Exhibit 99.1
Trenwick America Corporation
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
Reporting Period: January 2004
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 Yes
Listing of aged accounts payable Yes
Accounts Receivable Reconciliation and Aging MOR-5 Yes
Debtor Questionnaire MOR-5 Yes
- --------------------------------------------------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of of my knowledge and
belief.
/s/ Alan L. Hunte February 20, 2004
- ------------------------------------------ -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte February 20, 2004
- ------------------------------------------ -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte February 20, 2004
- ------------------------------------------ -----------------------
Signature of Authorized Individual* Date
Alan L. Hunte February 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 January 2004
Bank Accounts
Operating Payroll Tax Other
-----------------------------------------------------------
Cash - Beg of Month 1,094,144.45 35,331.89 NA NA
-----------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposits 139,371.99 -- -- --
Other 2,989.86 -- --
Fund Transfer -- -- -- --
Transfers (Interco) 2,009,724.03 705,510.88 -- --
-----------------------------------------------------------
Total Receipts 2,152,085.88 705,510.88 -- --
-----------------------------------------------------------
Disbursements:
Net Payroll -- (410,913.52) -- --
Payroll Taxes -- (294,597.36) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (297,524.09) -- -- --
Insurance -- -- -- --
Administrative (748,378.09) -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers (PR) (705,510.88) -- --
Professional Fees (530,823.48) -- -- --
Court Costs -- -- -- --
-----------------------------------------------------------
Total Disbursements (2,282,236.54) (705,510.88) -- --
-----------------------------------------------------------
Net Cash Flow (130,150.66) -- -- --
-----------------------------------------------------------
Cash: End of Month 963,993.79 35,331.89 -- --
===========================================================
FORM MOR-1
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation
Bank Reconciliations
January 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 963,993.79
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 Corp.
Disbuusements Log (Excludes Interco.)
January 2004
Wire Date Amount Vendor Name
- --------------------------- ------------ ----------------------------------------
2004-01-02 87,454.54 New York Life Benefit Services Co.
2004-01-14 194,964.53 New York Life Benefit Services Co.
2004-01-21 45,577.55 Young, Conaway, Stargatt & Taylor, LLP
2004-01-20 2,436.44 Flexible Spending
Wt total 330,433.06
Check Number Amount Vendor Name
- --------------------------- ------------ ----------------------------------------
107976 96.25 Damaris Rosado
107977 375.54 Lock,Eugene R.
107978 48.90 AT&T
107979 64,833.92 Actuarial Risk Solutions
107980 985.00 Advanced Solutions, Inc.
107981 970.00 American Academy of Actuaries
107982 459.93 Aspen Publishers, Inc.
107983 444.25 BMC Solutions, Inc.
107984 678.40 Blondie's Treehouse, Inc
107985 2,550.00 CCBN, INC
107986 1,487.50 CDW Direct, LLC
107987 199.50 COGENT COMMUNICATIONS, INC
107988 310.00 Casualty Actuarial Society
107989 391.63 Ceridian Employer Services
107990 900.00 Cognet Communications, Inc.
107991 297,524.09 Equity Office Properties, L.L.C.
107992 106.75 Executive Charge, Inc.
107993 789.97 Federal Express Corporation
107994 400.00 Federal Reserve Bank of Cleveland
107995 344.50 Fire Systems, Inc
107996 74.05 G. Neil Companies
107997 760.60 Hi-Tek Business Machines, Inc
107998 7,137.05 Imagistics International Inc.
107999 453.91 Ios Capital
108000 524.64 Ios Capital
108001 4,786.57 Kelly Services, Inc.
108002 11.20 MCI
108003 1,996.50 Milliman USA
108004 5,277.25 Network Synergy
108005 411.58 New England Office Supplies, Inc.
108006 127.25 New York Stock Exchange
108007 1,696.00 OFFICETEAM
108008 93.81 P. Rogers & Company
108009 1,500.00 Propark, Inc.
108010 54.80 Skytel
108011 617.28 Snet
108012 5,296.00 Sungard Recovery Services Inc.
108013 5,025.00 Susan Zicarelli
108014 43.50 Verisign, Inc.
108015 25.14 Visible Computer Supply Corporation
108016 3,050.19 West Group
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
108017 139.30 John Margres
108018 1,254.82 Robert Crowther
108019 1,189.25 Robert Holland
108021 1,950.40 Business Invirons
108022 1,047.28 CCH Incorporated
108023 501.08 Ceridian Employer Services
108024 3,382.57 Crystal Rock Water Company
108025 2,799.35 Esposito Design Association
108026 270.09 Federal Express Corporation
108027 190.80 Ios Capital
108028 3,888.26 Iron Mountain
108029 728.00 Joyce Van Lines, Inc.
108030 5,295.07 Kelly Services, Inc.
108031 611.55 Lason System Inc.
108032 195.00 Mail Delivery Service of Stamford, LLC
108033 1,628.26 New England Office Supplies, Inc.
108034 915.84 OFFICETEAM
108035 22.05 PRS Courier Worldwide Inc.
108036 8,029.50 Propark, Inc.
108037 103.10 Richard M. Chiarini
108038 1,621.80 Robert Half
108039 2,522.80 Robert Half
108040 60.00 Secretary of State - Connecticut
108041 4,162.50 Susan Zicarelli
108042 2,797.62 Temco Service Industries, Inc.
108043 4,000.00 United States Postal Services
108044 51.00 Barker,Russell
108045 1,073.10 Daniels,Gary
108046 33.99 Leshaw,Jerome B.
108047 1,501.65 Mary Fortado
108049 450.00 Robert Crowther
108050 4,928.97 Tyler Jr.,Stanlee C.
108051 708.80 AT&T
108052 985.00 Advanced Solutions, Inc.
108053 2,400.00 Advanced Systems Concepts
108054 706.52 Ashby & Geddes
108055 22,454.36 Ashby & Geddes
108056 407.54 CDW Direct, LLC
108057 6,122.29 CPT Group Inc
108058 15,819.20 CYPRESS COMMUNICATIONS
108059 319.41 Ceridian Employer Services
108060 237.18 Club Sandwich of Stamford
108061 1,297.04 Commissioner of Inland Revenue
108062 711.57 Commissioner of Revenue Services
108063 331.57 Connecticut Corporate Caterers,LLC
108064 49.36 Connecticut Telephone
108065 246,053.40 Dewey Ballantine
108066 284,770.08 Dewey Ballantine
108067 112.50 Eastern Benefit Systems, Inc.
108068 1,795.00 Executive Health EXAMS
108069 237.01 Federal Express Corporation
108070 1,099.55 Glowpoint
108071 100.97 Hi-Tek Business Machines, Inc
108072 2,332.01 IBM
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
108073 10.29 Ios Capital
108074 199.80 Ios Capital
108075 85.79 Iron Mountain
108076 2,222.00 MBSII.net
108077 167.55 MCI
108078 1,559.61 MCI
108079 131.30 Network Synergy
108080 712.33 New England Office Supplies, Inc.
108081 1,133.19 Nextel
108082 1,272.00 OFFICETEAM
108083 6,854.59 Pitney Bowes
108084 1,982.03 Pitney Bowes
108085 4,443.75 Susan Zicarelli
108086 12,444.00 The Wynnewood Group LLC
108087 295.00 Thompson Publishing Group, Inc.
108088 1,250.00 U.S. Trustee Program Payment Center
108089 115.00 AT&T
108090 67,373.94 Anthem BCBSCT
108091 18,908.73 Ashby & Geddes
108092 880.89 BMW Financial Services
108093 64.00 Bloomberg L.P.
108094 948.70 Business Invirons
108095 2,606.14 CDW Direct, LLC
108096 2.98 Ceridian Employer Services
108097 111.64 Club Sandwich of Stamford
108098 7,989.36 Delta Dental
108099 518.91 Federal Express Corporation
108100 618.63 Imagistics International Inc.
108101 134.04 Ios Capital
108102 10,276.99 Kelly Services, Inc.
108103 639.73 Lason System Inc.
108104 17.15 Marks Bros. Stationers, Inc.
108105 63.13 Network Synergy
108106 1,088.19 New England Office Supplies, Inc.
108107 3,378.75 Robert Half
108108 3,604.00 Robert Half
108109 616.75 Snet
108110 60.00 Society of Insurance Financial Managemen
108111 9,843.75 Susan Zicarelli
108112 10,000.00 U.S. Trustee Program Payment Center
108113 8,417.20 Unum Life Insurance Company of America
108114 209.88 Wall Street Journal
108115 1,641.23 Hammond,Noreen A.
108118 135.58 Nicole Morris
108119 2,010.27 Stephen Zielinski
cks total 1,246,292.60
Total January disbursements 1,576,725.66
=========================== ============
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: January 2004
Statement of Operations
(Income Statement)
======================================================================================
Month Ended Cumulative
REVENUES January 2004 Filing to Date
======================================================================================
Gross Revenues $ 25,587 $ 239,742
- --------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
======================================================================================
Net Revenue $ 25,587 $ 239,742
- --------------------------------------------------------------------------------------
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 25,587 239,742
- --------------------------------------------------------------------------------------
OPERATING EXPENSES --
- --------------------------------------------------------------------------------------
Advertising -- --
- --------------------------------------------------------------------------------------
Auto and Truck Expense 30 76
- --------------------------------------------------------------------------------------
Bad Debts -- --
- --------------------------------------------------------------------------------------
Contributions (2,500) (2,500)
- --------------------------------------------------------------------------------------
Employee Benefits Programs 4,745 11,444
- --------------------------------------------------------------------------------------
Insider compensation* 85,725 208,296
- --------------------------------------------------------------------------------------
Insurance 694 4,544
- --------------------------------------------------------------------------------------
Management Fees/Bonuses ** (329,095) (167,765)
- --------------------------------------------------------------------------------------
Office Expense (1,605) 28,352
- --------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 5,888 16,370
- --------------------------------------------------------------------------------------
Repairs and Maintenance 47 1,768
- --------------------------------------------------------------------------------------
Rent and Lease Expense 70,483 185,494
- --------------------------------------------------------------------------------------
Salaries/Commissions/Fees 159,157 214,919
- --------------------------------------------------------------------------------------
Supplies 8,526 19,928
- --------------------------------------------------------------------------------------
Taxes-Payroll 70,353 73,850
- --------------------------------------------------------------------------------------
Taxes-Real Estate -- --
- --------------------------------------------------------------------------------------
Taxes-Other 934 6,934
- --------------------------------------------------------------------------------------
Travel and Entertainment 256 1,067
- --------------------------------------------------------------------------------------
Utilities 99 1,099
- --------------------------------------------------------------------------------------
Other (attach schedule) 11,477 5,691,379
======================================================================================
Total Operating Expenses Before Depreciation 85,215 6,295,256
- --------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,578 246,292
======================================================================================
Net Profit(Loss) Before Other Income & Expenses (65,207) (6,301,807)
- --------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES --
- --------------------------------------------------------------------------------------
Other Income (attach schedule) (945,879) (46,637,527)
- --------------------------------------------------------------------------------------
Interest Expense -- --
- --------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
======================================================================================
Net Profit (Loss) Before Reorganization Items (1,011,086) (52,939,334)
- --------------------------------------------------------------------------------------
REORGANIZATION ITEMS --
- --------------------------------------------------------------------------------------
Professional Fees -- --
- --------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- --------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash --
- --------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 3,663 28,522
- --------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- 2,039,145
- --------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 16,055 2,055,200
- --------------------------------------------------------------------------------------
Total Reorganization Expenses (12,392) (2,026,678)
======================================================================================
Income Taxes -- (73,536)
- --------------------------------------------------------------------------------------
Net Profit (Loss) $(1,023,478) $(54,892,476)
======================================================================================
* Insider compensation includes amounts paid to members of the Runoff
Management Team. The Trenwick group's U.S. operations currently have an
additional 25 officers which were not included in this amount.
** Represents amounts charged to Trenwick America Corporation's affiliates
under the Administrative Services Agreement
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: January 2004
STATEMENT OF OPERATIONS - continuation sheet
================================================================================
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY January 2004 Filing to Date
================================================================================
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Recruiting & Relocation -- 1,888
- --------------------------------------------------------------------------------
Audit Fees -- (128)
- --------------------------------------------------------------------------------
Accounting & Tax Fees 10,000 134,154
- --------------------------------------------------------------------------------
Other Fees -- 5,522,659
- --------------------------------------------------------------------------------
Data Processing 1,343 30,799
- --------------------------------------------------------------------------------
Seminars & Continuing Education 74 1,886
- --------------------------------------------------------------------------------
Dues & Subscriptions 60 121
- --------------------------------------------------------------------------------
TOTAL OTHER EXPENSES 11,477 5,691,379
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries (945,879) (46,637,527)
- --------------------------------------------------------------------------------
TOTAL OTHER INCOME (945,879) (46,637,527)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Bankruptcy Related Fees 16,055 2,055,200
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
================================================================================
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: January 2004
BALANCE SHEET
- ---------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 5,883,505 4,532,566
- ---------------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ---------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,499,163 48,745,299
- ---------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- ---------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ---------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 215,408 503,054
- ---------------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ---------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 57,939,779 $ 54,118,674
- ---------------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- ---------------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- ---------------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 16,639,787 20,723,654
- ---------------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
- ---------------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- ---------------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (15,183,609) (15,433,035)
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 4,941,871 $ 8,776,312
- ---------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ---------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 115,340 266,900
- ---------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 206,965,287 249,660,381
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 207,080,627 $ 249,927,281
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 269,962,277 $ 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 535,353 --
- ---------------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- ---------------------------------------------------------------------------------------------------------------------------
Wages Payable 801,768 --
- ---------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ---------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ---------------------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- ---------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ---------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 1,499,349 --
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 2,836,471 $ --
- ---------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ---------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ---------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ---------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 291,015,915 289,648,446
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 291,015,915 $ 289,648,446
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 293,852,385 289,648,446
- ---------------------------------------------------------------------------------------------------------------------------
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 (54,892,476) --
- ---------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) 10,875,555 3,047,008
- ---------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ---------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (23,890,108) $ 23,173,821
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 269,962,277 $ 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 25
officers which were not considered insiders for purposes of this
disclosure
FORM MOR-3
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: January 2004
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
- --------------------------------------------------------------------------------
$ 340,703 $ 327,755
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------
Deferred Taxes Receivable 1,308,827 1,198,532
- --------------------------------------------------------------------------------
Investment in Subsidiaries 205,654,465 244,859,636
- --------------------------------------------------------------------------------
Miscellaneous Other Assets 1,996 3,602,213
- --------------------------------------------------------------------------------
$206,965,287 $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 63,408 1,333,307
- --------------------------------------------------------------------------------
Accrued Expenses 230,591 --
- --------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------
$291,015,915 $289,648,446
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- --------------------------------------------------------------------------------
Accrued Expenses 911,655 --
- --------------------------------------------------------------------------------
Due to Affiliates 587,694 --
- --------------------------------------------------------------------------------
$ 1,499,349 $ --
- --------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- --------------------------------------------------------------------------------
Equity in Subsidiary $ 10,875,555 $ 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: January 2004
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month
or, if this is the first report, the amount should be zero. Attach photocopies
of IRS Form 6123 or payment receipt to verify payment or deposit of federal
payroll taxes. Attach photocopies of any tax returns filed during the reporting
period.
- ----------------------------------------------------------------------------------------------------------------
Beginning Amount Ending
Tax Withheld or Amount Date Check. No Tax
Liability Accrued Paid Paid or EFT Liability
================================================================================================================
Federal
- ----------------------------------------------------------------------------------------------------------------
Withholding -- 127,715 127,715 1/14, 1/29 EFT --
- ----------------------------------------------------------------------------------------------------------------
FICA-Employee -- 52,756 52,756 1/14, 1/29 EFT --
- ----------------------------------------------------------------------------------------------------------------
FICA-Employer -- 52,756 52,756 1/14, 1/29 EFT --
- ----------------------------------------------------------------------------------------------------------------
Unemployment -- 3,789 3,789 1/14, 1/29 EFT --
- ----------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 237,016 237,016 --
- ----------------------------------------------------------------------------------------------------------------
State and Local
- ----------------------------------------------------------------------------------------------------------------
Withholding -- 34,739 34,739 1/14, 1/29 EFT --
- ----------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Unemployment -- 22,842 22,842 1/14, 1/29 EFT --
- ----------------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ----------------------------------------------------------------------------------------------------------------
Total State and Local -- 57,581 57,581 --
- ----------------------------------------------------------------------------------------------------------------
Total Taxes -- 294,597 294,597 -- --
- ----------------------------------------------------------------------------------------------------------------
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 -- 535,353 -- -- -- 535,353
- ---------------------------------------------------------------------------------------------------------------
Wages Payable -- --
- ---------------------------------------------------------------------------------------------------------------
Taxes Payable --
- ---------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- ---------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- ---------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- ---------------------------------------------------------------------------------------------------------------
Professional Fees --
- ---------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders --
- ---------------------------------------------------------------------------------------------------------------
Other: --
- ---------------------------------------------------------------------------------------------------------------
Other: --
- ---------------------------------------------------------------------------------------------------------------
Total Postpetition Debts -- 535,353 -- -- -- 535,353
- ---------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Exhibit 99.1
Trenwick America Corporation
Listing of aged accounts payable
Trenwick America Corporation
January 31, 2004
Vendor Invoice Date Services Invoice Number Amount Activity
------ ------------ -------- -------------- ------ --------
Ashby & Geddes 1/22/2004 September expenses ASH120-02000 12,089.70 Bankruptcy related services
Dewy Ballantine 1/20/2004 September expenses DEW595-02000 59,505.00 Bankruptcy related services
Dr. Ben Branch 1/22/2004 September expenses DRB100-02000 10,026.00 Bankruptcy related services
Dr. Ben Branch 1/22/2004 September expenses DRB248-02000 2,484.00 Bankruptcy related services
Young, Conway, Stargatt & Taylor 1/22/2004 September expenses YOU110-02000 11,070.50 Bankruptcy related services
Ashby & Geddes 1/22/2004 October expenses ASH464-02000 4,646.00 Bankruptcy related services
Dewey Ballantine 1/20/2004 October expenses DEW690-02000 69,024.00 Bankruptcy related services
Dr. Ben Branch 1/22/2004 October expenses DRB121-02000 12,192.00 Bankruptcy related services
Dr. Ben Branch 1/22/2004 October expenses DRB304-02000 3,048.00 Bankruptcy related services
Young, Conway, Stargatt & Taylor 1/22/2004 October expenses YOU422-02000 42,247.90 Bankruptcy related services
Young, Conway, Stargatt & Taylor 1/22/2004 October expenses YOU926-02000 9,260.60 Bankruptcy related services
Ashby & Geddes 01/22/04 November expenses ASH380-02000 3,809.40 Bankruptcy related services
Dewey Ballantine 01/20/04 November expenses DEW207-02000 207,408.43 Bankruptcy related services
Dewey Ballantine 01/20/04 November expenses DEW500-02000 50,049.90 Bankruptcy related services
Dr. Ben Branch 01/22/04 November expenses DRB240-02000 2,400.00 Bankruptcy related services
Dr. Ben Branch 01/22/04 November expenses DRB600-02000 600.00 Bankruptcy related services
Young, conway, Stargatt & Taylor 1/29/2004 November expenses YOU291-02000 29,196.29 Bankruptcy related services
Young, conway, Stargatt & Taylor 1/29/2004 November expenses YOU629-02000 6,295.70 Bankruptcy related services
------------
Current $ 535,353.42
------------
------------
Grand Total 535,353.42
============
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor
Reporting Period: January 2004
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================== ===============
Accounts Receivable Reconciliation Amount
================================================================== ===============
Total Accounts Receivable at the beginning of the reporting period 51,459,048.27
- ------------------------------------------------------------------ ---------------
+ Amounts billed during the peiod 2,134,625.56
- ------------------------------------------------------------------ ---------------
- - Amounts collected during the peiod (2,094,511.28)
- ------------------------------------------------------------------ ---------------
Total Accounts Receivable at the end of the reporting period 51,499,162.55
- ------------------------------------------------------------------ ---------------
================================================================== ===============
Accounts Receivable Aging Amount
================================================================== ===============
0 - 30 days old 2,134,625.56
- ------------------------------------------------------------------ ---------------
31 - 60 days old (32,860.53)
- ------------------------------------------------------------------ ---------------
61 - 90 days old 122,675.64
- ------------------------------------------------------------------ ---------------
91 + days old 60,928,050.88
- ------------------------------------------------------------------ ---------------
Total Accounts Receivable 63,152,491.55
- ------------------------------------------------------------------ ---------------
Amount considered uncollectible (Bad Debt) (11,653,329.00)
- ------------------------------------------------------------------ ---------------
Accounts Receivable (Net) 51,499,162.55
- ------------------------------------------------------------------ ---------------
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)