Attached files
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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: |
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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: |
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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: |
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Increase in: |
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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
5/31/09 | 6/30/09 | 7/31/09 | 8/31/09 | 9/30/09 | 10/31/09 | |||||||
TRADE ACCOUNTS PAYABLE |
23,076 | 26,658 | 27,646 | 27,921 | 28,111 | 11,340 | ||||||
PAYROLL AND PAYROLL TAXES |
0 | 0 | 0 | 0 | 0 | 0 | ||||||
TAXES PAYABLE |
0 | 0 | 0 | 0 | 0 | 0 | ||||||
TOTAL POST PETITION DEBT |
23,076 | 26,658 | 27,646 | 27,921 | 28,111 | 11,340 | ||||||