Exhibit 99.1
Trenwick America Corporation
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
Reporting Period: December 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 January 20, 2004
- ---------------------------------------- ----------------
Signature of Debtor Date
/s/ Alan L. Hunte January 20, 2004
- ---------------------------------------- ----------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte January 20, 2004
- ---------------------------------------- ----------------
Signature of Authorized Individual* Date
Alan L. Hunte January 20, 2004
- ---------------------------------------- ----------------
Printed Name of Authorized Individual* Date
*Authorized individual must be an officer, director or shareholder if debtor is
a corporation; a partner if debtor is a partnership; a manager or member if
debtor is a limited liability company.
Exhibit 99.1
Trenwick America Corporation
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period December 2003
Bank Accounts
Operating Payroll Tax Other
------------------------------------------------------------------
Cash - Beg of Month 4,313,681.38 35,331.89 NA --
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposits 244,243.31 -- -- --
Other 1,125.50 -- --
Fund Transfer ** (3,000,000.00) -- -- --
Transfers (Interco) 1,729,466.92 1,722,725.49 -- --
------------------------------------------------------------------
Total Receipts (1,025,164.27) 1,722,725.49 -- --
------------------------------------------------------------------
Disbursements:
Net Payroll -- (1,112,138.68) -- --
Payroll Taxes -- (610,586.81) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases -- -- --
Insurance -- -- -- --
Administrative (471,647.17) -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers (PR) (1,722,725.49) -- --
Professional Fees -- -- -- --
Court Costs -- -- -- --
------------------------------------------------------------------
Total Disbursements (2,194,372.66) (1,722,725.49) -- --
------------------------------------------------------------------
Net Cash Flow (3,219,536.93) -- -- --
------------------------------------------------------------------
Cash: End of Month 1,094,144.45 35,331.89 -- --
==================================================================
** Fund transfer out to money market account
FORM MOR-1
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation
Bank Reconciliations
December 2003
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 1,094,144.45
Payroll:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 35,331.89
FORM MOR-1
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation
Disbursements Log (Excludes Interco.)
December 2003
Check
Number Amount Vendor Name
- --------- ----------- ----------------------------------------
107822 0.35 AT&T
107823 444.25 BMC Solutions, Inc.
107824 880.89 BMW Financial Services
107825 33,559.79 CDW Direct, LLC
107826 399.00 COGENT COMMUNICATIONS, INC
107827 30.00 CSCPA
107828 310.29 Ceridian Employer Services
107829 900.00 Cognet Communications, Inc.
107830 604.40 Connecticut Corporate Caterers,LLC
107831 242.83 Connecticut Telephone
107832 3,590.00 Executive Health EXAMS
107833 180.00 Fasug
107834 1,066.15 Federal Express Corporation
107835 985.92 Glowpoint
107836 598.62 Imagistics International Inc.
107837 3,875.63 Insurance Staffers
107838 496.21 Ios Capital
107839 51.33 MCI
107840 13.66 Marks Bros. Stationers, Inc.
107841 1,316.00 Mary A. Pagoto
107842 847.00 Motient
107843 60.10 Northeast Utilities
107844 1,200.00 Propark, Inc.
107845 11.82 Royal Messenger Service
107846 617.28 Snet
107847 5,296.00 Sungard Recovery Services Inc.
107848 14.50 Verisign, Inc.
107849 873.00 Hammond,Noreen A.
107850 2,056.24 Marty Becker
107851 39.00 Robert Crowther
107852 985.00 Advanced Solutions, Inc.
107853 208.08 American Express
107854 445.00 American Society of Corporate Secretarie
107855 287.03 Aspen Publishers, Inc.
107856 678.40 Blondie's Treehouse, Inc
107857 97.00 Business Insurance
107858 523.37 Ceridian Employer Services
107859 99.85 ComED
107860 2,167.10 Crystal Rock Water Company
107861 5,435.61 Esposito Design Association
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
107862 174.48 Federal Express Corporation
107863 13,000.00 HIRECounsel New York, LLC.
107864 94.95 Human Resource Executive
107865 5,101.25 Insurance Solutions
107866 8,607.74 Iron Mountain
107867 37,120.00 Jacobson Solutions
107868 728.00 Joyce Van Lines, Inc.
107869 7,320.63 Kelly Services, Inc.
107870 247.86 Marks Bros. Stationers, Inc.
107871 334.00 Microsoft Technet
107872 1,746.88 OFFICETEAM
107873 273.48 P. Rogers & Company
107874 54.80 Skytel
107875 5,756.25 Susan Zicarelli
107876 2,797.62 Temco Service Industries, Inc.
107877 5,000.00 U.S. Trustee Program Payment Center
107888 1,015.70 Camperlengo,William A.
107889 1,699.56 Catherine Homola
107891 553.68 Claps,Frank
107892 1,918.44 Lock,Eugene R.
107894 1,391.31 Qureshi,Malinda S.
107895 83.88 Robert Crowther
107896 4,661.06 Timothy Graham
107898 1,015.70 Camperlengo,William A.
107899 553.68 Claps,Frank
107900 83.88 Crowther,Robert
107901 4,661.06 Graham,Timothy
107903 1,699.56 Homola,Catherine
107905 1,918.44 Lock,Eugene R.
107907 1,391.31 Qureshi,Malinda S.
107908 1,032.10 AT&T
107909 841.43 AT&T
107910 89,173.36 Anthem BCBSCT
107911 320.12 Blondie's Treehouse, Inc
107912 79.08 Bull's Head Printers
107913 418.70 CCH Incorporated
107914 1,635.50 CDW Direct, LLC
107915 16,890.00 CYPRESS COMMUNICATIONS
107916 900.00 Cognet Communications, Inc.
107917 215.76 Connecticut Corporate Caterers,LLC
107918 241.33 Connecticut Telephone
107919 1,214.00 Crown Life Insurance Company
107920 6,903.78 Delta Dental
107921 517.58 Deraventures, Inc.
107922 237.21 Federal Express Corporation
107923 272.66 Glasser Legalworks
107924 985.92 Glowpoint
107925 618.63 Imagistics International Inc.
107926 17,893.97 Iron Mountain
107927 4,673.94 Kelly Services, Inc.
107928 1,731.00 MCI
107929 195.00 Mail Delivery Service of Stamford, LLC
107930 4,545.00 Network Synergy
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
107931 471.59 New England Office Supplies, Inc.
107932 929.12 Nextel
107933 1,034.56 OFFICETEAM
107934 401.31 PRS Courier Worldwide Inc.
107935 83,805.08 PeopleSoft USA, Inc.
107936 459.55 Petty Cash/Sam Mills
107937 7,858.47 Propark, Inc.
107938 4,086.12 Unum Life Insurance Company of America
107939 4,244.17 Unum Life Insurance Company of America
107940 62.92 WORLDCOM
107941 305.28 Wall Street Journal
107942 35.00 Brennan,John
107943 5,136.45 Brunell,Paula
107944 41.00 Chimbole,Joyce
107945 968.66 Daniels,Gary
107946 1,025.61 Hunte,Alan L.
107947 1,773.96 Jeffrey Neverson
107949 202.20 John Margres
107950 190.00 Louis Direnzo
107951 646.58 Mary Fortado
107953 292.99 Richard Pikikero
107954 83.88 Robert Crowther
107955 1,911.97 Tyler Jr.,Stanlee C.
107956 472.84 Nicole Morris
107957 2,595.00 Raining Data
107958 337.34 Microsoft Technet
107959 880.89 BMW Financial Services
107960 1,665.27 Ceridian Employer Services
107961 217.68 Executive Charge, Inc.
107962 3,590.00 Executive Health EXAMS
107963 514.36 Federal Express Corporation
107964 4,871.03 Kelly Services, Inc.
107965 240.00 Liz Sue Bagels
107966 847.00 Motient
107967 219.30 New England Office Supplies, Inc.
107968 1,272.00 OFFICETEAM
107969 57.33 PRS Courier Worldwide Inc.
107970 48.16 Royal Messenger Service
107971 7,443.75 Susan Zicarelli
107972 150.00 The Pension Service, Inc.
107973 6,267.90 W9/LWS Real Estate L.P.
107974 1,385.57 Marty Becker
107975 1,029.80 Stephen Zielinski
484,099.66
----------
(11,657.63) CK VD-SYSTEM ERROR (ck#10788-107896)
(878.24) Reclass Flexible Spending wire transfer
83.88 ck replaced
==========
471,647.67 NET CK RUN
==========
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corp. Case No. 03-12635 (MFW)
Debtor Reporting Period: December 2003
Statement of Operations
(Income Statement)
- ---------------------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES December 2003 Filing to Date
- ---------------------------------------------------------------------------------------------
Gross Revenues $ 47,249 $ 214,155
- ---------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- ---------------------------------------------------------------------------------------------
Net Revenue $ 47,249 $ 214,155
- ---------------------------------------------------------------------------------------------
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 47,249 214,155
- ---------------------------------------------------------------------------------------------
OPERATING EXPENSES --
- ---------------------------------------------------------------------------------------------
Advertising -- --
- ---------------------------------------------------------------------------------------------
Auto and Truck Expense 37 46
- ---------------------------------------------------------------------------------------------
Bad Debts -- --
- ---------------------------------------------------------------------------------------------
Contributions -- --
- ---------------------------------------------------------------------------------------------
Employee Benefits Programs 1,231 6,699
- ---------------------------------------------------------------------------------------------
Insider compensation* 22,544 122,571
- ---------------------------------------------------------------------------------------------
Insurance 1,723 3,850
- ---------------------------------------------------------------------------------------------
Management Fees/Bonuses -- 161,330
- ---------------------------------------------------------------------------------------------
Office Expense 5,005 29,957
- ---------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 2,079 10,482
- ---------------------------------------------------------------------------------------------
Repairs and Maintenance 183 1,721
- ---------------------------------------------------------------------------------------------
Rent and Lease Expense 28,090 115,011
- ---------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 18,406 55,762
- ---------------------------------------------------------------------------------------------
Supplies 5,324 11,402
- ---------------------------------------------------------------------------------------------
Taxes-Payroll 1,550 3,497
- ---------------------------------------------------------------------------------------------
Taxes-Real Estate -- --
- ---------------------------------------------------------------------------------------------
Taxes-Other -- 6,000
- ---------------------------------------------------------------------------------------------
Travel and Entertainment 318 811
- ---------------------------------------------------------------------------------------------
Utilities 29 1,000
- ---------------------------------------------------------------------------------------------
Other (attach schedule) 1,368,826 5,679,901
- ---------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 1,455,345 6,210,040
- ---------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 58,996 240,715
- ---------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses (1,467,092) (6,236,600)
- ---------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES --
- ---------------------------------------------------------------------------------------------
Other Income (attach schedule) (29,606,750) (45,691,648)
- ---------------------------------------------------------------------------------------------
Interest Expense -- --
- ---------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- ---------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items (31,073,842) (51,928,247)
- ---------------------------------------------------------------------------------------------
REORGANIZATION ITEMS --
- ---------------------------------------------------------------------------------------------
Professional Fees -- --
- ---------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ---------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash --
- ---------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 3,690 24,859
- ---------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ---------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 2,039,145 2,039,145
- ---------------------------------------------------------------------------------------------
Total Reorganization Expenses (2,035,455) (2,014,286)
- ---------------------------------------------------------------------------------------------
Income Taxes -- (73,536)
- ---------------------------------------------------------------------------------------------
Net Profit (Loss) $ (33,109,297) $ (53,868,997)
- ---------------------------------------------------------------------------------------------
* Insider compensation includes amounts paid to members of the Runoff Management
Team. The Trenwick group's U.S. operations currently have an additional 27
officers which were not included in this amount.
** Represents amounts charged by Trenwick affiliates under the Administrative
Services Agreement
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corp. Case No. 03-12635 (MFW)
Debtor Reporting Period: December 2003
STATEMENT OF OPERATIONS - continuation sheet
- ---------------------------------------------------------------------------------------------
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY December 2003 Filing to Date
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Other Costs
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Other Operational Expenses
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Recruiting & Relocation 1,888 1,888
- ---------------------------------------------------------------------------------------------
Audit Fees -- (128)
- ---------------------------------------------------------------------------------------------
Accounting & Tax Fees 73,350 124,154
- ---------------------------------------------------------------------------------------------
Other Fees 1,283,118 5,522,659
- ---------------------------------------------------------------------------------------------
Data Processing 9,681 29,456
- ---------------------------------------------------------------------------------------------
Seminars & Continuing Education 746 1,812
- ---------------------------------------------------------------------------------------------
Dues & Subscriptions 43 60
- ---------------------------------------------------------------------------------------------
TOTAL OTHER EXPENSES 1,368,826 5,679,901
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Other Income
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries (29,606,750) (45,691,648)
- ---------------------------------------------------------------------------------------------
TOTAL OTHER INCOME (29,606,750) (45,691,648)
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Other Expenses
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Other Reorganization Expenses
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
Bankruptcy Related Fees 2,039,145 2,039,145
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corp. Case No. 03-12635 (MFW)
Debtor Reporting Period: December 2003
BALANCE SHEET
- -----------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 6,015,722 4,532,566
- -----------------------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,459,403 48,745,299
- -----------------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 302,826 503,054
- -----------------------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- -----------------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,704 327,755
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 58,119,655 $ 54,118,674
- -----------------------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- -----------------------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 16,636,988 20,723,654
- -----------------------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
- -----------------------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (14,985,734) (15,433,035)
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 5,136,947 $ 8,776,312
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 181,204 266,900
- -----------------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 207,131,400 249,660,381
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 207,312,604 $ 249,927,281
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 270,569,206 $ 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 97 --
- -----------------------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Wages Payable 92,937 --
- -----------------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 3,087,354 --
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 3,180,388 $-
- -----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- -----------------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 291,034,918 289,648,446
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 291,034,918 $ 289,648,446
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 294,215,306 289,648,446
- -----------------------------------------------------------------------------------------------------------------------------------
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 (53,868,997) --
- -----------------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) 10,096,084 3,047,008
- -----------------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- -----------------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (23,646,100) $ 23,173,821
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 270,569,206 $ 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 27 officers which
were not included in this amount.
FORM MOR-3
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corp. Case No. 03-12635 (MFW)
Debtor Reporting Period: December 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 340,704 327,755
- -----------------------------------------------------------------------------------------------------------------------------------
340,704 $ 327,755
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- -----------------------------------------------------------------------------------------------------------------------------------
Deferred Taxes Receivable 1,308,827 1,198,532
- -----------------------------------------------------------------------------------------------------------------------------------
Investment in Subsidiaries 205,820,874 244,859,636
- -----------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Other Assets 1,699 3,602,213
- -----------------------------------------------------------------------------------------------------------------------------------
207,131,400 $ 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 82,411 42,517
- -----------------------------------------------------------------------------------------------------------------------------------
Accrued Expenses 230,591 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
- -----------------------------------------------------------------------------------------------------------------------------------
291,034,918 289,648,446
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- -----------------------------------------------------------------------------------------------------------------------------------
Accrued Expenses 2,419,759 --
- -----------------------------------------------------------------------------------------------------------------------------------
Due to Affiliates 667,595 --
- -----------------------------------------------------------------------------------------------------------------------------------
3,087,354 --
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- -----------------------------------------------------------------------------------------------------------------------------------
Equity in Subsidiary 10,096,084 3,047,008
- -----------------------------------------------------------------------------------------------------------------------------------
10,096,084 3,047,008
- -----------------------------------------------------------------------------------------------------------------------------------
FORM MOR-3
Exhibit 99.1
Trenwick America Corporation
In re Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting period: December 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 -- 394,787 394,787 12/3,17,30 EFT --
- --------------------------------------------------------------------------------------------------------
FICA-Employee -- 56,050 56,050 12/3,17,30 EFT --
- --------------------------------------------------------------------------------------------------------
FICA-Employer -- 56,050 56,050 12/3,17,30 EFT --
- --------------------------------------------------------------------------------------------------------
Unemployment -- 329 329 12/3,17,30 EFT --
- --------------------------------------------------------------------------------------------------------
Income -- -- -- --
- --------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- --------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 507,216 507,216 --
- --------------------------------------------------------------------------------------------------------
State and Local
- --------------------------------------------------------------------------------------------------------
Withholding -- 101,089 101,089 12/3,17,30 EFT --
- --------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- --------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- --------------------------------------------------------------------------------------------------------
Unemployment -- 2,282 2,282 12/3,17,30 EFT --
- --------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- --------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- --------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- --------------------------------------------------------------------------------------------------------
Total State and Local -- 103,371 103,371 --
- --------------------------------------------------------------------------------------------------------
Total Taxes -- 610,587 610,587 -- --
- --------------------------------------------------------------------------------------------------------
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 97 -- -- -- -- 97
- -----------------------------------------------------------------------------------------------------------
Wages Payable 92,937 92,937
- -----------------------------------------------------------------------------------------------------------
Taxes Payable --
- -----------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- -----------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- -----------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- -----------------------------------------------------------------------------------------------------------
Professional Fees --
- -----------------------------------------------------------------------------------------------------------
Amounts Due to Insiders --
- -----------------------------------------------------------------------------------------------------------
Other: --
- -----------------------------------------------------------------------------------------------------------
Other: --
- -----------------------------------------------------------------------------------------------------------
Total Postpetition Debts 93,034 -- -- -- -- 93,034
- -----------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Exhibit 99.1
Trenwick America Corporation
Listing of aged accounts payable
Trenwick America Corporation
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Damaris Rosado 12/30/2003 Employee expense Expense report 96.50
-----------
0-30 days 96.50
-----------
Total $ 96.50
===========
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: December 2003
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
===================================================================== ================
Accounts Receivable Reconciliation Amount
===================================================================== ================
Total Accounts Receivable at the beginning of the reporting period 51,682,274.05
- --------------------------------------------------------------------- ----------------
+ Amounts billed during the peiod 1,738,068.63
- --------------------------------------------------------------------- ----------------
- - Amounts collected during the peiod (1,960,939.41)
- --------------------------------------------------------------------- ----------------
Total Accounts Receivable at the end of the reporting period 51,459,403.27
- --------------------------------------------------------------------- ----------------
===================================================================== ================
Accounts Receivable Aging Amount
===================================================================== ================
0 - 30 days old 2,215,227.52
- --------------------------------------------------------------------- ----------------
31 - 60 days old 123,030.64
- --------------------------------------------------------------------- ----------------
61 - 90 days old 123,762.02
- --------------------------------------------------------------------- ----------------
91 + days old 60,650,712.09
- --------------------------------------------------------------------- ----------------
Total Accounts Receivable 63,112,732.27
- --------------------------------------------------------------------- ----------------
Amount considered uncollectible (Bad Debt) (11,653,329.00)
- --------------------------------------------------------------------- ----------------
Accounts Receivable (Net) 51,459,403.27
- --------------------------------------------------------------------- ----------------
DEBTOR QUESTIONNAIRE
===================================================================== ================
Must be completed each month Yes No
===================================================================== ================
1. Have any assets been sold or transferred outside the normal
course of business this reporting period? If yes, provide an
explanation below. X
- --------------------------------------------------------------------- ----------------
2. Have any funds been disbursed from any account other than a
debtor in possession account this reporting period? If yes, provide
and explanation below. X
- --------------------------------------------------------------------- ----------------
3. Have all postpetition tax returns been timely filed? If no,
provide an explanation below. X
- --------------------------------------------------------------------- ----------------
4. Are workers compensation, general liability and other necessary
insurance coverages in effect? If no, provide an explanation below. X
- --------------------------------------------------------------------- ----------------
FORM MOR-5
(9/99)