-----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, LQdGiqGiD/3dzpvLoYHpwyfa+ik4BXynvCVjDWGk6SEBy5bBCIotgWq8tSfYptWg 1/cMoMRGEOE50v++InElig== 0001169232-04-003874.txt : 20040804 0001169232-04-003874.hdr.sgml : 20040804 20040804125643 ACCESSION NUMBER: 0001169232-04-003874 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040720 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040804 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: 04950789 BUSINESS ADDRESS: STREET 1: ONE CANTERBURY GREEN CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 2033535500 8-K 1 d60260_8-k.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 --------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported) -July 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 June 2004 Monthly Operating Report of Trenwick America Corporation, dated July 20, 2004. 99.2 List of non-Debtor entities Item 9. Regulation FD Disclosure A. On July 20, 2004, Trenwick America Corporation (the "Company" or the "Debtor") filed a monthly operating report as of August 20, 2003 and June 30, 2004 and for the month ended June 30, 2004 and the period from August 20, 2003 to June 30, 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: August 4, 2004 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 June 2004 Monthly Operating Report of Trenwick America Corporation, dated July 20, 2004. 99.2 List of non-Debtor-entities EX-99.1 2 d60260_ex99-1.txt 6/04 MONTH OPER REPORT OF TRENWICK AMERICA CORP. Trenwick America Corporation Exhibit 99.1 UNITED STATES BANKRUPTCY COURT _______________DISTRICT OF_______________ In re: Trenwick America Corporation Case No. 03-12635(MFW) ---------------------------- -------------- Reporting Period: June 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 Yes Copies of bank statements N/A Cash disbursements journals MOR-1 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 MOR-4 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 July 20, 2004 - ---------------------------------------- ----------------------- Signature of Debtor Date /s/ Alan L. Hunte July 20, 2004 - ---------------------------------------- ----------------------- Signature of Joint Debtor Date /s/ Alan L. Hunte July 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. Trenwick America Corporation Exhibit 99.1 In re: Trenwick America Corporation Case No. 03-12635 (MFW) Schedule of Cash Receipts & Disbursements Reporting Period June 2004
Bank Accounts Operating Payroll Tax Other ---------------------------------------------------------------------- Cash - Beg of Month 1,380,590.75 35,331.89 NA -- ---------------------------------------------------------------------- Receipts: Cash Sales -- -- -- -- Accounts Rec -- -- -- -- Loans & Advances -- -- -- -- Sale of Assets -- -- -- -- Deposit/WT IN 38,386.08 Other 729.52 -- -- -- Fund Transfer(Vista MM Purch) Transfers (Interco) 1,791,278.93 768,521.97 -- -- ---------------------------------------------------------------------- Total Receipts 1,830,394.53 768,521.97 -- -- ---------------------------------------------------------------------- Disbursements: Net Payroll -- (483,877.98) -- -- Payroll Taxes -- (284,643.99) -- -- Sales, Use, & Other Tax -- -- -- -- Inventory Purchases -- -- -- -- Secured Rental/Leases (155,567.72) -- -- -- Insurance -- -- -- -- Administrative (538,840.24) -- -- -- Selling -- -- -- -- Other -- -- -- -- Transfers (PR) (768,521.97) -- -- -- Professional Fees (1,115,255.75) -- -- -- Court Costs -- -- -- -- ---------------------------------------------------------------------- Total Disbursements (2,578,185.68) (768,521.97) -- -- ---------------------------------------------------------------------- Net Cash Flow (747,791.15) -- -- -- ---------------------------------------------------------------------- Cash: End of Month 632,799.60 35,331.89 -- -- ======================================================================
FORM MOR-1 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Bank Reconciliations Reporting Period: June 2004 The following bank accounts have been reconciled Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 632,799.60 Payroll: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 35,331.89 FORM MOR-1 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Disbursements Log (Excludes Intercompany) Month Ended June 30, 2004 Wire Date Amount Vendor Name - --------------------- ------------ ---------------------------------------- 2004-06-22 2,502.53 Flexible Spending 2004-06-29 2,825.61 Flexible Spending 2004-06-30 89,013.46 New York Life Benefit Services Co. ------------ Wite transfer Total 94,341.60 ------------ Check Number Amount Vendor Name - --------------------- ------------ ---------------------------------------- 108587 225.33 Bronx SCU 108589 1,500.00 Internal Revenue Service 108590 200.11 Deborah Levine 108591 1,208.68 Louis Direnzo 108592 2,696.94 Marty Becker 108593 1,720.48 Robert Crowther 108594 31,263.75 Actuarial Risk Solutions 108595 444.25 BMC Solutions, Inc. 108596 710.00 CSCPA 108597 274.52 Ceridian Employer Services 108598 284,063.71 Dewey Ballantine 108599 2,114.70 Eastman Kodak Company 108600 155,567.72 Equity Office Properties, L.L.C. 108601 627.53 Federal Express Corporation 108602 685.87 Imagistics International Inc. 108603 320.00 Liz Sue Bagels 108604 6,728.35 Propark, Inc. 108605 206.70 ROCKHURST UNIVERSITY CONTINUING ED CTR 108606 23.64 Royal Messenger Service 108607 616.75 SBC 108608 41,607.00 Sheshunoff Information Services 108609 1,329.35 Staples Business Advantage 108610 5,296.00 Sungard Availability Services Inc. 108611 400.00 The Pension Service, Inc. 108612 6,165.00 TriTech Software Development Corporation 108613 335.00 Brunell,Paula 108614 988.57 Kiernan,Kenneth F. 108615 94.71 Robert Crowther 108616 27,742.13 Ashby & Geddes 108617 678.40 Blondie's Treehouse, Inc 108618 88.43 CDW Direct, LLC 108619 51.61 Charlene Seon 108620 174.79 Connecticut Corporate Caterers,LLC 108621 2,121.19 Crystal Rock Water Company 108622 184.84 Delta Dental 108623 133.00 Eastern Benefit Systems, Inc. 108624 133.00 Eastern Benefit Systems, Inc. 108625 32,749.00 Ernst & Young LLP 108626 37.68 Federal Express Corporation 108627 6,538.38 Imagistics International Inc. 108628 9,283.25 Iron Mountain 108629 1,893.72 Lexis/Nexis 108630 106.00 Network Synergy FORM MOR-1 Trenwick America Corporation Exhibit 99.1 108631 93.81 P. Rogers & Company 108632 586.39 Petty Cash/Sam Mills 108633 94.19 Staples Business Advantage 108634 2,500.00 Trevaskis & Associates Inc. 108635 209.88 Wall Street Journal 108636 3,808.30 Hunte,Alan L. 108639 31.74 Jeffers,Magdalene 108640 287.65 Qureshi,Malinda S. 108641 5.00 Robert Crowther 108642 223.00 Stephen Zielinski 108643 6.55 AT&T 108644 708.80 AT&T 108645 738.60 AT&T 108646 985.00 Advanced Solutions, Inc. 108647 170.00 Aicpa 108648 78,203.68 Anthem BCBSCT 108649 225.33 Bronx SCU 108650 295.19 Bull's Head Printers 108651 680.30 CDW Direct, LLC 108652 70.84 COGENT COMMUNICATIONS, INC 108653 210.00 CSCPA 108654 15,016.30 CYPRESS COMMUNICATIONS 108655 177.66 Ceridian Employer Services 108656 900.00 Cogent Communications, Inc. 108657 8,112.00 Ernst & Young LLP 108658 2,079.78 Federal Express Corporation 108659 728.00 Joyce Van Lines, Inc. 108660 2,555.30 MBSII.net 108661 71.88 MCI 108662 1,731.00 MCI 108663 195.00 Mail Delivery Service of Stamford, LLC 108664 1,320.00 Mary A. Pagoto 108665 677.60 Motient 108666 671.98 Nextel 108667 54.80 Skytel 108668 317.37 Staples Business Advantage 108669 2,644.52 Temco Service Industries, Inc. 108670 209.88 Wall Street Journal 108673 500.00 U.S. Trustee Program Payment Center 108674 28.89 Carbonetti,Michael F. 108675 2,339.00 Daniels,Gary 108676 33.00 Dave Semeraro 108677 1,858.96 Mary Fortado 108679 1,083.97 Robert Crowther 108682 1,780.77 BMW Financial Services 108683 150.00 Braren-Walsh & Associates, Inc. 108684 948.70 Business Invirons 108685 383.68 CDW Direct, LLC 108686 260.00 CSCPA 108687 280.00 CT Corporation System 108688 350.05 Ceridian Employer Services 108689 8,103.57 Delta Dental 108690 231.75 Deraventures, Inc. 108691 287.27 Dr. Ben S. Branch 108692 258.68 Federal Express Corporation FORM MOR-1 Trenwick America Corporation Exhibit 99.1 108693 2,761.57 IBM 108694 728.14 Imagistics International Inc. 108695 4,444.00 MBSII.net 108696 31.56 Network Synergy 108697 3,327.47 Pitney Bowes 108698 1,500.00 Propark, Inc. 108699 327.73 Staples Business Advantage 108700 245.00 TDWI World Conference 108701 350.00 The Pension Service, Inc. 108702 1,275.00 Trevaskis & Associates Inc. 108703 750.00 Unicorp 108704 4,782.75 Unum Life Insurance Company of America 108705 11,239.80 Ashby & Geddes 108706 171,797.10 Dewey Ballantine 108707 8,553.60 Dr. Ben S. Branch 108708 287,465.52 Hennigan, Bennett & Dorman LLP 108709 29,416.40 Young, Conaway, Stargatt & Taylor, LLP 108710 371,929.42 Dewey Ballantine 108711 454.36 Damaris Rosado 108713 210.00 Gale,Matthew B. 108714 807.01 Lock,Eugene R. 108715 20,428.66 Ashby & Geddes 108716 6,444.68 Bloomberg L.P. 108717 225.33 Bronx SCU 108718 489.00 Bytware, Inc. 108719 412.00 CT Corporation System 108720 526.31 Federal Express Corporation 108721 57.88 Hygrade Business Group 108722 88.39 Imagistics International Inc. 108723 3,000.00 Internal Revenue Service 108724 618.68 SBC 108725 4,829.06 Unum Life Insurance Company of America ------------ Checks total 1,715,322.11 ------------ Total June disbursements 1,809,663.71 ======================== ============ FORM MOR-1 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No: 03-12635 (MFW) - ------------------------------------- --------------- Debtor Reporting Period: June 2004 --------------- Statement of Operations (Income Statement)
- --------------------------------------------------------------------------------------------- MTD Cumulative REVENUES June 2004 Filing to Date - --------------------------------------------------------------------------------------------- Gross Revenues $ 154 $ 241,313 - --------------------------------------------------------------------------------------------- Less: Returns and Allowances -- -- - --------------------------------------------------------------------------------------------- Net Revenue $ 154 $ 241,313 - --------------------------------------------------------------------------------------------- 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 154 241,313 - --------------------------------------------------------------------------------------------- OPERATING EXPENSES - --------------------------------------------------------------------------------------------- Advertising -- -- - --------------------------------------------------------------------------------------------- Auto and Truck Expense 113 288 - --------------------------------------------------------------------------------------------- Bad Debts -- -- - --------------------------------------------------------------------------------------------- Contributions -- (2,500) - --------------------------------------------------------------------------------------------- Employee Benefits Programs 2,934 35,104 - --------------------------------------------------------------------------------------------- Insider compensation* 34,018 732,533 - --------------------------------------------------------------------------------------------- Insurance 1,364 16,109 - --------------------------------------------------------------------------------------------- Management Fees/Bonuses ** (170,715) (851,112) - --------------------------------------------------------------------------------------------- Office Expense 2,395 42,317 - --------------------------------------------------------------------------------------------- Pension & Profit-Sharing Plans 3,768 38,768 - --------------------------------------------------------------------------------------------- Repairs and Maintenance 351 2,934 - --------------------------------------------------------------------------------------------- Rent and Lease Expense 70,228 538,635 - --------------------------------------------------------------------------------------------- Salaries/Commissions/Fees 31,533 346,734 - --------------------------------------------------------------------------------------------- Supplies 9,162 67,370 - --------------------------------------------------------------------------------------------- Taxes-Payroll 42,965 274,220 - --------------------------------------------------------------------------------------------- Taxes-Real Estate 316 1,896 - --------------------------------------------------------------------------------------------- Taxes-Other 1 10,662 - --------------------------------------------------------------------------------------------- Travel and Entertainment 435 2,634 - --------------------------------------------------------------------------------------------- Utilities 157 1,693 - --------------------------------------------------------------------------------------------- Other (attach schedule) (58,356) 5,195,230 - --------------------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation (29,330) 6,453,516 - --------------------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 5,497 273,947 - --------------------------------------------------------------------------------------------- Net Profit(Loss) Before Other Income & Expenses 23,987 (6,486,150) - --------------------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES - --------------------------------------------------------------------------------------------- Other Income (attach schedule) (3,952,253) (49,167,608) - --------------------------------------------------------------------------------------------- Interest Expense -- -- - --------------------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- - --------------------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items (3,928,266) (55,653,758) - --------------------------------------------------------------------------------------------- REORGANIZATION ITEMS - --------------------------------------------------------------------------------------------- Professional Fees -- -- - --------------------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - --------------------------------------------------------------------------------------------- Interest Earned on Accumulated Cash - --------------------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) 3,377 45,325 - --------------------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- -- - --------------------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) 666,407 5,822,515 - --------------------------------------------------------------------------------------------- Total Reorganization Expenses (663,030) (5,777,190) - --------------------------------------------------------------------------------------------- Income Taxes (33,410) (106,046) - --------------------------------------------------------------------------------------------- Net Profit (Loss) $ (4,557,886) $ (61,324,902) - ---------------------------------------------------------------------------------------------
* 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 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No. 03-12635 (MFW) - -------------------------------------- -------------- Debtor Reporting Period: June 2004 -------------- STATEMENT OF OPERATIONS - continuation sheet
- ------------------------------------------------------------------------------------- MTD Cumulative BREAKDOWN OF "OTHER" CATEGORY June 2004 Filing to Date - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Other Costs - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Other Operational Expenses - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Recruiting & Relocation 7 2,890 - ------------------------------------------------------------------------------------- Legal Fees 1,894 12,439 - ------------------------------------------------------------------------------------- Audit Fees (62,194) (51,614) - ------------------------------------------------------------------------------------- Accounting & Tax Fees -- 66,654 - ------------------------------------------------------------------------------------- Other Fees -- 5,119,513 - ------------------------------------------------------------------------------------- Data Processing 1,414 38,311 - ------------------------------------------------------------------------------------- Seminars & Continuing Education 279 3,936 - ------------------------------------------------------------------------------------- Dues & Subscriptions 245 3,102 - ------------------------------------------------------------------------------------- TOTAL OTHER OPERATIONAL EXPENSES $ (58,356) $ 5,195,230 - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Other Income - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Equity in Undistributed Loss of Unconsolidated Subsidiaries (3,952,253) (49,167,608) - ------------------------------------------------------------------------------------- TOTAL OTHER INCOME $ (3,952,253) $ (49,167,608) - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Other Expenses - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Amortization Expense -- -- - ------------------------------------------------------------------------------------- Other Reorganization Expenses - ------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------- Bankruptcy Related Fees 666,407 5,822,515 - ------------------------------------------------------------------------------------- TOTAL OTHER REORGANIZATION EXPENSES $ 666,407 $ 5,822,515 - ------------------------------------------------------------------------------------- - -------------------------------------------------------------------------------------
FORM MOR-2 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No. 03-12635 (MFW) - ----------------------------------- -------------- Debtor Reporting Period: June 2004 -------------- BALANCE SHEET
- ------------------------------------------------------------------------------------------------------------------------------ BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ------------------------------------------------------------------------------------------------------------------------------ CURRENT ASSETS - ------------------------------------------------------------------------------------------------------------------------------ Unrestricted Cash and Equivalents 4,597,061 4,532,566 - ------------------------------------------------------------------------------------------------------------------------------ Restricted Cash and Cash Equivalents (see continuation sheet) -- -- - ------------------------------------------------------------------------------------------------------------------------------ Accounts Receivable (Net) 51,794,097 48,745,299 - ------------------------------------------------------------------------------------------------------------------------------ Notes Receivable -- -- - ------------------------------------------------------------------------------------------------------------------------------ Inventories -- -- - ------------------------------------------------------------------------------------------------------------------------------ Prepaid Expenses 211,262 503,054 - ------------------------------------------------------------------------------------------------------------------------------ Professional Retainers 1,000 10,000 - ------------------------------------------------------------------------------------------------------------------------------ Other Current Assets (attach schedule) 340,703 327,755 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL CURRENT ASSETS $ 56,944,122 $ 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 (16,711,574) (15,433,035) - ------------------------------------------------------------------------------------------------------------------------------ TOTAL PROPERTY & EQUIPMENT $ 4,416,049 $ 8,776,312 - ------------------------------------------------------------------------------------------------------------------------------ OTHER ASSETS - ------------------------------------------------------------------------------------------------------------------------------ Loans to Insiders* 49,211 266,900 - ------------------------------------------------------------------------------------------------------------------------------ Other Assets (attach schedule) 186,234,955 249,660,381 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL OTHER ASSETS $ 186,284,166 $ 249,927,281 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL ASSETS $ 247,644,338 $ 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) 43,500 -- - ------------------------------------------------------------------------------------------------------------------------------ Wages Payable 78,093 -- - ------------------------------------------------------------------------------------------------------------------------------ Notes Payable -- -- - ------------------------------------------------------------------------------------------------------------------------------ Rent/Leases - Building/Equipment -- -- - ------------------------------------------------------------------------------------------------------------------------------ Secured Debt/Adequate Protection Payments -- -- - ------------------------------------------------------------------------------------------------------------------------------ Professional Fees 173,601 -- - ------------------------------------------------------------------------------------------------------------------------------ Amounts Due to Insiders* -- -- - ------------------------------------------------------------------------------------------------------------------------------ Other Postpetition Liabilities (attach schedule) 7,196,571 -- - ------------------------------------------------------------------------------------------------------------------------------ TOTAL POSTPETITION LIABILITIES $ 7,491,766 $ -- - ------------------------------------------------------------------------------------------------------------------------------ LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ------------------------------------------------------------------------------------------------------------------------------ Secured Debt -- -- - ------------------------------------------------------------------------------------------------------------------------------ Priority Debt -- -- - ------------------------------------------------------------------------------------------------------------------------------ Unsecured Debt 288,617,232 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL PRE-PETITION LIABILITIES $ 288,617,232 $ 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES 296,108,997 289,648,446 - ------------------------------------------------------------------------------------------------------------------------------ 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 (61,324,902) -- - ------------------------------------------------------------------------------------------------------------------------------ Adjustments to Owner Equity (attach schedule) (7,266,570) 3,047,008 - ------------------------------------------------------------------------------------------------------------------------------ Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ------------------------------------------------------------------------------------------------------------------------------ NET OWNER EQUITY $ (48,464,659) $ 23,173,821 - ------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------ TOTAL LIABILITIES AND OWNERS' EQUITY $ 247,644,338 $ 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 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No. 03-12635 (MFW) - ----------------------------------- --------------- Debtor Reporting Period: June 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 184,921,777 244,859,636 - ----------------------------------------------------------------------------------------------------------- Miscellaneous Other Assets 4,352 3,602,213 - ----------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 186,234,955 $ 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 64,914 42,517 - ----------------------------------------------------------------------------------------------------------- Accrued Expenses 230,591 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) $ 288,617,232 $ 289,648,446 - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - ----------------------------------------------------------------------------------------------------------- Accrued Expenses 2,642,682 -- - ----------------------------------------------------------------------------------------------------------- Severance Payable - ----------------------------------------------------------------------------------------------------------- Bonuses Payable 1,564,752 -- - ----------------------------------------------------------------------------------------------------------- Taxes Payable 2,400,441 -- - ----------------------------------------------------------------------------------------------------------- Due to Affiliates 588,696 -- - ----------------------------------------------------------------------------------------------------------- TOTAL OTHER POSTPETITION LIABILITIES $ 7,196,571 $ -- - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - ----------------------------------------------------------------------------------------------------------- Equity in Subsidiary (7,266,570) 3,047,008 - ----------------------------------------------------------------------------------------------------------- TOTAL ADJUSTMENT TO OWNER EQUITY $ (7,266,570) $ 3,047,008 - -----------------------------------------------------------------------------------------------------------
FORM MOR-3 Trenwick America Corporation Exhibit 99.1 In re Trenwick America Corporation Case No. 03-12635 (MFW) ----------------------------- --------------- Debtor Reporting period: June 2004 --------------- STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
- --------------------------------------------------------------------------------------------------------------------------------- Beginning Amount Tax Withheld or Check. No or Ending Tax Liability Accrued Amount Paid Date Paid EFT Liability ================================================================================================================================= Federal - --------------------------------------------------------------------------------------------------------------------------------- Withholding -- 149,267 149,267 6/14, 6/29 EFT -- - --------------------------------------------------------------------------------------------------------------------------------- FICA-Employee -- 47,106 47,106 6/14, 6/29 EFT -- - --------------------------------------------------------------------------------------------------------------------------------- FICA-Employer -- 47,106 47,106 6/14, 6/29 EFT -- - --------------------------------------------------------------------------------------------------------------------------------- Unemployment -- 73 73 6/14, 6/29 EFT -- - --------------------------------------------------------------------------------------------------------------------------------- Income -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Total Federal Taxes -- 243,552 243,552 -- - --------------------------------------------------------------------------------------------------------------------------------- State and Local - --------------------------------------------------------------------------------------------------------------------------------- Withholding -- 39,894 39,894 6/14, 6/29 EFT -- - --------------------------------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Unemployment -- 1,198 1,198 6/14, 6/29 EFT -- - --------------------------------------------------------------------------------------------------------------------------------- Real Property 36,250 7,250 -- 43,500 - --------------------------------------------------------------------------------------------------------------------------------- Personal Property - -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Other: - -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Total State and Local 36,250 48,342 41,092 43,500 - --------------------------------------------------------------------------------------------------------------------------------- Total Taxes 36,250 291,894 284,644 -- 43,500 - ---------------------------------------------------------------------------------------------------------------------------------
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 78,093 -- -- -- -- 78,093 - --------------------------------------------------------------------------------------------------------------------------------- Taxes Payable 43,500 43,500 - --------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- - --------------------------------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- - --------------------------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- - --------------------------------------------------------------------------------------------------------------------------------- Professional Fees -- -- -- 144,532 29,069 173,601 - --------------------------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders -- -- -- -- -- -- - --------------------------------------------------------------------------------------------------------------------------------- Other: -- - --------------------------------------------------------------------------------------------------------------------------------- Total Postpetition Debts 121,593 -- -- 144,532 29,069 295,194 - ---------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4 (9/99) Trenwick America Corporation Exhibit 99.1 Listing of aged accounts payable Trenwick America Corporation As of June 30, 2004
Vendor Invoice Date Services Invoice Number Amount ------ ------------ -------- -------------- ------ Ernst & Young 5/17/2004 December expenses ERN185-02000 1,850.40 Ernst & Young 5/17/2004 December expenses ERN462-02000 462.60 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 January expenses ERN429-02000 4,296.80 Ernst & Young 5/17/2004 January expenses ERN107-02000 1,074.20 ------------ 91+ 29,069.00 ------------ Ernst & Young 5/17/2004 March expenses ERN231-02000 23,139.20 Ernst & Young 5/17/2004 March expenses ERN578-02000 5,784.80 Ashby & Geddes 5/17/2004 March expenses ASH647-02000 6,474.20 Ashby & Geddes 6/29/2004 April Expenses ASH472-02000 4,727.50 Dewey Ballantine 6/11/2004 March expenses DEW832-02000 83,220.50 Ben Branch 6/30/2004 March expenses BEN691-02000 6,916.80 Ben Branch 6/30/2004 March expenses BEN172-02000 1,729.20 Ben Branch 6/30/2004 April Expenses BEN100-02000 10,032.00 Ben Branch 6/30/2004 April Expenses BEN250-02000 2,508.00 ------------ 61-90 days 144,532.20 ------------ ------------ Total Professional Fees $ 173,601.20 ------------
MOR-4 AGING Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No. 03-12635 (MFW) - ------------------------------- -------------- Debtor Reporting Period: June 2004 -------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================================ ================= Accounts Receivable Reconciliation Amount ================================================================================ ================= Total Accounts Receivable at the beginning of the reporting period 51,837,651.20 - -------------------------------------------------------------------------------- ----------------- + Amounts billed during the peiod 1,747,631.05 - -------------------------------------------------------------------------------- ----------------- - - Amounts collected during the peiod (1,791,185.25) - -------------------------------------------------------------------------------- ----------------- Total Accounts Receivable at the end of the reporting period 51,794,097.00 - -------------------------------------------------------------------------------- ----------------- ================================================================================ ================= Accounts Receivable Aging Amount ================================================================================ ================= 0 - 30 days old 2,464,660.82 - -------------------------------------------------------------------------------- ----------------- 31 - 60 days old -- - -------------------------------------------------------------------------------- ----------------- 61 - 90 days old -- - -------------------------------------------------------------------------------- ----------------- 91 + days old 60,982,765.18 - -------------------------------------------------------------------------------- ----------------- Total Accounts Receivable 63,447,426.00 - -------------------------------------------------------------------------------- ----------------- Amount considered uncollectible (Bad Debt) (11,653,329.00) - -------------------------------------------------------------------------------- ----------------- Accounts Receivable (Net) 51,794,097.00 - -------------------------------------------------------------------------------- -----------------
DEBTOR QUESTIONNAIRE
================================================================================ ================= Must be completed each month Yes No ================================================================================ ================= 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. X - -------------------------------------------------------------------------------- ----------------- 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide and explanation below. X - -------------------------------------------------------------------------------- ----------------- 3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X - -------------------------------------------------------------------------------- ----------------- 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X - -------------------------------------------------------------------------------- -----------------
FORM MOR-5 (9/99) EX-99.2 3 d60260_ex99-2.txt LIST OF NON-DEBTOR-ENTITIES 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-----