Exhibit 99.1
CASE NAME: Acceptance Insurance Companies Inc. | ||
CASE NO: 05-80059 | Form OPR-1A |
6/30/06 | 7/31/06 | 8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | |||||||||||||
CURRENT ASSETS: | ||||||||||||||||||
Cash (Attach Recons. & Bk Stmts.) | 1,089 | 10,418 | (90,242 | ) | 2,752 | 291 | (585 | ) | ||||||||||
Investment securities, at market | 2,217,754 | 2,208,803 | 2,158,846 | 1,968,477 | 1,932,805 | 1,921,375 | ||||||||||||
Prepaid expense & deposits | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | ||||||||||||
TOTAL CURRENT ASSETS | 2,278,843 | 2,279,221 | 2,128,604 | 2,031,229 | 1,993,096 | 1,980,790 | ||||||||||||
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 | 8,968,061 | 8,830,983 | 8,830,983 | 8,830,983 | 11,691,065 | 11,691,065 | ||||||||||||
Contingent claims | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | ||||||||||||
TOTAL OTHER ASSETS | 30,468,061 | 30,330,983 | 30,330,983 | 30,330,983 | 33,191,065 | 33,191,065 | ||||||||||||
TOTAL ASSETS | 32,746,904 | 32,610,204 | 32,459,587 | 32,362,212 | 35,184,161 | 35,171,855 | ||||||||||||
I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.
Date Submitted | December 11, 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 |
6/30/06 | 7/31/06 | 8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | |||||||||||||
LIABILITIES: | ||||||||||||||||||
Post-Petition debt (Sched. C) | 54,787 | 48,619 | 82,589 | 38,273 | 65,544 | 103,765 | ||||||||||||
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 | 138,211,101 | 138,204,933 | 138,238,903 | 138,194,587 | 138,221,858 | 138,260,079 | ||||||||||||
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 | (423,401 | ) | (553,933 | ) | (738,520 | ) | (791,579 | ) | 2,003,099 | 1,952,572 | ||||||||
TOTAL SHAREHOLDERS EQUITY | (105,464,197 | ) | (105,594,729 | ) | (105,779,316 | ) | (105,832,375 | ) | (103,037,697 | ) | (103,088,224 | ) | ||||||
TOTAL LIABILITIES AND SHAREHOLDER EQUITY | 32,746,904 | 32,610,204 | 32,459,587 | 32,362,212 | 35,184,161 | 35,171,855 | ||||||||||||
CASE NAME: Acceptance Insurance Companies Inc. | ||
CASE NO: 05-80059 | Form OPR-2 | |
STATEMENT OF INCOME |
6/30/06 | 7/31/06 | 8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | |||||||||||||
REVENUE: | ||||||||||||||||||
Net investment income | 9,230 | 9,758 | 9,689 | 8,436 | 8,897 | 8,211 | ||||||||||||
Net realized gain | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Other | 0 | 9,870 | 0 | 0 | 0 | 0 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||
Salaries and benefits | (7,346 | ) | (6,618 | ) | (6,618 | ) | (6,610 | ) | (6,498 | ) | (6,498 | ) | ||||||
Board fees and expenses | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Legal fees and expenses | (19,817 | ) | (1,048 | ) | (185,664 | ) | (38,990 | ) | (49,827 | ) | (50,240 | ) | ||||||
Accounting fees and expenses | 0 | (1,940 | ) | 0 | 0 | (11,978 | ) | 0 | ||||||||||
Insurance | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Franchise taxes | 0 | 0 | 0 | (13,500 | ) | 0 | 0 | |||||||||||
Filing fees and expenses | (1,948 | ) | (3,463 | ) | (1,955 | ) | (2,333 | ) | (5,974 | ) | (1,994 | ) | ||||||
Miscellaneous | (5 | ) | (13 | ) | (39 | ) | (62 | ) | (24 | ) | (5 | ) | ||||||
NET OPERATING INCOME / LOSS | (19,886 | ) | 6,546 | (184,587 | ) | (53,059 | ) | (65,404 | ) | (50,526 | ) | |||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||
Interest expense | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Income tax refund | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Equity in operating earnings of AIC | 0 | (103,867 | ) | 0 | 0 | 2,388,299 | 0 | |||||||||||
Equity in unrealized losses of securities of AIC | 0 | (33,211 | ) | 0 | 0 | 471,783 | 0 | |||||||||||
TOTAL OTHER INCOME (EXPENSE) | 0 | (137,078 | ) | 0 | 0 | 2,860,082 | 0 | |||||||||||
NET INCOME (LOSS) | (19,886 | ) | (130,532 | ) | (184,587 | ) | (53,059 | ) | 2,794,678 | (50,526 | ) | |||||||
CASE NAME: Acceptance Insurance Companies Inc. | ||
CASE NO: 05-80059 | Form OPR-3 | |
SOURCES AND USE OF CASH |
6/30/06 | 7/31/06 | 8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | |||||||||||||
CASH DIFFERENCE: | ||||||||||||||||||
Current ending cash balance | 1,089 | 10,418 | (90,242 | ) | 2,752 | 291 | (585 | ) | ||||||||||
Less ending prior month balance | (960 | ) | (1,089 | ) | (10,418 | ) | 90,242 | (2,752 | ) | (291 | ) | |||||||
NET CASH INCREASE (DECREASE) | 129 | 9,329 | (100,660 | ) | 92,994 | (2,461 | ) | (876 | ) | |||||||||
SOURCES OF CASH: | ||||||||||||||||||
Net income (loss) | (19,886 | ) | (130,532 | ) | (184,587 | ) | (53,059 | ) | 2,794,678 | (50,526 | ) | |||||||
Equity in earnings and unrealized losses of AIC | 0 | 137,078 | 0 | 0 | (2,860,082 | ) | 0 | |||||||||||
Decrease in: | ||||||||||||||||||
Receivables | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities | 21,630 | 8,951 | 49,957 | 190,369 | 35,672 | 11,430 | ||||||||||||
Increase in: | ||||||||||||||||||
Post- petition debt | 0 | 0 | 33,970 | 0 | 27,271 | 38,220 | ||||||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL SOURCES OF CASH | 1,744 | 15,497 | (100,660 | ) | 137,310 | (2,461 | ) | (876 | ) | |||||||||
USES OF CASH: | ||||||||||||||||||
Increase in: | ||||||||||||||||||
Receivables | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Decrease in: | ||||||||||||||||||
Post- petition debt | (1,615 | ) | (6,168 | ) | 0 | (44,316 | ) | |||||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL USES OF CASH | (1,615 | ) | (6,168 | ) | 0 | (44,316 | ) | 0 | 0 | |||||||||
NET CASH INCREASE (DECREASE) | 129 | 9,329 | (100,660 | ) | 92,994 | (2,461 | ) | (876 | ) | |||||||||
CASE NAME: Acceptance Insurance Companies Inc. | ||
CASE NO: 05-80059 | SCHEDULE C | |
SCHEDULE OF POST PETITION DEBT |
6/30/06 | 7/31/06 | 8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | |||||||
TRADE ACCOUNTS PAYABLE | 54,787 | 48,619 | 82,589 | 38,273 | 65,544 | 103,765 | ||||||
PAYROLL AND PAYROLL TAXES | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TAXES PAYABLE | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TOTAL POST PETITION DEBT | 54,787 | 48,619 | 82,589 | 38,273 | 65,544 | 103,765 | ||||||