Exhibit 99.2
Trenwick Group Ltd.
UNITED STATES BANKRUPTCY COURT
__________DISTRICT OF_________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
Reporting Period: March 2004
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20
days after end of month.
Submit copy of report to any official committee appointed in the case.
- -----------------------------------------------------------------------------------------------------------------------
Document Explanation
Required Documents Form No. Attached Attached
- -----------------------------------------------------------------------------------------------------------------------
Schedule of Cash Receipts and Disbursements MOR-1 Yes
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1 (Con't) Yes
Copies of bank statements N/A
Cash disbursements journals Yes
Statement of Operations MOR-2 Yes
Balance Sheet MOR-3 Yes
Status of Postpetition Taxes MOR-4 Yes
Copies of IRS Form 6123 or payment receipt N/A
Copies of tax returns filed during reporting period N/A
Summary of Unpaid Postpetition Debts MOR-4 Yes
Listing of aged accounts payable Yes
Accounts Receivable Reconciliation and Aging MOR-5 Yes
Debtor Questionnaire MOR-5 Yes
- -----------------------------------------------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and
the attached documents are true and correct to the best of of my knowledge and
belief.
/s/ Alan L. Hunte April 20, 2004
- ------------------------------------------ -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte April 20, 2004
- ------------------------------------------ -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte April 20, 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 99.2
Trenwick Group Ltd.
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period March 2004
Bank Accounts
Operating Payroll Tax Other
-----------------------------------------------------------------
Cash - Beg of Month 860,189.28 35,331.89 NA --
-----------------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec. -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 72,533.10
Other 497.69 -- -- --
Fund Transfer(Vista MM Purch) 1,000,000.00
Transfers (Interco) 2,170,099.22 1,540,548.32 -- --
-----------------------------------------------------------------
Total Receipts 3,243,130.01 1,540,548.32 -- --
-----------------------------------------------------------------
Disbursements:
Net Payroll -- (912,376.52) -- --
Payroll Taxes -- (628,171.80) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (150,652.89) -- -- --
Insurance -- -- -- --
Administrative (486,348.38) -- -- --
Selling -- -- -- --
Other *** 834.12 -- -- --
Transfers (PR) (1,540,548.32) -- -- --
Professional Fees (131,580.44) -- -- --
Court Costs -- -- -- --
-----------------------------------------------------------------
Total Disbursements (2,308,295.91) (1,540,548.32) -- --
-----------------------------------------------------------------
Net Cash Flow 934,834.10 -- -- --
-----------------------------------------------------------------
Cash: End of Month 1,795,023.38 35,331.89 -- --
=================================================================
FORM MOR-1
Exhibit 99.2
Trenwick Group Ltd.
Trenwick America Corporation
Bank Reconciliations
March 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 1,795,023.38
Payroll:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 35,331.89
FORM MOR-1
Exhibit 99.2
Trenwick Group Ltd.
Trenwick America Corporation
Disbursements Log (Excludes Intercompany transactions)
Month Ended March 31, 2004
Check Number Amount Vendor Name
==================================== ============== ============================================
3/19/2004 6,874.84 Bloomberg L.P.
3/17/2004 1,350.00 COGENT COMMUNICATIONS, INC
3/22/2004 569.64 Custom House Currency Exchange
3/18/2004 2,422.53 Flexible Spending
--------------
Wire transfer 11,217.01
--------------
Check Number Amount Vendor Name
==================================== ============== ============================================
108224 834.12 Nextel
108225 141.85 Daniels,Gary
108226 171.50 Hunte,Alan L.
108227 3,232.28 Marty Becker
108229 86.91 Matthew DeMaio
108230 1,070.77 Robert Crowther
108231 22.85 AT&T
108232 0.75 AT&T
108233 32,891.57 Actuarial Risk Solutions
108234 39,411.82 Ashby & Geddes
108235 444.25 BMC Solutions, Inc.
108236 4,098.15 CDW Direct, LLC
108237 399.00 COGENT COMMUNICATIONS, INC
108238 242.85 Ceridian Employer Services
108239 46.52 Connecticut Telephone
108240 30,750.00 Dr. Ben S. Branch
108241 598.00 Eastern Data Paper
108242 4,229.40 Eastman Kodak Company
108243 196.77 Federal Express Corporation
108244 8,705.31 Imagistics International Inc.
108245 3,221.90 MBSII.net
108246 10.64 MCI
108248 250.00 Naic
108249 250.00 Naic
108250 1,401.85 OFFICETEAM
108251 4,347.33 Robert Half
108252 35.90 Royal Messenger Service
108253 616.75 Snet
108254 49,527.39 Young, Conaway, Stargatt & Taylor, LLP
108255 6,295.70 Young, Conaway, Stargatt & Taylor, LLP
108256 169.00 iSeries 400 Experts TIS
108257 75,757.35 Dewey Ballantine
108258 150,652.89 Equity Office Properties, L.L.C.
108259 106.00 The Basket Case
108260 847.00 Motient
108261 99.00 ACCESS VB SQL MAGAZINE
108262 112.82 AT&T
FORM MOR-1(CON'T)
Exhibit 99.2
Trenwick Group Ltd.
108263 708.80 AT&T
108264 16,000.00 Accounting Resources Inc
108265 678.40 Blondie's Treehouse, Inc
108266 175.82 Ceridian Employer Services
108267 900.00 Cognet Communications, Inc.
108268 300.00 Commissioner of Revenue Services
108269 600.00 Commissioner of Revenue Services
108270 4,414.81 Crystal Rock Water Company
108271 253.03 Federal Express Corporation
108272 1,064.13 Glowpoint
108273 7,695.58 Iron Mountain
108274 728.00 Joyce Van Lines, Inc.
108275 4,201.64 Kelly Services, Inc.
108276 10,600.00 Kenzie & Company, DBA The McIntyre Group
108277 1,893.75 Lexis/Nexis
108278 320.00 Liz Sue Bagels
108279 2,736.00 Mercy College
108280 703.09 Nextel
108281 1,761.46 OFFICETEAM
108282 8,985.70 Propark, Inc.
108283 3,378.75 Robert Half
108285 54.80 Skytel
108286 26.45 Snet
108287 129.69 Staples Business Advantage
108288 5,296.00 Sungard Availability Services Inc.
108289 2,644.52 Temco Service Industries, Inc.
108290 18,400.00 The Winn Group, Inc
108291 1,366.00 Unum Life Insurance Company of America
108292 441.04 Louis Direnzo
108293 473.85 Timothy Graham
108294 948.70 Business Invirons
108295 238.50 CT Corporation System
108296 16,184.06 CYPRESS COMMUNICATIONS
108297 332.47 Ceridian Employer Services
108298 331.28 Connecticut Corporate Caterers,LLC
108299 699.00 Eastern Benefit Systems, Inc.
108300 1,744.55 Federal Express Corporation
108301 150.00 Federal Reserve Bank of Cleveland
108302 911.13 IKON Office Solutions
108303 4,996.54 Kelly Services, Inc.
108304 1,431.75 MCI
108305 853.30 OFFICETEAM
108306 300.00 Propark, Inc.
108307 3,198.55 Robert Half
108308 1,215.35 Staples Business Advantage
108309 3,000.00 Trevaskis & Associates Inc.
108310 4,674.95 Unum Life Insurance Company of America
108311 3,206.94 Unum Life Insurance Company of America
108312 94.58 Velocity Express
108313 1,703.69 Mary Fortado
108315 259.62 Nicole Morris
108316 1,779.53 Robert Crowther
FORM MOR-1(CON'T)
Exhibit 99.2
Trenwick Group Ltd.
108318 1,771.96 Zicarelli,Sue
108319 636.64 AT&T
108320 18,000.00 Accounting Resources Inc
108321 985.00 Advanced Solutions, Inc.
108322 61,596.17 Anthem BCBSCT
108323 880.89 BMW Financial Services
108324 318.64 Bull's Head Printers
108325 24,749.22 CDW Direct, LLC
108326 199.50 COGENT COMMUNICATIONS, INC
108327 1,688.75 CPT Group Inc
108328 46.52 Connecticut Telephone
108329 5,913.63 Delta Dental
108330 605.50 Federal Express Corporation
108331 1,574.10 Hygrade Business Group
108332 475.00 IASA
108333 4,712.65 Kelly Services, Inc.
108334 3,832.95 MBSII.net
108335 61.45 MCI
108336 5.32 MCI
108337 299.88 MCI
108338 195.00 Mail Delivery Service of Stamford, LLC
108339 847.00 Motient
108340 1,154.64 New England Office Supplies, Inc.
108341 877.68 OFFICETEAM
108342 2,814.17 Staples Business Advantage
108343 1,193.28 Daniels,Gary
108344 649.75 Hunte,Alan L.
108346 950.00 Trevaskis & Associates Inc.
108347 32,673.43 Actuarial Risk Solutions
108348 66.25 Advanced Modern Locksmithing
108349 600.00 Booke Seminars
108350 562.47 Federal Express Corporation
108351 195.04 OFFICETEAM
108352 16,097.38 Oracle
108353 3,327.47 Pitney Bowes
108354 23.64 Royal Messenger Service
108355 91.50 John Margres
108356 230.24 Louis Direnzo
--------------
checks total 757,364.70
--------------
--------------
Total March disbursements 768,581.71
==================================== ==============
FORM MOR-1(CON'T)
Exhibit 99.2
Trenwick Group Ltd.
Trenwick America Corporation 03-12635 (MFW)
Debtor March 2004
Statement of Operations
(Income Statement)
==========================================================================================
MTD Cumulative
REVENUES March 2004 Filing to Date
==========================================================================================
Gross Revenues $ 1,060 $ 240,904
- ------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
==========================================================================================
Net Revenue $ 1,060 $ 240,904
- ------------------------------------------------------------------------------------------
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 1,060 240,904
- ------------------------------------------------------------------------------------------
OPERATING EXPENSES
- ------------------------------------------------------------------------------------------
Advertising -- --
- ------------------------------------------------------------------------------------------
Auto and Truck Expense 30 136
- ------------------------------------------------------------------------------------------
Bad Debts -- --
- ------------------------------------------------------------------------------------------
Contributions -- (2,500)
- ------------------------------------------------------------------------------------------
Employee Benefits Programs 4,844 21,146
- ------------------------------------------------------------------------------------------
Insider compensation* 104,541 578,216
- ------------------------------------------------------------------------------------------
Insurance 1,374 7,277
- ------------------------------------------------------------------------------------------
Management Fees/Bonuses ** (133,870) (425,580)
- ------------------------------------------------------------------------------------------
Office Expense 2,965 32,711
- ------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 9,250 35,449
- ------------------------------------------------------------------------------------------
Repairs and Maintenance 161 2,255
- ------------------------------------------------------------------------------------------
Rent and Lease Expense 67,679 320,616
- ------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 36,536 228,300
- ------------------------------------------------------------------------------------------
Supplies 9,606 40,070
- ------------------------------------------------------------------------------------------
Taxes-Payroll 53,697 182,146
- ------------------------------------------------------------------------------------------
Taxes-Real Estate 948 948
- ------------------------------------------------------------------------------------------
Taxes-Other 939 8,802
- ------------------------------------------------------------------------------------------
Travel and Entertainment 267 1,434
- ------------------------------------------------------------------------------------------
Utilities 152 1,252
- ------------------------------------------------------------------------------------------
Other (attach schedule) (19,879) 5,266,054
==========================================================================================
Total Operating Expenses Before Depreciation 139,241 6,298,733
- ------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,567 257,444
==========================================================================================
Net Profit(Loss) Before Other Income & Expenses (143,748) (6,315,273)
- ------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- ------------------------------------------------------------------------------------------
Other Income (attach schedule) (13,434,523) (57,061,067)
- ------------------------------------------------------------------------------------------
Interest Expense -- --
- ------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
==========================================================================================
Net Profit (Loss) Before Reorganization Items (13,578,271) (63,376,340)
- ------------------------------------------------------------------------------------------
REORGANIZATION ITEMS
- ------------------------------------------------------------------------------------------
Professional Fees -- --
- ------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- ------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 3,500 35,456
- ------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 110,265 3,318,656
==========================================================================================
Total Reorganization Expenses (106,765) (3,283,200)
- ------------------------------------------------------------------------------------------
Income Taxes 900 (72,636)
==========================================================================================
Net Profit (Loss) $(13,685,936) $(66,586,904)
==========================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 24 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
Exhibit 99.2
Trenwick Group Ltd.
Trenwick America Corporation 03-12635 (MFW)
Debtor March 2004
STATEMENT OF OPERATIONS - continuation sheet
============================================================================================
MTD Cumulative
BREAKDOWN OF "OTHER" CATEGORY March 2004 Filing to Date
============================================================================================
- --------------------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Recruiting & Relocation 1,488 4,773
- --------------------------------------------------------------------------------------------
Legal Fees 1,894 6,757
- --------------------------------------------------------------------------------------------
Audit Fees (26,404) (26,532)
- --------------------------------------------------------------------------------------------
Accounting & Tax Fees -- 124,154
- --------------------------------------------------------------------------------------------
Other Fees -- 5,119,513
- --------------------------------------------------------------------------------------------
Data Processing 1,779 33,799
- --------------------------------------------------------------------------------------------
Seminars & Continuing Education 175 2,220
- --------------------------------------------------------------------------------------------
Dues & Subscriptions 1,190 1,371
- --------------------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ (19,879) $ 5,266,054
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries (13,434,523) (57,061,067)
- --------------------------------------------------------------------------------------------
TOTAL OTHER INCOME $(13,434,523) $(57,061,067)
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------
Bankruptcy Related Fees 110,265 3,318,656
- --------------------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 110,265 $ 3,318,656
- --------------------------------------------------------------------------------------------
============================================================================================
FORM MOR-2
Exhibit 99.2
Trenwick Group Ltd.
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: March 2004
BALANCE SHEET
- ----------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ----------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ----------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 5,748,508 4,532,566
- ----------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ----------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 50,724,612 48,745,299
- ----------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- ----------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ----------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 256,047 503,054
- ----------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ----------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ----------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 57,070,870 $ 54,118,674
- ----------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- ----------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- ----------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- ----------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 17,640,561 20,723,654
- ----------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
- ----------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- ----------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (16,123,270) (15,433,035)
- ----------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 5,002,984 $ 8,776,312
- ----------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ----------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 48,803 266,900
- ----------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 199,976,687 249,660,381
- ----------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 200,025,490 $ 249,927,281
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 262,099,344 $ 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) 34,003 --
- ----------------------------------------------------------------------------------------------------------------------
Wages Payable 192,426 --
- ----------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ----------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ----------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ----------------------------------------------------------------------------------------------------------------------
Professional Fees 355,979 --
- ----------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ----------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 2,663,225 --
- ----------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 3,245,632 $ --
- ----------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ----------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ----------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ----------------------------------------------------------------------------------------------------------------------
Unsecured Debt 291,003,620 289,648,446
- ----------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 291,003,620 $ 289,648,446
- ----------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 294,249,252 289,648,446
- ----------------------------------------------------------------------------------------------------------------------
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 (66,586,904) --
- ----------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) 14,310,183 3,047,008
- ----------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ----------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (32,149,908) $ 23,173,821
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 262,099,344 $ 312,822,267
======================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 24 officers which
were not included in this amount.
FORM MOR-3
Exhibit 99.2
Trenwick Group Ltd.
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: March 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 198,665,555 244,859,636
- ---------------------------------------------------------------------------------------
Miscellaneous Other Assets 2,305 3,602,213
- ---------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 199,976,687 $ 249,660,381
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
UNSECURED DEBTS (PRE-PETITION)
- ---------------------------------------------------------------------------------------
Accounts Payable 63,366 42,517
- ---------------------------------------------------------------------------------------
Accrued Expenses 230,591 1,290,790
- ---------------------------------------------------------------------------------------
Interest Payable 12,728,025 12,728,025
- ---------------------------------------------------------------------------------------
Taxes Payable 4,989,947 2,601,759
- ---------------------------------------------------------------------------------------
Due to Affiliates 82,787,757 82,787,757
- ---------------------------------------------------------------------------------------
Indebtedness 190,203,934 190,197,598
- ---------------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) $ 291,003,620 $ 289,648,446
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- ---------------------------------------------------------------------------------------
Accrued Expenses 1,984,858 --
- ---------------------------------------------------------------------------------------
Severance Payable 7,899 --
- ---------------------------------------------------------------------------------------
Bonuses Payable 592,542 --
- ---------------------------------------------------------------------------------------
Due to Affiliates 77,925 --
- ---------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 2,663,225 $ --
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- ---------------------------------------------------------------------------------------
Equity in Subsidiary 14,310,183 3,047,008
- ---------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ 14,310,183 $ 3,047,008
- ---------------------------------------------------------------------------------------
FORM MOR-3
Exhibit 99.2
Trenwick Group Ltd.
In re Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: March 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 Amount Check NO. Ending Tax
Tax Liability Accrued Piad Date Paid or EFT Liability
==========================================================================================================
Federal
- ----------------------------------------------------------------------------------------------------------
Withholding -- 331,866 331,866 3/12, 3/30 EFT --
- ----------------------------------------------------------------------------------------------------------
FICA-Employee -- 99,093 99,093 3/12, 3/30 EFT --
- ----------------------------------------------------------------------------------------------------------
FICA-Employer -- 99,093 99,093 3/12, 3/30 EFT --
- ----------------------------------------------------------------------------------------------------------
Unemployment -- 313 313 3/12, 3/30 EFT --
- ----------------------------------------------------------------------------------------------------------
Income -- 12,253 -- 12,253
- ----------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 542,618 530,365 12,253
- ----------------------------------------------------------------------------------------------------------
State and Local
- ----------------------------------------------------------------------------------------------------------
Withholding -- 87,109 87,109 3/12, 3/30 EFT --
- ----------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Unemployment -- 10,698 10,698 3/12, 3/30 EFT --
- ----------------------------------------------------------------------------------------------------------
Real Property -- 21,750 -- 21,750
- ----------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ----------------------------------------------------------------------------------------------------------
Total State and Local -- 119,557 97,807 21,750
- ----------------------------------------------------------------------------------------------------------
Total Taxes -- 662,175 628,172 -- 34,003
- ----------------------------------------------------------------------------------------------------------
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 192,426 -- -- -- -- 192,426
- -------------------------------------------------------------------------------------------------------------------------------
Taxes Payable 34,003 34,003
- -------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- -------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- -------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- -------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- -- -- 16,310 339,669 355,979
- -------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Other: --
- -------------------------------------------------------------------------------------------------------------------------------
Other: --
- -------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 226,429 -- -- 16,310 339,669 582,408
- -------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Exhibit 99.2
Trenwick Group Ltd.
Listing of aged accounts payable
Trenwick America Corporation
As of March 31, 2004
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Appleby & Spurling 2/27/2004 November expenses APP396-02000 39,630.68
Appleby & Spurling 2/27/2004 November expenses APP967-02000 9,677.60
Ernst & Young 2/27/2004 November expenses ERN327-02000 32,749.00
Ernst & Young 2/27/2004 November expenses ERN811-02000 8,112.00
Ashby & Geddes 2/4/2004 December expenses ASH423-02000 4,239.80
Dewy Ballantine 3/18/2004 December expenses DEW198-02000 198,571.11
Dewy Ballantine 3/18/2004 December expenses DEW466-02000 46,689.20
-------------
91+ 339,669.39
-------------
Ashby & Geddes 3/18/2004 January expense ASH132-02000 13,232.96
Ashby & Geddes 3/18/2004 January expense ASH307-02000 3,076.60
-------------
61-90 days 16,309.56
-------------
-------------
Grand Total 355,978.95
=============
MOR-4 AGING
Exhibit 99.2
Trenwick Group Ltd.
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: March 2004
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
====================================================================== ===============
Accounts Receivable Reconciliation Amount
====================================================================== ===============
Total Accounts Receivable at the beginning of the reporting period 51,675,908.89
- ---------------------------------------------------------------------- ---------------
+ Amounts billed during the peiod 1,816,927.09
- ---------------------------------------------------------------------- ---------------
- - Amounts collected during the peiod (2,768,224.15)
- ---------------------------------------------------------------------- ---------------
Total Accounts Receivable at the end of the reporting period 50,724,611.83
- ---------------------------------------------------------------------- ---------------
====================================================================== ===============
Accounts Receivable Aging Amount
====================================================================== ===============
0 - 30 days old 1,395,175.91
- ---------------------------------------------------------------------- ---------------
31 - 60 days old --
- ---------------------------------------------------------------------- ---------------
61 - 90 days old (31,023.56)
- ---------------------------------------------------------------------- ---------------
91 + days old 61,013,788.48
- ---------------------------------------------------------------------- ---------------
Total Accounts Receivable 62,377,940.83
- ---------------------------------------------------------------------- ---------------
Amount considered uncollectible (Bad Debt) (11,653,329.00)
- ---------------------------------------------------------------------- ---------------
Accounts Receivable (Net) 50,724,611.83
- ---------------------------------------------------------------------- ---------------
DEBTOR QUESTIONNAIRE
================================================================================ ===============
Must be completed each month Yes No
================================================================================ ===============
1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide an explanation below. X
- -------------------------------------------------------------------------------- ---------------
2. Have any funds been disbursed from any account other than a debtor in
possession account this reporting period? If yes, provide and explanation below. X
- -------------------------------------------------------------------------------- ---------------
3. Have all postpetition tax returns been timely filed? If no, provide an
explanation below. X
- -------------------------------------------------------------------------------- ---------------
4. Are workers compensation, general liability and other necessary insurance
coverages in effect? If no, provide an explanation below. X
- -------------------------------------------------------------------------------- ---------------
FORM MOR-5
(9/99)