Trenwick America Corporation
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
-------------------------------------------------
In re: Trenwick America Corporation Case No. 03-12635(MFW)
----------------------------- -------------
Reporting Period: July 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.
- ---------------------------------------- ----------------------
Signature of Debtor Date
- ---------------------------------------- ----------------------
Signature of Joint Debtor Date
/s/ Joann McNiff August 19, 2005
- ---------------------------------------- ----------------------
Signature of Authorized Individual* Date
Joann McNiff
- --------------------------------------
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 July 2005
Bank Accounts
Operating Tax Other
----------------------------------
Cash - Beg of Month 17,286.57 NA --
----------------------------------
Receipts:
Cash Sales -- -- --
Accounts Rec -- -- --
Loans & Advances -- -- --
Sale of Assets -- -- --
Deposit/WT IN
Other -- --
Fund Transfer(Vista MM Redemption) 340,000.00
Intercompany Transfers(TASCO) * 95,608.46 -- --
----------------------------------
Total Receipts 435,608.46 -- --
----------------------------------
Disbursements:
Sales, Use, & Other Tax -- --
Inventory Purchases -- --
Secured Rental/Leases -- --
Insurance -- --
Administrative -- --
Selling -- --
Other -- --
Transfers (InterCompany) (29,649.71) -- --
Professional Fees (417,754.27) -- --
Court Costs -- --
----------------------------------
Total Disbursements (447,403.98) -- --
----------------------------------
Net Cash Flow (11,795.52) -- --
----------------------------------
Cash: End of Month 5,491.05 -- --
==================================
* Represents receipt of payment from Trenwick America Services Corporation on
Note Receivable related to sale of fixed assets in October 2004 as approved by
the Bankruptcy Court
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Bank Reconciliation
Reporting Period: July 2005
The following bank account has been reconciled.
Operating:
Location: JPMorganChase, NY
ABA No. 021-000-021
Month End
Book Balance $ 5,491.05
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation
Disbursements Log (Excludes Intercompany)
Month Ended July 31, 2005
Check Date Amount Vendor Name
- --------------------------------------------------------------------------------
2005-07-14 21,849.80 Ashby & Geddes
2005-07-14 23,609.20 Dewey Ballantine
2005-07-14 21,022.30 Ernst & Young LLP
2005-07-14 7,898.60 Hennigan, Bennett & Dorman LLP
2005-07-14 71,720.32 Lackey Hershman, LLP
2005-07-14 138,609.75 PriceWaterhouseCoopers Technology Integr
2005-07-14 400.00 The Pension Service, Inc.
2005-07-14 12,500.00 Timothy R. Graham
2005-07-14 13,360.17 Young, Conaway, Stargatt & Taylor, LLP
2005-07-21 94,284.13 Dewey Ballantine
2005-07-28 12,500.00 Timothy R. Graham
------------
Total Checks 417,754.27
------------
Total Disbursements $417,754.27
======================================
FORM MOR-1
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: July 2005
---------------
Statement of Operations
(Income Statement)
- -------------------------------------------------------------------------------------------------------
Month Ended Cumulative
REVENUES July 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 -- 1,061
- -------------------------------------------------------------------------------------------------------
Bad Debts -- --
- -------------------------------------------------------------------------------------------------------
Contributions -- (2,500)
- -------------------------------------------------------------------------------------------------------
Employee Benefits Programs 1,220 58,452
- -------------------------------------------------------------------------------------------------------
Insider compensation* 1,667 1,009,723
- -------------------------------------------------------------------------------------------------------
Insurance 10,168 109,024
- -------------------------------------------------------------------------------------------------------
Management Fees/Bonuses ** -- (708,773)
- -------------------------------------------------------------------------------------------------------
Office Expense 471 98,609
- -------------------------------------------------------------------------------------------------------
Pension & Profit-Sharing Plans 1,515 59,685
- -------------------------------------------------------------------------------------------------------
Repairs and Maintenance 75 4,155
- -------------------------------------------------------------------------------------------------------
Rent and Lease Expense 1,387 714,446
- -------------------------------------------------------------------------------------------------------
Salaries/Commissions/Fees 8,167 674,932
- -------------------------------------------------------------------------------------------------------
Supplies 321 98,333
- -------------------------------------------------------------------------------------------------------
Taxes-Payroll 422 43,975
- -------------------------------------------------------------------------------------------------------
Taxes-Real Estate 145 4,259
- -------------------------------------------------------------------------------------------------------
Taxes-Other 21 7,049
- -------------------------------------------------------------------------------------------------------
Travel and Entertainment 2 6,274
- -------------------------------------------------------------------------------------------------------
Utilities 62 2,749
- -------------------------------------------------------------------------------------------------------
Other (attach schedule) 12,217 5,331,582
- -------------------------------------------------------------------------------------------------------
Total Operating Expenses Before Depreciation 37,860 7,513,036
- -------------------------------------------------------------------------------------------------------
Depreciation/Depletion/Amortization 1,662 304,402
- -------------------------------------------------------------------------------------------------------
Net Profit (Loss) Before Other Income & Expenses (39,521) (7,575,255)
- -------------------------------------------------------------------------------------------------------
OTHER INCOME AND EXPENSES --
- -------------------------------------------------------------------------------------------------------
Other Income (attach schedule) (1,162,867) (105,140,365)
- -------------------------------------------------------------------------------------------------------
Interest Expense -- --
- -------------------------------------------------------------------------------------------------------
Other Expense (attach schedule) -- --
- -------------------------------------------------------------------------------------------------------
Net Profit (Loss) Before Reorganization Items (1,202,388) (112,715,620)
- -------------------------------------------------------------------------------------------------------
REORGANIZATION ITEMS --
- -------------------------------------------------------------------------------------------------------
Professional Fees -- --
- -------------------------------------------------------------------------------------------------------
U.S. Trustee Quarterly Fees -- --
- -------------------------------------------------------------------------------------------------------
Interest Earned on Accumulated Cash -- --
- -------------------------------------------------------------------------------------------------------
from Chapter 11 (see continuation sheet) 8,609 131,136
- -------------------------------------------------------------------------------------------------------
Gain (Loss) from Sale of Equipment -- (543,353)
- -------------------------------------------------------------------------------------------------------
Other Reorganization Expenses (attach schedule) 43,144 6,929,578
- -------------------------------------------------------------------------------------------------------
Total Reorganization Expenses (34,535) (7,341,795)
- -------------------------------------------------------------------------------------------------------
Income Taxes -- (169,855)
- -------------------------------------------------------------------------------------------------------
Net Profit (Loss) $(1,236,923) $(119,887,559)
- -------------------------------------------------------------------------------------------------------
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 28 officers which
were not considered insiders for purposes of this disclosure.
** Represents amounts charged to Trenwick America Corporation's affiliates
under the Administrative Services Agreement
FORM MOR-2
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: July 2005
---------------
STATEMENT OF OPERATIONS - continuation sheet
- --------------------------------------------------------------------------------
Month Ended Cumulative
BREAKDOWN OF "OTHER" CATEGORY July 2005 Filing to Date
- --------------------------------------------------------------------------------
Other Costs
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Operational Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Recruiting & Relocation -- 2,951
- --------------------------------------------------------------------------------
Legal Fees 1 13,811
- --------------------------------------------------------------------------------
Audit Fees -- (26,530)
- --------------------------------------------------------------------------------
Accounting & Tax Fees -- 46,654
- --------------------------------------------------------------------------------
Board Related 12,500 46,458
- --------------------------------------------------------------------------------
Other Fees (1,028) 5,183,812
- --------------------------------------------------------------------------------
Data Processing 651 51,392
- --------------------------------------------------------------------------------
Seminars & Continuing Education 50 7,516
- --------------------------------------------------------------------------------
Dues & Subscriptions 43 5,517
- --------------------------------------------------------------------------------
TOTAL OTHER OPERATIONAL EXPENSES $ 12,217 $ 5,331,582
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Income
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Equity in Undistributed Income (Loss) of --
- --------------------------------------------------------------------------------
Unconsolidated Subsidiaries (1,162,867) (109,948,995)
- --------------------------------------------------------------------------------
TOTAL OTHER INCOME $(1,162,867) $ (109,948,995)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Other Reorganization Expenses
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Bankruptcy Related Fees 43,144 6,929,578
- --------------------------------------------------------------------------------
TOTAL OTHER REORGANIZATION EXPENSES $ 43,144 $ 6,929,578
- --------------------------------------------------------------------------------
FORM MOR-2
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: July 2005
---------------
BALANCE SHEET
- -----------------------------------------------------------------------------------------------------------------
BOOK VALUE AT END OF BOOK VALUE ON
ASSETS CURRENT REPORTING MONTH PETITION DATE
- -----------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
- -----------------------------------------------------------------------------------------------------------------
Unrestricted Cash and Equivalents 3,283,287 4,532,566
- -----------------------------------------------------------------------------------------------------------------
Restricted Cash and Cash Equivalents (see continuation sheet) -- --
- -----------------------------------------------------------------------------------------------------------------
Accounts Receivable (Net) 49,178,688 48,745,299
- -----------------------------------------------------------------------------------------------------------------
Notes Receivable 2,056,014 --
- -----------------------------------------------------------------------------------------------------------------
Inventories -- --
- -----------------------------------------------------------------------------------------------------------------
Prepaid Expenses 32,688 503,054
- -----------------------------------------------------------------------------------------------------------------
Professional Retainers 1,000 10,000
- -----------------------------------------------------------------------------------------------------------------
Other Current Assets (attach schedule) 340,703 327,755
- -----------------------------------------------------------------------------------------------------------------
TOTAL CURRENT ASSETS $ 54,892,380 $ 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* -- 266,900
- -----------------------------------------------------------------------------------------------------------------
Other Assets (attach schedule) 130,345,049 249,660,381
- -----------------------------------------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 130,345,049 $ 249,927,281
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 185,237,430 $ 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 225,757 --
- -----------------------------------------------------------------------------------------------------------------
Amounts Due to Insiders* -- --
- -----------------------------------------------------------------------------------------------------------------
Other Postpetition Liabilities (attach schedule) 3,524,676 --
- -----------------------------------------------------------------------------------------------------------------
TOTAL POSTPETITION LIABILITIES $ 3,750,433 $ --
- -----------------------------------------------------------------------------------------------------------------
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 292,136,819 289,648,446
- -----------------------------------------------------------------------------------------------------------------
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 (118,887,559) --
- -----------------------------------------------------------------------------------------------------------------
Adjustments to Owner Equity (attach schedule) (7,138,643) 3,047,008
- -----------------------------------------------------------------------------------------------------------------
Post Petition Contributions (Distributions) (Draws) (attach schedule) -- --
- -----------------------------------------------------------------------------------------------------------------
NET OWNER EQUITY $(106,899,390) $ 23,173,821
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND OWNERS' EQUITY $ 185,237,430 $ 312,822,267
=================================================================================================================
* Insiders represent members of the Runoff Management Team. The Trenwick
group's U.S. operations currently have an additional 28 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: July 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 129,035,458 244,859,636
- --------------------------------------------------------------------------------
Miscellaneous Other Assets 764 3,602,213
- --------------------------------------------------------------------------------
TOTAL OTHER ASSETS $ 130,345,049 $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
- --------------------------------------------------------------------------------
Indebtedness 190,203,934 190,197,598
- --------------------------------------------------------------------------------
TOTAL UNSECURED DEBTS (PRE-PETITION) $ 288,386,386 $289,648,446
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
OTHER POSTPETITION LIABILITIES
- --------------------------------------------------------------------------------
Accrued Expenses 516,477 --
- --------------------------------------------------------------------------------
Taxes Payable 2,400,441 --
- --------------------------------------------------------------------------------
Due to Affiliates 607,758 --
- --------------------------------------------------------------------------------
TOTAL OTHER POSTPETITION LIABILITIES $ 3,524,676 $ --
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ADJUSTMENT TO OWNER EQUITY
- --------------------------------------------------------------------------------
Equity in Subsidiary (7,138,643) 3,047,008
- --------------------------------------------------------------------------------
TOTAL ADJUSTMENT TO OWNER EQUITY $ (7,138,643) $ 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: July 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 -- -- -- --
- ---------------------------------------------------------------------------------------------------------------
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 -- 63,350 121,926 22,815 17,666 225,757
- -----------------------------------------------------------------------------------------------------------
Amounts Due to Insiders -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Other: --
- -----------------------------------------------------------------------------------------------------------
Total Postpetition Debts -- 63,350 121,926 22,815 17,666 225,757
- -----------------------------------------------------------------------------------------------------------
FORM MOR-4
(9/99)
Trenwick America Corporation
Exhibit 99.1
Listing of Aged Accounts Payable
Trenwick America Corporation
As of July 31, 2005
Vendor Invoice Date Services Invoice Number Amount
------ ------------ -------- -------------- ------
Lackey Hershman 3/1/2005 Mar-05 LAC100-02000 10,000.00
Dewey Ballantine 3/1/2005 Mar-05 2,367.80
Ashby & Geddes 3/1/2005 Mar-05 1,951.50
Hennigan, Bennett & Dorman LLP 3/1/2005 Mar-05 HEN119-02000 1,198.00
Hennigan, Bennett & Dorman LLP 3/1/2005 Mar-05 HEN292-02000 292.50
Young Conaway Stargatt & Taylor 3/1/2005 Mar-05-Apr-05 YOU185-02000 1,855.90
--------------
91 + days 17,665.70
==============
Ashby & Geddes 4/1/2005 Apr-05 3,411.20
Dewey Ballantine 4/1/2005 Apr-05 4,228.60
Hennigan, Bennett & Dorman LLP 4/1/2005 Apr-05 HEN414-02000 4,141.73
Hennigan, Bennett & Dorman LLP 4/1/2005 Apr-05 HEN103-02000 1,033.70
Lackey Hershman, LLP 4/1/2005 Apr-05 LACKE100-02000 10,000.00
--------------
61-90 days 22,815.23
==============
Ashby & Geddes 5/1/2005 May-05 ASH209-02000 20,927.05
Ashby & Geddes 5/1/2005 May-05 ASH474-02000 4,749.00
Dewey Ballantine 5/1/2005 May-05 DEW2304-02000 23,048.20
Lackey Hershman, LLP 5/1/2005 May-05 LAC416-02000 41,624.20
Lackey Hershman, LLP 5/1/2005 May-05 LAC100-02000-May 05 10,000.00
Hennigan, Bennett & Dorman LLP 5/1/2005 May-05 HEN504-02000 5,049.55
Hennigan, Bennett & Dorman LLP 5/1/2005 May-05 HEN125-02000 1,258.50
Young Conaway Stargatt & Taylor 5/1/2005 May-05 YOU122-02000-May 05 12,287.29
Young Conaway Stargatt & Taylor 5/1/2005 May-05 YOU298-02000 2,982.20
--------------
31-60 Days 121,925.99
==============
Dewey Ballantine 6/1/2005 Jun-05 DEW237-02000 23,786.03
Dewey Ballantine 6/1/2005 Jun-05 DEW571-02000 5,713.80
Ashby & Geddes 6/1/2005 Jun-05 ASH105-02000 10,527.85
Ashby & Geddes 6/1/2005 Jun-05 ash239-02000 2,395.50
Ashby & Geddes 7/1/2005 Jul-05 ash209-02000 20,927.05
--------------
0-30 days 63,350.23
==============
Total Accounts Payable $ 225,757.15
Trenwick America Corporation
Exhibit 99.1
Trenwick America Corporation Case No. 03-12635 (MFW)
- -------------------------------------- ---------------
Debtor Reporting Period: July 2005
---------------
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- ------------------------------------------------------------------ -----------
Accounts Receivable Reconciliation Amount
- ------------------------------------------------------------------ -----------
Total Accounts Receivable at the beginning of the reporting period 49,176,260
- ------------------------------------------------------------------ -----------
+ Amounts billed during the period 2,428
- ------------------------------------------------------------------ -----------
- - Amounts collected during the period --
- ------------------------------------------------------------------ -----------
Total Accounts Receivable at the end of the reporting period 49,178,688
- ------------------------------------------------------------------ -----------
- ------------------------------------------------------------------ -----------
Accounts Receivable Aging Amount
- ------------------------------------------------------------------ -----------
0 - 30 days old 2,428
- ------------------------------------------------------------------ -----------
31 - 60 days old --
- ------------------------------------------------------------------ -----------
61 - 90 days old --
- ------------------------------------------------------------------ -----------
91 + days old 60,829,589
- ------------------------------------------------------------------ -----------
Total Accounts Receivable 60,832,017
- ------------------------------------------------------------------ -----------
Amount considered uncollectible (Bad Debt) (11,653,329)
- ------------------------------------------------------------------ -----------
Accounts Receivable (Net) 49,178,688
- ------------------------------------------------------------------ -----------
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)