-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ec+BHCIN2rkbTv6+O9nzNEIi0k3ARYyHMTYOUUaXICjVCd+0BP9uyTD/ltNGWdm6 O5//JuvepanFnyRJRNVTSw== 0001169232-03-006324.txt : 20031103 0001169232-03-006324.hdr.sgml : 20031103 20031103171432 ACCESSION NUMBER: 0001169232-03-006324 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20031020 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRENWICK GROUP LTD CENTRAL INDEX KEY: 0001122211 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 980232340 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16089 FILM NUMBER: 03973672 BUSINESS ADDRESS: STREET 1: LOM BLDG STREET 2: 27 REID STREET CITY: HAMILTON, BERMUDA STATE: D0 ZIP: HM 11 MAIL ADDRESS: STREET 1: 27 REID STREET LOM BLDG STREET 2: HAMILTON HM 11 BERMUNDA 8-K 1 d57262_8-k.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- 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 20, 2003 --------------- TRENWICK GROUP LTD. (Exact name of registrant as specified in its charter) (in provisional liquidation) Bermuda 1-16089 98-0232340 (State or other jurisdiction of (Commission File Number) (IRS Employer Incorporation) Identification No.) LOM Building, 27 Reid Street Hamilton, HM 11, Bermuda Not Applicable (Address of principal executive offices) (Zip Code) (441) 292-4985 (Registrant's telephone number, including area code) None (Former name or address, if changed since last report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 September 2003 Monthly Operating Report of Trenwick Group Ltd. (in provisional liquidation), dated October 20, 2003. 99.2 September 2003 Monthly Operating Report of Trenwick America Corporation, dated October 20, 2003. 99.3 September 2003 Monthly Operating Report of LaSalle Re Holdings Limited (in provisional liquidation), dated October 20, 2003. 99.4 List of non-Debtor entities Item 9. Regulation FD Disclosure A. On October 20, 2003, Trenwick America Corporation, Trenwick Group Ltd. (in provisional liquidation) and LaSalle Re Holding Limited (in provisional liquidation) (collectively, the "Debtors" or "Companies") filed monthly operating reports as of August 20, 2003 and September 30, 2003 and for the month ended September 30, 2003 and the period from August 20, 2003 to September 30, 2003 (the "September 2003 Monthly Operating Reports") with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Copies of the September 2003 Monthly Operating Reports are attached hereto as Exhibits 99.1, 99.2 and 99.3 and are incorporated herein by reference. The September 2003 Monthly Operating Reports include financial information only with respect to the Debtors. Accordingly, the Operating Reports do not contain detailed financial information with respect to those subsidiaries and affiliates of Trenwick Group Ltd. that have not commenced proceedings to reorganize under chapter 11 of the United States Bankruptcy Code or have not filed insolvency proceedings in the Supreme Court of Bermuda. The non-Debtor entities are listed in Exhibit 99.4. The September 2003 Monthly Operating Reports (the "Operating Reports") are in a format prescribed by the applicable bankruptcy laws. Readers are cautioned not to place undue reliance upon the information contained in the Operating Reports. The information in the Operating Reports has been prepared in accordance with accounting standards generally accepted in the United States of America for interim reporting, with the exception of accounting for wholly-owned subsidiaries of the Debtors, which have not been consolidated. In addition, certain information and footnote disclosures required by accounting principles generally accepted in the United States of America have been condensed or omitted for purposes of the Operating Reports. There can be no assurance that the Operating Reports are complete, and the Companies undertake no obligation to update or revise the Operating Reports. The Operating Reports have not been audited or reviewed by independent accountants. The unaudited information in the Operating Reports is subject to further review and potential adjustments and is not necessarily indicative of future results. In addition, the Operating Reports contain information for periods which are different from those contained in the Debtors' reports pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and do not include consolidated results of the Debtors. Accordingly, the substance and format of the Operating Reports do not allow for meaningful comparison with the Companies' previously disclosed consolidated financial statements. Although not included in Exhibit 99.2 hereto, the September 2003 Monthly Operating Report of Trenwick America Corporation as filed with the Bankruptcy Court also included Federal tax returns. The financial statements included in the Operating Reports were prepared using certain assumptions and estimates that are subject to revision. Any adjustments for these estimates (based upon changes in facts and circumstances, further analysis, and other factors) will be reflected in the financial statements in the period during which such adjustments are made. These adjustments could have a material impact on reported results in the future. In the future, so long as each Debtor remains under the supervision of the Bankruptcy Court, in lieu of filing quarterly reports on Form 10-Q and annual reports on Form 10-K, each such Debtor intends to file on Form 8-K its monthly operating reports as filed with, and in the format prescribed by, the Bankruptcy Court. B. On August 20, 2003, Trenwick Group Ltd. and LaSalle Re Holdings Limited filed insolvency proceedings in the Supreme Court of Bermuda (the "Bermuda Court"). On August 22, 2003, the Bermuda Court granted an order appointing Michael Morrison and John Wardrop, partners of KPMG in Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint Provisional Liquidators ("JPLs") in respect of Trenwick Group Ltd. and LaSalle Re Holdings Limited. The Bermuda Court granted the JPLs the power to oversee the continuation and reorganization of these companies' businesses under the control of their boards of directors and under the supervision of the Bankruptcy Court and the Bermuda Court. The JPLs have not audited the contents of this report. The Companies are debtors and debtors-in-possession in In re Trenwick America Corporation, et al., Case No. 03-12635 (MFW) (Bankr. D. Del. 2003), In re Trenwick Group Ltd., et al., Case No. 03-12636 (MFW) (Bankr. D. Del. 2003) and In re LaSalle Re Holdings Limited, et al., Case No. 03-12637 (MFW) (Bankr. D. Del. 2003). Limitation on Incorporation by Reference In accordance with general instruction B.2 of Form 8-K, the Operating Reports and other information in this Report (including exhibits) are furnished pursuant to Item 9 and shall not be deemed to be "filed" for the purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities under that Section, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. TRENWICK GROUP LTD. (in provisional liquidation) By: /s/ W. Marston Becker ------------------------------------------- Name: W. Marston Becker Title: Chairman and Chief Executive Officer Dated: November 3, 2003 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1. September 2003 Monthly Operating Report of Trenwick Group Ltd. (in provisional liquidation), dated October 20, 2003. 99.2. September 2003 Monthly Operating Report of Trenwick America Corporation, dated October 20, 2003. 99.3. September 2003 Monthly Operating Report of LaSalle Re Holdings Limited (in provisional liquidation), dated October 20, 2003. 99.4. List of non-Debtor entities EX-99.1 3 d57262_ex99-1.txt SEPTEMBER 2003 MONTHLY OPERATING REPORT Exhibit 99.1 Trenwick Group Ltd. UNITED STATES BANKRUPTCY COURT ___________DISTRICT OF____________ In re: Trenwick Group Ltd. Case No. 03-12636 (MFW) Reporting Period: September 2003 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month. Submit copy of report to any official committee appointed in the case.
- ---------------------------------------------------------------------------------------------------------------------------- Document Explanation Required Documents Form No. Attached Attached - ---------------------------------------------------------------------------------------------------------------------------- Schedule of Cash Receipts and Disbursements MOR-1 Yes Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (Con't) Yes Copies of bank statements Yes Cash disbursements journals Yes Statement of Operations MOR-2 Yes Balance Sheet MOR-3 Yes Status of Postpetition Taxes MOR-4 Yes Copies of IRS Form 6123 or payment receipt Yes Copies of tax returns filed during reporting period N/A Summary of Unpaid Postpetition Debts MOR-4 Yes Listing of aged accounts payable Yes Accounts Receivable Reconciliation and Aging MOR-5 Yes Debtor Questionnaire MOR-5 Yes - ----------------------------------------------------------------------------------------------------------------------------
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 of my knowledge and belief. /s/ Alan L. Hunte October 20, 2003 - ----------------------------------------- ----------------------------- Signature of Debtor Date /s/ Alan L. Hunte October 20, 2003 - ----------------------------------------- ----------------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte October 20, 2003 - ----------------------------------------- ----------------------------- Signature of Authorized Individual* Date Alan L. Hunte October 20, 2003 - ----------------------------------------- ----------------------------- Printed Name of Authorized Individual* Date *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. Exhibit 99.1 Trenwick Group Ltd. In re: Trenwick Group Ltd Case No. 03-12636 (MFW) Schedule of Cash Receipts & Disbursements Rep Per September 2003
Bank Accounts Operating Payroll Tax Other -------------------------------------------------------- Cash - Beg of Month 152,178.47 14,180.91 NA NA Receipts: Cash Sales -- -- -- -- Accounts Rec. -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Other 9.16 -- -- -- Transfers -- 24,195.22 -- -- -------------------------------------------------------- Total Receipts 9.16 24,195.22 -------------------------------------------------------- Disbursements: Net Payroll -- -- -- -- Payroll Taxes -- (38,376.13) -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases -- -- -- -- Insurance -- -- -- -- Administrative (3,966.80) -- -- -- Selling -- -- -- -- Other -- -- -- -- Transfers to P/R Acct (24,195.22) -- -- -- Professional Fees -- -- -- -- Court Costs -- -- -- -- -------------------------------------------------------- Total Disbursement: (28,162.02) (38,376.13) -- -- -------------------------------------------------------- Net Cash Flow: (28,152.86) (14,180.91) -- -- -------------------------------------------------------- Cash: End of Month 124,025.61 -- -- -- ========================================================
Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd Bank Reconciliations September 2003 The following Chase Accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 124,025.61 Vista/MM: Location: JPMorganChase Fund No. 356 Month End Book Balance $ 291,819.83 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd Disbursements Log (Excludes Intercompany Transactions) September 2003 Wires: Date Amount Vendor - -------------------------------------------------------------------------------- 19-Sep $ 374.65 New York Life Benefit Services Co. Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) Debtor Reporting Period: September 2003 Statement of Operations (Income Statement)
- --------------------------------------------------------------------------------------------------------------- Month Ended Cumulative REVENUES September 2003 Filing to Date - --------------------------------------------------------------------------------------------------------------- Gross Revenues $ -- $ (567,222) - --------------------------------------------------------------------------------------------------------------- Less: Returns and Allowances -- -- - --------------------------------------------------------------------------------------------------------------- Net Revenue $ -- $ (567,222) - --------------------------------------------------------------------------------------------------------------- COST OF GOODS SOLD -- - --------------------------------------------------------------------------------------------------------------- Beginning Inventory -- -- - --------------------------------------------------------------------------------------------------------------- Add: Purchases -- -- - --------------------------------------------------------------------------------------------------------------- Add:Cost of Labor -- -- - --------------------------------------------------------------------------------------------------------------- Add: Other costs (schedule attached) -- -- - --------------------------------------------------------------------------------------------------------------- Less: Ending Inventory -- -- - --------------------------------------------------------------------------------------------------------------- Cost of Goods Sold -- -- - --------------------------------------------------------------------------------------------------------------- Gross Profit -- (567,222) - --------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES - --------------------------------------------------------------------------------------------------------------- Advertising -- -- - --------------------------------------------------------------------------------------------------------------- Auto and Truck Expense -- 13,522 - --------------------------------------------------------------------------------------------------------------- Bad Debts -- -- - --------------------------------------------------------------------------------------------------------------- Contributions -- -- - --------------------------------------------------------------------------------------------------------------- Employee Benefits Programs -- -- - --------------------------------------------------------------------------------------------------------------- Insider compensation* 30,000 68,710 - --------------------------------------------------------------------------------------------------------------- Insurance 248,029 344,309 - --------------------------------------------------------------------------------------------------------------- Management Fees/Bonuses -- -- - --------------------------------------------------------------------------------------------------------------- Office Expense 1,319 1,484 - --------------------------------------------------------------------------------------------------------------- Pension & Profit-Sharing Plans -- -- - --------------------------------------------------------------------------------------------------------------- Repairs and Maintenance -- -- - --------------------------------------------------------------------------------------------------------------- Rent and Lease Expense -- -- - --------------------------------------------------------------------------------------------------------------- Salaries/Commissions/Fees 8,054 8,054 - --------------------------------------------------------------------------------------------------------------- Supplies 367 367 - --------------------------------------------------------------------------------------------------------------- Taxes-Payroll -- -- - --------------------------------------------------------------------------------------------------------------- Taxes-Real Estate -- -- - --------------------------------------------------------------------------------------------------------------- Taxes-Other -- 804 - --------------------------------------------------------------------------------------------------------------- Travel and Entertainment -- -- - --------------------------------------------------------------------------------------------------------------- Utilities -- -- - --------------------------------------------------------------------------------------------------------------- Other (attach schedule) 64,576 1,699,514 - --------------------------------------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 352,345 2,136,763 - --------------------------------------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 1,544 2,142 - --------------------------------------------------------------------------------------------------------------- Net Profit(Loss) Before Other Income & Expenses (353,889) (2,706,127) - --------------------------------------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES -- - --------------------------------------------------------------------------------------------------------------- Other Income (attach schedule) (13,359,014) (15,382,408) - --------------------------------------------------------------------------------------------------------------- Interest Expense -- -- - --------------------------------------------------------------------------------------------------------------- Other Expense (attach schedule) 33,227,043 33,276,585 - --------------------------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items (46,939,947) (51,365,121) - --------------------------------------------------------------------------------------------------------------- REORGANIZATION ITEMS -- - --------------------------------------------------------------------------------------------------------------- Professional Fees -- -- - --------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - --------------------------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash -- from Chapter 11 (see continuation sheet) -- 515 - --------------------------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - --------------------------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) 43,834 43,834 - --------------------------------------------------------------------------------------------------------------- Total Reorganization Expenses (43,834) (43,319) - --------------------------------------------------------------------------------------------------------------- Income Taxes -- -- - --------------------------------------------------------------------------------------------------------------- Net Profit (Loss) $(46,983,781) $(51,408,440) - --------------------------------------------------------------------------------------------------------------- FORM MOR-2
Exhibit 99.1 Trenwick Group Ltd. STATEMENT OF OPERATIONS - continuation sheet ================================================================================ Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY September 2003 Filing to Date ================================================================================ - -------------------------------------------------------------------------------- Other Costs - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Operational Expenses - -------------------------------------------------------------------------------- Other Fees 64,576 1,699,514 - -------------------------------------------------------------------------------- Total Other Expenses 64,576 1,699,514 - -------------------------------------------------------------------------------- Other Income - -------------------------------------------------------------------------------- Equity in Undistributed Loss of Unconsolidated Subsidiaries (13,359,014) (15,382,408) - -------------------------------------------------------------------------------- Total Other Income (13,359,014) (15,382,408) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Amortization Expense 127,984 177,527 - -------------------------------------------------------------------------------- Loss on Sale of Trenwick International Ltd. 33,099,059 33,099,059 - -------------------------------------------------------------------------------- Total Other Expenses 33,227,043 33,276,585 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Reorganization Expenses - -------------------------------------------------------------------------------- Bankruptcy Related Fees 43,834 43,834 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ================================================================================ FORM MOR-2 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) Debtor Reporting Period: September 2003 BALANCE SHEET
- ------------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------- CURRENT ASSETS - ------------------------------------------------------------------------------------------------------------------------- Unrestricted Cash and Equivalents -- -- - ------------------------------------------------------------------------------------------------------------------------- Restricted Cash and Cash Equivalents (see continuation sheet) 618,700 655,336 - ------------------------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) 261,174 (591,090) - ------------------------------------------------------------------------------------------------------------------------- Notes Receivable -- -- - ------------------------------------------------------------------------------------------------------------------------- Inventories -- -- - ------------------------------------------------------------------------------------------------------------------------- Prepaid Expenses 377,899 1,088,137 - ------------------------------------------------------------------------------------------------------------------------- Professional Retainers 2,156,166 2,200,000 - ------------------------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) -- 3,861 - ------------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 3,413,939 $ 3,356,244 - ------------------------------------------------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT - ------------------------------------------------------------------------------------------------------------------------- Real Property and Improvements -- -- - ------------------------------------------------------------------------------------------------------------------------- Machinery and Equipment -- -- - ------------------------------------------------------------------------------------------------------------------------- Furniture, Fixtures and Office Equipment 73,467 82,181 - ------------------------------------------------------------------------------------------------------------------------- Leasehold Improvements -- -- - ------------------------------------------------------------------------------------------------------------------------- Vehicles -- -- - ------------------------------------------------------------------------------------------------------------------------- Less Accumulated Depreciation (35,163) (33,020) - ------------------------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 38,304 $ 49,161 - ------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS - ------------------------------------------------------------------------------------------------------------------------- Loans to Insiders* -- -- - ------------------------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 184,296,993 220,135,876 - ------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 184,296,993 $ 220,135,876 - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 187,749,237 $ 223,541,281 ========================================================================================================================= - ------------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------- LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) - ------------------------------------------------------------------------------------------------------------------------- Accounts Payable -- -- - ------------------------------------------------------------------------------------------------------------------------- Taxes Payable (refer to FORM MOR-4) -- -- - ------------------------------------------------------------------------------------------------------------------------- Wages Payable -- 4,900 - ------------------------------------------------------------------------------------------------------------------------- Notes Payable -- -- - ------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building/Equipment -- -- - ------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- -- - ------------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- - ------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders* -- -- - ------------------------------------------------------------------------------------------------------------------------- Other Postpetition Liabilities (attach schedule) 6,806 -- - ------------------------------------------------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $ 6,806 $ 4,900 - ------------------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ------------------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - ------------------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - ------------------------------------------------------------------------------------------------------------------------- Unsecured Debt 216,638,184 216,896,055 - ------------------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES $ 216,638,184 $ 216,896,055 - ------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 216,644,990 216,900,955 - ------------------------------------------------------------------------------------------------------------------------- OWNER EQUITY - ------------------------------------------------------------------------------------------------------------------------- Capital Stock 3,675,620 3,676,102 - ------------------------------------------------------------------------------------------------------------------------- Additional Paid-In Capital 574,739,718 574,823,017 - ------------------------------------------------------------------------------------------------------------------------- Partners' Capital Account -- -- - ------------------------------------------------------------------------------------------------------------------------- Owner's Equity Account -- -- - ------------------------------------------------------------------------------------------------------------------------- Retained Earnings - Pre-Petition (551,923,031) (551,923,031) - ------------------------------------------------------------------------------------------------------------------------- Retained Earnings - Post-Petition (51,408,440) -- - ------------------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) (3,979,621) (19,935,762) - ------------------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ------------------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ (28,895,754) $ 6,640,326 - ------------------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 187,749,237 $ 223,541,281 =========================================================================================================================
Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) Debtor Reporting Period: September 2003 BALANCE SHEET - continuation sheet
- ----------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ----------------------------------------------------------------------------------------------------------- OTHER CURRENT ASSETS - ----------------------------------------------------------------------------------------------------------- Accrued Investment Income -- 3,861 - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- OTHER ASSETS - ----------------------------------------------------------------------------------------------------------- Prepaid Deposits 19,622 19,622 - ----------------------------------------------------------------------------------------------------------- Investment in Subsidiaries 181,203,300 215,156,938 - ----------------------------------------------------------------------------------------------------------- Miscellaneous Other Assets 3,074,071 4,959,316 - ----------------------------------------------------------------------------------------------------------- 184,296,993 $ 220,135,876 - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- UNSECURED DEBTS (PRE-PETITION) - ----------------------------------------------------------------------------------------------------------- Accrued Expenses 1,041,856 1,299,727 - ----------------------------------------------------------------------------------------------------------- Interest Payable 2,276,323 2,276,323 - ----------------------------------------------------------------------------------------------------------- Due to Affiliates 94,479,224 94,479,224 - ----------------------------------------------------------------------------------------------------------- Other Liabilities 118,840,781 118,840,781 - ----------------------------------------------------------------------------------------------------------- Total Unsecured Debts (Pre-Petition) 216,638,184 216,896,055 - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - ----------------------------------------------------------------------------------------------------------- Due to Affiliates 6,806 -- - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- ADJUSTMENTS TO OWNER EQUITY - ----------------------------------------------------------------------------------------------------------- Deferred Compensation (916,055) (1,125,099) - ----------------------------------------------------------------------------------------------------------- Equity in Subsidiary (3,060,130) (18,814,523) - ----------------------------------------------------------------------------------------------------------- TOTAL ADJUSTMENTS TO OWNER EQUITY (3,976,185) (19,939,622) - -----------------------------------------------------------------------------------------------------------
Exhibit 99.1 Trenwick Group Ltd. In re Trenwick Group Ltd. Case No. 03-12636 (MFW) Debtor eporting period: September 2003 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
- ---------------------------------------------------------------------------------------------------------------------------------- Amount Beginning Withheld or Check. No Ending Tax Tax Liability Accrued Amount Paid Date Paid or EFT Liability ================================================================================================================================== Federal - ---------------------------------------------------------------------------------------------------------------------------------- Withholding -- 29,689 29,689 09/24/03 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- FICA-Employee -- 1,594 1,594 09/24/03 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- FICA-Employer -- 1,594 1,594 09/24/03 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- Unemployment -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Income -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Total Federal Taxes -- 32,877 32,877 -- - ---------------------------------------------------------------------------------------------------------------------------------- State and Local - ---------------------------------------------------------------------------------------------------------------------------------- Withholding -- 5,498 5,498 09/24/03 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Unemployment -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Real Property -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Total State and Local -- 5,498 5,498 -- - ---------------------------------------------------------------------------------------------------------------------------------- Total Taxes -- 38,375 38,375 -- -- - ----------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable
- ---------------------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ============================================================================== Current 0-30 31-60 61-90 Over 90 Total - ---------------------------------------------------------------------------------------------------------------------------------- Accounts Payable -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Wages Payable -- - ---------------------------------------------------------------------------------------------------------------------------------- Taxes Payable -- - ---------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- - ---------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- - ---------------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- - ---------------------------------------------------------------------------------------------------------------------------------- Professional Fees -- - ---------------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders -- - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- - ---------------------------------------------------------------------------------------------------------------------------------- Total Postpetition Debts -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4 (9/99) Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) Debtor Reporting Period: September 2003 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================================ =============== Accounts Receivable Reconciliation Amount ================================================================================ =============== Total Accounts Receivable at the beginning of the reporting period $ 88,528.79 - -------------------------------------------------------------------------------- -------------- + Amounts billed during the peiod 172,645.49 - -------------------------------------------------------------------------------- -------------- - - Amounts collected during the peiod -- - -------------------------------------------------------------------------------- -------------- Total Accounts Receivable at the end of the reporting period 261,174.28 - -------------------------------------------------------------------------------- -------------- ================================================================================ =============== Accounts Receivable Aging Amount ================================================================================ =============== 0 - 30 days old 172,645.49 - -------------------------------------------------------------------------------- -------------- 31 - 60 days old 747,787.19 - -------------------------------------------------------------------------------- -------------- 61 - 90 days old 368,000.20 - -------------------------------------------------------------------------------- -------------- 91 + days old 8,322,667.78 - -------------------------------------------------------------------------------- -------------- Total Accounts Receivable 9,611,100.66 - -------------------------------------------------------------------------------- -------------- Amount considered uncollectible (Bad Debt) (9,349,926.38) - -------------------------------------------------------------------------------- -------------- Accounts Receivable (Net) 261,174.28 - -------------------------------------------------------------------------------- --------------
DEBTOR QUESTIONNAIRE
================================================================================ =============== Must be completed each month 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 and 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 - -------------------------------------------------------------------------------- --------------
FORM MOR-5 (9/99) EX-99.2 4 d57262_ex99-2.txt SEPTEMBER 2003 MONTHLY OPERATING REPORT Exhibit 99.2 Trenwick Group Ltd. UNITED STATES BANKRUPTCY COURT ___________DISTRICT OF____________ In re: Trenwick America Corporation Case No. 03-12635(MFW) Reporting Period: September 2003 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month. Submit copy of report to any official committee appointed in the case.
- --------------------------------------------------------------------------------------------------------------------------- Document Explanation Required Documents Form No. Attached Attached - --------------------------------------------------------------------------------------------------------------------------- Schedule of Cash Receipts and Disbursements MOR-1 Yes Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (Con't) Yes Copies of bank statements Yes Cash disbursements journals Yes Statement of Operations MOR-2 Yes Balance Sheet MOR-3 Yes Status of Postpetition Taxes MOR-4 Yes Copies of IRS Form 6123 or payment receipt Yes Copies of tax returns filed during reporting period Yes Summary of Unpaid Postpetition Debts MOR-4 Yes Listing of aged accounts payable Yes Accounts Receivable Reconciliation and Aging MOR-5 Yes zDebtor Questionnaire MOR-5 Yes - ---------------------------------------------------------------------------------------------------------------------------
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 of my knowledge and belief. /s/ Alan L. Hunte October 20, 2003 - --------------------------------------- -------------------------- Signature of Debtor Date /s/ Alan L. Hunte October 20, 2003 - --------------------------------------- -------------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte October 20, 2003 - --------------------------------------- -------------------------- Signature of Authorized Individual* Date Alan L. Hunte October 20, 2003 - --------------------------------------- -------------------------- Printed Name of Authorized Individual* Date *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. Exhibit 99.2 Trenwick Group Ltd. In re: Trenwick America Corporation Case No. 03-12635 (MFW) Schedule of Cash Receipts & Disbursements Reporting Period September 2003
Bank Accounts Operating Payroll Tax Other ------------------------------------------------------------ Cash - Beg of Month 515,007.79 45,157.23 NA 4,102,258.04 ------------------------------------------------------------ Receipts: Cash Sales -- -- -- -- Accounts Rec -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Deposits 229,714.60 -- -- -- Other 349.45 (15,014.02) -- -- Transfers (Interco) 2,212,938.11 738,467.51 -- -- ------------------------------------------------------------ Total Receipts 2,443,002.16 723,453.49 -- -- ------------------------------------------------------------ Disbursements: Net Payroll -- (444,796.77) -- -- Payroll Taxes -- (288,471.44) -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases (146,068.58) -- -- -- Insurance -- -- -- -- Administrative (312,092.86) -- -- -- Selling -- -- -- -- Other -- -- -- -- Transfers (PR) (738,467.51) -- -- -- Professional Fees -- -- -- -- Court Costs -- -- -- -- ------------------------------------------------------------ Total Disbursements (1,196,628.95) (733,268.21) -- -- ------------------------------------------------------------ Net Cash Flow 1,246,373.21 (9,814.72) -- -- ------------------------------------------------------------ Cash: End of Month 1,761,381.00 35,342.51 -- 4,102,258.04 ============================================================ Other: Operating Overnight Investment Interest Earned - $349.45
Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Bank Reconciliations September 2003 The following bank accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 1,761,381.00 Vista/MM: Location: JPMorganChase Fund No. 357 Month End Book Balance $ 9,535.88 Payroll: - bank statement not yet received Independence Bank: reconciliation performed Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Disbursements Log (Excludes Intercompany) September 2003 Wires: Date Amount Vendor - -------------------------------------------------------------------------------- 4-Sep $ 4,464.35 Eastern Benefit Systems, Inc 4-Sep 74,651.22 New York Life Benefit Services Co. 23-Sep 6,725.10 Bloomberg, LP Checks: Ck No. Amount Vendor - -------------------------------------------------------------------------------- 107502 $ 864.00 Advanced Solutions, Inc. 107503 888.50 BMC Solutions, Inc. 107504 678.40 Blondie's Treehouse, Inc 107505 864.00 Business Wire 107506 681.15 CDW Computer Centers, Inc 107507 251.25 Ceridian Employer Services 107508 6,681.15 Deman Application Development LLc 107509 256.50 Eastern Benefit Systems, Inc. 107510 146,068.58 Equity Office Properties, L.L.C. 107511 1,795.00 Executive Health EXAMS 107512 23.76 Federal Express Corporation 107513 212.35 Federal Express Corporation 107514 497.50 First Management Services, Inc. 107515 7,977.56 Liebert Global Services 107516 149.00 Penton Techonology Media 107517 3,737.00 Perfect Software 107518 1,200.00 Propark, Inc. 107519 7,918.40 Re Systems Group 107520 24.08 Royal Messenger Service 107521 127.98 Snet 107522 3,442.00 SoftLanding Systems 107523 9,236.00 Sungard Recovery Services Inc. 107524 425.00 TriTech Software Development Corporation 107525 1,000.00 Ceridian Employer Services 107526 117.00 Eastern Benefit Systems, Inc. 107527 2,751.00 Mercy College 107528 20.00 Perfect Software 107529 121.43 ADP - Investor Communication Services 107530 864.00 Advanced Solutions, Inc. 107531 545.64 Avalon/Ambassador Limousine 107532 1,987.50 Best Software, Inc 107533 6,333.50 CCH Incorporated 107534 1,315.85 CDW Computer Centers, Inc Exhibit 99.2 Trenwick Group Ltd. 107535 857.75 Ceridian Employer Services 107536 69.99 Computer Book Direct 107537 2,565.00 Deborah Aschheim 107538 688.76 Federal Express Corporation 107539 324.84 Ios Capital 107540 728.00 Joyce Van Lines, Inc. 107541 2,863.50 MCI 107542 225.00 Mail Delivery Service of Stamford, LLC 107543 725.02 Marks Bros. Stationers, Inc. 107544 8.94 Penton Techonology Media 107545 8,350.15 Propark, Inc. 107546 73.07 Skytel 107547 2,664.38 Temco Service Industries, Inc. 107548 72.85 Velocity Express 107549 30,000.00 Actuarial Risk Solutions 107550 76,595.49 Anthem BCBSCT 107551 880.89 BMW Financial Services 107552 245.66 Ceridian Employer Services 107553 67.71 Charlene Seon 107554 9,347.88 Delta Dental 107555 606.57 Federal Express Corporation 107556 355.85 Ios Capital 107557 1,266.97 Marks Bros. Stationers, Inc. 107558 190.00 Mary A. Pagoto 107559 51.88 Pitney Bowes 107560 1,984.00 Seagull Software Systems, Inc. 107561 1,544.93 Silvana Griffith 107562 379.00 Thompson Publishing Group, Inc. 107563 78.85 Velocity Express 107564 70.00 Brennan,John 107565 649.00 Catherine Homola 107566 782.16 Damaris Rosado 107567 255.16 Hammond,Noreen A. 107568 3,654.46 Hunte,Alan L. 107572 2,285.73 Kiernan,Kenneth F. 107573 265.00 Lock,Eugene R. 107574 1,531.05 Mary Burns 107575 140.64 O'Sullivan,Andrea 107576 143.69 Thomas,Richard R. 107577 2,571.56 Tyler Jr.,Stanlee C. 107578 2,571.56 Tyler Jr.,Stanlee C. 107579 1,376.56 Tyler Jr.,Stanlee C. 107580 377.60 AT&T 107581 170.30 Connecticut Telephone 107582 13.29 Snet 107583 2,595.00 TDWI World Conference ------------- $ 372,320.77 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Intercompany Transfers September 2003
Transfer Transfer From Date Amount To Purpose - ------------------------------------------------------------------------------------------------------------------------------- Trenwick America Reinsurance Corp 22-Sep $978,293.71 Trenwick America Corp Settle 8-31-03 Interco Balance The Insurance Corp of New York 22-Sep 134,840.11 Trenwick America Corp Settle 8-31-03 Interco Balance The Insurance Corp of New York 22-Sep 110,864.61 Trenwick America Corp Settle 8-31-03 Interco Balance LaSalle Re Limited 23-Sep 15,372.41 Trenwick America Corp Settle 8-31-03 Interco Balance Trenwick America Reinsurance Corp 24-Sep 973,567.27 Trenwick America Corp Receipt of Tax Return Funds
Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: September 2003 Statement of Operations (Income Statement)
- ---------------------------------------------------------------------------------------------------------- Month Ended Cumulative REVENUES September 2003 Filing to Date - ---------------------------------------------------------------------------------------------------------- Gross Revenues $ 108,981 $ 107,701 - ---------------------------------------------------------------------------------------------------------- Less: Returns and Allowances -- -- - ---------------------------------------------------------------------------------------------------------- Net Revenue $ 108,981 $ 107,701 - ---------------------------------------------------------------------------------------------------------- COST OF GOODS SOLD - ---------------------------------------------------------------------------------------------------------- Beginning Inventory -- -- - ---------------------------------------------------------------------------------------------------------- Add: Purchases -- -- - ---------------------------------------------------------------------------------------------------------- Add:Cost of Labor -- -- - ---------------------------------------------------------------------------------------------------------- Add: Other costs (schedule attached) -- -- - ---------------------------------------------------------------------------------------------------------- Less: Ending Inventory -- -- - ---------------------------------------------------------------------------------------------------------- Cost of Goods Sold -- -- - ---------------------------------------------------------------------------------------------------------- Gross Profit 108,981 107,701 - ---------------------------------------------------------------------------------------------------------- OPERATING EXPENSES - ---------------------------------------------------------------------------------------------------------- Advertising -- -- - ---------------------------------------------------------------------------------------------------------- Auto and Truck Expense -- -- - ---------------------------------------------------------------------------------------------------------- Bad Debts -- -- - ---------------------------------------------------------------------------------------------------------- Contributions -- -- - ---------------------------------------------------------------------------------------------------------- Employee Benefits Programs 250 250 - ---------------------------------------------------------------------------------------------------------- Insider compensation* 67,698 80,144 - ---------------------------------------------------------------------------------------------------------- Insurance 4 5 - ---------------------------------------------------------------------------------------------------------- Management Fees/Bonuses 50,192 149,995 - ---------------------------------------------------------------------------------------------------------- Office Expense 703 12,259 - ---------------------------------------------------------------------------------------------------------- Pension & Profit-Sharing Plans 378 734 - ---------------------------------------------------------------------------------------------------------- Repairs and Maintenance 95 132 - ---------------------------------------------------------------------------------------------------------- Rent and Lease Expense 18,765 28,000 - ---------------------------------------------------------------------------------------------------------- Salaries/Commissions/Fees 385 927 - ---------------------------------------------------------------------------------------------------------- Supplies 1,622 1,784 - ---------------------------------------------------------------------------------------------------------- Taxes-Payroll 244 293 - ---------------------------------------------------------------------------------------------------------- Taxes-Real Estate -- -- - ---------------------------------------------------------------------------------------------------------- Taxes-Other 6,000 6,000 - ---------------------------------------------------------------------------------------------------------- Travel and Entertainment 2 4 - ---------------------------------------------------------------------------------------------------------- Utilities -- 3 - ---------------------------------------------------------------------------------------------------------- Other (attach schedule) 4,035 3,673,355 - ---------------------------------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 150,375 3,953,885 - ---------------------------------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 45,452 63,049 - ---------------------------------------------------------------------------------------------------------- Net Profit(Loss) Before Other Income & Expenses (86,846) (3,909,233) - ---------------------------------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES - ---------------------------------------------------------------------------------------------------------- Other Income (attach schedule) (16,950,138) (15,162,218) - ---------------------------------------------------------------------------------------------------------- Interest Expense -- -- - ---------------------------------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items (17,036,984) (19,071,451) - ---------------------------------------------------------------------------------------------------------- REORGANIZATION ITEMS - ---------------------------------------------------------------------------------------------------------- Professional Fees -- -- - ---------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - ---------------------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash -- from Chapter 11 (see continuation sheet) 4,520 12,156 - ---------------------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - ---------------------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------- Total Reorganization Expenses 4,520 12,156 - ---------------------------------------------------------------------------------------------------------- Income Taxes -- -- - ---------------------------------------------------------------------------------------------------------- Net Profit (Loss) $(17,032,465) $(19,059,295) - ----------------------------------------------------------------------------------------------------------
Exhibit 99.2 Trenwick Group Ltd. STATEMENT OF OPERATIONS - continuation sheet ================================================================================ Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY September 2003 Filing to Date ================================================================================ - -------------------------------------------------------------------------------- Other Costs - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Operational Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Audit Fees -- 28,754 - -------------------------------------------------------------------------------- Accounting & Tax Fees -- 44,516 - -------------------------------------------------------------------------------- Other Fees -- 3,594,254 - -------------------------------------------------------------------------------- Data Processing 3,958 5,730 - -------------------------------------------------------------------------------- Seminars & Continuing Education 76 100 - -------------------------------------------------------------------------------- Total Other Expenses 4,035 3,673,355 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Income - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Equity in Undistributed Loss of Unconsolidated Subsidiaries (16,950,138) (15,162,218) - -------------------------------------------------------------------------------- Total Other Income (16,950,138) (15,162,218) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- -- -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Reorganization Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- -- -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ================================================================================ Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: September 2003 BALANCE SHEET
- ------------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------------------ CURRENT ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ Unrestricted Cash and Equivalents -- 4,532,566 - ------------------------------------------------------------------------------------------------------------------------------------ Restricted Cash and Cash Equivalents (see continuation sheet) 5,812,025 -- - ------------------------------------------------------------------------------------------------------------------------------------ Accounts Receivable (Net) 50,932,523 48,745,299 - ------------------------------------------------------------------------------------------------------------------------------------ Notes Receivable -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Inventories -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Prepaid Expenses 118,464 503,054 - ------------------------------------------------------------------------------------------------------------------------------------ Professional Retainers 21,000 10,000 - ------------------------------------------------------------------------------------------------------------------------------------ Other Current Assets (attach schedule) 340,703 327,755 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS $ 57,224,715 $ 54,118,674 - ------------------------------------------------------------------------------------------------------------------------------------ PROPERTY AND EQUIPMENT - ------------------------------------------------------------------------------------------------------------------------------------ Real Property and Improvements -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Machinery and Equipment -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Furniture, Fixtures and Office Equipment 20,723,654 20,723,654 - ------------------------------------------------------------------------------------------------------------------------------------ Leasehold Improvements 3,485,693 3,485,693 - ------------------------------------------------------------------------------------------------------------------------------------ Vehicles -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Less Accumulated Depreciation (16,103,278) (15,433,035) - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL PROPERTY & EQUIPMENT $ 8,106,069 $ 8,776,312 - ------------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ Loans to Insiders* 257,507 266,900 - ------------------------------------------------------------------------------------------------------------------------------------ Other Assets (attach schedule) 248,633,709 249,660,381 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OTHER ASSETS $ 248,891,216 $ 249,927,281 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS $ 314,222,000 $ 312,822,267 ==================================================================================================================================== - ------------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) - ------------------------------------------------------------------------------------------------------------------------------------ Accounts Payable 64,191 -- - ------------------------------------------------------------------------------------------------------------------------------------ Taxes Payable (refer to FORM MOR-4) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Wages Payable 68,598 -- - ------------------------------------------------------------------------------------------------------------------------------------ Notes Payable -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Rent/Leases - Building/Equipment -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Secured Debt/Adequate Protection Payments -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Professional Fees -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Amounts Due to Insiders* -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Other Postpetition Liabilities (attach schedule) 606,054 -- - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL POSTPETITION LIABILITIES $ 738,843 $ -- - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ------------------------------------------------------------------------------------------------------------------------------------ Secured Debt -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Priority Debt -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Unsecured Debt 291,234,816 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL PRE-PETITION LIABILITIES $ 291,234,816 $ 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES $ 291,973,659 $ 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------------ OWNER EQUITY - ------------------------------------------------------------------------------------------------------------------------------------ Capital Stock 100 100 - ------------------------------------------------------------------------------------------------------------------------------------ Additional Paid-In Capital 298,877,085 298,877,085 - ------------------------------------------------------------------------------------------------------------------------------------ Partners' Capital Account -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Owner's Equity Account -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Retained Earnings - Pre-Petition (278,750,372) (278,750,372) - ------------------------------------------------------------------------------------------------------------------------------------ Retained Earnings - Post-Petition (19,059,296) -- - ------------------------------------------------------------------------------------------------------------------------------------ Adjustments to Owner Equity (attach schedule) 21,180,824 3,047,008 - ------------------------------------------------------------------------------------------------------------------------------------ Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ NET OWNER EQUITY $ 22,248,341 $ 23,173,821 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES AND OWNERS' EQUITY $ 314,222,000 $ 312,822,267 ====================================================================================================================================
Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: September 30 2003 BALANCE SHEET - continuation sheet
- ------------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ OTHER CURRENT ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ Accrued Investment Income 340,703 327,755 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS - ------------------------------------------------------------------------------------------------------------------------------------ Deferred Taxes Receivable 1,198,532 1,198,532 - ------------------------------------------------------------------------------------------------------------------------------------ Investment in Subsidiaries 247,435,043 244,859,636 - ------------------------------------------------------------------------------------------------------------------------------------ Miscellaneous Other Assets 134 3,602,213 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL OTHER ASSETS 248,633,709 249,660,381 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ UNSECURED DEBTS (PRE-PETITION) - ------------------------------------------------------------------------------------------------------------------------------------ Accrued Expenses 1,462,716 1,333,307 - ------------------------------------------------------------------------------------------------------------------------------------ Interest Payable 12,728,025 12,728,025 - ------------------------------------------------------------------------------------------------------------------------------------ Taxes Payable 4,052,383 2,601,759 - ------------------------------------------------------------------------------------------------------------------------------------ Due to Affiliates 82,787,757 82,787,757 - ------------------------------------------------------------------------------------------------------------------------------------ Indebtedness 190,203,934 190,197,598 - ------------------------------------------------------------------------------------------------------------------------------------ TOTAL UNSECURED DEBTS (PRE-PETITION) 291,234,816 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ OTHER POSTPETITION LIABILITIES - ------------------------------------------------------------------------------------------------------------------------------------ Due to Affiliates 606,054 -- - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ADJUSTMENT TO OWNER EQUITY - ------------------------------------------------------------------------------------------------------------------------------------ Equity in Subsidiary 21,180,824 3,047,008 - ------------------------------------------------------------------------------------------------------------------------------------
Exhibit 99.2 Trenwick Group Ltd. In re Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting period: September 2003 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
- --------------------------------------------------------------------------------------------------------------------------- Beginning Amount Tax Withheld or Check. No Ending Tax Liability Accrued Amount Paid Date Paid or EFT Liability =========================================================================================================================== Federal - --------------------------------------------------------------------------------------------------------------------------- Withholding -- 173,090 173,090 9/29,24,10 EFT -- - --------------------------------------------------------------------------------------------------------------------------- FICA-Employee -- 31,909 31,909 9/29,24,10 EFT -- - --------------------------------------------------------------------------------------------------------------------------- FICA-Employer -- 42,015 42,015 9/29,24,10 EFT -- - --------------------------------------------------------------------------------------------------------------------------- Unemployment -- 142 142 9/29,24,10 EFT -- - --------------------------------------------------------------------------------------------------------------------------- Income -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Total Federal Taxes -- 247,156 247,156 -- - --------------------------------------------------------------------------------------------------------------------------- State and Local - --------------------------------------------------------------------------------------------------------------------------- Withholding -- 39,750 39,750 9/29,24,10 EFT -- - --------------------------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Unemployment -- 1,566 1,566 9/29,24,10 EFT -- - --------------------------------------------------------------------------------------------------------------------------- Real Property -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------- Total State and Local -- 41,316 41,316 -- - --------------------------------------------------------------------------------------------------------------------------- Total Taxes -- 288,472 288,472 -- -- - ---------------------------------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable
- --------------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ============================================================================= Current 0-30 31-60 61-90 Over 90 Total - --------------------------------------------------------------------------------------------------------------------------- Accounts Payable 64,191 -- 64,191 - --------------------------------------------------------------------------------------------------------------------------- Wages Payable 68,598 68,598 - --------------------------------------------------------------------------------------------------------------------------- Taxes Payable -- - --------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- - --------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- - --------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- - --------------------------------------------------------------------------------------------------------------------------- Professional Fees -- - --------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders -- - --------------------------------------------------------------------------------------------------------------------------- Other: -- - --------------------------------------------------------------------------------------------------------------------------- Other: -- - --------------------------------------------------------------------------------------------------------------------------- Total Postpetition Debts 132,789 -- -- -- -- 132,789 - ---------------------------------------------------------------------------------------------------------------------------
Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: September 2003 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING ================================================================================ ================ Accounts Receivable Reconciliation Amount ================================================================================ ================ Total Accounts Receivable at the beginning of the reporting period 50,605,554.25 - -------------------------------------------------------------------------------- ---------------- + Amounts billed during the peiod 1,672,035.33 - -------------------------------------------------------------------------------- ---------------- - - Amounts collected during the peiod (1,345,066.80) - -------------------------------------------------------------------------------- ---------------- Total Accounts Receivable at the end of the reporting period 50,932,522.78 - -------------------------------------------------------------------------------- ----------------
================================================================================ ================ Accounts Receivable Aging Amount ================================================================================ ================ 0 - 30 days old 1,690,656.64 - -------------------------------------------------------------------------------- ---------------- 31 - 60 days old 436,303.94 - -------------------------------------------------------------------------------- ---------------- 61 - 90 days old 3,033.91 - -------------------------------------------------------------------------------- ---------------- 91 + days old 59,989,346.29 - -------------------------------------------------------------------------------- ---------------- Total Accounts Receivable 62,119,340.78 - -------------------------------------------------------------------------------- ---------------- Amount considered uncollectible (Bad Debt) (11,186,818.00) - -------------------------------------------------------------------------------- ---------------- Accounts Receivable (Net) 50,932,522.78 - -------------------------------------------------------------------------------- ----------------
DEBTOR QUESTIONNAIRE
================================================================================ ================ Must be completed each month 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 and 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 - -------------------------------------------------------------------------------- ----------------
FORM MOR-5 (9/99) EX-99.3 5 d57262_ex99-3.txt SEPT 2003 MONTHLY OPERATING REPORT OF LASALLE Exhibit 99.3 Trenwick Group Ltd. UNITED STATES BANKRUPTCY COURT ___________DISTRICT OF____________ In re: LaSalle Re Holdings Limited Case No. 03-12637(MFW) Reporting Period: September 2003 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month. Submit copy of report to any official committee appointed in the case.
- -------------------------------------------------------------------------------------------------------------------------- Document Explanation Required Documents Form No. Attached Attached - -------------------------------------------------------------------------------------------------------------------------- Schedule of Cash Receipts and Disbursements MOR-1 N/A Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (Con't) N/A Copies of bank statements N/A Cash disbursements journals N/A Statement of Operations MOR-2 Yes Balance Sheet MOR-3 Yes Status of Postpetition Taxes MOR-4 N/A Copies of IRS Form 6123 or payment receipt N/A Copies of tax returns filed during reporting period N/A Summary of Unpaid Postpetition Debts MOR-4 None Listing of aged accounts payable N/A Accounts Receivable Reconciliation and Aging MOR-5 None Debtor Questionnaire MOR-5 N/A - --------------------------------------------------------------------------------------------------------------------------
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 of my knowledge and belief. /s/ Alan L. Hunte October 20, 2003 - --------------------------------------- ----------------------- Signature of Debtor Date /s/ Alan L. Hunte October 20, 2003 - --------------------------------------- ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte October 20, 2003 - --------------------------------------- ----------------------- Signature of Authorized Individual* Date Alan L. Hunte October 20, 2003 - --------------------------------------- ----------------------- Printed Name of Authorized Individual* Date *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. Exhibit 99.3 Trenwick Group Ltd. LaSalle Re Holdings Limited Case No. 03-12637 (MFW) Debtor Reporting Period: September 2003 Statement of Operations (Income Statement)
- ------------------------------------------------------------------------------------------------------------------ Month Ended Cumulative REVENUES September 2003 Filing to Date - ------------------------------------------------------------------------------------------------------------------ Gross Revenues $ -- $ -- - ------------------------------------------------------------------------------------------------------------------ Less: Returns and Allowances -- -- - ------------------------------------------------------------------------------------------------------------------ Net Revenue $ -- $ -- - ------------------------------------------------------------------------------------------------------------------ COST OF GOODS SOLD - ------------------------------------------------------------------------------------------------------------------ Beginning Inventory -- -- - ------------------------------------------------------------------------------------------------------------------ Add: Purchases -- -- - ------------------------------------------------------------------------------------------------------------------ Add:Cost of Labor -- -- - ------------------------------------------------------------------------------------------------------------------ Add: Other costs (schedule attached) -- -- - ------------------------------------------------------------------------------------------------------------------ Less: Ending Inventory -- -- - ------------------------------------------------------------------------------------------------------------------ Cost of Goods Sold -- -- - ------------------------------------------------------------------------------------------------------------------ Gross Profit -- -- - ------------------------------------------------------------------------------------------------------------------ OPERATING EXPENSES - ------------------------------------------------------------------------------------------------------------------ Advertising -- -- - ------------------------------------------------------------------------------------------------------------------ Auto and Truck Expense -- -- - ------------------------------------------------------------------------------------------------------------------ Bad Debts -- -- - ------------------------------------------------------------------------------------------------------------------ Contributions -- -- - ------------------------------------------------------------------------------------------------------------------ Employee Benefits Programs -- -- - ------------------------------------------------------------------------------------------------------------------ Insider compensation* -- -- - ------------------------------------------------------------------------------------------------------------------ Insurance -- -- - ------------------------------------------------------------------------------------------------------------------ Management Fees/Bonuses -- -- - ------------------------------------------------------------------------------------------------------------------ Office Expense -- -- - ------------------------------------------------------------------------------------------------------------------ Pension & Profit-Sharing Plans -- -- - ------------------------------------------------------------------------------------------------------------------ Repairs and Maintenance -- -- - ------------------------------------------------------------------------------------------------------------------ Rent and Lease Expense -- -- - ------------------------------------------------------------------------------------------------------------------ Salaries/Commissions/Fees -- -- - ------------------------------------------------------------------------------------------------------------------ Supplies -- -- - ------------------------------------------------------------------------------------------------------------------ Taxes-Payroll -- -- - ------------------------------------------------------------------------------------------------------------------ Taxes-Real Estate -- -- - ------------------------------------------------------------------------------------------------------------------ Taxes-Other -- -- - ------------------------------------------------------------------------------------------------------------------ Travel and Entertainment -- -- - ------------------------------------------------------------------------------------------------------------------ Utilities -- -- - ------------------------------------------------------------------------------------------------------------------ Other (attach schedule) -- -- - ------------------------------------------------------------------------------------------------------------------ Total Operating Expenses Before Depreciation -- -- - ------------------------------------------------------------------------------------------------------------------ Depreciation/Depletion/Amortization -- -- - ------------------------------------------------------------------------------------------------------------------ Net Profit(Loss) Before Other Income & Expenses -- -- - ------------------------------------------------------------------------------------------------------------------ OTHER INCOME AND EXPENSES - ------------------------------------------------------------------------------------------------------------------ Other Income (attach schedule) (1,042,144) (1,042,144) - ------------------------------------------------------------------------------------------------------------------ Interest Expense -- -- - ------------------------------------------------------------------------------------------------------------------ Other Expense (attach schedule) -- -- - ------------------------------------------------------------------------------------------------------------------ Net Profit (Loss) Before Reorganization Items (1,042,144) (1,042,144) - ------------------------------------------------------------------------------------------------------------------ REORGANIZATION ITEMS - ------------------------------------------------------------------------------------------------------------------ Professional Fees -- -- - ------------------------------------------------------------------------------------------------------------------ U.S. Trustee Quarterly Fees -- -- - ------------------------------------------------------------------------------------------------------------------ Interest Earned on Accumulated Cash -- from Chapter 11 (see continuation sheet) -- -- - ------------------------------------------------------------------------------------------------------------------ Gain(Loss) from Sale of Equipment -- -- - ------------------------------------------------------------------------------------------------------------------ Other Reorganization Expenses (attach schedule) -- -- - ------------------------------------------------------------------------------------------------------------------ Total Reorganization Expenses -- -- - ------------------------------------------------------------------------------------------------------------------ Income Taxes -- -- - ------------------------------------------------------------------------------------------------------------------ Net Profit (Loss) $(1,042,144) $(1,042,144) - ------------------------------------------------------------------------------------------------------------------
Exhibit 99.3 Trenwick Group Ltd. STATEMENT OF OPERATIONS - continuation sheet ================================================================================ Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY September 2003 Filing to Date ================================================================================ - -------------------------------------------------------------------------------- Other Costs - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Operational Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Income - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Equity in Undistributed Loss of Unconsolidated Subsidiaries (1,042,144) (1,042,144) - -------------------------------------------------------------------------------- Total Other Income (1,042,144) (1,042,144) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- -- -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Reorganization Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- -- -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ================================================================================ Exhibit 99.3 Trenwick Group Ltd. LaSalle Re Holdings Limited Case No. 03-12637 (MFW) Debtor Reporting Period: September 2003 BALANCE SHEET
- --------------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - --------------------------------------------------------------------------------------------------------------------------- CURRENT ASSETS - --------------------------------------------------------------------------------------------------------------------------- Unrestricted Cash and Equivalents -- -- - --------------------------------------------------------------------------------------------------------------------------- Restricted Cash and Cash Equivalents (see continuation sheet) -- - --------------------------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) -- -- - --------------------------------------------------------------------------------------------------------------------------- Notes Receivable -- -- - --------------------------------------------------------------------------------------------------------------------------- Inventories -- -- - --------------------------------------------------------------------------------------------------------------------------- Prepaid Expenses -- -- - --------------------------------------------------------------------------------------------------------------------------- Professional Retainers -- -- - --------------------------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) -- -- - --------------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ -- $ -- - --------------------------------------------------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT - --------------------------------------------------------------------------------------------------------------------------- Real Property and Improvements -- -- - --------------------------------------------------------------------------------------------------------------------------- Machinery and Equipment -- -- - --------------------------------------------------------------------------------------------------------------------------- Furniture, Fixtures and Office Equipment -- -- - --------------------------------------------------------------------------------------------------------------------------- Leasehold Improvements -- -- - --------------------------------------------------------------------------------------------------------------------------- Vehicles -- -- - --------------------------------------------------------------------------------------------------------------------------- Less Accumulated Depreciation -- -- - --------------------------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ -- $ -- - --------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS - --------------------------------------------------------------------------------------------------------------------------- Loans to Insiders* -- -- - --------------------------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 49,698,290 49,900,000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 49,698,290 $ 49,900,000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 49,698,290 $ 49,900,000 =========================================================================================================================== - --------------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - --------------------------------------------------------------------------------------------------------------------------- LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) - --------------------------------------------------------------------------------------------------------------------------- Accounts Payable -- -- - --------------------------------------------------------------------------------------------------------------------------- Taxes Payable (refer to FORM MOR-4) -- -- - --------------------------------------------------------------------------------------------------------------------------- Wages Payable -- -- - --------------------------------------------------------------------------------------------------------------------------- Notes Payable -- -- - --------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building/Equipment -- -- - --------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- -- - --------------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- - --------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders* -- -- - --------------------------------------------------------------------------------------------------------------------------- Other Postpetition Liabilities (attach schedule) -- -- - --------------------------------------------------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $ -- $ -- - --------------------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - --------------------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - --------------------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - --------------------------------------------------------------------------------------------------------------------------- Unsecured Debt 5,804,000 5,804,000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES $ 5,804,000 $ 5,804,000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 5,804,000 $ 5,804,000 - --------------------------------------------------------------------------------------------------------------------------- OWNER EQUITY - --------------------------------------------------------------------------------------------------------------------------- Capital Stock 95,432,000 95,432,000 - --------------------------------------------------------------------------------------------------------------------------- Additional Paid-In Capital 307,914,000 307,914,000 - --------------------------------------------------------------------------------------------------------------------------- Partners' Capital Account -- -- - --------------------------------------------------------------------------------------------------------------------------- Owner's Equity Account -- -- - --------------------------------------------------------------------------------------------------------------------------- Retained Earnings - Pre-Petition (358,939,000) (358,939,000) - --------------------------------------------------------------------------------------------------------------------------- Retained Earnings - Post-Petition (1,042,144) -- - --------------------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) 529,435 (311,000) - --------------------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - --------------------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ 43,894,290 $ 44,096,000 - --------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 49,698,290 $ 49,900,000 ===========================================================================================================================
Exhibit 99.3 Trenwick Group Ltd. LaSalle Re Holdings Limited Case No. 03-12637 (MFW) Debtor Reporting Period: September 2003 BALANCE SHEET - continuation sheet
- ------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------- OTHER ASSETS Investment in Unconsolidated Subsidiaries 49,698,290 49,900,000 ---------- ---------- TOTAL OTHER ASSETS 49,698,290 49,900,000 ---------- ---------- ADJUSTMENT TO OWNER EQUITY Equity in Subsidiary 529,435 (311,000)
EX-99.4 6 d57262_ex99-4.txt LIST OF NON-DEBTOR ENTITIES Exhibit 99.4 Trenwick Group Ltd. Trenwick Group Ltd. List of non-Debtor Entities Trenwick (Barbados) Ltd. Trenwick Services Inc. Trenwick America Reinsurance Corporation The Insurance Corporation of New York Chartwell Advisors Limited Canterbury Financial Group Inc. Trenwick Services Ltd. Trenwick Guaranty Insurance Company Ltd. LaSalle Re Limited LaSalle Re (Services) Limited LaSalle Re Corporate Capital Limited Oak Dedicated Limited Oak Dedicated Two Limited Oak Dedicated Three Limited LaSalle Re (Barbados) Limited Trenwick UK Holdings Limited Trenwick Holdings Limited Acorn Corporate Capital Limited Trenwick Underwriting Trenwick UK plc ISIS Consulting Inc. Trenwick Managing Agents Limited Bowman Loss Adjusters Ltd. Trenwick UK Management Services Limited Trenwick UK Pension Trustees Limited Target Insurance Company (Gernsey) Ltd. Castle Members Agents Limited Resource Underwriting Pacific Pty Ltd. Archer Personal Lines Limited Castle Underwriting Holdings Limited Surveyors Direct Limited Trenwick Underwriting Limited Archer Dedicated plc Adit Holdings Ltd. Oak Dedicated Four Limited -----END PRIVACY-ENHANCED MESSAGE-----