EX-99.1 2 d60040_ex99-1.txt MONTHLY OPERATING REPORT OF TRENWICK AMERICA CORP Exhibit 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 & Expenses (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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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 99.1 Trenwick America Corporation 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.
------------------------------------------------------------------------------------------------------------------------------------ Amount Beginning 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 99.1 Trenwick America Corporation 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
MOR-4 AGING Exhibit 99.1 Trenwick America Corporation 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)