Exhibit 99.1
Trenwick America Corporation
UNITED STATES BANKRUPTCY COURT
_____________DISTRICT OF____________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
Reporting Period: February 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 Yes
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 March 22, 2004
- ------------------------------------------ -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte March 22, 2004
- ------------------------------------------ -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte March 22, 2004
- ------------------------------------------ -----------------------
Signature of Authorized Individual* Date
Alan L. Hunte
- ------------------------------------------
Printed Name of Authorized Individual*
* 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 February 2004
Bank Accounts
Operating Payroll Tax Other
-----------------------------------------------
Cash - Beg of Month 963,993.79 35,331.89 NA NA
-----------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposits 8,189.24 -- -- --
Other 350.37 -- --
Fund Transfer -- -- -- --
Transfers (Interco) 1,835,033.97 1,001,549.95 -- --
-----------------------------------------------
Total Receipts 1,843,573.58 1,001,549.95 -- --
-----------------------------------------------
Disbursements:
Net Payroll -- (617,687.52) -- --
Payroll Taxes -- (383,862.43) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (146,156.63) -- -- --
Insurance -- -- -- --
Administrative (549,892.63) -- -- --
Selling -- -- -- --
Other *** (122.55) -- -- --
Transfers (PR) (1,001,549.95) -- --
Professional Fees (249,656.33) -- -- --
Court Costs -- -- -- --
-----------------------------------------------
Total Disbursements (1,947,378.09) (1,001,549.95) -- --
-----------------------------------------------
Net Cash Flow (103,804.51) -- -- --
-----------------------------------------------
Cash: End of Month 860,189.28 35,331.89 -- --
==============================================
*** Void ck #108062, amount $711.57 was issued in January 04
ck #108169 , amount $834.12 was placed for stop payment. It will be
entered in GL in March 04.
FORM MOR-1
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation
Bank Reconciliations
February 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 860,189.28
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.)
Month Ended February 29, 2004
Wire Date Amount Vendor Name
- ------------------------- ------------ -----------------------------------
2004-02-03 2,382.53 Flexible Spending
2004-02-04 93,659.62 New York Life Benefit Services Co.
2004-02-12 2,422.53 Flexible Spending
2004-02-13 6,725.10 Bloomberg L.P.
2004-02-25 2,422.53 Flexible Spending
2004-02-27 94,862.24 New York Life Benefit Services Co.
Wt total 202,474.55
Check Number Amount Vendor Name
- ------------------------- ------------ -----------------------------------
108120 60.00 Secretary of the State Office
108121 76.00 Gale,Matthew B.
108122 2,572.02 Hunte,Alan L.
108123 1,476.02 Marty Becker
108124 740.45 ADT Security Services, Inc.
108125 32,697.31 Actuarial Risk Solutions
108126 485.00 American Academy of Actuaries
108127 444.25 BMC Solutions, Inc.
108128 678.40 Blondie's Treehouse, Inc
108130 237.26 Ceridian Employer Services
108131 333.93 Club Sandwich of Stamford
108132 146,156.63 Equity Office Properties, L.L.C.
108133 394.64 Federal Express Corporation
108134 150.00 Federal Reserve Bank of Cleveland
108135 464.28 First Management Services, Inc.
108136 4,882.99 Kelly Services, Inc.
108137 560.00 Liz Sue Bagels
108138 1,266.00 Mary A. Pagoto
108139 220.94 Network Synergy
108140 471.17 New England Office Supplies, Inc.
108141 2,710.00 New York Life Benefit Services Co.
108142 7,385.12 Re Systems Group
108143 3,288.65 Robert Half
108144 71.80 Royal Messenger Service
108145 42,247.90 Young, Conaway, Stargatt & Taylor, LLP
108146 350.00 Casualty Actuarial Society
108147 519.22 Leshaw,Jerome B.
108149 3,132.70 Tyler Jr.,Stanlee C.
108151 469.65 AT&T
108152 756.90 AT&T
108153 261.60 American Insurance Association
108154 948.70 Business Invirons
108155 27,795.18 CDW Direct, LLC
108156 175.82 Ceridian Employer Services
108157 900.00 Cognet Communications, Inc.
108158 27.33 ComED
108159 19,400.00 Dunhill of Fort Collins, Inc.
108160 445.00 Esposito Design Association
108161 695.00 Federal Express Corporation
108162 2,128.26 Glowpoint
108163 23,478.88 Iron Mountain
108164 728.00 Joyce Van Lines, Inc.
108165 4,542.31 Kelly Services, Inc.
108166 3,777.40 MBSII.net
108167 195.00 Mail Delivery Service of Stamford, LLC
Exhibit 99.1
Trenwick America Corporation
108168 17.13 New England Office Supplies, Inc.
108170 7,321.95 Propark, Inc.
108171 4,820.35 Robert Half
108172 54.80 Skytel
108173 5,296.00 Sungard Recovery Services Inc.
108174 4,743.75 Susan Zicarelli
108175 83.87 T.O.A.D.S
108176 2,797.62 Temco Service Industries, Inc.
108177 60.02 Velocity Express
108178 2,969.40 West Group
108179 3,146.08 CCH Incorporated
108180 15,521.14 CYPRESS COMMUNICATIONS
108181 364.21 Ceridian Employer Services
108182 313.55 Connecticut Corporate Caterers,LLC
108183 1,377.28 Crystal Rock Water Company
108184 1,790.97 Crystal Rock Water Company
108185 60.00 Delaware Secretary of State-V#51-6000279
108186 60.00 Delaware Secretary of State-V#51-6000279
108187 207,408.43 Dewey Ballantine
108188 104.94 Wall Street Journal
108189 433.90 Louis Direnzo
108190 250.27 Rafalano,Daniel E.
108191 744.59 Robert Holland
108192 275.81 Nextel
108193 151.84 Brunell,Paula
108194 132.67 Carbonetti,Michael F.
108195 142.90 Louis Direnzo
108196 75.14 Parrish,Laurie A.
108197 943.09 Stephen Zielinski
108198 61.45 Advanced Modern Locksmithing
108199 985.00 Advanced Solutions, Inc.
108200 85,755.67 Anthem BCBSCT
108201 880.89 BMW Financial Services
108202 250.00 Braren-Walsh & Associates, Inc.
108203 419.08 Bull's Head Printers
108204 4,088.42 CCH Incorporated
108205 543.67 CDW Direct, LLC
108206 304.69 Ceridian Employer Services
108207 7,983.09 Delta Dental
108208 150.26 Encon Heating & AirConditioning
108209 351.82 Federal Express Corporation
108210 8,346.50 Kelly Services, Inc.
108211 1,893.75 Lexis/Nexis
108212 2,444.20 MBSII.net
108213 59.72 MCI
108214 1,731.00 MCI
108215 847.00 Motient
108216 271.41 New England Office Supplies, Inc.
108217 511.98 OFFICETEAM
108218 3,327.47 Pitney Bowes
108219 300.00 Propark, Inc.
108220 7,703.55 Robert Half
108221 1,462.41 Staples Business Advantage
108222 1,904.00 The Pension Service, Inc.
108223 8,394.60 Unum Life Insurance Company of America
cks total 743,231.04
----------
Total February disbursements 945,705.59
- ---------------------------- ----------
FORM MOR-1 (CONT'D)
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation 03-12635 (MFW)
- -------------------------------------------------- -------------------
Debtor February 2004
-------------------
Statement of Operations
(Income Statement)
- --------------------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES February 2004 Filing to Date
- -------------------------------------------------------------------------------------------
Gross Revenues $ 102 $ 239,844
- -------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- -------------------------------------------------------------------------------------------
Net Revenue $ 102 $ 239,844
- -------------------------------------------------------------------------------------------
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 102 239,844
- -------------------------------------------------------------------------------------------
OPERATING EXPENSES
- -------------------------------------------------------------------------------------------
Advertising -- --
- -------------------------------------------------------------------------------------------
Auto and Truck Expense 30 106
- -------------------------------------------------------------------------------------------
Bad Debts -- --
- -------------------------------------------------------------------------------------------
Contributions -- (2,500)
- -------------------------------------------------------------------------------------------
Employee Benefits Programs 4,858 16,302
- -------------------------------------------------------------------------------------------
Insider compensation* 175,379 473,675
- -------------------------------------------------------------------------------------------
Insurance 1,359 5,903
- -------------------------------------------------------------------------------------------
Management Fees/Bonuses ** (123,945) (291,710)
- -------------------------------------------------------------------------------------------
Office Expense 1,394 29,746
- -------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 9,829 26,199
- -------------------------------------------------------------------------------------------
Repairs and Maintenance 326 2,094
- -------------------------------------------------------------------------------------------
Rent and Lease Expense 67,443 252,937
- -------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 66,845 191,764
- -------------------------------------------------------------------------------------------
Supplies 10,536 30,464
- -------------------------------------------------------------------------------------------
Taxes-Payroll 54,599 128,449
- -------------------------------------------------------------------------------------------
Taxes-Real Estate -- --
- -------------------------------------------------------------------------------------------
Taxes-Other 929 7,863
- -------------------------------------------------------------------------------------------
Travel and Entertainment 100 1,167
- -------------------------------------------------------------------------------------------
Utilities 1 1,100
- -------------------------------------------------------------------------------------------
Other (attach schedule) (405,445) 5,285,934
- -------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation (135,762) 6,159,493
- -------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,585 251,877
- -------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses 130,279 (6,171,526)
- -------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- -------------------------------------------------------------------------------------------
Other Income (attach schedule) 3,010,983 (43,626,544)
- -------------------------------------------------------------------------------------------
Interest Expense -- --
- -------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- -------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items 3,141,261 (49,798,071)
- -------------------------------------------------------------------------------------------
REORGANIZATION ITEMS
- -------------------------------------------------------------------------------------------
Professional Fees -- --
- -------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- -------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- -------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 3,436 31,956
- -------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- -------------------------------------------------------------------------------------------
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
- -------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 1,153,191 3,208,391
- -------------------------------------------------------------------------------------------
Total Reorganization Expenses 1,149,755 3,176,435
- -------------------------------------------------------------------------------------------
Income Taxes -- (73,536)
- -------------------------------------------------------------------------------------------
Net Profit (Loss) $ 1,991,507 $(52,900,969)
- -------------------------------------------------------------------------------------------
* Insiders represent 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.
** Represents amounts charged to Trenwick America Corporation's affiliates
under the Administrative Services Agreement
FORM MOR-2
Trenwick America Corp. 03-12635 (MFW)
- -------------------------------------------------- -------------------
Debtor February 2004
-------------------
STATEMENT OF OPERATIONS - continuation sheet
- ----------------------------------------------------------------------------------------------
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY February 2004 Filing to Date
- ----------------------------------------------------------------------------------------------
Other Costs
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Other Operational Expenses
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Recruiting & Relocation 1,397 3,285
- ----------------------------------------------------------------------------------------------
Legal Fees 4,863 4,863
- ----------------------------------------------------------------------------------------------
Audit Fees -- (128)
- ----------------------------------------------------------------------------------------------
Accounting & Tax Fees (10,000) 124,154
- ----------------------------------------------------------------------------------------------
Other Fees (403,146) 5,119,513
- ----------------------------------------------------------------------------------------------
Data Processing 1,221 32,020
- ----------------------------------------------------------------------------------------------
Seminars & Continuing Education 159 2,045
- ----------------------------------------------------------------------------------------------
Dues & Subscriptions 60 181
- ----------------------------------------------------------------------------------------------
TOTAL OTHER EXPENSES $ (405,445) $ 5,285,934
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Other Income
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of
Unconsolidated Subsidiaries 3,010,983 (43,626,544)
- ----------------------------------------------------------------------------------------------
TOTAL OTHER INCOME $ 3,010,983 $(43,626,544)
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Other Expenses
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Other Reorganization Expenses
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Bankruptcy Related Fees 1,153,191 3,208,391
- ----------------------------------------------------------------------------------------------
TOTAL OTHER REORGAINZATION EXPENSES $ 1,153,191 $ 3,208,391
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------------- --------------
Debtor Reporting Period: February 2004
--------------
BALANCE SHEET
- ---------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ---------------------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 5,784,301 4,532,566
- ---------------------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,675,909 48,745,299
- ---------------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 220,944 503,054
- ---------------------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ---------------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 58,022,857 $ 54,118,674
- ---------------------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- ---------------------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 17,621,320 20,723,654
- ---------------------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
- ---------------------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (15,930,325) (15,433,035)
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 5,176,688 $ 8,776,312
- ---------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ---------------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 115,441 266,900
- ---------------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 213,349,426 249,660,381
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $213,464,867 $249,927,281
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $276,664,412 $312,822,267
=================================================================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
- ---------------------------------------------------------------------------------------------------------------------------------
Accounts Payable -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Wages Payable 47,374 --
- ---------------------------------------------------------------------------------------------------------------------------------
FORM MOR-3
Exhibit 99.1
Trenwick America Corporation
- ---------------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Professional Fees 398,973 --
- ---------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* 142 --
- ---------------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 3,729,145 --
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 4,175,633 $ --
- ---------------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ---------------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 291,014,441 289,648,446
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES 291,014,441 289,648,446
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $295,190,074 $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 (52,900,969) --
- ---------------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) 14,248,494 3,047,008
- ---------------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ---------------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $(18,525,663) $ 23,173,821
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $276,664,412 $312,822,267
=================================================================================================================================
* Insiders represent 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
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------------- --------------
Debtor Reporting Period: February 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
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT ASSETS $ 340,703 $ 327,755
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------------------------------------------------------
Deferred Taxes Receivable 1,308,827 1,198,532
- --------------------------------------------------------------------------------------------------------------------------------
Investment in Subsidiaries 212,038,388 244,859,636
- --------------------------------------------------------------------------------------------------------------------------------
Miscellaneous Other Assets 2,211 3,602,213
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $213,349,426 $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 61,934 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
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) $291,014,441 $289,648,446
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- --------------------------------------------------------------------------------------------------------------------------------
Accrued Expenses 1,994,333 --
- --------------------------------------------------------------------------------------------------------------------------------
Severance Payable 939,442 --
- --------------------------------------------------------------------------------------------------------------------------------
Bonuses Payable 11,106 --
- --------------------------------------------------------------------------------------------------------------------------------
Due to Affiliates 784,264 --
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 3,729,145 $ --
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- --------------------------------------------------------------------------------------------------------------------------------
Equity in Subsidiary 14,248,494 3,047,008
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ 14,248,494 $ 3,047,008
- --------------------------------------------------------------------------------------------------------------------------------
FORM MOR-3
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------------- --------------
Debtor Reporting Period: February 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.
- ------------------------------------------------------------------------------------------------------------------------
Amount
Beginning Withheld or Check. No. Ending Tax
Tax Liability Accrued Amount Paid Date Paid or EFT Liability
========================================================================================================================
Federal
- ------------------------------------------------------------------------------------------------------------------------
Withholding -- 188,870 188,870 2/12,2/26 EFT --
- ------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 53,318 53,318 2/12,2/26 EFT --
- ------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 53,318 53,318 2/12,2/26 EFT --
- ------------------------------------------------------------------------------------------------------------------------
Unemployment -- 844 844 2/12,2/26 EFT --
- ------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 296,350 296,350 --
- ------------------------------------------------------------------------------------------------------------------------
State and Local
- ------------------------------------------------------------------------------------------------------------------------
Withholding -- 72,099 72,099 2/12,2/26 EFT --
- ------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Unemployment -- 15,414 15,414 2/12,2/26 EFT --
- ------------------------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Total State and Local -- 87,513 87,513 --
- ------------------------------------------------------------------------------------------------------------------------
Total Taxes -- 383,863 383,863 -- --
- ------------------------------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable
- ----------------------------------------------------------------------------------------------------
Number of Days Past Due
=========================================================
Current 0-30 31-60 61-90 Over 90 Total
- ----------------------------------------------------------------------------------------------------
Accounts Payable -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------
Wages Payable 47,374 47,374
- ----------------------------------------------------------------------------------------------------
Taxes Payable --
- ----------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- ----------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- ----------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- ----------------------------------------------------------------------------------------------------
Professional Fees -- -- 23,107 182,521 193,346 398,973
- ----------------------------------------------------------------------------------------------------
Amounts Due to Insiders 142 -- -- -- -- 142
- ----------------------------------------------------------------------------------------------------
Other: --
- ----------------------------------------------------------------------------------------------------
Other: --
- ----------------------------------------------------------------------------------------------------
Total Postpetition Debts 47,516 -- 23,107 182,521 193,346 446,489
- ----------------------------------------------------------------------------------------------------
FORM MOR-4
Exhibit 99.1
Trenwick America Corporation
Listing of aged accounts payable
Trenwick America Corporation
As of February 29, 2004
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Ashby & Geddes 1/22/2004 September expenses ASH120-02000 12,089.70
Dewy Ballantine 1/20/2004 September expenses DEW595-02000 59,505.00
Dr. Ben Branch 1/22/2004 September expenses DRB100-02000 10,026.00
Dr. Ben Branch 1/22/2004 September expenses DRB248-02000 2,484.00
Young, Conway, Stargatt & Taylor 1/22/2004 September expenses YOU110-02000 11,070.50
Ashby & Geddes 1/22/2004 October expenses ASH464-02000 4,646.00
Dewey Ballantine 1/20/2004 October expenses DEW690-02000 69,024.00
Dr. Ben Branch 1/22/2004 October expenses DRB121-02000 12,192.00
Dr. Ben Branch 1/22/2004 October expenses DRB304-02000 3,048.00
Young, Conway, Stargatt & Taylor 1/22/2004 October expenses YOU926-02000 9,260.60
------------
91+ 193,345.80
------------
Ashby & Geddes 01/22/04 November expenses ASH380-02000 3,809.40
Dewey Ballantine 01/20/04 November expenses DEW500-02000 50,049.90
Dr. Ben Branch 01/22/04 November expenses DRB240-02000 2,400.00
Dr. Ben Branch 01/22/04 November expenses DRB600-02000 600.00
Ernst & Young 2/27/2004 November expenses ERN327-02000 32,749.00
Ernst & Young 2/27/2004 November expenses ERN811-02000 8,112.00
Appleby & Spurling 2/27/2004 November expenses APP396-02000 39,630.68
Appleby & Spurling 2/27/2004 November expenses APP967-02000 9,677.60
Young, Conway, Stargatt & Taylor 1/29/2004 November expenses YOU291-02000 29,196.29
Young, Conway, Stargatt & Taylor 1/29/2004 November expenses YOU629-02000 6,295.70
------------
61-90 days $ 182,520.57
------------
Ashby & Geddes 2/4/2004 December expense ASH188-02000 18,866.72
Ashby & Geddes 2/4/2004 December expense ASH423-02000 4,239.80
------------
31-60 days 23,106.52
------------
Gary Daniels 2/26/2004 Feb Expenses expense report 141.85
------------
Current 141.85
------------
Grand Total 399,114.74
============
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------------- --------------
Debtor Reporting Period: February 2004
--------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- -----------------------------------------------------------------------------------------
Accounts Receivable Reconciliation Amount
- -----------------------------------------------------------------------------------------
Total Accounts Receivable at the beginning of the reporting period 51,499,162.55
- -----------------------------------------------------------------------------------------
+ Amounts billed during the peiod 2,016,666.34
- -----------------------------------------------------------------------------------------
- - Amounts collected during the peiod (1,839,920.00)
- -----------------------------------------------------------------------------------------
Total Accounts Receivable at the end of the reporting period 51,675,908.89
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
Accounts Receivable Aging Amount
- -----------------------------------------------------------------------------------------
0 - 30 days old 2,321,389.91
- -----------------------------------------------------------------------------------------
31 - 60 days old (5,940.50)
- -----------------------------------------------------------------------------------------
61 - 90 days old 0.00
- -----------------------------------------------------------------------------------------
91 + days old 61,013,788.48
- -----------------------------------------------------------------------------------------
Total Accounts Receivable 63,329,237.89
- -----------------------------------------------------------------------------------------
Amount considered uncollectible (Bad Debt) (11,653,329.00)
- -----------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,675,908.89
- -----------------------------------------------------------------------------------------
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 acccunt 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
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4. Are workers compensation, general liability and other
necessary insurance coverages in effect? If no, provide an
explanation below. X
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FORM MOR-5
(9/99)