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T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, April 2, 2005, Vol. 9, No. 77
Headlines
ADELPHIA COMMS: Reports $15 Million Net Loss in February 2005
ADELPHIA: Century/ML's February 2005 Monthly Operating Report
FEDERAL-MOGUL: Earns $26 Million of Net Income in December 2004
FEDERAL-MOGUL: Posts $28 Million Net Loss in January 2005
FGI GROUP: Files February 2005 Monthly Operating Report
INTERMET CORP: Posts $5,749,000 Net Loss in February 2005
KUSHNER-LOCKE: Releases January 2005 Monthly Operating Reports
MIIX GROUP: Incurs $58,124 Net Loss in February 2005
*********
ADELPHIA COMMS: Reports $15 Million Net Loss in February 2005
-------------------------------------------------------------
Adelphia Communications Corporation, et al.
Unaudited Consolidated Balance Sheet
As of February 28, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $367,950
Restricted cash 5,185
Accounts receivables - net 111,772
Other current assets 171,439
-----------
Total current assets 656,346
Restricted cash 3,084
Investments in equity affiliates 226,764
Related party receivables 17,850
Property, plant and equipment - net 4,285,961
Intangible assets - net 7,450,389
Other noncurrent assets - net 105,466
-----------
Total Assets $12,745,860
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $129,897
Subscriber advance payments and deposits 29,467
Accrued and other liabilities 500,849
Deferred revenue 29,096
Current portion of parent and subsidiary debt 613,195
-----------
Total current liabilities 1,302,504
Other liabilities 120,955
Deferred revenue 81,021
Deferred income taxes 697,639
-----------
Total noncurrent liabilities 899,615
Liabilities subject to compromise 18,352,302
-----------
Total liabilities 20,554,421
Minority interests 89,410
Stockholders' equity:
Series preferred stock 397
Class A and Class B common stock 2,548
Additional paid-in capital 9,566,669
Accumulated other comprehensive loss 826
Accumulated deficit (16,654,343)
Treasury stock, at cost (27,937)
-----------
Total (7,111,840)
Amounts due from Rigas family entities (786,131)
-----------
Total stockholders' equity (7,897,971)
-----------
Total liabilities and stockholders' equity $12,745,860
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Operations
Month Ended February 28, 2005
(Dollars in thousands)
Revenue $335,990
Cost and expenses:
Direct operating and programming 195,770
Selling, general and administrative 28,427
Investigation and re-audit fees 7,155
Depreciation and amortization 82,346
Impairment of long-lived and other assets -
Gains on dispositions of long-lived assets (3,094)
-----------
Operating income (loss) 25,386
Other income (expense):
Interest expense (41,161)
Impairment of cost & available for
sale investments -
Other income (expense) - net 169
-----------
Total other expense - net (40,992)
-----------
Loss from continuing operations before
reorganization (15,606)
Reorganization expenses due to bankruptcy (555)
-----------
Loss from continuing operations before income taxes (16,161)
Income tax (expense) benefit -
Share of earnings of equity affiliates - net 128
Minority's interest in subsidiary losses - net 853
-----------
Net loss (15,180)
Beneficial conversion feature -
-----------
Net loss applicable to common stockholders ($15,180)
===========
Adelphia Communications Corporation, et al.
Unaudited Consolidated Statements of Cash Flows
Month Ended February 28, 2005
(Dollars in thousands)
Cash flows from operating activities:
Net loss ($15,180)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization 82,346
Amortization of debt financing costs 4,235
Gains on dispositions of long-lived assets (3,094)
Impairment of cost & available for
sale investments -
Reorganization expenses due to bankruptcy 555
Deferred tax expense (benefit) -
Share in losses (earnings) of equity affiliates (128)
Minority interest in losses of subsidiaries (853)
Depreciation, amortization and other non-cash
items from discontinued operations -
Change in operating assets & liabilities 2,928
-----------
Net cash provided by operating activities before
payment of reorganization expenses 70,809
Reorganization expenses paid during the period 4,257
-----------
Net cash provided by (used in) operating activities 75,066
Cash flows from investing activities:
Expenditures for property, plant and equipment (34,001)
Changes in restricted cash (73)
Other 41,542
-----------
Net cash used in investing activities 7,468
Cash flows from financing activities:
Proceeds from DIP facility 590,000
Repayments of debt (684,050)
Payment of bank financing costs (3,590)
-----------
Net cash provided by financing activities (97,640)
Change in cash and cash equivalents cash (15,106)
Cash, beginning of period 383,056
-----------
Cash, end of period $367,950
===========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than
200 affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue
No. 83; Bankruptcy Creditors' Service, Inc., 215/945-7000)
ADELPHIA: Century/ML's February 2005 Monthly Operating Report
-------------------------------------------------------------
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Balance Sheet
As of February 28, 2005
(Dollars in thousands)
ASSETS
Cash and cash equivalents $18,451
Subscriber receivables, net 314
Investment in Century-ML Corporation 137,884
Related party receivables 231
Other current assets 437
--------
Total current assets 157,317
Property, plant and equipment, net 6,057
Intangible assets, net 1,528
--------
Total assets $164,902
========
LIABILITIES AND STOCKHOLDERS' EQUITY
Subscriber advance payments and deposits $76
Accrued expenses and other liabilities 2,151
Intercompany payables 2,573
--------
Total current liabilities 4,800
--------
Long-term accrued and other liabilities 15
Deferred revenues 144
Deferred income taxes 45
--------
Total non-current liabilities 204
Liabilities subject to compromise:
Accounts payable 20
Accrued expenses and other liabilities 1,281
Intercompany payables 10,872
--------
Total liabilities subject to compromise 12,173
--------
Total liabilities 17,177
--------
Partners' equity:
Partners' contributions 56,800
Partners' retained earnings 90,925
--------
Total partners' equity 147,725
--------
Total liabilities and partners' equity $164,902
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Operations
For the Month Ended February 28, 2005
(Dollars in thousands)
Revenue $1,032
Cost and expenses:
Direct operating and programming 476
Selling, general and administrative 12
Management fees 34
Non-recurring professional fees -
Depreciation 72
--------
Operating income before reorganization
expenses due to bankruptcy 438
Reorganization expenses due to bankruptcy 63
--------
Operating income 375
Interest income, net 25
Equity in net income of Century-ML Cable
Corporation, net of taxes 1,535
--------
Income before income taxes 1,935
Income tax expense (105)
--------
Net income $1,830
========
Century-ML Cable Venture
(Debtor-In-Possession)
Unaudited Statement of Cash Flows
For the Month Ended February 28, 2005
(Dollars in thousands)
Cash flow from operating activities:
Net income $1,830
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 72
Reorganization expenses due to bankruptcy 63
Non-recurring professional fees -
Equity in net income of Century-ML Cable
Corp., net of taxes (1,535)
Change in assets and liabilities:
Subscriber receivables, net (52)
Prepaid expenses and other assets, net (49)
Accounts payable (12)
Subscriber advance payments and deposits (13)
Accrued expenses and other liabilities 171
Intercompany receivables and payables - net 149
--------
Net cash provided by operating activities 624
--------
Cash flows from investing activities:
Expenditures from property, plant and equipment (126)
--------
Net cash used in investing activities (126)
--------
Change in cash and cash equivalents 498
Cash and cash equivalents, beginning of period 17,953
--------
Cash and cash equivalents, end of period $18,451
========
Headquartered in Coudersport, Pennsylvania, Adelphia
Communications Corporation (OTC: ADELQ) is the fifth-largest cable
television company in the country. Adelphia serves customers in
30 states and Puerto Rico, and offers analog and digital video
services, high-speed Internet access and other advanced services
over its broadband networks. The Company and its more than
200 affiliates filed for Chapter 11 protection in the Southern
District of New York on June 25, 2002. Those cases are jointly
administered under case number 02-41729. Willkie Farr & Gallagher
represents the ACOM Debtors. (Adelphia Bankruptcy News, Issue
No. 83; Bankruptcy Creditors' Service, Inc., 215/945-7000)
FEDERAL-MOGUL: Earns $26 Million of Net Income in December 2004
---------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of December 31, 2004
(In millions)
Assets
Cash and equivalents $433.7
Accounts receivable 583.0
Inventories 483.6
Deferred taxes 182.6
Prepaid expenses and other current assets 101.9
---------
Total current assets 1,784.9
Summary of Unpaid Postpetition Debits (15.0)
Intercompany Loans Receivable (Payable) 2,623.5
---------
Intercompany Balances 2,608.5
Property, plant and equipment 1,035.4
Goodwill 1,124.9
Other intangible assets 446.7
Insurance recoverable 853.8
Other non-current assets 1,141.4
---------
Total Assets $8,995.7
=========
Liabilities and Shareholders' Equity
Short-term debt $277.9
Accounts Payable 191.6
Accrued Compensation 77.5
Restructuring and rationalization reserves 11.1
Current portion of asbestos liability -
Interest Payable 0.4
Other accrued liabilities 290.9
---------
Total current liabilities 849.4
Long-term debt -
Post-employment benefits 2,033.5
Other accrued liabilities 996.8
Liabilities subject to compromise 6,018.5
Shareholders' equity:
Preferred stock 1,050.6
Common stock 564.9
Additional paid-in capital 8,022.4
Accumulated deficit (9,553.2)
Accumulated other comprehensive income (987.1)
Other -
---------
Total Shareholders' Equity (902.4)
---------
Total Liabilities and Shareholders' Equity $8,995.7
=========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended December 31, 2004
(In millions)
Net sales $255.6
Cost of products sold 222.3
---------
Gross margin 33.3
Selling, general & administrative expenses (21.5)
Amortization (1.2)
Reorganization items (22.2)
Interest income (expense), net (8.4)
Other income (expense), net 59.6
---------
Earnings before Income Taxes 39.6
Income Tax (Expense) Benefit (13.4)
---------
Earnings before effect of change in acctg principle 26.2
Cumulative effect of change in acctg principle -
---------
Net Earnings (loss) $26.2
=========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended December 31, 2004
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) $26.2
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 13.8
Adjustments of assets held for sale to fair value 4.1
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (2.5)
Decrease/(increase) in accounts receivable 36.3
Decrease/(increase) in inventories 4.5
Increase/(decrease) in accounts payable 3.2
Change in other assets and other liabilities 59.7
Change in restructuring charge 3.6
Refunds (payments) against asbestos liability -
---------
Net Cash Provided From Operating Activities 148.9
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (14.9)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses 10.2
Business acquisitions, net of cash acquired -
Other -
---------
Net Cash Provided From (Used By) Investing Activities (4.7)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt (66.0)
Sale of accounts receivable under securitization -
Dividends -
Other 5.6
---------
Net Cash Provided From Financing Activities (60.4)
Increase (Decrease) in Cash and Equivalents 83.8
Cash and equivalents at beginning of period 349.9
---------
Cash and equivalents at end of period $433.7
=========
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
October 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, P.C.,
Represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$10.15 billion in assets and $8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
$1.925 billion stockholders' deficit. (Federal-Mogul Bankruptcy
News, Issue No. 75; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
FEDERAL-MOGUL: Posts $28 Million Net Loss in January 2005
---------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of January 31, 2005
(In millions)
Assets
Cash and equivalents $420.4
Accounts receivable 582.2
Inventories 495.9
Deferred taxes 182.3
Prepaid expenses and other current assets 100.3
---------
Total current assets 1,781.1
Summary of Unpaid Postpetition Debits (23.9)
Intercompany Loans Receivable (Payable) 2,572.7
---------
Intercompany Balances 2,548.8
Property, plant and equipment 1,026.2
Goodwill 1,122.4
Other intangible assets 442.5
Insurance recoverable 840.5
Other non-current assets 1,118.5
---------
Total Assets $8,880.0
=========
Liabilities and Shareholders' Equity
Short-term debt $308.4
Accounts Payable 191.7
Accrued Compensation 92.1
Restructuring and rationalization reserves 11.8
Current portion of asbestos liability -
Interest Payable 1.7
Other accrued liabilities 288.3
---------
Total current liabilities 893.9
Long-term debt -
Post-employment benefits 2,007.3
Other accrued liabilities 988.8
Liabilities subject to compromise 6,010.0
Shareholders' equity:
Preferred stock 1,050.6
Common stock 564.9
Additional paid-in capital 8,021.3
Accumulated deficit (9,601.3)
Accumulated other comprehensive income (1,055.4)
Other -
---------
Total Shareholders' Equity (1,019.9)
---------
Total Liabilities and Shareholders' Equity $8,880.0
=========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the month ended January 31, 2005
(In millions)
Net sales $270.3
Cost of products sold 232.7
---------
Gross margin 37.5
Selling, general & administrative expenses (54.8)
Amortization (1.2)
Reorganization items (11.3)
Interest income (expense), net (9.6)
Other income (expense), net 19.3
---------
Earnings before Income Taxes (20.0)
Income Tax (Expense) Benefit (8.1)
---------
Earnings before effect of change in acctg principle (28.1)
Cumulative effect of change in acctg principle -
---------
Net Earnings (loss) ($28.1)
=========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the month ended January 31, 2005
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earnings (loss) ($28.1)
Adjustments to reconcile net earnings (loss):
Depreciation and amortization 13.2
Adjustments of assets held for sale to fair value -
Asbestos Charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg principle -
Change in post-employment benefits (1.1)
Decrease/(increase) in accounts receivable (0.9)
Decrease/(increase) in inventories (13.6)
Increase/(decrease) in accounts payable 0.9
Change in other assets and other liabilities 0.9
Change in restructuring charge 0.8
Refunds (payments) against asbestos liability -
---------
Net Cash Provided From Operating Activities (27.9)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (6.4)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
---------
Net Cash Provided From (Used By) Investing Activities (6.4)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 29.2
Sale of accounts receivable under securitization -
Dividends -
Other (8.3)
---------
Net Cash Provided From Financing Activities 20.9
Increase (Decrease) in Cash and Equivalents (13.3)
Cash and equivalents at beginning of period 433.7
---------
Cash and equivalents at end of period $420.4
=========
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
October 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, P.C.,
Represent the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
$10.15 billion in assets and $8.86 billion in liabilities.
At Dec. 31, 2004, Federal-Mogul's balance sheet showed a
$1.925 billion stockholders' deficit. (Federal-Mogul Bankruptcy
News, Issue No. 75; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
FGI GROUP: Files February 2005 Monthly Operating Report
-------------------------------------------------------
On March 28, 2005, FGI Group Inc., filed a monthly operating
report for Florsheim Group, Inc., et al., and its debtor-
affiliates covering the period ended Feb. 28, 2005, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.
FGI Group reports a $1,209,255 cash balance at Feb. 28, 2005,
and provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.
A full-text copy of FGI Group's February 2005 Monthly Operating
Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/928908/000095013705003641/c93664exv99w1.txt
Florsheim Group, Inc., filed for chapter 11 protection on
March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209) to facilitate
a sale of its U.S. wholesale business and 23 retail stores to its
U.S. assets to the Weyco Group, Inc. for $45.6 million in cash,
subject to post closing adjustment.
INTERMET CORP: Posts $5,749,000 Net Loss in February 2005
---------------------------------------------------------
On March 28, 2005, Intermet Corporation and its debtor-affiliates
delivered its February 2005 monthly operating report to the U.S.
Bankruptcy Court for the Eastern District of Michigan.
For the month ending Feb. 28, 2005, Intermet Corporation reported
net loss of $5,749,000 against $55,734,000 net sales.
On Feb. 28, 2005, Intermet's balance sheet showed:
Current Assets $159,467,000
Total Assets 471,100,000
Postpetition Debts 20,517,000
Total Liabilities 582,031,000
Total Stockholders' Equity Deficit ($110,931,000)
A full-text copy of Intermet Corporation's February 2005 Monthly
Operating Report is available at no charge at:
http://www.sec.gov/Archives/edgar/data/745287/000095012405001930/k93516exv99w1.txt
Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/-- provides machining and tooling
services for the automotive and industrial markets specializing
in the design and manufacture of highly engineered, cast
automotive components for the global light truck, passenger car,
light vehicle and heavy-duty vehicle markets. Intermet, along
with its debtor-affiliates, filed for chapter 11 protection on
Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614). Salvatore A. Barbatano, Esq., at Foley & Lardner LLP,
represents the Debtors. When the Debtors filed for protection
from their creditors, they listed $735,821,000 in total assets
and $592,816,000 in total debts.
KUSHNER-LOCKE: Releases January 2005 Monthly Operating Reports
--------------------------------------------------------------
On March 11, 2005, The Kushner-Locke Company and its debtor-
affiliates filed its unaudited January 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District
of California.
For the month ending Jan. 31, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 141,279
Total Non-Operating Expenses 24,897
Net Income (Loss) ($166,176)
For the period from Jan. 1, 2005 through Jan. 31, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,463,942 $65,720
Total Receipts 205,881 167,250
Total Disbursements 141,000 166,176
Ending Balance $1,528,823 $66,794
Full-text copies of The Kushner-Locke Company's January 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://www.sec.gov/Archives/edgar/data/842009/000095012905002936/v07403exv99w2.htm
Cash Receipts and Disbursements Report:
http://www.sec.gov/Archives/edgar/data/842009/000095012905002936/v07403exv99w1.htm
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 in the U.S. Bankruptcy Court for the Central
District of California. The cases are jointly administered under
case number 01-44828.
MIIX GROUP: Incurs $58,124 Net Loss in February 2005
----------------------------------------------------
On March 25, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from Feb. 1, 2005, to Feb. 28,
2005, with the U.S. Bankruptcy Court for the District of Delaware.
MIIX Group reports a $58,124 net loss on $3,296 in negative
revenue for the period from Feb. 1, 2005 thru Feb. 28, 2005. New
Jersey State Medical Underwriters, Inc., reports $523,007 of net
income on $820,288 in total revenue for the period from Feb. 1,
2005 thru Feb. 28, 2005.
At Feb. 28, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:
New Jersey
State Medical
The MIIX Group Underwriters, Inc.
-------------- ------------------
Total Assets $9,752,836 $15,605,983
Total Liabilities 8,857,645 6,737,870
Stockholders' Equity $835,131 $8,868,113
A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period
from Feb. 1, 2005, to Feb. 28, 2005, is available at no charge
at:
http://www.sec.gov/Archives/edgar/data/1064063/000089322005000702/w07292exv99w1.txt
Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc.,
provides management services to medical malpractice insurance
companies. The Company along with its debtor-affiliate filed for
chapter 11 protection on Dec. 20, 2004 (Bankr. D. Del. Case No.
04-13588). Andrew J. Flame, Esq., at Drinker Biddle & Reath LLP
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they estimated
assets between $10 million and $50 million and debts between
$10 million and $50 million.
*********
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*********
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