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
4/30/09 | 5/31/09 | 6/30/09 | 7/31/09 | 8/31/09 | 9/30/09 | |||||||||||||
CURRENT ASSETS: |
||||||||||||||||||
Cash (Attach Recons. & Bk Stmts.) |
5,945 | 5,199 | 4,811 | 5,674 | 1,621 | 5,431 | ||||||||||||
Investment securities, at market |
440,920 | 423,503 | 367,088 | 350,967 | 342,524 | 321,073 | ||||||||||||
Prepaid expense & deposits |
60,000 | 60,000 | 60,000 | 60,000 | 60,000 | 60,000 | ||||||||||||
TOTAL CURRENT ASSETS |
506,865 | 488,702 | 431,899 | 416,641 | 404,145 | 386,504 | ||||||||||||
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 | 1,494,233 | 2,428,472 | 2,428,472 | ||||||||||||
Contingent claims (note) |
21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 21,500,000 | 0 | ||||||||||||
TOTAL OTHER ASSETS |
22,994,233 | 22,994,233 | 22,994,233 | 22,994,233 | 23,928,472 | 2,428,472 | ||||||||||||
TOTAL ASSETS |
23,501,098 | 23,482,935 | 23,426,132 | 23,410,874 | 24,332,617 | 2,814,976 | ||||||||||||
I CERTIFY UNDER PENALTY OF PERJURY THAT THIS 5 PAGE OPERATING REPORT IS TRUE AND CORRECT.
Date Submitted October 13, 2009 Signed /s/ Gary N Thompson Printed Name of Signatory Gary N Thompson
Note - On October 1, 2009, the United States Court of Appeals for the Federal Circuit affirmed the dismissal of AICIs takings claim against the US Government. Accordingly, the Company has written off the asset related to the claim.
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059
Form OPR-1B
COMPARATIVE BALANCE SHEET
LIABILITIES AND STOCKHOLDERS EQUITY
4/30/09 | 5/31/09 | 6/30/09 | 7/31/09 | 8/31/09 | 9/30/09 | |||||||||||||
LIABILITIES: |
||||||||||||||||||
Post-Petition debt (Sched. C) |
18,646 | 23,076 | 26,658 | 27,646 | 27,921 | 28,111 | ||||||||||||
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 |
138,174,960 | 138,179,390 | 138,182,972 | 138,183,960 | 138,184,235 | 138,184,425 | ||||||||||||
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 |
(9,633,066 | ) | (9,655,659 | ) | (9,716,044 | ) | (9,732,290 | ) | (8,810,822 | ) | (30,328,653 | ) | ||||||
TOTAL SHAREHOLDERS EQUITY |
(114,673,862 | ) | (114,696,455 | ) | (114,756,840 | ) | (114,773,086 | ) | (113,851,618 | ) | (135,369,449 | ) | ||||||
TOTAL LIABILITIES AND SHAREHOLDER EQUITY |
23,501,098 | 23,482,935 | 23,426,132 | 23,410,874 | 24,332,617 | 2,814,976 | ||||||||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059
Form OPR-2
STATEMENT OF INCOME
4/30/09 | 5/31/09 | 6/30/09 | 7/31/09 | 8/31/09 | 9/30/09 | |||||||||||||
REVENUE: |
||||||||||||||||||
Net investment income |
611 | 600 | 597 | 542 | 565 | 550 | ||||||||||||
Net realized gain |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Other |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
OPERATING EXPENSES: |
||||||||||||||||||
Salaries and benefits |
(8,753 | ) | (8,816 | ) | (8,694 | ) | (8,704 | ) | (8,880 | ) | (8,695 | ) | ||||||
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 |
(15,250 | ) | (8,564 | ) | (48,501 | ) | (4,978 | ) | (1,375 | ) | (950 | ) | ||||||
Accounting fees and expenses |
0 | 0 | 0 | 0 | 0 | (3,268 | ) | |||||||||||
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 |
(1,528 | ) | (5,049 | ) | (2,568 | ) | (1,296 | ) | (1,693 | ) | (4,175 | ) | ||||||
Overhead expenses |
(809 | ) | (759 | ) | (739 | ) | (786 | ) | (862 | ) | (787 | ) | ||||||
Miscellaneous |
(532 | ) | (5 | ) | (480 | ) | (1,024 | ) | (526 | ) | (507 | ) | ||||||
NET OPERATING INCOME / LOSS |
(26,261 | ) | (22,593 | ) | (60,385 | ) | (16,246 | ) | (12,771 | ) | (17,832 | ) | ||||||
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 | (21,500,000 | ) | |||||||||||
Equity in operating earnings of AIC |
(683,812 | ) | 0 | 0 | 0 | 940,478 | 0 | |||||||||||
Equity in unrealized losses of securities of AIC |
(29,344 | ) | 0 | 0 | 0 | (6,239 | ) | 0 | ||||||||||
TOTAL OTHER INCOME (EXPENSE) |
(713,156 | ) | 0 | 0 | 0 | 934,239 | (21,500,000 | ) | ||||||||||
NET INCOME (LOSS) |
(739,417 | ) | (22,593 | ) | (60,385 | ) | (16,246 | ) | 921,468 | (21,517,832 | ) | |||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059
Form OPR-3
SOURCES AND USE OF CASH
4/30/09 | 5/31/09 | 6/30/09 | 7/31/09 | 8/31/09 | 9/30/09 | |||||||||||||
CASH DIFFERENCE: |
||||||||||||||||||
Current ending cash balance |
5,945 | 5,199 | 4,811 | 5,674 | 1,621 | 5,431 | ||||||||||||
Less ending prior month balance |
(6,290 | ) | (5,945 | ) | (5,199 | ) | (4,811 | ) | (5,674 | ) | (1,621 | ) | ||||||
NET CASH INCREASE (DECREASE) |
(345 | ) | (746 | ) | (388 | ) | 863 | (4,053 | ) | 3,810 | ||||||||
SOURCES OF CASH: |
||||||||||||||||||
Net income (loss) |
(739,417 | ) | (22,593 | ) | (60,385 | ) | (16,246 | ) | 921,468 | (21,517,832 | ) | |||||||
Write-off of contingent claim |
0 | 0 | 0 | 0 | 0 | 21,500,000 | ||||||||||||
Equity in earnings and unrealized losses of AIC |
713,156 | 0 | 0 | 0 | (934,239 | ) | 0 | |||||||||||
Decrease in: |
||||||||||||||||||
Receivables |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities |
31,414 | 17,416 | 56,415 | 16,121 | 8,443 | 21,452 | ||||||||||||
Increase in: |
||||||||||||||||||
Post-petition debt |
0 | 4,431 | 3,582 | 988 | 275 | 190 | ||||||||||||
Pre-petition debt |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL SOURCES OF CASH |
5,153 | (746 | ) | (388 | ) | 863 | (4,053 | ) | 3,810 | |||||||||
USES OF CASH: |
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Increase in: |
||||||||||||||||||
Receivables |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Marketable securities |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Decrease in: |
||||||||||||||||||
Post-petition debt |
(5,498 | ) | ||||||||||||||||
Pre-petition debt |
0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
TOTAL USES OF CASH |
(5,498 | ) | 0 | 0 | 0 | 0 | 0 | |||||||||||
NET CASH INCREASE (DECREASE) |
(345 | ) | (746 | ) | (388 | ) | 863 | (4,053 | ) | 3,810 | ||||||||
CASE NAME: Acceptance Insurance Companies Inc.
CASE NO: 05-80059
SCHEDULE C
SCHEDULE OF POST PETITION DEBT
4/30/09 | 5/31/09 | 6/30/09 | 7/31/09 | 8/31/09 | 9/30/09 | |||||||
TRADE ACCOUNTS PAYABLE |
18,646 | 23,076 | 26,658 | 27,646 | 27,921 | 28,111 | ||||||
PAYROLL AND PAYROLL TAXES |
0 | 0 | 0 | 0 | 0 | 0 | ||||||
TAXES PAYABLE |
0 | 0 | 0 | 0 | 0 | 0 | ||||||
TOTAL POST PETITION DEBT |
18,646 | 23,076 | 26,658 | 27,646 | 27,921 | 28,111 | ||||||