Trenwick Group Ltd.
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
---------------------------- -------------
Reporting Period: July 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 August 20, 2004
- ------------------------------------------ -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte August 20, 2004
- ------------------------------------------ -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte August 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 Group Ltd.
Exhibit 99.2
In re: Trenwick America Corporation Case No. 03-12635 (MFW)
Schedule of Cash Receipts & Disbursements Reporting Period: July 2004
Bank Accounts
Operating Payroll Tax Other
-------------------------------------------------------------------
Cash - Beg of Month 632,799.60 35,331.89 NA --
-------------------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec. -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 72,565.36
Other 852.16 -- -- --
Fund Transfer(Vista MM Purch) 500,000.00
Transfers (Interco) 2,464,694.72 835,984.75 -- --
-------------------------------------------------------------------
Total Receipts 3,038,112.24 835,984.75 -- --
-------------------------------------------------------------------
Disbursements:
Net Payroll -- (527,440.16) -- --
Payroll Taxes -- (308,544.59) -- --
Sales, Use, & Other Tax (85,823.74) -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (179,723.41) -- -- --
Insurance -- -- -- --
Administrative (433,938.82) -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers (PR) (835,984.75) -- -- --
Professional Fees (54,482.37) -- -- --
Court Costs -- -- -- --
-------------------------------------------------------------------
Total Disbursements (1,589,953.09) (835,984.75) -- --
-------------------------------------------------------------------
Net Cash Flow 1,448,159.15 -- -- --
-------------------------------------------------------------------
Cash: End of Month 2,080,958.75 35,331.89 -- --
===================================================================
FORM MOR-1
Trenwick Group Ltd.
Exhibit 99.2
Trenwick America Corporation
Bank Reconciliations
Reporting Period: July 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 2,080,958.75
Payroll:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 35,331.89
FORM MOR-1
Trenwick Group Ltd.
Exhibit 99.2
Trenwick America Corporation
Disbursements Log (Excludes Intercompany)
Month Ended July 31, 2004
Wire Date Amount Vendor Name
- --------------------------------- ---------------- -------------------------------------
2004-07-09 30,000.00 Joseph D. Sargent, Chairman
2004-07-20 109,546.65 New York Life Benefit Services Co.
2004-07-15 2,825.61 Flexible Spending
2004-07-28 2,885.61 Flexible Spending
---------------
Wire transfer total 145,257.87
---------------
Check Number Amount Vendor Name
- --------------------------------- --------------- -------------------------------------
108726 2,809.00 Brunell,Paula
108727 2,976.00 Marty Becker
108728 1,358.47 Tyler Jr.,Stanlee C.
108729 19.77 AT&T
108730 826.80 Business Invirons
108731 199.50 COGENT COMMUNICATIONS, INC
108732 274.52 Ceridian Employer Services
108733 900.00 Cogent Communications, Inc.
108734 16,948.80 Dr. Ben S. Branch
108735 179,723.41 Equity Office Properties, L.L.C.
108736 29,069.00 Ernst & Young LLP
108737 249.36 Federal Express Corporation
108738 150.00 Federal Reserve Bank of Cleveland
108739 47.70 Goodway Printing & Graphics
108740 320.00 Liz Sue Bagels
108741 4,888.40 MBSII.net
108742 601.25 Petty Cash/Sam Mills
108743 6,534.90 Propark, Inc.
108744 24.23 Royal Messenger Service
108745 54.80 Skytel
108746 2,774.82 Staples Business Advantage
108747 5,562.00 Sungard Availability Services Inc.
108748 85,823.74 Tax Collector, City of Stamford
108749 1,800.00 Trevaskis & Associates Inc.
108750 331.65 Twin Data Corporation
108751 4,000.00 United States Postal Services
108752 54,482.37 Young, Conaway, Stargatt & Taylor, LLP
108753 1.16 ADP - Investor Communication Services
108754 9,789.18 Actuarial Risk Solutions
108755 985.00 Advanced Solutions, Inc.
108756 466.46 BMC Solutions, Inc.
108757 225.33 Bronx SCU
108758 177.66 Ceridian Employer Services
108759 3,461.52 Crystal Rock Water Company
108760 103.06 Federal Express Corporation
108761 943.13 Federal Express Corporation
108762 2,761.57 IBM
108763 728.00 Joyce Van Lines, Inc.
108764 1,895.25 Lexis/Nexis
108765 299.25 MCI
108766 195.00 Mail Delivery Service of Stamford, LLC
108767 350.00 NYS Office of Court Administration
108768 1,450.91 Nextel
FORM MOR-1
Trenwick Group Ltd.
Exhibit 99.2
108769 1,869.84 Pitney Bowes
108770 1,606.00 Robert Half
108771 3,622.00 SoftLanding Systems
108772 52.05 Staples Business Advantage
108773 2,644.52 Temco Service Industries, Inc.
108774 1,370.00 University of Phoenix
108775 2.50 Yellow Pages Inc
108776 55.00 Brandon Epperson
108777 31.48 Robert Crowther
108778 446.60 Timothy Graham
108779 740.45 ADT Security Services, Inc.
108780 573.75 AT&T
108781 14,911.87 CYPRESS COMMUNICATIONS
108782 102.77 Federal Express Corporation
108783 3,107.92 Iron Mountain
108784 35.66 MCI
108785 4,664.00 Resources Connection
108786 48.00 Robert Noonan & Associates of New Englan
108787 2,385.96 Susan Zicarelli
108788 5,052.70 Trevaskis & Associates Inc.
108789 326.82 Daniels,Gary
108790 227.70 Gale,Matthew B.
108791 202.61 Hunte,Alan L.
108792 990.58 O'Sullivan,Andrea
108793 356.70 Robert Crowther
108794 128.32 John Murad
108795 3,834.93 ADT Security Services, Inc.
108796 711.59 AT&T
108797 82,190.65 Anthem BCBSCT
108798 880.89 BMW Financial Services
108799 948.70 Business Invirons
108800 2,505.51 CDW Direct, LLC
108801 350.05 Ceridian Employer Services
108802 8,420.39 Delta Dental
108803 350.18 Federal Express Corporation
108804 460.53 Imagistics International Inc.
108805 1,221.12 Kelly Services, Inc.
108806 4,444.00 MBSII.net
108807 1,431.75 MCI
108808 1,437.00 Mercy College
108809 677.60 Motient
108810 897.82 OFFICETEAM
108811 3,327.47 Pitney Bowes
108812 180.00 Robert Noonan & Associates of New Englan
108813 650.43 SBC
108814 39.45 Staples Business Advantage
108815 220.54 The Basket Case
108816 10,500.00 U.S. Trustee Program Payment Center
108817 10,686.49 Unum Life Insurance Company of America
108818 204.61 Damaris Rosado
----------------
Checks total 608,710.47
----------------
Total July disbursements 753,968.34
- --------------------------------- ----------------
FORM MOR-1
Trenwick Group Ltd.
Exhibit 99.2
Trenwick America Corporation Case No. 03-12635 (MFW)
- ------------------------------------ -------------------
Debtor Reporting Period: July 2004
-------------------
Statement of Operations
(Income Statement)
- ------------------------------------------------------------------------------------------------
MTD Cumulative
REVENUES July 2004 Filing to Date
- ------------------------------------------------------------------------------------------------
Gross Revenues $ 169 $ 241,482
- ------------------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- ------------------------------------------------------------------------------------------------
Net Revenue $ 169 $ 241,482
- ------------------------------------------------------------------------------------------------
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 169 241,482
- ------------------------------------------------------------------------------------------------
OPERATING EXPENSES
- ------------------------------------------------------------------------------------------------
Advertising -- --
- ------------------------------------------------------------------------------------------------
Auto and Truck Expense 30 318
- ------------------------------------------------------------------------------------------------
Bad Debts -- --
- ------------------------------------------------------------------------------------------------
Contributions -- (2,500)
- ------------------------------------------------------------------------------------------------
Employee Benefits Programs 3,277 38,381
- ------------------------------------------------------------------------------------------------
Insider compensation* 39,268 771,801
- ------------------------------------------------------------------------------------------------
Insurance 1,360 17,469
- ------------------------------------------------------------------------------------------------
Management Fees/Bonuses ** 15,514 (835,598)
- ------------------------------------------------------------------------------------------------
Office Expense 3,133 45,450
- ------------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans (3,989) 34,780
- ------------------------------------------------------------------------------------------------
Repairs and Maintenance (6) 2,928
- ------------------------------------------------------------------------------------------------
Rent and Lease Expense 81,580 620,215
- ------------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 23,409 370,143
- ------------------------------------------------------------------------------------------------
Supplies 7,237 74,607
- ------------------------------------------------------------------------------------------------
Taxes-Payroll (249,705) 24,515
- ------------------------------------------------------------------------------------------------
Taxes-Real Estate 316 2,212
- ------------------------------------------------------------------------------------------------
Taxes-Other 12 10,674
- ------------------------------------------------------------------------------------------------
Travel and Entertainment 222 2,856
- ------------------------------------------------------------------------------------------------
Utilities 129 1,822
- ------------------------------------------------------------------------------------------------
Other (attach schedule) 105,461 5,300,692
- ------------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 27,249 6,480,765
- ------------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,415 279,362
- ------------------------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses (32,495) (6,518,645)
- ------------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- ------------------------------------------------------------------------------------------------
Other Income (attach schedule) 1,142,546 (48,025,062)
- ------------------------------------------------------------------------------------------------
Interest Expense -- --
- ------------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- ------------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items 1,110,051 (54,543,707)
- ------------------------------------------------------------------------------------------------
REORGANIZATION ITEMS
- ------------------------------------------------------------------------------------------------
Professional Fees -- --
- ------------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ------------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- ------------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 4,017 49,342
- ------------------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- --
- ------------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 623,447 6,445,962
- ------------------------------------------------------------------------------------------------
Total Reorganization Expenses (619,430) (6,396,620)
- ------------------------------------------------------------------------------------------------
Income Taxes (64,159) (170,205)
- ------------------------------------------------------------------------------------------------
Net Profit (Loss) $ 554,780 $ (60,770,122)
- ------------------------------------------------------------------------------------------------
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 24 officers which
were not considered insiders for purposes of this disclosure.
** Represents amounts charged to Trenwick America Corporation's affiliates
under the Administrative Services Agreement
FORM MOR-2
Trenwick Group Ltd.
Exhibit 99.2
Trenwick America Corporation Case No. 03-12635 (MFW)
- ------------------------------------ -------------------
Debtor Reporting Period: July 2004
-------------------
STATEMENT OF OPERATIONS - continuation sheet
- -------------------------------------------------------------------------------------------
MTD Cumulative
BREAKDOWN OF "OTHER" CATEGORY July 2004 Filing to Date
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Other Costs
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Other Operational Expenses
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Recruiting & Relocation 56 2,946
- -------------------------------------------------------------------------------------------
Legal Fees 2,123 14,562
- -------------------------------------------------------------------------------------------
Audit Fees 99,306 47,692
- -------------------------------------------------------------------------------------------
Accounting & Tax Fees -- 66,654
- -------------------------------------------------------------------------------------------
Board Related 1,308 1,308
- -------------------------------------------------------------------------------------------
Other Fees -- 5,119,513
- -------------------------------------------------------------------------------------------
Data Processing 1,755 40,066
- -------------------------------------------------------------------------------------------
Seminars & Continuing Education 563 4,499
- -------------------------------------------------------------------------------------------
Dues & Subscriptions 350 3,452
- -------------------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ 105,461 $ 5,300,692
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Other Income
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of
Unconsolidated Subsidiaries 1,142,546 (48,025,062)
- -------------------------------------------------------------------------------------------
TOTAL OTHER INCOME $ 1,142,546 $ (48,025,062)
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Other Expenses
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Other Reorganization Expenses
- -------------------------------------------------------------------------------------------
Bankruptcy Related Fees 623,447 6,445,962
- -------------------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 623,447 $ 6,445,962
- -------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
FORM MOR-2
Trenwick Group Ltd.
Exhibit 99.2
Trenwick America Corporation Case No. 03-12635 (MFW)
- ------------------------------------ ------------------
Debtor Reporting Period: July 2004
------------------
BALANCE SHEET
- ---------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 5,574,343 4,532,566
- ---------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ---------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,017,435 48,745,299
- ---------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- ---------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ---------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 212,710 503,054
- ---------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ---------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ---------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 57,146,191 $ 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 (16,905,712) (15,433,035)
- ---------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 4,221,912 $ 8,776,312
- ---------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 49,380 266,900
- ---------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 189,960,604 249,660,381
- ---------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 190,009,985 $ 249,927,281
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 251,378,087 $ 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) -- --
- ---------------------------------------------------------------------------------------------------------------------
Wages Payable 20,440 --
- ---------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ---------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ---------------------------------------------------------------------------------------------------------------------
Professional Fees 722,734 --
- ---------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ---------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 7,532,376 --
- ---------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 8,275,550 $ --
- ---------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ---------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ---------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ---------------------------------------------------------------------------------------------------------------------
Unsecured Debt 288,386,641 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 288,386,641 $ 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 296,662,191 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
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 (60,770,122) --
- ---------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (4,640,795) 3,047,008
- ---------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ---------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (45,284,104) $ 23,173,821
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 251,378,087 $ 312,822,267
=====================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 24 officers which
were not included in this amount.
FORM MOR-3
Trenwick Group Ltd.
Exhibit 99.2
Trenwick America Corporation Case No. 03-12635 (MFW)
- ------------------------------------- --------------------
Debtor Reporting Period: July 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 188,648,611 244,859,636
- -----------------------------------------------------------------------------------------------
Miscellaneous Other Assets 3,715 3,602,213
- -----------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 189,960,604 $ 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 -- 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) $ 288,386,641 $ 289,648,446
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- -----------------------------------------------------------------------------------------------
Accrued Expenses 2,812,716 --
- -----------------------------------------------------------------------------------------------
Bonuses Payable 1,683,362 --
- -----------------------------------------------------------------------------------------------
Taxes Payable 2,400,441 --
- -----------------------------------------------------------------------------------------------
Due to Affiliates 636,406 --
- -----------------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 7,532,376 $ --
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- -----------------------------------------------------------------------------------------------
Equity in Subsidiary (4,640,795) 3,047,008
- -----------------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (4,640,795) $ 3,047,008
- -----------------------------------------------------------------------------------------------
FORM MOR-3
Trenwick Group Ltd.
Exhibit 99.2
In re Trenwick America Corporation Case No. 03-12635 (MFW)
-------------------------------- -------------------
Debtor Reporting period: July 2004
-------------------
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month
or, if this is the first report, the amount should be zero. Attach photocopies
of IRS Form 6123 or payment receipt to verify payment or deposit of federal
payroll taxes. Attach photocopies of any tax returns filed during the reporting
period.
- --------------------------------------------------------------------------------------------------------------------------------
Amount
Beginning Withheld or Check. No Ending Tax
Tax Liability Accrued Amount Paid Date Paid or EFT Liability
================================================================================================================================
Federal
- -------------------------------------------------------------------------------------------------------------------------------
Withholding -- 167,689 167,689 7/14, 7/29 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
FICA-Employee -- 45,666 45,666 7/14, 7/29 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
FICA-Employer -- 45,666 45,666 7/14, 7/29 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 188 188 7/14, 7/29 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Income -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 259,209 259,209 --
- -------------------------------------------------------------------------------------------------------------------------------
State and Local
- -------------------------------------------------------------------------------------------------------------------------------
Withholding -- 47,365 47,365 7/14, 7/29 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Unemployment -- 1,970 1,970 7/14, 7/29 EFT --
- -------------------------------------------------------------------------------------------------------------------------------
Real Property 43,500 7,250 50,750 7/8 #108748 --
- -------------------------------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Total State and Local 43,500 56,585 100,085 --
- -------------------------------------------------------------------------------------------------------------------------------
Total Taxes 43,500 315,794 359,294 -- --
- -------------------------------------------------------------------------------------------------------------------------------
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 20,440 -- -- -- -- 20,440
- -------------------------------------------------------------------------------------------------------------------------------
Taxes Payable -- --
- -------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- -------------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- -------------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- -------------------------------------------------------------------------------------------------------------------------------
Professional Fees -- -- 16,994 705,740 -- 722,734
- -------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Other: --
- -------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 20,440 -- 16,994 705,740 -- 743,174
- -------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Trenwick Group Ltd.
Exhibit 99.2
Listing of aged accounts payable
Trenwick America Corporation
As of July 31, 2004
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
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
Dewey Ballantine 7/27/2004 April - May Expenses DEW230-02000 230,284.38
Dewey Ballantine 7/27/2004 April - May Expenses DEW437-02000 43,777.95
Ben Branch 6/30/2004 March expenses BEN172-02000 1,729.20
Ben Branch 6/30/2004 April Expenses BEN250-02000 2,508.00
Ben Branch 7/6/2004 May Expenses BEN179-02000 1,795.20
Ben Branch 7/6/2004 May Expenses BEN448-02000 448.80
Hennigan, Bennett & Dorman, LLP 7/7/2004 March expenses HEN236-02000 236,068.79
Hennigan, Bennett & Dorman, LLP 7/7/2004 March expenses HEN534-02000 53,464.90
Young Conaway Stargatt & Taylor 7/7/2004 March expenses YOU123-02000 12,316.50
-------------
61-90 days 705,739.92
-------------
Ashby & Geddes May Expenses ASH139-02000 13,911.60
Ashby & Geddes May Expenses ASH308-02000 3,082.40
-------------
31-60 Days 16,994.00
-------------
-------------
Total Professional Fees $ 722,733.92
-------------
MOR-4 AGING
Trenwick Group Ltd.
Exhibit 99.2
Trenwick America Corporation Case No. 03-12635 (MFW)
- ------------------------------------ -------------------
Debtor Reporting Period: July 2004
-------------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================================ ===============
Accounts Receivable Reconciliation Amount
================================================================================ ===============
Total Accounts Receivable at the beginning of the reporting period 51,794,097
- -------------------------------------------------------------------------------- ---------------
+ Amounts billed during the peiod 1,687,998
- -------------------------------------------------------------------------------- ---------------
- - Amounts collected during the peiod (2,464,661)
- -------------------------------------------------------------------------------- ---------------
Total Accounts Receivable at the end of the reporting period 51,017,435
- -------------------------------------------------------------------------------- ---------------
================================================================================ ===============
Accounts Receivable Aging Amount
================================================================================ ===============
0 - 30 days old 1,687,998
- -------------------------------------------------------------------------------- ---------------
31 - 60 days old --
- -------------------------------------------------------------------------------- ---------------
61 - 90 days old --
- -------------------------------------------------------------------------------- ---------------
91 + days old 60,982,765
- -------------------------------------------------------------------------------- ---------------
Total Accounts Receivable 62,670,764
- -------------------------------------------------------------------------------- ---------------
Amount considered uncollectible (Bad Debt) (11,653,329)
- -------------------------------------------------------------------------------- ---------------
Accounts Receivable (Net) 51,017,435
- -------------------------------------------------------------------------------- ---------------
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)