/raid1/www/Hosts/bankrupt/TCR_Public/071222.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 22, 2007, Vol. 11, No. 303
Headlines
ACCEPTANCE INSURANCE: Incurs $12,901 Net Loss in November 2007
AVADO BRANDS: Incurs $2,381,400 Net Loss in November 2007
AVADO BRANDS: Don Pablos Files Operating Report for November 2007
AVADO BRANDS: Hops Total Files Operating Report for November 2007
CALPINE CORP: Incurs $64,000,000 Net Loss in Month Ended Oct. 31
HANCOCK FABRICS: Earns $2,000 in Month Ended November 3, 2007
JAYS FOODS: Files Operating Report for Month Ended October 28
JAYS FOODS: Files Operating Report for Month Ended November 25
JAYS FOODS: Select Snacks Files Report for Month Ended October 28
JAYS FOODS: Select Snacks Files Report for Month Ended November 25
KUSHNER-LOCKE: Files September 2007 Monthly Operating Report
PUBLICARD INC: Posts $52,968 Net Loss in Month Ended November 3
*********
ACCEPTANCE INSURANCE: Incurs $12,901 Net Loss in November 2007
--------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for November 2007 with the United States Bankruptcy Court
for the District of Nebraska on Dec. 6, 2007.
The Debtor reported a net loss of $12,901 and revenue of
$5,096 for the month ended Nov. 30, 2007.
At Nov. 30, 2007, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,361,027
Total Assets $36,300,328
Total Liabilities $138,224,135
Total Shareholders' Deficit $101,923,807
A full-text copy of Acceptance Insurance Companies Inc.'s June
2007 Monthly Operating Report is available at no charge at:
http://ResearchArchives.com/t/s?2686
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies Inc. -- http://www.aicins.com/-- owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates --
Acceptance Insurance Services Inc. and American Agrisurance Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz, PC LLO
represent the Official Committee of Unsecured Creditors in
Acceptance Insurance's case. When the Debtor filed for protection
from its creditors, it listed $33,069,446 in total assets and
$137,120,541 in total debts.
AVADO BRANDS: Incurs $2,381,400 Net Loss in November 2007
---------------------------------------------------------
Avado Brands Inc. and its debtor-affiliates filed with the U.S.
Bankruptcy Court for the District of Delaware their monthly
operating report for November 2007.
For the month of November 2007, the Debtors had total net revenue
of $14,732,000 and a net loss of $2,381,400. Total cost of sales
for the month were $4,280,900.
Madison, Georgia-based Avado Brands Inc., aka Applesouth, --
http://www.avado.com/-- operates about 120 casual dining
restaurants under the banners Don Pablo's Mexican Kitchen and Hops
Grillhouse & Brewery. The restaurants are located in 22 states in
the U.S. As of Sept. 5, 2007, the Debtors employed about 9,970
people. For the year ended July 31, 2007, the Debtors generated
about $227.8 million in revenues and a negative EBITDA of
$7.8 million.
The Debtor filed for chapter 11 protection on Feb. 4, 2004 (Bankr.
N.D. Tex. Case No. 04-1555). On April 26, 2005, Judge Steven
Felsenthal confirmed Avado's Modified Plan of Reorganization and
that Plan became effective on May 19, 2005.
On Sept. 5, 2007, Avado filed a voluntary chapter 22 petition
(Bankr. D. Del. Case No. 07-11276) to complete an orderly sale of
its assets, via Section 363 of the Bankruptcy Code. About 10 of
Avado's affiliates also filed for bankruptcy protection on the
same date (Bankr. D. Del. Case Nos. 07-11277 through 07-11286).
Michael Tuchin, Esq., and Stacia A. Neeley, Esq., at Klee, Tuchin,
Bogdanoff & Stern LLP, represent the Debtors. Donald J.
Detweiler, Esq., at Greenberg Traurig, LLP, is the Debtors' local
counsel. Kurtzman Carson Consultants LLC acts as the Debtors
claims and noticing agent. Scott L Hazan, Esq., at Otterbourg,
Steindler, Houston & Rosen, P.C.; and David B. Stratton, Esq., at
Pepper Hamilton LLP, represent the Official Committee of Unsecured
Creditors.
The Debtor's balance sheet showed total assets of $92,900,800,
total liabilities of $465,813,700, and total stockholders' deficit
of $372,912,900 as of Oct. 30, 2007.
AVADO BRANDS: Don Pablos Files Operating Report for November 2007
-----------------------------------------------------------------
Don Pablo of Texas LP and other Don Pablo debtor-affiliates of
Avado Brands Inc., filed with the U.S. Bankruptcy Court for the
District of Delaware their monthly operating report for November
2007.
For the month of November 2007, Don Pablo had total net revenue of
$11,636,700 and a net loss of $684,300. Total cost of sales for
the month were $3,199,900.
Madison, Georgia-based Avado Brands Inc., aka Applesouth, --
http://www.avado.com/-- operates about 120 casual dining
restaurants under the banners Don Pablo's Mexican Kitchen and Hops
Grillhouse & Brewery. The restaurants are located in 22 states in
the U.S. As of Sept. 5, 2007, the Debtors employed about 9,970
people. For the year ended July 31, 2007, the Debtors generated
about $227.8 million in revenues and a negative EBITDA of
$7.8 million.
The Debtor filed for chapter 11 protection on Feb. 4, 2004 (Bankr.
N.D. Tex. Case No. 04-1555). On April 26, 2005, Judge Steven
Felsenthal confirmed Avado's Modified Plan of Reorganization and
that Plan became effective on May 19, 2005.
On Sept. 5, 2007, Avado filed a voluntary chapter 22 petition
(Bankr. D. Del. Case No. 07-11276) to complete an orderly sale of
its assets, via Section 363 of the Bankruptcy Code. About 10 of
Avado's affiliates also filed for bankruptcy protection on the
same date (Bankr. D. Del. Case Nos. 07-11277 through 07-11286).
Michael Tuchin, Esq., and Stacia A. Neeley, Esq., at Klee, Tuchin,
Bogdanoff & Stern LLP, represent the Debtors. Donald J.
Detweiler, Esq., at Greenberg Traurig, LLP, is the Debtors' local
counsel. Kurtzman Carson Consultants LLC acts as the Debtors
claims and noticing agent. In their second filing, the Debtors
disclosed estimated assets and debts between $1 million to
$100 million.
Scott L Hazan, Esq., at Otterbourg, Steindler, Houston & Rosen,
P.C.; and David B. Stratton, Esq., at Pepper Hamilton LLP,
represent the Official Committee of Unsecured Creditors.
AVADO BRANDS: Hops Total Files Operating Report for November 2007
-----------------------------------------------------------------
Hops Total of NE Florida JV 3, Hops of Balt County LLC and Hops of
Virginia Ltd. and other Hops stores of Avado Brands Inc. filed
with the U.S. Bankruptcy Court for the District of Delaware their
monthly operating report for November 2007.
For the month of November 2007, Hops had total net revenue of
$3,095,300 and a net loss of $150,800. Total cost of sales for
the month were $1,081,000.
Madison, Georgia-based Avado Brands Inc., aka Applesouth, --
http://www.avado.com/-- operates about 120 casual dining
restaurants under the banners Don Pablo's Mexican Kitchen and Hops
Grillhouse & Brewery. The restaurants are located in 22 states in
the U.S. As of Sept. 5, 2007, the Debtors employed about 9,970
people. For the year ended July 31, 2007, the Debtors generated
about $227.8 million in revenues and a negative EBITDA of
$7.8 million.
The Debtor filed for chapter 11 protection on Feb. 4, 2004 (Bankr.
N.D. Tex. Case No. 04-1555). On April 26, 2005, Judge Steven
Felsenthal confirmed Avado's Modified Plan of Reorganization and
that Plan became effective on May 19, 2005.
On Sept. 5, 2007, Avado filed a voluntary chapter 22 petition
(Bankr. D. Del. Case No. 07-11276) to complete an orderly sale of
its assets, via Section 363 of the Bankruptcy Code. About 10 of
Avado's affiliates also filed for bankruptcy protection on the
same date (Bankr. D. Del. Case Nos. 07-11277 through 07-11286).
Michael Tuchin, Esq., and Stacia A. Neeley, Esq., at Klee, Tuchin,
Bogdanoff & Stern LLP, represent the Debtors. Donald J.
Detweiler, Esq., at Greenberg Traurig, LLP, is the Debtors' local
counsel. Kurtzman Carson Consultants LLC acts as the Debtors
claims and noticing agent. In their second filing, the Debtors
disclosed estimated assets and debts between $1 million to
$100 million.
Scott L Hazan, Esq., at Otterbourg, Steindler, Houston & Rosen,
P.C.; and David B. Stratton, Esq., at Pepper Hamilton LLP,
represent the Official Committee of Unsecured Creditors.
CALPINE CORP: Incurs $64,000,000 Net Loss in Month Ended Oct. 31
----------------------------------------------------------------
Calpine Corporation
Consolidated Condensed Balance Sheet
As of October 31, 2007
ASSETS
Current assets:
Cash and cash equivalents $1,775,000,000
Accounts receivable, net 1,051,000,000
Inventories 150,000,000
Margin deposits and other prepaid expense 447,000,000
Restricted cash, current 378,000,000
Current derivative assets 234,000,000
Assets held for sale 195,000,000
Other current assets 52,000,000
----------------
Total current assets 4,282,000,000
Property, plant and equipment, net 12,425,000,000
Restricted cash, net of current portion 156,000,000
Investments 250,000,000
Long-term derivative assets 263,000,000
Non-current assets held for sale 0
Other assets 968,000,000
----------------
Total assets $18,344,000,000
================
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $668,000,000
Accrued interest payable 214,000,000
Debt, current 4,876,000,000
Current derivative liabilities 314,000,000
Income taxes payable 40,000,000
Liabilities held for sale 0
Other current liabilities 476,000,000
----------------
Total current liabilities 6,588,000,000
Debt, net of current portion 3,126,000,000
Deferred income taxes, net of current portion 660,000,000
Long-term derivative liabilities 457,000,000
Long-term liabilities 265,000,000
----------------
Total liabilities not subject to compromise 11,096,000,000
Liabilities subject to compromise 11,714,000,000
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 (7,607,000,000)
Accumulated other comprehensive loss (138,000,000)
----------------
Total stockholders' deficit (4,474,000,000)
Total liabilities and stockholders' deficit $18,344,000,000
================
Calpine Corporation
Consolidated Condensed Statement of Operations
For the period ending October 31, 2007
Revenue:
Electricity and steam revenue $475,000,000
Sales of purchased power and gas
for hedging and optimization 155,000,000
Mark-to-market activities, net 16,000,000
Other revenue 3,000,000
--------------
Total revenue 649,000,000
Cost of revenue:
Plant operating expense 59,000,000
Purchased power and gas expense
for hedging and optimization 122,000,000
Fuel expense 323,000,000
Depreciation & amortization expense 38,000,000
Operating lease expense 5,000,000
Other cost of revenue 12,000,000
--------------
Total cost of revenue 559,000,000
Gross profit (loss) 90,000,000
Equipment, development project & other impairments 0
Sales, general and administrative expense 13,000,000
Other operating expenses 2,000,000
--------------
Income (loss) from operations 75,000,000
Interest expense 109,000,000
Interest (income) (6,000,000)
Minority interest expense 0
Other (income) expense, net 6,000,000
--------------
Income (loss) before reorganization items
& provision (benefit) for income taxes (34,000,000)
Reorganization items 24,000,000
--------------
Income (loss) before provision
(benefit) for income taxes (58,000,000)
Provision (benefit) for income taxes 6,000,000
--------------
Net income (loss) ($64,000,000)
==============
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 began Dec. 17, 2007, and was adjourned
to Dec. 19, 2007.
(Calpine Bankruptcy News, Issue No. 76; Bankruptcy Creditors'
Service Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
HANCOCK FABRICS: Earns $2,000 in Month Ended November 3, 2007
-------------------------------------------------------------
Hancock Fabrics Inc. and Subsidiaries
Consolidated Balance Sheet
As of November 3, 2007
ASSETS
Current assets:
Cash and cash equivalents $3,783,000
Receivables less allowance for
doubtful accounts 6,124,000
Inventories 87,596,000
Income taxes refundable 8,235,000
Prepaid expenses 2,174,000
------------
Total current assets 107,912,000
Property and equipment 43,829,000
Other assets 15,044,000
------------
Total Assets $166,785,000
============
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities not subject to compromise
Accounts payable $22,190,000
Credit facility; DIP financing 19,533,000
Accrued liabilities 10,205,000
Deferred tax liabilities 6,273,000
Liabilities subject to compromise
Accounts payable 28,375,000
Accrued liabilities 11,604,000
Long-term lease financing obligations 1,677,000
Capital lease obligations 1,706,000
Postretirement benefits other than pensions 9,519,000
Pension and SERP liabilities 8,978,000
Other liabilities 9,102,000
------------
Total Liabilities 129,162,000
Total Shareholders Equity 37,623,000
------------
Total liabilities and shareholders' equity $166,785,000
============
Hancock Fabrics Inc. and Subsidiaries
Consolidated Statement of Operations
For the Month Ended November 3, 2007
Sales $25,099,000
Cost of goods sold 13,158,000
------------
Gross profit 11,941,000
Selling general & admin expense 9,621,000
Depreciation and amortization 262,000
------------
Operating income (loss) 2,058,000
Reorganization expenses 1,685,000
Interest expense net 371,000
------------
Earnings (loss) before income taxes 2,000
Income taxes 0
------------
Net earnings (loss) $2,000
============
Hancock Fabrics Inc. and Subsidiaries
Consolidated Statement of Cash Flow
For the Month Ended November 3, 2007
Cash flows from operating activities:
Net earnings $2,000
Adjustments to reconcile net
earnings to cash flows used in
operating activities
Depreciation and amortization 318,000
Amortization of deferred loan costs 162,000
LIFO charge (credit) (264,000)
Reserve for store closings credits 122,000
Reserve for obsolete inventory 0
Reserve for sales returns and bad debts 59,000
Stepped rent accrual 8,000
Loss on disposition of property and equipment (8,000)
Gain on disposition of lease financing obligations 0
Stock compensation expense 98,000
(Increase) decrease in assets
Receivables and prepaid expenses (643,000)
Inventory at current cost (3,828,000)
Income tax refundable 0
Other non-current assets (228,000)
Increase (decrease) in liabilities
Accounts payable 2,217,000
Accrued liabilities 376,000
Postretirement benefits other than pensions (134,000)
Long-term pension and SERP liabilities 157,000
Reserve for store closings (26,000)
Other liabilities 83,000
------------
Net cash used in operating activities (1,529,000)
Cash flows from investing activities:
Additions to property and equipment (950,000)
Proceeds from the disposition of property
and equipment 8,000
------------
Net cash used in investing activities (942,000)
Cash flows from financing activities:
Net borrowings on revolving credit agreement 2,033,000
Payments for lease financing (1,000)
Payments for capital leases (3,000)
Payments for loan costs 0
Purchase of treasury stock 0
Tax obligation settled with treasury stock 0
------------
Net cash provided by financing activities 2,029,000
------------
Decrease in cash and cash equivalents (442,000)
Cash beginning of period 4,225,000
------------
Cash end of period $3,783,000
============
Headquartered in Baldwyn, Mississippi, Hancock Fabrics Inc.
(OTC: HKFIQ) -- http://www.hancockfabrics.com/-- is a specialty
retailer of a wide selection of fashion and home decorating
textiles, sewing accessories, needlecraft supplies and sewing
machines. Hancock Fabrics is one of the largest fabric retailers
in the United States, currently operating approximately 400 retail
stores in approximately 40 states. The company employs
approximately 7,500 people on a full-time and part-time basis.
Most of the company's employees work in its retail stores, or in
field management to support its retail stores.
The company and six of its debtor-affiliates filed for chapter 11
protection on March 21, 2007 (Bankr. D. Del. Lead Case No.
07-10353). Robert J. Dehney, Esq., at Morris, Nichols, Arsht &
Tunnell, represent the Debtors. As of Sept. 1, 2007, Hancock
Fabrics disclosed total assets of $159,673,000 and total
liabilities of 122,316,000. The Court extended the Debtors'
exclusive period to file a Chapter 11 Plan to Feb. 28, 2008.
(Hancock Fabric Bankruptcy News, Issue No. 22, Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000).
JAYS FOODS: Files Operating Report for Month Ended October 28
-------------------------------------------------------------
Jays Foods 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, disclosing:
Beginning Balance $83,421
Receipts from Operations $4,100,391
Other Receipts $8,553
Total Disbursements $4,437,159
Net Receipts/Disbursements $(336,767)
Outstanding Checks Accounts Payable $115,769
Route Deposit in Transit $22,697
DIP Loans/Repayments $416,321
Ending Cash 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: Files Operating Report for Month Ended November 25
--------------------------------------------------------------
Jays Foods Inc. submitted to the U.S. Bankruptcy Court for the
Northern District of Illinois its monthly operating report for the
period ended Nov. 25, 2007, disclosing:
Beginning Balance at 10/28/07 $89,204
Receipts from Operations $5,452,174
Other Receipts $17,385
Total Disbursements $7,110,404
Net Receipts/Disbursements $(1,640,844)
Outstanding Checks Accounts Payable $424,348
DIP Loans/Repayments $1,459,919
Ending Cash Balance at 11/25/07 $332,627
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 Report for Month Ended October 28
-----------------------------------------------------------------
Select Snacks Inc., debtor-affiliate of Jays Foods Inc., submitted
to the U.S. Bankruptcy Court for the Northern District of Illinois
its operating report for the month ended Oct. 28, 2007,
disclosing:
Beginning Balance $37,328
Receipts from Operations $1,054,417
Total Disbursements $1,310,290
Outstanding Checks $26,595
DIP Loans/Repayments $368,253
Net Receipts/Disbursements $138,976
Ending Cash Balance at 11/25/07 $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.
JAYS FOODS: Select Snacks Files Report for Month Ended November 25
------------------------------------------------------------------
Select Snacks Inc., debtor-affiliate of Jays Foods Inc., submitted
to the U.S. Bankruptcy Court for the Northern District of Illinois
its operating report for the month ended Nov. 25, 2007,
disclosing:
Beginning Balance at 10/29/07 $101,647
Receipts from Operations $1,470,249
Total Disbursements $3,199,738
Outstanding Checks $94,711
DIP Loans/Repayments $1,778,710
Net Receipts/Disbursements $143,932
Ending Cash Balance at 11/25/07 $245,580
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.
KUSHNER-LOCKE: Files September 2007 Monthly Operating Report
------------------------------------------------------------
The Kushner-Locke Company and its debtor-affiliates filed their
monthly operating report for September 2007 with the U.S.
Bankruptcy Court for the Central District of California, Los
Angeles Division.
For the month ending Sept. 30, 2007, The Kushner-Locke Company's
Profit & Loss Statement shows:
Gross Profit $0
Total Operating Expenses $58,787
Total Non-Operating Expenses $190,543
Net Income (Loss) ($249,330)
For the period from Sept. 1, 2007, through Sept. 30, 2007, The
Kushner-Locke Company's Cash Receipts and Disbursements Report
shows:
A C C O U N T T Y P E
Collateral Concentration City National
---------- ------------- -------------
Bal, before
Statement #1 $268,333 $65,956 $0
Total Receipts 10,110,442 9,104,774 996,836
Total Disbursement 9,390,014 9,059,330 21,490
Beg, Balance 988,760 111,399 975,345
Receipts for
the Period 506,502 80,000 20,953
End, Balance 1,495,262 191,399 996,298
Full-text copies of The Kushner-Locke Company's September 2007
Monthly Operating Reports are available at no charge at:
Profit & Loss Statement:
http://ResearchArchives.com/t/s?2689
Cash Receipts and Disbursements Report:
http://ResearchArchives.com/t/s?2688
Headquartered in Los Angeles, California, The Kushner-Locke
Company is a low-budget movie production studio. The Company,
along with its debtor-affiliates filed for chapter 11 protection
on Nov. 21, 2001 (Bankr. C.D. Calif. Case No. 01-44828). Alan L.
Braunstein, Esq, Christopher M. Condon, Esq., and Kristin M.
McDonough, Esq., at Riemer & Braunstein, LLP, represent the
Debtors in their restructuring efforts. Jager Smith, Esq.,
and Michael J. Fencer, Esq., at One Financial Center, represent
the Official Committee of Unsecured Creditors.
PUBLICARD INC: Posts $52,968 Net Loss in Month Ended November 30
----------------------------------------------------------------
For the month ended Nov. 30, 2007, PubliCARD Inc. incurred a
$52,968 net loss on zero revenues.
As of Nov. 30, 2007, the company's balance sheet showed total
assets of $26,206, total liabilities of $505,926, consisting of
total postpetition debts of $200,299 and total prepetition debts
of $305,627, and total stockholders' $479,720.
For the month of November 2007, the company had total cash
disbursements of $24,542, total cash receipts of $10, and net cash
outflow of $24,832.
A full-text copy of the company's monthly operating report for the
month ended Nov. 30, 2007, is available for free at:
http://ResearchArchives.com/t/s?2687
PubliCARD Inc. is a smart card technology company that provides
products and solutions to facilitate secure access and
transactions. PubliCARD also licenses smart card reader
technology and the integrated circuit technology within readers.
Headquartered in New York, PubliCARD Inc. fka Publicker Inc. filed
a chapter 11 petition on May 17, 2007 (Bankr. S.D.N.Y. Case No.
07-11517). David C. McGrail, Esq., at the Law Offices of David C.
McGrail in New York represents the Debtor in its restructuring
efforts. The company listed assets and debts between $100,000 to
$500,000 when it sought bankruptcy protection.
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
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Each Tuesday edition of the TCR contains a list of companies with
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Don't be fooled. Assets, for example, reported at historical cost
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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
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Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
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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 &
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*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
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USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy,
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Tara Marie A. Martin, Philline P. Reluya, Joseph Medel C.
Martirez, and Peter A. Chapman, Editors.
Copyright 2007. All rights reserved. ISSN: 1520-9474.
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