EX-99.12 22 a2042579zex-99_12.txt EXHIBIT 99.12 -------------------------------------------------------------------------------- OFFICE OF THE UNITED STATES TRUSTEE -------------------------------------------------------------------------------- IN RE: ) DEBTOR IN POSSESSION OPERATING REPORT ) SUPERIOR NATIONAL INSURANCE GROUP ) REPORT NUMBER 9 PAGE 1 of 3 ) FOR THE PERIOD FROM: 01-Dec-00 DEBTOR ) TO: 31-Dec-00 ) ----------------------------------------- ------------------------------------ CHAPTER 11 CASE NO. SV00-14099-GM ) ------------------------------------ 1. Profit and Loss Statement Please see Attached Schedule A A. Related to Business Operations: Gross Sales ________________ Less Sales Returns and Discounts ________________ Net Sales _____________ Less: Cost of Goods Sold Beginning Inventory at Cost ________________ Add: Purchases ________________ Less: Ending Inventory at Cost ________________ Cost of Goods Sold _____________ Gross Profit ______________ Other Operating Revenue (Specify) ______________ Less: Operating Expenses Officer Compensation ________________ Salaries & Wages - Other Employees ________________ Total Salaries & Wages _____________ Employee Benefits _____________ Payroll Taxes ________________ Real Estate Taxes ________________ Federal and State Income Taxes ________________ Total Taxes _____________ Rent and Lease Exp. (Real and Personal Property) ________________ Interest Expense (Mortgage, Loan, etc.) ________________ Insurance ________________ Automobile Expense ________________ Utilities (Gas, Electric, Water, Telephone, etc.) ________________ Depreciation and Amortization ________________ Repairs and Maintenance ________________ Advertising ________________ Supplies, Office Expenses, Photocopies, etc. ________________ Bad Debts ________________ Miscellaneous Operating Expenses (Specify) ________________ Total Operating Expenses _____________ Net Gain/(Loss) from Business Operations ______________ B. Not Related to Business Operations ______________ Income: Interest Income _____________ Other Non-Operating Revenues (Specify) _____________ Gross Proceeds on Sale of Assets ________________ Less: Original Cost of Assets plus Expenses of Sale ________________ Net Gain/(Loss) on Sale of Assets _____________ Total Non-Operating Income ______________ Expenses Not Related to Business Operations: Legal and Professional Fees _____________ Other Non-Operating Revenues (Specify) _____________ Total Non-Operating Expenses ______________ NET INCOME/(LOSS) FOR PERIOD ==============
-------------------------------------------------------------------------------- Revised April 1989 OPERATING REPORT UST-4 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DEBTOR IN POSSESSION OPERATING REPORT NO.9 -------------------------------------------------------------------------------- Page 2 of 3 2. Aging of Accounts Payable and Receivable (exclude pre-petition debt from accounts payable): -------------------------------------------- Accounts Payable Accounts Receivable -------------------------------------------- Current Under 30 days $0 $0 Overdue 31-60 days $0 $0 Overdue 61-90 days PLEASE SEE ATTACHED SCHEDULE B Overdue 91-120 days $0 $0 Overdue 121+ days $0 $0 Total $0 $0 -------------------------------------------- 3. Statement of Status of Payments to Secured Creditors and Lessors:
-------------------------------------------------------------------------------------------------------------- Post-Petition Frequency of Payments Not Made Payments per Amount of ----------------------- Credit/Lessor Lease/Contract Each Payment Next Payment Due Number Amount -------------------------------------------------------------------------------------------------------------- SEE ATTACHED SCHEDULE C --------------------------------------------------------------------------------------------------------------
4. Tax Liability Gross Payroll Expense For Period $195,234 Gross Sales for Period Subject to Sales Tax $ 0
--------------------------------------------------------------- Post Petition Taxes Date Paid Amount Paid* Still Owing --------------------------------------------------------------- Federal Payroll and Withholding Taxes 12/15/00 & 12/31/00 $56,250 0 State Payroll and Withholding Taxes 12/15/00 & 12/31/00 $11,498 0 State Sales and Use Tax N/A $0 N/A Real Property Taxes N/A $0 N/A ---------------------------------------------------------------
ALL PAYROLL TAXES PAID BY ADP * Attach photocopies of depository receipts from taxing authority or financial institution to verify that such deposits or payments have been made. 5. Insurance Coverage
--------------------------------------------------------------------------- Carrier/ Amount of Policy Premium Paid Agent Coverage Exp. Date Thru Date --------------------------------------------------------------------------- Worker's Compensation See Schedule D Liability See Schedule E Fire and Extended Coverage See Schedule E Property See Schedule E Theft See Schedule E Life (Beneficiary:______________) See Schedule E Vehicle See Schedule E Other See Schedule E ---------------------------------------------------------------------------
-------------------------------------------------------------------------------- DEBTOR IN POSSESSION OPERATING REPORT NO. 9 -------------------------------------------------------------------------------- Page 3 of 3 6. Questions: A. Has the Debtor provided to the officers, directors, shareholders, or other principals compensation without the approval of the Office of the United States Trustee? ______: Yes Explain:_______________________________________________ ___X__: No B. Has the Debtor, subsequent to the filing of the petition made any payments on its pre-petition unsecured debt, except as have been authorized by the Court? ______: Yes Explain:_______________________________________________ ___X__: No 7. Statement of Unpaid Professional Fees (Post-Petition Only) ------------------------------------------------------------ Type Post-Petition Name of Professional Professional Unpaid Total ------------------------------------------------------------ See Schedule F ------------------------------------------------------------ 8. Narrative Report Of Significant Events And Events Out Of The Ordinary Course of Business: 9. Quarterly Fees: (This Fee must be paid to the United States Trustee every calendar quarter)
--------------------------------------------------------------------------------------------------------------- Quarterly Quarterly Disbursements Quarterly Quarterly Period Ending for Quarter Fee Date Paid Amount Paid Check No. Fee Still Owing --------------------------------------------------------------------------------------------------------------- 12/31/2000 $714,676.00 $3,750.00 $0.00 $3,750.00 ---------------------------------------------------------------------------------------------------------------
I, Alex Corbett/CFO (name/title), declare under penalty of perjury that the information contained in the above Debtor in Possession Operating Report is true and complete to the best of my knowledge. Dated: 2/26/01 Signed: /s/ Alex Corbett ------- ------------------------------- SCHEDULE A SNIG, BIG, SNIA and SNIS Schedule of Operations One Month ended December 31, 2000 [Bankruptcy filed April 26, 2000] (unaudited)
(In thousands) Consolidated SNIG BIG SNIA SNIS Elimination Total ------- ------- ------- ------- ----------- ------------- Revenues: Commission income $ -- $ -- $ -- $ 363 $ -- $ 363 Net Investment income 25 (3) 4 97 -- 123 ------- ------- ------- ------- ---------- --------- Total Revenues 25 (3) 4 460 -- 486 ------- ------- ------- ------- ---------- --------- Expenses: Interest expense 1,252 -- -- -- -- 1,252 Bad debt expense -- -- -- 338(A) -- 338 General and administrative Other (469) (19) 205 1,075 -- 792 ------- ------- ------- ------- ---------- --------- Total Expenses 783 (19) 205 1,413 -- 2,382 ------- ------- ------- ------- ---------- --------- Income (loss) before income taxes and preferred securities dividends and accretion (758) 16 (201) (953) -- (1,896) Income tax (benefit) expense 61 -- -- -- -- 61 ------- ------- ------- ------- ---------- --------- Income (loss) before preferred securities dividends and accretion (819) 16 (201) (953) -- (1,957) Preferred securities dividends and accretion (1,396) -- -- -- -- (1,396) Expenses not related to business operations: Legal and Professional Fees 308(B) -- -- -- -- 308 Other non-operating expenses -- -- -- -- -- -- ------- ------- ------- ------- ---------- --------- (1,907) 16 (201) (953) -- (3,045) Equity in net income (loss) from subsidiaries (1,133) (1,148) -- -- 2,286 5 ------- ------- ------- ------- ---------- --------- Net (Loss) Income $(3,040) $(1,132) $ (201) $ (953) $ 2,286 $ (3,040) ======= ======= ======= ======= ========== =========
(A) Amount reflects a recording of an allowance for bad debt on collection of commissions receivable. Debtor continues to assert rights of offset and other methods to effectuate collection. (B) Amount includes a $319k credit on amounts previously paid to the Bank Group on account of its fees and expenses pursuant to the Order Authorizing Release of $5.4 million in Escrowed Funds to the Bank Group Pursuant to Stipulation dated November 9, 2000. SCHEDULE B Superior National Insurance Group, Inc. in Bankruptcy Aging of Accounts Payable and Receivable As of December 31, 2000
Superior National Insurance Group --------------------------------------- ---------------------------------------- Non-Intercompany Accounts Intercompany Accounts --------------------------------------- ---------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable --------------------------------------- ---------------------------------------- Current Under 30 days 317,109 99,166 5,345,149 177,616[D] Overdue 31-60 days 7,000 40,081 0 3,581 Overdue 61-90 days 516,134 -- 0 143,001 Overdue 91-120 days 7,000 -- -- -- Overdue 121+ days 25,728 15,395 1 500,009 --------------------------------------- ---------------------------------------- Total $ 872,971 $ 154,641[A] $ 5,345,151 $ 824,207 --------------------------------------- ---------------------------------------- Business Insurance Group --------------------------------------- ---------------------------------------- Non-Intercompany Accounts Intercompany Accounts --------------------------------------- ---------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable --------------------------------------- ---------------------------------------- Current Under 30 days -- -- -- 5,237,080[D] Overdue 31-60 days -- -- -- -- Overdue 61-90 days -- -- -- -- Overdue 91-120 days -- -- -- -- Overdue 121+ days -- 601,265 -- 14,963,854 --------------------------------------- ---------------------------------------- Total $ -- $ 601,265 $ -- $ 20,200,934 --------------------------------------- ---------------------------------------- Superior National Insurance Services --------------------------------------- ---------------------------------------- Non-Intercompany Accounts Intercompany Accounts --------------------------------------- ---------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable --------------------------------------- ---------------------------------------- Current Under 30 days 460,628 382,094 -- 126,524 Overdue 31-60 days 34,359 156,488 -- 32,445 Overdue 61-90 days 13,605 690,714 -- 2,421 Overdue 91-120 days 75,766 894,035 -- -- Overdue 121+ days 679,473 10,269,343 -- 657,624 --------------------------------------- ---------------------------------------- Total $ 1,263,830 $ 12,392,674[B] $ -- $ 819,014 --------------------------------------- ---------------------------------------- Superior National Insurance Administrators --------------------------------------- ---------------------------------------- Non-Intercompany Accounts Intercompany Accounts --------------------------------------- ---------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable --------------------------------------- ---------------------------------------- Current Under 30 days 52,696 -- 196,271 -- Overdue 31-60 days -- -- 36,026 -- Overdue 61-90 days -- -- 145,423 -- Overdue 91-120 days 2,382 316,421 -- -- Overdue 121+ days 87,407 6,060,776 829,569 98,383 --------------------------------------- ---------------------------------------- Total $ 142,484 $ 6,377,198[C] $ 1,207,288 $ 98,383 --------------------------------------- ---------------------------------------- Consolidated --------------------------------------- ---------------------------------------- Non-Intercompany Accounts Intercompany Accounts --------------------------------------- ---------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable --------------------------------------- ---------------------------------------- Current Under 30 days 830,433 481,260 5,541,420 5,541,220 Overdue 31-60 days 41,359 196,568 36,026 36,026 Overdue 61-90 days 529,739 690,714 145,423 145,423 Overdue 91-120 days 85,148 1,210,457 -- -- Overdue 121+ days 792,607 16,946,779 829,570 16,219,870 --------------------------------------- ---------------------------------------- Total $ 2,279,286 $ 19,525,778 $ 6,552,439 $ 21,942,538 --------------------------------------- ----------------------------------------
[A] Amounts in accounts payable do not include interest due and accrued on bank loan and Trust Preferred Securities. [B] Amounts shown in accounts receivable do not include recorded amounts on allowance for bad debt on collection of commissions receivable, In which the Debtor continues to assert rights of offset and other methods to effectuate collection. [C] Amounts shown in accounts receivable do not include recorded amounts on allowance for bad debt on collection of claims administration fee, In which the Debtor continues to assert rights of offset and other methods to effectuate collection. [D] Amounts include a payment of $5.4 million pursuant to an Order Authorizing Release of Escrowed Funds to the Bank Group Pursuant to Stipulation dated November 9, 2000. The $5.4 million was paid from BIG for interest expense accrued on SNIG. SCHEDULE C DECEMBER 31, 2000 SNIG 3. Statement of Status of Payments to Secured Creditors and Lessors:
----------------------------------------------------------------------------------------------------------------------------------- Post-Petition Frequency of Payments Not Made Payments per Amount of ------------------------- Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount ----------------------------------------------------------------------------------------------------------------------------------- BancBoston Leasing Inc./Fleet Capital Leasing Monthly $235,337.00 See Note C 1 $ 235,337.00 Citizens Leasing Corporation Monthly See BIG's schedule for details Dell Financial Services Monthly $ 8,931.85 See Note D 3 $ 26,795.55 IKON Office Solutions, Inc. / IOS Capital Monthly $ 1,395.65 See Note D 4 $ 5,582.60 Neopost Monthly $ 858.80 See Note C 2 $ 919.20 Neopost Quarterly $ 167.07 See Note C None $ -- Pitney Bowes Credit Corp. Monthly $ 4,810.67 See Note D 3 $ 7,654.08 Pitney Bowes Credit Corp. Quarterly $ 7,394.15 See Note D 2 $ 8,906.68 Sharp Electronics Credit Co. Monthly $ 699.04 See Note C 3 $ 1,050.99 Stringer business Systems Inc. Monthly $ 2,163.51* See Note D 4 $ 1,815.25* Toshiba America Information Sys. Monthly $ 8,170.39 See Note D 4 $ 30,112.65 Kilroy Realty Corp. Monthly $153,583.82 See Note E None $ -- Tiger Ventura County / c/o Sares-Regis Group Monthly $ 16,795.17 1/1/2001 - See Note A 3 $ 50,385.51 Equity Office Properties (Chicago, IL) Monthly $ 20,026.42 1/1/2001 - See Note A 4 $ 80,105.68 Bemiston Tower, Inc./PM Realty Advisor Monthly $ 5,343.67 1/1/2001 - See Note A 4 $ 21,374.68 Trizec Kahn Properties Monthly $226,076.40 1/01/2001 1 $ 226,076.40 Bettman Real Estate Management Monthly $ 1,932.33 1/01/2001 See Note B MCLT LDB-7 Landmark Square Monthly $ 1,024.85 1/1/2001 - See Note A 4 $ 4,099.40 Insignia ESG Inc. - Biltmore Co. Monthly $ 12,437.51 1/1/2001 - See Note A 4 $ 49,750.04 Equity Office Properties (Texas) Monthly $ 3,942.39 1/1/2001 - See Note A 4 $ 15,769.56 -----------------------------------------------------------------------------------------------------------------------------------
Amounts above do not include bank loan in default, which are partially secured by stock of Superior National Insurance Group, Inc. and its subsidiaries. * Monthly payment is based on number of copies made for the previous month, therefore payment varies each month. Note A: Notice of abandonment of lease was mailed to the landlord to inform the landlord that the Debtor is abandoning the premises and relinquishing all rights of possession. Note B: Per the CLO, they have discontinued paying the lease as of 4/2000 and Superior has not occupied this office for a number of months. Note C: The Debtors filed a motion with the Bankruptcy Court on January 19, 2001 requesting the Court for an order authorizing rejection of certain personal property leases, as these leases are of no benefit to the estate. The motion was granted on February 14, 2001. Note D: These leases were withdrawn from the motion filed on January 19, 2001 based upon the representation that the CLO will remain current on all monetary obligations under the leases until the Debtors receive instruction from the CLO on the assumption or rejection of these leases by April 15, 2001. Note E: An order was signed by the Bankruptcy Court on January 10, 2001 to approve the assumption and assignment of this lease by the Department of Insurance. The Debtors are absolved of any liability in respect to this lease incurring after January 10, 2001. BIG 3. Statement of Status of Payments to Secured Creditors and Lessors:
------------------------------------------------------------------------------------------------------------------------------------ Post-Petition Frequency of Payments Not Made Payments per Amount of --------------------------- Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount ------------------------------------------------------------------------------------------------------------------------------------ Citizens Leasing Corporation Monthly $206,798.28 See Note D 1 $206,798.28 Dell Financial Services Monthly $ 52,321.29 See Note E 4 $113,470.15 Principal Management Corporation / GCI CAPITAL, INC. Monthly $ 30,827.28 See Note D 1 $ 30,827.28 Mack Cali Realty / 500 Columbia Tpk Assoc., LLC Monthly $ 9,245.77 1/1/2001 - See Note A 4 $ 36,983.08 Transwestern CG Partner LLP / c/o Transwestern Property Co. Monthly $ 5,908.75 1/1/2001 - See Note A 4 $ 23,635.00 SP Environmental Systems / Union Pacific Railroad Co. Monthly $ 12,465.16 1/1/2001 - See Note A 4 $ 49,860.64 Kaiser-Francis Oil Company / c/o Realty Operating Company Monthly $ 3,778.00 1/1/2001 - See Note A 4 $ 15,112.00 Zodiac Development Monthly $ 9,454.31 1/1/2001 3 $ 28,362.93 Koger Realty Services Inc. (Brentwood, TN) Monthly $ 2,418.60 1/1/2001 See Note A & B Koger Realty Services Inc. (San Diego, CA) Monthly $ 26,600.89 1/1/2001 - See Note A 4 $106,403.56 Prospect Park 29 NTL Income Realty / c/o PCS Realty Advisors Monthly $ 65,255.36 See Note F None $ Colonial Property Trust Monthly $ 5,433.98 1/1/2001 See Note C Fults Realty Corporation Monthly $ 15,362.95 1/1/2001 See Note B Woodland III Holding, LLC / c/o Wasatch Property Management Monthly $ 12,940.15 1/1/2001 See Note C ------------------------------------------------------------------------------------------------------------------------------------
Amounts above do not include bank loan in default, which are partially secured by stock of Superior National Insurance Group, Inc. and its subsidiaries. Note A: Notice of abandonment of lease was mailed to the landlord to inform the landlord that the Debtor is abandoning the premises and relinquishing all rights of possession. Note B: Per the CLO, they are in the process of moving and/or selling the furniture & fixtures at this location and expect to vacate this premise by the end of 11/2000. The CLO has discontinued paying rent for this lease as of 7/2000. Note C: Per the CLO, they have discontinued paying the lease as of 4/2000 and Superior has not occupied this office for a number of months. Note D: The Debtors filed a motion with the Bankruptcy Court on January 19, 2001 requesting the Court for an order authorizing rejection of certain personal property leases, as these leases are of no benefit to the estate. The motion was granted on February 14, 2001. Note E: This lease was withdrawn from the motion filed on January 19, 2001 based upon the representation that the CLO will remain current on all monetary obligations under the lease until the Debtors receive instruction from the CLO on the assumption or rejection of this lease by April 15, 2001. Note F: An order was signed by the Bankruptcy Court on January 10, 2001 to approve the assumption and assignment of this lease by the Department of Insurance. The Debtors are absolved of any liability in respect to this lease incurring after January 10, 2001. SNIA 3. Statement of Status of Payments to Secured Creditors and Lessors:
------------------------------------------------------------------------------------------------------------------------------------ Post-Petition Frequency of Payments Not Made Payments per Amount of --------------------------- Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount ------------------------------------------------------------------------------------------------------------------------------------ NONE ------------------------------------------------------------------------------------------------------------------------------------
Amounts above do not include bank loan in default, which are partially secured by stock of Superior National Insurance Group, Inc. and its subsidiaries. SNIS 3. Statement of Status of Payments to Secured Creditors and Lessors:
------------------------------------------------------------------------------------------------------------------------------------ Post-Petition Frequency of Payments Not Made Payments per Amount of --------------------------- Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount ------------------------------------------------------------------------------------------------------------------------------------ NONE ------------------------------------------------------------------------------------------------------------------------------------
Amounts above do not include bank loan in default, which are partially secured by stock of Superior National Insurance Group, Inc. and its subsidiaries. Superior National Insurance Group, Inc. in Bankruptcy SCHEDULE D Debtor in Possession Insurance Coverage As of December 31, 2000
----------------------------------------------------------------------------------------------------------------------------- Amount of Policy Premium Paid State Carrier Agent Coverage Exp. Date Thru Date ----------------------------------------------------------------------------------------------------------------------------- Arizona Liberty Mutual Group Di Buduo & De Fendis Statutory 12-Jul-01 12-Jul-01 Arkansas Liberty Mutual Group Di Buduo & De Fendis Statutory 12-Jul-01 12-Jul-01 California State Compensation Insurance Fund Di Buduo & De Fendis Statutory 01-Jun-01 01-Jun-01 Colorado Pinnacol Assurance Di Buduo & De Fendis Statutory 01-Jun-01 01-Jun-01 Georgia Liberty Mutual Group Di Buduo & De Fendis Statutory 12-Jul-01 12-Jul-01 Illinois Liberty Mutual Group Di Buduo & De Fendis Statutory 12-Jul-01 12-Jul-01 Kansas Travelers Insurance Di Buduo & De Fendis Statutory 11-Aug-01 11-Aug-01 Company Missouri Travelers Property & Casualty Di Buduo & De Fendis Statutory 02-Jun-01 02-Jun-01 New Jersey Granite State Insurance Company Di Buduo & De Fendis Statutory 02-Jun-01 02-Jun-01 Oklahoma State Insurance Fund Di Buduo & De Fendis Statutory 15-Nov-01 15-Nov-01 Pennsylvania State Workrmen's Insurance Fund Di Buduo & De Fendis Statutory 03-Jun-01 03-Jun-01 Texas Texas W/C Insurance Fund Di Buduo & De Fendis Statutory 18-Jul-01 18-Jul-01
Note 1: The policies for Florida, Indiana, Louisiana, New Mexico, New York, Oregon, Tennessee, Utah, and Wisconsin were all requested to be cancelled in December 2000. Note 2: Within all of the policies identified above the following entities are covered for Workers' Compensation: SNIG, BIG, SNIA, and SNIS. Note 3: The policies for Arkansas, Arizona, Georgia, & Illinois are all covered on one policy, which is inforce, even though AR & GA offices are closed. December 31, 2000 Schedule E
Policy Exp. Premium paid Company Agent Type of Insurance Amount of Coverage Date thru date ------- ----- ----------------- ------------------ ----------- ----------- SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Commercial General Liability Package General Liability $1 million per occurrence 11/13/2001 11/13/2001 $2 million aggregate excluded Advertising Injury $1 million Employee Benefit Liability $1 million per claim $2 million aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Automobile Liability $1 million 11/13/2001 11/13/2001 Medical $5,000 Uninsured Motorist $500,000 Physical Damage Actual value less $500 deductible SNIG, BIG, SNIS, & SNIA Carpenter Moore Directors & Officers (run-off) Reliance $5,000,000 5/1/2003 5/1/2003 Lloyd's of London $5,000,000 xs $5,000,000 Gulf Insurance Company $10,000,000 xs $10,000,000 Executive Risk Indeminity $10,000,000 xs $20,000,000 Philadelphia Indemnity $10,000,000 xs $30,000,000 SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Employer Practice Liability $1 million per loss 12/10/2001 12/10/2001 & in the aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Fiduciary Liability $5 million per loss 12/10/2001 12/10/2001 & in the aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Commercial Umbrella $10 million per occurrence 11/13/2001 11/13/2001 $10 million aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Excess Liability $10 million per occurrence 11/13/2001 11/13/2001 $10 million aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Accident Policy (Life/Travel) $1 million to $3 million 01/15/2002 01/15/2002 (depends on rank of officer) BIG only DiBudio & DeFendis Professional Liability Run Off $10 million per loss 12/10/2004 12/10/2004 BIG companies only/acts b/f & in the aggregate 12/10/99 * $500,000 deductible
Note: The Debtor is currently in the process of obtaining coverage on the following policies that expired on 12/10/2000 and 1/22/2001 (Fidelity Bond, Professional Liability Run off - SNIG only and Difference in Condition) SCHEDULE F AUGUST 31, 2000 SNIG, BIG, SNIS, SNIA
---------------------------------------------------------------------------------------------------------------------- Type Post-Petition Name of Professional Professional Unpaid Total* ---------------------------------------------------------------------------------------------------------------------- Paul, Weiss, Rifkind, Wharton & Garrison Legal fees $62,562 See Note A Tillinghast-Towers, Perrin Actuaries $32,261 See Note A Latham & Watkins Counsel for Official Committee of Unsecured Creditors $52,542 See Note A ----------------------------------------------------------------------------------------------------------------------
* Unpaid amount is through 9/30/00. Note A - All fees were approved for payment by the Bankruptcy Court in December 2000 and subsequently paid in January 2001.