Exhibit 99.1
Trenwick America Corporation
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
---------------------------- -------------
Reporting Period: May 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 June 21, 2004
- -------------------------------------- -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte June 21, 2004
- -------------------------------------- -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte June 21, 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 May 2004
Bank Accounts
Operating Payroll Tax Other
----------------------------------------------------------------------------
Cash - Beg of Month 1,838,494.61 35,331.89 NA --
----------------------------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 25,619.97 -- -- --
Other 640.39 -- -- --
Fund Transfer(Vista MM Purch) -- -- -- --
Transfers (Interco) 1,204,497.61 747,236.61 -- --
----------------------------------------------------------------------------
Total Receipts 1,230,757.97 747,236.61 -- --
----------------------------------------------------------------------------
Disbursements:
Net Payroll -- (469,141.32) -- --
Payroll Taxes -- (278,095.29) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (157,520.51) -- -- --
Insurance -- -- -- --
Administrative (533,054.57) -- -- --
Selling -- -- -- --
Other (14.25) -- -- --
Transfers (PR) (747,236.61) -- -- --
Professional Fees (250,835.89) -- -- --
Court Costs -- -- -- --
----------------------------------------------------------------------------
Total Disbursements (1,688,661.83) (747,236.61) -- --
----------------------------------------------------------------------------
Net Cash Flow (457,903.86) -- -- --
----------------------------------------------------------------------------
Cash: End of Month 1,380,590.75 35,331.89 -- --
============================================================================
FORM MOR-1
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation
Bank Reconciliations
Reporting Period: May 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 1,380,590.75
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 May 31, 2004
Wire Date Amount Vendor Name
2004-05-04 87,479.78 New York Life Benefit Services Co.
2004-05-28 88,386.84 New York Life Benefit Services Co.
2004-05-03 2,422.53 Flexible Spending
2004-05-13 2,422.53 Flexible Spending
2004-05-26 2,502.53 Flexible Spending
Wire transfer total 183,214.21
------------
Check Number Amount Vendor Name
- ----------------------- ------------ ----------------------------------------
108477 35.00 Brennan,John
108478 960.00 Brunell,Paula
108479 107.55 Duarte,Deborah
108480 3,763.81 Marty Becker
108482 444.25 BMC Solutions, Inc.
108483 678.40 Blondie's Treehouse, Inc
108484 28.95 CDW Direct, LLC
108485 286.23 Ceridian Employer Services
108486 250,835.89 Dewey Ballantine
108487 157,520.51 Equity Office Properties, L.L.C.
108488 170.43 Federal Express Corporation
108489 150.00 Federal Reserve Bank of Cleveland
108490 343.43 Floral Expressions
108491 238.00 IASA
108492 42,622.00 Informatica Corporation
108493 4,939.77 Kelly Services, Inc.
108494 400.00 Liz Sue Bagels
108495 4,110.70 MBSII.net
108496 300.00 Propark, Inc.
108497 1,846.20 Staples Business Advantage
108498 1,397.07 Damaris Rosado
108501 1,611.98 Kiernan,Kenneth F.
108502 2,115.84 Louis Direnzo
108503 1,373.51 Mary Burns
108505 1,265.20 Mary Fortado
108506 1,883.46 Timothy Graham
108508 757.94 AT&T
108509 40.22 Advanced Modern Locksmithing
108510 30,015.00 Ashby & Geddes
108511 1,355.00 Booke Seminars
108512 3,307.99 CDW Direct, LLC
108513 654.82 CPT Group Inc
108514 177.66 Ceridian Employer Services
108515 900.00 Cognet Communications, Inc.
108516 268.50 Connecticut Corporate Caterers,LLC
108517 2,783.62 Crystal Rock Water Company
108518 34,214.40 Dr. Ben S. Branch
108519 386.72 Federal Express Corporation
Exhibit 99.1
Trenwick America Corporation
108520 1,064.13 Glowpoint
108521 2,211.80 Iron Mountain
108522 728.00 Joyce Van Lines, Inc.
108523 43.89 MCI
108524 299.25 MCI
108525 195.00 Mail Delivery Service of Stamford, LLC
108526 1,580.39 Nextel
108527 54.80 Skytel
108528 5,296.00 Sungard Availability Services Inc.
108529 6,169.16 Trevaskis & Associates Inc.
108530 338.00 Bronx SCU
108531 904.00 Hammond,Noreen A.
108532 2,045.20 Hunte,Alan L.
108534 53.42 Richard Pikikero
108535 708.80 AT&T
108536 985.00 Advanced Solutions, Inc.
108537 44.97 Bull's Head Printers
108538 16,183.72 CYPRESS COMMUNICATIONS
108539 344.19 Ceridian Employer Services
108540 59.21 Computer Book Direct
108541 210.06 Delaware Secretary of State-V#51-6000279
108542 302.58 Federal Express Corporation
108543 1,893.75 Lexis/Nexis
108544 4,444.00 MBSII.net
108545 1,431.75 MCI
108546 677.60 Motient
108547 2,930.00 New York Life Benefit Services Co.
108548 3,327.47 Pitney Bowes
108549 11,934.16 RIA Group
108550 404.79 Staples Business Advantage
108551 2,644.52 Temco Service Industries, Inc.
108552 1,370.00 University of Phoenix
108553 1,199.53 Daniel A. Mintz
108554 1,561.23 Louis Direnzo
108555 1,917.97 Mary Fortado
108557 1,041.68 Roger Feffer
108558 45.84 Sakyi,Caesar
108559 4,972.84 Tyler Jr.,Stanlee C.
108560 79,007.79 Anthem BCBSCT
108561 1,012.39 BMW Financial Services
108562 948.70 Business Invirons
108563 2,296.50 CDW Direct, LLC
108564 199.50 COGENT COMMUNICATIONS, INC
108565 2,248.12 CPT Group Inc
108566 316.67 Club Sandwich of Stamford
108567 46.52 Connecticut Telephone
108568 8,322.60 Delta Dental
108569 367.77 Federal Express Corporation
108570 200.00 Federal Reserve Bank of Cleveland
108571 706.60 Harold Horwich
108572 366.00 Joann McNiff
108574 1,191.97 Michael J. D'Angelico
Exhibit 99.1
Trenwick America Corporation
108575 4,639.62 Michael Sharman
108576 3,776.89 Morris Weiss
108577 930.00 Naic
108578 149.00 Penton Techonology Media
108579 205.30 Staples Business Advantage
108580 2,329.60 Susan Zicarelli
108581 3,900.00 Trevaskis & Associates Inc.
108582 4,117.99 Unum Life Insurance Company of America
108583 3,894.01 Unum Life Insurance Company of America
108584 772.76 Daniels,Gary
108585 10.64 MCI
108586 331.07 John Margres
Checks total 758,196.76
------------
Total May disbursements 941,410.97
============
FORM MOR-1 (CON'T)
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation 03-12635 (MFW)
- -------------------------------------- --------------------
Debtor May 2004
--------------------
Statement of Operations
(Income Statement)
- ----------------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES May 2004 Filing to Date
- ----------------------------------------------------------------------------------------
Gross Revenues $ 130 $ 241,159
- ----------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- ----------------------------------------------------------------------------------------
Net Revenue $ 130 $ 241,159
- ----------------------------------------------------------------------------------------
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 130 241,159
- ----------------------------------------------------------------------------------------
OPERATING EXPENSES
- ----------------------------------------------------------------------------------------
Advertising -- --
- ----------------------------------------------------------------------------------------
Auto and Truck Expense 9 175
- ----------------------------------------------------------------------------------------
Bad Debts -- --
- ----------------------------------------------------------------------------------------
Contributions -- (2,500)
- ----------------------------------------------------------------------------------------
Employee Benefits Programs 7,422 32,170
- ----------------------------------------------------------------------------------------
Insider compensation* 34,018 698,515
- ----------------------------------------------------------------------------------------
Insurance 1,364 14,745
- ----------------------------------------------------------------------------------------
Management Fees/Bonuses ** (102,512) (680,397)
- ----------------------------------------------------------------------------------------
Office Expense 4,789 39,922
- ----------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans (5,122) 35,000
- ----------------------------------------------------------------------------------------
Repairs and Maintenance 175 2,583
- ----------------------------------------------------------------------------------------
Rent and Lease Expense 70,158 468,407
- ----------------------------------------------------------------------------------------
Salaries/Commissions/Fees 40,162 315,201
- ----------------------------------------------------------------------------------------
Supplies 8,236 58,208
- ----------------------------------------------------------------------------------------
Taxes-Payroll 1,847 231,255
- ----------------------------------------------------------------------------------------
Taxes-Real Estate 316 1,580
- ----------------------------------------------------------------------------------------
Taxes-Other 930 10,661
- ----------------------------------------------------------------------------------------
Travel and Entertainment 606 2,199
- ----------------------------------------------------------------------------------------
Utilities 149 1,536
- ----------------------------------------------------------------------------------------
Other (attach schedule) (36,044) 5,253,585
- ----------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 26,502 6,482,844
- ----------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,497 268,450
- ----------------------------------------------------------------------------------------
Net Profit (Loss) Before Other Income & Expenses (31,870) (6,510,136)
- ----------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- ----------------------------------------------------------------------------------------
Other Income (attach schedule) 192,804 (45,215,355)
- ----------------------------------------------------------------------------------------
Interest Expense -- --
- ----------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- ----------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items 160,934 (51,725,491)
- ----------------------------------------------------------------------------------------
REORGANIZATION ITEMS
- ----------------------------------------------------------------------------------------
Professional Fees -- --
- ----------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ----------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- ----------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 3,237 41,948
- ----------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ----------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 1,286,933 5,156,108
- ----------------------------------------------------------------------------------------
Total Reorganization Expenses (1,283,696) (5,114,160)
- ----------------------------------------------------------------------------------------
Income Taxes -- (72,636)
- ----------------------------------------------------------------------------------------
Net Profit (Loss) $ (1,122,762) $ (56,767,015)
- ----------------------------------------------------------------------------------------
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 23 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 May 2004
--------------------
STATEMENT OF OPERATIONS - continuation sheet
- ---------------------------------------------------------------------------------
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY May 2004 Filing to Date
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Other Costs
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Other Operational Expenses
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Recruiting & Relocation (1,891) 2,883
- ---------------------------------------------------------------------------------
Legal Fees 1,894 10,545
- ---------------------------------------------------------------------------------
Audit Fees 18,556 10,580
- ---------------------------------------------------------------------------------
Accounting & Tax Fees (57,500) 66,654
- ---------------------------------------------------------------------------------
Other Fees -- 5,119,513
- ---------------------------------------------------------------------------------
Data Processing 1,630 36,897
- ---------------------------------------------------------------------------------
Seminars & Continuing Education 1,029 3,657
- ---------------------------------------------------------------------------------
Dues & Subscriptions 238 2,857
- ---------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ (36,044) $ 5,253,585
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Other Income
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of
Unconsolidated Subsidiaries 192,804 (45,215,355)
- ---------------------------------------------------------------------------------
TOTAL OTHER INCOME $ 192,804 $ (45,215,355)
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Other Expenses
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Other Reorganization Expenses
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
Bankruptcy Related Fees 1,286,933 5,156,108
- ---------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 1,286,933 $ 5,156,108
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
FORM MOR-2
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------- --------------
Debtor Reporting Period: May 2004
--------------
BALANCE SHEET
- -------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- -------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- -------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 5,341,351 4,532,566
- -------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- -------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,837,651 48,745,299
- -------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- -------------------------------------------------------------------------------------------------------------------
Inventories -- --
- -------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 210,485 503,054
- -------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- -------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- -------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 57,731,190 $ 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 (16,515,569) (15,433,035)
- -------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 4,612,055 $ 8,776,312
- -------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- -------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 49,057 266,900
- -------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 191,150,651 249,660,381
- -------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 191,199,708 $ 249,927,281
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 253,542,954 $ 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 750 --
- -------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to Form MOR-4) 36,250 --
- -------------------------------------------------------------------------------------------------------------------
Wages Payable 72,114 --
- -------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- -------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- -------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- -------------------------------------------------------------------------------------------------------------------
Professional Fees 925,824 --
- -------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- -------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 6,973,014 --
- -------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 8,007,952 $ --
- -------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- -------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- -------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- -------------------------------------------------------------------------------------------------------------------
Unsecured Debt 288,537,284 289,648,446
- -------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 288,537,284 $ 289,648,446
- -------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 296,545,237 289,648,446
- -------------------------------------------------------------------------------------------------------------------
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 (56,767,015) --
- -------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (6,362,081) 3,047,008
- -------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- -------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (43,002,283) $ 23,173,821
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 253,542,954 $ 312,822,267
===================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 23 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: May 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 189,839,003 244,859,636
- ----------------------------------------------------------------------------------------
Miscellaneous Other Assets 2,821 3,602,213
- ----------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 191,150,651 $ 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 64,843 42,517
- ----------------------------------------------------------------------------------------
Accrued Expenses 150,715 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) $ 288,537,284 $ 289,648,446
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- ----------------------------------------------------------------------------------------
Accrued Expenses 2,610,084 --
- ----------------------------------------------------------------------------------------
Severance Payable 2,104 --
- ----------------------------------------------------------------------------------------
Bonuses Payable 1,371,750 --
- ----------------------------------------------------------------------------------------
Taxes Payable 2,400,441 --
- ----------------------------------------------------------------------------------------
Due to Affiliates 588,636 --
- ----------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 6,973,014 $ --
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- ----------------------------------------------------------------------------------------
Equity in Subsidiary (6,362,081) 3,047,008
- ----------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (6,362,081) $ 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: May 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 Tax Withheld or Check. No Ending Tax
Liability Accrued Amount Paid Date Paid or EFT Liability
====================================================================================================================================
Federal
- ------------------------------------------------------------------------------------------------------------------------------------
Withholding -- 142,898 142,898 5/13, 5/27 EFT --
- ------------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 47,270 47,270 5/13, 5/27 EFT --
- ------------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 47,270 47,270 5/13, 5/27 EFT --
- ------------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 67 67 5/13, 5/27 EFT --
- ------------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 237,505 237,505 --
- ------------------------------------------------------------------------------------------------------------------------------------
State and Local
- ------------------------------------------------------------------------------------------------------------------------------------
Withholding -- 38,949 38,949 5/13, 5/27 EFT --
- ------------------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 1,641 1,641 5/13, 5/27 EFT --
- ------------------------------------------------------------------------------------------------------------------------------------
Real Property 29,000 7,250 -- 36,250
- ------------------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total State and Local 29,000 47,840 40,590 36,250
- ------------------------------------------------------------------------------------------------------------------------------------
Total Taxes 29,000 285,345 278,095 -- 36,250
- ------------------------------------------------------------------------------------------------------------------------------------
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 -- -- 750 -- -- 750
- ------------------------------------------------------------------------------------------------------------------------------------
Wages Payable 72,114 -- -- -- -- 72,114
- ------------------------------------------------------------------------------------------------------------------------------------
Taxes Payable 36,250 36,250
- ------------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- ------------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- ------------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- ------------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- -- -- 57,356 868,468 925,824
- ------------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Other: --
- ------------------------------------------------------------------------------------------------------------------------------------
Other: --
- ------------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 108,364 -- 750 57,356 868,468 1,034,938
- ------------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
Exhibit 99.1
Trenwick America Corporation
Listing of aged accounts payable
Trenwick America Corporation
As of May 31, 2004
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Ashby & Geddes 2/4/2004 December expenses ASH423-02000 4,239.80
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 3/18/2004 January expenses ASH307-02000 3,076.60
Dewey Ballantine 3/18/2004 December expenses DEW466-02000 46,689.20
Ashby & Geddes 4/15/2004 February expenses ASH392-02000 3,923.40
Ben Branch 4/15/2004 February expenses BEN221-02000 2,217.60
Dewey Ballantine 4/15/2004 January expenses DEW591-02000 59,137.30
Ben Branch 4/15/2004 December expenses BEN237-02000 2,376.00
Ben Branch 4/15/2004 January expenses BEN396-02000 3,960.00
Young, Conaway Stargatt & Taylor 4/22/2004 February expenses YOU106-02000 10,660.90
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
Ernst & Young 5/17/2004 December expenses ERN185-02000 1,850.40
Ernst & Young 5/17/2004 December expenses ERN462-02000 462.60
Dewey Ballantine 5/17/2004 February expenses DEW284-02000 284,063.71
Dewey Ballantine 5/17/2004 February expenses DEW661-02000 66,188.10
Ernst & Young 5/17/2004 February expenses ERN171-02000 17,108.00
Ernst & Young 5/17/2004 February expenses ERN427-02000 4,277.00
Ernst & Young 5/17/2004 February expenses ERN578-02000 5,784.80
Hennigan, Bennett & Dorman, LLP 5/17/2004 February expenses HEN151-02000 151,418.04
Hennigan, Bennett & Dorman, LLP 5/17/2004 February expenses HEN363-02000 36,349.80
Hennigan, Bennett & Dorman, LLP 5/17/2004 January expenses HEN800-02000 80,057.18
Hennigan, Bennett & Dorman, LLP 5/17/2004 January expenses HEN196-02000 19,640.50
Ernst & Young 5/17/2004 January expenses ERN429-02000 4,296.80
Ernst & Young 5/17/2004 January expenses ERN107-02000 1,074.20
-------------
91+ 868,468.43
-------------
Ernst & Young 5/17/2004 March expenses ERN231-02000 23,139.20
Ashby & Geddes 5/17/2004 March expenses ASH277-02000 27,742.13
Ashby & Geddes 4/15/2004 February expenses ASH647-02000 6,474.20
-------------
61-90 days 57,355.53
-------------
-------------
Total Professional Fees $ 925,823.96
-------------
United States Trustee Program 5/17/2004 April expenses UNI750-02000 750.00
-------------
31-60 days 750.00
-------------
-------------
Total Accounts Payable $ 750.00
-------------
Grand Total $ 926,573.96
MOR-4 AGING
Exhibit 99.1
Trenwick America Corporation
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------- --------------
Debtor Reporting Period: May 2004
--------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================================ =====================
Accounts Receivable Reconciliation Amount
================================================================================ =====================
Total Accounts Receivable at the beginning of the reporting period 51,117,324.66
- -------------------------------------------------------------------------------- ---------------------
+ Amounts billed during the peiod 2,562,105.31
- -------------------------------------------------------------------------------- ---------------------
- - Amounts collected during the peiod (1,841,778.77)
- -------------------------------------------------------------------------------- ---------------------
Total Accounts Receivable at the end of the reporting period 51,837,651.20
- -------------------------------------------------------------------------------- ---------------------
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Accounts Receivable Aging Amount
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0 - 30 days old 2,562,105.31
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31 - 60 days old --
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61 - 90 days old --
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91 + days old 60,928,874.89
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Total Accounts Receivable 63,490,980.20
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Amount considered uncollectible (Bad Debt) (11,653,329.00)
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Accounts Receivable (Net) 51,837,651.20
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DEBTOR QUESTIONNAIRE
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Must be completed each month Yes No
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1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide an explanation below. X
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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)