Exhibit 99.1
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-1A |
3/31/07 | 4/30/07 | 5/31/07 | 6/30/07 | 7/31/07 | 8/31/07 | |||||||||||||
CURRENT ASSETS: | ||||||||||||||||||
Cash (Attach Recons. & Bk Stmts.) | 1,702 | 1,005 | 810 | 1,144 | 923 | (1,574 | ) | |||||||||||
Investment securities, at market | 1,725,902 | 1,617,563 | 1,610,856 | 1,520,322 | 1,497,261 | 1,398,559 | ||||||||||||
Prepaid expense & deposits | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | ||||||||||||
TOTAL CURRENT ASSETS | 1,787,604 | 1,678,568 | 1,671,666 | 1,581,466 | 1,558,184 | 1,456,985 | ||||||||||||
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 | 11,736,045 | 11,863,974 | 11,863,974 | 11,863,974 | 11,945,142 | 11,945,142 | ||||||||||||
Contingent claims | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | ||||||||||||
TOTAL OTHER ASSETS | 33,236,045 | 33,363,974 | 33,363,974 | 33,363,974 | 33,445,142 | 33,445,142 | ||||||||||||
TOTAL ASSETS | 35,023,649 | 35,042,542 | 35,035,640 | 34,945,440 | 35,003,326 | 34,902,127 | ||||||||||||
I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.
Date Submitted September 6, 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 |
3/31/07 | 4/30/07 | 5/31/07 | 6/30/07 | 7/31/07 | 8/31/07 | |||||||||||||
LIABILITIES: | ||||||||||||||||||
Post-Petition debt (Sched. C) | 34,821 | 33,409 | 73,306 | 54,960 | 120,179 | 53,644 | ||||||||||||
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 | 138,191,135 | 138,189,723 | 138,229,620 | 138,211,274 | 138,276,493 | 138,209,958 | ||||||||||||
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 | 1,873,310 | 1,893,615 | 1,846,816 | 1,774,962 | 1,767,629 | 1,732,965 | ||||||||||||
TOTAL SHAREHOLDERS EQUITY | (103,167,486 | ) | (103,147,181 | ) | (103,193,980 | ) | (103,265,834 | ) | (103,273,167 | ) | (103,307,831 | ) | ||||||
TOTAL LIABILITIES AND SHAREHOLDER EQUITY | 35,023,649 | 35,042,542 | 35,035,640 | 34,945,440 | 35,003,326 | 34,902,127 | ||||||||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-2 |
STATEMENT OF INCOME
3/31/07 | 4/30/07 | 5/31/07 | 6/30/07 | 7/31/07 | 8/31/07 | |||||||||||||
REVENUE: | ||||||||||||||||||
Net investment income | 7,354 | 7,290 | 6,995 | 6,350 | 6,769 | 6,114 | ||||||||||||
Net realized gain | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Other | 0 | 0 | 0 | 631 | 0 | 0 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||
Salaries and benefits | (7,222 | ) | (7,221 | ) | (7,022 | ) | (6,949 | ) | (6,949 | ) | (6,949 | ) | ||||||
Board fees and expenses | 0 | 0 | 0 | (85 | ) | 0 | 0 | |||||||||||
Financial advisor fees and expenses | 0 | 0 | 0 | 0 | (75,000 | ) | 0 | |||||||||||
Legal fees and expenses | (11,882 | ) | (104,708 | ) | (44,805 | ) | (63,486 | ) | (13,315 | ) | (28,913 | ) | ||||||
Accounting fees and expenses | 0 | 0 | 0 | (6,326 | ) | 0 | 0 | |||||||||||
Insurance | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Franchise taxes | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Filing fees and expenses | (1,947 | ) | (2,979 | ) | (1,963 | ) | (1,953 | ) | 0 | (4,010 | ) | |||||||
Miscellaneous | (5 | ) | (5 | ) | (5 | ) | (36 | ) | (5 | ) | (906 | ) | ||||||
NET OPERATING INCOME / LOSS | (13,702 | ) | (107,623 | ) | (46,800 | ) | (71,854 | ) | (88,500 | ) | (34,664 | ) | ||||||
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 | 1,250 | 0 | 0 | 165,848 | 0 | ||||||||||||
Equity in unrealized losses of securities of AIC | 0 | 126,679 | 0 | 0 | (84,680 | ) | 0 | |||||||||||
TOTAL OTHER INCOME (EXPENSE) | 0 | 127,929 | 0 | 0 | 81,168 | 0 | ||||||||||||
NET INCOME (LOSS) | (13,702 | ) | 20,306 | (46,800 | ) | (71,854 | ) | (7,332 | ) | (34,664 | ) | |||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | Form OPR-3 |
SOURCES AND USE OF CASH
3/31/07 | 4/30/07 | 5/31/07 | 6/30/07 | 7/31/07 | 8/31/07 | |||||||||||||
CASH DIFFERENCE: | ||||||||||||||||||
Current ending cash balance | 1,702 | 1,005 | 810 | 1,144 | 923 | (1,574 | ) | |||||||||||
Less ending prior month balance | (1,170 | ) | (1,702 | ) | (1,005 | ) | (810 | ) | (1,144 | ) | (923 | ) | ||||||
NET CASH INCREASE (DECREASE) | 532 | (697 | ) | (195 | ) | 334 | (221 | ) | (2,497 | ) | ||||||||
SOURCES OF CASH: | ||||||||||||||||||
Net income (loss) | (13,702 | ) | 20,306 | (46,800 | ) | (71,854 | ) | (7,332 | ) | (34,664 | ) | |||||||
Equity in earnings and unrealized losses of AIC | 0 | (127,929 | ) | 0 | 0 | (81,168 | ) | 0 | ||||||||||
Decrease in: | ||||||||||||||||||
Receivables | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities | 17,381 | 108,340 | 6,707 | 90,534 | 23,061 | 98,702 | ||||||||||||
Increase in: | ||||||||||||||||||
Post-petition debt | 0 | 0 | 39,898 | 0 | 65,218 | 0 | ||||||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL SOURCES OF CASH | 3,679 | 717 | (195 | ) | 18,680 | (221 | ) | 64,038 | ||||||||||
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 | (3,147 | ) | (1,414 | ) | 0 | (18,346 | ) | 0 | (66,535 | ) | ||||||||
Pre-petition debt | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL USES OF CASH | (3,147 | ) | (1,414 | ) | 0 | (18,346 | ) | 0 | (66,535 | ) | ||||||||
NET CASH INCREASE (DECREASE) | 532 | (697 | ) | (195 | ) | 334 | (221 | ) | (2,497 | ) | ||||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059 | SCHEDULE C |
SCHEDULE OF POST PETITION DEBT
3/31/07 | 4/30/07 | 5/31/07 | 6/30/07 | 7/31/07 | 8/31/07 | |||||||
TRADE ACCOUNTS PAYABLE | 34,821 | 33,409 | 73,306 | 54,960 | 120,179 | 53,644 | ||||||
PAYROLL AND PAYROLL TAXES | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TAXES PAYABLE | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
TOTAL POST PETITION DEBT | 34,821 | 33,409 | 73,306 | 54,960 | 120,179 | 53,644 | ||||||