Exhibit 99.1
Trenwick America Corporation
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
Reporting Period: April 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 May 20, 2004
- --------------------------------------- -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte May 20, 2004
- --------------------------------------- -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte May 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 99.1
Trenwick America Corporation
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period April 2004
Bank Accounts
Operating Payroll Tax Other
---------------------------------------------------------------
Cash - Beg of Month 1,795,023.38 35,331.89 NA --
---------------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 12,963.53
Other 704.44 -- -- --
Fund Transfer(Vista MM Purch) --
Transfers (Interco) 1,921,035.82 763,715.26 -- --
---------------------------------------------------------------
Total Receipts 1,934,703.79 763,715.26 -- --
---------------------------------------------------------------
Disbursements:
Net Payroll -- (478,256.24) -- --
Payroll Taxes -- (285,459.02) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (171,137.00) -- -- --
Insurance -- -- -- --
Administrative (618,790.22) -- -- --
Selling -- -- -- --
Other 63.78 -- -- --
Transfers (PR) (763,715.26) -- -- --
Professional Fees (327,653.86) -- -- --
Court Costs (10,000.00) -- -- --
---------------------------------------------------------------
Total Disbursements (1,891,232.56) (763,715.26) -- --
---------------------------------------------------------------
Net Cash Flow 43,471.23 -- -- --
---------------------------------------------------------------
Cash: End of Month 1,838,494.61 35,331.89 -- --
===============================================================
FORM MOR-1
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation
Bank Reconciliations
Reporting Period: April 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 1,838,494.61
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 Corporation
Disbursements Log (Excludes Intercompany)
Month Ended April 30, 2004
Wire Date Amount Vendor Name
- ---------------------- -------------- --------------------------------------
2004-04-02 141,472.44 New York Life Benefit Services Co.
2004-04-02 2,422.53 Flexible Spending
2004-04-14 2,422.53 Flexible Spending
2004-04-14 170,105.53 New York Life Benefit Services Co.
2004-04-30 63.00 Bloomberg L.P.
Wire transfer total 316,486.03
--------------
Check Number Amount Vendor Name
- ---------------------- -------------- --------------------------------------
108357 305.71 Louis Direnzo
108358 1,881.06 Marty Becker
108359 23.00 Robert Crowther
108360 1,483.81 Robert Holland
108362 116.50 Stephen Zielinski
108363 43.62 AT&T
108364 1.60 AT&T
108365 444.25 BMC Solutions, Inc.
108366 678.40 Blondie's Treehouse, Inc
108367 2,550.00 CCBN, INC
108368 1,245.50 CCH Incorporated
108369 476.62 Ceridian Employer Services
108370 900.00 Cognet Communications, Inc.
108371 28.98 Computer Book Direct
108372 133.00 Eastern Benefit Systems, Inc.
108373 128.79 Encon Heating & AirConditioning
108374 171,137.00 Equity Office Properties, L.L.C.
108375 251.56 Federal Express Corporation
108376 965.46 Imagistics International Inc.
108377 9,595.64 Kelly Services, Inc.
108378 320.00 Liz Sue Bagels
108379 1,084.91 OFFICETEAM
108380 93.81 P. Rogers & Company
108381 1,869.84 Pitney Bowes
108382 1,581.52 QUEST SOFTWARE, INC
108383 6,577.30 Robert Half
108384 54.80 Skytel
108385 616.75 Snet
108386 160.00 Society for Human Resource Management
108387 1,416.22 Staples Business Advantage
108388 5,296.00 Sungard Availability Services Inc.
108389 2,184.00 Susan Zicarelli
108390 59.00 Brunell,Paula
108391 419.25 Damaris Rosado
108392 115.59 Jeffrey Neverson
108393 50.25 Thomas,Richard R.
108394 3,638.84 Tyler Jr.,Stanlee C.
108395 708.80 AT&T
108396 978.15 AT&T
108397 140.89 Advanced Modern Locksmithing
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
108398 2,133.65 CPT Group Inc
108399 581.66 Ceridian Employer Services
108400 137.11 Connecticut Corporate Caterers,LLC
108401 3,144.47 Crystal Rock Water Company
108402 1,370.00 Esposito Design Association
108403 1,131.44 Federal Express Corporation
108404 1,085.00 Glowpoint
108405 2,230.70 Iron Mountain
108406 3,436.84 Iron Mountain
108407 728.00 Joyce Van Lines, Inc.
108408 4,826.21 Kelly Services, Inc.
108409 2,666.40 MBSII.net
108410 49.30 MCI
108411 1,731.00 MCI
108412 387.96 Michelle Diener
108413 495.00 National Underwriter Company
108414 456.90 Petty Cash/Sam Mills
108415 5,270.85 Robert Half
108416 245.28 Staples Business Advantage
108417 2,644.52 Temco Service Industries, Inc.
108418 3,500.00 Trevaskis & Associates Inc.
108419 660.40 Daniel A. Mintz
108420 425.61 Daniels,Gary
108421 1,716.08 Kiernan,Kenneth F.
108423 1,064.93 Robert Crowther
108424 985.00 Advanced Solutions, Inc.
108425 74,147.93 Anthem BCBSCT
108426 89.94 Bull's Head Printers
108427 15,000.00 C.Winchell Agency, Inc.
108428 17,449.19 CYPRESS COMMUNICATIONS
108429 350.05 Ceridian Employer Services
108430 26.49 Computer Book Direct
108431 6,673.56 Delta Dental
108432 198,571.14 Dewey Ballantine
108433 241.00 Federal Express Corporation
108434 50.00 Federal Reserve Bank of Cleveland
108435 317.97 IKON Office Solutions
108436 651.80 Imagistics International Inc.
108437 2,838.95 Kelly Services, Inc.
108438 1,893.75 Lexis/Nexis
108439 2,222.00 MBSII.net
108440 1,580.25 Mary A. Pagoto
108441 847.00 Motient
108442 2,020.00 Network Synergy
108443 3,327.47 Pitney Bowes
108444 8,571.50 Propark, Inc.
108445 7,385.12 Re Systems Group
108446 321.51 Staples Business Advantage
108447 3,576.81 Unum Life Insurance Company of America
108448 3,976.63 Unum Life Insurance Company of America
108449 129,082.72 Young, Conaway, Stargatt & Taylor, LLP
108450 190.00 Deborah Levine
108451 66.00 Ellery Stevenson
108452 254.46 Hunte,Alan L.
108453 918.45 Louis Direnzo
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
108454 635.00 Mary Burns
108455 740.45 ADT Security Services, Inc.
108456 31,847.12 Actuarial Risk Solutions
108457 880.89 BMW Financial Services
108458 948.70 Business Invirons
108460 649.50 COGENT COMMUNICATIONS, INC
108461 46.52 Connecticut Telephone
108463 487.67 Federal Express Corporation
108464 341.32 Goodway Printing & Graphics
108465 9,652.41 Kelly Services, Inc.
108466 195.00 Mail Delivery Service of Stamford, LLC
108467 280.90 New Horizons Computer Learning Cntr
108468 22.05 PRS Courier Worldwide Inc.
108469 24.08 Royal Messenger Service
108470 616.75 SBC
108471 347.30 STF Services Corporation
108472 990.28 Staples Business Advantage
108473 590.00 The Accounts Payable Network
108474 5,801.69 Trevaskis & Associates Inc.
108475 10,000.00 U.S. Trustee Program Payment Center
108476 495.00 iSeries 400 Experts TIS
Checks Total 811,095.05
--------------
Total April disbursements $1,127,581.08
- ------------------------- -------------
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: April 2004
Statement of Operations
(Income Statement)
- -----------------------------------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES April 2004 Filing to Date
- -----------------------------------------------------------------------------------------------------------
Gross Revenues $ 125 $ 241,029
- -----------------------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- -----------------------------------------------------------------------------------------------------------
Net Revenue $ 125 $ 241,029
- -----------------------------------------------------------------------------------------------------------
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 125 241,029
- -----------------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- -----------------------------------------------------------------------------------------------------------
Advertising -- --
- -----------------------------------------------------------------------------------------------------------
Auto and Truck Expense 30 166
- -----------------------------------------------------------------------------------------------------------
Bad Debts -- --
- -----------------------------------------------------------------------------------------------------------
Contributions -- (2,500)
- -----------------------------------------------------------------------------------------------------------
Employee Benefits Programs 3,602 24,748
- -----------------------------------------------------------------------------------------------------------
Insider compensation* 86,281 664,497
- -----------------------------------------------------------------------------------------------------------
Insurance 6,104 13,381
- -----------------------------------------------------------------------------------------------------------
Management Fees/Bonuses ** (152,305) (577,885)
- -----------------------------------------------------------------------------------------------------------
Office Expense 2,425 35,136
- -----------------------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 4,673 40,122
- -----------------------------------------------------------------------------------------------------------
Repairs and Maintenance 153 2,408
- -----------------------------------------------------------------------------------------------------------
Rent and Lease Expense 77,633 398,249
- -----------------------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 46,739 275,039
- -----------------------------------------------------------------------------------------------------------
Supplies 9,902 49,972
- -----------------------------------------------------------------------------------------------------------
Taxes-Payroll 47,262 229,408
- -----------------------------------------------------------------------------------------------------------
Taxes-Real Estate 316 1,264
- -----------------------------------------------------------------------------------------------------------
Taxes-Other 929 9,731
- -----------------------------------------------------------------------------------------------------------
Travel and Entertainment 159 1,593
- -----------------------------------------------------------------------------------------------------------
Utilities 135 1,387
- -----------------------------------------------------------------------------------------------------------
Other (attach schedule) 23,573 5,289,628
- -----------------------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 157,609 6,456,342
- -----------------------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,509 262,953
- -----------------------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses (162,993) (6,478,266)
- -----------------------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- -----------------------------------------------------------------------------------------------------------
Other Income (attach schedule) 11,652,908 (45,408,159)
- -----------------------------------------------------------------------------------------------------------
Interest Expense -- --
- -----------------------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- -----------------------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items 11,489,915 (51,886,425)
- -----------------------------------------------------------------------------------------------------------
REORGANIZATION ITEMS
- -----------------------------------------------------------------------------------------------------------
Professional Fees -- --
- -----------------------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- -----------------------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- -----------------------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 3,255 38,711
- -----------------------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- -----------------------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 550,519 3,869,175
- -----------------------------------------------------------------------------------------------------------
Total Reorganization Expenses (547,264) (3,830,464)
- -----------------------------------------------------------------------------------------------------------
Income Taxes -- (72,636)
- -----------------------------------------------------------------------------------------------------------
Net Profit (Loss) $ 10,942,651 $ (55,644,253)
- -----------------------------------------------------------------------------------------------------------
* 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 99.1
Trenwick America Corporation
Trenwick America Corporation 03-12635 (MFW)
Debtor April 2004
STATEMENT OF OPERATIONS - continuation sheet
- --------------------------------------------------------------------------------
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY April 2004 Filing to Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
Recruiting & Relocation -- 4,773
- --------------------------------------------------------------------------------
Legal Fees 1,894 8,651
- --------------------------------------------------------------------------------
Audit Fees 18,556 (7,976)
- --------------------------------------------------------------------------------
Accounting & Tax Fees -- 124,154
- --------------------------------------------------------------------------------
Other Fees -- 5,119,513
- --------------------------------------------------------------------------------
Data Processing 1,468 35,267
- --------------------------------------------------------------------------------
Seminars & Continuing Education 408 2,628
- --------------------------------------------------------------------------------
Dues & Subscriptions 1,248 2,619
- --------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ 23,573 $ 5,289,628
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of
Unconsolidated Subsidiaries 11,652,908 (45,408,159)
- --------------------------------------------------------------------------------
TOTAL OTHER INCOME $ 11,652,908 $ (45,408,159)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Bankruptcy Related Fees 550,519 3,869,175
- --------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 550,519 $ 3,869,175
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: April 2004
BALANCE SHEET
- --------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
Unrestricted Cash and Equivalents 5,797,161 4,532,566
- --------------------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- --------------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,117,325 48,745,299
- --------------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- --------------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- --------------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 233,587 503,054
- --------------------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- --------------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 57,489,777 $ 54,118,674
- --------------------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- --------------------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- --------------------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- --------------------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 17,641,931 20,723,654
- --------------------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,485,693 3,485,693
- --------------------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- --------------------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (16,319,552) (15,433,035)
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 4,808,072 $ 8,776,312
- --------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- --------------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 48,928 266,900
- --------------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 194,679,183 249,660,381
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 194,728,111 $ 249,927,281
================================================================================================================================
TOTAL ASSETS $ 257,025,960 $ 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) 29,000 --
- --------------------------------------------------------------------------------------------------------------------------------
Wages Payable 153,714 --
- --------------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- --------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- --------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- --------------------------------------------------------------------------------------------------------------------------------
Professional Fees 560,271 --
- --------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- --------------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 5,825,227 --
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 6,568,212 $ --
- --------------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- --------------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- --------------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- --------------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 288,615,687 289,648,446
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 288,615,687 $ 289,648,446
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 295,183,899 289,648,446
- --------------------------------------------------------------------------------------------------------------------------------
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 (55,644,253) --
- --------------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (2,640,498) 3,047,008
- --------------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- --------------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (38,157,939) $ 23,173,821
================================================================================================================================
TOTAL LIABILITIES AND OWNERS' EQUITY $ 257,025,960 $ 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 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: April 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 193,367,782 244,859,636
- --------------------------------------------------------------------------------------------------------------
Miscellaneous Other Assets 2,575 3,602,213
- --------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 194,679,183 $ 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 63,369 42,517
- --------------------------------------------------------------------------------------------------------------
Accrued Expenses 230,591 1,290,790
- --------------------------------------------------------------------------------------------------------------
Interest Payable 12,728,025 12,728,025
- --------------------------------------------------------------------------------------------------------------
Taxes Payable 2,602,010 2,601,759
- --------------------------------------------------------------------------------------------------------------
Due to Affiliates 82,787,757 82,787,757
- --------------------------------------------------------------------------------------------------------------
Indebtedness 190,203,934 190,197,598
- --------------------------------------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) $ 288,615,687 $ 289,648,446
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- --------------------------------------------------------------------------------------------------------------
Accrued Expenses 1,912,996 --
- --------------------------------------------------------------------------------------------------------------
Severance Payable 4,796 --
- --------------------------------------------------------------------------------------------------------------
Bonuses Payable 982,146 --
- --------------------------------------------------------------------------------------------------------------
Taxes Payable 2,400,441
- --------------------------------------------------------------------------------------------------------------
Due to Affiliates 524,848 --
- --------------------------------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 5,825,227 $ --
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- --------------------------------------------------------------------------------------------------------------
Equity in Subsidiary (2,640,498) 3,047,008
- --------------------------------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (2,640,498) $ 3,047,008
- --------------------------------------------------------------------------------------------------------------
FORM MOR-3
Exhibit 99.1
Trenwick America Corporation
In re Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting period: April 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 -- 144,291 144,291 4/14, 4/29 EFT --
- -----------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 49,229 49,229 4/14, 4/29 EFT --
- -----------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 49,229 49,229 4/14, 4/29 EFT --
- -----------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 260 260 4/14, 4/29 EFT --
- -----------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 243,009 243,009 --
- -----------------------------------------------------------------------------------------------------------------------------------
State and Local
- -----------------------------------------------------------------------------------------------------------------------------------
Withholding -- 39,602 39,602 4/14, 4/29 EFT --
- -----------------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 2,848 2,848 4/14, 4/29 EFT --
- -----------------------------------------------------------------------------------------------------------------------------------
Real Property 21,750 7,250 -- 29,000
- -----------------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total State and Local 21,750 49,700 42,450 29,000
- -----------------------------------------------------------------------------------------------------------------------------------
Total Taxes 21,750 292,709 285,459 -- 29,000
- -----------------------------------------------------------------------------------------------------------------------------------
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 153,714 -- -- -- -- 153,714
- -----------------------------------------------------------------------------------------------------------------------------------
Taxes Payable 29,000 29,000
- -----------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- -----------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- -----------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- -----------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- -- -- 42,454 517,817 560,271
- -----------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Other: --
- -----------------------------------------------------------------------------------------------------------------------------------
Other: --
- -----------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 182,714 -- -- 42,454 517,817 742,985
- -----------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Exhibit 99.1
Trenwick America Corporation
Listing of aged accounts payable
Trenwick America Corporation
As of April 30, 2004
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Appleby, Spurling & Kempe 2/27/2004 November expenses APP396-02000 39,630.68
Appleby, Spurling & Kempe 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
Ashby & Geddes 3/18/2004 January expenses ASH132-02000 13,232.96
Ashby & Geddes 3/18/2004 January expenses ASH307-02000 3,076.60
Dewey Ballantine 3/18/2004 December expenses DEW466-02000 46,689.20
Dewey Ballantine 4/15/2004 January expenses DEW250-02000 250,835.89
Dewey Ballantine 4/15/2004 January expenses DEW591-02000 59,137.30
Ben Branch 4/15/2004 December expenses BEN950-02000 9,504.00
Ben Branch 4/15/2004 December expenses BEN237-02000 2,376.00
Ben Branch 4/15/2004 January expenses BEN158-02000 15,840.00
Ben Branch 4/15/2004 January expenses BEN396-02000 3,960.00
Young, Conaway Stargatt & Taylor 4/22/2004 December expenses YOU577-02000 5,774.30
Young, Conaway Stargatt & Taylor 4/22/2004 January expenses YOU129-02000 12,981.20
------------
91+ 517,816.53
------------
Young, Conaway Stargatt & Taylor 4/22/2004 February expenses YOU106-02000 10,660.90
Ben Branch 4/15/2004 February expenses BEN887-02000 8,870.40
Ben Branch 4/15/2004 February expenses BEN221-02000 2,217.60
Ashby & Geddes 4/15/2004 February expenses ASH167-02000 16,782.04
Ashby & Geddes 4/15/2004 February expenses ASH392-02000 3,923.40
------------
61-90 days 42,454.34
------------
Grand Total $ 560,270.87
============
MOR-4 AGING
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: April 2004
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- -------------------------------------------------------------------------------- -----------------
Accounts Receivable Reconciliation Amount
- -------------------------------------------------------------------------------- -----------------
Total Accounts Receivable at the beginning of the reporting period 50,724,611.83
- -------------------------------------------------------------------------------- -----------------
+ Amounts billed during the peiod 1,808,865.76
- -------------------------------------------------------------------------------- -----------------
- - Amounts collected during the peiod (1,416,152.93)
- -------------------------------------------------------------------------------- -----------------
Total Accounts Receivable at the end of the reporting period 51,117,324.66
- -------------------------------------------------------------------------------- -----------------
- -------------------------------------------------------------------------------- -----------------
Accounts Receivable Aging Amount
- -------------------------------------------------------------------------------- -----------------
0 - 30 days old 1,787,888.58
- -------------------------------------------------------------------------------- -----------------
31 - 60 days old --
- -------------------------------------------------------------------------------- -----------------
61 - 90 days old --
- -------------------------------------------------------------------------------- -----------------
91 + days old 60,982,765.08
- -------------------------------------------------------------------------------- -----------------
Total Accounts Receivable 62,770,653.66
- -------------------------------------------------------------------------------- -----------------
Amount considered uncollectible (Bad Debt) (11,653,329.00)
- -------------------------------------------------------------------------------- -----------------
Accounts Receivable (Net) 51,117,324.66
- -------------------------------------------------------------------------------- -----------------
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
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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)