Exhibit 99.1
Trenwick Group Ltd.
UNITED STATES BANKRUPTCY COURT
___________DISTRICT OF____________
In re: Trenwick Group Ltd. Case No. 03-12636 (MFW)
Reporting Period: September 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.
- ----------------------------------------------------------------------------------------------------------------------------
Document Explanation
Required Documents Form No. 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
- ----------------------------------------------------------------------------------------------------------------------------
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 of my knowledge and
belief.
/s/ Alan L. Hunte October 20, 2003
- ----------------------------------------- -----------------------------
Signature of Debtor Date
/s/ Alan L. Hunte October 20, 2003
- ----------------------------------------- -----------------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte October 20, 2003
- ----------------------------------------- -----------------------------
Signature of Authorized Individual* Date
Alan L. Hunte October 20, 2003
- ----------------------------------------- -----------------------------
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 99.1
Trenwick Group Ltd.
In re: Trenwick Group Ltd Case No. 03-12636 (MFW)
Schedule of Cash Receipts & Disbursements Rep Per September 2003
Bank Accounts
Operating Payroll Tax Other
--------------------------------------------------------
Cash - Beg of Month 152,178.47 14,180.91 NA NA
Receipts:
Cash Sales -- -- -- --
Accounts Rec. -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Other 9.16 -- -- --
Transfers -- 24,195.22 -- --
--------------------------------------------------------
Total Receipts 9.16 24,195.22
--------------------------------------------------------
Disbursements:
Net Payroll -- -- -- --
Payroll Taxes -- (38,376.13) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases -- -- -- --
Insurance -- -- -- --
Administrative (3,966.80) -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers to P/R Acct (24,195.22) -- -- --
Professional Fees -- -- -- --
Court Costs -- -- -- --
--------------------------------------------------------
Total Disbursement: (28,162.02) (38,376.13) -- --
--------------------------------------------------------
Net Cash Flow: (28,152.86) (14,180.91) -- --
--------------------------------------------------------
Cash: End of Month 124,025.61 -- -- --
========================================================
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd
Bank Reconciliations
September 2003
The following Chase Accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 124,025.61
Vista/MM:
Location: JPMorganChase
Fund No. 356
Month End
Book Balance $ 291,819.83
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd
Disbursements Log (Excludes Intercompany Transactions)
September 2003
Wires:
Date Amount Vendor
- --------------------------------------------------------------------------------
19-Sep $ 374.65 New York Life Benefit Services Co.
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: September 2003
Statement of Operations
(Income Statement)
- ---------------------------------------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES September 2003 Filing to Date
- ---------------------------------------------------------------------------------------------------------------
Gross Revenues $ -- $ (567,222)
- ---------------------------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- ---------------------------------------------------------------------------------------------------------------
Net Revenue $ -- $ (567,222)
- ---------------------------------------------------------------------------------------------------------------
COST OF GOODS SOLD --
- ---------------------------------------------------------------------------------------------------------------
Beginning Inventory -- --
- ---------------------------------------------------------------------------------------------------------------
Add: Purchases -- --
- ---------------------------------------------------------------------------------------------------------------
Add:Cost of Labor -- --
- ---------------------------------------------------------------------------------------------------------------
Add: Other costs (schedule attached) -- --
- ---------------------------------------------------------------------------------------------------------------
Less: Ending Inventory -- --
- ---------------------------------------------------------------------------------------------------------------
Cost of Goods Sold -- --
- ---------------------------------------------------------------------------------------------------------------
Gross Profit -- (567,222)
- ---------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- ---------------------------------------------------------------------------------------------------------------
Advertising -- --
- ---------------------------------------------------------------------------------------------------------------
Auto and Truck Expense -- 13,522
- ---------------------------------------------------------------------------------------------------------------
Bad Debts -- --
- ---------------------------------------------------------------------------------------------------------------
Contributions -- --
- ---------------------------------------------------------------------------------------------------------------
Employee Benefits Programs -- --
- ---------------------------------------------------------------------------------------------------------------
Insider compensation* 30,000 68,710
- ---------------------------------------------------------------------------------------------------------------
Insurance 248,029 344,309
- ---------------------------------------------------------------------------------------------------------------
Management Fees/Bonuses -- --
- ---------------------------------------------------------------------------------------------------------------
Office Expense 1,319 1,484
- ---------------------------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans -- --
- ---------------------------------------------------------------------------------------------------------------
Repairs and Maintenance -- --
- ---------------------------------------------------------------------------------------------------------------
Rent and Lease Expense -- --
- ---------------------------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 8,054 8,054
- ---------------------------------------------------------------------------------------------------------------
Supplies 367 367
- ---------------------------------------------------------------------------------------------------------------
Taxes-Payroll -- --
- ---------------------------------------------------------------------------------------------------------------
Taxes-Real Estate -- --
- ---------------------------------------------------------------------------------------------------------------
Taxes-Other -- 804
- ---------------------------------------------------------------------------------------------------------------
Travel and Entertainment -- --
- ---------------------------------------------------------------------------------------------------------------
Utilities -- --
- ---------------------------------------------------------------------------------------------------------------
Other (attach schedule) 64,576 1,699,514
- ---------------------------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 352,345 2,136,763
- ---------------------------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 1,544 2,142
- ---------------------------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses (353,889) (2,706,127)
- ---------------------------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES --
- ---------------------------------------------------------------------------------------------------------------
Other Income (attach schedule) (13,359,014) (15,382,408)
- ---------------------------------------------------------------------------------------------------------------
Interest Expense -- --
- ---------------------------------------------------------------------------------------------------------------
Other Expense (attach schedule) 33,227,043 33,276,585
- ---------------------------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items (46,939,947) (51,365,121)
- ---------------------------------------------------------------------------------------------------------------
REORGANIZATION ITEMS --
- ---------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- ---------------------------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ---------------------------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash --
from Chapter 11 (see continuation sheet) -- 515
- ---------------------------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ---------------------------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 43,834 43,834
- ---------------------------------------------------------------------------------------------------------------
Total Reorganization Expenses (43,834) (43,319)
- ---------------------------------------------------------------------------------------------------------------
Income Taxes -- --
- ---------------------------------------------------------------------------------------------------------------
Net Profit (Loss) $(46,983,781) $(51,408,440)
- ---------------------------------------------------------------------------------------------------------------
FORM MOR-2
Exhibit 99.1
Trenwick Group Ltd.
STATEMENT OF OPERATIONS - continuation sheet
================================================================================
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY September 2003 Filing to Date
================================================================================
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
Other Fees 64,576 1,699,514
- --------------------------------------------------------------------------------
Total Other Expenses 64,576 1,699,514
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries (13,359,014) (15,382,408)
- --------------------------------------------------------------------------------
Total Other Income (13,359,014) (15,382,408)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Amortization Expense 127,984 177,527
- --------------------------------------------------------------------------------
Loss on Sale of Trenwick International Ltd. 33,099,059 33,099,059
- --------------------------------------------------------------------------------
Total Other Expenses 33,227,043 33,276,585
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
Bankruptcy Related Fees 43,834 43,834
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
FORM MOR-2
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: September 2003
BALANCE SHEET
- -------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- -------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- -------------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents -- --
- -------------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) 618,700 655,336
- -------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 261,174 (591,090)
- -------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- -------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- -------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 377,899 1,088,137
- -------------------------------------------------------------------------------------------------------------------------
Professional Retainers 2,156,166 2,200,000
- -------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) -- 3,861
- -------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 3,413,939 $ 3,356,244
- -------------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- -------------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- -------------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- -------------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 73,467 82,181
- -------------------------------------------------------------------------------------------------------------------------
Leasehold Improvements -- --
- -------------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- -------------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (35,163) (33,020)
- -------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 38,304 $ 49,161
- -------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- -------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* -- --
- -------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 184,296,993 220,135,876
- -------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 184,296,993 $ 220,135,876
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 187,749,237 $ 223,541,281
=========================================================================================================================
- -------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- -------------------------------------------------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
- -------------------------------------------------------------------------------------------------------------------------
Accounts Payable -- --
- -------------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- -------------------------------------------------------------------------------------------------------------------------
Wages Payable -- 4,900
- -------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- -------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- -------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- -------------------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- -------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- -------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 6,806 --
- -------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 6,806 $ 4,900
- -------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- -------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- -------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- -------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 216,638,184 216,896,055
- -------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 216,638,184 $ 216,896,055
- -------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 216,644,990 216,900,955
- -------------------------------------------------------------------------------------------------------------------------
OWNER EQUITY
- -------------------------------------------------------------------------------------------------------------------------
Capital Stock 3,675,620 3,676,102
- -------------------------------------------------------------------------------------------------------------------------
Additional Paid-In Capital 574,739,718 574,823,017
- -------------------------------------------------------------------------------------------------------------------------
Partners' Capital Account -- --
- -------------------------------------------------------------------------------------------------------------------------
Owner's Equity Account -- --
- -------------------------------------------------------------------------------------------------------------------------
Retained Earnings - Pre-Petition (551,923,031) (551,923,031)
- -------------------------------------------------------------------------------------------------------------------------
Retained Earnings - Post-Petition (51,408,440) --
- -------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (3,979,621) (19,935,762)
- -------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- -------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (28,895,754) $ 6,640,326
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 187,749,237 $ 223,541,281
=========================================================================================================================
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: September 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 -- 3,861
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
OTHER ASSETS
- -----------------------------------------------------------------------------------------------------------
Prepaid Deposits 19,622 19,622
- -----------------------------------------------------------------------------------------------------------
Investment in Subsidiaries 181,203,300 215,156,938
- -----------------------------------------------------------------------------------------------------------
Miscellaneous Other Assets 3,074,071 4,959,316
- -----------------------------------------------------------------------------------------------------------
184,296,993 $ 220,135,876
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
UNSECURED DEBTS (PRE-PETITION)
- -----------------------------------------------------------------------------------------------------------
Accrued Expenses 1,041,856 1,299,727
- -----------------------------------------------------------------------------------------------------------
Interest Payable 2,276,323 2,276,323
- -----------------------------------------------------------------------------------------------------------
Due to Affiliates 94,479,224 94,479,224
- -----------------------------------------------------------------------------------------------------------
Other Liabilities 118,840,781 118,840,781
- -----------------------------------------------------------------------------------------------------------
Total Unsecured Debts (Pre-Petition) 216,638,184 216,896,055
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- -----------------------------------------------------------------------------------------------------------
Due to Affiliates 6,806 --
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
ADJUSTMENTS TO OWNER EQUITY
- -----------------------------------------------------------------------------------------------------------
Deferred Compensation (916,055) (1,125,099)
- -----------------------------------------------------------------------------------------------------------
Equity in Subsidiary (3,060,130) (18,814,523)
- -----------------------------------------------------------------------------------------------------------
TOTAL ADJUSTMENTS TO OWNER EQUITY (3,976,185) (19,939,622)
- -----------------------------------------------------------------------------------------------------------
Exhibit 99.1
Trenwick Group Ltd.
In re Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor eporting period: September 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 Check. No Ending Tax
Tax Liability Accrued Amount Paid Date Paid or EFT Liability
==================================================================================================================================
Federal
- ----------------------------------------------------------------------------------------------------------------------------------
Withholding -- 29,689 29,689 09/24/03 EFT --
- ----------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 1,594 1,594 09/24/03 EFT --
- ----------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 1,594 1,594 09/24/03 EFT --
- ----------------------------------------------------------------------------------------------------------------------------------
Unemployment -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 32,877 32,877 --
- ----------------------------------------------------------------------------------------------------------------------------------
State and Local
- ----------------------------------------------------------------------------------------------------------------------------------
Withholding -- 5,498 5,498 09/24/03 EFT --
- ----------------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Unemployment -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Total State and Local -- 5,498 5,498 --
- ----------------------------------------------------------------------------------------------------------------------------------
Total Taxes -- 38,375 38,375 -- --
- ----------------------------------------------------------------------------------------------------------------------------------
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 -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
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 -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: September 2003
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================================ ===============
Accounts Receivable Reconciliation Amount
================================================================================ ===============
Total Accounts Receivable at the beginning of the reporting period $ 88,528.79
- -------------------------------------------------------------------------------- --------------
+ Amounts billed during the peiod 172,645.49
- -------------------------------------------------------------------------------- --------------
- - Amounts collected during the peiod --
- -------------------------------------------------------------------------------- --------------
Total Accounts Receivable at the end of the reporting period 261,174.28
- -------------------------------------------------------------------------------- --------------
================================================================================ ===============
Accounts Receivable Aging Amount
================================================================================ ===============
0 - 30 days old 172,645.49
- -------------------------------------------------------------------------------- --------------
31 - 60 days old 747,787.19
- -------------------------------------------------------------------------------- --------------
61 - 90 days old 368,000.20
- -------------------------------------------------------------------------------- --------------
91 + days old 8,322,667.78
- -------------------------------------------------------------------------------- --------------
Total Accounts Receivable 9,611,100.66
- -------------------------------------------------------------------------------- --------------
Amount considered uncollectible (Bad Debt) (9,349,926.38)
- -------------------------------------------------------------------------------- --------------
Accounts Receivable (Net) 261,174.28
- -------------------------------------------------------------------------------- --------------
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)