/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/071124.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, November 24, 2007, Vol. 11, No. 279 Headlines ARMSTRONG WORLD: Desseaux Files Operating Report for October 2007 ARMSTRONG WORLD: Nitram Files Operating Report for October 2007 CALPINE CORP: Earns $3.7 Billion in Period Ended Sept. 30, 2007 COMPLETE RETREATS: Incurs $2,193 Net Loss in Month Ended May 31 COMPLETE RETREATS: Preferred Retreats Files May 2007 Report COMPLETE RETREATS: Distinctive Retreats Files May 2007 Report COMPLETE RETREATS: Private Retreats Files May 2007 Report COMPLETE RETREATS: Legendary Retreats Files May 2007 Report DANA CORPORATION: Earns $23 Million in Month Ended September 30 FEDERAL-MOGUL: Posts $7.6 Million Net Loss in Month Ended Oct. 31 LEVITT & SONS: Files Schedules of Assets and Liabilities NEW CENTURY: Incurs $42,714,743 Net Loss in September 2007 SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report SEA CONTAINERS: SeaCon Services Files Sept. 2007 Operating Report SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Operating Report TWEETER HOME: Posts $1,062,986 Net Loss in Month Ended June 3 ********* ARMSTRONG WORLD: Desseaux Files Operating Report for October 2007 ----------------------------------------------------------------- Desseaux Corp. of North America Unaudited Balance Sheet As of October 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 8,085 --------------- Total Liabilities Not Subject to Compromise 74,890 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 (2,845,824) --------------- Total Shareholder's Equity (345,824) --------------- Total Liabilities and Owners' Equity $3,886,194 =============== Desseaux Corp. of North America Unaudited Statements of Operations Month Ended October 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. A hearing to consider confirmation of Nitram and Desseaux's Plan has been set for Dec. 17, 2007. (Armstrong Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ARMSTRONG WORLD: Nitram Files Operating Report for October 2007 --------------------------------------------------------------- Nitram Liquidators, Inc. Unaudited Balance Sheet As of October 31, 2007 ASSETS Current Assets: Cash $11,810 Accounts Receivable 559,035 Reserve for Uncollectible Accounts (559,035) --------------- Other Current Assets: Deferred Tax 0 Due from Parent Corporation 952,944 Note Receivable from Southwest Recreation 6,334,948 Reserve for Receivable (6,334,948) --------------- Total Current Assets 964,754 --------------- Plant, Property and Equipment, Net 0 Other Assets 0 --------------- Total Assets $964,754 =============== 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 (14,502,059) --------------- Total Equity (8,361,657) --------------- Total Liabilities and Owners' Equity $964,754 =============== Nitram Liquidators, Inc. Unaudited Statements of Operations Month Ended October 31, 2007 Income $0 Operating Expenses Professional Fees 250 --------------- Total Operating Expenses 250 Operating Income (Loss) (250) Other Income (Expense) Interest Expense (58) --------------- Total Other Income (58) --------------- Income (Loss) Before Capital-related Expenses ($308) =============== 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. A hearing to consider confirmation of Nitram and Desseaux's Plan has been set for Dec. 17, 2007. (Armstrong Bankruptcy News, Issue No. 118; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) CALPINE CORP: Earns $3.7 Billion in Period Ended Sept. 30, 2007 --------------------------------------------------------------- Calpine Corporation Consolidated Condensed Balance Sheet As of September 30, 2007 ASSETS Current assets: Cash and cash equivalents $1,703,000,000 Accounts receivable, net 1,047,000,000 Inventories 117,000,000 Margin deposits and other prepaid expense 395,000,000 Restricted cash, current 406,000,000 Current derivative assets 227,000,000 Assets held for sale 198,000,000 Other current assets 55,000,000 --------------- Total current assets 4,148,000,000 Property, plant and equipment, net 12,452,000,000 Restricted cash, net of current portion 155,000,000 Investments 249,000,000 Long-term derivative assets 257,000,000 Non-current assets held for sale - Other assets 972,000,000 --------------- Total assets $18,233,000,000 =============== LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $614,000,000 Accrued interest payable 187,000,000 Debt, current 4,875,000,000 Current derivative liabilities 280,000,000 Income taxes payable 39,000,000 Liabilities held for sale - Other current liabilities 466,000,000 --------------- Total current liabilities 6,461,000,000 Debt, net of current portion 3,129,000,000 Deferred income taxes, net of current portion 655,000,000 Long-term derivative liabilities 429,000,000 Long-term liabilities 269,000,000 --------------- Total liabilities not subject to compromise 10,943,000,000 Liabilities subject to compromise 11,667,000,000 Minority interests 8,000,000 Stockholders' equity (deficit): Common stock 1,000,000 Additional paid-in capital 3,270,000,000 Additional paid-in capital, loaned shares 7,000,000 Additional paid-in capital, returnable shares (7,000,000) Accumulated deficit (7,543,000,000) Accumulated other comprehensive loss (113,000,000) --------------- Total stockholders' deficit (4,385,000,000) Total liabilities and stockholders' deficit $18,233,000,000 =============== Calpine Corporation Consolidated Condensed Statement of Operations For the period ending September 30, 2007 Revenue: Electricity and steam revenue $473,000,000 Sales of purchased power and gas for hedging and optimization 159,000,000 Mark-to-market activities, net (15,000,000) Other revenue 2,000,000 ------------- Total revenue 619,000,000 Cost of revenue: Plant operating expense 65,000,000 Purchased power and gas expense for hedging and optimization 105,000,000 Fuel expense 315,000,000 Depreciation & amortization expense 37,000,000 Operating lease expense 5,000,000 Other cost of revenue 11,000,000 ------------- Total cost of revenue 538,000,000 Gross profit (loss) 81,000,000 Equipment, development project & other impairments - Sales, general and administrative expense 9,000,000 Other operating expenses 16,000,000 ------------- Income (loss) from operations 56,000,000 Interest expense 413,000,000 Interest (income) (4,000,000) Minority interest expense 1,000,000 Other (income) expense, net (121,000,000) ------------- Income (loss) before reorganization items & provision (benefit) for income taxes (233,000,000) Reorganization items (4,053,000,000) ------------- Income (loss) before provision (benefit) for income taxes 3,820,000,000 Provision (benefit) for income taxes 39,000,000 -------------- Net income (loss) $3,781,000,000 ============== Based in San Jose, California, Calpine Corporation (OTC Pink Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers and communities with electricity from clean, efficient, natural gas-fired and geothermal power plants. Calpine owns, leases and operates integrated systems of plants in 21 U.S. states and in three Canadian provinces. Its customized products and services include wholesale and retail electricity, gas turbine components and services, energy management and a wide range of power plant engineering, construction and maintenance and operational services. The company and its affiliates filed for chapter 11 protection on Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq., and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the Debtors in their restructuring efforts. Michael S. Stamer, Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the Official Committee of Unsecured Creditors. As of Aug. 31, 2007, the Debtors disclosed total assets of $18,467,000,000, total liabilities not subject to compromise of $11,207,000,000, total liabilities subject to compromise of $15,354,000,000 and stockholders' deficit of $8,102,000,000. On Feb. 3, 2006, two more affiliates, Geysers Power Company, LLC, and Silverado Geothermal Resources, Inc., filed voluntary chapter 11 petitions (Bankr. S.D.N.Y. Case Nos. 06-10197 and 06-10198). On Sept. 20, 2007, Santa Rosa Energy Center, LLC, another affiliate, also filed a voluntary chapter 11 petition (Bankr. S.D.N.Y. Case No. 07-12967). On June 20, 2007, the Debtors filed their Chapter 11 Plan and Disclosure Statement. On Aug. 27, 2007, the Debtors filed their Amended Plan and Disclosure Statement. Calpine filed a Second Amended Plan on Sept. 19, 2007 and on Sept. 24, 2007, filed a Third Amended Plan. On Sept. 25, 2007, the Court approved the adequacy of the Debtors' Disclosure Statement and entered a written order on September 26. The hearing to consider confirmation of that Plan begins Dec. 17, 2007. (Calpine Bankruptcy News, Issue No. 70; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Incurs $2,193 Net Loss in Month Ended May 31 --------------------------------------------------------------- Complete Retreats, LLC Balance Sheet As of May 31, 2007 ASSETS Unrestricted Cash - Restricted Cash - -------------- Total Cash $0.00 Accounts Receivable (Net) - Inventory - Notes Receivable - Prepaid Expenses 0.00 Other - -------------- Total Current Assets 0.00 Property, Plant & Equipment 656,115.87 Less: Accumulated Depreciation/Depletion (127,341.74) -------------- Net Property, Plant & Equipment 528,774.13 Due from Insiders - Other Assets - Net of Amortization - Other 4,072,561.98 -------------- Total Assets $4,601,336.11 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable - Taxes Payable - Notes Payable - Professional Fees - Secured Debt - Other - -------------- Total Postpetition Liabilities $0.00 Prepetition Liabilities Secured Debt - Priority Debt - Unsecured Debt 0.00 Other 480,779.42 -------------- Total Prepetition Liabilities 480,779.42 -------------- Total Liabilities 480,779.42 Equity Prepetition Owners' Equity 4,104,050.48 Postpetition Cumulative Profit or Loss 16,506.21 Cash funded from UR LLC in excess of P&L losses - -------------- Total Equity 4,120,556.69 -------------- Total Liabilities & Owners' Equity $4,601,336.11 ============== Complete Retreats LLC reported a $2,193.79 net loss for May 2007. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court approved the Debtors' amended disclosure statement explaining their amended plan of liquidation on Aug. 31, 2007. The Court will confirm that plan on Nov. 28, 2007. (Complete Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Preferred Retreats Files May 2007 Report ----------------------------------------------------------- Preferred Retreats, LLC Balance Sheet As of May 31, 2007 ASSETS Unrestricted Cash $246,031.17 Restricted Cash 326,849.43 -------------- Total Cash 572,880.60 Accounts Receivable (Net) 695,701.98 Inventory 2,044,088.48 Notes Receivable 142,703.55 Prepaid Expenses 1,721,274.43 Other 592,090.83 -------------- Total Current Assets $5,195,859.27 Property, Plant & Equipment 3,827,112.63 Less: Accumulated Depreciation/Depletion (3,444,881.15) -------------- Net Property, Plant & Equipment 382,231.48 Due from Insiders 2,222,991.08 Other Assets - Net of Amortization 1,555.00 Other 71,807,427.69 -------------- Total Assets $80,182,945.12 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable $6,171,183.74 Taxes Payable - Notes Payable 279,547.54 Professional Fees - Secured Debt - Other 32,644,414.04 -------------- Total Postpetition Liabilities 39,095,145.32 Prepetition Liabilities Secured Debt 43,411.29 Priority Debt - Unsecured Debt 11,113,184.59 Other 155,463,553.67 -------------- Total Prepetition Liabilities 166,620,149.55 -------------- Total Liabilities $205,715,294.87 -------------- Equity Prepetition Owners' Equity (90,524,986.16) Postpetition Cumulative Profit or Loss (35,393,864.29) Cash funded from UR LLC in excess of P&L losses 386,500.70 -------------- Total Equity (125,532,349.75) -------------- Total Liabilities & Owners' Equity $80,182,945.12 ============== Preferred Retreats, LLC Statement of Operations May 1 to 31, 2007 Revenues Gross Revenues ($0.80) Less: Returns & Discounts 0.00 -------------- Net Revenue (0.80) Cost of Goods Sold Material 0.00 Direct Labor - Direct Overhead 141,037.31 -------------- Total Cost of Goods Sold 141,037.31 -------------- Gross Profit (141,038.11) Operating Expenses Officer/Insider Compensation - Selling & Marketing 35,306.92 General Administration 18,940.06 Rent & Lease 230,418.02 Other 0.00 -------------- Total Operating Expenses 284,665.00 -------------- Income Before Non-Operating Income & Expenses (425,703.11) Other Income & Expenses Non-operating Income - Non-operating Expense 425,197.63 Interest Expense 1,850,473.69 Depreciation/Depletion 0.00 Amortization - Other (39,375.37) -------------- Net Other Income & Expenses 2,315,046.69 Reorganization Expenses Professional Fees 1,861,116.85 U.S. Trustee Fees - Other 14,290.00 -------------- Total Reorganization Expenses 1,875,406.85 -------------- Income Tax - -------------- Net Profit (Loss) ($4,616,156.65) ============== Preferred Retreats, LLC Consolidated Cash Receipts and Disbursements May 1 to 31, 2007 Cash - Beginning of Month $2,776,240.66 Receipts from Operations Cash Sales 12,186.51 Collection of Accounts Receivable Prepetition - Postpetition - -------------- Total Operating Receipts 12,186.51 Non-operating Receipts Loans & Advances 1,290,796.17 Sale of Assets 81,700,000.00 Other 1,204,447.57 -------------- Total Non-operating Receipts 84,195,243.74 -------------- Total Receipts 84,207,430.25 -------------- Total Cash Available 86,983,670.91 Operating Disbursements Gross Payroll 499,755.77 Payroll Taxes Paid 0.00 Sales, Use & Other Taxes Paid 1,367,955.88 Secured/Rental/Leases 0.00 Utilities 0.00 Insurance 41,984.20 Mortgages 74,674,893.66 Interest 913,126.68 Employee Expenses 0.00 House Keeping & Contract Labor 0.00 Repairs & Maintenance 0.00 Field Expenses 66,645.82 International Destination Expenses 116,359.88 HOA 111,716.30 Other 341,032.80 -------------- Total Operating Disbursements 78,133,470.99 Reorganization Expenses Professional Fees 4,573,024.44 U.S. Trustee Fees 37,000.00 Other 1,630,071.24 -------------- Total Reorganization Expenses 6,240,095.68 -------------- Total Disbursements 84,373,566.67 -------------- Net Cash Flow (166,136.42) -------------- Cash - End of Month $2,610,104.24 ============== About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court approved the Debtors' amended disclosure statement explaining their amended plan of liquidation on Aug. 31, 2007. The Court will confirm that plan on Nov. 28, 2007. (Complete Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Distinctive Retreats Files May 2007 Report ------------------------------------------------------------- Distinctive Retreats, LLC Balance Sheet As of May 31, 2007 ASSETS Unrestricted Cash $0.00 Restricted Cash - -------------- Total Cash 0.00 Accounts Receivable (Net) 0.00 Inventory 50,830.98 Notes Receivable 448,000.00 Prepaid Expenses 198,554.77 Other - -------------- Total Current Assets 697,385.75 Property, Plant & Equipment 48,310,058.51 Less: Accumulated Depreciation/Depletion (3,713,484.54) -------------- Net Property, Plant & Equipment 44,596,573.97 Due from Insiders - Other Assets - Net of Amortization 485,000.00 Other 138,357,194.10 -------------- Total Assets $184,136,153.82 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable $0.00 Taxes Payable - Notes Payable 0.00 Professional Fees - Secured Debt - Other 1,486,559.36 -------------- Total Postpetition Liabilities 1,486,559.36 Prepetition Liabilities Secured Debt 452,027.00 Priority Debt - Unsecured Debt 30,713,743.27 Other 16,851,099.94 -------------- Total Prepetition Liabilities 48,016,870.21 -------------- Total Liabilities 49,503,429.57 Equity Prepetition Owners' Equity 133,882,809.53 Postpetition Cumulative Profit or Loss 749,914.72 Cash funded from UR LLC in excess of P&L losses - -------------- Total Equity 134,632,724.25 -------------- Total Liabilities & Owners' Equity $184,136,153.82 ============== Distinctive Retreats, LLC Statement of Operations May 1 to 31, 2007 Revenues Gross Revenues $0.00 Less: Returns & Discounts - -------------- Net Revenue 0.00 Cost of Goods Sold Material - Direct Labor - Direct Overhead - -------------- Total Cost of Goods Sold 0.00 -------------- Gross Profit 0.00 Operating Expenses Officer/Insider Compensation - Selling & Marketing - General Administration - Rent & Lease - Other 0.00 -------------- Total Operating Expenses 0.00 -------------- Income Before Non-Operating Income & Expenses 0.00 Other Income & Expenses Non-operating Income - Non-operating Expense - Interest Expense - Depreciation/Depletion 0.00 Amortization - Other (969,969.52) -------------- Net Other Income & Expenses (969,969.52) Reorganization Expenses Professional Fees 0.00 U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses 0.00 -------------- Income Tax - -------------- Net Profit (Loss) $969,969.52 ============== Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court approved the Debtors' amended disclosure statement explaining their amended plan of liquidation on Aug. 31, 2007. The Court will confirm that plan on Nov. 28, 2007. (Complete Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Private Retreats Files May 2007 Report --------------------------------------------------------- Private Retreats, LLC Balance Sheet As of May 31, 2007 ASSETS Unrestricted Cash $0.00 Restricted Cash 1,678.78 -------------- Total Cash 1,678.78 Accounts Receivable (Net) 0.00 Inventory 71,383.95 Notes Receivable 560,981.46 Prepaid Expenses 0.00 Other 0.00 -------------- Total Current Assets 632,365.41 Property, Plant & Equipment 19,195,050.13 Less: Accumulated Depreciation/Depletion (5,918,560.10) -------------- Net Property, Plant & Equipment 13,276,490.03 Due from Insiders - Other Assets - Net of Amortization 1,152,200.00 Other 22,310,421.19 -------------- Total Assets $37,373,155.41 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable - Taxes Payable - Notes Payable $14,901.15 Professional Fees - Secured Debt - Other $1,206,686.82 -------------- Total Postpetition Liabilities 1,221,587.97 Prepetition Liabilities Secured Debt 186,737.79 Priority Debt - Unsecured Debt 5,432,514.70 Other 12,508,567.02 -------------- Total Prepetition Liabilities 18,127,819.51 -------------- Total Liabilities 19,349,407.48 Equity Prepetition Owners' Equity 19,317,216.52 Postpetition Cumulative Profit or Loss (1,293,468.59) Cash funded from UR LLC in excess of P&L losses - -------------- Total Equity 18,023,747.93 -------------- Total Liabilities & Owners' Equity $37,373,155.41 ============== Private Retreats, LLC Statement of Operations May 1 to 31, 2007 Revenues Gross Revenues $0.00 Less: Returns & Discounts - -------------- Net Revenue 0.00 Cost of Goods Sold Material - Direct Labor - Direct Overhead - -------------- Total Cost of Goods Sold 0.00 -------------- Gross Profit 0.00 Operating Expenses Officer/Insider Compensation - Selling & Marketing - General Administration 0.00 Rent & Lease - Other - -------------- Total Operating Expenses 0.00 -------------- Income Before Non-Operating Income & Expenses 0.00 Other Income & Expenses Non-operating Income - Non-operating Expense - Interest Expense - Depreciation/Depletion 0.00 Amortization - Other (509,145.02) -------------- Net Other Income & Expenses (509,145.02) Reorganization Expenses Professional Fees 0.00 U.S. Trustee Fees - Other - -------------- Total Reorganization Expenses 0.00 -------------- Income Tax - -------------- Net Profit (Loss) $509,145.02 ============== Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court approved the Debtors' amended disclosure statement explaining their amended plan of liquidation on Aug. 31, 2007. The Court will confirm that plan on Nov. 28, 2007. (Complete Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). COMPLETE RETREATS: Legendary Retreats Files May 2007 Report ----------------------------------------------------------- Legendary Retreats, LLC Balance Sheet As of May 31, 2007 ASSETS Unrestricted Cash $0.00 Restricted Cash - -------------- Total Cash 0.00 Accounts Receivable (Net) 0.00 Inventory - Notes Receivable 1,610,000.00 Prepaid Expenses 73,910.42 Other 110,000.00 -------------- Total Current Assets 1,793,910.42 Property, Plant & Equipment 26,935.82 Less: Accumulated Depreciation/Depletion - -------------- Net Property, Plant & Equipment 26,935.82 Due from Insiders - Other Assets - Net of Amortization - Other 17,787,455.72 -------------- Total Assets $19,608,301.96 ============== LIABILITIES & OWNERS' EQUITY Postpetition Liabilities Accounts Payable 0.00 Taxes Payable - Notes Payable 11,365.58 Professional Fees - Secured Debt - Other 0.00 -------------- Total Postpetition Liabilities 11,365.58 Prepetition Liabilities Secured Debt - Priority Debt - Unsecured Debt 482,432.31 Other 3,887,743.28 -------------- Total Prepetition Liabilities 4,370,175.59 -------------- Total Liabilities 4,381,541.17 Equity Prepetition Owners' Equity 15,289,439.89 Postpetition Cumulative Profit or Loss (62,679.10) Cash funded from UR LLC in excess of P&L losses - -------------- Total Equity 15,226,760.79 -------------- Total Liabilities & Owners' Equity $19,608,301.96 ============== Legendary Retreats, LLC, reported net income of $2,562.29 for May 2007. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court approved the Debtors' amended disclosure statement explaining their amended plan of liquidation on Aug. 31, 2007. The Court will confirm that plan on Nov. 28, 2007. (Complete Retreats Bankruptcy News, Issue No. 37 Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). DANA CORPORATION: Earns $23 Million in Month Ended September 30 --------------------------------------------------------------- Dana Corporation Unaudited Condensed Consolidated Balance Sheet As of September 30, 2007 ASSETS CURRENT ASSETS Cash and cash equivalent assets $1,035,000,000 Accounts receivable Trade 1,410,000,000 Other 290,000,000 Inventories 843,000,000 Assets of discontinued operations 52,000,000 Other current assets 155,000,000 --------------- Total current assets 3,785,000,000 Investments in equity affiliates 430,000,000 Net property, plant and equipment 1,740,000,000 Other noncurrent assets 1,063,000,000 --------------- TOTAL ASSETS $7,018,000,000 =============== LIABILITY AND SHAREHOLDERS' DEFICIT CURRENT LIABILITIES DIP Financing $900,000,000 Notes payable, including current portion of long-term debt 52,000,000 Accounts payable 1,136,000,000 Liabilities of discontinued operations 21,000,000 Other accrued liabilities 833,000,000 --------------- Total current liabilities 2,942,000,000 Liabilities subject to compromise 4,011,000,000 Deferred employee benefits and other non-current liabilities 493,000,000 Long-term debt 13,000,000 Minority interest in consolidated subsidiaries 95,000,000 --------------- Total liabilities 7,554,000,000 Shareholders' deficit (536,000,000) --------------- TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $7,018,000,000 =============== Dana Corporation Unaudited Condensed Statement of Operations For the Month Ended September 30, 2007 Net Sales $732,000,000 Costs and expenses Costs of sales 690,000,000 Selling, general and administrative expenses 23,000,000 Realignment charges (4,000,000) Other income, net 12,000,000 --------------- Income (loss) from operations 35,000,000 Interest expense 5,000,000 Reorganization items, net (24,000,000) --------------- Income (loss) before income taxes 54,000,000 Income tax (expense) benefit (15,000,000) Minority interest 1,000,000 Equity in earnings of affiliates (5,000,000) --------------- Income (loss) before continuing operations 63,000,000 Income (loss) from discontinued operations (40,000,000) --------------- Net income (loss) $23,000,000 =============== Dana Corporation Unaudited Condensed Statement of Cash Flow For the Month Ended September 30, 2007 OPERATING ACTIVITIES Net income (loss) $23,000,000 Depreciation and amortization 24,000,000 Loss on sale of business 23,000,000 Non-cash portion of U.K. pension charge 0 Decrease (increase) in working capital (86,000,000) Unremitted equity earnings in affiliates 5,000,000 Reorganization items, net of payments (30,000,000) Other 20,000,000 --------------- Net cash flow provided by (used for) operating activities (21,000,000) INVESTING ACTIVITIES Purchases of property, plant and equipment (13,000,000) Proceeds from sale of assets 0 Other 5,000,000 --------------- Net cash flow provided by (used for) investing activities (8,000,000) FINANCING ACTIVITIES Net change in short-term debt (14,000,000) Proceeds from DIP Credit Agreement 0 Net cash flow provided by (used for) financing activities (14,000,000) --------------- Net increase in cash equivalents (43,000,000) Cash & cash equivalents, beginning of period 1,078,000,000 --------------- Cash and cash equivalents, end of period $1,035,000,000 =============== Headquartered in Toledo, Ohio, Dana Corporation -- http://www.dana.com/-- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin-American regions and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed US$6,878,000,000 in total assets and $7,551,000,000 in total debts resulting in a total shareholders' deficit of $673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court has set Dec. 10, 2007, to consider confirmation of the Plan. (Dana Corporation Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDERAL-MOGUL: Posts $7.6 Million Net Loss in Month Ended Oct. 31 ----------------------------------------------------------------- Federal-Mogul Global, Inc., et al. Unaudited Balance Sheet As of October 31, 2007 (In millions) Assets Cash and equivalents $67.9 Accounts receivable 616.2 Inventories 405.3 Deferred taxes 194.6 Prepaid expenses and other current assets 114.9 -------- Total current assets 1,398.8 Summary of Unpaid Postpetition Debits 10.3 Intercompany Loans Receivable (Payable) 1,743.5 -------- Intercompany Balances 1,753.8 Property, plant and equipment 751.1 Goodwill 930.9 Other intangible assets 340.2 Insurance recoverable 896.1 Other non-current assets 1,273.4 -------- Total Assets $7,344.3 ======== Liabilities and Shareholders' Equity Short-term debt $790.7 Accounts payable 238.0 Accrued compensation 74.3 Restructuring and rationalization reserves 10.2 Current portion of asbestos liability - Interest payable 3.8 Other accrued liabilities 961.4 -------- Total current liabilities 2,078.5 Long-term debt - Post-employment benefits 687.8 Other accrued liabilities 593.4 Liabilities subject to compromise 5,459.4 Shareholders' equity: Preferred stock 1,050.6 Common stock 662.1 Additional paid-in capital 8,000.3 Accumulated deficit (11,447.8) Accumulated other comprehensive income 260.1 Other - -------- Total Shareholders' Equity (1,474.7) -------- Total Liabilities and Shareholders' Equity $7,344.3 ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Operations For the Month Ended October 31, 2007 (In millions) Net sales $271.0 Cost of products sold 223.7 -------- Gross margin 47.3 Selling, general & administrative expenses (40.9) Amortization (1.2) Reorganization items (4.8) Interest income (expense), net (16.1) Other income (expense), net 8.8 -------- Earnings before Income Taxes (6.9) Income Tax (Expense) Benefit (0.8) -------- Earnings before cumulative effect of change in accounting principle (7.6) -------- Net Earnings (loss) ($7.6) ======== Federal-Mogul Global, Inc., et al. Unaudited Statement of Cash Flows For the Month Ended October 31, 2007 (In millions) Cash Provided From (Used By) Operating Activities: Net earning (loss) ($7.6) Adjustments to reconcile net earnings (loss) to net cash: Depreciation and amortization 14.6 Adjustment of assets held for sale and other long-lived assets to fair value - Asbestos charge - Summary of unpaid postpetition debits - Cumulative effect of change in acctg. principle - Change in post-employment benefits 7.3 Decrease (increase) in accounts receivable 1.3 Decrease (increase) in inventories (1.5) Increase (decrease) in accounts payable (8.2) Change in other assets & other liabilities (28.4) Change in restructuring charge - Refunds (payments) against asbestos liability - -------- Net Cash Provided From Operating Activities (22.6) Cash Provided From (Used By) Investing Activities: Expenditures for property, plant & equipment (6.3) Proceeds from sale of property, plant & equipment - Proceeds from sale of businesses - Business acquisitions, net of cash acquired - Other - -------- Net Cash Provided From (Used By) Investing Activities (6.3) Cash Provided From (Used By) Financing Activities: Increase (decrease) in debt 8.8 Sale of accounts receivable under securitization - Dividends - Other 1.4 -------- Net Cash Provided From Financing Activities 10.2 Increase (Decrease) in Cash and Equivalents (18.7) Cash and equivalents at beginning of period 86.6 -------- Cash and equivalents at end of period $67.9 ======== About Federal-Mogul Based in Southfield, Michigan, Federal-Mogul Corporation -- http://www.federal-mogul.com/-- is an automotive parts company with worldwide revenue of some $6 billion. Federal-Mogul also has operations in Mexico and the Asia Pacific Region, which includes, Malaysia, Australia, China, India, Japan, Korea, and Thailand. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed $10.15 billion in assets and $8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8, 2007. (Federal-Mogul Bankruptcy News, Issue No. 154; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). LEVITT & SONS: Files Schedules of Assets and Liabilities -------------------------------------------------------- A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts Bank Atlantic - escrow-customer dep 206,930 City National Bank - Florida main operating 3,859,393 account City National Bank - Florida consumer deposit 407,664 escrow B.3 Security Deposit 0 B.4 Household goods 0 B.5 Book, artwork and collectibles 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies 0 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 0 B.13 Stock and Interests Undetermined B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable 0 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate death benefit plan 0 B.21 Other Contingent and Unliquidated Claims Undetermined B.22 Patents 0 B.23 Licenses, franchises & other intangibles 0 B.24 Customer lists or other compilations 0 B.25 Vehicles 0 B.26 Boats, motors and accessories 0 B.27 Aircraft and accessories 0 B.28 Office Equipment 0 B.29 Equipment and Supplies for Business 0 B.30 Inventory 0 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property 0 TOTAL SCHEDULED ASSETS $4,473,987 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims 0 E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims Trade Payable: KeyBanc National Association 1,262,887 Litigation: Collins Roofing Inc. Undetermined JC Contractors Inc. Undetermined Employees: Kathi James 127,429 Rainey Rissman 100,615 Others 474,746 Debt: Bank of America 103,859,044 KeyBanc 96,478,909 Ohio Savings Bank 1,091,849 Regions Bank 24,734,018 Wachovia Bank 112,476,507 TOTAL SCHEDULED LIABILITIES $340,606,004 ========================================================= Based in Fort Lauderdale, Florida, Levitt and Sons LLC -- http://www.levittandsons.com/-- is the homebuilding subsidiary of Levitt Corporation (NYSE:LEV). Levitt Corp. -- http://www.levittcorporation.com/-- together with its subsidiaries, operates as a homebuilding and real estate development company in the southeastern United States. The company operates in two divisions, homebuilding and land. The homebuilding division primarily develops single and multi-family homes for adults and families in Florida, Georgia, Tennessee, and South Carolina. The land division engages in the development of master-planned communities in Florida and South Carolina. Levitt and Sons LLC and 38 of its homebuilding affiliates filed for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors in their restructuring efforts. The Debtors chose AP Services, LLC as their crisis managers, and Kurtzman Carson Consultants, LLC as their claims and noticing agent. Levitt Corp., the parent company, is not included in the bankruptcy filing. The Debtors' latest consolidated financial condition as of Sept. 30, 2007 reflect total assets of $900,392,000, and total liabilities of $780,969,000. The Debtors exclusive period for plan filing expires on March 8, 2008. (Levitt and Sons Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) NEW CENTURY: Incurs $42,714,743 Net Loss in September 2007 ---------------------------------------------------------- New Century Financial Corp. and Affiliates Consolidated Balance Sheet As of September 30, 2007 Assets Current Assets: Unrestricted Cash and Equivalents $116,446,774 Restricted Cash and Equivalents 18,400,223 Accounts Receivable, Net 0 Notes Receivable 0 Inventories 0 Prepaid Expenses 10,438,652 Professional Retainers 0 Other Current Assets 78,650,124 -------------- Total Current Assets 223,935,773 -------------- Property and Equipment 61,686,771 Other Assets 7,595,965,203 -------------- Total Assets $7,881,587,747 ============== Liabilities and Owners' Equity Liabilities Not Subject to Compromise: Accounts Payable $0 Professional Fees 33,505,821 Liabilities Subject to Compromise: Secured Debt 7,255,428,803 Priority Debt 2,739,519 Unsecured Debt 251,784,271 -------------- Total Liabilities 7,543,458,414 -------------- 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 (1,088,392,467) Retained Earnings - Postpetition (753,803,557) Adjustments to Owner Equity 0 Postpetition Contributions 0 -------------- Net owner Equity 338,129,333 -------------- Total Liabilities and Owners' Equity $7,881,587,747 ============== New Century Financial Corp. and Affiliates Consolidated Statement of Operations Month Ended September 30, 2007 Revenues ($21,502,294) Cost of Goods Sold 0 Operating Expenses: Advertising 11,875 Employee Benefits Programs 93,405 Insurance 201,434 Office Expense 722,275 Rent and Lease Expense 1,544,582 Salaries, Commissions, & Fees 1,549,204 Travel and Entertainment 6,822 Other 1,784,118 Depreciation, Depletion & Amortization 2,105,405 -------------- Net Profit (Loss) before Other Income & Expenses (29,521,414) Other Expenses 0 Reorganization Items: Professional Fees 13,404,254 Interest Earned for Accumulated Cash (210,925) Income Taxes 0 -------------- Net Profit (Loss) ($42,714,743) ============== New Century Financial Corp. and Affiliates Schedule of Cash Receipts and Disbursements Month Ended September 30, 2007 Cash, Beginning of month $109,097,752 Total Receipts 15,645,569 Total Disbursements (8,296,547) -------------- Net Cash Flow 7,349,022 -------------- Cash, End of month $116,446,774 ============== [The consolidated financial statements include non-debtor affiliates and subsidiaries of New Century Financial Corp.] About New Century Financial 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. 26; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: SeaCon Ltd. Files Sept. 2007 Operating Report ------------------------------------------------------------- Sea Containers, Ltd. Unaudited Balance Sheet As of September 30, 2007 Assets Current Assets Cash and cash equivalents $42,482,514 Trade receivables, less allowances for doubtful accounts 394,923 Due from related parties 711,255 Prepaid expenses and other current as 540,013 ------------ Total current assets 44,128,705 Fixed assets, net - Long-term equipment sales receivable, net - Investments in group companies 143,546,856 Intercompany receivables - Investment in equity ownership interests 220,170,010 Other assets 3,941,292 ------------ Total assets $411,786,863 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable 5,424,386 Accrued expenses 55,840,265 Current portion of long-term debt 172,107,141 Current portion of senior notes 385,351,436 ------------ Total current liabilities 618,723,228 Total shareholders' equity (206,936,365) ------------ Total liabilities and shareholders' equity $411,786,863 ============ Sea Containers, Ltd. Unaudited Statement of Operations For the Month Ended September 30, 2007 Revenue (947,966) Costs and expenses: Operating income 167,601 Selling, general and administrative expenses (3,488,212) Professional fees (3,752,843) Charges to provide against intercompany accounts (1,233,807) Impairment of investment in subsidy Co. - Forgiveness of intercompany debt - Depreciation and amortization - ------------ Total costs and expenses (8,307,261) ------------ Gain or (Loss) on sale of assets (127,181) ------------ Operating income (loss) (9,382,408) Other income (expense) Interest income 171,764 Foreign exchange gains or (losses) 5,810 Interest expense, net (4,696,684) ------------ Income (Loss) before taxes (13,901,518) Income tax expense (6,014,000) ------------ Net (Loss) ($19,915,518) ============ Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: SeaCon Services Files Sept. 2007 Operating Report ----------------------------------------------------------------- Sea Containers Services Unaudited Balance Sheet As of September 30, 2007 Assets Current Assets Cash and cash equivalents $649 Trade receivables 2,403 Due from related parties 2,103,050 Prepaid expenses and other current assets 3,667,318 ------------ Total current assets 5,773,420 Fixed assets, net 2,251,364 Investments 2,744,640 Intercompany receivables 51,630,282 Other assets 0 ------------ Total assets $62,399,708 ============ Liabilities and Shareholders' Equity Current Liabilities Accounts payable $2,853,709 Accrued expenses 2,506,022 Current portion of long-term debt 1,681,656 ------------ Total current liabilities 7,041,386 Total shareholders' equity 55,358,321 ------------ Total liabilities and shareholders' equity $62,399,708 ============ Sea Containers Services Unaudited Statement of Operations For the Month Ended September 30, 2007 Revenue $796,787 Costs and expenses: Operating costs - Selling, general and administrative expenses (457,217) Professional Fees (191,833) Other charges 0 Depreciation and amortization (97,186) ------------ Total costs and expenses (746,236) ------------ Gains on sale of assets 0 ------------ Operating income (loss) 50,551 Other income (expense) Interest income 92 Foreign exchange gains (losses) (745) Interest expense, net (12,040) ------------ Income (Loss) before taxes 37,858 Income tax credit 0 ------------ Net Income $37,858 ============ Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). SEA CONTAINERS: SeaCon Carribean Files Sept. 2007 Operating Report ------------------------------------------------------------------ Sea Containers Carribean Inc. reported zero assets and accounts payable of $3,530,094, as its sole liabilities in its September 2007 balance sheet. Headquartered in Hamilton, Bermuda, Sea Containers Ltd. -- http://www.seacontainers.com/-- provides passenger and freight transport and marine container leasing. Registered in Bermuda, the company has regional operating offices in London, Genoa, New York, Rio de Janeiro, Sydney, and Singapore. The company is owned almost entirely by United States shareholders and its primary listing is on the New York Stock Exchange (SCRA and SCRB) since 1974. On Oct. 3, the company's common shares and senior notes were suspended from trading on the NYSE and NYSE Arca after the company's failure to file its 2005 annual report on Form 10-K and its quarterly reports on Form 10-Q during 2006 with the U.S. Securities and Exchange Commission. Through its GNER subsidiary, Sea Containers Passenger Transport operates Britain's fastest railway, the Great North Eastern Railway, linking England and Scotland. It also conducts ferry operations, serving Finland and Estonia as well as a commuter service between New York and New Jersey in the U.S. Sea Containers Ltd. and two subsidiaries filed for chapter 11 protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156). Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady, Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at Young, Conaway, Stargatt & Taylor, represent the Debtors in their restructuring efforts. The Official Committee of Unsecured Creditors and the Financial Members Sub-Committee of the Official Committee of Unsecured Creditors of Sea Containers Ltd. is represented by William H. Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris, Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s Official Committee of Unsecured Creditors is represented by attorneys at Willkie Farr & Gallagher LLP. In its schedules filed with the Court, Sea Containers disclosed total assets of $62,400,718 and total liabilities of $1,545,384,083. The Debtors' exclusive period to file a chapter 11 plan expires on Dec 21, 2007. (Sea Containers Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). TWEETER HOME: Posts $1,062,986 Net Loss in Month Ended June 30 -------------------------------------------------------------- Tweeter Home Entertainment Group, Inc., et al. Consolidated Balance Sheet As of June 30, 2007 Assets Current Assets: Cash and Cash Equivalents $1,902,438 Accounts Receivable 3,560,674 Inventory 47,173,213 Deferred Tax Assets - Prepaid Expenses and Other Current Assets 11,435,232 -------------- Total Current Assets 64,071,557 Property and Equipment 65,021,337 Long-Term Investments 3,380,180 Intangible Assets, Net - Other Assets 914,973 Goodwill 4,375,723 -------------- Total Assets $137,763,770 ============== Liabilities and Owners' Equity Liabilities Not Subject to Compromise (Postpetition): Current Portion of Long-Term Debt $716,593 Total Accounts Payable - -------------- Total Postpetition Liabilities 716,593 Liabilities Subject to Compromise (Prepetition): Deferred Compensation 2,771,587 Accrued Expenses 35,581,646 Customer Deposits 15,365,465 Prepetition Accounts Payable 27,523,625 -------------- Total Prepetition Liabilities $81,242,323 Secured Bank Debt 20,879,643 Other Long-Term Liabilities: Accrued Income Taxes 951,185 Long-Term Restructuring and Discontinued Store Reserve 3,832,198 Rent-Related Accruals 22,335,504 -------------- Total Other Long-Term Liabilities 27,118,887 -------------- Total Liabilities 129,957,446 Total Stockholder's Equity 7,806,324 -------------- Total Liabilities and Stockholder's Equity $137,763,770 ============== Tweeter Home Entertainment Group, Inc., et al. Consolidated Statement of Operations For the Month Ended June 30, 2007 Revenue $19,360,078 Cost of Goods Sold 13,732,339 -------------- Gross Profit 5,627,739 Controllable Expenses 4,082,217 Non-Controllable Expenses 2,206,737 -------------- Total Operating Expenses 6,288,954 -------------- Operating Income (661,215) Other Income (Expense) (401,771) -------------- Earnings Before Tax (1,062,986) Taxes - -------------- Net Income ($1,062,986) ============== Tweeter Home Entertainment Group, Inc., et al. Schedule of Cash Receipts and Disbursements For the Month Ended June 30, 2007 Cash, Beginning of Month $151,056 Cash Receipts: Transfers from DIP Accounts 785,590 -------------- Total Receipts 785,590 Total Disbursements - -------------- Net Cash Flow 785,590 -------------- Cash, End of Month $936,646 ============== Based in Canton, Mass., Tweeter Home Entertainment Group Inc. -- http://www.tweeter.com/-- retails mid-to high-end audio and video consumer electronics products. Tweeter and seven of its affiliates filed for chapter 11 Protection on June 11, 2007 (Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M. Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E. Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP, represent the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and total debts of $190,417,285. The Court gave the Debtors until Feb. 6, 2008 to file a plan of reorganization. Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq., at Otterbourg, Steindler, Houston & Rosen, P.C., represent the Official Committee of Unsecured Creditors. The Debtors' exclusive period to file a chapter 11 plan expires on Feb. 6, 2008. (Tweeter Bankruptcy News, Issue No. 14, 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 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 Medel C. Martirez, 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 ***