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OFFICE OF THE UNITED STATES TRUSTEE
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IN RE: ) DEBTOR IN POSSESSION OPERATING REPORT
)
SN INSURANCE SERVICES ) REPORT NUMBER 6 Page 1 of 3
) FOR THE PERIOD FROM: 01-Sep-00
DEBTOR ) TO: 30-Sep-00
___________________________________) _________________________________________
CHAPTER 11 CASE NO. SV00-14100-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, Photocopiers, 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 ============
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Revised April 1989 OPERATING REPORT UST-4
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SCHEDULE A
SNIG, BIG, SNIA and SNIS
Schedule of Operations
One Month ended September 30, 2000
[Bankruptcy filed April 26, 2000]
(unaudited)
(In thousands)
Consolidated
SNIG BIG SNIA SNIS Elimination Total
-------- -------- -------- -------- ------------- --------
Revenues:
Commission income $ -- $ -- $ 314 $ 836 $ -- $ 1,150
Net investment income 49 32 3 275 -- 359
-------- -------- -------- -------- -------- --------
Total Revenues 49 32 317 1,111 -- 1,509
-------- -------- -------- -------- -------- --------
Expenses:
Interest expense 1,126 -- -- -- -- 1,126
Bad debt expense -- -- 6,260(A) 9,631(A) -- 15,891
General and administrative
Other 347 798(B) 85 761 -- 1,991
-------- -------- -------- -------- -------- --------
Total Expenses 1,473 798 6,345 10,392 -- 19,008
-------- -------- -------- -------- -------- --------
Income (loss) before income taxes and preferred
securities dividends and accretion (1,424) (766) (6,028) (9,281) -- (17,499)
Income tax (benefit) expense -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Income (loss) before preferred securities
dividends and accretion (1,424) (766) (6,028) (9,281) -- (17,499)
Preferred securities dividends and accretion (998) -- -- -- -- (998)
Expenses not related to business operations:
Legal and Professional Fees (560) -- -- -- -- (560)
Other non-operating expenses -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
(2,982) (766) (6,028) (9,281) -- (19,057)
Equity in net income (loss) from subsidiaries (16,051) (15,285) -- -- 31,360 24
-------- -------- -------- -------- -------- --------
Net (Loss) Income $(19,033) $(16,051) $ (6,028) $ (9,281) $ 31,360 $(19,033)
======== ======== ======== ======== ======== ========
(A) Amount reflects a recording of an allowance for bad debt on collection of
commissions receivable. Debtor continues to asset rights of offset and
other methods to effectuate collection.
(B) Amount reflects a one-time recording of the full depreciation of Business
Insurance Group, Inc.'s assets (i.e. furniture, fixtures & equipment, EDP
software, and EDP equipment) on the account of the contemplated transfer
of such assets pursuant to the Settlement Agreement entered into on
9/8/2000 between Superior National Insurance Group, Inc., Business
Insurance Group, Inc., SN Insurance Services, Inc., SN Insurance
Administrators, Inc., and the California Department of Insurance and
certain affiliates of Kemper Insurance Group.
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DEBTOR IN POSSESSION OPERATING REPORT NO. 6
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Page 2 of 3
2. Aging of Accounts Payable and Recievable (exclude pre-petition debt from
accounts payable):
-----------------------------------------
Accounts Payable Accounts Recievable
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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:
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Post-Petition
Frequency of Payments Not Made
Payments per Amount of --------------------
Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount
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SEE ATTACHED SCHEDULE C
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4. Tax Liability:
Gross Payroll Expense For Period $2,126,345
Gross Sales for Period Subject to Sales Tax $0
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Post Petition Taxes
Date Paid Amount Paid * Still Owing
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Federal Payroll and Withholding Taxes 09/02/00, 09/16/00, 09/30/00 $553,647 $0
State Payroll and Withholding Taxes 09/02/00, 09/16/00, 09/30/00 $80,147 $0
State Sales and Use Tax N/A $0 N/A
Real Property Taxes N/A $0 N/A
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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
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Carrier/ Amount of Policy Premium Paid
Agent Coverage Exp. Date Thru Date
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Workers' 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
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SCHEDULE B
Superior National Insurance Group, Inc. in Bankruptcy
Aging of Accounts Payable and Recievable
As of September 30, 2000
Superior National Insurance Group
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Non-Intercompany Accounts Intercompany Accounts
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Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable
-------------------------------------- -------------------------------------
Current Under 30 days 1,282,532 286,657 -- --
Overdue 31-60 days 108,061 10,944 -- --
Overdue 61-90 days 81,162 50,000 -- --
Overdue 91-120 days 107,680 6,982 -- --
Overdue 121+ days 102,310 11,093 1 500,009
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Total $ 1,681,746 $ 365,676[A] $ 1 $ 500,009
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Business Insurance Group
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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 -- -- -- --
Overdue 91-120 days 16,227 -- -- --
Overdue 121+ days 215 601,265 -- 14,963,854
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Total $ 16,442 $ 601,265 $ -- $14,963,854
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Superior National Insurance Services
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Non-Intercompany Accounts Intercompany Accounts
-------------------------------------- -------------------------------------
Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable
-------------------------------------- -------------------------------------
Current Under 30 days 9,060,850 894,035 -- --
Overdue 31-60 days 145,759 1,186,309 -- --
Overdue 61-90 days 200,321 1,137,987 -- --
Overdue 91-120 days 248,405 860,784 -- 201,832
Overdue 121+ days 193,297 7,084,263 -- 455,792
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Total $ 9,848,632 $11,163,376[B] $ -- $ 657,624
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Superior National Insurance Administrators
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Non-Intercompany Accounts Intercompany Accounts
-------------------------------------- -------------------------------------
Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable
-------------------------------------- -------------------------------------
Current Under 30 days 1,280,660 316,421 -- --
Overdue 31-60 days 20,231 489,634 -- --
Overdue 61-90 days 61,702 530,627 -- --
Overdue 91-120 days 83,644 586,428 201,832 --
Overdue 121+ days 57,998 4,454,087 627,737 98,383
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Total $ 1,504,235 $ 6,377,198[C] $ 829,569 $ 98,383
-------------------------------------- -------------------------------------
Consolidated
-------------------------------------- -------------------------------------
Non-Intercompany Accounts Intercompany Accounts
-------------------------------------- -------------------------------------
Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable
-------------------------------------- -------------------------------------
Current Under 30 days 11,624,042 1,497,113 -- --
Overdue 31-60 days 274,051 1,686,887 -- --
Overdue 61-90 days 343,185 1,718,614 -- --
Overdue 91-120 days 455,956 1,454,194 201,832 201,832
Overdue 121+ days 353,820 12,150,709 627,739 16,018,038
-------------------------------------- -------------------------------------
Total $13,051,055 $18,507,517 $ 829,570 $16,219,870
-------------------------------------- -------------------------------------
[A] Amounts in accounts payable due not include interest due and accrued on
bank loan and Trust Preferred Securities.
[B] Amounts shown in accounts receivable do not include recorded amounts on
allowance for bad debt on collection of commissions receivable, in which
the Debtor continues to assert rights of offset and other methods to
effectuate collection.
[C] Amounts shown in accounts receivable do not include recorded amounts on
allowance for bad debt on collection of claims administration fee, in
which the Debtor continues to assert rights of offset and other methods to
effectuate collection.
SCHEDULE C
SEPTEMBER 30, 2000
SNIG
3. Statement of Status of Payments to Secured Creditors and Lessors:
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Post-Petition
Frequency of Payments Not Made
Payments per Amount of ---------------------------
Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount
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BancBoston Leasing Inc. /
Fleet Capital Leasing Monthly $235,337.00 10/01/2000 None $ --
Citizens Leasing Corporation Monthly See BIG's schedule for details
Dell Financial Services Monthly $ 8,931.85 10/20/2000 None $ --
IKON Office Solutions, Inc. /
IOS Capital Monthly $ 1,395.65 10/23/00, 10/15/00 1 $ 1,395.65
Neopost Monthly $ 858.80 9/29/2000, 10/10/00 None $ --
Neopost Quarterly $ 167.07 12/24/2000 None $ --
Pitney Bowes Credit Corp. Monthly $ 4,810.67 10/10/00, 10/20/00, 10/1/00 None $ --
Pitney Bowes Credit Corp. Quarterly $ 7,394.15 12/10/00, 11/10/00 None $ --
Sharp Electronics Credit Co. Monthly $ 699.04 10/01/2000 None $ --
Stringer Business Systems Inc. Monthly $ 2,163.51* 10/01/2000 None $ --
10/24/00, 10/6/00, 10/11/00
Toshiba America Information Sys. Monthly $ 8,170.39 10/1/00, 10/18/00 1 $ 5,601.48
Kilroy Realty Corp. Monthly $153,583.82 10/01/2000 None $ --
Tiger Ventura County /
c/o Sares-Regis Group Monthly $ 16,795.17 10/01/2000 1 $ 16,795.17
Equity Office Properties
(Chicago, IL) Monthly $ 20,026.42 10/01/2000 1 $ 20,026.42
Bemiston Tower, Inc. /
PM Realty Advisor Monthly $ 5,343.67 10/01/2000 1 $ 5,343.67
Trizec Kahn Properties Monthly $226,076.40 10/01/2000 None $ --
Bettman Real Estate Management Monthly $ 1,932.33 10/01/2000 See Note A
MCLT LDB-7 Landmark Square Monthly $ 1,024.85 10/01/2000 1 $ 1,024.85
Insignia ESG Inc. - Biltmore Co. Monthly $ 12,437.51 10/01/2000 1 $ 12,437.51
Equity Office Properties (Texes) Monthly $ 3,942.39 10/01/2000 1 $ 3,942.39
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Amounts above do not include bank loan in default, which are partially secured
by stock of Superior National Insurance Group, Inc. and its subsidiaries.
* Monthly payment is based on number of copies made for the previous month,
therefore payment varies each month.
Note A: Amount of payments not made are unknown at this time based on
information provided by the Conserved Companies. It is currently being
researched.
BIG
3. Statement of Status of Payments to Secured Creditors and Lessors:
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Post-Petition
Frequency of Payments Not Made
Payments per Amount of ---------------------------
Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount
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Citizens Leasing Corporation Monthly $ 206,798.28 10/01/2000 None $ --
Dell Financial Services Monthly $ 52,321.29 10/15/2000 1 $ 5,326.13
Principal Management Corporation /
GCI CAPITAL, INC. Monthly $ 30,827.28 10/01/2000 None $ --
Mack Cali Realty /
500 Columbia Tpk Assoc., LLC Monthly $ 9,245.77 10/01/2000 1 $ 9,245.77
Transwestern CG Partner LLP /
c/o Transwestern Property Co. Monthly $ 5,908.75 10/01/2000 1 $ 5,908.75
SP Environmental Systems /
Union Pacific Railroad Co. Monthly $ 12,465.16 10/01/2000 1 $ 12,465.16
Kaiser-Francis Oil Company /
c/o Realty Operating Company Monthly $ 3,778.00 10/01/2000 1 $ 3,778.00
Zodiac Development Monthly $ 9,454.31 10/01/2000 1 $ 9,454.31
Koger Realty Services Inc.
(Brentwood, TN) Monthly $ 2,418.60 10/01/2000 See Note A
Koger Realty Services Inc.
(San Diego, CA) Monthly $ 26,600.89 10/01/2000 1 $ 26,600.89
Prospect Park 29 NTL Income Realty /
c/o PCS Realty Advisors Monthly $ 65,255.36 10/01/2000 None $ --
Colonial Property Trust Monthly $ 5,433.98 10/01/2000 See Note A
Fults Realty Corporation Monthly $ 15,362.95 10/01/2000 See Note A
Woodland III Holding, LLC /
c/o Wasatch Property Management Monthly $ 12,940.15 10/01/2000 See Note A
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Amounts above do not include bank loan in default, which are partially secured
by stock of Superior National Insurance Group, Inc. and its subsidiaries.
Note A: Amount of payments not made are unknown at this time based on
information provided by the Conserved Companies. It is currently being
researched.
SNIA
3. Statement of Status of Payments to Secured Creditors and Lessors:
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Post-Petition
Frequency of Payments Not Made
Payments per Amount of ---------------------------
Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount
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NONE
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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:
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Post-Petition
Frequency of Payments Not Made
Payments per Amount of ---------------------------
Creditor/Lessor Lease/Contract Each Payment Next Payment Due Number Amount
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NONE
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Amounts above do not include bank loan in default, which are partially secured
by stock of Superior National Insurance Group, Inc. and its subsidiaries.
Superior National Insurance Group, Inc. in Bankruptcy SCHEDULE D
Debtor in Possession Operating Report No. 6
Insurance Coverage - 5
As of September 30, 2000
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Amount of Policy Premium Paid
State Carrier Agent Coverage Exp. Date Thru Date
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Arizona Liberty Mutual Group Di Buduo & De Fendis l Statutory 12-Jul-01 12-Jul-01
Arkansas Liberty Mutual Group Di Buduo & De Fendis l Statutory 12-Jul-01 12-Jul-01
California State Compensation
Insurance Fund Di Buduo & De Fendis l Statutory 01-Jun-01 30-Sep-00
Colorado Pinnacol Assurance Di Buduo & De Fendis l Statutory 01-Jun-01 01-Jun-01
Florida Florida W/C Joint
Underwriting
Association, Inc. Di Buduo & De Fendis l Statutory 09-Jun-01 30-Sep-00
Georgia Liberty Mutual Group Di Buduo & De Fendis l Statutory 12-Jul-01 12-Jul-01
Illinois Liberty Mutual Group Di Buduo & De Fendis l Statutory 12-Jul-01 12-Jul-01
Indiana Liberty Mutual Group Di Buduo & De Fendis l Statutory 13-Jul-01 13-Jul-01
Kansas Travelers Insurance Di Buduo & De Fendis l Statutory 11-Aug-01 11-Aug-01
Company
Louisiana Louisiana W/C
Corporation Di Buduo & De Fendis l Statutory 31-May-01 30-Sep-00
Missouri Travelers Property &
Casualty Di Buduo & De Fendis l Statutory 02-Jun-01 02-Jun-01
New Jersey Granite State Insurance
Company Di Buduo & De Fendis l Statutory 02-Jun-01 30-Sep-00
New Mexico New Mexico Mutual
Casualty Company Di Buduo & De Fendis l Statutory 03-Jun-01 30-Sep-00
New York The State Insurance
Fund (N.Y.) Di Buduo & De Fendis l Statutory 02-Jun-01 02-Jun-01
Oklahoma State Insurance Fund Di Buduo & De Fendis l Statutory 01-Jul-01 01-Jul-01
Oregon Liberty Northwest
Insurance Corporation Di Buduo & De Fendis l Statutory 01-Jul-01 30-Sep-00
Pennsylvania State Workrmens'
Insurance Fund Di Buduo & De Fendis l Statutory 03-Jun-01 03-Jun-01
Tennessee The Cincinnati
Insurance Companies Di Buduo & De Fendis l Statutory 02-Jun-01 30-Sep-00
Texas Texas W/C Insurance
Fund Di Buduo & De Fendis l Statutory 18-Jul-01 01-Jun-01
Utah Workers' Compensation
Fund of Utah Di Buduo & De Fendis l Statutory 03-Jun-01 03-Jun-01
Wisconsin Tri-State Insurance
Company of Minnesota Di Buduo & De Fendis l Statutory 03-Jun-01 03-Jun-01
Note: Within all of the policies identified above the following entities are
covered for Workers' Compensation: SNIG, BIG, SNIA and SNIS.
September 30, 2000 Schedule E
Policy Exp. Premium paid
Company Agent Type of Insurance Amount of Coverage Date thru date
- ------- ----- ----------------- ------------------ ----------- -----------
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Commercial General Liability
Package
General Liability $1 million per occurrence 11/01/2000 10/01/2000
$2 million aggregate Renewed on 11/1/00
thru 11/1/01
Advertising Injury $1 million
Employee Benefit Liability $1 million per claim
$2 million aggregate
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Automobile
Liability $1 million 11/01/2000 10/01/2000
Medical $5,000 Renewed on 11/1/00
thru 11/1/01
Uninsured Motorist $500,000
Physical Damage Actual value less $500
deductible
SNIG, BIG, SNIS, & SNIA Carpenter Moore Directors & Officers (run-off)
Reliance $5,000,000 5/01/2003 5/01/2003
Lloyd's of London $5,000,000 xs $5,000,000
Gulf Insurance Company $10,000,000 xs $10,000,000
Executive Risk Indemnity $10,000,000 xs $20,000,000
Philadelphia Indemnity $10,000,000 xs $30,000,000
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Employer Practice Liability $1 million per loss 12/10/2000 12/10/2000
& in the aggregate
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Fiduciary Liability $5 million per loss 12/10/2000 12/10/2000
& in the aggregate
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Commercial Umbrella $20 million per occurrence 11/01/2000 10/01/2000
$20 million aggregate Renewed on 11/1/00
thru 11/1/01
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Excess Liability $10 million per occurrence 11/01/2000 10/01/2000
$10 million aggregate Renewed on 11/1/00
thru 11/1/01
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Difference in Condition $10 million per occurrence 01/22/2001 01/22/2001
$10 million aggregate
*$25,000 deductible, minimum and 5% of
total insurable property
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Difference in Condition Excess $10 million 01/22/2001 01/22/2001
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Accident Policy (Life/Travel) $1 million to $3 million 01/15/2001 01/15/2001
(depends on rank of
officer)
BIG only DiBudio & DeFendis Professional Liability Run Off $10 million per loss 12/10/2004 12/10/2004
BIG companies only/acts b/f & in the aggregate
12-10-99
* $500,000 deductible
SNIG only DiBudio & DeFendis Professional Liability Run Off $10 million per loss 12/10/2000 12/10/2000
SNIG companies only/acts b/f & in the aggregate
12-10-99
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DEBTOR IN POSSESSION OPERATING REPORT NO. 6
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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?
______: Yes Explain: ______________________________________
___X__: 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?
______: Yes Explain: ______________________________________
___X__: No
7. Statement of Unpaid Professional Fees (Post-Petition Only):
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Type Post-Petition
Name of Professional Professional Unpaid Total
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Please See Attached
Schedule F
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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)
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Quarterly
Quarterly Disbursements Quarterly Quarterly
Period Ending for Quarter Fee Date Paid Amount Paid Check No. Fee Still Owing
- ----------------------------------------------------------------------------------------------------------------
06/30/2000 $31,177,419.00 $10,000.00 08/01/2000 $ 250.00 105 $5,000.00 Note A
08/04/2000 $4,750.00 106 $0.00
09/30/2000 $61,202,904.00 $10,000.00 $ 000.00 $10,000.00 Note B
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Note A - 2nd quarter trustee fee was paid in full on 11/4/00.
Note B - 3rd quarter trustee fee was paid on 11/4/00.
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: 12-1-00 Signed: /s/ Alex Corbett
------- -------------------------
SCHEDULE F
SEPTEMBER 30, 2000
SNIG, BIG, SNIS, SNIA
- ----------------------------------------------------------------------------------------------------------------------
Type Post-Petition
Name of Professional Professional Unpaid Total*
- ----------------------------------------------------------------------------------------------------------------------
Quinn Emanuel Urquhart Oliver & Hedges LLP Special Litigation Counsel $670,119
Riordan & McKenzie Corporate Counsel $ 60,602 See Note A
Christopher M. Maisel Access Facilitator $381,937
Paul, Weiss, Rifkind, Wharton & Garrison $ 62,562
Tillinghast-Towers, Perrin Actuaries $ 32,261
Latham & Watkins Counsel for Official Committee of Unsecured Creditors $224,351
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* Unpaid amount is through 9/30/00, with the exception of Quinn Emanuel which is
through 10/31/00.
Note A - Fees have been paid through retainer, but have not been approved by the
Bankruptcy Court.