<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
________________________________________
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1997
Commission File Number 0-20995
EXSTAR FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 77-0321240
(State or other jurisdiction (IRS Employer Identification No.)
of incorporation or organization)
2029 Village Lane, Solvang, California 93463-2275
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (805) 688-8013
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes No X
--- ---
The aggregate number of shares of the Registrant's common stock
outstanding, all of which constitute a single class, was 4,961,500 as of June
30, 1997.
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EXSTAR FINANCIAL CORPORATION
QUARTER ENDED JUNE 30, 1997
INDEX
PART 1 - FINANCIAL INFORMATION
Page
Item 1. Financial Statements
Consolidated Balance Sheets as of June 30, 1997
(Unaudited) and December 31, 1996 3
Consolidated Statements of Operations (Unaudited)
for the three months and six months ended
June 30, 1997 and 1996 5
Consolidated Statement of Changes in
Stockholders' Equity (Unaudited) for the six months
ended June 30, 1997 6
Consolidated Statements of Cash Flows
(Unaudited) for the six months ended
June 30, 1997 and 1996 7
Notes to the Consolidated Financial Statements 8
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 13
Item 4. Submission of Matters to a Vote of Security
Holders 19
Item 5. Other Information 19
Item 6. Exhibits and Reports on Form 8-K 22
SIGNATURE 23
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PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
----------- ---------
(Unaudited) (Audited)
(Dollars in thousands)
<S> <C> <C>
ASSETS
Fixed maturities available for sale, at market
(amortized cost: 1997 - $25,612; 1996 - $39,330) $25,011 $38,800
Equity securities, at market (cost: 1997 - $1,250;
1996 - $1,250) 1,566 1,531
Mortgage loans - unaffiliated 4,136 4,225
Mortgage loans - affiliated 902 908
Real estate held for investment 4,177 4,255
Real estate held for sale 6,202 6,391
Real estate acquired through foreclosure 493 493
Short-term investments 2,748 4,944
------- --------
Total investments 45,235 61,547
Cash and cash equivalents - restricted 420 1,129
Cash and cash equivalents - unrestricted 3,498 1,390
Accounts receivable - affiliated 2,025 2,443
Reinsurance recoverable
Funds held by reinsured companies 3,806 0
Paid losses and loss adjustment expenses 2,659 1,576
Unpaid losses and loss adjustment expenses 31,570 33,921
Prepaid reinsurance premiums 0 386
Accrued investment income 681 822
Deferred acquisition costs 1,186 307
Property and equipment, net 881 797
Current income taxes 135 0
Deferred income taxes 1,714 1,700
Other assets 2,386 2,136
------- --------
Total assets $96,196 $108,154
======= ========
The accompanying notes are an integral part of these consolidated financial statements.
</TABLE>
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EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
---------- ------------
(Unaudited) (Audited)
(Dollars in thousands)
<S> <C> <C>
LIABILITIES
Unpaid loss and loss adjustment expenses $ 70,100 $ 86,927
Unearned premium 3,903 1,365
Reinsurance balances payable 371 1,106
--------- ----------
Total policy liabilities and accruals 74,374 89,398
Notes payable 1,570 1,588
Current income taxes 0 375
Accumulated equity in losses of affiliates 3,722 3,020
Other liabilities 1,005 1,247
--------- ----------
Total liabilities 80,671 95,628
--------- ----------
STOCKHOLDERS' EQUITY
Common stock, $.01 par value, 30,000,000 shares
authorized; 5,497,500 shares issued; 4,961,500
shares outstanding in 1997 and 5,497,500 in 1996 55 55
Paid in capital 26,865 26,865
Net unrealized investment losses (92) (68)
Preferred stock investment - contra equity (12,314) (12,314)
Retained earnings (deficit) 1,016 (2,012)
Treasury shares at cost (536,000 shares
in 1997; -0- in 1996) (5) 0
--------- ----------
Total equity 15,525 12,526
--------- ----------
Total liabilities and stockholders' equity $ 96,196 $ 108,154
========= ==========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
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EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
<TABLE>
<CAPTION>
Three months ended Six months ended
June 30, June 30,
------------------- ---------------------
1997 1996 1997 1996
-------- ------- --------- ---------
(Dollars in thousands except per share data)
REVENUES
<S> <C> <C> <C> <C>
Premiums earned $ 2,467 $ 12,679 $ 4,557 $ 27,903
Premiums ceded (198) (5,789) (946) (13,141)
---------- ---------- ---------- ----------
Net premiums earned 2,269 6,890 3,611 14,762
Net investment income - unaffiliated 622 1,062 1,341 2,066
Net investment income - affiliated 38 76 63 227
Net realized investment losses (38) (294) (30) (96)
Other income 111 35 3,375 91
---------- ---------- ---------- ----------
Total revenue 3,002 7,769 8,360 17,050
---------- ---------- ---------- ----------
EXPENSES
Loss and loss adjustment expense 1,494 7,627 2,761 16,783
Reinsurance ceded (119) (3,473) (568) (7,884)
---------- ---------- ---------- ----------
Net loss and loss adjustment expense 1,375 4,154 2,193 8,899
Policy acquisition costs amortized 117 2,282 586 4,974
Profit sharing - affiliated 0 694 0 1,321
Interest expense 37 4 98 21
Other expenses 1,693 1,225 3,121 2,511
---------- ---------- ---------- ----------
Total expenses 3,222 8,359 5,998 17,726
---------- ---------- ---------- ----------
(Loss) income before equity in (losses) income
of affiliates and Federal income taxes (220) (590) 2,362 (676)
Equity in (losses) income of affiliates (91) 764 156 1,440
Federal income taxes 510 0 510 0
---------- ---------- ---------- ----------
Net income $ 199 $ 174 $ 3,028 $ 764
========== ========== ========== ==========
Net income per common share $ 0.04 $ 0.03 $ 0.58 $ 0.14
========== ========== ========== ==========
Shares used in computation of net income
per common share (in thousands) 4,962 5,498 5,230 5,498
========== ========== ========== ==========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
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EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES
IN STOCKHOLDERS' EQUITY
(Unaudited)
<TABLE>
<CAPTION>
Net Preferred
Unrealized Stock
Investment Investment Retained Treasury
Common Paid in (Losses) Contra (Deficit) Shares Total
Stock Capital Gains Equity Earnings at Cost Equity
------ ------- ---------- ----------- --------- --------- ------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at December 31, 1996 $ 55 $26,865 $ (68) $(12,314) $(2,012) $ 0 $ 12,526
Change in net unrealized
investment losses
Fixed maturities (71) (71)
Equity securities 33 33
Deferred tax benefit 14 14
Purchase of 536,000 shares
of common stock (5) (5)
Net income 3,028 3,028
------ -------- ------ -------- ------- ---- --------
Balance at June 30, 1997 $ 55 $26,865 $ (92) $(12,314) $ 1,016 $ (5) $ 15,525
====== ======== ====== ======== ======= ==== ========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
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EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
<TABLE>
<CAPTION>
Six months ended June 30,
1997 1996
------- -------
(Dollars in thousands)
<S> <C> <C>
Cash flows (applied to) provided by operating activities:
Premiums collected $ 2,412 $ 7,896
Investment income received 1,727 2,243
Loss and loss adjustment expense paid, net (16,668) (16,467)
Interest paid (98) (21)
Policy acquisition and other expenses paid (4,901) (7,327)
Other 2,376 922
-------- --------
Cash flows applied to operating activities (15,152) (12,754)
-------- --------
Cash flows provided by (applied to) investment activities:
Purchase of marketable securities 0 (12,028)
Purchase of property, equipment and real estate (228) (18)
Sale or maturity of marketable securities 13,546 16,541
Sale of property, equipment and real estate 234 1,338
Short-term investments, net 2,196 4,262
Mortgage loans funded 0 (287)
Repayment of mortgage loans 94 320
-------- --------
Net cash provided by investing activities 15,842 10,128
-------- --------
Cash flows provided by (applied to) financing activities
Issuance of notes payable 315 0
Repayment of notes payable (333) (662)
Transfers from affiliates 769 2,079
Other (42) 134
Transfers to restricted cash and cash equivalents 709 (4)
-------- --------
Net cash provided by financing activities 1,418 1,547
-------- --------
Net increase (decrease) in unrestricted cash and
cash equivalent 2,108 (1,079)
Unrestricted cash and cash equivalents - beginning of period 1,390 4,028
-------- --------
Unrestricted cash and cash equivalents - end of period $ 3,498 $ 2,949
======== ========
</TABLE>
The accompanying notes are an integral part of these consolidated financial
statements.
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<PAGE> 8
EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The consolidated financial statements of Exstar Financial Corporation and
subsidiaries ("Exstar" if referring to the parent company only, or the
"Company" if referring to Exstar and its direct and indirect subsidiaries)
include the financial statements of Exstar, its direct subsidiary, Alpine
Holdings, Inc., Exstar's indirect subsidiaries, Alpine Insurance Company
("Alpine"), a direct subsidiary of Alpine Holdings, Inc., Alpine Premium
Finance Co., Inc. and Transco Premium Finance Co., Inc., both of which are
direct subsidiaries of Alpine, and the equity in the income and losses of
TCO Holdings, Inc. ("TCO Holdings") and subsidiaries (collectively "TCO"), a
group of companies affiliated with Exstar through common majority ownership.
The consolidated financial statements have been prepared in accordance with
generally accepted accounting principles and accordingly include all normal
recurring adjustments management considers necessary for fair presentation.
These consolidated financial statements should be read in conjunction with
audited financial statements included in the Form 10-K for the year ended
December 31, 1996.
The results of operations for the three months and six months ended June 30,
1997 are not necessarily indicative of the results to be expected for the
full year.
2. EQUITY IN (LOSSES) INCOME OF AFFILIATES
Although TCO is not a direct or indirect subsidiary of Exstar, its income or
loss is included in the Company's consolidated financial statements in
accordance with a form of equity accounting.
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EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following sets forth the financial position and results of operations of
TCO:
<TABLE>
<CAPTION>
June 30, December 31,
1997 1996
------------ ------------
(Dollars in thousands)
<S> <C> <C>
ASSETS:
Cash and investments....................................................... $ 3,513 $ 4,931
Accounts receivable........................................................ 4,043 4,915
Property and equipment..................................................... 43 119
Other assets............................................................... 836 914
----------- ---------
Total assets............................................................... 8,435 10,879
=========== =========
LIABILITIES:
Premiums payable -- affiliated............................................. 17,658 19,304
Notes payable.............................................................. 2,405 4,581
Due to affiliates.......................................................... 1,227 718
Net unearned commission income............................................. 0 659
Other liabilities.......................................................... 2,867 3,428
----------- ---------
Total liabilities....................................................... 24,157 28,690
PREFERRED STOCK:
Series A 11.3% cumulative redeemable, nonvoting, stated value $10,000 per
share, 3,500 shares authorized; issued and outstanding -- 1,075............ 12,035 12,035
STOCKHOLDER'S EQUITY:
Stockholder's accumulated deficiency (27,757) (29,846)
----------- ---------
Total liabilities, preferred stock and stockholder's accumulated deficiency..... $ 8,435 $ 10,879
=========== =========
</TABLE>
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EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
For the six months ended
June 30,
1997 1996
-------- --------
(Dollars in thousands)
<S> <C> <C>
REVENUES:
Net commissions earned..................................................... $ 418 $ 5,629
Other revenues............................................................. 341 871
-------- --------
Total revenues.......................................................... 759 6,500
-------- --------
EXPENSES:
Personnel costs............................................................ 87 3,015
Office and selling expenses................................................ 13 1,382
Depreciation............................................................... 35 68
Interest................................................................... 224 393
Other expenses............................................................. 106 474
-------- --------
Total expenses.......................................................... 465 5,332
-------- --------
Income before extraordinary item and Federal income taxes............ 294 1168
Extinguishment of debt -- affiliated....................................... 2,112 0
Federal income tax expense.............................................. 0 25
-------- --------
Net income........................................................... 2,406 1,143
======== ========
Beginning stockholder's accumulated deficiency............................... 29,846 30,900
-------- --------
Net income................................................................. (2,406) (1,143)
Increase in subscription note receivable................................... 317 385
-------- --------
Net change........................................................... (2,089) (758)
-------- --------
Ending stockholder's accumulated deficiency.................................. $ 27,757 $ 30,142
======== ========
</TABLE>
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EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The following sets forth the computation of the equity in income of affiliates
included in the Statement of Operations:
<TABLE>
<CAPTION>
For the six months ended
June 30,
1997 1996
-------- --------
(Dollars in thousands)
<S> <C> <C>
Increase in net equity of TCO............................. $(2,089) $ (758)
Reclassifications:
Extinguishment of debt - affiliated...................... 2,112 0
Interest on advances..................................... (179) (682)
------- --------
Equity in income of affiliates.......................... $ (156) $(1,440)
======= ========
Accumulated equity in losses of affiliates comprises:
June 30, December 31,
1997 1996
-------------------------
(Dollars in thousands)
Cumulative adjusted losses............................... $18,386 $18,363
Amounts advanced by and other amounts due to the Company
from TCO................................................ 14,664 15,343
------- -------
Accumulated equity in losses of affiliates.............. $ 3,722 $ 3,020
======= =======
</TABLE>
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<PAGE> 12
EXSTAR FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
3. NET INCOME PER COMMON SHARE
Net income per common share is computed by dividing net income by the
weighted average number of shares of common stock and common stock
equivalents outstanding. On April 1, 1997, Exstar acquired 536,000 of its
outstanding shares of common stock from TCO at par value ($0.01 per share).
The weighted average numbers of shares of common stock outstanding for the
six months ended June 30, 1997 and 1996 were 5,230,000 and 5,498,000,
respectively. There were no common stock equivalents.
4. STATUTORY INFORMATION
The surplus as regards policyholders of Alpine determined in accordance with
statutory accounting practices as of June 30, 1997 and 1996 was $12,081,000
and $11,157,000, respectively. The net loss of Alpine determined in
accordance with statutory accounting practices for the six months ended June
30, 1997 was $1,569,000. The net income of Alpine determined in accordance
with statutory accounting practices for the six months ended June 30, 1996
was $1,557,000.
5. ALPINE/TCO SERVICE AGREEMENT
Effective April 1, 1997, Alpine and TCO Holdings entered into a Service
Agreement under which Alpine agreed to pay to TCO Holdings a fee equal to
3.75% of the reinsurance premiums received by Alpine from United Capitol
Insurance Company, an unaffiliated insurer ("UCIC"), pursuant to a quota
share reinsurance agreement between Alpine and UCIC. In return, TCO
Holdings agreed to perform certain services for Alpine in connection with
the structuring and consummation of the reinsurance.
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<PAGE> 13
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
GENERAL
This discussion should be read in conjunction with management's discussion
and analysis included in the Form 10-K for the year ended December 31, 1996.
The operations and business of Exstar Financial Corporation and its
subsidiaries ("Exstar" if referring to the parent company only, or the
"Company" if referring to Exstar and its subsidiaries) have undergone
fundamental changes since the beginning of 1996. Some of the most important
changes include the following:
(i) At the beginning of 1996, the Company was engaged principally in
"direct" underwriting ("direct" underwriting consists of issuing insurance
policies directly to insureds) -- since August 1996 the Company has ceased
issuing direct insurance as a consequence of A.M. Best Company ("Best") rating
downgrades and certain regulatory restrictions relating to the Company's
insurance company subsidiaries;
(ii) At the beginning of 1996, one of Exstar's insurance company
subsidiaries, Alpine Insurance Company ("Alpine"), had a Best rating of A-
(Excellent), and the other of Exstar's insurance company subsidiaries, Transco
Syndicate #1 Ltd. ("Syndicate"), had a Best rating of B+ (Very Good) -- in
April 1996 both companies' Best ratings were reduced to C's (Marginal) (under
review) and both ratings have remained unchanged since then;
(iii) At the beginning of 1996, the Company's insurance company
subsidiaries were authorized to operate on a surplus lines basis in
approximately 45 states -- during the second half of 1996 these authorizations
were lost or restricted in nine jurisdictions, representing in excess of 80% of
the Company's historical premium revenues, and additionally Alpine was placed
under an order ("Illinois Order") requiring prior approval of all of its
significant expenditures and commitments by the Illinois Department of
Insurance ("Illinois DOI");
(iv) At the beginning of 1996, the Company's insurance business was
conducted through Alpine and Syndicate -- effective December 31, 1996,
Syndicate's operations were merged into Alpine and since then Alpine has been
the Company's only significant operating subsidiary; and
(v) At the beginning of 1996, almost all of the management, underwriting,
claims handling, investment and other functions of the Company were performed
by staff of TCO Insurance Services, Inc., an affiliate under common control
with but not part of the Company, and its affiliates (collectively "TCO"), and
compensation and general and administrative costs associated with that
performance were borne directly by TCO --
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<PAGE> 14
since August 1996, most of the compensation expense and general administrative
costs have been borne directly by the Company.
For more complete descriptions of these and other changes, see the
Company's Form 10-K for the year ended December 31, 1996.
Because of the foregoing and other changes that are continuing in 1997,
differences in the Company's results of operations between 1996 and 1997 are
not necessarily indicative of trends or likely results of operations for 1997
or future periods.
This Form 10-Q contains certain "forward looking statements" (within the
meaning of the Private Securities Litigation Reform Act of 1995) that involve
substantial risks and uncertainties. When used in this Form 10-Q, the words
"anticipate," "believe," "estimate," and "expect" and similar expressions as
they relate to the Company and its management are intended to identify such
forward looking statements. A number of important factors could cause the
actual future results, performance and achievements of the Company to differ
materially from those expressed in such forward looking statements. These
include, without limitation (i) any discontinuation or material adverse change
in the terms and conditions of the Company's and its affiliates' business
arrangements with third parties, including in particular Alpine's casualty
quota share reinsurance agreement ("Quota Share Arrangement") with United
Capitol Insurance Company (together with its affiliates, "UCIC"), which became
effective April 1, 1997, and pursuant to which Alpine assumes a portion of the
business placed with UCIC by Transre Insurance Services ("Transre") and Exstar
E&S Insurance Services ("Exstar E&S"), two entities affiliated with, but not
part of, the Company; (ii) any material adverse changes in UCIC's financial
condition or regulatory authorities; (iii) any material increase in
competition; and (iv) any material adverse changes in the Illinois DOI's
oversight of Alpine.
The Company ceased issuing direct insurance in August 1996. This directly
resulted in a sharp decline in the Company's earned premium revenue during the
second half of 1996, and has and will continue to cause a further decline in
the Company's earned premium from direct insurance during 1997. The Company,
however, in the second quarter of 1997, began earning premium revenue through
the Quota Share Arrangement with UCIC which became effective April 1, 1997.
The premium assumed by the Company is currently 30% of the net premiums
accruing to UCIC on such business, including premiums unearned as of April 1,
1997 (in the amount of approximately $13.6 million) and premiums on policies
issued after such date. The Company has engaged in discussions with UCIC
concerning increasing the quota share percentage to as much as 50% later in
1997. No commitments have been made regarding the amount of, timing of, or
terms and conditions relating to any such increase, and the increase also would
have to be submitted for approval to appropriate regulatory authorities.
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<PAGE> 15
The Company also is earning investment income on premium assumed by Alpine
under the Quota Share Arrangement. Because most of the premium funds are being
held by UCIC until such time, if any, as underwriting profits on the business
subject to the Quota Share Arrangement become reasonably certain, or regulatory
concerns are satisfied, the Quota Share Arrangement is not benefiting the
Company's cash flow to the same extent it is benefiting the Company's net
income (assuming the Quota Share Arrangement underwriting results are as
profitable as Alpine's underwriting results have been over the last three
years). The Company has discussed with UCIC modifying the Quota Share
Arrangement to allow Alpine to receive some or all of the premium funds that
otherwise are being held by UCIC pursuant to the current terms and conditions
of the Quota Share Arrangement. No commitments have been made regarding the
timing of or terms and conditions relating to any such modification, and the
modification also would have to be submitted for approval to appropriate
regulatory authorities.
The Company reduced its underwriting expenses during 1996 by terminating
its insurance company subsidiaries' management agreements with TCO, thereby
terminating the Company's obligation to pay commissions and profit-sharing
amounts to TCO (subject to a final determination of obligations between the
parties, if any), and such expenses were virtually eliminated following the
Company's decision to cease issuing new and renewal insurance policies in
August 1996. The Company, however, is incurring and will continue to incur
significant underwriting expenses under the Quota Share Arrangement. Of the
net premium assumed by Alpine, Alpine (i) allows UCIC to retain 30% as a ceding
commission and (ii) pays 3.75% to TCO Holdings as an override commission.
Additionally, during the second half of 1996 the Company began assuming a
substantial amount of personnel costs and operating expenses previously borne
by TCO. These expenses, which previously would have been included in the
Company's underwriting expenses, have been included in the Company's other
expenses since August 1, 1996. These expenses are being offset in part by
reimbursements from Transre and E&S.
RESULTS OF OPERATIONS
Gross written premiums were $6.2 million for the second quarter of 1997,
compared to $3.9 million for the second quarter of 1996. Gross written
premiums were $7.1 million for the six months ended June 30, 1997, compared to
$14.7 million for the six months ended June 30, 1996. These differences reflect
principally $10.8 million of direct premium written by the Company during the
first quarter of 1996, prior to the full impact of the Best rating downgrades
and regulatory restrictions, $3.9 million of direct premium written by the
Company during the second quarter of 1996 as impacts of the Best rating
downgrades and regulatory restrictions became more substantial, and the absence
of direct written premium in 1997 as a consequence of management's decision to
cease writing direct insurance in August 1996. The gross written premiums for
the second quarter of 1997 represent principally premiums assumed by Alpine as
a reinsurer of UCIC pursuant to the Quota Share Arrangement which became
effective April 1, 1997, including $3.9 million of previously unearned premium
derived from insurance policies with effective
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<PAGE> 16
dates before April 1, 1997. The Company expects gross written premiums
to continue in the range of $2.0 to $2.5 million per quarter during the
remainder of 1997 as a consequence of the Quota Share Arrangement, with
proportionally greater gross written premiums if Alpine's participation is
increased from the current 30%.
Net premiums earned, consisting of premiums earned less premiums ceded
(generally earned ratably over individual policy periods), for the second
quarter of 1997 were $2.3 million, compared to $6.9 million for the second
quarter of 1996. Net premiums earned for the six months ended June 30, 1997,
were $3.6 million, compared to $14.8 million for the six months ended June 30,
1996. The decreases directly resulted from the decreases in gross written
premiums. Net premiums earned of $1.8 million relating to the Quota Share
Arrangement which became effective April 1, 1997, were included in the second
quarter 1997 results. The Company expects net premiums earned to increase
during the remainder of 1997 as a consequence of the Quota Share Arrangement.
Net investment income for the second quarter of 1997 was $700,000, a
decrease of $500,000 or 42.0% from $1.1 million for the second quarter of 1996.
Net investment income for the six months ended June 30, 1997, was $1.4
million, compared to $2.3 million for the six months ended June 30, 1996, a
decrease of 38.8%. The decrease was caused principally by a 31.3% decrease in
average investable assets between the two six month periods, resulting from
negative cash flow from operations as loss and loss adjustment expense payments
and other expenses have exceeded revenues since the Company ceased issuing
direct insurance in August, 1996. The Company expects net investment income to
continue to decline during the remainder of 1997 as prior years' losses and
expenses continue to be paid, though the decline is expected to be offset to
some extent by investment income earned by Alpine on premium assumed by Alpine
under the Quota Share Arrangement effective April 1, 1997.
Other income was $100,000 for the second quarter of 1997, compared to
virtually nothing for the second quarter of 1996. Other income was $3.4
million for the six months ended June 30, 1997, compared to $100,000 for the
six months ended June 30, 1996. The other income in 1997, reflecting proceeds
less certain related expenses, was principally a consequence of a one-time
settlement of a lawsuit against the Company's former independent auditors.
Other income for the remainder of 1997 is expected to depend on various
corporate and other transactions which remain uncertain.
Net loss and loss adjustment expense incurred during the second quarter of
1997 totaled $1.4 million, down 66.9% from $4.2 million in the second quarter
of 1996. Net loss and loss adjustment expense incurred for the six months ended
June 30, 1997, was $2.2 million, down 75.4% from $8.9 million for the six
months ended June 30,1996. Net loss and loss adjustment expense as a portion of
net premiums earned was 60.7% for the first six months of 1997 compared to
60.3% for the first six months of 1996. The decrease in net loss and loss
adjustment expense incurred between the periods resulted from the decrease in
net premiums earned. The Company expects net loss and loss
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<PAGE> 17
adjustment expense during the remainder of 1997 to increase in proportion to the
increase in net premiums earned as a consequence of the Quota Share Arrangement,
with the ratio of net loss and loss adjustment expense to net premiums earned
remaining in the 60% range.
Other underwriting expenses historically have consisted of (i) policy
acquisition costs, which equaled a fixed percentage of gross written premiums
less reinsurance commissions, plus (ii) the allocated portion of profit sharing
payments to TCO. Following termination of the management agreements between
the Company's insurance company subsidiaries and TCO in 1996, the fees and
commissions that otherwise would have been paid by the Company to TCO were
eliminated.
The Company's other underwriting expenses for the second quarter of 1997
were $100,000, compared to $3.0 million for the second quarter of 1996. Other
underwriting expenses for the six months ended June 30, 1997, were $600,000,
compared to $6.3 million for the six months ended June 30, 1996. The ratio of
the Company's other underwriting expenses to net premiums earned was 16.2% for
the first six months of 1997 compared to 42.6% for the first six months of
1996. The decrease in other underwriting expenses between the periods was
attributable to the decrease in net premiums earned, to reduced net expenses
resulting from termination of the management agreements with TCO and additional
reinsurance commissions recognized in the second quarter of 1997 resulting from
favorable loss development on certain reinsured lines of business. The Company
expects other underwriting expenses during the remainder of 1997 to increase in
proportion to the increase in net premiums earned, as under the Quota Share
Arrangement Alpine (i) allows UCIC to retain a ceding commission of 30% of the
premiums assumed by Alpine and (ii) pays 3.75% of the premiums assumed by
Alpine to TCO Holdings as an override commission.
Other expenses, consisting of professional fees, personnel costs and other
costs, were $1.7 million in the second quarter of 1997, compared to $1.2
million in the second quarter of 1996. Other expenses were $3.1 million for the
six months ended June 30, 1997 compared to $2.5 million for the six months
ended June 30, 1996. The increase was principally due to Alpine's assuming a
portion of the personnel and general and administrative costs previously borne
by TCO, including payment of bonuses to personnel in the second quarter of
1997, partially offset by a reduction in legal and professional expenses. The
Company anticipates a continuing decrease in other expenses during the
remainder of 1997 as a consequence of (i) reduced fees and costs resulting from
settlement of the lawsuit against the Company's former independent auditors,
reduced fees resulting from a decrease in regulatory and operational issues and
a gradual shifting of personnel, general and administrative costs to Transre
and E&S, offset by (ii) an increase in overall personnel and general and
administrative costs to improve the Company's overall level of management
experience and otherwise replace certain employees and restore or improve
certain operating capabilities.
-17-
<PAGE> 18
Equity in losses or income of affiliates, included in the Company's
results due to the Company's adoption of a form of equity accounting in 1995,
generally reflects TCO's net loss or income for the period after certain
adjustments. Equity in losses or income of affiliates for the second quarter
of 1997 was a loss of $100,000, compared to income of $800,000 for the second
quarter of 1996. Equity in income of affiliates for the six months ended June
30, 1997, was $200,000, compared to $1.4 million for the six months ended June
30, 1996. The smaller amounts in 1997 reflect the minimal revenues generated by
TCO after Exstar's insurance company subsidiaries ceased issuing direct
insurance in August 1996 and the management agreements with TCO were
terminated. The Company anticipates that equity in losses or income of
affiliates during the remainder of 1997 generally should be minimal, as TCO
will have virtually no revenues and no expenses relating to operations. The
Company believes, however, that additional equity in income of affiliates could
be generated if TCO is successful in settling certain of its existing
liabilities (other than liabilities to the Company) at less than their book
values.
Net income per common share was $0.04 for the second quarter of 1997,
compared to $0.03 for the second quarter of 1996. Net income per common share
was $0.58 for the six months ended June 30, 1997, compared to $0.14 for the six
months ended June 30, 1996. The increase in net income per common share between
the six-month periods was almost entirely a consequence of the settlement of
the lawsuit against the Company's former independent auditors, offset somewhat
by the decrease in equity in income of affiliates. The Company's net income per
common share for the three months ended June 30, 1997, included a non-recurring
tax benefit of $0.10 per share, relating principally to amendments of prior
years' Federal tax returns. Absent this tax benefit, the Company's net income
per common share for the period would have been a loss of $0.06 per share.
LIQUIDITY AND CAPITAL RESOURCES
At June 30, 1997, cash and investments totaled $49.2 million compared to
$64.1 million at December 31, 1996. The decrease resulted from net cash
applied to operations of $15.2 million for the first six months of 1997 (after
a cash inflow of $2.4 million of other income), compared to $12.8 million of
cash applied to operations for the first six months of 1996. The increase in
net cash applied to operations in the first six months of 1997 resulted
principally from a decrease in premium revenues which was a consequence of the
cessation of direct premium writings in 1996, offset to some extent by a
decrease in payments of policy acquisition and other expenses. The Quota Share
Arrangement had no impact on the Company's cash flows for either period, as it
did not become effective until April 1, 1997, and the first premiums due under
the arrangement are not receivable until the third quarter of 1997.
In order to fund the cash applied to operations during the first six
months of 1997, the Company continued to liquidate investments at more
accelerated rates than historically had been necessary.
-18-
<PAGE> 19
The Company currently does not anticipate that it will issue direct
insurance in 1997. Additionally, under the Quota Share Arrangement, most of
the premiums ultimately due to Alpine will be withheld by UCIC for some time
(perhaps several years), unless the Quota Share Arrangement is modified to
allow Alpine to receive some or all of the premium funds that otherwise would
be held by UCIC pursuant to the current terms and conditions of the Quota Share
Arrangement (no commitments have been made or regulatory approvals sought
regarding any such modification), and the investment income payable to and
earned by Alpine initially will be relatively insignificant. The Company's
cash available to fund operations, consequently, will be very limited.
Management expects the Company will need, for at least the remainder of
1997, to continue to liquidate investments as the Company's principal source of
cash to fund its operations.
To satisfy the Company's cash needs beyond 1997, the Company is
considering a number of alternatives. Such alternatives currently include (i)
issuing shares of its Common Stock in a private placement or a public offering;
(ii) seeking funding from or engaging in other transactions with UCIC (based on
the most recent discussions with UCIC, such arrangement could involve Exstar's
acquisitions for nominal amounts of the TCO claims operations and the Transre
and Exstar E&S insurance brokerage operations); and (iii) merging with one or
more other insurance operations. The Company has not yet determined which of
these or other courses of actions to pursue, or which would be likely to be
successful, and has not made any commitments with respect to any such or other
courses of action.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
ITEM 5. OTHER INFORMATION
JBW & CO. LOAN
The Company currently holds a collateralized loan receivable ("JBW& Co.
Loan") in the principal amount of approximately $12.3 million due from JBW &
Co., Inc., a California corporation ("JBW & Co."). Management believes that JBW
& Co. is currently unable to meet its obligations under the JBW & Co. Loan. The
JBW & Co. Loan is collateralized by a pledge by Concord General Corporation, a
California corporation affiliated with JBW & Co. ("Concord"), of 81% of the
outstanding capital stock of Classic Fire & Marine Insurance Company, an
Indiana insurance company ("Classic"). Management believes that Classic's value
is highly uncertain, given that its most recent financial statements include
certain assets and liabilities the values of which are questionable.
-19-
<PAGE> 20
In view of the uncertainty surrounding the Company's ability to realize
value with respect to the JBW & Co. Loan (and the collateral pledged to secure
it), the Company has entered into an agreement with JBW & Co., Concord and
Classic ("JBW Agreement"), under which the Company has agreed to give up its
rights with respect to the JBW & Co. Loan in return for Concord's transfer to
the Company of a certain promissory note of Par Mee Development Corporation, an
Ohio corporation unaffiliated with the Company or Concord ("Par Mee Note"). The
Par Mee Note had an outstanding balance (principal and interest) at June 30,
1997, of approximately $2,142,000, and its repayment is secured by a Deed of
Trust and Rent Assignment encumbering certain real estate located in Napa
Valley, California with an appraised value of $9 million as of September 16,
1996. In addition to this real estate security, Concord has agreed that 19.8%
of the outstanding stock of Classic will remain pledged to the Company as
security for the repayment of the Par Mee Note.
Concurrently with the execution of the JBW Agreement, TCO Holdings, Inc.,
a Delaware corporation affiliated with but not part of the Company ("TCO
Holdings") entered into an agreement with the liquidator of Geneva Assurance
Syndicate ("Geneva"), a former Illinois Insurance Exchange syndicate currently
in liquidation ("TCO Holdings Agreement"). Pursuant to the TCO Holdings
Agreement, the liquidator of Geneva has agreed to return to TCO Holdings
preferred stock with an aggregate stated value of approximately $10.8 million.
In exchange, TCO Holdings has agreed to deliver to Geneva a promissory note of
TCO Holdings in the principal amount of $2.5 million, with four percent annual
interest payable on the outstanding principal balance of the note ("TCO
Holdings Note"). The TCO Holdings Note would be repaid out of a portion
(73.33%) of the amounts payable to TCO Holdings by Alpine pursuant to a certain
Service Agreement entered into by Alpine and TCO Holdings (see below), and its
repayment would be guaranteed to the extent of $250,000 per year by Peter J.
O'Shaughnessy, TCO Holdings' sole and Exstar's majority stockholder. As
currently contemplated, the TCO Holdings Note would have an ultimate maturity
date of June 30, 2007.
The consummation of the transactions contemplated by the JBW Agreement and
the TCO Holdings Agreement is subject to the satisfaction of a number of
conditions precedent, including approval of the TCO Holdings Agreement by the
court overseeing the liquidation of Geneva and the favorable resolution of any
appeal of such court's decision. There can be no assurance that all such
conditions will be satisfied, or that the transactions will be consummated at
all or on the terms currently contemplated. If consummated, the transactions
are expected to increase Exstar's stockholders' equity (calculated in
accordance with generally accepted accounting principles) and Alpine's
policyholders' surplus (calculated in accordance with statutory accounting
practices) by the amount of the Par Mee Note's balance (approximately $2.1
million at June 30, 1997).
Effective April 1, 1997, Alpine and TCO Holdings entered into a Service
Agreement under which Alpine agreed to pay to TCO Holdings a fee equal to 3.75%
of
-20-
<PAGE> 21
the reinsurance premiums received by Alpine from UCIC pursuant to the Quota
Share Arrangement between Alpine and UCIC. In return, TCO Holdings agreed to
perform certain services for Alpine in connection with the structuring and
consummation of the Quota Share Arrangement. The Service Agreement was approved
by the IL DOI.
TCO PAYMENTS UNDER LOAN AGREEMENT
In December 1993, the Company entered into a formal loan agreement ("Loan
Agreement") to loan up to $9 million to TCO. As of December 31, 1996, TCO owed
principal of $2.2 million to Exstar and $2.4 million to Alpine pursuant to the
Loan Agreement. In June 1997, the Exstar Board of Directors approved Exstar's
acceptance of certain business assets of TCO in satisfaction of TCO's
indebtedness under the Loan Agreement. The business assets transferred included
furniture, fixtures and computer hardware and systems of TCO with a book value
of approximately $36,000 and a current appraised value of approximately $2.4
million. In addition, TCO satisfied its payment obligations to the Company in
the first and second quarters of 1997 through the transfer to the Company of
TCO's rights in interest receivable from an unaffiliated insurer under an
insurance Underwriting Management Agreement between TCO and the unaffiliated
insurer dated April 1, 1987. The amounts payable by TCO to the Company under
the Loan Agreement (and, correspondingly, the amounts of receivables
transferred) in the first and second quarters of 1997 were $80,000 and $64,000,
respectively. No resolution has yet been reached with respect to the principal
amount of TCO's debt to Alpine.
EXSTAR PURCHASE OF EXSTAR COMMON STOCK FROM TCO AND EXSTAR STOCK OPTIONS
Prior to April 1, 1997, TCO owned 536,000 shares of Exstar common stock.
Of this amount, 274,781 shares were the subject of options issued by TCO to TCO
employees, Company employees and others. The exercise price of such options was
$2.73 per share, and options for all but 916 of the shares were fully vested.
In connection with the Company's hiring and continuing employment of the former
employees of TCO, effective April 1, 1997, all such TCO options were
terminated, and the 536,000 shares of Exstar common stock owned by TCO were
transferred to Exstar for a total payment of $5,360. Generally in exchange for
the transfer, and also effective April 1, 1997, Exstar agreed to issue
incentive stock options for 400,000 shares of Exstar common stock to employees
of the Company and its affiliates, including options with respect to 215,682
shares to replace options previously issued by TCO and options with respect to
184,314 additional shares. Certain of these options were granted to Peter
O'Shaughnessy, the majority shareholder of Exstar, and other officers of
Exstar. The vesting periods for these options generally run through at least
January 1, 1999, and the exercise prices for these options are $1.40 per share.
In addition, Exstar agreed to issue non-qualifying stock options for 59,099
shares of Exstar common stock to persons not employed by the Company or its
affiliates to replace vested options previously issued by TCO. All such
non-qualifying stock options are immediately exercisable and have exercise
prices of $1.40 per share. Exstar also agreed to consider issuing a limited
number of shares of Exstar
-21-
<PAGE> 22
common stock to satisfy certain liabilities of and obtain certain benefits for
the Company and TCO.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
10.104 Board of Directors Resolution Dated June 30, 1997.
10.105 Commutation and Release Agreement between Alpine Insurance
Company/Transco Syndicate #1 Ltd. and Underwriters Reinsurance
Company effective as of April 1, 1997.
10.106 Cover Note Number 964788 Addendum dated March 7, 1997, to Transco
Syndicate No. 1 &/Or Alpine Insurance Company Marine Account
Excess of Loss Reinsurance.
10.107 Cover Note Number 964789 Addendum dated March 7, 1997, to Transco
Syndicate No. 1 &/Or Alpine Insurance Company Marine Account
Excess of Loss Reinsurance.
10.108 Assignment of Receivable dated March 31, 1997, between TCO
Insurance Services, Inc. and Exstar Financial Corporation.
10.109 Assignment of Receivable dated March 31, 1997, between TCO
Insurance Services, Inc. and Alpine Insurance Company.
(b) Reports on Form 8-K
No reports on Form 8-K were filed during the quarter.
-22-
<PAGE> 23
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized to sign on behalf of the Registrant as
well as in his capacity as Chief Financial Officer.
EXSTAR FINANCIAL CORPORATION
Date: August 11, 1997 By /s/ Mark Rosenberg
--------------------------
Mark Rosenberg
Chief Financial Officer
-23-
<PAGE> 1
UNANIMOUS WRITTEN CONSENT OF THE
BOARD OF DIRECTORS OF
EXSTAR FINANCIAL CORPORATION
JUNE 30, 1997
The undersigned, constituting and acting as all of the directors of
EXSTAR FINANCIAL CORPORATION, a Delaware corporation, (the "Corporation"),
hereby approve and consent to the adoption of the following resolution and the
taking of action provided for therein:
RESOLVED, that effective as of April 1, 1997, this Corporation be and
hereby is authorized to purchase from TCO Insurance Services, a California
corporation, and TCO Insurance Services, Inc., an Illinois corporation,
(collectively "TCO"), all of those certain personal property business assets
set forth in the attached schedules submitted to the Board of Directors this
date.
RESOLVED FURTHER, that the purchase price for the foregoing subject
personal property business assets shall be paid by this Corporation by means
of a credit off-set against any and all sums of principal and interest due and
owing to this Corporation by said TCO ($2,149,410. as of March 31,1997); the
intent of this Corporation and the selling parties being that the fair market
value of the subject assets equals or exceeds the entire amount of principal
and accrued interest of said debt, so that upon completion of the subject
transfer of assets there will be no outstanding debt due this Corporation by
TCO.
RESOLVED FURTHER, that the President, any Vice President, Chief Financial
Officer or the Secretary, of this Corporation be and they hereby are
authorized and directed to execute and deliver such instruments, deeds,
assignments, documents, and agreements, and to perform such other acts on
behalf of this Corporation, as contemplated by the foregoing resolutions, as
they, in their sole discretion, deem necessary and appropriate to consummate
all of this Corporation's actions necessary in the subject premises and all
instruments, and to perform all such other acts and things necessary, or by
the officer or officers deemed desirable, to effectuate the purposes of the
foregoing resolutions.
This Unanimous Written Consent of the Directors of EXSTAR FINANCIAL
CORPORATION, may be executed in one or more counterparts, each of which shall
be considered an original, but all of which together shall constitute one and
the same instrument.
IN WITNESS WHEREOF, the undersigned, being all of the Director of EXSTAR
FINANCIAL CORPORATION, a Delaware corporation, have executed this Unanimous
Written Consent on June 30, 1997, and have directed that this Consent be filed
with the Minutes of the proceedings of the Board of Directors of this
Corporation.
/s/ Peter J. O'Shaughnessy /s/ Steven C. Shinn
--------------------------- ----------------------
PETER J. O'SHAUGHNESSY STEVEN C. SHINN
/s/ David Fleming
--------------------------
DAVID FLEMING
<PAGE> 2
EXSTAR AND AFFILIATED COMPANIES ASSETS INVENTORY RECAP
ASSETS INVENTORIED BY ASSET LIQUIDATION AND SALES
<TABLE>
<CAPTION>
TYPE OF ASSET EXSTAR TCO TCO INS TRANSCO ALPINE ALPINE TOTAL BY
INS SERV SERV INC SYNDICATE PREM FIN CATEGORY
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FURNITURE/CABINETS $295 $208,037 $2,646 $210,978
COMFORTS 6,656 $715 $7,371
RANCH ITEMS $10,402 $10,402
MAINTENANCE/SUPPLIES $7,202 $1,883 $9,085
MODULAR FURNITURE $115,210 $115,210
OFFICE SUPPLIES $25,092 $25,092
VEHICLES $0
ART $72,242 $72,242
SOFTWARE $255,429 $1,342,409 $65 $1,338 $24 $41 $1,599,306
BUSINESS MACHINES $48,957 $169,599 $24,245 $3,096 $245,897
PHONE SYSTEMS $12,500 $12,500
TOTAL BY COMPANY $315,082 $1,958,946 $2,663 $28,229 $3,120 $41 $2,308,081
ASSETS NOT INCLUDED IN ORIGINAL INVENTORY AND ADDED LATER
<CAPTION>
TYPE OF ASSET EXSTAR TCO TCO INS TRANSCO ALPINE ALPINE TOTAL BY
INS SERV SERV INC SYNDICATE PREM FIN CATEGORY
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FURNITURE/CABINETS $28,120 $82,820 $110,940
COMFORTS $36 $537 $573
RANCH ITEMS $2,860 $2,860
MAINTENANCE/SUPPLIES $450 $1,982 $2,432
MODULAR FURNITURE $16,596 $16,596
OFFICE SUPPLIES $288 $9,009 $9,297
VEHICLES $2,025 $18,775 $20,800
ART $7,530 $7,530
SOFTWARE $0
BUSINESS MACHINES $8,540 $20,953 $24,094 $10,530 $64,117
PHONE SYSTEMS $0
TOTAL BY COMPANY $41,545 $40,502 $142,568 $10,530 $0 $0 $235,145
TOTAL INVENTORY RECAP AS OF OCTOBER 96
<CAPTION>
TYPE OF ASSET EXSTAR TCO TCO INS TRANSCO ALPINE ALPINE TOTAL BY
INS SERV SERV INC SYNDICATE PREM FIN CATEGORY
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FURNITURE/CABINETS $28,415 $208,037 $82,820 $2,646 $321,918
COMFORTS $6,691 $1,251 $7,942
RANCH ITEMS $13,261 $13,261
MAINTENANCE/SUPPLIES $7,651 $3,865 $11,516
MODULAR FURNITURE $115,210 $16,596 $131,806
OFFICE SUPPLIES $25,380 $9,009 $34,389
VEHICLES $2,025 $18,775 $20,800
ART $72,241 $7,530 $79,771
SOFTWARE $255,429 $1,342,409 $65 $1,338 $24 $41 $1,599,306
BUSINESS MACHINES $57,497 $190,551 $24,094 $34,775 $3,096 $310,013
PHONE SYSTEMS $12,500 $12,500
TOTAL BY COMPANY $356,627 $1,999,445 $145,230 $38,759 $3,120 $41 $2,543,222
</TABLE>
Note: Amounts do not include Real Estate Owned Values
1
<PAGE> 3
EXSTAR AND AFFILIATED COMPANIES ASSETS INVENTORY RECAP
TOTAL INVENTORY RECAP INCLUDING CHANGES BETWEEN OCTOBER 1996 AND APRIL 1997
<TABLE>
<CAPTION>
TYPE OF ASSET EXSTAR EXSTAR TCO TCO INS TRANSCO ALPINE ALPINE TOTAL BY
E&S INS SERV SERV. INC SYNDICATE PREM FIN CATEGORY
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FURNITURE/CABINETS $28,415 $207,800 $82,820 $2,646 $321,681
COMFORTS 6,691 $1,251 $328 $8,270
RANCH ITEMS $13,261 $13,261
MAINTENANCE/SUPPLIES $7,651 $3,865 $11,516
MODULAR FURNITURE $114,781 $16,596 $131,377
OFFICE SUPPLIES $25,380 $9,009 $34,389
VEHICLES $2,025 $18,775 $20,800
ART $72,241 $7,530 $79,771
SOFTWARE $97,488 $86,257 $1,647,409 $65 $1,338 $206,129 $41 $2,038,727
BUSINESS MACHINES $57,497 $59,010 $190,551 $24,094 $34,775 $3,456 $360 $369,743
PHONE SYSTEMS $12,500 $12,500
TOTAL BY COMPANY $198,686 $145,267 $2,303,778 $145,230 $38,759 $209,913 $401 $3,042,034
</TABLE>
Note: Amounts do not include Real Estate Owned Values
2
<PAGE> 4
FURNITURE/CABINETS
OWNER - EXSTAR
LOCATION - SOLVANG & BERMUDA DUNES
<TABLE>
<CAPTION>
QTY DESCRIPTION STYLE UNIT VALUE EXT VALUE LOCATION
<S> <C> <C> <C> <C> <C>
3 AMOIRE STANDING HAND CARVED $435.00 $1,305.00 UDD
1 ANS MACHINE AT&T 2/LINE $50.00 $50.00 UDD
1 APPLIANCES MISC LOT KITCHEN APPL $350.00 $350.00 UDD
1 BATTERY CHARGER AMERICAN MONARCH 42V 21A $70.00 $70.00 UDD
1 BEDDING MISC LOT $420.00 $420.00 UDD
3 BEDDING DOWN COMFORTERS $70.00 $210.00 UDD
1 BEDS KING 4/POST $1,050.00 $1,050.00 UDD
1 BEDS BUNK SET OAK $700.00 $700.00 UDD
2 BEDS TWIN/FULL SET S50.00 $100.00 UDD
2 BEDS FULL SIZE $100.00 $200.00 UDD
3 CARPET 12'X10' WOOL $280.00 $840.00 UDD
1 CHAIRS ANTIQUE WOODEN $90.00 $90.00 UDD
16 CHAIRS DINING UPHOLSTERED $100.00 $1,600.00 UDD
1 CHANDELIER DEER HORN $250.00 $250.00 UDD
1 CLEANING SUPPLIES MISC LOT $35.00 $35.00 UDD
2 COUCHES 7' UPHOLSTERED $250.00 $500.00 UDD
1 COUCHES SECTIONAL LEATHER $700.00 $700.00 UDD
1 DECORATIONS STRAW BASKET $30.00 $30.00 UDD
1 DISHES/UTENSILS MISC LOT $350.00 $350.00 UDD
1 EASEL CONF TYPE STANDING $40.00 $40.00 UDD
1 FAX MACHINE MURATEC M4500 $50.00 $50.00 UDD
3 FLOOR CHEST HAND CARVED $150.00 $450.00 UDD
1 GOLF CART WSTRN GC100 #1001297188 $2,400.00 $2,400.00 UDD
1 GOLF CART WSTRN GC100 #20004613410 $3,500.00 $3,500.00 UDD
1 HOSE GARDEN 60' $20.00 $20.00 UDD
1 LADDER ALUMINUM 8' $60.00 $60.00 UDD
1 LAMP FLOOR $50.00 $50.00 UDD
1 LAMP FLOOR $20.00 $20.00 UDD
6 LAMP BRASS $20.00 $120.00 UDD
1 LASERDISK PLAYER SONY MDP333 $150.00 $150.00 UDD
1 LASERDISK PLAYER GE $175.00 $175.00 UDD
1 LINENS MISC LOT $500.00 $500.00 UDD
1 LITHOGRAPH TAYLOR LANDSCAPE $175.00 $175.00 UDD
1 MAPS COACHELLA VLY ARIEL $80.00 $80.00 UDD
1 OFFICE SUPPLIES MISC LOT $100.00 $100.00 UDD
1 PAINTING PLAINS INDIAN OIL $100.00 $100.00 UDD
2 PATIO FURNITURE RD GLASS TP TBL/4CHAIRS $350.00 $700.00 UDD
2 PATIO FURNITURE POOL CHAIRS CHAISE $50.00 $100.00 UDD
1 PHONE SONY CORDLESS 2/LINE $35.00 $35.00 UDD
1 PHONE GE CORDLESS $25.00 $25.00 UDD
</TABLE>
3
<PAGE> 5
<TABLE>
<CAPTION>
QTY DESCRIPTION STYLE UNIT VALUE EXT VALUE LOCATION
<S> <C> <C> <C> <C> <C>
1 PHONE PANASONIC 2/LINE $30.00 $30.00 UDD
1 PLANT SILK/LARGE ARRANGEMENT $40.00 $40.00 UDD
2 PLANT HANGING SILK $25.00 $50.00 UDD
3 PLANT SILK/MEDIUM $50.00 $150.00 UDD
2 PLANT/POT DECORATIVE CACTUS $25.00 $50.00 UDD
11 PLANT/POT SILK PLANTS/CLAY POTS $100.00 $1,100.00 UDD
2 PLANTS SILK/SMALL $20.00 $40.00 UDD
30 PLANTS MISC SILK $5.00 $150.00 UDD
1 POOL COVER W/ROLLER $175.00 $175.00 UDD
2 POTS LARGE CLAY 3.5' $90.00 $180.00 UDD
1 RECEIVER CHAPARRAL MONTEREY 50 $500.00 $500.00 UDD
1 RUG NAVAJO WOOL 9'X2' $70.00 $70.00 UDD
2 RUG NAVAJO WOOL 3'X5' $35.00 $70.00 UDD
2 RUG NAVAJO WOOL 6'X10' $100.00 $200.00 UDD
1 SATELLITE DISH PARACLIPSE 10' DISH/MOUNT $750.00 $750.00 UDD
1 TABLE COFFEE 4'X 3' $90.00 $90.00 UDD
1 TABLE ANTIQUE SIDEBOARD $350.00 $350.00 UDD
2 TABLE END $70.00 $140.00 UDD
2 TABLE SQUARE COFFEE 3'X 3' $75.00 $150.00 UDD
2 TABLE TV STAND $35.00 $70.00 UDD
3 TABLE DINING/CONFERENCE/WALNUT $1,000.00 $3,000.00 UDD
6 TABLE END HAND CARVED $70.00 $420.00 UDD
2 TABLES NIGHT STANDS $100.00 $200.00 UDD
2 TELEVISION TOSHIBA 32" $600.00 $1,200.00 UDD
1 TELEVISION JVC 27" $200.00 $200.00 UDD
1 TELEVISION RCE XL100 20" $100.00 $100.00 UDD
1 TOOLS MISC LOT HOME REPAIR $175.00 $175.00 UDD
1 VACUUM HOOVER H/D $40.00 $40.00 UDD
1 VACUUM SHOP VAC/SEARS $30.00 $30.00 UDD
1 VCR JVC HRD8000 SVHS $300.00 $300.00 UDD
1 VCR GE VHS $100.00 $100.00 UDD
1 WASHER/DRYER SET/HOTPOINT ELEC $300.00 $300.00 UDD
TOTAL ADDED AFTER INVENTORY COMPLETED $28,120.00
</TABLE>
4
<PAGE> 6
TOTAL INVENTORY RECAP INCLUDING CHANGES BETWEEN OCTOBER 1996 AND MAY 1997
<TABLE>
<CAPTION>
TYPE OF ASSET EXSTAR EXSTAR TCO TCO INS TRANSCO ALPINE ALPINE TOTAL BY
E&S INS SERV SERV INC SYNDICATE PREM FIN CATEGORY
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FURNITURE/CABINETS $28,415 $207,800 $82,820 $2,646 $321,681
COMFORTS 6,691 $1,251 $328 $8,270
RANCH ITEMS $13,261 $13,261
MAINTENANCE/SUPPLIES $7,651 $3,865 $11,516
MODULAR FURNITURE $114,781 $16,596 $131,377
OFFICE SUPPLIES $25,380 $9,009 $34,389
VEHICLES $2,025 $18,775 $20,800
ART $72,241 $7,530 $79,771
SOFTWARE $130,944 $86,257 $1,647,409 $65 $1,338 $206,129 $41 $2,072,183
BUSINESS MACHINES $132,128 $190,551 $24,094 $34,775 $3,526 $385,074
PHONE SYSTEMS $12,500 $12,500
TOTAL BY COMPANY $306,773 $86,257 $2,303,778 $145,230 $38,759 $209,983 $41 $3,090,821
</TABLE>
Note: Amounts do not include Real Estate Owned Values
2
<PAGE> 7
FURNITURE/CABINETS
OWNER - TCO INS SERV.
LOCATION - SOLVANG
<TABLE>
<CAPTION>
OWNER
QTY DESCRIPT STYLE DIMENSION UNIT VALUE EXT VALUE If other than TCO Ins.
<S> <C> <C> <C> <C> <C> <C>
1 BOOKCASE LAWYERS 36"WX72" HX12"D $319.00 $319.00
2 BOOKCASE LT OAK 30"WX27" HX12"D $28.00 $56.00
9 BOOKCASE LT OAK 30"WX36" HX12"D $50.00 $450.00
1 BOOKCASE LT OAK 30"WX60" HX12"D $74.00 $74.00
3 BOOKCASE LT OAK 36"WX10" HX12"D $18.00 $54.00
6 BOOKCASE LT OAK 36"WX36" HX12"D $90.00 $540.00
8 BOOKCASE LT OAK 36"WX48" HX12"D $140.00 $1,120.00
41 BOOKCASE LT OAK 36"WX72" HX12"D $190.00 $7,790.00
4 BOOKCASE MAHOG EXEC 36"WX72" HX12"D $190.00 $760.00
2 BOOKCASE POOR 30"WX30" LX12"D $12.00 $24.00
3 BOOKCASE STEEL $20.00 $60.00
2 BOOKSHELF WOOD/CUBE 36"WX30" HX12"D $50.00 $100.00
1 CABINET CNTR POOR $8.00 $8.00
1 CABINET OAK/8 SHLV 86"LX40" HX15"D $379.00 $379.00
2 CABINET PINK/POOR $18.00 $36.00
2 CABINET STORAGE/2D 42"HX36" WX1 8"D $64.00 $128.00
1 CABINET STORAGE/2D 66"HX30" WX1 5"D $64.00 $64.00
13 CABINET STORAGE/2D 72"HX36" WX18"D $125.00 $1,625.00
2 CABINET STORAGE/2D 76"HX32" WX18"D $125.00 $250.00
1 CABINET STORAGE/2D 78"HX36" WX24"D $155.00 $155.00
9 CABINET WRIGHTLINE 41"HX36" WX18"D $90.00 $810.00
5 CABINET WRIGHTLINE 72"HX36" WX18"D $118.00 $590.00
11 CABINET WRIGHTLINE 84"HX36" WX18"D $136.00 $1,496.00
1 CABINET/LCKN LTOAK2D 36"LX20" DX30"H $135.00 $135.00
1 CART AUDIO VIDEO $79.00 $79.00
6 CART CHRME WIRE 2&3 TIER $80.00 $480.00
8 CHAIR 4BSE EXLTH $160.00 $1,280.00
3 CHAIR DIRCTR LTH $75.00 $225.00
20 CHAIR FOLDING $5.75 $115.00
4 CHAIR GST SLED $80.00 $320.00
163 CHAIR GUEST $80.00 $13,040.00
1 CHAIR POOR $5.00 $5.00
1 CHAIR POSTURE $40.00 $40.00
6 CHAIR ROLL GUEST $135.00 $810.00
28 CHAIR STACK/PRPL $10.00 $280.00
4 CHAIR CUSHN $10.00 $40.00
4 CHAIR/DINING FAIR-POOR $20.00 $80.00
4 CHAIR/EASY FAIR-POOR $18.00 $72.00
12 CHAIR/MANUAL 4 BASE $22.00 $264.00
4 CHAIR/MANUAL STENO $28.00 $112.00
48 CHAIR/PNEUMA ARM HIBK $125.00 $6,000.00
1 CHAIR/PNEUMA CSTM HIBK $200.00 $200.00
20 CHAIR/PNEUMA HI EX LTHR $225.00 $4,500.00
13 CHAIR/PNEUMA HI EXVNL $160.00 $2,080.00
</TABLE>
5
<PAGE> 8
<TABLE>
<CAPTION>
QTY DESCRIPT STYLE DIMENSION UNIT VALUE EXT VALUE IF OTHER THAN TCO INS.
<S> <C> <C> <C> <C> <C> <C>
12 CHAIR/PNEUMA HIBK EXARM $192.00 $2,304.00
1 CHAIR/PNEUMA POOR ARM $25.00 $25.00
2 CHAIR/PNEUMA POOR HIBK $25.00 $50.00
7 CHAIR/PNEUMA STENO HIBK $125.00 $875.00
93 CHAIR/PNEUMA STENO/QUAL $70.00 $6,510.00
21 COAT TREE $15.00 $315.00
49 CREDENZA LT OAK 70"LX21"WX30"H $330.00 $16,170.00
2 CREDENZA MAHOG 72"LX20"W $475 00 $950.00
1 CREDENZA POOR $15.00 $15.00
1 DESK DBLE PED 72"LX36"W $29.00 $29.00
1 DESK/EXEC CSTM CRFTD SPECS ON FILE $9,999.00 $9,999.00
1 DESK/EXEC MAHOG 72"LX36"W $510.00 $510.00
12 DESK/LT OAK NO RETURN 72"LX36"WX30"H $369.00 $4,428.00
1 DESK/LT OAK RTRN POOR 66"LX36"WX30"H $80.00 $80.00
1 DESK/LT OAK STUDENT 48"LX25"WX28"H $140.00 $140.00
49 DESK/LT OAK W/RETURN 72"LX36"WX30"H $600.00 $29,400.00
1 DESK/OAK LAM POOR $15.00 $15.00
1 DESK/RETURN LAMINATE 63"X30" $90.00 $90.00
5 DISPLAY CASE WHTE OAK $18.00 $90.00
1 DRESSER/CR CRVD/MEX 84"LX32"WX20"H $295.00 $295.00 Exstar Financial
2 DRESSER W/MIRROR $175.00 $350.00
4 FILE CABINET LAT/2DR 28"HX30"WX18"D $126.00 $504.00
1 FILE CABINET LAT/2DR 28"HX36"WX18"D $154.00 $154.00
5 FILE CABINET LAT/3DR 42"HX42"WX18"D $210.00 $1,050.00
2 FILE CABINET LAT/4DR 52"HX30"WX18"D $196.00 $392.00
10 FILE CABINET LAT/4DR 52"HX42"WX18"D $315.00 $3,150.00
2 FILE CABINET LAT/4DR 53"HX36"WX18"D $266.00 $532.00
1 FILE CABINET LAT/4DR 54"HX43"WX21"D $329.00 $329.00
3 FILE CABINET LAT/4DR FR SCHWAB 5000 $887.00 $2,661.00
1 FILE CABINET LAT/5DR 48"HX42"WX18"D $364.00 $364.00
7 FILE CABINET LAT/5DR 60"HX36"WX18"D $364.00 $2,548.00
20 FILE CABINET LAT/5DR 63"HX42"WX18"D $400.00 $8,000.00
2 FILE CABINET LAT/5DR 66"HX36"WX18"D $364.00 $728.00
2 FILE CABINET LAT/5DR 66"HX42"WX18"D $406.00 $812.00
7 FILE CABINET LAT/5DR 72"HX36"WX18"D $364.00 $2,548.00
2 FILE CABINET LG/2DR FIREPROOF $223.00 $446.00 Transco Syndicate
4 FILE CABINET LG/4DR FIREPROOF $550.00 $2,200.00 Transco Syndicate
1 FILE CABINET LTR/4DR FR $500.00 $500.00
7 FILE CABINET LTTR/2DR $59.00 $413.00
9 FILE CABINET LTTR/4nR $79.00 $711.00
90 FILE CABINET OPEN 62"HX36"WX12"D $103.00 $9,270.00
1 FILE CABINET OPEN 63"HX42"WX18"D $103.00 $103.00
60 FILE CABINET OPEN 76"HX36"WX12"D $113.00 $6,780.00
63 FILE CABINET OPEN 85"HX36"WX12"0 $125.00 $7,875.00
3 FILE CART DATA BINDE $12.00 $36.00
1 FILE CART ROLL LTTR $38.00 $38.00
5 FRAME/BED INC 1 HDBD $25.00 $125.00
3 LAMP POOR $8.00 $24.00
1 OFCE SET/EXE 15 PCS ON FILE $2,860.00 $2,860.00
3 OFCE ST/EXEC RTN/CR/FLE 72"LX36"WX2"TH $1,375.00 $4,125.00
2 ORGANIZER WOOD SLAT 18"LX72"HX15"D $110.00 $220.00
1 ORGANIZER/ST FAIR-POOR $20.00 $20.00
</TABLE>
6
<PAGE> 9
<TABLE>
<CAPTION>
QTY DESCRIPT STYLE DIMENSION UNIT VALUE EXT VALUE lf other than TCO Ins.
<S> <C> <C> <C> <C> <C> <C>
1 RACK CHROME 54"HX30" WX12"D $70.00 $70.00
1 RACK CHROME 72"HX60" WX18"D $115.00 $115.00
RACK IND SULK 42"HX32" LX16"D $20.00 $20.00
5 RACK IND BULK 72"HX36" WX18"D $30.00 $150.00
54 RACK IND BULK 96"HX72" WX24"D $89.00 $4,806.00
4 RACK/TAPE W/TAPES $30.00 $120.00
1 RAILING/LOT WROUGHT IR $30.00 $30.00
1 RECLINER POOR $15.00 $15.00
1 RECLINER ROCKER $150.00 $150.00
2 SAFE/FR SNTRY 6720 1 3"HX12" WX16"D $55.00 $110.00
1 SHELF UNIT CUBCONTEM 66"LX30" WX12"D $30.00 $30.00
1 SHELF UNIT CUBE/LAM 80"HX63" WX24"D $300.00 $300.00
2 SOFA $150.00 $300.00
1 SOFA $150.00 $150.00
1 SOFA SET LTHR $700.00 $700.00
1 SOFA POOR $15.00 $15.00
1 SOFA SET FAIR $150.00 $150.00
6 STAND NIGHT/LAM $28.00 $168.00
8 STAND WOOD LAM 30"WX28" DX30"H $45.00 $360.00
1 STAND/COPY STEEL/W/GR $30.00 $30.00
1 STAND/OAK LTHR INLAY 32"LX22" WX20"H $160.00 $160.00
28 STAND/PLSTIC SHELVES 24"WX18"DX32"H $60.00 $1,680.00
1 STOOL DRFTNG/PNU $80.00 $80.00
8 STOOL STEP $18.00 $144.00
9 TABLE 2DR LT OAK 36"WX72" HX12"D $195.00 $1,755.00
3 TABLE 2DR LT OAK 72"WX80" LX36"H $210.00 $630.00
20 TABLE COFFEE/END 36"LX26" WX18"D+ $28.00 $560.00
1 TABLE ECONO DRFT 30"WX42"L $70.00 $70.00
1 TABLE FOLD FAIR $18.00 $18.00
1 TABLE FOLD CARD $12.00 $12.00
1 TABLE FOLDING 30"WX48"L $20.00 $20.00
5 TABLE FOLDING 30"WX72"L $25.00 $125.00
2 TABLE FOLDING 30"WX94"L $34.00 $68.00
1 TABLE FOLDING 36"WX96"L $60.00 $60.00
1 TABLE MRBLE/BRSS 16"RND TP 30"H $160.00 $160.00
7 TABLE PEDASTEL 55"DIAM(ROUND) $165.00 $1,155.00
1 TABLE PICNIC FULL SIZE $200.00 $200.00
2 TABLE ROUND/WOOD 42" DIAMETER $350.00 $700.00
2 TABLE ROUND/WOOD 72" DIAMETER $550.00 $1,100.00
1 TABLE STEEL 30"WX40" LX30"H $30.00 $30.00
2 TABLE W4CHRS PEDASTEL $75.00 $150.00
1 TABLE/BURL CONFERENCE 145"LX54"WX28"H $900.00 $900.00
1 TABLE/CANE W/4 CHAIRS RND W/GLSS TOP $190.00 $190.00
1 TABLE/CONF FAIR-POOR 156"LX48"WX29"H $575.00 $575.00
1 TABLE/DARK CONF/FAIR 112"LX48"W $415.00 $415.00
2 TABLE/DRFTNG WOOD/HNGD 48"LX30"WX30"D $375.00 $750.00
1 TABLE/ECONO 3 LEGGED $5.00 $5.00
1 TABLE/LT OAK CONF/LVS 48"LX43"WX2"TH $350.00 $350.00
1 TABLE/LT OAK CONFERENCE 120"LX48"WX2"TH $760.00 $760.00
1 TABLE/LT OAK CONFERENCE 132"X47"W $615.00 $615.00
1 TABLE/LT OAK CONFERENCE 60"LX36" $265.00 $265.00
21 TABLE/ROLLNG TYPEWRITER $28.00 $588.00
</TABLE>
7
<PAGE> 10
<TABLE>
<CAPTION>
QTY DESCRIPT STYLE DIMENSION UNIT VALUE EXT VALUE lf other than TCO Ins.
<S> <C> <C> <C> <C> <C> <C>
1 TABLE/WORK WOOD/POOR $16.00 $16.00
113 TRACK/ROLLNG SUPREME QTY IN FEET $76.00 $8,588.00
1 WALL UNIT WH OAK UNASSEMBLED $210.00 $210.00
1 WORK BENCH OAK LAM 135"LX30"WX38"H $525.00 $525.00
1 WORKBENCH OAK LAM 108"LX25"WX2Y"H $297.00 $297.00
1 WORKBENCH WOOD W/VISE 78"LX45"WX36"D $60.00 $60.00
TOTAL $210,978.00
TOTALS BY COMPANY EXSTAR FINANCIAL $295.00
TRANSCO SYNDICATE $2,646.00
TCO INSURANCE SERVICES $208,037.00
CHANGES TO FURNISHINGS BETWEEN OCTOBER 96 AND APRIL 97
1 CHAIR/MANUAL 4 BASE Sold $22.00 ($22.00) TCO Ins. Serv.
1 CHAIR/PNEUMA ARM HIBK Sold $125.00 ($125.00) TCO Ins. Serv.
1 DESK/RETURN LAMINATE Sold $90 00 ($90.00) TCO Ins. Serv.
TOTAL SOLD ($237.00) TCO Ins. Serv.
TOTALS BY COMPANY EXSTAR FINANCIAL $295.00
TRANSCO SYNDICATE $2,646.00
TCO INSURANCE SERVICES $207,800.00
TOTAL AS OF MAY 97 $210,741.00
</TABLE>
8
<PAGE> 11
FURNITURE/CABINETS
OWNER - TCO INS SERV INC
LOCATION - CHICAGO
<TABLE>
<CAPTION>
QTY DESCRIPT STYLE UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
8 BOOKCASE/OAK 36"X72"X12" $190.00 $1,520.00
1 BOOKCASE/OAK 36"X60"X12" $250.00 $250.00
34 CHAIR GUEST HERMAN MILLER FABRIC CASTER BASE $135.00 $4.590.00
23 CHAIR/PNEUMATIC HERMAN MILLER HI BK EXEC ARM LTR $225.00 $5,175.00
44 CHAIRS JOHNSON SLED BASE FABRIC $80.00 $3,520.00
26 CHAIRS GUEST FABRIC CHROME SLED BASE $80.00 $2,080.00
7 CHAIRS/GUEST SNYTH LEATHER W/MAHAGONY BASE $80.00 $560.00
20 CHAIRS/PNEUMATIC FABRIC ARM CASTER BASE $70.00 $1,400.00
5 CREDENZA/OAK HERMAN MILLER $330.00 $1,650.00
13 CREDENZA/OAK HARDWOOD HOUSE 78"X24" $330.00 $4,290.00
14 CREDENZA/OAK STEELCASE 72"X24" $330.00 $4,620.00
14 DESK W/RETURN STEELCASE 66"X30"X48" $600.00 $8,400.00
3 DESK/OAK W/RETURN HERMAN MILLER $600.00 $1,800.00
4 DESK/OAK W/RETURN HARDWOOD HOUSE P/C W/KBD TRY $600.00 $2,400.00
14 DESK/OAK/RETURN HARDWOOD HOUSE 78"X36" $600.00 $8,400.00
17 DRAWER PEDESTAL HARDWOOD HOUSE 2 DRAWER $126.00 $2,142.00
17 DRAWER PEDESTAL HARDWOOD HOUSE 3 DRAWER $150.00 $2,550.00
2 FILE CABINET 3 DRAWER METAL $210.00 $420.00
2 FILE CABINET 2 DRAWER METAL $154.00 $308.00
2 FILE CABINET 4 DRAWER OAK $500.00 $1,000.00
3 FILE CABINET 5 DRAWER METAL $364.00 $1,092.00
1 FILE CABINET 4 DRAWER METAL $329.00 $329.00
1 FILE CABINET 2 DRAWER MAHOGANY $154.00 $154.00
2 FILE CABINET 6 FLIPPER 3'X6'X1.5' $400.00 $800.00
15 FILE TRACK DATUM FILE TRACK PER FOOT $76.00 $1,140.00
42 FILE TRACK SUPREME FILE TRACK PER FOOT $76.00 $3,192.00
21 FILE UNITS DATUM 7 SHELF UNITS ON TRACK $165.00 $3,465.00
46 FILE UNITS SUPREME 7SHELF UNITS ON TRACK $103.00 $4,738.00
1 RACK/EQUIPMENT ERGOTRON COMPUTER EQUIP RACK $3,000.00 $3,000.00
4 SOFA AND CHAIR 72" FABRIC SET $150.00 $600.00
2 STAND TYPEWRITER/OAK $45.00 $90.00
1 TABLE CHROME BASE/GLASS TOP48"X48" $165.00 $165.00
1 TABLE RESIN W/GREEN MARBLE 60"X30"X20" $350.00 $350.00
1 TABLE RESIN W/GREEN MARBLE 48"X48"X18" $300.00 $300.00
2 TABLE VENEER OVAL 18"X24"X24" $160.00 $320.00
1 TABLE LAMINATE/METAL 60"X30" $25.00 $25.00
1 TABLE LAMINATE/METAL 48"X24" $20.00 $20.00
1 TABLE/CONFERENCE CUSTOM BURLED WOOD 54"X120" $900.00 $900.00
1 TABLE/CONFERENCE HERMAN MILLER OAK 84"X42" $350.00 $350.00
</TABLE>
9
<PAGE> 12
<TABLE>
<CAPTION>
QTY DESCRIPT STYLE UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
10 TABLES JOHNSON CHROME BASE $165.00 $1,650.00
10 TABLES FORMICA TOP ROUND CHROME BASE $165.00 $1,650.00
1 TABLE LAMINATE FOLDING 72"X20" $25.00 $25.00
2 TABLES LAMINATE FOLDING 48"X30" $20.00 $40.00
1 TABLE LAMINATE FOLDING 60"X30" $20.00 $20.00
1 TABLE LAMINATE FOLDING 96"X30" $60.00 $60.00
3 TABLES GUEST CHROME AND GLASS 48"X20"X16" $190.00 $570.00
2 TABLES/MAHOGANY ROUND 24" DIAM $350.00 $700.00
TOTAL ADDED AFTER INVENTORY COMPLETED $82,820.00
</TABLE>
10
<PAGE> 13
COMFORTS
OWNER - TCO INS SERV.
LOCATION - SOLVANG
<TABLE>
<CAPTION>
OWNER
OTY DESCRIPT MODEL UNIT VALUE EXT VALUE IF OTHER THAN TCO INS.
<S> <C> <C> <C> <C> <C>
4 AIR PURIFIER NORELCO/B0STON $18.00 $72.00
1 AMP/RAYMER $200.00 $200.00
11 ASH TRAY $2.00 $22.00
1 ASH TRAY CRYSTAL $16.00 $16.00
3 ASH TRAY FREE STANDING $15.00 $45.00
1 BAR ACCESSORIES BUCK/TONGS MISC $35.00 $35.00
1 BASKETBALL BACKB0ARD & RIM $40.00 $40.00
2 BICYCLE RACK $35.00 $70.00
3 BLENDER $12.00 $36.00
1 CANDY DISH $1.00 $1.00
1 COFFEE 10 LB $40.00 $40.00
8 COFFEE MAKER $8.00 $64.00
1 COMFORTOR $10.00 $10.00
100 COOLER QTY RCVD FROM TCO $2.00 $200.00
1 DECORATIONS/HALLOWEEN LOT OF MISC $15.00 $15.00
1 DECORATIONS/XMAS LOT OF MISC $25.00 $25.00
39 FAN BOX/DESK $8.00 $312.00
1 FRIDGE/FREEZER 18"HX15"W GE $55.00 $55.00
1 FRIDGE/FREEZER 24"HX18"W KENMORE $80.00 $80.00
1 FRIDGE/FREEZER 33"HX24"W $105.00 $105.00
1 FRIDGE/FREEZER 34"HX21"W KENMORE $100.00 $100.00
1 FRIDGE/FREEZER 50"HX24"W $125.00 $125.00
1 FRIDGE/FREEZER 61"HX28"W GE $150.00 $150.00
144 GLASSWARE NEWWINE GLASSES $2.00 $288.00
13 HEADSET AIRCRAFT COMM $55.00 $715.00 TCO Ins. Serv. Inc.
22 HEATER $20.00 $440.00
1 HOT PLATE $8.00 $8.00
1 KITCHEN UTENSILS MISC LOT $15.00 $15.00
10 MAT/GYM $10.00 $100.00
1 MICROWAVE $25.00 $25.00
135 MUG QTY RCVD FROM TCO $1.00 $135.00
1 RADIO AM FM TV1-TV2 GE $30.00 $30.00
2 RAINCOAT $5.00 $10.00
1 SCOREBOARD/NEVCO 2400 96"LX36"W $975.00 $975.00
1 SPEAKER 16"BOX BOGEN $40.00 $40.00
1 SPEAKER FAIR-POOR $10.00 $10.00
12 SPEAKER/CEILING $120.00 $1,440.00
2 THERMOS $3.00 $6.00
3 TOASTER $6.50 $19.50
1 TUNER BOGEN AM FM TP50A $200.00 $200 00
3 UMBRELLA $7.00 $21.00
7 WATER DISPENSER HOT/COLD $150.00 $1,050.00
1 WATER PURIFIER $25.00 $25.00
TOTAL INVENTORIED $7,370.50
TOTALS BY COMPANY TCO INSURANCE SERVICES S6.655.50
TCO INSURANCE SERVICES, IN $715.00
ASSETS ADDED AFTER INVENTORY COMPLETED
3 BLENDER $12.00 $36.0
TOTAL ADDED AFTER INVENTORY COMPLETED $36.0
TOTAL $14,777.0
</TABLE>
11
<PAGE> 14
COMFORTS
OWNER - ALPINE INSURANCE
LOCATION - SOLVANG
<TABLE>
<CAPTION>
QTY DESCRIPTION MODEL UNIT VALUE EXT VALUE
CHANGES TO COMFORTS BETWEEN OCTOBER 96 AND APRIL 97
<S> <C> <C> <C> <C>
1 FRIDGE/FREEZER 17.7 CU. FT. G.E. $150.00 $150.00
2 MICROWAVES 16.2 CU. FT. G.E. $89.00 $178.00
TOTAL AS OF APRIL 97 $328.00
</TABLE>
12
<PAGE> 15
COMFORTS
OWNER - TCO INS SERV INC
LOCATION - CHICAGO
<TABLE>
<CAPTION>
QTY DESCRIPTION MODEL UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
1 DISHWASHER KITCHENAIDE $100.00 $100.00
2 FRIDGE/FREEZER 17.7 CU. FT. G.E. $150.00 $300.00
1 FRIDGE/FREEZER 4.8 CU. FT. $55.00 $55.00
1 MICROWAVE G.E. TURNTABLE $50.00 $50.00
1 MICROWAVE SHARP CAROUSEL II $25.00 $25.00
1 TOASTER OVEN BLACK AND DECKER $6.50 $6.50
</TABLE>
TOTAL ADDED AFTER INVENTORY COMPLETED $536.50
13
<PAGE> 16
RANCH ITEMS
OWNER - EXSTAR
LOCATION - SOLVANG
<TABLE>
<CAPTION>
QTY DESCRIPTION MAKE/MODEL UNIT VALUE EXT VALUE
<S> <C> <C> <C>
1 AMT 600 JOHN DEERE $1,500.00 $1,500.00
1 BENCH GRINDER $30.00 $30.00
1 BLOWER/BACKPACK JOHN DEERE $150.00 $150.00
3 BROOM $4.00 $12.00
2 DIGGING BAR $8.00 $16.00
1 EDGER MCLANE $135.00 $135.00
9 GAS CAN 5 GALLON $3.00 $27.00
1 GENERATOR JOHN DEERE 2300 $225.00 $225.00
3 HOE $6.50 $19.50
1 LADDER 12' $60.00 $60.00
1 LADDER 6' $30.00 $30.00
1 MOWER SNAPPER $135.00 $135.00
1 MOWER/48" JOHN DEERE RIDING $1,500.00 $1,500.00
2 PRUNER $8.00 $16.00
5 RAKE LAWN $2.00 $10.00
4 SHOVEL $4.00 $16.00
1 SPRAYER/TOWABLE TANK D671063 $800.00 $800.00
1 SPREADER/TOWABLE 9260658/232020000 $500.00 $500.00
10 SPRINKLER HEAD HUNTER 1-20-ADV $12.00 $120.00
1 TRACTOR W/BUCKET ASSEMBLY JOHN DEERE W/REAR MOWER $5,000.00 $5,000.00
1 WEEDEATER ECHO $100.00 $100.00
TOTAL $10,401.50
ASSETS ADDED AFTER INVENTORY COMPLETED
1 CARPET STEAM CLEANER KLEEN-RITE 410-HXI $2.500.00 $2.500.00
1 STARTING GATE 3-HORSE $360.00 $360.00
TOTAL ADDED AFTER INVENTORY COMPLETED $2.860.00
TOTAL $13,261.50
</TABLE>
14
<PAGE> 17
MAINTENANCE/SUPPLIES
OWNER - TCO INS SERV
LOCATION - SOLVANG
<TABLE>
<CAPTION>
OWNER
QTY DESCRIPTION MODEL UNIT VALUE EXT VALUE IF OTHER THAN TCO INS.
<S> <C> <C> <C> <C>
1 BAGS/RAGS LOT $20.00 $20.00
248 BATHROOM TISSUE/ROLLS 500 SHEETS/RLL 4.5'X4.5" $0.50 $124.00
2 BIN/PARTS W/CONTENTS PLASTIC DRAWER STYLE $8.00 $16.00
21 BIN/PARTS STACKABLE $0.65 $13.65
1 BIN/PARTS W/WIRE SMALL PLASTIC $5.00 $5.00
1 BLOWER SNAPPER/GAS $100.00 $100.00
30 BRACKET SLOT STYLE $1.00 $30.00
8 BROOM ECONOMY $4.00 $32.00
4 BROOM COMMERCIAL PUSH $9.00 $36.00
1 BUFFER WEN 3AMP AUTO WAX $30.00 $30.00
1 BUFFER/FLOOR DELUXE $190.00 $190.00
5 CART/BOLTED ASSEMBLY 32"LX20"WX28"H TWO TIER $35.00 $175.00
1 CART/WELDED 36"LX34"WX28"H 2 TIER HD $75.00 $75.00
1 CASE BLACK INSTRUMENT $20.00 $20.00
2 CAULK GUN $1.25 $2.50
10 CHEMICAL/ 1B 4OZ INSECTICIDE $3.75 $37.50
1 CHEMICALS/LOT GARDEN $30.00 $30.00
1 CIRCLE SAW BLACK & DECK 2 1/8 HP $25.00 $25.00
9 CLEANSER/1 LB 4OZ DISINFECTANT $4.98 $44.82
4 CLEANSER/24OZ WALL WASH $5.89 $23.56
7 CLEANSER/24OZ STAINLESS $8.00 $56.00
21 CLEANSER/ELECTRONIC DSTNG GAS/TECH SPRY $6.00 $126.00
5 CLEANSER/GALLON GLASS CLEANER $7.87 $39.35
3 CLEANSER/GALLON FLOOR STRIPPER $12.87 $38.61
8 CLEANSER/GALLON MULTI PURPOSE $7.87 $62.96
1 CLEANSER/LOT MISC USED 13 1GAL,1580Z SPRYER $45.00 $45.00
2900 CUP SCOTT 80Z HOT/COLD $0.03 $95.61
2 DOLLY HD INDUSTRIAL $18.00 $36.00
10 DOOR HOLLOW CORE $16.00 $160.00
4 DOORMAT $2.00 $8.00
2 DOWEL 16'X1 1/2" $16.00 $32.00
1 DRYER MAYTAG $75.00 $75.00
1 DRYER/WASHER KENMORE STACK UNK $100.00 $100.00
10 EXTENSION CORD 25-75 FT. VARIOUS HD $5.O0 $50.00
5 EXTENSION CORD 25'-50' LIGHTWEIGHT $1.00 $5.O0
17 FACIAL TISSUE/BXS KLEENEX BRAND $1.25 $21.25
1 FEATHER DUSTER $5.O0 $5.O0
11 FILTER/FURNACE $0.80 $8.80
3 FIRE EXTINGUISHER 20LB+ $61.00 $183.00
30 FIRE EXTINGUISHER 4 1/2 LB+ $28.00 $840.00
2 FIRE EXTINGUISHER HALON $60.00 $120.00
7 FIRSTAID KIT INC MISC RELATED SUPPLIES $12.00 $84.00
7 FLARES AERIAL $3.66 $25.62 TCO Ins. Serv. Inc
26 FLASHLIGHT EVER/B&D/RCHARGABLE $9.O0 $234.00
2 FLOOR DRYER TURBO CAT $130.00 $260.00
1 GAS CAN 5 GALLON $3.00 $3.00
2 GAS CAN 2.5GALLON $1 50 $3.00
1 GLASS/PLATE 77"LX48"WX1/2" THICK $225.00 $225.00
1 GRINDER/BENCH 6" $25.00 $25.00
1 HAND TRUCK WELDED/HD $75.00 $75.00
2 HAND TRUCK PLTFRM/CONVERTABLEI4WH $98.00 $196.00
</TABLE>
15
<PAGE> 18
<TABLE>
<CAPTION>
QTY DESCRIPTION MODEL UNIT VALUE EXT VALUE IF OTHER THAN TCO INS.
<S> <C> <C> <C>
2 HAND TRUCK PLTFRM W/36"DUAL RAILING $112.00 $224.00
1 HAND TRUCK BOLTED ASSEMBLY $20.00 $20.00
1 HARDWRE/MISC LOT NUTS,BLTS,SCREWS,ETC $15.00 $15.00
1 HOSE 25FT $5.00 $5.00
2 INSULATION ROLLS/70FT AFT FACED $17.00 $34.00
1 JANITORIAL CART/CONTENTS $35.00 $35.00
1 LADDER 4 FT ALUM $24.00 $24.00
1 LADDER 32 FT EXTENSION/ALUM $130.00 $130.00
1 LADDER 8 FT ALUM $40.00 $40.00
2 LADDER/STEP WERNER $18.00 $36.00
1 LEVEL 3' $5.00 $5.00
1 LIFTIGENIE EASY UP 15 FT EU-15M 300LB CAP $1,150.00 $1,150.00 TCO Ins. Serv. Inc.
105 LIGHT BULB 60WATT+/COMMERCIAL QUAL $1.00 $105.00
28 LIGHT BULB 75 WATT/OUTDOOR $3.50 $98.00
1 LIGHT BULB ELEC COMP FLOUR REFLECT $11.00 $11.00
8 LIGHT BULB 8' DOUBLE PIN $0.79 $6.32
18 LIGHT BULB MINI FLOOD/INDOOR $3.00 $54.00
1 LIGHT BULB CHANGER $12.00 $12.00
5 MOP ECONOMY $2.50 $12.50
7 MOP COMMERCIAL PUSH $15.00 $105.00
3 MOP BUCKET COMMERCIALYELLOW $39.00 $117.00
1 MOWER SNAPPER/GAS $135.00 $135.00
1 OIL CAN W/24' FLEX NEEDLE NOZZLE $10.00 $10.00
2 PACKING BUBBLE 25' ROLLSQ4' $35.00 $70.00
1600 PAPER TOWEL SINGLEFOLD $0.01 $233.28
120 PAPER TOWEL/ROLLS 72 SHEETS/ROLL 11.2S"X11" $0.50 $60.00
1 PLEXIGLASS 4'X8'FAIR-POOR $15.00 $15.00
2 PLUNGER $1.50 $3.00
1 PRESS AMP. CONNECTOR $40.00 $40.00
1 PROTECTOR FACE/MESH STYLE $9.00 $9.00 TCO Ins. Scrv. Inc.
6 PROTECTOR FIRE SMOKE ESCAPE HOOD $62.00 $372.00 TCO Ins. Serv. Inc.
1 PUMP TO INFLATE $6.00 $6.00
1 ROPE 100' POLY 3/8" $4.00 $4.00
10 SAFETY CONE TALL RED $9.00 $90.00
5 SAFETY SIGN CAUTION WET FLOOR $13.00 $65.00
2 SAW MITER/HAND W/1 BOX $18.00 $36.00
1 SCRAP LOT OF STEEL MISC SHELVNG $5.00 $5.00
1 SCRAP ALUMINUM/PANES $40.00 $40.00
1 SCRAP STAINLESS $5.00 $5.00
1 SCRAP BRASS $15.00 $15.00
1 SCRAP/FURNACE $5.00 $5.00
1 SCREWDRIVER CORDLESS $12.00 $12.00
12 SHAMPOO PERSONAL $1.19 $14.28
1 SLEDGEHAMMER $12.00 $12.00
1 SOAP DISPENSER $6.00 $6.00
1 SOLDERING IRON IMPORT $11.00 $11.00
25 SPONGE SCOTCH BRITE/PUMICE $0.15 $3.75
1 SPRAYER PLASTIC TANK $10.00 $10.00
1 SPRAYER STAINLESS TANK $30.00 $30.00
1 STAPLER ARROW T50M $12.00 $12.00
2 TAPE DISPENSER SHIPPING $5.00 $10.00
3 TARP PLASTIC/HEAVY DUTY $6.00 $18.00
1 THERMOMETER $8.00 $8.00
1 THERMOMETER TEMP/HUMIDITY $15.00 $15.00
350 TILE/CEILING POOR $0.36 $126.00
1250 TOILET SEAT COVERS $0.02 $31.24
2 TOOL BOX & CONTENTS 24'LX8" DX8"W STEEL W/TRY $20.00 $40.00
</TABLE>
16
<PAGE> 19
<TABLE>
<CAPTION>
QTY DESCRIPTION MODEL UNIT VALUE EXT VALUE If other than TCO Ins.
<S> <C> <C> <C> <C> <C>
1 TOOL KIT ELECTRONIC PURPOSES $16.00 $16.00
4 TOOl/CRIMPING HAND $5.00 $20.00
2 TOOLS/MISC LOT SLDR,BITS,HMRS.S/DRVRS.+ $20.00 $40.00
1 TOOLS/MISC LOT GARDEN RAKES/HOE/HLE DIGG, ETC $75.00 $75.00
1 TOW MOTOR JET POWER PULL $327.00 $327.00 TCO Ine. Serv. Inc.
9 TRASH CAN 32 GALLON+ $5.00 $45.00
1 TRASH CAN ROLLING DUMPSTER STLYE $114.00 $114.00
1 TUB WASH $7.00 $7.00
1 VACUUM SHOPVAC 1.2HP $18.00 $18.00
4 VACUUM SMALL CANNISTER FAIR-POOR $15.00 $60.00
1 VACUUM BLACK & DECKER DSTBSTR $15.00 $15.00
2 VACUUM UPRIGHT ROYAL $35.00 $70.00
1 VACUUM COMMERCIAL QUICK KLEEN $65.00 $65.00
1 VACUUM/DUST & TONER 3M OFFICE SYSTEM 496AG $89.00 $89.00
1 WEEDEATER ECHO/GAS $35.00 $35.00
1 WIRE MOLD/LOT $5.00 $5.00
TOTAL $9,085.61
TOTALS BY COMPANY TCO INSURANCE SERVICES $7,201.99
TCO INSURANCE SERVICES, INC. $1,883.62
ASSETS ADDED AFTER INVENTORY COMPLETED
1 FISH TAPE FTS-2W STEEL $50.00 $50.00
4 FLOOR MATS 3'X100' $100.00 $400.00
TOTAL $450.00
TOTAL $18.621.22
17
</TABLE>
<PAGE> 20
MAINTENANCE/SUPPLIES
OWNER - TCO INS SERV INC.
LOCATION - BERMUDA DUNES & CHICAGO
<TABLE>
<CAPTION>
OTY DESCRIPTION MODEL UNIT VALUE EXT VALUE LOCATION
<S> <C> <C> <C> <C> <C>
2 BROOM/DUST PAN SET $4.00 $8.00 CHICAGO
1 CART A/V WELDED H/D 2 TIER $75.00 $75 00 CHICAGO
1 CLEANING SUPPLIES MISC LOT CLENSERS, ETC. $50 00 $50.00 CHICAGO
6 FIRE EXTINGUISHERS 4.5 LB $28.00 $168.00 CHICAGO
2 FIRST AID KIT INC MISC RELATED SUPPLIES $12.00 $24.00 CHICAGO
15 FLASHLIGHTS EMERGENCY LIGHTS/EVER $39.00 $135.00 CHICAGO
500 PLASTIC CUPS 8 OZ. HOT/COLD $0.03 $15.00 CHICAGO
2 TOOL KIT ELECTRONIC $16.00 $32.00 CHICAGO
1 TOOLS MISC LOT, HMRS, S/DRVRS/ETC $20.00 $20.00 CHICAGO
4 TRASH CANS 32 GALLON $5.00 $20.00 CHICAGO
1 VACUUM ROYAL UPRIGHT $35.00 $35.00 CHICAGO
1 TOW MOTOR POWER TUG JET PULL $1,400.00 $1,400.00 BERMUDA DUNES
TOTAL ADDED AFTER INVENTORY COMPLETED $1,982.00
</TABLE>
18
<PAGE> 21
MODULAR FURNITURE
OWNER - TCO INS SERV.
LOCATION - SOLVANG
<TABLE>
<CAPTION>
QTY DESCRIPTION DIMENSION UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
96 PINBOARD $40.00 $3,840.00
29 FILE/DRAWER TUB STYLE $120.00 $3,480.00
15 CABINET, O/HEAD $78.00 $1,170.00
67 WORK SURFACE $70.00 $4,690.00
52 CABINET, O/HEAD POOR $20.00 $1,040.00
1 WORKSURFACE/MISC LOT POOR $30.00 $30.00
64 LIGHT FIXTURE/UNDER CABINET $42.00 $2,688.00
35 FILE, LATERAL, SUSP SNGLE DR $87.50 $3,062.50
1 PANEL/MISCAPPROX40PCS POOR VARIOUS $10.00 $10.00
35 PANEL/ PREDOM HAWORTH 63"HX36"W $75.00 $2,625.00
1 PANEL/PREDOM HAWORTH 40"HX30"W $40.00 $40.00
99 PANEL/PREDOM HAWORTH 60"HX24"W $48.00 $4,752.00
6 PANEL/PREDOM HAWORTH 60"HX60"W $120.00 $720.00
2 PANEL/PREDOM HAWORTH 60"HX16"W $32.00 $64,00
8 PANEL/PREDOM HAWORTH 63"HX24"W $50.00 $400.00
2 PANEL/PREDOM HAWORTH 39"HX24"W $31.00 $62.00
1 PANEL/PREDOM HAWORTH 39"HX30"W $39.00 $39.00
1 PANEL/PREDOM HAWORTH 63"HX72"W $144.00 $144.00
1 PANEL/PREDOM HAWORTH/ACRYLIC $100.00 $100.00
1 PANEL/PREDOM HAWORTH 39"HX35"W $45.00 $45.00
4 PANEL/PREDOM HAWORTH 72"HX22"W $53.00 $212.00
6 PANEL/PREDOM HAWORTH 48"HX22"W $36.00 $216.00
6 PANEL/PREDOM HAWORTH 72"HX30"W $70.00 $420.00
12 PANEL/PREDOM HAWORTH 60"HX30"W $64.00 $768.00
4 PANEL/PREDOM HAWORTH 60"HX48"W $96.00 $384.00
3 PANEL/PREDOM HAWORTH 32"HX26"W $28.00 $84.00
3 PANEL/PREDOM HAWORTH 36"HX24"W $29.00 $87.00
58 PANEL/PREDOM HAWORTH 72"HX36"W $86.00 $4,988.00
2 MODWRKSTATION/PRED HAWORTH 63"HX91"WX88"D $1,231.00 $2,462.00
11 PANELS, 5 WK SFC,1 O/HEAD LIT CAB, 1 PIB
28 MOD WRK STATION/PRED HAWORTH 63-HX99"WX96"D $1,765.00 $49,420.00
11 PANELS, 5WK SFC, 2 TUB FILE, 2 O/HEAD LIT CAB, 2 PIB
2 MODWRKSTATION/PRED HAWORTH 63-HX144"WX100-D $2,796.00 $5,592.00
12 PANELS,6 WK SFC,3 PIB,2 O/HEAD LIT CAB, 6 TUB FILES
1 MODWRKSTATION/PRED HAWORTH 63"HX168"WX126"D $3,515.00 $3,515.00
16 PANELS, 4 O/HEAD LIT CAB,4 PIB, 7 WK SFC, 4 TUB FILES
</TABLE>
<PAGE> 22
<TABLE>
<CAPTION>
QTY DESCRIPTION DIMENSION UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
1 MOD WRK STATION/PRED HAWORTH 44"hX41"WX24"D $159.00 $159.00
3 PANELS, 1 WK SFC
2 MOD WRK STATION/PRED HAWORTH 63"HX52"WX24"D $252.00 $504.00
3 PANELS, 2 WK SFC
3 MOD WRK STATION/PRED HAWORTH 63"HX64"WX24"D $278.00 $834.00
4 PANELS, 2WK SFC
1 MOD WRK STATION/PRED HAWORTH 28"HX72"WX36"D $1,153.00 $1,153.00
4 PANELS,1 S.P. DSK, 2 O/HEAD LIT CAB, 2 LAT FLS, 2 WK SFCE
1 MOD WRK STATION/PRED HAWORTH 63"HX64"WX24"D $398.00 $398.00
5 PANELS, 2WK SFC,1 TUB FILE
2 MOD WRK STATION/PRED HAWORTH 53"HX74"WX64"D $996.00 $1,992.00
6 PANELS, 3 WK SFC,1 O/HEAD LIT CAB, 2 TUB FILES
3 MOD WRK STATION/PRED HAWORTH 63"HX96"WX76"D $1,106.00 $3,318.00
7 PANELS, 3 WK SFC, 2 O/HEAD CAB
2 MOD WRK STATION/NON ACOUSTIC 42"HX118"WX48"D $1,050.00 $2,100.00
7 PANELS, 6 WK SFC,1 TUB FILE
2 MOD WRK STATION/PRED HAWORTH 63"HX108"WX72"D $1,770.00 $3,540.00
7 PANELS,SWK SFC,3 TUB FILES,2 O/HEAD LIT CAB, 3 P/B
1 MOD WRK STATION/PRED HAWORTH 63"HX113"WX8S'D $944.00 $944.00
8 PANELS, 2 P/8
1 MOD WRK STATION/PRED HAWORTH 63"HX148"WX75"D $1,470.00 $1,470,00
9 PANELS,4 WK SFC,1 TUB FILE
1 MOD WRK STATION/SOLID WOOD 30"HX83"WX36"D $1,649.00 $1,649.00
PANELS,DSK, RETURN, CORNER UNIT,
3 O/HEAD CAB,2 LAT FILE
TOTAL $115,210.50
CHANGES TO MODULAR FURNITURE BETWEEN OCTOBER 96 AND APRIL 97
1 PANEL/MISCAPPROX40PCS POOR Sold $10.00 ($10.00) TCO Ins. Serv.
18 CABINET, O/HEAD POOR Sold $20.00 ($360.00) TCO Ins. Serv.
1 WORKSURFACE/MISC LOT POOR Sold $30.00 ($60.00) TCO Ins. Serv.
TOTAL AS OF APRIL 97 $114,780.50 TCO Ins. Serv.
</TABLE>
20
<PAGE> 23
MODULAR FURNITURE
OWNER - TCO INS SERV INC
LOCATION - CHICAGO
<TABLE>
<CAPTION>
QTY DESCRIPTION MAKE UNIT VALUE EXT VALUE
<S> <S> <C> <C> <C>
13 CABINET O/HEAD HERMAN MILLER $78.00 $1,014.00
14 CABINET O/HEAD STEELCASE $78.00 $1,092.00
26 CABINET O/HEAD HARDWOOD HOUSE $120.00 $3,120.00
17 DRAWERS HERMAN MILLER $120.00 $2,040.00
14 DRAWERS STEELCASE $120.00 $1,680.00
27 PIN BOARDS HERMAN MILLER $40.00 $1,080.00
17 PIN BOARDS STEELCASE $40.00 $680.00
14 WORK SURFACE STEELCASE $70.00 $980.00
8 WORK SURFACE HERMAN MILLER $70.00 $560.00
15 WORK SURFACE W/BASE HERMAN MILLER $150.00 $2,250.00
1 MODULAR WORKSTATION 84"WX96"DX44"H $2,100.00 $2,100.00
MAHOGONY, GREEN MARBLE TOP, LAMINATE WORK SURFACE SURROUND
TOTAL ADDED AFTER INVENTORY COMPLETED $16,596.00
</TABLE>
21
<PAGE> 24
OFFICE SUPPLIES
OWNER - TCO INS SERV
LOCATION - SOLVANG
<TABLE>
<CAPTION>
QTY DESCRIPT SPEC UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
1 ACRYLIC LTTRTRY $32.00 $32.00
721 ACCECIDSK PLASTIC $1.00 $721.00
129 ACCECIDSK STEEL/WOOD $12.00 $1,548.00
150 BATTERIES AAA-D BRAND $0.99 $148.50
1560 BIND CLIPS 1" $0.07 $109.20
5000 BIND STRIP $0.11 $550.00
100 BINDER 3RING NEW $0.99 $99.00
40 BINDER DATA $1.65 $66.00
61 BINDER,CSE 3RING USED $2.00 $122.00
24 BOX/BANKER $1.30 $31.20
9 CASSETTE MICRO $0.75 $6.75
129 CHAIR MAT LARGE $12.00 $1,548.00
19 COPYHOLDER $5.00 $95.00
34 CORKBOARD 24"X36" $8.00 $272.00
8 CORKBOARD 36"X48" $15.00 $120.00
1 CORKBOARD 60"X71" $67.00 $67.00
1 CUSHION BACK $6.00 $6.00
16 DESK PAD 24"X36" $7.00 $112.00
1 DESK PAD ACRYLIC $45.00 $45.00
4 DESKLAMP $5.00 $20.00
100 DISKETTE 1.44 FLOPPY $0.35 $35.00
400 DIVIDER INDEX $0.08 $32.00
1 ENCLOSURE PRINTER $29.00 $29.00
3600 ENVELOPE CLASP,BUS $0.09 $324.00
250 FOLD/CLASS ACCO $1.99 $497.50
1250 FOLD/FILE 8-1/2"X11" $0.06 $75.00
7400 FOLDERS HNG FILEIMISC $0.19 $1,406.00
11 FOOTREST RBBRMAIDB3M $6.00 $66.00
106 HOLE PUNCH $4.90 $519.40
5 HOLE PUNCH H.D. 50+ $25.00 $125.00
21 HOLE PUNCH MED-DUTY $12.00 $252.00
2 HOLE PUNCH PRESS,130+ $108.00 $216.00
4 KEYBOX LOCKABLE $21.00 $84.00
2 KEYBOX OPEN FILE $15.00 $30.00
1000 LABEL FILE FOLDER $0.01 $10.00
1 MISC LOT OFFICE SUPPLIES $225.00 $225.00
15 MKR BOARD 24"X36" $8.00 $120.00
4 MKR BOARD 30"X40"EASEL $50.00 $200.00
</TABLE>
22
<PAGE> 25
<TABLE>
<CAPTION>
QTY DESCRIPT SPEC UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
15 MKR BOARD 36"X48" $15.00 $225.00
1 MKR BOARD 36"X60" $25.00 $25.00
2 MKR BOARD 48"X72" $45.00 $90.00
50 MONITR ARM ADJUSTABLE $15.00 $750.00
100 PAPER LEGAL PAD $0.58 $58.00
1 PAPER CTTR 12"X12" $21.00 $21.00
1 PAPER CTTR 12"X22" $25.00 $25.00
1 PAPER CTTR 14"X17" $25.00 $25.00
1 PAPER CTTR 16"X16" $45.00 $45.00
1 PAPER CTTR 25"X25" $154.00 $154.00
16800 PAPERICOMP 14718"X11"#18 $0.01 $168.00
2800 PAPERICOMP 14 7/8" $0.04 $112.00
1000 PAPERICOMP 14718"X11"3PT $0.09 $90.00
2500 PAPERICOMP 9 1/2"X11" $0.01 $25.00
1000 PAPERICOMP 9 1/2"X11" $0.03 $30.00
127250 PAPERICOPY 8 1/2"X11" $0.01 $1,272.50
2250 PAPERICOPY 8 1/2"X14" $0.01 $22.50
5 PAPERIFAX (ROLLS) $2.17 $10.85
85000 PAPERANKJ 8 1/2"X11" $0.01 $850.00
1000 PAPERILSR 8 1/2"X11 $0.01 $10.00
11000 PAPERITYPE 8 1/2"X11" $0.01 $110.00
25500 PAPERIZJET 14718 $0.02 $510.00
2000 PAPERIZJET 8 1/2e'X11" $0.02 $40.00
172 PEN REFILL PARKER QUAL $1.00 $172.00
900 PEN/HIGHLT BRAND $0.38 $342.00
7 PLN HOLDR CBOARD POOR $4.00 $28.00
5 PNCL SHARP ELECTRIC $9.00 $45.00
130 PWR STRIP $4.00 $520.00
2 PWR STRIP 4' (15 OULET) $40.00 $80.00
5 RIBBON HP 92820545 UNK $5.00 $25.00
6 RIBBON TOSH BM173 UNK $5.00 $30.00
29 ROLODEX $3.50 $101.50
41 RULER 12"X1" ST STEEL $1.50 $61.50
22 SCISSORS FISKARS $3.00 $66.00
1 SCREEN PROJECTION $50.00 $50.00
300 SHEET PROTECTOR $0.08 $24.00
26 STAMP $1.00 $26.00
66 STAMPER/MECH SELF-INK $8.00 $528.00
5 STAPLER 100 SHTS $25.00 $125.00
2 STAPLER 240 SHTS $30.00 $60.00
112 STAPLER SWING 747 QUAL $5.00 $560.00
76 STAPLES/BX SWINGLINE $0.75 $57.00
500 TABSTIK BX COLOR LBLS $1.00 $500.00
94 TAPE DISP $1.00 $94.00
24 TONER ACOM $6.00 $144.00
3 TONER CANON FX1 $110.00 $330.00
</TABLE>
23
<PAGE> 26
<TABLE>
<CAPTION>
QTY DESCRIPT SPEC UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
5 TONER CANONNPG1 $15.60 $78.00
2 TONER CANONNPG5 $45.00 $90.00
6 TONER HP92285A $99.00 $594.00
14 TONER HP92291A $140.00 $1,960.00
12 TONER HP92295A $75.00 $900.00
6 TONER HP92298 $103.00 $618.00
6 TONER HPC3900A $149.00 $894.00
8 TONER XEROX1090,4050 $24.43 $195.44
11 TONER XEROX5028 $58.00 $638.00
2 TONER XEROX5046 $63.25 $126.50
193 TRASHCAN $1.35 $260.55
36 TRASHCAN MESH/BAG $3.75 $135.00
TOTAL $25,091.89
ASSETS ADDED AFTER INVENTORY COMPLETED
52 CASSETTE MICRO $0.75 $38.25
3 DESK PAD ACRYLIC $45.00 $135.00
4 DESKLAMP $5.00 $20.00
100 DISKETTE 1.44 FLOPPY $0.35 $35.00
20 SCISSORS FISKARS $3.00 $60.00
TOTAL ADDED AFTER INVENTORY COMPLETED $288.25
TOTAL $25,380.14
</TABLE>
24
<PAGE> 27
530OFSP
OFFICE SUPPLIES
OWNER - TCO INS SERV INC
LOCATION - CHICAGO
<TABLE>
<CAPTION>
QTY DESCRIPT SPEC UNIT VALUE EXT VALUE
<S> <C> <C> <C>
28 CHAIRMAT LARGE $12.00 $336.00
30 DESK TRAY LTR PLASTIC $1.00 $30.00
84 DESK TRAY LTR CHROME/ACRYLIC $32.00 $2,688.00
4 DESK TRAY LTR METAL $4.00 $16.00
18 DESKLAMPS TASK $5.00 $90.00
12 DESKPAD 24"X36" $7.00 $84.00
13 DESKPAD CHROME/ACRYLIC $45.00 $585.00
25 HOLE PUNCH 2 HOLE $4.90 $122.50
13 KEYBOARD DRAWER ERGONOMIC $75.00 $975.00
15 MECH STAMP DATE STAMPER $8.00 $120.00
1 OFFICE SUPPLIES/MISC LEGAL PADS, PENS, ETC.$500.00 $500.00
1 PAPER CUTTER 16"X16" $45.00 $45.00
28500 PAPER STOCK 8 1/2"X11" $0.01 $285.00
42 PENCIL HOLDERS CHROME/ACRYLIC $30.00 $1,260.00
32 POWER STRIP $4.00 $128.00
30 STAPLERS SWINGLINE $5.00 $150.00
1 STAPLERS HEAVY DUTY $30.00 $30.00
25 TAPE DISPENSER WEIGHTED $1.00 $25.00
2 TAPE DISPENSER SHIPPING 3" $6.00 $12.00
6 TONER XEROX 1090 $24.43 $146.58
4 TONER HP92298 $103.00 $412.00
3 TONER FX1 $110.00 $330.00
29 TRASH CANS PLASTIC $1.35 $39.15
15 TRASHCAN CHROME/ACRYLIC $40.00 $600.00
</TABLE>
TOTAL ADDED AFTER INVENTORY COMPLETED $9,009.23
Page 25
<PAGE> 28
VEHICLES
OWNER - EXSTAR
LOCATION - SOLVANG
<TABLE>
<CAPTION>
YEAR MAKE MODEL ID# VALUE
<S> <C> <C> <C> <C>
1979 FORD PICK-UP 1214 $2,025.00
</TABLE>
TOTAL ADDED AFTER INVENTORY COMPLETED $2,025.00
26
<PAGE> 29
VEHICLES
OWNER - TCO INS SERV.
LOCATION - SOLVANG
Added After Inventory Completed:
<TABLE>
<CAPTION>
YEAR MAKE MODEL ID# VALUE
<S> <C> <C> <C> <C>
1986 CHEVY BLAZER 1850 $4,475.00
1986 FORD VAN 4811 $4,625.00
1993 FORD PICK-UP 502 $7.175.00
1973 FORD DUMP TRUCK 6595 $2.500.00
TOTAL ADDED AFTER INVENTORY COMPLETED $18,775.00
</TABLE>
27
<PAGE> 30
ART DECCO
OWNER - TCO INS SERV
LOCATION - SOLVANG
<TABLE>
<CAPTION>
QTY DESCRIPT SPEC UNIT VALUE EXT VALUE
<S> <C> <C> <C>
1 ANIMAL FIGURE ARMADILLO BRSS SHELL $199.00 $199.00
1 ANIMAL FIGURE DOLPHIN BRASS SHELL $199.00 $199.00
1 ANIMAL FIGURE LION BRASS SHELL $199.00 $199.00
2 ANIMAL FIGURE BUCK/BRSS/KOREAN MDE $20.00 $40.00
1 ART/FRAMED PALACO '89 117/428 $150.00 $150.00
10 ART/FRAMED PLASTIC/TCO GROUNDS $4.00 $40.00
8 ART/FRAMED $15.00 $120.00
6 ART/FRAMED $75.00 $450.00
12 ART/FRAMED $25.00 $300.00
1 ART/FRAMED NIEMAN 35/175 HURDLE JUMPER SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 243/300 TENNIS PLAYER SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 144/300 SKIER SERI $682.00 $682.00
ART/FRAMED NIEMAN 236/300 JOCKIES SERI $682.00 $682.00
1 ART/FRAMED NIEMAN UNMKD SURFERS SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 2121300 BOXERS SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 195/300 JOCKIES SERI $682.00 $682.00
l ART/FRAMED NIEMAN 279/300 LION PRIDE SERI $682.00 $682.00
l ART/FRAMED NIEMAN UNMKD SALOON SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 293/300 STK MRKT SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 282/300 FOX HUNT SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 215/300 RODEO SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 271/300 MARLIN FISH SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 227/300 ROULETTE TBLE SERI $682.00 $682.00
1 APT/FRAMED NIEMAN 15/300 FOX HUNT SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 293/300 TIGER SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 12/175 TRACK & FIELD SERI $682.00 $682.00
ART/FRAMED NIEMAN 180/300 BILLIARD SERI $682.00 $682.00
1 ART/FRAMED NIEMAN 253/300 FOOTBALL SERI $682.00 $682.00
1 ART/FRAMED NIEMAN UNMKD GOLF LITHO $682.00 $682.00
1 ART/FRAMED NIEMAN UNMKD WSTCHST CLSC $682.00 $682.00
1 ART/FRAMED NIEMAN UNMKDARNLD PALM LITHO $682.00 $682.00
l APT/FRAMED TERRILL $150.00 $150.00
24 BASKET WICKER $1.00 $24.00
1 BIPLANE/HEATED COPPR MADE IN HONG KONG $8.00 $8.00
1 CLOCK SECO WESTMINSTER $300.00 $300.00
1 CLOCK VERACHRONIN WORLD $90.00 $90.00
2 CLOCK/AMFM $9.00 $18.00
1 CLOCK/DIGITAL DSK $5.00 $5.00
</TABLE>
28
<PAGE> 31
<TABLE>
<CAPTION>
QTY DESCRIPT SPEC UNIT VALUE EXT VALUE
<S> <C> <C> <C>
14 CLOCK/WALL 12" ECONOMY $16.00 $224.00
1 CLOCK/WALL EXEC 13" BULLAVA $80.00 $80.00
2 CLOCK/WALL EXEC SETH THOMAS 10" $25.00 $50.00
1 CURIO $5.00 $5.00
1 FIREPLACE SET BRASS/SOLD/HEAVY $50.00 $50.00
2 MIRROR 20"LX14" $5.00 $10.00
1 MODEL TRUCK/BRASS SHELL $199.00 $199.00
1 MODEL GUN SHIP 44"LX26"H $450.00 $450.00
1 MODEU1 OF 24 1988 WILSON 16"T SACRIFCE $450.00 $450.00
1 MODEUROTORY PMPR FRE ENG 10"LX3"WX3"L $185.00 $185.00
1 OIL LAMP KEROSINE/COPPR 50/51 $45.00 $45.00
84 PLANT SMALL-5' $30.00 $2,520.00
53 PLANT/POT 5'+ $105.00 $5,565.00
1 POT BRASS PLANT $30.00 $30.00
4 POTTERY HAND CRAFTED $12.00 $48.00
1 STATUEANDIAN BRONZE 1500LB 86"TX3.5"GIRTH $45,000.00 $45,000.00
1 VASE CERAMIC $18.00 $18.00
1 VASE BRASS $10.00 $10.00
7 VASE $0.99 $6.93
TOTAL $72.241.93
</TABLE>
NOTE:UNIT VALUE OF ALL NIEMAN ARTWORK AVERAGED IN "LOT"
29
<PAGE> 32
ART DECCO
OWNER - TCO INS SERV INC
LOCATION - CHICAGO
<TABLE>
<CAPTION>
QTY DESCRIPT SPEC UNIT VALUE EXT VALUE
<S> <C> <C> <C>
22 PLANTS SMALL <5' $30.00 $660.00
39 PLANT/POT 5'+ $105.00 $4,095.00
15 FRAMED ARTWORK MISC 4'X4' $75.00 $1,125.00
31 FRAMED ARTWORK MISC 3'X3' $50.00 $1,550.00
4 FRAMED ARTWORK MISC 2.5'X2.5' $25.00 $100.00
TOTAL ADDED AFTER INVENTORY COMPLETED $7,530.00
30
</TABLE>
<PAGE> 33
SOFTWARE OWNER - EXSTAR
<TABLE>
<CAPTION>
SOFTWARE NAME #OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C> <C>
Act for Windows v2.0 1-single user 3.5
DB General for Oracle / Unix v1.0.018 1-single client 3.5
DOS 6.22 50-users came w/ HP 486/66 PC's 3.5
FICS disks get returned 3.5
Informm for Windows v1.0 - NASDAQ 1-single user Online Co. Trading Info 3.5
Informm for Windows v2.0 - NASDAQ 1-single user Online Co. Trading Info 3.5
Kleinrock - Tax Library 10-simultaneous CD
Lexis for Windows v2.7 1-single user 3.5
Lexis for Windows v2.8 1-single user 3.5
Oracle Server software Oracle licensed Software 3.5
Oracle Developer Tools for DOS & OS/2 v6.0 1-single user Oracle licensed Software 3.5
Oracle SQL*NET 1-2-3 Data Lens Oracle licensed Software 3.5
Oracle SQL*NET OS/2 Oracle licensed Software 3.5
Oracle SQL*NET PL/SQL Oracle licensed Software 3.5
Oracle for 1-2-3 Datalens v1.1 3.5
Gupta SQLWIN OOP Tutorial v4.1 1-single user 3.5
Gupta SQLWindows 4.0 4-copies 3.5
Gupta SQLWindows 4.1.0 2-copies 3.5
Gupta SQLWindows 5.0 1-single user 3.5
Gupta SQLWindows 5.0.1 2-copies 3.5
Procomm Plus for Windows v2.0 1-single user LaSalle bank connection 3.5
Windows 3.1 3-users 3.5
Windows 3.1 61-users came w/ HP 486/66 PC's 3.5
TOTAL LOT VALUE $ 255,428.87
CHANGES TO SOFTWARE BETWEEN OCTOBER 96 AND APRIL 97
Credit for Oracle Licensed software (Originally paid by Alpine) $(206,105.00)
Oracle Software license fees paid by Exstar Financial (Paid thru 2/13/97) $ 81,156.72
MS Office Pro 97 $ 423.64
Offce 97 Resource Kit $ 39.68
TOTAL AS OF MAY 97 $ 130,943.91
</TABLE>
31
<PAGE> 34
SOFTWARE OWNER - EXSTAR E&S
<TABLE>
<CAPTION>
SOFTWARE NAME NUMBER OF COPIES COMMENTS SIZE VALUE
<S> <C> <C>
Changes to Software between October 96 and April 97
Oracle License for Accounts Receivable System $ 54,616.00
Oracle Licensed Software Support Accounts Receivable System $ 20,919.46
Group-Wise Mailbox VLA version 5.0 - 120 users $ 10,208.24
Group-Wise Mailbox Full Copies version 5.0 - 5 users $ 513.04
TOTAL SOFTWARE AS OF APRIL 97 $ 86,256.74
</TABLE>
32
<PAGE> 35
SOFTWARE OWNER - TCO INS. SERV.
<TABLE>
<CAPTION>
SOFTWARE NAME # OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C>
Lotus v3.1 6-sets 5.25
386Max v6.0 1-copy 3.5
Adobe Illustrator for Windows v4.0 1-single user 3.5
Adobe Streamline for Windows v3.0 1-single user 3.5
Adobe Type Manager for Windows v2.0 1-single user 3.5
Aldus Freehand for Windows v3.1 1-single user 3.5
Aldus Freehand for Windows v4.0 1-single user 3.5
Aldus Pagemaker for Windows v4.0 1-single user No disks
Aldus Pagemaker for Windows v4.2 1-single user 3.5
Aldus Pagemaker for Windows v5.0 4-users 3.5
Aldus Pagemakerv1.0 1-copy 5.25
Alpha 4 v2.0 1-single user 5.25
Announcements for Windows v1.0 1-single user 3.5
Automated Claim Entry v4.1 (Ace Index) 1-single user 5.25
AutoSketch for Windows v3.1 1-single user 3.5
BestLink v3.03 1-single user Best Comm Sftwr 3.5
Bravo Software v2.0c 1-single user Presentation Software 3.5
Calendar Creator for DOS v4.0 1-copy 3.5
Calendar Creator for Windows 1-single user 3.5
Calendar Creator Plus for Windows v2.0 15-concurrent users 3.5
Cash Collector v2.0c 1-single user 3.5
Close-Up for Windows v5.0 1-single user No disks
Compaq OS/2 Operating System 1.2 1-single server 3.5
CompuServe v1.1 1-account 3.5
CompuServe v2.0.1 1-account 3.5
Converson Plus for Windows 1-single user converts MAC to DOS 3.5
Data Junction for Windows v5.0 1-single user 3.5
DOS 5.0 10-users 3.5
DOS 6.21 upgrade 1-single user 3.5
DP Umbrella v3.1.5 1-LAN / 5-concurrent Help desk software 3.5
Excel for Windows v4.0 20-concurrent users 3.5
Excel for Windows v5.0 1-single user 3.5
Excel for Windows v5.0 20-single users 3.5
Exhibit Maker 5 v3.0 1-single user 3.5
Exhibit Maker 5 v5.4 1-single user 3.5
FAS2000v93.21 1-single user Fixed Assets 3.5
FAS2000 v94.1 1-single user Fixed Assets 3.5
FAS2000 v95.1 1-single user Fixed Assets 3.5
FAS2000v95.2 1-single user Fixed Assets 3.5
FAS2000 v96.1 1-single user Fixed Assets 3.5
FileMaker Pro for Windows v2.1 1-single user 3.5
Flex Admin for Windows v4.0 1 -server / multi user 3.5
</TABLE>
33
<PAGE> 36
<TABLE>
<CAPTION>
SOFTWARE NAME #OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C> <C>
Gupta 4.0 3-Users
HyperPrep for Windows v96.0 Network version IRS Filing software 3.5
Jetform Designer v4.1.032 5-users 3.5
Jetform Server for DOS Network 1-server 3.5
Job Performance Evaluator 1-single user 3.5
Lanalyzer for Windows v2.0 1-single user 3.5
LaSalle Bank software 1-single user 3.5
Lotus 1-2-3 for Windows v1.1 4-sets 5.25
Lotus 1-2-3 v2.2 1-single user 5.25
Lotus 1-2-3 v2.3 1-single user 5.25
Lotus Improv for Windows v2.0 1-single user 3.5
Lotus v3.1 2-server versions 5.25
Managepro for Windows v1.0 2-users 3.5
Managepro for Windows v1.2 2-users 3.5
Managepro for Windows v3.0 2-users 3.5
Managepro Network Access Modules 1-server
MS Project for Windows v3.0 3-users 3.5
MS Project for Windows v4.0 3-users 3.5
NAIC 1-LAN Valuations of Securities CD
NAVPAK for Windows v6.0 1-single user AC-U-KWIK 3.5
NAVPAK Hotel Search v6.0 1-single user 3.5
NAVPAK Super Search v6.0 1-single user 3.5
Netscape2.0 1-single user 3.5
Novell Netware 4.01 250-users Using Value of $8,299.00 CD
Novell Netware 4.1 250-users Using Value of $8.299.00 CD
Novell Netware 4.1 150-users Using Value of $4.789.00 CD
One-on-One Training Excel 5 1-single user 3.5
One-on-One Training Pagemaker 5 1-single user 3.5
One-on-One Training WinWord 6.0 1-single user 3.5
OrgPlus Advanced v5.0 1-single user 3.5
OrgPlus for Windows 2.0 1-single user 3.5
OrgPlus for Windows 2.01 1-single user 3.5
OrgPlus for Windows 3.0 1-single user 3.5
OrgPlus for Windows 6.01 1-single user 3.5
Pacific Page Font Cartridge for Win3.1 1-single users Cartridge
Palindrome Storage Manager v4.0a 1-server/multi server 3.5
Palindrome Storage Manager v4.0b 1-server/multi server 3.5
Palindrome Storage Manager v4.0a 1-server/multi server 3.5
Palindrome v1.1 1-copy 5.25
Palindrome v2.0g 1-server 3.5
PAREX 1-server / 6-users 3.5
PC Tools for Windows v2.0 1-single user 3.5
PersonalJournal 1-single user 3.5
Personnel Plus v5.0 1-single user
PowerPoint for Windows v3.0 1-single user 3.5
PowerPoint for Windows v4.0 1-single user 3.5
</TABLE>
34
<PAGE> 37
<TABLE>
<CAPTION>
SOFTWARE NAME #OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C>
QEMM 6.0 2-single users Quarterdeck Memory Mgr
QEMM 6.02 2-single users Quarterdeck Memory Mgr 3.5
Quick Expense 1.5 10-copies 3.5
Quicken for DOS v6.0 1-single user 3.5
Ratercalc 1-LAN version 3.5
Reachout Host w/remote Access 4.02 5-copies 3.5
Reachout viewer w/remote Access 4.02 5-copies 3.5
Reality On-Line 1-single user 3.5
Reflection 1 for windows 1-single user 3.5
Reflection 1 for Windows v4.0 130-users 3.5
Reflection 1 for Windows v4.21 130-users 3.5
Reflection 1 for Windows v5.0 130-users 3.5
Reflection 7 for DOS 4.30 1-single user 3.5
Reflection RNS 3000/Windows v5.01 130-users 3.5
Reflection RNS 3000/Windows v5.10 130-users 3.5
RFFLOW v2.08 1-single user 5.25
RFFLOW v3.0 1-single user 3.5
RFFLOW v3.01 5-copies 3.5
Robelle SuprTool v4.7 1-HP3000 plafform Cartridge
ROBOHelp for Windows v1.0 1-single user 3.5
ROBOHelp for Windows v2.0.2 1-single user 3.5
Schedule D Investment Manager v4.40 1-single user 3.5
Schedule D Investment Manager v5.0 1-single user 3.5
Selectime for Windows v1.3.1 1-single user 3.5
Selectime for Windows v2.0 1-single user 3.5
Seminar on Disk 1-2-3 Data Base Mang. 1-single user 5.25
Seminar on Disk 1-2-3 Macros 1-single user 5.25
Seminar on Disk Windows 3.1 Fund. 1-single user 3.5
SPAudit 1-single user 3.5
SPELLIN! 1-single user Add in spell checker/Lotus 3.5
SQLRouter v2.2 1-copy 3.5
Teach-Me Lotus 1-2-3 for Windows v1.0 1-single user 5.25
Teach-Me Windows 3.0 1-single user 5.25
Teach-Me Word for Windows v2.0 1-single user 5.25
Teach-OR Oracle 7 Library CBT no disks in drawer 5.25
True Type Font Pack 1 for Windows 2-single users 3.5
Untouchable Fifth Generation 2-single users Virus software / UTSCAN 5.25
Underwriting System TCO developed @ value of $1,313,000.00
Wealth Starterv1.0 5.25
Weather View for Windows v2.0 1-single user 3.5
Windows3.1 Secrets 1-single user 3.5
Windows95' 1-single user CD
WinFax Pro v4.0 1-single user faxing software 3.5
Winformant v2.0 1-single user Uninstalls Window apps 3.5
WinSleuth Gold Plus 1-single user Windows perf analyzer 3.5
Word for Windows v6.0 40-concurrent users 3.5
</TABLE>
35
<PAGE> 38
<TABLE>
<CAPTION>
SOFTWARE NAME #OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C> <C>
WordPerfect Office 3-users upgrade No disks
WordPerfect Office Connection Server So 1-server No disks
Workgroup for Windows 50-users came w/ HP 486/" PC's No disks
TOTAL LOT VALUE $1,342,408.78
CHANGES TO SOFTWARE BETWEEN OCTOBER 96 AND APRIL 97
Claims System $ 305,000.00
TOTAL AS OF APRIL 97 $1,647,408.78
</TABLE>
36
<PAGE> 39
SOFTWARE OWNER - TCO INS. SERV. INC.
<TABLE>
<CAPTION>
SOFTWARE NAME NUMBER OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C>
EZ-Dot v1.0 1-single user 3.5
EZ-Dot v1.02 1-single user 3.5
EZ-Dot v2.1 1-single user 3.5
Monarch Software v2.0 & Magellan 1-single user 3.5
MS C/C++ Compiler v7.0 1-single user 5.25
MS Software Develop Kit v3.1 1-single user 5.25
Seasoft Form 1098/1099 v11.00 1-single user 5.25
Seasoft Form 1098/1099 v12.00 1-single user 5.25
TOTAL LOT VALUE $ 64.88
</TABLE>
37
<PAGE> 40
SOFTWARE OWNER - TRANSCO SYNDICATE
<TABLE>
<CAPTION>
SOFTWARE NAME NUMBER OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C> <C>
DOS 6.0 60-users came with DEC 486/33 PC's 3.5
Windows 3.1 60-users came with DEC 486/33 PC's 3.5
Windows 3.1 5-users 3.5
Word for Windows v2.0 40-concurrent users no disks software license only
TOTAL LOT VALUE $1,338.31
</TABLE>
38
<PAGE> 41
SOFTWARE OWNER - ALPINE
<TABLE>
<CAPTION>
SOFTWARE NAME NUMBER OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C>
ASAP Software -1994 N/A 3.5
ASAP Software- 1995 N/A 3.5
ASAP Software- 1996 N/A 3.5
TOTAL LOT VALUE $ 24.33
CHANGES TO SOFTWARE BETWEEN OCTOBER 96 AND April 97
Adjustment for Oracle Licensed Software $ 206,105.00
TOTAL SOFTWARE AS OF APRIL 97 $ 206,129.33
</TABLE>
39
<PAGE> 42
SOFTWARE OWNER - ALPINE PREMIUM FINANCE
<TABLE>
<CAPTION>
SOFTWARE NAME NUMBER OF COPIES COMMENTS SIZE VALUE
<S> <C> <C> <C>
INPUT1 - Premium Finance Software 5-Multi-user No disks
TOTAL LOT VALUE $ 40.83
</TABLE>
40
<PAGE> 43
<TABLE>
<CAPTION>
BUSINESS MACHINES
OWNER - EXSTAR
LOCATION - SOLVANG & CHICAGO
QTY DESCRIPTION SPEC MODEL SER NO UNIT VALUE EXT VALUE LOCATION
<S> <C> <C> <C> <C> <C>
1 MON SVGA HP D2804A $305.00 $305.00 SOLV
6 MON SVGA HP D2804A $305.00 $1,830.00 SOLV
1 MON SVGA HP D1194A $305.00 $305.00 SOLV
5 MON SVGA HP D2804A $305.00 $1,525.00 SOLV
15 MON SVGA HP D2804A $305.00 $4,575.00 CGX
TOTAL ADDED AFTER INVENTORY COMPLETED $8,540.00
CHANGES TO BUSINESS MACHINES BETWEEN OCTOBER 96 AND MAY 97
1 16MB Ram Simple Tecra740 CDT S150.00 $150.00 SOLV
1 Deskstation V Plus $788.00 $788.00 SOLV
1 Lithium ion Battery Toshiba $239.00 $239.00 SOLV
1 Portable Comp Toshiba Tecra 740CDT2GB HD $5,688.00 $5,688.00 SOLV
1 Vectra VE3 Mod 1000,P-133,1GB HD US71355669 $1,012.00 $1,012.00 SOLV
1 Vectra VE3 Mod 1000,P-133,1GB HD US71355971 $1,012.00 $1,012.00 SOLV
1 Vectra VE3 Mod 1000,P-133,1GB HD US71355723 $1,012.00 $1,012.00 SOLV
1 Vectra VE3 Mod 1000,P-133,1GB HD US71355725 $1,012.00 $1,012.00 SOLV
1 Vectra VE3 Mod 1000,P-133,1GB HD US71356093 $1,012.00 $1,012.00 SOLV
1 Vectra VE3 Mod 1000,P-133,1GB HD US71355677 $1,012.00 $1,012.00 SOLV
6 8MB EDO SIMM for HP Vectra $104.00 $624.00 SOLV
20 4X32N70 16MB 4X32-70NS Memory SIMMS $103.00 $2,060.00 SOLV
1 HP 9000 D250 Minicomputer $59.009.95 $59,009.95 SOLV
TOTAL AS OF MAY 97 $83,170.95
</TABLE>
41
<PAGE> 44
BUSINESS MACHINE
OWNER - TCO INS SERV.
LOCATION - SOLVANG & CHICAGO
<TABLE>
<CAPTION>
OWNER
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC. IF OTHER THAN TCO INS.
<S> <C> <C> <C> <C> <C> <C>
1 ADD MACH TEXAS INS 5630 $25.00 $25.00 SOLV
2 ADD MACH TEXAS INS 53-10 $25.00 $50.00 SOLV
14 ADD MACH SHARP ELl197 IV $25.00 $350.00 SOLV
1 ADD MACH ROYAL 770HD $25.00 $25.00 SOLV
19 ADD MACH MISC BOXED $20.00 $380.00 SOLV
3 ADD MACH CASIO FR1055 $25.00 $75.00 SOLV
1 ADD MACH CANON P41-D $25.00 $25.00 SOLV
1 ADD MACH TEXAS INS 50302 $25.00 $25.00 SOLV
1 ADD MACH ROYAL 550HD $20.00 $20.00 SOLV
1 ADD MACH SHARP EL1192C $25.00 $25.00 SOLV
4 ADD MACH CASIO DL220 $25.00 $100.00 SOLV
1 ADD MACH TEXAS INS 5130 $25.00 $25.00 SOLV
1 ADD MACH TEXAS INS 5029 $25.00 $25.00 SOLV
1 ADD MACH CASIO FR1211 $25.00 $25.00 SOLV
1 ADD MACH SHARP EL1630G $25.00 $25.00 SOLV
1 ADD MACH SHARP $25.00 $25.00 SOLV
1 ADD MACH CASIO FR3200 $25.00 $25.00 SOLV
1 ADD MACH SHARP EL1626 $25.00 $25.00 SOLV
1 ADD MACH CANON MP21D $25.00 $25.00 SOLV
1 ADD MACH TEXAS INST 5150 $25.00 $25.00 SOLV
1 ADD MACH CANON P102-D $25.00 $25.00 SOLV
1 ADD MACH P126-D $25.00 $25.00 SOLV
1 ADD MACH FR3100 $25.00 $25.00 SOLV
1 BELL PHONE/EXTERNAL $20.00 $20.00 SOLV
6 BIND MACH $75.00 $450.00 SOLV
42 BUS MACH MISC/POOR/UNK $4.00 $168.00 SOLV
1 CABLE/LOT EST 110PC PS/PC $330.00 $330.00 SOLV
1 CABLE/LOT EST HNDRDS MISC $225.00 $225.00 SOLV
4 CALCULATOR ECONO HNDHLD $3.00 $12.00 SOLV
1 CALENDER DIGITAL $20.00 $20.00 SOLV
1 CAMERA POLOROID 1 STP $35.00 $35.00 SOLV
1 CAMERA CANON ZOOM $45.00 $45.00 SOLV
1 CARD LOT NWK MDM+POOR $10.00 $10.00 SOLV
3 CASS RCRDR SONY MICR BM580 $35.00 $105.00 SOLV
6 CASS RCRDR SONY MICR BM577 $35.00 $210.00 SOLV
1 CASS RCRDR PAN MICR RN1150 $35.00 $35.00 SOLV
1 CASS RCRDR GE STD CASS $16.00 $16.00 SOLV
3 CD ROM EXTERNAL 4X $85.00 $255.00 SOLV
1 CD TOWER PROCOM CDT73XET TD3 6X&44X $2,250.00 $2,250.00 SOLV
1 CD TWR PROCOM CDT7-3X UNK* 4 4X $1,650.00 $1,650.00 SOLV
3 CHKWRITING PYMST/BURRGHS $135.00 $405.00 SOLV
1 CONNECTOR LOT/EXT/GNDR $75.00 $75.00 SOLV
2 COPIER XEROX 5028 $700.00 $1,400.00 SOLV
1 COPIER XEROX 1090 M11 M06048230 $5,800.00 $5,800.00 SOLV
1 COPIER XEROX 1050 $550.00 $550.00 SOLV
1 COPIER/ACC CANON CLC500+ VPLYR/CAM/2LNS $10,476.00 $10,476.00 SOLV
1 COPIER/STR CANON NP2020 JXB68496 $1,200.00 $1,200.00 SOLV
1 COPIER/STR CANON NP 2020 VGB63460 $1,200.00 $1,200.00 SOLV
1 COPIER/STR CANON NP 2020 JXE68753 $1,200.00 $1,200.00 SOLV
1 COPIER/STR CANON NP 3050 $2,200.00 $2,200.00 SOLV
1 COPIER/STR CANON NP 3030 $1,600.00 $1,600.00 SOLV
1 COPIER/STR XEROX 5048 $900.00 $900.00 SOLV
2 CPU SYMBOLICS $100.00 $200.00 SOLV
1 CPU INTRFC NEC IPS $15.00 $15.00 SOLV
1 CPU/AST 286400 SERIES $125.00 $125.00 SOLV
1 CPU/COMPAQ DSKPRO 48633L 92514544A79 $425.00 $425.00 SOLV
1 CPU/COMPAQ 486/33 TWR UNK* $470.00 $470.00 SOLV
1 CPU/COMPAQ 386/33 TWR UNK* $310.00 $310.00 SOLV
1 CPU/COMPAQ 386/33 UNK* 4933HAB20797 $265.00 $265.00 SOLV Alpine
1 CPU/COMPAQ 386/33 UNK* 4934HAB20171 $265.00 $265.00 SOLV Alpine
1 CPU/COMPAQ 386/33 UNK* 4001HAB20468 $265.00 $265.00 SOLV Alpine
1 CPU/COMPAQ 386/33 UNK* 4934HAB20064 $265.00 $265.00 SOLV
1 CPU/COMPAQ 386/33 UNK* 4930HAB30161 $265.00 $265.00 SOLV
</TABLE>
42
<PAGE> 45
<TABLE>
<CAPTION>
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC. IF OTHER THAN TCO INCS.
<S> <C> <C> <C> <C> <C> <C> <C>
1 CPU/COMPAQ 386/33 UNK* 4925HAB20683 $265.00 $265.00 SOLV
1 CPU/COMPAQ 386/33 UNK* 4038HAL60068 $265.00 $265.00 SOLV
1 CPU/COMPAQ DESKPRO 386/33 6043HAM30076 $265.00 $265.00 SOLV
1 CPU/COMPAQ PRO SIGNA VS $2,395.00 $2,395.00 SOLV
1 CPU/COMPAQ PROLIANT 311OCD 2000 $2,800.00 $2,800.00 SOLV
1 CPU/DEC 433 DXLP KA315LS594 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC 433 DXLP UNK* KA315LS643 $435.00 $435.00 SOLV Transco Syndicate
22 CPU/DEC PC 433DXLP PC743 $435.00 $9,570.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS587 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS637 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS654 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS568 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS692 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA312JW529 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS660 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS663 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS645 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS586 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA319NZ226 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS596 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA315LS713 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/DEC PC 433DXLP KA404JDJ14 $435.00 $435.00 SOLV Transco Syndicate
1 CPU/HP VCTRA RS/20UNK* KA319NZ228 $310.00 $310.00 SOLV Transco Syndicate
1 CPU/HP 45945C UNK*286 KA315LS648 $125.00 $125.00 SOLV Transco Syndicate
1 CPU/HP 45945C UNK*286 2821A09254386T $125.00 $125.00 SOLV
1 CPU/HP DT-A102 UNK*386 2926A64822 $265.00 $265.00 SOLV
1 CPU/HP C2708 BNDLWMON 3003A80475 $750.00 $750.00 SOLV
2 CPU/HP C2708 BNDLWMON 3036A00805 $750.00 $1,500.00 SOLV
2 CPU/HP MAU28641A 3234C20730* $125.00 $200.00 SOLV
1 CPU/HP 2345A 3214C15471* $200.00 $200.00 SOLV
1 CPU/HP 386/16N 3138F15418 $265.00 $265.00 SOLV
1 CPU/HP VEC RS/20 UNK $310.00 $310.00 SOLV
1 CPU/HP VEC RS/20C UNK $132.00 $132.00 SOLV
1 CPU/HP VEC 386/16N UNK* $265.00 $265.00 SOLV
1 CPU/HP VEC 386/16N UNK* $265.00 $265.00 SOLV
1 CPU/HP VEC LAPTOP LS12 UNK $150.00 $150.00 SOLV
3 CPU/HP VEC QS/165 3016A1742 $265.00 $795.00 SOLV
1 CPU/HP VEC RS/25C D2020A $265.00 $265.00 SOLV
19 CPU/HP VEC VL2 4/66 D319B $595.00 $11,305.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3437A03451 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3437A03515 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3448A03163 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3436A05375 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3436A05407 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3448A03153 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3436A05391 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3437A03471 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3437A03396 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3437A03452 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3437A03438 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3436A05458 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3448A03176 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 3437A03410 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 UNK* $595.00 $1,190.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 UNK* 3448A03167 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 UNK* 3436A05411 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 UNK* 3448A03175 $595.00 $595.00 SOLV Exstar Financial
1 CPU/HP VEC VL2 4/66 UNK* 3436A05467 $595.00 $595.00 SOLV Exstar Financial
2 CPU/HP VEC 386/25 $265.00 $530.00 SOLV
1 CPU/HP VEC 45945A 286 2622A20396 $125.00 $125.00 SOLV
1 CPU/HP VEC 45945A 286 2550A09688 $125.00 $125.00 SOLV
1 CPU/M-FRME HP947RX256M RM 14GBHD 3TPE DR $32,000.00 $32,000.00 SOLV
1 CPU/M-FRME HP947RX 90M RAM 6 GBHD 1 DAT 1CD $22,000.00 $22,000.00 SOLV
1 CPU/XEROX DSK PUB W/MON+ UNK $50.00 $50.00 SOLV
1 CSU/DSU DATATEL DCP3080 $225.00 $225.00 SOLV
10 DATA SWTCH $8.00 $8.00 SOLV
</TABLE>
43
<PAGE> 46
<TABLE>
<CAPTION>
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC IF OTHER THAN TCO INS.
<S> <C> <C> <C> <C> <C> <C> <C>
1 DATAPLEXER TELLABS 330FP UNK DL0051456 $5.00 $5.00 SOLV
2 ERASER AUDIOCASSETTE $15.00 $30.00 SOLV
1 ERSR/VIDEO SONAR VX1601 H10009946 $29.00 $29.00 SOLV
1 FAX MACH XEROX 7017 $350.00 $350.00 SOLV
1 FAX MACH CANON L700 39858 $750.00 $750.00 SOLV
1 FAX MACH MURATA F20-1987 F20712501 $75.00 $75.00 SOLV
1 FAX MACH SHARP UX112 27127934 $135.00 $135.00 SOLV
1 FAX MACH CANON L775 VBL05015 $850.00 $850.00 SOLV
1 FAX MACH MULTIFAX $50.00 $50.00 SOLV
1 FAX MACH BRTHR INT 650M B41228650 $190.00 $190.00 SOLV
1 FAX MACH SHRP UX191 UNK $25.00 $25.00 SOLV
1 FAX MACH PNSNC KXF UNK $25.00 $25.00 SOLV
1 FAX MACH IMAGEMATE $50.00 $50.00 SOLV
1 FAX PRESS FAXPRESS 2000-1189 $900.00 $900.00 SOLV
1 FLOPPY DR HP 5 1/4 EXT $35.00 $35.00 SOLV
2 FLOPPY DR 3 1/2 EXTERNAL $35.00 $70.00 SOLV
4 HEADSET PLANTRONICS $56.00 $224.00 SOLV
2 HUB THOMAS CONRAD $275.00 $550.00 SOLV
1 INTERCOM UNKPOORINC $5.00 $5.00 SOLV
1 LABEL MKR PT25(P/TOUCH) M49527708 $35.00 $35.00 SOLV
1 LAMINATING MACH DSKTOP 47976 $126.00 $126.00 SOLV
2 LASER DRVE AMDEK 1 7004190H/700369SH $25.00 $50.00 SOLV
1 LTTR OPEN PANASNC BH752 $7.00 $7.00 SOLV
5 MEMORY COMPQ12MG 32BIT 115144001 $20.00 $100.00 SOLV
1 MICROFISCH RDR/ALOS 27-11 $75.00 $75.00 SOLV
1 MICROFISCH RDR/MCRO 875A $75.00 $75.00 SOLV
1 MICROFISCH RDR/MCRO 975 $75.00 $75.00 SOLV
1 MICROFISCH RDRPTR DC580AE $275.00 $275.00 SOLV
1 MICROFISCH RDR PORT II UNK $15.00 $15.00 SOLV
1 MICROFISCH RDR PORT II UNK $15.00 $15.00 SOLV
1 MICROFISCH MICRO 975 UNK $15.00 $15.00 SOLV
1 MICROFISCH RDR POOR $15.00 $15.00 SOLV
2 MODEM 9600 BAUD HP HP507598 $45.00 $90.00 SOLV
1 MODEM 2400 BAUD $28.00 $28.00 SOLV
1 MODEM 1200 BAUD $16.00 $16.00 SOLV
7 MODEM 9600 BAUD EXT $45.00 $315.00 SOLV
5 MODEM 28800 BAUD EXT $135.00 $675.00 SOLV Alpine
1 MODEM 14400 BAUD EXT $66.00 $66.00 SOLV Alpine
2 MODULE/TST SIMEON WTRTN CT $15.00 $30.00 SOLV
2 MON SYMBOLICS 18** $25.00 $50.00 SOLV
1 MON/NEC DATA DM2000P $400.00 $400.00 SOLV
1 MON/COMPAQ 109884 $155.00 $155.00 SOLV
1 MON/COMPAQ 430/UNK* 93314544A007 $145.00 $145.00 SOLV Alpine
1 MON/COMPAQ 430/UNK* 91614544A045 $145.00 $145.00 SOLV Alpine
1 MON/COMPAQ 430/UNK* 91614544A097 $145.00 $145.00 SOLV Alpine
1 MON/COMPAQ 430/UNK* 90314544A067 $145.00 $145.00 SOLV Alpine
1 MON/COMPAQ 430/UNK* 92514544A207 $145.00 $145.00 SOLV Alpine
1 MON/COMPAQ 430/UNK* 93314544A362 $145.00 $145.00 SOLV Alpine
1 MON/COMPAQ 430/UNK* 91614544A404 $145.00 $145.00 SOLV Alpine
1 MON/COMPAQ 420/UNK* $145.00 $145.00 SOLV Alpine
1 MON/DEC PCXCV-GA UNK* 01914544A614 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE 1K34422168 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7753 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7736 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA303C1923 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7762 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7764 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA303C1884 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7758 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B9804 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA303C1892 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7770 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7752 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA303C1925 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7763 $185.00 $185.00 SOLV Transco Syndicate
11 MON/DIGITL PC7XV-DE TA302B7756 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA302B7757 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA303C1874 $185.00 $185.00 SOLV Transco Syndicate
1 MON/DIGITL PC7XV-DE TA303C1802 $185.00 $2,035.00 SOLV Transco Syndicate
</TABLE>
44
<PAGE> 47
<TABLE>
<CAPTION>
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC. IF OTHER THAN TCO INS.
<S> <C> <C> <C> <C> <C> <C> <C>
1 MON/DIGITL PC7XV-DE UNK* TA303C1812 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/DIGITL PC7XV-DE UNK* TA247A9632 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/DIGITL PC7XV-DE UNK* TA302B7794 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/DIGITL PC7XV-DE UNK* TA303C1800 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/DIGITL PCXBV-PE 3140704981 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/DIGITL PCXBV-PE 3141956068 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/DIGITL PC7XV TA303C2067 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/DIGITL PCXRBF-PE 21F1048479 $185.00 $185.00 SOLV TRANSCO SYNDICATE
1 MON/GLDSTR MONO $30.00 $30.00 SOLV
1 MON/HP D1194A SVGA KR22437474 $305.00 $305.00 SOLV
2 MON/HP D1194A SVGA $305.00 $610.00 SOLV
2 MON/HP 35743A EGA 8803J45707 $75.00 $150.00 SOLV
2 MON/HP D1182A $207.00 $414.00 SOLV
1 MON/HP D1182A 9020J32724 $207.00 $207.00 SOLV
1 MON/HP D1182A 29J52318 $207.00 $207.00 SOLV
1 MON/HP D1182A UNK* 8902J43276 $207.00 $207.00 SOLV
1 MON/HP D1182A UNK* 20J33437 $207.00 $207.00 SOLV
1 MON/HP D1182A UNK* 8907J53443 $207.00 $207.00 SOLV
1 MON/HP D1182A UNK* 8847J34682 $207.00 $207.00 SOLV
1 MON/HP D1182A UNK* 45J29363 $207.00 $207.00 SOLV
1 MON/HP A1097C (BNDLE) 315J71942 $750.00 $750.00 SOLV
1 MON/HP 2392A/UNK* 26226V30965 $75.00 $75.00 SOLV
1 MON/HP 2392A/UNK* 2425F04894 $75.00 $75.00 SOLV
1 MON/HP 2392A/UNK* $75.00 $75.00 SOLV
1 MON/HP 2392A/UNK* 2425F05012 $75.00 $75.00 SOLV
1 MON/HP 2392A/UNK* 2440A24514 $75.00 $75.00 SOLV
1 MON/HP 2392A/UNK* 2603V228501 $75.00 $75.00 SOLV
1 MON/HP 2392A/UNK* 2641A92924 $75.00 $75.00 SOLV
1 MON/HP D2805A UNK* KR41037230 $305.00 $305.00 SOLV
1 MON/HP 700/96 3000/947 $250.00 $250.00 SOLV
1 MON/HP 700/96 9000/817S $250.00 $250.00 SOLV
2 MON/HP VGA 8907J52479 $145.00 $290.00 SOLV
1 MON/HP 35743A EGA 8733J24996 $75.00 $75.00 SOLV
2 MON/HP 700/92 $195.00 $390.00 SOLV
9 MON/HP D2804A SVGA $305.00 $2,745.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR4871812 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872127 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43871925 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872069 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872095 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872109 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR42740962 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43871955 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43871799 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872135 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872093 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872110 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872136 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43871807 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872112 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872102 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43752273 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43871836 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43752284 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43872129 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D2804A SVGA KR43871907 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D1194A SVGA KR31214479 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR43872107 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR22437528 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR21930556 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR52137514 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR50647363 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR22437534 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR43871908 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR21930571 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR43871904 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR14349877 $305.00 $305.00 SOLV Exstar Financial
1 MON/HP SVGA UNK* KR14349870 $305.00 $305.00 SOLV Exstar Financial
</TABLE>
45
<PAGE> 48
<TABLE>
<CAPTION>
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC. If Other Than TCO Ins.
<S> <C> <C> <C> <C> <C> <C>
1 MON/HP D1196A $305.00 $305.00 SOLV Exstar Financial
1 MON/HP D1194A SVGA KR14138409 $305.00 $305.00 SOLV
1 MON/HP D1194A SVGA KR22437804 $305.00 $305.00 SOLV
1 MON/HP A1097C(BNDLE) 3151J71851 $750.00 $750.00 SOLV
1 MON/HP A1097C 3151J71853 $375.00 $375.00 SOLV
1 MON/NEC 5D MULTJC2002VMA1 07C00052SUNK $400.00 $400.00 SOLV
1 MON/NEC 5D MULTISYNC 17"V $900.00 $900.00 SOLV
1 MON/UNK MITSU XC-1430C 4307102 $25.00 $25.00 SOLV
1 MULTIPLEXR CASE/DATATEL $1,000.00 $1,000.00 SOLV
1 MULTITESTR MICRNTA 8 RNGE 2000 OHM/VLT 2" $25.00 $25.00 SOLV
1 PAPERFOLD GENESIS EXECU $10.00 $10.00 SOLV
1 PH ACCEC JKS/COUP/PLTS LOT $82.50 $82.50 SOLV
34 PHONE MITEL SPRSET 3 $40.00 $1,360.00 SOLV
11 PHONE TRILL 1000TLKII $100.00 $1,100.00 SOLV
19 PHONE MITEL SUPERST 4 $40.00 $760.00 SOLV
30 PHONE SINGLE LINE $10.00 $300.00 SOLV
3 PHONE PACTEL SPEAK $55.00 $165.00 SOLV
1 PHONE PANASON SPEAK $55.00 $55.00 SOLV
18 PHONE TRIL 1000 UNK $10.00 $180.00 SOLV
1 PHONE MTL SPRCNSL 1K $195.00 $195.00 SOLV
42 PHONE MITEL SS1 UNK $10.00 $420.00 SOLV
8 PHONE MITEL SPRST 1 $30.00 $240.00 SOLV
1 PHONE/CELL OKI 700 $60.00 $60.00 SOLV
1 PHONE/CELL NEC700 $150.00 $150.00 SOLV
1 PHONE/CELL NEC701 $150.00 $150.00 SOLV
4 PHONE/CELL AT&T 3810 $90.00 $360.00 SOLV
1 PHONE/CELL OKI 1150 $60.00 $60.00 SOLV
1 PHONE/CELL MOTOROLA SCN2449A $105.00 $105.00 SOLV
1 PHONE/CONF POLYCOM ACC H10009946 $279.00 $279.00 SOLV
1 PLOTTER HP 7550A 2520A1187 $195.00 $195.00 SOLV
1 PLOTTER HP 7475A $150.00 $150.00 SOLV
1 PRICTR/SLD EUMIG/UNK-POOR $25.00 $25.00 SOLV
2 PRINT/UNK HP LSR II $125.00 $250.00 SOLV
1 PRINT/UNK EPSN LQ1500 $25.00 $25.00 SOLV
1 PRINT/UNK HP LSR 2868A 2686A $100.00 $100.00 SOLV
1 PRINT/UNK P351 SX ZA47169 $47.00 $47.00 SOLV
1 PRINT/UNK HP PNT JETXL300 3205A30503 $299.00 $299.00 SOLV
1 PRINT/UNK* HP 3000/947 2227 QUIET JET $125.00 $125.00 SOLV
1 PRINT/UNK* HP 2932A 2349A01043 $150.00 $150.00 SOLV
18 PRINTER HP LSR II $400.00 $7,200.00 SOLV
1 PRINTER HP LSR III 3015J62772 $575.00 $575.00 SOLV
8 PRINTER HP LSR III $575.00 $4,600.00 SOLV
1 PRINTER HP JET 500 $165.00 $165.00 SOLV
1 PRINTER HP LSR IV V JPCF006521 $1,648.00 $1,648.00 SOLV Exstar Financial
1 PRINTER HP LSR III 3038J99552 $575.00 $575.00 SOLV
1 PRINTER HP LSR III 3038J99090 $575.00 $575.00 SOLV
1 PRINTER HP LSR III 2945J60779 $575.00 $575.00 SOLV
1 PRINTER HP LSR III 3026J76626 $575.00 $575.00 SOLV
1 PRINTER HP LSR III 2945J56162 $575.00 $575.00 SOLV
1 PRINTER HP LSR III SI $1,700.00 $1,700.00 SOLV
1 PRINTER HP LSR III 3038J50351 $575.00 $575.00 SOLV
1 PRINTER HP LSR III 2945J94899 $575.00 $575.00 SOLV
1 PRINTER HP LSR III 3038J9954A $575.00 $575.00 SOLV
1 PRINTER HP LSR III 3034J98277 $575.00 $575.00 SOLV
1 PRINTER HP LSR III 3031J93458 $575.00 $575.00 SOLV
1 PRINTER HP LSR IID 2934J32727 $610.00 $610.00 SOLV
1 PRINTER HP LSR IID 2830J05073 $610.00 $610.00 SOLV
1 PRINTER HP LSR IID 2934J32728 $610.00 $610.00 SOLV
1 PRINTER HP LSR 2686A $295.00 $295.00 SOLV
1 PRINTER HP LSR 2686A 2686A $295.00 $295.00 SOLV
1 PRINTER HP LSR III D 3022J47746 $850.00 $850.00 SOLV
4 PRINTER HP LSR IV SI $2,450.00 $9,800.00 SOLV Exstar Financial
1 PRINTER HP PAINT JET XL $395.00 $395.00 SOLV
1 PRINTER EPSON LQ1060 $155.00 $155.00 SOLV
1 PRINTER HP SGNJET II CX $500.00 $500.00 SOLV
1 PRINTER HP LSR IV PLUS JPFF002578 $1,189.00 $1,189.00 SOLV Exstar Financial
1 PRINTER HP 9221A $75.00 $75.00 SOLV
4 PRINTER HP LSR IID 2830J75676 $610.00 $2,440.00 SOLV
</TABLE>
46
<PAGE> 49
<TABLE>
<CAPTION>
DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC. IF OTHER THAN TCO INS.
<S> <C> <C> <C> <C> <C> <C>
1 PRINTER HP LSR II $400.00 $400.00 SOLV Alpine
1 PRINTER PAN KCXP2180 $200.00 $200.00 SOLV
2 PRINTER TXS INSTT15038 12689P FREE $14.00 $28.00 SOLV
1 PRINTER ACOM PG LSR 6 2DO15716 $200.00 $200.00 SOLV
1 PRINTER ACOM PG LSR 6 26016930 $200.00 $200.00 SOLV
1 PRINTER HP PAINT JET $240.00 $240.00 SOLV
1 PRINTER/HP 260668 LINE $175.00 $175.00 SOLV
1 PRINTIUNK XEROX LSR 4045 $100.00 $100.00 SOLV
1 PRJCTR/SLD SIMON VIEW SYS $150.00 $150.00 SOLV
1 PRJCTR/SLD KDK AF2/UNK $25.00 $25.00 SOLV
1 PRJCTR/VID SNY CLR MLTISCN VPH1030Q0010065 $5,000.00 $5,000.00 SOLV
1 PROJECTOR OVERHEAD 3M $160.00 $160.00 SOLV
7 PUNCH BLKS $6.00 $162.00 SOLV
2 PWR COND SHAPE CLT 1000A LR543339 $100.00 $200.00 SOLV
1 RACK HP MAINFRME $50.00 $50.00 SOLV
1 SCANNER MICROTEK MS300A UNK 7050912613 $30.00 $30.00 SOLV
3 SHREDDER BOSTON/PERS $35.00 $105.00 SOLV
1 SHREDDER SHRDMSTR 1656S CH08255 $1,200.00 $1,200.00 SOLV
1 SORTER FRM SWINGLINE MACH $18.00 $18.00 SOLV
1 TAPE BKUP CO EXT 380MB 07C00052S $77.00 $77.00 SOLV
1 TAPE BKUP CO 250MB EXT $55.00 $55.00 SOLV
1 TELECOPIER XEROX 7017 $350.00 $350.00 SOLV
4 TRANSCRIBE SANYO W/ACCEC $75.00 $300.00 SOLV
2 TRANSCRIBE SONY BM850 ACC 17780 $75.00 $150.00 SOLV
4 TRANSCRIBE SONY BM815 ACC $75.00 $300.00 SOLV
1 TRANSCRIBE VICTOR (FAIR) $12.00 $12.00 SOLV
2 TYPE ELMNT IBM PRINTWHEEL $11.00 $22.00 SOLV
6 TYPEWRITER OLYMP STRTYPE $80.00 $480.00 SOLV
4 TYPEWRITER IBM SELECT III C $160.00 $640.00 SOLV
9 TYPEWRITER IBM SELECT II C $130.00 $1,170.00 SOLV
1 TYPEWRITER IBM WHLWRTR III $195.00 $195.00 SOLV
1 TYPEWRITER SWINTEC $35.00 $35.00 SOLV
1 TYPEWRITER CANON P 160 UNK $15.00 $15.00 SOLV
5 TYPEWRITER IBM SLC $15.00 $75.00 SOLV
1 TYPEWRITER SWINGB011 POOR $1.00 $1.00 SOLV
1 TYPEWRITER IBM 75 POOR $1.00 $1.00 SOLV
1 UPS FERRUPS/FE21 1K00588 $812.00 $812.00 SOLV
1 UPS APC 1400RM 95056347065 $350.00 $350.00 SOLV
4 UPS ERMSN 1500 $375.00 $1,500.00 SOLV
1 UPS RT 800 P901006664 $280.00 $280.00 SOLV
1 UPS DATA SHLD 450 $126.00 $126.00 SOLV
1 VCR/PANASO MULTIPLX AG 1960 $600.00 $600.00 SOLV
TOTAL $245,896.50
TOTALS BY COMPANY ALPINE $3,096.00
TRANSCO SYNDICATE $24,245.00
EXSTAR FINANCIAL $48,967.00
TCO INSURANCE SERVICES $169,596.50
ASSETS ADDED AFTER INVENTORY COMPLETED
1 CAMERA POLAROID 1 STP $35.00 $35.00 SOLV
12 CASS RCRDR SONY MICR BM560 $35.00 $420.00 SOLV
4 CASS RCRDR SONY MICR BM577 $35.00 $140.00 SOLV
1 PHONE/CONF POLYCOM ACC H10009946 $279.00 $279.00 SOLV
1 CPU HP VEC HP QS/16s/386/16 $265.00 $265.00 SOLV
1 CPU/DEC DEC 466D2-PC 766 $600.00 $600.00 SOLV
1 ETHER HUB TIGER ETHERNET HUB $300.00 $300.00 SOLV
2 FAX PRSSBX CASTELLE 2000 $900.00 $1,800.00 SOLV
1 FAXPRESS FAXPRESS 2000 - 104098 $900.00 $900.00 SOLV
1 LAPTOP TOSHIBA $500.00 $500.00 SOLV
1 MODEM HAYES 9600 V.32 EXT. $45.00 $45.00 SOLV
1 MODEM US ROBOTICS 14.4 EXT $66.00 $66.00 SOLV
1 MON MIT 20" MITSUBISHI $300.00 $300.00 SOLV
6 MON SVGA HP D1194A $305.00 $1,830.00 SOLV
5 MON VGA HP D1182A $207.00 $1,035.00 SOLV
</TABLE>
47
<PAGE> 50
<TABLE>
<CAPTION>
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC. If Other Than TCO Ins.
<S> <C> <C> <C> <C>
1 MON VGA HP D1182A $207.00 $207.00 SOLV
1 MON/EGA HP35743A $75.00 $75.00 SOLV
19 PHONE Mitel 3DN $40.00 $760.00 SOLV
3 PRINTER LASERJET IID $610.00 $1,830.00 SOLV
2 PRINTER LASERJET III $575.00 $1,150.00 SOLV
1 PRINTER LASERJET III $575.00 $575.00 SOLV
1 PRINTER LASERJET III $575.00 $575.00 SOLV
1 PRINTER PAINT JET XL C1602A $395.00 $395.00 SOLV
1 PRINTER DESKJET $300.00 $300.00 SOLV
1 PRINTER LASERJET 4 $1,648.00 $1,648.00 SOLV
1 PRINTER LASERJET 4M $1,648.00 $1,648.00 SOLV
1 PRINTER LASERJET III $575.00 $575.00 SOLV
1 PRINTER LASERJET 2686A $295.00 $295.00 CGX
3 PRINTER LASERJET IID $610.00 $1,830.00 CGX
1 PRINTER LASERJET III $575.00 $575.00 CGX
TOTAL ADDED AFTER INVENTORY COMPLETED $20,963.00
TOTAL $268,849.50
</TABLE>
48
<PAGE> 51
<TABLE>
<CAPTION>
BUSINESS MACHINES
OWNER - TCO INS SERV. INC.
LOCATION - CHICAGO
QTY DESCRIPTION SPEC MODEL UNIT VALUE EXT VALUE
<S> <C> <C> <C> <C>
32 CALCULATORS TEXAS INSTRUMENT $25.00 $800.00
1 COPIER SHARP SF8800 $1,200.00 $1,200.00
1 COPIER XEROX 1090 $5,800.00 $5,800.00
1 COPIER XEROX 5034/STR $700.00 $700.00
2 FAX MAC XEROX 7041 $500.00 $1,000.00
2 FAX MAC HP 950 INKJET $350.00 $700.00
2 FAX MAC CANON 910-C LASER $750.00 S1,500.00
1 FAXPRESS CASTELLE 2000 $900.00 $900.00
35 PHONE MITEL $40.00 $1,400.00
1 PHONE CONF POLYCOM $279.00 $279.00
1 PHONE SYSTEM TOSHIBA PBX $3,500.00 $3,500.00
2 PRINTER LINE PRINTERS $295.00 $590.00
3 PRINTER LASERJET SERIES II $400.00 $1,200.00
2 PRINTER LASERJET III $575.00 $1,150.00
1 PRINTER LASERJET IV SI $2,450.00 2,450.00
3 TYPEWRITERS IBM WHEELWRITER 3 $195.00 $585.00
2 TYPEWRITERS IBM SELECTRIC 2 $130.00 $260.00
1 TYPEWRITERS OLIVETTI ET-116 $80.00 $80.00
TOTAL $24,094.00
</TABLE>
49
<PAGE> 52
OWNER - ALPINE
LOCATION - SOLVANG
<TABLE>
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE
Changes to Business Machines between October 96 and May 97
<S> <C> <C> <C> <C>
2 Memory Upgrade 16MB Memory Sims $180.00 $360.00
1 Dot MatrixPrinter Mortgage $70.00 $70.00
TOTAL AS OF MAY 97 $430.00
</TABLE>
50
<PAGE> 53
BUSINESS MACHINES
OWNER - TRANSCO SYNDICATE
LOCATION - SOLVANG & CHICAGO
<TABLE>
<CAPTION>
QTY DESCRIPTION SPEC_MODEL SER NO UNIT VALUE EXT VALUE LOC
<S> <C> <C> <C> <C> <C> <C>
8 CPU/DEC PC DEC 433DXLP $435.00 $3,480.00 SOLV
1 CPU/DEC PC DEC 433DXLP $435.00 $435.00 SOLV
5 MON/DIGITAL PC7XV-DE $185.00 $925.00 SOLV
6 MON/DIGITAL PC7XV-DE $185.00 $1,110.00 SOLV
6 CPU DEC DEC 433DXLP $435.00 $2,610.00 CGX
9 MON DIGITAL PC7XV-DE $185.00 $1,665.00 CGX
1 MON SVGA HP D2804A $305.00 $305.00 CGX
TOTAL $10,530.00
</TABLE>
51
<PAGE> 54
PHONE SYSTEM/MISC
OWNER - TCO INS SERV
LOCATION - SOLVANG
QTY DESCRIPT SPEC MODEL SERIAL NO UNIT VALUE EXT VALUE
13 CONCENTRATOR SMC ELITE 3512TP $312.50 $4,062.50
12 LANPRESS/CASTELLE $312.50 $3,750.00
3 SPOOLERfBYTELINK MICROSYSTEMS 12S/256 $312.50 $937.50
1 SPOOLER MICOM MULTIPORT $312.50 $312.50
1 FLOTROL LORAIN $312.50 $312.50
1 SWITCH MITEL SX2000 $312.50 $312.50
1 BRIDGE TELCO 3100-63 $312.50 $312.50
1 BRIDGE/REMOTE ETHER NB-30WILAN $312.50 $312.50
1 SERVER/ACCESS CUBIX ERS II $312.50 $312.50
1 EXABYTE EX8-8205XLE $312.50 $312.50
2 DRIVEfHOBBES FUJITSU FW5033A-20 S312.50 $625.00
1 MSU GANDALF ASM2081 285223 $312.50 $312.50
1 TERMINATING UNIT CONKLIN $312.50 $312.50
1 HKSUfSTRATA XIIE TOSHIBA HKSU801 $312.50 $312.50
TOTAL $12,500.00
52
<PAGE> 1
COMMUTATION AND RELEASE AGREEMENT
This Commutation and Release Agreement (hereinafter referred to as "this
Agreement") is made and entered into by and between ALPINE INSURANCE
COMPANY/TRANSCO SYNDICATE #1, LTD. ("CEDENT") and UNDERWRITERS REINSURANCE
COMPANY ("REINSURER"), and is effective as of April 1, 1997.
WHEREAS, CEDENT and REINSURER entered into certain reinsurance agreements,
policies, certificates, contracts, addenda and endorsements, including but not
limited to the agreement listed on Exhibit A attached hereto (hereinafter the
agreement listed on Exhibit A shall be referred to as the "Reinsurance
Agreement"); and
WHEREAS, in consideration of the Commutation Amount set forth in Paragraph
1 herein, CEDENT wishes fully, finally and forever to release REINSURER from
all obligations arising out of, resulting from, or in any way related to the
Reinsurance Agreement so that all of the REINSURER's obligations pursuant to
the Reinsurance Agreement are fully resolved and extinguished; and
WHEREAS, CEDENT wishes to provide an indemnity to the REINSURER (which
shall include all fees and expenses) in the event that any claim, lawsuit,
proceeding or arbitration is brought by any party against the REINSURER on any
matter arising out of, resulting from, or in any way related to the Reinsurance
Agreement.
NOW THEREFORE, in consideration of the promises and of the agreements
contained herein, and intending to be legally bound, the parties agree as
follows:
1. Within four (4) business days following the signing by both parties of
this Agreement, REINSURER shall pay to CEDENT the sum of Four Hundred
Ninety-Eight Thousand Fourteen and 68/100 Dollars (U.S. $498,014.68) (the
"Commutation Amount"). The Commutation Amount was calculated based on written
premium as of December 31, 1996 provided by the CEDENT.
2. Upon receipt of the Commutation Amount and in consideration thereof,
CEDENT, on behalf of itself, its subsidiaries, affiliated corporations,
officers, directors, shareholders, employees, representatives, agents, and
attorneys, if any, and their respective heirs, administrators, predecessors,
successors and assigns and each of them (collectively, the "CEDENT GROUP")
unconditionally releases, acquits and forever discharges REINSURER and its
parent, subsidiaries, affiliated corporations, officers, directors,
shareholders, employees, agents and attorneys, if any, and their respective
heirs, administrators, predecessors, successors and assigns and each of them
(collectively, the "REINSURER GROUP"), from any and all past, present and
future claims, demands, debts, obligations, payments, liabilities, damages,
adjustments, executions, offsets, sums of money, accounts, reckonings, bonds,
bills, costs, expenses, actions, causes of action, controversies, covenants,
contracts, agreements, promises, judgments, liabilities and/or losses, of every
nature, character and description whether grounded
<PAGE> 2
in law or in equity, in contract, tort, or otherwise, all whether known or not
known, which the CEDENT GROUP now owns, holds or has, or at any time heretofore
owned, held or had, or which the CEDENT GROUP hereafter can, shall or may own,
hold or have against the REINSURER GROUP, and each of them, arising out of,
resulting from, or in any way related to the Reinsurance Agreement, it being
the intent of the parties that this release operate to fully and finally settle
and extinguish any and all of the REINSURER GROUP's obligations and liabilities
arising out of, resulting from, or in any way relating to the Reinsurance
Agreement.
3. Except for any demands, claims, liabilities, costs, charges, suits,
expenses including attorney's fees, judgments, damages, penalties, and punitive
damages arising out of or in connection with or related to the REINSURER'S
gross negligent, willful misconduct or REINSURER's brokerage obligations to the
intermediary, CEDENT shall indemnify and hold REINSURER harmless from and
against all demands, claims, liabilities, costs, charges, suits, expenses,
including attorneys' fees, judgments, damages, penalties and punitive damages
arising out of, in connection with or related to the Reinsurance Agreement, or
which REINSURER may incur as a consequence of having issued the Reinsurance
Agreement .
4. The parties, as between and among themselves, understand that they may
have sustained damages or incurred obligations that may not yet be manifest and
that are presently unknown, but nevertheless, CEDENT deliberately intends and
does hereby release REINSURER to the extent that this Agreement so provides.
Furthermore, the parties expressly accept and assume the risk that the factual
or legal assumptions made by either party in connection with this Agreement may
be found hereafter to be different from the true facts or law, and the parties
agree that this Agreement shall be and remain in full force and effect
notwithstanding such differences in facts or law. In this connection, the
parties specifically waive the provisions of California Civil Code 1542, which
provides as follows:
"A general release does not extend to claims which the creditor does
not know or subject to exist in his favor at the time of executing the
release, which, if known by him, must have materially affected his
settlement with the debtor."
5. The parties specifically agree and acknowledge that the Commutation
Amount is being paid to CEDENT in good faith and constitutes fair consideration
for the discharge of amounts allegedly owing now or potentially owing in the
future by REINSURER to CEDENT under the Reinsurance Agreement.
6. Each party to this Agreement represents and warrants to the other that
the drafting and negotiation of this Agreement has been participated in by each
of the parties and for all purposes this Agreement shall be deemed to have been
drafted jointly by all parties.
7. Each party to this Agreement represents and warrants to the other that
this Agreement is entered into freely, voluntarily, without duress, in good
faith, at arms' length, in the regular course of business and in reliance on
its own independent investigations and analyses of the facts
2
<PAGE> 3
underlying the subject matter of this Agreement, and that except as set forth
in writing in this Agreement, the decision to execute this Agreement is not
predicated on or influenced by any declarations representations, warranties or
promises of any kind made directly or indirectly by the other party, its
subsidiaries, affiliated corporations, officers, directors, shareholders,
employees, representatives, agents, or attorneys, if any, or their respective
heirs, administrators, predecessors, successors and assigns.
8. The rights, duties and obligations set forth in the Agreement shall
inure to the benefit of and be binding upon any and all predecessors, parents,
successors, affiliates, officers, directors, employees, subsidiaries,
stockholders, liquidators, receivers and assigns of each of the parties hereto.
Nothing in this Agreement is intended to benefit any third party.
9. Each party hereto expressly warrants and represents that it is a
company in good standing in its jurisdiction of incorporation; that the
execution of this Agreement is fully authorized by it; that the person
executing this Agreement on its behalf has the necessary and appropriate
authority to do so; that the execution, delivery and performance by it of this
Agreement does not and will not, contravene any law, governmental rule or
regulation, judgment or order applicable to it, and does not, and will not,
contravene any provision of, or constitute a default under, any agreement or
instrument to which it is a party or by which its properties are bound; and
that no authorization, consent or approval or any government entity is required
to make this Agreement valid and binding upon them.
10. The failure of the parties to enforce any provision of this
Agreement shall not be construed as a waiver of such provision or any other
provision of this Agreement. No waiver of any provision of this Agreement shall
be deemed a waiver of any of its other terms, nor shall such waiver constitute
a continuing waiver.
11. In the event that any part of this Agreement should for any reason
become or be found to be null, void, illegal or otherwise unenforceable, it
shall be struck out to the extent that it is so null, void, illegal or
unenforceable, and the remaining provisions of this Agreement shall remain in
full force and effect. In the event that any court of competent jurisdiction
renders a final, nonappealable order or ruling declaring this Agreement null
and void in its entirety, it is mutually agreed by CEDENT and REINSURER that
this Agreement shall be immediately rescinded and that each of the parties
hereto shall be restored to the position it was in just prior to the making of
this Agreement.
12. This Agreement shall constitute the entire Agreement between the
parties as respects its subject matter, and supersedes all prior or
contemporaneous discussions, understandings or agreements. No supplement,
modification, waiver, or termination of this Agreement shall be binding or
enforceable unless executed in a writing signed by both parties hereunder, and
this provision cannot be orally waived.
13. This Agreement nay be executed in multiple counterparts, each of
which, when so executed and delivered, shall be an original, but such
counterparts shall together constitute one and the same instrument and
agreement.
3
<PAGE> 4
14. This Agreement shall be interpreted and governed by the laws of the
State of California.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their duly authorized representatives as of the day and year
indicated below.
ALPINE INSURANCE COMPANY/TRANSCO
SYNDICATE #1, LTD.
Date: May 30 , 1997 By: /s/ Steven C. Shinn
--------- --------------------------------
Title: President
-----------------------------
Date: May 30 , 1997 By: /s/
--------- --------------------------------
Title: Secretary/General Counsel
-----------------------------
UNDERWRITERS REINSURANCE COMPANY
Date: May 29, 1997 By: /s/
--------------------------------
Title: President
------------------------------
Date: May 29, 1997 By: /s/
--------------------------------
Title: Vice President and Secretary
4
<PAGE> 5
EXHIBIT A
TO COMMUTATION AND RELEASE AGREEMENT
BETWEEN
ALPINE INSURANCE COMPANY/TRANSCO SYNDICATE #1, LTD.
AND
UNDERWRITERS REINSURANCE COMPANY
First Casualty Excess of Loss: RA 4171
Commutation Period: January 1, 1996 to July 1, 1996
5
<PAGE> 1
[LETTER HEAD OF MINET]
Transco Syndicate No 1,
per Exstar E & S Insurance Services, COVER NOTE
311 South Wacker Drive, ADDENDUM
Suite 500
Chicago Page 1 of 2
Illinois 60606 - 6618,
U.S.A. 7th March 1997
ADDENDUM NUMBER TWO ATTACHING TO AND FORMING PART OF COVER NOTE NUMBER
964788 DATED 17TH APRIL, 1996.
IN ACCORDANCE WITH YOUR INSTRUCTIONS, WE HAVE AMENDED THE FOLLOWING
REINSURANCE AS BELOW:
TRANSCO SYNDICATE NO. 1 &/OR ALPINE INS. CO.
MARINE ACCOUNT EXCESS OF LOSS REINSURANCE.
U.S.$250,000 E. & E.L. EXCESS U.S.$250,000 E. & E.L.
EXCESS U.S.$250,000 IN THE AGGREGATE.
L.O.D. 12 MONTHS AT 1ST MARCH, 1996.
It is hereby noted and agreed that the term of this Reinsurance is amended to
read 'Losses Occurring During the Period 1st March, 1996 to 19th July, 1997
Both Days Inclusive, Local Standard Time at the place where the loss occurs
(in respect of Business written prior to 1st September, 1996)'.
It is further noted and agreed that the premium is amended to $167,500 plus
50% of pro rata for the period 1st March, 1997 to 19th July, 1997 (141/365 days
= 0.3863013 x $167,500 = $64,705.47 x 50% = $32,352.73). The adjustable feature
is deleted.
Reinstatements remain Two at 100% Additional Premium based on $167,500
regardless of date of loss. In the event of claims as per Reinsured's telefax
dated January 9, 1997 exhausting the $250,000 aggregate herein, a further
aggregate of $125,000 will be retained by the Reinsured for the period 1st
March, 1997 to 19th July, 1997.
Subject to the Terms and Conditions of the Contract or Policy to be issued
<PAGE> 2
Page 2 of 2 continuing Cover Note Addendum.
ALL OTHER TERMS, CLAUSES AND CONDITIONS REMAIN UNALTERED.
- ---------------------------------------------------------
For and on behalf of For and on behalf of
J. H. MINET REINSURANCE BROKERS J. H. MINET REINSURANCE BROKERS
LIMITED LIMITED
/s/ /s/
- --------------------------------------------------------------------------------
Please check that this Cover Note Addendum is in accordance with your
instructions and if any change is required or if any security is not acceptable
to you, then please contact us immediately in writing. Please remember that all
other terms, clauses and conditions, security and limitations of the Original
Cover Note and any Addenda thereto remain unchanged.
<PAGE> 1
[LETTER HEAD OF MINET]
Transco Syndicate No 1, COVER NOTE
per Exstar E & S Insurance Services, ADDENDUM
311 South Wacker Drive,
Suite 500, Page 1 of 1
Chicago,
Illinois 60606 - 6618, 7th March 1997
U.S.A.
ADDENDUM NUMBER TWO ATTACHING TO AND FORMING PART OF COVER NOTE NUMBER
964789 DATED 17TH APRIL, 1996.
IN ACCORDANCE WITH YOUR INSTRUCTIONS, WE HAVE AMENDED THE FOLLOWING
REINSURANCE AS BELOW:
TRANSCO SYNDICATE NO. 1 &/OR ALPINE INS. CO.
MARINE ACCOUNT EXCESS OF LOSS REINSURANCE.
U.S.$500,000 E. & E.L. EXCESS U.S.$500,000 E. & E.L.
L.O.D. 12 MONTHS AT 1ST MARCH, 1996.
It is hereby noted and agreed that the term of this Reinsurance is amended to
read 'Losses Occurring During the Period 1st March, 1996 to 19th July, 1997
Both Days Inclusive, Local Standard Time at the place where the loss occurs
(in respect of Business written prior to 1st September, 1996)'.
It is further noted and agreed that the premium is amended to $100,000 plus
50% of pro rata for the period 1st March, 1997 to 19th July, 1997 (141/365 days
= 0.3863013 x $100,000 = $38,630.13 x 50% = $19,315,07). The adjustable feature
is deleted.
Reinstatements remain Two at 100% Additional Premium based on $100,000
regardless of date of loss.
ALL OTHER TERMS, CLAUSES AND CONDITIONS REMAIN UNALTERED.
- -------------------------------------------------------
For and on behalf of For and on behalf of
J. H. MINET REINSURANCE BROKERS J. H. MINET REINSURANCE BROKERS
LIMITED LIMITED
/s/ /s/
- --------------------------------------------------------------------------------
Please check that this Cover Note Addendum is in accordance with your
instructions and if any change is required or if any security is not acceptable
to you, then please contact us immediately in writing. Please remember that all
other terms, clauses and conditions, security and limitations of the Original
Cover Note and any Addenda thereto remain unchanged.
Subject to the Terms and Conditions of the Contract or Policy to be issued
<PAGE> 1
ASSIGNMENT OF RECEIVABLE
------------------------
This agreement is made and enter into effective as of the 31st day of
March, 1997, by and between TCO Insurance Services, Inc., an Illinois
corporation ("TCO"), and Exstar Financial Corporation, a Delaware corporation
("Exstar").
WHEREAS, that certain Insurance Underwriting Management Agreement
("IUMA"), effective April 1, 1987 was executed between TCO and United National
Insurance Company, et al; ("United"); and,
WHEREAS, TCO, from time to time, receives interest on funds held by
United under the terms of said IUMA;
WHEREAS, the current receivable of TCO from United regarding said
interest funds is the amount of $474,900.; and,
WHEREAS, TCO is obligated to Exstar under a certain promissory note
pursuant to that certain Reformed First Amended and Restated Loan Agreement
("Loan Agreement") effective December 30, 1993; and,
WHEREAS, TCO desires to assign to Exstar a certain amount of its
receivable from United under said IUMA, as and for payment of principal
amounts due Exstar under said Loan Agreement, and Exstar wishes to receive an
assignment of said receivable from TCO;
NOW THEREFORE, in consideration of the foregoing premises and the mutual
covenants hereinafter set forth, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
1. TCO hereby assigns and transfers to Exstar $80,000 of its receivable
from United under the IUMA herein before described, as and for payment of
$80,000 of principal due to Exstar under the Loan Agreement, and Exstar
hereby agrees to and does accept the described assignment of receivable as
in for payment of $80,000 of principal under said Loan Agreement.
2. This Assignment shall be binding upon and inure to the benefit of the
parties hereto, and their respective administrators, and successors in
interest.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the 31st day of March, 1997.
TCO Insurance Services, Inc. Exstar Financial Corporation,
an Illinois corporation a Delaware corporation
By: /s/ By: /s/
-------------------------------- --------------------------------
Its: Secretary / General Counsel Its: CFO
-------------------------------- --------------------------------
<PAGE> 1
ASSIGNMENT OF RECEIVABLE
------------------------
This agreement is made and enter into effective as of the 31st day of
March, 1997, by and between TCO Insurance Services, Inc., an Illinois
corporation ("TCO"), and Alpine Insurance Company, an Illinois corporation
("Alpine").
WHEREAS, that certain Insurance Underwriting Management Agreement
("IUMA"), effective April 1, 1987 was executed between TCO and United National
Insurance Company, et al; ("United"); and,
WHEREAS, TCO, from time to time, receives interest on funds held by United
under the terms of said IUMA;
WHEREAS, the current receivable of TCO from United regarding said interest
funds is the amount of $530,801.33; and,
WHEREAS, TCO is obligated to Alpine under a certain promissory note
pursuant to that certain Reformed First Amended and Restated Loan Agreement
("Loan Agreement") effective December 30, 1993; and,
WHEREAS, TCO desires to assign to Alpine a certain amount of its
receivable from United under said IUMA, as and for payment of interest amounts
due Alpine under said Loan Agreement, and Alpine wishes to receive an
assignment of said receivable from TCO;
NOW THEREFORE, in consideration of the foregoing premises and the mutual
covenants hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. TCO hereby assigns and transfers to Alpine $64,000 of its receivable
from United under the IUMA herein before described, as and for payment of
current interest due to Alpine under the Loan Agreement, and Alpine hereby
agrees to and does accept the described assignment of receivable as in for
payment of $64,000 of interest under said Loan Agreement.
2. This Assignment shall be binding upon and inure to the benefit of the
parties hereto, and their respective administrators, and successors in interest.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the 30th day of June, 1997.
TCO Insurance Services, Inc., Alpine Insurance Company,
an Illinois corporation an Illinois corporation
By: /s/ By: /s/
--------------------------- ---------------------------
Its: Secretary Its: CFO
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