EX-99.75 85 a2042579zex-99_75.txt EXHIBIT 99.75 -------------------------------------------------------------------------------- OFFICE OF THE UNITED STATES TRUSTEE -------------------------------------------------------------------------------- IN RE: ) DEBTOR IN POSSESSION OPERATING REPORT ) BUSINESS INSURANCE GROUP ) REPORT NUMBER 1 Page 1 of 3 ) FOR THE PERIOD FROM: 26-Apr-00 DEBTOR ) TO: 30-Apr-00 ___________________________________) _________________________________________ ) CHAPTER 11 CASE NO. SV00-14101-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. (Rent 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, Photocopiers, 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.1 -------------------------------------------------------------------------------- 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 ----------------------------------------------------------------------------------------------------
* The Debtor acknowledges the possibility of additional leases and is currently researching its records. Any new identified lessors will be included in future reports. 4. Tax Liability: Gross Payroll Expense For Period $0 Gross Sales for Period Subject to Sales tax $0
----------------------------------------------------------- Post Petition Taxes Date Paid Amount Paid * Still Owing ----------------------------------------------------------- Federal Payroll and Withholding Taxes N/A $0 N/A State Payroll and Withholding Taxes N/A $0 N/A 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 For the Period April 26 - 30, 2000 (Unaudited)
(In thousands) Consolidated SNIG BIG SNIA SNIS Elimination Total -------- -------- -------- -------- ------------- ------------ Revenues: Commission income $ -- $ -- $ 170 $ 458 $ -- $ 629 Net investment income 2 (0) -- -- -- 2 -------- -------- -------- -------- -------- -------- Total Revenues 2 (0) 170 458 -- 631 -------- -------- -------- -------- -------- -------- Expenses: Interest Expense 180 -- -- -- -- 180 General and administrative Other (29) -- 9 12 -- (8) -------- -------- -------- -------- -------- -------- Total Expenses 151 -- 9 12 -- 172 -------- -------- -------- -------- -------- -------- Income (loss) before income taxes and preferred securities dividends and accretion (149) (0) 161 446 -- 458 Income tax (benefit) expense (0) -- -- -- -- (0) -------- -------- -------- -------- -------- -------- Income (loss) before preferred securities dividends and accretion (149) (0) 151 446 -- 459 Preferred securities dividends and accretion (166) -- -- -- -- (166) Expenses not related to business operations: Legal and Professional Fees (67) -- -- -- -- (67) Other non-operating expenses -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- (381) (0) 161 446 -- 226 Equity in income (loss) from subsidiaries 612 612 -- -- (1,219) 4 -------- -------- -------- -------- -------- -------- Net (Loss) Income $ 230 $ 611 $ 161 $ 446 $ (1,219) $ 230 ======== ======== ======== ======== ======== ========
SCHEDULE B Superior National Insurance Group, Inc. in Bankruptcy Debtor in Possession Operating Report No. 1 Aging of Accounts Payable and Receivable - 2 April 26, 2000 thru April 30, 2000
Superior National Insurance Group -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days -- 40,000 -- 3,080,486 Overdue 31-60 days -- 35,000 -- 1,585,540 Overdue 61-90 days -- -- -- 1,588,115 Overdue 91-120 days -- 40,096 -- 3,134,822 Overdue 121+ days -- 1,414,432 -- -- -------------------------------------- ------------------------------------- Total $ -- $ 1,529,527 $ -- $ 9,366,963 -------------------------------------- ------------------------------------- Business Insurance Group -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days -- 3,058 -- -- Overdue 31-60 days 18,770 -- -- -- Overdue 61-90 days -- 112,732 -- -- Overdue 91-120 days -- 58,552 -- -- Overdue 121+ days -- 3,913,967 -- 12,779,619 -------------------------------------- ------------------------------------- Total $ 18,770 $ 4,088,329 $ -- $12,779,619 -------------------------------------- ------------------------------------- Superior National Insurance Services -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days -- 12,143,919 -- 6,594 Overdue 31-60 days -- 14,934,759 -- 14,903 Overdue 61-90 days -- 12,158,754 -- -- Overdue 91-120 days -- 9,217,907 -- 303,520 Overdue 121+ days -- 3,258,020 -- -- -------------------------------------- ------------------------------------- Total $ -- $51,711,359 $ -- $ 325,017 -------------------------------------- ------------------------------------- Superior National Insurance Administrators -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days -- 2,840,612 -- -- Overdue 31-60 days -- 1,335,544 -- 8,079 Overdue 61-90 days -- 669,010 -- -- Overdue 91-120 days -- 5,002,643 -- 86,565 Overdue 121+ days 13,709 -- -- -- -------------------------------------- ------------------------------------- Total $ 13,709 $ 9,847,809 $ -- $ 96,744 -------------------------------------- ------------------------------------- Consolidated -------------------------------------- ------------------------------------- Non-Intercompany Accounts Intercompany Accounts -------------------------------------- ------------------------------------- Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable -------------------------------------- ------------------------------------- Current Under 30 days -- 15,027,589 -- 3,087,060 Overdue 31-60 days 18,770 16,305,303 -- 1,588,521 Overdue 61-90 days -- 12,940,496 -- 1,586,115 Overdue 91-120 days -- 14,319,198 -- 3,527,007 Overdue 121+ days 13,709 8,584,439 -- 12,779,619 -------------------------------------- ------------------------------------- Total $ 32,479 $57,177,024 $ -- $22,568,342 -------------------------------------- -------------------------------------
SCHEDULE C APRIL 26 thru April 30, 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 05/01/00 None Bemiston Tower, Inc. / PM Realty Advisor Monthly $ 5,111.33 06/01/00 None Citizens Leasing Corporation Monthly See BIG's schedule for details Dell Financial Services Monthly $ 8,264.07 05/20/00 See Note A Equity Office Properties Monthly $ 20,026.42 06/01/00 None HQ Boca Raton Monthly $ 4,960.90 06/01/00 None IKON Office Solutions, Inc. / IOS Capital Monthly Various Various See Note B Kilroy Realty Corp. Monthly $153,583.82 05/01/00 None Neopost Monthly Various Various See Note B Pitney Bowes Credit Corp. Monthly Various Various See Note B Sharp Electronics Credit Co. Monthly $ 350.33 06/01/00 None Stringer business Systems Inc. Monthly Various Various See Note B Tiger Ventura Country Monthly $ 16,795.17 06/01/00 None Toshiba America Information Sys. Monthly Various Various See Note B Zodiac Development Monthly $ 9,454.31 06/01/00 None ------------------------------------------------------------------------------------------------------------------------------------
Note A - Payments on various Dell leases have been paid on a monthly basis; however, due to billing discrepancies the actual amounts paid are being confirmed with Dell Financial Services. Note B - Various copier and postal equipment lease payment history is presently being researched. 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 $206,796.28 05/01/00 None Dell Financial Services Monthly $ 48,476.08 05/15/00 See Note A Kaiser-Francis Oil Company Monthly $ 3,620.58 06/01/00 None Mack Cali Realty / 500 Columbia Tpk Assoc. LLC Monthly $ 9,249.23 05/01/00 None Principal Management Corporation / GCI CAPITAL INC. Monthly $ 30,827.28 05/01/00 None Service Resource Industries / Wall Street Office Business Monthly $ 4,230.00 06/01/00 None SP Environmental Systems / Union Pacific RR Co. Monthly $ 12,465.16 06/01/00 None Transwestern CG Partner Monthly $ 5,908.75 06/01/00 None ------------------------------------------------------------------------------------------------------------------------------------
Note A - Payments on various Dell leases have been paid on a monthly basis; however, due to billing discrepancies the actual amounts paid are being confirmed with Dell Financial Services Superior National Insurance Group, Inc. in Bankruptcy SCHEDULE D Debtor in Possession Operating Report No. 1 Insurance Coverage - 5 As of April 30, 2000
----------------------------------------------------------------------------------------------------------------------------- Amount of Policy Premium Paid State Carrier Agent Coverage Exp. Date Thru Date ----------------------------------------------------------------------------------------------------------------------------- New Jersey Centre Insurance Company Di Buduo & De Fendis Insurance Group Statutory 01-Jun-00 30-Apr-00 All Other Centre Insurance State Company Di Buduo & De Fendis Insurance Group Statutory 01-Jun-00 30-Apr-00
Note: Within all of the policies identified above the following entities are covered for Workers' Compensation: SNIG, BIG, SNIA, and SNIS. April 30, 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 $40 million 5/1/00 5/1/00 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 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 Differnce in Condition Excess $10 Million 12/10/00 12/10/00 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. 1 -------------------------------------------------------------------------------- 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 ------------------------------------------------------------------- Pachuiski, Stang, Ziehi, Attorney None Young & Jones ------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------------------------------------- NA NA NA NA NA NA NA ----------------------------------------------------------------------------------------------------------------
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 -------- --------------------------------