Majestic Capital sees $777,027 July operating loss, zero fee revenues

By Caroline Salls

Pittsburgh, Aug. 22 - Majestic Capital, Ltd. recorded a $777,027 operating loss for July on zero management fee revenues, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

In comparison, the company posted a $365,218 operating loss for June on $4,750 in management fee revenues.

The net loss for July was also $777,027, widening from a $365,218 June net loss.

The company had $3.82 million in cash and cash equivalents at July 31, down from $4.02 million at the end of June.

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

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