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) November 14, 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 October 24, 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: November 14, 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)
------------------------ --------------
Reporting Period: SEPTEMBER 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 OCT. 22, 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
SEPTEMBER 2008
--------------
Cash - beginning of period excluding $ 7,763,955
Plus: Collections on receivables 1,701,368
Plus: Miscellaneous/Titan receipts/China Dividend 356,124
Less: Disbursements
Net payroll 336,492
Payroll taxes 157,661
Titan disbursements 37,289
Other operating 1,228,964
Income Tax payments 472,444
Reorganization:
Professional fees 28,349
U.S. Trustee fees 0
----------
Total 2,261,199
Increase(Decrease)in outstanding checks 80,896
----------
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Cash - end of period $ 7,479,352
- A-2 -
REUNION INDUSTRIES, INC. CASE NO. 07-50727(AHWS)
MONTHLY OPERATING REPORT - 1 page 2/4
BANK RECONCILIATION
AS OF SEPTEMBER 30, 2008
BANK PNC BANK PNC BANK PNC BANK PNC BANK
TYPE OPERATING PAYROLL HEALTHCARE PENSION
ACCOUNT NUMBER 2161326 2184149 2880718 10382890
Balance per books $421,095 $ 0 $ 0 $ 0
======== ======= ======== ========
BANK BALANCE $531,227 $ 0 $ 41,530 $ 710
Deposits in transit (24,645) 24,645
Outstanding checks (85,487) - (66,175) (710)
Other - explain below See Note 1
-------- ------- -------- --------
Adj. Bank Balance $421,095 $ 0 $ 0 $ 0
======== ======== ======== ========
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("Adj. Bank Balance" must equal "Balance per books".)
EXPLANATION OF OTHER:
Note 1: Bank balance includes $454,227 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 SEPTEMBER 30, 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 $4,588,974 $1,502,469 $250,461
======== ========== ========= ========
BANK BALANCE $ 5,728 $4,588,974 $1,502,469 $250,461
Deposits in transit 0
Outstanding checks (5,728)
Other - explain below -------- ---------- --------- --------
Adj. Bank Balance $ 0 $4,588,974 $1,502,469 $250,461
======== ========== ========= ========
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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 SEPTEMBER 30, 2008
BANK FIFTH THIRD FIFTH THIRD Chase Chase
TYPE OPERATING PAYROLL Operating Royalty
ACCOUNT NUMBER 7512940417 1065629 1690008469 1820765236
Balance per books $ 504,677 $ 0 $ 90,031 $ 121,645
========= ======== ======= ========
BANK BALANCE $ 689,585 $ 0 $ 96,270 $ 124,701
Deposits in transit
Outstanding checks (184,908) (6,239) (3,056)
Other - explain below
--------- -------- ------- --------
Adj. Bank Balance $ 504,677 $ 0 $ 90,031 $ 121,645
========= ======== ======= ========
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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
Sep-08 30-Sep-08
-------- ---------
Net Sales $ 1,375 $ 29,372
Cost of Sales:
Standard Cost 1,044 21,506
Variances & Other 165 2,150
------ -------
Gross Profit 166 5,716
Operating Expenses:
Marketing 46 903
General & Admin 281 3,164
------ -------
Operating Profit (161) 1,649
Other Income(Expense) 32 40,186
Equity in China JV 54 712
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 24 (3,248)
------ -------
Profit before tax (51) 38,538
Income Tax 0 0
------ -------
Net Income $ (51) $ 38,538
====== =======
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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-Aug-08 30-Sep-08
--------- --------- ---------
ASSETS:
Cash and Equivalents $ 754 $ 7,764 $ 7,479
Net Receivables 7,166 2,621 2,340
Net Inventory 12,369 1,884 1,940
Other Current Assets 3,029 2,076 2,110
------- ------- -------
Current 23,318 14,345 13,869
Net Property 6,300 3,210 3,193
Goodwill 10,994 1,491 1,491
CSV policies 2,200 2,195 2,195
Interest in China JV 3,009 3,667 3,721
------- ------- -------
Total $ 45,821 $ 24,908 $ 24,469
======= ======= =======
LIABILITIES & EQUITY:
Current Maturities of Debt $ 0 $ 0 $ 0
Trade Payables 3,305 2,730 2,663
Accrued Income Taxes 0 11 11
Accrued Interest 544 647 647
Customer Deposits 4,424 0 0
Accrued Other 4,272 4,236 4,497
------- ------- -------
Current 12,545 7,624 7,818
Secured Debt and interest 53,418 500 500
Other Liabilities 3,101 1,206 624
------- ------- -------
Total Liabilities 69,064 9,330 8,942
Total Equity (23,243) 15,578 15,527
------- ------- -------
Total $ 45,821 $ 24,908 $ 24,469
======= ======= =======
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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 SEPTEMBER 30, 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
September 2008 - paid in October. $ 35
DEBTS:
------
Days Past Due
---------------------------
Current 0-30 31-60 61-90 Over 91 Total
------ ---- ---- ---- ------ ------
Accounts Payable $ 325 $ 105 $ 28 $ 0 $ 2,205 $ 2,663
Wages Payable 104 104
Taxes Payable 0 0
Rent-Building 0 0
Adequate Protection Paymts 0 0
Professional Fees 0 0 0 45 0 45
Amounts due Insiders 4 4 4 6 100 118
---- --- --- --- ----- -----
Total $ 433 $ 109 $ 32 $ 51 $ 2,305 $ 2,930
===== === === === ===== =====
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Explanations:
Wages represent hourly wages earned in the last half of September that were
paid in October.
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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SEPTEMBER 2008
DATE
PAID REF HANNA HQ TOTAL
---- --- ------ ------ -------
SEPTEMBER
02 0.00
03 941 36,358.89 10,847.97 47,206.86
04 0.00
05 0.00
08 0.00
09 941 15,405.36 15,405.36
10 0.00
11 0.00
12 0.00
15 0.00
16 941 16,364.98 16,364.98
17 941 19,505.16 10,875.99 30,381.15
18 0.00
19 0.00
22 0.00
23 941 16,871.06 16,871.06
24 0.00
25 0.00
26 0.00
29 0.00
30 941 17,112.52 17,112.52
--------- ---------- ---------
TOTAL 121,617.97 21,723.96 143,341.93
========== ========== ==========
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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
SEPTEMBER 2008
DATE
PAID STATE HANNA HQ TOTAL
---- -------- -------- -------- ----------
SEPTEMBER
02 0.00
03 PA 1,167.82 1,167.82
04 IL 3,398.87 3,398.87
05 0.00
08 0.00
09 0.00
10 IL 1,542.14 1,542.14
11 0.00
12 0.00
15 WI 970.59 970.59
16 0.00
17 IL 1,616.27 1,616.27
18 PA 1,167.82 1,167.82
19 IN,IL 1,733.08 68.54 1,801.62
22 0.00
23 0.00
24 IL 1,696.64 1,696.64
25 0.00
26 0.00
29 0.00
30 WI 957.63 957.63
-------- -------- --------
TOTAL 11,915.22 2,404.18 14,319.40
========= ======== =========
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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 SEPTEMBER 30, 2008
($ Amounts in 000's)
TRADE ACCOUNTS RECEIVABLE RECONCILIATION:
Trade Receivables - beg of month $ 2,741
Plus: Invoiced during the month 1,447
Less: Amounts collected (1,701)
Less: Credits/Adjustments (33)
------
Trade Receivables - end of month $ 2,454
======
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ACCOUNTS RECEIVABLE AGINGS:
0-30 $ 1,329
31-60 702
61-90 261
91+ 162
------
Total trade receivables 2,454
Non-trade receivables 25
Less: Reserve for bad debts (139)
------
Net Receivables - per balance sheet $ 2,340
======
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TAXES PAYABLE
Taxes from late Sept. payrolls - paid in Oct. $ 35
- 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
SEPTEMBER 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 $ 15,000
Charles E. Bradley Director fees $ 9,833 $ 98,330
Thomas L. Cassidy Director fees $ 1,500 $ 15,000
David E. Jackson Director fees $ 1,500 $ 15,000
Joseph C. Lawyer Director fees $ 4,625 $ 46,250
John G. Poole Director fees $ 5,000 $ 50,000
Kimball J. Bradley, CEO Salary $32,627 $326,270
John M. Froehlich, CFO Salary $18,255 $182,550
Thomas J. Vogel, VP Salary $ 9,350 $ 93,500
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 $ 28,349 $ 376,578 $45,193
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
SEPTEMBER 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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