Exhibit 99.1
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-1A |
12/31/05 | 1/31/06 | 2/28/06 | 3/31/06 | 4/30/06 | 5/31/06 | |||||||||||||
CURRENT ASSETS: | ||||||||||||||||||
Cash (Attach Recons. & Bk Stmts.) | 2,144 | 5,931 | 1,713 | 2,313 | 1,541 | 960 | ||||||||||||
Investment securities, at market | 2,434,890 | 2,370,716 | 2,534,261 | 2,364,563 | 2,325,075 | 2,239,384 | ||||||||||||
Prepaid expense & deposits | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | ||||||||||||
TOTAL CURRENT ASSETS | 2,497,034 | 2,436,647 | 2,595,974 | 2,426,876 | 2,386,616 | 2,300,344 | ||||||||||||
OTHER ASSETS: | ||||||||||||||||||
Note receivable from AIC | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||
Valuation allowance | (20,000,000 | ) | (20,000,000 | ) | (20,000,000 | ) | (20,000,000 | ) | (20,000,000 | ) | (20,000,000 | ) | ||||||
Investment in AIC, at underlying book value | 8,766,190 | 8,766,190 | 7,959,006 | 7,959,006 | 8,968,061 | 8,968,061 | ||||||||||||
Contingent claims | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | ||||||||||||
TOTAL OTHER ASSETS | 30,266,190 | 30,266,190 | 29,459,006 | 29,459,006 | 30,468,061 | 30,468,061 | ||||||||||||
TOTAL ASSETS | 32,763,224 | 32,702,837 | 32,054,980 | 31,885,882 | 32,854,677 | 32,768,405 | ||||||||||||
I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.
Date Submitted | June 13, 2006 | Signed | /s/ Gary N. Thompson | Printed Name of Signatory | Gary N. Thompson |
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-1B |
12/31/05 | 1/31/06 | 2/28/06 | 3/31/06 | 4/30/06 | 5/31/06 | |||||||||||||
LIABILITIES: | ||||||||||||||||||
Post-Petition debt (Sched. C) | 90,288 | 43,722 | 35,861 | 22,483 | 35,595 | 56,403 | ||||||||||||
Pre-Petition Debt: | ||||||||||||||||||
Litigation claims | 22,000,000 | 22,000,000 | 22,000,000 | 22,000,000 | 22,000,000 | 22,000,000 | ||||||||||||
Unsecured liabilities | 46,054 | 46,054 | 46,054 | 46,054 | 46,054 | 46,054 | ||||||||||||
Unsecured debt | 116,110,260 | 116,110,260 | 116,110,260 | 116,110,260 | 116,110,260 | 116,110,260 | ||||||||||||
TOTAL LIABILITIES | 138,246,602 | 138,200,036 | 138,192,175 | 138,178,797 | 138,191,909 | 138,212,717 | ||||||||||||
SHAREHOLDERS EQUITY: | ||||||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Common stock | 6,274,000 | 6,274,000 | 6,274,000 | 6,274,000 | 6,274,000 | 6,274,000 | ||||||||||||
Paid-in capital | 199,660,000 | 199,660,000 | 199,660,000 | 199,660,000 | 199,660,000 | 199,660,000 | ||||||||||||
Treasury stock | (29,969,000 | ) | (29,969,000 | ) | (29,969,000 | ) | (29,969,000 | ) | (29,969,000 | ) | (29,969,000 | ) | ||||||
Retained earnings: | ||||||||||||||||||
As of filing date | (281,005,796 | ) | (281,005,796 | ) | (281,005,796 | ) | (281,005,796 | ) | (281,005,796 | ) | (281,005,796 | ) | ||||||
After filing date | (442,582 | ) | (456,403 | ) | (1,096,399 | ) | (1,252,119 | ) | (296,436 | ) | (403,516 | ) | ||||||
TOTAL SHAREHOLDERS EQUITY | (105,483,378 | ) | (105,497,199 | ) | (106,137,195 | ) | (106,292,915 | ) | (105,337,232 | ) | (105,444,312 | ) | ||||||
TOTAL LIABILITIES AND SHAREHOLDER EQUITY | 32,763,224 | 32,702,837 | 32,054,980 | 31,885,882 | 32,854,677 | 32,768,405 | ||||||||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-2 |
STATEMENT OF INCOME
12/31/05 | 1/31/06 | 2/28/06 | 3/31/06 | 4/30/06 | 5/31/06 | |||||||||||||
REVENUE: | ||||||||||||||||||
Net investment income | 8,036 | 8,792 | 9,105 | 10,099 | 8,734 | 10,369 | ||||||||||||
Net realized gain | 0 | 3,887 | 0 | 0 | 0 | 0 | ||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||
Salaries and benefits | (6,958 | ) | (7,605 | ) | (7,605 | ) | (7,605 | ) | (7,605 | ) | (7,422 | ) | ||||||
Board fees and expenses | 0 | 0 | 0 | 0 | 0 | (1,159 | ) | |||||||||||
Legal fees and expenses | (91,058 | ) | (17,616 | ) | (51,930 | ) | (4,494 | ) | (51,786 | ) | (106,144 | ) | ||||||
Accounting fees and expenses | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Insurance | 0 | 0 | 0 | (151,667 | ) | 0 | 0 | |||||||||||
Filing fees and expenses | (2,638 | ) | (1,250 | ) | (3,648 | ) | (1,966 | ) | (2,703 | ) | (2,693 | ) | ||||||
Miscelleanous | (143 | ) | (28 | ) | (48 | ) | (87 | ) | (12 | ) | (31 | ) | ||||||
NET OPERATING INCOME / LOSS | (92,761 | ) | (13,820 | ) | (54,126 | ) | (155,720 | ) | (53,372 | ) | (107,080 | ) | ||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Income tax refund | 0 | 0 | 221,313 | 0 | 0 | 0 | ||||||||||||
Equity in operating earnings of AIC | 0 | 0 | (631,135 | ) | 0 | 1,164,887 | 0 | |||||||||||
Equity in unrealized losses of securities of AIC | 0 | 0 | (176,049 | ) | 0 | (155,832 | ) | 0 | ||||||||||
TOTAL OTHER INCOME (EXPENSE) | 0 | 0 | (585,871 | ) | 0 | 1,009,055 | 0 | |||||||||||
NET INCOME (LOSS) | (92,761 | ) | (13,820 | ) | (639,997 | ) | (155,720 | ) | 955,683 | (107,080 | ) | |||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-3 |
SOURCES AND USE OF CASH
12/31/05 | 1/31/06 | 2/28/06 | 3/31/06 | 4/30/06 | 5/31/06 | |||||||||||||
CASH DIFFERENCE: | ||||||||||||||||||
Current ending cash balance | 2,144 | 5,931 | 1,713 | 2,313 | 1,541 | 960 | ||||||||||||
Less ending prior month balance | (3,008 | ) | (2,144 | ) | (5,931 | ) | (1,713 | ) | (2,313 | ) | (1,541 | ) | ||||||
NET CASH INCREASE (DECREASE) | (864 | ) | 3,787 | (4,218 | ) | 600 | (772 | ) | (581 | ) | ||||||||
SOURCES OF CASH: | ||||||||||||||||||
Net income (loss) | (92,761 | ) | (13,820 | ) | (639,997 | ) | (155,720 | ) | 955,683 | (107,080 | ) | |||||||
Equity in earnings and unrealized losses of AIC | 0 | 0 | 807,184 | 0 | (1,009,055 | ) | 0 | |||||||||||
Decrease in: | ||||||||||||||||||
Receivables | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities | 73,592 | 64,174 | 0 | 169,697 | 39,488 | 85,691 | ||||||||||||
Increase in: | ||||||||||||||||||
Post- petition debt | 18,305 | 0 | 0 | 0 | 13,112 | 20,808 | ||||||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL SOURCES OF CASH | (864 | ) | 50,354 | 167,187 | 13,977 | (772 | ) | (581 | ) | |||||||||
USES OF CASH: | ||||||||||||||||||
Increase in: | ||||||||||||||||||
Receivables | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities | 0 | 0 | (163,545 | ) | 0 | 0 | 0 | |||||||||||
Decrease in: | ||||||||||||||||||
Post- petition debt | 0 | (46,567 | ) | (7,860 | ) | (13,377 | ) | 0 | 0 | |||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL USES OF CASH | 0 | (46,567 | ) | (171,405 | ) | (13,377 | ) | 0 | 0 | |||||||||
NET CASH INCREASE (DECREASE) | (864 | ) | 3,787 | (4,218 | ) | 600 | (772 | ) | (581 | ) | ||||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | SCHEDULE C |
SCHEDULE OF POST PETITION DEBT
12/31/05 | 1/31/06 | 2/28/06 | 3/31/06 | 4/30/06 | 5/31/06 | |||||||
TRADE ACCOUNTS PAYABLE | 90,288 | 43,722 | 35,861 | 22,483 | 35,595 | 56,403 | ||||||
PAYROLL AND PAYROLL TAXES | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TAXES PAYABLE | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TOTAL POST PETITION DEBT | 90,288 | 43,722 | 35,861 | 22,483 | 35,595 | 56,403 | ||||||