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Exhibit 99.186

OFFICE OF THE UNITED STATES TRUSTEE

IN RE:	)	DEBTOR IN POSSESSION OPERATING REPORT
	)
SNTL CORPORATION (formerly SUPERIOR NATIONAL INSURANCE GROUP	)	REPORT NUMBER 25                            Page 1 of 3
	)	FOR THE PERIOD FROM: 01-Apr-02
DEBTOR	)	TO: 30-Apr-02
	)

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. 25

        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 Payments Not Made
	Frequency of Payments per Lease/Contract	Amount of Each Payment	Next Payment Due
Creditor/Lessor				Number	Amount
	NONE

4.

Tax Liability:

Gross Payroll Expense For Period	$351,792
Gross Sales for Period Subject to Sales Tax	$0

	Date Paid	Amount Paid*	Post Petition Taxes Still Owing
Federal Payroll and Withholding Taxes	4/15/02 & 4/30/02	$113,089	0
State Payroll and Withholding Taxes	4/15/02 & 4/30/02	$22,828	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/ Agent	Amount of Coverage	Policy Exp. Date	Premium Paid 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. 25

        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?

o: Yes Explain:                                         

ý: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?

o: Yes Explain:                                         

ý: No

7.

Statement of Unpaid Professional Fees (Post-Petition Only):

Name of Professional	Type Professional	Post-Petition 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 Period Ending	Quarterly Disbursements for Quarter		Quarterly Fee		Date Paid	Amount Paid		Check No.	Quarterly Fee Still Owing
03/31/2002	$	461,605	$	3,750	04/29/2002	$	3,750.00	1347

I, Alex Corbett—Chief Financial Officer, 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: 5/23/2002                        Signed: /s/ ALEX CORBETT

SCHEDULE A

SNTL, SNTLHC, SNIA and SNIS
Schedule of Operations
One Month ended April 30, 2002
[Bankruptcy filed April 26, 2000]
[unaudited]

(In thousands)		SNTL (formerly SNIG)			SNTLHC (formerly BIG)			SNIA			SNIS			Elimination		Consolidated Total
Revenues:
Net investment income		$	1		$	—		$	—		$	8		$	—	$	9
Other income			567	(B)		—			—			—			—		567
	Total Revenues		568			—			—			8			—		576
Expenses:
Interest expense			624			—			—			—			—		624
General and administrative
	Other		(186	)		4			179			1,059			—		1,056
	Total Expenses		438			4			179			1,059			—		1,680
	Income (loss) before income taxes and preferred securities dividends and accretion		130			(4	)		(179	)		(1,051	)		—		(1,104	)
Income tax (benefit) expense			(132	)(A)		—			—			—			—		(132	)
	Income (loss) before preferred securities dividends and accretion		262			(4	)		(179	)		(1,051	)		—		(972	)
Preferred securities dividends and accretion			(1,194	)		—			—			—			—		(1,194	)
Expenses not related to business operations:
	Legal and Professional Fees		(187	)		(1	)		—			—			—		(188	)
	Other non-operating expenses		(4	)		(3	)		(1	)		(8	)		—		(16	)
			(1,123	)		(8	)		(180	)		(1,059	)		—		(2,370	)
Equity in net income (loss) from subsidiaries			(1,248	)		(1,240	)		—			—			2,487		(1	)
	Net (Loss) Income	$	(2,371	)	$	(1,248	)	$	(180	)	$	(1,059	)	$	2,487	$	(2,371	)

(A)

In April 2002, SNTL Corporation received a $132K tax refund from the State of Delaware.

(B)

On April 19, 2002, SNTL Corporation received $567K from Arthur Andersen for litigation settlement.

SCHEDULE B

SNTL Corporation and Subsidiaries in Bankruptcy
Aging of Accounts Payable and Receivable
As of April 30, 2002

SNTL Corporation
(formerly Superior National Insurance Group)

		Non-Intercompany Accounts					Intercompany Accounts
		Accounts Payable		Accounts Receivable			Accounts Payable		Accounts Receivable
Current	Under 30 days		796,803		1,000			—		742,774
Overdue	31 - 60 days		592,993		—			—		808,050
Overdue	61 - 90 days		781,174		—			64,359		306,168
Overdue	91 - 120 days		46,485		13,193			206,942		68,882
Overdue	121 + days		954,510		65,137			5,237,080		2,168,219	(E)
Total		$	3,171,995	$	79,330	[A]	$	5,508,381	$	4,094,093

SNTL Holdings Corporation
(formerly Business Insurance Group)

		Non-Intercompany Accounts					Intercompany Accounts
		Accounts Payable		Accounts Receivable			Accounts Payable		Accounts Receivable
Current	Under 30 days		—		—			—		—
Overdue	31 - 60 days		—		—			—		—
Overdue	61 - 90 days		—		—			—		443,180
Overdue	91 - 120 days		—		—			—		206,942
Overdue	121 + days		—		0			—		20,200,924	(E)
Total		$	—	$	0	(D)	$	—	$	20,851,047

Superior National Insurance Services

		Non-Intercompany Accounts						Intercompany Accounts
		Accounts Payable			Accounts Receivable			Accounts Payable		Accounts Receivable
Current	Under 30 days		318,625			(0	)		621,210		46,731
Overdue	31 - 60 days		—			(0	)		700,606		—
Overdue	61 - 90 days		2			0			490,379		—
Overdue	91 - 120 days		(0	)		(0	)		0		—
Overdue	121 + days		36,455			4,642,173			0		386,657
Total		$	355,082		$	4,642,173	[B]	$	1,812,195	$	433,388

Superior National Insurance Administrators

		Non-Intercompany Accounts						Intercompany Accounts
		Accounts Payable			Accounts Receivable			Accounts Payable		Accounts Receivable
Current	Under 30 days		111,180			—			168,295		—
Overdue	31 - 60 days		—			—			107,444		—
Overdue	61 - 90 days		—			—			194,611		—
Overdue	91 - 120 days		(0	)		—			68,882		—
Overdue	121 + days		—			0			2,527,361		98,383
Total		$	111,180		$	0	[C]	$	3,066,593	$	98,383

Consolidated

		Non-Intercompany Accounts					Intercompany Accounts
		Accounts Payable		Accounts Receivable			Accounts Payable		Accounts Receivable
Current	Under 30 days		1,226,608		1,000			789,505		789,505
Overdue	31 - 60 days		592,993		(0	)		808,050		808,050
Overdue	61 - 90 days		781,176		0			749,349		749,348
Overdue	91 - 120 days		46,485		13,193			275,823		275,823
Overdue	121 + days		990,965		4,707,311			7,764,441		22,854,183
Total		$	3,638,227	$	4,721,503		$	10,387,169	$	25,476,911

[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 $13.8 million commissions receivable that were written off in December 2001. Nevertheless, Debtor continues to assert its ownership of these commissions receivable and will continue to pursue its rights of offset and other methods to effectuate collection.

[C]

Amounts shown in accounts receivable do not include $7.1 million commissions receivable that were written off in December 2001. Nevertheless, Debtor continues to assert its ownership of these commissions receivable and will continue to pursue its rights of offset and other methods to effectuate collection.

[D]

Amounts shown in accounts receivable do not include $0.6 million receivable that was written off in December 2001. Nevertheless, Debtor continues to assert its ownership of this receivable and will continue to pursue its rights of offset and other methods to effectuate collection.

[E]

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
APRIL 30, 2002

SNTL (formerly SNIG)

3.

Statement of Status of Payments to Secured Creditors and Lessors:

				Post-Petition Payments Not Made
	Frequency of Payments per Lease/Contract	Amount of Each Payment	Next Payment Due
Creditor/Lessor				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.

SNTLHC (formerly BIG)

3.

Statement of Status of Payments to Secured Creditors and Lessors:

				Post-Petition Payments Not Made
	Frequency of Payments per Lease/Contract	Amount of Each Payment	Next Payment Due
Creditor/Lessor				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.

SNIA

3.

Statement of Status of Payments to Secured Creditors and Lessors:

				Post-Petition Payments Not Made
	Frequency of Payments per Lease/Contract	Amount of Each Payment	Next Payment Due
Creditor/Lessor				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 Payments Not Made
	Frequency of Payments per Lease/Contract	Amount of Each Payment	Next Payment Due
Creditor/Lessor				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.

SCHEDULE D

SNTL Corporation and Subsidiaries in Bankruptcy
Debtor in Possession
Insurance Coverage
April 30, 2002

State	Carrier	Agent	Amount of Coverage	Policy Exp. Date	Premium Paid Thru Date
Arizona	Liberty Mutual Group	Di Buduo & De Fendis Insurance Group	Statutory	12-Jul-02	12-Jul-02
California	State Compensation Insurance Fund	Hogan Insurance	Statutory	01-Jun-02	30-Apr-02
Colorado	Pinnacol Assurance	Di Buduo & De Fendis Insurance Group	Statutory	01-Jun-02	01-Jun-02
Illinois	Liberty Mutual Group	Di Buduo & De Fendis Insurance Group	Statutory	12-Jul-02	12-Jul-02
Kansas	Liberty Mutual Group	Di Buduo & De Fendis Insurance Group	Statutory	11-Aug-02	11-Aug-02
Missouri	Travelers Property & Casualty	Di Buduo & De Fendis Insurance Group	Statutory	02-Jun-02	02-Jun-02
New Jersey	Granite State Insurance Company	Di Buduo & De Fendis Insurance Group	Statutory	02-Jun-02	02-Jun-02
New York	The State Insurance Fund (N.Y.)	Hogan Insurance	Statutory	01-Jun-02	01-Jun-02
Oklahoma	First American Insurance Company	IRAA (MGA)	Statutory	15-Nov-02	15-Nov-02
Pennsylvania	State Workmens' Insurance Fund	Di Buduo & De Fendis Insurance Group	Statutory	03-Jun-02	03-Jun-02
Texas	Texas Mutual	Hogan Insurance	Statutory	15-Nov-02	15-Nov-02
Virginia	Liberty Mutual Group	Di Buduo & De Fendis Insurance Group	Statutory	11-Aug-02	11-Aug-02

Note 1:	Within all of the policies identified above the following entities are covered for Workers' Comp.: SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIA, and SNIS.
Note 2:	A Virginia employee was added to the Kansas policy
Note 3:	The AZ, ILL policy was renewed and the AR & GA states were removed
Note 4:	California is a monthly reporting policy. At the conclusion of each month we receive a voluntary payroll report request. We complete the report, calculate the premium and remit the premium after the fact.

April 30, 2002 Company	Agent	Type of Insurance	Amount of Coverage	Policy Exp. Date	SCHEDULE E Premium paid thru date
SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, & SNIA	Hogan Insurance	Commercial General Liability Package BWCP 001385     General Liability     Advertising Injury     Employee Benefit Liability	$1 million per occurrence $2 million aggregate excluded $1 million per claim $1 million aggregate	11/01/2002	11/01/2002
SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, & SNIA	Hogan Insurance	Automobile (non-owned) RPC 435072     Liability     Physical Damage/Comp/Collision	$1 million $30,000 $100 deductible comp/ $250 collision	11/01/2002	11/01/2002
SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, & SNIA	Carpenter Moore	Directors & Officers (run-off)     Hartford     Lloyd's of London     Gulf Insurance Company     Executive Risk Indemnity     Philadelphia Indemnity	$5,000,000 $5,000,000 xs $5,000,000 $10,000,000 xs $10,000,000 $10,000,000 xs $20,000,000 $10,000,000 xs $30,000,000	05/01/2003	05/01/2003
SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, & SNIA	Hogan Insurance	Employment Practice Liability	$1 million per loss & in the aggregate	01/15/2003	01/15/2003
SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, & SNIA	Hogan Insurance	Commercial Umbrella—CUBW 793401 Evanston Insurance Company	$10 million per occurrence $10 million aggregate	11/01/2002	11/01/2002
SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, & SNIA	Hogan Insurance	Excess Liability United National Insurance XTA0000927	$10 million per occurrence $10 million aggregate	11/01/2002	11/01/2002
SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, & SNIA	Andreini & Co	Accident Policy (Trip/Travel)     Hartford	$500,000 to $1,000,000 $5 million aggregate (single accident)	12/31/2002	12/31/2002
SNTL CORP & Sub's	Hogan Insurance	Professional Liability—(Binder)     Indian Harbor Insurance     ELU 8286301	$1 million per occurrence $1 million aggregate	08/08/2002	08/08/2002
BIG only	DiBudio & DeFendis	Professional Liability Run Off BIG companies only/acts b/f 12-10-99 *$500,000 deductible	$10 million per loss & in the aggregate	12/10/2004	12/10/2004

SCHEDULE F
April 30, 2002

SNTL (formerly SNIG), SNTLHC (formerly BIG), SNIS, SNIA

Name of Professional	Type Professional	Post-Petition Unpaid Total
Paul, Weiss, Rifkind, Wharton & Garrison	Legal fees	$	89,629	Note A
Latham & Watkins	Counsel for Official Committee of Unsecured Creditors	$	392,654	Note A
Steve Eldrige	Tax consulting	$	7,980
Quinn Emanuel Urquhart Oliver & Hedges LLP	Special litigation counsel	$	2,057,553	Note A
Mannat Phelps	Legal fees	$	188,032	Note A & E
KPMG LLP	Audit & consulting fees	$	661,408	Note A
Riordan & McKinzie	Corporate counsel	$	123,205	Note A, C & E
Pachulski, Stang, Ziehl, Young & Jones LLP	General bankruptcy counsel	$	226,959	Note A & D
Miller, Herbers, Lehmann & Assoc.	Legal fees	$	218,148	Note A
Davis, Fox & Berke	Legal fees—Hanover lawsuit	$	8,122	Note A & B
Edward Shoop	Actuarial counseling fees	$	148,354	Note A

Note A—Amount includes 20% hold back on professional fees sanctioned by the Bankruptcy Court.

Note B—Amount represents fees & expense through November 30, 2001.

Note C—SNIG has a retainer with Riordan & McKinzie. $500,000 of the retainer was returned to SNTL Corp. on March 15, 2002, therefore the retainer balance as of 4/30/02 is $48,422.57.

Note D—Amount represents fees & expenses through December 31, 2001.

Note E—Amount represents fees & expenses through March 31, 2002.

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SNTL, SNTLHC, SNIA and SNIS Schedule of Operations One Month ended April 30, 2002 [Bankruptcy filed April 26, 2000] [unaudited]