Exhibit 99.1
Trenwick America Corporation
UNITED STATES BANKRUPTCY COURT
DISTRICT OF
In re: Trenwick America Corporation Case No. 03-12635(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.
- ------------------------------------------------------------------------------------------------------------------------
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 N/A
Summary of Unpaid Postpetition Debts MOR-4 N/A
Listing of aged accounts payable N/A
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 December 19, 2003
- ------------------------------------------ ------------------------------
Signature of Debtor Date
/s/ Alan L. Hunte December 19, 2003
- ------------------------------------------ -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte December 19, 2003
- ------------------------------------------ -----------------------
Signature of Authorized Individual* Date
Alan L. Hunte December 19, 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.
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period November 2003
Bank Accounts
Operating Payroll Tax Other
----------------------------------------------------------
Cash - Beg of Month 3,823,627.44 35,331.89 NA --
----------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec. -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposits 23,017.82 -- -- --
Other 1,413.09 -- --
Fund Transfer ** -- -- -- --
Transfers (Interco) 1,785,593.56 656,717.55 -- --
----------------------------------------------------------
Total Receipts 1,810,024.47 656,717.55 -- --
----------------------------------------------------------
Disbursements:
Net Payroll -- (451,911.09) -- --
Payroll Taxes -- (204,806.46) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases -- -- --
Insurance -- -- -- --
Administrative (658,839.74) -- -- --
Selling -- -- -- --
Other (4,413.24) -- -- --
Transfers (PR) (656,717.55) -- --
Professional Fees -- -- -- --
Court Costs -- -- -- --
----------------------------------------------------------
Total Disbursements (1,319,970.53) (656,717.55) -- --
----------------------------------------------------------
Net Cash Flow 490,053.94 -- -- --
----------------------------------------------------------
Cash: End of Month 4,313,681.38 35,331.89 -- --
==========================================================
Trenwick America Corporation
Bank Reconciliations
November 2003
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 4,313,681.38
Payroll:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 35,331.89
Trenwick America Corp.
Disbuusements Log (Excludes Interco.)
November-03
Wire Date Amount Vendor Name
- --------------------- --------------- --------------
2003-11-14 250.00 IBNR, LLC
2003-11-21 64,311.07 New York Life Benefit Services Co.
--------------
69,564.59
--------------
Check Number Amount Vendor Name
- --------------------- --------------- --------------
107726 90.00 AAC INTERGRATED COMMUNICATIONS
107727 740.45 ADT Security Services, Inc.
107728 31,618.08 Actuarial Risk Solutions
107729 325,000.00 Aon Risk Services, Inc. of Colorado
107730 678.40 Blondie's Treehouse, Inc
107731 2,972.69 CDW Direct, LLC
107732 210.00 CSCPA
107733 246.33 Club Sandwich of Stamford
107734 1,620.56 Crystal Rock Water Company
107735 299.00 DBASE Inc.
107737 357.03 Federal Express Corporation
107738 24.52 G. Neil Companies
107739 9,076.25 Insurance Staffers
107740 51.22 MCI
107741 1,066.76 Marks Bros. Stationers, Inc.
107742 853.45 Network Synergy
107743 290.12 OFFICETEAM
107744 85.86 P. Rogers & Company
107745 7,385.12 Re Systems Group
107746 59.76 Royal Messenger Service
107747 1,750.81 Snet
107748 75.50 ComED
107749 1,129.25 Chiarini,Richard M.
107750 833.25 Damaris Rosado
107752 151.70 Gale,Matthew B.
107753 210.00 CSCPA
107754 902.00 Advanced Solutions, Inc.
107755 509.39 Ceridian Employer Services
107756 1,778.42 Crystal Rock Water Company
107757 3,590.00 Executive Health EXAMS
107758 406.51 Federal Express Corporation
107759 2,088.37 Iron Mountain
107760 728.00 Joyce Van Lines, Inc.
107761 400.00 Liz Sue Bagels
107762 195.00 Mail Delivery Service of Stamford, LLC
107763 160.28 Marks Bros. Stationers, Inc.
107764 2,880.00 New York Life Benefit Services Co.
107765 216.09 PRS Courier Worldwide Inc.
107766 6,300.00 Susan Zicarelli
107767 2,664.38 Temco Service Industries, Inc.
107768 5,025.00 PricewaterhouseCoopers LLP
107769 150.00 St. John's Episcopal Church
107770 3,168.27 Daniels,Gary
107772 2,560.58 Tyler Jr.,Stanlee C.
107774 1,653.73 A.M. Best Company
107775 374.86 AT&T
107776 1,532.35 AT&T
107777 5,500.00 Advanced Solutions, Inc.
107778 54,568.54 Anthem BCBSCT
107779 444.25 BMC Solutions, Inc.
107780 452.62 CCH Incorporated
107781 2,283.77 CDW Direct, LLC
107782 395.00 COMMON -A USERS GROUP
107783 266.81 CPT Group Inc
107784 16,390.20 CYPRESS COMMUNICATIONS
107785 644.36 Connecticut Telephone
107786 8,685.09 Delta Dental
107787 112.50 Eastern Benefit Systems, Inc.
107788 99.85 Executive Charge, Inc.
107789 418.43 Federal Express Corporation
107790 500.00 Federal Reserve Bank of Cleveland
107791 250.00 Freedom Group, Inc.
107792 972.97 IKON Office Solutions
107793 17,688.76 Insurance Staffers
107794 467.88 Ios Capital
107795 178.73 Iron Mountain
107796 3,070.61 Kelly Services, Inc.
107797 1,731.00 MCI
107798 1,075.69 Marks Bros. Stationers, Inc.
107799 6,450.10 Network Synergy
107800 863.65 Nextel
107801 3,327.47 Pitney Bowes
107802 6,744.25 Propark, Inc.
107803 1,544.50 RIA Group
107804 2,783.00 SNL Financial LC
107805 54.80 Skytel
107806 132.09 Snet
107807 5,296.00 Sungard Recovery Services Inc.
107808 4,725.80 Unum Life Insurance Company of America
107809 4,473.71 Unum Life Insurance Company of America
107810 136.70 Velocity Express
107811 81.87 WORLDCOM
107812 2,605.73 West Group
107813 361.62 Brunell,Paula
107814 142.46 Chimbole,Joyce
107815 128.62 Duarte,Deborah
107816 1,593.03 Hunte,Alan L.
107819 155.20 Barker,Russell
107820 174.40 Nicole Morris
107821 7,143.75 Susan Zicarelli
--------------
589,275.15
--------------
--------------
Grand Total 658,839.74
--------------
Trenwick America Corp. Case No. 0312635 (MWF)
Debtor Reporting Period: November 2003
Statement of Operations
(Income Statement)
- ----------------------------------------------------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES November 2003 Filing to Date
- ----------------------------------------------------------------------------------------------------------------------------
Gross Revenues $ 19,029 $ 166,906
- ----------------------------------------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- ----------------------------------------------------------------------------------------------------------------------------
Net Revenue $ 19,029 $ 166,906
- ----------------------------------------------------------------------------------------------------------------------------
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 19,029 166,906
- ----------------------------------------------------------------------------------------------------------------------------
OPERATING EXPENSES --
- ----------------------------------------------------------------------------------------------------------------------------
Advertising -- --
- ----------------------------------------------------------------------------------------------------------------------------
Auto and Truck Expense -- 9
- ----------------------------------------------------------------------------------------------------------------------------
Bad Debts -- --
- ----------------------------------------------------------------------------------------------------------------------------
Contributions -- --
- ----------------------------------------------------------------------------------------------------------------------------
Employee Benefits Programs 2,040 5,466
- ----------------------------------------------------------------------------------------------------------------------------
Insider compensation* 9,557 100,027
- ----------------------------------------------------------------------------------------------------------------------------
Insurance 2,113 2,127
- ----------------------------------------------------------------------------------------------------------------------------
Management Fees/Bonuses ** -- 161,330
- ----------------------------------------------------------------------------------------------------------------------------
Office Expense 3,910 24,952
- ----------------------------------------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 3,428 8,404
- ----------------------------------------------------------------------------------------------------------------------------
Repairs and Maintenance 439 1,538
- ----------------------------------------------------------------------------------------------------------------------------
Rent and Lease Expense 27,806 86,921
- ----------------------------------------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 26,965 37,357
- ----------------------------------------------------------------------------------------------------------------------------
Supplies 1,386 6,079
- ----------------------------------------------------------------------------------------------------------------------------
Taxes-Payroll 750 1,947
- ----------------------------------------------------------------------------------------------------------------------------
Taxes-Real Estate -- --
- ----------------------------------------------------------------------------------------------------------------------------
Taxes-Other -- 6,000
- ----------------------------------------------------------------------------------------------------------------------------
Travel and Entertainment 128 492
- ----------------------------------------------------------------------------------------------------------------------------
Utilities 14 971
- ----------------------------------------------------------------------------------------------------------------------------
Other (attach schedule) 418,091 4,311,075
- ----------------------------------------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 496,625 4,754,695
- ----------------------------------------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 59,270 181,718
- ----------------------------------------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses (536,866) (4,769,507)
- ----------------------------------------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES --
- ----------------------------------------------------------------------------------------------------------------------------
Other Income (attach schedule) 2,474,599 (16,084,898)
- ----------------------------------------------------------------------------------------------------------------------------
Interest Expense -- --
- ----------------------------------------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- ----------------------------------------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items 1,937,733 (20,854,405)
- ----------------------------------------------------------------------------------------------------------------------------
REORGANIZATION ITEMS --
- ----------------------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- ----------------------------------------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ----------------------------------------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash --
- ----------------------------------------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 4,216 21,169
- ----------------------------------------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ----------------------------------------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) -- --
- ----------------------------------------------------------------------------------------------------------------------------
Total Reorganization Expenses 4,216 21,169
- ----------------------------------------------------------------------------------------------------------------------------
Income Taxes -- (73,536)
- ----------------------------------------------------------------------------------------------------------------------------
Net Profit (Loss) $ 1,941,950 $(20,759,700)
- ----------------------------------------------------------------------------------------------------------------------------
* 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
STATEMENT OF OPERATIONS - continuation sheet
- ----------------------------------------------------------------------------------------------------------------------------
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY November 2003 Filing to Date
- ----------------------------------------------------------------------------------------------------------------------------
Other Costs
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Other Operational Expenses
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Audit Fees -- (128)
- ----------------------------------------------------------------------------------------------------------------------------
Accounting & Tax Fees 10,000 50,804
- ----------------------------------------------------------------------------------------------------------------------------
Other Fees 402,673 4,239,541
- ----------------------------------------------------------------------------------------------------------------------------
Data Processing 5,250 19,775
- ----------------------------------------------------------------------------------------------------------------------------
Seminars & Continuing Education 168 1,066
- ----------------------------------------------------------------------------------------------------------------------------
Dues & Subscriptions -- 17
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER EXPENSES 418,091 4,311,075
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Other Income
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries 2,474,599 (16,084,898)
- ----------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER INCOME 2,474,599 (16,084,898)
- ----------------------------------------------------------------------------------------------------------------------------
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: November 30, 2003
BALANCE SHEET
- ------------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ------------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 6,119,164 4,532,566
- ------------------------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,682,249 48,745,299
- ------------------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 349,249 503,054
- ------------------------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ------------------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 58,492,365 $ 54,118,674
- ------------------------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- ------------------------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 18,820,723 20,723,654
- ------------------------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
- ------------------------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (15,936,368) (15,433,035)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 6,370,048 $ 8,776,312
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ------------------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 180,898 266,900
- ------------------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 238,851,557 249,660,381
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 239,032,456 $ 249,927,281
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 303,894,868 $ 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 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Wages Payable 325,260 --
- ------------------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 650,675 --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 1,002,244 $ --
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ------------------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 291,341,600 289,648,446
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 291,341,600 $ 289,648,446
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 292,317,535 289,648,446
- ------------------------------------------------------------------------------------------------------------------------------------
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 (20,759,700) --
- ------------------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) 12,210,221 3,047,008
- ------------------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ 11,577,334 $ 23,173,821
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 303,894,868 $ 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 23
officers which were not included in this amount.
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: November 30, 2003
BALANCE SHEET - continuation sheet
- ----------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT ASSETS
- ----------------------------------------------------------------------------------------------------------------------------------
Accrued Investment Income 340,703 327,755
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ----------------------------------------------------------------------------------------------------------------------------------
Deferred Taxes Receivable 1,308,827 1,198,532
- ----------------------------------------------------------------------------------------------------------------------------------
Investment in Subsidiaries 237,541,761 244,859,636
- ----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Other Assets 970 3,602,213
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS 238,851,557 $249,660,381
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- ----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBTS (PRE-PETITION)
- ----------------------------------------------------------------------------------------------------------------------------------
Accounts Payable 82,657 42,517
- ----------------------------------------------------------------------------------------------------------------------------------
Accrued Expenses 537,026 1,290,790
- ----------------------------------------------------------------------------------------------------------------------------------
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 190,203,934 190,197,598
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) 291,341,600 289,648,446
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- ----------------------------------------------------------------------------------------------------------------------------------
Accrued Expenses 68,966 --
- ----------------------------------------------------------------------------------------------------------------------------------
Due to Affiliates 581,709 --
- ----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES 650,675 --
- ----------------------------------------------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- ----------------------------------------------------------------------------------------------------------------------------------
Equity in Subsidiary 12,210,221 3,047,008
- ----------------------------------------------------------------------------------------------------------------------------------
In re Trenwick America Corporation Case No. 03-12635 (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.
- ------------------------------------------------------------------------------------------------------------------------------
Amount
Beginning Withheld or Check. No Ending Tax
Tax Liability Accrued Amount Paid Date Paid or EFT Liability
==============================================================================================================================
Federal
- ------------------------------------------------------------------------------------------------------------------------------
Withholding -- 125,504 125,504 11/5, 11/19 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 22,678 22,678 11/5, 11/19 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 22,678 22,678 11/5, 11/19 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 5 5 11/5, 11/19 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 170,865 170,865 --
- ------------------------------------------------------------------------------------------------------------------------------
State and Local
- ------------------------------------------------------------------------------------------------------------------------------
Withholding -- 33,716 33,716 11/5, 11/19 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 226 226 11/5, 11/19 EFT --
- ------------------------------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------
Total State and Local -- 33,942 33,942 --
- ------------------------------------------------------------------------------------------------------------------------------
Total Taxes -- 204,807 204,807 -- --
- ------------------------------------------------------------------------------------------------------------------------------
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 325,260 325,260
- -------------------------------------------------------------------------------------------------------------------------------
Taxes Payable --
- -------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- -------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- -------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- -------------------------------------------------------------------------------------------------------------------------------
Professional Fees --
- -------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders --
- -------------------------------------------------------------------------------------------------------------------------------
Other: --
- -------------------------------------------------------------------------------------------------------------------------------
Other: --
- -------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 325,260 -- -- -- -- 325,260
- -------------------------------------------------------------------------------------------------------------------------------
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting period: November 2003
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- -------------------------------------------------------------------------------------- ---------------------
Accounts Receivable Reconciliation Amount
- -------------------------------------------------------------------------------------- ---------------------
Total Accounts Receivable at the beginning of the reporting period 51,657,483.37
- -------------------------------------------------------------------------------------- ---------------------
+ Amounts billed during the peiod 1,828,944.55
- -------------------------------------------------------------------------------------- ---------------------
- - Amounts collected during the peiod (1,804,153.87)
- -------------------------------------------------------------------------------------- ---------------------
Total Accounts Receivable at the end of the reporting period 51,682,274.05
- -------------------------------------------------------------------------------------- ---------------------
- -------------------------------------------------------------------------------------- ---------------------
Accounts Receivable Aging Amount
- -------------------------------------------------------------------------------------- ---------------------
0 - 30 days old 1,824,681.90
- -------------------------------------------------------------------------------------- ---------------------
31 - 60 days old 148,087.13
- -------------------------------------------------------------------------------------- ---------------------
61 - 90 days old 431,603.72
- -------------------------------------------------------------------------------------- ---------------------
91 + days old 60,464,694.30
- -------------------------------------------------------------------------------------- ---------------------
Total Accounts Receivable 62,869,067.05
- -------------------------------------------------------------------------------------- ---------------------
Amount considered uncollectible (Bad Debt) (11,186,818.00)
- -------------------------------------------------------------------------------------- ---------------------
Accounts Receivable (Net) 51,682,249.05
- -------------------------------------------------------------------------------------- ---------------------
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
- -------------------------------------------------------------------------------------- ---------------------