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 23, 2008, Vol. 12, No. 46
Headlines
AEGIS MORTGAGE: Incurs $9,357,902 Net Loss in December 31
AMERICAN HOME: Reports $17,031,574 Net Loss in November 2007
AMERICAN HOME: AHMC Files November 2007 Operating Report
AMERICAN HOME: AHMA Files October 2007 Operating Report
AMERICAN HOME: AHMS Files October 2007 Operating Report
AMERICAN HOME: AHMH Files October 2007 Operating Report
AMERICAN HOME: Great Oak Files October 2007 Operating Report
AMERICAN HOME: Ventures Files October 2007 Operating Report
AMERICAN HOME: Homegate Files October 2007 Operating Report
ARMSTRONG WORLD: Desseaux Files Operating Report for December 2007
ARMSTRONG WORLD: Nitram Files Operating Report for December 2007
LEVITT & SONS: Lists $428.9 Mil. Liabilities in Amended Schedules
LEVITT & SONS: Debtor-Affiliates Amend Schedules of Assets & Debts
LIONEL LLC: Delivers Dec. 31, 2007 through Jan. 27, 2008 Report
MARCAL PAPER: Reports $7,009,000 Net Loss in December 2007
NATIONAL RV: December 2007 Report Shows Net Loss of $1,341,417
NEW YORK RACING: Posts $3,751,206 Net Loss in January 2008
OUR LADY OF MERCY: December 2007 Report Shows Net Loss of $118,000
VESTA INSURANCE: Florida Select Submits Report for January 2008
*********
AEGIS MORTGAGE: Incurs $9,357,902 Net Loss in December 31
---------------------------------------------------------
Aegis Mortgage Corporation, et al.
Consolidated Balance Sheet
As of December 31, 2007
Assets
Unrestricted Cash & Equivalents $26,664,643
Restricted Cash and Equivalents 19,717,723
--------------
Total Cash and Cash Equivalents 46,382,367
Prime loans 3,875,396
Nonconforming Loans 2,245,726
Loan Premium, net 2,169,645
Repurchased Loans 6,332,404
Loan Loss Reserve -
--------------
Mortgage Loans Held for Sale 14,623,171
ABS Nonconforming 3,453,258,334
ABS Loan Premium, net (20,680,877)
ABS Loan Loss Reserve (209,371,728)
--------------
Mortgage Loans Held for Investment 3,223,205,729
Accrued Interest - Loans Held for Sale -
Accrued Int. - Loans Held for Investment 24,276,209
--------------
Accrued Interest Receivable 24,276,209
Mortgage Servicing Rights -
Property and Equipment, net 2,166,964
Deferred Income Taxes 130,282,623
Goodwill -
Prepaid Rent and Deposits 648,256
Derivative Assets 4,837,420
Receivable for Advances 45,279,281
Servicer Related 338,300
Other Assets 640,891,283
Intercompany Receivable -
--------------
TOTAL ASSETS $4,132,931,602
==============
Liabilities & Shareholder's
Equity
N/P Warehouse - Prime 540,186,233
N/p Warehouse - Nonconforming 25,222,476
N/P Warehouse - Other 19,550,612
N/P Warehouse - Repurchased 11,933,754
--------------
Revolving Warehouse and 596,893,074
Repurchase Facilities
Bonds Payable 3,340,122,085
NAS IO Bonds Payable -
NIM Bonds Payable 53,038,442
Bond Premium, net (22,858,883)
--------------
Bond Financing on Mortgage 3,370,301,644
Loans Held for Investment
Subordinated Debt 177,156,872
Accrued Interest Payable 6,764,510
Accounts Payable and 83,676,330
Accrued Expenses
Notes Payable-Other -
--------------
Total Liabilities 4,234,792,430
Common Stock 97,386
Preferred Stock 104,000
Other Comprehensive Income -
Paid in Capital 50,959,490
Distributions -
Treasury Stock -
Dividends (39,000)
Retained Earnings 91,041,942
Current Net Income Prepetition (101,668,590)
Current Net Income (142,356,056)
--------------
Total Equity (101,860,828)
--------------
TOTAL LIABILITIES & EQUITY $4,132,931,602
==============
Aegis Mortgage Corporation, et al.
Consolidated Income Statement
December 1 to 31, 2007
Loans Held for
Sale
Interest Income $74,639
Interest Expense (0)
Servicing Expense -
--------------
Net Interest Income 74,639
Loans Held for Investment
Interest Income 25,524,537
Interest Expense (15,206,097)
Servicing Expense (1,501,530)
--------------
Net Interest Income 8,816,909
Gains on Sale (8,723,640)
Premiums Paid (34,191)
Loan Points 194,844
Loan Origination Fees 60,599
Broker Fees Received -
--------------
Production Income (8,502,388)
Servicing and Prepayment Income 119,427
Late Charges 1,122
--------------
Total Servicing Fees 120,550
Other income (76,021)
--------------
Total Revenue 433,689
Salaries 338,001
Bonuses 117,246
Commissions -
Employee Benefits 18,917
Payroll Taxes 13,232
Meetings & Travel 9,956
Meals & Entertainment 2,116
--------------
Total Personnel Expenses 499,468
Rent 106,874
Telephone 91,240
Office Supplies (260)
Shipping & Postage 8,410
Equipment 1,066,070
--------------
Total Office Expenses 1,272,334
Professional expense 1,378,911
Marketing -
Loan Related Expenses 65,236
Banking 500
Other Taxes/Licenses/Fees (49)
Other Expenses 167,419
--------------
Total Other Expenses 1,612,017
Direct Operating Expense 3,383,819
Direct Operating Income (2,950,130)
Loan Loss Provision 5,998,360
Deferred SFAS 91 Expenses 93,900
Sub Debt Expense
80900 Sub Debt Expense -
72910 Depreciation Expense 206,976
Depreciation Expense 206,976
Amortization -
Direct Allocation to Subs -
Allocation Between Subs -
--------------
Indirect Operating Expense 6,299,237
--------------
Total Expenses 9,683,056
Income (Loss) Before Taxes (9,249,366)
Federal and State Income Taxes 108,536
--------------
Net Income (Loss) ($9,357,902)
==============
Aegis Mortgage Corporation, et al.
Receipts and Disbursements
Month Ended December 31, 2007
Balance at Beginning of Period $20,473,178
RECEIPTS:
Cash Sales 0
Accounts Receivable 192,646
Loans and Advances 148,742
Sale of Assets 7,287,764
Other Insurance Premiums 299,157
Transfers (from DIP Accounts) 0
Return of Investments
Moulton Reinvestment 0
--------------
Total Receipts 7,928,309
DISBURSEMENTS:
Net Payroll (369,972)
Payroll Taxes (118,840)
Sales, Use & Other Taxes (271)
Inventory Purchases 0
Secured/Rental/Leases (39,644)
Insurance--Health Benefits (39,777)
Administrative (219,061)
Selling 0
Other NSF's 0
Owner Draw 0
Transfers to DIP Accounts 0
Professional Fees (950,778)
U.S. Trustee Professional Fees 0
Court Costs 0
--------------
Total Disbursements (1,738,344)
Net Cash Flow 6,189,965
Cash-End of Month $26,643,143
==============
Headquartered in Houston, Texas, Aegis Mortgage Corporation --
http://www.aegismtg.com/-- offers a variety of mortgage loan
products to brokers through its subsidiaries.
The company together with 10 affiliates filed for chapter 11
protection on Aug. 13, 2007 (Bankr. D. Del. Case No. 07-11119)
Curtis A. Hehn, Esq., James E. O'Neill, Esq., Laura Davis Jones,
Esq., and Timothy P. Cairns, Esq., at Pachulski, Stang, Ziehl, &
Jones, L.L.P., serve as counsel to the Debtors. The Official
Committee of Unsecured Creditors is represented by Landis Rath &
Cobb LLP. In schedules filed with the Court, Aegis disclosed
total assets of $138,265,342 and total debts of $4,125,470. The
Debtors' exclusive period to file a plan of reorganization expires
on April 9, 2008.
(Aegis Bankruptcy News, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: Reports $17,031,574 Net Loss in November 2007
------------------------------------------------------------
American Home Mortgage Investment Corp.
Statement of Financial Condition
As of November 30, 2007
Assets:
Cash and cash equivalents $972,430
Restricted cash 150,799,967
Accounts receivable 7,724,691
Intercompany receivable 1,321,750,136
Securities 1,314,012,230
Derivative assets 5
Investment in subsidiaries (927,618,830)
Other assets 9,896
--------------
Total Assets $1,867,650,525
==============
Liabilities and Stockholders' Equity
Liabilities:
Reverse repurchase agreements $817,033,016
Junior subordinated note 180,416,000
Derivative liabilities 72,175,135
Accrued expenses & other liabilities 546,507,327
Intercompany payable 572,814,990
--------------
Total Liabilities 2,188,946,468
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 (1,513,743,172)
--------------
Total Stockholders' Equity (321,295,943)
--------------
Total Liabilities & Stockholders' Equity $1,867,650,525
==============
American Home Mortgage Investment Corp.
Statement of Income
Month Ended November 30, 2007
Net Interest Income:
Interest income $10,588,343
Interest expense (24,842)
-------------
Net interest income 10,563,501
Provision for loan losses -
-------------
Net interest income after provision 10,563,501
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans -
Loss on securities and derivatives (29,807,083)
Gain (loss) from Subsidiaries 2,212,008
Other non-interest income -
-------------
Non-interest income (27,595,075)
Other
Data processing and communications -
Other expenses -
-------------
Total expenses 0
Loss before income taxes (17,031,574)
Income taxes -
-------------
Net loss ($17,031,574)
=============
American Home Mortgage Investment Corp.
Schedule of Cash Receipts and Disbursements
Month Ended November 30, 2007
Cash - Beginning of Month, 11/01/2007 $150,829,101
Receipts:
Cash sales -
Accounts receivable -
Sale of assets 4,109,620
Loans and advances -
Administrative 1,006
Net payroll -
Other -
Transfers (from DIP accounts) -
-------------
Total Receipts 4,110,626
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) 3,167,329
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
-------------
Total Disbursements 3,167,329
-------------
Net Cash Flow 943,297
-------------
Cash - End of Month - 11/30/07 $151,772,397
=============
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
expires on 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 November 2007 Operating Report
--------------------------------------------------------
American Home Mortgage Corp.
Statement of Financial Condition
As of November 30, 2007
Assets:
Cash and cash equivalents $27,669,503
Restricted cash 12,536,255
Securities purchased under agreements -
Accounts receivable 38,662,572
Intercompany receivable 704,019,746
Mortgage loans 1,851,489,993
Derivative assets 743,601
Mortgage servicing rights 381,271,012
Other real estate, net 46,941,607
Premises and equipment, net 28,734,501
Investment in subsidiaries 75,280,131
Other assets 4,390,486
-------------
Total Assets $3,171,739,407
=============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $1,962,910,552
Derivative liabilities 10,481,560
Accrued expenses & other liabilities 473,573,760
Intercompany payable 1,441,356,450
Notes payable 913,068
Income taxes payable 574,011
-------------
Total Liabilities 3,889,809,401
Stockholders' Equity
Additional paid-in capital 153,195,272
Retained earnings (871,265,266)
-------------
Total Stockholders' Equity (718,069,994)
-------------
Total Liabilities & Stockholders' Equity $3,171,739,407
=============
American Home Mortgage Corp.
Statement of Income
Month Ended November 30, 2007
Net Interest Income:
Interest income $11,846,186
Interest expense (15,031)
-------------
Net interest income 11,831,155
Provision for loan losses -
-------------
Net interest income after provision 11,831,155
for loan losses
Non-Interest Income:
Gain (loss) on mortgage loans 3,872,048
Loan servicing fees 12,560,769
Changes in fair value of MSR (12,211,224)
Income (loss) from subsidiaries 3,646,739
Other non-interest income (5,286,137)
-------------
Non-interest income 2,582,195
Expenses
Salaries, commissions & benefits, net 3,150,472
Occupancy and equipment 2,191,387
Data processing and communications 122,551
Office supplies and expenses 173,258
Marketing and promotion 41,477
Travel and entertainment 2,000
Professional fees 535,839
Other real estate operating expense 6,754,719
Other (381,986)
-------------
Total expenses 12,589,717
Loss before income taxes 1,823,633
Income taxes -
-------------
Net loss $1,823,633
=============
American Home Mortgage Corp.
Schedule of Cash Receipts and Disbursements
Month Ended November 30, 2007
Cash - Beginning of Month, 11/01/2007 $37,085,935
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances (1,434,738)
Administrative -
Net payroll -
Other 23,251,782
Transfers (from DIP accounts) 3,167,329
-------------
Total Receipts 24,984,374
Disbursements:
Net payroll $7,086,835
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative 14,777,716
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
-------------
Total Disbursements 21,864,551
-------------
Net Cash Flow 3,119,822
-------------
Cash - End of Month - 11/30/07 $40,205,757
=============
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
expires on March 3, 2008. (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMA Files October 2007 Operating Report
-------------------------------------------------------
American Home Mortgage Acceptance, Inc.
Statement of Financial Condition
As of October 31, 2007
Assets:
Cash and cash equivalents $260,049
Restricted cash -
Accounts receivable 2,970,974
Intercompany receivable 517,059,825
Mortgage loans 375,408,702
Mortgage servicing rights 16,041,196
Other real estate, net 4,611,870
Investment in subsidiaries (25,673,270)
Other assets 160,738
------------
Total Assets $890,840,084
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $397,312,428
Accrued expenses & other liabilities 1,918,804
Intercompany payable 705,081,067
------------
Total Liabilities 1,104,312,299
Stockholders' Equity
Additional paid-in capital 40,298,920
Retained earnings (253,771,135)
------------
Total Stockholders' Equity (213,472,215)
------------
Total Liabilities & Stockholders' Equity $890,840,084
============
American Home Mortgage Acceptance, Inc.
Statement of Income
Month Ended October 31, 2007
Net Interest Income:
Interest income $1,067,009
Interest expense 0
------------
Net interest income 1,067,009
Provision for loan losses 0
------------
Net interest income after provision 1,067,009
for loan losses
Non-Interest Income:
Loss on mortgage loans (397,870)
(Loss) gain on securities & derivatives 0
Loan servicing fees (97,757)
Changes in fair value of MSR 0
Loss from subsidiaries 215,822
------------
Non-interest income (279,805)
Expenses
Salaries, commissions & benefits, net 295,291
Marketing and promotion -
Office supplies and expenses 678
Other real estate operating (income) 30,042
Other 0
------------
Total expenses 326,011
Loss before income taxes 461,193
Income taxes -
------------
Net income $461,193
============
American Home Mortgage Acceptance, Inc.
Schedule of Cash Receipts and Disbursements
Month Ended October 31, 2007
Cash - Beginning of Month, 10/01/2007 $254,836
Receipts:
Cash sales -
Accounts receivable -
Sale of assets -
Loans and advances 5,212
Administrative -
Net payroll -
Other -
Transfers (from DIP accounts) -
------------
Total Receipts 5,212
Disbursements:
Net payroll -
Payroll taxes -
Sales, use & other taxes -
Loans and advances -
Inventory purchases -
Secured/rental/leases -
Insurance -
Administrative -
Selling -
Other -
Transfers (from DIP accounts) -
Professional fees -
U.S. Trustee quarterly fees -
Court costs -
------------
Total Disbursements 0
------------
Net Cash Flow 5,212
------------
Cash - End of Month, 10/31/07 $260,048
============
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
expires on March 3, 2008. (American Home Bankruptcy News, Issue
No. 26, Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
AMERICAN HOME: AHMS Files October 2007 Operating Report
-------------------------------------------------------
American Home Mortgage Servicing, Inc.
Statement of Financial Condition
As of October 31, 2007
Assets:
Cash and cash equivalents $82,491,385
Restricted cash 39,471,256
Accounts receivable & servicing advances 102,548,034
Intercompany receivable 106,978,936
Premises and equipment, net 2,583,097
Investment in subsidiaries 8,807,975
Other assets 838,059
------------
Total Assets $343,718,742
============
Liabilities and Stockholders' Equity
Liabilities:
Warehouse lines of credit $50,000,000
Accrued expenses & other liabilities 60,158,532
Intercompany payable &