-----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, KH+wJDozIB58Bi3RSx4EUwGdbNUtom0LK65El8ACXxs8mhxIEXyc1wJccqFz17km rDxTzBOTSvRve5D9QEoWmg== 0001169232-04-002535.txt : 20040503 0001169232-04-002535.hdr.sgml : 20040503 20040503144816 ACCESSION NUMBER: 0001169232-04-002535 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040420 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRENWICK AMERICA CORP CENTRAL INDEX KEY: 0001127783 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 061087672 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31967 FILM NUMBER: 04773149 BUSINESS ADDRESS: STREET 1: ONE CANTERBURY GREEN CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 2033535500 8-K 1 d59435_8k.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported) -April 20, 2004 --------------- TRENWICK AMERICA CORPORATION (Exact name of registrant as specified in its charter) Delaware 0-31967 06-1087672 (State or other jurisdiction of (Commission File Number) (IRS Employer Incorporation) Identification No.) One Canterbury Green Stamford, Connecticut 06901 (Address of principal executive offices) (Zip Code) (203)353-5500 (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 March 2004 Monthly Operating Report of Trenwick America Corporation, dated April 20, 2004. 99.2 List of non-Debtor entities Item 9. Regulation FD Disclosure A. On April 20, 2004, Trenwick America Corporation (the "Company" or the "Debtor") filed a monthly operating report as of August 20, 2003 and March 31, 2004 and for the month ended March 31, 2004 and the period from August 20, 2003 to March 31, 2004 (the "Monthly Operating Report") with the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). A copy of the Monthly Operating Report is attached hereto as Exhibit 99.1, and is incorporated herein by reference. The Monthly Operating Report includes financial information only with respect to the Company. Accordingly, the Monthly Operating Report does not contain detailed financial information with respect to those subsidiaries and affiliates of the Company that have not commenced proceedings to reorganize under chapter 11 of the United States Bankruptcy Code. The non-Debtor entities are listed in Exhibit 99.2. The Monthly Operating Report is 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 Report. The information in the Monthly Operating Report 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 Debtor, 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 Report. There can be no assurance that the Monthly Operating Report is complete, and the Company undertakes no obligation to update or revise the Monthly Operating Report. The Montly Operating Report has not been audited or reviewed by independent accountants. The unaudited information in the Monthly Operating Report is subject to further review and potential adjustments and is not necessarily indicative of future results. In addition, the Monthly Operating Report contains information for periods which are different from those contained in the Company's reports pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and does not include consolidated results of the Company. Accordingly, the substance and format of the Monthly Operating Report does not allow for meaningful comparison with the Company's previously disclosed consolidated financial statements. The financial statements included in the Monthly Operating Report 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 the Company 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, the Company intends to file on Form 8-K its monthly operating reports as filed with, and in the format prescribed by, the Bankruptcy Court. The Company is a debtor and debtor-in-possession in In re Trenwick America Corporation, et al., Case No. 03-12635 (MFW) (Bankr. D. Del. 2003). Limitation on Incorporation by Reference In accordance with general instruction B.2 of Form 8-K, the Monthly Operating Report 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 AMERICA CORPORATION By: /s/ Alan L. Hunte --------------------------------- Name: Alan L. Hunte Title: Executive Vice President & Chief Financial Officer Dated: May 3, 2004 EXHIBIT INDEX Exhibit No. Description ----------- ----------- 99.1 March 2004 Monthly Operating Report of Trenwick America Corporation, dated April 20, 2004. 99.2 List of non-Debtor-entities EX-99.1 2 d59435_ex99-1.txt ADDITIONAL EXHIBITS Exhibit 99.1 Trenwick America Corporation UNITED STATES BANKRUPTCY COURT _______________DISTRICT OF_______________ In re: Trenwick America Corporation Case No. 03-12635(MFW) Reporting Period: March 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 April 20, 2004 - -------------------------------------- ----------------------- Signature of Debtor Date /s/ Alan L. Hunte April 20, 2004 - -------------------------------------- ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte April 20, 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 America Corporation In re: Trenwick America Corporation Case No. 03-12635 (MFW) Schedule of Cash Receipts & Disbursements Reporting Period March 2004
Bank Accounts Operating Payroll Tax Other ------------------------------------------------------------ Cash - Beg of Month 860,189.28 35,331.89 NA -- ------------------------------------------------------------ Receipts: Cash Sales -- -- -- -- Accounts Rec. -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Deposit/WT IN 72,533.10 Other 497.69 -- -- -- Fund Transfer(Vista MM Purch) 1,000,000.00 Transfers (Interco) 2,170,099.22 1,540,548.32 -- -- ------------------------------------------------------------ Total Receipts 3,243,130.01 1,540,548.32 -- -- ------------------------------------------------------------ Disbursements: Net Payroll -- (912,376.52) -- -- Payroll Taxes -- (628,171.80) -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases (150,652.89) -- -- -- Insurance -- -- -- -- Administrative (486,348.38) -- -- -- Selling -- -- -- -- Other *** 834.12 -- -- -- Transfers (PR) (1,540,548.32) -- -- -- Professional Fees (131,580.44) -- -- -- Court Costs -- -- -- -- ------------------------------------------------------------ Total Disbursements (2,308,295.91) (1,540,548.32) -- -- ------------------------------------------------------------ Net Cash Flow 934,834.10 -- -- -- ------------------------------------------------------------ Cash: End of Month 1,795,023.38 35,331.89 -- -- ============================================================
FORM MOR-1 Exhibit 99.1 Trenwick America Corporation Trenwick America Corporation Bank Reconciliations March 2004 The following bank accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 1,795,023.38 Payroll: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 35,331.89 FORM MOR-1 Exhibit 99.1 Trenwick America Corporation Trenwick America Corporation Disbursements Log (Excludes Intercompany transactions) Month Ended March 31, 2004
Check Number Amount Vendor Name ==================================== =============== ====================================================== 3/19/2004 6,874.84 Bloomberg L.P. 3/17/2004 1,350.00 COGENT COMMUNICATIONS, INC 3/22/2004 569.64 Custom House Currency Exchange 3/18/2004 2,422.53 Flexible Spending -------------- Wire transfer 11,217.01 -------------- Check Number Amount Vendor Name ==================================== =============== ====================================================== 108224 834.12 Nextel 108225 141.85 Daniels,Gary 108226 171.50 Hunte,Alan L. 108227 3,232.28 Marty Becker 108229 86.91 Matthew DeMaio 108230 1,070.77 Robert Crowther 108231 22.85 AT&T 108232 0.75 AT&T 108233 32,891.57 Actuarial Risk Solutions 108234 39,411.82 Ashby & Geddes 108235 444.25 BMC Solutions, Inc. 108236 4,098.15 CDW Direct, LLC 108237 399.00 COGENT COMMUNICATIONS, INC 108238 242.85 Ceridian Employer Services 108239 46.52 Connecticut Telephone 108240 30,750.00 Dr. Ben S. Branch 108241 598.00 Eastern Data Paper 108242 4,229.40 Eastman Kodak Company 108243 196.77 Federal Express Corporation 108244 8,705.31 Imagistics International Inc. 108245 3,221.90 MBSII.net 108246 10.64 MCI 108248 250.00 Naic 108249 250.00 Naic 108250 1,401.85 OFFICETEAM 108251 4,347.33 Robert Half 108252 35.90 Royal Messenger Service 108253 616.75 Snet 108254 49,527.39 Young, Conaway, Stargatt & Taylor, LLP 108255 6,295.70 Young, Conaway, Stargatt & Taylor, LLP 108256 169.00 iSeries 400 Experts TIS 108257 75,757.35 Dewey Ballantine 108258 150,652.89 Equity Office Properties, L.L.C. 108259 106.00 The Basket Case 108260 847.00 Motient 108261 99.00 ACCESS VB SQL MAGAZINE 108262 112.82 AT&T
FORM MOR-1(CONT) Exhibit 99.1 Trenwick America Corporation 108263 708.80 AT&T 108264 16,000.00 Accounting Resources Inc 108265 678.40 Blondie's Treehouse, Inc 108266 175.82 Ceridian Employer Services 108267 900.00 Cognet Communications, Inc. 108268 300.00 Commissioner of Revenue Services 108269 600.00 Commissioner of Revenue Services 108270 4,414.81 Crystal Rock Water Company 108271 253.03 Federal Express Corporation 108272 1,064.13 Glowpoint 108273 7,695.58 Iron Mountain 108274 728.00 Joyce Van Lines, Inc. 108275 4,201.64 Kelly Services, Inc. 108276 10,600.00 Kenzie & Company, DBA The McIntyre Group 108277 1,893.75 Lexis/Nexis 108278 320.00 Liz Sue Bagels 108279 2,736.00 Mercy College 108280 703.09 Nextel 108281 1,761.46 OFFICETEAM 108282 8,985.70 Propark, Inc. 108283 3,378.75 Robert Half 108285 54.80 Skytel 108286 26.45 Snet 108287 129.69 Staples Business Advantage 108288 5,296.00 Sungard Availability Services Inc. 108289 2,644.52 Temco Service Industries, Inc. 108290 18,400.00 The Winn Group, Inc 108291 1,366.00 Unum Life Insurance Company of America 108292 441.04 Louis Direnzo 108293 473.85 Timothy Graham 108294 948.70 Business Invirons 108295 238.50 CT Corporation System 108296 16,184.06 CYPRESS COMMUNICATIONS 108297 332.47 Ceridian Employer Services 108298 331.28 Connecticut Corporate Caterers,LLC 108299 699.00 Eastern Benefit Systems, Inc. 108300 1,744.55 Federal Express Corporation 108301 150.00 Federal Reserve Bank of Cleveland 108302 911.13 IKON Office Solutions 108303 4,996.54 Kelly Services, Inc. 108304 1,431.75 MCI 108305 853.30 OFFICETEAM 108306 300.00 Propark, Inc. 108307 3,198.55 Robert Half 108308 1,215.35 Staples Business Advantage 108309 3,000.00 Trevaskis & Associates Inc. 108310 4,674.95 Unum Life Insurance Company of America 108311 3,206.94 Unum Life Insurance Company of America 108312 94.58 Velocity Express 108313 1,703.69 Mary Fortado 108315 259.62 Nicole Morris 108316 1,779.53 Robert Crowther
FORM MOR-1(CONT) Exhibit 99.1 Trenwick America Corporation 108318 1,771.96 Zicarelli,Sue 108319 636.64 AT&T 108320 18,000.00 Accounting Resources Inc 108321 985.00 Advanced Solutions, Inc. 108322 61,596.17 Anthem BCBSCT 108323 880.89 BMW Financial Services 108324 318.64 Bull's Head Printers 108325 24,749.22 CDW Direct, LLC 108326 199.50 COGENT COMMUNICATIONS, INC 108327 1,688.75 CPT Group Inc 108328 46.52 Connecticut Telephone 108329 5,913.63 Delta Dental 108330 605.50 Federal Express Corporation 108331 1,574.10 Hygrade Business Group 108332 475.00 IASA 108333 4,712.65 Kelly Services, Inc. 108334 3,832.95 MBSII.net 108335 61.45 MCI 108336 5.32 MCI 108337 299.88 MCI 108338 195.00 Mail Delivery Service of Stamford, LLC 108339 847.00 Motient 108340 1,154.64 New England Office Supplies, Inc. 108341 877.68 OFFICETEAM 108342 2,814.17 Staples Business Advantage 108343 1,193.28 Daniels,Gary 108344 649.75 Hunte,Alan L. 108346 950.00 Trevaskis & Associates Inc. 108347 32,673.43 Actuarial Risk Solutions 108348 66.25 Advanced Modern Locksmithing 108349 600.00 Booke Seminars 108350 562.47 Federal Express Corporation 108351 195.04 OFFICETEAM 108352 16,097.38 Oracle 108353 3,327.47 Pitney Bowes 108354 23.64 Royal Messenger Service 108355 91.50 John Margres 108356 230.24 Louis Direnzo --------------- checks total 757,364.70 --------------- --------------- Total March disbursements 768,581.71 ==================================== ===============
FORM MOR-1(CONT) Exhibit 99.1 Trenwick America Corporation Trenwick America Corporation 03-12635 (MFW) Debtor March 2004 Statement of Operations (Income Statement) ================================================================================ MTD Cumulative REVENUES March 2004 Filing to Date ================================================================================ Gross Revenues $ 1,060 $ 240,904 - -------------------------------------------------------------------------------- Less: Returns and Allowances -- -- ================================================================================ Net Revenue $ 1,060 $ 240,904 - -------------------------------------------------------------------------------- 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 1,060 240,904 - -------------------------------------------------------------------------------- OPERATING EXPENSES - -------------------------------------------------------------------------------- Advertising -- -- - -------------------------------------------------------------------------------- Auto and Truck Expense 30 136 - -------------------------------------------------------------------------------- Bad Debts -- -- - -------------------------------------------------------------------------------- Contributions -- (2,500) - -------------------------------------------------------------------------------- Employee Benefits Programs 4,844 21,146 - -------------------------------------------------------------------------------- Insider compensation* 104,541 578,216 - -------------------------------------------------------------------------------- Insurance 1,374 7,277 - -------------------------------------------------------------------------------- Management Fees/Bonuses ** (133,870) (425,580) - -------------------------------------------------------------------------------- Office Expense 2,965 32,711 - -------------------------------------------------------------------------------- Pension & Profit-Sharing Plans 9,250 35,449 - -------------------------------------------------------------------------------- Repairs and Maintenance 161 2,255 - -------------------------------------------------------------------------------- Rent and Lease Expense 67,679 320,616 - -------------------------------------------------------------------------------- Salaries/Commissions/Fees 36,536 228,300 - -------------------------------------------------------------------------------- Supplies 9,606 40,070 - -------------------------------------------------------------------------------- Taxes-Payroll 53,697 182,146 - -------------------------------------------------------------------------------- Taxes-Real Estate 948 948 - -------------------------------------------------------------------------------- Taxes-Other 939 8,802 - -------------------------------------------------------------------------------- Travel and Entertainment 267 1,434 - -------------------------------------------------------------------------------- Utilities 152 1,252 ================================================================================ Other (attach schedule) (19,879) 5,266,054 - -------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 139,241 6,298,733 - -------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 5,567 257,444 ================================================================================ Net Profit(Loss) Before Other Income & Expenses (143,748) (6,315,273) - -------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES - -------------------------------------------------------------------------------- Other Income (attach schedule) (13,434,523) (57,061,067) - -------------------------------------------------------------------------------- Interest Expense -- -- - -------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- ================================================================================ Net Profit (Loss) Before Reorganization Items (13,578,271) (63,376,340) - -------------------------------------------------------------------------------- REORGANIZATION ITEMS - -------------------------------------------------------------------------------- Professional Fees -- -- - -------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - -------------------------------------------------------------------------------- Interest Earned on Accumulated Cash - -------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) 3,500 35,456 - -------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - -------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) 110,265 3,318,656 ================================================================================ Total Reorganization Expenses (106,765) (3,283,200) - -------------------------------------------------------------------------------- Income Taxes 900 (72,636) ================================================================================ Net Profit (Loss) $(13,685,936) $(66,586,904) ================================================================================ * Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 24 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 99.1 Trenwick America Corporation Trenwick America Corporation 03-12635 (MFW) Debtor March 2004 STATEMENT OF OPERATIONS - continuation sheet ================================================================================ MTD Cumulative BREAKDOWN OF "OTHER" CATEGORY March 2004 Filing to Date ================================================================================ - -------------------------------------------------------------------------------- Other Costs - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Operational Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Recruiting & Relocation 1,488 4,773 - -------------------------------------------------------------------------------- Legal Fees 1,894 6,757 - -------------------------------------------------------------------------------- Audit Fees (26,404) (26,532) - -------------------------------------------------------------------------------- Accounting & Tax Fees -- 124,154 - -------------------------------------------------------------------------------- Other Fees -- 5,119,513 - -------------------------------------------------------------------------------- Data Processing 1,779 33,799 - -------------------------------------------------------------------------------- Seminars & Continuing Education 175 2,220 - -------------------------------------------------------------------------------- Dues & Subscriptions 1,190 1,371 - -------------------------------------------------------------------------------- TOTAL OTHER OPERATIONAL EXPENSES $ (19,879) $ 5,266,054 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Income - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Equity in Undistributed Loss of - -------------------------------------------------------------------------------- Unconsolidated Subsidiaries (13,434,523) (57,061,067) - -------------------------------------------------------------------------------- TOTAL OTHER INCOME $(13,434,523) $(57,061,067) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Reorganization Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Bankruptcy Related Fees 110,265 3,318,656 - -------------------------------------------------------------------------------- TOTAL OTHER REORGANIZATION EXPENSES $ 110,265 $ 3,318,656 - -------------------------------------------------------------------------------- ================================================================================ FORM MOR-2 Exhibit 99.1 Trenwick America Corporation Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: March 2004 BALANCE SHEET
- ------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------------ CURRENT ASSETS - ------------------------------------------------------------------------------------------------------------------------------ Unrestricted Cash and Equivalents 5,748,508 4,532,566 - ------------------------------------------------------------------------------------------------------------------------------ Restricted Cash and Cash Equivalents (see continuation sheet) -- -- - ------------------------------------------------------------------------------------------------------------------------------ Accounts Receivable (Net) 50,724,612 48,745,299 - ------------------------------------------------------------------------------------------------------------------------------ Notes Receivable -- -- - ------------------------------------------------------------------------------------------------------------------------------ Inventories -- -- - ------------------------------------------------------------------------------------------------------------------------------ Prepaid Expenses 256,047 503,054 - ------------------------------------------------------------------------------------------------------------------------------ Professional Retainers 1,000 10,000 - ------------------------------------------------------------------------------------------------------------------------------ Other Current Assets (attach schedule) 340,703 327,755 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS $ 57,070,870 $ 54,118,674 - ------------------------------------------------------------------------------------------------------------------------------ PROPERTY AND EQUIPMENT - ------------------------------------------------------------------------------------------------------------------------------ Real Property and Improvements -- -- - ------------------------------------------------------------------------------------------------------------------------------ Machinery and Equipment -- -- - ------------------------------------------------------------------------------------------------------------------------------ Furniture, Fixtures and Office Equipment 17,640,561 20,723,654 - ------------------------------------------------------------------------------------------------------------------------------ Leasehold Improvements 3,485,693 3,485,693 - ------------------------------------------------------------------------------------------------------------------------------ Vehicles -- -- - ------------------------------------------------------------------------------------------------------------------------------ Less Accumulated Depreciation (16,123,270) (15,433,035) - ------------------------------------------------------------------------------------------------------------------------------ TOTAL PROPERTY & EQUIPMENT $ 5,002,984 $ 8,776,312 - ------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS - ------------------------------------------------------------------------------------------------------------------------------ Loans to Insiders* 48,803 266,900 - ------------------------------------------------------------------------------------------------------------------------------ Other Assets (attach schedule) 199,976,687 249,660,381 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL OTHER ASSETS $200,025,490 $249,927,281 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS $262,099,344 $312,822,267 ============================================================================================================================== - ------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------------ LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) - ------------------------------------------------------------------------------------------------------------------------------ Accounts Payable -- -- - ------------------------------------------------------------------------------------------------------------------------------ Taxes Payable (refer to FORM MOR-4) 34,003 -- - ------------------------------------------------------------------------------------------------------------------------------ Wages Payable 192,426 -- - ------------------------------------------------------------------------------------------------------------------------------ Notes Payable -- -- - ------------------------------------------------------------------------------------------------------------------------------ Rent/Leases - Building/Equipment -- -- - ------------------------------------------------------------------------------------------------------------------------------ Secured Debt/Adequate Protection Payments -- -- - ------------------------------------------------------------------------------------------------------------------------------ Professional Fees 355,979 -- - ------------------------------------------------------------------------------------------------------------------------------ Amounts Due to Insiders* -- -- - ------------------------------------------------------------------------------------------------------------------------------ Other Postpetition Liabilities (attach schedule) 2,663,225 -- - ------------------------------------------------------------------------------------------------------------------------------ TOTAL POSTPETITION LIABILITIES $ 3,245,632 $ -- - ------------------------------------------------------------------------------------------------------------------------------ LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ------------------------------------------------------------------------------------------------------------------------------ Secured Debt -- -- - ------------------------------------------------------------------------------------------------------------------------------ Priority Debt -- -- - ------------------------------------------------------------------------------------------------------------------------------ Unsecured Debt 291,003,620 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL PRE-PETITION LIABILITIES $291,003,620 $289,648,446 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES 294,249,252 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------ 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 (66,586,904) -- - ------------------------------------------------------------------------------------------------------------------------------ Adjustments to Owner Equity (attach schedule) 14,310,183 3,047,008 - ------------------------------------------------------------------------------------------------------------------------------ Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ------------------------------------------------------------------------------------------------------------------------------ NET OWNER EQUITY $(32,149,908) $ 23,173,821 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES AND OWNERS' EQUITY $262,099,344 $312,822,267 ==============================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 24 officers which were not included in this amount. FORM MOR-3 Exhibit 99.1 Trenwick America Corporation Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: March 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 198,665,555 244,859,636 - ------------------------------------------------------------------------------------------------------- Miscellaneous Other Assets 2,305 3,602,213 - ------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $199,976,687 $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 63,366 42,517 - ------------------------------------------------------------------------------------------------------- Accrued Expenses 230,591 1,290,790 - ------------------------------------------------------------------------------------------------------- Interest Payable 12,728,025 12,728,025 - ------------------------------------------------------------------------------------------------------- Taxes Payable 4,989,947 2,601,759 - ------------------------------------------------------------------------------------------------------- Due to Affiliates 82,787,757 82,787,757 - ------------------------------------------------------------------------------------------------------- Indebtedness 190,203,934 190,197,598 - ------------------------------------------------------------------------------------------------------- TOTAL UNSECURED DEBTS (PRE-PETITION) $291,003,620 $289,648,446 - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - ------------------------------------------------------------------------------------------------------- Accrued Expenses 1,984,858 -- - ------------------------------------------------------------------------------------------------------- Severance Payable 7,899 -- - ------------------------------------------------------------------------------------------------------- Bonuses Payable 592,542 -- - ------------------------------------------------------------------------------------------------------- Due to Affiliates 77,925 -- - ------------------------------------------------------------------------------------------------------- TOTAL OTHER POSTPETITION LIABILITIES $ 2,663,225 $ -- - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - ------------------------------------------------------------------------------------------------------- Equity in Subsidiary 14,310,183 3,047,008 - ------------------------------------------------------------------------------------------------------- TOTAL ADJUSTMENT TO OWNER EQUITY $ 14,310,183 $ 3,047,008 - -------------------------------------------------------------------------------------------------------
FORM MOR-3 Exhibit 99.1 Trenwick America Corporation In re Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: March 2004 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
- ---------------------------------------------------------------------------------------------------------- Amount Beginning Withheld or Amount Check NO. Ending Tax Tax Liability Accrued Paid Date Paid or EFT Liability ========================================================================================================== Federal - ---------------------------------------------------------------------------------------------------------- Withholding -- 331,866 331,866 3/12, 3/30 EFT -- - ---------------------------------------------------------------------------------------------------------- FICA-Employee -- 99,093 99,093 3/12, 3/30 EFT -- - ---------------------------------------------------------------------------------------------------------- FICA-Employer -- 99,093 99,093 3/12, 3/30 EFT -- - ---------------------------------------------------------------------------------------------------------- Unemployment -- 313 313 3/12, 3/30 EFT -- - ---------------------------------------------------------------------------------------------------------- Income -- 12,253 -- 12,253 - ---------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ---------------------------------------------------------------------------------------------------------- Total Federal Taxes -- 542,618 530,365 12,253 - ---------------------------------------------------------------------------------------------------------- State and Local - ---------------------------------------------------------------------------------------------------------- Withholding -- 87,109 87,109 3/12, 3/30 EFT -- - ---------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - ---------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - ---------------------------------------------------------------------------------------------------------- Unemployment -- 10,698 10,698 3/12, 3/30 EFT -- - ---------------------------------------------------------------------------------------------------------- Real Property -- 21,750 -- 21,750 - ---------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - ---------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - ---------------------------------------------------------------------------------------------------------- Total State and Local -- 119,557 97,807 21,750 - ---------------------------------------------------------------------------------------------------------- Total Taxes -- 662,175 628,172 -- 34,003 - ----------------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable
- ------------------------------------------------------------------------------------------------------------------------------- Number of Days Past Due ========================================================================= Current 0-30 31-60 61-90 Over 90 Total - ------------------------------------------------------------------------------------------------------------------------------- Accounts Payable -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------- Wages Payable 192,426 -- -- -- -- 192,426 - ------------------------------------------------------------------------------------------------------------------------------- Taxes Payable 34,003 34,003 - ------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- - ------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- - ------------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- - ------------------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- -- 16,310 339,669 355,979 - ------------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------- Other: -- - ------------------------------------------------------------------------------------------------------------------------------- Other: -- - ------------------------------------------------------------------------------------------------------------------------------- Total Postpetition Debts 226,429 -- -- 16,310 339,669 582,408 - -------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4 (9/99) Exhibit 99.1 Trenwick America Corporation Listing of aged accounts payable Trenwick America Corporation As of March 31, 2004
Vendor Invoice Date Services Invoice Number Amount ------ ------------ -------- -------------- ------ Appleby & Spurling 2/27/2004 November expenses APP396-02000 39,630.68 Appleby & Spurling 2/27/2004 November expenses APP967-02000 9,677.60 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 2/4/2004 December expenses ASH423-02000 4,239.80 Dewy Ballantine 3/18/2004 December expenses DEW198-02000 198,571.11 Dewy Ballantine 3/18/2004 December expenses DEW466-02000 46,689.20 ----------- 91+ 339,669.39 ----------- Ashby & Geddes 3/18/2004 January expense ASH132-02000 13,232.96 Ashby & Geddes 3/18/2004 January expense ASH307-02000 3,076.60 ----------- 61-90 days 16,309.56 ----------- ----------- Grand Total 355,978.95 ===========
FORM MOR-4 (9/99) Exhibit 99.1 Trenwick America Corporation Trenwick America Corporation Case No. 03-12635 (MFW) Debtor Reporting Period: March 2004 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
==================================================================== =============== Accounts Receivable Reconciliation Amount ==================================================================== =============== Total Accounts Receivable at the beginning of the reporting period 51,675,908.89 - -------------------------------------------------------------------- --------------- + Amounts billed during the peiod 1,816,927.09 - -------------------------------------------------------------------- --------------- - - Amounts collected during the peiod (2,768,224.15) - -------------------------------------------------------------------- --------------- Total Accounts Receivable at the end of the reporting period 50,724,611.83 - -------------------------------------------------------------------- --------------- ==================================================================== =============== Accounts Receivable Aging Amount ==================================================================== =============== 0 - 30 days old 1,395,175.91 - -------------------------------------------------------------------- --------------- 31 - 60 days old -- - -------------------------------------------------------------------- --------------- 61 - 90 days old (31,023.56) - -------------------------------------------------------------------- --------------- 91 + days old 61,013,788.48 - -------------------------------------------------------------------- --------------- Total Accounts Receivable 62,377,940.83 - -------------------------------------------------------------------- --------------- Amount considered uncollectible (Bad Debt) (11,653,329.00) - -------------------------------------------------------------------- --------------- Accounts Receivable (Net) 50,724,611.83 - -------------------------------------------------------------------- ---------------
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 d59435_ex99-2.txt ADDITIONAL EXHIBITS Exhibit 99.2 Trenwick America Corporation Trenwick America Corporation List of non-Debtor Entities Trenwick America Reinsurance Corporation The Insurance Corporation of New York Chartwell Advisors Limited Canterbury Financial Group Inc. -----END PRIVACY-ENHANCED MESSAGE-----