ex99-1.htm

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.		ACCRUAL BASIS
CASE NUMBER: 08-35653
JUDGE: KEVIN R. HUENNEKENS


UNITED STATES BANKRUPTCY COURT

EASTERN DISTRICT OF VIRGINIA

RICHMOND DIVISION

MONTHLY OPERATING REPORT

MONTH ENDING: DECEMBER 1, 2009 TO DECEMBER 31, 2009



IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I
DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING
MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND
THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE
DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARER
(OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL INFORMATION OF WHICH
PREPARER HAS ANY KNOWLEDGE.



RESPONSIBLE PARTY:

/s/ MICHELLE O. MOSIER	VICE PRESIDENT AND CONTROLLER
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY	TITLE

MICHELLE O. MOSIER	FEBRUARY 12, 2010
PRINTED NAME OF RESPONSIBLE PARTY	DATE



PREPARER:

/s/ ANN P. PIETRANTONI	DIRECTOR, FINANCIAL REPORTING
ORIGINAL SIGNATURE OF PREPARER	TITLE

ANN P. PIETRANTONI	FEBRUARY 12, 2010
PRINTED NAME OF PREPARER	DATE

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-1
CASE NUMBER: 08-35653

BALANCE SHEET
(amounts in thousands)

	12/31/2009
ASSETS

CURRENT ASSETS
Cash and cash equivalents		335,990
Restricted cash		5,544
Short-term investments		1,083
Accounts receivable, net		354,546
Income tax receivable		159,766
Prepaid expenses and other current assets		6,376
Intercompany receivables and investments in subsidiaries		85,185

TOTAL CURRENT ASSETS		948,490

Property and equipment		6,871
Accumulated depreciation		(3,428	)
Net property and equipment		3,443
Other assets		20,265

TOTAL ASSETS		972,198


LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
Merchandise payable		176,744
Expenses payable		19,971
Accrued expenses and other current liabilities		30,562
Intercompany payables		607

TOTAL CURRENT LIABILITIES		227,884

Deferred income taxes		7,084

LIABILITIES NOT SUBJECT TO COMPROMISE		234,968

LIABILITIES SUBJECT TO COMPROMISE		1,390,168

TOTAL LIABILITIES		1,625,136

STOCKHOLDERS' EQUITY
Common stock		435,612
Additional paid-in capital		304,915
Retained deficit		(1,384,106	)
Accumulated other comprehensive loss		(9,359	)

TOTAL STOCKHOLDERS' EQUITY		(652,938	)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		972,198

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-2
CASE NUMBER: 08-35653

INCOME STATEMENT
(Amounts in thousands)	12/1/2009 - 12/31/2009
Net sales		-
Cost of sales, buying and warehousing		-
Gross profit		-
Selling, general and administrative expenses (net gain)		(6,675	)
Operating income		6,675
Interest income		-
Interest expense		-
Earnings before reorganization items, GAAP reversals and income taxes		6,675
Net loss from reorganization items		(1,026	)
Net gain from GAAP reversals		-
Income tax benefit (1)		85,081
Net earnings		90,730

(1) During December 2009, the company recorded a net income tax benefit primarily resulting from the filing of a refund claim under the federal five year net operating loss carryback regulations.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-2
CASE NUMBER: 08-35653

INCOME STATEMENT
(Amounts in thousands)	11/10/2008 - 12/31/2009
Net sales		3,200,966
Cost of sales, buying and warehousing		2,825,511
Gross profit		375,455
Selling, general and administrative expenses		1,064,049
Asset impairment charges (1)		756,785
Operating loss		(1,445,379	)
Interest income		90
Interest expense		24,695
Loss before reorganization items, GAAP reversals and income taxes		(1,469,984	)
Net loss from reorganization items		(635,344	)
Net gain from GAAP reversals (2)		282,255
Income tax benefit (3)		85,975
Net loss		(1,737,098	)

(1) The company recorded non-cash impairment charges of $756.8 million during the period between 11/10/2008 and 12/31/2009. The charges were primarily related to long-lived assets at the company's stores and the company's investment in its Canadian subsidiary.
(2) During the period between 1/1/09 and 12/31/09, the company reversed items that had been recorded solely for purposes of complying with generally accepted accounting principles. Items reversed include accrued straight-line rent, certain liabilities subject to compromise and other reserves established under GAAP. The net impact of these GAAP reversals was a non-cash gain of $282.3 million.
(3) During December 2009, the company recorded a net income tax benefit primarily resulting from the filing of a refund claim under the federal five year net operating loss carryback regulations.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-3
CASE NUMBER: 08-35653

CASH RECEIPTS AND
DISBURSEMENTS
(amounts in thousands)
	12/1/2009 - 12/31/2009
Operating Activities:
Net loss	$	90,730

Adjustments to reconcile net loss to net cash
provided by operating activities:
Net loss from reorganization items		1,026
Changes in operating assets and liabilities:
Restricted cash and cash held by BOA		17
Accounts receivable, net		350
Other assets		44
Merchandise payable		23
Expenses payable		1,245
Accrued expenses, other current liabilities and
income taxes		(84,728	)
Net cash provided by operating activities before
reorganization items		8,707
Cash effect of reorganization items (professional fees)		(2,884	)
Net cash provided by operating activities		5,823

Financing Activities:
Change in overdraft balances		(236	)
Net cash used in financing activities		(236	)

Increase in cash and cash equivalents		5,587
Cash and cash equivalents at beginning of period		330,403
Cash and cash equivalents at end of period	$	335,990

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.	ACCRUAL BASIS-3
CASE NUMBER: 08-35653

CASH RECEIPTS AND
DISBURSEMENTS
(amounts in thousands)
	11/10/2008 - 12/31/2009
Operating Activities:
Net loss		(1,737,098	)

Adjustments to reconcile net loss to net cash provided by
operating activities:
Net loss from reorganization items		635,344
Net gain from GAAP reversals		(282,255	)
Depreciation expense		44,297
Amortization expense		4
Asset impairment charges		756,785
Stock-based compensation benefit		(8,447	)
Loss on dispositions of property & equipment		453,029
Provision for deferred income taxes		3,383
Other		(9,813	)
Changes in operating assets and liabilities:
Restricted cash and cash held by BOA		(13,264	)
Accounts receivable, net		(95,329	)
Merchandise inventory		1,605,958
Prepaid expenses & other current assets		87,099
Other assets		17,599
Merchandise payable		(3,813	)
Expenses payable		(49,576	)
Accrued expenses, other current liabilities and
income taxes		(216,064	)
Intercompany receivables		6,688
Other long-term liabilities		(231,876	)
Net cash provided by operating activities before
reorganization items		962,651
Cash effect of reorganization items (professional fees & settlement of receivables)		8,416
Net cash provided by operating activities		971,067

Investing Activities:
Purchases of property and equipment		(748	)
Dividend received from captive insurance subsidiary		8,952
Proceeds from sales of property & equipment		72,414
Net cash provided by investing activities		80,618

Financing Activities:
Proceeds from DIP borrowings		2,961,203
Principal payments on DIP borrowings		(3,691,794	)
Principal payments on other short-term borrowings		(198	)
Proceeds from long-term debt		401
Principal payments on long-term debt		(1,983	)
Change in overdraft balances		(4,656	)
Net cash used in financing activities before
reorganization items		(737,027	)
Cash effect of reorganization items (debt issuance costs)		(26,682	)
Net cash used in financing activities		(763,709	)

Increase in cash and cash equivalents		287,976
Cash and cash equivalents at beginning of period		48,014
Cash and cash equivalents at end of period	$	335,990

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.									ACCRUAL BASIS-4
CASE NUMBER: 08-35653


							SCHEDULE		MONTH		MONTH			MONTH
ACCOUNTS RECEIVABLE AGING							AMOUNT		10/31/2009		11/30/2009			12/31/2009
	1.		0-30							-		-			-
	2.		31-60							-		-			-
	3.		61-90							-		-			-
	4.		91	+						421,284,037		356,011,405			355,661,797
	5.	TOTAL ACCOUNTS RECEIVABLE							$	421,284,037	$	356,011,405		$	355,661,797
	6.	AMOUNT CONSIDERED UNCOLLECTIBLE								1,115,696		1,115,696			1,115,696
	7.	ACCOUNTS RECEIVABLE (NET)							$	420,168,341	$	354,895,709		$	354,546,101



AGING OF POSTPETITION TAXES AND PAYABLES									MONTH:		12/1/2009 - 12/31/2009

						0-30		31-60		61-90		91+
TAXES PAYABLE					DAYS		DAYS		DAYS		DAYS			TOTAL
	1.	FEDERAL			$	46,356	$	-	$	-	$	-		$	46,356
	2.	STATE				2,852		-		-		240,536			243,388
	3.	LOCAL				5,623,748		1,709,848		93,452		2,835,046			10,262,094
	4.	OTHER (SEE APPENDIX A)				425,816		-		-		15,713,117			16,138,933
	5.	TOTAL TAXES PAYABLE			$	6,098,772	$	1,709,848	$	93,452	$	18,788,699		$	26,690,771

	6.	MERCHANDISE PAYABLE			$	-	$	-	$	-	$	176,743,717		$	176,743,717
		EXPENSES PAYABLE			$	657,404	$	213,760	$	249,672	$	18,850,432		$	19,971,268



STATUS OF POSTPETITION TAXES									MONTH:		12/1/2009 - 12/31/2009

							BEGINNING		AMOUNT					ENDING
							TAX		WITHHELD AND/		AMOUNT			TAX
FEDERAL							LIABILITY*		OR ACCRUED		PAID			LIABILITY
	1.	WITHHOLDING**					$	19,433	$	82,071	$	(74,968	)	$	26,536
	2.	FICA-EMPLOYEE**						3,593		21,432		(15,480	)		9,545
	3.	FICA-EMPLOYER**						3,593		21,432		(15,480	)		9,545
	4.	UNEMPLOYMENT						-		732		(2	)		730
	5.	INCOME						-		-		-			-
	6.	OTHER (ATTACH LIST)						-		-		-			-
	7.	TOTAL FEDERAL TAXES					$	26,619	$	125,667	$	(105,930	)	$	46,356
STATE AND LOCAL & OTHER
	8.	WITHHOLDING					$	-	$	-	$	-		$	-
	9.	SALES						240,763		-		(227	)		240,536
	10.	EXCISE						-		-		-			-
	11.	UNEMPLOYMENT						-		2,860		(8	)		2,852
	12.	REAL PROPERTY						25,077		2,013		-			27,090
	13.	PERSONAL PROPERTY						10,235,004		-		-			10,235,004
	14.	OTHER (SEE APPENDIX A)						16,138,933		-		-			16,138,933
	15.	TOTAL STATE & LOCAL & OTHER					$	26,639,777	$	4,873	$	(235	)	$	26,644,415
	16.	TOTAL TAXES					$	26,666,396	$	130,540	$	(106,165	)	$	26,690,771

	*	The beginning tax liability should represent the liability from the prior month or, if this is the first operating report, the amount should be zero.
	**	Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to verify payment or deposit.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.					APPENDIX A
CASE NUMBER: 08-35653


OTHER TAXES PAYABLE
	0-30 days		31-60 days		61-90 days		91+ days		Total
State & Local Income Taxes	$	425,816	$	-	$	-	$	-		425,816
Business Licenses and Gross Receipts Taxes		-		-		-		870,272		870,272
Real Estate Taxes (passed through by landlord)		-		-		-		14,842,845		14,842,845

Other Taxes Payable	$	425,816	$	-	$	-	$	15,713,117	$	16,138,933






STATUS OF POSTPETITION TAXES - OTHER TAXES

	Beginning Tax Liability		Amount Withheld and/or Accrued				Ending Tax Liability
	Beginning Tax Liability		Amount Withheld and/or Accrued		Amount Paid		Ending Tax Liability

Other Taxes
State & Local Income Taxes (1) (2)	$	425,816	$	-	$	-	$	425,816
Business Licenses and Gross Receipts Taxes		870,272		-		-	$	870,272
Real Estate Taxes (passed through by landlord)		14,842,845		-		-	$	14,842,845

Total Other Taxes	$	16,138,933	$	-	$	-	$	16,138,933

(1) Income/Franchise taxes related to the fiscal year ending 2/28/09 are considered "postpetition" taxes because the ending date of the period on which the returns are based is postpetition.

(2) During March - December 2009, the company did not record a full tax provision. Therefore, the ending tax liability does not include an additional accrual for that period of time.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.

ACCRUAL BASIS-5

CASE NUMBER: 08-35653

The debtor in possession must complete the reconciliation below for each bank account,

including all general, payroll and tax accounts, as well as all savings and investment

accounts, money market accounts, certificates of deposit, government obligations, etc.

Accounts with restricted funds should be identified by placing an asterisk next to the

account number. Attach additional sheets if necessary.

MONTH:

12/1/2009 - 12/31/2009

BANK RECONCILIATIONS

Account #1

Account #2

Account #3

A. BANK:

see APPENDIX B

B. ACCOUNT NUMBER:

TOTAL

C. PURPOSE (TYPE):

BALANCE PER BANK STATEMENT

ADD: TOTAL DEPOSITS NOT CREDITED

SUBTRACT: OUTSTANDING CHECKS

OTHER RECONCILING ITEMS

MONTH END BALANCE PER BOOKS

341,533,698

NUMBER OF LAST CHECK WRITTEN

INVESTMENT ACCOUNTS

DATE OF

TYPE OF

PURCHASE

CURRENT

BANK, ACCOUNT NAME & NUMBER

PURCHASE

INSTRUMENT

PRICE

VALUE

10.

11.

TOTAL INVESTMENTS

CASH

12.

CURRENCY ON HAND

13.

TOTAL CASH - END OF MONTH

341,533,698

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.						APPENDIX B
CASE NUMBER: 08-35653
G/L Acct #	Account Name	Bank Acct #	Debtor	Description	Bank Balance	G/L Balance	As of Date	Reconciled as of 12/31/09

101003	Wachovia Circuit City Master	2055275431509	Circuit City Stores, Inc.	Funding Account	-	17,203,897	12/31/2009	Y
101003	Wachovia Circuit City Main Disbursement	2000045277427	Circuit City Stores, Inc.	Funding Account	17,203,897	-	12/31/2009	Y
101004	BOA Main Account	4426954215	Circuit City Stores, Inc.	Funding Account	318,434,051	318,434,051	12/31/2009	Y
101063	Wachovia Sublease Lockbox	2055303192189	Circuit City Stores, Inc.	Depository Account	-	-	12/31/2009	Y
101679	Escrow Deposit	4426876681	Circuit City Stores, Inc.	Escrow Account	215,195	215,195	12/31/2009	Y
101100	Suntrust Concentration	88001883706	Circuit City Stores, Inc.	Funding Account	4,952	-	12/31/2009	Y
101117	Chase Store Depository	744447244	Circuit City Stores, Inc.	Depository Account	-	1,116	12/31/2009	Y
101217	Wachovia Payroll	2079900613908	XS Stuff, LLC	Payroll Account	16,014	19,412	12/31/2009	Y
101255	Wachovia Service Payables	2079900056044	Circuit City Stores, Inc.	Disbursement Account	-	(1,428,174)	12/31/2009	Y
101307	Chase CC Empire Blue Cross	475600266	Circuit City Stores, Inc.	Depository Account	1,041,485	659,440	12/31/2009	Y
101332	Suntrust EP Disbursement	8800606660	Circuit City Stores, Inc.	Disbursement Account	-	-	12/31/2009	Y
101453	Solutran Citizens State Bank Parago Funding Acct	737934	Circuit City Stores, Inc.	Funding Account	50,437	50,437	12/31/2009	Y
101530	Wachovia Ventoux International	2000022979528	Ventoux International	Depository Account	1,050,000	1,050,000	12/31/2009	Y
101677	BA Liquidation Acct	4426864923	Circuit City Stores, Inc.	Escrow Account	5,328,324	5,328,324	12/31/2009	Y

					$ 343,344,355	$ 341,533,698

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.									ACCRUAL BASIS-6
CASE NUMBER: 08-35653

									MONTH:		12/1/2009 - 12/31/2009

PAYMENTS TO INSIDERS AND PROFESSIONALS

OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID
TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE)
AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF
COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE,
TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.

INSIDERS
				TYPE OF	AMOUNT		TOTAL PAID
			NAME	PAYMENT	PAID		TO DATE
	1.
	2.
	3.
	4.
	5.
	6.		TOTAL PAYMENTS
			TO INSIDERS (1)


PROFESSIONALS
				DATE OF COURT							TOTAL
				ORDER AUTHORIZING	AMOUNT		AMOUNT		TOTAL PAID		INCURRED
			NAME	PAYMENT	APPROVED		PAID		TO DATE		& UNPAID *
	1.		FTI Consulting, Inc.				$	511,401	$	7,759,268	$	799,338
	2.		Kirkland & Ellis LLP					2,275		285,556		5,461
	3.		KPMG LLP					-		926,558		-
	4.		Kurtzman Carson Consultants LLC					345,246		6,873,766		169,224
	5.		McGuire Woods, LLP					219,119		3,430,128		398,786
	6.		Skadden, Arps, Slate, Meagher & Flom, LLP					1,285,469		9,956,388		394,775
	7.		Ernst & Young LLP					-		1,777,554		17,668
	8.		Tavenner & Beran, PLC					13,457		232,152		3,866
	9.		Jefferies & Company, Inc.					-		658,254		-
	10.		Pachulski, Stang, Ziehl & Jones					101,498		2,524,095		137,964
	11.		Rothschild Inc.					-		3,017,829		-
	12.		Protiviti					405,531		2,522,379		266,951
	13.		DJM Realty Services, LLC					-		741,139		-
	14.		Lucy Thomson					-		74,526		-
			TOTAL PAYMENTS
			TO PROFESSIONALS		$	-	$	2,883,996	$	40,779,592	$	2,194,033

* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS

					SCHEDULED		AMOUNTS
					MONTHLY		PAID		TOTAL
					PAYMENTS		DURING		UNPAID
NAME OF CREDITOR					DUE		MONTH		POSTPETITION
	1.		Leases (2)		$	6,500	$	6,500	$	11,008,541
	2.
	3.
	4.
	5.
	6.		TOTAL		$	6,500	$	6,500	$	11,008,541

	(1	)	Other than salary, fees and benefit payments made in the ordinary course of business and reimbursements for business expenses, no payments have been made to insiders during the reporting period.
	(2	)	The leases line item is made up of several landlords. As such, only the total amount is reported in this schedule. The unpaid balance remaining at 12/31/2009 primarily includes some rent payments due for the period from 11/10/2008 - 11/30/2008.

CASE NAME: CIRCUIT CITY STORES, INC., ET AL.

ACCRUAL BASIS-7

CASE NUMBER: 08-35653

MONTH:

12/1/2009 - 12/31/2009

QUESTIONNAIRE

YES

HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE

THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?

HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT

OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?

ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR

LOANS) DUE FROM RELATED PARTIES?

HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES

THIS REPORTING PERIOD?

HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE

DEBTOR FROM ANY PARTY?

ARE ANY POSTPETITION PAYROLL TAXES PAST DUE?

ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES

PAST DUE?

ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE?

ARE ANY OTHER POSTPETITION TAXES PAST DUE?

10.

ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS

DELINQUENT?

11.

HAVE ANY PREPETITION TAXES BEEN PAID DURING THE

REPORTING PERIOD?

12.

ARE ANY WAGE PAYMENTS PAST DUE?

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED

EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

Intercompany transactions in the ordinary course of business have given rise to postpetition receivables.

Certain real estate taxes are passed through to the debtors from the landlords. A portion of these real estate taxes is past due.

Certain business license taxes that covered both prepetition and postpetition periods were due on or before 12/31/2009 but were not paid.

10.

The rent for some store leases owed for the period 11/10/2008 through 11/30/2008 is past due; these payments are being held pursuant to a Court order. In addition, due to the liquidation proceedings, the debtors are currently reconciling amounts due to post-petition creditors, which has slowed creditor payments.

11.

Pursuant to motions granted by the Bankruptcy Court, the debtors have paid prepetition taxes.

INSURANCE

YES

ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER

NECESSARY INSURANCE COVERAGES IN EFFECT?

ARE ALL PREMIUM PAYMENTS PAID CURRENT?

PLEASE ITEMIZE POLICIES BELOW.

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN

CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION

BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.

	INSTALLMENT PAYMENTS
TYPE OF			PAYMENT AMOUNT
POLICY	CARRIER	PERIOD COVERED	& FREQUENCY
Workers’ Compensation & Employer’s Liability	ACE American Insurance Company	4/1/09 - 4/1/10	$4,396 paid at inception, $4,089 paid on 7/29/09 and $203 paid on 9/29/09
General Liability and Non-owned Auto Liability	First Specialty Insurance Company	4/1/09 - 4/1/10	$85,000 paid at inception
Excess Liability	RSUI Indemnity Company	4/1/09 - 4/1/10	$55,000 paid at inception
Foreign Liability Package	Insurance Company of the State of Pennsylvania	1/1/09 - 1/1/10	$6,156 paid at inception
D&O (Traditional) - Primary	Chartis	12/1/09 - 12/1/10	$125,000 paid at inception
D&O (Traditional) - Layer 1	C.V. Starr & Co., Inc.	12/1/09 - 12/1/10	$69,000 paid at inception
D&O (Traditional) - Layer 2	CNA	12/1/09 - 12/1/10	$55,000 paid at inception
D&O (Traditional) - Layer 3	Valiant Insurance Group	12/1/09 - 12/1/10	$50,000 paid at inception
D&O (Traditional) - Layer 4	C.V. Starr & Co., Inc.	12/1/09 - 12/1/10	$25,000 paid at inception
D&O (Traditional) - Layer 5	Chartis	12/1/09 - 12/1/10	$25,000 paid at inception
Runoff D&O - Primary	CNA	12/1/08 - 12/1/14	$1,177,500 paid at inception
Runoff D&O - Layer 1	Chubb Group	12/1/08 - 12/1/14	$487,500 paid at inception
Runoff D&O - Layer 2 (Year 1)	Great American Insurance Group	12/1/08 - 12/1/14	$240,000 paid at inception
Runoff D&O - Layer 2 (Years 2 - 6)	Axis Insurance	12/1/08 - 12/1/14	$240,000 paid at inception
Runoff D&O - Layer 3	Travelers	12/1/08 - 12/1/14	$822,000 paid at inception
Runoff D&O - Layer 4	Axis Insurance	12/1/08 - 12/1/14	$698,700 paid at inception
Runoff D&O - Layer 5	RSUI Group, Inc.	12/1/08 - 12/1/14	$589,050 paid at inception
Runoff D&O - Layer 6	Arch Insurance Group	12/1/08 - 12/1/14	$540,000 paid at inception
Runoff D&O - Layer 7 (Side A DIC)	XL Insurance	12/1/08 - 12/1/14	$1,275,000 paid at inception
Runoff D&O - Layer 8	Chubb Group	12/1/08 - 12/1/14	$375,000 paid at inception
Property - All Risk	Columbia Casualty Company	8/15/09 - 8/15/10	$77,290 paid at inception