Trenwick America Corporation
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
---------------------------- --------------
Reporting Period: June 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 Yes
Copies of bank statements N/A
Cash disbursements journals MOR-1 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 MOR-4 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 July 20, 2004
- ---------------------------------------- -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte July 20, 2004
- ---------------------------------------- -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte July 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.
Trenwick America Corporation
Exhibit 99.1
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period June 2004
Bank Accounts
Operating Payroll Tax Other
----------------------------------------------------------------------
Cash - Beg of Month 1,380,590.75 35,331.89 NA --
----------------------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 38,386.08
Other 729.52 -- -- --
Fund Transfer(Vista MM Purch)
Transfers (Interco) 1,791,278.93 768,521.97 -- --
----------------------------------------------------------------------
Total Receipts 1,830,394.53 768,521.97 -- --
----------------------------------------------------------------------
Disbursements:
Net Payroll -- (483,877.98) -- --
Payroll Taxes -- (284,643.99) -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (155,567.72) -- -- --
Insurance -- -- -- --
Administrative (538,840.24) -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers (PR) (768,521.97) -- -- --
Professional Fees (1,115,255.75) -- -- --
Court Costs -- -- -- --
----------------------------------------------------------------------
Total Disbursements (2,578,185.68) (768,521.97) -- --
----------------------------------------------------------------------
Net Cash Flow (747,791.15) -- -- --
----------------------------------------------------------------------
Cash: End of Month 632,799.60 35,331.89 -- --
======================================================================
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Bank Reconciliations
Reporting Period: June 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 632,799.60
Payroll:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 35,331.89
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Disbursements Log (Excludes Intercompany)
Month Ended June 30, 2004
Wire Date Amount Vendor Name
- --------------------- ------------ ----------------------------------------
2004-06-22 2,502.53 Flexible Spending
2004-06-29 2,825.61 Flexible Spending
2004-06-30 89,013.46 New York Life Benefit Services Co.
------------
Wite transfer Total 94,341.60
------------
Check Number Amount Vendor Name
- --------------------- ------------ ----------------------------------------
108587 225.33 Bronx SCU
108589 1,500.00 Internal Revenue Service
108590 200.11 Deborah Levine
108591 1,208.68 Louis Direnzo
108592 2,696.94 Marty Becker
108593 1,720.48 Robert Crowther
108594 31,263.75 Actuarial Risk Solutions
108595 444.25 BMC Solutions, Inc.
108596 710.00 CSCPA
108597 274.52 Ceridian Employer Services
108598 284,063.71 Dewey Ballantine
108599 2,114.70 Eastman Kodak Company
108600 155,567.72 Equity Office Properties, L.L.C.
108601 627.53 Federal Express Corporation
108602 685.87 Imagistics International Inc.
108603 320.00 Liz Sue Bagels
108604 6,728.35 Propark, Inc.
108605 206.70 ROCKHURST UNIVERSITY CONTINUING ED CTR
108606 23.64 Royal Messenger Service
108607 616.75 SBC
108608 41,607.00 Sheshunoff Information Services
108609 1,329.35 Staples Business Advantage
108610 5,296.00 Sungard Availability Services Inc.
108611 400.00 The Pension Service, Inc.
108612 6,165.00 TriTech Software Development Corporation
108613 335.00 Brunell,Paula
108614 988.57 Kiernan,Kenneth F.
108615 94.71 Robert Crowther
108616 27,742.13 Ashby & Geddes
108617 678.40 Blondie's Treehouse, Inc
108618 88.43 CDW Direct, LLC
108619 51.61 Charlene Seon
108620 174.79 Connecticut Corporate Caterers,LLC
108621 2,121.19 Crystal Rock Water Company
108622 184.84 Delta Dental
108623 133.00 Eastern Benefit Systems, Inc.
108624 133.00 Eastern Benefit Systems, Inc.
108625 32,749.00 Ernst & Young LLP
108626 37.68 Federal Express Corporation
108627 6,538.38 Imagistics International Inc.
108628 9,283.25 Iron Mountain
108629 1,893.72 Lexis/Nexis
108630 106.00 Network Synergy
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
108631 93.81 P. Rogers & Company
108632 586.39 Petty Cash/Sam Mills
108633 94.19 Staples Business Advantage
108634 2,500.00 Trevaskis & Associates Inc.
108635 209.88 Wall Street Journal
108636 3,808.30 Hunte,Alan L.
108639 31.74 Jeffers,Magdalene
108640 287.65 Qureshi,Malinda S.
108641 5.00 Robert Crowther
108642 223.00 Stephen Zielinski
108643 6.55 AT&T
108644 708.80 AT&T
108645 738.60 AT&T
108646 985.00 Advanced Solutions, Inc.
108647 170.00 Aicpa
108648 78,203.68 Anthem BCBSCT
108649 225.33 Bronx SCU
108650 295.19 Bull's Head Printers
108651 680.30 CDW Direct, LLC
108652 70.84 COGENT COMMUNICATIONS, INC
108653 210.00 CSCPA
108654 15,016.30 CYPRESS COMMUNICATIONS
108655 177.66 Ceridian Employer Services
108656 900.00 Cogent Communications, Inc.
108657 8,112.00 Ernst & Young LLP
108658 2,079.78 Federal Express Corporation
108659 728.00 Joyce Van Lines, Inc.
108660 2,555.30 MBSII.net
108661 71.88 MCI
108662 1,731.00 MCI
108663 195.00 Mail Delivery Service of Stamford, LLC
108664 1,320.00 Mary A. Pagoto
108665 677.60 Motient
108666 671.98 Nextel
108667 54.80 Skytel
108668 317.37 Staples Business Advantage
108669 2,644.52 Temco Service Industries, Inc.
108670 209.88 Wall Street Journal
108673 500.00 U.S. Trustee Program Payment Center
108674 28.89 Carbonetti,Michael F.
108675 2,339.00 Daniels,Gary
108676 33.00 Dave Semeraro
108677 1,858.96 Mary Fortado
108679 1,083.97 Robert Crowther
108682 1,780.77 BMW Financial Services
108683 150.00 Braren-Walsh & Associates, Inc.
108684 948.70 Business Invirons
108685 383.68 CDW Direct, LLC
108686 260.00 CSCPA
108687 280.00 CT Corporation System
108688 350.05 Ceridian Employer Services
108689 8,103.57 Delta Dental
108690 231.75 Deraventures, Inc.
108691 287.27 Dr. Ben S. Branch
108692 258.68 Federal Express Corporation
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
108693 2,761.57 IBM
108694 728.14 Imagistics International Inc.
108695 4,444.00 MBSII.net
108696 31.56 Network Synergy
108697 3,327.47 Pitney Bowes
108698 1,500.00 Propark, Inc.
108699 327.73 Staples Business Advantage
108700 245.00 TDWI World Conference
108701 350.00 The Pension Service, Inc.
108702 1,275.00 Trevaskis & Associates Inc.
108703 750.00 Unicorp
108704 4,782.75 Unum Life Insurance Company of America
108705 11,239.80 Ashby & Geddes
108706 171,797.10 Dewey Ballantine
108707 8,553.60 Dr. Ben S. Branch
108708 287,465.52 Hennigan, Bennett & Dorman LLP
108709 29,416.40 Young, Conaway, Stargatt & Taylor, LLP
108710 371,929.42 Dewey Ballantine
108711 454.36 Damaris Rosado
108713 210.00 Gale,Matthew B.
108714 807.01 Lock,Eugene R.
108715 20,428.66 Ashby & Geddes
108716 6,444.68 Bloomberg L.P.
108717 225.33 Bronx SCU
108718 489.00 Bytware, Inc.
108719 412.00 CT Corporation System
108720 526.31 Federal Express Corporation
108721 57.88 Hygrade Business Group
108722 88.39 Imagistics International Inc.
108723 3,000.00 Internal Revenue Service
108724 618.68 SBC
108725 4,829.06 Unum Life Insurance Company of America
------------
Checks total 1,715,322.11
------------
Total June disbursements 1,809,663.71
======================== ============
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No: 03-12635 (MFW)
- ------------------------------------- ---------------
Debtor Reporting Period: June 2004
---------------
Statement of Operations
(Income Statement)
- ---------------------------------------------------------------------------------------------
MTD Cumulative
REVENUES June 2004 Filing to Date
- ---------------------------------------------------------------------------------------------
Gross Revenues $ 154 $ 241,313
- ---------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- ---------------------------------------------------------------------------------------------
Net Revenue $ 154 $ 241,313
- ---------------------------------------------------------------------------------------------
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 154 241,313
- ---------------------------------------------------------------------------------------------
OPERATING EXPENSES
- ---------------------------------------------------------------------------------------------
Advertising -- --
- ---------------------------------------------------------------------------------------------
Auto and Truck Expense 113 288
- ---------------------------------------------------------------------------------------------
Bad Debts -- --
- ---------------------------------------------------------------------------------------------
Contributions -- (2,500)
- ---------------------------------------------------------------------------------------------
Employee Benefits Programs 2,934 35,104
- ---------------------------------------------------------------------------------------------
Insider compensation* 34,018 732,533
- ---------------------------------------------------------------------------------------------
Insurance 1,364 16,109
- ---------------------------------------------------------------------------------------------
Management Fees/Bonuses ** (170,715) (851,112)
- ---------------------------------------------------------------------------------------------
Office Expense 2,395 42,317
- ---------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 3,768 38,768
- ---------------------------------------------------------------------------------------------
Repairs and Maintenance 351 2,934
- ---------------------------------------------------------------------------------------------
Rent and Lease Expense 70,228 538,635
- ---------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 31,533 346,734
- ---------------------------------------------------------------------------------------------
Supplies 9,162 67,370
- ---------------------------------------------------------------------------------------------
Taxes-Payroll 42,965 274,220
- ---------------------------------------------------------------------------------------------
Taxes-Real Estate 316 1,896
- ---------------------------------------------------------------------------------------------
Taxes-Other 1 10,662
- ---------------------------------------------------------------------------------------------
Travel and Entertainment 435 2,634
- ---------------------------------------------------------------------------------------------
Utilities 157 1,693
- ---------------------------------------------------------------------------------------------
Other (attach schedule) (58,356) 5,195,230
- ---------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation (29,330) 6,453,516
- ---------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,497 273,947
- ---------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses 23,987 (6,486,150)
- ---------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- ---------------------------------------------------------------------------------------------
Other Income (attach schedule) (3,952,253) (49,167,608)
- ---------------------------------------------------------------------------------------------
Interest Expense -- --
- ---------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- ---------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items (3,928,266) (55,653,758)
- ---------------------------------------------------------------------------------------------
REORGANIZATION ITEMS
- ---------------------------------------------------------------------------------------------
Professional Fees -- --
- ---------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ---------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- ---------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 3,377 45,325
- ---------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ---------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 666,407 5,822,515
- ---------------------------------------------------------------------------------------------
Total Reorganization Expenses (663,030) (5,777,190)
- ---------------------------------------------------------------------------------------------
Income Taxes (33,410) (106,046)
- ---------------------------------------------------------------------------------------------
Net Profit (Loss) $ (4,557,886) $ (61,324,902)
- ---------------------------------------------------------------------------------------------
* 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
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- --------------
Debtor Reporting Period: June 2004
--------------
STATEMENT OF OPERATIONS - continuation sheet
- -------------------------------------------------------------------------------------
MTD Cumulative
BREAKDOWN OF "OTHER" CATEGORY June 2004 Filing to Date
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Other Costs
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Other Operational Expenses
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Recruiting & Relocation 7 2,890
- -------------------------------------------------------------------------------------
Legal Fees 1,894 12,439
- -------------------------------------------------------------------------------------
Audit Fees (62,194) (51,614)
- -------------------------------------------------------------------------------------
Accounting & Tax Fees -- 66,654
- -------------------------------------------------------------------------------------
Other Fees -- 5,119,513
- -------------------------------------------------------------------------------------
Data Processing 1,414 38,311
- -------------------------------------------------------------------------------------
Seminars & Continuing Education 279 3,936
- -------------------------------------------------------------------------------------
Dues & Subscriptions 245 3,102
- -------------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ (58,356) $ 5,195,230
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Other Income
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries (3,952,253) (49,167,608)
- -------------------------------------------------------------------------------------
TOTAL OTHER INCOME $ (3,952,253) $ (49,167,608)
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Other Expenses
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Amortization Expense -- --
- -------------------------------------------------------------------------------------
Other Reorganization Expenses
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Bankruptcy Related Fees 666,407 5,822,515
- -------------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 666,407 $ 5,822,515
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
FORM MOR-2
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------- --------------
Debtor Reporting Period: June 2004
--------------
BALANCE SHEET
- ------------------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ------------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ------------------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 4,597,061 4,532,566
- ------------------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ------------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,794,097 48,745,299
- ------------------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- ------------------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ------------------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 211,262 503,054
- ------------------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ------------------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 56,944,122 $ 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 (16,711,574) (15,433,035)
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 4,416,049 $ 8,776,312
- ------------------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ------------------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 49,211 266,900
- ------------------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 186,234,955 249,660,381
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 186,284,166 $ 249,927,281
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 247,644,338 $ 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) 43,500 --
- ------------------------------------------------------------------------------------------------------------------------------
Wages Payable 78,093 --
- ------------------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ------------------------------------------------------------------------------------------------------------------------------
Professional Fees 173,601 --
- ------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ------------------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 7,196,571 --
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 7,491,766 $ --
- ------------------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ------------------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ------------------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ------------------------------------------------------------------------------------------------------------------------------
Unsecured Debt 288,617,232 289,648,446
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 288,617,232 $ 289,648,446
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 296,108,997 289,648,446
- ------------------------------------------------------------------------------------------------------------------------------
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 (61,324,902) --
- ------------------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (7,266,570) 3,047,008
- ------------------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ------------------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (48,464,659) $ 23,173,821
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 247,644,338 $ 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
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------- ---------------
Debtor Reporting Period: June 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 184,921,777 244,859,636
- -----------------------------------------------------------------------------------------------------------
Miscellaneous Other Assets 4,352 3,602,213
- -----------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 186,234,955 $ 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 64,914 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) $ 288,617,232 $ 289,648,446
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- -----------------------------------------------------------------------------------------------------------
Accrued Expenses 2,642,682 --
- -----------------------------------------------------------------------------------------------------------
Severance Payable
- -----------------------------------------------------------------------------------------------------------
Bonuses Payable 1,564,752 --
- -----------------------------------------------------------------------------------------------------------
Taxes Payable 2,400,441 --
- -----------------------------------------------------------------------------------------------------------
Due to Affiliates 588,696 --
- -----------------------------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 7,196,571 $ --
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- -----------------------------------------------------------------------------------------------------------
Equity in Subsidiary (7,266,570) 3,047,008
- -----------------------------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (7,266,570) $ 3,047,008
- -----------------------------------------------------------------------------------------------------------
FORM MOR-3
Trenwick America Corporation
Exhibit 99.1
In re Trenwick America Corporation Case No. 03-12635 (MFW)
----------------------------- ---------------
Debtor Reporting period: June 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.
- ---------------------------------------------------------------------------------------------------------------------------------
Beginning Amount
Tax Withheld or Check. No or Ending Tax
Liability Accrued Amount Paid Date Paid EFT Liability
=================================================================================================================================
Federal
- ---------------------------------------------------------------------------------------------------------------------------------
Withholding -- 149,267 149,267 6/14, 6/29 EFT --
- ---------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 47,106 47,106 6/14, 6/29 EFT --
- ---------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 47,106 47,106 6/14, 6/29 EFT --
- ---------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 73 73 6/14, 6/29 EFT --
- ---------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 243,552 243,552 --
- ---------------------------------------------------------------------------------------------------------------------------------
State and Local
- ---------------------------------------------------------------------------------------------------------------------------------
Withholding -- 39,894 39,894 6/14, 6/29 EFT --
- ---------------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 1,198 1,198 6/14, 6/29 EFT --
- ---------------------------------------------------------------------------------------------------------------------------------
Real Property 36,250 7,250 -- 43,500
- ---------------------------------------------------------------------------------------------------------------------------------
Personal Property - -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Other: - -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Total State and Local 36,250 48,342 41,092 43,500
- ---------------------------------------------------------------------------------------------------------------------------------
Total Taxes 36,250 291,894 284,644 -- 43,500
- ---------------------------------------------------------------------------------------------------------------------------------
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 78,093 -- -- -- -- 78,093
- ---------------------------------------------------------------------------------------------------------------------------------
Taxes Payable 43,500 43,500
- ---------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- ---------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- ---------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- ---------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- -- -- 144,532 29,069 173,601
- ---------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------------------
Other: --
- ---------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 121,593 -- -- 144,532 29,069 295,194
- ---------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Trenwick America Corporation
Exhibit 99.1
Listing of aged accounts payable
Trenwick America Corporation
As of June 30, 2004
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Ernst & Young 5/17/2004 December expenses ERN185-02000 1,850.40
Ernst & Young 5/17/2004 December expenses ERN462-02000 462.60
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 January expenses ERN429-02000 4,296.80
Ernst & Young 5/17/2004 January expenses ERN107-02000 1,074.20
------------
91+ 29,069.00
------------
Ernst & Young 5/17/2004 March expenses ERN231-02000 23,139.20
Ernst & Young 5/17/2004 March expenses ERN578-02000 5,784.80
Ashby & Geddes 5/17/2004 March expenses ASH647-02000 6,474.20
Ashby & Geddes 6/29/2004 April Expenses ASH472-02000 4,727.50
Dewey Ballantine 6/11/2004 March expenses DEW832-02000 83,220.50
Ben Branch 6/30/2004 March expenses BEN691-02000 6,916.80
Ben Branch 6/30/2004 March expenses BEN172-02000 1,729.20
Ben Branch 6/30/2004 April Expenses BEN100-02000 10,032.00
Ben Branch 6/30/2004 April Expenses BEN250-02000 2,508.00
------------
61-90 days 144,532.20
------------
------------
Total Professional Fees $ 173,601.20
------------
MOR-4 AGING
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- ------------------------------- --------------
Debtor Reporting Period: June 2004
--------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================================ =================
Accounts Receivable Reconciliation Amount
================================================================================ =================
Total Accounts Receivable at the beginning of the reporting period 51,837,651.20
- -------------------------------------------------------------------------------- -----------------
+ Amounts billed during the peiod 1,747,631.05
- -------------------------------------------------------------------------------- -----------------
- - Amounts collected during the peiod (1,791,185.25)
- -------------------------------------------------------------------------------- -----------------
Total Accounts Receivable at the end of the reporting period 51,794,097.00
- -------------------------------------------------------------------------------- -----------------
================================================================================ =================
Accounts Receivable Aging Amount
================================================================================ =================
0 - 30 days old 2,464,660.82
- -------------------------------------------------------------------------------- -----------------
31 - 60 days old --
- -------------------------------------------------------------------------------- -----------------
61 - 90 days old --
- -------------------------------------------------------------------------------- -----------------
91 + days old 60,982,765.18
- -------------------------------------------------------------------------------- -----------------
Total Accounts Receivable 63,447,426.00
- -------------------------------------------------------------------------------- -----------------
Amount considered uncollectible (Bad Debt) (11,653,329.00)
- -------------------------------------------------------------------------------- -----------------
Accounts Receivable (Net) 51,794,097.00
- -------------------------------------------------------------------------------- -----------------
DEBTOR QUESTIONNAIRE
================================================================================ =================
Must be completed each month Yes No
================================================================================ =================
1. Have any assets been sold or transferred outside the normal course of
business this reporting period? If yes, provide an explanation below. X
- -------------------------------------------------------------------------------- -----------------
2. Have any funds been disbursed from any account other than a debtor in
possession account this reporting period? If yes, provide and explanation below. X
- -------------------------------------------------------------------------------- -----------------
3. Have all postpetition tax returns been timely filed? If no, provide an
explanation below. X
- -------------------------------------------------------------------------------- -----------------
4. Are workers compensation, general liability and other necessary insurance
coverages in effect? If no, provide an explanation below. X
- -------------------------------------------------------------------------------- -----------------
FORM MOR-5
(9/99)