/raid1/www/Hosts/bankrupt/TCR_Public/061014.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, October 14, 2006, Vol. 10, No. 245
Headlines
ACCEPTANCE INSURANCE: Posts $53,059 Net Loss for September 2006
CATHOLIC CHURCH: Davenport Files Schedules of Assets and Debts
CATHOLIC CHURCH: Portland Files Operating Report for June 2006
CATHOLIC CHURCH: Portland Files Operating Report for July 2006
CATHOLIC CHURCH: Portland Files August 2006 Monthly Report
CATHOLIC CHURCH: Spokane Files August 2006 Operating Report
COMPLETE RETREATS: Files Schedules of Assets and Liabilities
COMPLETE RETREATS: Distinctive Files Schedules of Assets and Debts
COMPLETE RETREATS: DR Abaco Files Schedule of Assets & Liabilities
COMPLETE RETREATS: Legendary Files Schedules of Assets and Debts
COMPLETE RETREATS: Preferred Files Schedules of Assets and Debts
COMPLETE RETREATS: Private Belize Files Assets and Debts Schedules
COMPLETE RETREATS: T&H Villas Files Schedules of Assets and Debts
COMPLETE RETREATS: Telluride Files Schedules Assets and Debts
COMPLETE RETREATS: Town Clubs Files Schedules of Assets and Debts
COMPLETE RETREATS: 24 Debtors File Schedules of Assets and Debts
COMPLETE RETREATS: 25 Debtors File Schedules of Assets and Debts
COMPLETE RETREATS: Files August 2006 Monthly Operating Report
COMPLETE RETREATS: Distinctive Files August 2006 Operating Report
COMPLETE RETREATS: Legendary Files August 2006 Operating Report
COMPLETE RETREATS: Preferred Files August 2006 Operating Report
COMPLETE RETREATS: Private Files August 2006 Operating Report
COMPLETE RETREATS: Private Nevis Files Schedules of Assets & Debts
COMPLETE RETREATS: 54 Debtors File Statements of Financial Affairs
DELTA AIR: Incurs $11 Million Net Loss in August 2006
MERIDIAN AUTOMOTIVE: Posts $13.3 Million Net Loss for August 2006
SAINT VINCENTS: Files August 2006 Monthly Operating Report
SOLUTIA INC: Earns $1 Million in August 2006
SONICBLUE INC: Files August 2006 Monthly Operating Report
THAXTON GROUP: Posts $5,382,467 Net Loss for August 2006
TOWER AUTO: Posts $16.8 Million Net Loss in August 2006
*********
ACCEPTANCE INSURANCE: Posts $53,059 Net Loss for September 2006
---------------------------------------------------------------
Acceptance Insurance Companies, Inc., filed its filed its monthly
operating report for Sept. 2006 with the United States Bankruptcy
Court for the District of Nebraska on Oct. 10, 2006.
The Debtor reported a net loss of $53,059 from revenue of $8,436,
for the month ended Sept. 30, 2006. Net loss for the month ended
Aug. 31 was $184,587.
At Sept. 30, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $2,031,229
Total Assets $32,362,212
Total Liabilities $138,194,587
Total Shareholders' Deficit $105,832,375
A full-text copy of Acceptance Insurance Companies Inc.'s June
2006 Monthly Operating Report is available at no charge at
http://ResearchArchives.com/t/s?136d
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups. The Company filed
for chapter 11 protection on Jan. 7, 2005 (Bankr. D. Nebr. Case
No. 05-80059). The Debtor's affiliates -- Acceptance Insurance
Services, Inc., and American Agrisurance, Inc. -- filed separate
chapter 7 petitions (Bankr. D. Nebr. Case Nos. 05-80056 and
05-80058) on Jan. 7, 2005. John J. Jolley, Esq., at Kutak Rock
LLP, represents the Debtor in its restructuring efforts. When the
Debtor filed for protection from its creditors, it listed
$33,069,446 in total assets and $137,120,541 in total debts.
CATHOLIC CHURCH: Davenport Files Schedules of Assets and Debts
--------------------------------------------------------------
A. Real Property
St. Vincent's Pastoral Center Unknown
26 Acre Farm in Davenport Unknown
Duplex building at Scott Street, Davenport Unknown
House at 803 E 39th Street, Davenport Unknown
B. Personal Property
B.1 Cash on hand
Petty Cash 97
B.2 Bank Accounts at Quad City Bank & Trust
Diocese Repurchase Account 0
General Fund 236
Massion Fund Account 0
Employee Flex Spending Account 963
Insurance Fund 4,800
Health Insurance Fund 14,947
Project Renewal Account 0
Rachels Hope Account 0
B.4 Household goods and furnishings Unknown
B.7 Furs and jewelry Unknown
B.8 Hobby equipment Unknown
B.9 Interests in insurance policies
Guide One Property Ins. Policy No.1200170 Unknown
Guide One Auto Policy No. 1711774 Unknown
Mount Vernon Fire Ins. Policy No. CL2261852 Unknown
Philadelphia Indemnity, Policy PHSDO58731 Unknown
Guide One Policy No. 01200169C Unknown
Guide One (Umbrella) Policy No. 1189707 Unknown
National Casualty Co. Policy No. LS022899 Unknown
Liability Insurance Policies Unknown
Aetna Property and Casualty Unknown
Liability and Excess policies Unknown
Excess/Umbrella Liability Policies Unknown
The St. Paul Insurance Company (Excess) Unknown
Possible insurance coverage for tort claims Unknown
Catholic Mutual (Excess) Unknown
Possible insurance coverage for tort claims Unknown
Principal Financial Group Unknown
Marsh Advantage America Dental Unknown
B.12 Interests in pension plans
TIAACREF Employee 401K Account 0
Principal Financial Group 0
B.16 Accounts receivable
Advances to Clergy 17,461
Advances to Seminarian Students 6,301
Gifts receivable from various Parishes 40,436
Marriage Tribunal Receivables 6,620
Employee Advances 1,868
Health insurance due from retirees 150
Project renewal payroll receivable 3,256
Catholic Schools Area IX receivable 7,176
Parish receivables 793
B.25 Automobiles and other vehicles
1985 Chevy 1 ton truck & snow plow Unknown
1989 Chevy Corsica Unknown
2000 Ford Taurus Unknown
1994 Pontiac Grand Am Unknown
1991 Chevy S10 Unknown
2006 Chevy Silverado Unknown
2004 Saturn Vue Unknown
B.28 Office equipment, furnishings
B.35 Other personal property
Kingdom Co.-Pooled Investment Account 4,337,988
US Bank Trust Woltering Trust 0
Ritzinger Estate Gift 0
Massion Estate Gift 0
Prepaid insurance expense 15,000
Bishops Education Fund 0
DeAutremont Trust 0
Various gifts for Masses from Decedents 0
Volunteer Program for Latin America 0
Attorney's retainer to Lane & Waterman LLP 34,718
Restricted funds received for Diocese use 0
TOTAL SCHEDULED ASSETS $4,492,809
===========
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims 0
E. Creditors Holding Unsecured Priority Claims
37 Diocese Employees -- personal services 40,785
Internal Revenue Service 8,038
Iowa Department of Revenue 1,127
F. Creditors Holding Unsecured Non Priority Claims
Diocese Employees -- accrued vacations 70,489
Michl Uhde -- Court verdict 1,530,000
Quad City Bank and Trust -
Sexual Abuse Victims Unknown
TOTAL SCHEDULED LIABILITIES $1,650,439
===========
The Roman Catholic Church of the Diocese of Davenport was erected
in 1881, covers 22 counties in southeast Iowa and has more than
105,000 parishioners in 84 parishes. The Diocese of Davenport is
the fourth diocese in the nation to seek for bankruptcy protection
to deal with priest sex abuse cases. The Diocese of Davenport
filed for chapter 11 protection (Bankr. S.D. Iowa Case No.
06-02229) on Oct. 10, 2006. Richard A. Davidson, Esq., at Lane &
Waterman LLP, represents the Davenport Diocese in its
restructuring efforts. When the Debtor filed for protection from
its creditors, it listed $4,492,809 in total assets and $1,650,439
in total debts. (Catholic Church Bankruptcy News, Issue No. 71;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Portland Files Operating Report for June 2006
--------------------------------------------------------------
The Archdiocese of Portland in Oregon delivers to the United
States Bankruptcy Court for the District of Oregon an amended
operating report for June 2006 to reflect certain adjustments for
the fiscal year end.
Leonard Vuylsteke, the Archdiocese's Director of Financial
Services, says the balance sheet may still change once an actual
year-end independent audit is performed and any resulting
adjustments, if any, are done.
Financial statements at June 30, 2005, and at June 30, 2004, have
also been adjusted for the fiscal year end. "Although
unanticipated, some balances may require adjustments once our
2003-2004 year-end independent audit is completed," Mr. Vuylsteke
says.
Mr. Vuylsteke explains that with respect to the Archdiocese's
June 2006 Balance Sheet:
(1) Cash increased in June due to a year-end adjustment to
reclassify the cash portion of long-term investments from
"investments" to "cash";
(2) Accounts Receivable decreased in June as parishes or
schools continue to make payment on the annual insurance
premium billing and the quarterly priest retirement
billing;
(3) Notes, Estates and Other Receivables increased in June
due to the:
* year-end accrual of estates receivable;
* accrual of the annual Oregon Catholic Press
contribution; and
* accrual of the experience rebate due from Blue Cross;
(4) Deposits and Prepaid Expenses increased due to the
prepayment of July health benefits insurance in June;
(5) Investments decreased in June due to a year-end
adjustment to reclassify the cash portion of long-term
investments from "investments" to "cash";
(6) Land, Building and Equipment decreased in June due to
posting of annual depreciation expense;
(7) Property Sale Proceeds for the benefit of six parishes
are included in the Postpetition Short-Term Investments
Payable balance in June:
Parish Sale Proceeds
------ -------------
Sacred Heart Church in Portland $515,514
St. Cecelia Church in Beaverton 17,999
St. Frederic Church in St. Helens 180,744
St. Mary Church in Vermonia 17,999
St. Michael Church in Sandy 114,072
(8) Postpetition Accounts Payable increased in June due to
accruals of year-end accounts payable;
(9) Postpetition Accrued Liabilities decreased in June due to
a year-end adjustment to recognize the deferred revenue
received for the 2006 Archbishop's Catholic Appeal; and
(10) Decrease in Postpetition Second Collections Payable in
June due to the payment of the Bishops Annual Overseas
Appeal, Catholic Communications and the Campaign for
Human Development second collections.
With respect to the Archdiocese's 2006 Income Statement,
Mr. Vuylsteke says:
(a) the Annual Catholic Appeal income increased in June due to
the annual year-end adjustment to recognize deferred
revenue received for the 2006 Archbishop's Catholic Appeal
from February through June;
(b) Contributions, Gifts, Annuities & Bequests is up in June
due to the year-end accrual of estates receivable;
(c) Interest and Realized Gains are down in June, which is
determined by cash holdings and sales of securities by
investment managers;
(d) Unrealized Gains increased based on June market activity;
(e) Insurance Premiums is negative in June due to the year-
end accrual premium discount earned by parishes and
schools from prompt of premium throughout the year;
(f) Other Income is up in June due to proceeds received from
the distribution of ownership interest in Portland Campus
Christian Ministry and the year-end accrual of experience
rebate from Blue Cross;
(g) Deposit and Loan Interest are up in June due to computer
reserve application;
(h) Insurance Program Expenses remain high in June due to
monthly legal fees, the year-end accrual of legal fees and
the reclassification of BMC expenses. The BMC Group,
Inc., is the Archdiocese's claims agent;
(i) Other Program Expenses are up due to costs associated with
the layoff of Pastoral Center employees; and
(j) Bankruptcy Expenses are down due to reclassification of
the expenses incurred by The BMC group, Inc., the
Archdiocese's claims agent.
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of June 30, 2006
ASSETS
Cash and cash equivalents $24,312,655
Accounts receivable, net 543,215
Notes, estates and other receivables 12,705,506
Loans receivable from Archdiocesan entities, net 7,070,370
Loans receivable from Archdiocesan housing entities 538,928
Interest receivable and other assets 260,610
Inventories 1,679,678
Real Property 226,688
Deposits and prepaid expenses 179,822
Investments 89,857,369
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,305,677
--------------
Total Assets $146,320,518
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,172,196
Funds held for others
Second Collections (12)
Short-term investments payable 14,166,253
Long-term pool investments payable 18,624,468
Reserve for insurance claims 2,343,946
Notes payable 10,790,546
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 56,983,231
--------------
Postpetition
Accounts payable 1,638,491
Accrued liabilities 3,827,304
Funds held for others
Second Collections 191,437
Short-term investments payable 3,255,463
Long-term pool investments 4,786,409
Reserve for insurance claims 460,648
Notes payable -
Pre-need liability and reserve 30,896
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 14,595,169
--------------
Total Liabilities 71,578,400
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,963,028
Other Assets (3,573,267)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 8,291,094
Other Assets 61,263
--------------
Total Postpetition Net Assets 8,352,357
--------------
Total Net Assets 74,742,118
--------------
Total liabilities & net assets $146,320,518
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ended June 30, 2006
Revenues, gains and other support
Annual Catholic Appeal income $3,417,185
Gross profit on cemetery sales 87,240
Contributions, gifts, annuities and bequests 240,038
Operating support - Oregon Catholic Press 804,695
Investment income and realized gains (losses),
net of expenses 223,608
Change in unrealized gains (losses) 65,262
Insurance premiums, net (93,684)
Interest income from loans 34,225
Parish assessments 251,796
Other income 589,746
Departmental revenues 58,514
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 5,678,625
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 193,623
Clergy Services 44,059
Catholic Schools 37,489
Pastoral Services 44,110
Evangelization Services 45,080
Public Services 10,873
Tribunal Services 23,081
Deposit and loan interest 186,011
Insurance program 1,801,330
Cemetery operating expenses 104,367
High School grants/charitable annuities (4,036)
Other program expenses 123,939
--------------
Total program services 2,609,926
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 51,288
Finance & Administration:
Resource Development 37,190
Business Affairs 13,468
Financial Services 72,632
Human Resources 29,592
Shared Services 27,104
Occupancy and physical plant expenses 10,893
Designated funds expense 12,364
Bankruptcy expense 544,926
Depreciation expense 563,590
--------------
Total supporting services 1,363,047
--------------
Total expenses and program support 3,972,973
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 1,705,652
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 1,705,652
Net assets at beginning of year 73,036,466
--------------
Net assets at end of year $74,742,118
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ended June 30, 2006
Beginning Cash Balance: $17,598,138
Add:
Transfers in 565,810
Receipts Deposited 2,181,143
Other (Return of Direct Deposits) -
Other 6,813,279
Other (Interest Income) 93,754
--------------
Total Cash Receipts 9,653,987
Subtract:
Transfers out (565,810)
Disbursements by check or debit (2,370,113)
Cash withdrawn -
Other (Service Charges) (1,469)
Other (Misc Check Correction) (1,115)
Other (NSF Checks) (962)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,939,469)
--------------
Ending Cash Balance $24,312,656
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented by other lawyers. David A. Foraker
serves as the Future Claimants Representative appointed in the
Archdiocese of Portland's Chapter 11 case. In its Schedules of
Assets and Liabilities filed with the Court on July 30, 2004, the
Portland Archdiocese reports $19,251,558 in assets and
$373,015,566 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 70; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Portland Files Operating Report for July 2006
--------------------------------------------------------------
Leonard Vuylsteke, as Director of Financial Services of the
Archdiocese of Portland in Oregon, relates that certain
adjustments were made in the Archdiocese's financial statements at
July 31, 2006, as a result of the adjustments that occurred in the
financial statements at June 30, 2006.
Mr. Vuylsteke tells the U.S. Bankruptcy Court for the District of
Oregon that the Archdiocese's:
* Cash decreased in July due to reversal of a year-end
adjustment to reclassify the cash portion of long-term
investments from cash back to investments;
* Accounts Receivable increased in July due to quarterly
priest retirement billing sent to parishes;
* Investments increased in July due to reversal of the year-
end adjustment to reclassify the cash portion of long-term
investments from cash back to investments;
* Postpetition Accounts Payable and Postpetition Accrued
Liabilities are up in July due to the accrual of June legal
and professional fees related to bankruptcy;
* Gross Profit on Cemetery Sales is up in July due to
increased sales;
* Contributions are a negative in July due to reversal of a
year-end accrual of estates receivable;
* Interest and Gains is down in July as determined by cash
holdings and sales of securities by investment managers;
* Unrealized Gains decreased based on July market activity;
* Catholic Schools, Pastoral Services, Evangelization
Services, Shared Services, Tribunal and Financial Services
are down in July due to budget cuts in personnel and program
expenses;
* Deposit and Loan Interest is down in July due to decreased
parish long-term investment returns;
* Insurance Program Expenses are high in July due to the
payment of annual insurance premiums;
* Resources Development Expenses are high in July due to
prepayment of Archbishop's golf tournament expenses; and
* Annual Catholic Appeal expenditures are high in July due to
payment of budgeted parish grants of $45,000.
No changes were made with respect to the Archdiocese's Statement
of Cash Receipts and Disbursements, Mr. Vuylsteke adds.
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of July 31, 2006
ASSETS
Cash and cash equivalents $15,667,938
Accounts receivable, net 706,033
Notes, estates and other receivables 12,596,400
Loans receivable from Archdiocesan entities, net 6,902,559
Loans receivable from Archdiocesan housing entities 538,317
Interest receivable and other assets 276,065
Inventories 1,670,041
Real Property 226,688
Deposits and prepaid expenses 110,270
Investments 96,361,579
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,320,061
--------------
Total Assets $144,015,951
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,172,197
Funds held for others
Second Collections (12)
Short-term investments payable 14,095,311
Long-term pool investments payable 18,573,708
Reserve for insurance claims 2,343,946
Notes payable 10,760,358
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 56,831,342
--------------
Postpetition
Accounts payable 939,564
Accrued liabilities 4,408,814
Funds held for others
Second Collections 202,232
Short-term investments payable 3,327,662
Long-term pool investments 4,825,849
Reserve for insurance claims 460,648
Notes payable -
Pre-need liability and reserve 30,891
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 14,600,181
--------------
Total Liabilities 71,431,523
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,962,960
Other Assets (3,573,199)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 7,742,763
Other Assets (1,548,096)
--------------
Total Postpetition Net Assets 6,194,667
--------------
Total Net Assets 72,584,428
--------------
Total liabilities & net assets $144,015,951
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ended July 31, 2006
Revenues, gains and other support
Annual Catholic Appeal income ($2)
Gross profit on cemetery sales 112,966
Contributions, gifts, annuities and bequests (148,334)
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 101,521
Change in unrealized gains (losses) (62,519)
Insurance premiums, net 21
Interest income from loans 39,481
Parish assessments 260,689
Other income 41,603
Departmental revenues 86,604
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 432,030
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 228,374
Clergy Services 58,361
Catholic Schools 29,351
Pastoral Services 30,889
Evangelization Services 36,147
Public Services 8,705
Tribunal Services 17,150
Deposit and loan interest 89,401
Insurance program 1,632,524
Cemetery operating expenses 59,874
High School grants/charitable annuities 6,114
Other program expenses 53,821
--------------
Total program services 2,250,711
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 61,455
Finance & Administration:
Resource Development 94,451
Business Affairs 10,223
Financial Services 57,953
Human Resources 28,453
Shared Services 12,431
Occupancy and physical plant expenses 9,399
Designated funds expense 20,146
Bankruptcy expense 44,498
Depreciation expense -
--------------
Total supporting services 339,009
--------------
Total expenses and program support 2,589,720
--------------
Increase (decrease) in net assets before
transfers and designations of net assets (2,157,690)
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets (2,157,690)
Net assets at beginning of year 74,742,118
--------------
Net assets at end of year $72,584,428
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ending July 31, 2006
Beginning Cash Balance: $24,312,656
Add:
Transfers in 485,574
Receipts Deposited 1,428,049
Other (Return of Direct Deposits) -
Other (6,813,279)
Other (Interest Income) 42,846
--------------
Total Cash Receipts (4,856,810)
Subtract:
Transfers out (485,574)
Disbursements by check or debit (3,300,111)
Cash withdrawn (285)
Other (Service Charges) (2,270)
Other (Misc Check Correction) 500
Other (NSF Checks) (166)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (3,787,907)
--------------
Ending Cash Balance $15,667,939
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented by other lawyers. David A. Foraker
serves as the Future Claimants Representative appointed in the
Archdiocese of Portland's Chapter 11 case. In its Schedules of
Assets and Liabilities filed with the Court on July 30, 2004, the
Portland Archdiocese reports $19,251,558 in assets and
$373,015,566 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 70; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)
CATHOLIC CHURCH: Portland Files August 2006 Monthly Report
----------------------------------------------------------
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Financial Position
As of August 31, 2006
ASSETS
Cash and cash equivalents $15,089,692
Accounts receivable, net 8,373,825
Notes, estates and other receivables 12,487,147
Loans receivable from Archdiocesan entities, net 6,782,078
Loans receivable from Archdiocesan housing entities 540,752
Interest receivable and other assets 262,184
Inventories 1,667,870
Real Property 226,689
Deposits and prepaid expenses 33,949
Investments 97,614,101
Advances to Archdiocesan housing entities 1,640,000
Land, buildings, and equipment, net 7,332,569
--------------
Total Assets $152,050,856
==============
LIABILITIES AND NET ASSETS
Liabilities:
Prepetition
Accounts payable $822,302
Accrued liabilities 2,172,196
Funds held for others
Second Collections (12)
Short-term investments payable 13,722,282
Long-term pool investments payable 18,511,878
Reserve for insurance claims 2,343,946
Notes payable 10,730,261
Pre-need liability and reserve 456,268
Accrued post-retirement liability 7,607,264
--------------
Total Prepetition Liabilities 56,366,385
--------------
Postpetition
Accounts payable 690,554
Accrued liabilities 4,896,704
Funds held for others
Second Collections 114,852
Short-term investments payable 3,327,769
Long-term pool investments 5,194,270
Reserve for insurance claims 460,647
Notes payable -
Pre-need liability and reserve 33,313
Accrued post-retirement liability 404,521
--------------
Total Postpetition Liabilities 15,122,630
--------------
Total Liabilities 71,489,015
--------------
Net Assets:
Prepetition Net Assets:
Charitable Trust Assets 69,962,561
Other Assets (3,572,800)
--------------
Total Prepetition Net Assets 66,389,761
--------------
Postpetition Net Assets:
Charitable Trust Assets 7,176,106
Other Assets 6,992,974
--------------
Total Postpetition Net Assets 14,172,080
--------------
Total Net Assets 80,561,841
--------------
Total liabilities & net assets $152,050,856
==============
Pastoral Center
Archdiocese of Portland in Oregon
Statement of Activities
For the month ended August 31, 2006
Revenues, gains and other support
Annual Catholic Appeal income $28,920
Gross profit on cemetery sales 37,474
Contributions, gifts, annuities and bequests 81,276
Operating support - Oregon Catholic Press -
Investment income and realized gains (losses),
net of expenses 604,016
Change in unrealized gains (losses) 646,826
Insurance premiums, net 8,389,431
Interest income from loans 38,876
Parish assessments 260,689
Other income 43,823
Departmental revenues 28,975
Net assets released from restrictions -
--------------
Total revenues, gains, and other support 10,160,306
--------------
Expenses and program support:
Program Services:
Annual Catholic Appeal program support,
grants and parish subsidies 161,743
Clergy Services 71,312
Catholic Schools 20,258
Pastoral Services 67,454
Evangelization Services 54,906
Public Services 12,987
Tribunal Services 24,047
Deposit and loan interest 147,762
Insurance program 646,594
Cemetery operating expenses 106,433
High School grants/charitable annuities 6,716
Other program expenses 164,170
--------------
Total program services 1,484,382
--------------
Supporting Services:
Archbishop, Vicar General
and Chancellor Services 65,324
Finance & Administration:
Resource Development 70,120
Business Affairs 13,229
Financial Services 77,872
Human Resources 38,682
Shared Services 128,870
Occupancy and physical plant expenses 46,271
Designated funds expense 17,039
Bankruptcy expense 241,104
Depreciation expense -
--------------
Total supporting services 698,511
--------------
Total expenses and program support 2,182,893
--------------
Increase (decrease) in net assets before
transfers and designations of net assets 7,977,413
Fund transfers - in (out) -
Designation of net assets -
--------------
Increase (decrease) in net assets 7,977,413
Net assets at beginning of year 72,584,428
--------------
Net assets at end of year $80,561,841
==============
Archdiocese of Portland in Oregon
Statement of Cash Receipts and Disbursements
For the month ended August 31, 2006
Beginning Cash Balance: $15,667,939
Add:
Transfers in 438,776
Receipts Deposited 1,443,374
Other (Return of Direct Deposits) -
Other -
Other (Interest Income) 77,870
--------------
Total Cash Receipts 1,960,019
Subtract:
Transfers out (438,776)
Disbursements by check or debit (2,096,941)
Cash withdrawn -
Other (Service Charges) (2,062)
Other (Misc Check Correction) -
Other (NSF Checks) (485)
Other (Clear Interfund Rec/Pay) -
--------------
Total Cash Disbursements (2,538,264)
--------------
Ending Cash Balance $15,089,694
==============
The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts. Albert N. Kennedy, Esq., at Tonkon Torp, LLP, represents
the Official Tort Claimants Committee in Portland, and scores of
abuse victims are represented by other lawyers. David A. Foraker
serves as the Future Claimants Representative appointed in the
Archdiocese of Portland's Chapter 11 case. In its Schedules of
Assets and Liabilities filed with the Court on July 30, 2004, the
Portland Archdiocese reports $19,251,558 in assets and
$373,015,566 in liabilities. (Catholic Church Bankruptcy News,
Issue No. 70; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Spokane Files August 2006 Operating Report
-----------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of August 31, 2006
ASSETS
Total Cash Accounts $2,640,196
Total Investments 3,880,480
Total Property 495,004
Total Loans Receivable 2,707,589
Total Interfund Loan Receivable 179,564
Total Accounts Receivable 91,763
Total Land and Buildings & Equipment 2,581,347
Total Prepaid Expenses 58,729
--------------
Total Assets $12,634,671
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 9,518,036
Total Interest Payable -
Total Accounts Payable 41,819
Total Long-term Liabilities 9,335,400
Net Assets
Total Unrestricted - Fund Balance (19,361,455)
Total Unrestricted Net Assets (19,361,455)
T.R. - Guse Grant Funds 369,350
T.R. - Bishop's School Grants Funds 72,411
Total Replacement Fund 10,445,834
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 608,923
Temporarily Restricted -
--------------
Total liabilities & net assets $12,764,671
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ended August 31, 2006
Total Income $230,913
Total Expenses 722,110
--------------
Net Excess or Deficit $491,197
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for August 2006 reports an opening balance of
$2,788,508 and ending balance of $2,602,566. Cash receipts for
the period total $243,133.
A full-text copy of the Diocese's August 2006 operating report is
available for free at http://bankrupt.com/misc/spokaneaugmor.pdf
The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004. Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts. When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 70; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Files Schedules of Assets and Liabilities
------------------------------------------------------------
A. Real Property -
B. Personal Property
B.3 Security Deposits $63,934
B.35 Other Personal Property
Deposit on homes 2,355,060
Capitalized RE development costs 435,154
TOTAL SCHEDULED ASSETS $2,854,148
===========
C. Property Claimed as Exempt -
D. Secured Claim
The Patriot Group, LLC - Darien, CT $25,535,584
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
Intercompany payable
Distinctive Retreats, LLC 4,182,906
Preferred Retreats, LLC 1,750
TOTAL SCHEDULED LIABILITIES $29,720,240
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Distinctive Files Schedules of Assets and Debts
------------------------------------------------------------------
A. Real Property -
B. Personal Property
B.35 Other Personal Property
Real estate acquisitions in progress $394,640
TOTAL SCHEDULED ASSETS $394,640
===========
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
Alena Goeddel 450,000
Avra Jain 450,000
Bob Scott 450,000
Bruce Selkirk III 450,000
Bruce Shalett 450,000
Dan Jansen 425,000
David Glimcher 375,000
David Laurent 425,000
David Posnick 450,000
Dennis Mitchell 425,000
Don Farris 425,000
Earl Michie 425,000
Elliot Foo 475,000
Garret Gruener 450,000
Glenn Eisenberg 450,000
Glenn Schafer 450,000
Greg Smith 450,000
Harish Chopra 425,000
Harvey Mogenson 450,000
Ira Hirschfield 450,000
J. Michael Cline 450,000
Jack Remondi 400,000
Jaideep Khanna 400,000
James Feagin 450,000
James Tobin 450,000
Jeff Elzemeyer 450,000
Jeff Sell 425,000
John Lewis 410,000
Jonathan Walner 400,000
Joseph Davie 450,000
Kevin Johnson 425,000
Kevin Six 450,000
Lewis Halpert 425,000
Louis Ciminelli 450,000
Lynn Wiese 450,000
Marc Baldinger 450,000
Mark Burg 325,000
Michael Tadin 450,000
Peter Solvik 450,000
Ravi Sinha 437,500
Robert Glanville 450,000
Robert Hanna 450,000
Sean McGould 425,000
Stan McCarthy 425,000
Steven Mannik 450,000
Stuart Berg 425,000
Theresa Gallagher 450,000
Thomas Sponholtz 450,000
Tom & Lia Haleas 400,000
Yichen Mao 450,000
Others 1,650,000
TOTAL SCHEDULED LIABILITIES $23,422,500
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: DR Abaco Files Schedule of Assets & Liabilities
------------------------------------------------------------------
A. Real Property
Abaco Winding Bay Lots, Bahamas
#42 $2,880,000
#43 2,880,000
#21A 2,000,000
#21B 2,000,000
#5 1,900,000
#6 1,900,000
#11A 1,400,000
#11B 1,400,000
#8A 1,200,000
#8B 1,200,000
B. Personal Property -
TOTAL SCHEDULED ASSETS $18,760,000
===========
C. Property Claimed as Exempt -
D. Secured Claim
The Patriot Group, LLC - Darien, CT $25,535,584
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims -
TOTAL SCHEDULED LIABILITIES $25,535,584
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Legendary Files Schedules of Assets and Debts
----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.2 Bank Accounts
Bank of America $24,655
B.3 Security Deposits
Paradise in the Pacific, 9 Kapalua Place 25,000
B.9 Interests in Insurance Policies unknown
B.16 Accounts Receivable
Intercompany receivable
Distinctive Retreats, LLC 9,431,176
Preferred Retreats, LLC 6,360,622
Private Retreats, LLC 652,454
Concierge Villas, LLC 200,000
Distinctive Retreats II, LLC 5,669
B.28 Office Equipment 26,935
B.35 Other Personal Property 956,863
TOTAL SCHEDULED ASSETS $17,683,374
===========
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
Alan Fox $1,300,000
Boyd Fellows 1,300,000
Chris Stevens 725,000
Eric Bieber 1,300,000
Greg Newman 495,000
Gregory Wendt 1,300,000
Ignacio Torras 1,300,000
John Harvey 1,300,000
Len J. Lauer 1,300,000
Mark Houghton-Berry 1,300,000
Nick Thakore 1,300,000
Peter Lowe 1,300,000
Richard Cornelius 1,300,000
Scott Walchek 495,000
Steven Kaplan 1,300,000
Wil Vanloh 1,300,000
Others 249,073
TOTAL SCHEDULED LIABILITIES $18,864,073
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Preferred Files Schedules of Assets and Debts
----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.16 Accounts receivable
Intercompany receivable
Distinctive Retreats, LLC $334,769
Preferred Retreats, LLC 142,559
Towne Clubs, LLC 10,000
TOTAL SCHEDULED ASSETS $487,328
===========
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
Intercompany payable
Preferred Retreats, LLC $349,493
TOTAL SCHEDULED LIABILITIES $349,493
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Private Belize Files Assets and Debts Schedules
------------------------------------------------------------------
A. Real Property
Cayo Espanto, Belize real estate
Casa Aurora $1,942,900
Casa Brisa 971,400
Casa Estrella 1,942,900
Casa Manana 971,400
Casa Olita 971,400
B. Personal Property
B.2 Bank Accounts
Bank of America -
TOTAL SCHEDULED ASSETS $6,800,000
===========
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims
F. Unsecured Non-priority Claims -
TOTAL SCHEDULED LIABILITIES -
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: T&H Villas Files Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.2 Bank Accounts
Bank of America
Acct# 003472506032 $41,085
Acct# 003491443794 -
Acct# 003472506045 -
B.9 Interests in insurance policies unknown
B.16 Accounts Receivable
Intercompany receivable
Preferred Retreats, LLC 294,522
B.28 Office equipment 32,008
B.30 Inventory
Beddings, linens and robes 72,789
Consumables 1,405
China 6,043
Kitchen appliances 3,604
Household items 6,532
B.35 Other Personal Property
Prepaid insurance 17
Leasehold improvements 7,705
TOTAL SCHEDULED ASSETS $465,710
=========
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims
Campion A. Platt Architect $48,686
Charles E. Smith Commercial Realty 11,471
Darwill 11,770
Distinctive Retreats, LLC 666,567
Dulles Financial 3,634
Fashion Fresh 215
Greenkleen, Inc. 500
Kiawah Island Golf Resort 8,485
Legendary Retreats, LLC 200,000
Mountain Village Cable 39
Preferred Retreats, LLC 444,318
Private Retreats, LLC 509,753
Red Rocket Brand Engineers 500
Sprint 39
Staples 108
Verizon 455
Verizon 175
Wirestone, LLC 34,611
TOTAL SCHEDULED LIABILITIES $1,941,326
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Telluride Files Schedules Assets and Debts
-------------------------------------------------------------
A. Real Property
192 Country Club Drive, Mountain Village, CO $2,500,000
River Club Condos Units, Telluride, CO 320,000
B. Personal Property -
TOTAL SCHEDULED ASSETS $2,820,000
===========
C. Property Claimed as Exempt -
D. Secured Claim
The Patriot Group, LLC - Darien, CT $25,535,584
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims -
TOTAL SCHEDULED LIABILITIES $25,535,584
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Town Clubs Files Schedules of Assets and Debts
-----------------------------------------------------------------
A. Real Property -
B. Personal Property
B.2 Bank Accounts
Bank of America -
B.3 Security Deposits $47,500
B.9 Interests in Insurance Policies unknown
B.16 Accounts Receivable
Intercompany receivable
Preferred Retreats, LLC 605,273
B.28 Office Equipment
Computer equipment 204,540
Furniture & fixtures 53,507
Computer software 1,050
B.35 Other Personal Property
Leasehold improvements 1,699,275
TOTAL SCHEDULED ASSETS $2,611,145
===========
C. Property Claimed as Exempt -
D. Secured Claim -
E. Unsecured Priority Claims
State of Delaware $138
F. Unsecured Non-priority Claims
Chris Haver 45,000
Colleen Seymour 55,000
Dale Jensen 45,000
Darrel Keuck 45,000
Dave Pena 45,000
Distinctive Retreats, LLC 2,371,495
DMB Market Street, LLC 78,594
Donny Roberts 45,000
Double AA Builders 503,883
Gene Bearinger 45,000
Geoffrey Edmunds 45,000
Geoffrey Schwan 45,000
Jo Lyn Cleverly 45,000
John Stookey 45,000
Mark Breen 45,000
Mark Williams 45,000
Myles Hubers/Corporate 1,035,000
Preferred Retreats, LLC 1,191,372
Private Retreats, LLC 72,417
RL Miller 45,000
Robert Flick 45,000
Scott Coles 55,000
Scott Crouch 45,000
The Driver Provider 62,753
Tim Bender 55,000
William R. Hopkins 45,000
William Spain & Larry Beddome 45,000
Others 498,332
TOTAL SCHEDULED LIABILITIES $6,743,984
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: 24 Debtors File Schedules of Assets and Debts
----------------------------------------------------------------
Twenty-three Debtors report zero assets and liabilities:
(1) A&K Destinations, LLC
(2) A&K Luxury Automobiles, LLC
(3) DR MGM I, LLC
(4) DR MGM II, LLC
(5) DR MGM III, LLC
(6) DR MGM IV, LLC
(7) LR Management Co., LLC
(8) New Retreats Holding Co., LLC
(9) P180, LLC
(10) PR Vegas III, LLC
(11) Preferred Aviation, LLC
(12) Preferred Retreats Design Group, LLC
(13) Preferred Retreats Travel Co., LLC
(14) Private Retreats Casa Dorada, LLC
(15) Private Retreats Hospitality, LLC
(16) Private Retreats II, LLC
(17) Private Retreats Powell II, LLC
(18) Private Retreats Powell III, LLC
(19) Private Retreats Steamboat, LLC
(20) Private Retreats Teton I, LLC
(21) Private Retreats Tortola, LLC
(22) Private Retreats Yacht Club Mediterranean
(23) Private Retreats Yacht Club Tortola, LLC
European Retreats, LLC, reports unknown assets and zero
liabilities.
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: 25 Debtors File Schedules of Assets and Debts
----------------------------------------------------------------
Twenty-five Debtors report $27,647,761 in total liabilities. The
Debtors disclose that Beal Bank, S.S.B, in Plano, Texas, holds a
first-priority security claim for $27,647,761 in their real
property.
The 25 Debtors' real property constitute their total assets:
Total
Scheduled
Company Real Property Assets
------- ------------- ---------
PR Esperanza II Esperanza Units, B.C.S, Mexico $8,754,400
PR Esperanza III Esperanza Units, B.C.S, Mexico 7,978,300
Private Retreats Villa Del Sol 1,850,000
Colinas B.C.S., Mexico
Private Retreats Casa Tortuga 1,800,000
Tortuga B.C.S., Mexico
Private Retreats 457 Mountain Village Blvd. #8 1,425,000
Cabin 8 Telluride Mountain Village, CO
Private Retreats 457 Mountain Village Blvd. #4 1,400,000
Cabin 4 Telluride Mountain Village, CO
Private Retreats 4165 Kamalani Lane 1,375,000
Kamalani Princeville, HI
Private Retreats 7710 Granite Loop Road 1,300,000
Snake River I Unit 12 Teton Village, WY
Private Retreats 7710 Granite Loop Road 1,300,000
Snake River II Unit 29 Teton Village, WY
Private Retreats Black Bear Condominiums 1,240,000
Deer Valley I Park City, UTAH
Private Retreats 1199 Snow Crest Road 1,200,000
Tahoe III Alpine Meadows, CA
Olde Cypress I PR 3084 Strada Bella Court 1,200,000
Naples, FL
Private Retreats 8148 East Highpoint Drive 1,100,000
Highpoint Scottsdale, AZ
Olde Cypress II PR 7398 Monteverde Way, Naples, FL 1,150,000
DR Cerezas 61 Las Ceresas, Dominican Rep. 1,030,000
Private Retreats 9560 East Preserve Way 1,030,000
Preserve Way Scottsdale, AZ
Private Retreats 3012 Mountaineer Circle, Unit 13B 925,000
Steamboat II Steamboat Springs, CO
Private Retreats 30 Cresta Rd, #305 Edwards, CO 800,000
Pinecone 305
Private Retreats 551 Topnotch Resort, Unit 552 790,000
Stowe III Stowe, VT
Private Retreats 551 Topnotch Resort, Unit 551 780,000
Stowe II Stowe, VT
Private Retreats 1850 Village South Rd #209W 675,000
Tahoe I Olympic Valley, CA
Private Retreats 1850 Village South Rd #309W 675,000
Tahoe II Olympic Valley, CA
Private Retreats 14 W. Cottage Circle 565,000
Belfair Bluffton, SC
Private Retreats 9391 East Whitewing Drive 540,000
Whitewing Scottsdale, AZ
Private Retreats Grand Summit Units 480,000
Summit Park City, UTAH
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Files August 2006 Monthly Operating Report
-------------------------------------------------------------
Complete Retreats, LLC
Balance Sheet
As of August 31, 2006
ASSETS
Total Cash -
Accounts Receivable (Net) -
Inventory -
Notes Receivable -
Prepaid Expenses $63,934
Other -
--------------
Total Current Assets 63,934
Property, Plant & Equipment 5,620,021
Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 5,620,021
Due from Insiders -
Other Assets - Net of Amortization -
Other 487,329
--------------
Total Assets $6,171,284
==============
LIABILITIES & OWNERS' EQUITY
Total Postpetition Liabilities -
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt $1,501,049
Other 4,612,771
--------------
Total Prepetition Liabilities 6,113,820
--------------
Total Liabilities 6,113,820
Equity
Prepetition Owners' Equity 57,464
Postpetition Cumulative Profit or Loss -
Direct Charges to Equity -
--------------
Total Equity 57,464
--------------
Total Liabilities & Owners' Equity $6,171,284
==============
Complete Retreats reports $0 income and profits for the period
August 1 to 31, 2006.
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Distinctive Files August 2006 Operating Report
-----------------------------------------------------------------
Distinctive Retreats, LLC
Balance Sheet
As of August 31, 2006
ASSETS
Unrestricted Cash $552,583
Restricted Cash -
--------------
Total Cash 552,583
Accounts Receivable (Net) (269,231)
Inventory 75,776
Notes Receivable -
Prepaid Expenses -
Other -
--------------
Total Current Assets (193,455)
Property, Plant & Equipment 107,388,845
Accumulated Depreciation/Depletion (2,750,017)
--------------
Net Property, Plant & Equipment 104,638,829
Due from Insiders -
Other Assets - Net of Amortization 7,239,166
Other 115,531,717
Total Assets $227,768,840
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable ($485)
Taxes Payable -
Notes Payable 5,760,714
Professional Fees -
Secured Debt -
Other (1,342,692)
--------------
Total Postpetition Liabilities 4,417,537
Prepetition Liabilities
Secured Debt 29,952,792
Priority Debt -
Unsecured Debt 35,377,821
Other 12,755,195
--------------
Total Prepetition Liabilities 78,085,808
--------------
Total Liabilities 82,503,345
Equity
Prepetition Owners' Equity 140,982,312
Postpetition Cumulative Profit or Loss 4,283,185
Direct Charges to Equity -
--------------
Total Equity 145,265,497
--------------
Total Liabilities & Owners' Equity $227,768,842
==============
Distinctive Retreats, LLC
Statement of Operations
August 1 to 31, 2006
Revenues
Gross Revenues $1,124,711
Less: Returns & Discounts (1,250)
--------------
Net Revenue 1,123,461
Cost of Goods Sold
Material 458,966
Direct Labor -
Direct Overhead 5
--------------
Total Cost of Goods Sold 458,971
--------------
Gross Profit 664,490
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 600
General Administration -
Rent & Lease -
Other (4,112,821)
--------------
Total Operating Expenses (4,112,221)
--------------
Income Before Non-Operating Income & Expenses 4,776,711
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense 504,890
Depreciation/Depletion 145,052
Amortization 74,040
Other (170,022)
--------------
Net Other Income & Expenses 553,960
Reorganization Expenses
Professional Fees 6,838
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 6,838
--------------
Income Tax -
--------------
Net Profit (Loss) $4,215,913
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Legendary Files August 2006 Operating Report
---------------------------------------------------------------
Legendary Retreats, LLC
Balance Sheet
As of August 31, 2006
ASSETS
Unrestricted Cash $3,433
Restricted Cash -
--------------
Total Cash 3,433
Accounts Receivable (Net) 311,573
Inventory -
Notes Receivable 677,125
Prepaid Expenses 58,776
Other 115,000
--------------
Total Current Assets 1,162,474
Property, Plant & Equipment 829,032
Accumulated Depreciation/Depletion -
--------------
Net Property, Plant & Equipment 829,032
Due from Insiders -
Other Assets - Net of Amortization -
Other 16,524,045
--------------
Total Assets $18,518,983
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable ($66,281)
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other (16,355)
--------------
Total Postpetition Liabilities (82,636)
Prepetition Liabilities
Secured Debt -
Priority Debt -
Unsecured Debt 394,486
Other 2,717,355
--------------
Total Prepetition Liabilities 3,111,841
--------------
Total Liabilities 3,029,205
Equity
Prepetition Owners' Equity 15,437,480
Postpetition Cumulative Profit or Loss 52,299
Direct Charges to Equity -
--------------
Total Equity 15,489,779
--------------
Total Liabilities & Owners' Equity $18,518,983
==============
Legendary Retreats, LLC
Statement of Operations
August 1 to 31, 2006
Revenues
Gross Revenues $176,932
Less: Returns & Discounts (1,250)
--------------
Net Revenue 175,682
Cost of Goods Sold
Material 37,924
Direct Labor -
Direct Overhead 14,420
--------------
Total Cost of Goods Sold 52,344
--------------
Gross Profit 123,338
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing 2,439
General Administration 2,820
Rent & Lease 72,297
Other (7,194)
--------------
Total Operating Expenses 70,362
--------------
Income Before Non-Operating Income & Expenses 52,976
Net Other Income & Expenses -
Reorganization Expenses
Professional Fees 677
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 677
--------------
Income Tax -
--------------
Net Profit (Loss) $52,299
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Preferred Files August 2006 Operating Report
---------------------------------------------------------------
Preferred Retreats, LLC
Balance Sheet
As of August 31, 2006
ASSETS
Unrestricted Cash $83,407
Restricted Cash 463,467
--------------
Total Cash 546,874
Accounts Receivable (Net) 862,664
Inventory 2,073,687
Notes Receivable 479,013
Prepaid Expenses 4,855,863
Other 1,107,866
--------------
Total Current Assets 9,379,093
Property, Plant & Equipment 7,649,113
Accumulated Depreciation/Depletion (2,086,963)
--------------
Net Property, Plant & Equipment 5,562,150
Due from Insiders 835,694
Other Assets - Net of Amortization 1,555
Other 45,192,120
--------------
Total Assets $61,517,486
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable ($885,029)
Taxes Payable -
Notes Payable 283,914
Professional Fees -
Secured Debt 221,165
Other 6,025,680
--------------
Total Postpetition Liabilities 5,645,730
Prepetition Liabilities
Secured Debt 43,411
Priority Debt -
Unsecured Debt 12,526,582
Other 134,816,155
--------------
Total Prepetition Liabilities 147,386,148
--------------
Total Liabilities 153,031,878
Equity
Prepetition Owners' Equity (87,795,881)
Postpetition Cumulative Profit or Loss (3,718,511)
Direct Charges to Equity -
--------------
Total Equity (91,514,392)
--------------
Total Liabilities & Owners' Equity $61,517,486
==============
Preferred Retreats, LLC
Statement of Operations
August 1 to 31, 2006
Revenues
Gross Revenues $1,154,624
Less: Returns & Discounts (18,472)
--------------
Net Revenue 1,136,152
Cost of Goods Sold
Material 1,759,542
Direct Labor -
Direct Overhead 631,545
--------------
Total Cost of Goods Sold 2,391,087
--------------
Gross Profit (1,254,935)
Operating Expenses
Officer/Insider Compensation 119,335
Selling & Marketing 83,319
General Administration 1,422,962
Rent & Lease 599,119
Other 1,874,929
--------------
Total Operating Expenses 4,099,664
--------------
Income Before Non-Operating Income & Expenses (5,354,599)
Other Income & Expenses
Non-operating Income -
Non-operating Expense 57,345
Interest Expense 16
Depreciation/Depletion 72,384
Amortization -
Other (24,599)
--------------
Net Other Income & Expenses 105,146
Reorganization Expenses
Professional Fees 53,939
U.S. Trustee Fees -
Other 140
--------------
Total Reorganization Expenses 54,079
--------------
Income Tax 250
--------------
Net Profit (Loss) ($5,514,074)
==============
Preferred Retreats, LLC & Subsidiaries
Consolidated Cash Receipts and Disbursements
July 24 to August 31, 2006
Cash - Beginning of Month $459,721
Receipts from Operations
Cash Sales 878,852
Collection of Accounts Receivable
Prepetition -
Postpetition -
--------------
Total Operating Receipts 878,852
Non-operating Receipts
Loans & Advances 5,949,714
Sale of Assets 189,000
Other -
--------------
Total Non-operating Receipts 6,138,714
--------------
Total Receipts 7,017,566
--------------
Total Cash Available 7,477,287
Operating Disbursements
Gross Payroll 1,490,838
Payroll Taxes Paid -
Sales, Use & Other Taxes Paid 6,462
Secured/Rental/Leases 1,999,865
Utilities 76,583
Insurance 196,501
Mortgages 171,506
Interest 1,100,981
Employee Expenses 103,738
House Keeping & Contract Labor 167,992
Repairs & Maintenance 27,022
Field Expenses 225,463
International Destination Expenses 189,341
HOA 45,878
Other 238,499
--------------
Total Operating Disbursements 6,040,669
Reorganization Expenses
Professional Fees 333,488
U.S. Trustee Fees -
Other 374,000
--------------
Total Reorganization Expenses 707,488
--------------
Total Disbursements 6,748,157
--------------
Net Cash Flow 269,408
--------------
Cash - End of Month $729,130
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Private Files August 2006 Operating Report
-------------------------------------------------------------
Private Retreats, LLC
Balance Sheet
As of August 31, 2006
ASSETS
Unrestricted Cash $40,021
Restricted Cash 1,676
--------------
Total Cash 41,697
Accounts Receivable (Net) -
Inventory 44,131
Notes Receivable 570,356
Prepaid Expenses 35,000
Other -
--------------
Total Current Assets 649,488
Property, Plant & Equipment 53,994,003
Accumulated Depreciation/Depletion (7,612,539)
--------------
Net Property, Plant & Equipment 46,381,464
Due from Insiders -
Other Assets - Net of Amortization 10,836,445
Other 9,599,436
--------------
Total Assets $67,508,529
==============
LIABILITIES & OWNERS' EQUITY
Postpetition Liabilities
Accounts Payable -
Taxes Payable -
Notes Payable -
Professional Fees -
Secured Debt -
Other ($429,200)
--------------
Total Postpetition Liabilities (429,200)
Prepetition Liabilities
Secured Debt 3,357,662
Priority Debt -
Unsecured Debt 32,845,004
Other 5,326,602
--------------
Total Prepetition Liabilities 41,529,268
--------------
Total Liabilities 41,100,068
Equity
Prepetition Owners' Equity 26,636,482
Postpetition Cumulative Profit or Loss (228,020)
Direct Charges to Equity -
--------------
Total Equity 26,408,461
--------------
Total Liabilities & Owners' Equity $67,508,529
==============
Private Retreats, LLC
Statement of Operations
August 1 to 31, 2006
Revenues
Gross Revenues $830,569
Less: Returns & Discounts -
--------------
Net Revenue 830,569
Cost of Goods Sold
Material 185,386
Direct Labor -
Direct Overhead -
--------------
Total Cost of Goods Sold 185,386
--------------
Gross Profit 645,183
Operating Expenses
Officer/Insider Compensation -
Selling & Marketing -
General Administration -
Rent & Lease -
Other (75,953)
--------------
Total Operating Expenses (75,953)
--------------
Income Before Non-Operating Income & Expenses 721,136
Other Income & Expenses
Non-operating Income -
Non-operating Expense -
Interest Expense 583,388
Depreciation/Depletion 123,708
Amortization 235,031
Other -
--------------
Net Other Income & Expenses 942,127
Reorganization Expenses
Professional Fees 644
U.S. Trustee Fees -
Other -
--------------
Total Reorganization Expenses 644
--------------
Income Tax -
--------------
Net Profit (Loss) ($221,635)
==============
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: Private Nevis Files Schedules of Assets & Debts
------------------------------------------------------------------
A. Real Property
Nevis - Villas Paradiso
Unit 1 $1,000,000
Unit 2 1,950,000
Unit 3 1,950,000
Unit 4 1,950,000
Unit 6 2,150,000
Unit 7 2,150,000
Unit 8 1,760,000
Unit 9 1,760,000
Unit 10 1,000,000
Unit 11 900,000
Unit 12 900,000
Unit 13 900,000
Unit 14 900,000
Unit 15 900,000
B. Personal Property -
B.2 Bank Accounts
Century Corp.
dba Private Retreats - Bank of Nevis 40,233
B.13 Stock and Interests in Businesses
Century Corporation - 100% unknown
Private Retreats Paradiso, Ltd. - 100% unknown
TOTAL SCHEDULED ASSETS $20,210,233
===========
C. Property Claimed as Exempt -
D. Secured Claim
The Patriot Group, LLC - Darien, CT $25,535,584
E. Unsecured Priority Claims -
F. Unsecured Non-priority Claims -
TOTAL SCHEDULED LIABILITIES $25,535,584
===========
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
COMPLETE RETREATS: 54 Debtors File Statements of Financial Affairs
------------------------------------------------------------------
Fifty-four Debtors report that they didn't earn any income since
2004.
(1) Private Retreats Nevis, LLC,
(2) PR Esperanza II, LLC,
(3) PR Esperanza III, LLC,
(4) Private Retreats Deer Valley I, LLC,
(5) Private Retreats Tahoe II, LLC,
(6) Private Retreats Tahoe III, LLC,
(7) Private Retreats Snake River I, LLC,
(8) Private Retreats Snake River II, LLC,
(9) Private Retreats Stowe II, LLC,
(10) Private Retreats Stowe III, LLC,
(11) Private Retreats Kamalani, LLC,
(12) Private Retreats Tortuga, LLC,
(13) Private Retreats Whitewing, LLC,
(14) Private Retreats Belfair, LLC,
(15) Private Retreats Tahoe I, LLC,
(16) Private Retreats Steamboat II, LLC,
(17) Private Retreats Cabin 4, LLC,
(18) Private Retreats Cabin 8, LLC,
(19) Private Retreats Colinas, LLC,
(20) Private Retreats Preserve Way, LLC,
(21) Private Retreats Highpoint, LLC,
(22) Private Retreats Pinecone 305, LLC,
(23) Private Retreats Summit, LLC,
(24) Olde Cypress I PR, LLC,
(25) Olde Cypress II PR, LLC,
(26) Private Retreats Steamboat, LLC,
(27) Private Retreats Yacht Club Tortola, LLC,
(28) Private Retreats Yacht Club Mediterranean, LLC,
(29) Private Retreats Teton I, LLC,
(30) Private Retreats Tortola, LLC,
(31) Private Retreats Hospitality, LLC,
(32) Private Retreats Powell II, LLC,
(33) Private Retreats Powell III, LLC,
(34) Private Retreats Casa Dorada, LLC,
(35) LR Management Co., LLC,
(36) New Retreats Holding Co., LLC,
(37) A&K Destinations, LLC,
(38) Private Retreats II, LLC,
(39) DR MGM I, LLC,
(40) DR MGM II, LLC,
(41) DR MGM III, LLC,
(42) DR MGM IV, LLC,
(43) Preferred Aviation, LLC,
(44) Preferred Retreats Travel Co., LLC,
(45) Preferred Retreats Design Group, LLC,
(46) P180, LLC,
(47) European Retreats, LLC,
(48) DR Cerezas, LLC,
(49) A&K Luxury Automobiles, LLC,
(50) PR Vegas III, LLC,
(51) Complete Retreats, LLC,
(52) DR Abaco, LLC,
(53) Private Retreats Telluride I, LLC, and
(54) Private Retreats Belize, LLC.
These Debtors also didn't make any payments to creditors within
the 90 days before the Petition Date.
Creditors of some of these Debtors, including insiders, would have
been paid by and through Preferred Retreats, LLC. Preferred
Retreats, LLC, made payments related to debt counseling or
bankruptcy on behalf of these Debtors.
Private Retreats Belize discloses it is a party to a foreclosure
proceeding initiated by Jeff Gram relating to its 2-acre property
known as Cayo Espanto in the town of San Pedro, Belize.
Private Retreats, LLC, is the sole shareholder of PR Vegas III,
LLC, and the sole member of:
-- PR Esperanza II, LLC,
-- PR Esperanza III, LLC,
-- Private Retreats Deer Valley I, LLC,
-- Private Retreats Tahoe II, LLC,
-- Private Retreats Tahoe III, LLC,
-- Private Retreats Snake River I, LLC,
-- Private Retreats Snake River II, LLC,
-- Private Retreats Stowe II, LLC,
-- Private Retreats Stowe III, LLC,
-- Private Retreats Kamalani, LLC,
-- Private Retreats Tortuga, LLC,
-- Private Retreats Whitewing, LLC,
-- Private Retreats Belfair, LLC,
-- Private Retreats Tahoe I, LLC,
-- Private Retreats Steamboat II, LLC,
-- Private Retreats Cabin 4, LLC,
-- Private Retreats Cabin 8, LLC,
-- Private Retreats Colinas, LLC,
-- Private Retreats Preserve Way, LLC,
-- Private Retreats Highpoint, LLC,
-- Private Retreats Pinecone 305, LLC,
-- Private Retreats Summit, LLC,
-- Olde Cypress I PR, LLC,
-- Olde Cypress II PR, LLC,
-- Private Retreats Steamboat, LLC,
-- Private Retreats Yacht Club Tortola, LLC,
-- Private Retreats Yacht Club Mediterranean, LLC,
-- Private Retreats Teton I, LLC,
-- Private Retreats Tortola, LLC,
-- Private Retreats Hospitality, LLC,
-- Private Retreats Powell II, LLC,
-- Private Retreats Powell III, LLC,
-- Private Retreats Casa Dorada, LLC,
-- Private Retreats Telluride I, LLC, and
-- Private Retreats Belize, LLC.
Distinctive Retreats, LLC, is the sole shareholder of Private
Retreats Nevis, and the sole member of:
-- DR MGM I, LLC,
-- DR MGM II, LLC,
-- DR MGM III, LLC, and
-- DR MGM IV, LLC.
Preferred Retreats, LLC, is the sole shareholder of:
-- Preferred Aviation, LLC,
-- Preferred Retreats Travel Co., LLC,
-- Preferred Retreats Design Group, LLC, and
-- P180, LLC.
Complete Retreats, LLC, is the sole shareholder of European
Retreats, LLC, which in turn is a partner or owns 5% or more of
the voting or equity securities of DR Umbria, Ltd., a travel
Company.
Complete Retreats, LLC, is also a partner or owns of 5% or more of
the voting or equity securities of:
(a) Private Retreats, LLC,
(b) Distinctive Retreats, LLC,
(c) Legendary Retreats, LLC, and
(d) Distinctive Retreats II, LLC.
Robert McGrath, president of Complete Retreats, LLC, holds 60% of
the voting or equity securities of the Company. Each of Jim
Mitchell, secretary; Larry Langer, executive vice president and
assistant secretary; and Tom Fulton, shareholder, holds 12% of the
voting or equity securities of Complete Retreats, LLC.
Distinctive Retreats, LLC, is the sole shareholder while Private
Retreats, LLC, is the sole member of DR Cerezas, LLC.
Headquartered in Westport, Connecticut, Complete Retreats LLC
operates five-star hospitality and real estate management
businesses. In addition to its mainline destination club
business, the Debtor also operates an air travel program for
destination club members, a villa business, luxury car rental
services, wine sales services, fine art sales program, and other
amenity programs for members. Complete Retreats and its debtor-
affiliates filed for chapter 11 protection on July 23, 2006
(Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq.
and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in
their restructuring efforts. Michael J. Reilly, Esq., at Bingham
McCutchen LP, in Hartford, Connecticut, serves as counsel to the
Official Committee of Unsecured Creditors. No estimated assets
have been listed in the Debtors' schedules, however, the Debtors
disclosed $308,000,000 in total debts. (Complete Retreats
Bankruptcy News, Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
DELTA AIR: Incurs $11 Million Net Loss in August 2006
-----------------------------------------------------
Delta Air Lines filed its Monthly Operating Report for
August 2006 with the U.S. Bankruptcy Court for the Southern
District of New York. Key points include:
* The Company's August 2006 net loss was $11 million.
* As of August 31, 2006, the Company had $3 billion of
unrestricted cash, cash equivalents and short-term
investments.
The Company reported a net loss of $11 million in the month of
August 2006, a $147 million improvement compared to the net loss
of $158 million in August 2005. As of August 31, 2006, Delta had
$3.9 billion of cash, cash equivalents and short-term investments,
of which $3.0 billion was unrestricted.
Restructuring Progress
In September 2005, the Company announced a comprehensive
restructuring plan intended to deliver an additional $3 billion in
annual financial benefits through revenue improvements and cost
reductions by the end of 2007. During the month of August
progress in restructuring its business is reflected by:
* Reducing mainline non-fuel CASM(1) to 6.66 cents for the
month, a 7.6 percent reduction from August 2005.
* Increasing consolidated passenger unit revenue to
10.64 cents, a 12.8 percent improvement compared to
August 2005.
"During the month of August, Delta continued to make progress as
evidenced by our revenue and cost performance," Edward H. Bastian,
executive vice president and chief financial officer, said.
"While we have more work ahead of us to achieve sustained
profitability, we are encouraged by our results to date and are on
track with our restructuring plan."
Important Financial Disclosure
The Company disclosed that it believes that its currently
outstanding common stock will have no value and will be canceled
under any plan of reorganization we propose, and that the value of
our various pre-petition liabilities and other securities is
highly speculative. Accordingly, the Company urges that caution
be exercised with respect to existing and future investments in
any of these liabilities and/or securities.
DELTA AIR LINES, INC.
Unaudited Consolidated Balance Sheets
As of August 31, 2006
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $2,441,000,000
Short-term investments 560,000,000
Restricted cash 852,000,000
Accounts receivable, net of an allowance for
uncollectible accounts of $38 972,000,000
Expendable parts and supplies inventories, net
of an allowance for obsolescence of $181 174,000,000
Prepaid expenses and other 795,000,000
---------------
Total current assets 5,794,000,000
PROPERTY AND EQUIPMENT:
Flight equipment 17,998,000,000
Accumulated depreciation (6,710,000,000)
---------------
Flight equipment, net 11,288,000,000
Flight and ground equipment
under capital leases 503,000,000
Accumulated amortization (162,000,000)
---------------
Flight and ground equipment
under capital leases, net 341,000,000
---------------
Ground property and equipment 4,664,000,000
Accumulated depreciation (2,876,000,000)
---------------
Ground property and equipment, net 1,788,000,000
Advance payments for equipment 48,000,000
---------------
Total property and equipment, net 13,465,000,000
OTHER ASSETS:
Goodwill 227,000,000
Operating rights and other intangibles,
net of accumulated amortization of $193 70,000,000
Other noncurrent assets 955,000,000
---------------
Total other assets 1,252,000,000
---------------
Total assets $20,511,000,000
===============
LIABILITIES AND SHAREOWNERS' DEFICIT
CURRENT LIABILITIES:
Current maturities of long-term debt
and capital leases $1,401,000,000
Accounts payable, deferred credits
and other accrued liabilities 1,631,000,000
Air traffic liability 2,064,000,000
Taxes payable 621,000,000
Accrued salaries and related benefits 394,000,000
---------------
Total current liabilities 6,111,000,000
NONCURRENT LIABILITIES:
Long-term debt and capital leases 6,481,000,000
Deferred revenue and other credits 294,000,000
Other 391,000,000
---------------
Total noncurrent liabilities 7,166,000,000
LIABILITIES SUBJECT TO COMPROMISE 21,045,000,000
COMMITMENTS AND CONTINGENCIES
SHAREOWNERS' DEFICIT:
Common stock:
$0.01 par value; 900,000,000 shares
authorized; 202,081,648 shares issued 2,000,000
Additional paid-in capital 1,561,000,000
Accumulated deficit (12,427,000,000)
Accumulated other comprehensive loss (2,723,000,000)
Treasury stock at cost, 4,745,710 shares (224,000,000)
---------------
Total shareowners' deficit (13,811,000,000)
---------------
Total liabilities and shareowners' deficit $20,511,000,000
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statement of Operations
For the Month Ended August 31, 2006
OPERATING REVENUES:
Passenger:
Mainline $1,104,000,000
Regional affiliates 354,000,000
Cargo 42,000,000
Other, net 101,000,000
---------------
Total operating revenues 1,601,000,000
OPERATING EXPENSES:
Aircraft fuel 431,000,000
Salaries and related costs 340,000,000
Contract carrier arrangements 247,000,000
Depreciation and amortization 98,000,000
Contracted services 88,000,000
Passenger commissions and
other selling expenses 82,000,000
Landing fees and other rents 66,000,000
Aircraft maintenance materials and
outside repairs 62,000,000
Passenger service 33,000,000
Aircraft rent 25,000,000
Restructuring, asset writedowns, pension
settlements and related items, net 1,000,000
Other 66,000,000
---------------
Total operating expenses 1,539,000,000
---------------
OPERATING INCOME 62,000,000
---------------
OTHER INCOME (EXPENSE):
Interest expense (contractual interest
expense equals $103 for the month ended
August 31, 2006) (77,000,000)
Interest income 7,000,000
Miscellaneous, net (3,000,000)
---------------
Total other expense, net (73,000,000)
---------------
INCOME BEFORE REORGANIZATION ITEMS, NET (11,000,000)
REORGANIZATION ITEMS, NET --
---------------
LOSS BEFORE INCOME TAXES (11,000,000)
INCOME TAX PROVISION --
---------------
NET INCOME ($11,000,000)
===============
DELTA AIR LINES, INC.
Unaudited Consolidated Statements of Cash Flows
For the Month ended August 31, 2006
CASH FLOWS FROM OPERATING ACTIVITIES ($24,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Property and equipment additions:
Flight equipment, including
advance payments (22,000,000)
Ground property and equipment (9,000,000)
Proceeds from sale of flight equipment 1,000,000
Decrease in restricted cash 53,000,000
---------------
Net cash provided by investing activities 23,000,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt and
capital lease obligations (28,000,000)
---------------
Net cash used by financing activities (28,000,000)
---------------
Net increase in cash and cash equivalents (29,000,000)
Cash & cash equivalents at beginning of period 2,470,000,000
---------------
Cash & cash equivalents at end of period $2,441,000,000
===============
Headquartered in Atlanta, Georgia, Delta Air Lines
-- http://www.delta.com/-- is the world's second-largest airline
in terms of passengers carried and the leading U.S. carrier across
the Atlantic, offering daily flights to 502 destinations in 88
countries on Delta, Song, Delta Shuttle, the Delta Connection
carriers and its worldwide partners. The Company and 18
affiliates filed for chapter 11 protection on Sept. 14, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-17923). Marshall S. Huebner,
Esq., at Davis Polk & Wardwell, represents the Debtors in their
restructuring efforts. Timothy R. Coleman at The Blackstone Group
L.P. provides the Debtors with financial advice. Daniel H.
Golden, Esq., and Lisa G. Beckerman, Esq., at Akin Gump Strauss
Hauer & Feld LLP, provide the Official Committee of Unsecured
Creditors with legal advice. John McKenna, Jr., at Houlihan Lokey
Howard & Zukin Capital and James S. Feltman at Mesirow Financial
Consulting, LLC, serve as the Committee's financial advisors. As
of June 30, 2005, the Company's balance sheet showed $21.5 billion
in assets and $28.5 billion in liabilities. (Delta Air Lines
Bankruptcy News, Issue No. 45; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
MERIDIAN AUTOMOTIVE: Posts $13.3 Million Net Loss for August 2006
-----------------------------------------------------------------
Meridian Automotive Systems - Composites
Operations, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheet
As of August 31, 2006
(In Thousands)
CURRENT ASSETS:
Cash -
Accounts receivable, net $81,996
Intercompany receivable 14,321
Inventories 63,410
Tooling costs in excess of billings and others 30,800
----------
TOTAL CURRENT ASSETS 190,527
----------
Property, plant and equipment, net 213,734
Intangible assets 15,213
Investment in subsidiaries 23,863
Other assets 11,125
----------
TOTAL ASSETS $454,462
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current portion of long term debt $347,552
Accounts payable 47,223
Accrued expenses 46,161
Tooling billings in excess of costs 5,459
----------
TOTAL CURRENT LIABILITIES 446,395
----------
Liabilities subject to compromise 497,777
Non-Current Liabilities Not Subject to Compromise:
Other long-term liabilities 8,892
Accumulated post-retirement benefit obligation 23,468
----------
TOTAL LIABILITIES 976,532
SHAREHOLDERS' EQUITY (522,070)
----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $454,462
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Operations
August 1 to 31, 2006
(In Thousands)
Net sales $67,939
Cost of sales 64,422
----------
Gross profit 3,517
Selling, general and administrative expenses 2,766
Restructuring charges 2,127
----------
Operating income (loss) (1,376)
Interest expense, net 9,767
Other (expense) income (52)
Chapter 11 and related reorganization items 2,208
----------
Loss before provision for income taxes (13,299)
(Benefit) Provision for income taxes 14
----------
NET LOSS ($13,313)
==========
Meridian Automotive Systems - Composite
Operations, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
August 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($13,313)
Adjustments required to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation, amortization, and impairment 4,440
Change in working capital and other operating
items 6,066
----------
Net cash provided by (used for) operating
activities before reorganization items (2,807)
----------
Operating cash flows from reorganization items:
Chapter 11 and related reorganization items 2,208
Payments on Chapter 11 and related reorg items (1,236)
----------
Net cash provided by Chapter 11 and related
reorg items 972
Net cash provided by (used for) operating
activities (1,835)
INVESTING ACTIVITIES:
Additions to property and equipment (1,794)
Proceeds from sale or property and equipment 29
----------
Net cash used for investing activities (1,765)
----------
FINANCING ACTIVITIES:
Proceeds from prepetition borrowings -
Repayments of prepetition borrowings -
Proceeds from DIP credit facility 33,400
Repayments of DIP credit facility (29,800)
Repayments on prepetition long-term debt -
Deferred financing costs capitalized -
----------
Net cash (used for) provided by financing activities 3,600
----------
Net increase (decrease) in cash -
----------
Cash and Cash Equivalents, beginning of period -
Cash and Cash Equivalents, end of period -
==========
Headquartered in Dearborn, Mich., Meridian Automotive Systems,
Inc. -- http://www.meridianautosystems.com/-- supplies
technologically advanced front and rear end modules, lighting,
exterior composites, console modules, instrument panels and other
interior systems to automobile and truck manufacturers. Meridian
operates 22 plants in the United States, Canada and Mexico,
supplying Original Equipment Manufacturers and major Tier One
parts suppliers. The Company and its debtor-affiliates filed for
chapter 11 protection on April 26, 2005 (Bankr. D. Del. Case Nos.
05-11168 through 05-11176). James F. Conlan, Esq., Larry J.
Nyhan, Esq., Paul S. Caruso, Esq., and Bojan Guzina, Esq., at
Sidley Austin Brown & Wood LLP, and Robert S. Brady, Esq., Edmon
L. Morton, Esq., Edward J. Kosmowski, Esq., and Ian S. Fredericks,
Esq., at Young Conaway Stargatt & Taylor, LLP, represent the
Debtors in their restructuring efforts. Eric E. Sagerman, Esq.,
at Winston & Strawn LLP represents the Official Committee of
Unsecured Creditors. The Committee also hired Ian Connor
Bifferato, Esq., at Bifferato, Gentilotti, Biden & Balick, P.A.,
to prosecute an adversary proceeding against Meridian's First Lien
Lenders and Second Lien Lenders to invalidate their liens. When
the Debtors filed for protection from their creditors, they listed
$530 million in total assets and approximately $815 million in
total liabilities. (Meridian Bankruptcy News, Issue No. 40;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SAINT VINCENTS: Files August 2006 Monthly Operating Report
----------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of August 31, 2006
ASSETS
Cash & Cash Equivalents $47,484,161
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 147,530,593
Accounts Receivable, other 49,113,625
Other Current Assets 46,714,118
Assets Held for Sale 82,798,413
--------------
Total Current Assets 373,640,910
Depreciation Reserve Funds & Collaterized Assets 10,458,561
Assets Designated for Self-Insurance
Investments at Market 46,059,904
Assets whose use is limited -
Investments at Market 54,059,264
Other Non-Current Assets 20,426,100
Land, Buildings & Equipment, net of
Accumulated Depreciation 134,361,346
--------------
Total Assets $639,006,085
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-term Debt $106,203,045
Long-term Debt (GE) 169,000,000
Accounts Payable and Accrued Expenses 142,322,236
Accrued Salaries & Payroll Taxes Withheld 50,629,133
Estimated Retroactive Payables to
third parties, net 88,314,767
Other Non-current Liabilities &
Prof Liability 39,513,520
Liabilities Held for Sale 38,978,796
--------------
Total Liabilities Not Subject to Compromise 634,961,497
Liabilities Subject to Compromise
Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities Subject to Compromise 481,131,676
--------------
Total Liabilities 1,116,093,173
Net Assets:
Unrestricted (537,150,014)
Temporarily Restricted 35,369,053
Permanently Restricted 24,693,873
--------------
Total Net Assets (477,087,088)
--------------
Total Liabilities & Net Assets $639,006,085
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From August 1 to August 31, 2006
Operating Revenue
Inpatient $68,281,589
Outpatient 32,204,621
--------------
Patient Service Revenue 100,486,210
--------------
Less Provision for Bad Debt 7,069,327
--------------
Net Patient Service Revenue 93,416,883
--------------
Pool Revenue 3,863,271
Capitation 7,564,965
Other 12,364,936
--------------
Total Operating Revenue 117,210,055
Operating Expenses:
Salaries and Wages 49,532,058
Fringe Benefits 13,606,125
Supplies and Other 37,333,358
Insurance 4,304,715
--------------
Total Direct Operating Costs 104,776,257
Salaries and Wages 2,711,333
Fringe Benefits 755,377
Supplies and Other 6,724,543
--------------
Total Corporate Allocated 10,191,254
--------------
Total Operating Expense 114,967,511
--------------
Interest 3,636,515
Depreciation (9,825,816)
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items 8,431,846
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) -
St. Mary's Op Pac Rate Adjustment -
ZBEC/HFE Recoveries -
Restructuring & Bankruptcy Related Costs (2,700,873)
Estimated Close-out of St. Mary's -
Hanys Investment Income (SFS INS) -
Prior Period Ambulance Revenue -
Transfer of Equity Foundation -
--------------
Total Non-Recurring and/or Unusual Items (2,700,873)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items 5,730,973
--------------
Non-Operating Revenue 3,196,077
Change in Temporary Restricted Net Assets 2,681,268
--------------
Change in Net Assets $11,608,318
--------------
EBITDA $2,242,545
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From August 1 to August 31, 2006
Cash Flows from Operation Activities:
Changes in Net Assets $8,710,904
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization (9,825,816)
Change in Unrealized Gains & Losses (2,672,212)
Change in Patient's Accounts Receivable 1,381,170
Change in Accounts Receivables, Other (4,060,934)
Change in Prepaid Expenses & Other (1,868,832)
Change in Other Non-Current Assets 1,516,089
Change in Accounts Payable &
Accrued Exp-Postpetition 20,083,614
Change in Accrued Salaries & P/R Taxes 2,010,531
Change in Est. Retro rec/pay
from/to third parties 3,001,688
Change in Other Non-Current Liabilities 5,348,611
--------------
Net Cash Provided by Operating Activities $23,624,813
Cash flows From Investment Activities:
Sale/(Purchase) of Investments, Net (92,059)
Sale/(Purchase) of Assets Whose Use is Limited (778,342)
Acquisition/Sale of Land, Building,
& Equipment (1,583,552)
--------------
Net Cash Provided by Investing Activities (2,453,953)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan -
Repayment of Long-term debt (149,895)
--------------
Net Cash (Used) in Financing Activities (149,895)
Net Increase (Decrease)
in Cash & Cash Equivalents 21,020,965
Cash & Cash Equivalents at Beginning of Month 26,463,196
--------------
Cash & Cash Equivalents at End of the Month $47,484,161
==============
Headquartered in New York, New York, Saint Vincents Catholic
Medical Centers of New York -- http://www.svcmc.org/-- the
largest Catholic healthcare providers in New York State, operate
hospitals, health centers, nursing homes and a home health agency.
The hospital group consists of seven hospitals located throughout
Brooklyn, Queens, Manhattan, and Staten Island, along with four
nursing homes and a home health care agency. The Company and six
of its affiliates filed for chapter 11 protection on July 5, 2005
(Bankr. S.D.N.Y. Case No. 05-14945 through 05-14951). Gary
Ravert, Esq., and Stephen B. Selbst, Esq., at McDermott Will &
Emery, LLP, filed the Debtors' chapter 11 cases. On Sept. 12,
2005, John J. Rapisardi, Esq., at Weil, Gotshal & Manges LLP took
over representing the Debtors in their restructuring efforts.
Martin G. Bunin, Esq., at Thelen Reid & Priest LLP, represents the
Official Committee of Unsecured Creditors.
As of Apr. 30, 2005, the Debtors listed $972 million in total
assets and $1 billion in total debts. (Saint Vincent Bankruptcy
News, Issue No. 36 Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SOLUTIA INC: Earns $1 Million in August 2006
--------------------------------------------
Solutia Chapter 11 Debtors
Unaudited Statement of Consolidated
Financial Position
As of August 31, 2006
ASSETS
Cash $95,000,000
Trade Receivables, net 192,000,000
Account Receivables-Unconsolidated Subsidiaries 46,000,000
Inventories 192,000,000
Other Current Assets 87,000,000
Assets of Discontinued Operations -
---------------
Total Current Assets 612,000,000
Property, Plant and Equipment, net 662,000,000
Investments in Subsidiaries and Affiliates 587,000,000
Intangible Assets, net 100,000,000
Other Assets 60,000,000
---------------
Total Assets $2,021,000,000
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts Payable $171,000,000
Short Term Debt 650,000,000
Other Current Liabilities 179,000,000
Liabilities of Discontinued Operations -
---------------
Total Current Liabilities 1,000,000,000
Other Long-Term Liabilities 192,000,000
---------------
Total Liabilities not Subject to Compromise 1,192,000,000
Liabilities Subject to Compromise 2,150,000,000
Shareholders' Deficit (1,321,000,000)
---------------
Total Liabilities & Shareholders' Deficit $2,021,000,000
===============
Solutia Chapter 11 Debtors
Unaudited Consolidated Statement of Operations
For the Month Ended August 31, 2006
Total Net Sales $220,000,000
Total Cost Of Goods Sold 198,000,000
---------------
Gross Profit 22,000,000
Total MAT Expense 16,000,000
---------------
Operating Income 6,000,000
Equity Earnings from Affiliates 2,000,000
Interest Expense, net (7,000,000)
Other Income, net 5,000,000
Reorganization Items:
Professional fees (5,000,000)
Employee severance and retention costs -
Other -
---------------
(5,000,000)
---------------
Income Before Taxes 1,000,000
Income tax expense (benefit) -
---------------
Net Income $1,000,000
===============
Headquartered in St. Louis, Missouri, Solutia, Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- with its subsidiaries, make and sell
a variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y.
Case No. 03-17949). When the Debtors filed for protection from
their creditors, they listed $2,854,000,000 in assets and
$3,223,000,000 in debts. Solutia is represented by Richard M.
Cieri, Esq., at Kirkland & Ellis. Daniel H. Golden, Esq., Ira S.
Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss
Hauer & Feld LLP represent the Official Committee of Unsecured
Creditors, and Derron S. Slonecker at Houlihan Lokey Howard &
Zukin Capital provides the Creditors' Committee with financial
advice. (Solutia Bankruptcy News, Issue No. 71; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SONICBLUE INC: Files August 2006 Monthly Operating Report
---------------------------------------------------------
On Oct. 11, 2006, SONICblue Incorporated reports that it is
sitting on $78,623,575 of cash, has accrued $769,553 in
postpetition liabilities and faces a $236,604,166 of prepetition
liabilities.
A full-text copy of SONICblue Inc.'s August 2006 Operating
Report is available at no charge at:
http://ResearchArchives.com/t/s?136f
About SONICBlue
Headquartered in Santa Clara, California, SONICblue Incorporated
is involved in the converging Internet, digital media,
entertainment and consumer electronics markets. The Company,
together with three of its wholly owned subsidiaries, Diamond
Multimedia Systems, Inc., ReplayTV, Inc., and Sensory Science
Corporation, filed for chapter 11 protection on Mar. 21, 2003
(Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). Craig A.
Barbarosh, Esq., at the Law Offices of Pillsbury Winthrop,
represents the Debtors in their restructuring efforts. When the
Debtors filed for protection from their creditors, they listed
assets totaling $342,871,000 and debts totaling $335,473,000.
THAXTON GROUP: Posts $5,382,467 Net Loss for August 2006
--------------------------------------------------------
The Thaxton Group, Inc., filed its filed its monthly operating
report for August 2006 with the U.S. Bankruptcy Court for the
District of Delaware.
The Debtor reported a net loss of $5,382,467 from total revenue of
$4,704,304, for the month ended Aug. 31, 2006.
At Aug. 31, 2006, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Assets $99,394,354
Total Liabilities $185,262,790
Total Shareholders' Deficit $85,868,436
A full-text copy of the Thaxton Group's August 2006 Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?136e
About Thaxton
Headquartered in Lancaster, South Carolina, The Thaxton Group,
Inc., is a diversified consumer financial services company. The
Company filed for Chapter 11 protection on October 17, 200
(Bankr. Del. Case No. 03-13183). Daniel B. Butz, Esq.
Michael G. Busenkell, Esq., and Robert J. Dehney, Esq., at Morris,
Nichols, Arsht & Tunnell, represent the Debtors in their
restructuring efforts. Alan Kolod, Esq., at Moses & Singer LLP,
represents the Offical Committee of Unsecured Creditors. As of
Dec. 31, 2005, the Debtors reported assets totaling $98,889,297
and debts totaling $175,693,613.
TOWER AUTO: Posts $16.8 Million Net Loss in August 2006
-------------------------------------------------------
Tower Automotive, Inc., and Subsidiaries
Unaudited Consolidated Balance Sheet
As of August 31, 2006
(In Thousands)
Cash and cash equivalents $12,730
Accounts receivable 151,631
Inventories 65,638
Prepaid tooling and other 22,337
------------
TOTAL CURRENT ASSETS 252,336
------------
Property, plant and equipment, net 513,730
Investment in and advances to (from) affiliate 775,120
Other assets, net 48,762
------------
TOTAL ASSETS $1,589,948
============
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current maturities of L-T debt and capital lease $14,254
obligations
Current maturities of DIP borrowings 626,500
Accounts payable 115,641
Accrued liabilities 99,561
------------
TOTAL CURRENT LIABILITIES 855,956
------------
Liabilities subject to comprise: 1,309,238
Non-Current Liabilities Not Subject to
Compromise:
Long-term debt, net of current maturities 84,751
Other non-current liabilities 19,661
------------
TOTAL LIABILITIES 2,269,606
------------
STOCKHOLDERS' DEFICIT: (679,658)
------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,589,948
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Operations
August 1 to 31, 2006
(In Thousands)
Revenues $121,295
Cost of sales 118,919
------------
Gross profit 2,376
Selling, general and administrative expenses 5,463
Restructuring and asset impairment charges, net 4,650
Other operating income (281)
------------
Operating income (loss) (7,456)
Interest expense 6,857
Interest income (108)
Intercompany interest (income)/expense (2,520)
Chapter 11 and related reorganization items 4,968
------------
Income (loss) before provision for income taxes, (16,653)
equity in earnings of joint ventures, and
minority interest
Provision (benefit) for income taxes 225
Income (loss) before equity in earnings of (16,878)
joint ventures
Equity in earnings of joint ventures, net of tax 43
------------
NET INCOME/(LOSS) ($16,835)
============
Tower Automotive, Inc., and Subsidiaries
Unaudited Statement of Cash Flows
August 1 to 31, 2006
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($16,835)
Adjustments required to reconcile net loss
to net cash provided by (used in)
operating activities:
Chapter 11 & related reorganization items, net 3,929
Restructuring and asset impairment, net -
Depreciation 7,148
Equity in earnings of joint ventures, net (43)
Change in working capital & other operating items (29,096)
------------
Net cash provided by (used in) operating (34,897)
activities:
INVESTING ACTIVITIES:
Cash disbursed for purchase of property, (7,363)
plant and equipment
------------
Net cash used for investing activities (7,363)
FINANCING ACTIVITIES:
Proceeds from non-DIP borrowings -
Repayments of non-DIP borrowings (1)
Borrowings from DIP credit facility 112,500
Repayments of borrowings from DIP facility (84,500)
------------
Net cash provided by (used in) 27,999
financing activities
------------
Net change in cash and cash equivalents (14,261)
------------
Cash and Cash Equivalents, beginning of period 26,991
------------
Cash and Cash Equivalents, end of period $12,730
============
Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer, including
BMW, DaimlerChrysler, Fiat, Ford, GM, Honda, Hyundai/Kia, Nissan,
Toyota, Volkswagen and Volvo. Products include body structures
and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components. The Company and
25 of its debtor-affiliates filed voluntary chapter 11 petitions
on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No. 05-10576 through
05-10601). James H.M. Sprayregen, Esq., Ryan B. Bennett, Esq.,
Anup Sathy, Esq., Jason D. Horwitz, Esq., and Ross M. Kwasteniet,
Esq., at Kirkland & Ellis, LLP, represent the Debtors in their
restructuring efforts. Ira S. Dizengoff, Esq., at Akin Gump
Strauss Hauer & Feld LLP, represents the Official Committee of
Unsecured Creditors. When the Debtors filed for protection from
their creditors, they listed $787,948,000 in total assets and
$1,306,949,000 in total debts. (Tower Automotive Bankruptcy News,
Issue No. 45; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
*********
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*********
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. Marie
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Copyright 2006. All rights reserved. ISSN: 1520-9474.
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*** End of Transmission ***