UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
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Reporting Period: February 2005
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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.
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Document Explanation
Required Documents Form No. Attached Attached
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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
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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/ Timothy R. Graham March 21, 2005
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Signature of Debtor Date
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Signature of Joint Debtor Date
/s/ Timothy R. Graham March 21, 2005
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Signature of Authorized Individual* Date
Timothy R. Graham, Chief Restructuring Officer and Sole Director
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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:February 2005
Bank Accounts
Operating Payroll Tax Other
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Cash-- Beg of Month 632,349.61 555.49 NA --
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Receipts:
Cash Sales -- -- -- --
Accounts Rec. -- -- -- --
Loans & Advances -- -- -- --
Sale of Assets -- -- -- --
Deposit/WT IN 556.00 -- -- --
Other 545.19 -- -- --
Fund Transfer(Vista MM Redemption) (400,000.00) -- -- --
Transfers (Interco) 155,850.72 -- -- --
--------------------------------------------------------------
Total Receipts (243,048.09) -- -- --
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Disbursements:
Net Payroll -- -- --
Payroll Taxes -- -- -- --
Sales, Use, & Other Tax (60.00) -- -- --
Inventory Purchases -- -- -- --
Secured Rental/Leases -- -- -- --
Insurance -- -- -- --
Administrative -- -- --
Selling -- -- -- --
Other (10,543.84) -- -- --
Transfers to Operating Acct -- (555.49) -- --
Transfers (Interco) -- -- -- --
Professional Fees (463,346.96) -- -- --
Court Costs -- -- -- --
--------------------------------------------------------------
Total Disbursements (473,950.80) (555.49) -- --
--------------------------------------------------------------
Net Cash Flow (716,998.89) (555.49) -- --
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Cash: End of Month (84,649.28) -- -- --
=============================================================
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Bank Reconciliations
Reporting Period: February 2005
The following bank accounts have been reconciled
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ (84,649.28)
*Payroll:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ --
* Account closed during February 2005
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Disbursements Log (Excludes Intercompany)
Month Ended February 28, 2005
Check Date Amount Vendor Name
- --------------------------------- ------------ ---------------------------------------
2005-02-04 75,718.50 Ashby & Geddes
2005-02-04 187,677.81 Dewey Ballantine
2005-02-04 5,332.80 Dr. Ben S. Branch
2005-02-04 29,412.08 Young, Conaway, Stargatt & Taylor, LLP
2005-02-11 60.00 Delaware Secretary of State
2005-02-18 9,858.84 JP Morgan Chase Bank
2005-02-28 125,088.47 Hennigan, Bennett & Dorman LLP
2005-02-28 40,117.30 Lackey Hershman, LLP
2005-02-28 685.00 NAIC
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Total Checks 473,950.80
------------
Total February Disbursements $ 473,950.80
- --------------------------------- ------------
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: February 2005
---------------
Statement of Operations
(Income Statement)
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Month Ended Cumulative
REVENUES February 2005 Filing to Date
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Gross Revenues $ -- $ 242,183
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Less: Returns and Allowances -- --
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Net Revenue $ -- $ 242,183
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COST OF GOODS SOLD --
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Beginning Inventory -- --
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Add: Purchases -- --
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Add:Cost of Labor -- --
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Add: Other costs (schedule attached) -- --
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Less: Ending Inventory -- --
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Cost of Goods Sold -- --
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Gross Profit -- 242,183
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OPERATING EXPENSES --
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Advertising -- --
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Auto and Truck Expense (60) 916
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Bad Debts -- --
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Contributions -- (2,500)
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Employee Benefits Programs 1,233 52,725
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Insider compensation* 8,625 985,244
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Insurance 10,292 59,093
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Management Fees/Bonuses ** 12,881 (695,891)
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Office Expense 441 104,233
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Pension & Profit-Sharing Plans 2,113 49,324
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Repairs and Maintenance 90 3,689
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Rent and Lease Expense 1,492 707,539
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Salaries/Commissions/Fees 14,649 632,906
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Supplies 262 92,697
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Taxes-Payroll 1,440 40,403
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Taxes-Real Estate 145 3,534
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Taxes-Other 745 6,868
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Travel and Entertainment -- 5,626
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Utilities 53 2,461
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Other (attach schedule) 13,927 5,277,387
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Total Operating Expenses Before Depreciation 68,328 7,326,252
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Depreciation/Depletion/Amortization 1,707 296,092
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Net Profit(Loss) Before Other Income & Expenses (70,035) (7,380,162)
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OTHER INCOME AND EXPENSES --
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Other Income (attach schedule) (59,651,686) (105,989,964)
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Interest Expense -- --
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Other Expense (attach schedule) -- --
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Net Profit (Loss) Before Reorganization Items (59,721,721) (113,370,126)
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REORGANIZATION ITEMS --
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Professional Fees -- --
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U.S. Trustee Quarterly Fees -- --
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Interest Earned on Accumulated Cash --
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from Chapter 11 (see continuation sheet) 2,233 86,142
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Gain(Loss) from Sale of Equipment -- (543,353)
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Other Reorganization Expenses (attach schedule) 529,518 6,844,253
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Total Reorganization Expenses (527,284) (7,301,463)
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Income Taxes -- (170,205)
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Net Profit (Loss) $(60,249,005) $(120,501,384)
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* 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 from/(to) Trenwick America Corporation's
affiliates under an Administrative Services Agreement
FORM MOR-2
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: February 2005
---------------
STATEMENT OF OPERATIONS - continuation sheet
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Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY February 2005 Filing to Date
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Other Costs
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- --------------------------------------------------------------------------------
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Other Operational Expenses
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Recruiting & Relocation -- 2,951
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Legal Fees 47 13,736
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Audit Fees -- (26,530)
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Accounting & Tax Fees -- 46,654
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Board Related -- 534
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Other Fees 12,763 5,179,808
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Data Processing 827 47,848
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Seminars & Continuing Education 144 7,030
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Dues & Subscriptions 146 5,355
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TOTAL OTHER OPERATIONAL EXPENSES $ 13,927 $ 5,277,387
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Other Income
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Equity in Undistributed Loss of
Unconsolidated Subsidiaries (55,506,367) (101,844,645)
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TOTAL OTHER INCOME $(55,506,367) $(101,844,645)
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Other Expenses
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Other Reorganization Expenses
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Bankruptcy Related Fees 529,518 6,844,253
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TOTAL OTHER REORGANIZATION EXPENSES $ 529,518 $ 6,844,253
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FORM MOR-2
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: February 2005
---------------
BALANCE SHEET
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BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
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CURRENT ASSETS
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Unrestricted Cash and Equivalents 3,878,396 4,532,566
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Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- -------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 49,223,775 48,745,299
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Notes Receivable 2,610,783 --
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Inventories -- --
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Prepaid Expenses 10,104 503,054
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Professional Retainers 1,000 10,000
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Other Current Assets (attach schedule) 340,703 327,755
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TOTAL CURRENT ASSETS $ 56,064,761 $ 54,118,674
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PROPERTY AND EQUIPMENT
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Real Property and Improvements -- --
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Machinery and Equipment -- --
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Furniture, Fixtures and Office Equipment -- 20,723,654
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Leasehold Improvements -- 3,485,693
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Vehicles -- --
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Less Accumulated Depreciation -- (15,433,035)
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TOTAL PROPERTY & EQUIPMENT $ -- $ 8,776,312
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OTHER ASSETS
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Loans to Insiders* 50,140 266,900
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Other Assets (attach schedule) 131,240,625 249,660,381
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TOTAL OTHER ASSETS $ 131,290,765 $ 249,927,281
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- -------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 187,355,526 $ 312,822,267
===================================================================================================================
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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) -- --
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Wages Payable -- --
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Notes Payable -- --
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Rent/Leases-- Building/Equipment -- --
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Secured Debt/Adequate Protection Payments -- --
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Professional Fees 350,791 --
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Amounts Due to Insiders* -- --
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Other Postpetition Liabilities (attach schedule) 4,386,387 --
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TOTAL POSTPETITION LIABILITIES $ 4,737,178 $ --
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LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
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Secured Debt -- --
- -------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- -------------------------------------------------------------------------------------------------------------------
Unsecured Debt 288,386,386 289,648,446
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TOTAL PRE-PETITION LIABILITIES $ 288,386,386 $289,648,446
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TOTAL LIABILITIES 293,123,565 289,648,446
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OWNER EQUITY
- -------------------------------------------------------------------------------------------------------------------
Capital Stock 100 100
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Additional Paid-In Capital 266,985,085 266,985,085
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Partners' Capital Account -- --
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Owner's Equity Account -- --
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Retained Earnings-- Pre-Petition (246,858,372) (246,858,372)
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Retained Earnings-- Post-Petition (120,501,384) --
- -------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (5,393,468) 3,047,008
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Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
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NET OWNER EQUITY $(105,768,039) $ 23,173,821
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TOTAL LIABILITIES AND OWNERS' EQUITY $ 187,355,526 $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.
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: February 2005
---------------
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
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TOTAL OTHER CURRENT ASSETS $ 340,703 $ 327,755
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- --------------------------------------------------------------------------------
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OTHER ASSETS
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Deferred Taxes Receivable 1,308,827 1,198,532
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Investment in Subsidiaries 129,931,034 244,859,636
- --------------------------------------------------------------------------------
Miscellaneous Other Assets 764 3,602,213
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TOTAL OTHER ASSETS $ 131,240,625 $ 249,660,381
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- --------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
LIABILITIES AND OWNER EQUITY CURRENT REPORTING MONTH PETITION DATE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
UNSECURED DEBTS (PRE-PETITION)
- --------------------------------------------------------------------------------
Accounts Payable 64,660 42,517
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Accrued Expenses -- 1,290,790
- --------------------------------------------------------------------------------
Interest Payable 12,728,025 12,728,025
- --------------------------------------------------------------------------------
Taxes Payable 2,602,010 2,601,759
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Due to Affiliates 82,787,757 82,787,757
- --------------------------------------------------------------------------------
Indebtedness 190,203,934 190,197,598
- --------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) $ 288,386,386 $ 289,648,446
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- --------------------------------------------------------------------------------
Accrued Expenses 1,299,278 --
- --------------------------------------------------------------------------------
Taxes Payable 2,400,441 --
- --------------------------------------------------------------------------------
Due to Affiliates 686,668 --
- --------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 4,386,387 $ --
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- --------------------------------------------------------------------------------
Equity in Subsidiary (5,393,468) 3,047,008
- --------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (5,393,468) $ 3,047,008
- --------------------------------------------------------------------------------
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: February 2005
---------------
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 Amount Date Check. No or Ending Tax
Tax Liability accrued Paid Paid EFT Liability
===============================================================================================================
Federal
- ---------------------------------------------------------------------------------------------------------------
Withholding -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
FICA-Employee -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
FICA-Employer -- -- -- --
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Unemployment -- -- -- --
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Income -- -- -- --
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Other: -- -- -- --
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Total Federal Taxes -- -- -- --
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State and Local
- ---------------------------------------------------------------------------------------------------------------
Withholding -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
Sales -- -- -- --
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Excise -- -- -- --
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Unemployment -- -- -- --
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Real Property -- -- -- --
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Personal Property -- -- -- --
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Other: -- -- -- --
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Total State and Local -- -- -- --
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Total Taxes -- -- -- -- --
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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 -- -- -- 64,491 286,300 350,791
- ----------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Other: --
- ----------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts -- -- -- 64,491 286,300 350,791
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FORM MOR-4
(9/99)
Trenwick America Corporation
Exhibit 99.1
Listing of aged accounts payable
Trenwick America Corporation
As of February 28, 2005
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Ashby & Geddes 9/1/2004 September 2004 ASH607-02000 6,076.70
Ashby & Geddes 10/1/2004 October 2004 ASH580-02000 5,800.80
Ashby & Geddes 11/1/2004 November 2004 ASH234-02000 2,344.00
Ernst & Young, LLP 6/1/2004 June 1-August 31,2004 ERN653-02000 65,342.00
Hennigan, Bennett & Dorman, LLP 10/18/2004 June 2004 HEN111-02000 11,137.10
Hennigan, Bennett & Dorman, LLP 9/13/2004 July 2004 HEN421-02000 4,218.60
Hennigan, Bennett & Dorman, LLP 10/18/2004 August 2004 HEN851-02000 8,518.10
Hennigan, Bennett & Dorman, LLP 9/1/2004 September 2004 HEN926-02000 9,265.90
Hennigan, Bennett & Dorman, LLP 10/1/2004 October 2004 HEN149-02000 14,907.50
Hennigan, Bennett & Dorman, LLP 11/1/2004 November 2004 HEN595-02000 5,954.80
PricewaterhouseCoopers August-Dec 2003 PRI251-02000 25,179.92
PricewaterhouseCoopers 8/1/2004 January- December 2004 PRI123-02000 98,561.95
Young Conaway Stargatt & Taylor 8/18/2004 June 2004 YOU401-02000 4,017.90
Young Conaway Stargatt & Taylor 9/15/2004 July 2004 YOU206-02000 2,060.50
Young Conaway Stargatt & Taylor 8/1/2004 August-September 04 YOU294-02000 18,258.17
Young Conaway Stargatt & Taylor 10/1/2004 October 2004 YOU465-02000 4,655.69
------------
91 + days 286,299.63
------------
Ashby & Geddes 12/1/2004 December 2004 ASH150-02000 15,072.50
Lackey Hershman, LLP 12/1/2004 December 2004 LAC461-02000 46,156.59
Young Conaway Stargatt & Taylor 12/1/2004 December 2004 YOU326-02000 3,262.37
------------
61-90 days 64,491.46
------------
------------
Total Professional Fees $ 350,791.09
------------
MOR-4 AGING
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: February 2005
---------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- --------------------------------------------------------------------------------------------- -------------------------------
Accounts Receivable Reconciliation Amount
- --------------------------------------------------------------------------------------------- -------------------------------
Total Accounts Receivable at the beginning of the reporting period 49,223,465
- --------------------------------------------------------------------------------------------- -------------------------------
+ Amounts billed during the peiod 60
- --------------------------------------------------------------------------------------------- -------------------------------
- - Amounts collected during the peiod (250)
- --------------------------------------------------------------------------------------------- -------------------------------
Total Accounts Receivable at the end of the reporting period 49,223,775
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Accounts Receivable Aging Amount
- --------------------------------------------------------------------------------------------- -------------------------------
0 - 30 days old 60
- --------------------------------------------------------------------------------------------- -------------------------------
31 - 60 days old 14,030
- --------------------------------------------------------------------------------------------- -------------------------------
61 - 90 days old --
- --------------------------------------------------------------------------------------------- -------------------------------
91 + days old 60,863,014
- --------------------------------------------------------------------------------------------- -------------------------------
Total Accounts Receivable 60,877,104
- --------------------------------------------------------------------------------------------- -------------------------------
Amount considered uncollectible (Bad Debt) (11,653,329)
- --------------------------------------------------------------------------------------------- -------------------------------
Accounts Receivable (Net) 49,223,775
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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
- --------------------------------------------------------------------------------------------- -------------------------------
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)