EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT FILED BY CO. WITH UNITED STATES BANKRUPTCY COURT Monthly Operating Report filed by Co. with United States Bankruptcy Court

Exhibit 99.1

 

CASE NAME: Acceptance Insurance Companies Inc.

   

CASE NO: 05-80059

  Form OPR-1A

 

COMPARATIVE BALANCE SHEET

ASSETS

 

     Filing
Date


    1/31/05

    2/28/05

 

CURRENT ASSETS:

                  

Cash (Attach Recons. & Bk Stmts.)

   17,002     2,657     4,433  

Marketable securities

   2,785,516     2,797,982     2,774,982  

Prepaid expense & deposits

   60,000     60,000     60,000  
    

 

 

TOTAL CURRENT ASSETS

   2,862,518     2,860,639     2,839,415  
    

 

 

OTHER ASSETS:

                  

Note receivable from AIC

   20,000,000     20,000,000     20,000,000  

Valuation allowance

   (20,000,000 )   (20,000,000 )   (20,000,000 )

Investment in AIC

   8,753,000     8,753,000     8,552,000  

Contingent claims

   21,500,000     21,500,000     21,500,000  
    

 

 

TOTAL OTHER ASSETS

   30,253,000     30,253,000     30,052,000  
    

 

 

TOTAL ASSETS

   33,115,518     33,113,639     32,891,415  
    

 

 

 

I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.

 

Date Submitted    3-8-05

     Signed    /s/ Gary N. Thompson      Printed Name of Signatory    Gary N. Thompson


CASE NAME: Acceptance Insurance Companies Inc.    
CASE NO: 05-80059   Form OPR-1B

 

COMPARATIVE BALANCE SHEET

LIABILITIES AND STOCKHOLDERS EQUITY

 

     Filing
Date


    1/31/05

    2/28/05

 

LIABILITIES:

                  

Post-Petition debt (Sched. C)

   0     0     3,681  

Pre-Petition Debt:

                  

Litigation claims

   22,000,000     22,000,000     22,000,000  

Unsecured liabilities

   46,054     46,054     46,054  

Unsecured debt

   116,110,260     116,110,260     116,110,260  
    

 

 

TOTAL LIABILITIES

   138,156,314     138,156,314     138,159,995  
    

 

 

SHAREHOLDERS EQUITY:

                  

Preferred stock

   0     0     0  

Common stock

   6,274,000     6,274,000     6,274,000  

Paid-in capital

   199,660,000     199,660,000     199,660,000  

Treasury stock

   (29,969,000 )   (29,969,000 )   (29,969,000 )

Retained earnings:

                  

As of filing date

   (281,005,796 )   (281,005,796 )   (281,005,796 )

After filing date

   0     (1,879 )   (227,784 )
    

 

 

TOTAL SHAREHOLDERS EQUITY

   (105,040,796 )   (105,042,675 )   (105,268,580 )
    

 

 

TOTAL LIABILITIES AND SHAREHOLDERS EQUITY

   33,115,518     33,113,639     32,891,415  
    

 

 

 

 


CASE NAME: Acceptance Insurance Companies Inc.    
CASE NO: 05-80059   Form OPR-2

 

STATEMENT OF INCOME

 

     1/31/05

    2/28/05

 

REVENUE:

            

Net investment income

   3,190     5,251  

Net realized gain

   0     0  

Other

   434     0  

OPERATING EXPENSES:

            

Salaries and benefits

   (5,187 )   (7,262 )

Board fees and expenses

   0     (19,250 )

Legal fees and expenses

         (372 )

Filing fees and expenses

   (317 )   (3,272 )
    

 

NET OPERATING INCOME / LOSS

   (1,879 )   (24,905 )
    

 

OTHER INCOME (EXPENSE):

            

Interest expense

   0     0  

Equity in earnings of AIC

   0     (201,000 )
    

 

TOTAL OTHER INCOME (EXPENSE)

   0     (201,000 )
    

 

NET INCOME (LOSS)

   (1,879 )   (225,905 )
    

 

 

 


CASE NAME: Acceptance Insurance Companies Inc.    
CASE NO: 05-80059   Form OPR-3

 

SOURCES AND USE OF CASH

 

     1/31/05

    2/28/05

 

CASH DIFFERENCE:

            

Current ending cash balance

   2,657     4,433  

Less ending prior month balance

   (17,002 )   (2,657 )
    

 

NET CASH INCREASE (DECREASE)

   (14,345 )   1,776  
    

 

SOURCES OF CASH:

            

Net income (loss)

   (1,879 )   (225,905 )

Equity in earnings of AIC

   0     201,000  

Decrease in:

            

Receivables

   0     0  

Marketable securities

   0     23,000  

Increase in:

            

Post - petition debt

   0     3,681  

Pre-petition debt

   0     0  
    

 

TOTAL SOURCES OF CASH

   (1,879 )   1,776  
    

 

USES OF CASH:

            

Increase in:

            

Receivables

   0     0  

Marketable securities

   (12,466 )   0  

Decrease in:

            

Post - petition debt

   0     0  

Pre-petition debt

   0     0  
    

 

TOTAL USES OF CASH

   (12,466 )   0  
    

 

NET CASH INCREASE (DECREASE)

   (14,345 )   1,776  
    

 


CASE NAME: Acceptance Insurance Companies Inc.    
CASE NO: 05-80059   SCHEDULE C

 

SCHEDULE OF POST PETITION DEBT

 

     1/31/05

   2/28/05

TRADE ACCOUNTS PAYABLE

   0    0

PAYROLL AND PAYROLL TAXES

        3,681

TAXES PAYABLE

   0    0
    
  

TOTAL POST PETITION DEBT

   0    3,681