-----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, D9+vlKWwHDqC49ioN/hpcxjgdcFzG7M5VqPzpsGKZYs+LJN5wwilJS2VeDgonTXC 7HLnCBl8JgkUQ/kX/+8f4A== 0001169232-04-002007.txt : 20040330 0001169232-04-002007.hdr.sgml : 20040330 20040330161655 ACCESSION NUMBER: 0001169232-04-002007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20040322 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040330 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: 04701334 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 d59110_8-k.txt FORM 8-K 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) - March 22, 2004 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 Not Applicable Hamilton, HM 11, Bermuda (Zip Code) (Address of principal executive offices) (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 February 2004 Monthly Operating Report of Trenwick Group Ltd. (in provisional liquidation), dated March 22, 2004. 99.2 February 2004 Monthly Operating Report of Trenwick America Corporation, dated March 22, 2004. 99.3 February 2004 Monthly Operating Report of LaSalle Re Holdings Limited (in provisional liquidation), dated March 22, 2004. 99.4 List of non-Debtor entities Item 9. Regulation FD Disclosure A. On March 22, 2004, 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 February 29, 2004 and for the month ended February 29, 2004 and the period from August 20, 2003 to February 29, 2004 (the "February 2004 Monthly Operating Reports") with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Copies of the February 2004 Monthly Operating Reports are attached hereto as Exhibits 99.1, 99.2 and 99.3 and are incorporated herein by reference. The February 2004 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. (in provisional liquidation) 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 February 2004 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 February 2004 Monthly Operating Report of Trenwick Group Ltd. (in provisional liquidation) ("TGL") 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, TGL and LaSalle Re Holdings Limited (in provisional liquidation) ("LaSalle") 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 TGL and LaSalle. 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: March 30, 2004 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1. February 2004 Monthly Operating Report of Trenwick Group Ltd. (in provisional liquidation), dated March 22, 2004. 99.2. February 2004 Monthly Operating Report of Trenwick America Corporation, dated March 22, 2004. 99.3. February 2004 Monthly Operating Report of LaSalle Re Holdings Limited (in provisional liquidation), dated March 22, 2004 99.4. List of non-Debtor entities EX-99.1 3 d59110_ex99-1.txt MONTHLY OPERATING REPORT OF TRENWICK GROUP Exhibit 99.1 Trenwick Group Ltd. UNITED STATES BANKRUPTCY COURT _______________DISTRICT OF_______________ In re: Trenwick Group Ltd. Case No. 03-12636 (MFW) Reporting Period: February 2004 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 N/A Cash disbursements journals Yes 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 Yes 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 March 22, 2004 - ------------------------------------------ ----------------------- Signature of Debtor Date /s/ Alan L. Hunte March 22, 2004 - ------------------------------------------ ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte March 22, 2004 - ------------------------------------------ ----------------------- Signature of Authorized Individual* Date Alan L. Hunte - ------------------------------------------ Printed Name of Authorized Individual* *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 Reporting Period: February 2004 Bank Accounts Operating Payroll Tax Other ---------------------------------------- Cash - Beg of Month 106,920.94 -- NA NA ---------------------------------------- Receipts: Cash Sales -- -- -- -- Accounts Rec -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Other -- -- -- Transfers -- -- -- -- ---------------------------------------- Total Receipts -- -- ---------------------------------------- Disbursements: Net Payroll -- -- -- -- Payroll Taxes -- -- -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases -- -- -- -- Insurance -- -- -- -- Administrative (3,146.08) -- -- -- Selling -- -- -- -- Other -- -- -- -- Transfers to P/R Acct -- -- -- -- Professional Fees -- -- -- -- Court Costs -- -- -- -- ---------------------------------------- Total Disbursements: (3,146.08) -- -- -- ---------------------------------------- Net Cash Flow: (3,146.08) -- -- -- ---------------------------------------- Cash: End of Month 103,774.86 -- -- -- ======================================== FORM MOR-1 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd Bank Reconciliations February 2004 The following Chase Accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 103,774.86 FORM MOR-1 (CONT'D) Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd Disbursements February 2004 Wire Date Amount Vendor Name - --------- --------- ----------------- 2/13/2004 3,146.08 WT to TAC to cover for CCH payment made on behalf of TGL Total 3,146.08 --------- FORM MOR-1 (CONT'D) Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. 03-12636 (MFW) - ----------------------------------- ------------------------ Debtor February 2004 ------------------------ Statement of Operations (Income Statement) - ------------------------------------------------------------------------------ Month Ended Cumulative REVENUES February 2004 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 12,004 163,992 - ------------------------------------------------------------------------------ Insider compensation* -- 68,710 - ------------------------------------------------------------------------------ Insurance 11,244 400,529 - ------------------------------------------------------------------------------ Management Fees/Bonuses -- -- - ------------------------------------------------------------------------------ Office Expense 173 7,951 - ------------------------------------------------------------------------------ Pension & Profit-Sharing Plans -- -- - ------------------------------------------------------------------------------ Repairs and Maintenance -- -- - ------------------------------------------------------------------------------ Rent and Lease Expense -- -- - ------------------------------------------------------------------------------ Salaries/Commissions/Fees -- 20,058 - ------------------------------------------------------------------------------ Supplies 797 4,962 - ------------------------------------------------------------------------------ Taxes-Payroll (712) -- - ------------------------------------------------------------------------------ Taxes-Real Estate -- -- - ------------------------------------------------------------------------------ Taxes-Other 9,140 25,097 - ------------------------------------------------------------------------------ Travel and Entertainment -- -- - ------------------------------------------------------------------------------ Utilities -- -- - ------------------------------------------------------------------------------ Other (attach schedule) -- 1,992,562 ============================================================================== Total Operating Expenses Before Depreciation 32,646 2,697,382 - ------------------------------------------------------------------------------ Depreciation/Depletion/Amortization 129,529 827,313 ============================================================================== Net Profit(Loss) Before Other Income & Expenses (162,175) (4,091,917) - ------------------------------------------------------------------------------ OTHER INCOME AND EXPENSES - ------------------------------------------------------------------------------ Other Income (attach schedule) 889,831 (42,420,936) - ------------------------------------------------------------------------------ Interest Expense -- -- - ------------------------------------------------------------------------------ Other Expense (attach schedule) -- 33,099,059 ============================================================================== Net Profit (Loss) Before Reorganization Items 727,656 (79,611,912) - ------------------------------------------------------------------------------ REORGANIZATION ITEMS - ------------------------------------------------------------------------------ Professional Fees -- -- - ------------------------------------------------------------------------------ U.S. Trustee Quarterly Fees -- -- - ------------------------------------------------------------------------------ Interest Earned on Accumulated Cash - ------------------------------------------------------------------------------ from Chapter 11 (see continuation sheet) 133 3,419 - ------------------------------------------------------------------------------ Gain(Loss) from Sale of Equipment -- -- - ------------------------------------------------------------------------------ Other Reorganization Expenses (attach schedule) -- 63,229 ============================================================================== Total Reorganization Expenses (133) 59,810 - ------------------------------------------------------------------------------ Income Taxes -- -- ============================================================================== Net Profit (Loss) $ 727,790 $(79,671,722) ============================================================================== * Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 25 officers which were not considered insiders for purposes of this disclosure. FORM MOR-2 Trenwick Group Ltd. 03-12636 (MFW) - ----------------------------------- ------------------------ Debtor February 2004 ------------------------ STATEMENT OF OPERATIONS - continuation sheet =========================================================================== Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY February 2004 Filing to Date =========================================================================== - --------------------------------------------------------------------------- Other Costs - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Other Operational Expenses - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Board Related -- (62,622) - --------------------------------------------------------------------------- Other Fees -- 2,054,231 - --------------------------------------------------------------------------- Data Processing -- 953 - --------------------------------------------------------------------------- TOTAL OTHER OPERATIONAL EXPENSES $ -- $ 1,992,562 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Other Income - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Equity in Undistributed Income (Loss) of Unconsolidated Subsidiaries 889,831 (42,420,936) - --------------------------------------------------------------------------- TOTAL OTHER INCOME $ 889,831 $(42,420,936) - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Other Expenses - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Loss on Sale of Trenwick International Ltd. -- 33,099,059 - --------------------------------------------------------------------------- TOTAL OTHER EXPENSES $ -- $ 33,099,059 - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Other Reorganization Expenses - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Bankruptcy Related Fees -- 63,229 - --------------------------------------------------------------------------- TOTAL OTHER REORGANIZATION EXPENSES $ -- $ 63,229 - --------------------------------------------------------------------------- =========================================================================== FORM MOR-2 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) - ----------------------------------- ------------------------ Debtor Reporting Period: February 2004 ------------------------ 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) 593,572 655,336 - -------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) 219,095 (591,090) - -------------------------------------------------------------------------------------------------------- Notes Receivable -- -- - -------------------------------------------------------------------------------------------------------- Inventories -- -- - -------------------------------------------------------------------------------------------------------- Prepaid Expenses 75,428 1,088,137 - -------------------------------------------------------------------------------------------------------- Professional Retainers 2,081,166 2,200,000 - -------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) -- 3,861 - -------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 2,969,261 $ 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 (42,885) (33,020) - -------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 30,582 $ 49,161 - -------------------------------------------------------------------------------------------------------- OTHER ASSETS - -------------------------------------------------------------------------------------------------------- Loans to Insiders* -- -- - -------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 131,032,459 220,135,876 - -------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 131,032,459 $ 220,135,876 - -------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 134,032,302 $ 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 19,428 -- - ---------------------------------------------------------------------------------------------------------------- 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) -- -- - ---------------------------------------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $ 19,428 $ 4,900 - ---------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ---------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - ---------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - ---------------------------------------------------------------------------------------------------------------- Unsecured Debt 216,529,708 216,896,055 - ---------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES $ 216,529,708 $ 216,896,055 - ---------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 216,549,136 $ 216,900,955 - ---------------------------------------------------------------------------------------------------------------- OWNER EQUITY - ---------------------------------------------------------------------------------------------------------------- Capital Stock 3,673,000 3,676,102 - ---------------------------------------------------------------------------------------------------------------- Additional Paid-In Capital 574,262,130 574,823,017 - ---------------------------------------------------------------------------------------------------------------- Partners' Capital Account -- -- - ---------------------------------------------------------------------------------------------------------------- Owner's Equity Account -- -- - ---------------------------------------------------------------------------------------------------------------- Retained Earnings - Pre-Petition (551,923,031) (551,923,031) - ---------------------------------------------------------------------------------------------------------------- Retained Earnings - Post-Petition (79,671,722) -- - ---------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) (28,857,211) (19,935,762) - ---------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ (82,516,834) $ 6,640,326 - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 134,032,302 $ 223,541,281 ================================================================================================================
FORM MOR-3 Trenwick Group Ltd. Case No. 03-12636 (MFW) - ----------------------------------- ------------------------ Debtor Reporting Period: February 2004 ------------------------ 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 - -------------------------------------------------------------------- TOTAL OTHER CURRENT ASSETS $ -- $ 3,861 - -------------------------------------------------------------------- - -------------------------------------------------------------------- - -------------------------------------------------------------------- OTHER ASSETS - -------------------------------------------------------------------- Prepaid Deposits 19,622 19,622 - -------------------------------------------------------------------- Investment in Subsidiaries 128,586,657 215,156,938 - -------------------------------------------------------------------- Miscellaneous Other Assets 2,426,180 4,959,316 - -------------------------------------------------------------------- TOTAL OTHER ASSETS $ 131,032,459 $ 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 981,352 1,299,727 - ------------------------------------------------------------------------------- Interest Payable 2,276,323 2,276,323 - ------------------------------------------------------------------------------- Due to Affiliates 94,431,252 94,479,224 - ------------------------------------------------------------------------------- Other Liabilities 118,840,781 118,840,781 - ------------------------------------------------------------------------------- TOTAL UNSECURED DEBTS (PRE-PETITION) $ 216,529,708 $ 216,896,055 - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - ------------------------------------------------------------------------------- Due to Affiliates -- -- - ------------------------------------------------------------------------------- TOTAL OTHER POSTPETITION LIABILITIES $ -- $ -- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - ------------------------------------------------------------------------------- Deferred Compensation (218,968) (1,125,099) - ------------------------------------------------------------------------------- Equity in Subsidiary (28,638,243) (18,810,663) - -------------------------------------------------------------------------------
FORM MOR-3 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) - ----------------------------------- ------------------------ Debtor Reporting Period: February 2004 ------------------------ 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 -- -- -- -- - -------------------------------------------------------------------------------------------------------- FICA-Employee -- -- -- -- - -------------------------------------------------------------------------------------------------------- FICA-Employer -- -- -- -- - -------------------------------------------------------------------------------------------------------- Unemployment -- -- -- -- - -------------------------------------------------------------------------------------------------------- Income -- -- -- -- - -------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - -------------------------------------------------------------------------------------------------------- Total Federal Taxes -- -- -- -- - -------------------------------------------------------------------------------------------------------- State and Local - -------------------------------------------------------------------------------------------------------- Withholding -- -- -- -- - -------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - -------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - -------------------------------------------------------------------------------------------------------- Unemployment -- -- -- -- - -------------------------------------------------------------------------------------------------------- Real Property -- -- -- -- - -------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - -------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - -------------------------------------------------------------------------------------------------------- Total State and Local -- -- -- -- - -------------------------------------------------------------------------------------------------------- Total Taxes -- -- -- -- -- - --------------------------------------------------------------------------------------------------------
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 -- 836 5,717 6,949 5,926 19,428 - ------------------------------------------------------------------------------------------------ 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 -- 836 5,717 6,949 5,926 19,428 - ------------------------------------------------------------------------------------------------
FORM MOR-4 (9/99) Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. List of Aging February 29, 2004
Vendor Invoice Date Invoice Number Amount Activity ------ ------------ -------------- ------- -------- Equiserve 10/13/2003 159415 5,925.87 Transfer Agency Fee -------------------------------------------- 91+ 5,925.87 Deraventures 11/5/2003 11014-37201-03 216.30 M. Becker Telecommunications Equiserve 11/13/2003 160816 3,810.21 Transfer Agency Fees Equiserve 11/30/2003 2,922.25 Transfer Agency Fee -------------------------------------------- 61-90 DAYS 6,948.76 Equiserve 12/3/2003 5,717.29 Transfer Agency Fee -------------------------------------------- 31-60 DAYS 5,717.29 2003 Post - Petition CCH 1/6/2004 7405420 836.34 TGL Monthly -------------------------------------------- 0-30 DAYS 836.34 2004 - Post Petition ----------------- Grand Total 19,428.26 =================
Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) - ----------------------------------- ------------------------ Debtor Reporting Period: February 2004 ------------------------ ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- ------------------------------------------------------------------ ------------------ Accounts Receivable Reconciliation Amount - ------------------------------------------------------------------ ------------------ Total Accounts Receivable at the beginning of the reporting period $ 219,094.77 - ------------------------------------------------------------------ ------------------ + Amounts billed during the peiod -- - ------------------------------------------------------------------ ------------------ - - Amounts collected during the peiod -- - ------------------------------------------------------------------ ------------------ Total Accounts Receivable at the end of the reporting period 219,094.77 - ------------------------------------------------------------------ ------------------
- ------------------------------------------------------------------ ------------------ Accounts Receivable Aging Amount - ------------------------------------------------------------------ ------------------ 0 - 30 days old -- - ------------------------------------------------------------------ ------------------ 31 - 60 days old -- - ------------------------------------------------------------------ ------------------ 61 - 90 days old -- - ------------------------------------------------------------------ ------------------ 91 + days old 9,661,613.77 - ------------------------------------------------------------------ ------------------ Total Accounts Receivable 9,661,613.77 - ------------------------------------------------------------------ ------------------ Amount considered uncollectible (Bad Debt) (9,442,519.00) - ------------------------------------------------------------------ ------------------ Accounts Receivable (Net) 219,094.77 - ------------------------------------------------------------------ ------------------
DEBTOR QUESTIONNAIRE
- --------------------------------------------------------------------------------------- --------------------------------------- Must be completed each month Yes No - --------------------------------------------------------------------------------------- --------------------------------------- 1. Have any assets been sold or transferred outside the normal course of X business this reporting period? If yes, provide an explanation below. - --------------------------------------------------------------------------------------- --------------------------------------- 2. Have any funds been disbursed from any account other than a debtor in X possession account this reporting period? If yes, provide and explanation below. - --------------------------------------------------------------------------------------- --------------------------------------- 3. Have all postpetition tax returns been timely filed? If no, provide an X explanation below. - --------------------------------------------------------------------------------------- --------------------------------------- 4. Are workers compensation, general liability and other necessary insurance X coverages in effect? If no, provide an explanation below. - --------------------------------------------------------------------------------------- ---------------------------------------
FORM MOR-5 (9/99) EX-99.2 4 d59110_ex99-2.txt 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: February 2004 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 N/A 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 N/A 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 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 March 22, 2004 - --------------------------------------------- -------------------------- Signature of Debtor Date /s/ Alan L. Hunte March 22, 2004 - --------------------------------------------- -------------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte March 22, 2004 - --------------------------------------------- -------------------------- Signature of Authorized Individual* Date Alan L. Hunte - --------------------------------------------- Printed Name of Authorized Individual* *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 February 2004
Bank Accounts Operating Payroll Tax Other --------------------------------------------------------------------------------- Cash - Beg of Month 963,993.79 35,331.89 NA NA --------------------------------------------------------------------------------- Receipts: Cash Sales -- -- -- -- Accounts Rec. -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Deposits 8,189.24 -- -- -- Other 350.37 -- -- Fund Transfer -- -- -- -- Transfers (Interco) 1,835,033.97 1,001,549.95 -- -- --------------------------------------------------------------------------------- Total Receipts 1,843,573.58 1,001,549.95 -- -- --------------------------------------------------------------------------------- Disbursements: Net Payroll -- (617,687.52) -- -- Payroll Taxes -- (383,862.43) -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases (146,156.63) -- -- -- Insurance -- -- -- -- Administrative (549,892.63) -- -- -- Selling -- -- -- -- Other *** (122.55) -- -- -- Transfers (PR) (1,001,549.95) -- -- Professional Fees (249,656.33) -- -- -- Court Costs -- -- -- -- --------------------------------------------------------------------------------- Total Disbursements (1,947,378.09) (1,001,549.95) -- -- --------------------------------------------------------------------------------- Net Cash Flow (103,804.51) -- -- -- --------------------------------------------------------------------------------- Cash: End of Month 860,189.28 35,331.89 -- -- =================================================================================
*** Void ck #108062, amount $711.57 was issued in January 04 ck #108169 , amount $834.12 was placed for stop payment. It will be entered in GL in March 04. FORM MOR-1 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Bank Reconciliations February 2004 The following bank accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 860,189.28 Payroll: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 35,331.89 FORM MOR-1 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corp. Disbuusements Log (Excludes Interco.) Month Ended February 29, 2004
Wire Date Amount Vendor Name - ------------------------ ----------------- ----------------------------------------------------------- 2004-02-03 2,382.53 Flexible Spending 2004-02-04 93,659.62 New York Life Benefit Services Co. 2004-02-12 2,422.53 Flexible Spending 2004-02-13 6,725.10 Bloomberg L.P. 2004-02-25 2,422.53 Flexible Spending 2004-02-27 94,862.24 New York Life Benefit Services Co. Wt total 202,474.55 Check Number Amount Vendor Name - ------------------------ ----------------- ----------------------------------------------------------- 108120 60.00 Secretary of the State Office 108121 76.00 Gale,Matthew B. 108122 2,572.02 Hunte,Alan L. 108123 1,476.02 Marty Becker 108124 740.45 ADT Security Services, Inc. 108125 32,697.31 Actuarial Risk Solutions 108126 485.00 American Academy of Actuaries 108127 444.25 BMC Solutions, Inc. 108128 678.40 Blondie's Treehouse, Inc 108130 237.26 Ceridian Employer Services 108131 333.93 Club Sandwich of Stamford 108132 146,156.63 Equity Office Properties, L.L.C. 108133 394.64 Federal Express Corporation 108134 150.00 Federal Reserve Bank of Cleveland 108135 464.28 First Management Services, Inc. 108136 4,882.99 Kelly Services, Inc. 108137 560.00 Liz Sue Bagels 108138 1,266.00 Mary A. Pagoto 108139 220.94 Network Synergy 108140 471.17 New England Office Supplies, Inc. 108141 2,710.00 New York Life Benefit Services Co. 108142 7,385.12 Re Systems Group 108143 3,288.65 Robert Half 108144 71.80 Royal Messenger Service 108145 42,247.90 Young, Conaway, Stargatt & Taylor, LLP 108146 350.00 Casualty Actuarial Society 108147 519.22 Leshaw,Jerome B. 108149 3,132.70 Tyler Jr.,Stanlee C. 108151 469.65 AT&T 108152 756.90 AT&T 108153 261.60 American Insurance Association 108154 948.70 Business Invirons 108155 27,795.18 CDW Direct, LLC 108156 175.82 Ceridian Employer Services 108157 900.00 Cognet Communications, Inc. 108158 27.33 ComED 108159 19,400.00 Dunhill of Fort Collins, Inc.
Exhibit 99.2 Trenwick Group Ltd. 108160 445.00 Esposito Design Association 108161 695.00 Federal Express Corporation 108162 2,128.26 Glowpoint 108163 23,478.88 Iron Mountain 108164 728.00 Joyce Van Lines, Inc. 108165 4,542.31 Kelly Services, Inc. 108166 3,777.40 MBSII.net 108167 195.00 Mail Delivery Service of Stamford, LLC 108168 17.13 New England Office Supplies, Inc. 108170 7,321.95 Propark, Inc. 108171 4,820.35 Robert Half 108172 54.80 Skytel 108173 5,296.00 Sungard Recovery Services Inc. 108174 4,743.75 Susan Zicarelli 108175 83.87 T.O.A.D.S 108176 2,797.62 Temco Service Industries, Inc. 108177 60.02 Velocity Express 108178 2,969.40 West Group 108179 3,146.08 CCH Incorporated 108180 15,521.14 CYPRESS COMMUNICATIONS 108181 364.21 Ceridian Employer Services 108182 313.55 Connecticut Corporate Caterers,LLC 108183 1,377.28 Crystal Rock Water Company 108184 1,790.97 Crystal Rock Water Company 108185 60.00 Delaware Secretary of State-V#51-6000279 108186 60.00 Delaware Secretary of State-V#51-6000279 108187 207,408.43 Dewey Ballantine 108188 104.94 Wall Street Journal 108189 433.90 Louis Direnzo 108190 250.27 Rafalano,Daniel E. 108191 744.59 Robert Holland 108192 275.81 Nextel 108193 151.84 Brunell,Paula 108194 132.67 Carbonetti,Michael F. 108195 142.90 Louis Direnzo 108196 75.14 Parrish,Laurie A. 108197 943.09 Stephen Zielinski 108198 61.45 Advanced Modern Locksmithing 108199 985.00 Advanced Solutions, Inc. 108200 85,755.67 Anthem BCBSCT 108201 880.89 BMW Financial Services 108202 250.00 Braren-Walsh & Associates, Inc. 108203 419.08 Bull's Head Printers 108204 4,088.42 CCH Incorporated 108205 543.67 CDW Direct, LLC 108206 304.69 Ceridian Employer Services 108207 7,983.09 Delta Dental 108208 150.26 Encon Heating & AirConditioning 108209 351.82 Federal Express Corporation 108210 8,346.50 Kelly Services, Inc. 108211 1,893.75 Lexis/Nexis 108212 2,444.20 MBSII.net
Exhibit 99.2 Trenwick Group Ltd. 108213 59.72 MCI 108214 1,731.00 MCI 108215 847.00 Motient 108216 271.41 New England Office Supplies, Inc. 108217 511.98 OFFICETEAM 108218 3,327.47 Pitney Bowes 108219 300.00 Propark, Inc. 108220 7,703.55 Robert Half 108221 1,462.41 Staples Business Advantage 108222 1,904.00 The Pension Service, Inc. 108223 8,394.60 Unum Life Insurance Company of America cks total 743,231.04 ------------ Total February disbursements 945,705.59 - ---------------------------- ------------
FORM MOR-1 (CON'T) Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation 03-12635 (MFW) - -------------------------------------------- -------------------- Debtor February 2004 -------------------- Statement of Operations (Income Statement)
- ---------------------------------------------------------------------------------------------------------------- Month Ended Cumulative REVENUES February 2004 Filing to Date - ---------------------------------------------------------------------------------------------------------------- Gross Revenues $ 102 $ 239,844 - ---------------------------------------------------------------------------------------------------------------- Less: Returns and Allowances -- -- - ---------------------------------------------------------------------------------------------------------------- Net Revenue $ 102 $ 239,844 - ---------------------------------------------------------------------------------------------------------------- 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 102 239,844 - ---------------------------------------------------------------------------------------------------------------- OPERATING EXPENSES - ---------------------------------------------------------------------------------------------------------------- Advertising -- -- - ---------------------------------------------------------------------------------------------------------------- Auto and Truck Expense 30 106 - ---------------------------------------------------------------------------------------------------------------- Bad Debts -- -- - ---------------------------------------------------------------------------------------------------------------- Contributions -- (2,500) - ---------------------------------------------------------------------------------------------------------------- Employee Benefits Programs 4,858 16,302 - ---------------------------------------------------------------------------------------------------------------- Insider compensation* 175,379 473,675 - ---------------------------------------------------------------------------------------------------------------- Insurance 1,359 5,903 - ---------------------------------------------------------------------------------------------------------------- Management Fees/Bonuses ** (123,945) (291,710) - ---------------------------------------------------------------------------------------------------------------- Office Expense 1,394 29,746 - ---------------------------------------------------------------------------------------------------------------- Pension & Profit-Sharing Plans 9,829 26,199 - ---------------------------------------------------------------------------------------------------------------- Repairs and Maintenance 326 2,094 - ---------------------------------------------------------------------------------------------------------------- Rent and Lease Expense 67,443 252,937 - ---------------------------------------------------------------------------------------------------------------- Salaries/Commissions/Fees 66,845 191,764 - ---------------------------------------------------------------------------------------------------------------- Supplies 10,536 30,464 - ---------------------------------------------------------------------------------------------------------------- Taxes-Payroll 54,599 128,449 - ---------------------------------------------------------------------------------------------------------------- Taxes-Real Estate -- -- - ---------------------------------------------------------------------------------------------------------------- Taxes-Other 929 7,863 - ---------------------------------------------------------------------------------------------------------------- Travel and Entertainment 100 1,167 - ---------------------------------------------------------------------------------------------------------------- Utilities 1 1,100 - ---------------------------------------------------------------------------------------------------------------- Other (attach schedule) (405,445) 5,285,934 - ---------------------------------------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation (135,762) 6,159,493 - ---------------------------------------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 5,585 251,877 - ---------------------------------------------------------------------------------------------------------------- Net Profit(Loss) Before Other Income & Expenses 130,279 (6,171,526) - ---------------------------------------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES - ---------------------------------------------------------------------------------------------------------------- Other Income (attach schedule) 3,010,983 (43,626,544) - ---------------------------------------------------------------------------------------------------------------- Interest Expense -- -- - ---------------------------------------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items 3,141,261 (49,798,071) - ---------------------------------------------------------------------------------------------------------------- REORGANIZATION ITEMS - ---------------------------------------------------------------------------------------------------------------- Professional Fees -- -- - ---------------------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - ---------------------------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash - ---------------------------------------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) 3,436 31,956 - ---------------------------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - ----------------------------------------------------------------------------------------------------------------
Exhibit 99.2 Trenwick Group Ltd. - ---------------------------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) 1,153,191 3,208,391 - ---------------------------------------------------------------------------------------------------------------- Total Reorganization Expenses 1,149,755 3,176,435 - ---------------------------------------------------------------------------------------------------------------- Income Taxes -- (73,536) - ---------------------------------------------------------------------------------------------------------------- Net Profit (Loss) $ 1,991,507 $ (52,900,969) - ----------------------------------------------------------------------------------------------------------------
* Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 25 officers which were not considered insiders for purposes of this disclosure. ** Represents amounts charged to Trenwick America Corporation's affiliates under the Administrative Services Agreement FORM MOR-2 Trenwick America Corp. 03-12635 (MFW) - -------------------------------------- ---------------------- Debtor February 2004 ---------------------- STATEMENT OF OPERATIONS - continuation sheet
- ------------------------------------------------------------------------------------------------------------- Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY February 2004 Filing to Date - ------------------------------------------------------------------------------------------------------------- Other Costs - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- Other Operational Expenses - ------------------------------------------------------------------------------------------------------------- Recruiting & Relocation 1,397 3,285 - ------------------------------------------------------------------------------------------------------------- Legal Fees 4,863 4,863 - ------------------------------------------------------------------------------------------------------------- Audit Fees -- (128) - ------------------------------------------------------------------------------------------------------------- Accounting & Tax Fees (10,000) 124,154 - ------------------------------------------------------------------------------------------------------------- Other Fees (403,146) 5,119,513 - ------------------------------------------------------------------------------------------------------------- Data Processing 1,221 32,020 - ------------------------------------------------------------------------------------------------------------- Seminars & Continuing Education 159 2,045 - ------------------------------------------------------------------------------------------------------------- Dues & Subscriptions 60 181 - ------------------------------------------------------------------------------------------------------------- TOTAL OTHER EXPENSES $ (405,445) $ 5,285,934 - ------------------------------------------------------------------------------------------------------------- Other Income - ------------------------------------------------------------------------------------------------------------- Equity in Undistributed Income (Loss) of Unconsolidated Subsidiaries 3,010,983 (43,626,544) - ------------------------------------------------------------------------------------------------------------- TOTAL OTHER INCOME $ 3,010,983 $ (43,626,544) - ------------------------------------------------------------------------------------------------------------- Other Expenses - ------------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------- Other Reorganization Expenses - ------------------------------------------------------------------------------------------------------------- Bankruptcy Related Fees 1,153,191 3,208,391 - ------------------------------------------------------------------------------------------------------------- TOTAL OTHER REORGAINZATION EXPENSES $1,153,191 $ 3,208,391 - ------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------
FORM MOR-2 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) - ---------------------------------------- -------------- Debtor Reporting Period: February 2004 -------------- BALANCE SHEET
- ----------------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ----------------------------------------------------------------------------------------------------------------------------- CURRENT ASSETS - ----------------------------------------------------------------------------------------------------------------------------- Unrestricted Cash and Equivalents 5,784,301 4,532,566 - ----------------------------------------------------------------------------------------------------------------------------- Restricted Cash and Cash Equivalents (see continuation sheet) -- -- - ----------------------------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) 51,675,909 48,745,299 - ----------------------------------------------------------------------------------------------------------------------------- Notes Receivable -- -- - ----------------------------------------------------------------------------------------------------------------------------- Inventories -- -- - ----------------------------------------------------------------------------------------------------------------------------- Prepaid Expenses 220,944 503,054 - ----------------------------------------------------------------------------------------------------------------------------- Professional Retainers 1,000 10,000 - ----------------------------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) 340,703 327,755 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 58,022,857 $ 54,118,674 - ----------------------------------------------------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT - ----------------------------------------------------------------------------------------------------------------------------- Real Property and Improvements -- -- - ----------------------------------------------------------------------------------------------------------------------------- Machinery and Equipment -- -- - ----------------------------------------------------------------------------------------------------------------------------- Furniture, Fixtures and Office Equipment 17,621,320 20,723,654 - ----------------------------------------------------------------------------------------------------------------------------- Leasehold Improvements 3,485,693 3,485,693 - ----------------------------------------------------------------------------------------------------------------------------- Vehicles -- -- - ----------------------------------------------------------------------------------------------------------------------------- Less Accumulated Depreciation (15,930,325) (15,433,035) - ----------------------------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 5,176,688 $ 8,776,312 - ----------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS - ----------------------------------------------------------------------------------------------------------------------------- Loans to Insiders* 115,441 266,900 - ----------------------------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 213,349,426 249,660,381 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 213,464,867 $ 249,927,281 - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 276,664,412 $ 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 -- -- - ----------------------------------------------------------------------------------------------------------------------------- Taxes Payable (refer to FORM MOR-4) -- -- - ----------------------------------------------------------------------------------------------------------------------------- Wages Payable 47,374 -- - ----------------------------------------------------------------------------------------------------------------------------- Notes Payable -- -- - ----------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building/Equipment -- -- - ----------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- -- - ----------------------------------------------------------------------------------------------------------------------------- Professional Fees 398,973 -- - ----------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders* 142 -- - ----------------------------------------------------------------------------------------------------------------------------- Other Postpetition Liabilities (attach schedule) 3,729,145 -- - ----------------------------------------------------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $ 4,175,633 $ -- - ----------------------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ----------------------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - ----------------------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - ----------------------------------------------------------------------------------------------------------------------------- Unsecured Debt 291,014,441 289,648,446 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES 291,014,441 289,648,446 - ----------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ 295,190,074 $ 289,648,446 - ----------------------------------------------------------------------------------------------------------------------------- OWNER EQUITY - ----------------------------------------------------------------------------------------------------------------------------- Capital Stock 100 100 - ----------------------------------------------------------------------------------------------------------------------------- Additional Paid-In Capital 266,985,085 266,985,085 - ----------------------------------------------------------------------------------------------------------------------------- Partners' Capital Account -- -- - ----------------------------------------------------------------------------------------------------------------------------- Owner's Equity Account -- -- - ----------------------------------------------------------------------------------------------------------------------------- Retained Earnings - Pre-Petition (246,858,372) (246,858,372) - ----------------------------------------------------------------------------------------------------------------------------- Retained Earnings - Post-Petition (52,900,969) -- - ----------------------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) 14,248,494 3,047,008 - ----------------------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - -----------------------------------------------------------------------------------------------------------------------------
FORM MOR-3 Exhibit 99.2 Trenwick Group Ltd. - ----------------------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ (18,525,663) $ 23,173,821 - ----------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 276,664,412 $ 312,822,267 =============================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 25 officers which were not considered insiders for purposes of this disclosure. FORM MOR-3 Trenwick America Corporation Case No. 03-12635 (MFW) - ---------------------------------------- -------------- Debtor Reporting Period: February 2004 -------------- 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 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER CURRENT ASSETS $ 340,703 $ 327,755 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- OTHER ASSETS - ---------------------------------------------------------------------------------------------------------------------------- Deferred Taxes Receivable 1,308,827 1,198,532 - ---------------------------------------------------------------------------------------------------------------------------- Investment in Subsidiaries 212,038,388 244,859,636 - ---------------------------------------------------------------------------------------------------------------------------- Miscellaneous Other Assets 2,211 3,602,213 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 213,349,426 $ 249,660,381 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- UNSECURED DEBTS (PRE-PETITION) - ---------------------------------------------------------------------------------------------------------------------------- Accounts Payable 61,934 1,333,307 - ---------------------------------------------------------------------------------------------------------------------------- Accrued Expenses 230,591 -- - ---------------------------------------------------------------------------------------------------------------------------- Interest Payable 12,728,025 12,728,025 - ---------------------------------------------------------------------------------------------------------------------------- Taxes Payable 5,002,200 2,601,759 - ---------------------------------------------------------------------------------------------------------------------------- Due to Affiliates 82,787,757 82,787,757 - ---------------------------------------------------------------------------------------------------------------------------- Indebtedness 190,203,934 190,197,598 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL UNSECURED DEBTS (PRE-PETITION) $ 291,014,441 $ 289,648,446 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - ---------------------------------------------------------------------------------------------------------------------------- Accrued Expenses 1,994,333 -- - ---------------------------------------------------------------------------------------------------------------------------- Severance Payable 939,442 -- - ---------------------------------------------------------------------------------------------------------------------------- Bonuses Payable 11,106 -- - ---------------------------------------------------------------------------------------------------------------------------- Due to Affiliates 784,264 -- - ---------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER POSTPETITION LIABILITIES $ 3,729,145 $ -- - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - ---------------------------------------------------------------------------------------------------------------------------- Equity in Subsidiary 14,248,494 3,047,008 - ---------------------------------------------------------------------------------------------------------------------------- TOTAL ADJUSTMENT TO OWNER EQUITY $ 14,248,494 $ 3,047,008 - ----------------------------------------------------------------------------------------------------------------------------
FORM MOR-3 Exhibit 99.2 Trenwick Group Ltd. In re Trenwick America Corporation Case No. 03-12635 (MFW) - ---------------------------------------- -------------- Debtor Reporting Period: February 2004 -------------- 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 -- 188,870 188,870 2/12,2/26 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- FICA-Employee -- 53,318 53,318 2/12,2/26 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- FICA-Employer -- 53,318 53,318 2/12,2/26 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- Unemployment -- 844 844 2/12,2/26 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- Income -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Total Federal Taxes -- 296,350 296,350 -- - ---------------------------------------------------------------------------------------------------------------------------------- State and Local - ---------------------------------------------------------------------------------------------------------------------------------- Withholding -- 72,099 72,099 2/12,2/26 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Unemployment -- 15,414 15,414 2/12,2/26 EFT -- - ---------------------------------------------------------------------------------------------------------------------------------- Real Property -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ---------------------------------------------------------------------------------------------------------------------------------- Total State and Local -- 87,513 87,513 -- - ---------------------------------------------------------------------------------------------------------------------------------- Total Taxes -- 383,863 383,863 -- -- - ----------------------------------------------------------------------------------------------------------------------------------
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 47,374 47,374 - ---------------------------------------------------------------------------------------------------------------------------------- Taxes Payable -- - ---------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- - ---------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- - ---------------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- - ---------------------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- 23,107 182,521 193,346 398,973 - ---------------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders 142 -- -- -- -- 142 - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- - ---------------------------------------------------------------------------------------------------------------------------------- Other: -- - ---------------------------------------------------------------------------------------------------------------------------------- Total Postpetition Debts 47,516 -- 23,107 182,521 193,346 446,489 - ----------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4 (9/99) Exhibit 99.2 Trenwick Group Ltd. Listing of aged accounts payable Trenwick America Corporation As of February 29, 2004
Vendor Invoice Date Services Invoice Number Amount ------ ------------ -------- -------------- ------ Ashby & Geddes 1/22/2004 September expenses ASH120-02000 12,089.70 Dewy Ballantine 1/20/2004 September expenses DEW595-02000 59,505.00 Dr. Ben Branch 1/22/2004 September expenses DRB100-02000 10,026.00 Dr. Ben Branch 1/22/2004 September expenses DRB248-02000 2,484.00 Young, Conway, Stargatt & Taylor 1/22/2004 September expenses YOU110-02000 11,070.50 Ashby & Geddes 1/22/2004 October expenses ASH464-02000 4,646.00 Dewey Ballantine 1/20/2004 October expenses DEW690-02000 69,024.00 Dr. Ben Branch 1/22/2004 October expenses DRB121-02000 12,192.00 Dr. Ben Branch 1/22/2004 October expenses DRB304-02000 3,048.00 Young, Conway, Stargatt & Taylor 1/22/2004 October expenses YOU926-02000 9,260.60 --------------- 91+ 193,345.80 --------------- Ashby & Geddes 01/22/04 November expenses ASH380-02000 3,809.40 Dewey Ballantine 01/20/04 November expenses DEW500-02000 50,049.90 Dr. Ben Branch 01/22/04 November expenses DRB240-02000 2,400.00 Dr. Ben Branch 01/22/04 November expenses DRB600-02000 600.00 Ernst & Young 2/27/2004 November expenses ERN327-02000 32,749.00 Ernst & Young 2/27/2004 November expenses ERN811-02000 8,112.00 Appleby & Spurling 2/27/2004 November expenses APP396-02000 39,630.68 Appleby & Spurling 2/27/2004 November expenses APP967-02000 9,677.60 Young, Conway, Stargatt & Taylor 1/29/2004 November expenses YOU291-02000 29,196.29 Young, Conway, Stargatt & Taylor 1/29/2004 November expenses YOU629-02000 6,295.70 --------------- 61-90 days $ 182,520.57 --------------- Ashby & Geddes 2/4/2004 December expense ASH188-02000 18,866.72
Ashby & Geddes 2/4/2004 December expense ASH423-02000 4,239.80 --------------- 31-60 days 23,106.52 --------------- Gary Daniels 2/26/2004 Feb Expenses expense report 141.85 --------------- Current 141.85 --------------- Grand Total 399,114.74 ===============
Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) - -------------------------------------- -------------- Debtor Reporting Period: February 2004 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- ---------------------------------------------------------------------------------- ------------------ Accounts Receivable Reconciliation Amount - ---------------------------------------------------------------------------------- ------------------ Total Accounts Receivable at the beginning of the reporting period 51,499,162.55 - ---------------------------------------------------------------------------------- ------------------ + Amounts billed during the peiod 2,016,666.34 - ---------------------------------------------------------------------------------- ------------------ - - Amounts collected during the peiod (1,839,920.00) - ---------------------------------------------------------------------------------- ------------------ Total Accounts Receivable at the end of the reporting period 51,675,908.89 - ---------------------------------------------------------------------------------- ------------------ - ---------------------------------------------------------------------------------- ------------------ Accounts Receivable Aging Amount - ---------------------------------------------------------------------------------- ------------------ 0 - 30 days old 2,321,389.91 - ---------------------------------------------------------------------------------- ------------------ 31 - 60 days old (5,940.50) - ---------------------------------------------------------------------------------- ------------------ 61 - 90 days old 0.00 - ---------------------------------------------------------------------------------- ------------------ 91 + days old 61,013,788.48 - ---------------------------------------------------------------------------------- ------------------ Total Accounts Receivable 63,329,237.89 - ---------------------------------------------------------------------------------- ------------------ Amount considered uncollectible (Bad Debt) (11,653,329.00) - ---------------------------------------------------------------------------------- ------------------ Accounts Receivable (Net) 51,675,908.89 - ---------------------------------------------------------------------------------- ------------------
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 d59110_ex99-3.txt MONTHLY OPERATING REPORT 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: February 2004 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 March 22, 2004 - ------------------------------------------ --------------------------- Signature of Debtor Date /s/ Alan L. Hunte March 22, 2004 - ------------------------------------------ --------------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte March 22, 2004 - ------------------------------------------ --------------------------- Signature of Authorized Individual* Date Alan L. Hunte - ------------------------------------------ Printed Name of Authorized Individual* *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: February 2004 -------------- Statement of Operations (Income Statement)
- ------------------------------------------------------------------------------------------------ Month Ended Cumulative REVENUES February 2004 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) (501,675) (6,122,596) - ------------------------------------------------------------------------------------------------ Interest Expense -- -- - ------------------------------------------------------------------------------------------------ Other Expense (attach schedule) -- -- - ------------------------------------------------------------------------------------------------ Net Profit (Loss) Before Reorganization Items (501,675) (6,122,596) - ------------------------------------------------------------------------------------------------ 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) (501,675) (6,122,596) - ------------------------------------------------------------------------------------------------
FORM MOR-2 STATEMENT OF OPERATIONS - continuation sheet
- ------------------------------------------------------------------------------------------------ Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY February 2004 Filing to Date - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Other Costs - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ Other Operational Expenses Other Income - ------------------------------------------------------------------------------------------------ Equity in Undistributed Loss of Unconsolidated Subsidiaries (501,675) (6,122,596) - ------------------------------------------------------------------------------------------------ Total Other Income (501,675) (6,122,596) - ------------------------------------------------------------------------------------------------ Other Expenses - ------------------------------------------------------------------------------------------------ -- -- - ------------------------------------------------------------------------------------------------ Other Reorganization Expenses - ------------------------------------------------------------------------------------------------ -- -- - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------
FORM MOR-2 Exhibit 99.3 Trenwick Group Ltd. LaSalle Re Holdings Limited Case No. 03-12637 (MFW) - ------------------------------------ -------------- Debtor Reporting Period: February 2004 -------------- 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) 34,605,942 49,900,000 - ---------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS 34,605,942 $ 49,900,000 - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- TOTAL ASSETS 34,605,942 $ 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 - ---------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES -- $ 5,804,000 - ---------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES $ -- 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 (6,122,596) -- - ---------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) (3,678,462) (311,000) - ---------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ---------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ 34,605,942 $ 44,096,000 - ---------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 34,605,942 $ 49,900,000 ================================================================================================================
FORM MOR-3 (9/99) LaSalle Re Holdings Limited Case No. 03-12637 (MFW) - ------------------------------------- -------------- Debtor Reporting Period: February 2004 -------------- BALANCE SHEET - continuation sheet
- ------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------ OTHER ASSETS Investment in Unconsolidated Subsidiaries 35,114,316 49,900,000 ------------ ------------ TOTAL OTHER ASSETS $ 35,114,316 $ 49,900,000 ------------ ------------ ADJUSTMENT TO OWNER EQUITY Equity in Subsidiary (9,482,462) (311,000) Reverse preferred share dividend payable 5,804,000 -- ------------ ------------ TOTAL ADJUSTMENTS TO OWNER EQUITY $ (3,678,462) $ (311,000) ------------ ------------
FORM MOR-3 (9/99) EX-99.4 6 d59110_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 LaSalle Re (Barbados) Limited LaSalle (UK) Limited Trenwick UK Holdings Limited Trenwick Holdings Limited Trenwick Underwriting Limited Trenwick UK plc ISIS Consulting Inc. Bowman Loss Adjusters Ltd. Castle Members Agents Limited Archer Personal Lines Limited Castle Underwriting Holdings Limited Surveyors Direct Limited Archer Dedicated plc Adit Holdings Ltd. -----END PRIVACY-ENHANCED MESSAGE-----