/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/040619.mbx T R O U B L E D C O M P A N Y R E P O R T E R Saturday, June 19, 2004, Vol. 8, No. 123 Headlines AIR CANADA: Reports Higher May 2004 Traffic Results COVANTA ENERGY: Reports $2 Million Net Loss in February 2004 DIVINE, INC.: Releases April 2004 Monthly Operating Reports FEDERAL-MOGUL: Reports $7.3 Million Net Loss in April 2004 FOOTSTAR INC: Incurs $72.4 Million Net Loss in April 2004 HAYES LEMMERZ: Reports 15% Sales Growth in First Quarter 2004 IMPATH INC: Files Amended April 2004 Monthly Operating Report INSILCO HOLDING: Reports $13 Million in Assets At May 31, 2004 MIRANT CORP: Reports $30 Million Income in First Quarter 2004 MISSISSIPPI CHEMICAL: April Net Loss Narrows to $1.4 Million PG&E NATIONAL: Energy Service Jan. 2004 Monthly Operating Report PG&E NATIONAL: ET GAS January 2004 Monthly Operating Report PG&E NATIONAL: ET Holdings January 2004 Monthly Operating Report PG&E NATIONAL: ET Investments Jan. 2004 Monthly Operating Report PG&E NATIONAL: ET Power January 2004 Monthly Operating Report PG&E NATIONAL: USGen January 2004 Monthly Operating Report PILLOWTEX CORP: Monthly Operating Report for April 2004 RCN CORP: Hot Spots Productions' Schedules of Assets & Liabilities RCN CORP: RCN Corp.'s Schedules of Assets and Liabilities RCN CORP: RCN Finance, LLC's Schedules of Assets & Liabilities RCN CORP: RLH Property's Schedules of Assets & Liabilities RCN CORP: TEC Air's Schedules of Assets & Liabilities SPIEGEL GROUP: Reports $109,300,000 Net Sales for May 2004 THAXTON GROUP: Stockholders' Deficit is $15.6 Million at Apr 30 TWINLAB CORPORATION: Files May 2004 Monthly Operating Reports UAL CORP: Reports Highest-Ever May 2004 Passenger Load Factor ********* AIR CANADA: Reports Higher May 2004 Traffic Results --------------------------------------------------- Air Canada mainline flew 25.4 percent more revenue passenger miles (RPMs) in May 2004 than in May 2003, according to preliminary traffic figures. Overall, capacity increased by 14.4 percent, resulting in a load factor of 78.5 percent, compared to 71.6 percent in May 2003; an increase of 6.9 percentage points. In the domestic market, capacity decreased by 1.9% while traffic rose by 12.2% resulting in a domestic load factor of 79.7% - a 10.1 point increase year over year. Jazz, Air Canada's regional airline subsidiary, flew 4.5 percent more revenue passenger miles in May 2004 than in May 2003, according to preliminary traffic figures. Capacity increased by 2.3 percent, resulting in a load factor of 61.9 percent, compared to 60.6 percent in May 2003; an increase of 1.3 percentage points. "The system load factor for May was again our highest in history for the month. In particular, our domestic load factor of 79.7% was a solid indication of the success of Air Canada's product offerings in a highly competitive industry environment. Yields are also firming and the year-over-year traffic growth reflected, in part, the impact of SARS on last year's results," said Rob Peterson, Executive Vice President and Chief Financial Officer. AIR CANADA MAINLINE (Includes Tango, Zip & Jetz) MAY ----------------------------------- 2004 2003 Change ---------- ---------- ----------- Traffic (RPMs millions) 3,428 2,734 +25.4% Capacity (ASMs millions) 4,367 3,817 +14.4% ---------- ---------- ----------- Load Factor 78.5% 71.6% +6.9 pts ========== ========== =========== Canada RPMs 1,086 968 +12.2% ASMs 1,363 1,390 -1.9% ---------- ---------- ----------- Load Factor 79.7% 69.6% +10.1 pts ========== ========== =========== U.S. Trans-border RPMs 468 464 +0.9% ASMs 707 750 -5.7% ---------- ---------- ----------- Load Factor 66.2% 61.9% +4.3 pts ========== ========== =========== Atlantic RPMs 914 903 +1.2% ASMs 1,081 1,071 +0.9% ---------- ---------- ----------- Load Factor 84.6% 84.3% +0.3 pts ========== ========== =========== Pacific RPMs 715 231 +209.5% ASMs 892 375 +137.9% ---------- ---------- ----------- Load Factor 80.2% 61.6% +18.6 pts ========== ========== =========== Other & Charter RPMs 245 168 +45.8% ASMs 324 231 +40.3% ---------- ---------- ----------- Load Factor 75.6% 72.7% +2.9 pts ========== ========== =========== AIR CANADA MAINLINE (Includes Tango, Zip & Jetz) YEAR-TO-DATE ----------------------------------- 2004 2003 Change ---------- ---------- ----------- Traffic (RPMs millions) 16,306 14,561 +12.0% Capacity (ASMs millions) 21,619 20,239 +6.8% ---------- ---------- ----------- Load Factor 75.4% 71.9% +3.5 pts ========== ========== =========== Canada RPMs 4,788 4,383 +9.2% ASMs 6,378 6,229 +2.4% ---------- ---------- ----------- Load Factor 75.1% 70.4% +4.7 pts ========== ========== =========== U.S. Trans-border RPMs 2,927 3,104 -5.7% ASMs 4,317 4,749 -9.1% ---------- ---------- ----------- Load Factor 67.8% 65.4% +2.4 pts ========== ========== =========== Atlantic RPMs 3,721 3,800 -2.1% ASMs 4,631 4,748 -2.5% ---------- ---------- ----------- Load Factor 80.3% 80.0% +0.3 pts ========== ========== =========== Pacific RPMs 3,047 1,967 +54.9% ASMs 3,858 2,785 +38.5% ---------- ---------- ----------- Load Factor 79.0% 70.6% +8.4 pts ========== ========== =========== Other & Charter RPMs 1,823 1,307 +39.5% ASMs 2,435 1,728 +40.9% ---------- ---------- ----------- Load Factor 74.9% 75.6% -0.7pts ========== ========== =========== AIR CANADA REGIONAL (Jazz) MAY ----------------------------------- 2004 2003 Change ---------- ---------- ----------- Traffic (RPMs millions) 140 134 +4.5% Capacity (ASMs millions) 226 221 +2.3% ---------- ---------- ----------- Load Factor 61.9% 60.6% +1.3 pts ========== ========== =========== AIR CANADA REGIONAL (Jazz) YEAR-TO-DATE ----------------------------------- 2004 2003 Change ---------- ---------- ----------- Traffic (RPMs millions) 665 637 +4.4% Capacity (ASMs millions) 1,113 1,080 +3.1% ---------- ---------- ----------- Load Factor 59.7% 59.0% +0.7 pts ========== ========== =========== COVANTA ENERGY: Reports $2 Million Net Loss in February 2004 ------------------------------------------------------------ Covanta Energy Corporation and Subsidiaries Consolidated Balance Sheets At February 29, 2004 ASSETS Current Assets: Cash and cash equivalents $241,774,892 Inventory 0 Accounts receivable 272,785,722 Receivables due from non-debtors, net 202,162,297 Land 3,055,926 Machinery, fixtures and equipment 1,035,299,649 Restricted funds 175,833,960 Other current assets 20,833,851 Other assets 64,394,054 ---------------- Total assets $2,016,140,351 ================ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Postpetition Liabilities: Subject to financing order $0 Accounts payable 308,821,430 ---------------- Total postpetition liabilities 308,821,430 Prepetition Liabilities: Project Debt 725,081,899 Liabilities Subject to Compromise 953,117,195 Taxes/Others 154,334,329 ---------------- Total Prepetition Liabilities 1,832,533,423 ---------------- Shareholders' Equity: Capital 213,100,585 Cumulative translation adjustment, net 568,489 Retained earnings - prepetition (264,072,000) Retained earnings - postpetition (74,811,576) ---------------- Total Shareholders' Equity (125,214,502) ---------------- Total Liabilities and Shareholders' Equity $2,016,140,351 ================ Covanta Energy Corporation and Subsidiaries Consolidated Statements of Operations For the Period from February 1 to 29, 2004 INCOME: Service, electric and construction revenue $29,117,058 Waste-to-Energy project debt revenue 7,445,586 ---------------- Total Income 36,562,644 EXPENSES: Operating and construction costs 24,404,735 Waste-to-Energy project debt expense 3,439,265 Depreciation and amortization expense 3,689,211 Selling, general and admin expense 2,842,847 Other, net (23,412) Cost of allocation from non-debtor subsidiaries (4,468,388) Gain on sale of businesses 0 Write down of assets held for use 0 Write down of obligations to assets held for sale 0 Equity in earnings of non-debtor subsidiaries 3,388,081 ---------------- Total Expenses 33,272,339 ---------------- NET OPERATING PROFIT 3,290,305 Non-Operating Income: Reorganization costs (3,311,347) Minority interest (396,756) Interest income 74,035 Interest expense (4,185,980) ---------------- Total Non-Operating Income (Loss) (7,820,048) Income Taxes (2,524,027) ---------------- NET INCOME (LOSS) ($2,005,716) ================ Covanta Energy Corporation and Subsidiaries Consolidated Cash Flow Statements For the Period from February 1 to 29, 2004 Net income(loss) ($2,005,716) Depreciation and amortization 3,057,602 Write-down of Assets 0 Equity in earnings of non-debtor subsidiaries (2,609,047) Receivables 4,725,652 Other assets 743,334 Payables and accrued expenses (10,419,842) Other liabilities (978,504) Property, plant and equipment expenditures (938,557) Restricted funds, net (9,888,942) Issuance of debt, net 1,091,150 Related Parties 6,736,672 ---------------- (10,486,198) Cash, beginning balance 252,261,090 ---------------- Cash, ending balance $241,774,892 ================ Headquartered in Fairfield, New Jersey, Covanta Energy Corporation -- http://www.covantaenergy.com/-- is a publicly traded holding company whose subsidiaries develop, own or operate power generation facilities and water and wastewater facilities in the United States and abroad. The Company filed for Chapter 11 protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826). Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary, Gottlieb, Steen & Hamilton represent the Debtors in their restructuring efforts. When the Debtors filed for protection from its creditors, they listed $3,280,378,000 in assets and $3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service, Inc., 215/945-7000) DIVINE, INC.: Releases April 2004 Monthly Operating Reports ----------------------------------------------------------- On May 25, 2004, divine, inc., released its monthly operating reports for the period from April 1, 2004, through April 31, 2004. divine provides separate reports for its software, hosting, and corporate businesses. divine's Software and Hosting business units' operating reports show virtually no activity in April 2004 because these units were sold in May 2003. The Corporate segment reports no revenue and a $248,632 net loss in April 2004. At May 31, 2004, divine's balance sheet shows $66 million in total assets. Full-text copies of divine's March 2004 Operating Reports are available at no charge at: Corporate: http://www.sec.gov/Archives/edgar/data/1097516/000110465904016765/a04-6621_1ex99d3.htm Software Unit: http://www.sec.gov/Archives/edgar/data/1097516/000110465904016765/a04-6621_1ex99d1.htm Hosting Unit: http://www.sec.gov/Archives/edgar/data/1097516/000110465904016765/a04-6621_1ex99d2.htm divine, Inc., an affiliate of RoweCom Inc., described itself as an extended enterprise company, which serves to make the most of customer, employee, partner, and market interactions, and through a holistic blend of Technology, services, and hosting solutions, assist its clients in extending their enterprise. The Company filed for chapter 11 protection on February 25, 2003 (Bankr. Mass. Case No. 03-11472). Richard E. Mikels, Esq., Kevin J. Walsh, Esq., Adrienne K. Walker, Esq., at Mintz, Levin, Cohn, Ferris, Glovsky and Popeo and J. Douglas Bacon, Esq., Stephen R. Tetro, Esq., and Adam R. Skilken, Esq., represent the Debtors in their chapter 11 cases. When the Debtors filed or protection from their creditors, they listed $271,372,593 in total assets and $191,957,065 in total debts. FEDERAL-MOGUL: Reports $7.3 Million Net Loss in April 2004 ---------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of April 30, 2004 (In millions) Assets Cash and equivalents $275.7 Accounts receivable 584.8 Inventories 434.0 Deferred taxes 199.3 Prepaid expenses and other current assets 124.6 ---------- Total current assets 1,618.5 Summary of Unpaid Postpetition Debits (43.4) Intercompany Loans Receivable (Payable) 2,396.3 ---------- Intercompany Balances 2,353.0 Property, plant and equipment 1,099.2 Goodwill 1,173.9 Other intangible assets 452.4 Insurance recoverable 800.7 Other non-current assets 1,104.7 ---------- Total Assets $8,602.4 ========== Liabilities and Shareholders' Equity Short-term debt $299.6 Accounts Payable 192.9 Accrued Compensation 85.4 Restructuring and rationalization reserves 19.3 Current portion of asbestos liability - Interest Payable 0.1 Other accrued liabilities 285.9 ---------- Total current liabilities 883.2 Long-term debt - Post-employment benefits 1,456.5 Other accrued liabilities 968.3 Liabilities subject to compromise 6,083.7 Shareholders' equity: Preferred stock 1,054.7 Common stock 555.4 Additional paid-in capital 7,935.9 Accumulated deficit (9,627.8) Accumulated other comprehensive income (707.4) ---------- Total Shareholders' Equity (789.3) ---------- Total Liabilities and Shareholders' Equity $8,602.4 ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the month ended April 30, 2004 (In millions) Net sales $290.5 Cost of products sold 233.1 ---------- Gross margin 57.3 Selling, general & administrative expenses (53.4) Amortization (0.9) Reorganization items (16.3) Interest income (expense), net (6.0) Other income (expense), net 12.1 ---------- Earnings before Income Taxes (7.1) Income Tax (Expense) Benefit (0.2) ---------- Earnings before effect of change in accounting principle (7.3) Cumulative effect of change in accounting principle - ---------- Net Earnings ($7.3) ========== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the month ended April 30, 2004 (In millions) Cash Provided From (Used By) Operating Activities: Net loss ($7.3) Adjustments to reconcile net earnings (loss): Depreciation and amortization 13.9 Adjustments of assets held for sale to fair value - Asbestos Charge - Change in post-employment benefits (15.7) Decrease/(increase) in accounts receivable 15.1 Decrease/(increase) in inventories (7.8) Increase/(decrease) in accounts payable 17.4 Change in other assets and other liabilities (22.1) Change in restructuring charge (1.1) ---------- Net Cash Provided From Operating Activities (7.7) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (9.3) Proceeds from sale of businesses - ---------- Net Cash Provided From (Used By) Investing Activities (9.3) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt (10.0) Other (8.3) ---------- Net Cash Provided From Financing Activities (18.3) Increase (Decrease) in Cash and Equivalents (35.4) Cash and equivalents at beginning of period 311.1 ---------- Cash and equivalents at end of period $275.7 ========== Headquartered in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is one of the world's largest automotive parts companies with worldwide revenue of some $6 billion. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan, Esq., James F. Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin Brown & Wood and Laura Davis Jones, Esq., at Pachulski, Stang, Ziehl, Young, Jones & Weintraub, represent the Debtors in their restructuring efforts. When the Debtors filed for protection from its creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. (Federal-Mogul Bankruptcy News, Issue No. 57; Bankruptcy Creditors' Service, Inc., 215/945-7000) FOOTSTAR INC: Incurs $72.4 Million Net Loss in April 2004 --------------------------------------------------------- On June 16, 2004, Footstar, Inc. released their monthly operating report for the period from March 3, 2004 to May 29, 2004. The Company reports a net loss of $72.4 million in $150.4 million net sales. At May 1, 2004, Footstar, Inc.'s consolidated balance sheet shows: Total Assets $ 543,500,000 Current Liabilities 40,500,000 Total Liabilities Subject to Compromise 245,000,000 Shareholders' Equity $ 40,700,000 A full-text copy of Footstar, Inc.'s Form 8-K is available at no charge at: http://www.sec.gov/Archives/edgar/data/1011308/000090951804000554/jd6-16ex_99.txt On March 2, 2004, Footstar, Inc. and substantially all of its subsidiaries filed voluntary petitions under Chapter 11 of title 11, United States Code in the United States Bankruptcy Court for the Southern District of New York (Case No. 04-22350 (ASH)). The Debtors remain in possession of their assets and properties, and continue to operate their businesses and manage their properties as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. HAYES LEMMERZ: Reports 15% Sales Growth in First Quarter 2004 ------------------------------------------------------------- Hayes Lemmerz International, Inc. (NASDAQ: HAYZ) reported that sales for the fiscal first quarter, ended April 30, 2004, rose 15 percent to $594.1 million from $515.3 million a year earlier. Earnings from operations for the first quarter rose sharply to $26.2 million, compared with $14.4 million a year earlier, excluding fresh start accounting adjustments and reorganization items. "Our intense focus on operational excellence and financial discipline is bearing fruit," said Curtis Clawson, President, Chief Executive Officer and Chairman of the Board. "This is by far our best quarter, both operationally and financially, since Hayes Lemmerz emerged from Chapter 11 reorganization in June 2003. Our sales were up strongly across all segments of the business and our operational efficiency continued to improve, with gross margins increasing to 12.5 percent from 10.0 percent a year ago." The Company reported a net loss of $2.7 million for the first quarter of fiscal 2004, after taking a charge of $12.2 million for early extinguishment of debt. This compares with a year earlier loss of $22.6 million. Cash generated from operations rose strongly in the quarter to $71.9 million, from $17.1 million in the year-earlier quarter. Capital expenditures were $29.3 million in the recent quarter, compared with $20.0 million a year earlier. During the first quarter, Hayes Lemmerz redeemed $87.5 million of its 10-1/2 percent Senior Notes and prepaid $16.0 million of its Term Loan B, following completion of a $125.5 million follow-on equity offering on February 11. First quarter results reflected a $12.2 million charge for early debt extinguishment. With those debt reductions, net debt at the end of first quarter was $578.6 million, a reduction of $150 million from yearend fiscal 2003. The Company has not borrowed under its $100 million revolving credit facility since its emergence from Chapter 11. "Our balance sheet is healthy, and we have ample financial resources to continue improving efficiency and expanding into new markets as opportunities arise," added Mr. Clawson. Because Hayes Lemmerz emerged from Chapter 11 reorganization in June 2003, financial results for the current year and prior year are not fully comparable, the Company noted. A full-text copy of Hayes' Form 10-Q is available for free at the Securities and Exchange Commission at: http://www.sec.gov/Archives/edgar/data/1237941/000095012404002746/k86046e10vq.htm Hayes Lemmerz International, Inc., and Subsidiaries Consolidated Balance Sheet As of April 30, 2004 (in millions) Assets Current Assets: Cash and cash equivalents $85.3 Receivables 333.8 Inventories 200.3 Prepaid expenses 27.2 -------- Total current assets $646.6 Property, Plant & Equipment 964.9 Goodwill and Other Assets 411.6 Intangible assets, net 229.9 Other assets 63.6 -------- Total Assets $2,316.6 ======== Liabilities and Stockholder's Deficit Current Liabilities: DIP Facility - Bank borrowings and other notes $6.9 Current portion of long-term debt 10.7 Accounts payable and accrued liabilities 389.1 -------- Total current liabilities 406.7 Long-term debt 646.3 Pension and other long-term liabilities 527.9 Series A Warrants and Series B Warrants 4.3 Redeemable preferred stock of subsidiary 10.7 Minority interest 28.8 Stockholder's Equity: Preferred stock - Common stock: Voting 0.4 Additional paid-in capital 666.7 Accumulated deficit (49.2) Accumulated other comprehensive loss 74.0 -------- Total stockholder's equity 691.9 Total Liabilities & Stockholder's Equity $2,316.6 ======== Hayes Lemmerz International, Inc., and Subsidiaries Consolidated Statement of Operations Three Months Ended April 30, 2004 (in millions) Net Sales $594.1 Cost of Goods Sold 520.0 ------- Gross Profit 74.1 Marketing, general & administration 43.9 Asset impairment 2.4 Other income, net 1.6 Reorganization Items - ------- Earnings from operations 26.2 Interest expense, net 9.2 Other non-operating income (0.1) Loss on early extinguishment of debt 12.2 ------- Earnings before taxes and minority interest 4.9 Income taxes 5.0 ------- Loss before minority interest & extraordinary gain (0.1) Minority interest 2.6 ------- Net Loss ($2.7) ======= Hayes Lemmerz International, Inc., and Subsidiaries Consolidated Statement of Cash Flows Three Months Ended April 30, 2004 (in millions) Cash Flows from Operating Activities: Net loss ($2.7) Adjustment to reconcile net loss to net cash Provided by operating activities: Depreciation and amortization 42.8 Amortization of deferred financing fees 1.0 Interest income from Series A & B Warrants (3.9) Change in deferred income taxes (3.0) Asset impairments and other restructuring charges 2.4 Minority interest 2.6 Subsidiary preferred stock dividends 0.2 Compensation expense related to stock units 1.6 Loss on early extinguishment of debt 12.2 Gain on sale of assets and businesses (0.1) Changes in operating assets and liabilities: Receivables (10.1) Inventories (11.4) Prepaid expenses 1.4 Accounts payable and accrued liabilities 39.7 Chapter 11 items: Reorganization items - Interest accrued on credit agreement - Payments related to Chapter 11 filings (0.8) ------- Cash Provided by Operating Activities $71.9 Cash Flows from Investing Activities: Purchase of property, plant & equipment ($29.3) Proceeds from sale of assets and businesses 0.1 -------- Cash used for Investing Activities ($29.2) Cash Flows from Financing Activities: Net proceeds from issuance of common stock $117.0 Redemption of New Senior Notes (96.7) Prepayment of New Term Loan (16.0) Repayment of long term debt (2.3) Change in borrowings under DIP facility - Repayment of notes (7.1) Changes in bank borrowing and revolving facility - -------- Cash Provided (Used for) by Financing Activities ($5.1) -------- Effect of Exchange Rate Changes on Cash (0.8) -------- Increase in cash and cash equivalents 36.8 Cash and Cash Equivalents at beginning of period 48.5 -------- Cash and Cash Equivalents at end of period $85.3 ======== IMPATH INC: Files Amended April 2004 Monthly Operating Report ------------------------------------------------------------- On June 10, 2004, IMPATH Inc. and its other debtor-in-possession subsidiaries filed an amended monthly operating report with the United States Bankruptcy Court for the Southern District of New York amending the monthly operating report of the Company for the period of April 1, 2004 to April 30, 2004. The amended monthly operating report replaces in its entirety the monthly operating report attached as an exhibit to the Company's Current Report on Form 8-K filed on June 9, 2004. Impath Inc. reports a $19.9 million net loss in April 2004: Total Revenue $ 12,198,793 Gross Profit 6,697,432 Total Operating Expenses 13,931,706 Operating Income - EBIT (1,732,912) Net Loss $ 19,957,440 compared to a net loss of $4.2 million in March 2004. A full-text copy of Impath Inc.'s Amended April 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1003114/000090951804000545/jd6-14ex_99.txt Chief Restructuring Officer Holly Etlin advises that this report does not include a balance sheet "due to the ongoing reconciliation of the Debtor's accounting records." IMPATH Inc. and five affiliates filed for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York (Bankr. Case No. 03-16113). Impath is represented George A. Davis, Esq., at Weil, Gotshal & Manges LLP. INSILCO HOLDING: Reports $13 Million in Assets At May 31, 2004 -------------------------------------------------------------- For the month ending May 31, 2004, Insilco Holding Co., reports no income and no expenses. At May 31, 2004, on a consolidated basis, Insilco reports $13 million in total assets, $51 million in current liabilities and $211 million in long-term debt. A full-text copy of Insilco's March 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1068049/000107261304001159/exhibit99_12749.txt Insilco International Holding Company is a holding company and Signal Caribe is a nonoperating company and thus there is no activity to report for these two companies. The following companies were sold in March 2003 and thus have no activity for the current or future reporting periods: Precision Cable Manufacturing 02-13675 Stewart Stamping Corporation 02-13678 EFI Metal Forming, Inc. 02-13677 Eyelets for Industry, Inc. 02-13676 Stewart Connector Systems 02-13679 Signal Transformer Co. Inc. 02-13681 InNet Technologies 02-13673 On December 16, 2002, Insilco Holding Co., the parent Company of Insilco Technologies, Inc., and seven of its subsidiaries (Insilco International Holding, Inc., Precision Cable Mfg. Co. Inc., Stewart Stamping Corporation, InNet Technologies, Inc., Stewart Connector Systems, Inc., Eyelets For Industry, Inc., and its subsidiary EFI Metal Forming, Inc., and Signal Transformer Co., Inc., and its subsidiary Signal Caribe, Inc.) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware, Case No. 02-13672. MIRANT CORP: Reports $30 Million Income in First Quarter 2004 ------------------------------------------------------------- A full-text copy of Mirant Corporation's Form 10-Q Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1010775/000104746904019350/a2137808z10-q.htm Mirant Corporation and Subsidiaries Unaudited Consolidated Balance Sheet As of March 31, 2004 ASSETS Cash and cash equivalents $1,574,000,000 Funds on deposit 133,000,000 Receivables, net 1,219,000,000 Price risk management assets 131,000,000 Inventories 258,000,000 Other 352,000,000 --------------- Total Current Assets 3,667,000,000 Property, plant and equipment, net 6,661,000,000 Non-current Assets: Goodwill, net of amortization 587,000,000 Other intangible assets, net 289,000,000 Investments 284,000,000 Notes and other receivables 0 Price risk management assets 125,000,000 Other 470,000,000 --------------- Total Non-current Assets 1,755,000,000 --------------- TOTAL ASSETS $12,083,000,000 =============== LIABILITIES AND EQUITY Current Liabilities: Short-term debt $29,000,000 Current portion of long-term debt 286,000,000 Accounts payable and accrued liabilities 692,000,000 Price risk management liabilities 201,000,000 Transition power agreements 244,000,000 Other 232,000,000 --------------- Total current liabilities 1,684,000,000 Non-current Liabilities: Long-term debt 1,197,000,000 Price risk management liabilities 107,000,000 Transition power agreements 18,000,000 Other 728,000,000 --------------- Total Non-current liabilities 2,050,000,000 Liabilities subject to compromise 8,979,000,000 Minority interest in subsidiaries 153,000,000 Stockholders' Equity: Common stock 4,000,000 Additional paid-in capital 4,918,000,000 Accumulated deficit (5,649,000,000) Accumulated other comprehensive loss (54,000,000) Treasury stock, at cost (2,000,000) --------------- TOTAL STOCKHOLDERS' DEFICIT ($783,000,000) --------------- TOTAL LIABILITIES & STOCKHOLDERS DEFICIT $12,083,000,000 =============== Mirant Corporation and Subsidiaries Unaudited Consolidated Statements of Income For the three months ended March 31, 2004 REVENUES: Generation $1,029,000,000 Integrated utilities and distribution 137,000,000 Net trading revenue 18,000,000 --------------- Total Operating Revenues 1,184,000,000 Cost of fuel, electricity and other products 733,000,000 --------------- Gross Margin 451,000,000 --------------- OPERATING EXPENSES: Operations and maintenance 247,000,000 Depreciation and amortization 80,000,000 Impairment losses and restructuring charges 2,000,000 Gain on sale of assets, net (16,000,000) --------------- Total Operating Expenses 313,000,000 --------------- Income before non-operating income and expense 138,000,000 OTHER INCOME AND EXPENSES: Interest expense (33,000,000) Interest rate hedging losses 0 Gain on sales of investments, net 0 Equity in income of affiliates 6,000,000 Other, net (3,000,000) Minority interest 0 Interest income 3,000,000 --------------- Total other expense, net (27,000,000) Income from continuing operations before taxes 111,000,000 Provision for income taxes 19,000,000 Reorganization items, net 57,000,000 Minority interest 5,000,000 --------------- Income from continuing operations 30,000,000 Income(loss) from discontinued operations, net 0 --------------- Loss before change in accounting principle 30,000,000 --------------- NET INCOME $30,000,000 =============== Mirant Corporation and Subsidiaries Unaudited Consolidated Statements of Cash Flows For the three months ended March 31, 2004 Cash Flows from Operating Activities: Net income $30,000,000 Adjustments: Equity in income of affiliates (6,000,000) Dividends received from equity investments 5,000,000 Change in accounting principles 0 Restructuring charges 0 Gain on sale of assets and investments (16,000,000) Depreciation and amortization 82,000,000 Amortization of power agreements (116,000,000) Non-cash changes for reorganization items 42,000,000 Amortization of transition power agreements 0 Price risk management activities, net (36,000,000) Deferred income taxes 14,000,000 Minority interest 0 Interest rate hedging losses 0 Other, net 15,000,000 Change in operating assets and liabilities: Receivables, net 17,000,000 Other current assets 9,000,000 Other assets 26,000,000 Accounts payable and accrued liabilities (109,000,000) Taxes accrued 14,000,000 Other current liabilities (9,000,000) Other liabilities (15,000,000) --------------- Total adjustments (75,000,000) --------------- Net cash provided by operating activities (45,000,000) --------------- Cash Flows from Investing Activities: Capital expenditures (27,000,000) Cash paid for acquisitions (21,000,000) Issuance of notes receivable 0 Repayments on notes receivable 0 Proceeds from the sale of assets 0 Cash paid in relation to disposition (12,000,000) --------------- Net cash provided by investing activities (60,000,000) --------------- Cash Flows from Financing Activities: Proceeds from issuance of debt 102,000,000 Repayment of long-term debt (86,000,000) Payment dividends to minority interests (1,000,000) Change in debt service reserve fund 37,000,000 --------------- Net cash from financing activities 52,000,000 --------------- Exchange rate effect on cash 0 --------------- Net increase in cash (53,000,000) Cash, beginning of period 1,627,000,000 --------------- Cash, end of period $1,574,000,000 =============== Headquartered in Atlanta, Georgia, Mirant Corporation -- http://www.mirant.com/-- together with its direct and indirect subsidiaries, generate, sell and deliver electricity in North America, the Philippines and the Caribbean. The Company filed for chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03- 46590). Thomas E. Lauria, Esq., at White & Case LLP represent the Debtors in their restructuring efforts. When the Company filed for protection from their creditors, they listed $20,574,000,000 in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News, Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000) MISSISSIPPI CHEMICAL: April Net Loss Narrows to $1.4 Million ------------------------------------------------------------ On June 15, 2004, Mississippi Chemical Corporation and its domestic subsidiaries filed its Monthly Operating Report for the month ended April 30, 2004 with the Securities and Exchange Commission. The Company reports a net loss of $1,469,000 in April compared to a $34,552,000 net loss in March 2004. The Company's consolidated balance sheet shows: Total Assets $434,011,000 Total Current Liabilities 130,451,000 Liabilities Subject to Compromise 285,494,000 Shareholders' Deficit 37,425,000 A full-text copy of Mississippi Chemical Corporation's April 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/66895/000006689504000019/exhibit991.htm On May 15, 2003, Mississippi Chemical Corporation and its domestic subsidiaries filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Mississippi. PG&E NATIONAL: Energy Service Jan. 2004 Monthly Operating Report ---------------------------------------------------------------- Energy Service Ventures, Inc. Unaudited Balance Sheet As of January 31, 2004 ASSETS Current Assets Cash $1,947,571 Prepetition Accounts Receivable 3,525,141 Postpetition Accounts Receivable - Receivables from Officers/Employees/Affiliates - Notes Receivable Stocks - Inventory - Other Current Assets Allowance for Bad Debts (2,791,840) Deposits - Current Tax Assets - -------------- Total Current Assets 2,680,872 Fixed Assets Land - Building - Equipment, Furniture & Fixtures - Less Accumulated Depreciation - -------------- Total Fixed Assets - Other Assets (Identify) Amortizable Costs - Deferred Tax Assets Undetermined Investments in Subsidiaries - -------------- Total Other Assets - -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $74,082 Notes Payable - Rent and Leases Payable - Accrued Interest - Other - -------------- Total Postpetition Liabilities 74,082 Prepetition Liabilities Priority Claims - Secured Debts - Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owners' Investments 10,000 Paid-In Capital Surplus 55,048,465 Retained Earnings Prepetition (76,394,062) Postpetition (76,616) -------------- Total Owner's Equity ($21,412,212) -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== Energy Service Ventures, Inc. Unaudited Income Statement For the Period January 1 to January 31, 2004 Total Sales/Income $0 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other 0 -------------- Total Cost of Sales 0 -------------- Gross Profit 0 OPERATING EXPENSES: Officer Salaries 0 Other Employee Salaries 0 Taxes (Payroll) 0 Employee Benefits 0 Advertising 0 Auto. Expenses 0 Entertainment 0 Insurance (Real Estate) 0 Insurance (Other) 0 Leases (Other than Rent) 0 Outside Services & Contractors 0 Professional Fees (Atty. Accts.) 0 Restructuring Expense (846) Repairs & Maintenance 0 Supplies 0 Taxes (Real Property) 0 Taxes (Other) 0 Telephone 0 Travel 0 Utilities 0 Other Operating Expenses Power costs - Bank Fees - -------------- Total Operating Expenses (846) -------------- Profit/Loss from Operation 846 Other Income (Expenses): Interest Income - Interest Expense - Equity Earnings - -------------- Total Other Income (Expenses) - -------------- Income Before Taxes 846 Income Taxes Expense 321 -------------- Net Income (Loss) $524 ============== Energy Service Ventures, Inc. Cash Reconciliation Report For the Period January 1 to January 31, 2004 Cash balance from prior balance sheet $1,946,725 Net income for month 524 Expense Not Requiring Cash: Taxes 321 Interest Income - -------------- Total Expenses Not Requiring Cash 321 -------------- Total Cash from Operations 1,947,571 Other sources/uses of cash: Decrease (Increase): Accounts Receivable - Inventory - Equipment - Furniture & Fixtures - Prepaids - Increase (Decrease): Accounts Payable - Accrued Interest - Accrued P/R Taxes - Accrued Professional Fees - Accrued Rent - Accrued Salaries - Accrued Sales Tax - Note Payable Taxes - (Less) Unrecorded Bank Service Charges - -------------- Total Other Sources & Uses of Cash - -------------- Ending Cash Balance $1,947,571 ============== PG&E NATIONAL: ET GAS January 2004 Monthly Operating Report ----------------------------------------------------------- NEGT Energy Trading-Gas Corporation Unaudited Balance Sheet As of January 31, 2004 ASSETS Current Assets Cash $10,449,553 Accounts Receivable 68,218,267 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Deposits 89,908,768 Prepayments 14,642,630 Other Current Assets 3,113,514 -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 21,635,392 Less Accumulated Depreciation (19,920,260) -------------- Total Fixed Assets 1,715,132 Other Assets (Identify) Accrued taxes Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other: Accrued Legal fees 0 Accrued Payroll and Benefits 18,536 -------------- Total Postpetition Liabilities $18,786 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments - Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Gas Corporation Unaudited Income Statement For the Period January 1 to January 31, 2004 Total Sales/Income $2,710 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other: (Identify) Purchase of Commodities 30,815 -------------- Total Cost of Sales 30,815 -------------- Gross Profit (28,105) OPERATING EXPENSES: Bad Debt Expense 0 Bank Charges 1,404 Communications 0 Computer Supplies 0 Credit & Commitment Fees 0 Datefees 4,164 Fixed Assets Depreciation 152,932 Indirect Allocations 20,341 Insurance 0 Legal Fees 375,000 Recruiting & Relocation 9,127 Realized(Gain)/Loss on Foreign Exchange 3,090 Rent 0 Unrealized(Gain)/Loss on Foreign Exchange 0 Office Supplies (85) Other 199 Payroll and benefits 196,807 Professional Fees 4,204 Subscriptions 2,025 Taxes Other than Income 1,045 Training 0 -------------- Total Operating Expenses 770,256 -------------- Profit/Loss from Operation (798,361) Other Income (Expenses): Interest Income 180,870 Interest Expense 0 Equity in Subsidiaries 0 Other Income(Expenses) 0 -------------- Total Other Income (Expenses) 180,870 -------------- Income Before Taxes ($617,490) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading-Gas Corporation Cash Reconciliation Report For the Period January 1 to January 31, 2004 Cash balance from prior balance sheet $10,448,166 Pre-tax Net income for month (617,490) Income/Expenses Not Requiring Cash: Depreciation 152,932 Unrealized (Gain) Loss on Foreign Exchange 0 -------------- Total Expenses Not Requiring Cash 152,932 -------------- Total Cash from Operations 9,983,608 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate 537,960 Accounts Receivable Affiliate 0 Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids 500,000 Deposits 350,975 Other Current Assets 0 Increase (Decr): Accounts Payable Non-Affiliate (1,075,125) Accounts Payable Affiliate 152,634 Accrued Liabilities (500) Current Deferred Liabilities 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Tax Liability 0 -------------- Total Other Sources & Uses of Cash 465,944 -------------- Ending Cash Balance $10,449,553 ============== PG&E NATIONAL: ET Holdings January 2004 Monthly Operating Report ---------------------------------------------------------------- NEGT Energy Trading Holdings Corporation Unaudited Balance Sheet As of January 31, 2004 ASSETS Current Assets Cash $269,840,447 Accounts Receivable 227,138 Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Accrued taxes Undetermined -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 0 Less Accumulated Depreciation 0 Other Fixed Assets 0 -------------- Total Fixed Assets 0 Other Assets (Identify) Investments in Subsidiaries Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other: Accrued Quarterly Fees 5,000 Accrued Legal Fees 1,095,322 Accrued Payroll and Benefits 69,560 -------------- Total Postpetition Liabilities $1,169,882 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading Holdings Corporation Unaudited Income Statement For the Period January 1 to January 31, 2004 Total Sales/Income $0 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other 0 -------------- Total Cost of Sales 0 -------------- Gross Profit 0 OPERATING EXPENSES: Communications 435 Computer Supplies 10,467 Credit/Commitment Fees 55,231 Datafeeds 6,346 Indirect Allocations (1,023,938) Legal Fees 375,000 Misc. Tax Payments 146,825 Office Supplies 85 Other 50 Other Business Expenses 0 Payroll and benefits 430,903 Postage & Delivery 0 Professional Fees 17,498 Recruiting & Relocation (9,127) Rent 0 Software Costs 6,625 Subscriptions 0 Training 0 Travel 0 US Trustees 5,000 -------------- Total Operating Expenses 21,404 -------------- Profit/Loss from Operation (21,404) Other Income (Expenses): Interest Income 227,720 Interest Expense (200,794) Equity in Subsidiary: Investment in ET Power (8,212) Investment in ET Investment (244,026) Investment in ET Gas Corp. (373,272) Investment in NEGT International 97,192 -------------- Total Other Income (Expenses) (501,391) -------------- Income Before Taxes ($522,795) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading Holdings Corporation Cash Reconciliation Report For the Period January 1 to January 31, 2004 Cash balance from prior balance sheet $269,338,118 Pre-tax Net income for month (522,795) Expense Not Requiring Cash: Depreciation 0 Investment in ET Power 8,212 Investment in ET Investment 244,026 Investment in ET Gas Corp. 373,272 Investment in NEGT International (97,192) -------------- Total Expenses Not Requiring Cash 528,318 -------------- Total Cash from Operations 269,343,640 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate (9,528) Accounts Receivable Affiliate (827,408) Inventory 0 Equipment 0 Furniture & Fixtures 0 Prepaids (28,689) Increase (Decr): Accounts Payable - Non-Affiliate 688,276 Accounts Payable - Affiliate (43,000) Accrued Liabilities (3,000) Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees (279,843) Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Tax Liability 0 (Less) Unrecorded Bank Service Charges 0 -------------- Total Other Sources & Uses of Cash (503,192) -------------- Ending Cash Balance $269,840,447 ============== PG&E NATIONAL: ET Investments Jan. 2004 Monthly Operating Report ---------------------------------------------------------------- NEGT ET Investments Corporation Unaudited Balance Sheet As of January 31, 2004 ASSETS Current Assets Cash $0 Accounts Receivable 0 Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets 0 -------------- Total Current Assets Undetermined Fixed Assets Land 0 Building 0 Equipment, Furniture & Fixtures 0 Less Accumulated Depreciation 0 -------------- Total Fixed Assets 0 Other Assets (Identify) Investment in Subsidiaries Undetermined -------------- Total Other Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other 0 -------------- Total Postpetition Liabilities 250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock, Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT ET Investments Corporation Unaudited Income Statement For the Period January 1 to January 31, 2004 Total Sales/Income - COST OF SALES: Purchases of Inventory - Purchased Services - Other (Identify) - -------------- Total Cost of Sales $0 -------------- Gross Profit 0 OPERATING EXPENSES: Officer Salaries - Other Employee Salaries - Taxes (Payroll) - Employee Benefits - Advertising - Auto Expenses - Entertainment - Insurance (Real Estate) - Insurance (Other) - Leases (Other than Rent) - Outside Services & Contractors - Professional Fees (Atty. Acct.) - Rent - Repairs & Maintenance - Supplies - Taxes (Real Property) - Taxes (Other) - Telephone - Travel - Utilities - Other 250 Other Operating Expenses (Identify) - -------------- Total Operating Expenses 250 -------------- Profit/Loss from Operation (250) Other Income (Expenses): Interest Expense (1,040) Equity in ET Power (402,392) -------------- Total Other Income (Expenses) (403,433) -------------- Income Before Taxes ($403,683) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT ET Investments Corporation Cash Reconciliation Report For the Period January 1 to January 31, 2004 Cash balance from prior balance sheet $0 Pre-tax Net income for month (403,683) Expense Not Requiring Cash: Depreciation 0 Other: Investment in Subsidiaries 402,392 -------------- Total Expenses Not Requiring Cash 402,392 -------------- Total Cash from Operations (1,290) Other sources/uses of cash: Decrease (Incr): Accounts Receivable 0 Inventory 0 Equipment 0 Furniture & Fixtures 0 Increase (Decr): Accounts Payable 0 Accounts Payable - Affiliate 1,290 Accounts Payable - Interest Payable 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 0 Accrued Rent 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 Taxes Payable 0 (Less) Unrecorded Bank Service Charges 0 -------------- Total Other Sources & Uses of Cash 1,290 -------------- Ending Cash Balance $0 ============== PG&E NATIONAL: ET Power January 2004 Monthly Operating Report ------------------------------------------------------------- NEGT Energy Trading-Power L.P. Unaudited Balance Sheet As of January 31, 2004 ASSETS Current Assets Cash $26,990,290 Accounts Receivable 192,403,084 Valuation from Unrealized Commodity Contracts Undetermined Receivables from Officers/Employees/Affiliates Undetermined Notes Receivable Stocks 0 Inventory 0 Other Current Assets Deposits 90,943,436 Prepaids 1,078,425 Other Current Assets 0 -------------- Total Current Assets Undetermined Fixed Assets Land - Building - Equipment, Furniture & Fixtures 3,503,316 Less Accumulated Depreciation (2,880,166) Other Fixed Assets - -------------- Total Fixed Assets 623,149 Other Assets (Identify) - -------------- Total Other Assets 0 -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Postpetition Liabilities Accounts Payable $0 Accrued Quarterly Fees 250 Notes Payable 0 Rent and Leases Payable 0 Taxes Payable 0 Accrued Interest 0 Other - -------------- Total Postpetition Liabilities $250 Prepetition Liabilities Priority Claims Undetermined Secured Debts Undetermined Unsecured Debts Undetermined -------------- Total Prepetition Liabilities Undetermined Owner's Equity (Deficit) Capital Stock/ Owner's Investments Undetermined Paid-In Capital Surplus Undetermined Retained Earnings (deficit) Prepetition Undetermined Postpetition Undetermined -------------- Total Owner's Equity Undetermined -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== NEGT Energy Trading-Power L.P. Unaudited Income Statement For the Period January 1 to January 31, 2004 Total Sales/Income $391,238 COST OF SALES: Purchases of Inventory 0 Purchased Services 0 Other: (Identify) 0 Cost of Commodities 153,759 -------------- Total Cost of Sales 153,759 -------------- Gross Profit 237,478 OPERATING EXPENSES: Bank Fee Charges 63 Bad Debt Expense 0 Communications 0 Entertainment 0 Fixed Assets Depreciation 27,316 Indirect Allocations 1,048,800 Realized(Gain)/Loss on Foreign Exchange 3,477 Unrealized(Gain)/Loss on Foreign Exchange (2,955) Other (100,383) Training 0 Travel 0 -------------- Total Operating Expenses 976,318 -------------- Profit/Loss from Operation (738,839) Other Income (Expenses): Interest Income 328,235 Other Income(Expenses) 0 -------------- Total Other Income (Expenses) 328,235 -------------- Income Before Taxes ($410,604) Income Taxes Expense (Benefit) Undetermined -------------- Net Income Undetermined ============== NEGT Energy Trading-Power L.P. Cash Reconciliation Report For the Period January 1 to January 31, 2004 Cash balance from prior balance sheet $26,972,394 Pre-tax Net income for month (410,604) Expense Not Requiring Cash: Depreciation 27,316 -------------- Total Expenses Not Requiring Cash 24,360 -------------- Total Cash from Operations 26,586,150 Other sources/uses of cash: Decrease (Incr): Accounts Receivable Non-Affiliate (134,213) Accounts Receivable Affiliate (279,849) Inventory 0 Equipment 18,000 Furniture & Fixtures 0 Prepaids 12,685 Deposits 0 Other Current Assets 0 Increase (Decr): Accounts Payable Non-Affiliates (33,635) Accounts Payable Affiliates 821,152 Current Deferred Liabilities 0 Accrued Liabilities 0 Accrued Interest 0 Accrued P/R Taxes 0 Accrued Professional Fees 0 Accrued Rent 0 Accrued Salaries 0 Accrued Sales Tax 0 Note Payable Taxes 0 -------------- Total Other Sources & Uses of Cash 404,140 -------------- Ending Cash Balance $26,990,290 ============== PG&E NATIONAL: USGen January 2004 Monthly Operating Report ---------------------------------------------------------- USGen New England, Inc. Unaudited Balance Sheet As of January 31, 2004 ASSETS Cash and Cash Equivalents $152,176,423 Accounts Receivable 144,845,609 Support Payment Receivable - Current Undetermined Fuel, Inventory and Supplies 48,099,570 Prepaid Expenses 41,617,900 Risk Management Asset - Current - -------------- Total Current Assets Undetermined Property, Plant and Equipment - net 1,489,529,845 Construction Work in Progress 20,479,633 Intangible Asset 7,925,187 Support Payment Receivable - Non-current Undetermined Risk Management Asset - Non-current 0 Other Assets 0 -------------- Total Postpetition Assets Undetermined Prepetition IC Accounts Receivable Undetermined Prepetition Accounts Receivable Undetermined Prepetition Prepaid Expenses Undetermined -------------- Total Prepetition Assets Undetermined -------------- TOTAL ASSETS Undetermined ============== LIABILITIES AND EQUITY Accounts Payable $32,489,695 Accrued Liabilities 81,975,879 Risk Management Liability - Current - -------------- Total Current Liabilities 114,465,574 Deferred Income Taxes 61,415,614 Risk Management Liability - Non-current - Other Liabilities 8,256,805 -------------- Total Postpetition Liabilities 184,137,993 Prepetition Accounts Payable Undetermined Prepetition IC Accounts Payable Undetermined Prepetition Market Accounts Payable Undetermined Current Debt 84,770,293 Out of Market Liabilities - Current 34,339,340 Out of Market Liabilities - Non-current 227,057,101 -------------- Total Prepetition Liabilities Undetermined -------------- Total Liabilities Undetermined Shareholder's Equity Common Stock, Additional Paid-In Capital 1,347,736,929 Other Comprehensive Income (3,413,754) Retained Earnings (261,007,492) -------------- Total Shareholder's Equity 1,083,315,683 -------------- TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY Undetermined ============== USGen New England, Inc. Unaudited Income Statement For the Period January 1 to January 31, 2004 REVENUE: Contract Revenue $61,741,988 Market Energy 15,017,460 Ancillary Products 408,316 Market Capacity 62,050 Power Hedges (3,087,142) Other Revenue (1,859,742) -------------- Total Revenue 72,282,931 FUEL COSTS: Contract Expense 9,640,489 Fuel Expense 26,885,167 Fuel Hedges (65,482) -------------- Total Fuel Costs 36,460,174 -------------- Gross Profit 35,822,757 OPERATING EXPENSES: Direct Services 6,613,295 Direct Materials 1,275,883 Direct Subcontractor Services 581,059 Other Operating 188,093 Bonus Accrual, Union and non-union 422,462 Ash Disposal 1,218,571 -------------- Total Station Operating Expenses 10,299,362 Corporate Expense: Corporate Services 641,245 Bonus 334,321 Travel and Entertainment 5,192 Insurance 389,122 Professional Services 3,304,054 Other General Administrative 261,175 -------------- Total Corporate Expenses 4,935,108 General Expenses: Property Taxes 3,266,040 Interconnect Cost 110,735 Amortization - Depreciation 5,570,468 -------------- Total General Expenses 8,947,243 -------------- Total Operating Expenses 24,181,713 -------------- Total Operating Income 11,641,044 Other Income (Expenses): Lease Expense (225,000) Interest Income - NEES Receivable 2,062,438 Income - Other 121,933 Expense - Other (52) Bank and LC Fees (61,110) -------------- Total Other Income (Expenses) 1,898,210 -------------- Income Before Tax 13,539,254 Income Taxes 5,553,042 -------------- Net Income $7,986,212 ============== USGen New England, Inc. Unaudited Cash Flow Statement For the Period January 1 to January 31, 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $7,986,212 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 5,570,468 Amortization 747,374 Loss on disposal of fixed assets - Unrealized gain/loss - net - Unrecognizable hedge settlement - Amortization of out-of-market contractual obligations (3,700,954) Deferred Income taxes (13,786,054) Change in assets and liabilities: Accounts receivable (15,004,249) Current tax receivable - Fuel, inventory and supplies (1,557,681) Prepaid expenses and other assets (14,146,400) Accounts payable and accrued liabilities 10,703,230 Deferred revenue and other liabilities 73,018 Prepetition accounts receivable 381,961 Prepetition accounts payable (1,994,761) PRM Assets and Liabilities - Change in OCI - net 18,469,628 -------------- Net cash (used in) provided by operating activities (6,258,209) CASH FLOWS FROM INVESTING ACTIVITIES: Cash paid for capital expenditures (987,696) Support payments received - principal only 5,540,912 -------------- Net cash used in investing activities 4,553,216 CASH FLOWS FROM FINANCING ACTIVITIES: Distributions to shareholders - (Decrease) Increase in Debt - -------------- Net cash used in financing activities - -------------- NET INCREASE IN CASH AND CASH EQUIVALENTS (1,704,993) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 153,881,415 -------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $152,176,423 ============== PILLOWTEX CORP: Monthly Operating Report for April 2004 ------------------------------------------------------- Pillowtex, et al. Actual Cash Flow For the Month of April 2004 (In Thousands) Accounts Receivable Collections $351 Brown & Joseph Fees 0 Brown & Joseph Personnel (31) Inventory Bulk Sales (2) Property Tax Related to Asset Sale (51) Property(Net) (2) Miscellaneous Proceeds 0 ---------- Total Proceeds 265 Prepetition Cure Cost of Capital Leases 0 Balance of 2003 Personal Property Tax 0 Alliance Street Production 0 Interest Expense(Term and Revolver) 0 Idle Facility Cost 136 Electric Demand Charge 0 Retail Store Operating Costs 0 Warehousing, Shipping & Billing 9 Freight & Duty 0 Manufacturing 0 Inventory Clean-up 0 Accrued Employee Expenses 0 Critical Vendor Payments 0 Continuing Medical 1 Terminated Medical 0 Workers' Compensation/Other Insurance 0 Corporate 150 Severance/Retention 0 Warehouse Vacation Pay 0 SB Capital Estate Charge Back 0 Early Termination Fee 0 DIP Fees 0 Professional Fees 376 Miscellaneous Expenses 44 ---------- Total Expenses 716 ---------- Net Proceeds ($451) ========== Pillowtex, et al. Disbursement Report For the Month Ended April 30, 2004 Net Payroll & Payroll Taxes Paid $254,081 Sales, Use & Other Taxes Paid 1,667 Inventory Purchases 0 Interest on Long Term Debt 0 Secured/Rental/Lease 1,270 Utilities 19,095 Insurance 974 Administrative 4,312 Professional Fees 372,961 U.S. Trustee's Fees 13,750 Others 239,796 ----------- Total for U.S. Trustee Fees $907,906 =========== Headquartered in Dallas, Texas, Pillowtex Corporation -- http://www.pillowtex.com/-- sells top-of-the-bed products to virtually every major retailer in the U.S. and Canada. The Company filed for Chapter 11 protection on November 14, 2000 (Bankr. Del. Case No. 00-4211). David G. Heiman, Esq., at Jones, Day, Reavis & Poque represents the Debtors in their restructuring efforts. On July 30, 2003, the Company listed $548,003,000 in assets and $475,859,000 in debts. (Pillowtex Bankruptcy News, Issue No. 65; Bankruptcy Creditors' Service, Inc., 215/945-7000) RCN CORP: Hot Spots Productions' Schedules of Assets & Liabilities ------------------------------------------------------------------ A. Real Property $0 B. Personal Property B.17 Other liquidated debts owed 8,250 TOTAL SCHEDULED ASSETS $8,250 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims JP Morgan Chase 15,000,000 JP Morgan Chase 439,610,424 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims 6,143 TOTAL SCHEDULED LIABILITIES $454,616,567 ======================================================== RCN CORP: RCN Corp.'s Schedules of Assets and Liabilities --------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on Hand 0 B.2 Bank Accounts Merrill Lynch 774,636 Other Checking Accounts 180 B.3 Security Deposits 0 B.4 Household goods 0 B.5 Books, art work & collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and sporting goods 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in retirement plans 0 B.12 Stock interests 0 B.13 Interests in Partnerships 0 B.14 Bonds 0 B.15 Accounts receivable 0 B.16 Alimony 0 B.17 Other liquidated debts owed RCN-BecoCom, LLC 287,369 RLH Property Corporation 4,058,599 RCN Entertainment, Inc. 557,190 RCN Finance, LLC 2,289,911 RFM 2, LLC 29,558,554 ON TV, Inc. 44 B.18 Equitable and future interests 0 B.19 Contingent interests 0 B.20 Other contingent & unliquidated claim s 0 B.21 Patents, copyrights & trademarks 0 B.22 Other intangibles 0 B.23 Automobiles 0 B.24 Boats 0 B.25 Aircraft 0 B.26 Office equipment and supplies 0 B.27 Machinery, furniture and fixtures 0 B.28 Inventory 0 B.29 Animals 0 B.30 Crops 0 B.31 Farming equipment 0 B.32 Farm supplies 0 B.33 Other personal property 0 TOTAL SCHEDULED ASSETS $37,526,483 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims Evergreen Investment Mgt. Co., LLC $27,520,442 JP Morgan Chase 15,000,000 JP Morgan Chase 439,610,424 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Debt HSBC Bank USA, 1,183,498,503 Undrawn Letters of Credit JP Morgan Chase - Reimbursement 11,857,987 Accounts Payable Affinitas Corporation 1,569,658 Other Accounts Payable 1,326 Intercompany Liabilities RCN Entertainment, Inc. 961,944 RCN Finance, LLC 677,478,041 RCN Financial Mgt., Inc. 289,366 RCN-BecoCom, LLC 72,662,917 Others 104,628 TOTAL SCHEDULED LIABILITIES $2,430,555,236 ======================================================== RCN CORP: RCN Finance, LLC's Schedules of Assets & Liabilities -------------------------------------------------------------- A. Real Property $0 B. Personal Property B.17 Other liquidated debts owed RCN Financial Mgt., Inc. 145,101,652 RCN Corporation 677,478,041 TOTAL SCHEDULED ASSETS $822,579,693 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims 0 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Intercompany Liabilities RCN Corporation 2,298,911 RCN Financial Mgt., Inc. 498,709,966 RCN Telecom Services, Inc. 280,777 TOTAL SCHEDULED LIABILITIES $501,289,654 ======================================================== RCN CORP: RLH Property's Schedules of Assets & Liabilities ---------------------------------------------------------- A. Real Property $0 B. Personal Property B.17 Other liquidated debts owed RCN Telecom Services, Inc. 47,054 RCN Telecom Services of Philadelphia 38,186 RCN Financial Mgt., Inc. 57,780,287 RCN Corporation 55,795 TOTAL SCHEDULED ASSETS $57,921,323 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims 0 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Intercompany Liabilities RCN Corporation 4,058,599 RCN Financial Mgt., Inc. 1,022,093 RCN Telecom Services of Philadelphia 1,862,817 RCN Telecom Services, LLC 43,539,403 TOTAL SCHEDULED LIABILITIES $50,482,913 ======================================================== RCN CORP: TEC Air's Schedules of Assets & Liabilities ----------------------------------------------------- A. Real Property $0 B. Personal Property B.15 Accounts receivable 58,048 B.17 Other liquidated debts owed 99,108 TOTAL SCHEDULED ASSETS $157,156 ======================================================== C. Property Claimed as Exempt Not Applicable D. Secured Claims JP Morgan Chase 15,000,000 JP Morgan Chase 439,610,424 E. Unsecured Priority Claims 0 F. Unsecured Non-Priority Claims Accounts Payable Bombardier, Inc. 194,126 Intercompany Liabilities RCN Entertainment, Inc. 947 RCN Financial Mgt., Inc. 1,738,692 RCN Financial Mgt., Inc. 15,571 RCN Telecom Services, Inc. 967 TOTAL SCHEDULED LIABILITIES $456,560,727 ======================================================== SPIEGEL GROUP: Reports $109,300,000 Net Sales for May 2004 ----------------------------------------------------------------- The Spiegel Group reported net sales of $109.3 million for the four weeks ended May 29, 2004, a 28 percent decrease compared to net sales of $150.9 million for the four weeks ended May 24, 2003. For the 21 weeks ended May 29, 2004, total sales declined 21 percent to $536.1 million from $680.0 million in the same period last year. The company also reported that comparable-store sales for its Eddie Bauer division decreased 7 percent for the four-week period and 2 percent for the 21-week period ended May 29, 2004, compared to the same periods last year. In 2003, net sales for May included $25.5 million in liquidation sales resulting from the sale and transfer of inventory to an independent liquidator in conjunction with the closing of 81 stores. Excluding the liquidation sales, the Group's net sales from retail and outlet stores fell 18 percent for the month compared to the same period last year, reflecting a decline in comparable-store sales and fewer stores compared to last year. The Group's direct net sales (catalog and e-commerce) decreased 7 percent for the month compared to the same period last year, primarily due to a planned reduction in catalog circulation. THAXTON GROUP: Stockholders' Deficit is $15.6 Million at Apr 30 --------------------------------------------------------------- On May 28, 2004, The Thaxton Group filed its Monthly Operating Report for April 2004 with the U.S. Bankruptcy Court for the District of Delaware. The company reports a cumulative net loss of $19,058,512 on $40,157,204 revenue for the period from October 17, 2003 thru April 30, 2004. At April 30, 2004, the Company's balance sheet reflects: Total Assets $205,049,105 Total Liabilities 220,700,586 Stockholders' Deficit 15,651,482 Thaxton reports $129,021.22 in post-petition debts. A full-text copy of Thaxton Group's March 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1001430/000119312504102149/dex991.htm TWINLAB CORPORATION: Files May 2004 Monthly Operating Reports ------------------------------------------------------------- On June 15, 2004, Twinlab Corporation (n/k/a TL Administration Corporation ), Twin Laboratories Inc. (n/k/a TL Administration Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration (UK) Ltd.) filed its Monthly Operating Reports for the month ended May 31, 2004 with the Securities and Exchange Commission. At May 31, 2004, Twinlab Corporation (n/k/a TL Administration Corporation) reports that it has no independent means of generating revenue due to its non-operation. As a holding company, Twinlab's internal sources of funds to meet its cash needs, including the payment of expenses, are dividends and other permitted payments from its direct and indirect subsidiaries. A full-text copy of Twinlab Corporation's May 2004 Monthly Operating Report is available at no charge at: http://www.sec.gov/Archives/edgar/data/1015868/000095012304007402/0000950123-04-007402-index.htm On September 4, 2003, Twinlab Corporation, Twin Laboratories Inc. and Twin Laboratories (UK) Ltd. commenced voluntary cases under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of New York. These chapter 11 cases are being jointly administered under chapter 11 case number 03-15564 (CB) and are pending before the Honorable Cornelius Blackshear. In addition, on September 4, 2003, the Companies entered into that certain asset purchase agreement with IdeaSphere, Inc. of Grand Rapids, Michigan, pursuant to which the Companies sold substantially all of their assets. The sale closed on December 19, 2003, effective as of December 9, 2003. In connection with the sale, the Debtors obtained an order from the Court authorizing them to change their names. Twinlab Corporation changed its name to TL Administration Corporation, Twin Laboratories Inc. changed its name to TL Administration Inc. and Twin Laboratories (UK) Ltd. changed its name to TL Administration (UK) Ltd. The Debtors continue to operate as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. UAL CORP: Reports Highest-Ever May 2004 Passenger Load Factor ------------------------------------------------------------- United Airlines (OTC BB: UALAQ.OB) reported its traffic results for May 2004. For the second month in a row, United broke its load-factor record for the month. At 80.1%, United reached its highest-ever May passenger load factor, up 2.9 points over May 2003 and 0.2 points above April 2004. United's total scheduled revenue passenger miles (RPMs) increased in May 2004 by 21.6% on a capacity increase of 17.2% available seat miles (ASMs) vs. the same period in 2003. 2004 2003 Percent May May Change -------- -------- ------- Scheduled Service Only: Revenue Plane Miles 66,070,000 58,545,000 12.9 Number Of Departures 51,344 48,082 6.8 Revenue Passengers 5,995,000 5,360,000 11.8 Revenue Passenger Miles (000): North America 6,192,363 5,549,533 11.6 Pacific 1,872,658 1,005,775 86.2 Atlantic 1,318,121 1,078,969 22.2 Latin America 247,921 286,220 -13.4 System 9,631,063 7,920,497 21.6 Available Seat Miles (000): North America 7,915,569 7,084,049 11.7 Pacific 2,203,232 1,458,331 51.1 Atlantic 1,572,120 1,312,287 19.8 Latin America 333,008 406,439 -18.1 System 12,023,929 10,261,106 17.2 Passenger Load Factor (Percent): North America 78.2 78.3 -0.1 Pacific 85.0 69.0 16.0 Atlantic 83.8 82.2 1.6 Latin America 74.4 70.4 4.0 System 80.1 77.2 2.9 Cargo Ton Miles (000): Freight 135,588 118,575 14.3 Mail 29,843 31,189 -6.8 System 165,431 149,764 10.5 Total System Inc Charter (000): Revenue Passenger Miles 9,635,895 8,017,415 20.2 Available Seat Miles 12,035,566 10,377,390 16.0 Revenue Psgr. Km. 15,507,046 12,902,426 20.2 Available Seat Km. 19,368,836 16,700,334 16.0 Total Revenue Ton Miles 1,129,020 951,503 18.7 Total Avail. Ton Miles 1,898,895 1,614,595 17.6 Total Rev. Ton Km. 1,637,163 1,379,873 18.7 Total Avail. Ton Km. 2,772,387 2,357,309 17.6 Year To Date ----------------------- Percent 2004 2003 Change -------- -------- ------- Scheduled Service Only: Revenue Plane Miles 321,625,000 305,906,000 5.1 Number Of Departures 250,389 246,045 1.8 Revenue Passengers 27,789,000 26,132,000 6.3 Revenue Passenger Miles (000): North America 28,415,670 26,451,044 7.4 Pacific 9,178,684 6,975,046 31.6 Atlantic 5,942,526 5,056,655 17.5 Latin America 1,535,356 1,561,076 -1.6 System 45,072,236 40,043,821 12.6 Available Seat Miles (000): North America 37,947,590 35,992,793 5.4 Pacific 10,945,148 9,994,318 9.5 Atlantic 7,525,099 6,918,296 -10.5 Latin America 2,002,391 2,236,711 -10.5 System 58,420,228 55,142,118 5.9 Passenger Load Factor (Percent): North America 74.9 73.5 1.4 Pacific 83.9 69.8 14.1 Atlantic 79.0 73.1 5.9 Latin America 76.7 69.8 6.9 System 77.2 72.6 4.6 Cargo Ton Miles (000): Freight 604,997 671,646 -9.9 Mail 154,007 157,548 -2.2 System 759,004 829,194 -8.5 Total System Inc Charter (000): Revenue Passenger Miles 45,365,773 40,442,093 12.2 Available Seat Miles 58,778,694 55,621,763 5.7 Revenue Psgr. Km. 73,007,138 65,083,460 12.2 Available Seat Km. 94,592,552 89,512,103 8.7 Total Revenue Ton Miles 5,295,604 4,873,690 8.7 Total Avail. Ton Miles 9,276,825 8,784,985 5.6 Total Rev. Ton Km. 7,678,786 7,068,134 8.7 Total Avail. Ton Km. 13,544,165 12,826,078 5.6 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. The TCR is published every Monday through Saturday except on New Year's Day, Good Friday, Christmas Eve, Christmas Day and New Year's Eve. Yvonne L. Metzler, Bernadette C. de Roda, Rizande B. Delos Santos, Paulo Jose A. Solana, Jazel P. Laureno, Aileen M. Quijano and Peter A. Chapman, Editors. Copyright 2004. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $675 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***