EX-99.51 61 a2042579zex-99_51.txt EXHIBIT 99.51 -------------------------------------------------------------------------------- OFFICE OF THE UNITED STATES TRUSTEE -------------------------------------------------------------------------------- IN RE: ) DEBTOR IN POSSESSION OPERATING REPORT ) SN INSURANCE ADMINISTRATORS ) REPORT NUMBER 2 Page 1 of 3 ) FOR THE PERIOD FROM: 01-May-00 DEBTOR ) TO: 31-May-00 ___________________________________) _________________________________________ CHAPTER 11 CASE NO. SV00-14102-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 Income ____________ NET INCOME/(LOSS) FOR PERIOD ============
-------------------------------------------------------------------------------- Revised April 1989 OPERATING REPORT UST-4 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- DEBTOR IN POSSESSION OPERATING REPORT NO. 2 -------------------------------------------------------------------------------- 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 -------------------- Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount ---------------------------------------------------------------------------------------------------- NONE ----------------------------------------------------------------------------------------------------
4. Tax Liability: Gross Payroll Expense For Period $1,847,102 Gross Sales for Period Subject to Sales Tax $0
------------------------------------------------------------- Post Petition Taxes Date Paid Amount Paid* Still Owing ------------------------------------------------------------- Federal Payroll and Withholding Taxes 05/12/00 & 05/26/00 $514,407 0 State Payroll and Withholding Taxes 05/12/00 & 05/26/00 $71,889 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 -----------------------------------------------------------
SCHEDULE A SNIG, BIG, SNIA and SNIS Schedule of Operations One month ending May 31, 2000 (Unaudited)
(In thousands) Consolidated SNIG BIG SNIA SNIS Elimination Total -------- -------- -------- -------- ------------- ------------- Revenues: Commission income $ -- $ -- $ 802 $ 1,999 $ -- $ 2,801 Net investment income 8 5 -- 3 -- 16 -------- -------- -------- -------- -------- -------- Total Revenues 8 5 802 2,002 -- 2,817 -------- -------- -------- -------- -------- -------- Expenses: Interest Expense 1,138 -- -- -- -- 1,138 General and administrative Other 2,292 -- 63 49 -- 2,404 -------- -------- -------- -------- -------- -------- Total Expenses 3,430 -- 63 49 -- 3,542 -------- -------- -------- -------- -------- -------- Income (loss) before income taxes and preferred securities dividends and accretion (3,422) 5 739 1,953 -- (725) Income tax (benefit) expense -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- Income (loss) before preferred securities dividends and accretion (3,422) 5 739 1,953 -- (725) Preferred securities dividends and accretion (998) -- -- -- -- (998) Expenses not related to business operations: Legal and Professional Fees -- -- -- -- -- -- Other non-operating expenses -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- (4,420) 5 739 1,953 -- (1,723) Equity in income (loss) from subsidiaries 2,703 2,699 -- -- (5,396) 6 -------- -------- -------- -------- -------- -------- Net (Loss) Income $ (1,717) $ 2,704 $ 739 $ 1,953 $ (5,396) $ (1,717) ======== ======== ======== ======== ======== ========
SCHEDULE B Superior National Insurance Group, Inc. in Bankruptcy Debtor in Possession Operating Report No. 1 Aging of Accounts Payable and Receivable - 2 As of May 31, 2000
Superior National Insurance Group -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 4,944,538 10,000 1 -- Overdue 31-60 days -- 40,000 -- 3,080,458 Overdue 61-90 days -- 35,000 -- 1,565,540 Overdue 91-120 days -- -- -- 1,586,115 Overdue 121+ days -- 1,452,586 -- 2,493,486 -------------------------------------- ------------------------------------- Total $4,944,538 $ 1,537,586 $ 1 $ 8,725,627 -------------------------------------- ------------------------------------- Business Insurance Group -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 215 29,524 -- 1 Overdue 31-60 days -- 3,058 -- -- Overdue 61-90 days 18,770 -- -- -- Overdue 91-120 days -- 112,732 -- -- Overdue 121+ days -- 3,973,436 -- 12,779,619 -------------------------------------- ------------------------------------- Total $ 18,985 $ 4,118,750 $ -- $12,779,620 -------------------------------------- ------------------------------------- Superior National Insurance Services -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 1,576,548 1,734,509 -- 291,396 Overdue 31-60 days -- 12,143,919 -- 6,584 Overdue 61-90 days -- 10,028,672 -- 14,903 Overdue 91-120 days -- 2,719,559 -- -- Overdue 121+ days -- 7,219,771 -- 303,520 -------------------------------------- ------------------------------------- Total $1,576,548 $33,846,429 $ -- $ 615,413 -------------------------------------- ------------------------------------- Superior National Insurance Administrators -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 448,529 2,552,293 -- 352,070 Overdue 31-60 days -- 2,758,724 -- -- Overdue 61-90 days -- 1,335,544 -- 8,079 Overdue 91-120 days -- 830,829 -- -- Overdue 121+ days -- 3,131,596 -- 88,565 -------------------------------------- ------------------------------------- Total $ 448,529 $10,508,987 $ -- $ 448,814 -------------------------------------- ------------------------------------- Consolidated -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 8,969,830 4,326,326 1 543,467 Overdue 31-60 days -- 14,945,701 -- 3,087,080 Overdue 61-90 days 18,770 11,399,217 -- 1,588,521 Overdue 91-120 days -- 3,563,120 -- 1,588,115 Overdue 121+ days -- 15,777,389 -- 15,665,289 -------------------------------------- ------------------------------------- Total $8,968,601 $50,111,752 $ 1 $22,570,473 -------------------------------------- -------------------------------------
Superior National Insurance Group, Inc. in Bankruptcy SCHEDULE D Debtor in Possession Operating Report No. 1 Insurance Coverage - 5 May 31, 2000
----------------------------------------------------------------------------------------------------------------------------- Amount of Policy Premium Paid State Carrier Agent Coverage Exp Date Thru Date ----------------------------------------------------------------------------------------------------------------------------- Arizona Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-May-00 Arkansas Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-May-00 California State Compensation Di Buduo & De Fendis Insurance Group Statutory 01-Jun-01 31-May-00 Insurance Fund Colorado Pinnacol Assurance Di Buduo & De Fendis Insurance Group Statutory 01-Jun-01 31-May-00 Florida Florida W/C Joint Di Buduo & De Fendis Insurance Group Statutory 09-Jun-01 31-May-00 Underwriting Association, Inc. Georgia Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-May-00 Illinois Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-May-00 Indiana Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 13-Jul-01 31-May-00 Kansas Travelers Insurance Di Buduo & De Fendis Insurance Group Statutory 11-Aug-01 31-May-00 Company Louisiana Louisiana WIC Di Buduo & De Fendis Insurance Group Statutory 31-May-01 31-May-00 Corporation Missouri Travelers Property & Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-May-00 Casualty New Jersey Granite State Insurance Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-May-00 Company New Mexico New Mexico Mutual Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 31-May-00 Casualty Company New York The State Insurance Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 02-Jun-01 Fund (N.Y.) Oklahoma State Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 01-Ju1-01 01-Jul-01 Oregon Liberty Northwest Di Buduo & De Fendis Insurance Group Statutory 01-Ju1-01 31-May-00 Insurance Corporation Pennsylvania State Workmen's Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01 Insurance Fund Tennessee The Cincinnati Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-May-00 Insurance Companies Utah Workers' Compensation Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01 Fund of Utah Wisconsin Tri-State Insurance Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01 Company of Minnesota New Jersey Centre Insurance Di Buduo & De Fendis Insurance Group Statutory 01-Jun-00 01-Jun-00 Company All Other Centre Insurance Di Buduo & De Fendis Insurance Group Statutory 01-Jun-00 01-Jun-00 State Company
Note: Within all of the policies identified above the following entities are covered for Workers' Compensation: SNIG, BIG, SNIA, and SNIS. May 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 occurence 10/1/00 10/1/00 $2 million aggregate Advertising Injury $1 million Employee Benefit Liability $1 million per claim $2 million aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Automobile Liability $1 million 12/10/00 12/10/00 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 5/1/03 5/1/03 Lloyd's of London $5,000,000 xs $5,000,000 Gulf Insurance Company $10,000,000 xs $10,000,000 Executive Risk Indemnity $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 12/10/00 12/10/00 & in the aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Fiduciary Liability $5 million per loss 12/10/00 12/10/00 & in the aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Fidelity Bond $5 million 12/10/00 12/10/00 SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Commercial Umbrella $20 million per occurence 12/10/00 12/10/00 $20 million aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Excess Liability $10 million per occurence 12/10/00 12/10/00 $10 million aggregate SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Difference in Condition $10 million per occurence 12/10/00 12/10/00 $10 million aggregate *$25,000 deductible, minimum and 5% of total insurable property SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Difference in Condition $10 million 12/10/00 12/10/00 Excess SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Accident Policy (Life/Travel) $1 million to $3 million 1/1/01 1/1/01 (depends on rank of officer) BIG only DiBudio & DeFendis Professional Liability Run Off $10 million per loss 12/10/00 12/10/00 BIG companies only/acts b/f & in the aggregate 12/10/99 *$500,000 deductible
-------------------------------------------------------------------------------- DEBTOR IN POSSESSION OPERATING REPORT NO. 2 -------------------------------------------------------------------------------- Page 3 of 3 6. Questions: A. Has the Debtor provided to any 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 ------------------------------------------------------------------- Pachulski Stang Ziehl Young & Jones Attorney None ------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------------------------------------- N/A N/A N/A N/A N/A N/A N/A ----------------------------------------------------------------------------------------------------------------
I, Alex Corbett, CFO, 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: 10-11-00 Signed: /s/ Alex Corbett -------- -------------------------