Exhibit 99.2
Trenwick Group Ltd.
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
---------------------------- --------------
Reporting Period: October 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 N/A
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 N/A
Copies of tax returns filed during reporting period Yes
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 November 20, 2003
- -------------------------------------- -----------------
Signature of Debtor Date
/s/ Alan L. Hunte November 20, 2003
- -------------------------------------- -----------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte November 20, 2003
- -------------------------------------- -----------------
Signature of Authorized Individual* Date
Alan L. Hunte November 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 99.2
Trenwick Group Ltd.
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period October 2003
Bank Accounts
Operating Payroll Tax Other
--------------------------------------------------------------
Cash - Beg of Month 1,761,381.00 35,342.51 NA 4,102,258.04
--------------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposits 212,666.35 -- -- --
Other 1,302.12 -- -- 3,274.39
Fund Transfer ** 3,179,898.43 -- -- --
Transfers (Interco) 1,283,241.84 1,548,403.80 -- --
--------------------------------------------------------------
Total Receipts 4,677,108.74 1,548,403.80 -- 3,274.39
--------------------------------------------------------------
Disbursements:
Net Payroll -- (984,089.68) -- --
Payroll Taxes -- (564,314.12) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (296,482.23) -- -- --
Insurance -- -- -- --
Administrative (765,391.06) -- -- --
Selling -- -- -- --
Other (171.97) (10.62) -- --
Transfers (PR) (1,552,817.04) -- -- (4,105,532.43)
Professional Fees -- -- -- --
Court Costs -- -- -- --
--------------------------------------------------------------
Total Disbursements (2,614,862.30) (1,548,414.42) -- (4,105,532.43)
--------------------------------------------------------------
Net Cash Flow 2,062,246.44 (10.62) -- (4,102,258.04)
--------------------------------------------------------------
Cash: End of Month 3,823,627.44 35,331.89 -- --
==============================================================
**
Fund transfer in from Independence bank amount of $4,105,532.43
Fund transfer in from Chartwell for Tax fund amount of $1,074,366
Fund transfer out to Vista account, amount of $2,000,000
Trenwick America Corporation
Bank Reconciliations
October 2003
The following bank accounts have been reconciled
Operating:
Account No.
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 3,823,627.44
Payroll: - bank statement not yet received
Independence Bank: account closed during October 2003
Trenwick America Corp.
Disbuusements Log (Excludes Interco.)
October-03
Wire Date Amount Vendor Name
- ---------------------------------------- --------------------------------------
2003-10-09 69,322.81 New York Life Benefit Services Co.
2003-10-21 25,000.00 IBNR, LLC
2003-10-22 179,628.56 New York Life Benefit Services Co.
2003-10-27 107,607.07 New York Life Benefit Services Co.
381,558.44
Check
Number Amount Vendor Name
- ---------------------------------------- --------------------------------------
107584 2,637.33 Holiday Inn Select
107585 39.86 AT&T
107586 545.64 Avalon/Ambassador Limousine
107587 444.25 BMC Solutions, Inc.
107588 685.00 CDW Computer Centers, Inc
107589 60.00 Connecticut Association of Paralegals
107590 598.00 Eastern Data Paper
107591 78,170.00 Ernst & Young LLP
107592 106.75 Executive Charge, Inc.
107593 407.40 Federal Express Corporation
107594 600.00 Federal Reserve Bank of Cleveland
107595 99.50 First Management Services, Inc.
107596 48.76 IKON Office Solutions
107597 205.29 Marks Bros. Stationers, Inc.
107598 841.88 Motient
107599 194.04 PRS Courier Worldwide Inc.
107600 47.28 Royal Messenger Service
107601 49.50 Silvana Griffith
107602 1,925.00 Susan Zicarelli
107603 7,420.80 Unum Life Insurance Company of America
107604 30.67 Visible Computer Supply Corporation
107605 49.25 Dave Semeraro
107606 246.47 Finkelstein,David M.
107607 2,538.00 Advanced Solutions, Inc.
107609 678.40 Blondie's Treehouse, Inc
107610 2,550.00 CCBN, INC
107611 561.80 CCH Incorporated
107612 481.20 Ceridian Employer Services
107613 1,884.71 Crystal Rock Water Company
107614 112.50 Eastern Benefit Systems, Inc.
107615 148,198.44 Equity Office Properties, L.L.C.
107616 250.00 Executive Health EXAMS
107617 223.83 Federal Express Corporation
107618 2,800.00 Global Knowledge
107619 3,027.86 Iron Mountain
107620 728.00 Joyce Van Lines, Inc.
107621 1,156.41 Marks Bros. Stationers, Inc.
107622 238.14 PRS Courier Worldwide Inc.
107623 295.00 ProData
107624 8,071.90 Propark, Inc.
107625 643.05 Snet
107626 6,652.00 Sungard Recovery Services Inc.
107627 1,680.09 W. Marston Becker
107628 217.00 Catherine Homola
107629 188.87 Ellery Stevenson
107630 1,349.46 Robert Crowther
107632 3,594.25 Timothy Graham
107634 271.00 Tyler Jr.,Stanlee C.
107635 19.95 AT&T
107636 377.60 AT&T
107637 1.09 AT&T
107638 516.44 AT&T
107639 69.70 American Management Association
107640 420.00 Business Wire
107641 2,481.46 CCH Incorporated
107642 1,793.70 CDW Direct, LLC
107644 254.04 Ceridian Employer Services
107645 394.16 Connecticut Corporate Caterers,LLC
107646 26.76 Connecticut Telephone
107647 275.51 Deraventures, Inc.
107648 421.52 Federal Express Corporation
107649 4,795.00 Global Knowledge
107650 333.84 Ios Capital
107651 6,179.80 Liebert Global Services
107652 320.00 Liz Sue Bagels
107653 367.31 MCI
107654 489.81 Marks Bros. Stationers, Inc.
107655 782.75 Network Synergy
107656 738.56 Nextel
107657 2,847.88 Paul Revere Insurance Group
107658 6,934.48 Pitney Bowes
107659 300.00 Propark, Inc.
107660 4,000.00 Susan Zicarelli
107661 2,664.38 Temco Service Industries, Inc.
107662 250.00 Vuli Restaurant
107663 445.36 W. Marston Becker
107664 46.21 WORLDCOM
107665 182.00 Gale,Matthew B.
107666 10,514.29 Hunte,Alan L.
107669 78.68 Robert Crowther
107670 145.85 Sakyi,Caesar
107672 10,000.00 Rossfield Advisors, LLC
107673 88,462.46 Anthem BCBSCT
107674 880.89 BMW Financial Services
107675 948.70 Business Invirons
107676 2,184.40 CDW Direct, LLC
107677 16,812.29 CYPRESS COMMUNICATIONS
107678 718.65 Cognet Communications, Inc.
107679 6,665.01 Delta Dental
107680 201.05 Executive Charge, Inc.
107681 311.81 Federal Express Corporation
107682 600.00 Federal Reserve Bank of Cleveland
107683 4,348.60 Imagistics International Inc.
107684 221.81 Ios Capital
107685 195.00 Mail Delivery Service of Stamford, LLC
107686 2,003.12 Marks Bros. Stationers, Inc.
107688 1,266.00 Mary A. Pagoto
107689 847.00 Motient
107690 265.00 Naic
107691 9,748.91 Network Synergy
107692 69.00 Olney Bean
107693 400.00 The Pension Service, Inc.
107694 8,377.95 Unum Life Insurance Company of America
107695 15.00 Velocity Express
107696 121.30 Daniels,Gary
107697 1,491.29 Hunte,Alan L.
107700 38.70 Richard Pikikero
107701 379.48 CCH Incorporated
107702 2,577.63 CDW Direct, LLC
107703 7,840.49 CYPRESS COMMUNICATIONS
107704 321.48 Ceridian Employer Services
107705 3,074.00 Citrix Systems, Inc.
107706 105.08 Connecticut Telephone
107707 590.29 Connecticut Telephone
107708 743.78 Encon Heating & AirConditioning
107709 148,283.79 Equity Office Properties, L.L.C.
107710 250.00 Executive Health EXAMS
107711 596.18 Federal Express Corporation
107712 985.92 Glowpoint
107713 3,792.78 IKON Office Solutions
107714 16.79 MCI
107715 1,431.75 MCI
107716 223.02 Marks Bros. Stationers, Inc.
107717 3,532.59 Pitney Bowes
107718 6,000.00 Susan Zicarelli
107719 3,471.36 West Group
107720 831.31 Daniels,Gary
107721 37.75 LaFleur,Mirianne
107722 218.94 Leshaw,Jerome B.
107723 2,775.17 Marty Becker
107725 1,728.62 Timothy Graham
680,314.85
Grand total 1,061,873.29
Trenwick America Corp. Case No. 03-12635 (MFW)
- ------------------------------------ --------------
Debtor Reporting Period: October 2003
--------------
Statement of Operations
(Income Statement)
=======================================================================================================
Month Ended Cumulative
REVENUES October 2003 Filing to Date
=======================================================================================================
Gross Revenues $ 40,176 $ 147,877
- -------------------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- -------------------------------------------------------------------------------------------------------
Net Revenue $ 40,176 $ 147,877
- -------------------------------------------------------------------------------------------------------
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 40,176 147,877
- -------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- -------------------------------------------------------------------------------------------------------
Advertising -- --
- -------------------------------------------------------------------------------------------------------
Auto and Truck Expense 9 9
- -------------------------------------------------------------------------------------------------------
Bad Debts -- --
- -------------------------------------------------------------------------------------------------------
Contributions -- --
- -------------------------------------------------------------------------------------------------------
Employee Benefits Programs 3,176 3,427
- -------------------------------------------------------------------------------------------------------
Insider compensation* 10,326 90,470
- -------------------------------------------------------------------------------------------------------
Insurance 9 15
- -------------------------------------------------------------------------------------------------------
Management Fees/Bonuses ** 11,335 161,330
- -------------------------------------------------------------------------------------------------------
Office Expense 8,783 21,042
- -------------------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 4,242 4,976
- -------------------------------------------------------------------------------------------------------
Repairs and Maintenance 966 1,098
- -------------------------------------------------------------------------------------------------------
Rent and Lease Expense 31,115 59,115
- -------------------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 9,465 10,392
- -------------------------------------------------------------------------------------------------------
Supplies 2,909 4,693
- -------------------------------------------------------------------------------------------------------
Taxes-Payroll 905 1,197
- -------------------------------------------------------------------------------------------------------
Taxes-Real Estate -- --
- -------------------------------------------------------------------------------------------------------
Taxes-Other -- 6,000
- -------------------------------------------------------------------------------------------------------
Travel and Entertainment 361 365
- -------------------------------------------------------------------------------------------------------
Utilities 954 957
- -------------------------------------------------------------------------------------------------------
Other (attach schedule) 219,630 3,892,983
- -------------------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 304,185 4,258,069
- -------------------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 59,399 122,448
- -------------------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses (323,408) (4,232,640)
- -------------------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES --
- -------------------------------------------------------------------------------------------------------
Other Income (attach schedule) (3,397,279) (18,559,497)
- -------------------------------------------------------------------------------------------------------
Interest Expense -- --
- -------------------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- -------------------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items (3,720,687) (22,792,138)
- -------------------------------------------------------------------------------------------------------
REORGANIZATION ITEMS --
- -------------------------------------------------------------------------------------------------------
Professional Fees -- --
- -------------------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- -------------------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash --
- -------------------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 4,796 16,953
- -------------------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- -------------------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) -- --
- -------------------------------------------------------------------------------------------------------
Total Reorganization Expenses 4,796 16,953
- -------------------------------------------------------------------------------------------------------
Income Taxes (73,535) (73,535)
- -------------------------------------------------------------------------------------------------------
Net Profit (Loss) $ (3,642,356) $ (22,701,650)
=======================================================================================================
* 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
STATEMENT OF OPERATIONS - continuation sheet
================================================================================
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY October 2003 Filing to Date
================================================================================
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Audit Fees (28,882) (128)
- --------------------------------------------------------------------------------
Accounting & Tax Fees (3,712) 40,804
- --------------------------------------------------------------------------------
Other Fees 242,614 3,836,868
- --------------------------------------------------------------------------------
Data Processing 8,795 14,525
- --------------------------------------------------------------------------------
Seminars & Continuing Education 798 898
- --------------------------------------------------------------------------------
Dues & Subscriptions 17 14
- --------------------------------------------------------------------------------
Total Other Expenses 219,630 3,892,985
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries (3,397,279) (18,559,497)
- --------------------------------------------------------------------------------
Total Other Income (Loss) (3,397,279) (18,559,497)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FORM MOR-2
Trenwick America Corporation Case No. 03-12635 (MFW)
- --------------------------------- ----------------
Debtor Reporting Period: October 31, 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) 5,623,432 4,532,566
- -----------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,657,483 48,745,299
- -----------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- -----------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- -----------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 226,643 503,054
- -----------------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- -----------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,702 327,755
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 57,849,262 $ 54,118,674
- -----------------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- -----------------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- -----------------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- -----------------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 19,766,984 20,723,654
- -----------------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
- -----------------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- -----------------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (16,030,581) (15,433,035)
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 7,222,096 $ 8,776,312
- -----------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- -----------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 180,414 266,900
- -----------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 238,222,295 249,660,381
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 238,402,708 $ 249,927,281
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 303,474,066 $ 312,822,267
=============================================================================================================================
- -----------------------------------------------------------------------------------------------------------------------------
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 570,542 --
- -----------------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- -----------------------------------------------------------------------------------------------------------------------------
Wages Payable 31,380 --
- -----------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- -----------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- -----------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- -----------------------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- -----------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- -----------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 581,238 --
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 1,183,160 $ --
- -----------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- -----------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- -----------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- -----------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 290,809,599 289,648,446
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 290,809,599 $ 289,648,446
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 291,992,759 289,648,446
- -----------------------------------------------------------------------------------------------------------------------------
OWNER EQUITY
- -----------------------------------------------------------------------------------------------------------------------------
Capital Stock 100 100
- -----------------------------------------------------------------------------------------------------------------------------
Additional Paid-In Capital 266,985,085 266,985,085
- -----------------------------------------------------------------------------------------------------------------------------
Partners' Capital Account -- --
- -----------------------------------------------------------------------------------------------------------------------------
Owner's Equity Account -- --
- -----------------------------------------------------------------------------------------------------------------------------
Retained Earnings - Pre-Petition (246,858,372) (246,858,372)
- -----------------------------------------------------------------------------------------------------------------------------
Retained Earnings - Post-Petition (22,701,651) --
- -----------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) 14,056,144 3,047,008
- -----------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- -----------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ 11,481,307 $ 23,173,821
- -----------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 303,474,066 $ 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.
FORM MOR-3
Trenwick America Corporation Case No. 03-12635 (MFW)
- --------------------------------- ----------------
Debtor Reporting Period: October 31, 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 340,702 327,755
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
OTHER ASSETS
- ---------------------------------------------------------------------------------------------
Deferred Taxes Receivable 1,308,827 1,198,532
- ---------------------------------------------------------------------------------------------
Investment in Subsidiaries 236,913,084 244,859,636
- ---------------------------------------------------------------------------------------------
Miscellaneous Other Assets 382 3,602,213
- ---------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS 238,222,295 $ 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 87,682 1,333,307
- ---------------------------------------------------------------------------------------------
Interest Payable 12,728,025 12,728,025
- ---------------------------------------------------------------------------------------------
Taxes Payable 5,002,200 2,601,759
- ---------------------------------------------------------------------------------------------
Due to Affiliates 82,787,757 82,787,757
- ---------------------------------------------------------------------------------------------
Indebtedness 190,203,935 190,197,598
- ---------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS 290,809,599 289,648,446
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- ---------------------------------------------------------------------------------------------
Due to Affiliates 581,238 --
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- ---------------------------------------------------------------------------------------------
Equity in Subsidiary 14,056,144 3,047,008
- ---------------------------------------------------------------------------------------------
FORM MOR-3
In re Trenwick America Corporation Case No. 03-12635 (MFW)
---------------------------- --------------
Debtor Reporting period: October 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.
- --------------------------------------------------------------------------------------------------------------------------------
Beginning Amount
Tax Withheld or Check. No Ending Tax
Liability Accrued Amount Paid Date Paid or EFT Liability
===============================================================================================================================
Federal
- -------------------------------------------------------------------------------------------------------------------------------
Withholding -- 353,970 353,970 10/8,9,22 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 60,110 60,110 10/8,9,22 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 60,110 60,110 10/8,9,22 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 115 115 10/8,9,22 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 474,305 474,305 --
- -------------------------------------------------------------------------------------------------------------------------------
State and Local
- -------------------------------------------------------------------------------------------------------------------------------
Withholding -- 88,958 88,958 10/8,9,22 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 1,051 1,051 10/8,9,22 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Total State and Local -- 90,009 90,009 --
- -------------------------------------------------------------------------------------------------------------------------------
Total Taxes -- 564,314 564,314 -- --
- -------------------------------------------------------------------------------------------------------------------------------
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)
Trenwick America Corporation Case No. 03-12635 (MFW)
- ---------------------------------- ---------------
Debtor
Reporting Period: October 2003
---------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
======================================================================== ===============
Accounts Receivable Reconciliation Amount
======================================================================== ===============
Total Accounts Receivable at the beginning of the reporting period 50,932,522.78
- ------------------------------------------------------------------------ ---------------
+ Amounts billed during the peiod 2,035,519.24
- ------------------------------------------------------------------------ ---------------
- - Amounts collected during the peiod (1,310,558.65)
- ------------------------------------------------------------------------ ---------------
Total Accounts Receivable at the end of the reporting period 51,657,483.37
- ------------------------------------------------------------------------ ---------------
======================================================================== ===============
Accounts Receivable Aging Amount
======================================================================== ===============
0 - 30 days old 1,978,336.00
- ------------------------------------------------------------------------ ---------------
31 - 60 days old 431,603.72
- ------------------------------------------------------------------------ ---------------
61 - 90 days old 441,984.49
- ------------------------------------------------------------------------ ---------------
91 + days old 59,992,377.16
- ------------------------------------------------------------------------ ---------------
Total Accounts Receivable 62,844,301.37
- ------------------------------------------------------------------------ ---------------
Amount considered uncollectible (Bad Debt) (11,186,818.00)
- ------------------------------------------------------------------------ ---------------
Accounts Receivable (Net) 51,657,483.37
- ------------------------------------------------------------------------ ---------------
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 X
explanation below.
- ------------------------------------------------------------------------ ---------------
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)