-----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, WxXnr8Kwb9Rl9LnN+kyygdnO+P3WZz1E4HoQjt6SWpb7JHVRXidGyhrWNi2MLxNW BgtYx9Pc3U5aOX6EksjnSg== 0001169232-04-003536.txt : 20040702 0001169232-04-003536.hdr.sgml : 20040702 20040702132512 ACCESSION NUMBER: 0001169232-04-003536 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20040621 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040702 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: 04898705 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 d60039_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) - June 21, 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 Hamilton, HM 11, Bermuda Not Applicable (Address of principal executive offices) (Zip Code) (441) 292-4985 (Registrant's telephone number, including area code) None (Former name or address, if changed since last report) Item 7. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 May 2004 Monthly Operating Report of Trenwick Group Ltd. (in provisional liquidation), dated June 21, 2004. 99.2 May 2004 Monthly Operating Report of Trenwick America Corporation, dated June 21, 2004. 99.3 May 2004 Monthly Operating Report of LaSalle Re Holdings Limited (in provisional liquidation), dated June 21, 2004. 99.4 List of non-Debtor entities Item 9. Regulation FD Disclosure A. On June 21, 2004, Trenwick America Corporation, Trenwick Group Ltd. (in provisional liquidation) and LaSalle Re Holdings Limited (in provisional liquidation) (collectively, the "Debtors" or "Companies") filed monthly operating reports as of August 20, 2003 and May 31, 2004 and for the month ended May 31, 2004 and the period from August 20, 2003 to May 31, 2004 (the "Monthly Operating Reports") with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Copies of the Monthly Operating Reports are attached hereto as Exhibits 99.1, 99.2 and 99.3 and are incorporated herein by reference. The Monthly Operating Reports include financial information only with respect to the Debtors. Accordingly, the Monthly Operating Reports do not contain detailed financial information with respect to those subsidiaries and affiliates of Trenwick Group Ltd. (in provisional liquidation) ("TGL") 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 Monthly 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 Monthly Operating Reports. The information in the Monthly 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 Monthly Operating Reports. There can be no assurance that the Monthly Operating Reports are complete, and the Companies undertake no obligation to update or revise the Operating Reports. The Monthly Operating Reports have not been audited or reviewed by independent accountants. The unaudited information in the Monthly Operating Reports is subject to further review and potential adjustments and is not necessarily indicative of future results. In addition, the Monthly 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 Monthly Operating Reports do not allow for meaningful comparison with the Companies' previously disclosed consolidated financial statements. The financial statements included in the Monthly 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 Monthly 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: July 2, 2004 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1. May 2004 Monthly Operating Report of Trenwick Group Ltd. (in provisional liquidation), dated June 21, 2004. 99.2. May 2004 Monthly Operating Report of Trenwick America Corporation, dated June 21, 2004. 99.3. May 2004 Monthly Operating Report of LaSalle Re Holdings Limited (in provisional liquidation), dated June 21, 2004 99.4. List of non-Debtor entities EX-99.1 2 d60039_ex99-1.txt MONTHLY OPERATING REPORT OF TRENWICK GROUP LTD. Exhibit 99.1 Trenwick Group Ltd. UNITED STATES BANKRUPTCY COURT _______________DISTRICT OF_______________ In re: Trenwick Group Ltd. Case No. 03-12636 (MFW) ------------------- -------------- Reporting Period: May 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 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 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 June 21, 2004 - ------------------------------------------ ----------------------- Signature of Debtor Date /s/ Alan L. Hunte June 21, 2004 - ------------------------------------------ ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte June 21, 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: May 2004
Bank Accounts Operating Payroll Tax Other ---------------------------------------------------------- Cash - Beg of Month 73,587.22 -- 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 -- -- -- -- Selling -- -- -- -- Other -- -- -- -- Transfers to P/R Acct -- -- -- -- Professional Fees -- -- -- -- Court Costs -- -- -- -- ---------------------------------------------------------- Total Disbursements: -- -- -- -- ---------------------------------------------------------- Net Cash Flow: -- -- -- -- ---------------------------------------------------------- Cash: End of Month 73,587.22 -- -- -- ==========================================================
FORM MOR-1 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd Bank Reconciliations May 2004 The following Chase Accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 73,587.22 FORM MOR-1 (CON'T) Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. 03-12636 (MFW) - -------------------------------- -------------------------- Debtor May 2004 -------------------------- Statement of Operations (Income Statement)
- -------------------------------------------------------------------------------------------------- Month Ended Cumulative REVENUES May 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 12,004 200,004 - -------------------------------------------------------------------------------------------------- Insider compensation* -- 68,710 - -------------------------------------------------------------------------------------------------- Insurance 10,631 429,565 - -------------------------------------------------------------------------------------------------- Management Fees/Bonuses -- -- - -------------------------------------------------------------------------------------------------- Office Expense 64 8,143 - -------------------------------------------------------------------------------------------------- Pension & Profit-Sharing Plans -- -- - -------------------------------------------------------------------------------------------------- Repairs and Maintenance -- -- - -------------------------------------------------------------------------------------------------- Rent and Lease Expense -- -- - -------------------------------------------------------------------------------------------------- Salaries/Commissions/Fees -- (75,192) - -------------------------------------------------------------------------------------------------- Supplies -- 8,808 - -------------------------------------------------------------------------------------------------- Taxes-Payroll -- -- - -------------------------------------------------------------------------------------------------- Taxes-Real Estate -- -- - -------------------------------------------------------------------------------------------------- Taxes-Other 3,322 37,149 - -------------------------------------------------------------------------------------------------- Travel and Entertainment -- -- - -------------------------------------------------------------------------------------------------- Utilities -- -- - -------------------------------------------------------------------------------------------------- Other (attach schedule) -- 1,992,561 - -------------------------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 26,021 2,683,270 - -------------------------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 129,529 1,215,900 - -------------------------------------------------------------------------------------------------- Net Profit(Loss) Before Other Income & Expenses (155,550) (4,466,392) - -------------------------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES - -------------------------------------------------------------------------------------------------- Other Income (attach schedule) (73,273) (43,951,709) - -------------------------------------------------------------------------------------------------- Interest Expense -- -- - -------------------------------------------------------------------------------------------------- Other Expense (attach schedule) -- 33,099,059 - -------------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items (228,823) (81,517,160) - -------------------------------------------------------------------------------------------------- REORGANIZATION ITEMS - -------------------------------------------------------------------------------------------------- Professional Fees -- -- - -------------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - -------------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash - -------------------------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) 258 3,957 - -------------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - -------------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) 44,326 107,805 - -------------------------------------------------------------------------------------------------- Total Reorganization Expenses 44,068 103,848 - -------------------------------------------------------------------------------------------------- Income Taxes -- -- - -------------------------------------------------------------------------------------------------- Net Profit (Loss) $ (272,891) $ (81,621,008) - --------------------------------------------------------------------------------------------------
* Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 23 officers which were not considered insiders for purposes of this disclosure. FORM MOR-2 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. 03-12636 (MFW) - -------------------------------- -------------------------- Debtor May 2004 -------------------------- STATEMENT OF OPERATIONS - continuation sheet - -------------------------------------------------------------------------------- Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY May 2004 Filing to Date - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Costs - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Operational Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Board Related -- (62,622) - -------------------------------------------------------------------------------- Other Fees -- 2,054,230 - -------------------------------------------------------------------------------- Data Processing -- 953 - -------------------------------------------------------------------------------- TOTAL OTHER OPERATIONAL EXPENSES $ -- $ 1,992,561 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Income - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Equity in Undistributed Income (Loss) of Unconsolidated Subsidiaries (73,273) (43,951,709) - -------------------------------------------------------------------------------- TOTAL OTHER INCOME $(73,273) $(43,951,709) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Loss on Sale of Trenwick International Ltd. -- 33,099,059 - -------------------------------------------------------------------------------- TOTAL OTHER EXPENSES $ -- $ 33,099,059 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Reorganization Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Bankruptcy Related Fees 44,326 107,805 - -------------------------------------------------------------------------------- TOTAL OTHER REORGANIZATION EXPENSES $ 44,326 $ 107,805 - -------------------------------------------------------------------------------- FORM MOR-2 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) - ---------------------------------- -------------- Debtor Reporting Period: May 31, 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) 563,803 655,336 - --------------------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) 225,014 (591,090) - --------------------------------------------------------------------------------------------------------------------- Notes Receivable -- -- - --------------------------------------------------------------------------------------------------------------------- Inventories -- -- - --------------------------------------------------------------------------------------------------------------------- Prepaid Expenses 40,469 1,088,137 - --------------------------------------------------------------------------------------------------------------------- Professional Retainers 2,036,959 2,200,000 - --------------------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) -- 3,861 - --------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 2,866,246 $ 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 (47,518) (33,020) - --------------------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 25,949 $ 49,161 - --------------------------------------------------------------------------------------------------------------------- OTHER ASSETS - --------------------------------------------------------------------------------------------------------------------- Loans to Insiders* -- -- - --------------------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 108,153,040 220,135,876 - --------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 108,153,040 $ 220,135,876 - --------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 111,045,234 $ 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 7,035 -- - --------------------------------------------------------------------------------------------------------------------- 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 $ 7,035 $ 4,900 - --------------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - --------------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - --------------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - --------------------------------------------------------------------------------------------------------------------- Unsecured Debt 216,528,200 216,896,055 - --------------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES $ 216,528,200 $ 216,896,055 - --------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 216,535,235 216,900,955 - --------------------------------------------------------------------------------------------------------------------- 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 (81,621,008) -- - --------------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) (49,881,092) (19,935,762) - --------------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - --------------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $(105,490,001) $ 6,640,326 - --------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 111,045,234 $ 223,541,281 =====================================================================================================================
FORM MOR-3 Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) - ---------------------------------- -------------- Debtor Reporting Period: May 31, 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 105,995,993 215,156,938 - ------------------------------------------------------------------------------------------- Miscellaneous Other Assets 2,137,424 4,959,316 - ------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 108,153,040 $ 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 979,402 1,299,727 - ------------------------------------------------------------------------------------------- Interest Payable 2,276,323 2,276,323 - ------------------------------------------------------------------------------------------- Due to Affiliates 94,431,694 94,479,224 - ------------------------------------------------------------------------------------------- Other Liabilities 118,840,781 118,840,781 - ------------------------------------------------------------------------------------------- TOTAL UNSECURED DEBTS (PRE-PETITION) $ 216,528,200 $ 216,896,055 - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - ------------------------------------------------------------------------------------------- Deferred Compensation (182,957) (1,125,099) - ------------------------------------------------------------------------------------------- Equity in Subsidiary (49,698,135) (18,810,663) - ------------------------------------------------------------------------------------------- TOTAL ADJUSTMENT TO OWNER EQUITY $ (49,881,092) $ (19,935,762) - -------------------------------------------------------------------------------------------
FORM MOR-3 Exhibit 99.1 Trenwick Group Ltd. In re Trenwick Group Ltd. Case No. 03-12636 (MFW) ------------------------ -------------- Debtor Reporting period: May 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.
- --------------------------------------------------------------------------------------------------------------------------------- Beginning Tax Amount Withheld Check. No Ending Tax Liability or 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 2,929 -- 2,918 -- 1,187 7,035 - --------------------------------------------------------------------------------------------------------------------------------- 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 2,929 -- 2,918 -- 1,187 7,035 - ---------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4 (9/99) Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. List of Aged Accounts Payable May 31, 2004
Vendor Invoice Date Invoice Number Amount Activity ------ ------------ -------------- ------ -------- Deraventures 11/5/2003 11014-37201-03 216.30 M. Becker Telecommunications CCH 1/6/2004 7405420 836.34 TGL Monthly 8-K filing Equiserve 3/11/2004 166531 134.27 Monthly fees ---------- 91+ 1,186.91 Equiserve 4/14/2004 167868 2,909.61 Monthly fees Equiserve 4/1/2004 167920 8.75 Monthly fees ---------- 31-60 Days 2,918.36 Equiserve 5/1/2004 169311 8.75 Monthly fees Equiserve 5/13/2004 169259 2,920.70 Monthly fees ---------- Current 2,929.45 ---------- Grand Total $ 7,034.72 ==========
MOR-4 AGING Exhibit 99.1 Trenwick Group Ltd. Trenwick Group Ltd. Case No. 03-12636 (MFW) - --------------------------- -------------- Debtor Reporting Period: May 2004 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================================ ============== Accounts Receivable Reconciliation Amount ================================================================================ ============== Total Accounts Receivable at the beginning of the reporting period $ 225,014.00 - -------------------------------------------------------------------------------- -------------- + Amounts billed during the peiod -- - -------------------------------------------------------------------------------- -------------- - - Amounts collected during the peiod -- - -------------------------------------------------------------------------------- -------------- Total Accounts Receivable at the end of the reporting period 225,014.00 - -------------------------------------------------------------------------------- -------------- ================================================================================ ============== Accounts Receivable Aging Amount ================================================================================ ============== 0 - 30 days old 5,920.00 - -------------------------------------------------------------------------------- -------------- 31 - 60 days old -- - -------------------------------------------------------------------------------- -------------- 61 - 90 days old -- - -------------------------------------------------------------------------------- -------------- 91 + days old 9,661,613.00 - -------------------------------------------------------------------------------- -------------- Total Accounts Receivable 9,667,533.00 - -------------------------------------------------------------------------------- -------------- Amount considered uncollectible (Bad Debt) (9,442,519.00) - -------------------------------------------------------------------------------- -------------- Accounts Receivable (Net) 225,014.00 - -------------------------------------------------------------------------------- --------------
DEBTOR QUESTIONNAIRE
================================================================================ ============== Must be completed each month Yes No ================================================================================ ============== 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X - -------------------------------------------------------------------------------- -------------- 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide and explanation below. X - -------------------------------------------------------------------------------- -------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X - -------------------------------------------------------------------------------- -------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X - -------------------------------------------------------------------------------- --------------
FORM MOR-5 (9/99) EX-99.2 3 d60039_ex99-2.txt MONTHLY OPERATING REPORT OF TRENWICK AMERICA CORP Exhibit 99.2 Trenwick Group Ltd. UNITED STATES BANKRUPTCY COURT _______________DISTRICT OF_______________ In re: Trenwick America Corporation Case No. 03-12635(MFW) ---------------------------- ------------- Reporting Period: May 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 N/A Summary of Unpaid Postpetition Debts MOR-4 Yes Listing of aged accounts payable Yes Accounts Receivable Reconciliation and Aging MOR-5 Yes Debtor Questionnaire MOR-5 Yes - ---------------------------------------------------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of of my knowledge and belief. /s/ Alan L. Hunte June 21, 2004 - ------------------------------------------ ----------------------- Signature of Debtor Date /s/ Alan L. Hunte June 21, 2004 - ------------------------------------------ ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte June 21, 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 May 2004
Bank Accounts Operating Payroll Tax Other --------------------------------------------------------------------------------- Cash - Beg of Month 1,838,494.61 35,331.89 NA -- --------------------------------------------------------------------------------- Receipts: Cash Sales -- -- -- -- Accounts Rec -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Deposit/WT IN 25,619.97 -- -- -- Other 640.39 -- -- -- Fund Transfer(Vista MM Purch) -- -- -- -- Transfers (Interco) 1,204,497.61 747,236.61 -- -- --------------------------------------------------------------------------------- Total Receipts 1,230,757.97 747,236.61 -- -- --------------------------------------------------------------------------------- Disbursements: Net Payroll -- (469,141.32) -- -- Payroll Taxes -- (278,095.29) -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases (157,520.51) -- -- -- Insurance -- -- -- -- Administrative (533,054.57) -- -- -- Selling -- -- -- -- Other (14.25) -- -- -- Transfers (PR) (747,236.61) -- -- -- Professional Fees (250,835.89) -- -- -- Court Costs -- -- -- -- --------------------------------------------------------------------------------- Total Disbursements (1,688,661.83) (747,236.61) -- -- --------------------------------------------------------------------------------- Net Cash Flow (457,903.86) -- -- -- --------------------------------------------------------------------------------- Cash: End of Month 1,380,590.75 35,331.89 -- -- =================================================================================
FORM MOR-1 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Bank Reconciliations Reporting Period: May 2004 The following bank accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 1,380,590.75 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 Corporation Disbursements Log (Excludes Intercompany) Month Ended May 31, 2004 Wire Date Amount Vendor Name 2004-05-04 87,479.78 New York Life Benefit Services Co. 2004-05-28 88,386.84 New York Life Benefit Services Co. 2004-05-03 2,422.53 Flexible Spending 2004-05-13 2,422.53 Flexible Spending 2004-05-26 2,502.53 Flexible Spending Wire transfer total 183,214.21 ------------- Check Number Amount Vendor Name - ----------------------- ------------ --------------------------------------- 108477 35.00 Brennan,John 108478 960.00 Brunell,Paula 108479 107.55 Duarte,Deborah 108480 3,763.81 Marty Becker 108482 444.25 BMC Solutions, Inc. 108483 678.40 Blondie's Treehouse, Inc 108484 28.95 CDW Direct, LLC 108485 286.23 Ceridian Employer Services 108486 250,835.89 Dewey Ballantine 108487 157,520.51 Equity Office Properties, L.L.C. 108488 170.43 Federal Express Corporation 108489 150.00 Federal Reserve Bank of Cleveland 108490 343.43 Floral Expressions 108491 238.00 IASA 108492 42,622.00 Informatica Corporation 108493 4,939.77 Kelly Services, Inc. 108494 400.00 Liz Sue Bagels 108495 4,110.70 MBSII.net 108496 300.00 Propark, Inc. 108497 1,846.20 Staples Business Advantage 108498 1,397.07 Damaris Rosado 108501 1,611.98 Kiernan,Kenneth F. 108502 2,115.84 Louis Direnzo 108503 1,373.51 Mary Burns 108505 1,265.20 Mary Fortado 108506 1,883.46 Timothy Graham 108508 757.94 AT&T 108509 40.22 Advanced Modern Locksmithing 108510 30,015.00 Ashby & Geddes 108511 1,355.00 Booke Seminars 108512 3,307.99 CDW Direct, LLC 108513 654.82 CPT Group Inc 108514 177.66 Ceridian Employer Services 108515 900.00 Cognet Communications, Inc. 108516 268.50 Connecticut Corporate Caterers,LLC 108517 2,783.62 Crystal Rock Water Company 108518 34,214.40 Dr. Ben S. Branch 108519 386.72 Federal Express Corporation Exhibit 99.2 Trenwick Group Ltd. 108520 1,064.13 Glowpoint 108521 2,211.80 Iron Mountain 108522 728.00 Joyce Van Lines, Inc. 108523 43.89 MCI 108524 299.25 MCI 108525 195.00 Mail Delivery Service of Stamford, LLC 108526 1,580.39 Nextel 108527 54.80 Skytel 108528 5,296.00 Sungard Availability Services Inc. 108529 6,169.16 Trevaskis & Associates Inc. 108530 338.00 Bronx SCU 108531 904.00 Hammond,Noreen A. 108532 2,045.20 Hunte,Alan L. 108534 53.42 Richard Pikikero 108535 708.80 AT&T 108536 985.00 Advanced Solutions, Inc. 108537 44.97 Bull's Head Printers 108538 16,183.72 CYPRESS COMMUNICATIONS 108539 344.19 Ceridian Employer Services 108540 59.21 Computer Book Direct 108541 210.06 Delaware Secretary of State-V#51-6000279 108542 302.58 Federal Express Corporation 108543 1,893.75 Lexis/Nexis 108544 4,444.00 MBSII.net 108545 1,431.75 MCI 108546 677.60 Motient 108547 2,930.00 New York Life Benefit Services Co. 108548 3,327.47 Pitney Bowes 108549 11,934.16 RIA Group 108550 404.79 Staples Business Advantage 108551 2,644.52 Temco Service Industries, Inc. 108552 1,370.00 University of Phoenix 108553 1,199.53 Daniel A. Mintz 108554 1,561.23 Louis Direnzo 108555 1,917.97 Mary Fortado 108557 1,041.68 Roger Feffer 108558 45.84 Sakyi,Caesar 108559 4,972.84 Tyler Jr.,Stanlee C. 108560 79,007.79 Anthem BCBSCT 108561 1,012.39 BMW Financial Services 108562 948.70 Business Invirons 108563 2,296.50 CDW Direct, LLC 108564 199.50 COGENT COMMUNICATIONS, INC 108565 2,248.12 CPT Group Inc 108566 316.67 Club Sandwich of Stamford 108567 46.52 Connecticut Telephone 108568 8,322.60 Delta Dental 108569 367.77 Federal Express Corporation 108570 200.00 Federal Reserve Bank of Cleveland 108571 706.60 Harold Horwich 108572 366.00 Joann McNiff 108574 1,191.97 Michael J. D'Angelico Exhibit 99.2 Trenwick Group Ltd. 108575 4,639.62 Michael Sharman 108576 3,776.89 Morris Weiss 108577 930.00 Naic 108578 149.00 Penton Techonology Media 108579 205.30 Staples Business Advantage 108580 2,329.60 Susan Zicarelli 108581 3,900.00 Trevaskis & Associates Inc. 108582 4,117.99 Unum Life Insurance Company of America 108583 3,894.01 Unum Life Insurance Company of America 108584 772.76 Daniels,Gary 108585 10.64 MCI 108586 331.07 John Margres Checks total 758,196.76 ------------- Total May disbursements 941,410.97 ============= FORM MOR-1 (CON'T) Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation 03-12635 (MFW) - ------------------------------------- ------------------ Debtor May 2004 ------------------ Statement of Operations (Income Statement)
- ----------------------------------------------------------------------------------------------- Month Ended Cumulative REVENUES May 2004 Filing to Date - ----------------------------------------------------------------------------------------------- Gross Revenues $ 130 $ 241,159 - ----------------------------------------------------------------------------------------------- Less: Returns and Allowances -- -- - ----------------------------------------------------------------------------------------------- Net Revenue $ 130 $ 241,159 - ----------------------------------------------------------------------------------------------- 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 130 241,159 - ----------------------------------------------------------------------------------------------- OPERATING EXPENSES - ----------------------------------------------------------------------------------------------- Advertising -- -- - ----------------------------------------------------------------------------------------------- Auto and Truck Expense 9 175 - ----------------------------------------------------------------------------------------------- Bad Debts -- -- - ----------------------------------------------------------------------------------------------- Contributions -- (2,500) - ----------------------------------------------------------------------------------------------- Employee Benefits Programs 7,422 32,170 - ----------------------------------------------------------------------------------------------- Insider compensation* 34,018 698,515 - ----------------------------------------------------------------------------------------------- Insurance 1,364 14,745 - ----------------------------------------------------------------------------------------------- Management Fees/Bonuses ** (102,512) (680,397) - ----------------------------------------------------------------------------------------------- Office Expense 4,789 39,922 - ----------------------------------------------------------------------------------------------- Pension & Profit-Sharing Plans (5,122) 35,000 - ----------------------------------------------------------------------------------------------- Repairs and Maintenance 175 2,583 - ----------------------------------------------------------------------------------------------- Rent and Lease Expense 70,158 468,407 - ----------------------------------------------------------------------------------------------- Salaries/Commissions/Fees 40,162 315,201 - ----------------------------------------------------------------------------------------------- Supplies 8,236 58,208 - ----------------------------------------------------------------------------------------------- Taxes-Payroll 1,847 231,255 - ----------------------------------------------------------------------------------------------- Taxes-Real Estate 316 1,580 - ----------------------------------------------------------------------------------------------- Taxes-Other 930 10,661 - ----------------------------------------------------------------------------------------------- Travel and Entertainment 606 2,199 - ----------------------------------------------------------------------------------------------- Utilities 149 1,536 - ----------------------------------------------------------------------------------------------- Other (attach schedule) (36,044) 5,253,585 - ----------------------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 26,502 6,482,844 - ----------------------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 5,497 268,450 - ----------------------------------------------------------------------------------------------- Net Profit (Loss) Before Other Income & Expense (31,870) (6,510,136) - ----------------------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES - ----------------------------------------------------------------------------------------------- Other Income (attach schedule) 192,804 (45,215,355) - ----------------------------------------------------------------------------------------------- Interest Expense -- -- - ----------------------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- - ----------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items 160,934 (51,725,491) - ----------------------------------------------------------------------------------------------- REORGANIZATION ITEMS - ----------------------------------------------------------------------------------------------- Professional Fees -- -- - ----------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - ----------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash - ----------------------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) 3,237 41,948 - ----------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - ----------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) 1,286,933 5,156,108 - ----------------------------------------------------------------------------------------------- Total Reorganization Expenses (1,283,696) (5,114,160) - ----------------------------------------------------------------------------------------------- Income Taxes -- (72,636) - ----------------------------------------------------------------------------------------------- Net Profit (Loss) $ (1,122,762) $ (56,767,015) - -----------------------------------------------------------------------------------------------
* Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 23 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 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation 03-12635 (MFW) - ------------------------------------- ------------------ Debtor May 2004 ------------------ STATEMENT OF OPERATIONS - continuation sheet
- ---------------------------------------------------------------------------------------- Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY May 2004 Filing to Date - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Other Costs - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Other Operational Expenses - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Recruiting & Relocation (1,891) 2,883 - ---------------------------------------------------------------------------------------- Legal Fees 1,894 10,545 - ---------------------------------------------------------------------------------------- Audit Fees 18,556 10,580 - ---------------------------------------------------------------------------------------- Accounting & Tax Fees (57,500) 66,654 - ---------------------------------------------------------------------------------------- Other Fees -- 5,119,513 - ---------------------------------------------------------------------------------------- Data Processing 1,630 36,897 - ---------------------------------------------------------------------------------------- Seminars & Continuing Education 1,029 3,657 - ---------------------------------------------------------------------------------------- Dues & Subscriptions 238 2,857 - ---------------------------------------------------------------------------------------- TOTAL OTHER OPERATIONAL EXPENSES $ (36,044) $ 5,253,585 - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Other Income - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Equity in Undistributed Income (Loss) of Unconsolidated Subsidiaries 192,804 (45,215,355) - ---------------------------------------------------------------------------------------- TOTAL OTHER INCOME $ 192,804 $ (45,215,355) - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Other Expenses - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Other Reorganization Expenses - ---------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------- Bankruptcy Related Fees 1,286,933 5,156,108 - ---------------------------------------------------------------------------------------- TOTAL OTHER REORGANIZATION EXPENSES $ 1,286,933 $ 5,156,108 - ---------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------
FORM MOR-2 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) - --------------------------------------- -------------- Debtor Reporting Period: May 2004 -------------- BALANCE SHEET
- -------------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - -------------------------------------------------------------------------------------------------------------------- CURRENT ASSETS - -------------------------------------------------------------------------------------------------------------------- Unrestricted Cash and Equivalents 5,341,351 4,532,566 - -------------------------------------------------------------------------------------------------------------------- Restricted Cash and Cash Equivalents (see continuation sheet) -- -- - -------------------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) 51,837,651 48,745,299 - -------------------------------------------------------------------------------------------------------------------- Notes Receivable -- -- - -------------------------------------------------------------------------------------------------------------------- Inventories -- -- - -------------------------------------------------------------------------------------------------------------------- Prepaid Expenses 210,485 503,054 - -------------------------------------------------------------------------------------------------------------------- Professional Retainers 1,000 10,000 - -------------------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) 340,703 327,755 - -------------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 57,731,190 $ 54,118,674 - -------------------------------------------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT - -------------------------------------------------------------------------------------------------------------------- Real Property and Improvements -- -- - -------------------------------------------------------------------------------------------------------------------- Machinery and Equipment -- -- - -------------------------------------------------------------------------------------------------------------------- Furniture, Fixtures and Office Equipment 17,641,931 20,723,654 - -------------------------------------------------------------------------------------------------------------------- Leasehold Improvements 3,485,693 3,485,693 - -------------------------------------------------------------------------------------------------------------------- Vehicles -- -- - -------------------------------------------------------------------------------------------------------------------- Less Accumulated Depreciation (16,515,569) (15,433,035) - -------------------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ 4,612,055 $ 8,776,312 - -------------------------------------------------------------------------------------------------------------------- OTHER ASSETS - -------------------------------------------------------------------------------------------------------------------- Loans to Insiders* 49,057 266,900 - -------------------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 191,150,651 249,660,381 - -------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 191,199,708 $ 249,927,281 - -------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 253,542,954 $ 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 750 -- - -------------------------------------------------------------------------------------------------------------------- Taxes Payable (Refer to Form MOR-4) 36,250 -- - -------------------------------------------------------------------------------------------------------------------- Wages Payable 72,114 -- - -------------------------------------------------------------------------------------------------------------------- Notes Payable -- -- - -------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building/Equipment -- -- - -------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- -- - -------------------------------------------------------------------------------------------------------------------- Professional Fees 925,824 -- - -------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders* -- -- - -------------------------------------------------------------------------------------------------------------------- Other Postpetition Liabilities (attach schedule) 6,973,014 -- - -------------------------------------------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $ 8,007,952 $ -- - -------------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - -------------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - -------------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - -------------------------------------------------------------------------------------------------------------------- Unsecured Debt 288,537,284 289,648,446 - -------------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES $ 288,537,284 $ 289,648,446 - -------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 296,545,237 289,648,446 - -------------------------------------------------------------------------------------------------------------------- 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 (56,767,015) -- - -------------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) (6,362,081) 3,047,008 - -------------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - -------------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ (43,002,283) $ 23,173,821 - -------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 253,542,954 $ 312,822,267 ====================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have - - an additional 23 officers which were not included in this amount. FORM MOR-3 Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) - --------------------------------------- -------------- Debtor Reporting Period: May 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 189,839,003 244,859,636 - --------------------------------------------------------------------------------------------- Miscellaneous Other Assets 2,821 3,602,213 - --------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 191,150,651 $ 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 64,843 42,517 - --------------------------------------------------------------------------------------------- Accrued Expenses 150,715 1,290,790 - --------------------------------------------------------------------------------------------- Interest Payable 12,728,025 12,728,025 - --------------------------------------------------------------------------------------------- Taxes Payable 2,602,010 2,601,759 - --------------------------------------------------------------------------------------------- Due to Affiliates 82,787,757 82,787,757 - --------------------------------------------------------------------------------------------- Indebtedness 190,203,934 190,197,598 - --------------------------------------------------------------------------------------------- TOTAL UNSECURED DEBTS (PRE-PETITION) $ 288,537,284 $ 289,648,446 - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - --------------------------------------------------------------------------------------------- Accrued Expenses 2,610,084 -- - --------------------------------------------------------------------------------------------- Severance Payable 2,104 -- - --------------------------------------------------------------------------------------------- Bonuses Payable 1,371,750 -- - --------------------------------------------------------------------------------------------- Taxes Payable 2,400,441 -- - --------------------------------------------------------------------------------------------- Due to Affiliates 588,636 -- - --------------------------------------------------------------------------------------------- TOTAL OTHER POSTPETITION LIABILITIES $ 6,973,014 $ -- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - --------------------------------------------------------------------------------------------- Equity in Subsidiary (6,362,081) 3,047,008 - --------------------------------------------------------------------------------------------- TOTAL ADJUSTMENT TO OWNER EQUITY $ (6,362,081) $ 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: May 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.
- ----------------------------------------------------------------------------------------------------------------------------------- Beginning Amount Tax Withheld or Check. No Ending Tax Liability Accrued Amount Paid Date Paid or EFT Liability =================================================================================================================================== Federal - ----------------------------------------------------------------------------------------------------------------------------------- Withholding -- 142,898 142,898 5/13, 5/27 EFT -- - ----------------------------------------------------------------------------------------------------------------------------------- FICA-Employee -- 47,270 47,270 5/13, 5/27 EFT -- - ----------------------------------------------------------------------------------------------------------------------------------- FICA-Employer -- 47,270 47,270 5/13, 5/27 EFT -- - ----------------------------------------------------------------------------------------------------------------------------------- Unemployment -- 67 67 5/13, 5/27 EFT -- - ----------------------------------------------------------------------------------------------------------------------------------- Income -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Federal Taxes -- 237,505 237,505 -- - ----------------------------------------------------------------------------------------------------------------------------------- State and Local - ----------------------------------------------------------------------------------------------------------------------------------- Withholding -- 38,949 38,949 5/13, 5/27 EFT -- - ----------------------------------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Unemployment -- 1,641 1,641 5/13, 5/27 EFT -- - ----------------------------------------------------------------------------------------------------------------------------------- Real Property 29,000 7,250 -- 36,250 - ----------------------------------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Total State and Local 29,000 47,840 40,590 36,250 - ----------------------------------------------------------------------------------------------------------------------------------- Total Taxes 29,000 285,345 278,095 -- 36,250 - -----------------------------------------------------------------------------------------------------------------------------------
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 -- -- 750 -- -- 750 - ----------------------------------------------------------------------------------------------------------------------------------- Wages Payable 72,114 -- -- -- -- 72,114 - ----------------------------------------------------------------------------------------------------------------------------------- Taxes Payable 36,250 36,250 - ----------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- - ----------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- - ----------------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- - ----------------------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- -- 57,356 868,468 925,824 - ----------------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Other: -- - ----------------------------------------------------------------------------------------------------------------------------------- Other: -- - ----------------------------------------------------------------------------------------------------------------------------------- Total Postpetition Debts 108,364 -- 750 57,356 868,468 1,034,938 - -----------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4 Exhibit 99.2 Trenwick Group Ltd. Listing of aged accounts payable Trenwick America Corporation As of May 31, 2004
Vendor Invoice Date Services Invoice Number Amount ------ ------------ -------- -------------- ------ Ashby & Geddes 2/4/2004 December expenses ASH423-02000 4,239.80 Ernst & Young 2/27/2004 November expenses ERN327-02000 32,749.00 Ernst & Young 2/27/2004 November expenses ERN811-02000 8,112.00 Ashby & Geddes 3/18/2004 January expenses ASH307-02000 3,076.60 Dewey Ballantine 3/18/2004 December expenses DEW466-02000 46,689.20 Ashby & Geddes 4/15/2004 February expenses ASH392-02000 3,923.40 Ben Branch 4/15/2004 February expenses BEN221-02000 2,217.60 Dewey Ballantine 4/15/2004 January expenses DEW591-02000 59,137.30 Ben Branch 4/15/2004 December expenses BEN237-02000 2,376.00 Ben Branch 4/15/2004 January expenses BEN396-02000 3,960.00 Young, Conaway Stargatt & Taylor 4/22/2004 February expenses YOU106-02000 10,660.90 Young, Conaway Stargatt & Taylor 4/22/2004 December expenses YOU577-02000 5,774.30 Young, Conaway Stargatt & Taylor 4/22/2004 January expenses YOU129-02000 12,981.20 Ernst & Young 5/17/2004 December expenses ERN185-02000 1,850.40 Ernst & Young 5/17/2004 December expenses ERN462-02000 462.60 Dewey Ballantine 5/17/2004 February expenses DEW284-02000 284,063.71 Dewey Ballantine 5/17/2004 February expenses DEW661-02000 66,188.10 Ernst & Young 5/17/2004 February expenses ERN171-02000 17,108.00 Ernst & Young 5/17/2004 February expenses ERN427-02000 4,277.00 Ernst & Young 5/17/2004 February expenses ERN578-02000 5,784.80 Hennigan, Bennett & Dorman, LLP 5/17/2004 February expenses HEN151-02000 151,418.04 Hennigan, Bennett & Dorman, LLP 5/17/2004 February expenses HEN363-02000 36,349.80 Hennigan, Bennett & Dorman, LLP 5/17/2004 January expenses HEN800-02000 80,057.18 Hennigan, Bennett & Dorman, LLP 5/17/2004 January expenses HEN196-02000 19,640.50 Ernst & Young 5/17/2004 January expenses ERN429-02000 4,296.80 Ernst & Young 5/17/2004 January expenses ERN107-02000 1,074.20 ----------- 91+ 868,468.43 ----------- Ernst & Young 5/17/2004 March expenses ERN231-02000 23,139.20 Ashby & Geddes 5/17/2004 March expenses ASH277-02000 27,742.13 Ashby & Geddes 4/15/2004 February expenses ASH647-02000 6,474.20 ----------- 61-90 days 57,355.53 ----------- ----------- Total Professional Fees $925,823.96 ----------- United States Trustee Program 5/17/2004 April expenses UNI750-02000 750.00 ----------- 31-60 days 750.00 ----------- ----------- Total Accounts Payable $ 750.00 ----------- Grand Total $926,573.96
Exhibit 99.2 Trenwick Group Ltd. Trenwick America Corporation Case No. 03-12635 (MFW) - -------------------------------- --------------- Debtor Reporting Period: May 2004 --------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
======================================================================================== ================= Accounts Receivable Reconciliation Amount ======================================================================================== ================= Total Accounts Receivable at the beginning of the reporting period 51,117,324.66 - ---------------------------------------------------------------------------------------- ----------------- + Amounts billed during the peiod 2,562,105.31 - ---------------------------------------------------------------------------------------- ----------------- - - Amounts collected during the peiod (1,841,778.77) - ---------------------------------------------------------------------------------------- ----------------- Total Accounts Receivable at the end of the reporting period 51,837,651.20 - ---------------------------------------------------------------------------------------- ----------------- ======================================================================================== ================= Accounts Receivable Aging Amount ======================================================================================== ================= 0 - 30 days old 2,562,105.31 - ---------------------------------------------------------------------------------------- ----------------- 31 - 60 days old -- - ---------------------------------------------------------------------------------------- ----------------- 61 - 90 days old -- - ---------------------------------------------------------------------------------------- ----------------- 91 + days old 60,928,874.89 - ---------------------------------------------------------------------------------------- ----------------- Total Accounts Receivable 63,490,980.20 - ---------------------------------------------------------------------------------------- ----------------- Amount considered uncollectible (Bad Debt) (11,653,329.00) - ---------------------------------------------------------------------------------------- ----------------- Accounts Receivable (Net) 51,837,651.20 - ---------------------------------------------------------------------------------------- -----------------
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 4 d60039_ex99-3.txt MONTHLY OPER REPORT OF LASALLE RE HOLDINGS LTD 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: May 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 June 21, 2004 - ------------------------------------------ ----------------------- Signature of Debtor Date /s/ Alan L. Hunte June 21, 2004 - ------------------------------------------ ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte June 21, 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: May 2004 -------------- Statement of Operations (Income Statement)
- --------------------------------------------------------------------------------------------- Month Ended Cumulative REVENUES May 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) 1,049,489 (3,787,323) - --------------------------------------------------------------------------------------------- Interest Expense -- - --------------------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- - --------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items 1,049,489 (3,787,323) - --------------------------------------------------------------------------------------------- REORGANIZATION ITEMS - --------------------------------------------------------------------------------------------- Professional Fees -- -- - --------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - --------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash -- - --------------------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) -- -- - --------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - --------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) -- -- - --------------------------------------------------------------------------------------------- Total Reorganization Expenses -- -- - --------------------------------------------------------------------------------------------- Income Taxes -- -- - --------------------------------------------------------------------------------------------- Net Profit (Loss) $ 1,049,489 $ (3,787,323) - ---------------------------------------------------------------------------------------------
FORM MOR-2 Exhibit 99.3 Trenwick Group Ltd. STATEMENT OF OPERATIONS - continuation sheet
- --------------------------------------------------------------------------------------------- Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY May 2004 Filing to Date - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- Other Costs - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- Other Operational Expenses - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- Other Income - --------------------------------------------------------------------------------------------- Equity in Undistributed Income (Loss) of Unconsolidated Subsidiaries 1,049,489 (3,787,323) - --------------------------------------------------------------------------------------------- Total Other Income (Loss) $ 1,049,489 $ (3,787,323) - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- Other Expenses - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- -- -- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- Other Reorganization Expenses - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- -- -- - --------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------
FORM MOR-2 Exhibit 99.3 Trenwick Group Ltd. LaSalle Re Holdings Limited 03-12637 (MFW) - ---------------------------------------- ---------------------- Debtor May 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) 36,491,898 49,900,000 - -------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 36,491,898 $ 49,900,000 - -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 36,491,898 $ 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 (3,787,323) -- - -------------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) (4,127,779) (311,000) - -------------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - -------------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $ 36,491,898 $ 44,096,000 - -------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 36,491,898 $ 49,900,000 ====================================================================================================================
FORM MOR-3 (9/99) LaSalle Re Holdings Limited 03-12637 (MFW) --------------------------- ---------------------- Debtor May 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 36,491,898 49,900,000 - -------------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 36,491,898 $ 49,900,000 - -------------------------------------------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - -------------------------------------------------------------------------------------------------------------------- Equity in Subsidiary (9,931,779) (311,000) - -------------------------------------------------------------------------------------------------------------------- Reverse preferred share dividend payable 5,804,000 -- - -------------------------------------------------------------------------------------------------------------------- TOTAL ADJUSTMENTS TO OWNER EQUITY $ (4,127,779) $ (311,000) - --------------------------------------------------------------------------------------------------------------------
FORM MOR-3 (9/99) EX-99.4 5 d60039_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-----