CAROLINA PROCUREMENT INSTITUTE, INC. LATE-FILED …

BEFORE THE PUBLIC SERVICE COMMISSION

OF SOUTH CAROLINA

In re: Application of Carolina Procurement Institute, Inc. for Class E Certificate to transport Household Goods Between Points and Places in South Carolina and for Nunc Pro Tunc Approval of Authority to Transport Shipments for Department of Defense

) ) ) ) ) ) ) ) ) )

CAROLINA PROCUREMENT INSTITUTE, INC.

LATE-FILED HEARING EXHIBIT

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UNITED STATES BANKRUPTCY COURT DISTRICT OF SOUTH CAROLINA IN RE: ) Case No. 15-04646-dd ) Chapter 11 Carolina Procurement Institute, Inc. ) 1815 Gervais Street ) Columbia, SC ) ) Debtor-in-possession. ) )

I have been asked by the South Carolina Public Service Commission to present a financial analysis of the assets and liabilities of Carolina Procurement Institute, Inc. as that Commission recently heard testimony from me in a hearing in which the Commission was asked by corporate principals to consider licensing for this corporation. Such licensing is regulated by state statutes under the laws of the state of South Carolina. The Commission requested that I include all corporate creditors, and that I also explain sections “541" and “525" of Title 11 of the United States Code, which encompasses the United States Bankruptcy Code and Rules.

11 U.S.C. section 541 (Property of the Bankruptcy Estate)

“The commencement of a case under section 301, 302, or 303 of this title creates an estate.”

For simplicity, those enumerated sections stated above simply describe that the filing of a petition in bankruptcy, whether a voluntary individual case (section 301), a voluntary joint case (section 302), or an involuntary case filed by creditors of the debtor (section 303). Section 541(a)(1) identifies property of the bankruptcy estate as “all legal or equitable interests of the debtor in property as of the commencement of the case.” In the case of Carolina Procurement Institute, Inc., although the deed to the real property located at 1811 and 1815 Gervais Street in Columbia, South Carolina is in the name of Gary and Michelle Washington personally, the debt securing that property was made to Carolina Procurement Institute, Inc., who made all of the mortgage payments under the loan, plus taxes, insurance, upfit and all other debts associated with the loan. Therefore, Carolina Procurement Institute, Inc. holds a one hundred (100%) percent equitable interest in the property that includes the substantial equity that exists in the property.

11 U.S.C. section 525 (Protection against Discriminatory Treatment)

A governmental unit may not deny, revoke, suspend, or refuse to renew a license, permit,

charter, franchise, or other similar grant to, and may not condition the granting of such, and may not discriminate with respect to such grant a debtor who is or has been a bankrupt under the United States Bankruptcy Code. This includes a corporation as that term is defined in section 101(48) of the Code. Section 525(a) prohibits government discrimination in the processing of “a license,

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permit, charter, franchise, or other similar grant” as well as government employment. See, for example, NextWave Personal Communications, Inc. v FCC, 254 F.3d, 130, 155 (D.C. Cir. 2001) in which the Court stated as follows: “FCC is barred by section 525 from cancelling broadband licenses when debtors stopped making payments and filed for bankruptcy. FCC must obey all federal laws, not just regulatory schemes it is supposed to enforce.”

SCHEDULE OF DISTRIBUTION OF PAYMENTS TO CREDITORS Class 1: Administrative Claims. Office of the United States Trustee: The debtor will continue to pay quarterly fees to the Office of United States Trustee under 11 USC section 1930(a)(6) until a final decree closing case is issued. The amount remaining is expected to be $1,300.00. Class 2: Priority Claims.

Internal Revenue Service: This entity filed an amended claim on December 15, 2015, for priority status in the amount of $63,260.29. The debtor will pay the sum of $1,400.22 per month, which includes three (3%) fixed interest, for 48 months, until this claim is paid in full.

S.C. Dept. Of Employment Workforce: This entity filed a proof of claim on January 11,

2016, for priority status in the amount of $13,219.25. The debtor will pay the sum of $292.60 per month, which includes three (3%) percent fixed interest, for 48 months, until this claim is paid in full. Class 3(A) through 3(B): Secured Claims.

(A) City of Columbia: This entity filed a proof of claim on January 29, 2016, in the total amount of $182,276.53. The claim reflects that it is secured by “furniture, fixture and equipment.” In spite of the fact that this entity’s proof of claim reflects it is secured in the entire amount of its claim, the value of its collateral per the debtor’s schedules is $18,000. Therefore, the debtor will file an objection to this entity’s proof of claim, and will pay the secured portion of the claim, based on the $18,000 value as follows: The debtor will pay $347.99 per month, which includes six (6%) fixed interest for 60 months, until the secured portion of the claim is paid. The debtor will request an accounting as to when and to whom the proceeds of this 2005 loan were distributed as the debtor’s principals deny that the debtor corporation or they received such funds.

(B) South Carolina Department of Revenue: This entity filed a proof of claim on February

17, 2016, for secured status in the amount of $6,680.93. The debtor will pay the sum of $147.88 per month, which includes three (3%) percent fixed interest, for 48 months, until this claim is paid in full.

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Class 4: Judgments and Mechanic’s liens.

None.

Class 5: Unexpired leases and executory contracts.

See attached as “Exhibit A”, and made a part of this statement.

Class 6: General unsecured creditors.

ACS Support: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $1,040.97. Therefore, the debtor will pay the sum of $260.24, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $4.34 per month. Access Receivables Management: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $3,902.59. Therefore, the debtor will pay the sum of $975.65, which equals twenty-five (25%) percent of the debt without interest over a period of 60 months, which results in payments of $16.26 per month. Allstate Insurance Company: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $518.98. Therefore, the debtor will pay the sum of $129.75, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $2.16 per month. American Infosource LP as agent for Direct TV: This entity filed a proof of claim on December 18, 2015, for unsecured general status in the amount of $160.04. Therefore, the debtor will pay the sum of $40.01, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $.67 per month. Amsher Collection Services, Inc.: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $7,949.85. Therefore, the debtor will pay the sum of $1.987.46, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $33.12 per month. Bank Direct Capital Finance: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $1,917.74. Therefore, the debtor will pay the sum of $492.69, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $8.21 per month. BB&T of SC: This entity did not file a proof of claim. The debtor listed the debt in its schedules filed with the Court in the amount of $0.00. Therefore, the debtor will pay nothing to this entity under this plan.

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Bellsouth Telecommunications, Inc.: This entity filed a proof of claim on December 14, 2015, for unsecured general status in the amount of $997.22. Therefore, the debtor will pay the sum of $249.31, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $4.16 per month. Capital One Bank: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $2,772.52. Therefore, the debtor will pay the sum of $693.13, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $11.55 per month. Chase Bank USA: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $17,294.64. Therefore, the debtor will pay the sum of $4,323.66, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $72.06 per month. City of Columbia: This entity filed a proof of claim on January 29, 2016 as reflected in class 3(B) above. As class 3(B) valued the secured portion of the claim at $18,000, the unsecured portion equals $164,276.53. Therefore, the debtor will pay the sum of $41,069.13, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $684.49 per month. These payments, however, are contingent upon the outcome of the debtor’s objection to this entity’s proof of claim, and the debtor’s demand for an accounting of to whom the funds from this 2005 loan were distributed as the debtors’ principals, Gary and Michelle Washington advise that the debtor corporation or they received said funds. Coleman America: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $7,357.71. Therefore, the debtor will pay the sum of $1,839.43, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $30.66 per month. Credit Collection Services: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $9,853.71. Therefore, the debtor will pay the sum of $2,463.43, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $41.06 per month. Duke Energy Progress: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $35.70. Therefore, the debtor will pay the sum of $8.93, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $.15 per month. Electric Services, Inc.: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $2,000.00. Therefore, the debtor will pay the sum of $500.00, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $8.33 per month.

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Fast Response Plumbing: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $2,130.00. Therefore, the debtor will pay the sum of $532.50, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $8.88 per month. IC System: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $997.22. Therefore, the debtor will pay the sum of $249.31, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $4.16 per month. Internal Revenue Service: This entity filed a proof of claim on December 15, 2015, for unsecured general status in the amount of $12,647.64. Therefore, the debtor will pay the sum of $3,161.91, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $52.70 per month. Law Offices of Ed Overcash, LLC: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $2,214.65. Therefore, the debtor will pay the sum of $553.66, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $9.23 per month. McCarthy, Burgess & Wolf: This entity did not file a proof of claim. The debtor listed the debt in its schedules filed with the Court in the amount of $0.00. Therefore, the debtor will pay this entity nothing in this plan. NBSC: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $9,100.00. Therefore, the debtor will pay the sum of $2,275.00, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $37.92 per month. Palmetto Specialty Transfer: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $65,000.00. Therefore, the debtor will pay the sum of $16,250.00, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $270.83 per month. RBC Bank: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $25,000.00. Therefore, the debtor will pay the sum of $6,250.00 which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $104.17 per month. RMS: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $478.00. Therefore, the debtor will pay the sum of $119.50, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $1.99 per month.

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RMS: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $5,075.00. Therefore, the debtor will pay the sum of $1,268.75, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $21.15 per month. South Carolina Community Bank: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $340,455.55. The debt is secured by the real property located at 1811 and 1815 Gervais Street, Columbia, SC, which is deeded in the name of the corporate debtors’ principals, Gary and Michelle Washington. Therefore, the debt is unsecured as to the debtor corporation. In mid-December, 2015, the property was sold at a foreclosure sale, and bought by this entity for $370,000. That foreclosure sale is being challenged on appeal. If the challenge is successful, the debtors’ principals will continue to owe the debt. If, however, the challenge is unsuccessful, the debt will have been paid in full through the foreclosure sale, and, therefore, no funds will be paid in this corporate debtor’s chapter 11 plan. South Carolina Department of Revenue: This entity filed a proof of claim on February 17, 2015, for unsecured general status in the amount of $1,594.09. Therefore, the debtor will pay the sum of $260.24, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $4.34 per month. South Carolina Electric & Gas Company: This entity filed a proof of claim on October 27, 2015, for unsecured general status in the amount of $359.16. Therefore, the debtor will pay the sum of $89.79, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $1.50 per month. Sunset Finance Co., LLC: This entity filed a proof of claim on December 15, 2015, for unsecured general status in the amount of $706.21. However, it withdrew that claim on December 15, 2015. Therefore, the debtor will make no payments to this entity under this plan of reorganization. The Hartford: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $5,075.00. Therefore, the debtor will pay the sum of $1,268.75, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $21.15 per month. Time Warner Cable: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $2,112.38. Therefore, the debtor will pay the sum of $528.10, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $8.80 per month. Wells Fargo Bank: This entity did not file a proof of claim. However, the debtor listed the debt in its schedules filed with the Court in the amount of $10,000.00. Therefore, the debtor will pay the sum of $2,500.00, which equals twenty-five (25%) of the debt without interest over a period of 60 months, which results in payments of $41.67 per month.

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Class 7: Equity Ownership: The debtor is a corporation, and will retain all interest in property that it owns.

BALANCE SHEET

As in every reorganization under chapter 11 of the Bankruptcy Code, the balance sheet of a corporation prior to the filing of the bankruptcy is never going to be the same as the balance sheet after a chapter 11 plan or repayment is confirmed by the Federal Bankruptcy Court. The simple reason unknown to those, who do not practice bankruptcy is that in a chapter 11 case, the main objective is to restructure the corporation’s debt. The confirmed chapter 11 plan, thereafter, changes all of the creditor’s contracts that existed prior to the filing of the chapter 11. Congress felt a need to allow this restructuring, because a failed business results in multiple negative economic conditions that not only affect the debtor, its principals, and its employees and their families, but also such failure adversely affects the economic conditions of the community.

ASSETS VERSUS LIABILITIES OF CAROLINA PROCUREMENT INSTITUTE, INC.

POST-CHAPTER 11 FILING ASSETS: Total value: $618,550. Real property: $557,000 (commercial properties located at 1811 and 1815 Gervais

Street, Columbia, South Carolina, such value based upon the Crider formal appraisal dated March, 2015). See “Exhibit B” attached hereto and made a part of this statement.

Personal property: $61,550 (based upon the schedule of personal property filed in the

chapter 11 case). See “Exhibit C” attached hereto and made a part of this statement. Note that the $557,000 listed in number 21 was not included in the calculation, because it was already accounted for in the real property value above. This does not include the potential net income to be derived from the corporation’s current contracts, such net income to be estimated at approximately $200,000. This is based upon the contracts described in “Exhibit A” attached hereto and made a part of this statement. The analysis of same is that the gross revenues equal slightly in excess of $1,000,000 with an anticipated profit of twenty (20%) percent equaling, therefore, $200,000.

LIABILITIES: As reflected by the “schedule of distribution of payments to creditors” set

forth above, the corporate debtor’s liabilities will be reduced by approximately seventy-five (75%) percent in its chapter 11 plan. The total of all those liabilities, therefore, equals $192,800.80. Note that for purposes of this balance sheet the amount owed on the two commercial buildings on Gervais Street is based on the proof of claim filed by the mortgage lender in the Bankruptcy Court. That amount was $369,781.72. The total debt, therefore, equals $562,582.52.

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TOTAL VALUE OF ASSETS: $618,550.00 TOTAL LIABILITIES GOING FORWARD: $562,582.52 NET EQUITY: $55,967.48

Robert H. Cooper, Dist. Ct. ID #5670 THE COOPER LAW FIRM Attorneys for the Debtor 150 Milestone Way, Ste B Greenville, South Carolina 29615 (864) 271-9911 phone (864) 232-5236 fax [email protected]

Dated: March 14, 2016 Greenville, South Carolina.

mailto:[email protected]

Case 15-04646-dd Doc 32 Filed 10/28/15 Entered 10/28/15 10:07:28Document Page 20 of 30

sGQ (oflicial Pnrm Gol (12&07&

In re Carolina Procurement Institute, Inc Case No. 16-046464d

Debtor

SCHEDULE C - EXECUTORY CONTRACTS AND UNKXI&IRED LEASES — AMENDED

Doscrihc all cxcculoly cr&nlrsols ol'any naluro and all unexpired losses of real or personal properly. Include any timcsharo internals. State lmlureOf dCI&IOr'S in&Cleat in COnlraCl, i.cv oPurOhSSCr", "Agent", OtC. Smlo WhsthCr debtOr io tho !CSSOr Or ICSSCC Ot'a ICGSC. PrOVido the nameS andccmplclc mailing sdd&esses of sil othw parties lo each lease or con&met dcscribcd. If c minor child is s party lo onc ol'thc losses or contracts,state lhc child'& initials and the name and a&!dress of tho chil&i'& parent ur gumdian„such as oA.B., s minor ohild, by John Dcc, gusr&iisn.o Dc ncldisclose thc child's name. Sco, I I U.S.C. I I 12 snd Pcd, IC. Bsnkr, P, l002(mj.

G Check this box if debtor has no executory contracts or unoxpirc&l leases.

Name and Mailing Address, Including Zip Cods,of Other l&arlics to l.esse or Contract

Description ol'Con&reel cr Lease snd Nature of Deb&or's Into real,Stale whether loose is for nonrcsidcnlia! real property,

State COntraCt number Of any LvCVCrnmont COnlraC&.

Clemson Universityc/o April Pitta, Contracting Officer106 Perimeter RoadClemson, SC 29634

Fort Jackson AFBcio INr, Reginald B, Covey4340 Itgagruder AvenueColumbia, SC 29207

Furniture items moving contract. Value isapproximately $320,000

Rapid deployment moving contract, Term Endsl(gay 2016, Contract¹ 999124C-11-D-0001. Value lsapproximately $256,000

Gervais Professional Suites1815 Gervals StreetColumbia, SC 29201

Shaw AFBc/o Nancy Hunt, Contracting Officer

Various client contracts

Commercial Lease for 181 5 Gervais Street, SuiteC, Columbia, SC - Term is from September 1, 2015through September 31, 2016. Rent is $400imonthpayable in janitorial supplies for the building.

Household moving contract, Contract EndsJanuary 2018, Contract¹FA4803-14.D0002. Valueis approximately $360,000

Consulting Contracts with Gross Revenues ofapprox. $90,000 to $ 130,000 with net income of$90,000.

0ccnlimlation sheets attadled to Schedule of Executory Contracts and Unexpired Leases

Soaesre Coovrlohi lcl 1soo 2o le - Seal Case. LLC - vovo hssirasscom assi Case Sshkrvolcv

CRIDER BOUYE ELLI TT& GOOD0sIIV LLCEXHIBIT

Crider, Bouye, Elliott, ck Goodwin,Real Estate Appraisers, Educators, and Consultants

Website: wwtv. cbeapprai sais. corn2 Ridgeway Avenue

Greenville, SC 29607(864) 232-1788

Charles F. Crider, MAITracy J. Bouye, MAIFleyward F. Crider, SRA (1934-2010)

Charles M. Crider, MAI, SRARobert R. Elliott, Jr., MAI, SRA

Eric D. Goodwin, MAI

March 12, 2015

Gervais Professional SuitesMr. Gary and Michelle Washington1815 Gervais StreetColumbia, SC 29154

RE: An appraisal of 1811 tk 1815 Gervias Street, Columbia, SC 29154. Further identified byRichland County Tax Assessor as Parcels R11406-16-20 dt R11406-16-19.

C. Matthew Crider, MAI, SRA inspected the above referenced property on March 5, 2015. The

purpose of the appraisaVvaluation analysis was to estimate the "As-Is" Fee Simple Market Value,of the subject properly.

All data considered pertinent to the making of this report has been investigated and analyzed.Market Value, as used above, is defined in the attached report and in the Confirmation letter of this

request, which is contained in the Addenda of this report. The reported analyses, opinions, and

conclusions were developed, and this report has been prepared in conformity with therequirements of the Code of Professional Ethics Ik Standards of Professional Appraisal Practiceof the Appraisal Institute, which include the Uniform Standards of Professional AppraisalPractice

The existence ofhazardous material beyond that which is discussed in the report was not observed

by the appmiser. No responsibility is assumed by the appraiser for any such conditions, or for anyexpertise required to discover them.

C. Matthew Crider, MAI, SRA has not performed a service, as an appraiser or in any other capacity,regarding the property that is the subject of this report within the three year period immediately

preceding acceptance of this assignment. This information has been disclosed to the client prior to

the engagement of this appraisal.

CRIDER BOUYE ELLIOTT& GOODBY LLC

AN APPRAISAL REPORT

OF

1811 dk 1815 GKRVAIS STREETCOLUMBIA, SC 29201

FURTHER IDENTIFIED AS TAX MAP NUMBERS:R11406-16-20 & R11406-16-19

DATE OF VALUATIONMARCH 5, 2015

DATE OF REPORTMARCH 12, 2015

PREPARED FORGERVAIS PROFESSIONAL SUITES

ATTN: GARY AND MICHELLE WASHINGTON1815 GKRVAIS STREETCOLUMBIA, SC 29154

PREPARED BY

C. MATTHEW CRIDER, MAI, SRA

CRIDER BOUYE ELLIOTT& GOOD IFlN LLC

Tt * ~A: tg t 1 h t ddt ply thth 0 t g 0 t ty th

under Rule 2-2(a) of the Uniform Standards of Professional Appraisal Pvactice for an AppraisalReport Pursuant to the Scope of Work, t't presents only siannuny discussions of the data,reasoning, and analyses that were used in the appraisalprocess to develop the appraiser's opinion

of value. Supporting documentation, concerning the data, reasoning, and analyses is vetained inthe appraiser's file. The depth of discussion contained in the report is specific to the needs of theclient andfor the intended use stated below. Ilie appraiser is not responsible for unauthorized use

ofthis report.

Based on my investigation, analysis, and conclusions, my opinion is that the estimated "As Is"Market Value of the sub]ect property's Fee Simple Estate located at 1811 Gervias Street,Columbia, SC, containing a 1,180 SF professional office building, as of March 5, 2015, subjectto the General Assumptions and General Limiting Conditions is:

ONE HUNDRED TWELVE THOUSAND DOLLARS*$ 112 000*

*Excludes FF qfd E associated ivith the current occupant *s operation.

Based on my investigation, analysis, and conclusions, my opinion is that the estimated "As Is"Market Value of the subject property's Fee Simple Estate located at 1815 Gervias Street,Columbia, SC, containing a 4,917 SF office building, as of March 5, 2015, subject to theGeneral Assumptions and General Limiting Conditions is:

FOUR HUNDRED FOURTY FIVE THOUSAND DOLLA,RS$440 000*

*Excludes FF tfd E associated with the current occupant 's operation.

C. Matthew Crider, MAI, SRASC Certification No. CG 5124

Ref. No. A-15009-MCA

Case 15-04646-dd Doc 32 Filed 10/28/15 Entered 10/28/15 10:07:28Document Page 6 of 30

i&GB IO&'iicioi Form Gn) {1002)

In re Carolina Procurement Institute, Inc.

Debtor

Case No, 15-04646Ad

SCHEDULE 8 - PERSONAL PROPERTY - AMENDEDBxcept m directed below, list all pr rsonal property of thc debtor of whatcvcr kin&I, Ii'he debtor lms no propcriy in one ur more of thc catcgorica place

an oxo in the appropriate position in the column labelod "None," lt'additional space is ncc&lod in any category, attach a scpmate sheet properly idontific&l

with the oaso name, erne number, and the number of the catcgo&y, If thc debtor is marriml, slate whether husband, wife, both, or the marital communityown the pn&pcrty by placing m& oil,o "W,o oJ," or oCo in the column labeled "klusband, Wife; Joint, or Community." If the debtor is an individual or a jointpetition is liled, state the amount of any exemptions cluimod only in Sche&iulo C - I'roperty Claimc&l as Bxcmpt.

Do not list interests in executory contrasts aml unexpired leases on this schedule. List them ln Schedule O - Executory Contrncts nmlUnexpired Leases.II'iho propmty is being held for thc dobtor by someone else, state that porson's nunc anti a&klrcss under "Description and I ocatim& of Property."ll'i&c property is being hold for a minor child, simply state thc child's initiuls and tbe name an&i address of the child's paront or guar&linn, such asoA,Bo n &ninor child, by John Doc, guardian." Do not discloso thc child's name, Soe, I I iJ.S,C, ij I IZ and Pc&l. IL Bankr. P. 1007(m).

'I'ype ol'roperty

I. Cash on hen&i

N0I'l

Cash

I-lusband, Current Va)uc ofDesoription and Location ot'roperty Wife, Debtor's internet in Pmpcety,

Joint, or without Deducting acyCommunity Sccu&ed Claim or Bxmnption

500.00

2. Checking, snvings or other tinancialnccounts, certificates of doposit, m'ha&esin banks, savings and loan,thrill, building and loan, andhomestead associations, or creditunions, broken&ge houses, orcoupe&'stlvcs

3, Security deposits with publicutilitics, telephone companies,landlords, and others.

Allsouth Federal Credit Union, Business CheckingAccount

SCG&e Deposit

13,000.00

250.00

4, I.lousehold goods m&d li&rnishings,including au&lio, video, mulI'on&pate&'gu&p&sent.

5. Booka pictures and other mtobjcots, anti&luce, stamp, coin,recnr&l, tape, compaot disc, m&d

&nhcr coilections or collcrtibics.

G. Wearing apparel.

7, Pum m&&l jewehy.

3. Pi&earns and sports, photogmphic,m&d other hobby oq» ipment.

&), Intc&'cats ln lnsunu&ce pol&c&cs.Name insurance company ofeachpolicy and itomizo surrcmlcr orrefund value of Caela

10, Annuities. Ite&nize, and name eachIssucn

X

Sub-Total & 13,750,00(Total of this page)

3 continuation sheets nttachod to the Schcdulo of Personal Property

aeo& Coco Son&coo&Q

Case 15-04646-dd Doc 32 Filed 10/28/15 Entered 10/28/15 10:07:28 Desc MainDocument Page 7 of 30

f3 fit3 {03'I ictst Sons 68) l 3 2/63) - Coat.

In re Carolina Procurement Institute, Inc Case bio. 6-04646-dd

Debtor

SCHKDULK 8 - PERSON/ikl, PROPERTY - AMENDED(Continuation Sheet)

'fypc ol'roperty

I I. Intorcsts in tm education II(A as Xdelined in 26 U.S.C, tj 530(b)(l) orunder a qualitied State tuition planns defined in 2G U,S.C, ij 529(b){1).Give pnrticulm's. {Pilo separately therccor&l(s) of mty such interest{s).I I U.S.C, tj 521(c).)

I.lusbancl, Current Valueoi'escriptionand I.,ooation of PropciiyCommunity Scoured Claim or Exgemption

!2. Interests in IRA, PRISA, Keogh,or Xother pension or profit simringplans, Give particulars.

13, Stock nnd interests in incorporated Xnnd unincorporatod busincssos,ltomize.

14. Intmests in parlncrships or joint Xventlll'es. Itellilxix

15, Govmnmcnt and corpomto bonds Xanti other negotiable andnonnegotiable instruments

Its, Accounts rcccivable. X

I y. Alimnny, maintenance, suppm t, mxl Xproperty settlements to which thcdebtor is or may bc entitled. Giveparticulars,

18. Other liquidated debts owed to debtor Xincluding tax reiitndm Give partioulars.

19. Equitable or future intcrmts,!itb Xestates, and rights or powerscxcrcisable Ibr the benelit of thedebtor other tluut those listed inSchodule A - Real Pmperty.

20. Contingent aml noncontingent Xintcmsts in estate ot'a decedont,death bcnofit plan„ lil'c insutnncepolicy, or trust.

Sheet 5 of 3 continuation sheets attachedto the Schetlule of Personal Property

Snb-Tots! &

(Total of this page)0.00

Qwi i' ail licce.ioid a IC* III. I *I nesi Case It! skiaoics


ttss (oui&tat s&s s& sn) (Is/07) - cont,

In rc Carolina Procurement Institute, Inc,

Debtor

Case )do. 15-04646Ad

SCHKDULK B - PKRSONAL PROPERTY - AMKNM&0{Continuation Sheet)

'I'ypc ci'ropertyN

N6

Ilusbsn&l, Currmtt Value of

Description su&I i,ocstion of Prc cttyWil'e, Debtor's Interest in Pmpcrty,cpc Joint, or without Deducting any

Community Secured Claim or Excmpticc

2 I. Other conticfcnt mtd unliquidatedclaims oi'ovmy nature, includingtsx rot)un&Is, counterclaims of the&Icbtor, acd rights to sctoA'claimsOtvc estimated value ot'each.

22. Patents, copyrights, snd otherintcllcctual property. Giveparticulars.

23. Licenses, fiscchisss, and othergeneral intangibles. ()Iveparticulars.

24, Customer lists or other compilationscontaining personally idcntitisblcinformation {as dctincd in I I U.S,C.5 10 I {4 I A)) provided lo the debtorby in&lividusls in connection withobtaining s product or service I'romthe debtor primarily t'or personal,tkmily, or housohokl purposes.

25. Automobiles, trucks, trailers, andother vehicles snd accessories.

X

X

Potential Fraud and Conversion Claims against Cityof Columbia's Commercial Revolving Loan Fund,Carter Commercial Appraisal Group, In«„TameikaIsaac Devine, First Citizens Bank, City of ColumbiaZoning Committee, City of Columbia and/or ScCommunity Bank in connection with the purchase,financing and related transactions concerning thecommercial properties located at 1815 & 1811Gervais Street, Columbia, SC.

1995 Ford F150 VIN¹ 1FTEX15N4SKA19704-21, Titleheld in Gary and Mtchele Washington, Debtor paysfor insurance and uses vehicle,

557,000.00

2,500.00

1997 Ford Mustang GT VIN¹1FALP42X1VF124671-17, Title held in Gary and Mtchele Washington,Debtor pays for insurance and uses vehicle.

2011 Cadillac CTS Premium Collection AWDVIN¹1G6DS1EDXB0106488d2, Title held In Garyand Michele Washington, Debtor pays for insuranceand uses vehicle,

1,200.00

18,000.00

1994 Chevrolet S10 VIN¹1 GCCS19Z5R8191266-21,Title held In Gary and Michele Washington, Debtorpays for insurance and uses vehicle,

1990 Ford F150 VIN¹1FTEF14YXLNA64905-22, Titleheld in third party's name, Debtor pays forinsurance and uses vehicle.

2,600,00

1,200.00

Sheet 2 of 8 continuation sheets attachedto thc Schodulc of Personal Property

Sub-Total 582,500.00{Total of this page)


alii) (omciai )coca 6B) (12N7) - coal

In re Carolina Procurement Institute, Inc. Case No. 46 6- d

Debtor

SCHEDULE 8 - PERSONAL PROPKRTst' AMKNOKO(Conilncatlcn Sllcet)

T)'pe ci Pl'cpcl'ty

N

I.l

Himbsnd, Ccrmnt Villusoi'escriptionsnd Location of I'iopcriy Wife, i)ebtm"s lnlcrcsi in Property,Joint, or without Deducting sny

Cmnmuciiy Socured Claim or Exemptioc

2002 Ford Focus SE Comfort/SE SportVIN¹1FAFP34332W241066-11, Title held in Gary andNlichele Washington, Debtor pays for insurance anduses vehicle,

2000 Nissan Pathfinder LE/SE/XEVIN¹JNSAR0766YW420666-227, Title held In Gary«nd INichele Washington, Debtor pays for Insuranceand uses vehicle.

600.00

1)300.00

26. I)oats, motors, mxl aeccssol'les. X

27. Airmalt cnd accessories.

28. OITice cquipmcnt, fumisiiiugs, sndsupplies.

2006 Butch Rendezvous CX/CXLVIN¹3GSDA03L26S515157-25, Title held in Gary andMichele Washington, Debtor pays for insurance anduses vehicle.

Oflice Equipment: 5 hand trucks, 5 four wheeldollies, 6 desktop computers and software, 6 fourdrawer cabinets, 6 desks, 0 two drawer cabinets, 20chairs, 3 laptops, 5 printers, boxes and packingmaterials, inventory forms, labels, blankets, shrinkwrap and tie downs.

Security System - S camera security system

2,200.00

6,000,00

10,000.00

29. Mschii)eiy, fixtures, equipment, snd Xsupplies used in business,

30. Inventory.

3l. Animals

32, Crops ~ growing or harvested. Give Xparticulars.

33. Ilsrmiug equipmcnt midimplements.

34. Ilsrm supplies, chmnicals, snd feed. X

33. Other personal pmperiy of any kind Xnot already listed, itemize.

Sheet 3 of 3 contimmtion slmcts attachedto thc Schedule of Plnsonsl Property

Sub-Tots! &

(Total of this page)Total &

22,300,00

616,550,00

(Roport also on Summary of Schedules)

CAROLINA PROCUREMENT INSTITUTE, INC. LATE-FILED …

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