T R O U B L E D C O M P A N Y R E P O R T E R Saturday, February 16, 2008, Vol. 12, No. 40 Headlines AMERICAN HOME: Incurs $42,744,477 Net Loss in October 2007 AMERICAN HOME: AHMC Files Operating Report for October 2007 AMERICAN LAFRANCE: Files Schedules of Assets and Liabilities BAYOU GROUP: Incurs $394,464 Net Loss in Month Ended Nov. 30, 2007 BAYOU GROUP: Earns $333,668 in Month Ended December 31, 2007 COMPLETE RETREATS: Reports October 2007 Monthly Operating Report COMPLETE RETREATS: Reports November 2007 Monthly Operating Report COMPLETE RETREATS: Reports December 2007 Monthly Operating Report DELTA FINANCIAL: Files December 17 to 31, 2007 Operating Report DURA AUTOMOTIVE: Posts $24,123,000 Net Loss in December 2007 FEDERAL-MOGUL: Reports December 2007 Earnings of $154.5 Million FOXTONS NORTH: Posts $342,777 Net Loss in December 2007 JOHNSON RUBBER: Posts December 2007 Monthly Net Loss of $1,203,491 MONITOR OIL: Reports December 31, 2007 Net Loss of $6,968,000 MORTGAGE LENDERS: Posts December 2007 Net Loss of $1,238,534 MOVIE GALLERY: Earns $12,673,000 for Month Ended January 6, 2008 NATIONAL EASTERN: Files November 2007 Monthly Operating Report PACIFIC LUMBER: Scotia Dev't Files December 2007 Monthly Report PACIFIC LUMBER: Scotia Pacific Files December 2007 Monthly Report PERFORMANCE TRANS: Logistics Submits December 2007 Monthly Report PERFORMANCE TRANS: Trustee Submits PTS' October 2007 Report PERFORMANCE TRANS: Trustee Submits PTS' November 2007 Report PERFORMANCE TRANS: Trustee Submits PTS' December 2007 Report REFCO LLC: Trustee Files December 2007 Monthly Operating Report REUNION INDUSTRIES: Posts $250,000 Net Loss in December 2007 SEA CONTAINERS: Posts $227,425 Earnings in Month Ended December 31 TWEETER HOME: Earns $35,533,219 in Month Ended July 31, 2007 VICTORY MEMORIAL: Files December 2007 Monthly Operating Report ********* AMERICAN HOME: Incurs $42,744,477 Net Loss in October 2007 ---------------------------------------------------------- American Home Mortgage Investment Corp. Statement of Financial Condition As of October 31, 2007 Assets: Cash and cash equivalents $29,134 Restricted cash 150,799,967 Accounts receivable 7,409,757 Intercompany receivable 1,322,419,566 Securities 1,330,333,272 Derivative assets 5 Investment in subsidiaries (929,830,844) Other assets 9,896 ------------ Total Assets $1,881,170,753 ============ Liabilities and Stockholders' Equity Liabilities: Reverse repurchase agreements $817,033,016 Junior subordinated note 180,416,000 Derivative liabilities 51,636,422 Accrued expenses & other liabilities 563,534,697 Intercompany payable 572,814,990 ------------ Total Liabilities 2,185,435,125 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 (1,496,711,601) ------------ Total Stockholders' Equity (304,264,372) ------------ Total Liabilities & Stockholders' Equity $1,881,170,753 ============ American Home Mortgage Investment Corp. Statement of Income Month Ended October 31, 2007 Net Interest Income: Interest income $10,933,025 Interest expense 896 ------------ Net interest income 10,933,921 Provision for loan losses - ------------ Net interest income after provision 10,933,921 for loan losses Non-Interest Income: Gain (loss) on mortgage loans - Loss on securities and derivatives (5,957,987) Loss from Subsidiaries (47,720,411) Other non-interest income - ------------ Non-interest income (53,678,398) Other Data processing and communications - Other expenses - ------------ Total expenses 0 Loss before income taxes (42,744,477) Income taxes - ------------ Net loss ($42,744,477) ============ American Home Mortgage Investment Corp. Schedule of Cash Receipts and Disbursements Month Ended October 31, 2007 Cash - Beginning of Month, 10/01/2007 $150,829,101 Receipts: Cash sales - Accounts receivable - Sale of assets - Loans and advances - Administrative - Net payroll - Other - Transfers (from DIP accounts) - ------------ Total Receipts - 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 - ------------ Net Cash Flow - ------------ Cash - End of Month - 10/31/07 $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 was extended to March 3, 2008. (American Home Bankruptcy News, Issue No. 26, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN HOME: AHMC Files Operating Report for October 2007 ----------------------------------------------------------- American Home Mortgage Corp. Statement of Financial Condition As of October 31, 2007 Assets: Cash and cash equivalents $24,549,680 Restricted cash 12,536,255 Accounts receivable 34,121,530 Intercompany receivable 715,600,990 Mortgage loans 1,953,056,741 Derivative assets 743,601 Mortgage servicing rights 382,972,144 Other real estate, net 43,940,731 Premises and equipment, net 30,095,864 Investment in subsidiaries 71,635,637 Other assets 28,128,176 ------------- Total Assets $3,297,381,349 ============= Liabilities and Stockholders' Equity Liabilities: Warehouse lines of credit $2,052,937,487 Derivative liabilities 10,481,560 Accrued expenses & other liabilities 109,100,458 Intercompany payable 1,425,206,871 Notes payable 418,979,350 Income taxes payable 567,001 ------------- Total Liabilities 4,017,272,727 Stockholders' Equity Additional paid-in capital 153,195,272 Retained earnings (873,086,650) ------------- Total Stockholders' Equity (719,891,378) ------------- Total Liabilities & Stockholders' Equity $3,297,381,349 ============= American Home Mortgage Corp. Statement of Income Month Ended October 31, 2007 Net Interest Income: Interest income $15,309,712 Interest expense - ------------ Net interest income 15,309,712 Provision for loan losses - ------------ Net interest income after provision 15,309,712 for loan losses Non-Interest Income: Loss on mortgage loans (424,047) Loan servicing fees 9,838,995 Changes in fair value of MSR 262,811 Income from subsidiaries (2,934,654) Other non-interest income 271,552 ------------ Non-interest income 7,014,657 Expenses Salaries, commissions & benefits, net 4,141,686 Occupancy and equipment 2,240,014 Data processing and communications 1,524,821 Office supplies and expenses 198,997 Marketing and promotion 55,025 Travel and entertainment 57,008 Professional fees 4,197,201 Other real estate operating expense 1,949,552 Other 107,147 ------------ Total expenses 14,471,451 Loss before income taxes 7,852,918 Income taxes - ------------ Net loss $7,852,918 ============ American Home Mortgage Corp. Schedule of Cash Receipts and Disbursements Month Ended October 31, 2007 Cash - Beginning of Month, 10/01/2007 $42,243,115 Receipts: Cash sales - Accounts receivable - Sale of assets $169,709 Loans and advances 10,554,327 Administrative - Net payroll 155,711 Other - Transfers (from DIP accounts) - ------------ Total Receipts 10,879,747 Disbursements: Net payroll $4,878,223 Payroll taxes 210,710 Sales, use & other taxes - Loans and advances - Inventory purchases - Secured/rental/leases - Insurance - Administrative 10,947,993 Selling - Other - Transfers (from DIP accounts) - Professional fees - U.S. Trustee quarterly fees - Court costs - ------------ Total Disbursements 16,036,926 ------------ Net Cash Flow (5,157,180) ------------ Cash - End of Month - 10/31/07 $37,085,935 ============ 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 was extended to March 3, 2008. (American Home Bankruptcy News, Issue No. 26, Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). AMERICAN LAFRANCE: Files Schedules of Assets and Liabilities ------------------------------------------------------------ American LaFrance LLC filed its schedules of assets and liabilities with the U.S. Bankruptcy Court for the District of Delaware. A. Real Property Lebanon Facility Unknown Sanford Facility Unknown B. Personal Property B.1 Cash on hand Petty Cash $4,600 B.2 Bank Accounts American LaFrance LLC Acct. No. 5968 2,212,000 American LaFrance LLC Acct. No. 3578 24,717,249 American LaFrance LLC Acct. No. 5145 208,761 American LaFrance LLC Acct. No. 2316 145,946 Wachovia Bank Disbursements Acct. No. 2919 4,000,000 American LaFrance Northwest LLC 67,128 B.3 Security Deposit ALF LA 15,000 Jedburg (Old) Facility 121,000 Computers Lessor: Varilease Finance, Inc. 62,260 Ephrata Facility Lessor: Zimco 45,262 Premier Logistic Solutions 7,500 Berkeley Electric Cooperative 100,025 PP&L Electric Utilities 20,500 Berkeley Security Deposit 600,000 B.4 Household goods 0 B.5 Book, artwork and collectibles 1858 Button & Blake Hand pumper 104,000 1886 Silsby Thomas Manning Steam Fire Engine w/ LaFrance Boiler 260,000 1904 American LaFrance Cosmopolitan Steamer 195,000 1912 American LaFrance Metropolitan Steamer 234,000 1911 American LaFrance Type 8 Roadster 2 seater 500,000 1911 American LaFrance Type 5 Double Tank Combo 195,000 1914 American LaFrance Type 12 Pumper 162,500 1919 American LaFrance Ford Model T Chemical 65,000 1920 American LaFrance Type 40 Pumper 162,500 1920 American LaFrance Type 75 Pumper 195,000 1923 Green Commercial Cab Chassis Type 5R 130,000 1926 American LaFrance Type 75 Triple Combo 156,000 1929 American LaFrance Service Truck 136,500 1931 American LaFrance Type 191 Pumper 143,000 1932 Tyre 235 Pumper 10,400 1935 American LaFrance 400 Series Pumper 227,500 1940 American LaFrance 500 Series 575 CC Pumper 149,500 1956 American LaFrance 700 Series Pumper 32,500 1958 GMC Snorkel Number 1 130,000 1969 American LaFrance Dominion 900 Series 32,500 1992 American LaFrance Pariot Pumper Prototype Unknown Original artwork of old fire vehicles Unknown B.6 Wearing apparel 0 B.7 Furs and jewelry 0 B.8 Firearms and other equipment 0 B.9 Insurance Policies Prepaid Insurance 688,000 B.10 Annuities 0 B.11 Interests in an education IRA 0 B.12 Interests in pension plans 0 B.13 Stock and Interests B.14 Interests in partnerships & joint venture 0 B.15 Government and corporate bonds 0 B.16 Accounts Receivable Net of customer returns, price adjustments and other credits 18,750,000 B.17 Alimony 0 B.18 Other Liquidated Debts Owing Debtor 0 B.19 Equitable or future interests 0 B.20 Interests in estate death benefit plan 0 B.21 Other Contingent and Unliquidated Claims Freightliner, LLC Unknown IBM Corporation Unknown Various officers, employees, service providers Unknown B.22 Patents Unknown B.23 Licenses, franchises & other intangibles Microsoft Corporation Licenses 200,000 Others Unknown B.24 Customer lists or other compilations 0 B.25 Vehicles 2006 Chrysler 300 Touring 25,587 2000 Ford F550 45,554 1997 Jeep Cherokee 2,525 2004 Chrysler Pacifica 28,928 2004 Nissan Altima 22,762 2005 Jeep Cherokee - Key Largo, Florida 27,552 2005 Jeep Cherokee - Jacksonville, Florida 27,713 2004 Dodge R15 28,171 2003 Ford Taurus 12,280 2005 Dodge Ram 100 24,401 2002 Jeep Cherokee 29,975 2003 Lexus RX300 35,000 2002 FTL Sprinter 24,959 2003 FTL Sprinter 32,305 2006 Mercedes C230 31,917 2005 Dodge Grand Caravan 27,440 1999 FTL Sprinter 32,284 2005 Jeep Cherokee 27,552 Others 729,178 B.26 Boats, motors and accessories Boat used for demos Unknown B.27 Aircraft and accessories 0 B.28 Office Equipment Office Equipment 1,193,854 Computer Equipment 1,322,935 Communications Equipment 155,490 Software 13,676,048 B.29 Equipment and Supplies for Business Factory Equipment 3,845,645 Vehicles - Reclass of used truck to fixed assets 43,415 B.30 Inventory 100,000,000 Raw Material: $35,661,000 WIP: $45,824,000 Finished Goods: $1,500,000 Used: $6,043,000 Other: $15,972,000 Reserve for excess obsolescense: ($5,000,000) B.31 Animals 0 B.32 Crops 0 B.33 Farming equipment and implements 0 B.34 Farm supplies, chemicals and feed 0 B.35 Other Personal Property Land Improvements 14,600 Buildings on Not Owned Land 6,824 Leasehold Improvements 1,201,655 Construction in Progress 9,800,000 Prepaid Software Support - Oracle Corporation 128,000 Prepaid Parts 1,200,000 TOTAL SCHEDULED ASSETS $188,990,680 ========================================================= C. Property Claimed as Exempt $0 D. Creditors Holding Secured Claims ACE-USA $1,733,738 ENAP Grupo De Empresas 0 Jedburg Industrial Properties Unknown National City 0 Patriarch Partners Agency Services 0 Traveler's Casualty & Surety 2,047,248 Varilease 0 E. Creditors Holding Unsecured Priority Claims Various Employees 1,455,334 City of Sanford Licensing Division 105 Commonwealth of Pennsylvania 786 County of Seminole, Florida 20,821 Lancaster Chamber of Comm 1,353 NYS Corporation Tax Processing Unit 465,800 PA Chamber of Bus. & Ind. 1,346 South Carolina Coordinating Council 500 South Carolina Dept of Health & Env 500 Treasurer, State of Maine 2,751 Wiscounsin Department of Revenue 12,000 Others 1,300 F. Creditors Holding Unsecured Non-priority Claims Trade Payable: A & A Manufacturing Co. Inc. 3,295 A&R Metal Industries Ltd. 9,433 A-Z Advertising Specialti 2,054 A-Z Coatings 1,332 A.C. P.A. 7,250 A.H. Stock Manufacturing Corp. 38,616 A.O.K. Tire Mart 1,836 AAP Inc. 2,031 Able Manufacturing & Assembly LLC 38,692 Abrasive-Tool Corporation 2,861 ACC Business 13,646 Zuken USA Inc. 54,500 ZF Commercial Suspension Systems 52,100 ZF Zachz Suspension Mexico, S.A. de C.V. 33,236 Yeager Supply 32,483 WW Williams Department 33,799 Will-Burt Company 104,267 Whelen Engineerin Company 103,485 Weldon Technologies Inc. 128,202 Weaver Fluid Power 30,460 Waterous Company Arizona Operations 37,067 Waterous Company - Chicago 84,592 Warwick Machine & Tool Co. Inc. 111,172 Warranty Claims 7,105,000 Volt Management Corp 36,586 Ventura County Fire Protection 617,870 Ventura County Fiscal Service 569,520 Varilease Finance Inc. 65,792 United Plastic Fabricating Inc. 233,820 Underwriters Laboratories Inc. 127,996 Tusco Display 119,607 Tube Specialties Co. Inc. 88,811 TRW Inc. Ross Gear 300,577 The Village of Pomeroy 156,445 Superior Cam Inc. 323,933 Strategic Equipment & Supply Corp. 183,070 Southwest Emergency Response Team 273,088 Sanborn Fire Company 198,756 Sanborn 355,057 Ryerson Joseph T & Son Inc.-Atlanta 399,801 Ryerson Joseph T & Son Inc.-Chicago 280,375 Others 70,958,944 TOTAL SCHEDULED LIABILITIES $89,065,038 ========================================================= Headquartered in Summerville, South Carolina, American LaFrance LLC -- http://www.americanlafrance.com/-- is one of the oldest fire apparatus manufacturers and one of the top six suppliers of emergency vehicles in North America. Thee company filed for Chapter 11 protection on Jan. 28, 2008 (Bankr. D. Del. Case No. 08-10178). Ian T. Peck, Esq., and Abigail W. Ottmers, Esq., at Haynes and Boone LLP, is the Debtor's proposed Lead Counsel. Christopher A. Ward, Esq., at Klehr, Harrison, Harvey, Branzburg & Ellers LLP, is the Debtor's proposed local counsel. Kurtzman Carson Consultants LLC serves as the Debtor's claims, noticing and balloting agent. The Debtor's exclusive period to file a plan expires on May 27, 2008. (American LaFrance Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000). BAYOU GROUP: Incurs $394,464 Net Loss in Month Ended Nov. 30, 2007 ------------------------------------------------------------------ Bayou Group LLC and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for the period Nov. 1, 2007, through Nov. 30, 2007. For the month, the Debtors generated total revenues of $590,000 and incurred a net loss of $394,464. As of Nov. 30, 2007*, the Debtors' consolidated balance sheet showed total assets of $122,590,427, total postpetition liabilities of $4,530,792, total prepetition liabilities -- unsecured claims -- of $244,000,000, and net owners equity deficit of $125,940,365. The Debtors had $22,590,427 in unrestricted cash and cash equivalents and $100,000,000 other current assets for litigation claims at Nov. 30, 2007*. The Debtors had an opening cash balance at Nov. 1, 2007**, of $21,913,369 and an ending cash balance at Nov. 30, 2007*, of $22,590,427. * The document delivered to the Court for Bayou Group LLC, et al., Consolidated November 2007 Monthly Operating Report, the date stated was Oct. 31, 2007. ** The document delivered to the Court for Bayou Group LLC, et al., Consolidated November 2007 Monthly Operating Report, the date stated was Oct. 1, 2007. About Bayou Group Based in Chicago, Illinois, Bayou Group LLC operates and manages hedge funds. The company and its affiliates filed for chapter 11 protection on May 30, 2006 (Bankr. S.D.N.Y. Case No. 06-22306) in order to pursue recoveries for the benefit of defrauded investors. Bayou also filed lawsuits against former investors who allegedly received fictitious profits and an inequitably large return of their principal investments. Jeff J. Marwil at Jenner & Block was appointed on April 28, 2006 as the federal equity receiver. Elise Scherr Frejka, Esq., at Dechert LLP, represents the Debtors in their restructuring efforts. Joseph A. Gershman, Esq., and Robert M. Novick, Esq., at Kasowitz, Benson, Torres & Friedman, LLP, represents the Official Committee of Unsecured Creditors. Kasowitz, Benson, Torres & Friedman LLP is counsel to the Unofficial Committee of the Bayou Onshore Funds. Sonnenschein Nath & Rosenthal LLP represents the Sonnenschein Investors. When the Debtors filed for protection from their creditors, they estimated assets and debts of more than $100 million. Bayou Group LLC's schedules showed total assets of $40,219 and total liabilities of $250,000, while its debtor-affiliates' schedules show zero assets and liabilities aggregating about $2.3 million. BAYOU GROUP: Earns $333,668 in Month Ended December 31, 2007 ------------------------------------------------------------ Bayou Group LLC and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for December 2007. For the month, the Debtors generated total revenues of $509,269 and incurred a net profit of $333,668. As of Dec. 31, 2007, the Debtors' consolidated balance sheet showed total assets of $120,429,889, total postpetition liabilities of $2,016,589, total prepetition liabilities -- unsecured claims -- of $244,000,000, and net owners equity deficit of $125,586,700. The Debtors had $20,429,889 in unrestricted cash and cash equivalents and $100,000,000 other current assets for litigation claims at Dec. 31, 2007*. The Debtors had an opening cash balance at Dec. 1, 2007, of $22,590,427 and an ending cash balance at Dec. 31, 2007, of $20,429,888. About Bayou Group Based in Chicago, Illinois, Bayou Group LLC operates and manages hedge funds. The company and its affiliates filed for chapter 11 protection on May 30, 2006 (Bankr. S.D.N.Y. Case No. 06-22306) in order to pursue recoveries for the benefit of defrauded investors. Bayou also filed lawsuits against former investors who allegedly received fictitious profits and an inequitably large return of their principal investments. Jeff J. Marwil at Jenner & Block was appointed on April 28, 2006 as the federal equity receiver. Elise Scherr Frejka, Esq., at Dechert LLP, represents the Debtors in their restructuring efforts. Joseph A. Gershman, Esq., and Robert M. Novick, Esq., at Kasowitz, Benson, Torres & Friedman, LLP, represents the Official Committee of Unsecured Creditors. Kasowitz, Benson, Torres & Friedman LLP is counsel to the Unofficial Committee of the Bayou Onshore Funds. Sonnenschein Nath & Rosenthal LLP represents the Sonnenschein Investors. When the Debtors filed for protection from their creditors, they estimated assets and debts of more than $100 million. Bayou Group LLC's schedules showed total assets of $40,219 and total liabilities of $250,000, while its debtor-affiliates' schedules show zero assets and liabilities aggregating about $2.3 million. COMPLETE RETREATS: Reports October 2007 Monthly Operating Report ---------------------------------------------------------------- In lieu of the October 2007 Monthly Operating Reports, Complete Retreats LLC and its debtor-affiliates delivered to the U.S. Bankruptcy Court for the District of Connecticut a summary of minimal activity. As of Oct. 31, 2007, the remaining assets of the Debtors consist of cash, certain fractional interests, three vacant lots located in the Bahamas, and two units in Rhode Island. The four finished homes in the Bahamas were sold to Ultimate Resort in October 2007, resulting in net proceeds of $5,093,700, being paid to the Debtors on October 15, 2007. The Debtors' cash balance, as of Oct. 31, 2007, was $1,727,468, comprising of $1,402,827, reflected in certain bank statements, and $324,640, in a Certificate of Deposit. As of Oct. 31, 2007, the Debtors' cash inflows are derived from rents received from the four homes located in the Bahamas and the proceeds from the sale from these homes on Oct. 15, 2007. There were no cash inflows received from the two Rhode Island properties or the three Bahamian vacant lots. The outflows relate to various operating expenses that are associated with those properties. The estimated value of the remaining assets aggregate $9,350,000: Property Est. Value -------- ---------- Bahamas Lots #1, #2 and #3 $7,000,000 Rhode Island Property #1 900,000 Rhode Island Property #2 1,200,000 Fractional Interests 250,000 ---------- Total $9,350,000 ========== The Debtors' estimated postpetition liabilities include about $6,000,000 in anticipated unpaid professional fees. The Debtors' do not believe any secured claims remain. The priority claims against the Debtors' estates relate primarily to alleged unpaid taxes in an amount subject to determination. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). COMPLETE RETREATS: Reports November 2007 Monthly Operating Report ----------------------------------------------------------------- In lieu of the November 2007 Monthly Operating Reports, Complete Retreats LLC and its debtor-affiliates delivered to the United States Bankruptcy Court for the District of Connecticut a summary of minimal activity. The Debtors' cash balance, as of November 30, 2007, was $1,500,549, of which $1,175,908 was reflected in certain bank statements and $324,640 is noted in a Certificate of Deposit. As of November 30, 2007, no cash inflows were received from the Debtors' two Rhode Island properties or three Bahamian vacant lots. As of November 30, 2007, the Debtors' only operation was the related payment of expenses for the five properties. The Debtors have no other operating expenses with the exception of their employment of Michael Shelton and James Mitchell, who comprise the Debtors' boards of managers. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). COMPLETE RETREATS: Reports December 2007 Monthly Operating Report ----------------------------------------------------------------- Complete Retreats LLC and its debtor-affiliates delivered to the United States Bankruptcy Court for the District of Connecticut In lieu of the December 2007 Monthly Operating Reports, the Debtors delivered to the Court a summary of minimal activity. The Debtors' cash balance, as of Dec. 31, 2007, was $1,442,906, which comprised of $1,118,265 reflected in certain bank statements and $324,640 in a Certificate of Deposit. The Debtors did not receive any cash inflows from their Rhode Island properties or their Bahamian vacant lots. About Complete Retreats Headquartered in Westport, Connecticut, Complete Retreats LLC operates five-star hospitality and real estate management businesses. In addition to its mainline destination club business, the Debtor also operates an air travel program for destination club members, a villa business, luxury car rental services, wine sales services, fine art sales program, and other amenity programs for members. Complete Retreats and its debtor-affiliates filed for chapter 11 protection on July 23, 2006 (Bankr. D. Conn. Case No. 06-50245). Nicholas H. Mancuso, Esq. and Jeffrey K. Daman, Esq. at Dechert LLP represent the Debtors in their restructuring efforts. Michael J. Reilly, Esq., at Bingham McCutchen LP, in Hartford, Connecticut, serves as counsel to the Official Committee of Unsecured Creditors. No estimated assets have been listed in the Debtors' schedules, however, the Debtors disclosed $308,000,000 in total debts. The Court confirmed the Debtor's plan on Nov. 30, 2007. (Complete Retreats Bankruptcy News, Issue No. 41; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000). DELTA FINANCIAL: Files December 17 to 31, 2007 Operating Report --------------------------------------------------------------- Hugh Miller, president and chief executive officer of Delta Financial Corporation, delivered to the Court the Debtors' monthly operating report for the period Dec. 17 to 31, 2007, which includes a schedule of: (a) cash receipts and disbursements, (b) bank reconciliation, and (c) professionals fees paid. Full-text copies of the three-part December 2007 MOR are available for free at: * http://bankrupt.com/misc/DFCDecemberReportPartI.pdf * http://bankrupt.com/misc/DFCDecemberReportPartII.pdf * http://bankrupt.com/misc/DFCDecemberReportPartIII.pdf Mr. Miller disclosed that each of the bank accounts maintained by the Debtors have these cash balances at the end of Dec. 31, 2007: Debtor Cash Balance ------ ------------ Delta Funding Corporation $7,747,729 Delta Financial Corporation 452,318 Renaissance R.E.I.T. Investment Corp. 33,699 Renaissance Mortgage Acceptance Corporation 0 Mr. Miller said the Debtors will provide a statement of operations; a summary of unpaid postpetition debts and accounts payable and accounts receivable; and a balance sheet as of December 31, 2007, after completion of the closing of the Debtors' books for the year 2007. About Delta Financial Founded in 1982, Delta Financial Corporation (NASDAQ: DFC) -- http://www.deltafinancial.com/-- is a Woodbury, New York-based specialty consumer finance company that originates, securitizes and sells non-conforming mortgage loans. The company filed a chapter 11 petition on December 17, 2007 (Bankr. D. Del. Lead Case No. 07-11880). On the same day, three affiliates filed separate chapter 11 petitions -- Delta Funding Corp., Renaissance Mortgage Acceptance Corp., and Renaissance R.E.I.T. Investment Corp. -- (Bankr. D. Del. Case Nos. 07-11881 to 07-11883). The Debtors selected Morrison & Foerster LLP as their general bankruptcy counsel and David B. Stratton, Esq. and James C. Carignan, Esq. at Pepper Hamilton LLP as their counsel. The Debtors hired AlixPartners LLP as their claims agent. The Official Committee of Unsecured Creditors selected Landis Rath & Cobb LLP as its Delaware counsel and Hahn & Hessen LLP as its general counsel. The Debtors' amended consolidated quarterly financial condition as of Sept. 30, 2007, showed $7,223,528,000 in total assets and $7,108,232,000 in total liabilities. The Debtors' petition listed D.B. Structured Products Inc. as their largest unsecured creditor holding a $19,500,000 claim. The Debtors' exclusive period to file a plan expires on April 15, 2008. (Delta Financial Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service Inc.http://bankrupt.com/newsstand/or 215/945- 7000). DURA AUTOMOTIVE: Posts $24,123,000 Net Loss in December 2007 ------------------------------------------------------------ DURA Automotive Systems, Inc., and Subsidiaries Condensed Consolidated Balance Sheet As of December 31, 2007 (In thousands of dollars) ASSETS Current assets: Cash and cash equivalents $6,706 Accounts receivable, net Trade 92,469 Other 6,366 Non-Debtor subsidiaries 29,810 Inventories 45,212 Other current assets 39,415 ---------- Total current assets 219,978 ---------- Property, plant and equipment, net 127,688 Goodwill, net 178,611 Notes receivable from Non-Debtors subsidiaries 192,443 Investment in Non-Debtors subsidiaries 790,647 Other noncurrent assets 8,120 ---------- Total Assets $1,517,487 ========== LIABILITIES AND NET LIABILITIES IN LIQUIDATION Current liabilities: Debtors-in-possession financing $137,483 Accounts payable 33,431 Accounts payable to Non-Debtors subsidiaries 2,325 Accrued Liabilities 79,779 ---------- Total current liabilities 253,018 ---------- Long-term Liabilities: Notes Payable to Non-Debtors subsidiaries 9,641 Other noncurrent liabilities 55,677 Liabilities Subject to Compromise 1,310,009 ---------- Total Liabilities 1,628,345 Stockholders' Investment (110,858) ---------- Total Liabilities and Stockholders' Investment $1,517,487 ========== DURA Automotive Systems, Inc., and Subsidiaries Condensed Unaudited Consolidated Statement of Operations For the Five Weeks Ended December 31, 2007 (In thousands of dollars) Total sales $58,300 Cost of sales 57,845 ---------- Gross (loss) profit 455 Selling, general and administrative expenses 4,700 Facility consolidation, asset impairment and other charges 5,152 Amortization expense 19 ---------- Operating (loss) income (9,416) Interest expense, net 3,821 ---------- Loss before reorganization items and income taxes (13,237) Reorganization items 5,819 ---------- L