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OFFICE OF THE UNITED STATES TRUSTEE
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IN RE: ) DEBTOR IN POSSESSION OPERATING REPORT
)
BUSINESS INSURANCE GROUP ) REPORT NUMBER 5 Page 1 of 3
) FOR THE PERIOD FROM: 01-Aug-00
DEBTOR ) TO: 31-Aug-00
___________________________________) _________________________________________
)
CHAPTER 11 CASE NO. SV00-14101-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, Photocopies, 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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SCHEDULE A
SNIG, BIG, SNIA and SNIS
Schedule of Operations
One Month ended August 31, 2000
[Bankruptcy filed April 26, 2000]
(unaudited)
(In thousands)
Consolidated
SNIG BIG SNIA SNIS Elimination Total
------- ------- ------- ------- ----------- -------------
Revenues:
Commission Income $ -- $ -- $ 549 $ 1,067 $ -- $ 1,616
Net investment income (2) 33 2 343 -- 376
------- ------- ------- ------- ------- -------
Total Revenues (2) 33 551 1,410 -- 1,992
------- ------- ------- ------- ------- -------
Expenses:
Interest Expense 1,111 -- -- -- -- 1,111
General and administrative
Other (13,045)[a] 1 92 (24) 13,500[a] 524
------- ------- ------- ------- ------- -------
Total Expenses (11,934) 1 92 (24) 13,500 1,635
------- ------- ------- ------- ------- -------
Income (loss) before income taxes and preferred
securities dividends and accretion 11,932 32 460 (1,434) (13,500) 358
Income tax (benefit) expense 36 -- -- -- -- 36
------- ------- ------- ------- ------- -------
Income (loss) before preferred securities
dividends and accretion 11,896 32 460 (1,434) (13,500) 322
Preferred securities dividends and accretion (998) -- -- -- -- (998)
Expenses not related to business operations:
Legal and Professional Fees 300 -- -- -- -- 300
Other non-operating expenses (8) -- (8) (5) -- (21)
------- ------- ------- ------- ------- -------
11,190 32 452 (1,429) (13,500) (397)
Equity in net income (loss) from subsidiaries (2,509)[a] (2,541) -- -- 14,128[a] 9,078
------- ------- ------- ------- ------- -------
Net (Loss) Income $ 8,681 $(2,509) $ 452 $(1,429) $ 628 $ 8,681
======= ======= ======= ======= ======= =======
(a) Amount includes SNIG's write down of a $13.5 million intercompany payable
to Superior Bermuda Ltd. The intercompany payable was written down due to
the cancellation of the Letter of Credit securing the $13.5 million
intercompany payable. Offsetting SNIG's write down of the $13.5 million
intercompany payable to Superior Bermuda, Ltd. is the write off by
Superior Bermuda Ltd. of its $13.5 million intercompany receivable from
SNIG.
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DEBTOR IN POSSESSION OPERATING REPORT NO.5
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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
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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 $0
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 N/A $0 N/A
State Payroll and Withholding Taxes N/A $0 N/A
State Sales and Use Tax N/A $0 N/A
Real Property Taxes N/A $0 N/A
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* 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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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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SCHEDULE B
Superior National Insurance Group, Inc. in Bankruptcy
Aging of Accounts Payable and Recievable
As of August 31, 2000
Superior National Insurance Group
-------------------------------------- -------------------------------------
Non-Intercompany Accounts Intercompany Accounts
-------------------------------------- -------------------------------------
Accounts Payable Accounts Receivable Accounts Payable Accounts Receivable
-------------------------------------- -------------------------------------
Current Under 30 days 4,005,021 18,585 -- 2,353,468
Overdue 31-60 days 690,779 75,000 -- 1,465,087
Overdue 61-90 days 1,321,156 10,000 -- 934,609
Overdue 91-120 days 1,114,705 40,000 1 1,433
Overdue 121+ days -- 66,255 -- 8,076,945
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Total $7,131,660 $ 209,839[A] $ 1 $12,831,542
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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 -- 20,154 -- --
Overdue 31-60 days -- 23,985 -- --
Overdue 61-90 days 16,227 98,812 -- --
Overdue 91-120 days 215 29,524 -- 1
Overdue 121+ days -- 601,432 -- 14,963,853
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Total $ 16,442 $ 773,907 $ -- $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 5,202,866 1,721,629 292,809 --
Overdue 31-60 days 10,628,515 1,756,918 100,259 --
Overdue 61-90 days 5,520,028 1,077,175 -- 201,832
Overdue 91-120 days 7,735,107 1,073,212 -- 127,737
Overdue 121+ days 0 6,677,346 -- 328,055
-------------------------------------- -------------------------------------
Total $29,086,516 $12,306,281 $ 393,067 $ 657,624
-------------------------------------- -------------------------------------
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 1,836,467 1,489,499 1,437,005 --
Overdue 31-60 days 61,702 1,727,439 894,505 --
Overdue 61-90 days 83,644 1,466,794 933,167 --
Overdue 91-120 days 57,998 1,452,989 127,737 --
Overdue 121+ days -- 8,842,293 -- 98,383
-------------------------------------- -------------------------------------
Total $2,039,812 $14,979,014 $3,392,415 $ 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 11,044,354 3,249,867 1,729,813 2,353,468
Overdue 31-60 days 11,380,996 3,583,342 994,764 1,465,087
Overdue 61-90 days 6,941,055 2,652,781 933,167 1,136,441
Overdue 91-120 days 8,908,025 2,595,725 127,739 129,172
Overdue 121+ days 0 16,187,326 -- 23,467,236
-------------------------------------- -------------------------------------
Total $38,274,430 $28,269,041 $3,785,483 $28,551,403
-------------------------------------- -------------------------------------
[A] Amounts in accounts payable in prior month reports reflected interest due
and accrued on bank loan and Trust Preferred Securities. This month and
future months will not reflect interest due and accrued on loans.
SCHEDULE C
AUGUST 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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BancBoston Leasing Inc. / Fleet Capital
Leasing Monthly $235,337.00 09/01/2000 1 $ 235,337.00
Citizens Leasing Corporation Monthly See BIG's schedule for details
Dell Financial Services Monthly $ 8,931.85 09/20/2000 1 $ 7,475.96
IKON Office Solutions, Inc. / IOS Capital Monthly $ 1,395.65 9/23/00, 9/15/00 1 $ 1,395.65
Neopost Monthly $ 858.80 8/29/2000, 9/10/00 None $ --
Neopost Quarterly $ 164.82 09/24/2000 None $ --
Pitney Bowes Credit Corp. Monthly $ 4,810.67 9/10/00, 9/20/00, 9/1/00 1 $ 2,926.75
Pitney Bowes Credit Corp. Quarterly $ 7,394.15 12/10/00, 11/10/00 1 $ 4,640.20
Sharp Electronics Credit Co. Monthly $ 699.04 09/01/2000 None $ --
Stringer business Systems Inc. Monthly $ 2,108.99* 09/01/2000 1 $ 2,072.23
9/24/00, 9/6/00, 9/11/00
Toshiba America Information Sys. Monthly $ 8,170.39 9/1/00, 9/18/00 1 $ 8,170.39
Kilroy Realty Corp. Monthly $153,583.82 09/01/2000 None $ --
Tiger Ventura County /
c/o Sares-Regis Group Monthly $ 16,795.17 09/01/2000 None $ --
Equity Office Properties (Chicago, IL) Monthly $ 20,026.42 09/01/2000 None $ --
Bemiston Tower, Inc. / PM Realty Advisor Monthly $ 5,343.67 09/01/2000 None $ --
Trizec Kahn Properties Monthly $226,076.40 09/01/2000 None $ --
Bettman Real Estate Management Monthly $ 1,932.33 09/01/00 See Note A
MCLT LDB-7 Landmark Square Monthly $ 1,024.85 09/01/2000 None $ --
Insignia ESG Inc. - Biltmore Co. Monthly $ 12,437.51 09/01/2000 None $ --
Equity Office Properties (Texas) Monthly $ 3,942.39 09/01/2000 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.
* 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 09/01/2000 1 $206,798.28
Dell Financial Services Monthly $ 52,321.29 09/15/2000 1 $ 27,223.70
Principal Management Corporation /
GCI CAPITAL, INC. Monthly $ 30,827.28 09/01/2000 1 $ 30,827.28
Mack Cali Realty / 500 Columbia Tpk
Assoc., LLC Monthly $ 9,245.77 09/01/2000 None $ --
Transwestern CG Partner LLP / c/o
Transwestern Property Co. Monthly $ 5,908.75 09/01/2000 None $ --
SP Environmental Systems / Union Pacific
Railroad Co. Monthly $ 12,465.16 09/01/2000 None $ --
Kaiser-Francis Oil Company / c/o
Realty Operating Company Monthly $ 3,778.00 09/01/2000 None $ --
Zodiac Development Monthly $ 9,454.31 09/01/2000 None $ --
Koger Realty Services Inc.
(Brentwood, TN) Monthly $ 2,418.60 09/01/2000 See Note A
Koger Realty Services Inc.
(San Diego, CA) Monthly $ 26,600.89 09/01/2000 None $ --
Prospect Park 29 NTL Income Realty /
c/o PCS Realty Advisors Monthly $ 65,255.36 09/01/2000 None $ --
Colonial Property Trust Monthly $ 5,433.98 09/01/2000 See Note A $
Fults Realty Corporation Monthly $ 15,362.95 09/01/2000 See Note A $
Woodland III Holding, LLC / c/o
Wasatch Property Management Monthly $ 12,940.15 09/01/2000 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. 5
Insurance Coverage - 5
As of August 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 Insurance Group Statutory 12-Jul-01 31-Aug-00
Arkansas Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-Aug-00
California State Compensation
Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 01-Jun-01 31-Aug-00
Colorado Pinnacol Assurance Di Buduo & De Fendis Insurance Group Statutory 01-Jun-01 31-Aug-00
Florida Florida W/C Joint
Underwriting
Association, Inc. Di Buduo & De Fendis Insurance Group Statutory 09-Jun-01 31-Aug-00
Georgia Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-Aug-00
Illinois Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 12-Jul-01 31-Aug-00
Indiana Liberty Mutual Group Di Buduo & De Fendis Insurance Group Statutory 13-Jul-01 13-Jul-01
Kansas Travelers Insurance
Company Di Buduo & De Fendis Insurance Group Statutory 11-Aug-01 31-Aug-00
Louisiana Louisiana W/C
Corporation Di Buduo & De Fendis Insurance Group Statutory 31-May-01 31-Aug-00
Missouri Travelers Property &
Casualty Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-Aug-00
New Jersey Granite State Insurance
Company Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-Aug-00
New Mexico New Mexico Mutual
Casualty Company Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 31-Aug-00
New York The State Insurance Fund
(N.Y.) Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 02-Jun-01
Oklahoma State Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 01-Jul-01 01-Jul-01
Oregon Liberty Northwest
Insurance Corporation Di Buduo & De Fendis Insurance Group Statutory 01-Jul-01 31-Aug-00
Pennsylvania State Workrmen's
Insurance Fund Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01
Tennessee The Cincinnati
Insurance Companies Di Buduo & De Fendis Insurance Group Statutory 02-Jun-01 31-Aug-00
Texas Texas W/C Insurance
Fund Di Buduo & De Fendis Insurance Group Statutory 18-Jul-01 01-Jun-01
Utah Workers' Compensation
Fund of Utah Di Buduo & De Fendis Insurance Group Statutory 03-Jun-01 03-Jun-01
Wisconsin Tri-State Insurance
Company of Minnesota Di Buduo & De Fendis Insurance Group 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.
August 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 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 05/01/2003 05/01/2003
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. 5
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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):
-------------------------------------------------------------------
Type Post-Petition
Name of Professional Professional Unpaid Total
-------------------------------------------------------------------
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)
- ----------------------------------------------------------------------------------------------------------------
Quarterly
Quarterly Disbursements Quarterly Quarterly
Period Ending for Quarter Fee Date Paid Amount Paid Check No. Fee Still Owing
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06/30/2000 $660.00 $250.00 08/01/2000 $250.00 103 $0.00
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I, Alex Corbet, 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
AUGUST 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
Riordan & McKenzie Corporate Counsel $ 60,602 See Note A
Christopher 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.