/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/071208.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, December 8, 2007, Vol. 11, No. 291 Headlines A.N. CONSTRUCTION: Files October 2007 Monthly Operating Report AEGIS MORTGAGE: Files Amended Schedules of Assets and Liabilities AEGIS MORTGAGE: Posts $31.9MM Net Loss in Amended Aug. 2007 Report AEGIS MORTGAGE: Posts $7.6MM Net Loss in Amended Sept. 2007 Report AEGIS MORTGAGE: Aegis Fund Amends Schedules of Assets and Debts AEGIS MORTGAGE: Aegis Wholesale Amends Schedules of Assets & Debts AEGIS MORTGAGE: Aegis Lending Amends Schedules of Assets and Debts AEGIS MORTGAGE: Four Affiliates Amend Schedules of Assets & Debts FEDDERS CORPORATION: Incurs $686,000 Net Loss in Aug. 22-31, 2007 FEDDERS CORPORATION: Incurs $4,321,000 Net Loss in September 2007 JAYS FOODS: Files Operating Report for Month Ended October 28 JAYS FOODS: Select Snacks Files Operating Report for October 2007 LEVITT AND SONS: LAS Hernando Files Schedules of Assets and Debts LEVITT AND SONS: LAS Manatee Files Schedules of Assets and Debts LEVITT AND SONS: LAS Tradition Files Schedules of Assets and Debts MOVIE GALLERY: Submits Schedules of Assets and Liabilities NETBANK INC: Files Monthly Operating Report for Sept. 29-30, 2007 NETBANK INC: Files Monthly Operating Report for October 2007 PACIFIC LUMBER: Scotia Dev't Files October 2007 Operating Report PACIFIC LUMBER: ScoPac Files October 2007 Operating Report PUBLICARD INC: Posts $46,288 Net Loss in October 31, 2007 SOLUTIA INC: Incurs $3,000,000 Net Loss in Month Ended October 31 SONICBLUE INC: Incurs $42,377 Net Loss in Month Ended August 3 ********* A.N. CONSTRUCTION: Files October 2007 Monthly Operating Report -------------------------------------------------------------- A.N. Construction LLC submitted to the U.S. Bankruptcy Court for the District of New Jersey its monthly operating report for October 2007, disclosing: Cash Balance, Beginning $6,072 Total Receipts 2,756 Less: Total Disbursements 3,080 Net Cash Flow (332) Cash Balance, End $5,740 (The amounts listed above are the actual amounts on the MOR filed by the Debtor.) About A.N. Construction Hammonton, New Jersey-based A.N. Construction LLC provides non- residential construction. It filed for chapter 11 protection on Aug. 17, 2007 (Bankr. D. NJ Case No.: 07-21734). Albert A. Ciardi, III, Esq., at Ciardi & Ciardi PC represents the Debtor in its restructuring efforts. When the Debtor filed for bankruptcy, it listed assets and debts between $1 million and $100 million. AEGIS MORTGAGE: Files Amended Schedules of Assets and Liabilities ----------------------------------------------------------------- Aegis Mortgage Corporation filed an amended Schedules of Assets and Liabilities to change the current value of its interest in office equipment, furnishings and supplies, from $10,715,920 to $11,231,601. This brings the Debtor's total assets from $138,265,342 to $149,496,943. The Debtor also changed the amount of Unsecured Priority Claims asserted by creditors, from $743,334 to $1,579,720. This brings the Debtor's total liabilities from $4,125,470 to $4,961,854. Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan expires on Dec. 11, 2007. (Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AEGIS MORTGAGE: Posts $31.9MM Net Loss in Amended Aug. 2007 Report ------------------------------------------------------------------ Aegis Mortgage Corporation and its debtor-affiliates filed with the Court an amended monthly operating report for August 2007 on Nov. 27, 2007. Aegis Mortgage Corporation, et al. Consolidated Balance Sheet As of August 31, 2007 Assets Unrestricted Cash & Equivalents $10,720,773 Restricted Cash and Equivalents 19,232,061 -------------- Total Cash and Cash Equivalents 29,952,834 Prime loans 13,808,237 Nonconforming Loans 14,630,259 Loan Premium, net 2,219,404 Repurchased Loans 28,760,838 Loan Loss Reserve - -------------- Mortgage Loans Held for Sale 59,418,738 ABS Nonconforming 3,885,471,929 ABS Loan Premium, net (19,273,212) ABS Loan Loss Reserve (181,454,514) -------------- Mortgage Loans Held for Investment 3,684,744,203 Accrued Interest - Loans Held for Sale - Accrued Int. - Loans Held for Investment 26,252,626 -------------- Accrued Interest Receivable 26,252,626 Mortgage Servicing Rights - Property and Equipment, net 10,969,126 Deferred Income Taxes 128,495,450 Goodwill - Prepaid Rent and Deposits 1,877,413 Derivative Assets 13,529,767 Receivable for Advances 43,166,604 Servicer Related 883,888 Other Assets 641,891,872 Intercompany Receivable - -------------- TOTAL ASSETS $4,641,182,522 ============== Liabilities & Shareholder's Equity N/P Warehouse - Prime 540,186,233 N/p Warehouse - Nonconforming 25,222,476 N/P Warehouse - Other 20,537,507 N/P Warehouse - Repurchased 11,933,754 -------------- Revolving Warehouse and Repurchase Facilities 597,879,969 Bonds Payable 3,705,880,154 NAS IO Bonds Payable 20,700,000 NIM Bonds Payable 58,777,826 Bond Premium, net (12,836,147) -------------- Bond Financing on Mortgage Loans Held for Investment 3,772,521,833 Subordinated Debt 177,156,872 Accrued Interest Payable 6,137,557 Accounts Payable and Accrued Expenses 95,349,315 Notes Payable-Other - -------------- Total Liabilities 4,649,045,546 Common Stock 97,386 Preferred Stock 104,000 Other Comprehensive Income (3,297,655) Paid in Capital 50,959,490 Distributions - Treasury Stock - Dividends (32,500) Retained Earnings 91,041,942 Current Net Income Prepetition (102,112,983) Current Net Income (44,622,704) -------------- Total Equity (7,863,024) -------------- TOTAL LIABILITIES & EQUITY $4,641,182,522 ============== Aegis Mortgage Corporation, et al. Consolidated Income Statement August 13 to 31, 2007 Loans Held for Sale Interest Income $670,331 Interest Expense (498) Servicing Expense (1,654) -------------- Net Interest Income 668,179 Loans Held for Investment Interest Income 30,603,350 Interest Expense (18,226,090) Servicing Expense (1,716,566) -------------- Net Interest Income 10,660,694 Gains on Sale - Premiums Paid - Loan Points - Loan Origination Fees 1,050 Broker Fees Received - -------------- Production Income 1,050 Servicing and Prepayment Income 789,470 Late Charges 52,194 -------------- Total Servicing Fees 841,664 Other income (626,894) -------------- Total Revenue 11,544,693 Salaries 2,320,898 Bonuses 86,191 Commissions - Employee Benefits 8,945 Payroll Taxes 145,343 Meetings & Travel 9,730 Meals & Entertainment 1,120 -------------- Total Personnel Expenses 2,572,226 Rent 361,496 Telephone 43,044 Office Supplies 4,023 Shipping & Postage 18,378 Equipment 153,419 -------------- Total Office Expenses 580,360 Professional expense 11 Marketing (912) Loan Related Expenses 73,182 Banking 45 Other Taxes/Licenses/Fees (250) Other Expenses 27,430 -------------- Total Other Expenses 99,506 Direct Operating Expense 3,252,092 Direct Operating Income 8,292,601 Loan Loss Provision 59,749,285 Deferred SFAS 91 Expenses - Sub Debt Expense - Depreciation Expense 564,978 Amortization - Direct Allocation to Subs - Allocation Between Subs - -------------- Indirect Operating Expense 60,314,263 -------------- Total Expenses 63,566,354 Income (Loss) Before Taxes (52,021,662) Federal and State Income Taxes (20,028,340) -------------- Net Income (Loss) ($31,993,322) ============== A full-text copy of the Debtors' Amended MOR is available at no charge at http://ResearchArchives.com/t/s?262c Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan expires on Dec. 11, 2007. (Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AEGIS MORTGAGE: Posts $7.6MM Net Loss in Amended Sept. 2007 Report ------------------------------------------------------------------ Aegis Mortgage Corporation, et al. Consolidated Balance Sheet As of September 30, 2007 Assets Unrestricted Cash & Equivalents $12,984,671 Restricted Cash and Equivalents 19,232,061 -------------- Total Cash and Cash Equivalents 32,216,933 Prime loans 13,808,237 Nonconforming Loans 14,278,659 Loan Premium, net 2,160,258 Repurchased Loans 26,798,816 Loan Loss Reserve - -------------- Mortgage Loans Held for Sale 57,045,969 ABS Nonconforming 3,785,605,130 ABS Loan Premium, net (18,602,212) ABS Loan Loss Reserve (182,027,606) -------------- Mortgage Loans Held for Investment 3,584,975,311 Accrued Interest - Loans Held for Sale - Accrued Int. - Loans Held for Investment 26,659,835 -------------- Accrued Interest Receivable 25,659,835 Mortgage Servicing Rights - Property and Equipment, net 9,749,563 Deferred Income Taxes 135,105,521 Goodwill - Prepaid Rent and Deposits 1,192,020 Derivative Assets 7,891,871 Receivable for Advances 44,056,198 Servicer Related 720,389 Other Assets 639,718,844 Intercompany Receivable - -------------- TOTAL ASSETS $4,538,332,455 ============== Liabilities & Shareholder's Equity N/P Warehouse - Prime 540,186,233 N/p Warehouse - Nonconforming 25,222,476 N/P Warehouse - Other 19,550,612 N/P Warehouse - Repurchased 11,933,754 -------------- Revolving Warehouse and Repurchase Facilities 596,893,074 Bonds Payable 3,627,408,918 NAS IO Bonds Payable 20,700,000 NIM Bonds Payable 53,392,620 Bond Premium, net (20,953,575) -------------- Bond Financing on Mortgage Loans Held for Investment 3,680,547,962 Subordinated Debt 177,156,872 Accrued Interest Payable 7,373,317 Accounts Payable and Accrued Expenses 94,244,098 Notes Payable-Other - -------------- Total Liabilities 4,556,215,323 Common Stock 97,386 Preferred Stock 104,000 Other Comprehensive Income (6,217,286) Paid in Capital 50,959,490 Distributions - Treasury Stock - Dividends (32,500) Retained Earnings 91,041,942 Current Net Income Prepetition (101,573,913) Current Net Income (52,261,987) -------------- Total Equity (17,882,868) -------------- TOTAL LIABILITIES & EQUITY $4,538,332,455 ============== Aegis Mortgage Corporation, et al. Consolidated Income Statement September 1 to 30, 2007 Loans Held for Sale Interest Income $362,543 Interest Expense (676,869) Servicing Expense - -------------- Net Interest Income 314,325 Loans Held for Investment Interest Income 28,934,269 Interest Expense (18,735,679) Servicing Expense (1,690,455) -------------- Net Interest Income 8,508,135 Gains on Sale 8,963 Premiums Paid - Loan Points - Loan Origination Fees - Broker Fees Received - -------------- Production Income 8,963 Servicing and Prepayment Income 190,252 Late Charges 977 -------------- Total Servicing Fees 191,229 Other income (714,927) -------------- Total Revenue 7,679,074 Salaries 1,448,270 Bonuses 26,107 Commissions 9,542 Employee Benefits 22,298 Payroll Taxes 84,315 Meetings & Travel 27,469 Meals & Entertainment 7,643 -------------- Total Personnel Expenses 1,625,645 Rent 319,632 Telephone 83,075 Office Supplies 492 Shipping & Postage 4,569 Equipment 2,205,873 -------------- Total Office Expenses 2,613,641 Professional expense 21,145 Marketing - Loan Related Expenses 232,323 Banking - Other Taxes/Licenses/Fees (807) Other Expenses 76,377 -------------- Total Other Expenses 329,038 Direct Operating Expense 4,568,323 Direct Operating Income 3,110,751 Loan Loss Provision 14,971,531 Deferred SFAS 91 Expenses 59,400 Sub Debt Expense - Depreciation Expense 501,412 Amortization - Direct Allocation to Subs - Allocation Between Subs - -------------- Indirect Operating Expense 15,532,343 -------------- Total Expenses 20,100,666 Income (Loss) Before Taxes (12,421,592) Federal and State Income Taxes (4,782,309) -------------- Net Income (Loss) ($7,639,283) ============== A full-text copy of the Debtors' MOR is available at no charge at http://ResearchArchives.com/t/s?262d Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan expires on Dec. 11, 2007. (Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AEGIS MORTGAGE: Aegis Fund Amends Schedules of Assets and Debts --------------------------------------------------------------- Aegis Funding Corporation filed an amended Schedules of Assets and Liabilities to change the amount of Unsecured Priority Claims asserted by creditors, from $18,265 to $86,513, bringing the total liabilities from $182,253 to $250,500. Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan expires on Dec. 11, 2007. (Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AEGIS MORTGAGE: Aegis Wholesale Amends Schedules of Assets & Debts ------------------------------------------------------------------ Aegis Wholesale Corporation filed an amended Schedules of Assets and Liabilities to change the amount of Unsecured Priority Claims asserted by creditors, from $492,399 to $1,366,571, bringing the total liabilities from $3,435,325 to $4,309,497. Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan expires on Dec. 11, 2007. (Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AEGIS MORTGAGE: Aegis Lending Amends Schedules of Assets and Debts ------------------------------------------------------------------ Aegis Lending Corporation filed an amended Schedules of Assets and Liabilities to change the amount of Unsecured Priority Claims asserted by creditors, from $28,202 to $32,922, which brings its total liabilities from $837,111 to $841,831. Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan expires on Dec. 11, 2007. (Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AEGIS MORTGAGE: Four Affiliates Amend Schedules of Assets & Debts ----------------------------------------------------------------- Four other debtor-affiliates of Aegis Mortgage Loan Servicing Corporation filed with the U.S. Bankruptcy Court for the District of Delaware amended their schedules of assets and liabilities to change the amounts of the Unsecured Priority Claims: Assets Liabilities ------ ----------- Aegis REIT Corporation 3,427 $0 Solutions Settlement of America Corporation 0 125 Solutions Title of America Corporation 220,840 285,053 Meanwhile, Aegis Mortgage Loan Servicing Corporation also filed an amended Schedule of Assets and Liabilities to inform the Court that it no longer have any assets left. Headquartered in Houston, Texas, Aegis Mortgage Corporation -- http://www.aegismtg.com/-- offers a variety of mortgage loan products to brokers through its subsidiaries. The company together with 10 affiliates filed for chapter 11 protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119) Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones, Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, & Jones, L.L.P., serve as counsel to the Debtors. The Official Committee of Unsecured Creditors is represented by Landis Rath & Cobb LLP. In schedules filed with the Court, Aegis disclosed total assets of $138,265,342 and total debts of $4,125,470. The Debtors' exclusive period to file a plan expires on Dec. 11, 2007. (Aegis Bankruptcy News, Issue No. 12, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDDERS CORPORATION: Incurs $686,000 Net Loss in Aug. 22-31, 2007 ----------------------------------------------------------------- Fedders Corporation and its debtor-affiliates generated net sales for the stub period Aug. 22, 2007, to Aug. 31, 2007, were $4,480,000 and incurred a net loss of $686,000 for the period. The Debtors' balance sheet as of Aug. 31, 2007, showed total assets of $187,960,000, and total liabilities of $345,904,000, resulting in total stockholders' deficit of $157,944,000. Net cash used during the period was $2,472,000. A full-text copy of the Debtors' operating report is available for free at http://ResearchArchives.com/t/s?2626 Based in Liberty Corner, New Jersey, Fedders Corporation -- http://www.fedders.com/-- manufactures and markets air treatment products, including air conditioners, air cleaners, dehumidifiers, and humidifiers. The company filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates filed for separate Chapter 11 cases. Norman L. Pernick, Esq. of Saul, Ewing, Remick & Saul LLP represents the Debtors in their restructuring efforts. The Debtors have selected Logan & Company Inc. as claims and noticing agent. The U.S. Trustee for region 3 has appointed an Official Committee of Unsecured Creditors on this case. When the Debtors filed for protection, it listed total assets of $186,300,000 and total debts of $322,000,000. The company has production facilities in the United States in Illinois, North Carolina, New Mexico, and Texas and international production facilities in the Philippines, China and India. FEDDERS CORPORATION: Incurs $4,321,000 Net Loss in September 2007 ----------------------------------------------------------------- Fedders Corporation and its debtor-affiliates generated net sales for the month ended Sept. 30, 2007, were $7,160,000 and incurred a net loss of $4,321,000 for the period. The Debtors' balance sheet as of Sept. 30, 2007, showed total assets of $181,361,000, and total liabilities of $343,430,000, resulting in total stockholders' deficit of $162,069,000. Net cash used during the period was $1,212,000. A full-text copy of the Debtors' operating report is available for free at http://ResearchArchives.com/t/s?2627 Based in Liberty Corner, New Jersey, Fedders Corporation -- http://www.fedders.com/-- manufactures and markets air treatment products, including air conditioners, air cleaners, dehumidifiers, and humidifiers. The company filed for Chapter 11 protection on Aug. 22, 2007, (Bankr. D. Del. Case No. 07-11182). Its debtor-affiliates filed for separate Chapter 11 cases. Norman L. Pernick, Esq. of Saul, Ewing, Remick & Saul LLP represents the Debtors in their restructuring efforts. The Debtors have selected Logan & Company Inc. as claims and noticing agent. The U.S. Trustee for region 3 has appointed an Official Committee of Unsecured Creditors on this case. When the Debtors filed for protection, it listed total assets of $186,300,000 and total debts of $322,000,000. The company has production facilities in the United States in Illinois, North Carolina, New Mexico, and Texas and international production facilities in the Philippines, China and India. JAYS FOODS: Files Operating Report for Month Ended October 28 ------------------------------------------------------------- Jays Foods Inc. submitted to the the U.S. Bankruptcy Court for the Northern District of Illinois its monthly operating report for the period ended Oct. 28, 2007. Beginning Balance ($83,421) Receipts: Operations 4,100,392 Other Receipts 8,553 Less: Total Disbursements 4,437,159 Net Receipts ($336,767) Outstanding Checks 115,769 Route Deposits in Transit (22,697) DIP Loan Borrowings/(Repayments) 416,321 ---------- Ending Balance $89,204 Chicago-based Jays Foods Inc. -- http://www.jaysfoods.com/-- wholesales confectionery products and manufactures snack chip products. Jays Foods leases real property, and owns certain equipment, in Chicago, Illinois where it operates a manufacturing facility that makes snacks mostly under the Jays, O-KE-DOKE and Krunchers brand names. Jays is 100% owned by Jays Holding Company, Inc. The company, then known as Jays Food LLC, first filed for chapter 11 protection on March 5, 2004 (Bankr. N.D. Ill. Case No. 04- 08681). David Missner, Esq., Marc I. Fenton, Esq. and Thomas Zwartz, Esq. at Piper Rudnick LLP were counsels to the Debtor. In the March 2004 case, a Section 363 sale took place and most of the assets of former Jays Foods were sold to Jays Foods Acquisition Inc., predecessor to Jays Foods Inc. The March 2004 case was closed on or about March 9, 2007. Select Snacks Inc., on the other hand, owns real property, improvements and equipment in Jeffersonville, Indiana where it operates a manufacturing facility that makes private label and co- manufactured snacks for its customers. Select Snacks is 100% owned by Select Snacks Holdings Company, Inc. Both Select Holding and Jays Holding are 100% owned by Ubiquity Brands LLC. As of the Oct. 11, 2007, the Debtors had approximately 943 employees of which Select has 262 (211 union employees and, 51 non-union employees) and Jays has 681 total employees (236 union employees and 445 non-union employees). Jays Foods and Select Snacks filed voluntary chapter 11 petitions on Oct. 11, 2007 (Bankr. N.D. Ill. Case Nos. 07-18768 and 07-18769). Mark K. Thomas, Esq., Brian I. Swett, Esq., Jeremy T. Stillings, Esq., Myja K. Kjaer, Esq., at Winston & Strawn LLP, represent the Debtors. Kurtzman Carson Consultants LLC serve as their notice, claims and balloting agent. The Official Committee of Unsecured Creditors has selected Jeffrey N. Pomerantz, Esq., and Jeffrey W. Dulberg, Esq., at Pachulski Stang Ziehl & Jones LLP, as its counsel. The Debtors' schedueles of assets and liabilities disclose total assets of $40,709,164 and total liabilities of $30,745,755. JAYS FOODS: Select Snacks Files Operating Report for October 2007 ----------------------------------------------------------------- Select Snacks Inc. submitted to the U.S. Bankruptcy Court for the Northern District of Illinois its monthly operating report for the period ended Oct. 28, 2007. Beginning Balance ($37,328) Receipts: Operations 1,054,417 Other Receipts 0 Less: Total Disbursements 1,310,290 Outstanding Checks 26,595 DIP Loan Borrowings/(Repayments) 368,253 Net Receipts $138,976 ---------- Ending Balance $101,647 Chicago-based Jays Foods Inc. -- http://www.jaysfoods.com/-- wholesales confectionery products and manufactures snack chip products. Jays Foods leases real property, and owns certain equipment, in Chicago, Illinois where it operates a manufacturing facility that makes snacks mostly under the Jays, O-KE-DOKE and Krunchers brand names. Jays is 100% owned by Jays Holding Company, Inc. The company, then known as Jays Food LLC, first filed for chapter 11 protection on March 5, 2004 (Bankr. N.D. Ill. Case No. 04- 08681). David Missner, Esq., Marc I. Fenton, Esq. and Thomas Zwartz, Esq. at Piper Rudnick LLP were counsels to the Debtor. In the March 2004 case, a Section 363 sale took place and most of the assets of former Jays Foods were sold to Jays Foods Acquisition Inc., predecessor to Jays Foods Inc. The March 2004 case was closed on or about March 9, 2007. Select Snacks Inc., on the other hand, owns real property, improvements and equipment in Jeffersonville, Indiana where it operates a manufacturing facility that makes private label and co- manufactured snacks for its customers. Select Snacks is 100% owned by Select Snacks Holdings Company, Inc. Both Select Holding and Jays Holding are 100% owned by Ubiquity Brands LLC. As of the Oct. 11, 2007, the Debtors had approximately 943 employees of which Select has 262 (211 union employees and, 51 non-union employees) and Jays has 681 total employees (236 union employees and 445 non-union employees). Jays Foods and Select Snacks filed voluntary chapter 11 petitions on Oct. 11, 2007 (Bankr. N.D. Ill. Case Nos. 07-18768 and 07-18769). Mark K. Thomas, Esq., Brian I. Swett, Esq., Jeremy T. Stillings, Esq., Myja K. Kjaer, Esq., at Winston & Strawn LLP, represent the Debtors. Kurtzman Carson Consultants LLC serve as their notice, claims and balloting agent. The Official Committee of Unsecured Creditors has selected Jeffrey N. Pomerantz, Esq., and Jeffrey W. Dulberg, Esq., at Pachulski Stang Ziehl & Jones LLP, as its counsel. The Debtors' schedueles of assets and liabilities disclose total assets of $40,709,164 and total liabilities of $30,745,755. LEVITT AND SONS: LAS Hernando Files Schedules of Assets and Debts ----------------------------------------------------------------- Levitt and Sons of Manatee County LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida its schedules of assets and liabilities, disclosing: LEVITT AND SONS OF HERNANDO COUNTY, LLC A. Real Property $14,332,645 B. Personal Property B.1 Cash on hand 1,000 B.9 Insurance Policies unknown B.16 Accounts Receivable Gator Door East Inc 3,661 HomeBanc Receivable 5,704 Stock Buiding Supply Central Fl 529 West Orange Lumber 464 B.23 Licenses, franchises & other intangibles unknown TOTAL SCHEDULED ASSETS $14,344,003 ========================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims 96,478,908 E. Creditors Holding Unsecured Priority Claims 983,200 F. Creditors Holding Unsecured Non-priority Claims Trade Payable - Unsecured Claims 408,397 Duratek Precast Technologies Inc 17,772 TOTAL SCHEDULED LIABILITIES $97,888,277 ========================================================== 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 Debtors' parent company, did not file for Chapter 11 protection. 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 to file a plan expires on March 8, 2008. (Levitt and Sons Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) LEVITT AND SONS: LAS Manatee Files Schedules of Assets and Debts ---------------------------------------------------------------- Levitt and Sons of Manatee County LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida its schedules of assets and liabilities, disclosing: LEVITT AND SONS OF MANATEE COUNTY, LLC A. Real Property $18,892,640 B. Personal Property B.1 Cash on hand 1,070 B.16 Accounts Receivable Broadstar Holdings LLP 3,657 Cq Insulation Inc 4,515 Csc Seamless Gutters LLC 2,919 Hgo Door & Trim Inc 103 Horizon Construction Services 18,021 Smith Metal & Drywall Central Fl 9,438 TOTAL SCHEDULED ASSETS $18,932,364 ========================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims $9,660,112 E. Creditors Holding Unsecured Priority Claims 931,137 F. Creditors Holding Unsecured Non-priority Claims Trade Payable 1,213,879 Retention 7,749 TOTAL SCHEDULED LIABILITIES $11,812,877 ========================================================== 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 Debtors' parent company, did not file for Chapter 11 protection. 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 to file a plan expires on March 8, 2008. (Levitt and Sons Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) LEVITT AND SONS: LAS Tradition Files Schedules of Assets and Debts ------------------------------------------------------------------ Levitt and Sons at Tradition LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida its schedules of assets and liabilities, disclosing: LEVITT AND SONS AT TRADITION, LLC A. Real Property Various land and houseline property (inventory held for resale purposes) $54,192,639 B. Personal Property B.1 Cash on hand 4,000 B.13 Stock and Interests Undetermined B.16 Accounts Receivable 534 B.21 Other Contingent and Unliquidated Claims Undetermined TOTAL SCHEDULED ASSETS $54,197,173 ========================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims KeyBank, Edward M. Cochran Boca Raton, Florida $96,478,908 E. Creditors Holding Unsecured Priority Claims Unsecured Priority Claimants: Alessandro, Thomas & Maria 51,783 Alperin, Nadine 66,219 Angela & James Sutherland 52,380 Michael & Anita Gruttadaurio 91,044 Others 3,147,794 City of Port St. Lucie 1,060 St. Lucie County Fire District 109 St. Lucie County Sheriffs Office 87 F. Creditors Holding Unsecured Non-priority Claims Trade Payable: Certified Building Contractors 115,635 East coast Bobcat Inc. 143,424 H&J Contracting Inc. 201,077 Others 1,688,014 Litigation Undetermined Commission Payable 0 TOTAL SCHEDULED LIABILITIES $102,037,534 ========================================================== 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 Debtors' parent company, did not file for Chapter 11 protection. 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 to file a plan expires on March 8, 2008. (Levitt and Sons Bankruptcy News, Issue No. 6; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) MOVIE GALLERY: Submits Schedules of Assets and Liabilities ---------------------------------------------------------- Movie Gallery Inc. and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of Florida their schedules of assets and liabilities, disclosing: A. Real Property $0 B. Personal Property B.1 Cash on hand 0 B.2 Bank Accounts 0 B.3 Security Deposit 0 B.4 Household good 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 Liberty Mutual Insurance Company 504,062 Zurich American Insurance Company 203,606 St. Paul Fire and Marine Insurance Company 73,700 Liberty Mutual Fire Insurance Company 71,710 Others 145,672 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 0 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 $998,750 ======================================================== C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims Goldman Sachs 718,758,711 Wells Fargo Bank, N.A. 183,217,740 Capitalsource Finance LLC Undetermined Capitalsource Finance as Collateral Agent Undetermined Wachovia Bank, N.A. Undetermined Wachovia Bank, N.A. as Collateral Agent Undetermined E. Creditors Holding Unsecured Priority Claims 0 F. Creditors Holding Unsecured Non-priority Claims US Bank Corporate Trust Services 338,844,417 G. Executory Contracts and Unexpired Leases 0 H. Codebtors 0 I. Current Income of Individual Debtors 0 J. Current Expenditures of Individual Debtors 0 TOTAL SCHEDULED LIABILITIES $1,240,820,869 ======================================================== Based in Dothan, Alabama, Movie Gallery Inc. -- http://www.moviegallery.com/-- is a home entertainment specialty retailer. It operates over 4,600 stores in the United States, Canada, and Mexico under the Movie Gallery, Hollywood Entertainment, Game Crazy, and VHQ banners. The company and its debtor-affiliates filed for Chapter 11 protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849 to 07-33853. Anup Sathy, Esq., Marc J. Carmel, Esq., and Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the Debtors. Michael A. Condyles, Esq., and Peter J. Barrett, Esq., at Kutak Rock LLP, is the Debtors' local counsel. The Debtors' claims & balloting agent is Kutzman Carson Consultants LLC. When the Debtors' filed for protection from their creditors, they listed total assets of $891,993,000 and total liabilities of $1,419,215,000. The Official Committee of Unsecured Creditors has selected Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B. Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl & Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at Miles & Stockbridge PC, as its local counsel. The Debtors' spokeswoman Meaghan Repko said the company does not expect to exit bankruptcy protection before the second quarter of 2008. (Movie Gallery Bankruptcy News, Issue No. 10; Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000) NETBANK INC: Files Monthly Operating Report for Sept. 29-30, 2007 ----------------------------------------------------------------- NetBank Inc. filed its operating report for the period Sept. 29, 2007 to Sept. 30, 2007. Funds available at the beginning of the period and available for operations were $3,429,775. There were no disbursements for the period, resulting in ending balance of $3,429,775. A full-text copy of the Debtor's operating report is available for free at http://ResearchArchives.com/t/s?2628 Headquartered in Jacksonville, Florida, NetBank Inc. -- http://www.netbank.com/-- is a financial holding company of Netbank, the United States' oldest Internet bank serving retail and business customers in all 50 states. NetBank Inc. does retail banking, mortgage banking, business finance, and providing ATM and merchant processing services. The company filed for Chapter 11 protection on Sept. 28, 2007 (Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at Holland & Knight LLP. In its schedules filed with the Court, the Debtor disclosed total assets of $5,746,867 and total debts of $35,213,265. Attorneys at Kilpatrick Stockton LLP and Rogers Towers P.A., represent the Official Committee of Unsecured Creditors. NETBANK INC: Files Monthly Operating Report for October 2007 ------------------------------------------------------------ NetBank Inc. filed its operating report for the period Oct. 31, 2007. Funds available at the beginning of the period were $3,429,775. Total receipts for the period were $1,826,407, resulting in total funds available for operations of $5,256,182. Total disbursements for the period were $26,316, resulting in ending balance of $5,229,865. A full-text copy of the Debtor's operating report is available for free at http://ResearchArchives.com/t/s?262a Headquartered in Jacksonville, Florida, NetBank Inc. -- http://www.netbank.com/-- is a financial holding company of Netbank, the United States' oldest Internet bank serving retail and business customers in all 50 states. NetBank Inc. does retail banking, mortgage banking, business finance, and providing ATM and merchant processing services. The company filed for Chapter 11 protection on Sept. 28, 2007 (Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at Holland & Knight LLP. In its schedules filed with the Court, the Debtor disclosed total assets of $5,746,867 and total debts of $35,213,265. Attorneys at Kilpatrick Stockton LLP and Rogers Towers P.A., represent the Official Committee of Unsecured Creditors. PACIFIC LUMBER: Scotia Dev't Files October 2007 Operating Report ---------------------------------------------------------------- Scotia Development LLC, et al. Consolidated Balance Sheet As of October 31, 2007 ASSETS Current Assets Cash $590,317 Accounts receivable, net 6,171,458 Inventory: lower cost or market 21,555,476 Prepaid expenses 5,109,263 Prepaid Restructuring 200,000 Investments 0 Other 237,575 ------------ Total Current Assets 33,864,089 Property, Plant & Equipment 214,527,675 Less: Accumulated Depreciation (139,499,564) ------------ Net book value of property & plant 75,028,111 Other Assets Notes Receivable 477,438 Deferred Financing Costs 6,325,652 Long-term Investments 2,872,506 Restricted Cash 2,509,580 Restricted Cash-Letter of Credit Collateralization 12,405,351 Deferred Tax Assets 13,652,208 ------------ TOTAL ASSETS $147,134,934 ============ LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable $1,621,074 Tax payable Federal payroll taxes 37,358 State payroll taxes 5,530 Ad valorem taxes 200,015 Other taxes 20,703 ------------ Total taxes payable 263,606 Secured debt postpetition 70,228,574 Accrued interest payable 1,068,852 Accrued professional fees 3,049,169 Other accrued liabilities Trade Accruals 1,857,967 Compensation and Benefits 1,981,050 Other Accrued 324,727 Due to(from) Affiliate/Parent (102,683) ------------ Total Postpetition Liabilities 80,292,337 Prepetition Liabilities Notes payable - Secured 84,277,251 Priority debt 3,444,380 Federal income tax (17,006) FICA/ Withholding 0 Unsecured debt 2,999,685 Other 33,667,162 Due to Affiliate/Parent 41,661,505 ------------ Total Prepetition Liabilities 166,032,977 ------------ Total Liabilities 246,325,315 Owner's Equity (Deficit) Equity in Affiliates 525,438,702 Common Stock 1,001 Additional Paid-in Capital 275,546,288 Retained Earnings: Filing Date (794,985,292) Retained Earnings: Post Filing Date (105,191,080) ------------ Total Owner's Equity (99,190,381) ------------ TOTAL LIABILITIES & OWNERS EQUITY $147,134,934 ============ Scotia Development LLC, et al. Statement of Income for the Period Ended October 31, 2007 Revenues $6,677,254 Total cost of revenues 7,698,651 ------------ Gross Profit (1,021,397) Operating Expenses Selling & Marketing 94,754 General & Administrative 375,620 Insiders Compensation 107,712 Professional Fees 0 Idle Facilities 189,670 Environmental 21,830 ------------ Total Operating Expenses 789,585 ------------ Income before interest, depreciation, tax (1,810,982) Interest Expense 1,570,476 Depreciation 859,031 Other (Income) Expenses (10,013) Amortization of Deferred Financing Costs 387,997 Restructuring Professional Fees 1,442,743 Other 132,773 Equity Loss (Earnings) in Subsidiary 4,628,103 Total Interest, Depreciation & Other Items 9,011,110 ------------ Net Income Before Taxes (10,822,092) Federal Income Tax 0 ------------ Net Income (Loss) ($10,822,092) ============ Scotia Development LLC, et al. Cash Receipts and Disbursements For the Month Ended October 31, 2007 Receipts Cash Sales $53,045 Collection of Accounts Receivable 9,994,459 Loans & Advances 3,003,040 Sale of Assets 0 Other 2,453,515 ------------ Total Receipts 15,504,059 Disbursements Net payroll 869,555 Payroll taxes paid 365,746 Sales, use & other taxes paid 9,349 Secured/rentals/leases 248,705 Utilities & telephone 85,622 Insurance 1,233,019 Cost of goods sold 5,656,159 Vehicle expenses 124,139 Travel & entertainment 32,009 Repairs, maintenance & supplies 727,009 Administrative & selling 1,195,459 Interest 3,457,238 Other 43,752 ------------ Total Disbursements from operations 14,047,760 Professional fees 1,049,292 U.S. Trustee fees 0 Other reorganization expenses 0 ------------ Total Disbursements 15,097,053 ------------ Net Cash Flow -- 407,006 ------------ Cash, at the beginning of the month 183,310 ------------ Cash, at the end of the month $590,317 ============ Based in Oakland, California, The Pacific Lumber Company -- http://www.palco.com/-- and its subsidiaries operate in several principal areas of the forest products industry, including the growing and harvesting of redwood and Douglas-fir timber, the milling of logs into lumber and the manufacture of lumber into a variety of finished products. Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned subsidiaries of Pacific Lumber. Scotia Pacific, Pacific Lumber's largest operating subsidiary, was established in 1993, in conjunction with a securitization transaction pursuant to which the vast majority of Pacific Lumber's timberlands were transferred to Scotia Pacific, and Scotia Pacific issued Timber Collateralized Notes secured by substantially all of Scotia Pacific's assets, including the timberlands. Pacific Lumber, Scotia Pacific, and four other subsidiaries filed for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan, Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co- counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Official Committee of Unsecured Creditors. When Pacific Lumber filed for protection from its creditors, it listed estimated assets and debts of more than $100 million. Scotia Pacific listed total assets of $932,000,000 and total debts of $765,978,335. The Debtors filed their Joint Plan of Reorganization on Sept. 30, 2007. The Debtors' exclusive period to file a chapter 11 plan expired on the same date. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 36, http://bankrupt.com/newsstand/or 215/945-7000). PACIFIC LUMBER: ScoPac Files October 2007 Operating Report ---------------------------------------------------------- Scotia Pacific Company LLC Consolidated Balance Sheet As of October 31, 2007 ASSETS Current Assets Cash $48,654,685 Accounts receivable, net 4,100,965 Inventory: lower cost or market 2,084,826 Prepaid expenses 6,198,513 Prepaid Restructuring 939,671 Investments 0 Other 639,145 ------------- Total Current Assets 62,617,805 Property, Plant & Equipment 600,144,233 Less: Accumulated Depreciation (358,914,670) ------------- Net book value of property & plant 241,229,563 Other Assets Capitalized Expenses 10,687,186 ------------- TOTAL ASSETS $314,534,555 ============= LIABILITIES & OWNERS EQUITY Postpetition Liabilities Trade accounts payable $106,688 Tax payable Federal payroll taxes 11,325 State payroll taxes 342 Ad valorem taxes 210,000 Other taxes 96,138 ------------ Total taxes payable 317,805 Secured debt postpetition 0 Accrued interest payable 42,430,127 Accrued professional fees 5,161,465 Other accrued liabilities Unsecured Debt 2,779,557 Payroll 427,425 Other 328,818 ------------ Total Postpetition Liabilities 51,551,884 Prepetition Liabilities Notes payable - Secured 767,333,213 Priority debt 207,812 Federal income tax 0 FICA/ Withholding 0 Unsecured debt 3,500,651 Other 235,944 ------------ Total Prepetition Liabilities 771,277,620 ------------ Total Liabilities 822,829,504 Owner's Equity (Deficit) Preffered Stock 0 Common Stock 20,384,905 Additional Paid-in Capital 179,838,186 Retained Earnings: Filing Date (662,058,832) Retained Earnings: Post Filing Date (46,459,208) ------------ Total Owner's Equity (508,294,949) ------------ TOTAL LIABILITIES & OWNERS EQUITY $314,534,555 ============ Scotia Pacific Company LLC Statement of Income For the Period Ended October 31, 2007 Revenues $4,409,885 Total cost of revenues 1,592,781 ------------ Gross Profit 2,817,104 Operating Expenses Selling & Marketing 0 General & Administrative 229,824 Insiders Compensation 0 Professional Fees 0 Idle Facilities 0 Environmental 0 ------------ Total Operating Expenses 229,824 ------------ Income before interest, depreciation, tax 2,587,280 Interest Expense 5,049,182 Depreciation 821,717 Other (Income) Expenses (234,316) Amortization of Deferred Financing Costs 0 Restructuring Professional Fees 1,505,000 Other 73,800 Equity Loss (Earnings) in Subsidiary 0 Total Interest, Depreciation & Other Items 7,215,383 ------------ Net Income Before Taxes (4,628,103) Federal Income Tax 0 ------------ Net Income (Loss) ($4,628,103) ============ Scotia Pacific Company LLC Cash Receipts and Disbursements For the Month Ended October 31, 2007 Receipts Cash Sales $0 Collection of Accounts Receivable 0 Loans & Advances 0 Sale of Assets 0 Interest Income 213,684 Log Sales to Palco less Reimbursable 2,950,856 Other 0 ------------ Total Receipts 3,164,540 Disbursements Net payroll 231,953 Payroll taxes paid 83,313 Sales, use & other taxes paid 463,015 Secured/rentals/leases 3,551 Utilities & telephone 348 Insurance 71,785 Cost of goods sold 0 Vehicle expenses 0 Travel & entertainment 0 Repairs, maintenance & supplies 0 Administrative & selling 562,564 Decking, logging & hauling 1,708,517 Other 0 ------------ Total Disbursements from operations 3,125,046 Professional fees 2,684,431 U.S. Trustee fees 0 Interest 236,385 Other reorganization expenses 0 ------------ Total Disbursements 6,045,863 ------------ Net Cash Flow (2,881,323) ------------ Cash, at the end of the month $48,654,685 ============ Based in Oakland, California, The Pacific Lumber Company -- http://www.palco.com/-- and its subsidiaries operate in several principal areas of the forest products industry, including the growing and harvesting of redwood and Douglas-fir timber, the milling of logs into lumber and the manufacture of lumber into a variety of finished products. Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned subsidiaries of Pacific Lumber. Scotia Pacific, Pacific Lumber's largest operating subsidiary, was established in 1993, in conjunction with a securitization transaction pursuant to which the vast majority of Pacific Lumber's timberlands were transferred to Scotia Pacific, and Scotia Pacific issued Timber Collateralized Notes secured by substantially all of Scotia Pacific's assets, including the timberlands. Pacific Lumber, Scotia Pacific, and four other subsidiaries filed for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan, Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J. Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia Pacific's lead counsel. John F. Higgins, Esq., and James Matthew Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co- counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones LLP, represents the Official Committee of Unsecured Creditors. When Pacific Lumber filed for protection from its creditors, it listed estimated assets and debts of more than $100 million. Scotia Pacific listed total assets of $932,000,000 and total debts of $765,978,335. The Debtors filed their Joint Plan of Reorganization on Sept. 30, 2007. The Debtors' exclusive period to file a chapter 11 plan expired on the same date. (Scotia/Pacific Lumber Bankruptcy News, Issue No. 36, http://bankrupt.com/newsstand/or 215/945-7000). PUBLICARD INC: Posts $46,288 Net Loss in October 31, 2007 --------------------------------------------------------- For the month ended Oct. 31, 2007, PubliCARD Inc. incurred a net loss of $46,288 on zero revenues. The company's balance sheet as of Oct. 31, 2007, showed total assets of $55,519 and total liabilities of $482,271 resulting in a total stockholders deficit of $426,752. The company's October 31 balance sheet also showed strained liquidity with $51,777 in total current assets available to pay $313,821 in total pre-petition current liabilities and $168,450 in total post-petition current liabilities. A full-text copy of the company's monthly operating report for the month ended Sept. 31, 2007, is available for free at: http://ResearchArchives.com/t/s?262b 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. SOLUTIA INC: Incurs $3,000,000 Net Loss in Month Ended October 31 ----------------------------------------------------------------- Solutia Chapter 11 Debtors Unaudited Statement of Consolidated Financial Position As of October 31, 2007 ASSETS Cash $9,000,000 Trade Receivables, net 219,000,000 Account Receivables-Unconsolidated Subsidiaries 67,000,000 Inventories 162,000,000 Other Current Assets 85,000,000 Assets of Discontinued Operations 6,000,000 -------------- Total Current Assets 548,000,000 Property, Plant and Equipment, net 649,000,000 Investments in Subsidiaries and Affiliates 687,000,000 Intangible Assets, net 100,000,000 Other Assets 58,000,000 -------------- Total Assets $2,042,000,000 ============== LIABILITIES AND SHAREHOLDERS' DEFICIT Accounts Payable $219,000,000 Short Term Debt 924,000,000 Other Current Liabilities 174,000,000 Liabilities of Discontinued Operations 3,000,000 -------------- Total Current Liabilities 1,320,000,000 Long-Term Debt 19,000,000 Other Long-Term Liabilities 175,000,000 -------------- Total Liabilities not Subject to Compromise 1,514,000,000 Liabilities Subject to Compromise 1,939,000,000 Shareholders' Deficit (1,411,000,000) -------------- Total Liabilities & Shareholders' Deficit $2,042,000,000 ============== Solutia Chapter 11 Debtors Unaudited Consolidated Statement of Operations For the Month Ended October 31, 2007 Total Net Sales $231,000,000 Total Cost Of Goods Sold 207,000,000 -------------- Gross Profit 24,000,000 Total MAT Expense 17,000,000 -------------- Operating Income (Loss) 7,000,000 Equity Earnings from Affiliates 0 Interest Expense, net (9,000,000) Other Income, net 5,000,000 Reorganization Items: Professional fees (5,000,000) Employee severance and retention costs (1,000,000) Adjustment to allowed claim amounts 0 Settlements of prepetition claims 0 -------------- (6,000,000) -------------- Income from continuing operations before taxes (3,000,000) Income tax expense (benefit) 0 Income from discontinued operations 0 -------------- Net Loss ($3,000,000) ============== Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ) -- http://www.solutia.com/-- and its subsidiaries, engage in the manufacture and sale of chemical-based materials, which are used in consumer and industrial applications worldwide. The company and 15 debtor-affiliates filed for chapter 11 protection on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949). When the Debtors filed for protection from their creditors, they listed $2,854,000,000 in assets and $3,223,000,000 in debts. Solutia is represented by Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and Michael A. Cohen, Esq., at Kirkland & Ellis LLP, in New York, as lead bankruptcy counsel, and David A. Warfield, Esq., and Laura Toledo, Esq., at Blackwell Sanders LLP, in St. Louis Missouri, as special counsel. Trumbull Group LLC is the Debtor's claims and noticing agent. Daniel H. Golden, Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP represent the Official Committee of Unsecured Creditors, and Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital provides the Creditors' Committee with financial advice. The Official Committee of Retirees of Solutia, Inc., et al., is represented by Daniel D. Doyle, Esq., Nicholas A. Franke, Esq., and David M. Brown, Esq., at Spencer Fane Britt & Browne, LLP, in St. Louis, Missouri, and Frank M. Young, Esq., Thomas E. Reynolds, Esq., R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, in Birmingham, Alabama. On Feb. 14, 2006, the Debtors filed their Reorganization Plan & Disclosure Statement. On May 15, 2007, they filed an Amended Reorganization Plan and on July 9, 2007, filed a 2nd Amended Reorganization Plan. The Bankruptcy Court approved the Debtors' amended Disclosure Statement on Oct. 19, 2007. On Oct. 22, 2007, the Debtor re-filed a Consensual Plan & Disclosure Statement and on November 29, the Court confirmed the Debtors' Consensual Plan. (Solutia Bankruptcy News, Issue No. 110; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). * * * Solutia carries Moody's Investors Service's B1 Corporate Family Rating and Probability of Default Rating. SONICBLUE INC: Incurs $42,377 Net Loss in Month Ended August 31 --------------------------------------------------------------- SONICBlue Incorporated and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Northern District of California their monthly operating report for August 2007. For the month ended Aug. 31, 2007, the Debtors incurred a net loss of $42,377 on zero revenues. As of Aug. 31, 2007, the Debtors' balance sheet showed total assets of $85,992,541 (all are considered current assets), total liabilities of $243,212,292, of which $1,956,774 are current. The Debtors' statement of cash receipts and disbursements for August 2007 disclose: Cash Balance, Beginning $85,696,432 Total Receipts $354,985 Less: Total Disbursements 58,876 Excess $296,109 Cash Balance, End $85,992,541 Based in Santa Clara, California, SONICblue Incorporated is involved in the converging Internet, digital media, entertainment and consumer electronics markets. The company, together with three of its wholly owned subsidiaries, Diamond Multimedia Systems Inc., ReplayTV Inc., and Sensory Science Corporation, filed for Chapter 11 protection on Mar. 21, 2003 (Bankr. N.D. Calif. Case Nos. 03-51775 to 03-51778). When the Debtors filed for protection from their creditors, they listed assets totaling $342,871,000 and debts totaling $335,473,000. The Court disqualified Pillsbury Winthrop Shaw Pittman LLP as the Debtors' bankruptcy counsel due to the firm's failure to disclose conflicts of interest and the evidence of a "Fraud on the Court Motion" filed by SonicBlue Claims LLC, a company created to buy creditors' claims. As a result, the Court appointed Dennis J. Connolly as the Chapter 11 trustee in the Debtors' cases. ********* 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 ***