ACCEPTANCE INSURANCE COMPANIES INC - FORM 8-K - EX-99.1 - MONTHLY OPERATING REPORT

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8-K - FORM 8-K - ACCEPTANCE INSURANCE COMPANIES INC	d8k.htm

Exhibit 99.1

CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-1A

COMPARATIVE BALANCE SHEET

ASSETS


	5/31/09		6/30/09		7/31/09		8/31/09		9/30/09		10/31/09
CURRENT ASSETS:
Cash (Attach Recons. & Bk Stmts.)	5,199		4,811		5,674		1,621		5,431		4,422
Investment securities, at market	423,503		367,088		350,967		342,524		321,073		263,633
Prepaid expense & deposits	60,000		60,000		60,000		60,000		60,000		60,000

TOTAL CURRENT ASSETS	488,702		431,899		416,641		404,145		386,504		328,055


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	1,494,233		1,494,233		1,494,233		2,428,472		2,428,472		1,691,146
Contingent claims	21,500,000		21,500,000		21,500,000		21,500,000		0		0

TOTAL OTHER ASSETS	22,994,233		22,994,233		22,994,233		23,928,472		2,428,472		1,691,146



TOTAL ASSETS	23,482,935		23,426,132		23,410,874		24,332,617		2,814,976		2,019,201

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

Date Submitted November 10, 2009 Signed /s/ Gary N Thompson Printed Name of Signatory Gary N Thompson

Form OPR-1B

COMPARATIVE BALANCE SHEET

LIABILITIES AND STOCKHOLDERS EQUITY


	5/31/09		6/30/09		7/31/09		8/31/09		9/30/09		10/31/09
LIABILITIES:
Post-Petition debt (Sched. C)	23,076		26,658		27,646		27,921		28,111		11,340

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	138,179,390		138,182,972		138,183,960		138,184,235		138,184,425		138,167,654


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	(9,655,659	)	(9,716,044	)	(9,732,290	)	(8,810,822	)	(30,328,653	)	(31,107,657	)


TOTAL SHAREHOLDERS EQUITY	(114,696,455	)	(114,756,840	)	(114,773,086	)	(113,851,618	)	(135,369,449	)	(136,148,453	)


TOTAL LIABILITIES AND SHAREHOLDER EQUITY	23,482,935		23,426,132		23,410,874		24,332,617		2,814,976		2,019,201

CASE NO: 05-80059

Form OPR-2

STATEMENT OF INCOME


	5/31/09		6/30/09		7/31/09		8/31/09		9/30/09		10/31/09
REVENUE:
Net investment income	600		597		542		565		550		560
Net realized gain	0		0		0		0		0		0
Other	0		0		0		0		0		0

OPERATING EXPENSES:
Salaries and benefits	(8,816	)	(8,694	)	(8,704	)	(8,880	)	(8,695	)	(8,705	)
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	(8,564	)	(48,501	)	(4,978	)	(1,375	)	(950	)	(27,999	)
Accounting fees and expenses	0		0		0		0		(3,268	)	(904	)
Actuarial services	0		0		0		0		0		0
Insurance	0		0		0		0		0		0
Franchise taxes	0		0		0		0		0		0
Filing fees and expenses	(5,049	)	(2,568	)	(1,296	)	(1,693	)	(4,175	)	(3,259	)
Overhead expenses	(759	)	(739	)	(786	)	(862	)	(787	)	(789	)
Miscellaneous	(5	)	(480	)	(1,024	)	(526	)	(507	)	(582	)

NET OPERATING INCOME / LOSS	(22,593	)	(60,385	)	(16,246	)	(12,771	)	(17,832	)	(41,678	)


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		(21,500,000	)	0
Equity in operating earnings of AIC	0		0		0		940,478		0		(670,186	)
Equity in unrealized losses of securities of AIC	0		0		0		(6,239	)	0		(67,140	)

TOTAL OTHER INCOME (EXPENSE)	0		0		0		934,239		(21,500,000	)	(737,326	)


NET INCOME (LOSS)	(22,593	)	(60,385	)	(16,246	)	921,468		(21,517,832	)	(779,004	)

CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

Form OPR-3

SOURCES AND USE OF CASH


	5/31/09		6/30/09		7/31/09		8/31/09		9/30/09		10/31/09
CASH DIFFERENCE:
Current ending cash balance	5,199		4,811		5,674		1,621		5,431		4,422
Less ending prior month balance	(5,945	)	(5,199	)	(4,811	)	(5,674	)	(1,621	)	(5,431	)

NET CASH INCREASE (DECREASE)	(746	)	(388	)	863		(4,053	)	3,810		(1,009	)


SOURCES OF CASH:
Net income (loss)	(22,593	)	(60,385	)	(16,246	)	921,468		(21,517,832	)	(779,004	)
Write-off of contingent claim	0		0		0		0		21,500,000		0
Equity in earnings and unrealized losses of AIC	0		0		0		(934,239	)	0		737,326

Decrease in:
Receivables	0		0		0		0		0		0
Marketable securities	17,416		56,415		16,121		8,443		21,452		57,441
Increase in:
Post- petition debt	4,431		3,582		988		275		190		0
Pre-petition debt	0		0		0		0		0		0

TOTAL SOURCES OF CASH	(746	)	(388	)	863		(4,053	)	3,810		15,763


USES OF CASH:
Increase in:
Receivables	0		0		0		0		0		0
Marketable securities	0		0		0		0		0		0
Decrease in:
Post- petition debt	0		0		0		0		0		(16,772	)
Pre-petition debt	0		0		0		0		0		0

TOTAL USES OF CASH	0		0		0		0		0		(16,772	)


NET CASH INCREASE (DECREASE)	(746	)	(388	)	863		(4,053	)	3,810		(1,009	)

CASE NAME: Acceptance Insurance Companies Inc.

CASE NO: 05-80059

SCHEDULE C

SCHEDULE OF POST PETITION DEBT

ACCEPTANCE INSURANCE COMPANIES INC - FORM 8-K - EX-99.1 - MONTHLY OPERATING REPORT - November 12, 2009