Trenwick America Corporation
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
__________DISTRICT OF_________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
Reporting Period: August 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 September 20, 2004
- ---------------------------------------- -----------------------
Signature of Debtor Date
/s/ Alan L. Hunte September 20, 2004
- ---------------------------------------- -----------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte September 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: August 2004
Bank Accounts
Operating Payroll Tax Other
---------------------------------------------------------
Cash - Beg of Month 2,080,958.75 35,331.89 NA --
---------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 9,351.89
Other 1,589.82 -- -- --
Fund Transfer(Vista MM Purch) --
Transfers (Interco) 1,637,451.59 776,035.90 -- --
---------------------------------------------------------
Total Receipts 1,648,393.30 776,035.90 -- --
---------------------------------------------------------
Disbursements:
Net Payroll -- (500,185.81) -- --
Payroll Taxes -- (275,850.09) -- --
Sales, Use, & Other Tax (6,000.00) -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (150,924.15) -- -- --
Insurance -- -- -- --
Administrative (392,462.51) -- -- --
Selling -- -- -- --
Other -- -- -- --
Transfers (PR) (776,035.90) -- -- --
Professional Fees (230,284.38) -- -- --
Court Costs -- -- -- --
---------------------------------------------------------
Total Disbursements (1,555,706.94) (776,035.90) -- --
---------------------------------------------------------
Net Cash Flow 92,686.36 -- -- --
---------------------------------------------------------
Cash: End of Month 2,173,645.11 35,331.89 -- --
=========================================================
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Bank Reconciliations
Reporting Period: August 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 2,173,645.11
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 August 31, 2004
Wire Date Amount Vendor Name
- -------------------------- ---------- ----------------------------------------
2004-08-03 86,186.90 New York Life Benefit Services Co.
2004-08-12 3,370.61 Flexible Spending
- -------------------------- ----------
Wire transfer total 89,557.51
- -------------------------- ----------
Check Number Amount Vendor Name
- -------------------------- ---------- ----------------------------------------
108819 170.00 Aicpa
108820 225.33 Bronx SCU
108821 1,244.00 CT Corporation System
108822 150,924.15 Equity Office Properties, L.L.C.
108823 202.73 Federal Express Corporation
108824 200.00 Federal Reserve Bank of Cleveland
108825 3,000.00 Internal Revenue Service
108826 691.20 Kelly Services, Inc.
108827 400.00 Liz Sue Bagels
108828 59.59 MCI
108829 2,580.00 New York Life Benefit Services Co.
108830 577.84 Petty Cash/Sam Mills
108831 6,841.40 Propark, Inc.
108832 176.00 Robert Noonan & Associates of New Englan
108833 12.34 Royal Messenger Service
108834 5,562.00 Sungard Availability Services Inc.
108835 5,700.00 Trevaskis & Associates Inc.
108836 1,159.40 Louis Direnzo
108837 1,369.44 Marty Becker
108838 193.95 1099 Pro, Inc.
108839 1,287.85 A.M. Best Company
108840 3,737.00 Aspetuck Systems Inc.
108841 466.46 BMC Solutions, Inc.
108842 649.50 COGENT COMMUNICATIONS, INC
108843 3,288.56 CPT Group Inc
108844 286.46 Ceridian Employer Services
108845 900.00 Cogent Communications, Inc.
108846 1,797.65 Crystal Rock Water Company
108847 230,284.38 Dewey Ballantine
108848 213.63 Federal Express Corporation
108849 23,794.30 Iron Mountain
108850 1,221.12 Kelly Services, Inc.
108851 1,893.75 Lexis/Nexis
108852 5,332.80 MBSII.net
108853 299.25 MCI
108854 732.29 Motient
108855 676.28 Nextel
108856 174.90 OFFICETEAM
108857 206.70 ROCKHURST UNIVERSITY CONTINUING ED CTR
108858 424.00 Ram
108859 7,385.12 Re Systems Group
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
108860 300.00 Secretary of State - Connecticut
108861 2,550.00 Thomson Financial Corporate Group
108862 225.33 Bronx SCU
108863 4,628.89 Tyler Jr.,Stanlee C.
108864 246.18 Hunte,Alan L.
108865 25.00 Connecticut Association of Paralegals
108866 6,000.00 Internal Revenue Service
108867 711.59 AT&T
108868 278.44 AT&T
108869 985.00 Advanced Solutions, Inc.
108870 13,911.60 Ashby & Geddes
108871 530.87 Ceridian Employer Services
108872 1,128.96 Crystal Rock Water Company
108873 1,795.20 Dr. Ben S. Branch
108874 285.00 Eastern Benefit Systems, Inc.
108875 675.00 Esposito Design Association
108876 509.92 Federal Express Corporation
108877 708.10 Imagistics International Inc.
108878 728.00 Joyce Van Lines, Inc.
108879 10,600.00 Kelly Services, Inc.
108880 4,444.00 MBSII.net
108881 135.22 MCI
108882 1,431.75 MCI
108883 195.00 Mail Delivery Service of Stamford, LLC
108884 174.90 OFFICETEAM
108885 3,327.47 Pitney Bowes
108886 54.80 Skytel
108887 160.00 Society for Human Resource Management
108888 1,157.62 Staples Business Advantage
108889 2,390.00 Susan Zicarelli
108890 2,644.52 Temco Service Industries, Inc.
108891 362.79 John Margres
108892 801.88 Louis Direnzo
108893 1,024.24 Robert Crowther
108895 1,953.87 Stephen Zielinski
108897 1,675.00 Zicarelli,Sue
108898 4,312.03 A.M. Best Company
108899 318.13 Bull's Head Printers
108900 123.69 Federal Express Corporation
108901 2,488.04 Kelly Services, Inc.
108902 59.49 MCI
108903 27.26 SBC
108904 5,671.46 Trevaskis & Associates Inc.
108905 1,089.16 Andrea O'Hagan
108906 239.91 Daniels,Gary
108907 129.79 Hammond,Noreen A.
108908 399.00 Kevin Dougan
108909 103.00 Barker,Russell
108910 210.00 Gale,Matthew B.
108911 269.00 Hudson,Phyllis S.
108912 1,032.47 Louis Direnzo
108913 1,156.37 Lynn Deman
108914 309.95 A.S. Pratt & Sons
108915 76,373.97 Anthem BCBSCT
108916 21,418.47 Ashby & Geddes
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
108917 880.89 BMW Financial Services
108918 948.70 Business Invirons
108919 995.00 Cornell University-ILR-AR
108920 7,904.40 Delta Dental
108921 5,544.00 Dr. Ben S. Branch
108922 163.22 Federal Express Corporation
108923 8,378.24 Liebert Global Services
108924 20.00 Naic
108925 1,216.83 SBC
108926 354.67 Staples Business Advantage
108927 10,153.55 Unum Life Insurance Company of America
108928 2,500.00 Watson Wyatt Data Services
108929 225.33 Bronx SCU
----------
Checks total 690,113.53
----------
Total August disbursements 779,671.04
========================== ==========
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: August 2004
Statement of Operations
(Income Statement)
================================================================================
MTD Cumulative
REVENUES August 2004 Filing to Date
================================================================================
Gross Revenues $ 165 $ 241,647
- --------------------------------------------------------------------------------
Less: Returns and Allowances -- --
================================================================================
Net Revenue $ 165 $ 241,647
- --------------------------------------------------------------------------------
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 165 241,647
- --------------------------------------------------------------------------------
OPERATING EXPENSES
- --------------------------------------------------------------------------------
Advertising -- --
- --------------------------------------------------------------------------------
Auto and Truck Expense 30 348
- --------------------------------------------------------------------------------
Bad Debts -- --
- --------------------------------------------------------------------------------
Contributions -- (2,500)
- --------------------------------------------------------------------------------
Employee Benefits Programs 1,793 40,174
- --------------------------------------------------------------------------------
Insider compensation* 33,850 805,651
- --------------------------------------------------------------------------------
Insurance 1,359 18,828
- --------------------------------------------------------------------------------
Management Fees/Bonuses ** (160,021) (995,619)
- --------------------------------------------------------------------------------
Office Expense 1,958 47,408
- --------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 3,953 38,733
- --------------------------------------------------------------------------------
Repairs and Maintenance 148 3,076
- --------------------------------------------------------------------------------
Rent and Lease Expense 70,097 690,312
- --------------------------------------------------------------------------------
Salaries/Commissions/Fees 47,030 417,173
- --------------------------------------------------------------------------------
Supplies 7,473 82,080
- --------------------------------------------------------------------------------
Taxes-Payroll 1,198 25,713
- --------------------------------------------------------------------------------
Taxes-Real Estate 306 2,518
- --------------------------------------------------------------------------------
Taxes-Other 71 10,745
- --------------------------------------------------------------------------------
Travel and Entertainment 135 2,991
- --------------------------------------------------------------------------------
Utilities 131 1,953
- --------------------------------------------------------------------------------
Other (attach schedule) 16,574 5,317,266
================================================================================
Total Operating Expenses Before Depreciation 26,085 6,506,850
- --------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 5,378 284,740
================================================================================
Net Profit(Loss) Before Other Income & Expenses (31,298) (6,549,943)
- --------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- --------------------------------------------------------------------------------
Other Income (attach schedule) (4,761,622) (52,786,684)
- --------------------------------------------------------------------------------
Interest Expense -- --
- --------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
================================================================================
Net Profit (Loss) Before Reorganization Items (4,792,920) (59,336,627)
- --------------------------------------------------------------------------------
REORGANIZATION ITEMS
- --------------------------------------------------------------------------------
Professional Fees -- --
- --------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- --------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- --------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 5,043 54,385
- --------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment (75,210) (75,210)
- --------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 495,000 6,940,962
================================================================================
Total Reorganization Expenses (565,167) (6,961,787)
- --------------------------------------------------------------------------------
Income Taxes -- (170,205)
================================================================================
Net Profit (Loss) $ (5,358,087) $(66,128,209)
================================================================================
* 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: August 2004
STATEMENT OF OPERATIONS - continuation sheet
================================================================================
MTD Cumulative
BREAKDOWN OF "OTHER" CATEGORY August 2004 Filing to Date
================================================================================
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Recruiting & Relocation 5 2,951
- --------------------------------------------------------------------------------
Legal Fees (3,334) 11,228
- --------------------------------------------------------------------------------
Audit Fees 18,556 66,248
- --------------------------------------------------------------------------------
Accounting & Tax Fees -- 66,654
- --------------------------------------------------------------------------------
Board Related (1,308) --
- --------------------------------------------------------------------------------
Other Fees -- 5,119,513
- --------------------------------------------------------------------------------
Data Processing 1,407 41,473
- --------------------------------------------------------------------------------
Seminars & Continuing Education 854 5,353
- --------------------------------------------------------------------------------
Dues & Subscriptions 395 3,847
- --------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ 16,574 $ 5,317,266
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Equity in Undistributed Loss of
Unconsolidated Subsidiaries (4,761,622) (52,786,684)
- --------------------------------------------------------------------------------
TOTAL OTHER INCOME $ (4,761,622) $(52,786,684)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Bankruptcy Related Fees 495,000 6,940,962
- --------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 495,000 $ 6,940,962
- --------------------------------------------------------------------------------
================================================================================
FORM MOR-2
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: August 2004
BALANCE SHEET
- ---------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 5,660,028 4,532,566
- ---------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ---------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 51,238,518 48,745,299
- ---------------------------------------------------------------------------------------------------------------------
Notes Receivable -- --
- ---------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ---------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 208,374 503,054
- ---------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ---------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ---------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 57,448,623 $ 54,118,674
- ---------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- ---------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- ---------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment 17,641,546 20,723,654
- ---------------------------------------------------------------------------------------------------------------------
Leasehold Improvements 3,381,585 3,485,693
- ---------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- ---------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation (17,069,025) (15,433,035)
- ---------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ 3,954,106 $ 8,776,312
- ---------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 49,545 266,900
- ---------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 189,619,331 249,660,381
- ---------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 189,668,876 $ 249,927,281
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 251,071,605 $ 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 2,240 --
- ---------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- ---------------------------------------------------------------------------------------------------------------------
Wages Payable 20,947 --
- ---------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ---------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ---------------------------------------------------------------------------------------------------------------------
Professional Fees 612,278 --
- ---------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ---------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 8,271,501 --
- ---------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 8,906,967 $ --
- ---------------------------------------------------------------------------------------------------------------------
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 297,293,608 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
OWNER EQUITY
- ---------------------------------------------------------------------------------------------------------------------
Capital Stock 100 100
- ---------------------------------------------------------------------------------------------------------------------
Additional Paid-In Capital 266,985,085 266,985,085
- ---------------------------------------------------------------------------------------------------------------------
Partners' Capital Account -- --
- ---------------------------------------------------------------------------------------------------------------------
Owner's Equity Account -- --
- ---------------------------------------------------------------------------------------------------------------------
Retained Earnings - Pre-Petition (246,858,372) (246,858,372)
- ---------------------------------------------------------------------------------------------------------------------
Retained Earnings - Post-Petition (66,128,209) --
- ---------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (220,607) 3,047,008
- ---------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ---------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (46,222,003) $ 23,173,821
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 251,071,605 $ 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: August 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 188,307,177 244,859,636
- --------------------------------------------------------------------------------
Miscellaneous Other Assets 3,328 3,602,213
- --------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 189,619,331 $ 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 3,234,104 --
- --------------------------------------------------------------------------------
Severance Payable 178,036 --
- --------------------------------------------------------------------------------
Bonuses Payable 1,876,364 --
- --------------------------------------------------------------------------------
Taxes Payable 2,400,441 --
- --------------------------------------------------------------------------------
Due to Affiliates 582,557 --
- --------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 8,271,501 $ --
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- --------------------------------------------------------------------------------
Equity in Subsidiary (220,607) 3,047,008
- --------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (220,607) $ 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: August 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 Amount Check. No Ending Tax
Liability Accrued Paid Date Paid or EFT Liability
=========================================================================================================
Federal
- ---------------------------------------------------------------------------------------------------------
Withholding -- 150,971 150,971 8/12, 8/30 EFT --
- ---------------------------------------------------------------------------------------------------------
FICA-Employee -- 39,784 39,784 8/12, 8/30 EFT --
- ---------------------------------------------------------------------------------------------------------
FICA-Employer -- 39,784 39,784 8/12, 8/30 EFT --
- ---------------------------------------------------------------------------------------------------------
Unemployment -- 112 112 8/12, 8/30 EFT --
- ---------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Total Federal Taxes -- 230,651 230,651 --
- ---------------------------------------------------------------------------------------------------------
State and Local
- ---------------------------------------------------------------------------------------------------------
Withholding -- 44,513 44,513 8/12, 8/30 EFT --
- ---------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Unemployment -- 686 686 8/12, 8/30 EFT --
- ---------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ---------------------------------------------------------------------------------------------------------
Total State and Local -- 45,199 45,199 --
- ---------------------------------------------------------------------------------------------------------
Total Taxes -- 275,850 275,850 -- --
- ---------------------------------------------------------------------------------------------------------
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 -- -- 2,240 -- -- 2,240
- -----------------------------------------------------------------------------------------------------------------
Wages Payable 20,947 -- -- -- -- 20,947
- -----------------------------------------------------------------------------------------------------------------
Taxes Payable -- --
- -----------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- -----------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- -----------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- -----------------------------------------------------------------------------------------------------------------
Professional Fees -- -- 664 103,137 508,477 612,278
- -----------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------
Other: --
- -----------------------------------------------------------------------------------------------------------------
Total Postpetition Debts 20,947 -- 2,904 103,137 508,477 635,465
- -----------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Trenwick America Corporation
Exhibit 99.1
Listing of aged accounts payable
Trenwick America Corporation
As of August 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
Ernst & Young 8/18/2004 April Expenses ERN184-02000 18,420.00
Ernst & Young 8/18/2004 April Expenses ERN460-02000 4,605.00
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 BEN172-02000 1,729.20
Ben Branch 6/30/2004 April Expenses BEN250-02000 2,508.00
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
Young Conaway Stargatt & Taylor 8/18/2004 April Expenses YOU457-02000 45,793.53
Young Conaway Stargatt & Taylor 8/18/2004 April Expenses YOU102-02000 10,224.50
------------
91 + days 508,476.62
------------
Dewey Ballantine 7/27/2004 April - May Expenses DEW437-02000 43,777.95
Ashby & Geddes 7/7/2004 May Expenses ASH308-02000 3,082.40
Ashby & Geddes 8/18/2004 June Expenses ASH486-02000 4,869.20
Young Conaway Stargatt & Taylor 8/18/2004 May Expenses YOU240-02000 24,039.30
Young Conaway Stargatt & Taylor 8/18/2004 May Expenses YOU480-02000 4,807.10
Young Conaway Stargatt & Taylor 8/18/2004 June Expenses YOU180-02000 18,094.49
Young Conaway Stargatt & Taylor 8/18/2004 June Expenses YOU401-02000 4,017.90
Ben Branch 7/6/2004 May Expenses BEN448-02000 448.80
------------
61-90 days 103,137.14
------------
Joann McNiff July 2004 664.00
------------
31-60 Days 664.00
------------
------------
Total Professional Fees $ 612,277.76
------------
Stan Tyler 8/17/2004 August Expenses 10/17/2004 2,240.46
------------
31-60 days 2,240.46
------------
------------
Total Accounts Payable $ 2,240.46
------------
------------
Grand Total $ 614,518.22
============
MOR-4 AGING
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
Debtor Reporting Period: August 2004
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
================================================================== ============
Accounts Receivable Reconciliation Amount
================================================================== ============
Total Accounts Receivable at the beginning of the reporting period 51,017,435
- ------------------------------------------------------------------ ------------
+ Amounts billed during the peiod 1,907,211
- ------------------------------------------------------------------ ------------
- - Amounts collected during the peiod (1,686,128)
- ------------------------------------------------------------------ ------------
Total Accounts Receivable at the end of the reporting period 51,238,518
- ------------------------------------------------------------------ ------------
================================================================== ============
Accounts Receivable Aging Amount
================================================================== ============
0 - 30 days old 1,909,082
- ------------------------------------------------------------------ ------------
31 - 60 days old --
- ------------------------------------------------------------------ ------------
61 - 90 days old --
- ------------------------------------------------------------------ ------------
91 + days old 60,982,765
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Total Accounts Receivable 62,891,847
- ------------------------------------------------------------------ ------------
Amount considered uncollectible (Bad Debt) (11,653,329)
- ------------------------------------------------------------------ ------------
Accounts Receivable (Net) 51,238,518
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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
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2. Have any funds been disbursed from any account other than a
debtor in possession account this reporting period? If yes,
provide and explanation below. X
- ------------------------------------------------------------------ ------------
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
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FORM MOR-5
(9/99)