Trenwick America Corporation
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
_______________DISTRICT OF_______________
In re: Trenwick America Corporation Case No. 03-12635(MFW)
----------------------------- -------------
Reporting Period: April 2005
-------------
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/Timothy R. Graham May 20, 2005
- -------------------------------------- --------------------
Signature of Debtor Date
/s/Timothy R. Graham May 20, 2005
- -------------------------------------- --------------------
Signature of Joint Debtor Date
/s/Timothy R. Graham May 20, 2005
- -------------------------------------- --------------------
Signature of Authorized Individual* Date
Timothy R. Graham, Chief Restructuring Officer and Sole Director
- -------------------------------------------------------------------
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 April 2005
Bank Accounts
Operating Tax Other
-----------------------------------------
Cash - Beg of Month ** 4,881.44 NA --
-----------------------------------------
Receipts:
Cash Sales -- -- --
Accounts Rec. -- -- --
Loans & Advances -- -- --
Sale of Assets -- -- --
Deposit/WT IN * 23.69
Other** -- --
Fund Transfer(Vista MM Redemption) 20,000.00
Transfers (Interco) 152,797.47 -- --
-----------------------------------------
Total Receipts 172,821.16 -- --
-----------------------------------------
Disbursements:
Sales, Use, & Other Tax (25.00) -- --
Inventory Purchases -- --
Secured Rental/Leases -- --
Insurance (125,000.00) -- --
Administrative (2,983.00) -- --
Selling -- --
Other (85.00) -- --
Transfers (InterCo) (41,835.08) -- --
Professional Fees (392,362.23) -- --
Court Costs -- --
-----------------------------------------
Total Disbursements (562,290.31) -- --
-----------------------------------------
Net Cash Flow (389,469.15) -- --
-----------------------------------------
Cash: End of Month (384,587.71) -- --
=========================================
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Bank Reconciliation
Reporting Period: April 2005
The following bank account has been reconciled.
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ (384,587.71)
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Disbursements Log (Excludes Intercompany)
Month Ended April 30, 2005
Check Date Amount Vendor Name
- ------------------------------------------ --------------- ----------------------------------------
2005-04-08 200.13 CPT Group Inc
2005-04-08 1,079.00 CT Corporation System
2005-04-15 479.15 CPT Group Inc
2005-04-15 85.00 Depository Trust Company
2005-04-20 125,000.00 Aon Risk Services, Inc. of Colorado
2005-04-22 25.00 Secretary of State - Connecticut
2005-04-27 31,375.28 Ashby & Geddes
2005-04-27 118,796.88 Dewey Ballantine
2005-04-27 343.20 Dr. Ben S. Branch
2005-04-27 65,342.00 Ernst & Young LLP
2005-04-27 54,002.00 Hennigan, Bennett & Dorman LLP
2005-04-27 92,093.45 Lackey Hershman, LLP
2005-04-27 29,730.14 Young, Conaway, Stargatt & Taylor, LLP
2005-04-29 1,904.00 The Pension Service, Inc.
--------------
Total Checks 520,455.23
--------------
Total Disbursements $ 520,455.23
========================================= ==============
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: April 2005
---------------
Statement of Operations
(Income Statement)
- --------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES April 2005 Filing to Date
- --------------------------------------------------------------------------------
Gross Revenues $ -- $ 242,183
- --------------------------------------------------------------------------------
Less: Returns and Allowances -- --
- --------------------------------------------------------------------------------
Net Revenue $ -- $ 242,183
- --------------------------------------------------------------------------------
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 -- 242,183
- --------------------------------------------------------------------------------
OPERATING EXPENSES --
- --------------------------------------------------------------------------------
Advertising -- --
- --------------------------------------------------------------------------------
Auto and Truck Expense 205 1,061
- --------------------------------------------------------------------------------
Bad Debts -- --
- --------------------------------------------------------------------------------
Contributions -- (2,500)
- --------------------------------------------------------------------------------
Employee Benefits Programs 1,078 55,048
- --------------------------------------------------------------------------------
Insider compensation* 7,604 992,848
- --------------------------------------------------------------------------------
Insurance 16,389 78,479
- --------------------------------------------------------------------------------
Management Fees/Bonuses ** (19,516) (708,773)
- --------------------------------------------------------------------------------
Office Expense 399 97,351
- --------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 3,733 54,833
- --------------------------------------------------------------------------------
Repairs and Maintenance 76 3,918
- --------------------------------------------------------------------------------
Rent and Lease Expense 1,561 710,574
- --------------------------------------------------------------------------------
Salaries/Commissions/Fees (9,713) 646,391
- --------------------------------------------------------------------------------
Supplies 1,371 95,141
- --------------------------------------------------------------------------------
Taxes-Payroll 764 42,162
- --------------------------------------------------------------------------------
Taxes-Real Estate 145 3,824
- --------------------------------------------------------------------------------
Taxes-Other -- 6,953
- --------------------------------------------------------------------------------
Travel and Entertainment 20 6,178
- --------------------------------------------------------------------------------
Utilities 61 2,574
- --------------------------------------------------------------------------------
Other (attach schedule) 1,024 5,314,928
- --------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 5,203 7,400,990
- --------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 1,656 299,418
- --------------------------------------------------------------------------------
Net Profit(Loss) Before Other Income & Expenses (6,858) (7,458,225)
- --------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES --
- --------------------------------------------------------------------------------
Other Income (attach schedule) (527,842) (106,517,806)
- --------------------------------------------------------------------------------
Interest Expense -- --
- --------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- --------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items (534,700) (113,976,031)
- --------------------------------------------------------------------------------
REORGANIZATION ITEMS --
- --------------------------------------------------------------------------------
Professional Fees -- --
- --------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- --------------------------------------------------------------------------------
Interest Earned on Accumulated Cash --
- --------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 7,910 106,205
- --------------------------------------------------------------------------------
Gain(Loss) from Sale of Equipment -- (543,353)
- --------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 59,953 6,563,827
- --------------------------------------------------------------------------------
Total Reorganization Expenses (52,042) (7,000,975)
- --------------------------------------------------------------------------------
Income Taxes -- (169,855)
- --------------------------------------------------------------------------------
Net Profit (Loss) $(586,743) $(120,807,151)
- --------------------------------------------------------------------------------
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 32 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
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: April 2005
---------------
STATEMENT OF OPERATIONS - continuation sheet
- --------------------------------------------------------------------------------
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY April 2005 Filing to Date
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Recruiting & Relocation -- 2,951
- --------------------------------------------------------------------------------
Legal Fees 25 13,804
- --------------------------------------------------------------------------------
Audit Fees -- (26,530)
- --------------------------------------------------------------------------------
Accounting & Tax Fees -- 46,654
- --------------------------------------------------------------------------------
Board Related -- 33,958
- --------------------------------------------------------------------------------
Other Fees 474 5,181,976
- --------------------------------------------------------------------------------
Data Processing 765 49,418
- --------------------------------------------------------------------------------
Seminars & Continuing Education 144 7,296
- --------------------------------------------------------------------------------
Dues & Subscriptions (384) 5,401
- --------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ 1,024 $ 5,314,928
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
FC Transaction (Gains) Losses -- --
- --------------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of --
- --------------------------------------------------------------------------------
Unconsolidated Subsidiaries (527,842) (106,517,806)
- --------------------------------------------------------------------------------
TOTAL OTHER INCOME $(527,842) $(106,517,806)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Amortization Expense -- --
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Bankruptcy Related Fees 59,953 6,563,827
- --------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 59,953 $ 6,563,827
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: April 2005
---------------
BALANCE SHEET
- ---------------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- ---------------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 3,478,495 4,532,566
- ---------------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- ---------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 49,281,629 48,745,299
- ---------------------------------------------------------------------------------------------------------------------
Notes Receivable 2,303,342 --
- ---------------------------------------------------------------------------------------------------------------------
Inventories -- --
- ---------------------------------------------------------------------------------------------------------------------
Prepaid Expenses 50,000 503,054
- ---------------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- ---------------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- ---------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 55,455,170 $ 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* 50,140 266,900
- ---------------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 130,077,218 249,660,381
- ---------------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 130,127,359 $ 249,927,281
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 185,582,528 $ 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 282,703 --
- ---------------------------------------------------------------------------------------------------------------------
Taxes Payable (refer to FORM MOR-4) -- --
- ---------------------------------------------------------------------------------------------------------------------
Wages Payable -- --
- ---------------------------------------------------------------------------------------------------------------------
Notes Payable -- --
- ---------------------------------------------------------------------------------------------------------------------
Rent/Leases - Building/Equipment -- --
- ---------------------------------------------------------------------------------------------------------------------
Secured Debt/Adequate Protection Payments -- --
- ---------------------------------------------------------------------------------------------------------------------
Professional Fees -- --
- ---------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- ---------------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 3,622,809 --
- ---------------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 3,905,513 $ --
- ---------------------------------------------------------------------------------------------------------------------
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
- ---------------------------------------------------------------------------------------------------------------------
Secured Debt -- --
- ---------------------------------------------------------------------------------------------------------------------
Priority Debt -- --
- ---------------------------------------------------------------------------------------------------------------------
Unsecured Debt 288,386,386 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
TOTAL PRE-PETITION LIABILITIES $ 288,386,386 $ 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES 292,291,899 289,648,446
- ---------------------------------------------------------------------------------------------------------------------
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 (120,807,151) --
- ---------------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (6,029,032) 3,047,008
- ---------------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- ---------------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $(106,709,371) $ 23,173,821
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 185,582,528 $ 312,822,267
=====================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 32 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: April 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
- -----------------------------------------------------------------------------------------
TOTAL OTHER CURRENT ASSETS $ 340,703 $ 327,755
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
OTHER ASSETS
- -----------------------------------------------------------------------------------------
Deferred Taxes Receivable 1,308,827 1,198,532
- -----------------------------------------------------------------------------------------
Investment in Subsidiaries 128,767,627 244,859,636
- -----------------------------------------------------------------------------------------
Miscellaneous Other Assets 764 3,602,213
- -----------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 130,077,218 $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 64,660 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
- -----------------------------------------------------------------------------------------
Other Liabilities -- --
- -----------------------------------------------------------------------------------------
Indebtedness 190,203,934 190,197,598
- -----------------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) $ 288,386,386 $289,648,446
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- -----------------------------------------------------------------------------------------
Accrued Expenses 599,416 --
- -----------------------------------------------------------------------------------------
Severance Payable --
- -----------------------------------------------------------------------------------------
Bonuses Payable --
- -----------------------------------------------------------------------------------------
Interest Payable -- --
- -----------------------------------------------------------------------------------------
Taxes Payable 2,400,441
- -----------------------------------------------------------------------------------------
Due to Affiliates 622,952 --
- -----------------------------------------------------------------------------------------
Other Liabilities --
- -----------------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 3,622,809 $ --
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- -----------------------------------------------------------------------------------------
Equity in Subsidiary (6,029,032) 3,047,008
- -----------------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (6,029,032) $ 3,047,008
- -----------------------------------------------------------------------------------------
FORM MOR-3
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: April 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
- ---------------------------------------------------------------------------------------------------------------
Amount
Beginning Withheld or Amount Date Check. No or Ending Tax
Tax Liability accrued Paid Paid 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 -- -- 51,008 62,142 169,553 282,703
- ----------------------------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Other: --
- ----------------------------------------------------------------------------------------------------------------------------------
Total Postpetition Debts -- -- 51,008 62,142 169,553 282,703
- ----------------------------------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Listing of aged accounts payable
Trenwick America Corporation
As of April 30, 2005
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Ashby & Geddes 12/1/2004 December 2004 ASH-354-02000 3,541.90
Hennigan, Bennett & Dorman, LLP 12/1/2004 December 2004 HEN187-02000 18,758.23
Hennigan, Bennett & Dorman, LLP 12/1/2004 December 2004 HEN351-02000 3,510.80
Lackey Hershman, LLP 11/1/2004 November 2004 LAC10000-02000 10,000.00
Lackey Hershman, LLP 12/1/2004 December 2004 LAC1000-02000 10,000.00
PriceWaterHouseCoopers August-Dec 2003 25,179.92
PriceWaterHouseCoopers 8/1/2004 January- December 2004 PRI123-02000 98,561.95
-----------
91 + days 169,552.80
-----------
Ashby & Geddes 1/1/2005 January 2005 ASH260-02000 2,603.10
Hennigan, Bennett & Dorman, LLP 1/1/2005 January 2005 HEN104-02000 10,426.34
Hennigan, Bennett & Dorman, LLP 1/1/2005 January 2005 HEN253-02000 2,538.80
Dewey Ballantine 1/1/2005 January 2005 DEW176-02000 17,604.70
Ashby & Geddes 2/1/2005 February 2005 ASH15070200 1,507.50
Hennigan, Bennett & Dorman, LLP 2/1/2005 February 2005 HEN762-02000 7,620.07
Hennigan, Bennett & Dorman, LLP 2/1/2005 February 2005 HEN184-02000 1,849.00
Lackey Hershman, LLP 2/1/2005 February 2005 LAC100-02000 10,000.00
Dewey Ballantine 2/1/2005 February 2005 DEW600-02000 6,004.50
Young Conaway Stargatt & Taylor 2/1/2005 January& February 2005 YOU198-02000 1,987.60
-----------
61-90 days 62,141.61
-----------
Lackey Hershman, LLP 3/1/2005 March 2005 LAC410-02000 41,009.00
Lackey Hershman, LLP 3/1/2005 March 2005 LAC100-02000 10,000.00
-----------
31-60 Days 51,009.00
-----------
-----------
Total Professional Fees $282,703.41
-----------
MOR-4 AGING
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: April 2005
---------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- --------------------------------------------------------------------------------------------------------------------------
Accounts Receivable Reconciliation Amount
- --------------------------------------------------------------------------------------------------------------------------
Total Accounts Receivable at the beginning of the reporting period 49,176,317
- --------------------------------------------------------------------------------------------------------------------------
+ Amounts billed during the period 105,372
- --------------------------------------------------------------------------------------------------------------------------
- - Amounts collected during the peiod 60
- --------------------------------------------------------------------------------------------------------------------------
Total Accounts Receivable at the end of the reporting period 49,281,629
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Accounts Receivable Aging Amount
- --------------------------------------------------------------------------------------------------------------------------
0 - 30 days old 105,372
- --------------------------------------------------------------------------------------------------------------------------
31 - 60 days old --
- --------------------------------------------------------------------------------------------------------------------------
61 - 90 days old --
- --------------------------------------------------------------------------------------------------------------------------
91 + days old 60,829,586
- --------------------------------------------------------------------------------------------------------------------------
Total Accounts Receivable 60,934,959
- --------------------------------------------------------------------------------------------------------------------------
Amount considered uncollectible (Bad Debt) (11,653,329)
- --------------------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 49,281,629
- --------------------------------------------------------------------------------------------------------------------------
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)