EX-99.53 63 a2042579zex-99_53.txt EXHIBIT 99.53 -------------------------------------------------------------------------------- OFFICE OF THE UNITED STATES TRUSTEE -------------------------------------------------------------------------------- IN RE: ) DEBTOR IN POSSESSION OPERATING REPORT ) SN INSURANCE ADMINISTRATORS ) REPORT NUMBER 4 Page 1 of 3 ) FOR THE PERIOD FROM: 01-Jul-00 DEBTOR ) TO: 31-Jul-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 Sales 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. 4 -------------------------------------------------------------------------------- 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 $1,777,075 Gross Sales for Period Subject to Sales tax $0
------------------------------------------------------------- Post Petition Taxes Date Paid Amount Paid * Still Owing ------------------------------------------------------------- Federal Payroll and Withholding Taxes 07/07/00 & 07/21/00 $492,786 0 State Payroll and Withholding Taxes 07/07/00 & 07/21/00 $68,739 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 July 31, 2000 (Unaudited)
(In thousands) Consolidated SNIG BIG SNIA SNIS Elimination Total -------- -------- -------- -------- ------------- -------- Revenues: Commission Income $ -- $ -- $ 525 $ 1,085 $ -- $ 1,610 Net investment income 12 33 3 258 -- 306 -------- -------- -------- -------- -------- -------- Total Revenues 12 33 528 1,343 -- 1,916 -------- -------- -------- -------- -------- -------- Expenses: Interest Expense 1,126 -- -- -- -- 1,126 General and administrative Other 387 -- (16) (209) -- 162 -------- -------- -------- -------- -------- -------- Total Expenses 1,513 -- (16) (209) -- 1,288 -------- -------- -------- -------- -------- -------- Income (loss) before income taxes and preferred securities dividends and accretion (1,501) 33 543 1,552 -- 627 Income tax (benefit) expense 0 -- -- -- -- 0 -------- -------- -------- -------- -------- -------- Income (loss) before preferred securities dividends and accretion (1,501) 33 543 1,552 -- 627 Preferred securities dividends and accretion (998) -- -- -- -- (998) Expenses not related to business operations: Legal and Professional Fees -- -- -- -- -- -- Other non-operating expenses -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- (2,499) 33 543 1,552 -- (371) Equity in income (loss) from subsidiaries 2,123 2,090 -- -- (4,218) (5) -------- -------- -------- -------- -------- -------- Net (Loss) Income $ (376) $ 2,123 $ 543 $ 1,552 $ (4,218) $ (376) ======== ======== ======== ======== ======== ========
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 July 31, 2000
Superior National Insurance Group -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 4,314,852 50,000 -- 1,465,087 Overdue 31-60 days 4,584,105 25,000 1 934,609 Overdue 61-90 days 3,578,715 10,000 -- -- Overdue 91-120 days -- 40,000 -- 3,080,486 Overdue 121+ days -- 564,665 -- 5,621,547 -------------------------------------- ------------------------------------- Total $12,477,673 $ 689,665 $ 1 $11,101,729 -------------------------------------- ------------------------------------- Business Insurance Group -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days -- 23,965 Overdue 31-60 days 16,227 98,812 -- -- Overdue 61-90 days 215 29,524 -- 1 Overdue 91-120 days -- 3,058 -- -- Overdue 121+ days -- 598,374 -- 14,963,853 -------------------------------------- ------------------------------------- Total $ 16,442 $ 753,753 $ -- $14,963,854 -------------------------------------- ------------------------------------- Superior National Insurance Services -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 10,755,387 2,981,394 100,259 -- Overdue 31-60 days 5,106,751 1,572,141 -- 201,832 Overdue 61-90 days 7,245,252 1,423,486 -- 127,737 Overdue 91-120 days -- 1,895,689 -- 6,594 Overdue 121+ days -- 7,400,446 -- 321,480 -------------------------------------- ------------------------------------- Total $23,107,389 $15,073,155 $ 100,259 $ 657,624 -------------------------------------- ------------------------------------- Superior National Insurance Administrators -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 1,271,222 1,665,148 894,505 -- Overdue 31-60 days (920,417) 1,538,459 933,167 -- Overdue 61-90 days 524,915 1,452,989 127,737 -- Overdue 91-120 days -- 2,327,286 -- -- Overdue 121+ days -- 6,715,793 -- 96,383 -------------------------------------- ------------------------------------- Total $ 875,720 $13,699,675 $1,955,410 $ 96,383 -------------------------------------- ------------------------------------- Consolidated -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days 16,341,481 4,720,527 994,784 1,485,067 Overdue 31-60 days 8,786,666 3,234,411 933,167 1,136,441 Overdue 61-90 days 11,349,097 2,915,999 127,739 127,739 Overdue 91-120 days -- 4,065,033 -- 3,087,080 Overdue 121+ days -- 15,279,278 -- 21,005,243 -------------------------------------- ------------------------------------- Total $36,477,224 $30,216,249 $2,055,670 $26,821,590 -------------------------------------- -------------------------------------
Superior National Insurance Group, Inc. in Bankruptcy SCHEDULE D Debtor in Possession Operating Report No. 1 Insurance Coverage - 5 As of July 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-Jul-00 Arkansas Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-Jul-00 California State Compensation Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 01-Jun-01 31-Jul-00 Colorado Pinnacol Assurance Di Buduo & De Fendis Insurance Group Statutory 01-Jun-01 31-Jul-00 Florida Florida W/C Joint Underwriting Association, Inc. Di Buduo & De Fendis Insurance Group Statutory 09-Jun-01 31-Jul-00 Georgia Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-Jul-00 Illinois Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-Jul-00 Indiana Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 13-Jul-01 13-Jul-01 Kansas Travelers Insurance Company Di Buduo & De Fendis Insurance Group Statutory 11-Aug-01 31-Jul-00 Louisiana Louisiana W/C Corporation Di Buduo & De Fendis Insurance Group Statutory 31-May-01 31-Jul-00 Missouri Travelers Property & Casualty Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-Jul-00 New Jersey Granite State Insurance Company Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-Jul-00 New Mexico New Mexico Mutual Casualty Company Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 31-Jul-00 New York The State Insurance Fund (N.Y.) Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 02-Jun-01 Oklahoma State Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 01-Jul-01 01-Jul-01 Oregon Liberty Northwest Insurance Corporation Di Buduo & De Fendis Insurance Group Statutory 01-Jul-01 31-Jul-00 Pennsylvania State Workmens' Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01 Tennessee The Cincinnati Insurance Companies Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-Jul-00 Texas Texas W/C Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 16-Jul-01 01-Jun-01 Utah Worker's Compensation Fund of Utah Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01 Wisconsin Tri-State Insurance Company of Minnesota Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01 New Jersey Centre Insurance Company Di Buduo & De Fendis Insurance Group Statutory 01-Jun-00 01-Jun-00 All Other State Centre Insurance Company Di Buduo & De Fendis Insurance Group Statutory 01-Jun-00 01-Jun-00
Note: Within all of the policies identified above the following entities are covered for Workers' Compensation: SNIG, BIG, SNIA, and SNIS. July 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 3/1/03 3/1/03 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. 4 -------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------------------------------------- 6/30/00 $2,050,522.00 $7,500.00 $7,500.00 ----------------------------------------------------------------------------------------------------------------
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 -------- ------------------------