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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 7 Page 1 of 3
) FOR THE PERIOD FROM: 01-Oct-00
DEBTOR ) TO: 31-Oct-00
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CHAPTER 11 CASE NO. SV00-14100-GM )
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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 Sales 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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DEBTOR IN POSSESSION OPERATING REPORT NO. 7
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Page 2 of 3
2. Aging of Accounts Payable and Receivable (exclude pre-petition debt from
accounts payable):
-----------------------------------------
Accounts Payable Accounts Receivable
-----------------------------------------
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 $739,406
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 10/15/00 & 10/31/00 $175,467 $0
State Payroll and Withholding Taxes 10/15/00 & 10/31/00 $26,497 $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
-----------------------------------------------------------
Carrier/ Amount of Policy Premium Paid
Agent Coverage Exp. Date Thru Date
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Worker's 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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DEBTOR IN POSSESSION OPERATING REPORT NO. 7
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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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See 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
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6/30/00 $31,177,419.00 $10,000.00 8/1/00 $ 250.00 105 $0.00
8/4/00 $4,750.00 106 $0.00
10/23/00 $5,000.00 115 $0.00
9/30/00 $61,202,904.00 $10,000.00 $0.00 $10,000.00 Note A
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Note A - 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: 1-11-01 Signed: /s/ Alex Corbett
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SCHEDULE A
SNIG, BIG, SNIA and SNIS
Schedule of Operations
One Month ended October 31, 2000
[Bankruptcy filed April 26, 2000]
(unaudited)
(In thousands)
Consolidated
SNIG BIG SNIA SNIS Elimination Total
-------- -------- -------- -------- ------------- ------------
Revenues:
Commission income $ -- $ -- $ -- $ 676 $ -- $ 676
Net investment income 9 34 3 101 -- 147
-------- -------- -------- -------- -------- --------
Total Revenues 9 34 3 777 -- 823
-------- -------- -------- -------- -------- --------
Expenses:
Interest expense 740 -- -- -- -- 740
Bad debt expense -- 600(A) -- 747(A) -- 1,347
General and administrative
Other (1,144)(B) (598)(B) (1,395)(B) (374)(B) -- (3,511)
-------- -------- -------- -------- -------- --------
Total Expenses (404) 2 (1,395) 373 -- (1,424)
-------- -------- -------- -------- -------- --------
Income (loss) before income taxes and preferred
securities dividends and accretion 413 32 1,398 404 -- 2,247
Income tax (benefit) expense -- -- -- -- -- --
-------- -------- -------- -------- -------- --------
Income (loss) before preferred securities
dividends and accretion 413 32 1,398 404 -- 2,247
Preferred securities dividends and accretion (933) -- -- -- -- (933)
Expenses not related to business operations:
Legal and Professional Fees (988) -- -- -- -- (988)
Other non-operating expenses -- (1) -- -- -- (1)
-------- -------- -------- -------- -------- --------
(1,508) 31 1,398 404 -- 325
Equity in net income (loss) from subsidiaries 1,837 1,806 -- -- (3,639) 4
-------- -------- -------- -------- -------- --------
Net (Loss) Income $ 329 $ 1,837 $ 1,398 $ 404 $ (3,639) $ 329
======== ======== ======== ======== ======== ========
(A) Amount reflects a recording of an allowance for bad debt on collection of
commissions receivable. Debtor continues to assert rights of offset and
other methods to effectuate collection.
(B) Amount includes the reduction of various payroll related liabilities on
account of the transfer of such liabilities in October 2000 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.
SCHEDULE B
Superior National Insurance Group, Inc. in Bankruptcy
Aging of Accounts Payable and Receivable
As of October 31, 2000
Superior National Insurance Group
-------------------------------------- -------------------------------------
Non-Intercompany Accounts Intercompany Accounts
-------------------------------------- -------------------------------------
Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable
-------------------------------------- -------------------------------------
Current Under 30 days 1,480,140 156,054 -- 209,248
Overdue 31-60 days 190,259 3,568 -- --
Overdue 61-90 days 7,000 10,944 -- --
Overdue 91-120 days 7,000 39,295 -- --
Overdue 121+ days 11,728 15,073 1 500,009
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Total $ 1,696,127 $ 224,934[A] $ 1 $ 709,257
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Business 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 -- -- -- --
Overdue 31-60 days -- -- -- --
Overdue 61-90 days -- -- -- --
Overdue 91-120 days -- -- -- --
Overdue 121+ days 16,442 601,265 -- 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 553,218 690,714 61,286 2,421
Overdue 31-60 days 115,481 894,035 -- --
Overdue 61-90 days 119,513 1,186,309 -- --
Overdue 91-120 days 173,755 1,137,987 -- 201,832
Overdue 121+ days 386,205 7,945,047 -- 455,792
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Total $ 1,348,171 $11,854,092[B] $ 61,286 $ 660,045
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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 48,466 -- 150,384 --
Overdue 31-60 days 2,382 316,421 -- --
Overdue 61-90 days 3,721 489,634 -- --
Overdue 91-120 days 22,325 530,627 -- --
Overdue 121+ days 61,361 5,040,515 829,569 98,383
-------------------------------------- -------------------------------------
Total $ 138,254 $ 6,377,198[C] $ 979,953 $ 98,383
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Consolidated
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Non-Intercompany Accounts Intercompany Accounts
-------------------------------------- -------------------------------------
Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable
-------------------------------------- -------------------------------------
Current Under 30 days 2,081,823 846,768 211,670 211,670
Overdue 31-60 days 308,122 1,214,025 -- --
Overdue 61-90 days 130,234 1,686,887 -- --
Overdue 91-120 days 203,080 1,707,909 -- 201,832
Overdue 121+ days 475,735 13,601,901 829,570 16,018,038
-------------------------------------- -------------------------------------
Total $ 3,198,994 $19,057,490 $1,041,241 $16,431,540
-------------------------------------- -------------------------------------
[A] Amounts in accounts payable do 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
OCTOBER 31, 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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Banc Boston Leasing Inc. /
Fleet Capital Leasing Monthly $235,337.00 11/1/00 None $ --
Citizens Leasing Corporation Monthly See BIG's schedule for details
Dell Financial Services Monthly $ 8,931.85 11/20/00 1 $ 8,931.85
IKON Office Solutions Inc. /
IOS Capital Monthly $ 1,395.65 11/23/00, 11/15/00 2 $ 2,791.30
Neopost Monthly $ 858.80 10/29/2000, 11/10/00 1 $ 858.80
Neopost Quarterly $ 167.07 12/24/00 None $ --
Pitney Bowes Credit Corp. Monthly $ 4,810.67 11/10/00, 11/20/00, 11/1/00 1 $ 4,810.67
Pitney Bowes Credit Corp. Quarterly $ 7,394.15 12/10/00, 11/10/00 None $ --
Sharp Electronics Credit Co. Monthly $ 699.04 11/1/00 1 $ 699.04
Stringer Business Systems Inc. Monthly $ 2,163.51* 11/1/00 1 $ 2,163.51*
11/24/00, 11/6/00, 11/11/00,
Toshiba America Information Sys. Monthly $ 8,170.39 11/1/00, 11/18/00 2 $ 13,771.87
Kilroy Realty Corp. Monthly $153,583.82 11/1/00 None $ --
Tiger Ventura County /
c/o Sares-Regis Group Monthly $ 16,795.17 11/1/2000 - See Note A 2 $ 33,590.34
Equity Office Properties
(Chicago, IL) Monthly $ 20,026.42 11/1/2000 - See Note A 2 $ 40,052.84
Bemiston Tower Inc. /
PM Realty Advisor Monthly $ 5,343.67 11/1/2000 - See Note A 2 $ 10,687.34
Trizec Kahn Properties Monthly $226,076.40 11/1/00 None $ --
Bettman Real Estate Management Monthly $ 1,932.33 11/1/00 See Note B
MCLT LDB-7 Landmark Square Monthly $ 1,024.85 11/1/2000 - See Note A 2 $ 2,049.70
Insignia ESG Inc. - Biltmore Co. Monthly $ 12,437.51 11/1/2000 - See Note A 2 $ 24,875.02
Equity Office Properties (Texas) Monthly $ 3,942.39 11/1/2000 - See Note A 2 $ 7,884.78
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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: Notice of abandonment of lease was mailed to the landlord to inform the
landlord that the Debtor is abandoning the premises and relinquishing
all rights of possession.
Note B: Per the CLO, they have discontinued paying the lease as of 4/2000 and
Superior has not occupied this office for a number of months.
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 11/1/00 None $ --
Dell Financial Services Monthly $ 52,321.29 11/15/00 2 $ 57,647.42
Principal Management Corporation /
GCI CAPITAL, INC. Monthly $ 30,827.28 11/1/00 1 $ 30,827.28
Mack Cali Realty /
500 Columbia Tpk Assoc., LLC Monthly $ 9,245.77 11/1/2000 - See Note A 2 $ 18,491.54
Transwestern CG Partner LLP /
c/o Transwestern Property Co. Monthly $ 5,908.75 11/1/2000 - See Note A 2 $ 11,817.50
SP Environmental Systems /
Union Pacific Railroad Co. Monthly $ 12,465.16 11/1/2000 - See Note A 2 $ 24,930.32
Kaiser-Francis Oil Company /
c/o Realty Operating Company Monthly $ 3,778.00 11/1/2000 - See Note A 2 $ 7,556.00
Zodiac Development Monthly $ 9,454.31 11/1/00 1 $ 9,454.31
Koger Realty Services Inc.
(Brentwood, TN) Monthly $ 2,418.60 11/1/00 See Note A & B
Koger Realty Services Inc.
(San Diego, CA) Monthly $ 26,600.89 11/1/00 2 $ 53,201.78
Prospect Park 29 NTL Income Realty /
c/o PCS Realty Advisors Monthly $ 65,255.36 11/1/00 None $ --
Colonial Property Trust Monthly $ 5,433.98 11/1/00 See Note C
Fults Realty Corporation Monthly $ 15,362.95 11/1/00 See Note B
Woodland III Holding, LLC /
c/o Wasatch Property Management Monthly $ 12,940.15 11/1/00 See Note C
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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: Notice of abandonment of lease was mailed to the landlord to inform the
landlord the the Debtor is abandoning the premises and relinquishing all
rights of possession.
Note B: Per the CLO, they are in the process of moving and/or selling the
furniture & fixtures at this location and expect to vacate this premise
by the end of 11/2000. The CLO has discontinued paying rent for this
lease as of 7/2000.
Note C: Per the CLO, they have discontinued paying the lease as of 4/2000 and
Superior has not occupied this office for a number of months.
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:
- ------------------------------------------------------------------------------------------------------------------------------------
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. 7
Insurance Coverage - 5
As of October 31, 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 Statutory 12-Jul-01 12-Jul-01
California State Compensation
Insurance Fund Di Buduo & De Fendis Statutory 01-Jun-01 30-Nov-00
Colorado Pinnacol Assurance Di Buduo & De Fendis Statutory 01-Jun-01 01-Jun-01
Illinois Liberty Mutual Group Di Buduo & De Fendis Statutory 12-Jul-01 12-Jul-01
Indiana Liberty Mutual Group Di Buduo & De Fendis Statutory 13-Jul-01 13-Jul-01
Kansas Travelers Insurance Di Buduo & De Fendis Statutory 11-Aug-01 11-Aug-01
Company
Missouri Travelers Property &
Casualty Di Buduo & De Fendis Statutory 02-Jun-01 02-Jun-01
New Jersey Granite State Insurance
Company Di Buduo & De Fendis Statutory 02-Jun-01 02-Jun-01
Oklahoma State Insurance Fund Di Buduo & De Fendis Statutory 15-Nov-01 15-Nov-01
Pennsylvania State Workrmens'
Insurance Fund Di Buduo & De Fendis Statutory 03-Jun-01 03-Jun-01
Texas Texas W/C Insurance
Fund Di Buduo & De Fendis Statutory 18-Jul-01 18-Jul-01
Note 1: The policies for Arkansas, Florida, Georgia, Louisiana, New Mexico,
New York, Oregon, Tennessee, Utah and Wisconsin were all cancelled in
December 2000.
Note 2: Within all of the policies identified above the following entities are
covered for Workers' Compensation: SNIG, BIG, SNIA and SNIS.
October 31, 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 occurence 11/13/01 11/13/01
$2 million aggregate
excluded
Advertising Injury $1 million per claim
Employee Benefit Liability $2 million aggregate
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Automobile
Liability $1 million 11/13/01 11/13/01
Medical $5,000
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 5/1/03 5/1/03
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 Commercial Umbrella $10 million per occurence 11/13/01 11/13/01
$10 million aggregate
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Excess Liability $10 million per occurence 11/13/01 11/13/01
$10 million aggregate
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Difference in Condition $10 million per occurrence 1/22/01 1/22/01
$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 1/22/01 1/22/01
SNIG, BIG, SNIS, & SNIA DiBudio & DeFendis Accident Policy (Life/Travel) $1 million to $3 million 1/15/01 1/15/01
(depends on rank of
officer)
BIG only DiBudio & DeFendis Professional Liability Run Off $10 million per loss 12/10/04 12/10/04
BIG companies only/acts b/f & in the aggregate
12-10-99
* $500,000 deductible
Note: The Debtor is currently in the process of obtaining coverage on the
following policies that expired on 12/10/2000 (Employer Practice
Liability, Fiduciary Liability, Fidelity Bond, and Professional Liability
Run off - SNIG only)
SCHEDULE F
OCTOBER 31, 2000
SNIG, BIG, SNIS, SNIA
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Type Post-Petition
Name of Professional Professional Unpaid Total*
- ----------------------------------------------------------------------------------------------------------------------
Quinn Emanuel Urquhart Oliver & Hedges LLP Special Litigation Counsel $670,119 See Note A
Riordan & McKenzie Corporate Counsel $ 60,602 See Note A
Christopher M. Maisel Access Facilitator $381,937 See Note A
Paul, Weiss, Rifkind, Wharton & Garrison $ 62,562 See Note A
Tillinghast-Towers, Perrin Actuaries $ 32,261 See Note A
Latham & Watkins Counsel for Official Committee of Unsecured Creditors $224,351 See Note A
- ----------------------------------------------------------------------------------------------------------------------
* Unpaid amount is through 9/30/00, with the exception of Quinn Emanuel which is
through 10/31/00.
Note A - All fees were approved for payment by the Bankruptcy Court in
December 2000 and subsequently paid in December 2000 and January 2001,
except Riordan & McKenzie in which fees have been paid through
retainer.