Trenwick America Corporation
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
__________DISTRICT OF_________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
---------------------------- -------------
Reporting Period: October 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 November 22, 2004
- -------------------------------------- -------------------
Signature of Debtor Date
/s/ Alan L. Hunte November 22, 2004
- -------------------------------------- -------------------
Signature of Joint Debtor Date
/s/ Alan L. Hunte November 22, 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: October 2004
Bank Accounts
Operating Payroll Tax Other
---------------------------------------------------------------
Cash - Beg of Month 2,646,363.75 35,331.89 NA --
---------------------------------------------------------------
Receipts:
Cash Sales -- -- -- --
Accounts Rec -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 19,258.63 -- -- --
Other 1,117.00 -- -- --
Fund Transfer(Vista MM Redemption) 1,000,000.00 -- -- --
Transfers (Interco) 1,415,085.00 -- -- --
---------------------------------------------------------------
Total Receipts 2,435,460.63 -- -- --
---------------------------------------------------------------
Disbursements:
Net Payroll -- -- --
Payroll Taxes -- -- -- --
Sales, Use, & Other Tax -- -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases (150,301.90) -- -- --
Insurance -- -- -- --
Administrative (340,185.01) -- -- --
Selling -- -- -- --
Other (1.06) -- -- --
Transfers (PR) -- -- -- --
Transfers (Interco) (2,610,867.37) -- -- --
Professional Fees (1,145,197.22) -- -- --
Court Costs -- -- -- --
---------------------------------------------------------------
Total Disbursements (4,246,552.56) -- -- --
---------------------------------------------------------------
Net Cash Flow (1,811,091.93) -- -- --
--------------------------------------------------------------
Cash: End of Month 835,271.82 35,331.89 -- --
==============================================================
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Bank Reconciliations
Reporting Period: October 2004
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 835,271.82
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 October 31, 2004
Wire Date Amount Vendor Name
========================================== ============== ===============================================
2004-10-01 150,301.90 Equity Office Properties, L.L.C.
2004-10-21 109,847.68 New York Life Benefit Services Co.
--------------
Wire Total 260,149.58
Check Date Amount Vendor Name
========================================== ============== ===============================================
2004-10-15 28,042.29 Ashby & Geddes
2004-10-15 348,836.19 Dewey Ballantine
2004-10-15 4,686.00 Dr. Ben S. Branch
2004-10-15 51,949.00 Ernst & Young LLP
2004-10-15 734,054.02 Hennigan, Bennett & Dorman LLP
2004-10-15 664.00 Joann McNiff
2004-10-15 1,831.12 Tina A. Smith, Esquire
2004-10-15 41,143.20 Young, Conaway, Stargatt & Taylor, LLP
2004-10-22 150,000.00 Aon Risk Services, Inc. of Colorado
2004-10-22 4,429.48 CPT Group Inc
2004-10-22 100.00 Federal Reserve Bank of Cleveland
2004-10-22 299.25 MCI
2004-10-22 1,000.00 New York Life Benefit Services Co.
2004-10-22 8,000.00 U.S. Trustee Program Payment Center
2004-10-26 250.00 U.S. Trustee Program Payment Center
2004-10-26 250.00 U.S. Trustee Program Payment Center
--------------
Total Checks 1,375,534.55
--------------
Total October Disbursements $ 1,635,684.13
========================================== ==============
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------------- Reporting Period: October 2004
Debtor
Statement of Operations
(Income Statement)
=======================================================================================
Month Ended Cumulative
REVENUES October 2004 Filing to Date
=======================================================================================
Gross Revenues $ 150 $ 241,951
- ---------------------------------------------------------------------------------------
Less: Returns and Allowances -- --
=======================================================================================
Net Revenue $ 150 $ 241,951
- ---------------------------------------------------------------------------------------
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 150 241,951
- ---------------------------------------------------------------------------------------
OPERATING EXPENSES
- ---------------------------------------------------------------------------------------
Advertising -- --
- ---------------------------------------------------------------------------------------
Auto and Truck Expense 112 490
- ---------------------------------------------------------------------------------------
Bad Debts -- --
- ---------------------------------------------------------------------------------------
Contributions -- (2,500)
- ---------------------------------------------------------------------------------------
Employee Benefits Programs 2,234 46,001
- ---------------------------------------------------------------------------------------
Insider compensation* 24,703 869,210
- ---------------------------------------------------------------------------------------
Insurance 10,700 17,972
- ---------------------------------------------------------------------------------------
Management Fees/Bonuses ** 1,788 (708,772)
- ---------------------------------------------------------------------------------------
Office Expense 52,304 102,240
- ---------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 812 40,864
- ---------------------------------------------------------------------------------------
Repairs and Maintenance 64 3,324
- ---------------------------------------------------------------------------------------
Rent and Lease Expense 5,166 701,851
- ---------------------------------------------------------------------------------------
Salaries/Commissions/Fees 22,001 492,861
- ---------------------------------------------------------------------------------------
Supplies 443 89,633
- ---------------------------------------------------------------------------------------
Taxes-Payroll 3,052 27,756
- ---------------------------------------------------------------------------------------
Taxes-Real Estate 140 2,964
- ---------------------------------------------------------------------------------------
Taxes-Other 14 6,119
- ---------------------------------------------------------------------------------------
Travel and Entertainment 1,236 4,402
- ---------------------------------------------------------------------------------------
Utilities 59 2,168
- ---------------------------------------------------------------------------------------
Other (attach schedule) 1,473 5,211,306
=======================================================================================
Total Operating Expenses Before Depreciation 126,301 6,907,889
- ---------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization -- 289,114
=======================================================================================
Net Profit(Loss) Before Other Income & Expenses (126,151) (6,955,052)
- ---------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES
- ---------------------------------------------------------------------------------------
Other Income (attach schedule) 13,523,299 (45,495,235)
- ---------------------------------------------------------------------------------------
Interest Expense -- --
- ---------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
=======================================================================================
Net Profit (Loss) Before Reorganization Items 13,397,148 (52,450,287)
- ---------------------------------------------------------------------------------------
REORGANIZATION ITEMS
- ---------------------------------------------------------------------------------------
Professional Fees -- --
- ---------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- ---------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash
- ---------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 6,828 66,970
- ---------------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment (468,143) (543,353)
- ---------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 313,309 6,078,477
=======================================================================================
Total Reorganization Expenses (774,625) (6,554,861)
- ---------------------------------------------------------------------------------------
Income Taxes -- (170,205)
=======================================================================================
Net Profit (Loss) $ 12,622,523 $(58,834,943)
=======================================================================================
* 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)/from 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: October 2004
-------------
STATEMENT OF OPERATIONS - continuation sheet
================================================================================
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY October 2004 Filing to Date
================================================================================
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Recruiting & Relocation -- 2,951
- --------------------------------------------------------------------------------
Legal Fees 39 13,219
- --------------------------------------------------------------------------------
Audit Fees -- (26,530)
- --------------------------------------------------------------------------------
Accounting & Tax Fees -- 46,654
- --------------------------------------------------------------------------------
Other Fees 4 5,119,517
- --------------------------------------------------------------------------------
Data Processing 1,256 44,529
- --------------------------------------------------------------------------------
Seminars & Continuing Education 31 6,136
- --------------------------------------------------------------------------------
Dues & Subscriptions 144 4,831
- --------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ 1,473 $ 5,211,306
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of
Unconsolidated Subsidiaries 13,523,299 (45,495,235)
- --------------------------------------------------------------------------------
TOTAL OTHER INCOME $ 13,523,299 $(45,495,235)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Bankruptcy Related Fees 313,309 6,078,477
- --------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 313,309 $ 6,078,477
================================================================================
FORM MOR-2
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------------- --------------
Debtor Reporting Period: October 2004
-------------
BALANCE SHEET
- ---------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 3,467,354 4,532,566
- ---------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ---------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 49,672,430 48,745,299
- ---------------------------------------------------------------------------------------------------------------------
Notes Receivable 3,281,059 --
- ---------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ---------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 50,521 503,054
- ---------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ---------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ---------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 56,813,066 $ 54,118,674
- ---------------------------------------------------------------------------------------------------------------------
PROPERTY AND EQUIPMENT
- ---------------------------------------------------------------------------------------------------------------------
Real Property and Improvements -- --
- ---------------------------------------------------------------------------------------------------------------------
Machinery and Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------
Furniture, Fixtures and Office Equipment -- 20,723,654
- ---------------------------------------------------------------------------------------------------------------------
Leasehold Improvements -- 3,485,693
- ---------------------------------------------------------------------------------------------------------------------
Vehicles -- --
- ---------------------------------------------------------------------------------------------------------------------
Less Accumulated Depreciation -- (15,433,035)
- ---------------------------------------------------------------------------------------------------------------------
TOTAL PROPERTY & EQUIPMENT $ -- $ 8,776,312
- ---------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Loans to Insiders* 49,849 266,900
- ---------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 194,314,932 249,660,381
- ---------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 194,364,781 $ 249,927,281
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 251,177,847 $ 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 -- --
- ---------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ---------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ---------------------------------------------------------------------------------------------------------------------
Professional Fees 347,739 --
- ---------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ---------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 3,968,236 --
- ---------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 4,315,975 $ --
- ---------------------------------------------------------------------------------------------------------------------
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 292,702,616 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
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 (58,834,943) --
- ---------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (2,816,638) 3,047,008
- ---------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ---------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $ (41,524,769) $ 23,173,821
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 251,177,847 $ 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 America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------------- --------------
Debtor Reporting Period: October 2004
-------------
BALANCE SHEET - continuation sheet
- ---------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
OTHER CURRENT ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Accrued Investment Income 340,703 327,755
- ---------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT ASSETS $ 340,703 $ 327,755
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
OTHER ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Deferred Taxes Receivable 1,308,827 1,198,532
- ---------------------------------------------------------------------------------------------------------------------
Investment in Subsidiaries 193,002,593 244,859,636
- ---------------------------------------------------------------------------------------------------------------------
Miscellaneous Other Assets 3,513 3,602,213
- ---------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 194,314,932 $ 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 906,135 --
- ---------------------------------------------------------------------------------------------------------------------
Taxes Payable 2,400,441 --
- ---------------------------------------------------------------------------------------------------------------------
Due to Affiliates 661,660 --
- ---------------------------------------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 3,968,236 $ --
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- ---------------------------------------------------------------------------------------------------------------------
Equity in Subsidiary (2,816,638) 3,047,008
- ---------------------------------------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (2,816,638) $ 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: October 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 -- -- -- --
- ------------------------------------------------------------------------------------------------------
FICA-Employee -- -- -- --
- ------------------------------------------------------------------------------------------------------
FICA-Employer -- -- -- --
- ------------------------------------------------------------------------------------------------------
Unemployment -- -- -- --
- ------------------------------------------------------------------------------------------------------
Income -- -- -- --
- ------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------
Total Federal Taxes -- -- -- --
- ------------------------------------------------------------------------------------------------------
State and Local
- ------------------------------------------------------------------------------------------------------
Withholding -- -- -- --
- ------------------------------------------------------------------------------------------------------
Sales -- -- -- --
- ------------------------------------------------------------------------------------------------------
Excise -- -- -- --
- ------------------------------------------------------------------------------------------------------
Unemployment -- -- -- --
- ------------------------------------------------------------------------------------------------------
Real Property -- -- -- --
- ------------------------------------------------------------------------------------------------------
Personal Property -- -- -- --
- ------------------------------------------------------------------------------------------------------
Other: -- -- -- --
- ------------------------------------------------------------------------------------------------------
Total State and Local -- -- -- --
- ------------------------------------------------------------------------------------------------------
Total Taxes -- -- -- -- --
- ------------------------------------------------------------------------------------------------------
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 -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Taxes Payable -- --
- -----------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building --
- -----------------------------------------------------------------------------------------------------------------------------
Rent/Leases - Equipment --
- -----------------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments --
- -----------------------------------------------------------------------------------------------------------------------------
Professional Fees -- -- 194,843 56,295 96,601 347,739
- -----------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------
Other: --
- -----------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts -- -- 194,843 56,295 96,601 347,739
- -----------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Trenwick America Corporation
Exhibit 99.1
Listing of aged accounts payable
Trenwick America Corporation
As of October 31, 2004
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Ashby & Geddes 8/18/2004 June 2004 ASH486-02000 4,869.20
Young Conaway Stargatt & Taylor 8/18/2004 June 2004 YOU401-02000 4,017.90
Dewey Ballantine 10/14/2004 June 2004 DEW310-02000 31,049.50
Hennigan, Bennett & Dorman, LLP 10/18/2004 June 2004 HEN455-02000 45,526.91
Hennigan, Bennett & Dorman, LLP 10/18/2004 June 2004 HEN111-02000 11,137.10
------------
91 + days 96,600.61
------------
Ashby & Geddes 10/14/2004 July 2004 ASH327-02000 3,270.70
Dewey Ballantine 10/14/2004 July 2004 DEW221-02000 22,186.10
Hennigan, Bennett & Dorman, LLP 9/13/2004 July 2004 HEN229-02000 22,909.22
Hennigan, Bennett & Dorman, LLP 9/13/2004 July 2004 HEN421-02000 4,218.60
Young Conaway Stargatt & Taylor 9/15/2004 July 2004 YOU206-02000 2,060.50
Ben Branch 9/15/2004 July 2004 BEN132-02000 1,320.00
Ben Branch 9/15/2004 July 2004 BEN330-02000 330.00
------------
61-90 days 56,295.12
------------
Ashby & Geddes 10/14/2004 August 2004 ASH249-02000 24,925.72
Ashby & Geddes 10/14/2004 August 2004 ASH541-02000 5,414.10
Dewey Ballantine 10/14/2004 August 2004 DEW977-02000 97,702.98
Dewey Ballantine 10/14/2004 August 2004 DEW239-02000 23,902.20
Hennigan, Bennett & Dorman, LLP 10/18/2004 August 2004 HEN343-02000 34,380.39
Hennigan, Bennett & Dorman, LLP 10/18/2004 August 2004 HEN851-02000 8,518.10
------------
31-60 Days 194,843.49
------------
------------
Total Professional Fees $ 347,739.22
------------
MOR-4 AGING
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- ----------------------------------------- --------------
Debtor Reporting Period: October 2004
-------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
=================================================================== ============
Accounts Receivable Reconciliation Amount
=================================================================== ============
Total Accounts Receivable at the beginning of the reporting period 50,620,809
- ------------------------------------------------------------------- ------------
+ Amounts billed during the peiod 537,748
- ------------------------------------------------------------------- ------------
- - Amounts collected during the peiod (1,486,127)
- ------------------------------------------------------------------- ------------
Total Accounts Receivable at the end of the reporting period 49,672,430
- ------------------------------------------------------------------- ------------
=================================================================== ============
Accounts Receivable Aging Amount
=================================================================== ============
0 - 30 days old 537,748
- ------------------------------------------------------------------- ------------
31 - 60 days old --
- ------------------------------------------------------------------- ------------
61 - 90 days old --
- ------------------------------------------------------------------- ------------
91 + days old 60,788,011
- ------------------------------------------------------------------- ------------
Total Accounts Receivable 61,325,759
- ------------------------------------------------------------------- ------------
Amount considered uncollectible (Bad Debt) (11,653,329)
- ------------------------------------------------------------------- ------------
Accounts Receivable (Net) 49,672,430
- ------------------------------------------------------------------- ------------
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 X
explanation below.
=================================================================== ============
2. Have any funds been disbursed from any account other than a
debtor in possession account this reporting period? If yes, X
provide and explanation below.
=================================================================== ============
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
=================================================================== ============
October 7, 2004, the Debtor entered into an asset purchase agreement with
Trenwick America Services Corporation ("TASCO"), under which it sold the
majority of its fixed assets to TASCO in exchange for the book value of the
fixed assets ($3,281,055). On October 15, 2004, the Debtor entered into a sale
agreement with a third party for the sale of certain fixed assets with a book
value of $155,467 in exchange for cash of $23,915. These transactions were both
previously authorized by the Bankruptcy Court of the District of Delaware.
FORM MOR-5
(9/99)