Exhibit 99.1
Trenwick Group Ltd.
UNITED STATES BANKRUPTCY COURT
DISTRICT OF
In re: Trenwick Group Ltd. Case No. 03-12636 (MFW)
Reporting Period: November 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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Document Explanation
Required Documents Form No. Attached Attached
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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 N/A
Statement of Operations MOR-2 Yes
Balance Sheet MOR-3 Yes
Status of Postpetition Taxes MOR-4 N/A
Copies of IRS Form 6123 or payment receipt N/A
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 of my knowledge and
belief.
/s/ Alan L. Hunte December 19, 2003
- ------------------------------------------ -----------------------------
Signature of Debtor Date
/s/ Alan L. Hunte December 19, 2003
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Signature of Joint Debtor Date
/s/ Alan L. Hunte December 19, 2003
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Signature of Authorized Individual* Date
Alan L. Hunte December 19, 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.
In re: Trenwick Group Ltd Case No. 03-12636 (MFW)
Schedule of Cash Receipts & Disbursements Rep Per November 2003
Bank Accounts
Operating Payroll Tax Other
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Cash - Beg of Month 124,420.94 -- NA NA
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Receipts:
Cash Sales -- -- -- --
Accounts Rec. -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Other -- -- --
Transfers -- -- -- --
---------------------------------------------------------
Total Receipts -- --
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Disbursements:
Net Payroll -- -- -- --
Payroll Taxes -- -- -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases -- -- -- --
Insurance -- -- -- --
Administrative -- -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers to P/R Acct -- -- -- --
Professional Fees -- -- -- --
Court Costs -- -- -- --
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Total Disbursements: -- -- -- --
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Net Cash Flow: -- -- -- --
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Cash: End of Month 124,420.94 -- -- --
=========================================================
Trenwick Group Ltd
Bank Reconciliations
October 2003
The following Chase Accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 124,420.94
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: November 2003
(Income Statement)
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Month Ended Cumulative
REVENUES November 2003 Filing to Date
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Gross Revenues $ -- $ (567,222)
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Less: Returns and Allowances -- --
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Net Revenue $ -- $ (567,222)
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COST OF GOODS SOLD --
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Beginning Inventory -- --
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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 -- (567,222)
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OPERATING EXPENSES
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Advertising -- --
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Auto and Truck Expense -- 13,522
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Bad Debts -- --
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Contributions -- --
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Employee Benefits Programs 110,918 168,948
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Insider compensation* -- 68,710
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Insurance 9,885 364,079
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Management Fees/Bonuses -- --
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Office Expense 114 7,355
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Pension & Profit-Sharing Plans -- (0)
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Repairs and Maintenance -- --
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Rent and Lease Expense -- --
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Salaries/Commissions/Fees -- 8,054
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Supplies -- 2,027
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Taxes-Payroll -- (0)
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Taxes-Real Estate -- --
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Taxes-Other -- 6,730
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Travel and Entertainment -- 0
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Utilities -- --
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Other (attach schedule) 87,500 1,962,592
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Total Operating Expenses Before Depreciation 208,417 2,602,015
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Depreciation/Depletion/Amortization 129,529 438,726
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Net Profit(Loss) Before Other Income & Expenses (337,945) (3,607,963)
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OTHER INCOME AND EXPENSES
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Other Income (attach schedule) 7,999,250 (15,744,826)
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Interest Expense -- --
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Other Expense (attach schedule) -- 33,099,059
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Net Profit (Loss) Before Reorganization Items 7,661,305 (52,451,848)
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REORGANIZATION ITEMS
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Professional Fees -- --
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U.S. Trustee Quarterly Fees -- --
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Interest Earned on Accumulated Cash --
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from Chapter 11 (see continuation sheet) 136 3,006
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Gain(Loss) from Sale of Equipment -- --
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Other Reorganization Expenses (attach schedule) -- 43,834
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Total Reorganization Expenses (136) 40,828
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Income Taxes -- --
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Net Profit (Loss) $ 7,661,440 $(52,492,676)
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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 23 officers which were not included in this amount.
** Includes amounts charged by Trenwick affiliates under the Administrative
Services Agreement prior to October 2003
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: November 2003
STATEMENT OF OPERATIONS - continuation sheet
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Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY November 2003 Filing to Date
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Other Costs
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Other Operational Expenses
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Other Fees 87,500 1,961,638
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Data Processing -- 954
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Total Other Expenses 87,500 1,962,592
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Other Income
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Equity in Undistributed Loss of
Unconsolidated Subsidiaries 7,999,250 (15,744,826)
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Total Other Income 7,999,250 (15,744,826)
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Other Expenses
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Loss on Sale of Trenwick International Ltd. -- 33,099,059
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Other Reorganization Expenses
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Bankruptcy Related Fees -- 43,834
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Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: November 30, 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
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Unrestricted Cash and Equivalents -- --
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Restricted Cash and Cash Equivalents (see continuation sheet) 613,805 655,336
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Accounts Receivable (Net) 311,685 (591,090)
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Notes Receivable -- --
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Inventories -- --
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Prepaid Expenses 95,629 1,088,137
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Professional Retainers 2,156,166 2,200,000
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Other Current Assets (attach schedule) -- 3,861
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TOTAL CURRENT ASSETS $ 3,177,285 $ 3,356,244
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PROPERTY AND EQUIPMENT
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Real Property and Improvements -- --
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Machinery and Equipment -- --
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Furniture, Fixtures and Office Equipment 73,467 82,181
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Leasehold Improvements -- --
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Vehicles -- --
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Less Accumulated Depreciation (38,252) (33,020)
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TOTAL PROPERTY & EQUIPMENT $ 35,215 $ 49,161
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OTHER ASSETS
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Loans to Insiders* -- --
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Other Assets (attach schedule) 158,502,940 220,135,876
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TOTAL OTHER ASSETS $ 158,502,940 $ 220,135,876
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TOTAL ASSETS $ 161,715,440 $ 223,541,281
=========================================================================================================================
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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)
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Accounts Payable 12,347 --
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Taxes Payable (refer to FORM MOR-4) -- --
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Wages Payable -- 4,900
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Notes Payable -- --
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Rent/Leases - Building/Equipment -- --
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Secured Debt/Adequate Protection Payments -- --
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Professional Fees -- --
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Amounts Due to Insiders* -- --
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Other Postpetition Liabilities (attach schedule) 7,389 --
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TOTAL POSTPETITION LIABILITIES $ 19,736 $ 4,900
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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 216,630,124 216,896,055
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TOTAL PRE-PETITION LIABILITIES $ 216,630,124 $ 216,896,055
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TOTAL LIABILITIES 216,649,860 216,900,955
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OWNER EQUITY
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Capital Stock 3,675,578 3,676,102
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Additional Paid-In Capital 574,730,750 574,823,017
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Partners' Capital Account -- --
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Owner's Equity Account -- --
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Retained Earnings - Pre-Petition (551,923,031) (551,923,031)
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Retained Earnings - Post-Petition (52,492,678) --
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Adjustments to Owner Equity (attach schedule) (28,925,040) (19,935,762)
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Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
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NET OWNER EQUITY $ (54,934,420) $ 6,640,326
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TOTAL LIABILITIES AND OWNERS' EQUITY $ 161,715,440 $ 223,541,281
=========================================================================================================================
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting Period: November 30, 2003
BALANCE SHEET - continuation sheet
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BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
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OTHER CURRENT ASSETS
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Accrued Investment Income -- 3,861
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TOTAL OTHER CURRENT ASSETS -- $ 3,861
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OTHER ASSETS
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Prepaid Deposits 19,622 19,622
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Investment in Subsidiaries 155,661,181 215,156,938
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Miscellaneous Other Assets 2,822,136 4,959,316
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TOTAL OTHER ASSETS 158,502,940 $ 220,135,876
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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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UNSECURED DEBTS (PRE-PETITION)
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Accrued Expenses 1,046,143 1,299,727
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Interest Payable 2,276,323 2,276,323
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Due to Affiliates 94,479,224 94,479,224
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Indebtedness -- --
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TOTAL UNSECURED DEBTS (PRE-PETITION) 216,642,471 216,896,055
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OTHER POSTPETITION LIABILITIES
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Due to Affiliates 7,389 --
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TOTAL OTHER POSTPETITION LIABILITIES 7,389 --
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ADJUSTMENT TO OWNER EQUITY
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Deferred Compensation (685,210) (1,125,099)
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Equity in Subsidiary (28,239,830) (18,810,663)
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TOTAL ADJUSTMENTS TO OWNER EQUITY (28,925,040) (19,935,762)
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In re Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor Reporting period: November 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.
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Amount
Beginning Withheld or Check. No Ending Tax
Tax Liability Accrued Amount Paid Date Paid or EFT Liability
====================================================================================================================
Federal
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Withholding -- -- -- --
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FICA-Employee -- -- -- --
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FICA-Employer -- -- -- --
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Unemployment -- -- -- --
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Income -- -- -- --
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Other: -- -- -- --
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Total Federal Taxes -- -- -- --
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State and Local
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Withholding -- -- -- --
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Sales -- -- -- --
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Excise -- -- -- --
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Unemployment -- -- -- --
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Real Property -- -- -- --
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Personal Property -- -- -- --
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Other: -- -- -- --
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Total State and Local -- -- -- --
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Total Taxes -- -- -- -- --
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SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
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Number of Days Past Due
=======================================================================
Current 0-30 31-60 61-90 Over 90 Total
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Accounts Payable 4,761 7,585 -- -- -- 12,346
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Wages Payable --
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Taxes Payable --
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Rent/Leases - Building --
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Rent/Leases - Equipment --
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Secured Debt/Adequate Protection Payments --
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Professional Fees --
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Amounts Due to Insiders --
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Other: --
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Other: --
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Total Postpetition Debts 4,761 7,585 -- -- -- 12,346
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Listing of aged accounts payable
Trenwick Group Ltd.
Vendor Invoice Date Services Invoice Number Amount Activity
------ ------------ -------- -------------- ------ --------
Equiserve 10/13/2003 September Service 159415 5,925.87 Transfer Agency Fee
CCH 10/21/2003 TGL 8K 7239715 1,143.74 TGL 8k reporting
CCH 10/21/2003 Lasalle Re 8k 7239713 516.22 LaSalle Re Holding 8k
------------
0-30 days 7,585.83
Deracom 11/5/2003 10/27/2003 11014-37201-03 210.00 Limo svc
Equiserve 11/13/2003 October service 160816 3,810.21 Transfer Agency Fee
CCH 11/5/2003 October TGL 8k 7258245 740.94 Filing fee for TGL 8k
------------
Current 4,761.15
------------
Total $ 12,346.98
============
Trenwick Group Ltd. Case No. 03-12636 (MFW)
Debtor
Reporting Period: November 2003
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
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Accounts Receivable Reconciliation Amount
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Total Accounts Receivable at the beginning of the reporting period $ 311,687.39
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+ Amounts billed during the peiod --
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- - Amounts collected during the peiod --
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Total Accounts Receivable at the end of the reporting period 311,687.39
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Accounts Receivable Aging Amount
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0 - 30 days old --
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31 - 60 days old 50,513.11
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61 - 90 days old 172,645.49
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91 + days old 9,438,455.17
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Total Accounts Receivable 9,661,613.77
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Amount considered uncollectible (Bad Debt) (9,349,926.38)
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Accounts Receivable (Net) 311,687.39
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DEBTOR QUESTIONNAIRE
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Must be completed each month Yes No
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1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide an explanation below. X
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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
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3. Have all postpetition tax returns been timely filed? If no, provide an
explanation below. X
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4. Are workers compensation, general liability and other necessary insurance
coverages in effect? If no, provide an explanation below. X
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