/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/071229.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 29, 2007, Vol. 11, No. 307 Headlines ADVA-LITE INC: Files Monthly Operating Report for November 2007 AMERICAN HOME: Posts $13,940,571 Net Loss for August 2007 AMERICAN HOME: AHM Acceptance Files August 2007 Operating Report AMERICAN HOME: AHM Corp. Files August 2007 Operating Report AMERICAN HOME: AHM Holdings Files August 2007 Operating Report AMERICAN HOME: AHM Servicing Files August 2007 Operating Report AMERICAN HOME: AHM Ventures Files August 2007 Operating Report AMERICAN HOME: Great Oak Files August 2007 Operating Report AMERICAN HOME: Homegate Files August 2007 Operating Report FEDDERS CORP: Incurs $5,640,000 Net Loss in October 2007 NETBANK INC: Submits Operating Report for November 1-30, 2007 NEUMANN HOMES: Submits Schedules of Assets and Liabilities NEWPOWER HOLDINGS: Files Operating Report for Sept. 30 to Oct. 31 REFCO LLC: Chapter 7 Trustee Files October 2007 Monthly Report SCO GROUP: Earns $1,081,019 for the Month Ended November 30 VESTA INSURANCE: Florida Select Files Report for November 2007 VESTA INSURANCE: Gordon Gaines Files Report for November 200 ********* ADVA-LITE INC: Files Monthly Operating Report for November 2007 --------------------------------------------------------------- Adva-Lite Inc. and its debtor-affiliates submitted to 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 $1,180 total disbursements made by outside sources (from escrow accounts). The Debtors generated zero revenues, had zero expenses and zero income for the month. Effective April 25, 2007, the Debtors sold all their operating assets and suspended operations. The Debtors are winding down operations and have no operating activity other than the cash activity reflected on their monthly operating report. About Adva-Lite Inc. Headquartered in Largo, Fla., Adva-Lite Inc., together with Corvest Promotional Products Inc., and four other affiliates, sought chapter 11 protection on February 28, 2007 (Bankr. D. Del. Lead Case Nos. 07-10264). The four affiliates filing separate chapter 11 petitions are Toppers LLC, CGI Inc., It's All Greek To Me Inc., and Corvest Group Inc. Adva-Lite, It's All Greek, and Toppers are subsidiaries of Corvest Promotional. Adva-Lite manufactures and markets personal lighting gizmos, writing instruments, beverageware, and tools. It's All Greek provides custom plush products. Toppers offers sports bags, totes, luggage, caps, and other business accessories. Paul S. Singerman, Esq., and Jordi Guso, Esq., at Berger Singerman, P.A., represent the Debtors. Michael R. Nestor, Esq., Kara Hammond Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, is the Debtors co-counsel. Houlihan Lokey Howard & Zukin Capital, Inc. serve as financial advisor and investment banker to the Debtors. Kurtzman Carson Consultants LLC acts as the Debtors' claims and noticing agent. Lowenstein Sandler PC represent the Official Committee of Unsecured Creditors while Reed Smith LLP is the Committee's Delaware counsel. Mahoney Cohen & Company, CPA P.C. is the financial advisor to the Committee. In amended schedules filed with the Court, Adva-Lite disclosed total assets of $7,033,526 and total debts of $48,897,227. The Court will continue the hearing on the Debtors' disclosure statement explaining their plan of liquidation on Jan. 9, 2008. AMERICAN HOME: Posts $13,940,571 Net Loss for August 2007 --------------------------------------------------------- American Home Mortgage Investment Corp. submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. American Home Mortgage Investment Corp. Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $29,134 Restricted cash 150,799,967 Accounts receivable 6,758,464 Intercompany receivable 1,320,448,267 Securities 1,415,801,779 Derivative assets 17,320,805 Investment in subsidiaries (193,719,714) Other assets 11,876 ------------- Total Assets $2,717,450,578 ============= Liabilities and Stockholders' Equity: Liabilities: Reverse repurchase agreements $890,718,328 Junior subordinated note 180,416,000 Derivative liabilities 34,993,293 Accrued expenses & other liabilities 575,663,148 Intercompany payable 572,639,754 ------------- Total Liabilities 2,254,430,523 Stockholders' Equity Preferred stock - Series A 50,856,875 Preferred stock - Series B 83,183,125 Common Stock 543,074 Additional paid-in capital 1,057,864,155 Retained earnings (729,427,174) ------------- Total Stockholders' Equity 463,020,055 ------------- Total Liabilities & Stockholders' Equity $2,717,450,578 ============= American Home Mortgage Investment Corp. Statement of Income August 6 through 31, 2007 Net Interest Income: Interest income $10,443,036 ------------- Net interest income 10,443,036 Provision for loan losses - ------------- Net interest income after provision 10,443,036 for loan losses Non-Interest Income: Loss on securities and derivatives (13,483,641) Loss from Subsidiaries (10,449,970) ------------- Non-interest income (23,933,611) Other Other expenses 449,996 ------------- Total expenses 449,996 Loss before income taxes (13,940,571) Income taxes - ------------- Net loss ($13,940,571) ============= American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements August 6 through 31, 2007 Cash - Beginning of Month, 08/06/2007 $152,632,873 Receipts: Cash sales - Accounts receivable - Sale of assets $1,068 Loans and advances - Administrative - Net payroll - Other 785,977 Transfers (from DIP accounts) - ------------- Total Receipts 787,045 Disbursements: Net payroll - Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 950 Selling - Other 2,589,867 Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------- Total Disbursements 2,590,817 ------------- Net Cash Flow (1,803,772) ------------- Cash - End of Month $150,829,101 ============= Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHM Acceptance Files August 2007 Operating Report ---------------------------------------------------------------- American Home Mortgage Acceptance Inc., a debtor-affiliate of American Home Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. American Home Mortgage Acceptance Inc. Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $240,257 Restricted cash 48,925 Accounts receivable 4,335,667 Intercompany receivable 516,884,589 Mortgage loans 434,299,679 Mortgage servicing rights 27,421,204 Other real estate, net 5,020,191 Investment in subsidiaries (28,934,089) Other assets 162,506 ------------ Total Assets $959,478,929 ============ Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $397,312,428 Accrued expenses & other liabilities 1,313,590 Intercompany payable 715,932,804 ------------ Total Liabilities 1,114,558,822 Stockholders' Equity Additional paid-in capital 40,298,920 Retained earnings (195,378,813) ------------ Total Stockholders' Equity (155,079,893) ------------ Total Liabilities & Stockholders' Equity $959,478,929 ============ American Home Mortgage Acceptance Inc. Statement of Income August 6 through 31, 2007 Net Interest Income: Interest income $1,332,102 ------------ Net interest income 1,332,102 Provision for loan losses - ------------ Net interest income after provision 1,332,102 for loan losses Non-Interest Income: Loss on mortgage loans (28,324) (Loss) gain on securities & derivatives 39,301 Loan servicing fees 105,146 Loss from subsidiaries (127,484) ------------ Non-interest income (11,361) Expenses: Salaries, commissions & benefits, net 314,092 Marketing and promotion 10 Other real estate operating (income) (85,443) Other 252 ------------ Total expenses 228,911 Income before taxes 1,091,830 Income taxes - ------------ Net Income $1,091,830 ============ American Home Mortgage Acceptance Inc. Schedule of Cash Receipts and Disbursements August 6 through 31, 2007 Cash - Beginning of Month, 08/06/2007 $771,334 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances - Administrative - Net payroll - Other $12,566 Transfers (from DIP accounts) - ------------ Total Receipts 12,566 Disbursements: Net payroll - Payroll taxes - Sales, use & other taxes - Loans and advances 494,719 Inventory purchases - Secured/rental/leases - Insurance - Administrative - Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 494,719 ------------ Net Cash Flow (482,152) ------------ Cash - End of Month $289,182 ============ Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHM Corp. Files August 2007 Operating Report ----------------------------------------------------------- American Home Mortgage Corp., a debtor-affiliate of American Home Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. American Home Mortgage Corp. Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $41,348,971 Restricted cash 36,034,851 Accounts receivable 35,238,464 Intercompany receivable 702,881,966 Mortgage loans 2,386,791,316 Derivative assets 743,601 Mortgage servicing rights 610,693,070 Other real estate, net 38,119,843 Premises and equipment, net 48,119,093 Investment in subsidiaries 120,827,370 Other assets 27,019,593 ------------- Total Assets $4,047,818,138 ============= Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $2,081,518,855 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 95,043,846 Intercompany payable 1,490,325,989 Notes payable 447,177,107 Income taxes payable 567,001 ------------- Total Liabilities 4,125,114,358 Stockholders' Equity Additional paid-in capital 153,195,270 Retained earnings (230,491,490) ------------- Total Stockholders' Equity (77,296,220) ------------- Total Liabilities & Stockholders' Equity $4,047,818,138 ============= American Home Mortgage Corp. Statement of Income August 6 through 31, 2007 Net Interest Income: Interest income $10,389,344 ------------- Net interest income 10,389,344 Provision for loan losses - ------------- Net interest income after provision 10,389,344 for loan losses Non-Interest Income: Loss on mortgage loans (7,153,782) Loan servicing fees 7,242,180 Income from subsidiaries 3,779,558 Other non-interest income 265,251 ------------- Non-interest income 4,133,207 Expenses: Salaries, commissions & benefits, net 8,433,429 Occupancy and equipment 3,805,928 Data processing and communications 1,816,510 Office supplies and expenses 307,979 Marketing and promotion 806,383 Travel and entertainment 724,868 Professional fees 2,888,955 Other real estate operating expense 3,052,149 Other 671,613 ------------- Total expenses 22,507,814 Loss before income taxes (7,985,263) Income taxes - ------------- Net loss (7,985,263) ============= American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements August 6 through 31, 2007 Cash - Beginning of Month, 08/06/2007 $46,488,244 Receipts: Cash sales - Accounts receivable - Sale of assets $1,418,291 Loans and advances 25,511,172 Administrative - Net payroll - Other - Transfers (from DIP accounts) 93,132 ------------- Total Receipts 27,022,594 Disbursements: Net payroll (2,918,263) Payroll taxes 78,060 Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative (1,032,781) Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------- Total Disbursements (3,872,985) ------------- Net Cash Flow 30,895,579 ------------- Cash - End of Month $77,383,822 ============= Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHM Holdings Files August 2007 Operating Report -------------------------------------------------------------- American Home Mortgage Holdings Inc., a debtor-affiliate of American Home Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. American Home Mortgage Holdings Inc. Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $1,000 Accounts receivable 134,546 Intercompany receivable 133,122,337 Investment in subsidiaries 153,560,709 Other assets - ------------ Total Assets $286,818,592 ============ Liabilities and Stockholders' Equity: Liabilities: Junior subordinated note $304,214,000 Accrued expenses & other liabilities 4,733,874 ------------ Total Liabilities 308,947,874 Stockholders' Equity: Additional paid-in capital 94,597,812 Retained earnings (116,727,094) ------------ Total Stockholders' Equity (22,129,282) ------------ Total Liabilities & Stockholders' Equity $286,818,592 ============ American Home Mortgage Holdings Inc. Statement of Income August 6 through 31, 2007 Income from subsidiaries Non-interest income ($12,006,749) ------------ Non-interest income (12,006,749) Loss before income taxes (12,006,749) Income taxes - ------------ Net loss ($12,006,749) ============ American Home Mortgage Holdings, Inc., also discloses that its cash as of August 6, 2007, was $1,000. Since there was no cash receipts and disbursements for August, AHM Holdings' cash at the end of the month is still $1,000. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHM Servicing Files August 2007 Operating Report --------------------------------------------------------------- American Home Mortgage Servicing Inc., a debtor-affiliate of American Home Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. American Home Mortgage Servicing Inc. Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $40,077,293 Restricted cash 2,649,676 Accounts receivable & servicing advances 119,344,659 Intercompany receivable 155,986,011 Premises and equipment, net 2,753,663 Investment in subsidiaries 10,892,018 Other assets 850,522 ------------ Total Assets $332,553,842 ============ Liabilities and Stockholders' Equity: Liabilities: Warehouse lines of credit $50,000,000 Accrued expenses & other liabilities 19,195,636 Intercompany payable 118,132,459 Income taxes payable - ------------ Total Liabilities 187,328,095 Stockholders' Equity Additional paid-in capital 37,000,200 Retained earnings 108,225,547 ------------ Total Stockholders' Equity 145,225,747 ------------ Total Liabilities & Stockholders' Equity $332,553,842 ============ American Home Mortgage Servicing Inc. Statement of Income August 6 through 31, 2007 Non-Interest Income: Gain on mortgage loans $249 Other non-interest income 496,719 ------------ Non-interest income 496,968 Expenses Salaries, commissions & benefits, net 2,467,293 Occupancy and equipment 140,179 Data processing and communications 39,231 Office supplies and expenses 62,535 Marketing and promotion (103) Travel and entertainment 1,031 Professional fees 91,595 Other 726,940 ------------ Total expenses 3,528,701 Loss before income taxes (3,031,733) Income taxes - ------------ Net loss ($3,031,733) ============ American Home Mortgage Servicing Inc. Schedule of Cash Receipts and Disbursements August 6 through 31, 2007 Cash - Beginning of Month, 08/06/2007 $21,182,297 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances $22,378,435 Administrative 57,205 Net payroll - Other - Transfers (from DIP accounts) - ------------ Total Receipts 22,435,640 Disbursements: Net payroll - Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative - Selling - Other 890,968 Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 890,968 ------------ Net Cash Flow 21,544,672 ------------ Cash - End of Month $42,726,969 ============ Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHM Ventures Files August 2007 Operating Report -------------------------------------------------------------- American Home Mortgage Ventures LLC, a debtor-affiliate of American Home Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. American Home Mortgage Ventures LLC Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $611,549 Intercompany receivable - Premises and equipment, net 2,200 Other assets - ------------ Total Assets $614,317 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities - Intercompany payable 155,651 ------------ Total Liabilities 155,651 Stockholders' Equity Additional paid-in capital 395,500 Retained earnings 63,166 ------------ Total Stockholders' Equity 458,666 ------------ Total Liabilities & Stockholders' Equity $614,317 ============ The cash and cash equivalents ($611,549), and the premises and equipment ($2,200), total only $613,749, not $614,317, as stated by the Debtor. American Home Mortgage Ventures LLC Statement of Income August 6 through 31, 2007 Data processing and communications $93 Other $14,920 ------------ Total expenses 15,015 Loss before income taxes (15,015) Income taxes - ------------ Net loss ($15,015) ============ American Home Mortgage Ventures, LLC, reveals that as of the Petition Date it has cash amounting to $611,549. However, there had been no transaction relating to cash receipts and disbursements, therefore, its cash at the end of August 2007 was still $611,549. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Great Oak Files August 2007 Operating Report ----------------------------------------------------------- Great Oak Abstract Corp., a debtor-affiliate of American Home Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. Great Oak Abstract Corp. Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $380,941 Accounts receivable 36,615 Intercompany receivable 693,132 Premises and equipment, net 5,339 Other assets 104,800 ------------ Total Assets $1,220,827 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities 76,743 ------------ Total Liabilities 76,743 Stockholders' Equity: Additional paid-in capital 95,520 Retained earnings 1,048,564 ------------ Total Stockholders' Equity 1,144,084 ------------ Total Liabilities & Stockholders' Equity $1,220,827 ============ Great Oak Abstract Corp. also discloses that as of the Petition Date, it has cash amounting to $380,941. There had been no transactions related to cash receipts and disbursements. Hence, Great Oak's cash at the end of August was still $380,941. About American Home Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: Homegate Files August 2007 Operating Report ---------------------------------------------------------- Homegate Settlement Services Inc., a debtor-affiliate of American Home Mortgage Investment Corp., submitted to the U.S. Bankruptcy Court for the District of Delaware its monthly operating report for August 2007. Homegate Settlement Services Inc. Statement of Financial Condition As of August 31, 2007 Assets: Cash and cash equivalents $25,802 Restricted cash - Intercompany receivable - Premises and equipment, net 233,715 Other assets - ------------ Total Assets $259,517 ============ Liabilities and Stockholders' Equity Liabilities: Accrued expenses & other liabilities: Accrued expenses $3,227,293 Accrued payroll expenses 30,739 Deferred compensation plan liability 27,006 Intercompany payable 7,883,943 Income taxes payable 3,671 ------------ Total Liabilities 11,172,652 Stockholders' Equity Additional paid-in capital 250,000 Retained earnings (11,163,135) ------------ Total Stockholders' Equity (10,913,135) ------------ Total Liabilities & Stockholders' Equity $259,517 ============ Homegate Settlement Services Inc. Statement of Income August 6 through 31, 2007 Salaries, commissions and benefits, net $65,807 Data processing and communications (1) Other 3,175 ------------ Total expenses 68,981 Loss before income taxes (68,981) Income taxes - ------------ Net loss ($68,981) ============ Homegate Settlement Services Inc. Schedule of Cash Receipts and Disbursements August 6 through 31, 2007 Cash - Beginning of Month, 08/06/2007 $25,026 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances - Administrative - Net payroll $776 Other - Transfers (from DIP accounts) - ------------ Total Receipts $776 Disbursements: Net payroll - Payroll taxes - Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative - Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 0 ------------ Net Cash Flow 776 ------------ Cash - End of Month $25,802 ============ Based in Melville, New York, American Home Mortgage Investment Corp. (NYSE: AHM) -- http://www.americanhm.com/-- is a mortgage real estate investment trust engaged in the business of investing in mortgage-backed securities and mortgage loans resulting from the securitization of residential mortgage loans originated and serviced by its subsidiaries. American Home Mortgage and seven affiliates filed for chapter 11 protection on Aug. 6, 2007 (Bankr. D. Del. Case Nos. 07-11047 through 07-11054). James L. Patton, Jr., Esq., Joel A. Waite, Esq., and Pauline K. Morgan, Esq. at Young, Conaway, Stargatt & Taylor LLP represent the Debtors. Epiq Bankruptcy Solutions LLC acts as the Debtors' claims and noticing agent. The Official Committee of Unsecured Creditors selected Hahn & Hessen LLP as its counsel. As of March 31, 2007, American Home Mortgage's balance sheet showed total assets of $20,553,935,000, total liabilities of $19,330,191,000. The Debtors' exclusive period to file a plan expired Dec. 21, 2007. (American Home Bankruptcy News, Issue No. 20, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). FEDDERS CORP: Incurs $5,640,000 Net Loss in October 2007 -------------------------------------------------------- Fedders Corp. and its debtor-affiliates submitted to the United States Bankruptcy Court for the District of Delaware their October 2007 monthly operating report. The Debtors generated net sales of $9,786,000 and incurred a net loss of $5,640,000 for the month of October 2007. As of Oct. 31, 2007, the Debtors' balance sheet showed $178,698,000 in total assets, $346,219,000 in total liabilities, and $167,521,000 in total stockholders' deficit. A full-text copy of the Debtors' monthly operating report for October 2007 is available for free at: http://ResearchArchives.com/t/s?26a3 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 in this case. When the Debtors filed for protection from its creditors, 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. NETBANK INC: Submits Operating Report for November 1-30, 2007 ------------------------------------------------------------- NetBank Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida its monthly operating report, as required by the Bankruptcy Code, for the period from Nov. 1, 2007, to Nov. 30, 2007, disclosing: Funds at the Beginning of the Period $5,229,865 Total Receipts 28,191 Total Disbursements 54,897 Ending Balance $5,203,160 A full-text copy of the company's monthly operating report is available at no cost at http://ResearchArchives.com/t/s?26a1 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. NEUMANN HOMES: Submits Schedules of Assets and Liabilities ---------------------------------------------------------- Neumann Homes Inc. and its debtor-affiliates submitted to the United States Bankruptcy Court for the Northern District of Illinois their schedules of assets and liabilities, disclosing: A. Real Property Residential real estate: Joliet, Illinois 14,805,149 Graysake, Illinois 5,853,984 Hanover Park, Illinois 5,035,735 Sugar Grove (Diehl&N.Trust) 15,527,353 Oswego, Illinois 9,131,439 Sturtevant, Wisconsin 2,826,394 Antioch, Illinois 26,098,384 KACO 16,957,530 Kenosha, Wisconsin 2,365,458 Kenosha, Wisconsin 7,925,581 Plainfield, Illinois 1,678,279 Minooka, Illinois 1,577,007 Naperville, Illinois 2,035,999 Aurora, Colorado 13,775,123 Parker, Colorado 12,768,187 North Aurora, Illinois 305,229 Antioch Illinois 5,604,032 Westminster, Colorado 2,175,382 Gilberts, Illinois 27,069,282 Mason 6,002,291 Aurora, Illinois 978,413 Lakemoor, Illinois 1,681,746 Firestone, Colorado 2,318,967 Joliet, Illinois 2,318,050 Wonder Lake, Illinois 9,375,070 B. Personal Property B.1 Cash on Hand 0 B.2 Financial Accounts First Midwest Operating 128,062 Funding 11,438 Townhome 25,245 Meadow of West Bay 21 Customer Earnest Money 802,964 Restricted Cash at CTT 3,083,561 Restricted Cash 265,097 Restricted Cash -- W/C Escrow 9,730 Restricted Cash -- Denver EM ESCROW 360,318 B.3 Security Deposits 0 B.4 Household Goods and Furnishings 0 B.5 Books, pictures & other art objects 0 B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms, sports & other hobby equipment 0 B.9 Interests in insurance policies 0 B.10 Annuities 0 B.11 Interests in education IRA 0 B.12 Interest in pension, profit sharing plan 0 B.13 Stock & Interests Undetermined B.14 Interests in partnerships, joint ventures 0 B.15 Gov't. & corporate bonds, etc. 0 B.16 Accounts Receivable General receivables 156,238 Miscellaneous due to/from 5,667,792 Intercompany -- NCD Fabrications 4,704,681 Intercompany -- Neumann Homes of Michigan 69,859,592 Communities 424,498 CT&T 15,080 Notes 220,395 Homeowners 59,788 Village bonds 871,064 Wonderlake 924,612 AN/NH Well Costs 2,772,011 B.17 Alimony & property settlements 0 B.18 Liquidated debts owed to debtor 0 B.19 Other equitable interests 0 B.20 Investment in deferred compensation 0 B.21 Derivative asset 0 B.22 Intellectual property 0 B.23 Licenses, franchises and others 0 B.24 Customer list 0 B.25 Vehicles & accessories Motor vehicles, net 9,522 B.26 Boats, motors & accessories 0 B.27 Aircraft & accessories 0 B.28 Office equipment, furnishings, supplies Furniture/Fixtures/Equipment, net 416,096 Leasehold improvements, net 185,872 Computer equipment, net 147,636 B.29 Machinery, Fixtures, Supplies 0 B.30 Inventory 0 B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment & implements 0 B.34 Farm supplies, chemicals & feed 0 B.35 Other personal property Earnest money - Pending Prop 510,000 Land Deposits 2,000,000 Prepaid deposits - general 29,080 Prepaid community fees 566,365 Prepaid interest/fees 852,946 Prepaid insurance 352,992 Builder homesite -- investment 127,621 TOTAL SCHEDULED ASSETS $291,750,381 ====================================================== C. Property Claimed as Exempt Not applicable D. Creditors Holding Secured Claims Airy's Inc. $97,609 Allen Contract Carpet 21,241 Alliance Contractors, Inc. 35,789 Alpine Insulation 33,235 Amron Stair Works, Inc. 66,257 Another Olumbing Co., LLC 180,314 Arthur J. Gallagher 22,379 Aurora Blacktop, Inc. 29,545 Autumn Landscaping Inc. 40,163 Avenue 44,559 Bank of America 27,717,964 Bank of America LOC 4,960,000 Benchmark Overhead Door 28,465 Bestler Corp. 59,060 Biehn Construction, Inc. 6,665 BMC Millwork 40,767 Classic Landscape Ltd. 53,531 Cole Taylor 14,437,103 Crystal Sewer & Water Inc. 31,300 Custom Drywall Services Inc. 45,808 D Construction 31,525 D.E. Thompson Excavating Co. 33,690 Drywall Systems 219,075 Elite Concrete Service, LLC 75,433 Elmund & Nelson Company 37,113 First Midwest 4,321,972 GMAC RFC 19,529,881 Guaranty Bank 33,337,164 Indymac Bank 29,080,216 J & E Nursery 153,555 J & J Brothers Const 133,013 J & L Concrete Inc. 511,466 J N J Drywall & Painting Inc. 40,109 J.B. Concrete Contr., Inc. 58,981 Keystone Mechanical 374,928 Lake County Grading Co. 710,754 Landscape Concepts 220,739 Material Steel Services, Inc. 92,006 Maverick Pools, Inc. 89,650 Merryman Excavation, Inc. 990,062 Mesch Masonry 100,543 Neutown Metropolitan District 102,130 Nuline Technologies 263,477 Payne & Dolan Inc. 363,123 Plaza Excavating Contractors 196,533 Plote construction 157,632 RBC 6,853,033 Republic Windows & Doors, LLC 199,704 RES-Comm Roofing Inc. 190,681 Rite-Way Tile & Carpet Co. Inc. 119,198 Robert L. Hummel Construction 90,365 Others 4,442,952 E. Creditors Holding Unsecured Priority Claims Arapahoe County Treasurer 151,337 Douglas County Treasurer 150,475 Kenosha County Treasurer 105,514 Lake County Collector 996,079 McHenry County Collector 117,715 Others 188,711 F. Creditors Holding Unsecured Non-Priority Claims Bond Safeguard Insurance Company 4,328,604 Brownstein Hyatt 96,314 Carolina Casualty Insurance Company 10,991,757 Chicago Title 5,976,316 Commonwealth Edison 67,968 Fidelity deposit Company of Maryland 20,391,642 Lexon Insurance Company 7,935,953 Others 84,337,760 TOTAL SCHEDULED LIABILITIES $286,908,602 ===================================================== Headquartered in Warrenville, Illinois, Neumann Homes Inc. -- http://www.neumannhomes.com/-- develops and builds residential real estate throughout the Midwest and West US. The company is active in the Chicago area, southeastern Wisconsin, Colorado, and Michigan. The company have built more than 11,000 homes in some 150 residential communities. The company offer formal business training to employees through classes, seminars, and computer- based training. The company filed for Chapter 11 protection on Nov. 1, 2007 (Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the Debtors to represent them in these cases. The Official Committee of Unsecured Creditors has selected Paul, Hastings, Janofsky & Walker LLP, as its counsel in these bankruptcy proceeding. When the Debtors filed for protection against its creditors, they listed assets and debts of more than $100 million. The Debtors' exclusive plan filing period expires on Feb. 29, 2008. (Neumann Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Services Inc. http://bankrupt.com/newsstand/or 215/945-7000). NEWPOWER HOLDINGS: Files Operating Report for Sept. 30 to Oct. 31 ----------------------------------------------------------------- NewPower Holdings Inc. and its debtor-affiliates filed its monthly operating report for the period from Sept. 30, 2007, to Oct. 31, 2007, with the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division. The Debtors reported an opening cash balance of $1,662,000 and a closing cash balance of $1,588,000. A full-text copy of NewPower Holdings Inc. and its debtor- affiliates' monthly operating report for the period from Sept. 30, 2007, to Oct. 31, 2007, is available at no charge at http://ResearchArchives.com/t/s?26a4 NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor- affiliates filed for chapter 11 protection on June 11, 2002 (Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King & Spalding and William M. Goldman, Esq., at Sidley Austin Brown & Wood LLP represent the Debtors. When the Debtors filed for chapter 11 protection, they reported $231,837,000 in assets and $87,936,000 in debts. On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, confirmed the Second Amended Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC Holdings, Inc., a wholly owned subsidiary. That Plan became effective on Oct. 9, 2003, with respect to the company and TNPC. On Feb. 28, 2003, the Bankruptcy Court confirmed The New Power Company's Plan, and that Plan has been effective as of March 11, 2003 with respect to New Power. The New Power Company is a wholly owned subsidiary of the company. REFCO LLC: Chapter 7 Trustee Files October 2007 Monthly Report -------------------------------------------------------------- Albert Togut, the Chapter 7 trustee overseeing the liquidation of Refco, LLC's estate, filed with the Court a monthly statement of cash receipts and disbursements for the period from Oct. 1 to 31, 2007. The Chapter 7 Trustee reports that Refco LLC's beginning balance as of October 1 totals $86,934,000. The Debtor's beginning purchase price account balance totals $2,561,000, while its beginning capital account "A" balance aggregates $84,373,000. The purchase price account includes activity related to Man Financial, Inc. sale proceeds and related disbursements. Capital account "A" includes activities related to collection of excess capital. During the Reporting Period, Refco LLC received $61,000, and and disbursed $660,000. The Debtor held $86,335,000 at the end of the period. The Chapter 7 Trustee says the Monthly Statement is filed in lieu of comprehensive financial statements. A full-text copy of Refco LLC's October 2007 Monthly Statement is available for free at http://ResearchArchives.com/t/s?26a5 Headquartered in New York, Refco Inc. -- http://www.refco.com/-- is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives. The company and 23 of its affiliates filed for chapter 11 protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006). J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in their restructuring efforts. Luc A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP, represents the Official Committee of Unsecured Creditors. Refco reported $16.5 billion in assets and $16.8 billion in debts to the Bankruptcy Court on the first day of its chapter 11 cases. The Court confirmed the Modified Joint Chapter 11 Plan of Refco Inc. and certain of its Direct and Indirect Subsidiaries, including Refco Capital Markets, Ltd., and Refco F/X Associates, LLC, on Dec. 15, 2006. That Plan became effective on Dec. 26, 2006. (Refco Bankruptcy News, Issue No. 74; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000). SCO GROUP: Earns $1,081,019 for the Month Ended November 30 ----------------------------------------------------------- The SCO Group Inc. and SCO Operations Inc. submitted to the United States Bankruptcy Court for the District of Delaware their monthly operating report for Nov. 1 to 30, 2007, disclosing: Cash Beginning of the Month $6,220,759 Total Receipts 1,326,474 Total Disbursements 1,568,126 Net Cash Flow ($241,652) Cash End of the Month $5,979,107 The Debtors generated $1,545,293 in net revenues and earned $1,081,019 for the period Nov. 1, 2007, through Nov. 30, 2007. As of Nov. 30, 2007, the Debtors had $15,352,617 in total assets, $6,602,271 in postpetition liabilities, $2,244,172 in prepetition liabilities, and $6,506,174 in total net owners' equity. About The SCO Group Headquartered in Lindon, Utah, The SCO Group Inc. (Nasdaq: SCOX) fka Caldera International Inc. -- http://www.sco.com/-- provides software technology for distributed, embedded and network-based systems, offering SCO OpenServer for small to medium business and UnixWare for enterprise applications and digital network services. The company and its affiliate, SCO Operations Inc., filed for Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case No. 07-11337). Epiq Bankruptcy Solutions LLC, acts as the Debtors' claims and noticing agent. The United States Trustee failed to form an Official Committee of Unsecured Creditors in these cases due to insufficient response from creditors. The Debtors' exclusive period to file a chapter 11 plan expires on March 12, 2008. The Debtors' schedules of assets and liabilities showed total assets of $9,549,519 and total liabilities of $3,018,489. VESTA INSURANCE: Florida Select Files Report for November 2007 -------------------------------------------------------------- Florida Select Insurance Agency, Inc., a debtor-affiliate of Vesta Insurance Group Inc., delivered to the U.S. Bankruptcy Court for the Northern District of Alabama its monthly operating report for the period ending Nov. 30, 2007. Florida Select Insurance Agency Income Statement Month Ended November 30, 2007 Revenue from Total Sales $0 Less: Cost of Sales 0 ------------ Gross Profit 0 Less: Operating Expenses 154,059 ------------ Net Profit Operations ($154,059) Non-Operating Income (Expenses) Interest Earned 10,666 Miscellaneous Income 0 ------------- Net Profit (Loss) ($143,393) ============ Florida Select Insurance Agency Schedule of Cash Receipts and Disbursements Month Ended November 30, 2007 Cash On Hand (Beginning) $2,872,023 Cash Receipts: Management Fees 0 Loan Proceeds 0 Sale of Property 0 Interest Earned 10,666 Miscellaneous Income 0 ------------ Total Receipts 10,670 Cash Disbursements: Business Disbursements Form BA-02(B) 154,059 ------------ Surplus Or Deficit (143,389) ------------ Cash on Hand (End) $2,728,634 ============ Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc. (Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding company for a group of insurance companies that primarily offer property insurance in targeted states. Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership III, L.P., filed an involuntary chapter 7 petition against the company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517). The case was converted to a voluntary chapter 11 case on Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, represents the petitioning creditors. In its schedules of assets and liabilities, Vesta listed $14,919,938 in total assets and $214,278,847 in total liabilities. J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that manages the company's numerous insurance subsidiaries and employs the headquarters workers. The company filed for chapter 11 protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represent the Debtor in its restructuring efforts. In its schedules of assets and liabilities, Gaines listed $19,818,094 in total assets and $16,046,237 in total liabilities. On Aug. 1, 2006, the District Court of Travis County, Texas entered an order appointing the Texas Commissioner of Insurance as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries: Vesta Fire Insurance Corporation; The Shelby Insurance Company; Shelby Casualty Insurance Corporation; Texas Select Lloyds Insurance Company; and Select Insurance Services, Inc. On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of Liquidation and Disclosure Statements. They filed an amended Plan on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The Court approved the Disclosure Statements of Vesta and Gaines on Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third Amended Plans of Vesta and Gaines. Florida Select Insurance Agency Inc., an affiliate, filed for chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No. 07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson Rainer & Dobbs LLP, represents Florida Select. FSIA's exclusive period to file a plan of reorganization expired Dec. 20, 2007. (Vesta Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) VESTA INSURANCE: Gordon Gaines Files Report for November 2007 ------------------------------------------------------------- J. Gordon Gaines Inc., a debtor-affiliate of Vesta Insurance Group Inc., delivered to the U.S. Bankruptcy Court for the Northern District of Alabama its monthly operating report for the period ending Nov. 30, 2007. J. Gordon Gaines Inc. Income Statement Month Ended November 30, 2007 Revenue from Total Sales $0 Less: Cost of Sales 0 ------------ Gross Profit 0 Less: Operating Expenses 407,529 ------------ Net Profit Operations (407,529) Non-Operating Income (Expenses) Interest Earned 2,314 State Tax Refunds 0 Non-operational income 14,131 Sale of Property 0 Stale Dated Checks Written Off 0 Miscellaneous Income 0 ------------ Net Profit (Loss) ($391,084) ============ J. Gordon Gaines Inc. Schedule of Cash Receipts and Disbursements Month Ended November 30, 2007 Cash On Hand (Beginning) $705,201 Cash Receipts: Accounts Receivable 0 Management Fees 0 Loan Proceeds 0 Sale of Property 0 Interest Earned 2,314 State Tax Refunds Non-operational Income 14,131 Funding by Texas Receiver 0 Funding under post confirmation 97,785 Intercompany insurance operations 0 Miscellaneous Income 0 ------------ Total Receipts 114,230 Cash Disbursements: Business Disbursements Form BA-02(B) 520,314 ------------ Surplus Or Deficit (406,084) ------------ Cash on Hand (End) $299,117 ============ Headquartered in Birmingham, Alabama, Vesta Insurance Group, Inc. (Other OTC: VTAI.PK) -- http://www.vesta.com/-- is a holding company for a group of insurance companies that primarily offer property insurance in targeted states. Wyatt R. Haskell, Luther S. Pate, UV, and Costa Brava Partnership III, L.P., filed an involuntary chapter 7 petition against the company on July 18, 2006 (Bankr. N.D. Ala. Case No. 06-02517). The case was converted to a voluntary chapter 11 case on Aug. 8, 2006 (Bankr. N.D. Ala. Case No. 06-02517). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represents the Debtor. R. Scott Williams, Esq., at Haskell Slaughter Young & Rediker, LLC, represents the petitioning creditors. In its schedules of assets and liabilities, Vesta listed $14,919,938 in total assets and $214,278,847 in total liabilities. J. Gordon Gaines Inc. is a Vesta Insurance-owned unit that manages the company's numerous insurance subsidiaries and employs the headquarters workers. The company filed for chapter 11 protection on Aug. 7, 2006 (Bankr. N.D. Ala. Case No. 06-02808). Eric W. Anderson, Esq., at Parker Hudson Rainer & Dobbs, LLP, represent the Debtor in its restructuring efforts. In its schedules of assets and liabilities, Gaines listed $19,818,094 in total assets and $16,046,237 in total liabilities. On Aug. 1, 2006, the District Court of Travis County, Texas entered an order appointing the Texas Commissioner of Insurance as Liquidator of Vesta Insurance's Texas-domiciled subsidiaries: Vesta Fire Insurance Corporation; The Shelby Insurance Company; Shelby Casualty Insurance Corporation; Texas Select Lloyds Insurance Company; and Select Insurance Services, Inc. On Oct. 11, 2006, both Vesta and Gaines filed separate Plans of Liquidation and Disclosure Statements. They filed an amended Plan on Nov. 7, 2006, and a Second Amended Plan on Nov. 10, 2006. The Court approved the Disclosure Statements of Vesta and Gaines on Nov. 10, 2006. On Dec. 22, 2006, the Court confirmed the Third Amended Plans of Vesta and Gaines. Florida Select Insurance Agency Inc., an affiliate, filed for chapter 11 protection on April 24, 2007 (Bankr. N.D. Ala. Case No. 07-01849). Rufus Dorsey, IV, Esq., at Parker Hudson Rainer & Dobbs LLP, represents Florida Select. FSIA's exclusive period to file a plan of reorganization expired Dec. 20, 2007. (Vesta Bankruptcy News, Issue No. 30; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers' public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com/ On Thursdays, the TCR delivers a list of recently filed chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Marie Therese V. Profetana, Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez, Cecil R. Villacampa, Jason A. Nieva, Melanie C. Pador, Ludivino Q. Climaco, Jr., Loyda I. Nartatez, Tara Marie A. Martin, Joseph Medel C. Martirez, and Peter A. Chapman, Editors. Copyright 2007. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. 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