/raid1/www/Hosts/bankrupt/TCR_Public/060128.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, January 28, 2006, Vol. 10, No. 24
Headlines
FLYI INC: Earns $543,927 For The Month of November 2005
FLYI INC: Independence Posts $11.98 Mil. Net Loss in November 2005
FOAMEX INT'L: Earns $5.76 Million For The Month of December 2005
KUSHNER-LOCKE: Releases October 2005 Monthly Operating Reports
OWENS CORNING: Earns $7.75 Million For The Month of October 2005
OWENS CORNING: Posts $4.58 Million Net Loss in November 2005
XYBERNAUT CORP: Posts $975,181 Net Loss in December 2005
*********
FLYI INC: Earns $543,927 For The Month of November 2005
-------------------------------------------------------
FLYi Inc.
Consolidated Balance Sheet
As of November 30, 2005
ASSETS
Current assets
Cash $171,932
Short term investments 1,000,000
Restricted cash 0
Net accounts receivable 380,027,734
Net expandable parts and fuel 0
Net prepaid expenses 0
Assets held for sale 0
IC Notes receivable 4,252,000
Deferred tax asset 0
-------------
Total Current Assets $385,451,666
-------------
Other assets
Restricted cash $0
Long term investments 7,435,000
Property and equipment, net of depreciation 250
Intangible assets 0
Debt issuance cost 2,112,322
Aircraft deposits 0
Long term deferred tax 0
Other assets 14,055,412
-------------
TOTAL ASSETS $409,054,650
=============
LIABILITIES
Liabilities not subject to compromise $0
Liabilities subject to compromise
Secured debt 0
Priority debt 0
Unsecured debt 245,026,199
-------------
Total Liabilities $245,026,199
-------------
Owner Equity
Common stock 1,088,716
Additional paid in capital 158,254,512
Treasury stock (35,717,477)
Pre-petition retained earnings 39,858,773
Postpetition retained earnings 543,927
Adjustment to owner equity
Postpetition contributions
-------------
Net Owners' Equity $164,028,451
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $409,054,650
=============
FLYi Inc.
Statement of Operations
As of November 2005
Revenues $0
Operating expenses 0
Other income and expenses
Interest expense 500,000
Other miscellaneous 43,927
-------------
Net Profit (Loss) $543,927
=============
eadquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. As of Sept. 30, 2005, the Debtors listed
assets totaling $378,500,000 and debts totaling $455,400,000.
(FLYi Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FLYI INC: Independence Posts $11.98 Mil. Net Loss in November 2005
------------------------------------------------------------------
Independence Air Inc.
Consolidated Balance Sheet
As of November 30, 2005
ASSETS
Current assets
Cash $13,054,486
Short term investments 20,550,000
Restricted cash 30,162,004
Net accounts receivable 101,668,500
Net expandable parts and fuel 11,823,441
Net prepaid expenses 32,382,762
Assets held for sale (1)
Deferred tax asset (1)
-------------
Total current assets $209,641,191
-------------
Other assets:
Restricted cash $20,034,852
Long term investments 0
Property and equipment, net of depreciation 160,476,192
Intangible assets 170,625
Debt issuance cost 2,339,762
Aircraft deposits 22,412,000
Long term deferred tax 0
Other assets 7,497,158
-------------
TOTAL ASSETS $422,571,780
=============
LIABILITIES
Liabilities not subject to compromise
Accounts payable $294,172
Air traffic liability 37,291,327
Accrued liabilities 3,197,673
Current Deferred revenue 0
Deferred tax liability 0
Amounts due to insiders 6,667
-------------
Total postpetition liabilities 40,789,839
-------------
Liabilities subject to compromise
Secured debt 116,396,428
Priority debt 506,174
Unsecured debt 401,450,406
Other accruals 137,036,472
-------------
Total prepetition liabilities $655,389,481
-------------
Total Liabilities $696,179,320
-------------
Owner Equity
Common stock 0
Additional paid in capital 0
Treasury stock 7,435,000
Owner's equity account 0
Pre-petition retained earnings (269,062,389)
Postpetition retained earnings (11,980,150)
Adjustment to owner equity 0
-------------
Net Owner Equity ($273,607,539)
-------------
TOTAL LIABILITIES AND OWNER'S EQUITY $422,571,780
=============
Independence Air Inc.
Statement of Operations
As of November 2005
Revenues
Operating Revenue
Passenger revenue $21,008,681
Charter 91,694
In-flight Sales 44,931
Other revenue 1,075,147
-------------
Total operating revenues $22,220,453
-------------
Operating expenses
Insider compensation $104,281
Wages 6,730,610
Fringes and benefits 1,432,997
aircraft fuel 9,115,688
aircraft maintenance and materials 1,438,633
aircraft rentals 5,905,129
traffic commissions 473,831
CRS fees 207,749
facilities rent 2,462,517
Landing fees 739,566
Depreciation and amortization 1,077,139
Others 3,219,247
Retirement and restructuring charge (214,371)
-------------
Total operating expense $32,693,016
-------------
Other income and expenses
Interest income (268,768)
Interest expense 640,425
Other miscellaneous 3,691
-------------
Total other (income) expense 375,348
-------------
Reorganization items
Professional fees 1,132,239
-------------
Net Profit (Loss) ($11,980,150)
=============
eadquartered in Dulles, Virginia, FLYi, Inc., aka Atlantic Coast
Airlines Holdings, Inc. -- http://www.flyi.com/-- is the parent
of Independence Air Inc., a small airline based at Washington
Dulles International Airport. The Debtor and its six affiliates
filed for chapter 11 protection on Nov. 7, 2005 (Bankr. D. Del.
Case Nos. 05-20011 through 05-20017). Brendan Linehan Shannon,
Esq., M. Blake Cleary, Esq., and Matthew Barry Lunn, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in their
restructuring efforts. As of Sept. 30, 2005, the Debtors listed
assets totaling $378,500,000 and debts totaling $455,400,000.
(FLYi Bankruptcy News, Issue No. 10; Bankruptcy Creditors'
Service, Inc., 215/945-7000)
FOAMEX INT'L: Earns $5.76 Million For The Month of December 2005
----------------------------------------------------------------
Foamex International, et al., as Debtors
Consolidated Balance Sheet
As of December 31, 2005
ASSETS
Current Assets
Cash $4,839,000
Accounts Receivable, net 184,116,000
Inventory 106,087,000
Other current assets 26,067,000
-------------
Total current assets 321,109,000
Land & land improvements 5,100,000
Buildings 92,259,000
Leasehold improvement 5,302,000
Machinery & Equipment 227,959,000
Furniture & Fixtures 5,184,000
Auto equipment 7,975,000
Computer equipment 7,841,000
Construction in progress 1,089,000
Accumulated depreciation (252,993,000)
-------------
Total property plant & equipment, net 99,717,000
-------------
Goodwill, net 86,191,000
Debt Issuance costs, net 5,231,000
Investment in subsidiaries 21,507,000
Long-term intercompany receivable 4,850,000
Other Assets 48,892,000
-------------
Total Assets $587,498,000
=============
LIABILITIES & STOCKHOLDERS' DEFICIENCY
Current Liabilities
Revolver borrowings $154,566,000
Current portion of long-term debt 86,214,000
Accounts payable 59,585,000
Intercompany 455,000
Accrued employee costs 14,001,000
Accrued rebates 10,777,000
Accrued interest 2,049,000
Other current liabilities 20,535,000
-------------
Total current liabilities 348,182,000
Long-term debt 340,000
Intercompany debt -
Liability Subject to Compromise 635,583,000
Other liabilities 15,152,000
-------------
Total Long-Term Liabilities 651,075,000
-------------
Total Liabilities 999,257,000
Common stock 280,000
Preferred stock 15,000
Additional paid-in capital 102,555,000
Treasury stock (27,780,000)
Partners capital 0
Other comprehensive income (loss) (34,522,000)
Shareholder loans (9,221,000)
Accumulated deficit (443,086,000)
-------------
(411,759,000)
-------------
Liabilities & Stockholders Deficiency $587,498,000
=============
Foamex International, et al., as Debtors
Consolidated Income Statement
Month Ended December 31, 2005
Gross Sales $97,378,000
Rebates, Discount & Sale Allowance (5,142,000)
-------------
Net Sales 92,236,000
Material 50,080,000
Labor 3,726,000
Overhead 13,063,000
Freight/Shipping 3,940,000
-------------
Cost of Sales 70,809,000
Gross Profit 21,427,000
Labor & Employee Expense 3,896,000
Indirect Materials & Samples (14,000)
Equipment & Maintenance Expense 22,000
Facility Expense 181,000
Travel & Entertainment 222,000
Technology 160,000
Professional Fees & Services 1,554,000
Other Miscellaneous Expense 242,000
Insurance & Tax 412,000
Bad debt expense 339,000
Bank/Collection Costs 56,000
Transportation Cost 16,000
Depreciation/Amortization 304,000
Corp. Cost to COS (730,000)
-------------
Selling, general & admin expenses 6,662,000
Restructuring & Impairment Charges 1,081,000
-------------
Income from operations 13,684,000
Interest Expense 6,075,000
Equity in earnings of JV & non-debtor subs (283,000)
Other Income & (Expense) 151,000
Professional Fees 1,337,000
Provision/(Gains) - Rejected Contracts 23,000
Bankruptcy Filing Fees -
Other Expense 361,000
Debt Adjustment Gain/Loss -
-------------
Reorganization Expense (Income) 1,721,000
Income before Tax 5,757,000
Tax Provision -
-------------
Net Income $5,757,000
=============
Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets. The Company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries. The
Company and eight affiliates filed for chapter 11 protection on
Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-12693).
Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP,
represent the Debtors in their restructuring efforts. Houlihan,
Lokey, Howard and Zukin and O'Melveny & Myers LLP are advising the
ad hoc committee of Senior Secured Noteholders. As of July 3,
2005, the Debtors reported $620,826,000 in total assets and
$744,757,000 in total debts. (Foamex International Bankruptcy
News, Issue No. 10; Bankruptcy Creditors' Service, Inc., 215/945-
7000)
KUSHNER-LOCKE: Releases October 2005 Monthly Operating Reports
--------------------------------------------------------------
On Jan. 6, 2005, The Kushner-Locke Company and its debtor-
affiliates filed their unaudited October 2005 Monthly Operating
Reports with the U.S. Bankruptcy Court for the Central District of
California, Los Angeles Division.
For the month ending Oct. 31, 2005, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses 70,723
Total Non-Operating Expenses 317,096
Net Income (Loss) ($387,819)
For the period from Oct. 1, 2005, through Oct. 31, 2005, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
Collateral Concentration
Account Account
---------- -------------
Beginning Balance $1,936,940 $113,075
Total Receipts 5,652 351,034
Total Disbursements 350,000 387,768
Ending Balance $1,592,593 $76,341
Full-text copies of The Kushner-Locke Company's October 2005
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?4a9
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?4a8
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.
OWENS CORNING: Earns $7.75 Million For The Month of October 2005
----------------------------------------------------------------
Owens Corning
Balance Sheet
As of October 31, 2005
(In Thousands)
Current Assets:
Cash and cash equivalents $894,811
Receivables 468,101
Receivables-Inter-company 1,000,136
Inventories 196,891
Insurance for Asbestos Litigation Claims 0
Deferred Income Taxes 484
Income Tax Receivable 926
Other Current Assets 18,622
-----------
Total Current Assets $2,579,971
Other Assets:
Insurance for Asbestos Litigation Claims 4,220
Restricted Cash 188,753
Restricted cash and securities - Fibreboard 0
Deferred Income Taxes 1,045,526
Goodwill 48,568
Investment in Affiliates 31,241
Investment in Subsidiaries 2,022,050
Notes Receivable - Intercompany 5,270
Other Non-current Assets 535,380
-----------
Total Other Assets 3,881,008
Plant & Equipment:
Land 34,668
Buildings & Leasehold Improvements 548,251
Machinery & Equipment 2,207,648
Construction in Progress 112,224
Less: Accumulated Depreciation 1,625,694
-----------
Net Plant and Equipment 1,277,097
-----------
TOTAL ASSETS $7,738,076
===========
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 596,509
Accrued Post-Petition Interest 537,970
Inter-company Liabilities 1,073,478
Short-term debt 0
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 2,209,324
Long-Term Debt 9,518
Other:
Other Employee Benefits Liability 230,351
Pension Plan Liability 617,609
Other Liability 165,888
-----------
Total Non-Current Liabilities 1,013,848
-----------
Total Postpetition Liabilities 3,1232,690
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 259,115
Other Employee Benefits Liability 188,573
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,501,119
Asbestos-Related Liability 6,166,734
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 12,021,693
Total Liabilities 15,251,883
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (7,880,579)
Accumulated Comprehensive Income (Loss) (6,315)
Other (324,211)
-----------
Net Stockholder's Equity (7,513,807)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,738,076
===========
Owens Corning
Statement of Operations
For the Month Ended October 31, 2005
(In Thousands)
Net sales $427,635
Cost of Sales 350,428
-----------
Gross Margin 77,210
Operating Expenses:
Marketing and Administrative Expenses 32,528
Science and Technology Expenses 1,806
Provision for Asbestos Litigation Claims 0
Insider Compensation 810
Restructure Costs 0
Other Expenses 3,058
-----------
Income (Loss) from Operations 39,008
Other Expenses:
Cost of Borrowed Funds 95
Other 0
-----------
Income (Loss) Before Reorganization Items 38,913
Reorganization Items:
Professional Fees 3,734
U.S. Trustee Quarterly Fees 20
Interest Earned on Accumulated Cash from Chapter 11 (1,777)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 2,469
-----------
Total Reorganization Expenses 4,447
-----------
Income (Loss) Before Income Taxes 34,466
Provision (credit) for Income Tax 26,697
------------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates 7,769
Minority interest 0
Equity in net income (loss) of affiliates (18)
-----------
Net Income (Loss) $7,751
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended October 31, 2005
(In Thousands)
Cash, Beginning of Month $15,570
Receipts:
Customer Receipts 373,099
Inter-company Sales 2,329
Loans and Advances 0
Sale of Assets 0
Other Receipts 3,273
Inter-company Transfers 115,327
Transfers from DIP 84,700
-----------
Total Receipts $578,727
Disbursements:
Net Payroll 117
Payroll Taxes 30
Sales Use & Other Taxes 6,373
Inventory Purchases 129,171
Insurance 3,397
Administrative & Selling 55,564
Other 106,886
Inter-company Transfers 88,228
Transfers to DIP 178,323
Professional Fees 4,043
U.S. Trustee Quarterly Fees 39
Court costs 0
Adjustment 0
-----------
Total Disbursements $572,171
Net Cash Flow 6,556
-----------
Cash -- End of Month $22,127
===========
Owens Corning -- http://www.owenscorning.com/-- manufactures
fiberglass insulation, roofing materials, vinyl windows and
siding, patio doors, rain gutters and downspouts. Headquartered
in Toledo, Ohio, the Company filed for chapter 11 protection on
October 5, 2000 (Bankr. Del. Case. No. 00-03837). Mark S. Chehi,
Esq., at Skadden, Arps, Slate, Meagher & Flom, represents the
Debtors in their restructuring efforts. (Owens Corning Bankruptcy
News, Issue No. 124; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
OWENS CORNING: Posts $4.58 Million Net Loss in November 2005
------------------------------------------------------------
Owens Corning
Balance Sheet (Liabilities & Equity)
As of November 30, 2005
(In Thousands)
Liabilities not Subject to Compromise:
Accounts Payable & Accrued Liabilities 610,711
Accrued Post-Petition Interest 537,970
Inter-company Liabilities 1,096,604
Short-term debt 0
Long-term debt - current portion 1,367
-----------
Total Current Liabilities 2,246,652
Long-Term Debt 9,473
Other:
Other Employee Benefits Liability 234,017
Pension Plan Liability 617,604
Other Liability 165,774
-----------
Total Non-Current Liabilities 1,017,395
-----------
Total Postpetition Liabilities 3,273,520
Prepetition Liabilities:
Accounts Payable and Accrued Liabilities 252,707
Other Employee Benefits Liability 186,340
Pension Plan Liability 0
Debt-US Bank Credit Facility 1,450,986
Debt-Bonds & Other 1,501,073
Asbestos-Related Liability 6,166,734
Inter-company 2,452,666
Other 0
-----------
Total Prepetition Liabilities 12,010,506
Total Liabilities 15,284,026
Minority Interest 0
Stockholder's Equity:
Common Stock 697,298
Retained Earnings (Deficit) (7,885,158)
Accumulated Comprehensive Income (Loss) (6,607)
Other (319,812)
-----------
Net Stockholder's Equity (7,514,279)
-----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY $7,769,747
===========
Owens Corning
Statement of Operations
For the Month Ended November 30, 2005
(In Thousands)
Net sales $397,305
Cost of Sales 334,605
-----------
Gross Margin 62,700
Operating Expenses:
Marketing and Administrative Expenses 37,643
Science and Technology Expenses 2,637
Provision for Asbestos Litigation Claims 0
Insider Compensation 823
Restructure Costs 0
Other Expenses 6,857
-----------
Income (Loss) from Operations 14,739
Other Expenses:
Cost of Borrowed Funds 293
Other 0
-----------
Income (Loss) Before Reorganization Items 14,446
Reorganization Items:
Professional Fees 2,869
U.S. Trustee Quarterly Fees 0
Interest Earned on Accumulated Cash from Chapter 11 (2,105)
(Gain) Loss from sale of equipment 0
(Gain) Loss from Settlement of Liabilities 0
Other Reorganization Expenses 2,285
-----------
Total Reorganization Expenses 3,049
-----------
Income (Loss) Before Income Taxes 11,397
Provision (credit) for Income Tax 15,958
------------
Income (Loss) Before Minority Interest and
Equity in Net Income (Loss) of Affiliates (4,561)
Minority interest 0
Equity in net income (loss) of affiliates (18)
-----------
Net Income (Loss) ($4,579)
===========
Owens Corning
Statement of Cash Receipts & Disbursements
For the Month Ended November 30, 2005
(In Thousands)
Cash, Beginning of Month $22,127
Receipts:
Customer Receipts 400,728
Inter-company Sales 1,171
Loans and Advances 0
Sale of Assets 0
Other Receipts 25,316
Inter-company Transfers 113,129
Transfers from DIP 69,600
-----------
Total Receipts $609,945
Disbursements:
Net Payroll 76
Payroll Taxes 204
Sales Use & Other Taxes 6,161
Inventory Purchases 147,823
Insurance 6,539
Administrative & Selling 57,849
Other 118,864
Inter-company Transfers 84,649
Transfers to DIP 198,448
Professional Fees 6,123
U.S. Trustee Quarterly Fees 0
Court costs 0
Adjustment 0
-----------
Total Disbursements $626,737
Net Cash Flow (16,792)
-----------
Cash -- End of Month $5,334
===========
Papers filed with the Bankruptcy Court did not include a
breakdown of Owens Corning's assets in the Balance Sheet as of
Nov. 30, 2005.
Owens Corning -- http://www.owenscorning.com/-- manufactures
fiberglass insulation, roofing materials, vinyl windows and
siding, patio doors, rain gutters and downspouts. Headquartered
in Toledo, Ohio, the Company filed for chapter 11 protection on
October 5, 2000 (Bankr. Del. Case. No. 00-03837). Mark S. Chehi,
Esq., at Skadden, Arps, Slate, Meagher & Flom, represents the
Debtors in their restructuring efforts. (Owens Corning Bankruptcy
News, Issue No. 124; Bankruptcy Creditors' Service, Inc.,
215/945-7000)
XYBERNAUT CORP: Posts $975,181 Net Loss in December 2005
--------------------------------------------------------
On Jan. 18, 2005, Xybernaut Corporation filed its monthly
operating report for the month of December 2005 with the U.S.
Bankruptcy Court for the Eastern District of Virginia, Alexandria
Division.
The company reported a $975,181 net loss on $86,304 of revenue
for the month of December 2005.
At Dec. 31, 2005, the Company's balance sheet reflects:
Total Assets $4,004,020
Total Liabilities 4,112,500
Stockholders' Equity Deficit ($108,480)
A full-text copy of Xybernaut Corporation's December 2005 Monthly
Operating Report is available at no charge at
http://ResearchArchives.com/t/s?4ac
The Company's affiliate, Xybernaut Solutions, Inc., also filed its
monthly operating report for the month of December 2005 with the
U.S. Bankruptcy Court for the Eastern District of Virginia.
A full-text copy of Xybernaut Solution Inc.'s December 2005
Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?4ad
Headquartered in Fairfax, Virginia, Xybernaut Corporation,
develops and markets small, wearable, mobile computing and
communications devices and a variety of other innovative products
and services all over the world. The corporation never turned a
profit in its 15-year history. The Company and its affiliate,
Xybernaut Solutions, Inc., filed for chapter 11 protection on
July 25, 2005 (Bankr. E.D. Va. Case Nos. 05-12801 and 05-12802).
John H. Maddock III, Esq., at McGuireWoods LLP, represents the
Debtors in their chapter 11 proceedings. When the Debtors filed
for protection from their creditors, they listed $40 million in
total assets and $3.2 million in total debts.
*********
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*********
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