-----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, EFFjIBssuNmdXdrJM+4Avck+PaZSpiCUr3IV65zVvmQnbXzWuxo5zKrQ+zF5lJ6j CpCsJnUtHFyJy4SyvDtF1w== 0001169232-05-003588.txt : 20050718 0001169232-05-003588.hdr.sgml : 20050718 20050718164519 ACCESSION NUMBER: 0001169232-05-003588 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050715 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050718 DATE AS OF CHANGE: 20050718 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: 05959828 BUSINESS ADDRESS: STREET 1: ONE CANTERBURY GREEN CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 2033535500 8-K 1 d64547_8-k.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ---------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (date of earliest event reported) - July 15, 2005 ---------- 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 06901 Stamford, Connecticut (Zip Code) (Address of principal executive offices) (203) 353-5500 (Registrant's telephone number, including area code) None (Former name or address, if changed since last report) Item 7.01. Regulation FD Disclosure A. On July 15, 2005, Trenwick America Corporation (the "Company" or the "Debtor") filed a monthly operating report as of August 20, 2003 and June 30, 2005 and for the month ended June 30, 2005 and the period from August 20, 2003 to June 30, 2005 (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 prepared by Trenwick America Services Corporation, a wholly owned indirect subsidiary of the Company, 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 Monthly 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 that 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 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 7.01 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. Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits. (c) Exhibits. Exhibit No. Description ----------- ----------- 99.1 June 2005 Monthly Operating Report of Trenwick America Corporation, dated July 15, 2005. 99.2 List of Non-Debtor Entities 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/ Timothy R. Graham ------------------------------------ Name: Timothy R. Graham Title: Chief Restructuring Officer Dated: July 15, 2005 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- 99.1 June 2005 Monthly Operating Report of Trenwick America Corporation, dated July 15, 2005. 99.2 List of Non-Debtor Entities EX-99.1 2 d64547_ex99-1.txt JUNE 2005 MOP Trenwick America Corporation Exhibit 99.1 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE ------------------------------------------------- In re: Trenwick America Corporation Case No. 03-12635(MFW) ----------------------------- ------------- Reporting Period: June 2005 ------------- 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/ Timothy R. Graham July 15, 2005 - ---------------------------------------- ---------------------- Signature of Debtor Date - ---------------------------------------- ---------------------- Signature of Joint Debtor Date /s/ Timothy R. Graham July 15, 2005 - ---------------------------------------- ---------------------- Signature of Authorized Individual* Date Timothy R. Graham, Chief Restructuring Officer and Sole Director - -------------------------------------- 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 2005 Bank Accounts Operating Tax Other --------------------------------- Cash - Beg of Month 97,481.01 NA -- --------------------------------- Receipts: Cash Sales -- -- -- Accounts Rec -- -- -- Loans & Advances -- -- -- Sale of Assets -- -- -- Deposit/WT IN Other -- -- Fund Transfer(Vista MM Redemption) (75,000.00) Intercompany Transfers * 98,104.29 -- -- --------------------------------- Total Receipts 23,104.29 -- -- --------------------------------- Disbursements: Sales, Use, & Other Tax -- -- Inventory Purchases -- -- Secured Rental/Leases -- -- Insurance -- -- Administrative (1,117.50) -- -- Selling -- -- Other -- -- Transfers (InterCo) (25,471.20) -- -- Professional Fees (76,710.03) -- -- Court Costs -- -- --------------------------------- Total Disbursements (103,298.73) -- -- --------------------------------- Net Cash Flow (80,194.44) -- -- --------------------------------- Cash: End of Month 17,286.57 -- -- ================================= * Represents receipt of payment from Trenwick America Services Corporation on Note Receivable related to sale of fixed assets in October 2004 as approved by the Bankruptcy Court FORM MOR-1 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Bank Reconciliation Reporting Period: June 2005 The following bank account has been reconciled. Operating: Location: JPMorganChase, NY ABA No. 021-000-021 Month End Book Balance $ 17,286.57 FORM MOR-1 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Disbursements Log (Excludes Intercompany) Month Ended June 30, 2005 Check Date Amount Vendor Name - -------------------------------------------------------------------------------- 2005-06-02 8,249.55 Ashby & Geddes 2005-06-02 701.50 CT Corporation System 2005-06-02 9,822.00 Dewey Ballantine 2005-06-02 41,009.00 Lackey Hershman, LLP 2005-06-23 416.00 CT Corporation System 2005-06-23 17,629.48 Dewey Ballantine --------- Total Checks 77,827.53 --------- Total Disbursements $ 77,827.53 ================================================== FORM MOR-1 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No. 03-12635 (MFW) - -------------------------------------- --------------- Debtor Reporting Period: June 2005 --------------- Statement of Operations (Income Statement) - -------------------------------------------------------------------------------- Month Ended Cumulative REVENUES June 2005 Filing to Date - -------------------------------------------------------------------------------- Gross Revenues $ -- $ 242,183 - -------------------------------------------------------------------------------- Less: Returns and Allowances -- -- - -------------------------------------------------------------------------------- Net Revenue $ -- $ 242,183 - -------------------------------------------------------------------------------- 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 -- 242,183 - -------------------------------------------------------------------------------- OPERATING EXPENSES - -------------------------------------------------------------------------------- Advertising -- -- - -------------------------------------------------------------------------------- Auto and Truck Expense -- 1,061 - -------------------------------------------------------------------------------- Bad Debts -- -- - -------------------------------------------------------------------------------- Contributions -- (2,500) - -------------------------------------------------------------------------------- Employee Benefits Programs 961 57,232 - -------------------------------------------------------------------------------- Insider compensation* 7,604 1,008,057 - -------------------------------------------------------------------------------- Insurance 10,188 98,856 - -------------------------------------------------------------------------------- Management Fees/Bonuses ** -- (708,773) - -------------------------------------------------------------------------------- Office Expense 394 98,138 - -------------------------------------------------------------------------------- Pension & Profit-Sharing Plans 1,667 58,170 - -------------------------------------------------------------------------------- Repairs and Maintenance 73 4,080 - -------------------------------------------------------------------------------- Rent and Lease Expense 1,571 713,059 - -------------------------------------------------------------------------------- Salaries/Commissions/Fees 12,104 666,766 - -------------------------------------------------------------------------------- Supplies 628 98,012 - -------------------------------------------------------------------------------- Taxes-Payroll 704 43,553 - -------------------------------------------------------------------------------- Taxes-Real Estate 145 4,114 - -------------------------------------------------------------------------------- Taxes-Other 21 7,028 - -------------------------------------------------------------------------------- Travel and Entertainment 91 6,272 - -------------------------------------------------------------------------------- Utilities 56 2,687 - -------------------------------------------------------------------------------- Other (attach schedule) 2,218 5,319,365 - -------------------------------------------------------------------------------- Total Operating Expenses Before Depreciation 38,423 7,475,177 - -------------------------------------------------------------------------------- Depreciation/Depletion/Amortization 1,663 302,740 - -------------------------------------------------------------------------------- Net Profit(Loss) Before Other Income & Expenses (40,087) (7,535,734) - -------------------------------------------------------------------------------- OTHER INCOME AND EXPENSES - -------------------------------------------------------------------------------- Other Income (attach schedule) 0 (103,977,498) - -------------------------------------------------------------------------------- Interest Expense -- -- - -------------------------------------------------------------------------------- Other Expense (attach schedule) -- -- - -------------------------------------------------------------------------------- Net Profit (Loss) Before Reorganization Items (40,086) (111,513,232) - -------------------------------------------------------------------------------- REORGANIZATION ITEMS - -------------------------------------------------------------------------------- Professional Fees -- -- - -------------------------------------------------------------------------------- U.S. Trustee Quarterly Fees -- -- - -------------------------------------------------------------------------------- Interest Earned on Accumulated Cash -- -- - -------------------------------------------------------------------------------- from Chapter 11 (see continuation sheet) 8,116 122,527 - -------------------------------------------------------------------------------- Gain(Loss) from Sale of Equipment -- (543,353) - -------------------------------------------------------------------------------- Other Reorganization Expenses (attach schedule) 134,582 6,886,434 - -------------------------------------------------------------------------------- Total Reorganization Expenses (126,466) (7,307,259) - -------------------------------------------------------------------------------- Income Taxes -- (169,855) - -------------------------------------------------------------------------------- Net Profit (Loss) $(166,552) $(118,650,636) - -------------------------------------------------------------------------------- * Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 32 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 2005 --------------- STATEMENT OF OPERATIONS - continuation sheet - -------------------------------------------------------------------------------- Month Ended Cumulative BREAKDOWN OF "OTHER" CATEGORY June 2005 Filing to Date - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Costs - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Operational Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Recruiting & Relocation -- 2,951 - -------------------------------------------------------------------------------- Legal Fees -- 13,810 - -------------------------------------------------------------------------------- Audit Fees -- (26,530) - -------------------------------------------------------------------------------- Accounting & Tax Fees -- 46,654 - -------------------------------------------------------------------------------- Board Related -- 33,958 - -------------------------------------------------------------------------------- Other Fees 1,432 5,184,840 - -------------------------------------------------------------------------------- Data Processing 715 50,741 - -------------------------------------------------------------------------------- Seminars & Continuing Education -- 7,466 - -------------------------------------------------------------------------------- Dues & Subscriptions 71 5,474 - -------------------------------------------------------------------------------- TOTAL OTHER OPERATIONAL EXPENSES $ 2,218 $ 5,319,365 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Income - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Equity in Undistributed Income (Loss) of - -------------------------------------------------------------------------------- Unconsolidated Subsidiaries (4,808,630) (108,786,128) - -------------------------------------------------------------------------------- TOTAL OTHER INCOME $(4,808,630) $(108,786,128) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Other Reorganization Expenses - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Bankruptcy Related Fees 134,582 6,886,434 - -------------------------------------------------------------------------------- TOTAL OTHER REORGANIZATION EXPENSES $ 134,582 $ 6,886,434 - -------------------------------------------------------------------------------- ** The company is in the process of finalizing first quarter financial results for its subsidiaries in accordance with statutory reporting timetables. Actual results will be reflected in the company's future monthly operating reports. Material changes may occur. FORM MOR-2 Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No. 03-12635 (MFW) - -------------------------------------- --------------- Debtor Reporting Period: June 2005 --------------- BALANCE SHEET
- ----------------------------------------------------------------------------------------------------------------- BOOK VALUE AT END OF BOOK VALUE ON ASSETS CURRENT REPORTING MONTH PETITION DATE - ----------------------------------------------------------------------------------------------------------------- CURRENT ASSETS - ----------------------------------------------------------------------------------------------------------------- Unrestricted Cash and Equivalents 3,626,474 4,532,566 - ----------------------------------------------------------------------------------------------------------------- Restricted Cash and Cash Equivalents (see continuation sheet) -- -- - ----------------------------------------------------------------------------------------------------------------- Accounts Receivable (Net) 49,176,260 48,745,299 - ----------------------------------------------------------------------------------------------------------------- Notes Receivable 2,151,623 -- - ----------------------------------------------------------------------------------------------------------------- Inventories -- -- - ----------------------------------------------------------------------------------------------------------------- Prepaid Expenses 30,209 503,054 - ----------------------------------------------------------------------------------------------------------------- Professional Retainers 1,000 10,000 - ----------------------------------------------------------------------------------------------------------------- Other Current Assets (attach schedule) 340,703 327,755 - ----------------------------------------------------------------------------------------------------------------- TOTAL CURRENT ASSETS $ 55,326,269 $ 54,118,674 - ----------------------------------------------------------------------------------------------------------------- PROPERTY AND EQUIPMENT - ----------------------------------------------------------------------------------------------------------------- Real Property and Improvements -- -- - ----------------------------------------------------------------------------------------------------------------- Machinery and Equipment -- -- - ----------------------------------------------------------------------------------------------------------------- Furniture, Fixtures and Office Equipment -- 20,723,654 - ----------------------------------------------------------------------------------------------------------------- Leasehold Improvements -- 3,485,693 - ----------------------------------------------------------------------------------------------------------------- Vehicles -- -- - ----------------------------------------------------------------------------------------------------------------- Less Accumulated Depreciation -- (15,433,035) - ----------------------------------------------------------------------------------------------------------------- TOTAL PROPERTY & EQUIPMENT $ -- $ 8,776,312 - ----------------------------------------------------------------------------------------------------------------- OTHER ASSETS - ----------------------------------------------------------------------------------------------------------------- Loans to Insiders* -- 266,900 - ----------------------------------------------------------------------------------------------------------------- Other Assets (attach schedule) 133,042,882 249,660,381 - ----------------------------------------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 133,042,882 $ 249,927,281 - ----------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- TOTAL ASSETS $ 188,369,151 $ 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 421,121 -- - ----------------------------------------------------------------------------------------------------------------- Taxes Payable (refer to FORM MOR-4) -- -- - ----------------------------------------------------------------------------------------------------------------- Wages Payable -- -- - ----------------------------------------------------------------------------------------------------------------- Notes Payable -- -- - ----------------------------------------------------------------------------------------------------------------- Rent/Leases - Building/Equipment -- -- - ----------------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- -- - ----------------------------------------------------------------------------------------------------------------- Professional Fees -- -- - ----------------------------------------------------------------------------------------------------------------- Amounts Due to Insiders* -- -- - ----------------------------------------------------------------------------------------------------------------- Other Postpetition Liabilities (attach schedule) 3,689,144 -- - ----------------------------------------------------------------------------------------------------------------- TOTAL POSTPETITION LIABILITIES $ 4,110,265 $ -- - ----------------------------------------------------------------------------------------------------------------- LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) - ----------------------------------------------------------------------------------------------------------------- Secured Debt -- -- - ----------------------------------------------------------------------------------------------------------------- Priority Debt -- -- - ----------------------------------------------------------------------------------------------------------------- Unsecured Debt 288,386,386 289,648,446 - ----------------------------------------------------------------------------------------------------------------- TOTAL PRE-PETITION LIABILITIES $ 288,386,386 $ 289,648,446 - ----------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES 292,496,651 289,648,446 - ----------------------------------------------------------------------------------------------------------------- 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 (118,650,636) -- - ----------------------------------------------------------------------------------------------------------------- Adjustments to Owner Equity (attach schedule) (5,603,677) 3,047,008 - ----------------------------------------------------------------------------------------------------------------- Post Petition Contributions (Distributions) (Draws) (attach schedule) -- -- - ----------------------------------------------------------------------------------------------------------------- NET OWNER EQUITY $(104,127,500) $ 23,173,821 - ----------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- TOTAL LIABILITIES AND OWNERS' EQUITY $ 188,369,151 $ 312,822,267 =================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick group's U.S. operations currently have an additional 32 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 2005 --------------- 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 131,733,291 244,859,636 - -------------------------------------------------------------------------------- Miscellaneous Other Assets 764 3,602,213 - -------------------------------------------------------------------------------- TOTAL OTHER ASSETS $ 133,042,882 $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 64,660 42,517 - -------------------------------------------------------------------------------- Accrued Expenses -- 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 - -------------------------------------------------------------------------------- Other Liabilities -- -- - -------------------------------------------------------------------------------- Indebtedness 190,203,934 190,197,598 - -------------------------------------------------------------------------------- TOTAL UNSECURED DEBTS (PRE-PETITION) $ 288,386,386 $289,648,446 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- OTHER POSTPETITION LIABILITIES - -------------------------------------------------------------------------------- Accrued Expenses 670,323 -- - -------------------------------------------------------------------------------- Taxes Payable 2,400,441 -- - -------------------------------------------------------------------------------- Due to Affiliates 618,379 -- - -------------------------------------------------------------------------------- TOTAL OTHER POSTPETITION LIABILITIES $ 3,689,144 $ -- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- ADJUSTMENT TO OWNER EQUITY - -------------------------------------------------------------------------------- Equity in Subsidiary (5,603,677) 3,047,008 - -------------------------------------------------------------------------------- TOTAL ADJUSTMENT TO OWNER EQUITY $ (5,603,677) $ 3,047,008 - -------------------------------------------------------------------------------- ** The company is in the process of finalizing first quarter financial results for its subsidiaries in accordance with statutory reporting timetables. Actual results will be reflected in the company's future monthly operating reports. Material changes may occur. FORM MOR-3 Trenwick America Corporation Exhibit 99.1 In re Trenwick America Corporation Case No. 03-12635 (MFW) ---------------------------- --------------- Debtor Reporting Period: June 2005 --------------- STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period.
- --------------------------------------------------------------------------------------------------------------- Amount Beginning Withheld or Amount Date Check. No or Ending Tax Tax Liability accrued Paid Paid EFT Liability =============================================================================================================== Federal - --------------------------------------------------------------------------------------------------------------- Withholding -- -- -- -- - --------------------------------------------------------------------------------------------------------------- FICA-Employee -- -- -- -- - --------------------------------------------------------------------------------------------------------------- FICA-Employer -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Unemployment -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Income -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Total Federal Taxes -- -- -- -- - --------------------------------------------------------------------------------------------------------------- State and Local - --------------------------------------------------------------------------------------------------------------- Withholding -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Sales -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Excise -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Unemployment -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Real Property -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Personal Property -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Other: -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Total State and Local -- -- -- -- - --------------------------------------------------------------------------------------------------------------- Total Taxes -- -- -- -- -- - ---------------------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable
- ----------------------------------------------------------------------------------------------------------- Number of Days Past Due ============================================================ Current 0-30 31-60 61-90 Over 90 Total - ----------------------------------------------------------------------------------------------------------- Accounts Payable -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------- Wages Payable -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------- Taxes Payable -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------- Rent/Leases - Building -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------- Rent/Leases - Equipment -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------- Secured Debt/Adequate Protection Payments -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------- Professional Fees -- 186,661 18,548 44,095 171,817 421,121 - ----------------------------------------------------------------------------------------------------------- Amounts Due to Insiders -- -- -- -- -- -- - ----------------------------------------------------------------------------------------------------------- Other: -- - ----------------------------------------------------------------------------------------------------------- Total Postpetition Debts -- 186,661 18,548 44,095 171,817 421,121 - -----------------------------------------------------------------------------------------------------------
FORM MOR-4 (9/99) Trenwick America Corporation Exhibit 99.1 Listing of Aged Accounts Payable Trenwick America Corporation As of June 30, 2005
Vendor Invoice Date Services Invoice Number Amount ------ ------------ -------- -------------- ------ Ashby & Geddes 12/1/2004 December 2004 ASH-354-02000 3,541.90 Ernst & Young 9/1/2004 September 2004 1,484.47 Ernst & Young 12/1/2004 Dec 2004 - Feb 2005 15,668.83 Ernst & Young 12/1/2004 Dec 2004 - Feb 2005 3,869.00 Hennigan, Bennett & Dorman, LLP 12/1/2004 December 2004 HEN351-02000 3,510.80 Lackey Hershman, LLP 11/1/2004 November 2004 LAC10000-02000 10,000.00 Lackey Hershman, LLP 12/1/2004 December 2004 LAC1000-02000 10,000.00 PricewaterhouseCoopers August-Dec 2003 25,179.92 PricewaterhouseCoopers 8/1/2004 January- December 2004 PRI123-02000 98,561.95 ---------- 91 + days 171,816.87 ---------- Ashby & Geddes 1/1/2005 January 2005 ASH260-02000 2,603.10 Hennigan, Bennett & Dorman, LLP 1/1/2005 January 2005 HEN253-02000 2,538.80 Dewey Ballantine 1/1/2005 January 2005 DEW176-02000 17,604.70 Ashby & Geddes 2/1/2005 February 2005 ASH15070200 1,507.50 Hennigan, Bennett & Dorman, LLP 2/1/2005 February 2005 HEN184-02000 1,849.00 Lackey Hershman, LLP 2/1/2005 February 2005 LAC100-02000 10,000.00 Dewey Ballantine 2/1/2005 February 2005 DEW600-02000 6,004.50 Young Conaway Stargatt & Taylor 2/1/2005 January& February 2005 YOU198-02000 1,987.60 ---------- 61-90 days 44,095.20 ---------- Lackey Hershman, LLP 3/1/2005 March 2005 LAC100-02000 10,000.00 Dewey Ballantine 3/1/2005 March 2005 2,367.80 Ashby & Geddes 3/1/2005 March 2005 1,951.50 Dewey Ballantine 4/1/2005 April 2005 4,228.60 ---------- 31-60 Days 18,547.90 ========== Ashby & Geddes 4/1/2005 April-05 ASH-170-02000 17,608.50 Lackey Hershman LLP 4/1/2005 April-05 LAC500-02000 51,720.32 Dewey Ballantine May-05 DEW115-02000 117,332.33 ---------- 0-30 days 186,661.15 ========== Total Accounts Payable 421,121.12
Trenwick America Corporation Exhibit 99.1 Trenwick America Corporation Case No. 03-12635 (MFW) - -------------------------------------- --------------- Debtor Reporting Period: June 2005 --------------- ACCOUNTS RECEIVABLE RECONCILIATION AND AGING - ------------------------------------------------------------------ ----------- Accounts Receivable Reconciliation Amount - ------------------------------------------------------------------ ----------- Total Accounts Receivable at the beginning of the reporting period 49,176,277 - ------------------------------------------------------------------ ----------- + Amounts billed during the period -- - ------------------------------------------------------------------ ----------- - - Amounts collected during the period 17 - ------------------------------------------------------------------ ----------- Total Accounts Receivable at the end of the reporting period 49,176,260 - ------------------------------------------------------------------ ----------- - ------------------------------------------------------------------ ----------- Accounts Receivable Aging Amount - ------------------------------------------------------------------ ----------- 0 - 30 days old -- - ------------------------------------------------------------------ ----------- 31 - 60 days old -- - ------------------------------------------------------------------ ----------- 61 - 90 days old -- - ------------------------------------------------------------------ ----------- 91 + days old 60,829,589 - ------------------------------------------------------------------ ----------- Total Accounts Receivable 60,829,589 - ------------------------------------------------------------------ ----------- Amount considered uncollectible (Bad Debt) (11,653,329) - ------------------------------------------------------------------ ----------- Accounts Receivable (Net) 49,176,260 - ------------------------------------------------------------------ ----------- 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 d64547_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. Trenwick America Services Corporation -----END PRIVACY-ENHANCED MESSAGE-----