/raid1/www/Hosts/bankrupt/TCR_Public/080301.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, March 1, 2008, Vol. 12, No. 52
Headlines
ACCEPTANCE INSURANCE: Incurs $27,965 Net Loss in December 2007
ACCEPTANCE INSURANCE: Earns $624,338 in Month Ended January 2008
AMERICAN LAFRANCE: Files Initial Monthly Operating Report
ASARCO LLC: Files January 2008 Monthly Operating Report
CATHOLIC CHURCH: Davenport Files January 2008 Operating Report
FORTUNOFF: Submits Schedules of Assets and Liabilities
FORTUNOFF: Source Financing Files Schedules of Assets and Debts
FORTUNOFF: Westbury Unit Files Schedules of Assets & Debts
INTERSTATE BAKERIES: Posts $20MM Net Loss for Month Ended Jan. 12
JOHNSON RUBBER: Posts January 2008 Monthly Net Loss of $449,139
LEVITT AND SONS: Delivers Operating Report for January 2008
LEVITZ FURNITURE: Reports $3.9MM Net Loss For Month Ended Feb. 3
LTV CORP: Files January 2008 Monthly Operating Report
NETBANK INC: Files January 2008 Monthly Operating Report
NEUMANN HOMES: Files January 2008 Monthly Operating Report
POPE & TALBOT: Amends Global Notes on Schedules and Statements
POPE & TALBOT: Amends Personal Property & Unsecured Debt Schedules
POPE & TALBOT: P&T Ltd. Amends Schedules of Assets and Debts
POPE & TALBOT: Spearfish Amends Schedules of Assets and Debts
POPE & TALBOT: Lumber Sales Amends Schedules of Assets and Debts
SCO GROUP: Incurs $2,817,756 Loss for Month Ended Jan. 31, 2008
TOUSA INC: TOUSA Homes Files Schedules of Assets and Liabilities
TOUSA INC: West Holdings Files Schedules of Assets and Liabilities
TOUSA INC: Four Affiliates File Schedules of Assets and Debts
TOUSA INC: 31 Affiliates File Schedules of Assets and Debts
*********
ACCEPTANCE INSURANCE: Incurs $27,965 Net Loss in December 2007
--------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for December 2008 with the United States Bankruptcy Court
for the District of Nebraska on Dec. 31, 2007.
The Debtor reported a net loss of $27,965 and revenue of
$4,447 for the month ended Dec. 31, 2007.
At Dec. 31, 2007, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,296,871
Total Assets $36,236,172
Total Liabilities $138,187,943
Total Shareholders' Deficit $101,951,771
A full-text copy of Acceptance Insurance Companies Inc.'s October
2007 Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?285e
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc.-- http://www.aicins.com/--owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates--
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case. As of December 2007, the Debtor
listed $36,326,172 in total assets and $138,187,943 in total
debts.
ACCEPTANCE INSURANCE: Earns $624,338 in Month Ended January 2008
----------------------------------------------------------------
Acceptance Insurance Companies Inc. filed its monthly operating
report for January 2008 with the United States Bankruptcy Court
for the District of Nebraska on Jan. 31, 2008.
The Debtor reported a net income of $624,338 and revenue of
$3,941 for the month ended Jan. 31, 2008. The company generated
$476,849 equity in operating earnings of A.I.C. during the month
of January 2008, which boosted its income.
At Jan. 31, 2008, Acceptance Insurance Companies Inc.'s balance
sheet showed:
Total Current Assets $1,257,981
Total Assets $36,854,531
Total Liabilities $138,181,963
Total Shareholders' Deficit $101,327,432
A full-text copy of Acceptance Insurance Companies Inc.'s October
2007 Monthly Operating Report is available at no charge at:
http://researcharchives.com/t/s?285e
Headquartered in Council Bluffs, Iowa, Acceptance Insurance
Companies, Inc.-- http://www.aicins.com/--owns, either directly
or indirectly, several companies, one of which is an insurance
company that accounts for substantially all of the business
operations and assets of the corporate groups.
The company filed for chapter 11 protection on Jan. 7, 2005
(Bankr. D. Nebr. Case No. 05-80059). The Debtor's affiliates--
Acceptance Insurance Services, Inc. and American Agrisurance, Inc.
-- each filed chapter 7 petitions (Bankr. D. Nebr. Case Nos.
05-80056 and 05-80058) on Jan. 7, 2005. John J. Jolley, Esq.,
at Kutak Rock LLP, represents the Debtor in its restructuring
efforts. Lawyers at McGrath North Mullin & Kratz PC LLO.
represent the the Official Committee of Unsecured Creditors in
Acceptance Insurance's case. As of December 2007, Debtor listed
$36,326,172 in total assets and $138,187,943 in total debts.
AMERICAN LAFRANCE: Files Initial Monthly Operating Report
---------------------------------------------------------
American LaFrance, LLC filed an initial monthly operating report
on Feb. 19, 2008, containing an operating forecast for the
13-week period ending April 25, 2008.
William Hinz, chief executive officer of American LaFrance,
reports that the company expects to have a negative total net
cash flow of $52,939,582 for the entire 13-week period. The
company expects to borrow up to $49,939,582 for the same period.
The company also expects to incur reorganization costs totaling
$25,092,991 for the 13-week period commencing on February 1,
2008.
American LaFrance attached to its Initial Monthly Report copies
of its active insurance certificates and evidence of its debtor-
in-possession bank accounts.
A full-text copy of American LaFrance's initial Monthly Operating
Report is available for free at:
http://ResearchArchives.com/t/s?28a1
About American LaFrance
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. The 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, are the Debtor's proposed Lead Counsel.
Christopher A. Ward, Esq., at Klehr, Harrison, Harvey, Branzburg &
Ellers LLP, are the Debtor's proposed local counsel. In its
schedules of assets and debts filed Feb. 4, 2008, the Debtor
disclosed $188,990,680 in total assets and $89,065,038 in total
debts.
The Debtor's exclusive period to file a plan expires on May 27,
2008.
American LaFrance LLC will pursue a sale of its business
operations in the event that the company's plan of reorganization
is not confirmed. The Debtor filed its plan of reorganization on
Feb. 3.
(American LaFrance Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
ASARCO LLC: Files January 2008 Monthly Operating Report
-------------------------------------------------------
ASARCO LLC, et al.
Balance Sheet
As of January 31, 2008
ASSETS
Current Assets:
Cash $907,971,000
Restricted Cash 25,368,000
Accounts receivable, net 173,716,000
Inventory 305,512,000
Prepaid expenses 5,687,000
Other current assets 14,511,000
---------------
Total Current Assets 1,432,764,000
Net property, plant and equipment 469,642,000
Other Assets
Investments in subs 101,854,000
Advances to affiliates 733,000
Prepaid pension & retirement plan 0
Non-current deferred tax asset 40,951,000
Other 116,753,000
---------------
Total assets $2,162,698,000
===============
LIABILITIES
Postpetition liabilities:
Accounts payable $52,803,000
Accrued liabilities 584,788,000
Debtor-in-possession financing 0
---------------
Total postpetition liabilities 637,591,000
Prepetition liabilities:
Not subject to compromise - credit 3,824,000
Not subject to compromise - other 131,781,000
Advances from affiliates 24,535,000
Subject to compromise 1,681,644,000
---------------
Total prepetition liabilities 1,841,783,000
---------------
Total liabilities $2,479,374,000
===============
OWNERS' EQUITY (DEFICIT)
Common stock 508,324,000
Additional paid-in capital 104,578,000
Other comprehensive income (262,800,000)
Retained earnings: filing date (1,557,131,000
---------------
Total prepetition owners' equity (1,207,029,000)
Retained earnings: post-filing date 890,353,000
---------------
Total owners' equity (net worth) (316,676,000)
Total liabilities and owners' equity $2,162,698,000
===============
ASARCO LLC, et al.
Consolidated Statement of Operations
Month Ended January 31, 2008
Sales $194,833,000
Cost of products and services 145,616,000
---------------
Gross profit 49,217,000
Operating expenses:
Selling and general & admin expenses 3,912,000
Depreciation & amortization 3,127,000
Provision accretion expense of asset
retirement obligation 384,000
---------------
Operating income 41,794,000
Interest expense 33,000
Interest income (3,326,000)
Reorganization expenses 7,716,000
Other miscellaneous (income) expenses (5,278,000)
---------------
Income (loss) before taxes 42,650,000
Income taxes 16,740,000
---------------
Net income (loss) $25,910,000
===============
ASARCO LLC, et al.
Consolidated Cash Receipts & Disbursements
Month Ended January 31, 2008
Receipts $160,362,000
Disbursements:
Inventory material 74,117,000
Operating disbursements 75,503,000
Capital expenditures 4,533,000
---------------
Total disbursements 154,153,000
Operating cash flow 6,209,000
Reorganization disbursements 5,554,000
---------------
Net cash flow 656,000
Net payments to secured Lenders 0
---------------
Net change in cash 656,000
Beginning cash balance 932,683,000
---------------
Ending cash balances $933,338,000
===============
About ASARCO
Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/
-- is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent. The
Company filed for chapter 11 protection on Aug. 9, 2005 (Bankr.
S.D. Tex. Case No. 05-21207). James R. Prince, Esq., Jack L.
Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts L.L.P.,
and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq., and
Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth, P.C.,
represent the Debtor in its restructuring efforts. Lehman
Brothers Inc. provides the ASARCO with financial advisory services
And investment banking services. Paul M. Singer, Esq., James C.
McCarroll, Esq., and Derek J. Baker, Esq., at Reed Smith LLP give
legal advice to the Official Committee of Unsecured Creditors and
David J. Beckman at FTI Consulting, Inc., gives financial advisory
services to the Committee. When the Debtor filed for protection
from its creditors, it listed $600 million in total assets and $1
billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-20521
through 05-20525). They are Lac d'Amiante Du Quebec Ltee, CAPCO
Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
chapter 11 case. On Oct. 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding. The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee. Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.
ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on Dec. 12, 2006 (Bankr. S.D. Tex. Case No. 06-20774 to
06-20776).
The Court gave the Debtors until April 11, 2008, to file a plan of
reorganization. (ASARCO Bankruptcy News, Issue No. 67; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).
CATHOLIC CHURCH: Davenport Files January 2008 Operating Report
--------------------------------------------------------------
Diocese of Davenport in Iowa
Statement of Financial Position
As of January 31, 2008
ASSETS
Current Assets
Cash and cash equivalents - unrestricted $5,643,578
Cash and cash equivalents - restricted 2,529,911
Accounts receivable, net 64,235
Inventory -
Prepaid expenses 2,649
Professional retainers 55,652
--------------
Total Current Assets 8,296,024
--------------
Property and Equipment
Real Property 3,000
Machinery and equipment 6,000
Furniture and fixtures 8,914
Office equipment 59,500
Leasehold improvements -
Vehicles 45,460
--------------
Total Property and Equipment 122,874
--------------
Total Assets $8,418,898
==============
LIABILITIES AND NET ASSETS
Postpetition
Current Liabilities:
Salaries and wages -
Payroll taxes -
Real and personal property taxes -
Income taxes -
Sales taxes -
Notes payable, short term -
Accounts payable, trade $22,515
Real property lease arrearage -
Personal property lease arrearage -
Accrued professional fees -
Current portion of long-term debt -
other: -
Pass-through collections 108,660
Additional Accrued Vacations 5,574
Misc 300
--------------
Total Current Liabilities 137,050
--------------
Long-Term Postpetition Debt, Net -
--------------
Total Postpetition Liabilities 137,050
--------------
Prepetition
Secured claims -
Priority unsecured claims 160,888
General unsecured claims 13,605,000
--------------
Total Prepetition Liabilities 13,765,888
--------------
Total Liabilities 13,902,938
--------------
Equity (deficit):
Retained earnings/(deficit) at filing 5,855,424
Capital stock -
Additional paid-in capital -
Cumulative profit/loss since filing (11,366,225)
Post-petition contributions/distributions
or draws -
Market value adjustment 26,762
--------------
Total equity (deficit) (5,484,040)
--------------
Total liabilities & equity (deficit) $8,418,898
==============
Diocese of Davenport in Iowa
Statement of Operations
For the month ending January 31, 2008
Revenues
Gross sales $91
Less: sales returns & allowances -
Net sales 91
Less: cost of goods sold -
Gross profit 91
Interest 3,721
Other income: 359,418
Charitable gifts 174,110
Insurance receipts -
Investment income (loss)/fees (45,279)
--------------
Total revenues 492,061
--------------
Expenses:
Compensation to owner(s)/officer(s) 12,209
Salaries 106,442
Commissions -
Contract labor 5,356
Rent/Lease:
Personal property 100
Real property -
Insurance 47,477
Management fees -
Depreciation 2,105
Taxes:
Employer payroll taxes 6,702
Real property taxes -
Other taxes -
Other selling -
Other administrative 29,393
Interest -
Other expenses:
Employee benefits 26,163
Charity collection 2,791
Medical assistance/Victim assistance 389
Utilities 12,398
Transfer to unrestricted -
Professional fees -
Sabbatical -
Cemetery perpetual care -
Youth trip expenses -
--------------
Total expenses 251,525
--------------
Reorganization items:
Professional fees -
Estimate of claims payments -
Interest earned on accumulated cash
from resulting Chapter 11 case 18,798
Gain or (Loss) from sale of equipment -
U.S. Trustee quarterly fees (5,000)
Advertising/printing/mailing -
--------------
Total reorganization items 13,798
--------------
Net profit (loss) before federal &
state taxes 254,333
Federal & state income taxes -
--------------
Net profit (loss) $254,333
==============
Diocese of Davenport in Iowa
Statement of Cash Receipts and Disbursements
For the month ending January 31, 2008
Cash receipts
Rent/Leases collected $2,700
Cash received from sales 91
Interest received 22,519
Borrowings increase in accounts payable -
Funds from shareholders, partners,
or other insiders (Sale of property) -
Capital contributions -
Annual diocesan appeal/donations 359,418
Investment income/misc. -
Insurance receipts 174,110
Tribunal/Immigration/Faith Formation fees/
Investment gains/(losses) (47,979)
Decrease in prepaids/accounts receivable 56,364
Misc./Increase in accounts payable 38,893
--------------
Total Cash Receipts 606,116
Cash disbursements:
Payments for inventory -
Selling -
Administrative 42,170
Capital expenditures -
Principal payments on debt -
Interest paid -
Rent/Lease:
Personal Property 100
Real Property -
Amount paid to owner(s)/officer(s)
Salaries 12,209
Draws -
Commissions/Royalties -
Expense Reimbursements 370
Other -
Salaries/Commissions (less employee withholding 82,646
Management fees -
Taxes
Employee withholding 23,796
Employer payroll taxes 6,702
Real property taxes -
Other taxes -
Other cash outflows:
Insurance 47,477
Utilities 12,398
Medical Assistance 389
Employee benefits 26,163
Misc -
--------------
Total Cash Disbursements 254,420
--------------
Net increase (decrease) in cash 351,696
Cash balance, beginning of period 1,766,712
--------------
Cash balance, end of period $2,118,408
==============
About Diocese of Davenport
The Diocese of Davenport in Iowa filed for chapter 11 protection
(Bankr. S.D. Ia. Case No. 06-02229) on Oct. 10, 2006. Richard A.
Davidson, Esq., at Lane & Waterman LLP, represents the Davenport
Diocese in its restructuring efforts. Hamid R. Rafatjoo, Esq.,
and Gillian M. Brown, Esq., at Pachulski Stang Zhiel Young Jones &
Weintraub LLP represent the Official Committee of Unsecured
Creditors. In its schedules of assets and liabilities, the
Davenport Diocese reported $4,492,809 in assets and $1,650,439 in
liabilities. The Court will hear the adequacy of Davenport's
disclosure statement explaining its reorganization plan on
March 5, 2008. (Catholic Church Bankruptcy News, Issue No. 115;
Bankruptcy Creditors' Service Inc.; http://bankrupt.com/newsstand/
or 215/945-7000).
FORTUNOFF: Submits Schedules of Assets and Liabilities
------------------------------------------------------
Fortunoff Fine Jewelry and Silverware LLC submitted to the U.S.
Bankruptcy Court for the Southern District of New York its
schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.2 Financial Accounts
Bank of America - operating acct. 380,688
Bank of America - payroll acct. 400,703
B.16 Accounts Receivable
American Express 1,306,047
Alliance Data 1,241,762
Master Visa 1,175,414
Co-Brand Visa 142,550
Master Visa Paytech 90,529
Discover 79,234
B.22 Intellectual Property Undetermined
B.35 Other Personal Property
Credit Memo
Nautica Watches 9,131
Sh Harris 7,950
Siman-Tov Bros. Import C 4,443
Sunstone, Inc. 3,642
Tasaki U.S.A., Inc. 2,659
Tecnigold 15,497
Timex Corp 4,064
Tommy Hilfiger 8,665
Toy Watch U.S.A. 5,280
Tri-Gem Industries 1,600
Visconti 1,230
Gem Sensations, Inc. 6,125
Geneva Watch Co., Inc. 5,020
Golan - Goldex 21,289
Gold Couture Designer Je 5,031
Hong Kong Jade 15,302
Byworth 44,000
Dehago 14,585
Elini Designs, Corp. 10,839
Others 49,036
TOTAL SCHEDULED ASSETS $5,052,315
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Bank of America $90,000,000
Trimaran 12,750,000
M. Fortunoff of Westbury, Corp. 1,760,000
M&T Credit Corp. 1,100,000
KG Source Debt Investors 250,000
E. Unsecured Priority Claims 0
F. Unsecured Nonpriority Claims
F.1 Trade payables, Insurance, & Utilities
William Levine, Inc. 569,229
Waldman Diamonds Complet 581,552
The Plaza Group 201,304
Suresh 210,570
Sunny Creations 236,145
Star Asia, Inc. 529,769
Somerset 480,542
Seville Watch Corp. 246,530
Royal Claim, Inc. 424,318
Rama Manuf. Co. Inc. 540,471
Rado Watch Co. 255,445
Quality Color Design, Inc. 254,222
Podicko Diamonds 221,786
O.J.M. 236,992
Nelson 246,515
Movado Watch Corp. 413,830
Monte Carlo Designs 321,230
Michele Watches 215,177
Michael Werdiger 347,479
Martin Flyer, Inc. 669,630
M.C.R. Trading Co. 570,892
Lorenzo 295,049
Lazare Kaplan 339,748
Kama 810,866
J.R. Gold Designs, Ltd. 231,146
I.B. Goodman Co., Inc. 280,091
Heuer-Time & Elect Corp. 535,410
Goldmart 369,580
Ebel USA, Inc. 328,676
Disons Gems, Inc. 593,137
Christopher Designs, Inc. 312,353
Breitling USA, Inc. 340,203
Baume & Mercier 456,662
Armin Meizlik Diamonds 368,141
Others 17,729,258
F.2 Litigation Undetermined
F.3 Surety Bonds 3,000
TOTAL SCHEDULED LIABILITIES $136,626,948
========================================================
A complete list of Fine Jewelry's creditors holding unsecured
nonpriority claims is available at
http://bankrupt.com/misc/UnsecuredCreditorsFortunoff.pdf
About Fortunoff
New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- is a family owned business since
1922 founded by by Max and Clara Fortunoff. Fortunoff offers
customers fine jewelry and watches, antique jewelry and silver,
everything for the table, fine gifts, home furnishings including
bedroom and bath, fireplace furnishings, housewares, and seasonal
shops including outdoor furniture shop in summer and enchanting
Christmas Store in the winter. It opened some 20 satellite
stores in the New Jersey, Long Island, Connecticut and
Pennsylvania markets featuring outdoor furniture and grills
during the Spring/Summer season and indoor furniture (and in some
locations Christmas trees and decor) in the Fall/Winter season.
Fortunoff and two affiliates, M. Fortunoff of Westbury LLC and
Source Financing Corp., filed for chapter 11 petition on Feb. 4,
2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355) in
order to effectuate a sale to NRDC Equity Partners LLC, --
http://www.nrdcequity.com/-- a private equity firm that owns
of Lord & Taylor from Federated Department Stores.
Due to the U.S. Trustee's objection, Fortunoff is backing out of
its request to employ Skadden Arps Meagher & Flom LLC, as
bankruptcy counsel. Fortunoff is hiring Togut Segal & Segal LLP,
as their general bankruptcy counsel, but Skadden Arps will
continue to serve the Debtors as special counsel in connection
with the sale the Debtors' assets. Logan & Company, Inc., serves
as the Debtors' claims, noticing, and balloting agent. FTI
Consulting Inc. are the Debtors' proposed crisis manager.
An Official Committee of Unsecured Creditors has been appointed in
this case.
When the Debtors filed for bankruptcy, they listed assets and
debts between $100 million to $500 million. The Debtors'
exclusive period to file a plan of reorganization ends on June 3,
2008. (Fortunoff Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FORTUNOFF: Source Financing Files Schedules of Assets and Debts
---------------------------------------------------------------
Source Financing Corp., a debtor-affiliate of Fortunoff Fine
Jewelry and Silverware LLC, submitted to the U.S. Bankruptcy Court
for the Southern District of New York its schedules of assets and
liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand
70 Charles Linbergh Store 100
1300 Old Country Store 2,000
70 Charles Linbergh Store 1,630
3321 Brunswick Store 1,000
3 West Store 25,306
150 Route Store 6,782
Paramus Park Mall 47,015
250 Wayne Towne Center 128,970
1300 Old Country Store 293,787
1 Maple Store 87,849
Woddridge Town Center 45,979
750 Zeckendorf Store 2,800
B.3 Security Deposits
ADT Security Service 8365 1,147
ADT Security Service Inc. 2,663
AIG 4,843
Allen Systems Group, Inc. 1,317
Attunity 750
Careerbuilder, LLC. 5,625
Careerbuilder, LLC. 4,213
Careerbuilder, LLC. 12,640
Dell Equipment Lease 30,406
El-Kam Equipment Realty Co. 325,000
Embaracedero Technologies Inc. 5,464
Federal Insurance Co. 142,893
FTI Consulting 450,000
Hudd Distribution Service 95,331
Imprest Dental Plan 28,000
Inland Mid Atlantic Management 20,427
Jordache 19,704
Kronos 7,885
Liebert Global Services 2,103
Liezell Associates 12,000
Locust Grove Plaza LLC 15,000
Logan & Company, Inc. 25,000
Marsh USA 134,750
New Plan Excel Realty Trust 25,000
Now Solutions 6,667
Numara Software, Inc. 3,193
Progressive Casualty Insurance 10,000
Rubenstein Public Relations 25,000
Skadden, Arps, Slate, Meagher & Flom LLP 1,203,117
Surf Control, Inc. 1,863
T.M. Bier Associates, Inc. 709
T.M. Bier Associates, Inc. 709
Tanurb Marlton LP 25,000
The Ergonomic Group 10,559
US Postmaster 2,049
US Postmaster 1,358
US Postmaster 167,310
US Postmaster 4,488
US Postmaster 3,061
US Postmaster 2,989
WRD Melville LLC 82,420
B.5 Collectibles Undetermined
B.9 Interests in Insurance Policies Undetermined
B.16 Accounts Receivable $717,302
B.18 Other Liquidated Debts
NYS Corporation Tax 5,512
State of New Jersey 111,966
B.22 Intellectual Property
All intellectual property
information is listed on Schedules of
Assets and Liabilities for Fortunoff
Fine Jewelry and Silverware, LLC.
B.23 Licenses, franchises and
other general intangibles Undetermined
B.28 Office equipment, furnishings and supplies
Store Fixtures -- 57th St. 242,744
Demo/construction - Melville 115,577
Slat wall units & cubes 282,939
for Christmas mdse.
Opening Balance 417,822
Opening Balance 341,951
Opening Balance 356,308
Locks for coat cables in 4W's 1,068,666
Opening Balance 669,188
Opening Balance 104,951
Opening Balance 2,433,071
Slat wall units & cubes
for Christmas mdse. 187,617
Opening Balance 480,364
Opening Balance 284,674
Opening Balance 12,136,027
Opening Balance 276,019
Others 751,783
B.29 Machinery
Equipment 1,214,302
Equipment- Opening Balance 2,096,598
Equipment - Opening Balance 244,515
Equipment - Opening Balance 116,507
Equipment - Opening Balance 124,714
Equipment - Opening Balance 221,899
Equipment - Opening Balance 436,401
Equipment - Opening Balance 816,571
Equipment - Opening Balance 326,944
Equipment - Opening Balance 247,826
Leasehold Equipments 894,045
Leasehold Equipments 505,405
Leasehold Equipments 467,849
Leasehold Equipments 6,817,848
Leasehold Equipments 1,385,234
Leasehold Equipments 1,933,176
Leasehold Equipments 11,285,984
Leasehold Equipments 2,741,671
Leasehold Equipments 283,181
Leasehold Equipments 228,903
Leasehold Equipments 514,600
Leasehold Equipments 106,170
Leasehold Equipments 112,131
Others 2,082,471
B.30 Inventory -- Merchandise 94,688,562
B.35 Other Personal Property -- Credit Memo 236,242
TOTAL SCHEDULED ASSETS $154,680,100
========================================================
D. Secured Claim $108,500,000
Bank of America 90,000,000
Trimaran 12,750,000
M. Fortunoff of Westbury, Corp. 2,640,000
Fortunoff Fine Jewelry and Silverware 1,760,000
M&T Credit Corporation 1,100,000
KG Source Debt Investors 250,000
E. Unsecured Priority Claims
Customer Deposits Undetermined
Vacation, severance, and sick leave pay Undetermined
Donald X, Clavin, Rec of Taxes Undetermined
Boro of Paramus Undetermined
NYC Dept of Finance Undetermined
IRS Undetermined
NYS Dept of Finance & Taxation Undetermined
State of New Jersy Undetermined
Pennsylvania Department of Revenue Undetermined
Delaware Secretary of State Undetermined
F. Unsecured Nonpriority Claims
Trade payables
Michael Werdiger 1,735,295
Arandell Corporation 1,396,098
Assael Int'l 744,145
Basette Mirror Co Inc 300,896
Christopher Designs 333,589
Croscill Curtain Co., Inc. 493,484
D'Annunzio 416,320
De Coro Usa, Ltd. 411,110
Dejah Enterprises 570,081
Delonghi-American Inc. 222,460
Dimplex North America Ltd. 407,010
Dov Schwartz 570,965
E&E Co., Ltd. 285,435
E.Lee Martin 907,760
Elite Home Products, Inc. 297,856
Everything Outdoor Media 233,230
Graphic Communications 900,977
Hanover Warehouse 766,674
Hooker Furniture Corp. 264,507
Howard Miller 267,736
HTL Mfg Pte Ltd 167,924
Intelligencer Printing Company 625,781
Irwin Slater LLC 349,366
Keiht Lapinski, Inc. 240,702
Kellermeyer Building Services 277,917
Kitchen Aids, Inc. 217,819
Lamorinda/Pandigital 530,100
Lapine Associates 156,439
Leo Schachter/Rama 176,366
Lifetime Brands, Inc. 256,501
Lladro U.S.A., Inc. 249,394
Marke Communications, Inc. 232,160
Martin Flyer 358,673
Mill Supply Division/Halsey 280,234
New York Interconnect 248,816
Newsday, Inc. 482,600
Niwa Studio, Inc. 279,820
Nourison Rug Corporation 515,561
Paramount Fixtures Sales Corp 260,940
Phoenix Down Corp. 448,690
Pride Family Brands 426,252
Simmons Manufacturing Co LLC 233,408
Skadden, Arps, Slate Meagher 392,818
Star Ledger 290,650
Swarovski North America Ltd. 213,379
Tara & Sons 362,266
Trans-Globe Lighting 254,532
Vera Bradley Designs, Inc. 298,132
Verstanding 323,559
Wabc-Tv, Inc. 357,340
Weber Stephens Products 850,999
Wm. Levine 320,387
Allstate Floral & Craft Inc. 137,764
Bardwill 108,036
Benson Mills 124,844
Bernard Hodes Group 113,951
Canadel Furniture 179,889
Carole Fabrics 103,964
Checker Glass Corporation 105,489
Chef'N 129,274
Christopher Radko 107,856
Cuisinart/Conair Corp 181,710
Ellison 1St Asia LLC 113,576
Estex/Dynamite Decorators 148,175
Fortunoff Fine Jewelry & Silverware, Inc. 113,839
Fortunoff Fine Jewelry & Silverware, Inc. 191,129
Fry, Inc 121,037
Gannett Nj Newspapers 153,527
Gemelody 139,050
Hellmuth 111,287
HWI Metro 101,325
Kurt S. Adler, Inc. 170,691
Leo Schachter/Rama 176,366
Lionell, LLC 123,327
Lunt Silversmiths 121,471
M. Block And Sons, Inc. 107,298
Mark Roberts 110,564
Mikam Graphics, LLC 163,884
Mud Pie 122,619
NBC Universal CFS 143,055
Next Management Co. 131,860
Nikko Ceramics Inc 167,809
North Jersey Media Group Inc. 136,798
Oxo Int L Ltd 111,311
Penny Saver 104,751
Podicko Diamonds 188,311
Reed & Barton 197,538
Robinsons & Robinsons Inc. 150,937
Solo Furniture 124,177
Stein World Inc. 181,175
Time Warner Cable Media Sales 100,194
Toy.An Advertising Agency, LLC 106,720
Twin Star International 116,170
United Parcel Service 159145 179,213
Veratex, Inc. 152,855
Wedgewood U.S.A. Inc 183,074
Wnyw-Fox Television Stations 123,420
Wustthof-Trident Of America 127,631
Addy Home Fashions 88,535
All Clad Metalcrafters LLC 90,232
Amer. Pacific Ent., Inc. 93,981
Blue Bell Mattress Co. Inc 88,808
Bulbtronics 65,884
Calphalon Corp 98,014
Chimes, Inc. 89,520
Classic Cushions & Umbrellas 89,270
Continental 60,486
House of Murat Inc. 80,000
David Byworth 86,350
Debra Kaplan 88,657
E.A.R. Framing Co, Inc. 84,664
Eagle Box Co. Inc 84,511
Epstein Becker & Green, P.C. 94,383
Gift Box Corporation 83,876
Home Fashions International 89,139
Jordan Manufacturing Co. 70,662
Lenox 94,956
Lifestyle California 65,984
Modern Marketing Concepts 99,273
Nelson 78,557
Old Towne Window Works 63,719
Polaris Software Lab. 72,084
Ricci Argentieri 63,207
Roman Inc 75,585
Rowenta 71,001
Safilo Group 70,726
Scott Keating Design 63,515
Southern Ct. Newsaper, Inc. 83,650
Staples Business Advantage 80,879
Stylecraft Home Collection 93,395
Tempur-Pedic 69,525
The Memory Company 84,808
The Royal China 62,616
Travelpro/Eiffel Design, Inc. 64,533
Trayton Furniture 78,290
United parcel Service E14-001 60,548
Villeroy And Boch 95,171
Welspun Usa Inc 92,518
Workflow One 80,864
Zwilling Ja Henckels LLC 65,344
10 Strawberry Street 44,749
3 Boys, Inc. 50,000
Ambience 43,009
Amin Co. Inc 59,691
Bargoose Home Textile 49,467
Bicor 38,497
Borax paper Products, Inc. 58,841
Callydus Group LLC 34,001
Charles Krypell 31,659
Clear Channel Broadcast. Z100 34,680
Colibri Group 50,178
Concord Candle Corporation 37,881
Commonwealth Home Fashions 48,948
D&H Distributing Co 52,213
Defehr Furniture Ltd 34,973
Design Institute America 37,534
Duff & Phelps 35,000
Ellery Homestyles LLC 50,444
Encore Home Entertainment 42,780
Euro Pearls 30,180
Evergreen Enterprises, Inc. 46,588
Gaines Mfg Inc. 53,558
Gki/Bethlehem Lighting 31,230
Guidecraft USA 33,006
Hammary 58,616
Haviland (USA) Inc. 38,118
Homedics, Inc. 45,792
Hong Kong Jade Traders 59,100
Howard Elliot Collection 38,016
Hudd Distribution Services, Inc 47,492
Imax World-Wide Imports 51,554
International Development Corp 46,412
International Fine Fabrics Inc 31,286
J & S Housewares Corp. 36,495
Jarden Consumer Solutions 43,028
Julius Klein 59,687
K & K Interiors Corp. 33,635
Kas Oriental Rugs, Inc. 52,003
Kassatex Inc 43,129
Next Management Co. 31,860
Kichler Lighting 35,790
Krups North America, Inc. 38,038
L.I. Locksmith & Alarm Co. Inc. 33,516
Le Creuset Of America Inc 33,965
Linden Design Furniture 41,555
Lion Ribbon Company, Inc. 34,543
Lipa Id #0636-8001-00-1 53,570
M. Rothman & Co., Inc. 35,152
Management Recruiters Of 39,000
Marlin Art 35,978
Marueen Bennett 59,677
Max Home 48,731
Mc Kay Custom Products 40,780
Mercer 48,333
Michele Bontempo-Saray 39,698
Midwest Of Cannon Falls 37,237
Modus Furniture 39,173
Mohawk Rugs & Textiles 36,066
Nassau County Public Utility A 46,864
NCR Corporatism 43,258
Nespresso USA , Inc. 39,625
Nextell 151420110 43,133
Olivet International Inc. 42,408
Oriental Weavers USA Inc. 43,802
Orrefors Kosta Boda Inc 50,847
Pacific Coast Home Furn. Inc. 55,688
Pacific Fit Ind Inc 43,532
Philip Reinsch Company 48,957
Prudential 54,223
Pyramid Floor Covering, Inc. 37,768
Reed & Barton 49,906
Ritone Jewelry 42,864
Sc Sports 40,654
Serta Mattress Co 39,109
1010 Wins 28,590
A.L. Ellis Inc. 29,744
Account Tempts 25,248
Ambiance Collections 21,110
American Drew 26,005
American Express 25,844
Argento Sc By Sicura Inc. 22,205
Ashleigh Manor 28,983
Autore 29,290
Avante Linens Inc. 27,495
Aviv Judaica Imports, Ltd 21,313
Bocova Guild Ltd 20,892
Beatriz Ball Collection 28,096
Benchmark 26,861
Cambridge Silversmiths Ltd 27,360
Carole Jeby Associates 23,000
Clark Designs, Inc. 26,034
Claritas Inc. 25,000
County Energy Services 20,000
Coyne'S, Inc. 21,970
Craftmaster 21,930
Cross Fire & Security 22,500
Eli Sadeh 23,513
Empire Silver Co 26,768
Eureka Manufacturing Co., Inc. 29,936
Excalibur Electronics, Inc. 29,094
Fortunoff Fine Jewelry & Silverware, Inc. 26,505
Gem Shapes 26,327
Hewlett-Packard Company 29,192
Holiday Image, Inc. 24,404
International Playthings, Inc. 25,894
Isi Fishzang 21,475
Italian Marble Furn. Corp. 26,490
Jamaica Ash 6438 22,160
Mayo Studios, Inc. 23,979
Jomark Photographic & Digital 24,325
Jwin Electronics Corp. 27,055
Keenpac N.A. Ltd - Nj 26,641
Lipper Int'L 23,083
Lloyd/Flanders 25,895
Louisville Bedding Co 24,106
Malden Int'l Designs 23,145
Meco Corporation 21,932
Michael Aram, Inc. 24,919
Modell 27,555
Momeni 20,873
Najarian Furniture Co., Inc. 24,025
Namco America, Inc. 21,800
Ne'Qwa Art 21,564
North Am Enclosures Inc 24,206
Pacific Coaster Feather Co. 23,305
Pbc International, Inc 28,897
Philadelphia Newspapers LLC 29,092
Pinestone Furniture 27,566
Portmeirion USA 29,058
Prawda Gola 26,822
Others 17,253,590
Litigation
Atas V. Fortunoff Undetermined
Devine v. Fortunoff Undetermined
Shopping Centre, et. al.
Estate of McDew v. Fortunoff Undetermined
Robinson v. Fortunoff, Inc. Undetermined
Syratech Corp. and Syroco,
Tawfik v. Fortunoff Undetermined
Visco v. Fortunoff Undetermined
Gift cards & gift certificates 14,726,387
TOTAL LIABILITIES $176,961,631
========================================================
Source Financing said in its statement of assets and liabilities
that accounts receivable total $717,302, but computation of the
entries posted by the Debtors provide that the accounts
receivable total $827,474:
Party Amount
----- ------
AHRC 7,303
American Express 706,038
Andrea Fortunoff 3,962
David Fortunoff 1,677
Digiorgio Corp. 11,998
Elliot Mayrock 3,077
GC.COM 17,325
Helene Fortunoff 534
Incentone 4,250
James Paduano 34,900
Joel Kier 18,659
Louis Kier 5,425
Natexis Bleischroeder 144
R. DioGuardi 2,080
Robert Benvenuto 2,039
Ruht Fortunoff 1,809
Trimaran 6,254
About Fortunoff
New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- is a family owned business since
1922 founded by by Max and Clara Fortunoff. Fortunoff offers
customers fine jewelry and watches, antique jewelry and silver,
everything for the table, fine gifts, home furnishings including
bedroom and bath, fireplace furnishings, housewares, and seasonal
shops including outdoor furniture shop in summer and enchanting
Christmas Store in the winter. It opened some 20 satellite
stores in the New Jersey, Long Island, Connecticut and
Pennsylvania markets featuring outdoor furniture and grills
during the Spring/Summer season and indoor furniture (and in some
locations Christmas trees and decor) in the Fall/Winter season.
Fortunoff and two affiliates, M. Fortunoff of Westbury LLC and
Source Financing Corp., filed for chapter 11 petition on Feb. 4,
2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355) in
order to effectuate a sale to NRDC Equity Partners LLC, --
http://www.nrdcequity.com/-- a private equity firm that owns
of Lord & Taylor from Federated Department Stores.
Due to the U.S. Trustee's objection, Fortunoff is backing out of
its request to employ Skadden Arps Meagher & Flom LLC, as
bankruptcy counsel. Fortunoff is hiring Togut Segal & Segal LLP,
as their general bankruptcy counsel, but Skadden Arps will
continue to serve the Debtors as special counsel in connection
with the sale the Debtors' assets. Logan & Company, Inc., serves
as the Debtors' claims, noticing, and balloting agent. FTI
Consulting Inc. are the Debtors' proposed crisis manager.
An Official Committee of Unsecured Creditors has been appointed in
this case.
When the Debtors filed for bankruptcy, they listed assets and
debts between $100 million to $500 million. The Debtors'
exclusive period to file a plan of reorganization ends on June 3,
2008. (Fortunoff Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
FORTUNOFF: Westbury Unit Files Schedules of Assets & Debts
----------------------------------------------------------
M. Fortunoff of Westbury LLC, a debtor-affiliate of Fortunoff
Fine Jewelry and Silverware LLC, submitted to the U.S. Bankruptcy
Court for the Southern District of New York its schedules of
assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.2 Financial Accounts
Bank of America - operating acct. 38,929
Bank of America - payroll acct. 1,487
B.16 Accounts Receivable
American Express 1,334,287
Alliance Data 2,143,033
Master Visa 2,009,490
Co-Brand Visa 179,919
Master Visa Paytech 193,095
Discover 137,863
B.22 Intellectual Property 0
B.35 Other Personal Property
Credit Memo
Decra Lite 251,085
Di Berardino 2,167
Fortunoff Fine Jewel 4,398
Incanto Divani 15
International Fine F 47
Professional Sales A 552
Silk Creations 345
U.S. Treasury 4,242
TOTAL SCHEDULED ASSETS $6,300,955
========================================================
C. Property Claimed as Exempt None
D. Secured Claims
Bank of America $90,000,000
Trimaran 12,750,000
M. Fortunoff of Westbury, Corp. 1,760,000
M&T Credit Corp. 1,100,000
KG Source Debt Investors 250,000
E. Unsecured Priority Claims 0
F. Unsecured Nonpriority Claims
F.1 Trade payables, Insurance, & Utilities
Agio International 5,029,774
Agio Int'l/Shian 425,863
Cast Classics 316,965
Commonwealth 769,412
Erwin & Sons 310,416
Haramint Corporation 378,013
Legacy Furniture 406,602
Ningbo Orient Leisure 235,314
Precision Enterprise 155,374
Santa's Best 359,490
Scancom 280,782
Stein World 640,418
Sun Garden 436,572
Sunjoy 140,642
Treasure Garden 574,768
UPS Supply Chain 923,456
Woodworth Wooden, Inc. 225,378
Yotrio International 404,623
Others 2,111,926
F.2 Litigation Undetermined
TOTAL SCHEDULED LIABILITIES $119,985,788
==========================================================
About Fortunoff
New York-based Fortunoff Fine Jewelry and Silverware LLC --
http://www.fortunoff.com/-- is a family owned business since
1922 founded by by Max and Clara Fortunoff. Fortunoff offers
customers fine jewelry and watches, antique jewelry and silver,
everything for the table, fine gifts, home furnishings including
bedroom and bath, fireplace furnishings, housewares, and seasonal
shops including outdoor furniture shop in summer and enchanting
Christmas Store in the winter. It opened some 20 satellite
stores in the New Jersey, Long Island, Connecticut and
Pennsylvania markets featuring outdoor furniture and grills
during the Spring/Summer season and indoor furniture (and in some
locations Christmas trees and decor) in the Fall/Winter season.
Fortunoff and two affiliates, M. Fortunoff of Westbury LLC and
Source Financing Corp., filed for chapter 11 petition on Feb. 4,
2008 (Bankr. S.D.N.Y. Case Nos. 08-10353 through 08-10355) in
order to effectuate a sale to NRDC Equity Partners LLC, --
http://www.nrdcequity.com/-- a private equity firm that owns
of Lord & Taylor from Federated Department Stores.
Due to the U.S. Trustee's objection, Fortunoff is backing out of
its request to employ Skadden Arps Meagher & Flom LLC, as
bankruptcy counsel. Fortunoff is hiring Togut Segal & Segal LLP,
as their general bankruptcy counsel, but Skadden Arps will
continue to serve the Debtors as special counsel in connection
with the sale the Debtors' assets. Logan & Company, Inc., serves
as the Debtors' claims, noticing, and balloting agent. FTI
Consulting Inc. are the Debtors' proposed crisis manager.
An Official Committee of Unsecured Creditors has been appointed in
this case.
When the Debtors filed for bankruptcy, they listed assets and
debts between $100 million to $500 million. The Debtors'
exclusive period to file a plan of reorganization ends on June 3,
2008. (Fortunoff Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)
INTERSTATE BAKERIES: Posts $20MM Net Loss for Month Ended Jan. 12
-----------------------------------------------------------------
Interstate Bakeries Corporation and Subsidiaries
Unaudited Consolidated Monthly Operating Report
Four Weeks Ended January 12, 2008
REVENUE
Gross Income $187,443,095
Less Cost of Goods Sold
Ingredients, Packaging & Outside Purchasing 51,133,855
Direct & Indirect Labor 33,321,291
Overhead & Production Administration 10,507,503
-------------
Total Cost of Goods Sold 94,962,649
-------------
Gross Profit 92,480,446
-------------
OPERATING EXPENSES
Owner-Draws/Salaries -
Selling & Delivery Employee Salaries 44,953,052
Advertising and Marketing 2,911,630
Insurance (Property, Casualty, & Medical) 11,144,414
Payroll Taxes 3,939,546
Lease and Rent 2,844,834
Telephone and Utilities 1,465,118
Corporate Expense (Including Salaries) 7,257,400
Other Expenses 28,331,016
-------------
Total Operating Expenses 102,847,010
-------------
EBITDA (10,366,564)
Restructuring & Reorganization Charges 1,158,106
Depreciation and Amortization 5,270,506
Abandonment 166,809
Property & Equipment Impairment -
Other( Income)/Expense 7,817
Gain/Loss Sale of Property -
Interest Expense 3,562,184
-------------
Operating Income (Loss) (20,531,986)
Income Tax Expense (Benefit) (416,157)
-------------
NET Income (Loss) ($20,115,829)
=============
CURRENT ASSETS
Accounts Receivable at end of period $124,617,028
Increase (Dec.) in Accounts Receivable (3,409,581)
Inventory at end of period 52,876,223
Increase (Decrease) in Inventory for period 291,976
Cash at end of period 36,355,154
Increase (Decrease) in Cash for period (15,309,091)
Restricted Cash 20,921,729
Increase (Dec.) in Restricted Cash for period 1,725,995
LIABILITIES
Increase (Decrease) in Liabilities
Not Subject to Compromise 2,458,867
Increase (Decrease) in Liabilities
Subject to Compromise 51,480
Taxes payable:
Federal Payroll Taxes 4,047,645
State/Local Payroll Taxes 4,926,395
State Sales Taxes 617,975
Real Estate and Personal Property Taxes 6,523,221
Other 3,868,283
-------------
Total Taxes Payable $19,983,519
=============
About IBC
Based in Kansas City, Missouri, Interstate Bakeries Corporation is
a wholesale baker and distributor of fresh-baked bread and sweet
goods, under various national brand names, including Wonder(R),
Baker's Inn(R), Merita(R), Hostess(R) and Drake's(R). Currently,
IBC employs more than 25,000 people and operates 45 bakeries, as
well as approximately 800 distribution centers and approximately
800 bakery outlets throughout the country.
The company and eight of its subsidiaries and affiliates filed for
chapter 11 protection on Sept. 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP represent the Debtors in
their restructuring efforts. When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6% senior subordinated convertible notes due Aug. 15, 2014) in
total debts. The Debtors' filed their Chapter 11 Plan and
Disclosure Statement on Nov. 5, 2007. Their exclusive period to
file a chapter 11 plan expired on November 8. On Jan. 25, 2008,
the Debtors filed their First Amended Plan and Disclosure
Statement. On Jan. 30, 2008, the Debtors received Court approval
of the First Amended Disclosure Statement.
IBC confirmed that it has not received any qualifying alternative
proposals for funding its plan of reorganization in accordance
with the Court-approved alternative proposal procedures. As a
result, no auction was held on Jan. 22, 2008, as would have been
required under those procedures. The deadline for submission of
alternative proposals was Jan. 15, 2008. (Interstate Bakeries
Bankruptcy News, Issue No. 89; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
JOHNSON RUBBER: Posts January 2008 Monthly Net Loss of $449,139
---------------------------------------------------------------
Johnson Rubber Company Inc. filed with the U.S. Bankruptcy Court
for the Northern District of Ohio its monthly operating report for
the month ended Jan. 31, 2008.
For the month ended Jan. 31, 2008, total revenues/sales for the
month were $6,778,277 and net loss was $449,139.
As of Jan. 31, 2008, the Debtor had total assets of $16,804,775,
total postpetition liabilities of $953,558, total secured
liabilities of $16,508,814, total prepetition liabilities of
$7,993,939, and total shareholders' deficit of $8,651,536.
Based on the monthly cash statement of the Debtor, its beginning
balance was $19,316 and ending balance was a negative $15,499.
About Johnson Rubber
Headquartered in Middlefield, Ohio, Johnson Rubber Company Inc.--
http://www.johnsonrubber.com/-- designs, develops and
manufactures polymer components. The company filed for Chapter 11
protection on December 11, 2007 (Bankr. N.D. Ohio Case No. 07-
19391). The Debtor selected William I Kohn, Esq., at Benesch
Friedlander Coplan & Aronoff LLP, as its counsel. The U.S.
Trustee for Region 9 has not appointed creditors to serve on an
Official Committee of Unsecured Creditors in the Debtor's case.
When the Debtor filed for protection against its creditors, it
listed total assets at $15,346,607 and total debts at $19,869,931.
LEVITT AND SONS: Delivers Operating Report for January 2008
-----------------------------------------------------------
Levitt & Sons, LLC
Monthly Financial Report for Business
For the Period January 1 - 30, 2008
Cash, beginning of period $3,466,634
Receipts:
Cash sales 0
Collection on postpetition A/R 0
Collection on prepetition A/R 0
Other receipts 481,138
--------------
Total receipts 481,138
Total cash available for operations 3,947,772
Disbursements:
U.S. Trustee quarterly fees 0
Net payroll 139,316
Payroll taxes paid 78,306
Sales and use taxes 0
Other taxes 0
Rent 0
Other leases 0
Telephone 0
Utilities 45,585
Travel & entertainment 5,282
Vehicle expenses 0
Office supplies 0
Advertising 0
Insurance 0
Purchases of fixed assets 0
Purchases of inventory 0
Manufacturing supplies 0
Repairs & maintenance 0
Payments to secured creditors 0
Other operating expenses 83,056
--------------
Total cash disbursements 351,545
--------------
Ending Cash Balance $3,596,227
==============
About Levitt and Sons
Based in Fort Lauderdale, Florida, Levitt and Sons LLC --
http://www.levittandsons.com/-- is the homebuilding subsidiary of
Levitt Corporation (NYSE:LEV). Levitt Corp. --
http://www.levittcorporation.com/-- together with its
subsidiaries, operates as a homebuilding and real estate
development company in the southeastern United States. The
company operates in two divisions, homebuilding and land. The
homebuilding division primarily develops single and multi-family
homes for adults and families in Florida, Georgia, Tennessee, and
South Carolina. The land division engages in the development of
master-planned communities in Florida and South Carolina.
Levitt and Sons LLC and 38 of its homebuilding affiliates filed
for Chapter 11 protection on Nov. 9, 2007 (Bankr. S.D. Fla. Lead
Case No. 07-19845). Paul Singerman, Esq. and Jordi Guso, Esq., at
Berger Singerman, P.A., represent the Debtors in their
restructuring efforts. The Debtors chose AP Services, LLC as
their crisis managers, and Kurtzman Carson Consultants, LLC as
their claims and noticing agent. Levitt Corp., the parent
company, is not included in the bankruptcy filing.
The Debtors' latest consolidated financial condition as of
Sept. 30, 2007 reflect total assets of $900,392,000, and total
liabilities of $780,969,000.
The Debtors' exclusive plan filing period expires on March 8,
2008. (Levitt and Sons Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc.; http://bankrupt.com/newsstand/or
215/945-7000)
LEVITZ FURNITURE: Reports $3.9MM Net Loss For Month Ended Feb. 3
----------------------------------------------------------------
Levitz Furniture Inc., nka PVLTZ Inc. delivered to the U.S.
Bankruptcy Court for the Southern District of New York its monthly
operating report for the period ended Feb. 3, 2008.
PLVTZ, Inc.
Balance Sheet
As of February 3, 2008
ASSETS
Current Assets
Cash $12,927,000
Accounts receivable, net 7,770,000
Prepaid expenses 499,000
------------
Total current assets 21,196,000
Other assets 1,476,000
------------
TOTAL ASSETS $22,672,000
============
Liabilities and Shareholders' Equity
Liabilities Not Subject to Compromise
Current Liabilities:
Accounts payable trade $3,534,000
Accrued expenses 9,602,000
Customer Deposits 1,500,000
------------
Total current liabilities 14,636,000
Liabilities Subject to Compromise
Term loan B 22,000,000
Trade and other miscellaneous claims 47,288,000
Customer Deposits 4,939,000
------------
Total 74,227,000
------------
TOTAL LIABILITIES 88,863,000
Shareholder's (deficit):
Preferred stock 47,000,000
Class A Common stock 139,030,000
Class B Common stock 10,000,000
Retained (deficit) (262,221,000)
------------
Shareholder's deficit (66,191,000)
------------
TOTAL LIABILITIES & SHAREHOLDERS' DEFICIT $22,672,000
============
PLVTZ, Inc.
Statement of Operations
For the period January 7 to February 3, 2008
Selling, operating and $1,479,000
administrative Expenses
Amortization expense 2,479,000
------------
Net (Loss) ($3,958,000)
============
PLVTZ, Inc.
Statement of Cash Flows
For the period January 7 to February 3, 2008
Cash flows used in operating activities:
Cash received from customers $6,647,000
Cash received from Sales Agent 11,940,000
Cash paid to suppliers and employees (19,520,000)
------------
Net cash used in operating activities (933,000)
Net decrease in cash and cash equivalents (933,000)
Cash and cash equivalents at beginning of month 13,860,000
------------
Cash and cash equivalents at end of month $12,927,000
============
Based in New York City, Levitz Furniture Inc., nka PVLTZ Inc. --
http://www.levitz.com/-- is a specialty retailer of furniture,
bedding and home furnishings in the United States. It has 76
locations in major metropolitan areas, principally in the
Northeast and on the West Coast of the United States.
Levitz Furniture Inc. and 11 affiliates filed for chapter 11 on
Sept. 5, 1997. In December 2000, the Court confirmed the Debtors'
Plan and Levitz emerged from chapter 11 on February 2001. Levitz
Home Furnishings Inc. was created as the new holding company as a
result of the emergence.
Levitz Home Furnishings and 12 affiliates filed for chapter 11
protection on Oct. 11, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-
45189). In their second filing, the Debtors disclosed about
$245 million in total assets and $456 million in total debts.
Nicholas M. Miller, Esq., and Richard H. Engman, Esq., at Jones
Day represented the Debtors. Jeffrey L. Cohen, Esq., Jay R.
Indyke, Esq., and Cathy Hershcopf, Esq., at Cooley Godward Kronish
LLP served as counsel to the Official Committee of Unsecured
Creditors. During this period, the Debtors closed around 35
stores in the Northeast, California, Minnesota and Arizona.
PLVTZ Inc., a company created by Prentice Capital Management LP,
and Great American Group purchased substantially all the assets of
Levitz Home Furnishings in December 2005. Initially, Prentice
owned all of the equity interests in PLVTZ. On July 6, 2007,
PLVTZ was converted into a Delaware corporation, and Harbinger
Capital Partners Special Situations Fund, LP, Harbinger Capital
Partners Master Fund I, Ltd., and their affiliates became minority
shareholders. Great American's stake in the acquisition was in
running the going-out-of-business sales for some 27 Levitz units.
PLVTZ, dba Levitz Furniture, continued to face decline in
financial performance since December 2005. Liquidity issues and
the inability to obtain additional capital prompted PLVTZ to seek
protection under chapter 11 on Nov. 8, 2007 (Bankr. S.D.N.Y. Lead
Case No. 07-13532). Paul D. Leake, Esq., and Brad B. Erens, Esq.,
at Jones Day represents the Debtors in their restructuring
efforts. Kurtzman Carson Consultants LLC serves as the Debtors'
claims and noticing agent. The Debtor's schedules show total
assets of $123,842,190 and total liabilities of $76,421,661. The
Debtors' exclusive period to file a chapter 11 plan expires on
March 7, 2008. (Levitz Bankruptcy News, Issue No. 36; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
LTV CORP: Files January 2008 Monthly Operating Report
-----------------------------------------------------
The L.T.V. Corp. and its debtor-affiliates filed with the
United States Bankruptcy Court for the Northern District of Ohio
their monthly unaudited operating report for the period ended
Jan. 31, 2008
As of Jan. 31, 2008, the Debtors' consolidated cash receipts and
disbursements statement reflected total cash receipts of $60,000
and total disbursements of $258,000. For the month ended Jan. 31,
2008, it reported a beginning cash of $13,556,000 and an ending
cash of $13,358,000.
Headquartered in Cleveland, Ohio, The LTV Corp. is a manufacturer
with interests in steel and steel-related businesses, employing
some 17,650 workers and operating 53 plants in Europe and the
Americas. The company filed for chapter 11 protection on December
29, 2000 (Bankr. N.D. Ohio, Case No. 00-43866). Richard M. Cieri,
Esq., and David G. Heiman, Esq., at Jones, Day, Reavis & Pogue,
represent the Debtors in their restructuring efforts. On August
31, 2001, the company listed $4,853,100,000 in assets and
$4,823,200,000 in liabilities. (LTV Bankruptcy News, Issue No. 63;
Bankruptcy Creditors' Service, Inc., 215/945-7000)
NETBANK INC: Files January 2008 Monthly Operating Report
--------------------------------------------------------
NetBank Inc. filed with the United States Bankruptcy Court for the
Middle District of Florida its monthly unaudited operating report
for the period Jan. 1, 2008, through Jan. 31, 2008.
As of Jan. 31, 2008, the Debtor's schedule of receipts and
disbursements statement reflected total cash receipts of $174,194
and total disbursements of $168,105. For the month ended Jan. 31,
2008, it reported a beginning cash of $6,354,765 and an ending
cash of $6,360,853.
Headquartered in Jacksonville, Florida, NetBank Inc. --
http://www.netbank.com/-- is a financial holding company of
Netbank, the United States' oldest Internet bank serving retail
and business customers in all 50 states. The company does retail
banking, mortgage banking, business finance, and providing ATM and
merchant processing services.
The company filed for Chapter 11 protection on Sept. 28, 2007
(Bankr. M.D. Fla. Case No. 07-04295). Alan M. Weiss, Esq., at
Holland & Knight LLP. The U.S. Trustee for Region 21 appointed
six creditors to serve on an Official Committee of Unsecured
Creditors of the Debtor's case. Rogers Towers and Kilpatrick
Stockton LLP represent the Committee in this case. As of
Sept. 25, 2007, the Debtor listed total assets at $87,213,942 and
total debts at $42,245,857.
NEUMANN HOMES: Files January 2008 Monthly Operating Report
----------------------------------------------------------
Neumann Homes, Inc., et al.
Receipts and Disbursements
Month Ended January 31, 2008
Beginning Balance in All Accounts:
Neumann Citibank Operating Account &
old BofA Operating Account $342,316
Neumann Bank of America - old accounts 125
Neumann Citibank - Customer Earnest 804,163
Money Account
Neumann Citibank - Funding/Dip Account 268,362
Neumann Citibank - Dip Funding 575,000
Professional Acct
Restricted - Neumann Homes Flex Spending 8,964
Restricted - Neumann Citibank - Glen at 25,325
Lakemoor EM Account
Restricted - Neumann Citibank - Clublands 154,921
Antioch Clubhouse
Restricted - IndyMac Escrow Account - 111,925
NeuVillage
Restricted - Chicago Title Escrow Account - 717,082
Closed Homes
Restricted - Chicago Title Escrow Account - 2,366,479
Lender Funded
Restricted - Citibank - Worker Comp Escrow 9,730
Restricted - Land Title Guarantee Escrow 393,278
----------
$5,777,669
----------
Receipts:
Operations- Operating Account 246,897
Operations - Customer Earnest Money Account-Ckg 861,429
Operations - Customer Earnest Money Account-MM (443)
Funding/Dip Account 594,770
Glen at Lakemoor EM account 49
Clublands Antioch Clubhouse account 455
Dip Funding - Professional Account -
Flex Spending -
Restricted Escrow held by CTT-Lender Funding (894,529)
Old Operating Account 8,753
Flex Spending 104
Other Receipts -
----------
$817,484
----------
Disbursements:
Net Payroll:
Officers (13,620)
Others (82,808)
----------
(96,428)
Taxes:
Federal Income Tax Withholding (19,952)
FICA/Medicare Withholdings EE (9,966)
Employer's FICA/Medicare ER (9,966)
Federal Unemployment Taxes ER (703)
State Income Tax Withholding (3,767)
Garnishments -
State Unemployment Taxes ER (6,075)
----------
(50,429)
Necessary expenses:
Rent or mortgage payment(s) (73,412)
Utilities & phones (14,780)
Insurance (38,887)
Merchandise/services bought for
manufacture or sale -
Other:
Payroll Services (1,137)
Benefit Related including flex spending (21,745)
Bank Fees (19)
Postage (315)
Earnest Money Refunds (878,153)
House Trades (550,769)
Other - Transfer (1,456,199)
Office Supplies (106)
Transportation (8,480)
Consulting services (9,375)
US Trustee Fees (8,500)
Legal - Professional Fees (603,116)
Miscellaneous (913)
----------
(3,665,904)
Total Disbursements: (3,812,761)
----------
Net Receipts (Disbursements) for the (2,995,277)
Current period
----------
Ending Balance in All Accounts $2,782,392
==========
Headquartered in Warrenville, Illinois, Neumann Homes Inc. --
http://www.neumannhomes.com/-- develops and builds residential
real estate throughout the Midwest and West US. The company is
active in the Chicago area, southeastern Wisconsin, Colorado, and
Michigan. The company have built more than 11,000 homes in some
150 residential communities. The company offer formal business
training to employees through classes, seminars, and computer-
based training.
The company filed for Chapter 11 protection on Nov. 1, 2007
(Bankr. N.D. Ill. Case No. 07-20412). George Panagakis, Esq., at
Skadded, Arps, Slate, Meagher & Flom L.L.P., was selected by the
Debtors to represent them in these cases. The Official Committee
of Unsecured Creditors has selected Paul, Hastings, Janofsky &
Walker LLP, as its counsel in these bankruptcy proceeding. When
the Debtors filed for protection against its creditors, they
listed assets and debts of more than $100 million.
(Neumann Bankruptcy News, Issue No. 12; Bankruptcy Creditors'
Services Inc. http://bankrupt.com/newsstand/or 215/945-7000)
POPE & TALBOT: Amends Global Notes on Schedules and Statements
--------------------------------------------------------------
Pope & Talbot Inc., and its debtor-affiliates amended their global
notes and statement of limitations, methodology and disclaimer,
which accompany the Debtors Schedules of Assets and Liabilities
and Statements of Financial Affairs. The Amendment incorporates
additional statements to the Global Notes, including the
conversion rate of the Canadian dollar versus the U.S. dollar on
Oct. 31, 2007.
A full-text copy of the Debtors' Global Notes Amendment is
available for free at:
http://bankrupt.com/misc/Pope_AmendedGlobalNotes.pdf
About Pope & Talbot
Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: Amends Personal Property & Unsecured Debt Schedules
------------------------------------------------------------------
Pope & Talbot Inc. amended its Schedules of Assets and
Liabilities to reflect changes in Schedules B and F:
Schedule Initial Amount Amended Amount
-------- -------------- --------------
B -- Personal Property $373,519,950 $373,786,782
F -- Creditors holding 239,687,470 189,909,192
unsecured non-priority
claims
P&T Inc. also amended its Schedule D - Creditors holding secured
claims, Schedule E - Creditors holding unsecured priority claims,
and Schedule H -- Co-Debtors, but the Amendments do not affect
any of the amounts it initially disclosed.
A full-text copy of P&T Inc.'s Amended Schedules of Assets and
Liabilities is available for free at:
http://bankrupt.com/misc/Pope_IncAmendedSched.pdf
About Pope & Talbot
Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: P&T Ltd. Amends Schedules of Assets and Debts
------------------------------------------------------------
Pope & Talbot Ltd. amended its Schedules of Assets and
Liabilities to reflect changes in Schedules A, B and F:
Schedule Initial Amount Amended Amount
-------- -------------- --------------
A -- Real Property $62,412,088 $66,074,891
B -- Personal Property 620,713,845 624,007,426
F -- Creditors holding 310,594,805 206,820,115
unsecured non-priority
claims
P&T Ltd. also amended its Schedule D - Creditors holding secured
claims, Schedule E - Creditors holding unsecured priority claims,
and Schedule H - Co-Debtors, but the Amendments do not affect any
of the amounts it initially disclosed.
A full-text copy of P&T Ltd.'s Amended Schedules of Assets and
Liabilities is available for free at:
http://bankrupt.com/misc/Pope_LtdAmendedSched.pdf
About Pope & Talbot
Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: Spearfish Amends Schedules of Assets and Debts
-------------------------------------------------------------
Pope & Talbot Spearfish Limited Partnership amended its Schedules
of Assets and Liabilities to remove five entries from its list of
creditors holding unsecured non-priority claims. The removed
entries are:
Entry Amount
----- ------
Accounts Payable $950,296
Black Hills Power 187,715
Aulick Leasing Corporation 35,439
Caterpillar Financial Services Corp. 19,200
Western Wood Products Association 3,178
Spearfish's Schedule F now totals $4,404,391, from an initial
amount of $5,600,219.
Spearfish also amended its Schedules D, E and H, but the changes
do not affect the values reported in Spearfish's initial
Schedules.
A full-text copy of Spearfish's Amended Schedules of Assets and
Liabilities are available for free at:
http://bankrupt.com/misc/Pope_SpearfishAmendedSched.pdf
About Pope & Talbot
Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
POPE & TALBOT: Lumber Sales Amends Schedules of Assets and Debts
----------------------------------------------------------------
Pope & Talbot Lumber Sales, Inc., amended its Schedules of Assets
and Liabilities, to reflect changes in its:
* Schedule D - Creditors holding secured claims
* Schedule E - Creditors holding unsecured priority claims; and
* Schedule H -- Co-Debtors.
The Amendments, however, do not change any of the amounts P&T
Lumber initially reported.
A full-text copy of P&T Lumber Sales' Schedules of Assets and
Liabilities is available for free at:
http://bankrupt.com/misc/Pope_LumberAmendedSched.pdf
About Pope & Talbot
Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
SCO GROUP: Incurs $2,817,756 Loss for Month Ended Jan. 31, 2008
---------------------------------------------------------------
The S.C.O. Group Inc. and S.C.O. Operations Inc. submitted to the
United States Bankruptcy Court for the District of Delaware their
monthly operating report for the month ended Jan. 1, 2008,
disclosing:
Cash Beginning of the Month $6,080,941
Total Receipts $1,410,450
Total Disbursements $2,106,376
Cash End of the Month $5,385,016
The Debtors generated $940,391 in net revenues, but incurred a
loss of $2,817,756 for the period ended Jan. 31, 2008.
As of Jan. 31, 2008, the Debtors had $14,916,612 in total assets,
$10,763,860 in postpetition liabilities, $3,032,556 in prepetition
liabilities, and $4,189,752 in total net owners' equity.
About The S.C.O. Group
Headquartered in Lindon, Utah, The S.C.O. Group Inc. (Nasdaq:
SCOX) fka Caldera International Inc.-- http://www.sco.com/--
provides software technology for distributed, embedded and
network-based systems, offering SCO OpenServer for small to medium
business and UnixWare for enterprise applications and digital
network services.
The company and its affiliate, SCO Operations Inc., filed for
Chapter 11 protection on Sept. 14, 2007, (Bankr. D. Del. Lead Case
No. 07-11337). Epiq Bankruptcy Solutions LLC, acts as the
Debtors' claims and noticing agent. The United States Trustee
failed to form an Official Committee of Unsecured Creditors in
these cases due to insufficient response from creditors. The
Debtors' exclusive period to file a chapter 11 plan expires on
March 12, 2008. The Debtors' schedules of assets and liabilities
showed total assets of $9,549,519 and total liabilities of
$3,018,489.
TOUSA INC: TOUSA Homes Files Schedules of Assets and Liabilities
----------------------------------------------------------------
TOUSA Homes Inc., debtor-affiliate of TOUSA Inc., submitted its
schedules of assets and debts, disclosing:
A. Real Property
Subdivisions
Red River $86,215,552
Estada 65's at Monterra 54,945,209
Doral Madeira 2 D95 44,717,615
Islands of Doral Santorini B25 26,554,879
Islands of Doral Menorca B27 23,748,300
Casabella 21,033,050
Belmont 20,613,619
Capistara 19,650,974
Reflection Lakes Naples SF 14,788,341
Regal Oaks Phase 1B 13,837,444
West Region Admin 13,373,673
DC Ranch - Villas 12,971,397
Regal Oaks at Old Town 12,107,434
Reflection Lakes Naples 4-Plex 11,580,576
Chatfield Bluffs 10,196,419
Darlington Park 9,178,099
Regal Palms Phase 5 8,285,304
Cibola Vista 8,473,097
Texas Region Admin 7,847,441
Florida Region Admin 7,324,566
Blossom Hills 45's 7,187,483
Westyn Bay - 85 6,842,237
Sonesta Pointe 6,429,615
Twin Lakes TH 6,339,685
Reflection Isles 4-Plex 6,193,817
Vegas Valley & Hollywood 6,110,023
Abigail Estates 6,053,978
Sidehill Condos (220) 6,050,507
Crestwood (DI & Hollywood) 6,010,225
Piedmont Mews SFD 6,008,765
Valley View & Maule 5,995,178
Haven at York ST - A 5,968,286
Summer Point 5,849,627
Blossom Hills Cluster 5,849,146
Hawthorne Reserve - 80 5,815,456
Estrella Parcel 99-55's 5,518,654
Reserve at Lake Washington 5,514,687
Fox Grove 5,492,872
Oasis Key S/F 50 5,453,778
Watercrest @ Duck Creek Village 5,254,527
Layton Cluster - A Phase 1 5,112,968
Drexel Park 5,112,018
Blossom Hills 35's 5,057,887
North Pointe 60's 4,974,818
Beacon Point N-SF 4,851,270
Layton Lakes 55's 4,803,086
High Pointe at Rojen Farms 4,674,914
Highland Meadows - 70' Lots 4,584,092
Riverdale-6 Plex TH 4,481,460
Whitfield at Oakleaf 4,470,865
Linton Crest SFD 4,455,956
Rancho Cabrillo 35's 4,453,520
Reflection Isles Villa 4,436,195
Caloosa Lakes TH 4,439,430
River Glen 4,424,277
Tallyns Reach 4,417,308
Verrado Phase 2-45's 4,412,097
Verrado Phase 2-55's 4,402,163
Parkside/Errol P3 85' 4,387,919
Sossaman 4,330,659
Reflection Lakes Naples Villa 4,309,077
River Oaks 4,297,691
Estates at River's Edge 4,211,064
Bracey Estates 4,086,777
Entrada Del Oro Phase 2 4,029,315
Others 239,123,095
B. Personal Property
B.1 Cash on hand 0
B.2 Bank Accounts
Wachovia Corporation - A/N 2000032609121 592,595
Wells Fargo 665,465
M&T Bank 561,224
Sun Trust 1,041,490
B.3 Security Deposit 362,492
B.4 Household goods
Colorado Division 1,486,853
Phoenix Division 1,902,153
SW Florida Division 1,091,216
Others 2,229,009
B.5 Book, artwork and collectibles 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms and other equipment 0
B.9 Insurance Policies 0
B.10 Annuities 0
B.11 Interests in an education IRA 0
B.12 Interests in pension plans 0
B.13 Stock and Interests 69,996,568
B.14 Interests in partnerships & joint venture 1,962,594
B.15 Government and corporate bonds 0
B.16 Accounts Receivable
Engle/Sunbelt Holdings, LLC 47,554,864
Land bank construction 27,690,121
Superior Homes Investments 5,583,615
CW Capital Fund One, LLC 4,273,409
Pacific One Land Holdings, LP 3,659,631
GMAC 2,426,238
APEX Capital Fund 1, LLC 2,307,585
Acacia Credit Fund 2,117,044
GMAC West - Model Home Finance 1,612,407
Saybrook Community Capital LLC 1,415,438
EMF Fund I 1,344,834
Lo Land 1,244,615
NVR, Inc., dba Ryan Homes 1,161,440
Everest Lot Opportunity Fund - Baseline, LLC 976,388
Strategic 560,312
Premiere at Cooper Creek, LLC 477,746
GMAC West 435,375
Beacon Hill at Mountain's Edge, LLC 240,896
SC Development Enterprises, LLC 150,356
General Electric 127,530
TOUSA-Hearthstone Lake Webster 121,635
Masco/Delta 104,960
Others 820,221
B.17 Alimony 0
B.18 Other Liquidated Debts Owing Debtor 0
B.19 Equitable or future interests
Certain homesite option contracts 39,785,539
B.20 Interests in estate death benefit plan 0
B.21 Other Contingent and Unliquidated Claims 0
B.22 Patents 0
B.23 Licenses, franchises & other intangibles 0
B.24 Customer lists or other compilations 0
B.25 Vehicles 11,210
B.26 Boats, motors and accessories 0
B.27 Aircraft and accessories 0
B.28 Office Equipment
Furniture & Fixtures
Phoenix Division 1,150,425
Orlando Division 191,691
Las Vegas Division 191,513
Jacksonville Division 164,516
Colorado Division 75,771
SW Florida Division 67,197
Mid Atlantic Land Company Region 39,196
Virginia Division 33,127
Engle Mid Atlantic Division 32,043
West ROC 32,078
Equipment
Phoenix Division 407,123
Colorado Division 56,948
Jacksonville Division 41,639
Others 94,972
B.29 Equipment and Supplies for Business 0
B.30 Inventory 0
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
Leasehold improvements 2,813,784
Certain prepaid commissions 2,206,683
Prepaid expense 965,341
Others 2,437,048
TOTAL SCHEDULED ASSETS $1,180,998,601
=========================================================
C. Property Claimed as Exempt $0
D. Creditors Holding Secured Claims
Amick Construction, Inc. 1,016,479
Florida Sewer 356,121
Mecca/Ryan II JV 117,243
Mitchell & Stark Construction 1,122,010
Ryan Sales and Service 197,327
The Hodges Group 81,335
Tucker Paving 134,263
Highland Cassidy LLC 50,549
De Girolmo & Assoc. 47,947
Three Star Construction 28,132
Others 606,786
E. Creditors Holding Unsecured Priority Claims 0
F. Creditors Holding Unsecured Non-priority Claims
Waterproofing Systems 1,525,803
Mitchell & Stark 966,093
Florida Water & Sewer 490,992
Construction Services 455,621
Tri-star Drywall, Inc. 350,621
Belvedere Contracting, Inc. 336,779
Munitions Management Group LLC 227,134
Province Community Assoc., Inc. 224,300
SC Design, Inc. 218,299
Us Home Corp 217,973
Suntech Electrical Contractors 175,932
City of Aurora 169,217
C.A. Steelman, Inc. 163,963
Arapahoe County Treasure 157,719
Finest Drywall, Inc. 153,364
Waterproofing Systems of 152,803
Ryan Sales and Service, Inc. 143,785
BBP Construction Company 143,429
L&M Masonry Co., Inc. 137,143
Ast Construction Inc. 133,313
Central Supply Company 124,813
Griffin & Wilson Stucco, Inc. 123,678
Florida Windows & Doors, Inc. 123,225
DeGirolmo & Assoc., Inc. 121,272
Aurora Plumbing Corp. 116,390
Three Star Constr jointly 111,498
Bison Brothers Const Inc. 109,792
Silver Fern MGMT, LLC 108,464
C & C Marble, Inc. 106,481
Integrity Plumbing Corp. 105,144
City of Oviedo - Permits 103,123
Bison Brothers Const Inc. 102,307
Classic Tile & Carpet, Inc. 99,061
Craven Consulting, Inc. 97,887
Sun-Sentinel 96,405
T&G Painting, Inc. 96,130
Thales Builders Corp. 93,156
General Electric Corp. 88,059
Flow Fire Protection, Inc. 87,455
Snow's Concrete FRMG Inc. 85,509
El Paso County Treasurer 81,955
Stryan Builders LLC 81,537
Mountain Air Comfort Systems 81,382
High Plains Grading 80,070
Jefferson County 79,797
Waste Management of Florida 77,021
Town of Castle Rock 75,107
Del-Air Heating & Air 74,360
Platte River Plumb Inc. 69,915
Engle Homes/Orlando 68,550
Sunshine Drywall & Metal 68,489
Maricopa County Planning 67,275
CD & E Services, Inc. 66,896
Orlando Sentinel 66,532
Deer Creek Electric 66,386
Maricopa County Planning 65,275
Del-Air Electrical Service Inc. 65,055
Comfort House, Inc. 64,787
Tim Graboski Roofing, Inc. 64,590
Perkins Coie Brown & Bain PA 62,411
Hudspeth and Assoc. Inc. 61,071
Comet Electric and Equipment 60,768
Delaware Siding Co., Inc. 56,926
US41 Developer Co-operation 56,791
City of Las Vegas 56,560
CMX, LLC 54,715
City of Thornton 53,407
Superior Concrete, LLC 53,288
K & K Framers, Inc. 52,950
Exclusive Millwork, Inc. 52,118
Summit Steel Fabrications, Inc. 51,994
Tucker Paving, Inc. 50,369
Timberlake Cabinet Co. 50,028
Gustafson Heating & Air 49,127
Olivia Brick, Inc. 48,864
MMW CORP and Mile High Trim 47,591
Research Irrigation, Inc. 47,250
Superior Truss Systems, Inc. 47,055
Allied Insulation 46,770
Barton Supply 46,462
SelectBuild Florida, LLC 46,457
Hartford County Government 45,675
Reflection Lakes Master 45,339
Stoney Creek Concrete Inc 44,663
Marbella at Spanish Wells 43,988
Rosenberg, Martin Funk 43,859
K & W Painting, Inc. 43,718
Interior Trim Design, Inc. 43,560
Reston Town Center Property 43,412
United Framers 43,346
T&R Painting & Drywall 43,037
Cissell Electric, Inc. 42,989
Matthews Landscaping, Inc. 42,895
City of Fort Myers Utilities 41,670
Orange county Utilities 40,106
Torgerson Electric, Inc. 39,695
Platinum Realty Group 38,875
Symmetrical Stair, Inc. 37,200
El Paso Drywall 36,707
Misc. Vendor 36,000
Dual-Temp Mechanical, Inc. 35,672
City of Fort Myers 33,822
Sears, Roebuck and Co. 33,531
Llanes and Sons, Inc. 33,500
Architectural Arts 33,448
Precision Fitness Equipment 33,017
Country-Wide Heavy Equipment 32,850
Dei Professional Services 32,803
Manhard Consulting LTD 32,773
Water Resource Solutions 32,485
D&D Roofing, Inc. 32,103
General Stair Corp. 31,625
Hambro Structural Systems 31,429
Brinks Home Security 31,024
Engineered Air LLC 30,956
GBR Associates, Inc. 30,725
Outdoor Living Pool 30,676
Surface Crafters 29,527
DRA CRT Orlando University 29,363
Specialties Supply Co. Inc. 29,342
Structural Preservation 28,923
SelectBuild Mechanical, LLC 28,752
Bill Scott Drywall, Inc. 28,681
Bury Painters Virginia, Inc. 28,560
Public Service Co. of Colorado 28,141
Gator Electrical 27,711
Mario's Painting of S FL, Inc. 27,702
Residential Design Systems 26,931
Milgard Manufact. Inc. 26,911
Marbella at Spanish Wells HOA 26,498
Carpenter Contractors 26,287
Quest Design & Production 25,854
American Pools & Spas 25,792
CRP-2 Holdings CC, L.P. 25,685
Ok Painting Inc. 25,351
Greenberg Traurig 25,229
Triple R Paving 25,205
Lafarge West, Inc. 25,199
Heritage Carpet & Tile Co. 25,104
Teal Design Group 25,050
Martin County Utilities 25,047
The Hodges Group, Inc. 24,959
M.R. Tanner Dev & Con, Inc. 24,849
Savannah Millwork, Co 24,832
Lewcon Contracting LLC 24,520
Royal Fence & Equipment 24,506
L.M. Equipment Services, Inc. 24,480
Green MTN Excavating Inc. 24,341
Blake Stucco Contracting, Inc. 24,300
Purified Air Conditioning Inc. 23,950
D&E Electrical SYS, Inc. 23,900
Aqua Doc Inc. 23,834
Modern Comfort, Inc. 23,538
Cliff's Trucking, Inc. 23,500
WFLX-Fox 29 22,500
Van Kirk & Sons, Inc. 22,425
C & S Drywall, Inc. 22,175
General Electric Co 22,148
The Washington Post 22,017
Slater Hanifan Group 21,882
Misc. Vendor 21,862
Merten Mary Beth 21,294
Marble Crafters 21,178
Clanton Heating and Air Inc. 21,029
Wayne Dalton Corporation 21,000
Atrium Windows & Doors of FL 20,304
Marble-Lite Corp. 20,104
Xpress Concrete, Inc. 20,022
Others 2,193,088
TOTAL SCHEDULED LIABILITIES $19,658,444
=========================================================
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case
No.: 08-10928). The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M.
Basta, Esq., at Kirkland & Ellis LLP and Paul Steven Singerman,
Esq., at Berger Singerman to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker and financial advisor. Ernst & Young LLP is selected as
the Debtors' independent auditor and tax services provider.
Kurtzman Carson Consultants LLC acts as the Debtors' Notice,
Claims and Balloting Agent. TOUSA Inc.'s financial condition as
of Sept. 30, 2007, showed total assets of $2,276,567,000 and total
debts of $1,767,589,000. (TOUSA Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
TOUSA INC: West Holdings Files Schedules of Assets and Liabilities
------------------------------------------------------------------
TOUSA/West Holdings Inc., debtor-affiliate of TOUSA Inc.,
delivered its schedules of assets and liabilities, disclosing:
A. Real Property $0
B. Personal Property
B.1 Cash on hand 0
B.2 Financial Accounts 0
B.3 Security Deposits 0
B.4 Household Goods and Furnishings 0
B.5 Books, pictures and other art objects 0
B.6 Wearing apparel 0
B.7 Furs and jewelry 0
B.8 Firearms, sports and other hobby equipment 0
B.9 Interests in insurance policies 0
B.10 Annuities 0
B.11 Interests in education IRA 0
B.12 Interest in pension, profit sharing plan 0
B.13 Stock & Interests
TOUSA Funding, LLC - 100% Ownership 730,491,162
B.14 Investments in subsidiaries & others 0
B.15 Gov't. & corporate bonds, etc. 0
B.16 Accounts Receivable 0
B.17 Alimony & property settlements 0
B.18 Liquidated debts owed to debtor 0
B.19 Other equitable interests 0
B.20 Investment in deferred compensation 0
B.21 Derivative asset 0
B.22 Intellectual property 0
B.23 Licenses & franchises 0
B.24 Borrower & applicant list 0
B.25 Vehicles & accessories 0
B.26 Boats, motors & accessories 0
B.27 Aircraft & accessories 0
B.28 Office equipment, furnishings, supplies 0
B.29 Machinery, supplies, equipment, supplies 0
B.30 Inventory
B.31 Animals 0
B.32 Crops 0
B.33 Farming equipment & implements 0
B.34 Farm supplies, chemicals & feed 0
B.35 Other personal property 0
TOTAL SCHEDULED ASSETS $730,491,162
=========================================================
C. Property Claimed as Exempt None
D. Creditors Holding Secured Claims Unknown
E. Creditors Holding Unsecured
Priority Claims Unknown
F. Creditors Holding Unsecured Non-priority Claims None
TOTAL SCHEDULED LIABILITIES $0
=========================================================
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case
No.: 08-10928). The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M.
Basta, Esq., at Kirkland & Ellis LLP and Paul Steven Singerman,
Esq., at Berger Singerman to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker and financial advisor. Ernst & Young LLP is selected as
the Debtors' independent auditor and tax services provider.
Kurtzman Carson Consultants LLC acts as the Debtors' Notice,
Claims and Balloting Agent. TOUSA Inc.'s financial condition as
of Sept. 30, 2007, showed total assets of $2,276,567,000 and total
debts of $1,767,589,000. (TOUSA Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
TOUSA INC: Four Affiliates File Schedules of Assets and Debts
-------------------------------------------------------------
Four debtor affiliates of TOUSA Inc. reported assets ranging from
$100,000,000 to $300,000,000.
Debtor Assets Debts
------ ------------ ----------
Newmark Homes, LP $266,929,576 $1,576,637
Newmark Homes, LLC 195,818,120 2,815,715
TOUSA Homes Florida, LP 149,312,907 3,125,205
TOI, LLC 122,703,898 0
Tommy McAden, the Debtors' executive vice president, states that
although the management and the Debtors' advisors have made
reasonable efforts to ensure that the unaudited Schedules are as
accurate and complete as possible, subsequent information or
discovery may result in material changes to the Schedules and
inadvertent errors or omissions may exist.
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case
No.: 08-10928). The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M.
Basta, Esq., at Kirkland & Ellis LLP and Paul Steven Singerman,
Esq., at Berger Singerman to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker and financial advisor. Ernst & Young LLP is selected as
the Debtors' independent auditor and tax services provider.
Kurtzman Carson Consultants LLC acts as the Debtors' Notice,
Claims and Balloting Agent. TOUSA Inc.'s financial condition as
of Sept. 30, 2007, showed total assets of $2,276,567,000 and total
debts of $1,767,589,000. (TOUSA Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
TOUSA INC: 31 Affiliates File Schedules of Assets and Debts
-----------------------------------------------------------
Thirty-one debtor affiliates of TOUSA Inc. reported assets
ranging from $0 to $45,000,000:
Debtor Assets Debts
------ ----------- -----------
TOUSA Delaware, Inc. $45,293,318 $0
Reflection Key, LLC 8,064,850 402,140
LB/TE #1, LLC 5,063,168 2,673
Engle Homes Residential 2,440,932 17,628,397
Construction LLC
Engle Sierra Verde P5, LLC 2,219,640 102,621
TOUSA, LLC 1,239,433 0
Engle/Gilligan, LLC 733,341 22,847
TOUSA Mid-Atlantic Investment LLC 682,293 9,551
TOUSA Funding, LLC 586,108 0
Engle Homes Delaware, Inc. 345,843 0
Engle Sierra Verde P4, LLC 239,938 115,337
TOUSA Associates Services Co. 54,134 4,863,845
TOUSA Homes, LP 33,867 3,977,591
Newmark Homes Purchasing, LP 11,977 868,853
Lorton South Condominium, LLC 4,999 0
Engle Homes Commercial Construction 0 0
Engle/James LLC 0 0
McKay Landing, LLC 0 0
Preferred Builders Realty, Inc. 0 0
TOUSA Homes Investment #2, Inc. 0 0
TOUSA Homes Investment #2, LLC 0 0
Silverlake Interests, LLC 0 0
TOUSA Realty, Inc. 0 0
TOUSA Investment #2, Inc. 0 0
TOUSA Homes Arizona, LLC 0 0
TOUSA Homes Colorado, LLC 0 0
TOUSA Homes Nevada, LLC 0 0
TOUSA Homes Mid-Atlantic Holding LLC 0 0
TOUSA Homes Investment #1, Inc. 0 0
TOUSA Homes Mid-Atlantic, LLC 0 0
Newmark Homes Business Trust (848,183) 0
Tommy McAden, the Debtors' executive vice president, states that
although the management and the Debtors' advisors have made
reasonable efforts to ensure that the unaudited Schedules are as
accurate and complete as possible, subsequent information or
discovery may result in material changes to the Schedules and
inadvertent errors or omissions may exist.
About TOUSA Inc.
Headquartered in Hollywood, Florida, TOUSA Inc. (Pink Sheets:
TOUS) -- http://www.tousa.com/-- fka Technical Olympic U.S.A.
Inc., dba Technical U.S.A., Inc., Engle Homes, Newmark Homes L.P.,
TOUSA Homes Inc. and Newmark Homes Corp. is a leading homebuilder
in the United States, operating in various metropolitan markets in
10 states located in four major geographic regions: Florida, the
Mid-Atlantic, Texas, and the West. TOUSA designs, builds, and
markets high-quality detached single-family residences, town
homes, and condominiums to a diverse group of homebuyers, such as
"first-time" homebuyers, "move-up" homebuyers, homebuyers who are
relocating to a new city or state, buyers of second or vacation
homes, active-adult homebuyers, and homebuyers with grown children
who want a smaller home. It also provides financial services to
its homebuyers and to others through its subsidiaries, Preferred
Home Mortgage Company and Universal Land Title Inc.
The Debtor and its debtor-affiliates filed for separate Chapter 11
protection on Jan. 29, 2008. (Bankr. S.D. Fla. Case
No.: 08-10928). The Debtors have selected M. Natasha Labovitz,
Esq., Brian S. Lennon, Esq., Richard M. Cieri, Esq. and Paul M.
Basta, Esq., at Kirkland & Ellis LLP and Paul Steven Singerman,
Esq., at Berger Singerman to represent them in their restructuring
efforts. Lazard Freres & Co. LLC is the Debtors' investment
banker and financial advisor. Ernst & Young LLP is selected as
the Debtors' independent auditor and tax services provider.
Kurtzman Carson Consultants LLC acts as the Debtors' Notice,
Claims and Balloting Agent. TOUSA Inc.'s financial condition as
of Sept. 30, 2007, showed total assets of $2,276,567,000 and total
debts of $1,767,589,000. (TOUSA Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000).
*********
Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par. Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable. Those sources may not,
however, be complete or accurate. The Monday Bond Pricing table
is compiled on the Friday prior to publication. Prices reported
are not intended to reflect actual trades. Prices for actual
trades are probably different. Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind. It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.
Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets. At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
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cases involving less than $1,000,000 in assets and liabilities
delivered to nation's bankruptcy courts. The list includes links
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Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
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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,
USA. Shimero R. Jainga, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Melanie C. Pador, Ludivino Q. Climaco, Jr.,
Loyda I. Nartatez, Tara Marie A. Martin, Philline P. Reluya,
Joseph Medel C. Martirez, Ma. Cristina I. Canson, Christopher G.
Patalinghug, and Peter A. Chapman, Editors.
Copyright 2008. All rights reserved. ISSN: 1520-9474.
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