/raid1/www/Hosts/bankrupt/TCR_Public/070721.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, July 21, 2007, Vol. 11, No. 171
Headlines
ALLIED HOLDINGS: Posts $853,000 Net Loss in April 2007
INSIGHT HEALTH: Posts $4.6 Million Net Loss in May 2007
CATHOLIC CHURCH: San Diego Files May 2007 Operating Report
CATHOLIC CHURCH: Spokane Files May 2007 Operating Report
VESTA INSURANCE: Florida Select Files May 2007 Operating Report
VESTA INSURANCE: Florida Select Files June 2007 Operating Report
VESTA INSURANCE: J. Gordon Gaines Files May 2007 Operating Report
*********
ALLIED HOLDINGS: Posts $853,000 Net Loss in April 2007
------------------------------------------------------
Allied Holdings, Inc.
Unaudited Consolidated Balance Sheet
As of April 30, 2007
(In Thousands)
Assets
Current Assets:
Cash and cash equivalents $19,687
Receivables, net of allowances 46,106
Related party receivables 22,270
Inventories 4,929
Deferred income taxes 1,907
Prepayments and other current assets 19,618
---------
Total current assets 114,517
Property and equipment, net 139,185
Goodwill, net 3,545
Other noncurrent assets 31,952
Investment in related parties 20,732
---------
TOTAL ASSETS $309,931
=========
Liabilities and Stockholders' Deficit
Current liabilities not subject to compromise:
Accounts and notes payable $33,710
Accrued liabilities 55,258
---------
Total current liabilities 88,968
Long-term liabilities not subject to compromise
DIP credit facility 205,000
Postretirement benefits 14,243
Deferred income taxes 1,926
Other long-term liabilities 17,780
---------
Total long-term liabilities 238,949
Liabilities subject to compromise 199,393
Stockholders' deficit (217,379)
---------
Total liabilities & stockholders' deficit $309,931
=========
Allied Holdings, Inc.
Unaudited Consolidated Statement of Operations
For the Month Ended April 30, 2007
(In Thousands)
Revenues $70,474
Operating Expenses
Salaries, Wages & Fringe benefits 35,431
Operating supplies & expenses 15,352
Purchased transportation 8,412
Insurance & claims 3,121
Operating tax & licenses 2,343
Depreciation & amortization 2,293
Rents 736
Communications & utilities 505
Other operating expenses 853
Loss on disposal of operating assets, net 12
---------
Total Operating Expenses 69,058
---------
Operating Income (Loss) 1,416
Other Income (Expense)
Interest expense (3,349)
Investment income 62
Foreign exchange gains, net 1,523
Equity in earnings of subsidiaries 737
---------
(1,027)
---------
Loss before reorganization items and income taxes 389
Reorganization items (1,242)
---------
Loss before income taxes (853)
Income tax benefit 0
---------
NET LOSS ($853)
=========
The Debtors disclose cash disbursements totaling $5,357,106
during April 2007.
About Allied Holdings
Based in Decatur, Georgia, Allied Holdings Inc. (AMEX: AHI, other
OTC: AHIZQ.PK) -- http://www.alliedholdings.com/-- and its
affiliates provide short-haul services for original equipment
manufacturers and provide logistical services. The company and 22
of its affiliates filed for chapter 11 protection on July 31, 2005
(Bankr. N.D. Ga. Case Nos. 05-12515 through 05-12537). Jeffrey W.
Kelley, Esq., at Troutman Sanders, LLP, represents the Debtors in
their restructuring efforts. Henry S. Miller at Miller Buckfire &
Co., LLC, serves as the Debtors' financial advisor. Anthony J.
Smits, Esq., at Bingham McCutchen LLP, provides the Official
Committee of Unsecured Creditors with legal advice and Russell A.
Belinsky at Chanin Capital Partners, LLC, provides financial
advisory services to the Committee. When the Debtors filed for
protection from their creditors, they estimated more than $100
million in assets and debts. Allied Systems Holdings Inc.,
formerly Allied Holdings Inc., disclosed that effective May 29,
2007, it has emerged from bankruptcy. (Allied Holdings Bankruptcy
News, Issue No. 53; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)
INSIGHT HEALTH: Posts $4.6 Million Net Loss in May 2007
-------------------------------------------------------
InSight Health Services Holdings Corp. filed its monthly operating
report for May 2007 with the United States Bankruptcy Court for
the District of Delaware on July 16, 2007.
InSight Health reported a net loss of $4,562,000 on zero
revenues for the period ending May 31, 2007.
At May 31, 2007, InSight Health's balance sheet showed:
Total Current Assets $87,086
Total Assets ($217,595,000)
Total Liabilities -
Total Shareholders' Deficit ($217,595,000)
A full-text copy of InSight Health's May 2007, Monthly
Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?21a3
About InSight Health
Based in Lake Forest, California, InSight Health Services Holdings
Corp. -- http://www.insighthealth.com/-- is a nationwide provider
of diagnostic imaging services. It serves managed care entities,
hospitals and other contractual customers in over 30 states,
including the following targeted regional markets: California,
Arizona, New England, the Carolinas, Florida and the Mid-Atlantic
states. InSight's network consisted of 109 fixed-site centers
and 108 mobile facilities as of Dec. 31, 2006. The company and
its affiliate, InSight Health Services Corp., filed for Chapter 11
protection on May 29, 2007 (Bankr. D. Del. Case Nos. 07-10700 and
07-10701). Daniel J. DeFranceschi, Esq., Jason M. Madron, Esq.,
and Mark D. Collins, Esq., at Richards, Layton & Finger, represent
the Debtors. In schedules filed with the Court, Insight Health
Services Holdings disclosed total assets of $87,102,870 and total
debts of $525,448,053. Its debtor-affiliates, Insight Health
Services Corp., disclosed total assets of $505,285,296 and total
debts of $525,500,934. The Court confirmed the Debtors' pre-
packaged Chapter 11 Plan of Reorganization on July 10, 2007.
CATHOLIC CHURCH: San Diego Files May 2007 Operating Report
----------------------------------------------------------
Diocese of San Diego
Statement of Financial Position
As of May 31, 2007
ASSETS
Cash and cash equivalents $21,479,936
Funds on deposit with administrative offices:
Perpetual Care Funds -
Funds on deposit -
Other funds on deposit -
Marketable securities 40,133,154
Accounts receivable, net of allowance
Parishes and School -
PSDL Trust 1,088,263
Diocesan Admin Office for Mater Dei 675,225
Cemetery trade -
Tuition, fees and others 4,348,120
Juan Diego Trust 532,748
Notes and other receivables 118,360
Planned gifts receivable 122,254
Prepaid expenses 2,357,998
Inventory 28,711
Loan to parishes, net 14,507
Pledges receivable $450,429 allowance -
Demand note receivable - CSE -
Revisionary Interest in CSE 65,000,000
Property and equipment, net 20,937,082
Other land and buildings, net
Cemetery inventory - graves, crypts & niches 6,623,363
Cemetery undeveloped land & outside property 1,365,794
Mater Dei land and land improvements 13,819,408
Mater Dei buildings 52,850,948
Oceanside land and land improvements 5,551,035
Other assets -
--------------
Total Assets $237,046,909
==============
LIABILITIES AND NET ASSETS
Liabilities:
Accounts payable and accrued liabilities $2,195,162
Special collections 392,446
Accrued vacation 339,761
Construction loan - ALSAM Foundation 38,643,296
Payable to PSDL Trust 23,388,572
Funds on deposit:
Parish and school funds & endowments 723,792
Perpetual Care Funds 472
Restricted funds on deposit -
Other diocesan entities funds -
Reserve for worker's compensation claims 1,564,509
Priest retirement plan liability 1,965,879
Planned gifts liability 1,327,535
Deferred revenue:
Annual Catholic Appeal -
Cemetery 3,220,631
Tuition and other fees 1,157,079
Other 3,301
--------------
Total liabilities 74,922,436
--------------
Net Assets:
Unrestricted:
Undesignated 116,516,174
Insurance reserve funds 7,334,669
Bishop's burse 1,318,447
Designated funds 320,776
Property and equipment 16,554,455
--------------
Total unrestricted 142,044,521
Temporarily restricted 11,720,250
Permanently restricted 8,359,702
--------------
Total net assets 162,124,473
--------------
Total liabilities and net assets $237,046,909
==============
Diocese of San Diego
Statement of Activities
For the month ending May 31, 2007
Support and revenue:
Parish assessments $1,812,123
Donations and fund-raising 1,606,957
Investment income 2,254,870
Interest and other income 183,273
Parish & employee insurance reserve funds, net 868,553
Rental income 58,663
Administrative fees 697,062
Gain on sale of property -
Cemetery sales 913,407
Tuition, net of tuition assistance 1,552,400
Student and other fees 69,529
San Juan Diego English language center -
Concessions/food service 53,835
Other 97,104
--------------
Total support and revenue 10,167,776
Expenses:
Administrative fees 672,848
Programs 961,057
Annual Catholic Appeal 6,966
Distribution of restricted donations 48,199
Cemetery cost of sales 101,945
San Juan Diego English language center 39,931
General:
Contributions and charitable programs 127,896
Schools dept. - support for schools 25,000
Interest expense
Funds on deposit 90,852
Other 38,142
Depreciation 124,342
Bad debt expense 912
Recruiting, advertising & public relations 38,873
Student related expenses 422,995
Concessions/food service 40,204
Athletics 45,940
Development/special events 2,895
Operating expenses 1,632,585
Chaplaincies and ministries 174,344
Assessments 54,390
Professional fees 42,473
Chapter 11 fees
Legal fees 7,736
UST fees -
Accounting fees -
Insurance 1,453
Other 140,577
--------------
Total Expenses 5,092,565
Funds released from restricted funds 262,849
Net change in designated funds (12,837)
--------------
250,012
--------------
Increase (decrease) in net assets 5,075,211
--------------
Net assets:
Beginning of month 157,049,263
--------------
End of month $162,124,473
==============
Diocese of San Diego
Cash Receipts and Disbursement
For the month ending May 31, 2007
Total receipts - prior general account reports $10,524,369
Less: total disbursements 6,199,192
Beginning balance 17,743,459
Receipts during current period:
Transfers from main account 55,000
Accounts receivable - pre-filing 221,878
Accounts receivable - post-filing 754
Accounts receivable - assessments pre-filing 4,961
Accounts receivable - assessments 603,140
Other receivables 218,160
Planned gifts collection 3,000,000
Receipts - health premiums 1,158,198
Rental income 14,063
Annual Catholic Appeal 204,272
Interest 10,111
Dividends 196
Transfers from Service Recipients
Workers' compensation premium 157,115
Priest health - SIF Portion 4,876
Miscellaneous 9,863
Tribunal income 51,504
Southern Cross income 13,679
Programs and ministries 528,967
Registration and tuitions 258,069
Insurance 27,522
Receipts - reimbursements and other 382
Parish and school funds & endowments 326,382
Other Diocesan locations' deposits 158,274
Stock processing 333,415
Special collections 136,647
Athletics 1,318
Concessions and store sales 11,563
Restricted account receipts 24,787
Donations 26,958
--------------
Total receipts 7,562,067
Balance 25,305,526
Less: Total disbursements during current period
Transfers to Service Recipients -
Transfers to Diocese 150,000
Transfers to Priest Health Account 55,000
Transfers to payroll account 374,655
Administrative 4,897
A/R CES 4,459
Athletics 16,380
Bank fees and charges 10,468
Stock 70,456
Conferences 26,871
Dues/Fees 51,134
Fundraising 204
Education expenses 221,768
Employee benefits 7,238
FF&E 18,631
Health insurance and benefits 69,758
Health insurance claims paid 96,147
Health insurance premiums paid 909,203
Lay salaries and wages 475,378
Liability insurance 8,441
Maintenance/Repairs 42,503
Medical reimbursements 15,482
Ministries 32,909
Miscellaneous 7,303
Supplies 13,734
Operations 219,079
Payroll 64,465
Postage 14,450
Professional fees 57,051
Printing 33,401
Rent 17,600
Restricted 41,992
Workers' comp - prefunds and losses 146,989
Stipends/Services 45,237
Utilities 27,929
Voids (2,462)
--------------
3,348,766
--------------
Ending balance $21,956,760
==============
About the San Diego Diocese
The Roman Catholic Diocese of San Diego in California --
http://www.diocese-sdiego.org/-- employs approximately
3,000 people in various areas of work. The Diocese filed for
Chapter 11 protection just before commencement of the first of
court proceedings for 140 sexual abuse lawsuits filed against the
Diocese. Authorities of the San Diego Diocese said they were not
in favor of litigating their cases.
The San Diego Diocese filed for chapter 11 protection on Feb. 27,
2007 (Bankr. S.D. Calif. Case No. 07-00939). Gerald P. Kennedy,
Esq., at Procopio, Cory, Hargreaves and Savitch LLP, represents
the Diocese. In its schedules of assets and liabilities, the
Diocese listed total assets of $152,510,888 and total liabilities
of $72,754,092.
On March 27, 2007, the Debtor filed its plan and disclosure
statement. The Debtor has asked to the Court to extend its
exclusive period to file a chapter 11 plan to 60 days after the
completion of the Mediation Process. (Catholic Church Bankruptcy
News, Issue No. 96; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
CATHOLIC CHURCH: Spokane Files May 2007 Operating Report
--------------------------------------------------------
Catholic Diocese of Spokane
Balance Sheet
As of May 31, 2007
ASSETS
Total Cash Accounts $3,516,929
Total Transfer Account -
Total Investments 4,085,781
Total Property 495,004
Total Loans Receivable 2,476,136
Total Interfund Loan Receivable 217,912
Total Accounts Receivable 110,152
Total Land and Buildings & Equipment 2,120,834
Total Prepaid Expenses 149,988
--------------
Total Assets $13,172,739
==============
LIABILITIES AND NET ASSETS
Liabilities
Total Deposits Payable 8,620,765
Total Interest Payable -
Total Accounts Payable 31,275
Total Long-term Liabilities 9,269,297
Net Assets
Total Unrestricted - Fund Balance (18,118,569)
Total Unrestricted Net Assets (18,118,569)
T.R. - Guse Grant Funds 418,180
T.R. - Bishop's School Grants Funds 72,727
T.R. - Bishop's Discretionary Funds 65,681
Total Replacement Fund 10,653,684
Total Diocesan D&L Funding 2,176,115
Total Guatemala Funds 540,172
Temporarily Restricted -
--------------
Total liabilities & net assets $13,172,739
==============
Catholic Diocese of Spokane
Income and Expense Statement
For the month ending May 31, 2007
Total Income $391,836
Total Expenses 641,040
--------------
Net Excess or Deficit $249,203
==============
The Diocese of Spokane's Statement of Cash Receipts and
Disbursements for May 2007 shows that cash receipts for the
period total $505,516, while disbursements total $368,410.
About The Diocese of Spokane
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.
The Diocese of Spokane, the Tort Claimants Committee, the Future
Claims Representative, and the Executive Committee of the
Association of Parishes delivered an Amended Plan of
Reorganization, and a Disclosure Statement describing that Plan
to the Court on Feb. 1, 2007. The Honorable Patricia C. Williams
approved the disclosure statement on March 8, 2007. On April 24,
2007, the Court confirmed Spokane's 2nd Amended Joint Plan.
(Catholic Church Bankruptcy News, Issue No. 96; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
VESTA INSURANCE: Florida Select Files May 2007 Operating Report
---------------------------------------------------------------
Florida Select Insurance Agency, Inc.
Income Statement
Month Ended May 31, 2007
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit $0
Less:
Operating Expenses (48)
------------
Net Profit Operations 48
Non-Operating Income (Expenses)
Interest Earned 11,927
Vendor Refund -
------------
Net Profit (Loss) $11,879
============
Florida Select Insurance Agency, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2007
Cash On Hand (Beginning) $3,296,619
Cash Receipts:
Accounts Receivable 0
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 11,927
------------
Total Receipts 11,927
Cash Disbursements:
Business Disbursements Form BA-02(B) 48
------------
Surplus Or Deficit 11,879
------------
Cash on Hand (End) $3,308,498
------------
About Florida Select
Based in Birmingham, Alabama, Florida Select Insurance Agency,
Inc. -- http://www.floridaselect.com/-- provides residential
insurance for Florida and South Carolina property owners. Florida
Select is an affiliate of Vesta Insurance Group, Inc. The company
filed for chapter 11 protection on April 24, 2007 (BAnkr. N.D.
Ala. Case No. 07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson
Rainer & Dobbs LLP, represents Florida Select.
About Vesta Insurance
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.
On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of
Liquidation and Disclosure Statements. They filed an amended Plan
on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The
Court approved the Disclosure Statements of Vesta and Gaines on
Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third
Amended Plans of Vesta and Gaines.
(Vesta Bankruptcy News, Issue No. 23; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000
VESTA INSURANCE: Florida Select Files June 2007 Operating Report
----------------------------------------------------------------
Florida Select Insurance Agency, Inc.
Income Statement
Month Ended June 30, 2007
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit $0
Less:
Operating Expenses 2,733
------------
Net Profit Operations (2,733)
Non-Operating Income (Expenses)
Interest Earned 11,667
Vendor Refund 101
------------
Net Profit (Loss) $9,035
============
Florida Select Insurance Agency
Schedule of Cash Receipts and Disbursements
Month Ended June 30, 2007
Cash On Hand (Beginning) $3,308,498
Cash Receipts:
Accounts Receivable 0
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 12,766
Vendor Refund 101
------------
Total Receipts 12,867
Cash Disbursements:
Business Disbursements 2,733
------------
Surplus Or Deficit 10,134
------------
Cash on Hand (End) $3,318,632
============
About Florida Select
Based in Birmingham, Alabama, Florida Select Insurance Agency,
Inc. -- http://www.floridaselect.com/-- provides residential
insurance for Florida and South Carolina property owners. Florida
Select is an affiliate of Vesta Insurance Group, Inc. The company
filed for chapter 11 protection on April 24, 2007 (BAnkr. N.D.
Ala. Case No. 07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson
Rainer & Dobbs LLP, represents Florida Select.
About Vesta Insurance
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.
On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of
Liquidation and Disclosure Statements. They filed an amended Plan
on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The
Court approved the Disclosure Statements of Vesta and Gaines on
Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third
Amended Plans of Vesta and Gaines.
(Vesta Bankruptcy News, Issue No. 23; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000
VESTA INSURANCE: J. Gordon Gaines Files May 2007 Operating Report
-----------------------------------------------------------------
J. Gordon Gaines, Inc.
Income Statement
Month Ended in May 31, 2007
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit $0
Less:
Operating Expenses (73,449)
------------
Net Profit Operations 73,449
Non-Operating Income (Expenses)
Interest Earned 2,971
State Tax Refunds 0
Non-operational income 0
Sale of Property 0
------------
Net Profit (Loss) ($70,478)
============
J. Gordon Gaines, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended May 31, 2007
Cash On Hand (Beginning) $919,874
Cash Receipts:
Accounts Receivable 0
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 2,971
Miscellaneous Income 0
Non-operational Income 0
Funding Under Post-Confirmation Agreement 130,190
------------
Total Receipts 133,161
Cash Disbursements:
Business Disbursements Form BA-02(B) 203,639
------------
Surplus Or Deficit (70,478)
------------
Cash on Hand (End) $849,396
============
About Vesta Insurance
Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc.
(Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding
company for a group of insurance companies that primarily offer
property insurance in targeted states.
Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership
III, L.P., filed an involuntary chapter 7 petition against the
company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517).
The case was converted to a voluntary chapter 11 case on Aug. 8,
2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson,
Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor.
R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker,
LLC, represents the petitioning creditors. In its schedules of
assets and liabilities, Vesta listed $14,919,938 in total assets
and $214,278,847 in total liabilities.
J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that
manages the company's numerous insurance subsidiaries and employs
the headquarters workers. The company filed for chapter 11
protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808).
Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP,
represent the Debtor in its restructuring efforts. In its
schedules of assets and liabilities, Gaines listed $19,818,094 in
total assets and $16,046,237 in total liabilities.
On Aug. 1, 2006, the District Court of Travis County, Texas
entered an order appointing the Texas Commissioner of Insurance
as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries:
Vesta Fire Insurance Corporation; The Shelby Insurance Company;
Shelby Casualty Insurance Corporation; Texas Select Lloyds
Insurance Company; and Select Insurance Services, Inc.
On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of
Liquidation and Disclosure Statements. They filed an amended Plan
on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The
Court approved the Disclosure Statements of Vesta and Gaines on
Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third
Amended Plans of Vesta and Gaines.
(Vesta Bankruptcy News, Issue No. 23; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
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obtained by TCR editors from a variety of outside sources during
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Each Tuesday edition of the TCR contains a list of companies with
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Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets. A company may establish reserves on its balance sheet for
liabilities that may never materialize. The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com/
On Thursdays, the TCR delivers a list of recently filed chapter 11
cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
to freely downloadable images of these small-dollar petitions in
Acrobat PDF format.
Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.
Monthly Operating Reports are summarized in every Saturday edition
of the TCR.
For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva,
Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez,
Tara Marie A. Martin, John Paul C. Canonigo, Sheena Jusay, and
Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers. Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.
The TCR subscription rate is $775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each. For subscription information, contact Christopher Beard
at 240/629-3300.
*** End of Transmission ***