/raid1/www/Hosts/bankrupt/TCR_Public/070922.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, September 22, 2007, Vol. 11, No. 225
Headlines
ADVA-LITE INC: Files Operating Report for May 2007
ADVA-LITE INC: Files Operating Report for June 2007
ADVA-LITE INC: Files Operating Report for July 2007
ALL AMERICAN: Incurs $45.4 Mil. Net Loss in Month Ended June 30
FIRST MAGNUS: Files Schedules of Assets and Liabilities
INTERSTATE BAKERIES: Posts $3.6MM Net Loss in Month Ended July 28
SAINT VINCENT: Earns $11,804,835 in July 2007
VESTA INSURANCE: Florida Select Files August 2007 Operating Report
VESTA INSURANCE: Gordon Gaines Files August 2007 Operating Report
*********
ADVA-LITE INC: Files Operating Report for May 2007
--------------------------------------------------
Adva-Lite Inc. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware their monthly
operating report for the period April 25, 2007, through May 31,
2007, disclosing:
-- total cash receipts of $1,830,000;
-- total non-operating cash disbursements of $115,249; and
-- total net cash flow of $1,714,751.
Total cash received for the reporting period includes 760,000 for
the sale of the Debtors' assets and $1,070,000 for a carve-out of
professional fees.
A full-text copy of Adva-Lite's May 2007 Monthly Operating Report
is available for free at http://ResearchArchives.com/t/s?2387
The Debtors' total net cash flow accumulated from the bankruptcy
filing through June 30, 2007, was $3,724,776, resulting from total
cash receipts of $11,644,348 less total cash disbursements of
$7,919,572. Accumulative revenues from the bankruptcy filing
through May 31, 2007, were $12,329,452.
Effective April 25, 2007, the Debtors sold all operating assets
and suspended operations. The Debtors are winding down operations
and have no operating activity. The Debtors currently have no
employees and their only asset is cash held in an approved debtor-
in-possession account. As such, the Debtors terminated their
existing insurance coverages effective April 26, 2007, with the
exception of the directors and officers policy extended until
Nov. 15, 2007.
About Adva-Lite Inc.
Headquartered in Largo, Fla., Adva-Lite Inc., together with
Corvest Promotional Products Inc., and four other affiliates,
sought chapter 11 protection on Feb. 28, 2007 (Bankr. D. Del.
Lead Case No. 07-10264). The four affiliates filing separate
chapter 11 petitions are Toppers LLC, CGI Inc., It's All Greek To
Me Inc., and Corvest Group Inc.
Adva-Lite, It's All Greek, and Toppers are subsidiaries of Corvest
Promotional. Adva-Lite manufactures and markets personal lighting
gizmos, writing instruments, beverageware, and tools. It's All
Greek provides custom plush products. Toppers offers sports bags,
totes, luggage, caps, and other business accessories.
Paul S. Singerman, Esq., and Jordi Guso, Esq., at Berger
Singerman, P.A., represent the Debtors. Michael R. Nestor, Esq.,
Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP,
is the Debtors co-counsel. Houlihan Lokey Howard & Zukin Capital,
Inc. serve as financial advisor and investment banker to the
Debtors. Lowenstein Sandler PC represent the Official Committee
of Unsecured Creditors while Reed Smith LLP is the Committee's
Delaware counsel. Mahoney Cohen & Company, CPA P.C. is the
financial advisor to the Committee. In amended schedules filed
with the Court, Adva-Lite disclosed total assets of $7,033,526 and
total debts of $48,897,227.
ADVA-LITE INC: Files Operating Report for June 2007
---------------------------------------------------
Adva-Lite Inc. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware their monthly
operating report for the period ended June 30, 2007, disclosing:
-- total cash receipts of $113;
-- total non-operating cash disbursements of $339,677;
-- total operating cash disbursements of $7,500;
-- total cash disbursements of $347,177; and
-- total negative cash flow, net, of $339,564.
A full-text copy of Adva-Lite's June 2007 Monthly Operating Report
is available for free at http://ResearchArchives.com/t/s?2389
The Debtors' total net cash flow accumulated from the bankruptcy
filing through June 30, 2007, was $3,377,700, resulting from total
cash receipts of $11,644,461 less total cash disbursements of
$8,266,761. Accumulative revenues from the bankruptcy filing
through June 30, 2007, were $12,329,452.
Effective April 25, 2007, the Debtors sold all operating assets
and suspended operations. The Debtors are winding down operations
and have no operating activity. The Debtors currently have no
employees and their only asset is cash held in an approved debtor-
in-possession account. As such, the Debtors terminated their
existing insurance coverages effective April 26, 2007, with the
exception of the directors and officers policy extended until
Nov. 15, 2007.
About Adva-Lite Inc.
Headquartered in Largo, Fla., Adva-Lite Inc., together with
Corvest Promotional Products Inc., and four other affiliates,
sought chapter 11 protection on Feb. 28, 2007 (Bankr. D. Del.
Lead Case No. 07-10264). The four affiliates filing separate
chapter 11 petitions are Toppers LLC, CGI Inc., It's All Greek To
Me Inc., and Corvest Group Inc.
Adva-Lite, It's All Greek, and Toppers are subsidiaries of Corvest
Promotional. Adva-Lite manufactures and markets personal lighting
gizmos, writing instruments, beverageware, and tools. It's All
Greek provides custom plush products. Toppers offers sports bags,
totes, luggage, caps, and other business accessories.
Paul S. Singerman, Esq., and Jordi Guso, Esq., at Berger
Singerman, P.A., represent the Debtors. Michael R. Nestor, Esq.,
Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP,
is the Debtors co-counsel. Houlihan Lokey Howard & Zukin Capital,
Inc. serve as financial advisor and investment banker to the
Debtors. Lowenstein Sandler PC represent the Official Committee
of Unsecured Creditors while Reed Smith LLP is the Committee's
Delaware counsel. Mahoney Cohen & Company, CPA P.C. is the
financial advisor to the Committee. In amended schedules filed
with the Court, Adva-Lite disclosed total assets of $7,033,526 and
total debts of $48,897,227.
ADVA-LITE INC: Files Operating Report for July 2007
---------------------------------------------------
Adva-Lite Inc. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware their monthly
operating report for the period ended July 31, 2007, disclosing:
-- total cash receipts of $2,489;
-- total non-operating cash disbursements of $406,561; and
-- total negative cash flow, net, of $404,071.
A full-text copy of Adva-Lite's July 2007 Monthly Operating Report
is available for free at http://ResearchArchives.com/t/s?238a
The Debtors' total net cash flow accumulated from the bankruptcy
filing through July 31, 2007, was $2,973,628, resulting from total
cash receipts of $11,646,950 less total cash disbursements of
$8,673,322. Accumulative revenues from the bankruptcy filing
through July 31, 2007, were $12,329,452.
Effective April 25, 2007, the Debtors sold all operating assets
and suspended operations. The Debtors are winding down operations
and have no operating activity. The Debtors currently have no
employees and their only asset is cash held in an approved debtor-
in-possession account. As such, the Debtors terminated their
existing insurance coverages effective April 26, 2007, with the
exception of the directors and officers policy extended until
Nov. 15, 2007.
About Adva-Lite Inc.
Headquartered in Largo, Fla., Adva-Lite Inc., together with
Corvest Promotional Products Inc., and four other affiliates,
sought chapter 11 protection on Feb. 28, 2007 (Bankr. D. Del.
Lead Case No. 07-10264). The four affiliates filing separate
chapter 11 petitions are Toppers LLC, CGI Inc., It's All Greek To
Me Inc., and Corvest Group Inc.
Adva-Lite, It's All Greek, and Toppers are subsidiaries of Corvest
Promotional. Adva-Lite manufactures and markets personal lighting
gizmos, writing instruments, beverageware, and tools. It's All
Greek provides custom plush products. Toppers offers sports bags,
totes, luggage, caps, and other business accessories.
Paul S. Singerman, Esq., and Jordi Guso, Esq., at Berger
Singerman, P.A., represent the Debtors. Michael R. Nestor, Esq.,
Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP,
is the Debtors co-counsel. Houlihan Lokey Howard & Zukin Capital,
Inc. serve as financial advisor and investment banker to the
Debtors. Lowenstein Sandler PC represent the Official Committee
of Unsecured Creditors while Reed Smith LLP is the Committee's
Delaware counsel. Mahoney Cohen & Company, CPA P.C. is the
financial advisor to the Committee. In amended schedules filed
with the Court, Adva-Lite disclosed total assets of $7,033,526 and
total debts of $48,897,227.
ALL AMERICAN: Incurs $45.4 Mil. Net Loss in Month Ended June 30
---------------------------------------------------------------
All American Semiconductor Inc. and its debtor-affiliates
submitted to the U.S. Bankruptcy Court for the Southern District
of Florida their operating report for the month ended June 30,
2007, with net sales of $283,000 and a net loss of $45,444,000.
As of June 30, 2007, the company posted total assets of
$4,071,000, consisting solely of cash; total liabilities of
$18,348,000; and total stockholders' deficit of $14,277,000.
The Debtors' total liabilities consist of $8,526,000 DIP Loan,
$9,567,000 pre-petition line of credit, $72,000 accounts payable,
and $183,000 accrued expenses.
A full-text copy of All American's June 2007 Operating Report is
available for free at http://ResearchArchives.com/t/s?238d
Based in Miami, Florida, All American Semiconductor Inc. (Pink
Sheets: SEMI.PK) -- http://www.allamerican.com/-- distributes
electronic components manufactured by others. The company
distributes a full range of semiconductors including transistors,
diodes, memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products. All American also distributes passive components
such as capacitors, resistors and inductors; and electromechanical
products such as power supplies, cable, switches, connectors,
filters and sockets. The company also offers complete solutions
for flat panel display products.
In total, the company offers approximately 40,000 products
produced by approximately 60 manufacturers. The company has 36
strategic locations throughout North America and Mexico, as well
as operations in China and Western Europe.
The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963). Craig D. Hansen, Esq., Tina M. Talarchyk, Esq., and
Stephen D. Lerner, Esq., at Squire, Sanders & Dempsey L.L.P.,
represent the Debtors. Mesirow Financial Consulting, LLC serve as
financial advisor to the Committee. William Hawkins, Esq., at
Loeb & Loeb, LLP, is the Official Committee of Unsecured Creditors
general bankruptcy counsel. Jerry M. Markowitz, Esq., at
Markowitz, Davis, Ringel & Trusty, P.A., is the Committee's local
counsel. As of Feb. 28, 2007, the Debtors' balance sheet showed
total assets of $117,634,000 and total debts of $106,024,000.
FIRST MAGNUS: Files Schedules of Assets and Liabilities
-------------------------------------------------------
First Magnus Financial Corporation submitted to the U.S.
Bankruptcy Court for the District of Arizona its schedules of
assets and liabilities, disclosing:
A. Real Property
Pima County, Arizona $930,000
Various foreclosed real estate 7,466,000
B. Personal Property
B.1 Cash on Hand 0
B.2 Financial Accounts 3,800,000
B.3 Security Deposits 1,125,229
B.4 Household Goods and Furnishings 0
B.5 Books, pictures & other art objects Unknown
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports & other hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests 0
B.14 Investments in subsidiaries & others 3,208,130
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable
Balance of mortgage loans
receivable from borrowers 1,684,160,339
Balance of loans owned by Debtor 40,942,674
Interest/fees receivable on loans 90,859,044
Receivable from related party 998,287
Receivable due from other entities 212,479
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 643,508
B.21 Derivative asset 2,491,739
B.22 Intellectual property 0
B.23 Naming rights to theatre 596,000
B.24 Borrower & applicant list Unknown
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies
Various furniture & fixtures 27,667,539
Loan Tracker Software 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory 0
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property 4,596,671
TOTAL SCHEDULED ASSETS $1,869,697,639
==========================================================
C. Property Claimed as Exempt Not applicable
D. Creditors Holding Secured Claims
UBS Real Estate Securities Inc. 197,753,315
Merill Lynch Bank USA 42,313,002
Washington Mutual Bank – Syndicated
Repurchase Line 192,316,475
Washington Mutual Bank – Flex Line 53,786,749
Washington Mutual Bank – Commercial
Paper Conduit 1,030,696,041
Countrywide Warehouse Lending &
Countrywide Home Loans, Inc. 45,215,383
Chase Equipment Leasing, Inc. 2,878,921
Chase Equipment Leasing, Inc. 1,545,139
JP Morgan Chase Bank 3,000,000
First Magnus Equity XI, LLC 2,700,000
E. Creditors Holding Unsecured Priority Claims
Employee pay
Employee wage liabilities 11,324,106
Uncashed payroll checks voided as of
the Petition Date 210,000
Employee benefit claims payable to
Principal Insurance Company 903,063
Property taxes due to Pima County
Treasurer 5,207
F. Creditors Holding Unsecured
Nonpriority Claims
Accounts Payable List 18,118,018
American express credit card statements 901,987
Employee health insurance plan
administrative fee 199,537
Balance due to Firt Magnus Capital, Inc. 24,586,803
National Bank of Arizona,
less setoff amounts 2,516,187
Subordinated note payable tdue to
Thomas Sullivan, Sr. Revocable Trust 20,000,000
TOTAL SCHEDULED LIABILITIES $1,606,843,227
==========================================================
First Magnus Financial Corporation reports that creditors
scheduled as holding unsecured priority claims also hold an
unsecured non-priority component to their claims aggregating
$1,088,677. Accordingly, the Debtor's scheduled unsecured non-
priority claims total $67,411,209.
First Magnus scheduled $1,572,205,025 in total secured claims,
bringing the Debtor's total scheduled liabilities to
$1,652,058,610. Direct computation of the data provided in
Schedule D, however, shows that the scheduled secured claims
total $1,526,989,642.
About First Magnus
Based in Tucson, Arizona, First Magnus Financial Corporation --
http://www.firstmagnus.com/-- purchases and sells prime and Alt-A
mortgage loans secured by one-to-four unit residences. The
company filed for chapter 11 protection on Aug. 21, 2007 (Bankr.
D. Ariz. Case No.: 07-01578). John R. Clemency, Esq.,
at Greenberg Traurig LLP is the proposed counsel for the
Debtor.When the Debtor filed for bankruptcy, it listed total
assets of $942,109,860 and total debts of $812,533,046.
The Debtor's exclusive period to file a plan expires on Dec. 19,
2007. (First Magnus Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service Inc. http://bankrupt.com/newsstand/or
215/945-7000).
INTERSTATE BAKERIES: Posts $3.6MM Net Loss in Month Ended July 28
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended July 28, 2007
REVENUE
Gross Income $224,767,832
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 55,944,248
Direct & Indirect Labor 39,751,914
Overhead & Production Administration 11,625,524
-------------
Total Cost of Goods Sold 107,321,686
-------------
Gross Profit 117,446,146
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 50,704,127
Advertising and Marketing 2,901,612
Insurance (Property, Casualty, & Medical) 12,047,225
Payroll Taxes 4,446,341
Lease and Rent 3,193,506
Telephone and Utilities 1,011,545
Corporate Expense (Including Salaries) 7,542,400
Other Expenses 28,306,324
-------------
Total Operating Expenses 110,153,080
-------------
EBITDA 7,293,066
Restructuring & Reorganization Charges 2,428,630
Depreciation and Amortization 5,166,628
Abandonment (198,288)
Other( Income)/Expense (9,201)
Gain/Loss Sale of Property -
Interest Expense 3,658,370
-------------
Operating Income (Loss) (3,753,073)
Income Tax Expense (Benefit) (97,580)
-------------
NET Income (Loss) ($3,655,493)
=============
CURRENT ASSETS
Accounts Receivable at end of period $142,100,145
Increase (Dec.) in Accounts Receivable (8,109,589)
Inventory at end of period 64,622,430
Increase (Decrease) in Inventory for period (1,651,691)
Cash at end of period 62,786,299
Increase (Decrease) in Cash for period (843,271)
Restricted Cash 17,468,772
Increase (Dec.) in Restricted Cash for period 2,383,455
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise (10,014,517)
Increase (Decrease) in Liabilities
Subject to Compromise (99,650)
Taxes payable:
Federal Payroll Taxes 4,038,334
State/Local Payroll Taxes 1,582,109
State Sales Taxes 759,456
Real Estate and Personal Property Taxes 7,642,455
Other 3,762,591
-------------
Total Taxes Payable $17,784,945
=============
Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh-baked
bread and sweet goods, under various national brand names,
including Wonder(R), Baker's Inn(R), Merita(R), Hostess(R) and
Drake's(R). Currently, IBC employs more than 25,000 people and
operates 45 bakeries, as well as approximately 800 distribution
centers and approximately 800 bakery outlets throughout the
country.
The company and seven of its debtor-affiliates filed for chapter
11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' exclusive period to file a chapter 11
plan expires on Oct. 5, 2007. (Interstate Bakeries Bankruptcy
News, Issue No. 67; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
SAINT VINCENT: Earns $11,804,835 in July 2007
---------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of July 31, 2007
ASSETS
Cash & Cash Equivalents $7,359,434
Investments -
Patients Accounts Receivable, less allowance for
doubtful accounts 62,404,927
Accounts Receivable 55,096,278
Other Current Assets 22,399,560
Assets Held for Sale 9,760,900
--------------
Total Current Assets 157,021,099
Depreciation Reserve Funds & Collaterized Assets 7,465,309
Assets Designated for Self-Insurance
Investments at Market 48,801,682
Assets whose use is limited -
Investments at Market 57,230,436
Other Non-Current Assets 12,471,302
Land, Buildings & Equipment, net of
Accumulated Depreciation 121,342,310
--------------
Total Assets $404,332,138
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-term Debt $92,231,827
Long-term Debt (GE) 82,783,718
Accounts Payables & Accrued Expenses 137,366,912
Accrued Salaries & Payroll Taxes Withheld 38,323,493
Estimated Retroactive Payables 87,085,343
Other Non-current Liabilities 58,493,647
Total Liabilities Not Subject to Compromise 496,284,940
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 454,886,760
--------------
Total Liabilities Subject to Compromise 454,886,760
--------------
Total Liabilities 951,171,700
Net Assets:
Unrestricted (614,215,490)
Temporarily Restricted 42,656,299
Permanently Restricted 24,719,629
--------------
Total Net Assets (546,839,562)
--------------
Total Liabilities & Net Assets $404,332,138
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From July 1 to 31, 2007
Operating Revenue
Inpatient $31,348,754
Outpatient 19,197,851
--------------
Patient Service Revenue 50,546,605
--------------
Less Provision for Bad Debt 2,346,184
--------------
Net Patient Service Revenue 48,200,421
--------------
Pool Revenue 1,498,654
Capitation 7,882,262
Other 7,950,423
--------------
Total Operating Revenue 65,531,760
Operating Expenses:
Salaries and Wages 25,378,121
Fringe Benefits 6,747,143
Supplies and Other 26,457,416
Insurance 1,816,890
--------------
Total Direct Operating Costs 60,399,570
Salaries and Wages 0
Fringe Benefits 0
Supplies and Other 0
--------------
Total Corporate Allocated 1,796,852
--------------
Total Operating Expense 62,196,422
--------------
Interest 1,520,817
Depreciation 1,576,529
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items 237,992
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) 0
St. Mary's Op Pac Rate Adjustment 0
ZBEC/HFE Recoveries 0
Restructuring & Bankruptcy Related Costs
(2,980,325)
Estimated Close-out of St. Mary's 0
Hanys Investment Income (SFS INS) 0
Prior Period Ambulance Revenue 0
Transfer of Equity Foundation 0
--------------
Total Non-Recurring and/or Unusual Items (2,980,325)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (2,742,333)
--------------
Non-Operating Revenue 6,111,378
Change in Temporary Restricted Net Assets 8,435,790
--------------
Change in Net Assets 11,804,835
--------------
EBITDA $3,335,338
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From July 1 to 31, 2007
Cash Flows from Operation Activities:
Changes in Net Assets $11,804,835
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,576,529
Change in Unrealized Gains & Losses 3,842,391
Change in Patient's Accounts Receivable
(713,672)
Change in Accounts Receivables, Other
(15,401,346)
Change in Prepaid Expenses & Other
(676,587)
Change in Other Non-Current Assets 1,827,969
Change in Accounts Payable &
Accrued Exp-Prepetition 0
Change in Accounts Payable &
Accrued Exp-Postpetition 2,846,828
Change in Accrued Salaries & P/R Taxes 3,903,810
Change in Est. Retro rec/pay
from/to third parties 212,381
Change in Est. Liability for self-insurance 0
Change in Other Non-Current Liabilities (3,743,100)
--------------
Net Cash Provided by Operating Activities 5,480,038
Cash flows From Investment Activities:
Sale of Investments, Net (14,040)
Sale of Assets Whose Use is Limited (1,683,134)
Acquisition/Sale of Land, Building,
& Equipment (3,171,333)
--------------
Net Cash Provided by Investing Activities (4,868,507)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loan 4,152,182
Proceed from issuance of Long-term debt 0
Repayment of Long-term debt (3,709,100)
--------------
Net Cash (Used) in Financing Activities 443,082
Net Increase (Decrease)
in Cash & Cash Equivalents 1,054,613
Cash & Cash Equivalents at Beginning of Month 6,304,821
--------------
Cash & Cash Equivalents at End of the Month $7,359,434
==============
Based in New York City, Saint Vincent's Catholic Medical Centers
of New York -- http://www.svcmc.org/-- the healthcare provider in
New York State, operates 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. The Debtors filed
their Chapter 11 Plan of Reorganization accompanying a disclosure
statement explaining that Plan on Feb. 9, 2007. On June 1, 2007,
the Debtors filed an Amended Plan & Disclosure Statement. The
Court confirmed the Debtors' Amended Plan on July 27, 2007.
(Saint Vincent Bankruptcy News, Issue No. 63 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
VESTA INSURANCE: Florida Select Files August 2007 Operating Report
------------------------------------------------------------------
Florida Select Insurance Agency
Income Statement
Month Ended in August 31, 2007
Revenue from Total Sales $0
Less:
Cost of Sales
------------
Gross Profit $0
Less:
Operating Expenses 0
------------
Net Profit Operations 0
Non-Operating Income (Expenses)
Interest Earned 12,571
Vendor Refund 0
------------
Net Profit (Loss) $12,571
============
Florida Select Insurance Agency
Schedule of Cash Receipts and Disbursements
Month Ended August 31, 2007
Cash On Hand (Beginning) $3,340,586
Cash Receipts:
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 12,571
Vendor Refund 0
------------
Total Receipts 12,571
Cash Disbursements:
Business Disbursements Form BA-02(B) 0
------------
Surplus Or Deficit 12,571
------------
Cash on Hand (End) $3,353,157
============
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.
Florida Select Insurance Agency Inc., an affiliate, 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. FSIA's exclusive period to
file a plan of reorganization expires on Dec. 20, 2007. (Vesta
Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
VESTA INSURANCE: Gordon Gaines Files August 2007 Operating Report
-----------------------------------------------------------------
J. Gordon Gaines, Inc.
Income Statement
Month Ended August 31, 2007
Revenue from Total Sales $0
Less:
Cost of Sales 0
------------
Gross Profit 0
Less:
Operating Expenses 59,126
------------
Net Profit Operations (59,126)
Non-Operating Income (Expenses)
Interest Earned 1,199
State Tax Refunds 0
Non-operational income 0
Sale of Property 0
Stale Dated Checks Written Off 0
Miscellaneous Income 0
------------
Net Profit (Loss) ($57,927)
============
J. Gordon Gaines, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended August 31, 2007
Cash On Hand (Beginning) $642,983
Cash Receipts:
Accounts Receivable 0
Management Fees 0
Loan Proceeds 0
Sale of Property 0
Interest Earned 1,199
State Tax Refunds
Non-operational Income 0
Funding by Texas Receiver 0
Funding under post confirmation 108,342
Intercompany insurance operations 0
Stale Dated Checks Written Off 0
Miscellaneous Income 0
------------
Total Receipts 109,541
Cash Disbursements:
Business Disbursements Form BA-02(B) 167,468
------------
Surplus Or Deficit (57,927)
------------
Cash on Hand (End) $585,056
============
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.
Florida Select Insurance Agency Inc., an affiliate, 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. FSIA's exclusive period to
file a plan of reorganization expires on Dec. 20, 2007. (Vesta
Bankruptcy News, Issue No. 25; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
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For copies of court documents filed in the District of Delaware,
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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
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Tara Marie A. Martin, John Paul C. Canonigo, Sheena R. Jusay, and
Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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