/raid1/www/Hosts/bankrupt/TCR_Public/070929.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 29, 2007, Vol. 11, No. 231
Headlines
AMP'D MOBILE: Posts $1,405,391 Net Loss in Month Ended June 30
AMP'D MOBILE: Earns $5,914,624 in Month Ended July 31
ARMSTRONG WORLD: Nitram Files July 2007 Monthly Operating Report
ARMSTRONG WORLD: Nitram Files August 2007 Monthly Operating Report
ARMSTRONG WORLD: Desseaux Files July 2007 Monthly Operating Report
ARMSTRONG WORLD: Desseaux Files August 2007 Operating Report
HANCOCK FABRICS: Incurs $3,426,000 Net Loss in September 2007
KUSHNER-LOCKE: Files June 2007 Monthly Operating Report
NEW CENTURY: Posts $15,778,025 Net Loss in July 2007
PUBLICARD INC: Incurs $57,334 Net Loss In August 2007
*********
AMP'D MOBILE: Posts $1,405,391 Net Loss in Month Ended June 30
--------------------------------------------------------------
Amp'd Mobile Inc.
Balance Sheet
At June 30, 2007
Assets
Current Assets
Cash
Bank of America $43,454
Silicon Valley Bank 5,396,707
Merchant Account 0
Bank Account (Retail) 3,815,408
Merchant Account (Retail) 0
Petty Cash 1,450
SVB Regulatory Tax Filing (13,226)
SVB - Tax Account 698,231
------------
Total Cash 9,942,025
Total Short Term Investment 1,089,917
Accounts Receivable
Accounts Receivable 148,908,595
AR Subscriber 0
AR Recall 11,517,340
AR Retail Netting Clearing (13,130)
AR Other 593,618
AR Rebates 208,100
AR MTV Equity 0
------------
Total Account Receivable 161,214,522
Total Bad Debt Subscriber (117,230,584)
Total AR Return Reserve (16,949,651)
Inventory
Inventory-Handset 3,468,605
Inventory-Accessories 2,513,580
Match not received 1,738,169
------------
Total Inventory 7,720,353
Total Inventory Return Reserve 16,949,651
Other Current Assets
Due from Stockholders 88,000
Deposit 570,424
Employee Advances 0
Prepaid 5,928,199
Prepaid MTV Funds Series 3,050,000
------------
Total Other Current Assets 9,636,622
------------
Total Current Assets 72,372,857
Long Term Assets
Net Fixed Assets
Leasehold Improvements 831,655
Automobile 473,788
Office Equipment 1,260,702
Software 4,068,225
Computer Equipment 2,574,121
Construction in Progress 893,271
Accumulated Depreciation 0
A/D - Leasehold (573,043)
A/D - Automobile (245,530)
A/D - Office Equip & Furniture (638,501)
A/D - Software (1,363,284)
A/D - Computer Equipment (598,903)
------------
Total Net Fixed Assets 6,682,499
Investments
Investments 336,285
Investment: Ninja Mobile 338,000
------------
Total Long Term Investments 674,285
Total Long Term Assets 7,356,784
------------
Total Assets $79,729,642
============
Liabilities
Current Liabilities
Accounts Payable
AP Trade ($3,288,185)
Credit Card SVB (2,734)
Prepetition Liabilities - P (12,711,021)
Prepetition Liabilities -S (30,323,300)
Prepetition Liabilities - Un (172,916,454)
Prepetition Liabilities - Unse 11,441,607
------------
Total Accounts Payable (207,800,087)
Accrued Liabilities
AP Accrual (4,771,169)
Athelete Accrual (45,375)
Rebates Payable (155,588)
Handset Insurance Payable (345,944)
Handset Insurance RMA Payable 210
Vacation Accrual 91,250
401K Liability 6,627
Deferred Revenue (12,735)
AP MTV Equity 0
------------
Total Accrued Liabilities (5,232,723)
Total Intercompany Payables 200,000
Total Tax Payable (2,011,988)
Equity
Stock
Preferred Stock - Series A (13,593,184)
Preferred Stock - Series B (13,962,870)
Preferred Stock - Series C (28,940,172)
Common Stock 1,148,809
------------
Total Stock (55,347,417)
Other Equity
Equity (255,091,658)
Equity MTV (24,474,886)
Prepetition Equity 475,158,933
Additional Paid in Capital (1,699,052)
Dividends (832,347)
Opening Balance Equity (1,193,025)
Undistributed Retained Bar (1,405,391)
------------
Total Other Equity 190,462,574
------------
Total Equity 135,115,157
------------
Total Liabilities and Equity ($79,729,642)
============
Amp'd Mobile, Inc.
Statement of Operations
Month Ended June 30, 2007
Revenue
Postpaid Voice Revenue
Revenue ($10,673,901)
Airtime-Postpaid 297,953
Voice Customer Credits
PTT - Postpaid
Customer Credits
------------
Total Postpaid Voice Revenue (10,375,948)
Prepaid Voice Revenue
Airtime-Prepaid (723,613)
PTT-Prepaid (168,773)
Contra Revenue Prepaid 0
------------
Total Prepaid Voice Revenue (892,386)
Total Postpaid Content (2,621,160)
Total Prepaid Content (112,900)
Total Postpaid Data 0
Total Activation Fees (294,081)
Handset
Handset -Postpaid (38,811)
Handset -Prepaid (74,113)
Hardware - Customer Credit 530
Handset Subsidy 183,238
Revenue Return Reserve (392,337)
------------
Total Handset (321,493)
Total Accessories (506)
Total Other Revenue (Rebate) 281,030
------------
Total Sales (14,337,445)
Cost of Sales
Voice 1,599,660
Content 1,882,442
Data 0
Handset 392,337
Accessories 0
Retail Distribution (548,121)
Billing Expense 539,991
Logistics 13,863
Bad Debt 0
Finance Charges
Collection Commissions 249,399
Bank Service Charges 32,485
Lock box Fees 0
Merchant Service Fees 212,375
Credit Check Fees 113,075
Other
COS-Prepaid 91,441
Fraud 0
Taxes, Surcharges, Other 23,136
------------
Total Cost of Sales 4,602,084
Gross Margin (9,735,361)
Operating Expenses
Salaries 1,644,443
Bonus 0
Other Benefits
Vacation (91,250)
Payroll taxes 118,289
Workers Compensation 0
Payroll Exp: Benefits 33
Payroll Exp: Payroll 2,004
Health Insurance 127,810
Payroll Exp: Payroll (14,283)
Relocation 0
Training 14,280
Dues and Subscriptions 873
Seminars 0
Consulting Expenses 210,562
Media and Promo 286,698
Retail Marketing
Co-op MDF 1,312,792
Production Development
Network Integration 24,554
Billing Enhancements 7,083
Prod Dev. Live Events 91,060
Insurance 17,666
Office Equipment 653,505
Office Supply
General 4,743
Software 41,192
Professional Fee
Marketing 160,328
Finance 435,987
IT Supplies 4,166
Legal 1,285,000
Other 13,952
Development 10,367
Customer Care 1,417,660
Telecommunications 254,987
Travel & Entertainment (1,332)
Miscellaneous 8,604
Rent & Utility 25,859
Amortization 18,778
Depreciation Expense 289,590
Total Other Income/Expense (46,046)
------------
Total Operating Expenses 8,329,955
Total Net Income ($1,405,391)
============
Headquartered in Los Angeles, Calif., Amp'd Mobile Inc. aka
Amp'D Mobile LLC -- http://www.ampd.com/-- is a mobile virtual
network operator that provides voice, text and entertainment
content to subscribers who contract for cellular telephone
service. The company filed for chapter 11 protection on June 1,
2007 (Bankr. D. Del. Case No. 07-10739). Steven M. Yoder, Esq.,
Eric M. Sutty, Esq. and Mary E. Augustine, Esq. at The Bayard Firm
represent the Debtor in its restructuring efforts. In its
schedules filed with the Court, the Debtor listed total assets of
$47,603,629 and total debts of $164, 569,842. The Debtor's
exclusive period to file a plan expires today, Sept. 29, 2007.
(Amp'd Mobile Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Services Inc., http://bankrupt.com/newsstand/or 215/945-7000).
AMP'D MOBILE: Earns $5,914,624 in Month Ended July 31
-----------------------------------------------------
Amp'd Mobile Inc.
Balance Sheet
At July 31, 2007
Assets
Current Assets
Cash
Bank of America $42,657
Silicon Valley Bank 1,193,952
Merchant Account 0
Bank Account (Retail) 518,047
Merchant Account (Retail) 0
Petty Cash 1,450
SVB Regulatory Tax Filing (13,226)
SVB Tax Account 1,590,749
------------
Total Cash 3,333,639
Total Short Term Investment 2,669,891
Accounts Receivable
Accounts Receivable 153,809,336
AR Subscriber 0
AR Recall 11,517,340
AR Retail Netting Clearing (13,130)
AR Other 602,915
AR Rebates 95,509
AR MTV Equity 0
------------
166,011,970
Total Bad Debt Subscriber (117,230,584)
Total AR Return Reserve (16,949,651)
Inventory
Inventory - Handset 3,468,605
Inventory Accessories 2,513,580
Match not received 1,738,169
------------
Total Inventory 7,720,354
Total Inventory Return Reserve 16,949,651
Other Current Assets
Due from Stockholders 88,000
Deposit 999,337
Employee Advances 0
Prepaid 5,299,696
Prepaid MTV Funds Series 3,050,000
------------
Total Other Current Assets 9,437,033
------------
Total Current Assets 71,942,293
Long Term Assets
Net Fixed Assets
Leasehold Improvements 831,655
Automobile 473,788
Office Equipment 1,260,702
Software 4,068,225
Computer Equipment 2,574,121
Construction in Progress 926,541
Accumulated Depreciation 0
A/D Leasehold (607,581)
A/D Automobile (258,680)
A/D Office Equip & Furniture (691,047)
A/D Software (1,476,985)
A/D Computer Equipment (674,559)
------------
Total Net Fixed Assets 6,426,180
Investments
Investments 336,285
Investment: Ninja Mobile 319,222
------------
Total Long Term Assets 655,507
------------
Total Assets $79,023,979
============
Liabilities
Current Liabilities
Accounts Payable
AP Trade (9,845,444)
Credit Card SVB 0
Prepetition Liabilities P (12,711,021)
Prepetition Liabilities -S (30,323,300)
Prepetition Liabilities Un (172,485,728)
Prepetition Liabilities Unse 11,441,607
------------
Total Accounts Payable (213,923,886)
Accrued Liabilities
AP Accrual (2,144,664)
Athelete Accrual (45,375)
Rebates Payable (151,588)
Handset Insurance Payable (367,989)
Handset Insurance RMA Payable 214
Vacation Accrual 0
401K Liability 37,721
Deferred Revenue (609,830)
AP MTV Equity 0
-----------
Total Accrued Liabilities (3,281,511)
Total Intercompany Payables 425,000
Total Tax Payable (3,273,663)
------------
Total Current Liabilities (220,054,060)
Total Long Term Liabilities 300
Total Liabilities (220,053,760)
Equity
Stock
Preferred Stock Series A (13,593,184)
Preferred Stock Series B (13,962,870)
Preferred Stock Series C (28,940,172)
Common Stock 1,148,809
------------
Total Stock (55,347,417)
Other Equity
Equity (255,091,658)
Equity MTV (24,474,886)
Prepetition Equity 475,158,933
Additional Paid in Capital (1,699,052)
Dividends (832,347)
Opening Balance Equity (1,193,025)
Undistributed Retained Bar 4,509,233
------------
Total Other Equity 196,377,198
------------
Total Equity 141,029,781
------------
Total Liabilities and Equity ($79,023,979)
============
Amp'd Mobile, Inc.
Statement of Operations
Month Ended July 31, 2007
Revenue
Postpaid Voice Revenue
Revenue 0
Airtime-Postpaid (7,492,906)
Voice Customer Credits 267,417
PTT - Postpaid
Customer Credits 151
------------
Total Postpaid Voice Revenue (7,225,339)
Prepaid Voice Revenue
Airtime-Prepaid 723,613
PTT-Prepaid 168,773
Contra Revenue Prepaid 0
------------
Total Prepaid Voice Revenue 892,386
Total Postpaid Content (1,968,858)
Total Prepaid Content 112,900
Total Postpaid Data 0
Total Activation Fees (97,775)
Handset
Handset -Postpaid 1,166
Handset -Prepaid 74,113
Hardware - Customer Credit 400
Handset Subsidy (183,238)
Revenue Return Reserve 0
Total Handset (107,559)
Total Accessories 0
Total Other Revenue (Rebate) (129,580)
------------
Total Sales (8,523,825)
Cost of Sales
Voice 4,597,303
Content (52,011)
Data 0
Handset 0
Accessories 0
Retail Distribution 548,121
Billing Expense 525,533
Logistics (13,628)
Bad Debt 0
Finance Charges
Collection Commissions 287,155
Bank Service Charges (1,847)
Lock box Fees 0
Merchant Service Fees 0
Credit Check Fees 66,575
Other
COS-Prepaid 11,438
Fraud 0
Taxes, Surcharges, Other 52,491
------------
Total Cost of Sales 6,021,129
Gross Margin (2,502,696)
Operating Expenses
Salaries 1,542,248
Bonus 0
Other Benefits
Vacation 17,773
Payroll taxes 97,153
Workers Compensation 0
Payroll Exp: Benefits 16,659
Payroll Exp: Payroll 968
Health Insurance 106,059
Payroll Exp: Payroll 43,494
Relocation-Housing 6,794
Relocation-Moving 3,570
Training 0
Dues and Subscriptions 0
Seminars 0
Consulting Expenses 431,735
Media and Promo 732,914
Retail Marketing
Co-op MDF 1,888,161
Production Development
Network Integration 205,300
Billing Enhancements 7,305
Hardware Development 30,000
User Interface Development 3,000
Prod Dev. Live Events 113,230
Insurance 19,298
Office Equipment 347,234
Office Supply
Office Supplies 209
General 904
Software 41,192
Professional Fee
Recruitment 766
Account (2,701)
Content 75,000
Marketing 44,179
Finance (47,874)
IT Supplies 4,166
Legal 1,453,674
Other 0
Development 49,007
Customer Care 571,285
Telecommunications 54,271
Travel & Entertainment 57,025
Miscellaneous 14,973
Rent & Utility 196,539
Amortization 18,778
Depreciation Expense 289,590
Total Other Income/Expense (16,561)
------------
Total Operating Expenses 8,417,318
------------
Total Net Income $5,914,624
============
Headquartered in Los Angeles, Calif., Amp'd Mobile Inc. aka
Amp'D Mobile LLC -- http://www.ampd.com/-- is a mobile virtual
network operator that provides voice, text and entertainment
content to subscribers who contract for cellular telephone
service. The company filed for chapter 11 protection on June 1,
2007 (Bankr. D. Del. Case No. 07-10739). Steven M. Yoder, Esq.,
Eric M. Sutty, Esq. and Mary E. Augustine, Esq. at The Bayard Firm
represent the Debtor in its restructuring efforts. In its
schedules filed with the Court, the Debtor listed total assets of
$47,603,629 and total debts of $164, 569,842. The Debtor's
exclusive period to file a plan expires on Sept. 29, 2007. (Amp'd
Mobile Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Services Inc., http://bankrupt.com/newsstand/or 215/945-7000).
ARMSTRONG WORLD: Nitram Files July 2007 Monthly Operating Report
----------------------------------------------------------------
Nitram Liquidators, Inc.
Unaudited Balance Sheets
As of July 31, 2007
ASSETS
Current assets:
Cash $12,981
Reserve for uncollectible accounts 559,035
Accounts receivable (559,035)
---------------
Other current assets:
Deferred tax -
Due from parent corporation 952,444
Note receivable due from Southwest Recreation 6,334,948
Reserve for receivable (6,334,948)
---------------
Total current assets 965,425
---------------
Plant, property and equipment, net 0
Other assets 0
---------------
TOTAL ASSETS $965,425
===============
LIABILITIES & EQUITY
Liabilities not subject to compromise:
Due to parent corporation $104,012
Accounts payable - postpetition 481
---------------
Total liabilities not subject to compromise 104,493
Liabilities subject to compromise:
Accounts payable 208,148
Warranty reserves 569,998
Due to affiliates 8,443,772
---------------
Total liabilities subject to compromise 9,221,918
Shareholder's equity:
Common stock 1,000
Cumulative dividends (preferred), 10% p.a. 2,964,500
Dividends (284,098)
Paid-in capital 3,459,000
Retained deficit (14,501,388)
---------------
Total equity (8,360,986)
---------------
TOTAL LIABILITIES & EQUITY $965,425
===============
Nitram Liquidators, Inc.
Unaudited Statements of Operations
Month Ended July 31, 2007
Income $0
---------------
Total operating expenses 0
---------------
Operating income (loss) 0
---------------
Other income (expense)
Bank fees (57)
---------------
Total other income (loss) (57)
---------------
Income (loss) before capital-related expenses ($57)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts. The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice. The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written
confirmation order on Aug. 18, 2006. The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. The Court
has set Oct. 16, 2007, as the last day for filing objections to
the Nitram/Desseaux's disclosure statement. A hearing to consider
confirmation of the Plan is set for Nov. 2, 2007. (Armstrong
Bankruptcy News, Issue No. 115; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Nitram Files August 2007 Monthly Operating Report
------------------------------------------------------------------
Nitram Liquidators, Inc.
Unaudited Balance Sheet
As of August 31, 2007
ASSETS
Current Assets:
Cash $12,425
Accounts Receivable 559,035
Reserve for Uncollectible Accounts (559,035)
---------------
Other Current Assets:
Deferred Tax -
Due from Parent Corporation 952,694
Note Receivable from Southwest Recreation 6,334,948
Reserve for Receivable (6,334,948)
---------------
Total Current Assets 965,119
---------------
Plant, Property and Equipment, Net 0
Other Assets 0
---------------
Total Assets $965,119
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $104,012
Accounts Payable – Postpetition 481
---------------
Total Liabilities Not Subject to Compromise 104,493
Liabilities Subject to Compromise:
Accounts Payable 208,148
Warranty Reserves 569,998
Due to Affiliates 8,443,772
---------------
Total Liabilities Subject to Compromise 9,221,918
Shareholder's Equity:
Common Stock 1,000
Cumulative Dividends (Preferred) 2,964,500
Dividends (284,098)
Paid-in Capital 3,459,000
Retained Deficit (14,501,694)
---------------
Total Equity (8,361,292)
---------------
Total Liabilities and Owners' Equity $965,119
===============
Nitram Liquidators, Inc.
Unaudited Statements of Operations
Month Ended August 31, 2007
Income $0
Professional Fees 250
---------------
Total Operating Expenses 250
Operating Income (Loss) (250)
---------------
Other Income (Expense)
Bank Fees (56)
---------------
Total Other Income (56)
---------------
Income (Loss) Before Capital-related Expenses ($306)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts. The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice. The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written
confirmation order on Aug. 18, 2006. The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. The Court
has set Oct. 16, 2007, as the last day for filing objections to
the Nitram/Desseaux's disclosure statement. A hearing to consider
confirmation of the Plan is set for Nov. 2, 2007. (Armstrong
Bankruptcy News, Issue No. 115; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Desseaux Files July 2007 Monthly Operating Report
------------------------------------------------------------------
Desseaux Corp. of North America
Unaudited Balance Sheet
As of July 31, 2007
ASSETS
Current assets $0
Plant, property and equipment, net 0
Other assets:
Investments in subsidiary 3,885,354
Due from parent corporation 840
---------------
TOTAL ASSETS $3,886,194
===============
LIABILITIES & EQUITY
Liabilities not subject to compromise:
Due to parent corporation $66,805
Payable Nitram Liquidators, Inc. - Post 7,585
---------------
Total liabilities not subject to compromise 74,390
Liabilities subject to compromise:
Accrued expenses $247,768
Payable to subsidiary 944,860
Notes payable 2,964,500
---------------
Total liabilities subject to compromise 4,157,128
Shareholder's equity:
Common stock 1,000
Paid-in capital 2,499,000
Retained deficit (2,845,324)
---------------
Total SHAREHOLDERS' equity (345,324)
---------------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $3,886,194
===============
Desseaux Corp. of North America
Unaudited Statements of Operations
Month Ended July 31, 2007
Ordinary Income/Expense $0
---------------
Total 0
---------------
Federal income taxes 0
State taxes 0
---------------
Net Income (Loss) $0
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts. The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice. The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written
confirmation order on Aug. 18, 2006. The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. The Court
has set Oct. 16, 2007, as the last day for filing objections to
the Nitram/Desseaux's disclosure statement. A hearing to consider
confirmation of the Plan is set for Nov. 2, 2007. (Armstrong
Bankruptcy News, Issue No. 115; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
ARMSTRONG WORLD: Desseaux Files August 2007 Operating Report
------------------------------------------------------------
Desseaux Corp. of North America
Unaudited Balance Sheet
As of August 31, 2007
ASSETS
Current Assets $0
Plant, Property and Equipment, Net 0
Other Assets:
Investment in Subsidiary 3,885,354
Due from Parent Corporation 840
---------------
Total Assets $3,886,194
===============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Due to Parent Corporation $66,805
Payable to Nitram Liquidators – Postpetition 7,835
---------------
Total Liabilities Not Subject to Compromise 74,640
Liabilities Subject to Compromise:
Accrued Expenses 247,768
Payable to Subsidiary 944,860
Notes Payable 2,964,500
---------------
Total Liabilities Subject to Compromise 4,157,128
Shareholder's Equity:
Common Stock 1,000
Paid-in Capital 2,499,000
Retained Deficit (2,845,574)
---------------
Total Shareholder's Equity (345,574)
---------------
Total Liabilities and Owners' Equity $3,886,194
===============
Desseaux Corp. of North America
Unaudited Statements of Operations
Month Ended August 31, 2007
Ordinary Income/Expense:
Trustee Fees $250
---------------
Total Income/Expense 250
---------------
Federal Income Taxes 0
State Taxes 0
---------------
Net Income (Loss) ($250)
===============
Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. (NYSE: AWI) -- http://www.armstrong.com/-- designs and
manufactures floors, ceilings and cabinets. AWI operates 42
plants in 12 countries and employs approximately 14,200 people
worldwide.
The company has Asia-Pacific locations in Australia, China, Hong
Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South
Korea, Taiwan, Thailand and Vietnam. It also has locations in
Colombia, Costa Rica, Greece and Iceland, among others.
The company and its affiliates filed for chapter 11 protection
on Dec. 6, 2000 (Bankr. Del. Case No. 00-04469). Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell
C.Silberglied, Esq., at Richards, Layton & Finger, P.A.,
represent the Debtors in their restructuring efforts. The
company and its affiliates tapped the Feinberg Group for
analysis, evaluation, and treatment of personal injury asbestos
claims.
Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice. The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.
The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003. The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006. The Clerk entered the formal written
confirmation order on Aug. 18, 2006. The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.
Nitram Liquidators Inc. and Desseaux Corporation of North America
delivered to the Court a Joint Chapter 11 Plan of Liquidation and
an accompanying Disclosure Statement on Sept. 20, 2007. The Court
has set Oct. 16, 2007, as the last day for filing objections to
the Nitram/Desseaux's disclosure statement. A hearing to consider
confirmation of the Plan is set for Nov. 2, 2007. (Armstrong
Bankruptcy News, Issue No. 115; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)
HANCOCK FABRICS: Incurs $3,426,000 Net Loss in September 2007
-------------------------------------------------------------
Hancock Fabrics, Inc. and Subsidiaries
Consolidated Balance Sheet
As of September 1, 2007
ASSETS
Current assets:
Cash and cash equivalents $4,849,000
Receivables, less allowance for
doubtful accounts 5,764,000
Inventories 81,396,000
Income taxes refundable 7,116,000
Prepaid expenses 1,937,000
------------
Total current assets 101,062,000
Property and equipment 43,524,000
Other assets 15,087,000
------------
Total Assets $159,673,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise
Accounts payable $16,640,000
Credit facility; DIP financing 17,500,000
Accrued liabilities 8,358,000
Deferred tax liabilities 7,152,000
Liabilities subject to compromise
Accounts payable 27,644,000
Accrued liabilities 14,259,000
Long-term lease financing obligations 1,681,000
Capital lease obligations 1,714,000
Postretirement benefits other than pensions 9,473,000
Pension and SERP liabilities 8,786,000
Other liabilities 9,109,000
------------
Total Liabilities 122,316,000
Total Shareholders' Equity 37,357,000
------------
Total liabilities and shareholders' equity $159,673,000
============
Hancock Fabrics, Inc. and Subsidiaries
Consolidated Statement of Operations
For the Month Ended September 1, 2007
Sales $18,508,000
Cost of goods sold 10,258,000
-----------
Gross profit 8,250,000
Selling, general & admin expense 9,379,000
Depreciation and amortization 231,000
------------
Operating income (loss) (1,360,000)
Reorganization expenses 1,673,000
Interest expense, net 393,000
------------
Earnings (loss) before income taxes (3,426,000)
Income taxes 0
------------
Net earnings (loss) ($3,426,000)
============
Hancock Fabrics, Inc. and Subsidiaries
Consolidated Statement of Cash Flow
For the Month Ended September 1, 2007
Cash flows from operating activities:
Net earnings ($3,426,000)
Adjustments to reconcile net
earnings to cash flows used in
operating activities
Depreciation and amortization 430,000
Amortization of deferred loan costs 186,000
LIFO charge (credit) 275,000
Reserve for store closings credits (63,000)
Reserve for obsolete inventory 0
Reserve for sales returns and bad debts 0
Stepped rent accrual (1,000)
Loss on disposition of property and equipment (5,000)
Gain on disposition of lease
financing obligations 0
Stock compensation expense 46,000
(Increase) decrease in assets
Receivables and prepaied expenses 252,000
Inventory at current cost (3,387,000)
Other non-current assets 38,000
Increase (decrease) in liabilities
Accounts payable 1,447,000
Accrued liabilities 162,000
Postretirement benefits other than pensions (41,000)
Long-term pension and SERP liabilities 157,000
Reserve for store closings (11,000)
Other liabilities (12,000)
------------
Net cash used in operating activities (3,953,000)
Cash flows from investing activities:
Additions to property and equipment (101,000)
Proceeds from the disposition of
property and equipment 3,000
------------
Net cash used in investing activities (98,000)
Cash flows from financing activities:
Net borrowings on revolving credit agreement 0
Payments for lease financing (1,000)
Payments for capital leases (3,000)
Payments for loan costs 0
Purchase of treasury stock 0
Tax obligation settled with treasury stock 0
------------
Net cash used in financing activities (4,000)
------------
Decrease in cash and cash equivalents (4,055,000)
Cash, beginning of period 8,904,000
------------
Cash, end of period $4,849,000
============
Headquartered in Baldwyn, Mississippi, Hancock Fabrics Inc.
(OTC: HKFIQ) -- http://www.hancockfabrics.com/-- is a specialty
retailer of a wide selection of fashion and home decorating
textiles, sewing accessories, needlecraft supplies and sewing
machines. Hancock Fabrics is one of the largest fabric retailers
in the United States, currently operating approximately 400 retail
stores in approximately 40 states. The company employs
approximately 7,500 people on a full-time and part-time basis.
Most of the company's employees work in its retail stores, or in
field management to support its retail stores.
The company and six of its debtor-affiliates filed for chapter 11
protection on March 21, 2007 (Bankr. D. Del. Lead Case No.
07-10353). Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell, represent the Debtors. When the Debtors filed for
protection from their creditors, they listed $241,873,900 in total
assets and 161,412,000 in total liabilities. The Court extended
the Debtors' exclusive period to file a plan until Feb. 28, 2008.
(Hancock Fabric Bankruptcy News, Issue No. 17, Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).
KUSHNER-LOCKE: Files June 2007 Monthly Operating Report
-------------------------------------------------------
The Kushner-Locke Company and its debtor-affiliates filed their
monthly operating report for June 2007 with the U.S. Bankruptcy
Court for the Central District of California, Los Angeles
Division.
For the month ending June 30, 2007, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $50,884
Total Non-Operating Expenses $49,621
Net Income (Loss) ($100,505)
For the period from June 1, 2007, through June 30, 2007, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
A C C O U N T T Y P E
Collateral Concentration City National
---------- ------------- -------------
Bal, before
Statement #1 $268,333 $65,956 $0
Total Receipts 9,951,385 8,824,774 924,611
Total Disbursement 9,110,014 8,786,432 21,340
Beg, Balance 1,109,703 104,297 903,270
Receipts for
the Period 4,479 85,000 -
End, Balance 1,114,183 189,297 903,270
Full-text copies of The Kushner-Locke Company's June 2007
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?23c8
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?23c9
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
NEW CENTURY: Posts $15,778,025 Net Loss in July 2007
----------------------------------------------------
New Century Financial Corp. and debtor-affiliates
Consolidated Balance Sheet
As of July 31, 2007
Assets
Current Assets:
Unrestricted Cash and Equivalents $113,189,286
Restricted Cash and Equivalents 18,268,501
Accounts Receivable, Net 0
Notes Receivable 0
Inventories 0
Prepaid Expenses 3,786,658
Professional Retainers 0
Other Current Assets 75,328,860
--------------
Total Current Assets 210,573,305
--------------
Property and Equipment 79,918,890
Other Assets 7,749,111,293
--------------
Total Assets $8,039,603,488
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise:
Accounts Payable $0
Professional Fees 11,177,083
Liabilities Subject to Compromise:
Secured Debt 7,359,904,895
Priority Debt 2,739,519
Unsecured Debt 263,110,013
--------------
Total Liabilities 7,636,931,510
--------------
Owner Equity:
Capital Stock $9,480,047
Additional Paid-in Capital 2,170,845,310
Partners' Capital Account 0
Owners' Equity Account 0
Retained Earnings -- Prepetition (1,088,392,464)
Retained Earnings -- Postpetition (689,260,915)
Adjustments to Owner Equity 0
Postpetition Contributions 0
--------------
Net owner Equity 402,671,978
--------------
Total Liabilities and Owners' Equity $8,039,603,488
==============
New Century Financial Corp. and debtor-affiliates
Consolidated Statement of Operations
Month Ended July 31, 2007
Revenues ($151,995)
Cost of Goods Sold 0
Operating Expenses:
Advertising 88,175
Employee Benefits Programs 246,828
Insurance 476,185
Office Expense 1,884,914
Rent and Lease Expense 2,352,874
Salaries, Commissions, & Fees 2,988,345
Travel and Entertainment 7,207
Other 1,883,640
Depreciation, Depletion & Amortization 2,105,405
--------------
Net Profit (Loss) before Other Income & Expenses (12,185,568)
Other Income 0
Reorganization Items
Professional Fees 3,605,527
Interest Earned for Accumulated Cash (13,070)
Total Reorganization Expenses 3,592,457
Income Taxes 0
--------------
Net Profit (Loss) ($15,778,025)
==============
New Century Financial Corp. and debtor-affiliates
Schedule of Cash Receipts and Disbursements
Month Ended July 31, 2007
Cash, Beginning of month $223,920,561
Total Receipts 16,509,693
Total Disbursements (108,972,469)
Net Cash Flow (92,462,776)
--------------
Cash, End of month $131,457,785
==============
Founded in 1995, Irvine, Calif.-based New Century Financial
Corporation (NYSE: NEW) -- http://www.ncen.com/-- is a real
estate investment trust, providing mortgage products to borrowers
nationwide through its operating subsidiaries, New Century
Mortgage Corporation and Home123 Corporation. The company offers
a broad range of mortgage products designed to meet the needs of
all borrowers.
The company and its debtor-affiliates filed for Chapter 11
protection on April 2, 2007 (Bankr. D. Del. Lead Case No.
07-10416). Suzzanne Uhland, Esq., Austin K. Barron, Esq., and Ana
Acevedo, Esq., at O'Melveny & Myers LLP, and Mark D. Collins,
Esq., Michael J. Merchant, Esq., and Jason M. Madron, Esq., at
Richards, Layton & Finger, P.A., represent the Debtors. The
Official Committee of Unsecured Creditors selected Hahn & Hessen
as its bankruptcy counsel and Blank Rome LLP as its co-counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$36,276,815 and total debts of $102,503,950.
The Debtors' exclusive period to file a plan expires on Nov. 28,
2007. (New Century Bankruptcy News, Issue No. 22; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
PUBLICARD INC: Incurs $57,334 Net Loss In August 2007
-----------------------------------------------------
For the month ended Aug. 31, 2007, Publicard Inc. incurred a
net loss of $57,334 on zero revenues.
The company's balance sheet as of Aug. 31, 2007, showed total
assets of $101,859 and total liabilities of $436,957 resulting in
a total stockholders deficit of $335,098.
The company's August 31 balance sheet also showed strained
liquidity with $97,925 in total current assets available to pay
$313,821 in total pre-petition current liabilities and $123,136 in
total post-petition current liabilities.
A full-text copy of the company's monthly operating report for the
month ended Aug. 31, 2007, is available for free at:
http://ResearchArchives.com/t/s?23cc
PubliCARD Inc. is a smart card technology company that provides
products and solutions to facilitate secure access and
transactions. PubliCARD also licenses smart card reader
technology and the integrated circuit technology within readers.
Headquartered in New York, PubliCARD Inc. fka Publicker Inc. filed
a chapter 11 petition on May 17, 2007 (Bankr. S.D.N.Y. Case No.
07-11517). David C. McGrail, Esq., at the Law Offices of David C.
McGrail in New York represents the Debtor in its restructuring
efforts. The company listed assets and debts between $100,000 to
$500,000 when it sought bankruptcy protection.
*********
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
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
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, Joseph C. Martirez, Sheena R. 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 ***