Majestic Capital marks $489,126 October operating loss on no revenues

By Caroline Salls

Pittsburgh, Nov. 16 - Majestic Capital, Ltd. recorded a $489,126 operating loss for October on zero management fee revenues, according to its monthly operating report filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

In comparison, Majestic Capital posted a $438,862 operating loss for September, also on zero management fee revenues.

The net loss for October was also $489,126, widening from a $438,862 September net loss, according to court documents.

The company had $3.6 million in cash and cash equivalents at Oct. 31, down from $3.67 million at the end of September.

Majestic Capital, a Bermuda-based specialty provider of workers' compensation insurance, filed for bankruptcy on April 29, 2011. Its Chapter 11 case number is 11-36225.

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