/raid1/www/Hosts/bankrupt/TCR_Public/080216.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, 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
----------
Loss before income taxes (19,056)
Provision for income taxes 21
----------
Loss from continuing operations (19,077)
Loss from discontinued operations 5046
----------
Net Income (Loss) ($24,123)
==========
DURA Automotive Systems, Inc., and Subsidiaries
Condensed Unaudited Consolidated Statements of Cash Flows
For the Five Weeks Ended December 31, 2007
(In thousands of dollars)
Operating Activities:
Net Income (loss) ($24,123)
Adjustments to reconcile net loss to net cash used
in operations activities:
Depreciation, amortization & asset impairment 1,419
Amortization of deferred financing fees 1,067
Facility consolidation and other charges 5,152
(Gain)/Loss on sale of assets 187
Reorganization items 5,819
Changes in other operating items:
Accounts receivable 20,166
Inventories 3,505
Other current assets (638)
Noncurrent assets 8,763
Accounts payable (8,250)
Accrued liabilities (3,668)
Noncurrent liabilities (1,762)
Current intercompany transactions (4,438)
----------
Net cash provided by operating activities 3,199
Investing Activities:
Purchases of property, plant & equipment (2,222)
Proceeds from sales of assets 900
----------
Net cash (used in) provided by
investing activities (1,322)
Financing Activities:
DIP borrowings (2,849)
Payments on prepetition debt (3,064)
----------
Net cash used in financing activities (5,913)
Net Increase (Decrease) in Cash & Equivalents (4,036)
Cash Flows from Discontinued Operations (917)
Cash & Cash Equivalent, Beginning Balance 11,659
----------
Cash & Cash Equivalent, Ending Balance $6,706
==========
Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies, structural
door modules and exterior trim systems for the global automotive
industry. The company is also a supplier of similar products to
the recreation vehicle and specialty vehicle industries. DURA
sells its automotive products to North American, Japanese and
European original equipment manufacturers and other automotive
suppliers.
The company has three locations in Asia -- China, Japan and
Korea. It has locations in Europe and Latin-America, particularly
in Mexico, Germany and the United Kingdom.
The Debtors filed for chapter 11 petition on Oct. 30, 2006 (Bankr.
D. Del. Case No. 06-11202). Richard M. Cieri, Esq., Marc
Kieselstein, Esq., Roger James Higgins, Esq., and Ryan Blaine
Bennett, Esq., of Kirkland & Ellis LLP are lead counsel for the
Debtors' bankruptcy proceedings. Mark D. Collins, Esq., Daniel J.
DeFranseschi, Esq., and Jason M. Madron, Esq., of Richards Layton
& Finger, P.A. Attorneys are the Debtors' co-counsel. Baker &
McKenzie acts as the Debtors' special counsel.
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.
Miller Buckfire & Co., LLC is the Debtors' investment banker.
Glass & Associates Inc., gives financial advice to the Debtor.
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.
As of July 2, 2006, the Debtor had $1,993,178,000 in total assets
and $1,730,758,000 in total liabilities. The Debtors have asked
the Court to extend their plan filing period from March 12, 2008,
to April 30, 2008. (Dura Automotive Bankruptcy News, Issue No.
45; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
FEDERAL-MOGUL: Reports December 2007 Earnings of $154.5 Million
---------------------------------------------------------------
Federal-Mogul Global, Inc., et al.
Unaudited Balance Sheet
As of December 31, 2007
(In millions)
Assets
Cash and equivalents $112.7
Accounts receivable 559.3
Inventories 380.5
Deferred taxes 268.1
Prepaid expenses and other current assets 249.0
--------
Total current assets 1,569.6
Summary of Unpaid Postpetition Debits 58.3
Intercompany Loans Receivable (Payable) 1,822.2
--------
Intercompany Balances 1,880.4
Property, plant and equipment 710.7
Goodwill 930.4
Other intangible assets 336.5
Insurance recoverable 872.5
Other non-current assets 1,136.9
--------
Total Assets $7,437.0
========
Liabilities and Shareholders' Equity
Short-term debt -
Accounts payable $255.2
Accrued compensation 59.6
Restructuring and rationalization reserves 9.1
Current portion of asbestos liability -
Interest payable 4.7
Other accrued liabilities 1,020.1
--------
Total current liabilities 1,348.6
Long-term debt 2,668.8
Post-employment benefits 572.7
Other accrued liabilities 594.1
Liabilities subject to compromise 3,822.0
Shareholders' equity:
Preferred stock 1,050.6
Common stock 662.1
Additional paid-in capital 7,998.9
Accumulated deficit (11,581.8)
Accumulated other comprehensive income 301.0
Other -
--------
Total Shareholders' Equity (1,569.1)
--------
Total Liabilities and Shareholders' Equity $7,437.0
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Operations
For the Month Ended December 31, 2007
(In millions)
Net sales $232.6
Cost of products sold 188.8
--------
Gross margin 43.7
Selling, general & administrative expenses (29.8)
Amortization (1.2)
Reorganization items (150.4)
Interest income (expense), net (12.8)
Other income (expense), net 15.1
--------
Earnings before Income Taxes (135.3)
Income Tax (Expense) Benefit (19.2)
--------
Earnings before cumulative effect of change
in accounting principle (154.5)
Cumulative effect of change in acctg. principle -
--------
Net Earnings (loss) ($154.5)
========
Federal-Mogul Global, Inc., et al.
Unaudited Statement of Cash Flows
For the Month Ended December 31, 2007
(In millions)
Cash Provided From (Used By) Operating Activities:
Net earning (loss) ($154.5)
Adjustments to reconcile net earnings (loss) to net cash:
Depreciation and amortization 12.4
Adjustment of assets held for sale and
other long-lived assets to fair value 27.8
Asbestos charge -
Summary of unpaid postpetition debits -
Cumulative effect of change in acctg. principle -
Change in post-employment benefits (115.4)
Decrease (increase) in accounts receivable 42.6
Decrease (increase) in inventories 12.9
Increase (decrease) in accounts payable 40.4
Change in other assets & other liabilities (7.1)
Change in restructuring charge -
Refunds (payments) against asbestos liability -
--------
Net Cash Provided From Operating Activities (140.8)
Cash Provided From (Used By) Investing Activities:
Expenditures for property, plant & equipment (9.2)
Proceeds from sale of property, plant & equipment -
Proceeds from sale of businesses -
Business acquisitions, net of cash acquired -
Other -
--------
Net Cash Provided From (Used By) Investing Activities (9.2)
Cash Provided From (Used By) Financing Activities:
Increase (decrease) in debt 187.3
Sale of accounts receivable under securitization -
Dividends -
Other (2.7)
--------
Net Cash Provided From Financing Activities 184.6
Increase (Decrease) in Cash and Equivalents 34.5
Cash and equivalents at beginning of period 78.2
--------
Cash and equivalents at end of period $112.7
========
Federal-Mogul Corporation -- http://www.federal-mogul.com/--
(OTCBB: FDMLQ) is a global supplier, serving the world's foremost
original equipment manufacturers of automotive, light commercial,
heavy-duty, agricultural, marine, rail, off-road and industrial
vehicles, as well as the worldwide aftermarket. Founded in
Detroit in 1899, the company is headquartered in Southfield,
Michigan, and employs 45,000 people in 35 countries. Aside from
the U.S., Federal-Mogul also has operations in other locations
which includes, among others, Mexico, Malaysia, Australia, China,
India, Japan, Korea, and Thailand.
The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F.
Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown &
Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl &
Jones, P.C., represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $10.15 billion in assets and $8.86 billion in liabilities.
Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at
Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein
Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer,
Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the
Official Committee of Unsecured Creditors.
On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003. They submitted several amendments and on June 6,
2004, the Bankruptcy Court approved the Third Amended Disclosure
Statement for their Third Amended Plan. On July 28, 2004, the
District Court approved the Disclosure Statement. The estimation
hearing began on June 14, 2005. The Debtors submitted a Fourth
Amended Plan and Disclosure Statement on Nov. 21, 2006, and the
Bankruptcy Court approved that Disclosure Statement on Feb. 6,
2007. The Fourth Amended Plan was confirmed by the Bankruptcy
Court on Nov. 8, 2007, and affirmed by the District Court on
Nov. 14. (Federal-Mogul Bankruptcy News, Issue No. 160;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
* * *
As reported in the Troubled Company Reporter on Jan. 10, 2008,
Moody's Investors Service confirmed the ratings of the reorganized
Federal-Mogul Corporation -- Corporate Family Rating, Ba3;
Probability of Default Rating, Ba3; and senior secured bank credit
facilities, Ba2. The outlook is stable. The financing for the
company's emergence from Chapter 11 bankruptcy protection has been
funded in line with the structure originally rated by Moody's in a
press release dated Nov. 28, 2007.
As reported in the Troubled Company Reporter on Jan. 7, 2008,
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to Southfield, Michigan-based Federal-Mogul Corp.
following the company's emergence from Chapter 11 on Dec. 27,
2007. The outlook is stable.
FOXTONS NORTH: Posts $342,777 Net Loss in December 2007
-------------------------------------------------------
Foxtons North America Inc. and its debtor-affiliates delivered to
the United States Bankruptcy Court for the District of New Jersey
their monthly operating report for December 2007.
The Debtors' opening cash balance was $824,033 and ending cash
balance was $408,742 for the month of December 2007. Total
disbursements for the month were $596,080.
The Debtors generated zero revenues for the month and incurred a
net loss of $342,777.
About Foxton North
West Long Branch, New Jersey-based Foxtons North America Inc. --
http://www.foxtons.com/-- aka YourHomeDirect.com, and its
affiliate, Foxtons Inc., are real estate agents. Foxtons Inc. is
also known as Foxtons Realty Inc., YHD Foxtons, and YHD-Foxtons
Inc.
Foxtons North and Foxtons Inc. filed for chapter 11 bankruptcy
protection on Oct. 5, 2005 (Bankr. D. N.J. Case Nos. 07-24497 and
07-24496). Lawyers at Forman Holt Eliades & Ravin LLC serve as
the Debtors' counsel. Garden City Group Inc. is the Debtors'
claims and noticing agent. The U.S. Trustee for Region 3 has
appointed creditors to serve on an Official Committee of Unsecured
Creditors. Allison M. Berger, Esq., at Fox Rothschild LLP,
represents the Committee.
Foxtons North America disclosed total assets of $487,757 and total
liabilities of $40,885,834 in its chapter 11 petition. Foxtons
Inc. disclosed total assets of $2,618,254 and total liabilities of
$480,945 in its chapter 11 petition. Other papers filed with the
bankruptcy court on Oct. 5 disclosed $13 million in assets and
$50.4 million of debt, including a $40 million loan from Foxtons
shareholder Heven Holdings, Ltd. The Court is set to approve the
Debtor's disclosure statement on March 27, 2008.
JOHNSON RUBBER: Posts December 2007 Monthly Net Loss of $1,203,491
------------------------------------------------------------------
Johnson Rubber Company Inc. filed with the U.S. Bankruptcy Court
for the Northern District of Ohio its monthly operating report for
the period Dec. 12, 2007, through Dec. 31, 2007.
Total revenues/sales for the month were $2,316,496 and net loss
was $1,203,491.
As of Dec. 31, 2007, the Debtor had total assets of $16,191,668,
total postpetition liabilities of $428,000, total secured
liabilities of $15,997,379, total prepetition liabilities of
$7,993,939, and total shareholders' deficit of $8,227,650.
Based on the monthly cash statement of the Debtor, its beginning
balance was $221,575 and ending balance was $19,316.
About Johnson Rubber
Headquartered in Middlefield, Ohio, Johnson Rubber Company
Inc. -- http://www.johnsonrubber.com/-- designs, develops
and manufactures polymer components. The company and its
parent, JR Holding Corp., filed for Chapter 11 protection on
December 11, 2007 (Bankr. N.D. Ohio, Lead Case No. 07-19391).
William I Kohn, Esq., at Benesch Friedlander Coplan & Aronoff
LLP, represents the Debtors in its restructuring efforts. The
Debtors selected Donlin Recano as claims, noticing and balloting
agent. The United States Trustee for Region 9 appointed four
creditors to serve on an Official Committee of Unsecured Creditors
in this cases. McGuireWoods LLP represents the Committee in
this cases. When the Debtors filed for chapter 11 protection
against their creditors, they listed $15,346,607 in total assets
and $19,869,931 in total debts.
MONITOR OIL: Reports December 31, 2007 Net Loss of $6,968,000
-------------------------------------------------------------
Monitor Oil PLC and its debtor-affiliates submitted to the U.S.
Bankruptcy Court for the Southern District of New York their
monthly operating report for Nov. 21, 2007, through Dec. 31, 2007.
As of Dec. 31, 2007, the Debtors' balance sheet showed total
assets of $98,340,000, total current liabilities of $6,017,000,
total liabilities subject to compromise of $50,108,000, and
shareholders' deficit of $42,215,000.
For the month of December 2007, the Debtors generated zero
revenues and incurred a net loss of $6,968,000.
Cash and cash equivalents at the end of the year were $4,183,000.
Monitor Oil PLC -- htpp://www.monitoroil.com/ -- an oil
and gas service company that provides oil and gas production
solutions, offshore services and engineering services. The
company and two of its affiliates, Monitor Single Lift 1, Ltd.,
and Monitor US FinCo, Inc., filed for Chapter 11 Protection on
Nov. 21, 2007 (Bankr. S.D.N.Y. Case No. 07-13709). Eric Lopez
Schnabel, Esq., at Dorsey & Whitney, L.L.P., represents the
Debtor. The U.S. Trustee for Region 2 appointed five creditors
to serve on an Official Committee of Unsecured Creditors in the
Debtors' cases. Ira L. Herman, Esq., at Thompson & Knight LLP,
represents the Committee. As of Dec. 31, 2007, the company
disclosed total assets of $98,340,000 and total debts of
$56,125,000.
MORTGAGE LENDERS: Posts December 2007 Net Loss of $1,238,534
------------------------------------------------------------
Mortgage Lenders Network USA, Inc.
Balance Sheet
As of December 31, 2007
Assets:
Cash and Cash Equivalents $10,554,389
Mortgage loans held for sale 0
Portfolio loans 0
Allowance for loan losses 0
Capitalized Mortgage Servicing rights, net 0
Retained interests in securitization,
at fair value 0
Land 3,187,970
Deferred Costs 0
Principal & Interest Advances 0
Interest in subsidiaries 0
Other Assets 6,036,755
------------
Total Assets $19,779,114
============
Liabilities:
Accounts Payable prepetition $14,473,514
Accounts Payable postpetition 75,547
Accrued Expenses - Payroll 981,314
Accrued Expenses - Other 15,508,495
Warehouse Borrowings 22,284,261
Convertible Debt 1,500,000
Servicing & Working Capital Advances 54,408,435
Capital Lease Liability 0
Other liabilities 31,209,991
------------
Total Liabilities 140,441,557
Stockholders' Equity:
Common Stock 625,000
Additional Paid-In Capital 1,829,770
Retained Earnings (123,117,214)
------------
Total Stockholders' Equity (120,662,444)
------------
Total Debts & Stockholders' Equity $19,779,114
============
Mortgage Lenders Network USA, Inc.
Income Statement
Month Ended December 31, 2007
Revenue
Gain on Sale - Subprime $0
Gain on Sale - SRP/MBS 0
Mortgage origination income 0
Net Warehouse interest income 0
Servicing income, net 0
Loss on investment in MLN Depository 0
Other Income (23,078)
------------
Total Revenues ($23,078)
------------
Expenses
Salaries $0
Overtime/Temp Help 0
Bonus/Incentives 0
Benefits 0
Rent Expense 16,579
Telephone 684
Repairs & Maintenances 0
Office & Supplies Expense 107
Postage/Express Mail 131
Service Bureau 0
Consulting Fees 72,001
Insurance 0
Loan Loss/Foreclosure Exp. 0
Appraisal/Credit Expenses 0
Travel & Entertainment 0
Meetings/Seminars/Education 0
Membership Fes/Dues/Filings 0
Advertising - Other 0
Interest Expense - Other 0
Legal/Regulatory Expense 0
Miscellaneous Expenses 1,264
------------
Total Expenses Before Depreciation 90,766
Depreciation Expense 0
------------
Net Profit Before Reorganization Items (113,844)
Reorganization Items
Professional Fees 1,124,689
------------
Total Reorganization Items 1,124,689
Income Taxes 0
------------
Net Income (Loss) ($1,238,534)
============
Mortgage Lenders Network USA, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended December 31, 2007
Cash - Beginning of Month $2,575,962
Receipts:
Net Servicing Inflows 0
Warehouse and Loan Sale Inflows 0
Sale of Fixed Assets 0
Sale of Other Assets 0
Other Inflows 37,785
Transfers from Cash Collateral 0
------------
Total Receipts 37,785
Disbursements:
Net Payroll 90,266
Payroll Taxes 0
Medical Coverage Sub/ FSA Witholding 0
Operating Expenses 164,896
Rent 0
Utilities 0
Insurance 0
Administrative & Selling 0
Other 0
Professional Fees Escrow Account 1,113,404
Professional Fees Paid 0
U.S. Trustee Fees 0
DIP Fees 0
Transfers to Cash Collateral 0
------------
Total Disbursements 1,368,566
------------
Net Cash Flow (1,330,781)
------------
Cash - End of Month $1,245,181
============
Middletown, Connecticut-based Mortgage Lenders Network USA Inc. --
http://www.mlnusa.com/-- is a privately held company offering a
full range of Alt-A/Non-Conforming and Conforming loan products
through its retail and wholesale channels. The company filed for
chapter 11 protection on Feb. 5, 2007 (Bankr. D. Del. Case No. 07-
10146). Pachulski Stang Ziehl & Jones LLP represents the Debtor.
Blank Rome LLP represents the Official Committee of Unsecured
Creditors. In the Debtor's schedules of assets and liabilities
filed with the Court, it disclosed total assets of $464,847,213
and total debts of $556,459,464. The Debtor has until Feb. 22,
2008, to exclusively file a plan of reorganization. (Mortgage
Lenders Bankruptcy News, Issue No. 25; Bankruptcy Creditors'
Service Inc. http://bankrupt.com/newsstand/or 215/945-7000).
MOVIE GALLERY: Earns $12,673,000 for Month Ended January 6, 2008
----------------------------------------------------------------
Movie Gallery, Inc.
Unaudited Consolidated Balance Sheet
(Excluding International Operations)
As Of January 6, 2008
ASSETS
Current Assets
Cash & Cash Equivalents $54,432,000
Merchandise Inventory 153,025,000
Prepaid Expenses 40,938,000
Store Supplies and Other 11,593,000
---------------
Total Current Assets 259,988,000
Rental inventory, net 226,720,000
Property, furnishings and equipment, net 115,365,000
Other intangibles, net 20,719,000
Deferred income tax asset, net 1,774,000
Deposits and other assets 36,004,000
Investment in subsidiaries 22,879,000
---------------
Total Assets 683,449,000
===============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Current maturities of long-term obligations 880,454,000
Accounts payable 23,504,000
Intercompany payable (8,168,000)
Accrued liabilities 60,321,000
Accrued payroll 20,958,000
Accrued interest 11,028,000
Deferred revenue 42,555,000
---------------
Total Current Liabilities 1,030,652,000
Other Accrued Liabilities 17,068,000
---------------
Total Liabilities Not Subject to Compromise 1,047,720,000
Liabilities Subject to Compromise
Accounts payable 34,228,000
Accrued liabilities 20,534,000
Accrued utilities 4,285,000
Accrued interest 16,410,000
Long-term obligations 323,048,000
Lease liability on closed stores 70,933,000
---------------
Total Liabilities Subject to Compromise 469,438,000
---------------
Total Liabilities 1,517,158,000
Stockholders' Deficit
Preferred stock, $0.10 par value; 2000 shares
authorized, no shares or issues outstanding -
Common stock, $0.001 par value; 65,000 shares
authorized, 32,275 shares issued
and outstanding 32,000
Additional paid-in capital 200,069,000
Accumulated deficit (1,041,182,000)
Accumulated other comprehensive income 7,372,000
---------------
Total Stockholders' Deficit (833,709,000)
---------------
Total Liabilities and Stockholders' Deficit $683,449,000
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Operations
(Excluding International Operations)
For The Period Ended January 6, 2008
Revenue
Rentals $160,762,000
Product Sales 92,789,000
---------------
253,551,000
Cost of Sales
Cost of rental revenues 56,558,000
Cost of product sales 72,522,000
---------------
129,080,000
Gross Profit 124,471,000
Operating Costs and Expenses
Store operating expenses 84,506,000
General and administrative 12,672,000
Amortization of intangibles 258,000
---------------
97,436,000
Operating Income (Loss) 27,035,000
Interest Expense, net 12,078,000
Intercompany interest expense, net (150,000)
---------------
Income (loss) before reorganization items
and income taxes 15,107,000
Reorganization items, net 4,043,000
---------------
Income (loss) before income taxes 11,064,000
Income taxes (benefit) (1,609,000)
---------------
Net Income (Loss) $12,673,000
===============
Movie Gallery, Inc.
Unaudited Consolidated Statement of Cash Flows
(Excluding International Operations)
For The Period Ended January 6, 2008
Operating Activities
Net income (loss) $12,673,000
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Rental Inventory Amortization 34,297,000
Purchases of Rental Inventory (17,599,000)
Purchases of Rental Inventory-Base Stock (20,000)
Changes in Rental Amortization Estimates 3,561,000
Reorganization Items, net (2,910,000)
Depreciation and Intangibles Amortization 3,761,000
Loss on Closed Store Write-Offs 18,000
Amortization of Debt Issuance Cost 839,000
Stock based Compensation 467,000
Changes in Operating Assets and Liabilities
Merchandise Inventory 33,951,000
Other Current Assets 11,924,000
Deposits and Other Assets 84,000
Accounts Payable (37,735,000)
Accrued Interest 3,956,000
Lease Liability on Closed Stores 669,000
Other Accrued Liabilities and Deferred Revenue (5,346,000)
---------------
Net Cash Used by Operating Activities 42,590,000
Investing Activities
Purchases of Property, Furnishings and
Equipment, net (558,000)
---------------
Net Cash Provided by Investing Activities (558,000)
Financing Activities
Change in Intercompany Receivable (1,286,000)
---------------
Net Cash Provided by Financing Activities (1,286,000)
Increase (Decrease) in Cash and Cash Equivalents 40,746,000
Cash and cash equivalents at beginning of period 13,686,000
---------------
Cash and cash equivalents at end of period $54,432,000
===============
Based in Dothan, Alabama, Movie Gallery Inc. --
http://www.moviegallery.com/-- is a home entertainment
specialty retailer. The company owns and operates 4,600 retail
stores that rent and sell DVDs, videocassettes and video games.
It operates over 4,600 stores in the United States, Canada, and
Mexico under the Movie Gallery, Hollywood Entertainment, Game
Crazy, and VHQ banners.
The company and its debtor-affiliates filed for Chapter 11
protection on Oct. 16, 2007 (Bankr. E.D. Va. Case Nos. 07-33849
to 07-33853. Anup Sathy, Esq., Marc J. Carmel, Esq., and
Richard M. Cieri, Esq., at Kirkland & Ellis LLP, represent the
Debtors. Michael A. Condyles, Esq., and Peter J. Barrett, Esq.,
at Kutak Rock LLP, is the Debtors' local counsel. The Debtors'
claims & balloting agent is Kutzman Carson Consultants LLC.
When the Debtors' filed for protection from their creditors,
they listed total assets of US$891,993,000 and total liabilities
of US$1,419,215,000.
The Official Committee of Unsecured Creditors has selected
Robert J. Feinstein, Esq., James I. Stang, Esq., Robert B.
Orgel, Esq., and Brad Godshall, Esq., at Pachulski Stang Ziehl &
Jones LLP, as its lead counsel, and Brian F. Kenney, Esq., at
Miles & Stockbridge PC, as its local counsel.
The Debtors' spokeswoman Meaghan Repko said that the company
does not expect to exit bankruptcy protection before the second
quarter of 2008. The Court will commence plan confirmation
hearing on April 9, 2008. (Movie Gallery Bankruptcy News
Issue No. 19; Bankruptcy Creditors' Service Inc.;
http://bankrupt.com/newsstand/or 215/945-7000)
NATIONAL EASTERN: Files November 2007 Monthly Operating Report
--------------------------------------------------------------
National Eastern Corporation submitted to the United States
Bankruptcy Court for the District of Connecticut its monthly
operating report for November 2007.
According to the Debtor's cash statement, cash at the beginning of
the period was $188,805, while cash at the end of the period was
$85,923. Total disbursements for the month were $509,908.
As of November 2007, the company had total assets of $20,071,068
and total prepetition liabilities of $15,398,616, $8,572,798 of
which is secured and $6,825,818 of which is unsecured.
The Debtor had a total collectible accounts receivable at Nov. 30,
2007 of $532,100.
About National Eastern
Based in Plainville, Connecticut, National Eastern Corp.
fabricates steel. The Debtor filed for Chapter 11 protection on
Sept. 17, 2007 (Bankr. D. Conn. Case No. 07-21290). Anthony S.
Novak, Esq., at Chorches & Novak, P.C., represents the Debtor in
its restructuring efforts. The Debtors chose Edward F. O'Donnel,
Esq., at Siegel, O'Connor, O'Donnell & Beck, P.C., as its special
counsel. When the company filed for bankruptcy, it listed total
assets of $20,786,808 and total debts of $15,398,616.
PACIFIC LUMBER: Scotia Dev't Files December 2007 Monthly Report
---------------------------------------------------------------
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of December 31, 2007
ASSETS
Current Assets
Cash $303,755
Accounts receivable, net 5,613,135
Inventory: lower cost or market 21,739,103
Prepaid expenses 5,626,306
Prepaid Restructuring 200,000
Investments -
Other 266,009
------------
Total Current Assets 33,748,308
Property, Plant & Equipment 186,595,457
Less: Accumulated Depreciation (118,495,237)
------------
Net book value of property & plant 68,100,220
Other Assets
Notes Receivable 571,064
Deferred Financing Costs 5,554,188
Long-term Investments 3,023,547
Restricted Cash 2,509,580
Restricted Cash/Letter
of Credit Collaterization 10,862,851
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $138,021,966
============
LIABILITIES & OWNERS EQUITY
Postpetition
Liabilities
Trade accounts payable 1,579,516
Tax payable
Federal payroll taxes 47,909
State payroll taxes 9,344
Ad valorem taxes 37,823
Other taxes 23,784
------------
Total taxes payable 118,860
Secured debt postpetition 74,228,573
Accrued interest payable 3,207,484
Accrued professional fees 3,187,329
Other accrued liabilities
Trade Accruals 672,407
Compensation and Benefits 2,505,086
Other Accrued 574,164
Due to(from) Affiliate/Parent 3,744,105
------------
Total Postpetition Liabilities 89,817,524
Prepetition Liabilities
Notes payable - Secured 84,277,251
Priority debt 3,292,575
Federal income tax (-17,006)
FICA/ Withholding -
Unsecured debt 3,006,054
Other 32,039,007
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 164,259,386
------------
Total Liabilities 254,076,910
Owner's Equity (Deficit)
Equity in Affiliates 537,279,502
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (794,985,292)
Retained Earnings: Post Filing Date (133,896,443)
------------
Total Owner's Equity (116,054,944)
------------
TOTAL LIABILITIES & OWNERS EQUITY $138,021,966
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended December 31, 2007
Revenues $4,634,127
Total cost of revenues (4,983,566)
------------
Gross Profit (349,440)
Operating Expenses
Selling & Marketing 95,425
General & Administrative (752,082)
Insiders Compensation 101,251
Idle Facilities 359,903
Environment 21,105
------------
Total Operating Expenses (174,398)
------------
Income before interest, depreciation, tax (175,042)
Interest Expense 1,635,898
Depreciation 812,419
Other (Income) Expenses 5,383,627
Amortization of Deferred Financing Costs 387,997
Restructuring
Professional Fees 1,547,665
Other 118,745
Equity Loss (Earnings) in Subsidiary 6,258,116
Total Interest, Depreciation & Other 16,144,466
------------
Net Income Before Taxes (16,319,508)
Federal Income Tax 0
------------
Net Income (Loss) ($16,319,508)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended December 31, 2007
Receipts
Cash Sales $169,715
Collection of Accounts Receivable 5,727,199
Loans & Advances 1,503,040
Sale of Assets 434,500
Other 2,796,842
------------
Total Receipts 10,631,296
Disbursements
Net payroll 843,947
Payroll taxes paid 353,878
Sales, use & other taxes paid 413,711
Secured/rentals/leases 185,207
Utilities & telephone 52,459
Insurance 436,538
Cost of goods sold 4,370,496
Vehicle expenses 89,977
Travel & entertainment 41,211
Repairs, maintenance & supplies 410,142
Administrative & selling 436,478
Interest 491,804
Other 3,753
------------
Total Disbursements from operations 8,129,601
Professional fees 1,914,761
U.S. Trustee fees 8,036
Other reorganization expenses 0
------------
Total Disbursements 10,052,398
------------
Net Cash Flow 578,898
------------
Cash, at the beginning of the month (275,143)
------------
Cash, at the end of the month $303,755
============
Scotia Development LLC, et al.
Consolidated Balance Sheet
As of December 31, 2007
ASSETS
Current Assets
Cash $303,755
Accounts receivable, net 5,613,135
Inventory: lower cost or market 21,739,103
Prepaid expenses 5,626,306
Prepaid Restructuring 200,000
Investments -
Other 266,009
------------
Total Current Assets 33,748,308
Property, Plant & Equipment 186,595,457
Less: Accumulated Depreciation (118,495,237)
------------
Net book value of property & plant 68,100,220
Other Assets
Notes Receivable 571,064
Deferred Financing Costs 5,554,188
Long-term Investments 3,023,547
Restricted Cash 2,509,580
Restricted Cash/Letter
of Credit Collaterization 10,862,851
Deferred Tax Assets 13,652,208
------------
TOTAL ASSETS $138,021,966
============
LIABILITIES & OWNERS EQUITY
Postpetition
Liabilities
Trade accounts payable 1,579,516
Tax payable
Federal payroll taxes 47,909
State payroll taxes 9,344
Ad valorem taxes 37,823
Other taxes 23,784
------------
Total taxes payable 118,860
Secured debt postpetition 74,228,573
Accrued interest payable 3,207,484
Accrued professional fees 3,187,329
Other accrued liabilities
Trade Accruals 672,407
Compensation and Benefits 2,505,086
Other Accrued 574,164
Due to(from) Affiliate/Parent 3,744,105
------------
Total Postpetition Liabilities 89,817,524
Prepetition Liabilities
Notes payable - Secured 84,277,251
Priority debt 3,292,575
Federal income tax (-17,006)
FICA/ Withholding -
Unsecured debt 3,006,054
Other 32,039,007
Due to Affiliate/Parent 41,661,505
------------
Total Prepetition Liabilities 164,259,386
------------
Total Liabilities 254,076,910
Owner's Equity (Deficit)
Equity in Affiliates 537,279,502
Common Stock 1,001
Additional Paid-in Capital 275,546,288
Retained Earnings: Filing Date (794,985,292)
Retained Earnings: Post Filing Date (133,896,443)
------------
Total Owner's Equity (116,054,944)
------------
TOTAL LIABILITIES & OWNERS EQUITY $138,021,966
============
Scotia Development LLC, et al.
Statement of Income
For the Period Ended December 31, 2007
Revenues $4,634,127
Total cost of revenues (4,983,566)
------------
Gross Profit (349,440)
Operating Expenses
Selling & Marketing 95,425
General & Administrative (752,082)
Insiders Compensation 101,251
Idle Facilities 359,903
Environment 21,105
------------
Total Operating Expenses (174,398)
------------
Income before interest, depreciation, tax (175,042)
Interest Expense 1,635,898
Depreciation 812,419
Other (Income) Expenses 5,383,627
Amortization of Deferred Financing Costs 387,997
Restructuring
Professional Fees 1,547,665
Other 118,745
Equity Loss (Earnings) in Subsidiary 6,258,116
Total Interest, Depreciation & Other 16,144,466
------------
Net Income Before Taxes (16,319,508)
Federal Income Tax 0
------------
Net Income (Loss) ($16,319,508)
============
Scotia Development LLC, et al.
Cash Receipts and Disbursements
For the Month Ended December 31, 2007
Receipts
Cash Sales $169,715
Collection of Accounts Receivable 5,727,199
Loans & Advances 1,503,040
Sale of Assets 434,500
Other 2,796,842
------------
Total Receipts 10,631,296
Disbursements
Net payroll 843,947
Payroll taxes paid 353,878
Sales, use & other taxes paid 413,711
Secured/rentals/leases 185,207
Utilities & telephone 52,459
Insurance 436,538
Cost of goods sold 4,370,496
Vehicle expenses 89,977
Travel & entertainment 41,211
Repairs, maintenance & supplies 410,142
Administrative & selling 436,478
Interest 491,804
Other 3,753
------------
Total Disbursements from operations 8,129,601
Professional fees 1,914,761
U.S. Trustee fees 8,036
Other reorganization expenses 0
------------
Total Disbursements 10,052,398
------------
Net Cash Flow 578,898
------------
Cash, at the beginning of the month (275,143)
------------
Cash, at the end of the month $303,755
============
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors filed their Joint Plan of
Reorganization on Sept. 30, 2007, which was amended on Dec. 20,
2007. The Debtors' exclusive plan filing period expires on
Feb. 29, 2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No.
44, http://bankrupt.com/newsstand/or 215/945-7000).
PACIFIC LUMBER: Scotia Pacific Files December 2007 Monthly Report
-----------------------------------------------------------------
Scotia Pacific Company LLC
Consolidated Balance Sheet
As of December 31, 2007
ASSETS
Current Assets
Cash $43,743,528
Accounts receivable, net 4,583,467
Inventory: lower cost or market 1,546,142
Prepaid expenses 6,574,267
Prepaid Restructuring 764,671
Investments 0
Other 733,109
------------
Total Current Assets 57,945,184
Property, Plant & Equipment 600,786,857
Less: Accumulated Depreciation (359,784,925)
------------
Net book value of property & plant 241,001,932
Other Assets
Capitalized Expenses 10,281,211
------------
TOTAL ASSETS $309,228,327
============
LIABILITIES & OWNERS EQUITY
Postpetition Liabilities
Trade accounts payable $32,689
Tax payable
Federal payroll taxes 11,886
State payroll taxes 9,494
Ad valorem taxes 75,985
Other taxes 179,564
------------
Total taxes payable 276,929
Secured debt postpetition 0
Accrued interest payable 51,247,962
Accrued professional fees 4,786,694
Other accrued liabilities
Unsecured Debt 998,070
Payroll 591,640
Other 398,425
------------
Total Postpetition Liabilities 58,332,409
Prepetition Liabilities
Notes payable - Secured 767,362,183
Priority debt 79,065
Federal income tax 0
FICA/ Withholding 0
Unsecured debt 3,358,032
Other 232,387
------------
Total Prepetition Liabilities 771,031,667
------------
Total Liabilities 829,364,076
Owner's Equity (Deficit)
Preffered Stock 0
Common Stock 20,384,905
Additional Paid-in Capital 179,838,186
Retained Earnings: Filing Date (662,058,832)
Retained Earnings: Post Filing Date (58,300,008)
------------
Total Owner's Equity (520,135,749)
------------
TOTAL LIABILITIES & OWNERS EQUITY $309,228,327
============
Scotia Pacific Company LLC
Statement of Income
For the Period Ended December 31, 2007
Revenues $2,051,520
Total cost of revenues 712,530
------------
Gross Profit 1,338,990
Operating Expenses
Selling & Marketing 0
General & Administrative 217,663
Insiders Compensation 0
Professional Fees 0
Idle Facilities 0
Environmental 0
------------
Total Operating Expenses 217,663
------------
Income before interest, depreciation, tax 1,121,328
Interest Expense 4,876,476
Depreciation 558,610
Other (Income) Expenses (213,423)
Amortization of Deferred Financing Costs 0
Restructuring
Professional Fees 2,065,546
Other 92,235
Equity Loss (Earnings) in Subsidiary 0
Total Interest, Depreciation & Other Items 7,379,443
------------
Net Income Before Taxes (6,258,116)
Federal Income Tax 0
------------
Net Income (Loss) ($6,258,116)
============
Scotia Pacific Company LLC
Cash Receipts and Disbursements
For the Month Ended December 31, 2007
Receipts
Cash Sales $0
Collection of Accounts Receivable 0
Loans & Advances 0
Sale of Assets 0
Interest Income 165,948
Log Sales to Palco less Reimbursable 2,037,876
Other 4,321
------------
Total Receipts 2,208,144
Disbursements
Net payroll 301,801
Payroll taxes paid 81,316
Sales, use & other taxes paid 204,015
Secured/rentals/leases 21,368
Utilities & telephone 276
Insurance 196,956
Vehicle expenses 0
Cost of goods sold 0
Travel & entertainment 0
Repairs, maintenance & supplies 0
Administrative & selling 417,856
Decking, logging & hauling 871,793
Other 56,451
------------
Total Disbursements from operations 2,151,833
Professional fees 1,828,286
U.S. Trustee fees 0
Interest 235,889
Other reorganization expenses 0
------------
Total Disbursements 4,216,009
------------
Net Cash Flow (2,007,865)
------------
Cash, at the end of the month $43,743,528
============
Based in Oakland, California, The Pacific Lumber Company --
http://www.palco.com/-- and its subsidiaries operate in several
principal areas of the forest products industry, including the
growing and harvesting of redwood and Douglas-fir timber, the
milling of logs into lumber and the manufacture of lumber into a
variety of finished products.
Scotia Pacific Company LLC, Scotia Development LLC, Britt Lumber
Co., Inc., Salmon Creek LLC and Scotia Inn Inc. are wholly owned
subsidiaries of Pacific Lumber.
Scotia Pacific, Pacific Lumber's largest operating subsidiary, was
established in 1993, in conjunction with a securitization
transaction pursuant to which the vast majority of Pacific
Lumber's timberlands were transferred to Scotia Pacific, and
Scotia Pacific issued Timber Collateralized Notes secured by
substantially all of Scotia Pacific's assets, including the
timberlands.
Pacific Lumber, Scotia Pacific, and four other subsidiaries filed
for chapter 11 protection on Jan. 18, 2007 (Bankr. S.D. Tex. Case
Nos. 07-20027 through 07-20032). Jack L. Kinzie, Esq., at Baker
Botts LLP, is Pacific Lumber's lead counsel. Nathaniel Peter
Holzer, Esq., Harlin C. Womble, Jr., Esq., and Shelby A. Jordan,
Esq., at Jordan Hyden Womble Culbreth & Holzer PC, is Pacific
Lumber's co-counsel. Kathryn A. Coleman, Esq., and Eric J.
Fromme, Esq., at Gibson, Dunn & Crutcher LLP, acts as Scotia
Pacific's lead counsel. John F. Higgins, Esq., and James Matthew
Vaughn, Esq., at Porter & Hedges LLP, is Scotia Pacific's co-
counsel. John D. Fiero, Esq., at Pachulski Stang Ziehl & Jones
LLP, represents the Official Committee of Unsecured Creditors.
When Pacific Lumber filed for protection from its creditors, it
listed estimated assets and debts of more than $100 million.
Scotia Pacific listed total assets of $932,000,000 and total debts
of $765,978,335. The Debtors filed their Joint Plan of
Reorganization on Sept. 30, 2007, which was amended on Dec. 20,
2007. The Debtors' exclusive plan filing period expires on
Feb. 29, 2008. (Scotia/Pacific Lumber Bankruptcy News, Issue No.
44, http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Logistics Submits December 2007 Monthly Report
-----------------------------------------------------------------
Performance Logistics Group and subsidiaries
Unaudited Consolidated Balance Sheet
As of December 31, 2007
ASSETS
Current Assets:
Cash, cash equivalents and marketable
securities $12,155,000
Deposits 1,929,000
Restricted Cash 3,515,000
Receivables customer 14,118,000
allowance for doubtful accounts (477,000)
Receivables other 1,904,000
Inventory 1,837,000
Work in process 694,000
Prepayments and other current assets 6,310,000
-----------
Total current assets 41,984,000
Property and equipment 53,156,000
Accumulated depreciation (14,399,000)
-----------
Total property and equipment 38,758,000
Other Assets:
Other 16,000
DIP Financing Costs(2007) 557,000
Amortization of DIP 2007 financing costs (93,000)
Debt Financing Costs(2007) 8,436,000
Amortization of debt financing costs (8,436,000)
Goodwill -
Debt Costs(DIP) 1,079,000
Amortization of debt costs (1,079,000)
Jr. DIP Debt Costs 140,000
Amortization of Jr DIP debt costs (140,000)
Debt Costs(Prepetition) 8,790,000
Amortization of debt costs (8,790,000)
-----------
Total other assets 480,000
-----------
Total assets $81,221,000
===========
LIABILITIES AND EQUITY
Current Liabilities NOT Subject to Compromise:
Current portion of debt - prepetition 1st lien $49,625,000
Current portion of debt 16,500,000
Current portion of accrued interest on debt 885,000
Current portion of long-term equipment leases 1,877,000
Accounts payable 3,105,000
Accrued workman's compensation 21,195,000
Accrued cargo damage claims 1,723,000
Accrued payroll and benefits 9,542,000
Accrued liabilities 4,199,000
Accrued taxes 587,000
-----------
Total current liabilities 109,237,000
Long Term Liabilities NOT Subject to Compromise:
Long-term debt, less current portion -
Long-term equipment leases 1,719,000
Shareholder, other notes & leases payable -
-----------
Total long term liabilities 1,719,000
Liabilities Subject to Compromise:
Prepetition - 2nd lien debt 35,000,000
Prepetition - accrued interest -
Prepetition - accounts payable 5,701,000
Prepetition - accrued liabilities -
-----------
Total liabilities subject to compromise 40,701,000
Deferred compensation -
Deferred income taxes 1,209,000
-----------
Total liabilities 152,865,000
Stockholders' Equity:
Common Stock $0.01 par value; 100,000 shares 1,000
Additional paid-in capital 19,416,000
Restricted Stock -
Currency Exchange 2,306,000
Retained earnings (93,367,000)
-----------
Total stockholders' equity (71,644,000)
-----------
Total liabilities and stockholders' equity $81,221,000
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statements of Operations
For the Period Ending December 31, 2007
Transportation Revenue $19,078,000
Plus Fuel Surcharge 2,327,000
-----------
Revenue 21,405,000
Operating Expenses
Driver Wages and Benefits 10,180,000
Claims and Transportation Expenses 1,508,000
Maintenance 2,348,000
Fuel 3,842,000
Memo; Fuel Surcharge (2,327,000)
Terminal Costs 456,000
Depreciation 435,000
Direct Fixed 1,103,000
Discontinued Operations -
Vehicle Movement 3,000
Management Fee and Expenses 43,000
Corporate Overhead (less Depreciation) 1,270,000
-----------
Total Operating Costs 21,187,000
Other Income/(Expenses) -
-----------
Operating Income 218,000
-----------
EBITDA 696,000
Less
Amortization of Capital Access Fee and Taxes
included in EBITDA -
Interest Expense 7,877,000
Professional Fees and Restructuring 262,000
Goodwill Impairment 74,622,000
Non-Operating Income/(Expense) 387,000
-----------
Pretax Income (82,156,000)
Income Tax (Est.) 189,000
-----------
NET INCOME (LOSS) (82,345,000)
Reorganization Items -
-----------
NET INCOME (LOSS) ($82,345,000)
===========
Performance Logistics Group and subsidiaries
Unaudited Consolidated Statement of Cash Flows
For the Year to Date Ending December 2007
Cash flows from operating activities
(includes fresh start)
Net Income $(96,163,000)
Adjustments to reconcile net income to
net cash flows provided by operations:
Depreciation and amortization 11,130,000
Gain (loss) on disposal of property
and equipment (281,000)
Goodwill impairment -
Cost of debt financing (retired) -
Amortization of debt financing (DIP) 8,666,000
Amortization of capital access fee -
Non cash interest (PIK) -
Deferred income taxes 184,000
Deferred compensation -
Non cash reorganization costs (323,000)
Changes in assets and liabilities: -
(Increase) decrease in accounts receivable (687,000)
(Increase) decrease in other current assets (1,198,000)
Increase/(decrease) in accounts payable 3,983,000
(Increase)/decrease in other assets and
liabilities (4,809,000)
-----------
Net cash provided by operating activities (79,498,000)
Cash flows from investing activities
Property and equipment (6,030,000)
Restricted cash 4,986,000
Proceeds from disposal of property and equipment 707,000
-----------
Net cash provided by (used in)
investing activities (338,000)
Cash flows from financing activities
Repayment of debt (375,000)
Borrowings under debt agreement 1,017,000
Net borrowings (repayments) under
revolving credit facilities 16,500,000
Payments on capital lease obligations (1,185,000)
Acquisition of capital leases -
Acquisition of debt costs (8,279,000)
-----------
Net cash used in financing activities 7,678,000
-----------
Net increase (decrease) in cash (72,158,000)
Effect of exchange rate on cash
and cash equivalents 998,000
Cash at beginning of period 10,622,000
-----------
Cash and cash equivalents at end of period ($60,538,000)
===========
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file plan of reorganization. (Performance
Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Trustee Submits PTS' October 2007 Report
-----------------------------------------------------------
Clear Thinking Group, LLC, the liquidating trustee appointed
under Performance Transportation Services Inc.' confirmed plan of
reorganization, delivered to the Court an operating report for the
PTS Liquidating Trust from Oct. 1 to 31, 2007.
The Liquidating Trustee reports that the Trust had a $29,836
monthly net of disbursement during the reporting period. The
Trust's operating account had an ending balance of $52,665
from a $82,502 balance at the start of the month.
The Trust's money market account had an ending balance of
$273,627 from a $272,662 balance at the start of the month.
The Liquidating Trustee is represented in the cases by David
Neier, Esq., at Arent Fox, LLP, in New York.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file plan of reorganization. (Performance
Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Trustee Submits PTS' November 2007 Report
------------------------------------------------------------
The liquidating trustee appointed under Performance Transportation
Services Inc.' confirmed plan of reorganization, Clear Thinking
Group, LLC, presented to the Court the PTS Liquidating Trust's
operating report for the period from Nov. 1 to 30, 2007.
The Liquidating Trustee reports that the Trust had a $45,557
monthly net of disbursement during the reporting period. The
Trustee also reports that the Trust's operating account had an
ending bank balance of $182,107 from a balance of $52,665 at the
beginning of the reporting period. The Trust's money market
account had an ending balance of $99,042 from a $273,627 balance
at the start of the month.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file plan of reorganization. (Performance
Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
PERFORMANCE TRANS: Trustee Submits PTS' December 2007 Report
------------------------------------------------------------
Clear Thinking Group, LLC, the trustee appointed to oversee the
liquidation of Performance Transportation Services Inc.' estate
pursuant to their confirmed plan of reorganization, filed with the
Court an operating report for the PTS Liquidating Trust for the
month ended Dec. 31, 2007.
The Liquidating Trustee reports that the Trust had a $23,409
monthly net of disbursement during the reporting period. The
Trustee also reports that the Trust's operating account had an
ending bank balance of $158,697 from a balance of $182,107 at the
beginning of the reporting period. The Trust's money market
account had an ending balance of $99,392 from a $99,042 balance
at the start of the month.
About Performance Transportation
Performance Transportation Services Inc. is the second largest
transporter of new automobiles, sport-utility vehicles and light
trucks in North America, and operates under three key
transportation business lines including: E. and L. Transport,
Hadley Auto Transport and Leaseway Motorcar Transport.
The company and 13 of its affiliates previously filed for Chapter
11 protection on Jan. 25, 2006 (Bankr. W.D.N.Y. Lead Case No. 06-
00107). The Court confirmed the Debtors' plan on Dec. 21, 2006,
and that plan became effective on Jan. 29, 2007. Garry M. Graber,
Esq. of Hodgson, Russ LLP and Tobias S. Keller, Esq. of Jones Day
represented the Debtors in their restructuring efforts. When the
Debtor filed for protection from their creditors it reported more
than $100,000,000 in total assets. It also disclosed owing more
than $100,000,000 to at most 10,000 creditors, including $708,679
to Broadspire and $282,949 to General Motors of Canada Limited.
The company and its debtor-affiliates filed their second Chapter
11 bankruptcy on Nov. 19, 2007 (Bankr. W.D.N.Y. Case Nos: 07-04746
thru 07-04760). Tobias S. Keller, Esq., at Jones Day, represents
the Debtors. Garry M. Graber, Esq., at Hodgson, Russ LLP, serve
as the Debtors' local counsel. The Debtors' claims & balloting
agent is Kutzman Carson Consultants LLC. The Debtors have until
March 18, 2008, to file plan of reorganization. (Performance
Bankruptcy News, Issue No. 38; Bankruptcy Creditors' Services
Inc.; http://bankrupt.com/newsstand/or 215/945-7000).
REFCO LLC: Trustee Files December 2007 Monthly Operating 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 Dec. 1 to
31, 2007.
The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of November 1 totals $89,022,000. The Debtor's beginning
purchase price account balance totals $2,562,000, while its
beginning capital account "A" balance aggregates $86,460,000.
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 $66,233,000, and
and disbursed $76,252,000. The Debtor held $79,003,000 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 December 2007 Monthly Statement
is available at no charge at:
http://bankrupt.com/misc/RefcoLLCMORDecember07.pdf
About Refco
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. 76; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).
REUNION INDUSTRIES: Posts $250,000 Net Loss in December 2007
------------------------------------------------------------
Reunion Industries Inc. filed with the Bankruptcy Court and United
States Trustee its monthly operating report for December 2007.
As of Dec. 31, 2007, the Debtor had $45,821,000 in total assets,
$69,064,000 in total liabilities, and $23,243,000 in total
stockholders' deficit.
For the month, the Debtor did not had any revenue and incurred a
net loss of $250,000.
A full-text copy of the company's December 2007 report is
available for free at http://ResearchArchives.com/t/s?2815
About Reunion Industries
Headquartered in Pittsburgh, Pennsylvania, Reunion Industries
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements. These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division. In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.
Reunion Industries filed for Chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No.: 07-50727). Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate Chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol
A. Felicetta, Esq. at Reid and Riege, P.C. represents the Debtors
in their restructuring efforts.
SEA CONTAINERS: Posts $227,425 Earnings in Month Ended December 31
------------------------------------------------------------------
Sea Containers, Ltd.
Unaudited Balance Sheet
As of December 31, 2007
Assets
Current Assets
Cash and cash equivalents $42,613,906
Trade receivables, less allowances
for doubtful accounts 366,826
Due from related parties 678,431
Prepaid expenses and other current assets 1,104,484
------------
Total current assets 44,763,647
Fixed assets, net -
Long-term equipment sales receivable, net -
Investments in group companies 143,546,856
Intercompany receivables -
Investment in equity ownership interests 219,264,558
Other assets 3,532,187
------------
Total assets $411,107,248
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $11,248,427
Accrued expenses 66,036,441
Current portion of long-term debt 173,147,423
Current portion of senior notes 385,436,121
------------
Total current liabilities 635,868,412
Total shareholders' equity (224,761,164)
------------
Total liabilities and shareholders' equity $411,107,248
============
Sea Containers, Ltd.
Unaudited Statement of Operations
For the Month Ended December 31, 2007
Revenue ($576,334)
Costs and expenses:
Operating costs 104,364
Selling, general and admin. expenses (2,529,631)
Professional fees (4,188,223)
Charges against intercompany accounts 5,504,075
Impairment of investment in subsidy Co. -
Forgiveness of intercompany debt -
Depreciation and amortization -
------------
Total costs and expenses (1,109,415)
------------
Gain or (Loss) on sale of assets -
------------
Operating income (loss) (1,685,749)
Other income (expense)
Investment income 1,714,999
Foreign exchange gains or (losses) (32,636)
Interest expense, net (4,504,861)
------------
Income (Loss) before taxes (4,508,247)
Income tax expense (519,900)
------------
Net (Loss) ($5,028,147)
============
Sea Containers Services
Unaudited Balance Sheet
As of December 31, 2007
Assets
Current Assets
Cash and cash equivalents $54,206
Trade receivables 16,230
Due from related parties 670,771
Prepaid expenses and other current assets 2,739,916
------------
Total current assets 3,481,123
Fixed assets, net 27,645
Investments 2,677,370
Intercompany receivables 53,743,237
Other assets -
------------
Total assets $59,929,375
============
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable $1,276,545
Accrued expenses 1,065,629
Current portion of long-term debt 1,515,069
------------
Total current liabilities 3,857,243
Total shareholders' equity 56,072,132
------------
Total liabilities and shareholders' equity $59,929,375
============
Sea Containers Services
Unaudited Statement of Operations
For the Month Ended December 31, 2007
Revenue $2,394,653
Costs and expenses:
Operating costs -
Selling, general and admin. expenses (277,060)
Professional Fees (454,102)
Other charges -
Depreciation and amortization (1,352,681)
------------
Total costs and expenses (2,083,842)
------------
Gains on sale of assets (33,311)
------------
Operating income (loss) 277,500
Other income (expense)
Interest income 70
Foreign exchange gains (losses) 1,142
Interest expense, net (51,286)
------------
Income (Loss) before taxes 227,425
Income tax credit -
------------
Net Income $227,425
============
Sea Containers Caribbean, Inc., reported zero assets and accounts
payable of $3,530,094, as its sole liabilities in its December
2007 balance sheet.
A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:
http://bankrupt.com/misc/SeaCon_Dec2007_CashSchedule.pdf
As of Feb. 8, 2008, Sea Containers Ltd. has not filed its
form 10-K report for fiscal year ended December 31, 2005, or
later, nor has it filed form 10-Q reports for the quarters ended
March 31, 2006, June 30, 2006, Sept. 30, 2006, Dec. 31, 2006,
March 31, 2007, June 30, 2007, Sept. 30, 2007, and Dec. 31, 2007.
About Sea Containers
Based in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing. Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore. The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974. On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland. It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.
Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.
The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP. Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.
In its schedules filed with the Court, Sea Containers disclosed
total assets of $62,400,718 and total liabilities of
$1,545,384,083. The Court gave the Debtors until Feb. 20, 2008 to
file a plan of reorganization. (Sea Containers Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Earns $35,533,219 in Month Ended July 31, 2007
------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of July 31, 2007
Assets
Current Assets:
Cash and Cash Equivalents $5,987,298
Accounts Receivable -
Inventory -
Deferred Tax Assets -
Prepaid Expenses and Other Current Assets 2,300,447
--------------
Total Current Assets 8,287,745
Property and Equipment -
Long-Term Investments -
Intangible Assets, Net -
Other Assets -
Goodwill -
--------------
Total Assets $8,287,745
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise
(postpetition):
Current Portion of Long-Term Debt -
Total Accounts Payable $3,854,292
--------------
Total Postpetition Liabilities 3,854,292
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation -
Accrued Expenses -
Customer Deposits -
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt -
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve -
Rent-Related Accruals -
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 37,341,711
Total Stockholder's Equity (29,053,966)
--------------
Total Liabilities and Stockholder's Equity $8,287,745
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended July 31, 2007
Revenue $10,343,557
Cost of Goods Sold (7,181,303)
--------------
Gross Profit 3,162,254
Controllable Expenses 4,061,224
Non-Controllable Expenses 1,808,221
--------------
Total Operating Expenses 5,869,445
Operating Income (2,707,191)
Other Income (Expense) 12,393
Loss on Transaction 32,813,636
--------------
Earnings Before Tax (35,533,219)
Taxes -
--------------
Net Income ($35,533,219)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended July 31, 2007
Cash, Beginning of Month $936,646
Cash Receipts:
Transfers from DIP Accounts 4,339,696
--------------
Total Receipts 4,339,696
Cash Disbursements:
Payroll Issued (5,276,342)
--------------
Total Disbursements (5,276,342)
--------------
Net Cash Flow (936,646)
--------------
Cash, End of Month $0
==============
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Debtors are seeking to extend
their exclusive period to file a reorganization plan from March 3,
2008, to June 5, 2008. (Tweeter Bankruptcy News, Issue No. 17;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
VICTORY MEMORIAL: Files December 2007 Monthly Operating Report
--------------------------------------------------------------
Victory Memorial Hospital and its debtor-affiliates filed with the
United States Bankruptcy Court for the Eastern District of New
York their monthly operating report for the period Dec. 1, 2007,
through Dec. 31, 2007.
As of Dec. 31, 2007, the Debtors' consolidated balance sheet
reflected total assets of $40,896,570, total liabilities of
$96,122,046, and net unrestricted deficit of $55,225,476. The
Debtors' Dec. 31, 2007 consolidated balance sheet also reflected
total current assets of $20,748,303 and total current liabilities
of $32,006,201.
Total operating revenues for the month were $6,855,852 and
negative change in unrestricted assets were $2,239,574 for the
month ended Dec. 31, 2007.
Cash and cash equivalents at the beginning of the month were
$4,888,891 and at the end of the month were $2,764,988.
About Victory Memorial
Based in Brooklyn, New York, Victory Memorial Hospital is a
non-profit, full service acute care voluntary hospital with
approximately 241 beds and a skilled nursing unit with 150 beds.
Victory Hospital provides a full range of medical services with a
focus on community care and a program of community outreach to the
Brooklyn community. Victory Ambulance Services, Inc. a for-profit
subsidiary, provides Victory Hospital with ambulance services.
Victory Pharmacy, Inc., a for-profit subsidiary, does not have
any employees or assets.
The company and its two-subsidiaries filed for chapter 11
protection on Nov. 15, 2006 (Bankr. S.D.N.Y. Case Nos. 06-44387
through 06-44389). Timothy W. Walsh, Esq., and Jeremy R. Johnson,
Esq., at DLA Piper US LLP, represent the Debtors. Craig E.
Freeman, Esq., and Martin G Bunin, Esq., at Alston & Bird LLP,
represent the Official Committee of Unsecured Creditors. When the
Debtors filed for protection from their creditors, they listed
assets and debts between $1 million and $100 million.
*********
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.
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related conferences are encouraged. Send announcements to
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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
to freely downloadable images of these small-dollar petitions in
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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
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,
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Copyright 2008. All rights reserved. ISSN: 1520-9474.
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