EX-99.1 2 dex991.htm MONTHLY OPERATING REPORT Monthly Operating Report

Exhibit 99.1

CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-1A

COMPARATIVE BALANCE SHEET

ASSETS

 

     1/31/10     2/28/10     3/31/10     4/30/10     5/31/10     6/30/10  

CURRENT ASSETS:

            

Cash (Attach Recons. & Bk Stmts.)

   1,798      2,011      2,740      2,752      2,468      3,305   

Investment securities, at market

   237,365      226,471      126,084      114,645      108,702      90,750   

Prepaid expense & deposits

   30,000      30,000      30,000      30,000      30,000      30,000   
                                    

TOTAL CURRENT ASSETS

   269,163      258,482      158,824      147,397      141,170      124,055   
                                    

OTHER ASSETS:

            

Note receivable from AIC

   20,000,000      20,000,000      20,000,000      20,000,000      20,000,000      20,000,000   

Valuation allowance

   (20,000,000   (20,000,000   (20,000,000   (20,000,000   (20,000,000   (20,000,000

Investment in AIC, at underlying book value

   1,691,146      2,947,686      2,947,686      2,227,531      2,227,531      2,227,531   

Contingent claims

   0      0      0      0      0      0   
                                    

TOTAL OTHER ASSETS

   1,691,146      2,947,686      2,947,686      2,227,531      2,227,531      2,227,531   
                                    

TOTAL ASSETS

   1,960,309      3,206,168      3,106,510      2,374,928      2,368,701      2,351,586   
                                    

I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.

 

Date Submitted    July 13, 2010    Signed   

/s/ Gary N Thompson

   Printed Name of Signatory    Gary N Thompson


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-1B

COMPARATIVE BALANCE SHEET

LIABILITIES AND STOCKHOLDERS EQUITY

 

     1/31/10     2/28/10     3/31/10     4/30/10     5/31/10     6/30/10  

LIABILITIES:

            

Post-Petition debt (Sched. C)

   20,563      66,980      26,796      28,245      33,237      29,440   

Pre-Petition Debt:

            

Litigation claims

   22,000,000      22,000,000      22,000,000      22,000,000      22,000,000      22,000,000   

Unsecured liabilities

   46,054      46,054      46,054      46,054      46,054      46,054   

Unsecured debt

   116,110,260      116,110,260      116,110,260      116,110,260      116,110,260      116,110,260   
                                    

TOTAL LIABILITIES

   138,176,877      138,223,294      138,183,110      138,184,559      138,189,551      138,185,754   
                                    

SHAREHOLDERS EQUITY:

            

Preferred stock

   0      0      0      0      0      0   

Common stock

   6,274,000      6,274,000      6,274,000      6,274,000      6,274,000      6,274,000   

Paid-in capital

   199,660,000      199,660,000      199,660,000      199,660,000      199,660,000      199,660,000   

Treasury stock

   (29,969,000   (29,969,000   (29,969,000   (29,969,000   (29,969,000   (29,969,000

Retained earnings:

            

As of filing date

   (281,005,796   (281,005,796   (281,005,796   (281,005,796   (281,005,796   (281,005,796

After filing date

   (31,175,772   (29,976,330   (30,035,804   (30,768,835   (30,780,054   (30,793,372
                                    

TOTAL SHAREHOLDERS EQUITY

   (136,216,568   (135,017,126   (135,076,600   (135,809,631   (135,820,850   (135,834,168
                                    

TOTAL LIABILITIES AND SHAREHOLDER EQUITY

   1,960,309      3,206,168      3,106,510      2,374,928      2,368,701      2,351,586   
                                    


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-2

STATEMENT OF INCOME

 

     1/31/10     2/28/10     3/31/10     4/30/10     5/31/10     6/30/10  

REVENUE:

            

Net investment income

   209      206      120      61      57      49   

Net realized gain

   0      0      0      0      0      0   

Other

   0      0      0      0      0      0   

OPERATING EXPENSES:

            

Salaries and benefits

   (4,498   (4,561   (4,589   (4,731   (4,780   (4,681

Board fees and expenses

   0      0      0      0      0      0   

Financial advisor fees and expenses

   0      0      0      0      0      0   

Legal fees and expenses

   (5,006   (51,710   (5,919   (4,459   (5,550   (3,762

Accounting fees and expenses

   0      0      0      0      0      0   

Actuarial services

   0      0      0      0      0      0   

Insurance

   (525   0      (41,708   0      0      0   

Franchise taxes

   0      0      (2,002   0      0      0   

Filing fees and expenses

   (1,027   0      (4,090   (2,978   0      (3,927

Overhead expenses

   (789   (789   (779   (769   (746   (746

Miscellaneous

   (351   (244   (507   0      (200   (250
                                    

NET OPERATING INCOME / LOSS

   (11,987   (57,098   (59,474   (12,876   (11,219   (13,317
                                    

OTHER INCOME (EXPENSE):

            

Interest expense

   0      0      0      0      0      0   

Income tax refund

   0      0      0      0      0      0   

Write-off of contingent claim (note)

   0      0      0      0      0      0   

Equity in operating earnings of AIC

   0      1,335,695      0      (734,008   0      0   

Equity in unrealized losses of securities of AIC

   0      (79,155   0      13,853      0      0   
                                    

TOTAL OTHER INCOME (EXPENSE)

   0      1,256,540      0      (720,155   0      0   
                                    

NET INCOME (LOSS)

   (11,987   1,199,442      (59,474   (733,031   (11,219   (13,317
                                    


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-3

SOURCES AND USE OF CASH

 

     1/31/10     2/28/10     3/31/10     4/30/10     5/31/10     6/30/10  

CASH DIFFERENCE:

            

Current ending cash balance

   1,798      2,011      2,740      2,752      2,468      3,305   

Less ending prior month balance

   (2,715   (1,798   (2,011   (2,740   (2,752   (2,468
                                    

NET CASH INCREASE (DECREASE)

   (917   213      729      12      (284   837   
                                    

SOURCES OF CASH:

            

Net income (loss)

   (11,987   1,199,442      (59,474   (733,031   (11,219   (13,317

Write-off of contingent claim

   0      0      0      0      0      0   

Equity in earnings and unrealized losses of AIC

   0      (1,256,540   0      720,155      0      0   

Decrease in:

            

Receivables

   0      0      0      0      0      0   

Marketable securities

   0      10,894      100,387      11,438      5,943      17,951   

Prepaid expenses & deposits

   30,000      0      0      0      0      0   

Increase in:

            

Post-petition debt

   0      46,417      0      1,450      4,992      0   

Pre-petition debt

   0      0      0      0      0      0   
                                    

TOTAL SOURCES OF CASH

   18,013      213      40,913      12      (284   4,634   
                                    

USES OF CASH:

            

Increase in:

            

Receivables

   0      0      0      0      0      0   

Marketable securities

   (7,208   0      0      0      0      0   

Decrease in:

            

Post-petition debt

   (11,722   0      (40,184   0      0      (3,797

Pre-petition debt

   0      0      0      0      0      0   
                                    

TOTAL USES OF CASH

   (18,930   0      (40,184   0      0      (3,797
                                    

NET CASH INCREASE (DECREASE)

   (917   213      729      12      (284   837   
                                    


CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

SCHEDULE C

SCHEDULE OF POST PETITION DEBT

 

     1/31/10    2/28/10    3/31/10    4/30/10    5/31/10    6/30/10

TRADE ACCOUNTS PAYABLE

   20,563    66,980    26,796    28,245    33,237    29,440

PAYROLL AND PAYROLL TAXES

   0    0    0    0    0    0

TAXES PAYABLE

   0    0    0    0    0    0
                             

TOTAL POST PETITION DEBT

   20,563    66,980    26,796    28,245    33,237    29,440