
US Bancorp $ 2,890 $ 2,890 $ 0
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- A-12 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 7
DEBTOR QUESTIONNAIRE
AUGUST 2008
Must be completed each month. If the answer to any of the questions
is "Yes", provide a detailed explanation of each item.
Attach additional sheets if necessary.
YES NO
--- ---
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE
OF BUSINESS THIS REPORTING PERIOD? X
2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR
IN POSSESSION ACCOUNT THIS REPORTING PERIOD? X
3. IS THE DEBTOR DELINQUENT IN THE TIMELY FILING OF ANY POST-PETITION
TAX RETURNS? X
4. ARE WORKERS' COMPENSATION, GENERAL LIABLIITY OR OTHER NECESSARY
INSURANCE COVERAGES EXPIRED OR CANCELLED, OR HAS THE DEBOR
RECEIVED NOTICE OF EXPIRATION OR CANCELLATION OF SUCH POLICIES? X
5. IS THE DEBTOR DELINQUENT IN PAYING ANY INSURANCE PREMIUM PAYMENT? X
6. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS
REPORTING PERIOD? X
7. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM
RELATED PARTIES? X
8. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X
9. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X
10.ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
11.ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
12.HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? X
13.ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? X
14.ARE ANY WAGE PAYMENTS PAST DUE? X
15.HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? X
16.IS THE DEBTOR DELINQUENT IN PAYING ANY U.S. TRUSTEE FEES? X
17.IS THE DEBTOR DELINQUENT WITH ANY COURT ORDERED PAYMENTS TO ATTORNEYS
OR OTHER PROFESSIONALS? X
18.HAVE THE OWNERS OF SHAREHOLDERS RECEIVED ANY COMPENSATION OUTSTIDE OF
THE NORMAL COURSE OF BUSINESS? X
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- A-13 -
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