Exhibit 99.1
CASE NAME: Acceptance Insurance Companies Inc. | ||||
CASE NO: 05-80059 | Form OPR-1A |
8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | 12/31/06 | 1/31/07 | |||||||||||||
CURRENT ASSETS: | ||||||||||||||||||
Cash (Attach Recons. & Bk Stmts.) | (90,242 | ) | 2,752 | 291 | (585 | ) | 816 | 824 | ||||||||||
Investment securities, at market | 2,158,846 | 1,968,477 | 1,932,805 | 1,921,375 | 1,807,249 | 1,756,026 | ||||||||||||
Prepaid expense & deposits | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | ||||||||||||
TOTAL CURRENT ASSETS | 2,128,604 | 2,031,229 | 1,993,096 | 1,980,790 | 1,868,065 | 1,816,850 | ||||||||||||
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 | 8,830,983 | 8,830,983 | 11,691,065 | 11,691,065 | 11,691,065 | 11,736,045 | ||||||||||||
Contingent claims | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | ||||||||||||
TOTAL OTHER ASSETS | 30,330,983 | 30,330,983 | 33,191,065 | 33,191,065 | 33,191,065 | 33,236,045 | ||||||||||||
TOTAL ASSETS | 32,459,587 | 32,362,212 | 35,184,161 | 35,171,855 | 35,059,130 | 35,052,895 | ||||||||||||
I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.
Date Submitted | February 12, 2007 | 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 |
8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | 12/31/06 | 1/31/07 | |||||||||||||
LIABILITIES: | ||||||||||||||||||
Post-Petition debt (Sched. C) | 82,589 | 38,273 | 65,544 | 103,765 | 18,603 | 34,724 | ||||||||||||
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 | 138,238,903 | 138,194,587 | 138,221,858 | 138,260,079 | 138,174,917 | 138,191,038 | ||||||||||||
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 | (738,520 | ) | (791,579 | ) | 2,003,099 | 1,952,572 | 1,925,009 | 1,902,653 | ||||||||||
TOTAL SHAREHOLDERS EQUITY | (105,779,316 | ) | (105,832,375 | ) | (103,037,697 | ) | (103,088,224 | ) | (103,115,787 | ) | (103,138,143 | ) | ||||||
TOTAL LIABILITIES AND SHAREHOLDER EQUITY | 32,459,587 | 32,362,212 | 35,184,161 | 35,171,855 | 35,059,130 | 35,052,895 | ||||||||||||
CASE NAME: Acceptance Insurance Companies Inc. | ||||
CASE NO: 05-80059 | Form OPR-2 STATEMENT OF INCOME |
8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | 12/31/06 | 1/31/07 | |||||||||||||
REVENUE: | ||||||||||||||||||
Net investment income | 9,689 | 8,436 | 8,897 | 8,211 | 7,667 | 8,408 | ||||||||||||
Net realized gain | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Other | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||
Salaries and benefits | (6,618 | ) | (6,610 | ) | (6,498 | ) | (6,498 | ) | (6,498 | ) | (7,222 | ) | ||||||
Board fees and expenses | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Legal fees and expenses | (185,664 | ) | (38,990 | ) | (49,827 | ) | (50,240 | ) | (26,690 | ) | (68,191 | ) | ||||||
Accounting fees and expenses | 0 | 0 | (11,978 | ) | 0 | 0 | 0 | |||||||||||
Insurance | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Franchise taxes | 0 | (13,500 | ) | 0 | 0 | 0 | 0 | |||||||||||
Filing fees and expenses | (1,955 | ) | (2,333 | ) | (5,974 | ) | (1,994 | ) | (1,957 | ) | (327 | ) | ||||||
Miscellaneous | (39 | ) | (62 | ) | (24 | ) | (5 | ) | (86 | ) | (5 | ) | ||||||
NET OPERATING INCOME / LOSS | (184,587 | ) | (53,059 | ) | (65,404 | ) | (50,526 | ) | (27,564 | ) | (67,337 | ) | ||||||
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 | 0 | 2,388,299 | 0 | 0 | (41,826 | ) | |||||||||||
Equity in unrealized losses of securities of AIC | 0 | 0 | 471,783 | 0 | 0 | 86,806 | ||||||||||||
TOTAL OTHER INCOME (EXPENSE) | 0 | 0 | 2,860,082 | 0 | 0 | 44,980 | ||||||||||||
NET INCOME (LOSS) | (184,587 | ) | (53,059 | ) | 2,794,678 | (50,526 | ) | (27,564 | ) | (22,357 | ) | |||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-3 SOURCES AND USE OF CASH |
8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | 12/31/06 | 1/31/07 | |||||||||||||
CASH DIFFERENCE: | ||||||||||||||||||
Current ending cash balance | (90,242 | ) | 2,752 | 291 | (585 | ) | 816 | 824 | ||||||||||
Less ending prior month balance | (10,418 | ) | 90,242 | (2,752 | ) | (291 | ) | 585 | (816 | ) | ||||||||
NET CASH INCREASE (DECREASE) | (100,660 | ) | 92,994 | (2,461 | ) | (876 | ) | 1,401 | 8 | |||||||||
SOURCES OF CASH: | ||||||||||||||||||
Net income (loss) | (184,587 | ) | (53,059 | ) | 2,794,678 | (50,526 | ) | (27,564 | ) | (22,357 | ) | |||||||
Equity in earnings and unrealized losses of AIC | 0 | 0 | (2,860,082 | ) | 0 | 0 | (44,980 | ) | ||||||||||
Decrease in: | ||||||||||||||||||
Receivables | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities | 49,957 | 190,369 | 35,672 | 11,430 | 114,127 | 51,224 | ||||||||||||
Increase in: | ||||||||||||||||||
Post-petition debt | 33,970 | 0 | 27,271 | 38,220 | 0 | 16,121 | ||||||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL SOURCES OF CASH | (100,660 | ) | 137,310 | (2,461 | ) | (876 | ) | 86,563 | 8 | |||||||||
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 | 0 | (44,316 | ) | 0 | 0 | (85,162 | ) | 0 | ||||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL USES OF CASH | 0 | (44,316 | ) | 0 | 0 | (85,162 | ) | 0 | ||||||||||
NET CASH INCREASE (DECREASE) | (100,660 | ) | 92,994 | (2,461 | ) | (876 | ) | 1,401 | 8 | |||||||||
CASE NAME: Acceptance Insurance Companies Inc. | ||||
CASE NO: 05-80059 | SCHEDULE C SCHEDULE OF POST PETITION DEBT |
8/31/06 | 9/30/06 | 10/31/06 | 11/30/06 | 12/31/06 | 1/31/07 | |||||||
TRADE ACCOUNTS PAYABLE | 82,589 | 38,273 | 65,544 | 103,765 | 18,603 | 34,724 | ||||||
PAYROLL AND PAYROLL TAXES | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TAXES PAYABLE | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TOTAL POST PETITION DEBT | 82,589 | 38,273 | 65,544 | 103,765 | 18,603 | 34,724 | ||||||