Exhibit 99.1
Trenwick Group Ltd.
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick Group Ltd. Case No. 03-12636 (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 N/A
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 Group Ltd.
In re: Trenwick Group Ltd Case No.: 03-12636 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period: February 2004
Bank Accounts
Operating Payroll Tax Other
----------------------------------------
Cash - Beg of Month 106,920.94 -- NA NA
----------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Other -- -- --
Transfers -- -- -- --
----------------------------------------
Total Receipts -- --
----------------------------------------
Disbursements:
Net Payroll -- -- -- --
Payroll Taxes -- -- -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases -- -- -- --
Insurance -- -- -- --
Administrative (3,146.08) -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers to P/R Acct -- -- -- --
Professional Fees -- -- -- --
Court Costs -- -- -- --
----------------------------------------
Total Disbursements: (3,146.08) -- -- --
----------------------------------------
Net Cash Flow: (3,146.08) -- -- --
----------------------------------------
Cash: End of Month 103,774.86 -- -- --
========================================
FORM MOR-1
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd
Bank Reconciliations
February 2004
The following Chase Accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 103,774.86
FORM MOR-1 (CONT'D)
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd
Disbursements
February 2004
Wire Date Amount Vendor Name
- --------- --------- -----------------
2/13/2004 3,146.08 WT to TAC to cover for CCH payment made on behalf of TGL
Total 3,146.08
---------
FORM MOR-1 (CONT'D)
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. 03-12636 (MFW)
- ----------------------------------- ------------------------
Debtor February 2004
------------------------
Statement of Operations
(Income Statement)
- ------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES February 2004 Filing to Date
- ------------------------------------------------------------------------------
Gross Revenues $ -- $ (567,222)
- ------------------------------------------------------------------------------
Less: Returns and Allowances -- --
==============================================================================
Net Revenue $ -- $ (567,222)
- ------------------------------------------------------------------------------
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 -- (567,222)
- ------------------------------------------------------------------------------
OPERATING EXPENSES
- ------------------------------------------------------------------------------
Advertising -- --
- ------------------------------------------------------------------------------
Auto and Truck Expense -- 13,522
- ------------------------------------------------------------------------------
Bad Debts -- --
- ------------------------------------------------------------------------------
Contributions -- --
- ------------------------------------------------------------------------------
Employee Benefits Programs 12,004 163,992
- ------------------------------------------------------------------------------
Insider compensation* -- 68,710
- ------------------------------------------------------------------------------
Insurance 11,244 400,529
- ------------------------------------------------------------------------------
Management Fees/Bonuses -- --
- ------------------------------------------------------------------------------
Office Expense 173 7,951
- ------------------------------------------------------------------------------
Pension & Profit-Sharing Plans -- --
- ------------------------------------------------------------------------------
Repairs and Maintenance -- --
- ------------------------------------------------------------------------------
Rent and Lease Expense -- --
- ------------------------------------------------------------------------------
Salaries/Commissions/Fees -- 20,058
- ------------------------------------------------------------------------------
Supplies 797 4,962
- ------------------------------------------------------------------------------
Taxes-Payroll (712) --
- ------------------------------------------------------------------------------
Taxes-Real Estate -- --
- ------------------------------------------------------------------------------
Taxes-Other 9,140 25,097
- ------------------------------------------------------------------------------
Travel and Entertainment -- --
- ------------------------------------------------------------------------------
Utilities -- --
- ------------------------------------------------------------------------------
Other (attach schedule) -- 1,992,562
==============================================================================
Total Operating Expenses Before Depreciation 32,646 2,697,382
- ------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 129,529 827,313
==============================================================================
Net Profit(Loss) Before Other Income & Expenses (162,175) (4,091,917)
- ------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- ------------------------------------------------------------------------------
Other Income (attach schedule) 889,831 (42,420,936)
- ------------------------------------------------------------------------------
Interest Expense -- --
- ------------------------------------------------------------------------------
Other Expense (attach schedule) -- 33,099,059
==============================================================================
Net Profit (Loss) Before Reorganization Items 727,656 (79,611,912)
- ------------------------------------------------------------------------------
REORGANIZATION ITEMS
- ------------------------------------------------------------------------------
Professional Fees -- --
- ------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- ------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 133 3,419
- ------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) -- 63,229
==============================================================================
Total Reorganization Expenses (133) 59,810
- ------------------------------------------------------------------------------
Income Taxes -- --
==============================================================================
Net Profit (Loss) $ 727,790 $(79,671,722)
==============================================================================
* 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-2
Trenwick Group Ltd. 03-12636 (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
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Board Related -- (62,622)
- ---------------------------------------------------------------------------
Other Fees -- 2,054,231
- ---------------------------------------------------------------------------
Data Processing -- 953
- ---------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ -- $ 1,992,562
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Other Income
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of
Unconsolidated Subsidiaries 889,831 (42,420,936)
- ---------------------------------------------------------------------------
TOTAL OTHER INCOME $ 889,831 $(42,420,936)
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Other Expenses
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Loss on Sale of Trenwick International Ltd. -- 33,099,059
- ---------------------------------------------------------------------------
TOTAL OTHER EXPENSES $ -- $ 33,099,059
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Other Reorganization Expenses
- ---------------------------------------------------------------------------
- ---------------------------------------------------------------------------
Bankruptcy Related Fees -- 63,229
- ---------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ -- $ 63,229
- ---------------------------------------------------------------------------
===========================================================================
FORM MOR-2
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. Case No. 03-12636 (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 -- --
- --------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) 593,572 655,336
- --------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 219,095 (591,090)
- --------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- --------------------------------------------------------------------------------------------------------
Inventories -- --
- --------------------------------------------------------------------------------------------------------
Prepaid Expenses 75,428 1,088,137
- --------------------------------------------------------------------------------------------------------
Professional Retainers 2,081,166 2,200,000
- --------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) -- 3,861
- --------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 2,969,261 $ 3,356,244
- --------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- --------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- --------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- --------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 73,467 82,181
- --------------------------------------------------------------------------------------------------------
Leasehold Improvements -- --
- --------------------------------------------------------------------------------------------------------
Vehicles -- --
- --------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (42,885) (33,020)
- --------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 30,582 $ 49,161
- --------------------------------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------------------------------
Loans to Insiders* -- --
- --------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 131,032,459 220,135,876
- --------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 131,032,459 $ 220,135,876
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 134,032,302 $ 223,541,281
========================================================================================================
- ----------------------------------------------------------------------------------------------------------------
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 19,428 --
- ----------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- ----------------------------------------------------------------------------------------------------------------
Wages Payable -- 4,900
- ----------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ----------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ----------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ----------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- ----------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ----------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) -- --
- ----------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 19,428 $ 4,900
- ----------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ----------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ----------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ----------------------------------------------------------------------------------------------------------------
Unsecured Debt 216,529,708 216,896,055
- ----------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 216,529,708 $ 216,896,055
- ----------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 216,549,136 $ 216,900,955
- ----------------------------------------------------------------------------------------------------------------
OWNER EQUITY
- ----------------------------------------------------------------------------------------------------------------
Capital Stock 3,673,000 3,676,102
- ----------------------------------------------------------------------------------------------------------------
Additional Paid-In Capital 574,262,130 574,823,017
- ----------------------------------------------------------------------------------------------------------------
Partners' Capital Account -- --
- ----------------------------------------------------------------------------------------------------------------
Owner's Equity Account -- --
- ----------------------------------------------------------------------------------------------------------------
Retained Earnings - Pre-Petition (551,923,031) (551,923,031)
- ----------------------------------------------------------------------------------------------------------------
Retained Earnings - Post-Petition (79,671,722) --
- ----------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (28,857,211) (19,935,762)
- ----------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ----------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (82,516,834) $ 6,640,326
- ----------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 134,032,302 $ 223,541,281
================================================================================================================
FORM MOR-3
Trenwick Group Ltd. Case No. 03-12636 (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 -- 3,861
- --------------------------------------------------------------------
TOTAL OTHER CURRENT ASSETS $ -- $ 3,861
- --------------------------------------------------------------------
- --------------------------------------------------------------------
- --------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------
Prepaid Deposits 19,622 19,622
- --------------------------------------------------------------------
Investment in Subsidiaries 128,586,657 215,156,938
- --------------------------------------------------------------------
Miscellaneous Other Assets 2,426,180 4,959,316
- --------------------------------------------------------------------
TOTAL OTHER ASSETS $ 131,032,459 $ 220,135,876
- --------------------------------------------------------------------
- -------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
UNSECURED DEBTS (PRE-PETITION)
- -------------------------------------------------------------------------------
Accrued Expenses 981,352 1,299,727
- -------------------------------------------------------------------------------
Interest Payable 2,276,323 2,276,323
- -------------------------------------------------------------------------------
Due to Affiliates 94,431,252 94,479,224
- -------------------------------------------------------------------------------
Other Liabilities 118,840,781 118,840,781
- -------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) $ 216,529,708 $ 216,896,055
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- -------------------------------------------------------------------------------
Due to Affiliates -- --
- -------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ -- $ --
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- -------------------------------------------------------------------------------
Deferred Compensation (218,968) (1,125,099)
- -------------------------------------------------------------------------------
Equity in Subsidiary (28,638,243) (18,810,663)
- -------------------------------------------------------------------------------
FORM MOR-3
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. Case No. 03-12636 (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 -- -- -- --
- --------------------------------------------------------------------------------------------------------
FICA-Employee -- -- -- --
- --------------------------------------------------------------------------------------------------------
FICA-Employer -- -- -- --
- --------------------------------------------------------------------------------------------------------
Unemployment -- -- -- --
- --------------------------------------------------------------------------------------------------------
Income -- -- -- --
- --------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- --------------------------------------------------------------------------------------------------------
Total Federal Taxes -- -- -- --
- --------------------------------------------------------------------------------------------------------
State and Local
- --------------------------------------------------------------------------------------------------------
Withholding -- -- -- --
- --------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- --------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- --------------------------------------------------------------------------------------------------------
Unemployment -- -- -- --
- --------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- --------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- --------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- --------------------------------------------------------------------------------------------------------
Total State and Local -- -- -- --
- --------------------------------------------------------------------------------------------------------
Total Taxes -- -- -- -- --
- --------------------------------------------------------------------------------------------------------
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 -- 836 5,717 6,949 5,926 19,428
- ------------------------------------------------------------------------------------------------
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 -- 836 5,717 6,949 5,926 19,428
- ------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd.
List of Aging
February 29, 2004
Vendor Invoice Date Invoice Number Amount Activity
------ ------------ -------------- ------- --------
Equiserve 10/13/2003 159415 5,925.87 Transfer Agency Fee
--------------------------------------------
91+ 5,925.87
Deraventures 11/5/2003 11014-37201-03 216.30 M. Becker Telecommunications
Equiserve 11/13/2003 160816 3,810.21 Transfer Agency Fees
Equiserve 11/30/2003 2,922.25 Transfer Agency Fee
--------------------------------------------
61-90 DAYS 6,948.76
Equiserve 12/3/2003 5,717.29 Transfer Agency Fee
--------------------------------------------
31-60 DAYS 5,717.29 2003 Post - Petition
CCH 1/6/2004 7405420 836.34 TGL Monthly
--------------------------------------------
0-30 DAYS 836.34 2004 - Post Petition
-----------------
Grand Total 19,428.26
=================
Exhibit 99.1
Trenwick Group Ltd.
Trenwick Group Ltd. Case No. 03-12636 (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 $ 219,094.77
- ------------------------------------------------------------------ ------------------
+ Amounts billed during the peiod --
- ------------------------------------------------------------------ ------------------
- - Amounts collected during the peiod --
- ------------------------------------------------------------------ ------------------
Total Accounts Receivable at the end of the reporting period 219,094.77
- ------------------------------------------------------------------ ------------------
- ------------------------------------------------------------------ ------------------
Accounts Receivable Aging Amount
- ------------------------------------------------------------------ ------------------
0 - 30 days old --
- ------------------------------------------------------------------ ------------------
31 - 60 days old --
- ------------------------------------------------------------------ ------------------
61 - 90 days old --
- ------------------------------------------------------------------ ------------------
91 + days old 9,661,613.77
- ------------------------------------------------------------------ ------------------
Total Accounts Receivable 9,661,613.77
- ------------------------------------------------------------------ ------------------
Amount considered uncollectible (Bad Debt) (9,442,519.00)
- ------------------------------------------------------------------ ------------------
Accounts Receivable (Net) 219,094.77
- ------------------------------------------------------------------ ------------------
DEBTOR QUESTIONNAIRE
- --------------------------------------------------------------------------------------- ---------------------------------------
Must be completed each month Yes No
- --------------------------------------------------------------------------------------- ---------------------------------------
1. Have any assets been sold or transferred outside the normal course of X
business this reporting period? If yes, provide an explanation below.
- --------------------------------------------------------------------------------------- ---------------------------------------
2. Have any funds been disbursed from any account other than a debtor in X
possession account this reporting period? If yes, provide and explanation below.
- --------------------------------------------------------------------------------------- ---------------------------------------
3. Have all postpetition tax returns been timely filed? If no, provide an X
explanation below.
- --------------------------------------------------------------------------------------- ---------------------------------------
4. Are workers compensation, general liability and other necessary insurance X
coverages in effect? If no, provide an explanation below.
- --------------------------------------------------------------------------------------- ---------------------------------------
FORM MOR-5
(9/99)