Exhibit 99.3
Trenwick Group Ltd.
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: LaSalle Re Holdings Limited Case No. 03-12637(MFW)
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Reporting Period: January 2004
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MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days
after end of month.
Submit copy of report to any official committee appointed in the case.
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Document Explanation
Required Documents Form No. Attached Attached
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Schedule of Cash Receipts and Disbursements MOR-1 N/A
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (Con't) N/A
Copies of bank statements N/A
Cash disbursements journals N/A
Statement of Operations MOR-2 Yes
Balance Sheet MOR-3 Yes
Status of Postpetition Taxes MOR-4 N/A
Copies of IRS Form 6123 or payment receipt N/A
Copies of tax returns filed during reporting period N/A
Summary of Unpaid Postpetition Debts MOR-4 None
Listing of aged accounts payable N/A
Accounts Receivable Reconciliation and Aging MOR-5 None
Debtor Questionnaire MOR-5 N/A
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of of my knowledge and
belief.
/s/ Alan L. Hunte February 20, 2004
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Signature of Debtor Date
/s/ Alan L. Hunte February 20, 2004
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Signature of Joint Debtor Date
/s/ Alan L. Hunte February 20, 2004
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Signature of Authorized Individual* Date
Alan L. Hunte February 20, 2004
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Printed Name of Authorized Individual* Date
*Authorized individual must be an officer, director or shareholder if debtor is
a corporation; a partner if debtor is a partnership; a manager or member if
debtor is a limited liability company.
Exhibit 99.3
Trenwick Group Ltd.
LaSalle Re Holdings Limited Case No. 03-12637 (MFW)
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Debtor Reporting Period: January 2004
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Statement of Operations
(Income Statement)
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Month Ended Cumulative
REVENUES January 2004 Filing to Date
=============================================================================================
Gross Revenues $ -- $ --
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Less: Returns and Allowances -- --
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Net Revenue $ -- $ --
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COST OF GOODS SOLD
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Beginning Inventory -- --
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Add: Purchases -- --
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Add:Cost of Labor -- --
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Add: Other costs (schedule attached) -- --
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Less: Ending Inventory -- --
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Cost of Goods Sold -- --
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Gross Profit -- --
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OPERATING EXPENSES
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Advertising -- --
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Auto and Truck Expense -- --
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Bad Debts -- --
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Contributions -- --
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Employee Benefits Programs -- --
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Insider compensation* -- --
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Insurance -- --
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Management Fees/Bonuses -- --
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Office Expense -- --
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Pension & Profit-Sharing Plans -- --
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Repairs and Maintenance -- --
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Rent and Lease Expense -- --
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Salaries/Commissions/Fees -- --
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Supplies -- --
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Taxes-Payroll -- --
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Taxes-Real Estate -- --
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Taxes-Other -- --
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Travel and Entertainment -- --
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Utilities -- --
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Other (attach schedule) -- --
=============================================================================================
Total Operating Expenses Before Depreciation -- --
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Depreciation/Depletion/Amortization -- --
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Net Profit(Loss) Before Other Income & Expenses -- --
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OTHER INCOME AND EXPENSES
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Other Income (attach schedule) 1,747,501 (5,620,921)
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Interest Expense -- --
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Other Expense (attach schedule) -- --
=============================================================================================
Net Profit (Loss) Before Reorganization Items 1,747,501 (5,620,921)
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REORGANIZATION ITEMS
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Professional Fees -- --
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U.S. Trustee Quarterly Fees -- --
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Interest Earned on Accumulated Cash --
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from Chapter 11 (see continuation sheet) -- --
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Gain(Loss) from Sale of Equipment -- --
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Other Reorganization Expenses (attach schedule) -- --
=============================================================================================
Total Reorganization Expenses -- --
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Income Taxes -- --
=============================================================================================
Net Profit (Loss) $1,747,501 $(5,620,921)
=============================================================================================
FORM MOR-2
Exhibit 99.3
Trenwick Group Ltd.
STATEMENT OF OPERATIONS - continuation sheet
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Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY January 2004 Filing to Date
================================================================================
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Other Costs
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Other Operational Expenses
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Other Income
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Equity in Undistributed Loss of
Unconsolidated Subsidiaries 1,747,501 (5,620,921)
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Total Other Income 1,747,501 (5,620,921)
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Other Expenses
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-- --
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Other Reorganization Expenses
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-- --
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================================================================================
FORM MOR-2
Exhibit 99.3
Trenwick Group Ltd.
LaSalle Re Holdings Limited Case No. 03-12637 (MFW)
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Debtor Reporting Period: January 2004
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BALANCE SHEET
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BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
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CURRENT ASSETS
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Unrestricted Cash and Equivalents -- --
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Restricted Cash and Cash Equivalents (see continuation sheet) --
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Accounts Receivable (Net) -- --
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Notes Receivable -- --
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Inventories -- --
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Prepaid Expenses -- --
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Professional Retainers -- --
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Other Current Assets (attach schedule) -- --
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TOTAL CURRENT ASSETS $ -- $ --
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PROPERTY AND EQUIPMENT
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Real Property and Improvements -- --
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Machinery and Equipment -- --
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Furniture, Fixtures and Office Equipment -- --
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Leasehold Improvements -- --
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Vehicles -- --
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Less Accumulated Depreciation -- --
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TOTAL PROPERTY & EQUIPMENT $ -- $ --
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OTHER ASSETS
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Loans to Insiders* -- --
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Other Assets (attach schedule) 35,114,316 49,900,000
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TOTAL OTHER ASSETS $ 35,114,316 $ 49,900,000
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TOTAL ASSETS $ 35,114,316 $ 49,900,000
====================================================================================================================
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BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
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LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
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Accounts Payable -- --
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Taxes Payable (refer to FORM MOR-4) -- --
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Wages Payable -- --
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Notes Payable -- --
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Rent/Leases - Building/Equipment -- --
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Secured Debt/Adequate Protection Payments -- --
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Professional Fees -- --
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Amounts Due to Insiders* -- --
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Other Postpetition Liabilities (attach schedule) -- --
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TOTAL POSTPETITION LIABILITIES $ -- $ --
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LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
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Secured Debt -- --
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Priority Debt -- --
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Unsecured Debt -- 5,804,000
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TOTAL PRE-PETITION LIABILITIES -- $ 5,804,000
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TOTAL LIABILITIES $ -- 5,804,000
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OWNER EQUITY
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Capital Stock 95,432,000 95,432,000
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Additional Paid-In Capital 307,914,000 307,914,000
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Partners' Capital Account -- --
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Owner's Equity Account -- --
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Retained Earnings - Pre-Petition (358,939,000) (358,939,000)
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Retained Earnings - Post-Petition (5,620,921) --
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Adjustments to Owner Equity (attach schedule) (3,671,763) (311,000)
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Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
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NET OWNER EQUITY $ 35,114,316 $ 44,096,000
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TOTAL LIABILITIES AND OWNERS' EQUITY $ 35,114,316 $ 49,900,000
====================================================================================================================
FORM MOR-3
(9/99)
Exhibit 99.3
Trenwick Group Ltd.
LaSalle Re Holdings Limited Case No. 03-12637 (MFW)
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Debtor Reporting Period: January 2004
--------------
BALANCE SHEET - continuation sheet
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BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
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OTHER ASSETS
Investment in Unconsolidated Subsidiaries 35,114,316 49,900,000
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TOTAL OTHER ASSETS $ 35,114,316 $ 49,900,000
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ADJUSTMENT TO OWNER EQUITY
Equity in Subsidiary (9,475,763) (311,000)
Reverse preferred share dividend payable 5,804,000 --
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TOTAL ADJUSTMENTS TO OWNER EQUITY $ (3,671,763) $ (311,000)
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FORM MOR-3
(9/99)