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)