EX-99.1 2 d65136_ex99-1.txt JULY 2005 MONTHLY OPERATING REPORT 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.

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)

* 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

* 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.

SUMMARY OF UNPAID POSTPETITION DEBTS Attach aged listing of accounts payable

FORM MOR-4 (9/99) Trenwick America Corporation Exhibit 99.1 Listing of Aged Accounts Payable Trenwick America Corporation As of July 31, 2005

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)

TRENWICK AMERICA CORP 8-K