EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT Monthly Operating Report

Exhibit 99.1

CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-1A

 

     12/31/06     1/31/07     2/28/07     3/31/07     4/30/07     5/31/07  

CURRENT ASSETS:

            

Cash (Attach Recons. & Bk Stmts.)

   816     824     1,170     1,702     1,005     810  

Investment securities, at market

   1,807,249     1,756,026     1,743,283     1,725,902     1,617,563     1,610,856  

Prepaid expense & deposits

   60,000     60,000     60,000     60,000     60,000     60,000  
                                    

TOTAL CURRENT ASSETS

   1,868,065     1,816,850     1,804,453     1,787,604     1,678,568     1,671,666  
                                    

OTHER ASSETS:

            

Note receivable from AIC

   20,000,000     20,000,000     20,000,000     20,000,000     20,000,000     20,000,000  

Valuation allowance

   (20,000,000 )   (20,000,000 )   (20,000,000 )   (20,000,000 )   (20,000,000 )   (20,000,000 )

Investment in AIC, at underlying book value

   11,691,065     11,736,045     11,736,045     11,736,045     11,863,974     11,863,974  

Contingent claims

   21,500,000     21,500,000     21,500,000     21,500,000     21,500,000     21,500,000  
                                    

TOTAL OTHER ASSETS

   33,191,065     33,236,045     33,236,045     33,236,045     33,363,974     33,363,974  
                                    

TOTAL ASSETS

   35,059,130     35,052,895     35,040,498     35,023,649     35,042,542     35,035,640  
                                    

I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.

 

Date Submitted    June 6, 2007    Signed   

/s/ Gary N. Thompson

     Printed Name of Signatory      Gary N. Thompson


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-1B

 

     12/31/06     1/31/07     2/28/07     3/31/07     4/30/07     5/31/07  

LIABILITIES:

            

Post-Petition debt (Sched. C)

   18,603     34,724     37,967     34,821     33,409     73,306  

Pre-Petition Debt:

            

Litigation claims

   22,000,000     22,000,000     22,000,000     22,000,000     22,000,000     22,000,000  

Unsecured liabilities

   46,054     46,054     46,054     46,054     46,054     46,054  

Unsecured debt

   116,110,260     116,110,260     116,110,260     116,110,260     116,110,260     116,110,260  
                                    

TOTAL LIABILITIES

   138,174,917     138,191,038     138,194,281     138,191,135     138,189,723     138,229,620  
                                    

SHAREHOLDERS EQUITY:

            

Preferred stock

   0     0     0     0     0     0  

Common stock

   6,274,000     6,274,000     6,274,000     6,274,000     6,274,000     6,274,000  

Paid-in capital

   199,660,000     199,660,000     199,660,000     199,660,000     199,660,000     199,660,000  

Treasury stock

   (29,969,000 )   (29,969,000 )   (29,969,000 )   (29,969,000 )   (29,969,000 )   (29,969,000 )

Retained earnings:

            

As of filing date

   (281,005,796 )   (281,005,796 )   (281,005,796 )   (281,005,796 )   (281,005,796 )   (281,005,796 )

After filing date

   1,925,009     1,902,653     1,887,013     1,873,310     1,893,615     1,846,816  
                                    

TOTAL SHAREHOLDERS EQUITY

   (103,115,787 )   (103,138,143 )   (103,153,783 )   (103,167,486 )   (103,147,181 )   (103,193,980 )
                                    

TOTAL LIABILITIES AND SHAREHOLDER EQUITY

   35,059,130     35,052,895     35,040,498     35,023,649     35,042,542     35,035,640  
                                    


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-2

STATEMENT OF INCOME

 

     12/31/06     1/31/07     2/28/07     3/31/07     4/30/07     5/31/07  

REVENUE:

            

Net investment income

   7,667     8,408     6,966     7,354     7,290     6,995  

Net realized gain

   0     0     0     0     0     0  

Other

   0     0     0     0     0     0  

OPERATING EXPENSES:

            

Salaries and benefits

   (6,498 )   (7,222 )   (7,222 )   (7,222 )   (7,221 )   (7,022 )

Board fees and expenses

   0     0     0     0     0     0  

Legal fees and expenses

   (26,690 )   (68,191 )   (11,142 )   (11,882 )   (104,708 )   (44,805 )

Accounting fees and expenses

   0     0     0     0     0     0  

Insurance

   0     0     0     0     0     0  

Franchise taxes

   0     0     0     0     0     0  

Filing fees and expenses

   (1,957 )   (327 )   (4,173 )   (1,947 )   (2,979 )   (1,963 )

Miscellaneous

   (86 )   (5 )   (69 )   (5 )   (5 )   (5 )
                                    

NET OPERATING INCOME / LOSS

   (27,564 )   (67,337 )   (15,640 )   (13,702 )   (107,623 )   (46,800 )
                                    

OTHER INCOME (EXPENSE):

            

Interest expense

   0     0     0     0     0     0  

Income tax refund

   0     0     0     0     0     0  

Equity in operating earnings of AIC

   0     (41,826 )   0     0     1,250     0  

Equity in unrealized losses of securities of AIC

   0     86,806     0     0     126,679     0  
                                    

TOTAL OTHER INCOME (EXPENSE)

   0     44,980     0     0     127,929     0  
                                    

NET INCOME (LOSS)

   (27,564 )   (22,357 )   (15,640 )   (13,702 )   20,306     (46,800 )
                                    


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-3

SOURCES AND USE OF CASH

     12/31/06     1/31/07     2/28/07     3/31/07     4/30/07     5/31/07  

CASH DIFFERENCE:

            

Current ending cash balance

   816     824     1,170     1,702     1,005     810  

Less ending prior month balance

   585     (816 )   (824 )   (1,170 )   (1,702 )   (1,005 )
                                    

NET CASH INCREASE (DECREASE)

   1,401     8     346     532     (697 )   (195 )
                                    

SOURCES OF CASH:

            

Net income (loss)

   (27,564 )   (22,357 )   (15,640 )   (13,702 )   20,306     (46,800 )

Equity in earnings and unrealized losses of AIC

   0     (44,980 )   0     0     (127,929 )   0  

Decrease in:

            

Receivables

   0     0     0     0     0     0  

Marketable securities

   114,127     51,224     12,744     17,381     108,340     6,707  

Increase in:

            

Post- petition debt

   0     16,121     3,242     0     0     39,898  

Pre-petition debt

   0     0     0     0     0     0  
                                    

TOTAL SOURCES OF CASH

   86,563     8     346     3,679     717     (195 )
                                    

USES OF CASH:

            

Increase in:

            

Receivables

   0     0     0     0     0     0  

Marketable securities

   0     0     0     0     0     0  

Decrease in:

            

Post- petition debt

   (85,162 )   0     0     (3,147 )   (1,414 )   0  

Pre-petition debt

   0     0     0     0     0     0  
                                    

TOTAL USES OF CASH

   (85,162 )   0     0     (3,147 )   (1,414 )   0  
                                    

NET CASH INCREASE (DECREASE)

   1,401     8     346     532     (697 )   (195 )
                                    


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

SCHEDULE C

SCHEDULE OF POST PETITION DEBT

 

     12/31/06    1/31/07    2/28/07    3/31/07    4/30/07    5/31/07

TRADE ACCOUNTS PAYABLE

   18,603    34,724    37,967    34,821    33,409    73,306

PAYROLL AND PAYROLL TAXES

   0    0    0    0    0    0

TAXES PAYABLE

   0    0    0    0    0    0
                             

TOTAL POST PETITION DEBT

   18,603    34,724    37,967    34,821    33,409    73,306