T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, March 5, 2008, Vol. 12, No. 55 Headlines ABITIBIBOWATER INC: Incurs $250MM Net Loss for 2007 Fourth Quarter ABITIBIBOWATER INC: Seeks to Finance Debts Maturing in 2nd Quarter ABRAHAM BURNETTE: Case Summary & Seven Largest Unsecured Creditors ADVANCED CELL: Inks Patent License Pact with Pharming Technologies ADVANCED CELL: Issues $600,000 Convertible Note to JMJ Financial AIRPORT NORTH: Case Summary & 36 Largest Unsecured Creditors AMERICAN AXLE: Work Stoppage of UAW Members Still in Effect AMERICAN IRONHORSE: Involuntary Chapter 11 Case Summary AMERICAN STANDARD: Files for Chapter 11 Protection AMERICAN STANDARD: Case Summary & 25 Largest Unsecured Creditors AMBAC FINANCIAL: Won't Split Business; Gets Cash Infusion Instead BALLANTYNE RE: Fitch Holds Low-B Ratings on $300 Million Notes BH BOULDERS: Case Summary & Three Largest Unsecured Creditors BLACK DIAMOND: Case Summary & 160 Largest Unsecured Creditors BLAISE PROVITOLA: Case Summary & Eight Largest Unsecured Creditors BMO FINANCIAL: Fails to Restructure Apex and Sitka Trusts BON-TON STORES: David Zant Quits as Vice Chairman of Private Brand BUFFETS HOLDINGS: Court OKs L/C Reimbursement Pact With U.S. Bank BUFFETS HOLDINGS: Can Sell Properties in Ohio and Illinois BUFFETS HOLDINGS: Committee to Hire FTI as Financial Advisors BUILDING MATERIALS: Lenders Reduce Revolving Credit Line to $200M CHARYS HOLDING: U.S. Trustee Appoints Five Member Creditors Panel CHARYS HOLDING: Taps Michael Brenner as Special Counsel CHASE COMMERCIAL: S&P Junks Rating on Class L Certs. From 'B-' CHRYSLER LLC: Corrects Erroneously Reported $2.7 Billion Loss CITIGROUP MORTGAGE: Moody's Lowers Ratings on Three Cert. Classes DADELAND MALL: S&P Confirms Low-B Ratings on Five Cert. Classes DANA CORP: Allowed Unsecured Claims Total $2 Billion DELPHI CORP: Court Extends Lease Decision Deadline to March 31 DELPHI CORP: Court Extends Deadline to Remove Civil Actions DELTA AIR: Ten Retirees Seek Allowance of 'Look Back' Claims DELTA AIR: Wants Until October 21 to Resolve Disputed Claims DELTA AIR: Bell Atlantic Appeals TIA/SLV Claims Disallowance DIASYS CORP: Common Stock Delisted from OTC Bulletin Board DONNA MILDRED BUICE: Voluntary Chapter 11 Case Summary DRIVETIME AUTOMOTIVE: S&P Assigns Ratings on Negative CreditWatch DUE WEST: Case Summary & Five Largest Unsecured Creditors DURA AUTOMOTIVE: Court Approves 2008 Annual Bonus Plan DURA AUTOMOTIVE: Court Approves $2 Mil. Nyloncraft Settlement Pact EURAM-MACUAELY: Files Schedules of Assets and Liabilities FAIRMONT GENERAL: Defeasance Cues Moody's To Withdraw 'Ba2' Rating FEDDERS CORP: Court OKs Bidding Procedure of Sale of Units' Assets FREMONT GENERAL: Gets Notices of Default on $3.15 Billion Loan FORTUNOFF: Court Approves Sale of Assets to NRDC's H Acquisition GATEWAY TRUCK: Voluntary Chapter 11 Case Summary GENTIVA HEALTH: Completes $55 Mil. Purchase of Home Health's Stake GEORGE CARNIE: Case Summary & Eight Largest Unsecured Creditors GENERAL MOTORS: Two Plants Idled Due to Supplier's Labor Dispute GMAC LLC: Fitch Chips Ratings and Removes Negative CreditWatch GO FIG: Patients Wants $4.3 Mil. in Unconsumed Services Returned GSAMP: Fitch Affirms 'B' Ratings on Two Certificate Classes GS MORTGAGE: Fitch Cuts Ratings to BB from BBB on Two Loan Classes HERBST GAMING: Fin'l Advisor Retention Cues Moody's To Chip Rating HOLLEY PERFORMANCE: U.S. Trustee Wants Vendors' List Shown HSBC: Fitch Downgrades Ratings on $2.8 Billion Certificates IDEAL ACCENTS: Court Dismisses Chapter 11 Proceedings in New York INDYMAC MORTGAGE: Fitch Chips Ratings on $1.6 Billion Certificates IPCS INC: December 31 Balance Sheet Upside-Down by $39 Million JARDEN CORP: Engages PwC as New Independent Accounting Firm JEFFERSON COUNTY: Moody's Pares Revenue Rating to 'B3' From 'Baa3' JEFFERSON COUNTY: S&P Cuts Rating to 'B' on Financial Uncertainty KEITH PETERSON: Case Summary & Three Largest Unsecured Creditors KELLWOOD CO: Moody's Withdraws Ratings on Lack of Information KLAVOHN'S NEW LEAF: Section 341(a) Meeting Set for March 17 LEVITT AND SONS: BofA Seeks Clarification on Ordered Abandonment LEVITT AND SONS: Court OKs Kapila as Administrator's Accountants LEVITT AND SONS: Court OKs Smith Hulsey as Administrators' Counsel LEVITZ FURNITURE: Court Allows KDG to Enforce $575,424 Liens MCMILLIN COS: S&P Withdraws Corporate Credit and Debt Ratings MORGAN STANLEY: Fitch Junks Ratings on Seven Certificate Classes MOHAMMAD QADIR: Case Summary & Five Largest Unsecured Creditors NATIXIS MORTGAGE: Fitch Junks Ratings on 20 Certificate Classes OSYKA CORP: Case Summary & 40 Largest Unsecured Creditors OWENS CORNING: Posts $46M Net Loss in Three Months Ended Dec. 2007 PEOPLES CHOICE: Files Chapter 11 Liquidating Plan PFP HOLDINGS: U.S. Trustee Appoints Seven-Member Creditors' Panel PHOENIX FOOTWEAR: Receives $14 Mil. Payment from Tactical Holdings PLAINS EXPLORATION: Unit Buying $335MM of Oil and Gas Properties PLASTECH ENGINEERED: Allows JCI to Remove Certain LC-22 Tools QUEBECOR WORLD: Creditors' Committee Taps Mesirow as Advisor QUEBECOR WORLD: Creditors' Panel Wants Jefferies & Co. as Banker QUEBECOR WORLD: Wants Creditor Information Protocol Approved QUEBECOR WORLD: Woes Cue $779 Mil. Non-Cash Hit for Quebecor Inc. QUICK SERVICE: Blames Bankruptcy on Rising Costs and Lower Sales RELIANT ENERGY: Moody's Puts Ratings on Review For Likely Upgrade RESIDENTIAL CAPITAL: Fitch Cuts Ratings and Retains Negative Watch SAINT VINCENT: Objections to 5 Claims Must be Filed by March 14 SAINT VINCENT: Wants Court to Expunge Six Claims Worth $485,283 SAINT VINCENT: District Court Affirms Verdict on Larney's Claim SAINT VINCENT: Inks 15-Year Lease for Employees' Residences SALANDER-O'REILLY: Seeks Exclusivity Period Extension to June 7 SALANDER-O'REILLY: Hearing on Rent Payment Set for March 20 SALANDER-O'REILLY: Procedures to Determine Artwork Owner Approved SANTA FE: Case Summary & Nine Largest Unsecured Creditors SCO GROUP: Payment in Full to All Creditors Under Plan SCO GROUP: Disclosure Statement Hearing Set For April 2 SECURITIZED ASSET: Fitch Lowers Ratings on $6.4 Bil. Certificates SENTINEL MANAGEMENT: BoNY Asked to Pay $550,000,000 in Damages SHARON JORT: Voluntary Chapter 11 Case Summary SI INTERNATIONAL: Raises Revolving Credit Line to $140,000,000 SIRIUS SATELLITE: Won't Terminate XM Merger Deal Prior to May 1 SIRVA INC: Allowed to Obtain $150,000,000 of DIP Financing SIRVA INC: Gets Permission to Use Lenders' Cash Collateral SIRVA INC: 341 Meeting of Creditors Postponed Until April 20 SIRVA INC: Sells U.K. and Ireland Operations to TEAM Group SLM CORP: Fitch Affirms 'BB+' Rating on Preferred Stock SOLUTIA INC: Posts $208 Million Net Loss for Year Ended Dec. 31 SOLUTIA INC: Provides Status of Adversary Proceedings SOLUTIA INC: DuPont Disputes Need to Reexamine BDO's Report TEMBEC INC: Completes Recapitalization; New Shares Listed on 'TSX' TEMBEC INC: Unit Gets S&P's 'D' Debt Issue Rating on Senior Notes TEMPUR-PEDIC INT'L: Pres. H. Thomas Bryant to Retire Mid-Year 2008 TERADYNE INC: Daniel Tempesta Resigns as Corporate Controller TERWIN MORTGAGE: Adverse Performance Cues S&P's Rating Downgrades THORNBURG MORTGAGE: Posts $874.9 Million Net Loss in 2007 THORNBURG MORTGAGE: Fitch Retains Junk Ratings Under Neg. Watch THORNBURG MORTGAGE: S&P Cuts Rating to 'SD' From 'B-' on Default THORNBURG MORTGAGE: Weak Liquidity Prompts Moody's Junk Ratings THORNBURG MORTGAGE: Moody's Reviews Note Ratings For Likely Cuts TOWERS OF CHANNELSIDE: Court Approves Stichter Riedel as Counsel TPF II: S&P Puts 'BB-' Final Rating on $165 Million Senior Loan TRICOM SA: Disclosure Statement Hearing Scheduled on April 15 TRUX MAX: Case Summary & 20 Largest Unsecured Creditors US CONCRETE: Moody's Puts 'B1' Ratings on Review For Possible Cuts VIRTUAL FONLINK: Court Converts Ch. 11 Case to Ch. 7 Proceeding WASHINGTON MUTUAL: Fitch Chips Ratings on 27 Certificate Classes WELLCARE HEALTH: Can't File Annual Report Pending Probe WILD WEST: Spectacular to Purchase Theme Park for $2 Million WIREFREE PARTNERS: Fitch Cuts Note Rating to BB+; Puts Neg. Watch WORNICK CO: Lender Agreement Prompts Moody's to Withdraw Ratings XM SATELLITE: Agrees Not to Terminate Merger Prior to May 1 * Outlook on Collateralized Loan Deals is Stable, Moody's Opines * Moody's Cuts 34 Credit Linked Notes' Ratings on Projected Losses * S&P Downgrades 40 Tranches' Ratings From 10 Cash Flows and CDOs * S&P Downgrades 73 Tranches' Ratings From 18 Cash Flows and CDOs * S&P Downgrades 73 Tranches' Ratings From 18 Cash Flows and CDOs * S&P Reinstates Pre-Jan. 30, 2008 Ratings on 33 RMBS Classes * Five Partners Join Chadbourne & Parke-New York and Mexico City * Regulator Wants More Disclosure in Mortgage Dealings * Upcoming Meetings, Conferences and Seminars ********* ABITIBIBOWATER INC: Incurs $250MM Net Loss for 2007 Fourth Quarter ------------------------------------------------------------------ AbitibiBowater Inc. reported a net loss for the fourth quarter 2007 of $250 million on sales of $1,491 million. These results compare with a net income of $107 million on sales of $861 million for the fourth quarter of 2006. For the full year 2007, the company reported a net loss of $490 million. This compares with a net loss of $138 million for 2006. Sales in 2007 totaled $3,876 million, up 11% from 2006 sales of $3,530 million. The company's 2007 fourth quarter and year-end results reflect the full quarter and year-end results for Bowater Incorporated and the results for Abitibi-Consolidated Inc. for the period after its combination with Bowater on Oct. 29, 2007. The company's fourth quarter and year-end results for 2006 include only Bowater results. "While markets for wood products remain challenging, market conditions for pulp and paper products are improving significantly and we are pleased with our ongoing progress to make our company a more globally competitive organization," John W. Weaver, executive chairman, stated. "Our recently announced agreement with Catalyst Paper, to sell our Snowflake, Arizona newsprint mill for approximately $180 million, including retained working capital, is another important milestone." "We remain committed to our debt reduction target of $1 billion over the next three years," Mr. Weaver said. The company has been actively engaged in its Phase 2 comprehensive review of operations since the merger was completed and expects that to disclose its decisions during the second quarter of 2008. The company is focused on further cost reductions and manufacturing platform improvements in both the paper and wood products segments. "Since our Phase 1 announcement, we have been working with our employees, unions, governments and communities in an effort to address the challenges that we face today," David J. Paterson, President and chief executive officer, said. "We are operating in a rapidly changing business environment and we will take the necessary steps to position AbitibiBowater for the future." "In order to remain a competitive, viable supplier and provide our stakeholders with appropriate returns, we must significantly improve the margins for our products," Mr. Paterson continued. "Our recently announced price increases were a successful step." As of Dec. 31, 2007, the company's listed total assets of $10.7 billion, total liabilities of $8.8 billion resulting to a total shareholders' equity of $1.9 billion. About AbitibiBowater Headquartered in Montreal, Canada, AbitibiBowater Inc. (NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a result of the combination of Abitibi-Consolidated Inc. and Bowater Incorporated. Pursuant to the transaction, Abitibi-Consolidated Inc. and Bowater Incorporated became subsidiaries of AbitibiBowater. The company produces a range of forest products marketed in more than 80 countries around the world. The company's customers include many publishers, commercial printers, retailers, consumer products companies and building supply outlets. AbitibiBowater is also a recycler of newspapers and magazines. The company owns or operates 32 pulp and paper mills and 35 wood products facilities in North America and offshore. The company manages its business in five segments: coated papers, specialty papers, newsprint, market pulp and lumber. * * * As reported in the Troubled company Reporter on Feb. 25, 2008, Fitch Ratings downgraded AbitibiBowater Inc. and subsidiaries as: Abitibi-Consolidated Inc.; IDR to 'CCC' from 'B-'; senior unsecured debt to 'CCC/RR4 from 'B-/RR4'; secured revolver to 'CCC+/RR3' from 'B/RR3'. Bowater Incorporated; IDR to 'CCC' from 'B-'; senior unsecured debt to 'CCC/RR4' from 'B-/RR4'; secured revolver to 'B/RR1' from 'BB-/RR1'. Bowater Canadian Forest Products Inc.; IDR to 'CCC' from 'B-'; senior unsecured debt to 'B-/RR2' from 'B+/RR2; secured revolver to 'B/RR1' from 'BB-/RR1'. All ratings have been placed on rating watch negative. ABITIBIBOWATER INC: Seeks to Finance Debts Maturing in 2nd Quarter ------------------------------------------------------------------ AbitibiBowater Inc. amended Bowater Incorporated's credit facilities. The amendments permit an intercompany restructuring of the ownership of the company's Catawba, South Carolina mill to permit additional debt financing by Bowater or the company. Among other liquidity needs that must be addressed, the company's Abitibi-Consolidated subsidiary has second quarter debt maturities of approximately $200 million due April 1 and $150 million due June 20 that have not yet been refinanced. The company confirmed that it has been reviewing multiple financing alternatives to develop additional liquidity for the remainder of 2008 and 2009. The company cautioned that continued negative conditions in the credit and capital markets, as well as the difficult industry operating environment, are challenging its ability to obtain financing and that there can be no assurance that either the company, Abitibi-Consolidated or Bowater could obtain financing on terms satisfactory to the company. On Feb. 25, 2008, Bowater and certain of Bowater's direct and indirect subsidiaries entered into amendments to Bowater's U.S. and Canadian credit agreements: -- The amendment to the U.S. credit agreement was entered into with Wachovia Bank, National Association, as administrative agent for the various lenders under that credit agreement; and -- The amendment to the Canadian credit agreement was entered into among Bowater, Bowater Canadian Forest Products Inc., certain lender parties and The Bank of Nova Scotia, as administrative agent for the lenders. The amendments: (i) contemplate the transfer by Bowater of the Catawba, South Carolina mill assets and related operations to a new wholly owned subsidiary of Bowater; (ii) permit the transfer of the equity of the Catawba subsidiary to AbitibiBowater; (iii) make the Catawba subsidiary an additional borrower under the U.S. credit agreement and a guarantor of the Canadian Obligations; (iv) permit the Catawba subsidiary, AbitibiBowater, Bowater or certain of their subsidiaries to incur up to an aggregate of $700 million of additional secured indebtedness, subject to certain conditions; (v) for 2008, increase the applicable margin and increase the first lien leverage ratio requirement and decrease the interest coverage ratio requirement; and (vi) waive any and all defaults that may have occurred as a result of a failure by Bowater and its subsidiaries to comply with certain financial covenants. The amendments contemplate that the Catawba subsidiary will grant a mortgage on the Catawba mill assets on or before March 31, 2008, as security for $250 million of the indebtedness outstanding under the U.S. credit agreement and for $50 million as security for the Canadian credit agreement. A copy of the Third Amendment and Waiver, dated as of Feb. 25, 2008, to the Credit Agreement dated as of May 31, 2006, is available at no charge at http://ResearchArchives.com/t/s?28c3 A copy of the Third Amendment and Waiver, dated as of February 25, 2008, to the Credit Agreement dated as of May 31, 2006, is available at no charge at http://ResearchArchives.com/t/s?28c4 About AbitibiBowater Headquartered in Montreal, Canada, AbitibiBowater Inc. (NYSE:ABH) -- http://www.abitibibowater.com/-- was formed as a result of the combination of Abitibi-Consolidated Inc. and Bowater Incorporated. Pursuant to the transaction, Abitibi-Consolidated Inc. and Bowater Incorporated became subsidiaries of AbitibiBowater. The company produces a range of forest products marketed in more than 80 countries around the world. The company's customers include many publishers, commercial printers, retailers, consumer products companies and building supply outlets. AbitibiBowater is also a recycler of newspapers and magazines. The company owns or operates 32 pulp and paper mills and 35 wood products facilities in North America and offshore. The company manages its business in five segments: coated papers, specialty paperBs, newsprint, market pulp and lumber. * * * As reported in the Troubled company Reporter on Feb. 25, 2008, Fitch Ratings downgraded AbitibiBowater Inc. and subsidiaries as: Abitibi-Consolidated Inc.; IDR to 'CCC' from 'B-'; senior unsecured debt to 'CCC/RR4 from 'B-/RR4'; secured revolver to 'CCC+/RR3' from 'B/RR3'. Bowater Incorporated; IDR to 'CCC' from 'B-'; senior unsecured debt to 'CCC/RR4' from 'B-/RR4'; secured revolver to 'B/RR1' from 'BB-/RR1'. Bowater Canadian Forest Products Inc.; IDR to 'CCC' from 'B-'; senior unsecured debt to 'B-/RR2' from 'B+/RR2; secured revolver to 'B/RR1' from 'BB-/RR1'. All ratings have been placed on rating watch negative. ABRAHAM BURNETTE: Case Summary & Seven Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Abraham Wilford Burnette 5553 South Rex Avenue Tucson, AZ 85706 Bankruptcy Case No.: 08-02021: Chapter 11 Petition Date: February 29, 2008 Court: District of Arizona (Tucson) Judge: Eileen W. Hollowell Debtor's Counsel: Eric Slocum Sparks Eric Slocum Sparks PC 110 South Church Avenue #2270 Tucson, AZ 85701 Tel: 520-623-8330 Fax: 520-623-9157 ericssparks@hotmail.com Total Assets: $477,939 Total Debts: $1,412,986 Debtor's list of its Seven Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Internal Revenue Service 941 taxes on $1,018,514 210 East Earll Street business Phoenix, AZ 85012 Account Recovery Service medical $9,093 P.O. Box 11809 collection debt Glendale, AZ 85318 charge off Citi credit line $4,861 P.O. Box 6003 charge off Hagerstown, MD 21747 Chevron credit card debt $856 Bank of America credit card debt $796 Account Recovery Service medical $770 collection debt charge off Surety Acceptance medical $50 collection debt charge off ADVANCED CELL: Inks Patent License Pact with Pharming Technologies ------------------------------------------------------------------ Advanced Cell Technology Inc., in a regulatory filing with the Securities and Exchange Commission dated Feb. 29, 2008, disclosed that it has entered into a License Agreement with Pharming Technologies B.V. Under the terms of the License Agreement, the company exclusively licensed to Pharming certain patents including oocyte activation patents for all uses and applications in or related to non-human animals. The company retained all use and applications of such patents in or related to humans. As consideration for the exclusive license, Pharming paid the company a one-time license fee of $260,000. About Advanced Cell Technology Inc. Headquartered in Alameda, California, Advanced Cell Technology Inc. (OTCBB:ACTC) -- http://www.advancedcell.com/-- is a biotechnology company focused on developing and commercializing human stem cell technology in the emerging field of regenerative medicine. It has developed and maintained a portfolio of patents and patent applications that form the proprietary base for its embryonic stem cell research and development. The company operates facilities in Alameda, California and Worcester, Massachusetts. * * * As reported in the Troubled Company Reporter on March 26, 2007, Stonefield Josephson Inc. in Los Angeles, California, expressed ed substantial doubt about Advanced Cell Technology Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended Dec. 31, 2006. The auditing firm pointed to the company's minimal sources of revenue, substantial losses, substantial monetary liabilities in excess of monetary assets and accumulated deficits as of Dec. 31, 2006. As of Sept. 30, 2007, the company has a substantial stockholders' deficit of $26.5 million. The company expects that it will not be able to continue as a going concern and fund cash requirements for operations through June 30, 2008, with current cash reserves. ADVANCED CELL: Issues $600,000 Convertible Note to JMJ Financial ---------------------------------------------------------------- Advanced Cell Technology Inc. disclosed Friday that effective Feb. 19, 2008, the company sold a $600,000 unsecured convertible note to JMJ Financial, for a net purchase price of $500,000 in a private placement. In accordance with the Use of Proceeds Agreement entered into in connection with the issuance of the Note, the company is required to use the proceeds from the Note solely for research, development and other expenditures dedicated to adult stem cell research. The Note may not be prepaid without written consent from the holder of the Note. The Note bears interest at the rate of 12% per annum, and is due by Feb. 10, 2010. At any time after the 180th day following the effective date of the Note, the holder of the Note may at its election convert all or part of the Note plus accrued interest into shares of the company's common stock at the conversion rate of the lesser of: (a) $0.38 per share, or (b) 80% of the average of the three lowest trade prices in the 20 trading days prior to the conversion. About Advanced Cell Technology Inc. Headquartered in Alameda, California, Advanced Cell Technology Inc. (OTCBB:ACTC) -- http://www.advancedcell.com/-- is a biotechnology company focused on developing and commercializing human stem cell technology in the emerging field of regenerative medicine. It has developed and maintained a portfolio of patents and patent applications that form the proprietary base for its embryonic stem cell research and development. The company operates facilities in Alameda, California and Worcester, Massachusetts. * * * As reported in the Troubled Company Reporter on March 26, 2007, Stonefield Josephson Inc. in Los Angeles, California, expressed substantial doubt about Advanced Cell Technology Inc.'s ability to continue as a going concern after auditing the company's consolidated financial statements for the year ended Dec. 31, 2006. The auditing firm pointed to the company's minimal sources of revenue, substantial losses, substantial monetary liabilities in excess of monetary assets and accumulated deficits as of Dec. 31, 2006. As of Sept. 30, 2007, the company has a substantial stockholders' deficit of $26.5 million. The company expects that it will not be able to continue as a going concern and fund cash requirements for operations through June 30, 2008, with current cash reserves. AIRPORT NORTH: Case Summary & 36 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: Airport North Business CenterC, LLC Attention: John E. Buehner 600 Peachtree Street, Suite 5200 Atlanta, GA 30308 Bankruptcy Case No.: 08-64027 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Pointe South Shopping Center, LLC 08-64038 Red Oak Shopping Center, LLC 08-64053 Tri-County Station Shopping Center, LLC 08-64061 Virginia Station Shopping Center, LLC 08-64068 Chapter 11 Petition Date: March 3, 2008 Court: Northern District of Georgia (Atlanta) Judge: C. Ray Mullins Debtors' Counsel: Anne L. Blitch, Esq. (alblitch@duanemorris.com) Duane Morris, LLP, Suite 700 1180 West Peachtree Street Atlanta, GA 30309-3448 Tel: (404) 253-6962 http://www.duanemorris.com Airport North Business CenterC, LLC's Financial Condition: Estimated Assets: $1 million to $10 million Estimated Debts: $1 million to $10 million A. Airport North Business CenterC, LLC's Six Largest Unsecured Creditors: Entity Claim Amount ------ ------------ C.N.A. Insurance $1,176 P.O. Box 790094 Saint Louis, MO 63179-0094 Live Oak Landscape Services $550 P.O. Box 847 Monroe, GA 30655 Delta Plumbing $525 85 Daniel Drive Stockbridge, GA 30281 Roth, Jonas, Mittelberg & $525 Hartney Donnie "DeWayne" Nowell $125 City of East Point $118 B. Pointe South Shopping Center, LLC's Six Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Clayton County Water Authority $4,926 1600 Battle Creek Road Morrow, GA 30260-4302 Donnie "Dewayne" Nowell $2,410 P.O. Box 1404 Hiram, GA 30141 Advanced Disposal $1,116 P.O. Box 791257 Baltimore, MD 21279 Atlanta Sweeping Services, a $912 Division of BDW Corp. Live Oak Landscape Services $700 Georgia Power Co. $834 C. Red Oak Shopping Center, LLC's Six Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Donnie "Dewayne" Nowell $1,995 P.O. Box 1404 Hiram, GA 30141 City of Atlanta $952 Department of Watershed Management P.O. Box 105275 Atlanta, GA 30348-5275 Dane Services, Inc. $775 1675 Baker Road Acworth, GA 30101 Roth, Jonas, Mittelberg & $525 Hartney Georgia Power Co. $671 Pirkle Electric Co., Inc. $225 D. Tri-County Station Shopping Center, LLC's Seven Largest Unsecured Creditors: Entity Claim Amount ------ ------------ City of Atlanta $2,724 Department of Watershed Management P.O. Box 105275 Atlanta, GA 30348-5275 Clayton Signs, Inc. $1,506 5198 North Lake Drive Morrow, GA 30260 Donnie "Dewayne" Nowell $1,229 P.O. Box 1404 Hiram, GA 30141 Atlanta Sweeping Services, a $961 Division of BDW Corp. Live Oak Landscape Services $700 Roth, Jonas, Mittelberg & $525 Hartney United Waste Service $102 E. Virginia Station Shopping Center, LLC's 11 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Northwest Exterminating $825 1740 Corn Road Smyrna, GA 30080 Atlanta Sweeping Services, a $724 Division of BDW Corp. 1057 Citizens Parkway P.O. Box 870892 Morrow, GA 30287-0892 City of College Park $551 3667 Main Street Atlanta, GA 30337-0137 Roth, Jonas, Mittelberg & $525 Hartney Live Oak Landscape Services $500 Heavenly Cleaning Service $475 City of College Park $407 Donnie "DeWayne" Nowell $300 City of College Park $418 Northwest Exterminating $125 City of College Park $27 AMERICAN AXLE: Work Stoppage of UAW Members Still in Effect ----------------------------------------------------------- The work stoppage implemented by American Axle & Manufacturing Inc.'s United Auto Workers union-represented workforce at five facilities in Michigan and New York remains in effect. Approximately 3,650 associates are represented by the UAW at these facilities. At all times during these negotiations, AAM has honored its duty to negotiate in good faith. AAM has not engaged in unfair labor practices nor has AAM violated any labor laws. Allegations to the contrary are simply not true. AAM's UAW-represented facilities currently affected by the work stoppage are not profitable and have not been for years. AAM is profitable at other U.S. and non-U.S. locations, principally because the cost structure at these operationally- flexible regional manufacturing facilities is market competitive. AAM's recent proposals to the UAW feature the same changes accepted by the UAW in agreements with its competitors in the United States of America. This includes AAM's principal driveline competitors in the domestic market: Dana Corp. and the in-house axle-making operations of Ford Motor Co. and Chrysler LLC. Pursuant to the expired master agreement with the UAW, AAM's all- in labor cost is currently $73.48 per hour. This is approximately three times the market rate of AAM's peers and competitors in the United States. "The market competitiveness of AAM's labor cost structure in the United States of America is the key issue we are discussing with the UAW," AAM Co-Founder, Chairman & CEO Richard E. Dauch said. "AAM cannot accept terms and conditions that put the company at a significant competitive disadvantage in the U.S. automotive supply industry. AAM's negotiating team has never left the bargaining table and is available at any time to resume negotiations with the UAW." Headquartered in Detroit, Michigan, American Axle & Manufacturing Holdings Inc. (NYSE:AXL) -- http://www.aam.com/-- and its wholly owned subsidiary, American Axle & Manufacturing, Inc., manufactures, engineers, designs and validates driveline and drivetrain systems and related components and modules, chassis systems and metal-formed products for light trucks, sport utility vehicles and passenger cars. In addition to locations in the United States (in Michigan, New York and Ohio), the company also has offices or facilities in Brazil, China, Germany, India, Japan, Luxembourg, Mexico, Poland, South Korea and the United Kingdom. * * * As reported in the Troubled Company Reporter on Feb. 28, 2008, Standard & Poor's Ratings Services said that its ratings on American Axle and Manufacturing Holdings Inc. (BB/Negative/--) are not immediately affected by reports that the United Auto Workers labor union, elected to conduct a work stoppage at the expiration of its four-year master labor agreement with American Axle. As reported in the Troubled Company Reporter on Nov. 27, 2007, Moody's Investors Service affirmed American Axle & Manufacturing Holdings, Inc.'s Corporate Family rating of Ba3 as well its senior unsecured rating of Ba3 to American Axle & Manufacturing Inc.'s notes and term loan. At the same time, the rating agency revised the rating outlook to stable from negative and renewed the Speculative Grade Liquidity rating of SGL-1. AMERICAN IRONHORSE: Involuntary Chapter 11 Case Summary ------------------------------------------------------- Alleged Debtor: American Ironhorse Motorcycle Company, Inc. 4600 Blue Mound Road Forth Worth, TX 76106 Case Number: 08-40926 Type of Business: The company designs and manufactures a brand of custom-built cruisers and choppers. See: http://www.americanironhorse.com Involuntary Petition Date: Feb. 29, 2008 Court: U.S. Bankruptcy Court for the Northern District of Texas Petitioner's Counsel: Troy D. Philips, Esq. Glast, Phillips & Murray, PC Phone: (972)419-8300 Fax : (972) 419-8329 E-mail: bmckinlay@gpm-law.com 13355 Noel Road, LB 48, Ste 2200 Dallas TX 75240 Petitioners Nature of Claim Claim Amount ----------- --------------- ------------ AG Nichlos, Jr. Promissory Note $60,000 3621 Turtle Creek #4E Dallas, TX 75219 William E. Buford Promissory Note 30,000 William Buford 5370 W. Lovers Lane, #396 Dallas, TX 75209 Jim Graham Promissory Note 30,000 Jim Graham Two Lincoln Center, #300 Dallas, TX 75240 ------------ $120,000 AMERICAN STANDARD: Files for Chapter 11 Protection -------------------------------------------------- Prefabricated wood building manufacturer American Standard Building Systems, Inc. filed for Chapter 11 bankruptcy protection on Monday as a result of the mortgage crisis and a downturn in the real estate market. As reported in the Troubled Company Reporter on Feb 29, 2008, American Standard Building Systems closed on Jan. 25 after a bank refused to provide it a loan. Certain workers did not receive wages and certain customers did not get the products they bought, Ms. Wray disclosed. The company has 57 regular workers and 23 temporary workers. Customers who paid deposits probably won't get their money back, according to a report by WDBJ7.com (VA). The report cited a lawyer for the company saying the company's property and equipment might be sold. A spokesperson says there's "a slim chance" that customers could get a small refund, depending on the sale price, the report said. AMERICAN STANDARD: Case Summary & 25 Largest Unsecured Creditors ------------------------------------------------------------ Lead Debtor: American Standard Building Systems, Inc. P.O. Box 4908 (zip 24115) Martinsville, VA 24112 Bankruptcy Case No.: 08-60478 Type of Business: The company manufactures prefabricated wood buildings. Chapter 11 Petition Date: Feb. 29, 2008 Court: U.S. Bankruptcy Court Western District of Virginia (Lynchburg) Judge: Hon. William E. Anderson Debtors' Counsel: Andrew S Goldstein (agoldstein@mfgs.com) Magee Foster Goldstein & Sayers, P.C. P.O. Box 404 Roanoke, VA 24003 Phone: 540 343-9800 Fax: 540-343-9898 Web site: www.mfgs.com/ Assets: $3,090,219.32 Debts: $4,435,439.00 List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Gholson, Robert Contract $125,406.75 278 Leaf Avenue Central Islip, NY 11722 Rosario, Alex Contract 106,581.75 12010 Teeside Drive Fredericksburg, VA 22407 Minton, Ted & Tracey Contract 95,749.90 P.O. Box 914 Stuart, vA 24171 Huang, William Thomas & Sharon Contract 90,000.00 Morgan, Nick & Kimberly Contract 81,213.41 Nally, Bryan Contract 80,557.57 American Elite Homes Contract 77,908.00 Conlu, Rod Contract 74,208.00 American Expres Business Credit Contract 72,098.72 Drummond, Shakorie Contract Contract 65,625.84 GCA Services Group Busines Services Contract 65,132.53 Beehler, Ron Contract 64,975.80 Drummond, Dewayne & Patricia Contract 64,696.46 Ameritech Service Co., Inc. Contract 61,000.00 Ruiz, Immaculada Palomera Contract Contract 58,732.00 Home Depot Credit Services Business Credit 55,994.99 Cole, Todd Contract 49,682.34 George, Deborah Contract 48,917.28 Mitek Industries Business Services 46,176.05 North Carolina Dept. of Revenue Sales Tax June, 40,409.77 October, November, & December 2007 AMBAC FINANCIAL: Won't Split Business; Gets Cash Infusion Instead ----------------------------------------------------------------- Ambac Financial Group Inc. does not intend to split itself into two, opting instead to embrace new capital to preserve its bond insurance business, Aline van Duyn and Ben White of The Financial Times report. Ambac rejected a proposal that plans to separate its municipal bond business with its structured finance business, the Times says. While municipal bonds have retained its triple-A ratings, its structure finance part has not fared so well, receiving low ratings due to the nature of subprime mortgages backing the funds. Ambac plans not to involve itself with structured finance deals for the next six months, noting that it will free up additional capital approximately $600 million, relates the Times. Ambac, however, has welcomed an infusion of more than $2 billion of fresh capital from some investors and various banks, most notably Citigroup and UBS, the Times reports. People familiar with the matter told the Times that the capitalization will likely occur within this week. If the deal pushes through, notes the Times, Ambac will retain its triple-A ratings. As reported in the Troubled Company Reporter on Mar. 3, 2008, Ambac commented on a news release by Moody's Investors Service last week regarding the conclusion of its analysis of the residential mortgage and mortgage-related CDO exposures, in connection with its ongoing review of Ambac's Aaa rating. Moody's said Ambac's capital "exceeds the 'minimum' Aaa standard, [and that] Ambac is actively pursuing capital strengthening activities that, if successful, are expected to result in the company meeting Moody's current estimate of the Aaa target level." In completing this phase of its review, Moody's also noted that it "believes Ambac is better-positioned relative to certain less- established competitors with respect to business franchise, prospective profitability and financial flexibility." Michael Callen, Chairman and CEO of Ambac Financial Group, commented that, "We are pleased with this acknowledgment by Moody's of the strength of our capital position and our franchise" and he confirmed that "we are actively pursuing a plan to further augment our capital resources in order to achieve Moody's' Aaa target." About Ambac Financial Based in New York City, Ambac Financial Group, Inc. is a holding company whose affiliates provide financial guarantees and financial services to clients in both the public and private sectors around the world. For the nine months ended Sept. 30, 2007, Ambac reported net income of $26 million. As of Sept. 30, 2007, Ambac had shareholders' equity of approximately $5.65 billion. * * * On Jan. 18, Fitch Ratings downgraded Ambac to double-A after the insurer put off plans to raise equity capital. As reported Troubled Company Reporter on Jan. 17, 2008, Moody's Investors Service placed the Aaa insurance financial strength ratings of Ambac Assurance Corporation and Ambac Assurance UK Limited on review for possible downgrade. In the same rating action, Moody's also placed the ratings of the holding company, Ambac Financial Group, Inc. (senior debt at Aa2), and related financing trusts on review for possible downgrade. Moody's stated that this rating action follows Ambac's announcement of record losses, a capital raising plan, and the retirement of its CEO. BALLANTYNE RE: Fitch Holds Low-B Ratings on $300 Million Notes -------------------------------------------------------------- Fitch Ratings affirmed the ratings of Ballantyne Re Plc as: -- $250,000,000 class A-1 floating-rate notes at 'BB'; -- $10,000,000 class B-1 subordinated notes at 'B'; -- $40,000,000 class B-2 subordinated floating-rate notes at 'B'. Ballantyne Re holds significant amounts of subprime residential asset- and mortgage-backed securities in the asset portfolios supporting its reserves. These assets have experienced material mark-to-market declines, which previously resulted in the deferral and accrual of interest on the class B-1 and B-2 notes and a substantial write-down of the accrued interest and principal of Ballantyne Re's class C notes. Fitch notes that the rate of decline in the market value of residential ABS/RMBS has slowed in recent months and remains within the range Fitch anticipated when the Ballantyne Re securities were last reviewed in December 2007. Fitch continues to be concerned that the life insurance reserves on Ballantyne Re's block of business have not yet reached their peak. If the market values of Ballantyne Re's assets continue to decline as its reserves continue to grow, there is increasing potential that funds may not be available for payment of interest to the class A-1 notes. The 'AAA' ratings of Ballantyne Re's class A-2 floating-rate guaranteed notes series B are not affected. The 'AA' ratings of Ballantyne Re's class A-2 series A and its A-3 floating-rate guaranteed notes are not affected and remain on Rating Watch Negative. Those ratings are linked to the financial strength of the relevant financial guarantors. Ballantyne Re is a special purpose public limited company incorporated and registered in Ireland. The company was established for the limited purpose of entering into a reinsurance agreement with Scottish Re (US) Inc., and conducting activities related to the notes' issuance. Under the reinsurance agreement, SRUS ceded a block of business to Ballantyne Re. Ballantyne Re issued the notes to finance excess reserve requirements under Regulation XXX for the ceded block of business. BH BOULDERS: Case Summary & Three Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: BH Boulders Limited Partnership 275 Grove Street Newton, MA 02466 Bankruptcy Case No.: 08-11342 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- BH Boulders II Limited Partnership 08-11343 Chapter 11 Petition Date: February 28, 2008 Court: District of Massachusetts (Boston) Judge: Joan N. Feeney Debtors' Counsel: Donald F. Farrell, Jr., Esq. Anderson Aquino L.L.P. 240 Lewis Wharf Boston, MA 02110 Tel: (617) 723-3600 Fax: (617) 723-3699 dff@andersonaquino.com BH Boulders Limited Partnership's financial condition: Estimated Assets: $1 million to $100 million Estimated Debts: $1 million to $100 million A. BH Boulders Limited Partnership's list of its Three Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Florence Electric trade debt $8,250 125 John Hancock Road Taunton, MA 02780 CP Construction trade debt $4,500 7K Runtree Lane Brockton, MA 02302 Greene Plumbing & Heating trade debt $4,500 38 Brewster Road West Bridgewater, MA 02379 B. BH Boulders II Limited Partnership does not have any creditors that are not insiders. BLACK DIAMOND: Case Summary & 160 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: Black Diamond Mining Co., LLC 750 Town Mountain Road Pikeville, KY 41501 Bankruptcy Case No.: 08-70109 Debtor-affiliates filing separate Chapter 11 petitions: Entity Case No. ------ -------- Turner Elkhorn Mining Co. 08-70110 FCDC Coal, Inc. 08-70111 Spurlock Energy Corp. 08-70112 Black Diamond Land Cos., LLC 08-70113 Martin Coal Processing Corp. 08-70114 Wolverine Resources, Inc. 08-70115 Black Diamond Resources, LLC 08-70117 Chapter 11 Petition Date: March 4, 2008 Court: Eastern District of Kentucky (Pikeville) Debtors' Counsel: David M. Cantor, Esq. (cantor@derbycitylaw.com) Seiller Waterman, LLC 462 South 4th Avenue Meidinger Tower Suite 2200 Louisville, KY 40202-3446 Tel: (502) 584-7400 Black Diamond Mining Co., LLC's Financial Condition: Estimated Assets: $100 million to $500 million Estimated Debts: $100 million to $500 million A. Black Diamond Mining Co., LLC's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 B. Turner Elkhorn Mining Co's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 C. FCDC Coal, Inc's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 D. Spurlock Energy Corp's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 E. Black Diamond Land Cos., LLC's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 F. Martin Coal Processing Corp's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 G. Wolverine Resources, Inc's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 H. Black Diamond Resources, LLC's 20 Largest Unsecured Creditors: Entity Claim Amount ------ ------------ Miller Brother's Coal, Inc. $1,608,954 25 Clydean Drive Leburn, KY 41831 Taggart Global, LLC $283,826 W. Thomas Bunch, Esq.; W. Thomas Bunch Bunch & Brock 271 West Short Street, Suite 805 Lexington, KY 40588-2086 Mitac Mining Co., LLC $177,743 P.O. Box 567 Betsy Lane, KY 41605 South Akers Mining Co., LLC $140,289 North Star Mining, Inc. $138,382 Genesis-Estimate $130,880 Alvarez & Marsal $100,853 Twin Energies $90,699 Double C Enterprises, Inc. $77,054 Cliffco Enterprise, Inc. $73,092 Internal Revenue Service $69,573 RV Mining, LLC $57,102 G&S Electrical Contracting, $51,145 Inc. STM Associates $50,000 Hinkle Sand & Gravel $45,354 Ernst & Young $35,526 Summit Engineering $32,915 AKJ Industries $30,687 East Kentucky Excavation $28,000 Turner Technology $24,733 BLAISE PROVITOLA: Case Summary & Eight Largest Unsecured Creditors ------------------------------------------------------------------ Debtor: Blaise Anthony Provitola P.O. Box 10288 Jacksonville, FL 32247-0288 Bankruptcy Case No.: 08-01103 Chapter 11 Petition Date: February 29, 2008 Court: Middle District of Florida (Jacksonville) Debtor's Counsel: Albert H. Mickler, Esq. Bryan K. Mickler, Esq. 5452 Arlington Expressway Jacksonville, FL 32211 Tel: 904-725-0822 court@planlaw.com Total Assets: $1,620,937 Total Debts: $1,950,136 Debtor's list of its Eight Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ Countrywide real estate; $500,000 P.O. Box 600694 value of Dallas, TX 75266-0694 security: $387,067; value of senior lien: $5,400 EMC Mortgage Corporation real estate; $421,000 P.O. Box 660530 value of Dallas, TX 75266-0530 security: $249,393 Capital City Bank real estate; $113,000 P.O. Box 900 value of Tallahassee, FL 32302-0900 security: $498,786; value of senior lien: $919,000 Bank Of America real estate; $80,000 value of security: $62,500 Citibusiness Card credit card $24,633 purchases AAA Financial Services open account $20,898 Regions Bank credit card $4,426 purchases American Express credit card $2,233 purchases BMO FINANCIAL: Fails to Restructure Apex and Sitka Trusts --------------------------------------------------------- BMO Financial Group, dba Bank of Montreal, failed to restructure its two trusts, Apex and Sitka, after Monday's talks, Tara Perkins writes for The Globe and Mail. As reported in the Troubled Company Reporter on March 4, 2008, BMO confirmed that, despite the downgrade of the ratings of the notes of Apex Trust and Sitka Trust by DBRS, discussions regarding the restructuring of the two Trusts are continuing. At that time, BMO said it cannot predict the outcome of the discussions. The bank added that the outcome of these discussions will not impact BMO's emphasis on moving its businesses forward through a clear focus on customers and performance management. BMO previously disclosed that if efforts to restructure the Trusts were not successful, it would write down its remaining investment in the Trusts. Apex/Sitka Meltdown Right Ahead Based on the report, absent the restructuring, the Trusts are facing a possible "meltdown" should lenders pursue their right on the trusts' CA$500 million assets held as loan security. BMO confirmed that a cure period of two business days, or until Tuesday, is available after a notice of default was given by the Trusts' indenture trustee with respect to their inability to roll their notes, the TCR reported yesterday, March 4. DBRS warned that counterparties to other deals will have the right to grab collateral within the week unless the Trusts refinance their "outstanding margin calls" or "reach an agreement" with them, Globe and Mail says. Investors, including BMO, hold securities totaling CA$1.9 billion at Apex and Sitka, Globe and Mail relates. CA$495 Million WriteDown As reported in the Troubled Company Reporter yesterday, BMO Financial, will make a CA$495 million writedown on two asset- backed commercial-paper due to increasing woes in Canada's securities market. Charges taken in BMO's fourth quarter 2007 and first quarter 2008 in connection with Apex and Sitka Trusts total CA$210 million, leaving BMO with a net position of CA$495 million. The charges that BMO has taken reflect its expectations with respect to the probability of Apex and Sitka Trusts being restructured. About BMO Financial Group Established in 1817 as Bank of Montreal, BMO Financial Group (TSX, NYSE: BMO) -- http://www2.bmo.com/-- is a diversified financial services organization. With total assets of $367 billion at Oct. 31, 2007, and almost 36,000 full-time employees worldwide, BMO serves a broad range of personal, commercial, corporate and institutional customers. BON-TON STORES: David Zant Quits as Vice Chairman of Private Brand ------------------------------------------------------------------ On Feb. 29, 2008, David B. Zant stepped down as vice chairman of private brand, merchandise planning and Internet marketing. Prior to joining the company, Mr. Zant was executive vice president -- general merchandise manager for Belk Inc. About The Bon Ton Stores York, Pennsylvania-based The Bon Ton Stores Inc. (Nasdaq: BONT) -- http://www.bonton.com/-- operates 280 stores, including ten furniture galleries, in 23 states in the Northeast, Midwest and upper Great Plains under the Bon-Ton, Bergner's, Boston Store, Carson Pirie Scott, Elder-Beerman, Herberger's and Younkers nameplates and, under the Parisian nameplate, three stores in the Detroit, Michigan area. The stores offer a broad assortment of brand-name fashion apparel and accessories for women, men and children, as well as cosmetics and home furnishings. * * * As reported in the Troubled Company Reporter on Feb. 13, 2008, Moody's Investors Service downgraded the corporate family rating of Bon-Ton Stores Inc. to B2 from B1, downgraded the probability of default rating to B2 from B1, and downgraded the rating on the $510 million senior unsecured notes to Caa1 (LGD 5, 78%) from B3 (LGD 5, 83%). The company's speculative grade liquidity rating of SGL-3 was affirmed. The outlook on all ratings is stable. The recent downgrades of Bon-Ton's outlook by credit ratings firms led to speculation that the store chain could be a prime candidate for bankruptcy or default, according to Rich Kirchen of The Business Journal of Milwaukee. The company's chief financial officer denied management is considering a bankruptcy filing. The management and also an analyst who downgraded the company said Bon-Ton has access to cash that will enable the retailer to survive, the report said. BUFFETS HOLDINGS: Court OKs L/C Reimbursement Pact With U.S. Bank ----------------------------------------------------------------- The Hon. Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware, on an interim basis, authorized Buffets Holdings Inc. and its debtor-affiliates to enter into a Letter of Credit Reimbursement and Security Agreement with U.S. Bank National Association. The Court approved an amendment to the prepetition secured credit facility with Credit Suisse Cayman Islands Branch, as a lender and administrative agent, and certain other lender-parties. The Debtors also obtained authority to pay certain fees and costs to U.S. Bank. The Debtors' prepetition credit facility under the Existing Credit Agreement is comprised of (i) a senior secured term loan facility aggregating $530,000,000, (ii) a senior secured revolving credit facility aggregating $40,000,000, and (iii) a secondary revolving credit facility of $70,000,000. As of January 15, 2008, the Debtors were indebted to the Prepetition Secured Lenders in these amounts: -- $524,028,000 under the Term Loan; -- $40,000,000 under the Primary Revolver; and -- $69,964,937 under the Secondary Revolver, of which $53,700,000 represented letter of credit obligations. The amounts are exclusive of interest, fees, expenses and other amounts chargeable or reimbursable under the Prepetition Credit Agreement As of the bankruptcy filing, U.S. Bank had issued, at the request of the Debtors, approximately 35 letters of credit in the aggregate face amount of $53,664,937. The Letters of Credit were issued to secure the Debtors' obligations to, among other entities, certain of the Debtors' critical food suppliers, workers' compensation, and other insurance-related obligations. In certain instances, the Debtors are contractually obligated to post the Letters of Credit. Some of the Letters of Credit are automatically renewed absent notice of nonrenewal. Before the Petition Date, U.S. Bank delivered a notice of resignation as issuing bank under the PF Letter of Credit Facility. On January 23, 2008, the Court entered an order authorizing the Debtors to obtain, on an interim basis, postpetition financing, and for certain of the Debtors' affiliates to guaranty the Debtors' obligations in connection with the DIP Facility, from Credit Suisse, Cayman Islands Branch, as administrative agent. The DIP Facility is to be arranged by Credit Suisse Securities (USA) LLC, as sole lead arranger and sole bookrunner, and, at the option of CS Securities, one or more financial institutions as syndication agent. The DIP Facility consists of (i) an $85,000,000 new money facility and (ii) a rollover facility. On February 22, 2008, the Debtors filed an amendment to the DIP Facility, and the Court entered an order approving the DIP Facility, as amended by the DIP Amendment, on a final basis. According to Pauline K. Moragan, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware, certain of the Letters of Credit will expire in the immediate future. The Debtors are concerned that unless arrangements are immediately made to issue replacement or renewal letters of credit, the beneficiaries under the expiring Letters of Credit will draw on the Letters of Credit. The Letters of Credit's expiration will have a detrimental effect on the Debtors' relationships with the beneficiaries to the Letters of Credit, Ms. Morgan said. Draws on the Letters of Credit outstanding as of the Petition Date would create an additional secured debt to the Debtors, which would accrue interest at a significantly higher rate than the amount of the fees being paid on the Letters of Credit. Additionally, Ms. Morgan explained, the Debtors will need to issue additional letters of credit in connection with the renewal of workers' compensation and other insurance coverage and for certain important vendor obligations. For these reasons, the Debtors' DIP Credit Agreement contemplates the use of up to $25,000,000 to cash collateralize the additional letter of credit needs of the Debtors. To satisfy the Debtors' need for a letter of credit issuing bank, U.S. Bank has agreed to serve as the issuing bank under the PF Letter of Credit Facility notwithstanding its prepetition letter of resignation, and to serve as issuing bank under the Postpetition L/C Facility Agreement on the condition that the relief requested by the Debtors is granted by the Court. Judge Walrath authorized the Debtors "to cause to be issued" letters of credit under the postpetition letter of credit facility. The amount will not exceed $10,000,000 pending entry of a final order. The Debtors are deemed to have ratified and are given authority to continue performing their obligations under the existing credit agreement, as amended by the prepetition letter of credit facility. Pursuant to Section 364 of the Bankruptcy Code, the Debtors are authorized to obtain: -- credit and to pay currently on an administrative-expense basis the fees due to U.S. Bank; and -- credit on an administrative-expense basis secured by a senior first-priority lien on cash collateral pledged to U.S. Bank in a separate deposit account. Judge Walrath held that the Debtors' obligation to repay draws under the Amended Existing L/C Facility will not have administrative-expense status, but pursuant to Section 364(c), the Debtors' obligation to repay will have administrative-expense priority. The credit-linked deposits are not properties of the Debtors' estates under Section 541 of the Bankruptcy Code. U.S. Bank's rights with respect to the Deposits are paramount to the interests of all other parties. The Debtors are authorized and directed, without further order of the Court, to grant a first-priority lien on cash deposited with U.S. Bank. No other parties are permitted to have any claims to any cash collateral that secures the Postpetition L/C Facility other than U.S. Bank and the junior lien held by the DIP agent and the DIP lenders. The automatic stay of Section 362 of the Bankruptcy Code is modified to enable U.S. Bank to perform under the Postpetition L/C Facility, and to exercise any contractual rights without notice to the lenders under the DIP Credit Agreement, including, applying cash on deposit to satisfy the Debtors' obligations to U.S. Bank. The Debtors are authorized to pay fees, charges, and expenses which may be required or necessary for Debtors' performance under the Amended Existing L/C Facility, and under the Postpetition L/C Facility, including the payment of a single work fee of $100,000 to U.S. Bank upon the first to occur of the closing of the Amended Existing Facility or the Postpetition L/C Facility. U.S. Bank will not be deemed to have waived any rights arising out of or related to the Existing Credit Agreement, cash management agreements, corporate credit card arrangements, and other agreements that may be outstanding between U.S. Bank and the Debtors. U.S. Bank will also be entitled to receive payment of all fees and other amounts payable to it under the Facilities. If any or all of the provisions of the Interim Order are reversed, modified, vacated, or stayed, the modifications will not affect (i) the validity of any obligations under the Amended Existing L/C Facility and the Postpetition L/C Facility incurred before the actual receipt of written notice by U.S. Bank of the effective date of the reversal or (ii) the validity or enforceability of any security interest, lien or priority authorized or created. U.S. Bank will not be impaired if the Debtors' cases will be converted to cases under Chapter 7. The deadline for filing objections to the final entry of a final order approving the Debtors' request is March 5, 2008. A final hearing will be held on March 12, 2008. If no objections are filed, the Court may enter the Final Order without further notice or hearing. A copy of the Debtors' agreement with U.S. Bank is available for free at: http://ResearchArchives.com/t/s?28b2 Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. BUFFETS HOLDINGS: Can Sell Properties in Ohio and Illinois ---------------------------------------------------------- The Hon. Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware granted Buffets Holdings Inc. and its debtor-affiliates' request to sell properties located in Franklin, Ohio, and Bourbonnais, Illinois, and pay the local real estate brokers' commission. The Debtors' request with regards to the property in Fairfield, Ohio has been withdrawn. The Properties and their purchasers are: Property Price Purchaser -------- ----- --------- 6310 South Gilmore Road $1,250,000 Northstar Ventures Fairfield, Ohio LLC 6850 Roosevelt Avenue 1,050,000 Northstar Ventures Sikeston, Missouri LLC 1690 North State Route 50 1,525,000 First National Bank of Bourbonnais, Illinois Grant Park Before the bankruptcy filing, the Debtors determined that some of their restaurants were not performing adequately and should be closed and the underlying properties sold. Accordingly, the Debtors retained Huntley Mullaney Spargo & Sullivan LLC to develop a marketing plan for the Properties. After coordinating with local estate brokers, Huntley Mullaney's efforts resulted in the Debtors executing purchase agreements for each of the Properties before the Petition Date. The Debtors ask the Court to issue an order authorizing the sale of the Properties pursuant to the terms of the Sale Contracts, along with the Debtors' rights, title and interest to the Purchaser, free and clear of encumbrances. The Debtors' proposed counsel, Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, in Wilmington, Delaware, explains that the Properties were marketed by skilled brokers; are not core components of the Debtors' long-range business strategy; and are an economic burden. "The elimination of liabilities associated with the Properties, in addition to the value to be realized by the estates through the sale of the Properties, is beneficial to the Debtors, estates, and creditors," Ms. Morgan says. Ms. Morgan also contends that an auction is not necessary because it would be costly and impractical given the value to be received. "The proposed sales involve Buyers that are ready, willing and able to close," Ms. Morgan argues. Ms. Morgan notes that the Properties are clear of all liens; satisfies Section 363(f) of the Bankruptcy Code; and are being sold in "good faith" under Section 363(m). Additionally, the Debtors seek authorization from the Court to pay the local brokers their commissions aggregating $153,000. Ms. Morgan maintains that the Local Brokers' fee commissions are well within the range customarily found in similar real estate transactions. Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. BUFFETS HOLDINGS: Committee to Hire FTI as Financial Advisors ------------------------------------------------------------- The Official Committee of Unsecured Creditors of Buffets Holdings Inc. ans its debtor-affiliates asks the United States Bankruptcy Court for the District of Delaware for authority to retain FTI Consulting, Inc., as its financial advisors, effective as of Jan. 29, 2008. FTI will provide consulting and advisory services, including: * assistance in the review of financial related disclosures required by the Court, including schedules of assets and liabilities, statements of financial affairs and monthly operating reports; * assistance with information and analyses required pursuant to the DIP financing including, but not limited to, preparation for hearings regarding the use of cash collateral and DIP financing; * assistance and advice to the Committee with respect to the Debtors' identification of core business assets and the disposition of assets or liquidation of unprofitable operations; * assistance with a review of the Debtors' performance of cost and benefit evaluations with respect to the affirmation or rejection of varous executory contracts and leases; * assistance regarding an evaluation of the present level of operations and identification of areas of potential cost savings, including overhead and operating expense reductions and efficiency improvements; * assistance in the review of financial information distributed by the Debtors to creditors and others, including, but not limited to, cash flow projections and budgets; * attendance at meetings and assistance in discussions with the Debtors, potential investors, banks, other secured lenders, the Committee and any other official committees organized in the Chapter 11 proceedings, the U.S. Trustee, and other parties-in-interest, as requested; * assistance in the review or preparation of information and analysis necessary for the confirmation of a plan; * assistance in the valuation of the business and review of capital structure alternatives; * assistance in the evaluation and analysis of avoidance actions, including fraudulent conveyances and preferential transfers; and * other general business consulting or other assistance as the Committee or its counsel may deem necessary that are consistent with the role of a financial advisor and not duplicative of services provided by other professionals in the Chapter 11 proceeding. According to Jason D. Schauer, a representative of Levine Leichtman Capital Partners Deep Value Fund LP, co-chairperson of the Committee, the panel recognizes that FTI has a wealth of experience in providing financial advisory services in restructurings and reorganizations and enjoys an excellent reputation for services it has rendered in large and complex Chapter 11 cases. Mr. Schauer contends that the services of FTI are deemed necessary to enable the Committee to assess and monitor the efforts of the Debtors and their professional advisors to maximize the value of the Debtors' estates. Mr. Schauer tells the Court that FTI is not owed any amounts with respect to prepetition fees and expenses. In exchange for its services, FTI will be paid a fixed monthly fee of $200,000, plus reimbursement of actual and necessary expenses. Upon completion of the cases, FTI will receive a completion fee of up to $1,000,000. The Completion Fee will be considered earned and payable upon: -- the confirmation of a plan of reorganization or liquidation; or -- the sale or liquidation of all or substantially all of the Debtors' assets. Michael C. Eisenband, a senior managing director of FTI, assures the Court that his firm does not represent any other entity having an adverse interest in connection with the Chapter 11 cases, and is eligible to represent the Committee under Section 1103(b) of the Bankruptcy Code. Headquartered in Eagan, Minnesota, Buffets Holdings Inc. -- http://www.buffet.com/-- is the parent company of Buffets, Inc., which operates 626 restaurants in 39 states, comprised of 615 steak-buffet restaurants and eleven Tahoe Joe's Famous Steakhouse restaurants, and franchises sixteen steak-buffet restaurants in six states. The restaurants are principally operated under the Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain brands. Buffets, Inc. employs approximately 37,000 team members and serves approximately 200 million customers annually. The company and all of its subsidiaries filed Chapter 11 protection on Jan. 22, 2008 (Bankr. D. Del. Case Nos. 08-10141 to 08-10158). Joseph M. Barry, Esq., and Pauline K. Morgan, Esq., at Young Conaway Stargatt & Taylor LLP, represent the Debtors in their restructuring efforts. The Debtors selected Epiq Bankruptcy Solutions LLC as claims and balloting agent. The U.S Trustee for Region 3 appointed seven creditors to serve on an Official Committee of Unsecured Creditors. The Committee selected Otterbourg Steindler Houston & Rosen PC as counsel. The Debtors' balance sheet as of Sept. 19, 2007, showed total assets of $963,538,000 and total liabilities of $1,156,262,000. As reported in the Troubled Company Reporter on Feb. 26, 2008, the Court granted on February 22, 2008, final approval of the Debtors' debtor-in-possession credit facility, consisting of $85 million of new funding and $200 million carried over from the company's prepetition credit facility. BUILDING MATERIALS: Lenders Reduce Revolving Credit Line to $200M ----------------------------------------------------------------- Building Materials Holding Corporation reached an agreement on Feb. 29, 2008, to amend its senior secured credit facility: 1. The company's revolving line of credit was reduced to $200,000,000 -- from $500,000,000. The revolver matures on November 10, 2011; and 2. The maturity of the company's term loan was shortened to November 10, 2011 -- from November 10, 2013. Wells Fargo Bank and J.P. Morgan Securities acted as Joint Lead Arrangers and Joint Book Managers and Wells Fargo Bank served as Administrative Agent for the transaction. As of Feb. 29, 2008, there were no borrowings under the revolver and $346,000,000 was outstanding under the te