Exhibit 99.2
TAC 09-26-03 Report Form
UNITED STATES BANKRUPTCY COURT
DISTRICT OF
In re: TRENWICK AMERICA CORPORATION Case No. 03-12635(MFW)
Reporting Period: August 2003
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20
days after end of month. Submit copy of report to any official committee
appointed in the case.
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Required Documents Form No. Document Explanation
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Attached Attached
Schedule of Cash Receipts and Disbursements MOR-1 Yes
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (Con't) Yes
Copies of bank statements Yes
Cash disbursements journals Yes
Statement of Operations MOR-2 Yes
Balance Sheet MOR-3 Yes
Status of Postpetition Taxes MOR-4 Yes
Copies of IRS Form 6123 or payment receipt Yes
Copies of tax returns filed during reporting period N/A
Summary of Unpaid Postpetition Debts MOR-4 Yes
Listing of aged accounts payable Yes
Accounts Receivable Reconciliation and Aging MOR-5 Yes
Debtor Questionnaire MOR-5 Yes
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of my knowledge and
belief.
/s/ Alan L. Hunte 9/26/2003
- -------------------------------------- ----------------------
Signature of Debtor Date
/s/ Alan L. Hunte 9/26/2003
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Signature of Joint Debtor Date
/s/ Alan L. Hunte 9/26/2003
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Signature of Authorized Individual* Date
Alan L. Hunte 9/26/2003
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Printed Name of Authorized Individual* Date
* Authorized individual must be an officer, director or shareholder if
debtor is a corporation; a partner if debtor is a partnership; a manager
or member if debtor is a limited liability company.
Exhibit 99.2
Bank Reconciliation
In re: Trenwick America Corporation Case No.
Bank Reconciliation Reporting Period August
@ 8/31/2003
Operating Payroll Tax Other
------------------------------------------------
Balance Per Books $ 515,007.79 $ 45,157.23 NA NA
================================================
Bank Balance $ 664,312.90 $ 70,632.72 NA NA
(+) Deposits in Transit -- --
(-) Outstanding Cks (149,649.64) (11,436.26)
Other 344.53 (14,039.23)
------------------------------------------------
Adjusted Bank Balance $ 515,007.79 $ 45,157.23 NA NA
================================================
Deposits in Transit NA NA NA NA
Checks Outstanding Ck No. Amount NA NA
----------------------
Operating 105688 2,212.44
106587 250.00
106642 40.00
107264 975.00
107307 375.00
107385 48,000.20
107395 990.00
107409 96,382.00
107432 425.00
----------
149,649.64
Payroll 397 63.94
4326 1,178.34
4327 1,181.78
4328 2,883.23
565 889.08
4312 1,178.33
4319 1,178.33
4321 2,883.23
----------
11,436.26
Other Operating
Prior Month Returned Deposited Item, JE to be booked for
$344.53
Payroll
Prior period wire to be booked (23,800.23)
Manual Cks to be booked 9,761.00
----------
(14,039.23)
Exhibit 99.2
Disbursement
Trenwick
Internal Bank Check Check
Bank Code Account # Number Date Amount Vendor Name
- ---------- ----------- ------ ---------- ------ ---------------------------------
TACC 601-2-06238 107500 2003-08-28 880.89 BMW Financial Services
TACC 601-2-06238 107501 2003-08-28 400.00 Federal Reserve Bank of Cleveland
--------
1,280.89
Exhibit 99.2
Sched of Cash Receipts & Disbur
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period Aug 20 to Aug 31
Bank Accounts
Operating Payroll Tax Other
---------------------------------------------------------
Cash - Beg of Month 372,614.33 58,974.72 NA 4,100,000.00
---------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Other 112.72 6,128.98 -- 2,258.04
Transfers (Interco) 676,882.17 381,457.27 -- --
---------------------------------------------------------
Total Receipts 676,994.89 387,586.25 -- 2,258.04
---------------------------------------------------------
Disbursements:
Net Payroll -- (200,072.25) -- --
Payroll Taxes -- (175,856.00) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases -- -- -- --
Insurance -- -- -- --
Administrative (2,558.16) -- -- --
Selling -- -- -- --
Other (1,280.89) -- -- --
Transfers (PR) (381,457.27) -- -- --
Professional Fees -- -- -- --
Court Costs -- -- -- --
---------------------------------------------------------
Total Disbursements (385,296.32) (375,928.25) -- --
---------------------------------------------------------
Net Cash Flow 291,698.57 11,658.00 -- 2,258.04
---------------------------------------------------------
Cash: End of Month 664,312.90 70,632.72 -- 4,102,258.04
=========================================================
Other: Operating
Overnight Investment Interest Earned - $112.72
Payroll
Returned Cks No. 4321,4319,4312,565 - $6,128.98
Other
Overnight Investment Interest Earned - $2,258.04
Exhibit 99.2
Statement of Operations
Trenwick America Corporation Case No. 03-12635 (MFW)
---------------------------- -----------------
Debtor Reporting Period: August 2003
-----------------
Statement of Operations
(Income Statement)
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Cumulative
REVENUES Month Filing to Date
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Gross Revenues $ (1,280) $ (1,280)
- ------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- ------------------------------------------------------------------------------------
Net Revenue $ (1,280) $ (1,280)
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COST OF GOODS SOLD
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Beginning Inventory --
- ------------------------------------------------------------------------------------
Add: Purchases -- --
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Add:Cost of Labor -- --
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Add: Other costs (schedule attached) -- --
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Less: Ending Inventory -- --
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Cost of Goods Sold -- --
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Gross Profit (1,280) (1,280)
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OPERATING EXPENSES
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Advertising -- --
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Auto and Truck Expense -- --
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Bad Debts -- --
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Contributions -- --
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Employee Benefits Programs -- --
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Insider compensation* 12,446 --
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Insurance 1 1
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Management Fees/Bonuses ** 99,804 112,166
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Office Expense 11,556 11,556
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Pension & Profit-Sharing Plans 355 355
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Repairs and Maintenance 37 37
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Rent and Lease Expense 9,234 9,234
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Salaries/Commissions/Fees 542 625
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Supplies 162 162
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Taxes-Payroll 49 49
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Taxes-Real Estate -- --
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Taxes-Other -- --
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Travel and Entertainment 2 2
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Utilities 3 3
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Other (attach schedule) 3,669,320 3,669,320
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Total Operating Expenses Before Depreciation 3,803,511 3,803,511
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Depreciation/Depletion/Amortization 17,597 17,597
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Net Profit(Loss) Before Other Income & Expenses (3,822,388) (3,822,388)
- ------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
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Other Income (attach schedule) 1,787,921 1,787,921
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Interest Expense -- --
- ------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
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Net Profit (Loss) Before Reorganization Items (2,034,466) (2,034,466)
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REORGANIZATION ITEMS
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Professional Fees --
- ------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees --
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Interest Earned on Accumulated Cash
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from Chapter 11 (see continuation sheet) 7,636 7,636
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Gain(Loss) from Sale of Equipment --
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Other Reorganization Expenses (attach schedule) -- --
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Total Reorganization Expenses 7,636 7,636
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Income Taxes --
- ------------------------------------------------------------------------------------
Net Profit (Loss) $(2,026,830) $(2,026,830)
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* Insider compensation includes amounts paid to members of the Runoff
Management Team. The Trenwick group's U.S. operations currently have an
additional 30 officers which were not included in this amount.
** Represents amounts charged by Trenwick affiliates under the Administrative
Services Agreement
MOR-2
Exhibit 99.2
Statement of Operations
STATEMENT OF OPERATIONS - continuation sheet
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Cumulative
BREAKDOWN OF "OTHER" CATEGORY Month Filing to Date
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Other Costs
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Other Operational Expenses
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Audit Fees 28,754 28,754
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Accounting & Tax Fees 44,516 44,516
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Other Fees 3,594,254 3,594,254
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Data Processing 1,771 1,771
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Seminars & Continuing Education 25 25
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Total Other Expenses 3,669,320 3,669,320
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- --------------------------------------------------------------------------------
Other Income
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Equity in Undistributed Income (Loss) of
Unconsolidated Subsidiaries 1,787,921 1,787,921
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Total Other Income 1,787,921 1,787,921
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- --------------------------------------------------------------------------------
Other Expenses
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Other Reorganization Expenses
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- --------------------------------------------------------------------------------
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MOR-2
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------- ----------------
Debtor Reporting Period: August 2003
----------------
BALANCE SHEET
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BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
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CURRENT ASSETS
- ----------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents -- 4,532,566
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Restricted Cash and Cash Equivalents (see continuation sheet) 4,574,671 --
- ----------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 50,586,649 48,745,299
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Notes Receivable -- --
- ----------------------------------------------------------------------------------------------------------------
Inventories -- --
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Prepaid Expenses 92,800 503,054
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Professional Retainers 10,000 10,000
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Other Current Assets (attach schedule) 340,703 327,755
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TOTAL CURRENT ASSETS $ 55,604,824 $ 54,118,674
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PROPERTY AND EQUIPMENT
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Real Property and Improvements -- --
- ----------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- ----------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 20,723,654 20,723,654
- ----------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
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Vehicles -- --
- ----------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (15,620,093) (15,433,035)
- ----------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 8,589,254 $ 8,776,312
- ----------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ----------------------------------------------------------------------------------------------------------------
Loans to Insiders* 266,900 266,900
- ----------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 248,684,258 249,660,381
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TOTAL OTHER ASSETS $ 248,951,158 $ 249,927,281
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- ----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 313,145,235 $ 312,822,267
================================================================================================================
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BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
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LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
- ----------------------------------------------------------------------------------------------------------------
Accounts Payable 13,060 --
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Taxes Payable (refer to FORM MOR-4) -- --
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Wages Payable 194,132 --
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Notes Payable -- --
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Rent/Leases - Building/Equipment -- --
- ----------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ----------------------------------------------------------------------------------------------------------------
Professional Fees -- --
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Amounts Due to Insiders* -- --
- ----------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 448,046 --
- ----------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 655,238 $ --
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LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
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Secured Debt -- --
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Priority Debt -- --
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Unsecured Debt 290,118,780 289,648,446
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TOTAL PRE-PETITION LIABILITIES $ 290,118,780 $ 289,648,446
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TOTAL LIABILITIES 290,774,018 289,648,446
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OWNER EQUITY
- ----------------------------------------------------------------------------------------------------------------
Capital Stock 100 100
- ----------------------------------------------------------------------------------------------------------------
Additional Paid-In Capital 266,985,085 266,985,085
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Partners' Capital Account -- --
- ----------------------------------------------------------------------------------------------------------------
Owner's Equity Account -- --
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Retained Earnings - Pre-Petition (246,858,372) (246,858,372)
- ----------------------------------------------------------------------------------------------------------------
Retained Earnings - Post-Petition (2,026,830) --
- ----------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) 4,271,234 3,047,008
- ----------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ----------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ 22,371,217 $ 23,173,821
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 313,145,235 $ 312,822,267
================================================================================================================
* Loans to Insiders includes loans to members of the Runoff Management Team.
The Trenwick group's U.S. operations currently have an additional 30
officers which were not included in this amount.
MOR-3
Trenwick America Corporation Case No. 03-12635 (MFW)
- ------------------------------ --------------
Debtor Reporting Period: August 2003
--------------
BALANCE SHEET - continuation sheet
- --------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
OTHER CURRENT ASSETS
- --------------------------------------------------------------------------------
Accrued Investment Income 340,703 327,755
- --------------------------------------------------------------------------------
340,703 $ 327,755
- --------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------
Deferred Taxes Receivable 1,198,532 1,198,532
- --------------------------------------------------------------------------------
Deposits -- --
- --------------------------------------------------------------------------------
Prepaid Deposits -- --
- --------------------------------------------------------------------------------
Investment in Subsidiaries 247,475,592 244,859,636
- --------------------------------------------------------------------------------
Miscellaneous Other Assets 10,134 3,602,213
- --------------------------------------------------------------------------------
248,684,258 $249,660,381
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
UNSECURED DEBTS (PRE-PETITION)
- --------------------------------------------------------------------------------
Accrued Expenses (1) 1,320,248 1,333,307
- --------------------------------------------------------------------------------
Interest Payable 12,728,025 12,728,025
- --------------------------------------------------------------------------------
Taxes Payable 3,078,816 2,601,759
- --------------------------------------------------------------------------------
Due to Affiliates 82,787,757 82,787,757
- --------------------------------------------------------------------------------
Other Liabilities -- --
- --------------------------------------------------------------------------------
Indebtedness 190,203,934 190,197,598
- --------------------------------------------------------------------------------
290,118,780 289,648,446
- --------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- --------------------------------------------------------------------------------
Accrued Expenses -- --
- --------------------------------------------------------------------------------
Interest Payable -- --
- --------------------------------------------------------------------------------
Due to Affiliates 448,046 --
- --------------------------------------------------------------------------------
Other Liabilities --
- --------------------------------------------------------------------------------
448,046 --
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- --------------------------------------------------------------------------------
Equity in Subsidiary 4,271,234 3,047,008
- --------------------------------------------------------------------------------
4,271,234 3,047,008
- --------------------------------------------------------------------------------
(1) Includes accrual for Key Employee Retention Plan
MOR-3
In re Trenwick America Corporation Case No. 03-12635 (MFW)
---------------------------- --------------
Debtor Reporting period: August 2003
--------------
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month
or, if this is the first report, the amount should be zero. Attach photocopies
of IRS Form 6123 or payment receipt to verify payment or deposit of federal
payroll taxes. Attach photocopies of any tax returns filed during the reporting
period.
- ------------------------------------------------------------------------------------------------------------------------------
Amount
Beginning Withheld or Amount Check. No Ending Tax
Tax Liability Accrued Paid Date Paid or EFT Liability
==============================================================================================================================
Federal
- ------------------------------------------------------------------------------------------------------------------------------
Withholding -- 108,411 108,411 08/27/03 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 33,413 33,413 08/27/03 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 23,307 23,307 08/27/03 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 56 56 08/27/03 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 165,186 165,186 --
- ------------------------------------------------------------------------------------------------------------------------------
State and Local
- ------------------------------------------------------------------------------------------------------------------------------
Withholding -- 25,077 25,077 08/27/03 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Sales -- 606 606 08/27/03 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 778 778 08/27/03 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Total State and Local -- 26,462 26,462 --
- ------------------------------------------------------------------------------------------------------------------------------
Total Taxes -- 191,647 191,647 -- --
- ------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
- ------------------------------------------------------------------------------------------------------------------------------
Number of Days Past Due
============================================================================
Current 0-30 31-60 61-90 Over 90 Total
- ------------------------------------------------------------------------------------------------------------------------------
Accounts Payable 134 4,391 4,525
- ------------------------------------------------------------------------------------------------------------------------------
Wages Payable --
- ------------------------------------------------------------------------------------------------------------------------------
Taxes Payable --
- ------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- ------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- ------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- ------------------------------------------------------------------------------------------------------------------------------
Professional Fees --
- ------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders --
- ------------------------------------------------------------------------------------------------------------------------------
Other: --
- ------------------------------------------------------------------------------------------------------------------------------
Other: --
- ------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 134 4,391 -- -- -- 4,525
- ------------------------------------------------------------------------------------------------------------------------------
MOR-4
Exhibit 99.2
A-R Reconciliation & Aging
Trenwick America Corporation Case No. 03-12635 (MFW)
- ---------------------------- ----------------
Debtor
Reporting Period: August 2003
----------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- ----------------------------------------------------------------------- ---------------
Accounts Receivable Reconciliation Amount
- ----------------------------------------------------------------------- ---------------
Total Accounts Receivable at the beginning of the reporting period 48,763,920.43
- ----------------------------------------------------------------------- ---------------
+ Amounts billed during the peiod 1,841,633.82
- ----------------------------------------------------------------------- ---------------
- - Amounts collected during the peiod -
- ----------------------------------------------------------------------- ---------------
Total Accounts Receivable at the end of the reporting period 50,605,554.25
- ----------------------------------------------------------------------- ---------------
- ----------------------------------------------------------------------- ---------------
Accounts Receivable Aging Amount
- ----------------------------------------------------------------------- ---------------
0 - 30 days old 1,613,237.74
- ----------------------------------------------------------------------- ---------------
31 - 60 days old 477,605.82
- ----------------------------------------------------------------------- ---------------
61 - 90 days old 282,444.58
- ----------------------------------------------------------------------- ---------------
91 + days old 59,419,084.11
- ----------------------------------------------------------------------- ---------------
Total Accounts Receivable 61,792,372.25
- ----------------------------------------------------------------------- ---------------
Amount considered uncollectible (Bad Debt) (11,186,818.00)
- ----------------------------------------------------------------------- ---------------
Accounts Receivable (Net) 50,605,554.25
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DEBTOR QUESTIONNAIRE
- ----------------------------------------------------------------------- ---------------
Must be completed each month Yes No
- ----------------------------------------------------------------------- ---------------
1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide an explanation below. X
- ----------------------------------------------------------------------- ---------------
2. Have any funds been disbursed from any account other than a debtor in
possession account this reporting period? If yes, provide and
explanation below. X
- ----------------------------------------------------------------------- ---------------
3. Have all postpetition tax returns been timely filed? If no, provide
an explanation below. X
- ----------------------------------------------------------------------- ---------------
4. Are workers compensation, general liability and other necessary
insurance coverages in effect? If no, provide an explanation below. X
- ----------------------------------------------------------------------- ---------------
FORM MOR-5
(9/99)
MOR-5